Item 1.01 |
Entry into a Material Definitive Agreement. |
Business Combination Agreement
On
May 4, 2023, Corner Growth Acquisition Corp., a Cayman Islands exempted company (the Company), entered into a business combination agreement (the Business Combination Agreement) by and among
the Company, Noventiq Holdings PLC, a company organized under the laws of the Cyprus (Noventiq), and Corner Growth SPAC Merger Sub, Inc., a Cayman Islands exempted company and a direct wholly owned subsidiary of the Company
(Merger Sub). The Business Combination Agreement provides, among other things, that on the terms and subject to the conditions set forth therein, Merger Sub will merge with and into Noventiq, with Noventiq surviving as a
wholly-owned subsidiary of the Company (the Merger). Upon the closing of the business combination (the Closing), it is anticipated that the Company will change its name to Noventiq Holding
Company (New Noventiq) and certain securities of New Noventiq are expected to be listed on the Nasdaq Stock Market (Nasdaq). The date on which the Closing actually occurs is hereinafter
referred to as the Closing Date. In accordance with the applicable provisions of the Cayman Companies Act (As Revised) and the Cyprus Companies Law, prior to the approval and adoption of the Business Combination Agreement
and transactions contemplated thereby by the requisite vote of Noventiqs shareholders (the Noventiq Shareholder Vote), Noventiq will re-domicile from Cyprus to the Cayman
Islands (the Domestication).
The Merger and the other transactions contemplated by the Business Combination
Agreement are hereinafter referred to as the Business Combination.
The Business Combination Agreement and the
transactions contemplated thereby were approved by the boards of directors of each of the Company and Noventiq.
Consideration and Structure
The Merger will become effective, upon the terms and subject to the conditions of the Business Combination Agreement, at the date
and time when a plan of merger (the Plan of Merger) has been registered by the Cayman Registrar, or at such later date and time as is agreed upon in writing by the parties and specified in the Plan of Merger (the
Effective Time). At the Effective Time, each ordinary share of Noventiq outstanding immediately prior to the Effective Time (collectively, the Noventiq Shares) (other than shares held in treasury
of Noventiq or owned by and subsidiary of Noventiq and held by shareholders of Noventiq who have perfected their dissenters rights in accordance with Section 238 of the Cayman Act) will be automatically cancelled, extinguished and
converted into a number of the Companys newly issued Class A Ordinary Shares, par value $0.0001 per share (the Ordinary Shares), equal to the Exchange Ratio determined by dividing
(A) the Per Share Merger Consideration Value by (B) $10; and each outstanding vested and unvested option to purchase Noventiq Shares (Noventiq Option) will be assumed and converted into an option to purchase Ordinary
Shares (each a Rollover Option). The number of Ordinary Shares (rounded down to the nearest whole number) that are subject to each Rollover Option shall be equal to the product of (i) the number of Noventiq Shares
subject to the Noventiq Option and (ii) the Exchange Ratio, and the exercise price per share of the Rollover Option (rounded up to the nearest whole cent) shall be equal to the quotient obtained by dividing (A) the exercise price per share
of the Noventiq Option by (B) the Exchange Ratio. For
purposes of the Business Combination Agreement, Noventiqs equity value is $877,000,000 plus the amount equal to aggregate exercise price of the Noventiqs options (the
Equity Value) and the Per Share Merger Consideration Value is an amount in dollars equal to the sum of the Equity Value, divided by the number of outstanding shares.
In addition to the foregoing consideration, Noventiq shareholders shall be entitled to receive, as additional consideration, one Class A
Contingent Share Right (the Class A CSRs), one Class B Contingent Share Right (the Class B CSRs) and one Class C
Contingent Share Right (the Class C CSRs and, together with the Class A CSRs and the Class B CSRs, the CSRs), in each case, for each Ordinary Share
issuable to such Noventiq shareholder at the Effective Time pursuant to the Business Combination Agreement, which provide the holders of such CSRs the contingent right to receive additional newly issued Ordinary Shares (the Earnout
Shares) upon the occurrence of certain events during the period from and after the Closing until the fifth anniversary of the Closing (the Earnout Period) as follows: (A) in the case of the Class A
CSRs, an aggregate of 10,000,000 Earnout Shares, if the VWAP (as defined in the Business Combination Agreement) of Company Shares is greater than or equal to $14.00 for any twenty (20) Trading Days (as defined in the Business Combination
Agreement) within a period of thirty (30) consecutive Trading Days (First Level Earn-Out Target), (B) in the case of the Class B CSRs, an aggregate of 10,000,000 Earnout
Shares, if the VWAP of Company Shares is greater than or equal to $16.00 for any twenty (20) Trading Days within a period of thirty (30) consecutive Trading Days, and (C) in the case of the Class C CSRs, an aggregate of
10,000,000 Earnout Shares, if the VWAP of Company Shares is greater than or equal to $18.00 for any twenty (20) Trading Days within a period of thirty (30) consecutive Trading Days. During the Earnout Period, if New Noventiq experiences a
Change of Control (as defined in the Business Combination Agreement), then any Earnout Shares not already earned and issued to the Noventiq shareholders shall be deemed earned and the balance of the Earnout Shares shall be issuable by New Noventiq
to the Noventiq shareholders immediately prior to consummation of such Change of Control transaction, provided that if such Change of Control occurs after the fourth anniversary of the Closing Date and the cash, securities or other property (or any
combination thereof) reflects a value per Company New Share that is less than ten dollars ($10.00), only the First Level Earn-Out Target shall be deemed to have been satisfied and the Noventiq shareholders
shall be entitled to receive only the New Company Shares attributable to the First Level Earn-Out Target.
On May 4, 2023, CGA Sponsor, LLC, a Delaware limited liability company (the Sponsor), held 9,825,001 shares of
the Companys Class B ordinary shares, par value $0.0001 per share (the Sponsor Shares). Of these, 2,500,000 Sponsor Shares are subject to forfeiture based on the sum of (i) the amount of gross proceeds
raised prior to the Effective Time from additional financings, if any, by the Company and (ii) the cash balance of the Companys trust account held for the benefit of its public shareholders, but the consummation of the Business
Combination is not subject to a minimum amount of additional financing having been raised. At the Effective Time, the Sponsor Shares will automatically convert into Ordinary Shares on a one-for-one basis,
subject to adjustment, on the terms and conditions provided in the Companys amended and restated memorandum and articles of association.
An additional 5,000,000 Sponsor Shares will be held in escrow and only released, in three equal installments, upon the occurrence of the same
milestone events as the Earnout Shares are issued.
In connection with the Business Combination and pursuant to the Business Combination
Agreement, the Company has agreed to establish a Level 2 ADS facility by entering into a Deposit Agreement with The Bank of New York Mellon (or an affiliate), as depositary, and filing with the Securities and Exchange Commission (the
SEC) a Registration Statement on Form F-6 registering American Depositary Shares (the ADSs), each representing one Ordinary Share (the ADS
Facility).
Following the Closing, each holder of Ordinary Shares will be able to deposit such holders shares into the
ADS Facility and receive ADSs, which are expected to trade on Nasdaq under the symbol NVIQ. Following the Closing, the Companys outstanding warrants, issued under a Warrant Agreement, dated December 16, 2020, by and between
the Company and Continental Stock Transfer & Trust Company, will remain outstanding and are expected to continue trading on Nasdaq. The Ordinary Shares will not trade on Nasdaq or any other securities exchange.
The Business Combination is expected to close in the second half of 2023, following the receipt of the required approval by the Companys
and Noventiqs shareholders and the fulfilment of other customary closing conditions.
Representations and Warranties; Covenants
The parties to the Business Combination Agreement have agreed to customary representations and warranties for transactions of this type. In
addition, the parties to the Business Combination Agreement have agreed to be bound by certain customary covenants for transactions of this type, including, among others, covenants with respect to the conduct of Noventiq, the Company and their
respective subsidiaries during the period between execution of the Business Combination Agreement and Closing. The representations, warranties, agreements and covenants of the parties set forth in the Business Combination Agreement will terminate at
Closing, except for those covenants and agreements that, by their terms, contemplate performance after Closing. Each of the parties to the Business Combination Agreement has agreed to use its reasonable best efforts to take or cause to be taken all
actions and things necessary to consummate the Business Combination.
Conditions to Closing
Under the Business Combination Agreement, the obligations of each of Noventiq and the Company to consummate the Business Combination are
subject to the satisfaction or waiver of certain customary closing conditions of the respective parties, including, among others: (i) no order or law issued by any court of competent jurisdiction or other governmental entity or other legal
restraint or prohibition preventing the consummation of the transactions contemplated by the Business Combination Agreement being in effect; (ii) the registration statement/proxy statement to be filed by the Company relating to the Business
Combination Agreement and the Business Combination becoming effective in accordance with the provisions of the Securities Act of 1933, as amended (the Securities Act), no stop order being issued by the SEC and
remaining in effect with respect to the registration statement/proxy statement to be filed by the Company relating to the Business Combination Agreement and the Business Combination, and no proceeding seeking such a stop order being threatened or
initiated by the SEC and remaining pending; (iii) the Companys listing application with Nasdaq for the ADSs having been approved (subject to notice
of issuance) and, immediately following the Effective Time, the Company having satisfied any applicable initial and continuing listing requirements of Nasdaq, and the ADS Facility having been
established; and (iv) the Noventiq Shareholder Vote and the approval and adoption of the Business Combination Agreement and transactions contemplated thereby by the requisite vote of the Companys shareholders (the Company
Shareholder Vote). Although receipt of the Noventiq Shareholder Vote and the Company Shareholder Vote are conditions to the consummation of the Business Combination, the parties to the Sponsor Support Agreement and the Voting and
Support Agreement, respectively, have agreed to vote their shares, which aggregate in each case the requisite number of shares required for the Company Shareholder Vote and the Novnentiq Shareholder Vote, in favor of the Business Combination. See
Other Agreements.
The obligation of the Company to consummate the Business Combination is also subject to the satisfaction or waiver of
certain other closing conditions, including, among others, the absence of a Noventiq Material Adverse Effect (defined in the Business Combination Agreement) since the date of the Business Combination that is continuing.
Governance
The Business
Combination Agreement provides that, as of the Effective Time, the Board of Directors of the Company will consist of nine members, which will be comprised of (i) one director designated by the Sponsor and (ii) eight directors designated by
Noventiq. The Business Combination Agreement also provides that, on or prior to Closing, the Company will enter into an agreement with SGI Group Limited, Noventiqs largest shareholder, entitling SGI Group Limited and its affiliates to
nominate, effective from and after the Effective Time, a maximum of 3 directors on the Board of Directors on terms and subject to conditions consistent with Noventiqs existing relationship agreement with such shareholder.
Termination
The Business
Combination Agreement may be terminated under certain customary and limited circumstances at any time prior to the Closing, including, but not limited to, (i) by the mutual written consent of the Company and Noventiq; (ii) by the Company,
subject to certain exceptions, if any of the representations or warranties made by Noventiq are not true and correct or if Noventiq fails to perform any of its respective covenants or agreements under the Business Combination Agreement (including an
obligation to consummate the Closing) such that certain conditions to the obligations of the Company could not be satisfied and the breach (or breaches) of such representations or warranties or failure (or failures) to perform such covenants or
agreements is (or are) not cured or cannot be cured within the earlier of (A) thirty (30) days after written notice thereof, and (B) the one-year anniversary of the date of the Business Combination
Agreement (the Outside Date); (iii) by Noventiq, subject to certain exceptions, if any of the representations or warranties made by the Company or Merger Sub are not true and correct or if the Company or Merger Sub fails to
perform any of their covenants or agreements under the Business Combination Agreement (including an obligation to consummate the Closing) such that the conditions to the obligations of Noventiq could not be satisfied and the breach (or breaches) of
such representations or warranties or failure (or failures) to perform such covenants or agreements is (or are) not cured or cannot be cured within the earlier of (A) thirty (30) days after written notice thereof, and (B) the Outside Date;
(iv) by either the Company or Noventiq, if the transactions
contemplated by the Business Combination Agreement are not consummated on or prior to the earlier of (A) the date of the deadline for the Company to consummate its initial business
combination, as such date may be extended from time to time and (B) the Outside Date, unless the breach of any covenants or obligations under the Business Combination Agreement by the party seeking to terminate proximately caused the failure to
consummate the transactions contemplated by the Business Combination Agreement; (v) by either the Company or Noventiq, if (A) any governmental entity shall have issued an order or taken any other action permanently enjoining, restraining
or otherwise prohibiting the transactions contemplated by the Business Combination Agreement and such order or other action shall have become final and nonappealable; or (B) if the Company Shareholder Vote is not obtained; or (vi) by
Noventiq in order to enter into a definitive written agreement providing for a Superior Proposal (as defined in the Business Combination Agreement); (vii) by the Company if an Adverse Recommendation Change (as defined in the Business Combination
Agreement) shall have occurred.
If the Business Combination Agreement is validly terminated, none of the parties to the Business
Combination Agreement will have any liability with respect to the other parties to the Business Combination Agreement or any further obligation under the Business Combination Agreement, other than customary confidentiality obligations, except in the
case of willful breach or fraud, provided that if (i) Noventiq terminates the Business Combination Agreement in order to enter into a definitive written agreement providing for a Superior Proposal or (ii) the Company terminates the
Business Combination Agreement if an Adverse Recommendation Change shall have occurred, Noventiq shall pay the Company a termination fee in an amount equal to three per cent (3%) of the Equity Value.
A copy of the Business Combination Agreement is filed with this Current Report on Form 8-K as
Exhibit 2.1 and is incorporated herein by reference, and the foregoing description of the Business Combination Agreement and the Business Combination does not purport to be complete and is qualified in its entirety by reference thereto. The
Business Combination Agreement contains representations, warranties and covenants that the respective parties made to each other as of the date of the Business Combination Agreement or other specific dates. The assertions embodied in those
representations, warranties and covenants were made for purposes of the contract among the respective parties and are subject to important qualifications and limitations agreed to by the parties in connection with negotiating the Business
Combination Agreement. The Business Combination Agreement is being filed to provide investors with information regarding its terms. It is not intended to provide any other factual information about the parties to the Business Combination Agreement.
In particular, the representations, warranties, covenants and agreements contained in the Business Combination Agreement, which were made only for purposes of the Business Combination Agreement and as of specific dates, were solely for the benefit
of the parties to the Business Combination Agreement, may be subject to limitations agreed upon by the contracting parties (including being qualified by confidential disclosures made for the purposes of allocating contractual risk between the
parties to the Business Combination Agreement instead of establishing these matters as facts) and may be subject to standards of materiality applicable to the contracting parties that differ from those applicable to investors, security holders and
reports and documents filed with the SEC. Investors and security holders are not third-party beneficiaries under the Business Combination Agreement and should not rely on the representations, warranties, covenants and agreements, or any descriptions
thereof, as characterizations of the actual state of facts or condition of any party to the Business Combination Agreement. In addition, the representations, warranties, covenants and agreements and other terms of the Business Combination Agreement
may be subject to subsequent waiver or modification.
Other Agreements
The Business Combination Agreement contemplates the execution of various additional agreements and instruments, on or before the Closing,
including, among others, the following:
Sponsor Support Agreement
Concurrently with the execution of the Business Combination Agreement, the Sponsor entered into a support agreement with the Company and
Noventiq (the Sponsor Support Agreement), pursuant to which the Sponsor has agreed to, among other things, (i) vote in favor of the Business Combination Agreement and the transactions contemplated thereby;
(ii) not to solicit, initiate, submit, facilitate (including by means of furnishing or disclosing information), discuss or negotiate, directly or indirectly, any inquiry, proposal or offer (written or oral) with any third-party with respect to
a CGAC Acquisition Proposal (as defined in the Sponsor Support Agreement); (iii) be bound by certain transfer restrictions with respect to its shares in the Company prior to the closing of the Business Combination; (iv) not to transfer any of
the Restricted Securities (as defined in the Sponsor Support Agreement) from and after the Closing and until the earlier of (A) the six (6) month anniversary of the Closing Date and (B) the date following the Closing Date on which the
Company completes a Liquidity Event (as defined in the Sponsor Support Agreement).
The foregoing description of the Sponsor Support
Agreement does not purport to be complete and is qualified in its entirety by the terms and conditions of the Sponsor Support Agreement, a copy of which is attached as Exhibit 10.1 hereto, and the terms of which are incorporated herein by
reference.
Voting and Support Agreement
Concurrently with the execution of the Business Combination Agreement, the Company, Noventiq and certain shareholders of Noventiq
(collectively, the Noventiq Supporting Shareholders) duly executed and delivered to the Company a support agreement (the Voting and Support Agreement), pursuant to which each Noventiq Supporting
Shareholder agreed to, among other things, (i) the Business Combination and the adoption of the Business Combination Agreement any other matters necessary or reasonably requested by Noventiq for consummation of the Business Combination and the
other transactions contemplated by the Business Combination Agreement, (ii) not to transfer any Noventiq Shares on or prior to the Closing (subject to the exceptions set forth therein), and (ii) to a
lock-up of the Noventiq Shares from and after the Closing and until the earlier of (A) the six (6) month anniversary of the Closing Date and (B) the date following the Closing Date on which the
Company completes a Liquidity Event (as defined in the Voting and Support Agreement).
The foregoing description of the Voting and Support
Agreement does not purport to be complete and is qualified in its entirety by the terms and conditions of the Voting and Support Agreement, a form of which is attached as Exhibit 10.2 hereto, and the terms of which are incorporated herein by
reference.
Amended and Restated Registration Rights Agreement
The Business Combination Agreement contemplates that, at or prior to the Closing, the Company, the Sponsor Parties and certain Noventiq
shareholders will enter into an Amended and Restated Registration Rights Agreement (the Registration Rights Agreement), pursuant to which, among other things, the Sponsor and such Noventiq shareholders will be granted
certain registration rights with respect to their respective Ordinary Shares of the Company, in each case, subject to the terms and conditions set forth in the Registration Rights Agreement.
Item 7.01 |
Regulation FD Disclosure. |
On May 4, 2023, the Company and Noventiq issued a joint press release announcing that on May 4, 2023, they executed the Business Combination
Agreement. A copy of the press release is furnished hereto as Exhibit 99.l and incorporated herein by reference.
The information in this
Item 7.01 and Exhibit 99.1 attached hereto shall not be deemed filed for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in
any filing under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such filing.
Additional Information
In connection with the Business Combination, the Company intends to file with the SEC a Registration Statement on Form F-4 (the Registration Statement), which will include a preliminary prospectus and preliminary proxy statement. The Company will mail a definitive proxy statement and other relevant
documents to its shareholders. This communication is not a substitute for the Registration Statement, the definitive proxy statement or any other document that the Company will send to its shareholders in connection with the Business
Combination. Investors and security holders of the Company are advised to read, when available, the proxy statement in connection with the Companys solicitation of proxies for its special meeting of shareholders to be held to approve
the Business Combination (and related matters) because the proxy statement will contain important information about the Business Combination and the parties to the Business Combination. The definitive proxy statement will be mailed to
shareholders of the Company as of a record date to be established for voting on the Business Combination. Shareholders will also be able to obtain copies of the proxy statement/prospectus, without charge, once available, at the SECs website
www.sec.gov or by directing a request to: ir@bigcypressaccorp.com.
Participants in the Solicitation
The Company, Noventiq and their respective directors, executive officers, other members of management, and employees, under SEC rules, may
be deemed to be participants in the solicitation of proxies of the Companys shareholders in connection with the Business Combination. Investors and security holders may obtain more detailed information regarding the names and interests in
the Business Combination of the Companys directors and officers in the Companys filings with the SEC including the Registration Statement to be filed with the SEC by the Company, which will include the proxy statement of the Company for
the Business Combination, and such information and names of Noventiqs directors and executive officers will also be in the Registration Statement filed with the SEC by the Company.
Forward-Looking Statements
Certain statements made herein that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under
The Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as believe, may, will, estimate,
continue, anticipate, intend, expect, should, would, plan, predict, potential,
seem, seek, future, outlook and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking
statements include, but are not limited to, statements regarding future events, the Business Combination between the Company and Noventiq, the estimated or anticipated future results and benefits of the combined company following the Business
Combination, including the likelihood and ability of the parties to successfully consummate the Business Combination, future opportunities for the combined company, and other statements that are not historical facts. These statements are based on
the current expectations of the Companys management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on, by any
investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are
beyond the control of the Company and Noventiq. These statements are subject to a number of risks and uncertainties regarding the Companys businesses and the Business Combination, and actual results may differ materially. These risks and
uncertainties include, but are not limited to, general economic, political and business conditions; the inability of the parties to consummate the Business Combination or the occurrence of any event, change or other circumstances that could give
rise to the termination of the Business Combination Agreement; the outcome of any legal proceedings that may be instituted against the parties following the announcement of the Business Combination; the receipt of an unsolicited offer from another
party for an alternative business transaction that could interfere with the Business Combination; the risk that the approval of the shareholders of the Company or Noventiq for the potential transaction is not obtained; failure to realize the
anticipated benefits of the Business Combination, including as a result of a delay in consummating the potential transaction or difficulty in integrating the businesses of the Company or Noventiq; the risk that the Business Combination disrupts
current plans and operations as a result of the announcement and consummation of the Business Combination; the ability of the combined company to grow and manage growth profitably and retain its key employees; the amount of redemption requests made
by the Companys shareholders; the inability to obtain or maintain the listing of the post-acquisition companys securities on Nasdaq following the Business Combination; costs related to the Business Combination; and those factors
discussed in the Companys Annual Report on Form 10-K for the fiscal year ended December 31, 2020, filed with the SEC on March 31, 2021, in the Companys Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed with the SEC on March 31, 2023, and other filings with the SEC. If any of these risks materialize or if assumptions prove incorrect, actual results
could differ materially from the results implied by these forward-looking statements. There may be additional risks that the Company presently does not know or that the Company currently believes are immaterial that
could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements provide the Companys expectations, plans or
forecasts of future events and views as of the date of this communication. The Company anticipates that subsequent events and developments will cause the Companys assessments to change. However, while the Company may elect to update these
forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Companys assessments as of any date subsequent
to the date of this report. Accordingly, undue reliance should not be placed upon the forward-looking statements.
Disclaimer
This communication is for informational purposes only and is neither an offer to purchase, nor a solicitation of an offer to sell, subscribe
for or buy any securities or the solicitation of any vote in any jurisdiction pursuant to the Business Combination or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law.
No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act.
Item 9.01 |
Financial Statements and Exhibits. |
(d) Exhibits
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Exhibit No. |
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Description |
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2.1 |
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Business Combination Agreement, dated as of May 4, 2023, by and among Corner Growth Acquisition Corp., Noventiq Holdings PLC, and Corner Growth SPAC Merger Sub, Inc. |
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10.1 |
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Sponsor Support Agreement, dated as of May 4, 2023, by and among Corner Growth Acquisition Corp., Noventiq Holdings PLC and CGA Sponsor, LLC |
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10.2 |
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Voting and Support Agreement, dated as of May 4, 2023, by and among Corner Growth Acquisition Corp., Noventiq Holdings PLC, SGI Group Limited, Igor Borovikov, Broadreach Limited, and Da Vinci Private Equity Fund II L.P., Da
Vinci Capital Group Limited and Investment Partnership Da Vinci Pre-IPO Fund. |
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99.1 |
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Press Release, dated May 4, 2023 |
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104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document). |
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Certain of the exhibits and schedules to this exhibit have been omitted in accordance with Regulation S-K Item 601(b)(2). The Registrant agrees to furnish supplementally a copy of all omitted exhibits and schedules to the SEC upon its request. |
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.
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Corner Growth Acquisition Corp. |
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By: |
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/s/ Jerome Letter |
Name: |
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Jerome Letter |
Title: |
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Chief Financial Officer |
Dated: May 4, 2023
Exhibit 2.1
Execution Version
Corner Growth Acquisition Corp.,
Corner Growth SPAC Merger Sub, Inc.,
- and -
Noventiq
Holdings PLC
BUSINESS COMBINATION AGREEMENT
1
Table of Contents
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ARTICLE I CERTAIN DEFINITIONS |
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7 |
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Section 1.1. |
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Definitions |
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7 |
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Section 1.2. |
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Other Definitions |
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23 |
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Section 1.3. |
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Construction |
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25 |
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ARTICLE II TRANSACTIONS; CLOSING |
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26 |
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Section 2.1. |
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Pre-Closing Actions |
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26 |
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Section 2.2. |
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The Merger |
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26 |
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Section 2.3. |
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Treatment of Company Options |
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29 |
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Section 2.4. |
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Surrender of Company Equity Securities and Disbursement of Merger Consideration |
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30 |
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Section 2.5. |
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Restrictions on Sponsor Shares |
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32 |
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Section 2.6. |
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Withholding |
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33 |
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ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE COMPANY |
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33 |
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Section 3.1. |
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Organization, Good Standing and Qualification |
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33 |
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Section 3.2. |
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Capitalization and Voting Rights |
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34 |
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Section 3.3. |
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Corporate Structure; Subsidiaries |
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34 |
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Section 3.4. |
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Authorization |
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34 |
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Section 3.5. |
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Consents; No Conflicts |
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35 |
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Section 3.6. |
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Compliance with Laws; Consents; Permits |
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35 |
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Section 3.7. |
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Tax Matters |
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37 |
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Section 3.8. |
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Financial Statements; Public Filings |
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38 |
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Section 3.9. |
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Absence of Changes |
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38 |
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Section 3.10. |
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Actions |
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39 |
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Section 3.11. |
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Liabilities |
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39 |
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Section 3.12. |
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Commitments |
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39 |
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Section 3.13. |
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Title; Properties |
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39 |
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Section 3.14. |
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Intellectual Property Rights |
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40 |
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Section 3.15. |
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Privacy and Cybersecurity |
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42 |
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Section 3.16. |
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Labor and Employee Matters |
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43 |
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Section 3.17. |
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Brokers |
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44 |
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Section 3.18. |
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Proxy/Registration Statement |
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44 |
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Section 3.19. |
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Environmental Matters |
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45 |
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Section 3.20. |
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Insurance |
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45 |
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Section 3.21. |
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Company Related Parties |
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45 |
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Section 3.22. |
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Anti-Money Laundering |
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45 |
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Section 3.23. |
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Critical Technologies |
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45 |
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Section 3.24. |
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Investigation |
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|
45 |
|
Section 3.25. |
|
Company Board Approval |
|
|
46 |
|
Section 3.26. |
|
No Other Representations |
|
|
46 |
|
|
|
ARTICLE IV REPRESENTATIONS AND WARRANTIES OF CGAC |
|
|
46 |
|
Section 4.1. |
|
Organization, Good Standing, Corporate Power and Qualification |
|
|
46 |
|
Section 4.2. |
|
Capitalization and Voting Rights |
|
|
46 |
|
Section 4.3. |
|
Corporate Structure; Subsidiaries |
|
|
47 |
|
Section 4.4. |
|
Authorization |
|
|
47 |
|
Section 4.5. |
|
Consents; No Conflicts |
|
|
48 |
|
Section 4.6. |
|
Tax Matters |
|
|
48 |
|
Section 4.7. |
|
Financial Statements |
|
|
48 |
|
Section 4.8. |
|
Absence of Changes |
|
|
49 |
|
2
|
|
|
|
|
|
|
Section 4.9. |
|
Actions |
|
|
49 |
|
Section 4.10. |
|
Brokers |
|
|
49 |
|
Section 4.11. |
|
Proxy/Registration Statement |
|
|
50 |
|
Section 4.12. |
|
SEC Filings |
|
|
50 |
|
Section 4.13. |
|
Trust Account |
|
|
50 |
|
Section 4.14. |
|
Investment Company Act; JOBS Act |
|
|
51 |
|
Section 4.15. |
|
Business Activities |
|
|
51 |
|
Section 4.16. |
|
Nasdaq Listing |
|
|
51 |
|
Section 4.17. |
|
Board Approval; Vote Required |
|
|
51 |
|
Section 4.18. |
|
CGAC Related Parties |
|
|
52 |
|
Section 4.19. |
|
Compliance with Laws |
|
|
52 |
|
Section 4.20. |
|
Material Contracts. |
|
|
53 |
|
Section 4.21. |
|
Properties |
|
|
53 |
|
Section 4.22. |
|
Employees and Employee Benefit Plans |
|
|
53 |
|
Section 4.23. |
|
No Outside Reliance |
|
|
53 |
|
Section 4.24. |
|
No Other Representations or Warranties |
|
|
53 |
|
|
|
ARTICLE V REPRESENTATIONS AND WARRANTIES OF THE MERGER SUB |
|
|
54 |
|
Section 5.1. |
|
Organization, Good Standing, Corporate Power and Qualification |
|
|
54 |
|
Section 5.2. |
|
Capitalization and Voting Rights |
|
|
54 |
|
Section 5.3. |
|
Corporate Structure; Subsidiaries |
|
|
54 |
|
Section 5.4. |
|
Authorization |
|
|
54 |
|
Section 5.5. |
|
Consents; No Conflicts |
|
|
55 |
|
Section 5.6. |
|
Absence of Changes |
|
|
55 |
|
Section 5.7. |
|
Actions |
|
|
55 |
|
Section 5.8. |
|
Brokers |
|
|
55 |
|
Section 5.9. |
|
Proxy/Registration Statement |
|
|
55 |
|
Section 5.10. |
|
Business Activities |
|
|
56 |
|
Section 5.11. |
|
Intended Tax Treatment |
|
|
56 |
|
Section 5.12. |
|
Investment Company Act; JOBS Act |
|
|
56 |
|
Section 5.13. |
|
No Outside Reliance |
|
|
56 |
|
Section 5.14. |
|
No Other Representations |
|
|
56 |
|
|
|
ARTICLE VI COVENANTS OF THE COMPANY |
|
|
57 |
|
Section 6.1. |
|
Conduct of Business |
|
|
57 |
|
Section 6.2. |
|
Access to Information |
|
|
59 |
|
Section 6.3. |
|
Acquisition Proposals and Alternative Transactions |
|
|
59 |
|
Section 6.4. |
|
D&O Indemnification and Insurance |
|
|
62 |
|
Section 6.5. |
|
Notice of Developments |
|
|
63 |
|
Section 6.6. |
|
Financial Statements and Financial Information |
|
|
64 |
|
Section 6.7. |
|
No Trading |
|
|
64 |
|
Section 6.8. |
|
De-Listing |
|
|
64 |
|
|
|
ARTICLE VII COVENANTS OF CGAC |
|
|
64 |
|
Section 7.1. |
|
Trust Account Proceeds and Related Available Equity |
|
|
64 |
|
Section 7.2. |
|
Nasdaq Listing |
|
|
65 |
|
Section 7.3. |
|
Conduct of Business |
|
|
65 |
|
Section 7.4. |
|
Acquisition Proposals and Alternative Transactions |
|
|
66 |
|
Section 7.5. |
|
CGAC Public Filings |
|
|
66 |
|
Section 7.6. |
|
Extension |
|
|
66 |
|
Section 7.7. |
|
No Trading |
|
|
67 |
|
Section 7.8. |
|
Loan from Sponsor |
|
|
67 |
|
3
|
|
|
|
|
|
|
ARTICLE VIII JOINT COVENANTS |
|
|
67 |
|
Section 8.1. |
|
Regulatory Approvals; Other Filings |
|
|
67 |
|
Section 8.2. |
|
Preparation of Proxy/Registration Statement; CGAC Shareholders Meeting; Company Shareholders Meeting; Approvals/Other Filings |
|
|
68 |
|
Section 8.3. |
|
Additional Permitted Financings |
|
|
71 |
|
Section 8.4. |
|
Support of Transaction |
|
|
72 |
|
Section 8.5. |
|
Tax Matters |
|
|
72 |
|
Section 8.6. |
|
Post-Closing Directors and Officers of CGAC |
|
|
73 |
|
Section 8.7. |
|
CGAC Equity Plan |
|
|
73 |
|
Section 8.8. |
|
Payment of Expenses |
|
|
73 |
|
Section 8.9. |
|
Shareholder Litigation |
|
|
73 |
|
|
|
ARTICLE IX CONDITIONS TO OBLIGATIONS |
|
|
74 |
|
Section 9.1. |
|
Conditions to Obligations of CGAC, Merger Sub and the Company |
|
|
74 |
|
Section 9.2. |
|
Conditions to Obligations of CGAC and Merger Sub |
|
|
75 |
|
Section 9.3. |
|
Conditions to Obligations of Company |
|
|
76 |
|
Section 9.4. |
|
Frustration of Conditions |
|
|
76 |
|
|
|
ARTICLE X TERMINATION/EFFECTIVENESS |
|
|
77 |
|
Section 10.1. |
|
Termination |
|
|
77 |
|
Section 10.2. |
|
Effect of Termination |
|
|
78 |
|
Section 10.3. |
|
Termination Fee |
|
|
78 |
|
|
|
ARTICLE XI MISCELLANEOUS |
|
|
79 |
|
Section 11.1. |
|
Trust Account Waiver |
|
|
79 |
|
Section 11.2. |
|
Waiver |
|
|
79 |
|
Section 11.3. |
|
Notices |
|
|
79 |
|
Section 11.4. |
|
Assignment |
|
|
80 |
|
Section 11.5. |
|
Rights of Third Parties |
|
|
80 |
|
Section 11.6. |
|
Expenses |
|
|
81 |
|
Section 11.7. |
|
Governing Law |
|
|
81 |
|
Section 11.8. |
|
Consent to Jurisdiction and Waiver of Jury Trial |
|
|
81 |
|
Section 11.9. |
|
Headings; Counterparts |
|
|
82 |
|
Section 11.10. |
|
Disclosure Letters |
|
|
82 |
|
Section 11.11. |
|
Entire Agreement |
|
|
82 |
|
Section 11.12. |
|
Amendments |
|
|
82 |
|
Section 11.13. |
|
Publicity |
|
|
83 |
|
Section 11.14. |
|
Severability |
|
|
83 |
|
Section 11.15. |
|
Enforcement |
|
|
83 |
|
Section 11.16. |
|
Non-Recourse |
|
|
83 |
|
Section 11.17. |
|
Non-Survival of Representations, Warranties and Covenants |
|
|
84 |
|
Section 11.18. |
|
Conflicts and Privilege |
|
|
84 |
|
4
BUSINESS COMBINATION AGREEMENT
This Business Combination Agreement, dated as of May 4, 2023 (this Agreement), is made and entered
into by and among (i) Corner Growth Acquisition Corp., an exempted company limited by shares incorporated under the laws of the Cayman Islands (CGAC), (ii) Corner Growth SPAC Merger Sub, Inc., an exempted company limited by
shares incorporated under the laws of the Cayman Islands and a direct wholly owned subsidiary of CGAC (Merger Sub), and (iii) Noventiq Holdings PLC, a company organized under the laws of Cyprus (the
Company).
RECITALS
WHEREAS, CGAC is a blank check company and was formed for the purpose of effecting a merger, share exchange, asset
acquisition, share purchase, reorganization or similar business combination with one or more businesses;
WHEREAS,
Merger Sub is a newly formed Cayman Islands exempted company limited by shares, wholly owned by CGAC, and was formed for the purpose of effectuating the Merger;
WHEREAS, the parties hereto desire and intend to effect a business combination transaction whereby Merger Sub will
merge with and into the Company (the Merger), with the Company being the surviving entity and becoming a wholly owned subsidiary of CGAC (the Company is hereinafter referred to for the periods from and after the Effective Time as
the Surviving Entity), the Merger to occur upon the terms and subject to the conditions set forth in this Agreement and in accordance with the applicable provisions of the Cayman Companies Act (As Revised) (the Cayman
Act);
WHEREAS, following the date of this Agreement, but prior to the Effective Time, CGAC will use its
reasonable best efforts to enter into certain private sales of Equity Securities issued by CGAC in accordance with the terms of Section 8.3 of this Agreement, in an effort to achieve the Gross Proceeds Target;
WHEREAS, for U.S. federal income tax purposes, (a) it is intended that the Merger will qualify as a
reorganization under Section 368(a)(1)(A) and Section 368(a)(2)(E) of the Code and (b) this Agreement is intended to constitute and hereby is adopted as a plan of reorganization with respect to the Merger
within the meaning of Treasury Regulations Sections 1.368-2(g) and 1.368-3(a) for purposes of Sections 354, 361 and 368 of the Code and the Treasury Regulations
thereunder (clauses (a) and (b), the Intended Tax Treatment);
WHEREAS, the
Company is currently applying to continue its legal personality from Cyprus to the Cayman Islands pursuant to sections 354I-354IH of the Cyprus Companies Law (Cap.113) and section 201 of the Cayman Act (the Domestication). The
Company will adopt a new memorandum and articles of association, governed by the laws of the Cayman Islands, which will fully replace its existing Cypriot-law governed memorandum and articles of association
(the Cayman Articles), at 00:01 (Cyprus time) on the day immediately following the day on which a copy of the official certificate from the Cayman Islands Companies Registry certifying the continuation of the Company to the Cayman
Islands is filed with the Cypriot Companies Registrar (the date when the Cayman Articles are adopted being, for the purposes of this Agreement, the Domestication Effective Date).
WHEREAS, the Company has received, concurrently with the execution and delivery of this Agreement, as a material
inducement for the Company to enter into this Agreement and the other Transaction Documents to which it is a party, a Sponsor Support Agreement in the form attached hereto as Exhibit A (the Sponsor Support Agreement) signed
by the Company, CGAC, and CGA Sponsor LLC, a Cayman Islands limited liability company (the Sponsor), pursuant to which, among other things, and
5
subject to the terms and conditions set forth therein, the Sponsor has agreed to, and to cause proprietary investment vehicles (i.e. holding investments in a principal or own
account capacity) of the Sponsor or its Affiliates (if any) (to the extent permitted by applicable Law) to, (a) vote in favor of (i) the Transactions, and (ii) the other Transaction Proposals, (b) waive the anti-dilution
rights in respect of CGAC Securities under Article 17.3 of the CGAC Articles of Association, (c) appear at the CGAC Shareholders Meeting for purposes of constituting a quorum, (d) vote against any proposals that would impede the
Transactions or any other Transaction Proposal, (e) not redeem any CGAC Securities held by the Sponsor or such Affiliates, (f) not transfer any CGAC Securities held by the Sponsor or such Affiliates prior to the Merger, (g) release
CGAC, the Company and the Merger Sub from all claims in respect of or relating to the period prior to the Closing, subject to the provisions and exceptions set forth therein, (h) agree to a lock-up of its
CGAC Securities that are held as of the Closing, subject to certain exceptions, and (i) immediately prior to the Closing, automatically forfeit, and surrender to CGAC without consideration, certain Sponsor Shares in accordance with the terms
hereunder or agree that certain Sponsor Shares will become subject to vesting and forfeiture in accordance with the terms of this Agreement;
WHEREAS, CGAC has received, concurrently with the execution and delivery of this Agreement, as a material inducement to
CGAC and Merger Sub to enter into this Agreement, a Voting and Support Agreement in the form attached hereto as Exhibit B (the Voting and Support Agreement), signed by the Company, CGAC and the Existing Company Shareholders
identified in the Voting and Support Agreement, pursuant to which, among other things, and subject to the terms and conditions set forth therein, such Existing Company Shareholders have agreed (a) to vote or, if their respective Company Shares
are then held by a Shareholder Entity (as defined below), to cause such Shareholder Entity to vote (i) in favor of the Transactions to which the Company will be a party and in favor of the Company Shareholder Approval, (ii) in favor of the
Transactions to which the Company will be a party and in favor of the Company Approvals, and (iii) against any proposals that would impede in any material respect the consummation of the Transactions by the Company (or, in each case, agree to
the passage of any such approval as a written resolution, if such approval is to be taken as such), (b) not to transfer any Company Shares held directly or indirectly by such Existing Company Shareholders or their respective Shareholder Entities (as
applicable) on or prior to the Closing (subject to the exceptions set forth therein), and (c) to a lock-up of the CGAC Ordinary Shares held by such Existing Company Shareholders or their respective
Shareholder Entities following the Closing for the period specified therein, subject to certain exceptions;
WHEREAS, the board of directors of CGAC (CGAC Board) has unanimously determined that this Agreement,
the Merger and the other Transactions constitute a Business Combination as such term is defined by CGAC Articles of Association; and
WHEREAS, the CGAC Board, board of directors of the Company (Company Board) and board of directors of
the Merger Sub have each (i) determined that the Merger and other transactions contemplated hereby are fair, advisable and in the best interests of their respective companies and shareholders, (ii) approved this Agreement and the
transactions contemplated hereby, including the Merger, upon the terms and subject to the conditions set forth herein and (iii) determined to recommend to their respective shareholders the approval and adoption of this Agreement and the
transactions contemplated hereby, including the Merger.
NOW, THEREFORE, in consideration of the foregoing and the
respective representations, warranties, covenants and agreements set forth in this Agreement and intending to be legally bound hereby, CGAC, Merger Sub and the Company agree as follows:
6
ARTICLE I
CERTAIN DEFINITIONS
Section 1.1. Definitions. As used herein, the following terms shall have the following meanings:
2022 Management Accounts means the unaudited consolidated balance sheet of the Company as of
September 30, 2022, and the unaudited consolidated statements of income and profit and loss for the six months ended September 30, 2022 prepared in accordance with IFRS.
Action means any charge, claim, action, complaint, petition, investigation, appeal, suit, litigation,
arbitration or other similar proceeding initiated or conducted by a mediator, arbitrator or Governmental Authority, whether administrative, civil, regulatory or criminal, and whether at law or in equity, or otherwise under any applicable Law.
Additional Permitted Financings means the subscription or purchase by an investor for cash after the date
of this Agreement and on or prior to the Closing Date of Equity Securities whether issued by CGAC (or of securities exercisable, convertible or exchangeable into Equity Securities to be issued by CGAC) or sold through secondary sale by Existing
Company Shareholders, in each case including ordinary shares, preferred shares, convertible or exchangeable bonds or notes, warrants or other equity securities, on terms and conditions as and to the extent consented to in writing by each of CGAC and
the Company (which consent may be withheld in the sole and absolute discretion of the party asked to provide consent).
Adverse Recommendation Change means any action by the Company Board or any committee thereof to
(A) approve, agree to, accept, endorse, recommend, declare advisable or submit to a vote of its shareholders any Company Acquisition Proposal, (B) fail to make, or withdraw, qualify, withhold, modify or amend, in a manner adverse to CGAC
and Merger Sub, the Company Recommendation, or (C) approve, adopt or recommend any Company Acquisition Proposal, or propose publicly to approve, adopt or recommend, any Company Acquisition Proposal.
ADSs means American Depositary Shares, each representing one CGAC Ordinary Share.
ADS Deposit Agreement means a deposit agreement to be entered into among CGAC and the Depositary relating
to the establishment of CGACs ADS Facility.
ADS Facility means the Level 2 ADS facility
established pursuant to the ADS Deposit Agreement.
Affiliate means, with respect to any Person, any
other Person which, directly or indirectly, Controls, is Controlled by or is under common Control with such Person. In the case of a Person which is a fund or which is directly or indirectly Controlled by a fund, the term Affiliate also
includes (a) any of the general partners of such fund, (b) the fund manager managing such fund, any other person which, directly or indirectly, Controls such fund or such fund manager, or any other funds managed by such fund manager, and
(c) trusts (excluding the Trust Account for all purposes other than for the sole purpose of the release of the proceeds of the Trust Account set forth in Section 7.1) Controlled by or for the benefit of any Person
referred to in (a) or (b). Notwithstanding the foregoing, no portfolio company of any investment fund affiliated with either Corner Venture Partners, LLC or Corner Capital Management, LLC shall be considered an Affiliate of CGAC, other than
CGAC.
Antitrust Laws means any applicable Laws of any Governmental Authority regarding matters of
anti-competition or foreign investment.
7
Benefit Plan means any (a) employee benefit
plan (as such term is defined in Section 3(3) of Employee Retirement Income Security Act of 1974, as amended), program, policy, practice, Contract or other arrangement, including any compensation, severance, termination pay, deferred
compensation, retirement, profit sharing, incentive, bonus, health, welfare, performance awards, share or share-related awards (including stock option, stock purchase, stock ownership, restricted stock unit, or other equity or equity-based
compensation), disability, death benefit, life insurance, fringe benefits or other employee benefits or remuneration of any kind, and (b) any employment, consulting, retention or stay-bonus agreement, severance, transaction or change-in control agreement, in each case, whether written, unwritten or otherwise, that is sponsored, maintained, contributed to or required to be contributed to by any Group Company for the benefit of any current
or former employee, director, commissioner or officer, consultant or contractor of any Group Company in each case other than any statutory benefit plan mandated by Law.
Business Combination has the meaning given in the CGAC Articles of Association.
Business Day means a day on which commercial banks are open for business in the city of (a) New York,
United States, (b) Grand Cayman, the Cayman Islands, (c) London, England, except a Saturday, Sunday, public holiday (gazetted or ungazetted and whether scheduled or unscheduled) or a day on which banking institutions or trust companies are
authorized or obligated by Law to close in any of the aforementioned cities.
Cayman Registrar means
the Companies Registry of the Cayman Islands General Registry.
CGAC Accounts Date means
December 31, 2022.
CGAC Acquisition Proposal means any inquiry, proposal or offer, or any
indication of interest in making an offer or proposal from any Person or group at any time relating to any transaction or series of transactions (other than the Transactions) with any Person involving, directly or indirectly, (a) any, direct or
indirect, acquisition, merger, domestication, reorganization, business combination, initial business combination under CGACs initial IPO prospectus or similar transaction, in one transaction or a series of transactions, involving
CGAC or involving all or a material portion of the assets, Equity Securities or businesses of CGAC (whether by merger, consolidation, recapitalization, purchase or issuance of equity securities, purchase of assets, tender offer or otherwise), (b)
any sale, lease, exchange, transfer, license, acquisition or disposition of a material portion of the consolidated total assets, revenues or earning power of CGAC or (c) any direct or indirect acquisition by any third party, in one transaction
or a series of transactions, of a material portion of voting Equity Securities of CGAC (whether by merger, consolidation, recapitalization, purchase or issuance of Equity Securities).
CGAC Articles of Association means the Amended and Restated Memorandum and Articles of Association of CGAC,
as adopted by special resolution, dated December 16, 2020 and effective on December 16, 2020, as amended or restated from time to time.
CGAC Material Adverse Effect means any Event that has had, or would reasonably be expected to have,
individually or in the aggregate, a material adverse effect on (a) the business, assets and liabilities, results of operations or financial condition of CGAC, or (b) the ability of CGAC to consummate the Transactions by the Outside Date;
provided, however, that in no event would any of the following, alone or in combination, be deemed to constitute, or be taken into account in determining whether there has been or will be, a CGAC Material Adverse Effect: (i) any
enactment of, or change or proposed change in, any applicable Laws, GAAP, IFRS or other applicable accounting or auditing standards or any interpretation thereof following the date of this Agreement, (ii) any change in interest rates or
economic, political, business or financial market conditions generally, (iii) the taking of any action expressly required to be taken under this Agreement, the Plan of Merger or any Transaction Document, (iv) any natural disaster
(including
8
hurricanes, storms, tornados, flooding, earthquakes, volcanic eruptions or similar occurrences), epidemic, pandemic, disease or outbreak (including any action taken or refrained from being taken
in response to COVID-19 or any COVID-19 Measures or any change in such COVID-19 Measures or interpretations thereof following the
date of this Agreement), acts of nature, change in climate or other natural or man-made disasters, (v) any acts of terrorism or war (whether or not declared), civil unrest, declaration of a national
emergency, curfews, public disorder, riots, the outbreak or escalation of hostilities, geopolitical conditions, local, regional, state, national or international political conditions or social conditions, (vi) any matter set forth in
Section 1.1(b) of the CGAC Disclosure Letter, (vii) any actions (A) required to be taken, or required not to be taken, pursuant to the terms of this Agreement or (B) taken with the prior written consent of or at the prior written
request of the Company, or (C) taken by any of the Group Companies, (x) any worsening of the Events referred to in clauses (ii), (iv), (v), or (vi) to the extent existing as of the date of this Agreement,
(viii) any downturn in general economic conditions, including changes in the credit, debt, securities, financial or capital markets (including changes in interest or exchange rates, prices of any security or market index or any disruption of
such markets), (ix) any Events that are cured by CGAC prior to Closing, or (x) any contemporaneous or future pronouncements by the SEC or other U.S. federal regulators with respect to prior accounting rules generally applicable to special
purpose acquisition companies or target companies engaged in business combinations with special purpose acquisition companies and any impacts on such transactions directly or indirectly resulting therefrom, ; provided, however, that in the case of
each of clauses (ii), (iv), (v), (vi), (viii) or (x) any such Event to the extent it disproportionately affects CGAC relative to other special purpose acquisition companies listed on U.S. stock exchanges shall
not be excluded from the determination of whether there has been, or would reasonably be expected to be, a CGAC Material Adverse Effect. Notwithstanding the foregoing, with respect to CGAC, the amount of CGAC Share Redemptions shall not be deemed to
be a CGAC Material Adverse Effect.
CGAC Ordinary Shares means the CGAC Class A Ordinary Shares,
par value $0.0001 per share.
CGAC Related Parties means, collectively, CGAC, Merger Sub and their
respective Affiliates or any of their or their Affiliates respective, direct or indirect, former, current or future general or limited partners, shareholders, managers, members, directors, officers, employees, agents, advisors, other
representatives or successors or assignees of any of the foregoing.
CGAC Securities means,
collectively, the CGAC Shares, the CGAC Warrants and the CGAC Units.
CGAC Share Redemption means the
election of an eligible (as determined in accordance with the CGAC Articles of Association) holder of CGAC Ordinary Shares to redeem all or a portion of the CGAC Ordinary Shares held by such holder at a
per-share redemption price, payable in cash, equal to a pro rata share of the aggregate amount then on deposit in the Trust Account (calculated as of two Business Days prior to the Closing) (including any
interest earned on the funds held in the Trust Account, but net of Taxes payable thereon and not previously released to CGAC to pay its taxes) (as determined in accordance with CGAC Articles of Association) in connection with the Transaction
Proposals or any Extension.
CGAC Shareholder means any holder of any CGAC Shares.
CGAC Shareholders Approval means (a) the requisite approval, pursuant to the CGAC Articles of
Association and the Cayman Act, of the Business Combination and of this Agreement, the Plan of Merger, the adoption of the New CGAC Articles of Association, the change of name of CGAC and the reorganization of the share capital of CGAC, (b) the
requisite approval under Nasdaq rules for issuance of Merger Consideration and CSRs, and (c) the requisite approval, pursuant to the CGAC Articles of Association and the Cayman Act, of any other proposals as the SEC (or staff member thereof)
indicates (i) are necessary in its comments to the Proxy/Registration Statement or correspondence related thereto, and (ii) are required to be approved by the shareholders of CGAC in order for the Closing to be consummated.
9
CGAC Shares means CGAC Ordinary Shares and Sponsor Shares
collectively.
CGAC Transaction Expenses means any out-of-pocket fees and expenses paid or payable, subject to Section 8.1(c) and Section 8.2(a), by CGAC, Merger Sub or the Sponsor (whether or not billed or
accrued for, but without double counting) as a result of or in connection with the negotiation, documentation and consummation of the Transactions, including (a) all fees (including Deferred IPO Fees), costs, expenses, brokerage fees,
commissions (including with respect to any Additional Permitted Financings), liabilities, shareholders loans (including working capital loans advanced by the Sponsor), finders fees and disbursements of financial advisors, investment
banks, brokers, finders, data room administrators, attorneys, accountants and other advisors and service providers, and any other operational costs of CGAC prior to consummation of the Transactions, (b) Transfer Taxes, and (c) any and all
filing fees payable, subject to Section 8.1(c) and Section 8.2(a), to the Governmental Authorities in connection with the Transactions. For the avoidance of any doubt, an estimate of the aggregate
CGAC Transaction Expenses incurred, and to be incurred, prior to the Closing Date is set forth on Section 1.1(a) of the CGAC Disclosure Letter.
CGAC Unit means the units issued in CGACs IPO or the exercise of the underwriters overallotment
option consisting of one CGAC Class A Ordinary Share and one-third of a CGAC Warrant.
CGAC Warrant means one whole warrant entitling the holder thereof to purchase one (1) share of CGAC
Class A Ordinary Shares at a purchase price of $11.50 per share.
Change of Control means
(1) a sale, lease, license or other disposition, in a single transaction or a series of related transactions, of assets of CGAC and its Subsidiaries representing more than 50% of the total assets, consolidated net income or consolidated total
revenue of CGAC and its Subsidiaries, taken as a whole; (2) a merger, consolidation or other business combination of CGAC or any of its Subsidiaries with any person or group (within the meaning of Rules 13d-3 and 13d-5 under the Exchange Act as in effect on the Closing Date), as a result of which such person or group acquires at least fifty percent (50%) of the combined
voting power of the then outstanding shares of CGAC or, other than in the case of any such merger, consolidation or other business combination with a Subsidiary of CGAC, the surviving person outstanding immediately after such merger, consolidation
or other business combination; or (3) other than an Exempt CoC, any person or group (within the meaning of Rules 13d-3 and 13d-5 under the Exchange Act
as in effect on the Closing Date), obtaining beneficial ownership (as defined in Rules 13d-3 and 13d-5 under the Exchange Act) of the voting shares of CGAC representing
more than fifty percent (50%) of the voting power of the capital stock of CGAC entitled to vote for the election of directors of CGAC.
Class A CSR means a Class A CSR (as such term is defined in the Contingent Share
Rights Agreement), which is a contractual contingent share right (which shall not be evidenced by a certificate or other instrument) representing the right of qualifying holders of CSRs to receive, in certain circumstances, a contingent payment in
the form of CGAC Ordinary Shares (or such other form as is provided for therein) pursuant to the terms and conditions of the Contingent Share Rights Agreement.
Class B CSR means a Class B CSR (as such term is defined in the Contingent Share
Rights Agreement), which is a contractual contingent share right (which shall not be evidenced by a certificate or other instrument) representing the right of qualifying holders of CSRs to receive, in certain circumstances, a contingent payment in
the form of CGAC Ordinary Shares (or such other form as is provided for therein) pursuant to the terms and conditions of the Contingent Share Rights Agreement.
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Class C CSR means a Class C CSR
(as such term is defined in the Contingent Share Rights Agreement), which is a contractual contingent share right (which shall not be evidenced by a certificate or other instrument) representing the right of qualifying holders of CSRs to receive, in
certain circumstances, a contingent payment in the form of CGAC Ordinary Shares (or such other form as is provided for therein) pursuant to the terms and conditions of the Contingent Share Rights Agreement.
Closing Equity Value means $877,000,000 plus the amount equal to aggregate exercise price of the Company
Options.
COC Modified Threshold Period means the period following the fourth (4th) anniversary of the Closing Date and ending on the fifth (5th) anniversary of the Closing Date.
Code means the Internal Revenue Code of 1986, as amended.
Company Acquisition Proposal means any inquiry, proposal or offer, or any indication of interest in making
an offer or proposal from any Person or group relating to any transaction or series of transactions (other than the Transactions) with any Person involving, directly or indirectly, (a) any merger, consolidation, amalgamation, share exchange,
business combination, material issuance of securities, material acquisition of securities, reorganization, material recapitalization, tender offer, exchange offer or other similar transaction involving any Group Company pursuant to which any Person
or group of Persons would have beneficial ownership of securities representing five percent (5%) or more of the total outstanding Equity Securities of the Company after giving effect to the consummation of such transaction, (b) any sale, lease,
exchange, transfer, license, acquisition or disposition of one or more assets or businesses that constitute five percent (5%) or more of the revenues or assets of the Group Companies, taken as a whole, or (c) any direct or indirect acquisition
by any Person or group, in one transaction or a series of transactions, of five percent (5%) or more of any class of Equity Securities of the Company (whether by merger, consolidation, other business combination, recapitalization, purchase, issuance
of Equity Securities or other similar transaction).
Company Contract means any Contract to which any
Group Company is a party or by which any Group Company is bound.
Company Financial Statements means
the audited consolidated balance sheets of the Company as of March 31, 2022 and 2021, and the audited consolidated statements of income and profit and loss, changes in shareholders equity and cash flows, for the years ended March 31,
2022 and 2021 as included in the Public Filings.
Company Material Adverse Effect means any Event that
has had, or would reasonably be expected to have, individually or in the aggregate, a material adverse effect on (a) the business, assets and liabilities, results of operations or financial condition of the Group Companies taken as a whole, or
(b) the ability of any Group Company to consummate the Transactions by the Outside Date; provided, however, that in no event would any of the following, alone or in combination, be deemed to constitute, or be taken into account in determining
whether there has been or will be, a Company Material Adverse Effect: (i) any enactment of, or change or proposed change in, any applicable Laws, GAAP, IFRS or other applicable accounting or auditing standards or any interpretation
thereof following the date of this Agreement, (ii) any change in interest rates or economic, political, business or financial market conditions generally, (iii) the taking of any action expressly required to be taken under this Agreement,
the Plan of Merger or any Transaction Document, (iv) any natural disaster (including hurricanes, storms, tornados, flooding, earthquakes, volcanic eruptions or similar occurrences), epidemic, pandemic, disease or outbreak (including any action
taken or refrained from being taken in response to COVID-19 or any COVID-19 Measures or any change in such COVID-19 Measures or
interpretations thereof following the date of this Agreement), acts of nature, change in climate or other natural or man-made disasters, (v) any acts of terrorism or war,
11
(whether or not declared), civil unrest, declaration of a national emergency, curfews, public disorder, riots, the outbreak or escalation of hostilities, geopolitical conditions, local, regional,
state, national or international political conditions or social conditions, (vi) any failure in and of itself of the Group Companies to meet any projections, forecasts, guidance estimates, milestones, budgets or financial or operating
predictions of revenue, earnings, cash flow or cash position, provided, however, that the exception in this clause (vi) shall not prevent or otherwise affect a determination that any change, effect or development underlying such change
has resulted in or contributed to a Company Material Adverse Effect, (vii) any Events generally applicable to the industries or markets in which the Group Companies operate, (viii) any matter set forth in Section 1.1(a) of the Company
Disclosure Letter, (ix) changes attributable to the public announcement, performance or pendency of the Transactions (including the impact thereof on relationships with customers, licensors, licensees, suppliers, employees or other third
parties related thereto), but in any case only to extent attributable to such announcement, performance or pendency, provided that this clause (ix) shall not apply to the representations and warranties (or related conditions) that, by
their terms, specifically address the consequences arising out of the public announcement, performance or pendency of the Transactions, (x) any Events that are cured by the relevant Group Company prior to Closing, (xi) any actions
(A) required to be taken, or required not to be taken, pursuant to the terms of this Agreement or (B) taken with the prior written consent of or at the prior written request of CGAC, or (C) taken by CGAC, the Sponsor or any other CGAC
Shareholder, (xii) any worsening of the Events referred to in clauses (ii), (iv), (v), (vii) or (viii) to the extent existing as of the date of this Agreement, or (xiii) any downturn in general
economic conditions, including changes in the credit, debt, securities, financial or capital markets (including changes in interest or exchange rates, prices of any security or market index or any disruption of such markets), provided, however, that
in the case of each of clauses (ii), (iv), (v), (vii) and (xii) any such Event to the extent it disproportionately affects any of the Group Companies relative to other participants in the industries, markets
and geographies in which such Persons operate shall not be excluded from the determination of whether there has been, or would reasonably be expected to be, a Company Material Adverse Effect.
Company Options means all outstanding and unexercised options to purchase Company Ordinary Shares pursuant
to the Softline Long Term Incentive Plan of the Company.
Company Ordinary Shares means, collectively,
the ordinary shares, with a nominal value of USD 0.000231647 each, in the capital of the Company.
Company PCAOB
Financial Statements means (a) the audited consolidated balance sheets of the Company as of March 31, 2023, 2022 and 2021, and the audited consolidated statements of income and profit and loss, changes in shareholders
equity and cash flows, for the years ended March 31, 2023, 2022 and 2021 audited by the Independent Auditors in accordance with PCAOB auditing standards, together with the auditors report of the Independent Auditors thereon.
Company Related Party means the Company and its Affiliates or any of their respective, direct or indirect,
former or current general or limited partners, shareholders, managers, members, directors, officers, other representatives or successors or assignees of any of the foregoing. For the avoidance of any doubt, this definition will exclude each Group
Company.
Company Shareholder means any holder of any Company Shares as of immediately prior to the
Effective Time.
Company Shareholder Approval means (a) the requisite approval, pursuant to the
Companys Articles of Association and the Cayman Act, of the Business Combination and of this Agreement, the Plan of Merger, and (b) the requisite approval, pursuant to the Companys Articles of Association and the Cayman Act, of any
other proposals as the SEC (or staff member thereof) indicates (i) are necessary in its comments to the Proxy/Registration Statement or correspondence related thereto, and (ii) are required to be approved by the Company Shareholders in
order for the Closing to be consummated.
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Company Shareholder Earnout Shares means the CGAC
Ordinary Shares to be released as contemplated by Section 2.2(e)(v).
Company
Shares means, collectively, the Company Ordinary Shares.
Company Transaction Expenses means
any out-of-pocket fees and expenses paid or payable, subject to Section 8.1(c) and Section 8.2(a), by any Group
Company (whether or not billed or accrued for, but without double counting) as a result of or in connection with the negotiation, documentation and consummation of the Transactions, including all fees, costs, expenses, brokerage fees, commissions,
finders fees and disbursements of financial advisors, investment banks, data room administrators, attorneys, accountants and other advisors and service providers, including consultants and public relations firms.
Competing SPAC means any publicly traded special purpose acquisition company other than CGAC.
Contingent Share Rights Agreement means that certain Share Value Rights Agreement, to be entered into prior
to or in connection with the Closing, by and between CGAC, and a rights agent reasonably acceptable to CGAC and the Company, in the form attached hereto as Exhibit H.
Contract means any legally binding written or oral other agreement, contract, subcontract, lease,
instrument, note, option, warranty, purchase order, license, sublicense, mortgage, guarantee, purchase order, insurance policy or commitment or undertaking of any nature that has any outstanding rights or obligations.
Control in relation to any Person means (a) the ownership of, or ability to direct the casting of,
more than fifty percent (50%) of the total voting rights conferred by all the shares then in issue and conferring the right to vote at all general meetings of such Person, or (b) the ability to, directly or indirectly, direct or cause the
direction of the management and policies of such Person whether through the ownership of securities, by contract or otherwise, and Controlled, Controlling and under common Control with shall be construed
accordingly.
Copyrights means any and all copyrights and copyrightable works or subject matter,
whether registered or unregistered and regardless of the medium of fixation or means of expression, including any of the foregoing that protect original works of authorship fixed in any tangible medium of expression, including in literary works
(including in all forms and types of Software), pictorial and graphic works, together with all applications, registrations, renewals, and similar filings for any of the foregoing.
COVID-19 means SARS-CoV-2 or COVID-19, and any evolutions, variants or mutations thereof or related or associated epidemics, pandemics or disease outbreaks.
COVID-19 Measures means any quarantine, shelter in
place, stay at home, workforce reduction, social distancing, shut down, closure, sequester, safety or similar Law, directive, guidelines or recommendations promulgated by any Governmental Authority, including Centers for Disease
Control and Prevention and the World Health Organization, in each case, in connection with or in response to COVID-19 for similarly situated companies.
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Customs and International Trade Authorizations means all
applicable licenses, license exceptions, notification requirements, registrations and approvals required pursuant to the Customs and International Trade Laws for the lawful export, deemed export, re-export,
deemed re-export transfer or import of goods, software, technology, technical data and services.
Customs and International Trade Laws means all applicable import, customs and trade, export and
anti-boycott laws, including (a) the laws, regulations, and programs administered or enforced by U.S. Customs and Border Protection, U.S. Immigration and Customs Enforcement, the U.S. Department of Commerce, the U.S. International Trade
Commission, the U.S. Department of State, and their predecessor agencies, and (b) the anti-boycott laws and regulations administered by the U.S. Department of the Treasury or Department of Commerce.
CSRs means, collectively, the Class A CSRs, the Class B CSRs and the Class C CSRs.
Cypriot Companies Registry means the Registrar of Companies of the Republic of Cyprus.
Deferred IPO Fees means the amounts of deferred underwriting fees and deferred advisory fees payable in
connection with the IPO that are payable upon consummation of the Business Combination.
Depositary
means The Bank of New York Mellon (or an affiliate).
Disclosure Letter means, as applicable, the
Company Disclosure Letter and the CGAC Disclosure Letter.
DTC means the Depository Trust Company.
Earn-Out Target means each or any of First Level Earn-Out Target, Second Level Earn-Out Target and Third Level Earn-Out Target.
Environmental Law means any law (including statutes, common laws and regulations) directly relating to
(a) the protection, investigation or restoration of the environment or natural resources, (b) the handling, use, presence, disposal or release of any Hazardous Substance, or (c) noise, odor, wetlands, pollution, contamination or any
injury or threat of injury to persons or property.
Environmental Licenses means all permits, consents,
authorizations, licenses, orders, registrations, certificates, variances or other similar approvals required to operate the business of any of the Group Companies, as conducted by the Group Companies, in accordance with applicable Environmental Law.
Equity Securities means, with respect to any Person, any capital stock, equity interests, membership
interests, partnership interests or registered capital, joint venture or other ownership interests in such person and any options, warrants or other securities (for the avoidance of doubt, including debt securities) that are directly or indirectly
convertible into, or exercisable or exchangeable for, such capital stock, equity interests, membership interests, partnership interests or registered capital, joint venture or other ownership interests (whether or not such derivative securities are
issued by such Person).
Event means any event, state of facts, development, change, circumstance,
occurrence or effect.
Exchange Act means the Securities Exchange Act of 1934, as amended.
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Exempt CoC means any Existing Company Shareholder
beneficially owning, as of the date of this Agreement, more than 25% of the combined voting power of the outstanding Company Ordinary Shares obtaining beneficial ownership (as defined in Rules 13d-3 and 13d-5 under the Exchange Act) of the voting shares of CGAC representing more than fifty percent (50%) and less than sixty-five percent (65%) of the voting power of the capital stock of CGAC entitled to vote for the
election of directors of CGAC.
Existing Company Shareholders means each of the Company Shareholders
identified on the Voting and Support Agreement.
Fully Diluted Basis means, in relation to the Company,
(a) all Company Shares issued and outstanding as of the relevant date, and (b) the maximum number of Company Shares issuable upon exercise of any options, warrants or other convertible or exchangeable securities, instruments or other
similar obligations outstanding or in existence as of the relevant date.
GAAP means generally accepted
accounting principles as in effect in the United States.
GDRs means the Regulation S and Rule 144A
global depositary receipts representing Company Ordinary Shares issued pursuant to the GDR Deposit Agreement.
GDR Conditions means the terms and conditions applicable to the GDRs set out in the GDR Deposit Agreement.
GDR Facility means the Regulation and Rule 144A GDR facility established pursuant to the GDR Deposit
Agreement.
GDR Deposit Agreement means the deposit agreement dated October 27, 2021 (as amended
from time to time) between the Company and the GDR Depositary.
Government Official means any officer,
cadre, civil servant, employee or any other person acting in an official capacity for any Governmental Authority (including any political party or official thereof), or to any candidate for political office.
Governmental Authority means the government of any nation, province, state, city, locality or other
political subdivision of any thereof, any entity exercising executive, legislative, judicial, regulatory, taxing or administrative functions of or pertaining to government, regulation or compliance, or any arbitrator or arbitral body.
Governmental Order means any applicable order, ruling, decision, verdict, decree, writ, subpoena, mandate,
precept, command, directive, consent, approval, award, judgment, injunction or other similar determination or finding by, before or under the supervision of any Governmental Authority.
Gross Proceeds means, as of the Effective Time, the sum of (i) the gross proceeds from any Additional
Permitted Financing (whether such proceeds are payable to the Company or to Existing Company Shareholders) and (ii) the cash balance in the Trust Account, giving effect to any CGAC Share Redemptions, but prior to the payment of any Transaction
Expenses.
Gross Proceeds Floor means Gross Proceeds of at least $25,000,000.
Gross Proceeds Target means Gross Proceeds of at least $100,000,000.
Group Companies (and with the corresponding meaning, Group Company) means the Company and its
Subsidiaries as of the date of this Agreement.
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Hazardous Substances means any pollutant or contaminant
or any toxic, radioactive, ignitable, corrosive, reactive or otherwise hazardous substance, waste or material, including petroleum, its derivatives, by-products and other hydrocarbons, and any other substance,
waste or material regulated as a pollutant or otherwise as hazardous, the subject of or which could give rise to Liability under any applicable Law pertaining to the environment.
IFRS means the International Financial Reporting Standards as adopted by the International Accounting
Standards Board.
Indebtedness means, with respect to any Person, without duplication, (a) all
indebtedness of such Person for borrowed money, including the outstanding principal and accrued and unpaid interest and any per diem interest accruals, (b) any obligations as lessee under capitalized lease obligations under GAAP or IFRS (as
applicable based on accounting principles used by the applicable Person), (c) amounts drawn (including any accrued and unpaid interest) on letters of credit, bank guarantees, bankers acceptances and other similar instruments (solely to the
extent such amounts have actually been drawn), (d) the principal of and premium (if any) in respect of obligations evidenced by bonds, debentures, notes and similar instruments, (e) the termination value of interest rate protection agreements
and currency obligation swaps, hedges or similar arrangements (without duplication of other indebtedness supported or guaranteed thereby), (f) the principal component of all obligations to pay the deferred and unpaid purchase price of property and
equipment which have been delivered, including earn outs and seller notes but excluding payables arising in the Ordinary Course, (g) breakage costs, prepayment or early termination premiums, penalties, or other fees or
expenses payable as a result of the consummation of the Transactions in respect of any of the items in the foregoing clauses (a) through (f), and (h) all Indebtedness of another Person referred to in clauses
(a) through (g) above guaranteed directly or indirectly, jointly or severally.
Independent
Auditors means Ernst & Young LLP or some other internationally recognized accounting firm that meets the requisite independence standards.
Independent Director means an individual to serve on the CGAC Board who is independent as
determined in accordance with the U.S. rules and regulations applicable to audit committee members (including the applicable rules of Nasdaq).
Intellectual Property means all rights, title and interest in or relating to intellectual property in any
jurisdiction throughout the world, including: (a) all Patents; (b) all Copyrights and mask works; (c) all Trademarks; (d) all Internet domain names, and social media identifiers and accounts; (e) all Trade Secrets;
(f) all moral and economic rights of authors and inventors, however denominated, rights of publicity and privacy, and database rights; (g) all applications and registrations, and any renewals, extensions and reversions, of any of the
foregoing; and (h) all other intellectual property rights or proprietary rights.
Intervening
Event means any Event materially affecting the business, assets or operations of the Group Companies, taken as a whole, that first becomes known to the Company Board after the date of this Agreement but before obtaining the Company
Shareholder Approval, to the extent not known to or reasonably foreseeable by the Company Board as of or prior to the date hereof; provided, however, that in no event will (i) the receipt, existence or terms of a Company Acquisition Proposal or
Superior Proposal, or any proposal that would reasonably be expected to lead to a Company Acquisition Proposal or Superior Proposal, or any matter relating to or consequence of any of the foregoing, (ii) any changes in Law or the settlement (or
any offer or proposal of settlement) of any lawsuits, investigations, inquiries, audits, suits, proceedings, claims, examinations or other administrative or judicial proceedings, (iii) changes in the market price or trading volume of the
Company Shares, or any Group Company meeting or exceeding internal or published projections, forecasts or revenue or earnings predictions for any period (provided that the underlying causes of any of the foregoing may be considered in determining
whether an Intervening
16
Event has occurred or would reasonably be expected to result), or (iv) any event, development or change relating solely to CGAC or its Affiliates, in each case, constitute an
Intervening Event or be taken into account in determining whether an Intervening Event has occurred or would reasonably be expected to result.
Investment Company Act means the Investment Company Act of 1940.
JOBS Act means the Jumpstart Our Business Startups Act of 2012.
Knowledge of CGAC or any similar expression means the actual knowledge of the Persons listed on
Section 1.1 of the CGAC Disclosure Letter.
Knowledge of the Company or any similar
expression means the actual knowledge of the Persons listed on Section 1.1 of the Company Disclosure Letter.
Law means any statute, law, ordinance, rule, regulation or Governmental Order, in each case, of any
Governmental Authority, or any provisions or interpretations of the foregoing, including general principles of common and civil law and equity or similar agreement entered into with any Governmental Authority.
Leased Real Property means any real property subject to a Company Lease.
Liabilities means debts, liabilities and obligations (including Taxes), whether accrued or fixed, absolute
or contingent, matured or unmatured, deferred or actual, determined or determinable, known or unknown, including those arising under any Law, Action or Governmental Order and those arising under any Contract.
Licensed Intellectual Property means all Intellectual Property that any third party Person owns and that
any Group Company uses or has the right to use pursuant to a written license or sublicense.
Material
Contracts means, collectively, each Company Contract that:
(a) involves Indebtedness with an amount higher than
$10,000,000 (or its equivalent in any other currency);
(b) involves obligations or expected obligations (contingent or
otherwise), payments or revenues in excess of $10,000,000 (or its equivalent in any other currency) in the next 12 months after the date of this Agreement;
(c) involves the establishment, contribution to, or operation of a partnership, joint venture, alliance or similar entity, or
involving a sharing of profits or losses (including joint development and joint marketing Contracts), or any investment in, loan to or acquisition or sale of the securities, Equity Securities or assets of any person, involving payments in excess of
$1,000,000 (or its equivalent in any other currency);
(d) involves the lease, license, sale, use, disposition or
acquisition of a business or assets constituting a business involving purchase price, payments or revenues in excess of $1,000,000 (or its equivalent in any other currency);
(e) involves the waiver, compromise, or settlement of any Action with an amount higher than $500,000 (or its equivalent in any
other currency);
17
(f) is a labor agreement, collective bargaining agreement or any other
labor-related agreements or arrangements with a Union;
(g) is with a Company Related Party involving payments of an
amount (when aggregated with any other payments payable to such Company Related Party under Company Contracts) higher than $500,000 per annum (or its equivalent in any other currency): or
(h) that constitutes a material contract (as such term is defined in item 601(b)(10) of Regulation S-K of the Securities Act).
Merger Consideration means the sum of
all CGAC Ordinary Shares and CSRs receivable by Company Shareholders pursuant to Section 2.2(e)(i).
Nasdaq means The Nasdaq Stock Market LLC.
Open Source Software means any Software that contains, or is derived in any manner (in whole or in part)
from any Software distributed (a) as free software, (b) as open source software or copyleft or community software or source code, or pursuant to any license identified as an open source
license by the Open Source (www.opensource.org/licenses) or other license that substantially conforms to the Open Source Definition (opensource.org/osd), or (c) under a license that requires that any software be (i) made
available or distributed in source code form, (ii) licensed for the purpose of making derivative works, (iii) licensed under terms that allow reverse engineering, reverse assembly or disassembly of any kind, or (iv) redistributable at
no charge.
Ordinary Course means, with respect to an action taken or refrained from being taken by a
Person, that such action or omission is taken in the ordinary course of the normal day-to-day operations of such Person taking into consideration such Persons past
practices, including its results of operations, financial condition and prospects in the relevant period, and including any reasonable actions taken or refrained from being taken in good faith in response to
COVID-19, any COVID-19 Measures or any change in such COVID-19 Measures whether taken prior to or following the date of this
Agreement; provided that any such actions or COVID-19 Measures are either consistent with recent past practice in response to COVID-19 or are taken in good faith.
Organizational Documents means, with respect to any Person, its certificate of incorporation and bylaws,
memorandum and articles of association or similar organizational documents, in each case, as amended.
Outstanding Company Shares means the Company Shares outstanding immediately prior to the Closing Date on a
Fully Diluted Basis.
Owned Intellectual Property means all Intellectual Property owned or purported to
be owned by any of the Group Companies.
Patents means any and all patents, patent applications,
provisional patent applications, patent cooperation treaty applications, patent disclosures, priority patent filings, utility models, inventors certificates and certificates of invention, and similar filings and applications for any of the
foregoing, whether filed, established, registered, or recorded in any country (or any political subdivision thereof) in the world, and any and all substitutions, divisions, continuations, continuations-in-part, reissues, renewals, extensions, re-examinations, revisions, patents of addition and supplementary protection certificates, or the like and any
foreign equivalents of any of the foregoing, together with, any and all inventions and improvements described or claimed in any of the foregoing and any and all rights and privileges corresponding to any of the foregoing throughout the world.
18
PCAOB means the Public Company Accounting Oversight
Board.
Per Share Merger Equity Consideration Value means an amount in dollars equal to the sum of the
Closing Equity Value, divided by the number of Outstanding Company Shares.
Permitted Encumbrance means
(a) Security Interests for Taxes, assessments and governmental charges or levies not yet due and payable or that are being contested in good faith by appropriate proceedings and for which adequate reserves have been established in accordance
with IFRS; (b) mechanics, carriers, workmens, repairmens, materialmens or other Security Interests arising or incurred in the Ordinary Course in respect of amounts that are not yet due and payable; (c) rights
of any third parties that are party to or hold an interest in any Contract to which any Group Company is a party; (d) defects or imperfections of title, easements, encroachments, covenants, rights-of-way, conditions, matters that would be apparent from a physical inspection or current, accurate survey of such real property, restrictions and other similar charges or Security Interests that do not
materially interfere with the present use of the Leased Real Property, (e) with respect to any Leased Real Property (i) the interests and rights of the respective lessors with respect thereto, including any statutory landlord liens and any
Security Interests thereon, (ii) any Security Interests permitted under the Company Leases, (iii) any Security Interests encumbering the real property of which the Leased Real Property is a part, and (iv) zoning, building, entitlement
and other land use and environmental regulations promulgated by any Governmental Authority that do not materially interfere with the current use of the Leased Real Property, (f) licenses of Intellectual Property entered into in the Ordinary
Course, (g) Ordinary Course purchase money Security Interests and Security Interests securing rental payments under operating or capital lease arrangements for amounts not yet due or payable, (h) other Security Interests arising in the
Ordinary Course and not incurred in connection with the borrowing of money and on a basis consistent with past practice in connection with workers compensation, unemployment insurance or other types of social security, (i) reversionary
rights in favor of landlords under any Company Leases with respect to any of the buildings or other improvements owned by any Group Company, (j) any other Security Interests that have been incurred or suffered in the Ordinary Course and do not
materially impair the existing use of the property affected by such Security Interest, and (k) any Security Interest disclosed in Section 1.1(b) of the Company Disclosure Letter.
Permitted Indebtedness means the Indebtedness set forth on Section 1.1(c) of the Company Disclosure
Letter.
Person means any individual, firm, corporation, partnership, limited liability company,
incorporated or unincorporated association, trust, estate, joint venture, joint stock company, Governmental Authority or instrumentality or other entity of any kind.
Personal Information means, in addition to any definition for such term or for any similar term (e.g.,
personally identifiable information, personal data or PII) provided by Law, or by the Group Companies in any of its applicable privacy policies, notices or Contracts, all information that identifies, relates to or
could be used to identify, contact or track an individual person, household or device, directly or indirectly whether or not such information is associated with an identifiable individual. Personal Information may relate to any
individual, including a current, prospective, or former customer, end user or employee of any Person, and includes applicable information in any form or media, whether paper, electronic, or otherwise.
Plan of Merger means the plan and agreement of merger between Merger Sub and Company substantially in the
form attached hereto as Exhibit C and any amendment or variation thereto made in accordance with the provisions of the Cayman Act with the consent of CGAC and the Company.
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Privacy Laws means any and all Laws and generally adopted
self-regulatory guidelines (including of any applicable jurisdiction) to the extent relating to the receipt, collection, compilation, use, storage, Processing, sharing, safeguarding, security (both technical and physical), disposal, destruction,
disclosure or transfer (including cross-border) of Personal Information, including the Federal Trade Commission Act, the California Consumer Privacy Act of 2018 and any implementing regulations, as amended, and the General Data Protection
Regulation, Regulation 2016/679/EU on the protection of natural persons with regard to the processing of personal data and on the free movement of such data (GDPR), as amended, and any and all Laws relating to breach notification in connection with
Personal Information.
Process or Processing means, with respect to Personal
Information, the use, collection, creation, processing, receipt, storage, recording, organization, structuring, adaption, alteration, transfer, retrieval, consultation, disclosure, transmission, dissemination, making available, alignment,
combination, restriction, erasure or destruction of such Personal Information.
Prohibited Person means
any Person that is (a) organized under the laws of, or ordinarily resident or located in, any country or territory targeted by comprehensive, country-wide or territory-wide Sanctions (which, as of the date of this Agreement, consists of Cuba,
Iran, North Korea, Syria and the Crimea region and the so-called Donetsk Peoples Republic and Luhansk Peoples Republic in Ukraine of Ukraine), (b) included on any Sanctions-related list of blocked
or designated parties (including the U.S. Department of Treasurys Specially Designated Nationals and Blocked Persons List, Specially Designated Narcotics Traffickers List, Specially Designated Terrorists List, Specially Designated Global
Terrorists List, or the Annex to Executive Order No. 13224; or any list of blocked Persons subject to sanctions issued by the United Nations Security Council, Office of Financial Sanctions Implementation or HM Treasury of the United Kingdom,
the European Commission, the European Union and/or any member state of the European Union), (c) owned fifty percent or more, directly or indirectly, or controlled by any of the foregoing.
Proxy Statement means the proxy statement forming part of the Proxy/Registration Statement filed with, or
confidentially submitted to, the SEC, with respect to the CGAC Shareholders Meeting and the Transactions, to be used for the purpose of soliciting proxies from CGAC Shareholders to approve the Transaction Proposals, as amended or supplemented
from time to time.
Public Filings means all regulatory announcements published by the Company on the
UK Regulatory Information Service since March 1, 2022.
Registration Rights Agreement means the
Registrations Rights Agreement substantially in the form of Exhibit D hereto.
Relationship
Agreement means the Relationship Agreement dated October 27, 2021 between the Company and SGI Group Limited (formerly known as Softline Group Inc.).
Representatives of a Person means, collectively, officers, directors, employees, accountants, consultants,
legal counsel, agents and other representatives of such Person or its Affiliate.
Required Governmental
Authorization means all material franchises, approvals, permits, consents, qualifications, certifications, authorizations, licenses, orders, registrations, certificates, variances or other similar permits, rights and all pending
applications therefor from or with the relevant Governmental Authority required to operate the business of any of the Group Companies, as currently conducted, in accordance with applicable Law.
Rights Agent means the rights agent party to the Contingent Share Rights Agreement.
20
Sanctions means those trade, economic and financial
sanctions laws, regulations, embargoes, and restrictive measures (in each case having the force of law) administered, enacted or enforced from time to time by (a) the United States (including the U.S. Department of Treasurys Specially
Designated Nationals and Blocked Persons List, Specially Designated Narcotics Traffickers List, or Specially Designated Terrorists List, Specially Designated Global Terrorists List, or the Annex to Executive Order No. 13224), (b) the European
Commission and/or European Union and enforced by its member states, (c) the United Nations Security Council, and (d) the United Kingdom (including the Office of Financial Sanctions Implementation of His Majestys Treasury), to the
extent any of the same may lawfully be included within this definition pursuant to the provisions of the European Unions Council Regulation (EC) No 2271/96 of 22 November 1996 protecting against the effects of the extra-territorial
application of legislation adopted by a third country and Council Regulation (EC) No 2271/96, including as part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018 and as amended by the Protecting against the Effects
of the Extraterritorial Application of Third Country Legislation (Amendment) (EU Exit) Regulations 2020.
Sarbanes-Oxley Act means the Sarbanes-Oxley Act of 2002.
SEC means the United States Securities and Exchange Commission.
Securities Act means the Securities Act of 1933.
Security Interest means (a) any mortgage, charge (whether fixed or floating), pledge, lien,
hypothecation, assignment, deed of trust, title retention, security interest or other similar encumbrance of any kind, including any right granted by a transaction which, in legal terms, is not the granting of security but which has an economic or
financial effect similar to the granting of security under applicable Law, (b) any proxy, (other than a revocable proxy in connection with a shareholders meeting) voting trust agreement, option or transfer restriction in favor of any Person,
and (c) any adverse Action as to title, possession or use, except for any of the foregoing referred to in clauses (a), (b), or (c) above created by or arising under any Transaction Document, applicable Law or otherwise
arising by statutes.
Share Exchange Ratio means the quotient obtained by dividing (a) the Per
Share Merger Equity Consideration Value by (b) $10.
Social Insurance means any form of social
insurance or social contribution required under applicable Law, including social security, employment, unemployment or employee insurance, workmens compensation and medical insurance, and any contribution payable therewith to any Governmental
Authority or social welfare organization.
Software means any and all computer programs (whether in
source code, object code, executable code, human readable form or other form), applications, algorithms, user interfaces, firmware, development tools, templates and menus, and all documentation, including user manuals and training materials, to the
extent related to any of the foregoing.
Sponsor Shares means the 9,825,001 CGAC Class B Ordinary
Shares, par value $0.0001 per share, issued to the Sponsor.
Subsidiary means, with respect to a
Person, any partnership, limited liability company, corporation or other business entity of which (a) if a corporation, a majority of the total voting power of share capital or shares of capital stock entitled (without regard to the occurrence
of any contingency) to vote in the election of directors, managers, or trustees thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof,
(b) if a partnership, limited liability company or other business entity, a majority of the partnership or other similar ownership interests thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more
Subsidiaries of that Person or a combination thereof, or (c) in any case, such Person controls the management thereof.
21
Tax or Taxes means all federal, state,
local, foreign or other taxes imposed by any Governmental Authority, including all forms of tax, and duties, charges, withholdings and levies in the nature of tax, wherever imposed, such as all income, gross receipts, license, payroll, employment,
excise, severance, stamp, occupation, premium, windfall profits, environmental, customs duties, capital stock, ad valorem, value added, inventory, franchise, profits, social security (or similar), unemployment, disability, real property, personal
property, sales, use, transfer, registration, alternative or add-on minimum, or estimated taxes, and including any interest, penalty, surcharge, fine or addition thereto.
Tax Returns means, in any jurisdiction, all federal, state, local, provincial and municipal returns,
declarations, computations, notices, statements, claims, reports, schedules, forms and information returns, including any attachment thereto or amendment thereof, required or permitted to be supplied to, or filed with, a Governmental Authority with
respect to Taxes.
Termination Fee means an amount equal to three percent (3%) of the Closing Equity
Value.
Trade Secrets means any and all trade secrets and confidential and proprietary information,
including technology, discoveries, improvements, Software, know-how, ideas, research and development, proprietary rights, formulae, technical information, techniques, inventions (including conceptions and/or
reductions to practice), customer and supplier lists, pricing and cost information, business and marketing plans and proposals, databases and data, designs, drawings, compositions, procedures, processes, algorithms, models, formulations, manuals,
specifications and systems, whether or not any of the foregoing is patentable or copyrightable.
Trademarks means any and all trademarks, service marks, trade names, business marks, service names, brand
names, trade dress rights, logos, slogans, corporate names, trade styles, and other source or business identifiers and general intangibles of a like nature, together with the goodwill to the extent associated with any of the foregoing, whether or
not any of the foregoing are registered, along with all applications, registrations, renewals and extensions thereof.
Trading Day means any day on which Nasdaq is open for trading.
Transaction Documents means, collectively, this Agreement, the Sponsor Support Agreement, the Voting and
Support Agreement, the Registration Rights Agreement, the Merger Filing Documents, Escrow Agreement, the Contingent Share Rights Agreement and any other agreements, documents or certificates entered into or delivered pursuant hereto or thereto, and
the expression Transaction Document means any one of them.
Transactions means,
collectively, the Merger and each of the other transactions contemplated by this Agreement or any of the other Transaction Documents.
Transfer Taxes means any transfer, documentary, sales, use, real property, stamp, registration, excise,
recording, registration, value added and other similar Taxes, fees and costs (including any associated penalties and interest) payable in connection with or by reason of the execution and delivery of this Agreement and the Transactions.
UK Market Abuse Regulation means the Market Abuse Regulation (EU 596/2014) as it forms part of domestic law
by virtue of the European Union (Withdrawal) Act 2018.
Union means any labor union, labor
organization, works council or other employee representative body.
22
VWAP means, for CGAC Ordinary Shares as of any Trading
Day, the dollar volume-weighted average price for such shares traded on Nasdaq during the period beginning at 9:30:01 a.m., New York time on such Trading Day and ending at 4:00:00 p.m., New York time on such Trading Day, as reported by Bloomberg
through its HP function (set to weighted average).
VWAP Measurement Period means, for CGAC
Ordinary Shares, such period that CGAC Ordinary Shares have traded at the applicable VWAP price (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and other similar
transactions) for twenty (20) Trading Days over any thirty (30) Trading Day period.
Section 1.2. Other
Definitions The following terms are defined in the Sections of the Agreement indicated below:
|
|
|
A&O |
|
Section 11.18(b) |
Acceptable Confidentiality Agreement |
|
Section 6.3(f)(ii) |
Agreement |
|
Opening Paragraph |
Alignment Shares |
|
Section 2.5(b) |
Anticorruption Laws |
|
Section 3.6(d) |
Anti-Money Laundering Laws |
|
Section 3.23 |
Articles of the Surviving Entity |
|
Section 2.2(c) |
Cayman Act |
|
Recitals |
CG Group |
|
Section 11.18(a) |
CGAC |
|
Opening Paragraph |
CGAC Board |
|
Recitals |
CGAC Board Recommendation |
|
Section 8.2(b)(ii) |
CGAC Cure Period |
|
Section 10.1(g) |
CGAC Disclosure Letter |
|
Article IV |
CGAC Financial Statements |
|
Section 4.7(a) |
CGAC LTIP |
|
Section 8.7 |
CGAC Non-Recourse Party |
|
Section 11.16 |
CGAC SEC Filings |
|
Section 4.12 |
CGAC Shareholders Meeting Form 8-K |
|
Section 8.2(d)(iii) |
CGAC Shareholders Meeting |
|
Section 8.2(b)(i) |
Change of Control |
|
Section 2.2(e)(v) |
Change of Control Price |
|
Section 2.2(e)(v) |
Closing |
|
Section 2.2(a) |
Closing Date |
|
Section 2.2(a) |
Closing Form 6-K |
|
Section 8.2(d)(iii) |
Closing Press Release |
|
Section 8.2(d)(iii) |
Company |
|
Opening Paragraph |
Company Board |
|
Recitals |
Company Cure Period |
|
Section 10.1(f) |
Confidential Intellectual Property |
|
Section 3.14(f) |
Company Disclosure Letter |
|
Article III |
Company IT Systems |
|
Section 3.14(i) |
Company Lease |
|
Section 3.13(b) |
Company Material Lease |
|
Section 3.13(b) |
Company Non-Recourse Party |
|
Section 11.16 |
Company Recommendation |
|
Section 3.25 |
Company Registered Intellectual Property |
|
Section 3.14(a) |
Company Shareholders Meeting |
|
Section 8.2(c)(i) |
D&O Indemnified Parties |
|
Section 6.4(a) |
23
|
|
|
Dissenting Company Shares |
|
Section 2.2(e)(iii) |
Domestication |
|
Recitals |
Domestication Effective Date |
|
Recitals |
Effective Time |
|
Section 2.2(a) |
Escrow Account |
|
Section 2.5(a) |
Escrow Agent |
|
Section 2.5(a) |
Escrow Agreement |
|
Section 2.5(a) |
Excess Expense Amount |
|
Section 8.8(b) |
Exchange Agent |
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Section 2.4(c) |
First Level Earn-Out Target |
|
Section 2.2(e)(v)(A) |
Group Company Software |
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Section 3.14(h) |
Intended Tax Treatment |
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Recitals |
Interim Balance Sheet Date |
|
Section 3.9 |
Interim Period |
|
Section 6.1(a) |
IPO |
|
Section 11.1 |
Lost Certificate Affidavit |
|
Section 2.4(g) |
Material Permits |
|
Section 3.6(g) |
Merger |
|
Recitals |
Merger Filing Documents |
|
Section 2.2(a) |
Merger Sub |
|
Opening Paragraph |
Merger Sub Share |
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Section 5.2(a) |
Negotiation Period |
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Section 6.3(d)(B) |
Notice |
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Section 6.3(d)(A) |
Organizational Chart |
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Section 3.3 |
Outside Date |
|
Section 10.1(i) |
Permitted Person |
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Section 3.14(h) |
Permitted Refinancing Indebtedness |
|
Section 6.1(b)(ii) |
Privacy and Cybersecurity Requirements |
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Section 3.15(a) |
Proxy Effective Date |
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Section 8.2(c)(i) |
Proxy/Registration Statement |
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Section 8.2(a) |
Regulatory Approvals |
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Section 8.1(a) |
Reitler |
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Section 11.18(a) |
Rollover Option |
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Section 2.3(a) |
Second Level Earn-Out Target |
|
Section 2.2(e)(v)(B) |
Shareholder Certificates |
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Section 2.4(e) |
Shareholder Litigation |
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Section 8.9(a) |
Sponsor |
|
Recitals |
Sponsor Earn-Out Shares |
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Section 2.5(c) |
Sponsor Support Agreement |
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Recitals |
Superior Proposal |
|
Section 6.3(f)(i) |
Surviving Entity |
|
Recitals |
Terminating CGAC Breach |
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Section 10.1(g) |
Terminating Company Breach |
|
Section 10.1(f) |
Third Level Earn-Out Target |
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Section 2.2(e)(v)(C) |
Transaction Proposals |
|
Section 8.2(a)(i) |
Transmittal Documents |
|
Section 2.4(e) |
Trust Account |
|
Section 11.1 |
Trust Agreement |
|
Section 4.13 |
Trustee |
|
Section 4.13 |
Voting and Support Agreement |
|
Recitals |
24
Section 1.3. Construction
(a) Unless the context of this Agreement otherwise requires or unless otherwise specified, (i) words of any gender shall
be construed as masculine, feminine, neuter or any other gender, as applicable; (ii) words using the singular or plural number also include the plural or singular number, respectively; (iii) the terms hereof,
herein, hereby, herewith, hereto and derivative or similar words refer to this entire Agreement; (iv) the terms Article or Section refer to the specified Article or Section
of this Agreement; (v) the terms Schedule or Exhibit refer to the specified Schedule or Exhibit of this Agreement; (vi) the words including, included, or includes shall mean
including, without limitation; and shall not be construed to limit any general statement that it follows to the specific or similar items or matters immediately following it; (vii) the word extent in the phrase to
the extent means the degree to which a subject or thing extends and such phrase shall not simply mean if; (viii) the word or shall be disjunctive but not exclusive; (ix) the word will shall be construed
to have the same meaning as the word shall; (x) unless the context otherwise clearly indicates, each defined term used in this Agreement shall have a comparable meaning when used in its plural or singular form; (xi) references to
written or in writing include in electronic form; and (xii) a reference to any Person includes such Persons successors and permitted assigns;
(b) Unless the context of this Agreement otherwise requires, references to statutes shall include all regulations promulgated
thereunder and references to statutes or regulations shall be construed as including all statutory and regulatory provisions consolidating, amending or replacing the statute or regulation.
(c) References to $, dollar, or cents are to the lawful currency of the United States of
America.
(d) All accounting terms used in this Agreement and not expressly defined in this Agreement shall have the
meanings given to them under GAAP (with respect to CGAC) and IFRS (with respect to any Group Company).
(e) Unless the
context of this Agreement otherwise requires, references to the Company with respect to periods following the Effective Time shall be construed to mean the Surviving Entity and vice versa.
(f) The table of contents and the section and other headings and subheadings contained in this Agreement and the Exhibits
hereto are solely for the purpose of reference, are not part of the agreement of the parties hereto, and shall not in any way affect the meaning or interpretation of this Agreement or any Exhibit hereto.
(g) Unless the context of this Agreement otherwise requires, references to agreements and other documents shall be deemed to
include all subsequent amendments and other modifications thereto.
(h) Capitalized terms used in the Exhibits and each
Disclosure Letter and not otherwise defined therein have the meanings given to them in this Agreement.
(i) With regard to
each and every term and condition of this Agreement, the parties hereto understand and agree that the same has been mutually negotiated, prepared and drafted, and if at any time the parties hereto desire or are required to interpret or construe any
such term or condition or any agreement or instrument subject hereto, no consideration shall be given to the issue of which party actually prepared, drafted or requested any term or condition of this Agreement.
25
(j) For the avoidance of doubt, none of the obligations, representations,
warranties, undertakings, covenants or indemnities expressed to be made or given by (a) the Company under this Agreement shall be deemed as obligations, representations, warranties, undertakings, covenants or indemnities made or given by any
Company Shareholder, or (b) CGAC under this Agreement shall be deemed as obligations, representations, warranties, undertakings, covenants or indemnities made or given by the Sponsor or any other shareholder of CGAC.
ARTICLE II
TRANSACTIONS; CLOSING
Section 2.1. Pre-Closing Actions
(a) Domestication. As soon as practicable after the date hereof and prior to the date of mailing the shareholder
circular in connection with Company Shareholders Approval, the Company shall use reasonable best efforts to cause the Domestication to become effective, including by (a) filing with the Cayman Registrar Cayman Articles, in substantially
the form attached hereto as Exhibit E, in accordance with the provisions thereof and applicable Law, (b) completing and making and procuring all those filings required to be made with the Cayman Registrar and the Cypriot Companies
Registry in connection with the Domestication and (c) obtaining a certificate of continuation from the Cayman Registrar and a certificate of striking-off from the Cypriot Companies Registry.
(b) Company GDR Deposit Agreement. As soon as practicable following completion of the Domestication, the Company shall
use reasonable best efforts to procure that the GDR Deposit Agreement and GDR Conditions be amended by no later than the Effective Time to provide for: (i) the prohibition on further withdrawals from, or deposits into, the GDR Facility;
(ii) the cancellation of the existing GDRs as at the Effective Time; and (iii) the exchange of the Company Ordinary Shares held by the Depositarys custodian pursuant to the Merger for the CGAC Ordinary Shares constituting the Merger
Consideration in respect of such Company Ordinary Shares and the deposit of such CGAC Ordinary Shares in the ADS Facility in order to allow the Depositary to issue the ADSs representing such CGAC Ordinary Shares to former holders of GDRs that have
elected to deposit their CGAC Ordinary Shares into the ADS Facility as at the Effective Time.
(c) ADS Deposit
Agreement; ADS Registration Statement. Prior to the Effective Time, CGAC shall use reasonable best efforts to enter into the ADS Deposit Agreement with the Depositary to establish the ADS Facility, and CGAC shall direct the Depositary to file
with the SEC, and cooperate with the Depositary in filing, a Registration Statement on Form F-6, including any amendments thereto (the ADS Registration Statement), registering an aggregate
amount of ADSs corresponding to the total number of CGAC Ordinary Shares outstanding immediately prior to the Effective Time.
(d) CGAC Name; Organizational Documents of CGAC. At the Effective Time, (i) CGAC shall use reasonable best efforts
to cause its name to be changed effective as of the Closing Date to Noventiq Holding Company, and (ii) CGACs Organizational Documents, as in effect immediately prior to the Effective Time, shall be amended and restated to read in their
entirety in the form of the amended and restated memorandum and articles of association of CGAC attached hereto as Exhibit F (the New CGAC Articles of Association), and, as so amended and restated, shall be the memorandum
and articles of association of CGAC, until thereafter amended in accordance with the terms thereof and the Cayman Act.
Section 2.2. The Merger
(a) Merger. On the terms and subject to the conditions of this Agreement, the consummation of the Merger and closing of
the Transactions contemplated by this Agreement with respect to the Merger (the Closing) shall take place electronically by exchange of documents and electronic signatures in accordance with Section 11.9
on the date that is two (2) Business Days following the date on which all
26
conditions set forth in Article IX have been satisfied or waived (other than those conditions that by their terms or nature are to be satisfied at the Closing, but subject to the
satisfaction or waiver of such conditions at the Closing), or at such other place, time or date as CGAC and the Company may mutually agree in writing. The date on which the Closing occurs is referred to herein as the Closing Date.
At the Closing, Merger Sub shall, and CGAC shall cause Merger Sub to, merge with and into the Company, with the Company being the surviving company in the Merger. On the Closing Date, upon the Closing, CGAC, the Company and Merger Sub shall execute
and cause to be filed with the Cayman Registrar the Plan of Merger and such other documents as may be required in accordance with the applicable provisions of the Cayman Act or by any other applicable Law to make the Merger effective (the
Merger Filing Documents). The Merger shall become effective at the time when the Plan of Merger is registered by the Cayman Registrar or at such later time permitted by the Cayman Act as may be agreed by CGAC, Merger Sub and the
Company in writing and specified in the Plan of Merger (the Effective Time).
(b) Effect of the
Merger. At and after the Effective Time, the Merger shall have the effects set forth in this Agreement, the Plan of Merger and the applicable provisions of the Cayman Act. Without limiting the generality of the foregoing, and subject thereto, at
the Effective Time, all the property, rights, privileges, agreements, powers and franchises, Liabilities and duties of the Company and Merger Sub shall vest in and become the property, rights, privileges, agreements, powers and franchises,
Liabilities and duties of Surviving Entity as the surviving company, which shall include the assumption by Surviving Entity of any and all agreements, covenants, duties and obligations of the Company and Merger Sub set forth in this Agreement and
the other Transaction Documents to which the Company or Merger Sub is a party, and the Surviving Entity shall thereafter exist as a wholly owned subsidiary of CGAC and the separate corporate existence of Merger Sub shall cease to exist.
(c) Organizational Documents of the Surviving Entity. At the Effective Time, the memorandum and articles of association
of the Company, as in effect immediately prior to the Effective Time, shall be amended and restated to read in their entirety in the form of the amended and restated memorandum and articles of association of the Company attached hereto as Exhibit
G (the Articles of the Surviving Entity), and, as so amended and restated, shall be the memorandum and articles of association of the Surviving Entity, until thereafter amended in accordance with the terms thereof and the
Cayman Act.
(d) Directors and Officers of the Surviving Entity. At the Effective Time, the board of directors and
officers of Merger Sub shall cease to hold office, and the board of directors of the Surviving Entity and officers of the Surviving Entity shall be appointed as determined by the Company, each director and officer to hold office in accordance with
the Articles of the Surviving Entity until they are removed or resign in accordance with the Articles of the Surviving Entity or until their respective successors are duly elected or appointed and qualified.
(e) Effect of the Merger on Issued Securities of the Company and Merger Sub. At the Effective Time, by virtue of and as
part of the agreed consideration for the Merger and without any action on the part of any party hereto or the holders of securities of the Company or Merger Sub:
(i) Company Shares.
(A) Each Company Ordinary Share issued and outstanding immediately prior to the Effective Time, other than any shares
referred to in Section 2.2(e)(ii) and the Dissenting Company Shares shall automatically be cancelled and cease to exist in exchange for the right to receive, upon delivery of the applicable Transmittal Documents in
accordance with Section 2.4, (w) such number or fraction of a newly issued CGAC Ordinary Share that is equal to the Share Exchange Ratio, without interest, subject to rounding pursuant to
Section 2.4(j), (x) one Class A CSR for each one whole CGAC Ordinary Share issuable pursuant to Section 2.2(e)(i)(A)(w), (y) one Class B CSR for each one whole CGAC Ordinary Share
issuable pursuant to Section 2.2(e)(i)(A)(w) and (z) one Class C CSR for each one whole CGAC Ordinary Share issuable pursuant to Section 2.2(e)(i)(A)(w).
27
(B) As of the Effective Time, each Company Shareholder shall cease to have
any other rights in and to the Company or the Surviving Entity (other than the rights set forth in Section 2.4(c)).
(ii) Treasury Shares. If there are any Company Shares that are owned by the Company as treasury shares or any Company Shares
owned by any direct or indirect Subsidiary of the Company immediately prior to the Effective Time, such Company Shares shall be cancelled and shall cease to exist without any conversion thereof or payment or other consideration therefor.
(iii) Dissenting Shares: Notwithstanding any provision of this Agreement to the contrary and to the extent available under the Cayman
Act, Company Shares that are outstanding immediately prior to the Effective Time and that are held by shareholders of the Company who shall have demanded properly in writing dissenters rights for such Company Shares in accordance with
Section 238 of the Cayman Act and otherwise complied with all of the provisions of the Cayman Act relevant to the exercise and perfection of dissenters rights (the Dissenting Company Shares) shall not be converted into,
and such shareholders shall have no right to receive, the applicable Merger Consideration unless and until such shareholder fails to perfect or withdraws or otherwise loses his, her or its right to dissenters rights under the Cayman Act. The
Company Shares owned by any shareholder of the Company who fails to perfect or who effectively withdraws or otherwise loses his, her or its dissenters rights pursuant to the Cayman Act shall thereupon be deemed to have been converted into, and
to have become exchangeable for, as of the Effective Time, the right to receive the applicable Merger Consideration, without any interest thereon. Prior to the Closing, the Company shall give CGAC prompt notice of any demands for dissenters
rights received by the Company and any withdrawals of such demands and the Company shall have complete control over all negotiations and proceedings with respect to such dissenters rights (including the ability to make any payment with respect
to any exercise by a shareholder of its rights to dissent from the Merger or any demands for appraisal or offer to settle or settle any such demands or approve any withdrawal of any such dissenter rights or demands).
(iv) Conversion of Merger Sub Share. The Merger Sub Share issued and outstanding immediately prior to the Effective Time shall
automatically be converted into one ordinary share of the Surviving Entity, which ordinary share shall constitute the only issued and outstanding share in the capital of the Surviving Entity.
(v) Company Shareholder Earnout. Pursuant to the terms of the Contingent Share Rights Agreement, in addition to the CGAC Ordinary
Shares to be issued pursuant to Section 2.2(e)(i), if, at any time during the period following the Closing Date and expiring on the fifth (5th) anniversary of the Closing Date, CGAC shall direct the Rights Agent as follows:
(A) during any VWAP Measurement Period, the VWAP equals or exceeds $14.00 (the First Level Earn-Out Target), then as soon as possible and in any event within ten (10) Business Days following the achievement of the First Level Earn-Out Target, CGAC
shall direct the Rights Agent to deliver 10,000,000 CGAC Ordinary Shares to the holders of Class A CSRs, pro rata in accordance with their relative percentage ownership of Class A CSRs;
(B) during any VWAP Measurement Period, the VWAP equals or exceeds $16.00 (the Second Level Earn-Out Target), then as soon as possible and in any event within ten (10) Business Days following the achievement of the Second Level Earn-Out Target, CGAC
shall direct the Rights Agent to deliver 10,000,000 CGAC Ordinary Shares to the holders of the Class B CSRs, pro rata in accordance with their relative percentage ownership of the Class B CSRs; and
28
(C) during any VWAP Measurement Period, the VWAP equals or exceeds $18.00
(the Third Level Earn-Out Target), CGAC shall direct the Rights Agent to deliver 10,000,000 CGAC Ordinary Shares to the holders of the Class C CSRs, pro rata in accordance with their
relative percentage ownership of the Class C CSRs.
For the avoidance of doubt, holders of the CSRs shall be entitled to receive the
applicable Company Shareholder Earnout Shares upon the occurrence of each Earn-Out Target only upon surrender of the applicable class of CSR specified above; provided, that each
Earn-Out Target shall only occur once, if at all; provided, further, that, for the sake of clarity, the First Level Earn-Out Target, the Second Level Earn-Out Target and the Third Level Earn-Out Target may be achieved at the same time or over the same overlapping Trading Days.
The Company Shareholder Earnout Shares and the underlying target price for each Earn-Out Target will
be adjusted appropriately to reflect any share split, reverse share split, share dividend (including any dividend or distribution of securities convertible into CGAC Ordinary Shares), reorganization, recapitalization, reclassification, combination,
exchange of shares or other like change with respect to the CGAC Ordinary Shares, occurring on or after the date hereof and prior to the time any such Company Shareholder Earnout Shares are delivered. It is the intent of the parties hereto that such
adjustments will be made in order to provide Company Shareholders the same economic effect as contemplated by this Agreement as if no change with respect to the CGAC Ordinary Shares had occurred.
In the event that an Earn-Out Target is not satisfied prior to the fifth (5th) anniversary of the
Closing Date, the contingent right and entitlement of holders of CSRs to the applicable Company Shareholder Earnout Shares shall be forfeited and cease to exist.
Notwithstanding anything in this Agreement to the contrary, if a Change of Control occurs prior to or at the fifth (5th) anniversary of the
Closing Date pursuant to which the shareholders of CGAC have the right to exchange their equity securities of CGAC for cash, securities or other property (or any combination thereof), then, immediately prior to the consummation of such Change of
Control (x) any applicable Earn-Out Target that has not been previously satisfied shall be deemed to be satisfied, and (y) holders of CSRs shall be entitled to receive all applicable Company
Shareholder Earnout Shares; provided, however, if such Change of Control occurs during the COC Modified Threshold Period and the cash, securities or other property (or any combination thereof) reflects a value per CGAC Ordinary Share (such value per
CGAC Ordinary Share being the Change of Control Price) that is less than ten dollars ($10), then, immediately prior to the consummation of such Change of Control, (A) only the First Level
Earn-Out Target shall be deemed to have been satisfied, and (B) the holders of Class A CSRs shall be entitled to receive only the CGAC Ordinary Shares attributable to the First Level Earn-Out Target. For purposes hereof and Section 2.5, the value of any securities or other property included in the Change of Control Price shall be the agreed valuation set forth in the
applicable definitive agreements for such transaction or, in the absence of such valuation, determined in good faith by the CGAC Board.
Section 2.3. Treatment of Company Options
(a) At the Effective Time, each Company Option will be assumed by CGAC and converted into an option (a Rollover
Option) to purchase the number of CGAC Shares equal to the product (rounded down to the nearest whole number) of: (x) the number of Company Shares subject to the Company Option immediately before the Effective Time, multiplied by
(y) the Share Exchange Ratio, at an exercise price per CGAC Share (rounded up to the nearest whole cent) equal to the quotient of: (i) the exercise price per Company Share of the Company Option immediately before the Effective Time,
divided by (ii) the Share Exchange Ratio; provided that the conversion will occur in a manner intended to comply with: (A) the requirements of Section 409A of the Code and; (B) in the case of any Rollover Option that is an
incentive stock option, the requirements of Section 424 of the Code.
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(b) Each Rollover Option will be subject to the same terms and conditions
(including as to vesting, expiry and forfeiture provisions) that applied to the corresponding Company Option immediately before the Effective Time, except: (i) as provided above in this Section 2.3; or (ii) as to
any terms that are rendered inoperative by reason of the transactions contemplated by this Agreement (including any anti-dilution or other similar provisions that adjust the number of underlying shares that are subject to any such option), or any
other immaterial administrative changes that the CGAC Board (or the compensation committee of the CGAC Board) determines in good faith are appropriate to effect the administration of the Rollover Options.
(c) At or before the Effective Time, the parties and their respective boards of directors, as applicable, will adopt any
resolutions and take any actions that are reasonably necessary to effect the treatment of the Company Options pursuant to this Section 2.3 before Closing, the Company will take, or cause to be taken, all other reasonably
necessary or appropriate actions under the Softline Long Term Incentive Plan, under the underlying grant, award or similar agreement to give effect to the provisions of this Section 2.3.
Section 2.4. Surrender of Company Equity Securities and Disbursement of Merger Consideration
(a) Prior to the Effective Time, CGAC shall appoint an exchange agent reasonably acceptable to the Company (in such capacity,
the Exchange Agent), for the purpose of exchanging Company Shares for a number of CGAC Ordinary Shares and CSRs, in accordance with the provisions of this Agreement and the Plan of Merger. At or prior to the Effective Time, CGAC
shall deposit, or cause to be deposited, with the Exchange Agent the Merger Consideration. At or as promptly as practicable following the Effective Time, as the case may be, CGAC shall send, or shall cause the Exchange Agent to send, to each Company
Shareholder a letter of transmittal for use in such exchange, in a form reasonably acceptable to the Company and CGAC (a Letter of Transmittal).
(b) Notwithstanding any other provision of this Section 2.4, any obligation of CGAC under this
Agreement to issue CGAC Ordinary Shares to Company Shareholders entitled to receive CGAC Ordinary Shares shall be satisfied by CGAC issuing such CGAC Ordinary Shares to the DTC or to such other clearing service or issuer of depositary receipts (or
their nominees, in either case) as may be necessary or expedient, and each Company Shareholder shall hold such CGAC Ordinary Shares in book-entry form or through a holding of depositary receipts and the DTC or its nominee or the relevant clearing
service or issuer of depositary receipts (or their nominees, as the case may be), will be the holder of record of such CGAC Ordinary Shares.
(c) Each Company Shareholder shall be entitled to receive its portion of the Merger Consideration in respect of the Company
Shares in the form of CGAC Ordinary Shares and CSRs, as set forth in Section 2.2(e)(i) (excluding any Company Shares described in Section 2.2(e)(ii) or Dissenting Company Shares) as soon as
reasonably practicable after the Effective Time, but subject to the delivery to the Exchange Agent of the following items prior thereto: (i) the certificate(s), if any, representing such Company Shares (Shareholder
Certificates) or, in the case of Company Shares not represented by a Shareholder Certificate, an agents message (or such other evidence, if any, of transfer as the Exchange Agent may reasonably request), and (ii) a
properly completed and duly executed letter of transmittal (the documents to be submitted to the Exchange Agent, as applicable, may be referred to herein collectively as the Transmittal Documents). Until so delivered, each such
Company Share shall represent after the Effective Time for all purposes only the right to receive such portion of the Merger Consideration attributable to such Company Shares.
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(d) If any portion of the Merger Consideration is to be delivered or issued
to a Person other than the Person in whose name the surrendered Shareholder Certificate is registered immediately prior to the Effective Time, it shall be a condition to such delivery that (i) in the case of Company Shares, the transfer of such
Company Shares shall have been permitted in accordance with the terms of the Company Articles of Association, (ii) the recipient of such portion of the Merger Consideration, or the Person in whose name such portion of the Merger Consideration
is delivered or issued, shall have already executed and delivered duly executed counterparts to the applicable Transmittal Documents as are reasonably deemed necessary by the Exchange Agent, and (iii) the Person requesting such delivery shall
have paid to the Exchange Agent any transfer or other Taxes required as a result of such delivery to a Person other than the registered holder of such Share, or establish to the satisfaction of the Exchange Agent that such Tax has been paid or is
not payable.
(e) Notwithstanding anything to the contrary contained herein, in the event that any Shareholder Certificate
shall have been lost, stolen or destroyed, in lieu of delivery of a Shareholder Certificate to the Exchange Agent, the Company Shareholder, may instead deliver to the Exchange Agent an affidavit of lost certificate and indemnity of loss in form and
substance reasonably acceptable to CGAC (a Lost Certificate Affidavit), which at the reasonable discretion of CGAC may include a requirement that the owner of such lost, stolen or destroyed Shareholder Certificate deliver a bond
in such sum as it may reasonably direct as indemnity against any Action that may be taken against CGAC or the Surviving Entity with respect to the Company Shares, represented by the Shareholder Certificates alleged to have been lost, stolen or
destroyed. Any Lost Certificate Affidavit properly executed and delivered in accordance with this Section 2.4(h) shall, unless the context otherwise requires, be treated as a Shareholder Certificate for all purposes of this
Agreement.
(f) After the Effective Time, the register of members of Surviving Entity shall be closed, and thereafter
there shall be no further registration on the register of members of the Surviving Entity of transfers of Company Shares that were issued and outstanding immediately prior to the Effective Time. No dividends or other distributions declared or made
after the date of this Agreement with respect to CGAC Ordinary Shares with a record date after the Effective Time (in the case of Company Shares) will be paid to the holders of any Company Shares that were issued and outstanding immediately prior to
the Effective Time until the holders of record of such Company Shares shall have provided the applicable Transmittal Documents in accordance with Section 2.4. Subject to applicable Law, following the delivery of the
applicable Transmittal Documents, the Exchange Agent shall promptly deliver to the record holders thereof, without interest, the applicable Merger Consideration and the amount of any such dividends or other distributions with a record date after the
Effective Time theretofore paid with respect to such CGAC Ordinary Shares.
(g) All securities issued upon (i) in the
case of Company Shares represented by Shareholder Certificates, the surrender of Shareholder Certificates (or delivery of a Lost Certificate Affidavit) and (ii) in the case of Company Shares not represented by a Shareholder Certificate, receipt
by the Exchange Agent of an agents message (or such other evidence, if any, of transfer as the Exchange Agent may reasonably request) in accordance with the terms hereof shall be deemed to have been issued in full satisfaction of
all rights pertaining to Company Shares. Any portion of the Merger Consideration made available to the Exchange Agent pursuant to Section 2.4(c) that remains unclaimed by Company Shareholders one year after the Effective
Time shall be returned to CGAC to be held in treasury, upon demand, and any such Company Shareholder, who has not exchanged its Company Shares for the applicable portion of the Merger Consideration in accordance with this
Section 2.4 prior to that time shall thereafter look only to CGAC for payment of the portion of the Merger Consideration in respect of such Company Shares, without any interest thereon or any dividends paid with respect
thereto. Notwithstanding the foregoing, none of CGAC, the Surviving Entity or any party hereto or any Representative of any of the foregoing shall be liable to any Person for any amount properly paid to a public official pursuant to any applicable
abandoned property, escheat or similar Law.
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(h) Notwithstanding anything to the contrary contained herein, no fraction
of a CGAC Ordinary Share will be issued by virtue of the Merger or the other Transactions, and each Person who would otherwise be entitled to a fraction of a CGAC Ordinary Share (after aggregating all fractional shares of CGAC Ordinary Shares that
otherwise would be received by such holder) shall instead have the number of CGAC Ordinary Shares of the applicable class issued to such Person rounded up in the aggregate to the nearest whole CGAC Ordinary Share of such class.
Section 2.5. Restrictions on Sponsor Shares
(a) Up to 7,500,000 of the Sponsor Shares will be subject to forfeiture subject to the terms of this Agreement and the Sponsor
Support Agreement at the Closing and the Sponsor will deliver 5,000,000 of the Sponsor Shares to the Escrow Agent (as defined below) and shall be entitled to retain and/or forfeit and return to CGAC for cancellation 2,500,000 of the Sponsor Shares
as described below. Upon receipt of the Sponsor Shares, the Escrow Agent will place Sponsor Earn-Out Shares in an escrow account (the Escrow Account) established pursuant to the terms and
conditions of that certain escrow agreement (the Escrow Agreement) to be entered into at Closing by and between the Sponsor, CGAC and The Bank of New York Mellon (or an affiliate), or such other escrow agent as may be mutually
agreed among the parties hereto (the Escrow Agent).
(b) At the Effective Time, with respect to
2,500,000 Sponsor Shares (the Alignment Shares), (I) if the Gross Proceeds are equal to or greater than the Gross Proceeds Target, the Sponsor shall be entitled to retain all of the Alignment Shares, (II) if the Gross
Proceeds are greater than the Gross Proceeds Floor, but less than the Gross Proceeds Target, the Sponsor shall retain such number of Alignment Shares that is equal to the product of (x) 2,500,000, multiplied by a fraction the numerator of which
shall be the Gross Proceeds and the denominator of which shall be the Gross Proceeds Target and shall forfeit and return to CGAC for cancellation any remaining Alignment Shares and (III) if the Gross Proceeds are less than the Gross Proceeds
Floor, the Sponsor shall forfeit and return to CGAC for cancellation all of the Alignment Shares.
(c) At any time during
the period of five (5) years following the date hereof, 5,000,000 of the Sponsor Shares (Sponsor Earn-Out Shares) shall be released from the Escrow Account as follows: (I) during
any VWAP Measurement Period, if the VWAP equals or exceeds First Level Earn-Out Target, 1,666,666.6 of such Sponsor Earn-Out Shares shall be released and delivered to
Sponsor, (II) during any VWAP Measurement Period, if the VWAP equals or exceeds Second Level Earn-Out Target, an additional 1,666,666.6 of such Sponsor Earn-Out
Shares shall be released and delivered to Sponsor and (III) during any VWAP Measurement Period, if the VWAP equals or exceeds Third Level Earn-Out Target, an additional 1,666,666.7 of such Sponsor Earn-Out Shares shall be released and delivered to Sponsor. For the avoidance of doubt, Sponsor shall be entitled to receive the Sponsor Earn-out Shares upon the occurrence of
each Earn-Out Target; provided, that each Earn-Out Target shall only occur once, if at all; provided, further, that, for the sake of clarity, the First Level Earn-Out Target, the Second Level Earn-Out Target and the Third Level Earn-Out Target may be achieved at the same time or over the same
overlapping Trading Days. The Escrow Agreement shall provide that the Escrow Agent shall release the Sponsor Earn-Out Shares upon joint written notice from the Sponsor and the Company stating that the
applicable Earn-Out Target(s) have been satisfied.
The Sponsor Earn-Out Shares and the underlying target price for each Earn-Out Target will be adjusted appropriately to reflect any share split, reverse share split, share dividend
(including any dividend or distribution of securities convertible in CGAC Ordinary Shares), reorganization, recapitalization, reclassification, combination, exchange of shares or other like change with respect to the CGAC Ordinary Shares, occurring
on or after the date hereof and prior to the time any such Sponsor Earn-Out Shares are issued. It is the intent of the parties hereto that such adjustments will be made in order to provide Sponsor the same
economic effect as contemplated by this Agreement as if no change with respect to the CGAC Ordinary Shares had occurred.
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In the event that an Earn-Out Target
is not satisfied prior to the fifth (5th) anniversary of the Closing Date, the contingent right and entitlement of Sponsor to the applicable Sponsor Earn-Out Shares shall be forfeited and cease to exist.
Notwithstanding anything in this Agreement to the contrary, if a Change of Control occurs prior to or at the fifth (5th)
anniversary of the Closing Date pursuant to which the shareholders of CGAC have the right to exchange their equity securities of CGAC for cash, securities or other property (or any combination thereof), then, immediately prior to the consummation of
such Change of Control (x) any applicable Earn-Out Target that has not been previously satisfied shall be deemed to be satisfied, and (y) Sponsor shall be entitled to receive all applicable Sponsor Earn-Out Shares; provided, however, if such Change of Control occurs during the COC Modified Threshold Period and the cash, securities or other property (or any combination thereof) reflects a Change of Control
Price that is less than ten dollars ($10), then, immediately prior to the consummation of such Change of Control, (A) only the First Level Earn-Out Target shall be deemed to have been satisfied and
(B) the Sponsor shall be entitled to receive only the CGAC Ordinary Shares attributable to the First Level Earn-Out Target.
Section 2.6. Withholding. Each of the Surviving Entity, Merger Sub and CGAC (and their Affiliates and
Representatives) shall be entitled to deduct and withhold from the consideration otherwise payable pursuant to this Agreement such amounts as it is required to deduct and withhold with respect to the making of such payment under the Code, or any
provision of state, local or non-U.S. Tax Law. Other than in respect of amounts subject to compensatory withholding, the Surviving Entity, Merger Sub or CGAC (or their Affiliates or Representatives) shall use
reasonable best efforts to notify the Person in respect of whom such deduction or withholding is expected to be made at least five Business Days prior to making any such deduction or withholding, which notice shall be in writing and include the
amount of and basis for such deduction or withholding. The Surviving Entity, Merger Sub or CGAC (or their Affiliates or Representatives), as applicable, shall use reasonable best efforts to cooperate with such Person to reduce or eliminate any such
requirement to deduct or withhold to the extent permitted by Law. To the extent that amounts are so withheld by the Surviving Entity, Merger Sub or CGAC (or their Affiliates or Representatives), as the case may be, and timely paid over to the
appropriate Tax authority, such withheld amounts shall be treated for all purposes of this Agreement as having been paid to the Person in respect of which such deduction and withholding was made.
ARTICLE III
REPRESENTATIONS AND WARRANTIES OF THE COMPANY
The Company hereby represents and warrants to CGAC the following, except (i) as set forth in the disclosure letter
delivered to CGAC by the Company on the date of this Agreement (the Company Disclosure Letter) and (ii) as otherwise disclosed by the Company in the Public Filings (excluding any disclosures in any risk factors section that
do not constitute statements of fact, it being acknowledged that nothing disclosed in such Public Filings will be deemed to modify or qualify the representations and warranties set forth in Section 3.1,
Section 3.2 and Section 3.7).
Section 3.1. Organization, Good
Standing and Qualification. Each Group Company has been duly organized and is validly existing and in good standing under the Laws of its jurisdiction of incorporation and has requisite corporate power and authority to own and operate its
properties and assets, to carry on its business as presently conducted. Each Group Company is duly licensed or qualified and in good standing (to the extent such concept is applicable in the Group Companys jurisdiction of organization) as a
foreign corporation (or other entity, if applicable) in each jurisdiction in which its ownership of property
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or the character of its activities is such as to require it to be so licensed or qualified or in good standing (to the extent such concept is applicable in the Group Companys jurisdiction
of organization), as applicable, except where the failure to be so licensed or qualified or in good standing would not have a Company Material Adverse Effect. As of the date of this Agreement, the Organizational Documents of the Company, as in
effect as of the date of this Agreement and as previously made available by or on behalf of the Company to CGAC, are true and correct.
Section 3.2. Capitalization and Voting Rights
(a) The Group Companies.
(i) With respect to the share capital of the Company as of the date of this Agreement, Section 3.2(a)(i) of the Company Disclosure Letter
sets forth, as of the date of this Agreement, the authorized and issued Company Shares and Company Options, in each case, by type, class and series, as applicable.
(ii) All Company Shares that are issued and outstanding (A) have been duly authorized and have been validly issued and are fully paid,
(B) were issued in compliance in all material respects with applicable Law, and (C) were not issued in breach or violation of any preemptive rights or Contract.
(b) No Other Securities. Except as set forth in Section 3.2(b)(i) of the Company Disclosure Letter, as of the date
of this Agreement, (i) there are no authorized, outstanding or issued Equity Securities of the Company, (ii) the Company is not obligated to issue, sell or transfer any of its Equity Securities, (iii) the Company is not a party or
subject to any Contract that affects or relates to the voting or giving of written consents with respect to, or the right to cause the redemption, or repurchase of, any Equity Security of the Company, (iv) the Company has not granted any
registration rights or information rights to any other Person, is not obliged to list any of its Equity Securities on any securities exchange and (v) there are no voting trusts or similar agreements to which the Company is a party with respect
to the voting of the Equity Securities of the Company. Section 3.2(b)(ii) of the Company Disclosure Letter sets forth a complete list, as of the date of this Agreement, of all Company Options, the extent to which such Company Option is vested
and exercisable and the date on which such Company Option expires.
Section 3.3. Corporate Structure;
Subsidiaries. Section 3.3 of the Company Disclosure Letter sets forth, as of the date of this Agreement, the organizational chart of the Group Companies (Organization Chart). Other than in connection with obligations to
make contingent payments for mergers and acquisitions disclosed in the Company Financial Statements, as of the date of this Agreement: (a) none of the Group Companies, directly or indirectly, owns any controlling voting interest in any other
corporation, partnership, joint venture, limited liability company, association or other business entity other than the Subsidiaries of the Group Companies, and (b) none of the Group Companies is obligated to make any investment in, acquire any
Equity Security of, make any capital contribution to, or on behalf of, any other Person. Except for Equity Securities of joint ventures reflected in the Organizational Chart, all of the outstanding Equity Securities of each Subsidiary of the
Company, as of the date of this Agreement, are owned by the Company or another Subsidiary of the Company and have been validly and duly authorized, fully paid, nonassessable and free of any Liens, other than those imposed by such Subsidiarys
Organizational Documents or as would not be material to the Group Companies, taken as a whole.
Section 3.4.
Authorization. As of the date of this Agreement, the Company has all requisite corporate power and authority to enter into, execute, deliver and perform its obligations under this Agreement and each of the other Transaction Documents to which
it is or will be a party and to consummate the transactions contemplated hereunder and thereunder, subject to consummation of the Domestication and receipt of the Company Shareholder Approval and the filing and recordation of appropriate merger
documents as required by the Cayman Act. Except for receipt of the Company Shareholder Approval and the completion of the Domestication, all corporate actions on the part of the Company necessary for the
34
authorization, execution and delivery of this Agreement and the other Transaction Documents to which it is or will be a party and the performance of all its obligations hereunder and thereunder
(including any board approval) have been taken prior to the execution and delivery of this Agreement, subject to the filing of the Merger Filing Documents. This Agreement and the other Transaction Documents to which the Company is or will be a party
is, or when executed by the other parties thereto, will be, valid and legally binding obligations of the Company, enforceable against the Company in accordance with its terms, except (a) as limited by applicable bankruptcy, insolvency,
reorganization, moratorium, and other applicable Laws now or hereafter in effect of general application affecting enforcement of creditors rights generally, and (b) as limited by applicable Laws relating to the availability of specific
performance, injunctive relief, or other equitable remedies.
Section 3.5. Consents; No Conflicts. Assuming
the representations and warranties in Article IV and Article V are true and correct, except (a) as otherwise set forth in Section 3.5(i) of the Company Disclosure Letter, (b) for the Company Shareholder Approval,
(c) for the filing of any other notifications required under the Antitrust Laws and the expiration of the required waiting periods thereunder, (d) for the registration or filing with the Cayman Registrar, the SEC or applicable state blue
sky or other securities laws filings with respect to the Transactions, and (e) for the filings or notifications required in connection with the Domestication, and issuance of new Company Shares to holders of beneficial interests in GDRs held by
the NSD in exchange for such beneficial interests, all filings, notifications, notices, submissions, applications, or consents from or with any Governmental Authority required in connection with the valid execution, delivery and performance of this
Agreement and the other Transaction Documents, and the consummation of the Transactions, in each case on the part of the Company, have been duly obtained or completed (as applicable) and are in full force and effect as of the date of this Agreement,
except where the failure to obtain such consents, approvals, authorizations or permits, or to make such filings or notifications, would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect. Except
as disclosed in Section 3.5(ii) of the Company Disclosure Letter, the execution, delivery and performance of this Agreement by the Company and the other Transaction Documents to which it is or will be a party does not, and the consummation by
the Company of the transactions contemplated hereby and thereby will not (i) (assuming compliance with the matters referred to in clauses (a) through (e) of the immediately preceding sentence) result in any violation of, be in conflict
with, or constitute a default under, require any consent under, or give any Person rights of termination, amendment, acceleration or cancellation under (A) any Governmental Order, (B) any provision of the Organizational Documents of any
other Group Company, each as currently in effect, (C) any applicable Law or (D) any Material Contract, other than any restrictions under federal or state securities laws, this Agreement, the Companys Organizational Documents and
Permitted Encumbrances, except in the case of sub-clauses (A), (B), (C), and (D), as would not have a Company Material Adverse Effect.
Section 3.6. Compliance with Laws; Consents; Permits. Except as disclosed in Section 3.6 of the Company
Disclosure Letter:
(a) Except for compliance with Tax Laws, Intellectual Property Laws, Privacy Laws, Laws related to
labor and employee matters, Environmental Laws and Anti-Money Laundering Laws (as to which certain representations and warranties are made pursuant to Section 3.7, Section 3.14,
Section 3.15, Section 3.16, Section 3.19 and Section 3.22, respectively) and except as would not have a Company Material Adverse Effect,
(i) the Group Companies are, and have been since March 31, 2022, in compliance with all applicable Law, and (ii) to the Knowledge of the Company, none of the Group Companies is under investigation with respect to a violation of any
applicable Law.
(b) Since March 31, 2022, none of the Group Companies has received any letter or other written
communication from, and, to the Knowledge of the Company, there has not been any public notice of a type customary as a form of notification of such matters in the jurisdiction by, any Governmental Authority threatening in writing or providing
notice of (i) the revocation or suspension of any Required Governmental Authorizations issued to any of the Group Companies, or (ii) the need for compliance or remedial actions in respect of the activities carried out by the Group
Companies, which revocation, suspension, compliance or remedial actions (or the failure of the Group Companies to undertake them) would have a Company Material Adverse Effect.
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(c) For the past three (3) years, none of the Group Companies has been
the subject of any proceedings, demands, inquiries, hearings or, to the Knowledge of the Company, investigations relating to applicable Anticorruption Laws or Sanctions, and to the Knowledge of the Company, no such proceeding, demand, inquiry,
hearing or investigation has been threatened in writing.
(d) For the past three (3) years, none of the Group
Companies nor any of their respective directors or officers, nor to the Knowledge of the Company, any employees, agents or any other Persons acting for or on behalf of any of the Group Companies has (i) made any bribe, influence payment,
kickback, payoff, benefits or any other type of payment (whether tangible or intangible) that would be unlawful under any applicable anti-bribery or anticorruption (governmental or commercial) Laws (including, for the avoidance of doubt, any
guiding, detailing or implementing regulations), including Laws that prohibit the corrupt payment, offer, promise or authorization of the payment or transfer of anything of value (including gifts or entertainment), directly or indirectly, to any
Government Official or commercial entity to obtain a business advantage such as the Foreign Corrupt Practices Act of 1977, as amended, the U.K. Bribery Act 2010, or any other anti-bribery or anti-corruption Law of any jurisdiction applicable to the
Group Companies (collectively, Anticorruption Laws), (ii) been in violation of any Anticorruption Law, offered, paid, promised to pay, or authorized any payment or transfer of anything of value, directly or indirectly, to any
person for the purpose of (A) influencing any act or decision of any Government Official in their official capacity, (B) inducing a Government Official to do or omit to do any act in relation to their lawful duty, (C) securing any
improper advantage, (D) inducing a Government Official to influence or affect any act, decision or omission of any Governmental Authority, or (E) assisting any of the Group Companies, or any agent or any other Person acting for or on
behalf of any of any Group Company, in obtaining or retaining business for or with, or in directing business to, any Person, or (iii) accepted or received any contributions, payments, gifts, or expenditures that would be unlawful under any
applicable Anticorruption Law.
(e) For the past three (3) years, none of the Group Companies nor any of their
respective directors or officers, nor to the Knowledge of the Company, any employees, agents or any other Persons acting for or on behalf of any Group Companies has been found by a Governmental Authority to have violated any Anticorruption Laws or
has been subject to any indictment or any government investigation with respect to any Anticorruption Laws. For the past three (3) years, the Group Companies have implemented and maintained written policies and procedures reasonably designed to
ensure compliance by each Group Company and its directors, officers, employees, consultants, agents representatives or any other person acting for or on behalf of the Group Company in the course of their respective duties with Anticorruption Laws
and Sanctions.
(f) None of the Group Companies nor any of their respective directors, commissioners, or officers, nor to
the Knowledge of the Company, any employees, agents or any other Person acting for or on behalf of any of the Group Companies, is or has been in the past three (3) years a Prohibited Person. None of the Group Companies has in the past three
(3) years directly or knowingly indirectly conducted or agreed to conduct any business, or directly or knowingly indirectly entered into or agreed to enter into any transaction with a Prohibited Person, in violation of Sanctions.
(g) Each of the Group Companies has all approvals, authorizations, clearances, licenses, registrations, permits or
certificates of a Governmental Authority that are required to own, lease or operate its properties and assets and to conduct its business as currently conducted, except where the failure to hold the same would not result in a Company Material
Adverse Effect (the Material Permits).
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(h) In the past three (3) years, the Group Companies and their
respective directors and officers, and to the Knowledge of the Company, employees and any other Persons acting on their behalf, in connection with the operation of the business of the Group Companies, have been in compliance with all applicable
Customs and International Trade Laws. In the past three (3) years, the Group Companies in all material respects, (i) have not been the subject of any civil or criminal fine, penalty, seizure, forfeiture, or revocation of a Customs and
International Trade Authorization, or debarment or denial of future Customs and International Trade Authorizations in connection with any violation of any applicable Customs and International Trade Laws, and (ii) have not received any actual or
threatened claims or requests in writing for information by a Governmental Authority with respect to Customs and International Trade Authorizations and compliance with applicable Customs and International Trade Laws and have not made any disclosures
to any Governmental Authority with respect to any noncompliance with any applicable Customs and International Trade Laws.
(i) In the past three (3) years, the Group Companies and their respective directors and officers, and to the Knowledge of
the Company, their employees and any other Persons acting on their behalf, in each case in connection with the operation of the business of the Group Companies, have been in compliance with any applicable Sanctions. In the past three years, to the
Knowledge of the Company (i) no Governmental Authority has initiated any action or imposed any civil or criminal fine, penalty, seizure, forfeiture, revocation of an authorization, debarment or denial of future authorizations against any of the
Group Companies or any of their respective directors, officers or employees or any other Persons acting on their behalf, in connection with any actual or alleged violation of any applicable Sanctions, (ii) there have been no claims, actual or
threatened in writing, or requests for information by a Governmental Authority received by a Group Company with respect to the Group Companies compliance with applicable Sanctions, and (iii) no disclosures have been made to any
Governmental Authority with respect to any actual or potential noncompliance with applicable Sanctions. As of the Effective Time, the Group Companies will have in place and have adopted policies and procedures reasonably designed to promote
compliance with applicable Sanctions.
Section 3.7. Tax Matters. Except as disclosed in Section 3.7 of
the Company Disclosure Letter:
(a) All material Tax Returns required to be filed by or with respect to each Group Company
have been filed within the requisite period (taking into account any extensions) and such Tax Returns are true, correct and complete in all material respects. All material Taxes due and payable by any Group Company have been or will be paid in a
timely fashion whether or not shown as due and payable on any Tax Return, except with respect to matters being contested in good faith by appropriate proceeding and with respect to which adequate reserves have been made in accordance with IFRS. Each
Group Company has timely and properly withheld and paid to the applicable Tax authority all material amounts of Taxes required to have been withheld and paid by it in connection with any amounts paid or owing to any employee, independent contractor,
creditor, or equityholder.
(b) No material deficiencies for any Taxes of a Group Company have been asserted in writing
by, and no written notice of any action, audit, assessment or other proceeding with respect to any material Tax Returns or material Taxes of a Group Company has been received from, any Tax authority, and no dispute or assessment relating to such Tax
Returns or such Taxes with any such Tax authority is currently outstanding. No Group Company has agreed to any extension or waiver of the statute of limitations applicable to any material Tax or material Tax Return, or any extension of time with
respect to a period of Tax collection, assessment or deficiency for a material Tax, which period (after giving effect to such extension or waiver) has not yet expired, and no request for any such waiver or extension is currently pending (other than
an automatic extension of time not requiring the consent of the applicable Tax authority). No Group Company is the beneficiary of any extension of time (other than an automatic extension of time not requiring the consent of the applicable Tax
authority) within which to file any material
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Tax Return. No material claim that is currently outstanding has been made by a Tax authority in a jurisdiction where a Group Company does not file Tax Returns that such Group Company is or may be
subject to taxation by that jurisdiction. None of the Group Companies has taken any action (nor permitted any action to be taken), and is not aware of any fact or circumstance, that would reasonably be expected to prevent, impair or impede the
Intended Tax Treatment (excluding, for the avoidance of doubt, any action, fact or circumstance contemplated under this Agreement or other Transaction Documents).
Section 3.8. Financial Statements; Public Filings
(a) The Company Financial Statements and the 2022 Management Accounts (i) have been prepared from, and will be in
accordance in all material respects, with, the books and records of the Group Companies as of the times and for the periods referred to therein, (ii) (A) in the case of the Company Financial Statements, were prepared in accordance with IFRS,
consistently applied throughout and among the periods involved, and (B) in the case of the 2022 Management Accounts, have been prepared applying and adopting policies, principles and procedures consistent with those employed in preparing the
Company Financial Statements, and as such, exclude the footnote disclosures and other presentation items required for IFRS and exclude year-end adjustments which will not be material in amount, and
(iii) give a true and fair view of the consolidated financial position of the Group Companies as of the respective dates thereof and the consolidated results of the operations and cash flows of the Group Companies for the periods indicated.
(b) Since March 1, 2022, the Company has published all regulatory announcements required to be published by it on
the UK Regulatory Information Service. As of their respective dates, or, if amended or supplemented, as of the date of the last such amendment or supplement, the Public Filings complied in all material respects with the requirements of the UK
Regulatory Information Service, and none of the Public Filings at the time it was published (or, if amended or supplemented, as of the date of the last amendment or supplement) contained any misleading, false or deceptive information or omitted to
state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, or are to be made, not misleading, false or deceptive.
(c) The Company maintains a system of internal accounting controls which the Company reasonably believes is sufficient to
provide reasonable assurance that (i) transactions are executed in accordance with managements general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in
conformity with IFRS and to maintain asset accountability, (iii) access to assets is permitted only in accordance with managements general or specific authorization, and (iv) the recorded accountability for assets is compared with
the existing asset at reasonable intervals and appropriate action is taken with respect to any differences.
(d) Since
January 1, 2020, the Company Board has not been made aware in writing of (i) any fraud that involves the Companys management with respect to the preparation of financial statements or the internal accounting controls utilized by the
Company, or (ii) any allegation, assertion or claim that the Company has engaged in any material questionable accounting or auditing practices which violate applicable Law.
Section 3.9. Absence of Changes. Except as set forth in Section 3.9 of the Company Disclosure Letter, since
September 30, 2022 (Interim Balance Sheet Date), (a) to the date of this Agreement the Group Companies have operated their business in the Ordinary Course in all material respects, and (b) there has not been any Company
Material Adverse Effect.
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Section 3.10. Actions. Except as set forth in Section 3.10
of the Company Disclosure Letter or as would not have a Company Material Adverse Effect, (a) there is no Action pending or, to the Knowledge of the Company, threatened in writing against or affecting any of the Group Companies, and
(b) there is no judgment or award unsatisfied against any of the Group Companies, nor is there any Governmental Order in effect and binding on any of the Group Companies or their respective assets or properties. No representation or warranty is
made under this Section 3.10 with respect to Taxes, Intellectual Property, privacy and cybersecurity, labor and employee matters, environmental matters and Anti-Money Laundering Laws which are covered exclusively by
Section 3.7, Section 3.14, Section 3.15, Section 3.16, Section 3.19 and Section 3.22, respectively
Section 3.11. Liabilities. Except as and to the extent reflected on the Company Financials, none of the Group
Companies has any Liabilities required to be reflected on a balance sheet prepared in accordance with IFRS, except for Liabilities (a) that are Liabilities incurred since Interim Balance Sheet Date in the Ordinary Course, (b) that are
executory obligations under any Contract to which any of the Group Companies is a party or by which it is bound, (c) set forth in Section 3.11 of the Company Disclosure Letter, (d) arising in connection with the incurrence of
Permitted Refinancing Indebtedness, or Permitted Indebtedness, (e) arising under this Agreement or other Transaction Documents, or (f) which would not have a Company Material Adverse Effect.
Section 3.12. Commitments
(a) Section 3.12(a) of the Company Disclosure Letter contains a complete list of all Material Contracts as of the date of
this Agreement.
(b) Except as would not have a Company Material Adverse Effect (i) each Material Contract listed on
Section 3.12(a) of the Company Disclosure Letter is a valid and binding agreement of the relevant Group Company as of the date of this Agreement, and each such Material Contract is in full force and effect and enforceable against the relevant
Group Company and, to the Knowledge of the Company, the other parties thereto in accordance with its terms, except (A) as may be limited by applicable bankruptcy, insolvency, reorganization, moratorium and other Laws of general application
affecting enforcement of creditors rights generally, and (B) as may be limited by Laws relating to the availability of specific performance, injunctive relief or other remedies in the nature of equitable remedies, and (ii) no breach
or default, alleged breach or alleged default, or Event which would (with the passage of time, notice or both) constitute a breach or default under a Material Contract by a Group Company, or, to the Knowledge of the Company, any other party or
obligor with respect thereto, has occurred.
Section 3.13. Title; Properties
(a) Each of the Group Companies has good and marketable title to all of the material assets (other than Intellectual Property
which in each case is addressed in Section 3.14) owned by it, whether tangible or intangible, and in each case free and clear of all Security Interests, other than Permitted Encumbrances and liens specifically identified on
the consolidated balance sheet of the Group Companies as of the Interim Balance Sheet Date.
(b) The Group Companies have
good and marketable title to, or have valid leasehold interests (including tenancies) (each Contract evidencing such interest, a Company Lease, and any Company Lease involving rent payments in excess of $1,000,000 (or its
equivalent in any other currency) on an annual basis, a Company Material Lease) or otherwise use, all real property occupied by the Group Companies, in each case, free and clear of all liens, encumbrances, claims and defects and
imperfections of title except as set forth in Section 3.13(b) of the Company Disclosure Letter. To the Knowledge of the Company, no Event has occurred which (whether with or without notice, lapse of time or both or the happening or occurrence
of any other event) would constitute a material default on the part of a Group Company or any other party under any of the Company Leases and to the Knowledge of the Company, no Group Company has received written notice of any such Event.
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Section 3.14. Intellectual Property Rights
(a) Section 3.14(a) of the Company Disclosure Letter sets forth, as of the date hereof, a complete list of all of the
following Intellectual Property that is owned or registered by or filed in the name of, and material to, any of the Group Companies: (i) issued Patents and pending applications for Patents; (ii) registered Trademarks and pending
applications for registration of Trademarks; (iii) registered Copyrights and mask works and pending applications for registration of Copyrights and mask works; and (iv) Internet domain names (the Intellectual Property referred to in
clauses (i) through (iv), without any limitations as to materiality, collectively, the Company Registered Intellectual Property). Except as provided in Section 3.14(a) of the Company Disclosure Letter, all
of the Company Registered Intellectual Property is subsisting, and to the Knowledge of the Company, all Company Registered Intellectual Property is enforceable in all material respects. None of the Owned Intellectual Property material or necessary
to the operation of the business or perform under any Material Contract of any of the Group Companies has been adjudged invalid or unenforceable in whole or material part. Except as set forth in Section 3.14(a) of the Company Disclosure Letter,
all necessary registration, maintenance, renewal, and other relevant filing fees due through the date of this Agreement have been paid and all necessary documents and certificates in connection therewith have been filed with the relevant Patent,
Trademark, Copyright, domain name registrar, or other authorities in the United States or foreign jurisdictions, as the case may be, for the purpose of maintaining each item of the Company Registered Intellectual Property that is material or
necessary to the operation of the business or to perform under any Material Contract of any of the Group Companies.
(b)
Except as set forth in Section 3.14(b) of the Company Disclosure Letter, the Group Companies are the sole owners of all right, title and interest in and to all material Owned Intellectual Property and have a license, sublicense or otherwise
possesses valid rights to use, license, sublicense, resell and commercialize (as currently used, licensed, sublicensed, resold and commercialized by the Group Companies) all other material Licensed Intellectual Property, in each case, free and clear
of all liens (other than Permitted Encumbrances). To the Knowledge of the Company, the Owned Intellectual Property, the Licensed Intellectual Property, and any other Intellectual Property to which the Group Companies have a valid right to use, when
used within the scope of the applicable Contracts under which any of the Group Companies obtains the right to use, or a covenant not to be sued under, any material Intellectual Property from any third party, comprise all of the Intellectual Property
necessary for, or used or held for use in, the conduct of each Group Companys business as currently conducted in all material respects. Except as set forth in Section 3.14(b) of the Company Disclosure Letter, to the Knowledge of the
Company, all Licensed Intellectual Property used by each Group Company is duly licensed and used within the scope of its licenses in all material respects.
(c) Except as set forth in Section 3.14(c)(i) of the Company Disclosure Letter, to the Knowledge of the Company, the
Owned Intellectual Property and the conduct of the businesses of the Group Companies, including the marketing, licensing and sale of any products and services by any of the Group Companies, has not in the past three years infringed, misappropriated
or otherwise violated, and is not infringing, misappropriating or otherwise violating, any Intellectual Property rights of any Person in any material respect. Except as set forth in Section 3.14(c)(ii) of the Company Disclosure Letter, to the
Knowledge of the Company, in the past three years, no Person has infringed, misappropriated or otherwise violated, or is infringing, misappropriating or otherwise violating, any of the Owned Intellectual Property in any material respect, and no such
claims have been made in writing against any third party by any of the Group Companies.
(d) Except as set forth in
Section 3.14(d) of the Company Disclosure Letter, there is no Action pending or, to the Knowledge of the Company, threatened in writing against any of the Group Companies, and no Group Company has in the past three years received any written
notice from any Person pursuant to which any Person is (i) alleging that any Group Company or the conduct of the business of any of the Group Companies, including the marketing, licensing and sale of any products and services by any of the
Group
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Companies, has infringed, misappropriated or otherwise violated any Intellectual Property rights of any third party, or (ii) contesting the scope, use, ownership, validity or enforceability
of any of the material Owned Intellectual Property. None of the material Owned Intellectual Property is subject to any pending or outstanding injunction, order, judgment, settlement, consent order, ruling or other disposition of dispute that
adversely restricts the use, transfer or registration of, or adversely affects the validity or enforceability of, any such Owned Intellectual Property in any material respect.
(e) Except as set forth in Section 3.14(e) of the Company Disclosure Letter, to the Knowledge of the Company no past or
present director, officer, partner, shareholder, quotaholder, manager, employee, consultant, service provider or independent contractor of any of the Group Companies has any ownership or other rights in any material Owned Intellectual Property
(other than the right to use such material Owned Intellectual Property in the performance of their activities for the Group Companies pursuant to a Contract with a Group Company). To the Knowledge of the Company, each of the past and present
directors, officers, partner, shareholder, quotaholder, manager, employees, consultants, service providers and independent contractors of any of the Group Companies who are or were engaged in creating or developing any material Owned Intellectual
Property for the Group Companies has executed and delivered a written agreement (or has similar obligations pursuant to Law), pursuant to which such Person has assigned to such Group Company all of such Persons rights, title and interest in
and to all such material Owned Intellectual Property created or developed for such Group Company in the course of such Persons employment or retention thereby. To the Knowledge of the Company, there is no uncured material breach by any such
Person with respect to its obligation to assign material Intellectual Property to any Group Company.
(f) Each of the
Group Companies, as applicable, has taken commercially reasonable steps to maintain the secrecy, confidentiality and value of all Intellectual Property (i) the value of which to any Group Company is contingent upon maintaining the
confidentiality thereof, or (ii) it must maintain the confidentiality thereof pursuant to any Contract or applicable Law (collectively, the Confidential Intellectual Property). To the Knowledge of the Company, there has been
no release, disclosure, publication or other dissemination of Confidential Intellectual Property except as permitted under a Contract or applicable Law.
(g) Except as disclosed in Section 3.14(g) of the Company Disclosure Letter, to the Knowledge of the Company, no funding,
facilities or personnel of any Governmental Authority has been or is being used to develop or create, in whole or in part, any material Owned Intellectual Property.
(h) Each of the Group Companies, as applicable, has taken commercially reasonable steps to maintain the secrecy,
confidentiality and value of the source code for the Software included in the Owned Intellectual Property (Group Company Software). Except as disclosed on Section 3.14(h) of the Company Disclosure Letter, no source code for
any material Group Company Software has been delivered, licensed or made available to any escrow agent or other Person who is not or was not, as of the date of such delivery, an employee or contractor of a Group Company (or a Person acting for or on
behalf of a Group Company) subject to confidentiality obligations in a Contract (or similar obligations pursuant to law) to the Group Company with respect to such source code (a Permitted Person). Except as disclosed on
Section 3.14(h) of the Company Disclosure Letter, the Group Company Software constitute original works compiled or prepared by service providers duly contracted to develop such services and/or by employees of the Group Companies within the
scope of their employment, the right, title and interest (including copyright to such Software) being vested in the Group Companies. No Group Company has any duty or obligation (whether present, contingent or otherwise) to deliver, license or make
available the source code for any material Group Company Software to any escrow agent or other Person (other than a Permitted Person). To the Knowledge of the Company, the Group Company Software does not contain any viruses, worms, Trojan horses,
bugs, faults or other devices, errors, contaminants or code that would (i) materially disrupt or materially and adversely affect the functionality of the Group Company Software, or (ii) enable or assist any Person to access without
authorization, any Group Company Software, in each case in any material respect.
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(i) Except as disclosed in Section 3.14(i) of the Company Disclosure
Letter, to the Knowledge of the Company, the Group Companies own, or have valid rights to access and use all computer systems, Software, firmware, middleware, hardware, peripherals, servers, routers, hubs, switches, data communication lines,
networks, interfaces, platforms and related systems, data, databases, websites and all other information technology equipment used by any Group Company as currently accessed, used, resold and commercialized by the Group Companies in all material
respects (collectively, the Company IT Systems). The Company IT Systems are sufficient for the operation of the businesses of the Group Companies as currently conducted, including as to capacity, number of license seats for any
Software, and are in sufficiently good working condition to effectively perform all information technology operations in all material respects. The Group Companies have taken commercially reasonable actions designed to protect the confidentiality,
integrity and security of the Company IT Systems (and information and transactions stored or contained therein or transmitted thereby) against any unauthorized use, access, interruption, modification or corruption, including the implementation of
commercially reasonable procedures relating to (i) cybersecurity, (ii) data backup, (iii) disaster avoidance and recovery, and (iv) business continuity. The Group Companies have taken commercially reasonable actions to test the
foregoing procedures on a periodic basis. In the past three (3) years, there have been no unauthorized intrusions, failures, material breakdowns, or other adverse events affecting any Company IT Systems that have caused any substantial
disruption of or material interruption in or to any Group Companys use of such Company IT Systems.
(j) Except as
disclosed in Section 3.14(i) of the Company Disclosure Letter, to the Knowledge of the Company none of the Group Companies have incorporated any Open Source Software in, or used any Open Source Software in connection with, any Group Company
Software or any other Software developed, licensed, distributed, used or otherwise exploited by any of the Group Companies in a manner that requires the contribution, distribution, licensing, attribution or disclosure to any third party of any
portion of any material proprietary Group Company Software source code or that would otherwise transfer the rights of ownership in any material Owned Intellectual Property of any of the Group Companies to any Person. The Group Companies are in
material compliance with the terms and conditions of all relevant licenses for Open Source Software used in the businesses of the Group Companies.
Section 3.15. Privacy and Cybersecurity
(a) Except as disclosed on Section 3.15(a) of the Company Disclosure Letter or as would not, individually or in the
aggregate, reasonably be expected to have a Company Material Adverse Effect, each of the Group Companies, and, to the Knowledge of the Company, any Person acting for or on behalf of any of the Group Companies have in the past three years materially
complied with (i) all applicable Privacy Laws, (ii) all of such Group Companys binding and applicable policies and notices regarding the Processing of Personal Information, and (iii) all of such Group Companys applicable
contractual obligations with respect to cybersecurity and the receipt, collection, compilation, use, storage, Processing, sharing, safeguarding, security (technical, physical and administrative), disposal, destruction, disclosure, or transfer
(including cross-border) of Personal Information (the items referred to in clauses (i) through (iv), collectively Privacy and Cybersecurity Requirements). Except as disclosed on Section 3.15(a) of the
Company Disclosure Letter, none of the Group Companies have in the past three years (a) received any written notice of (including from individuals exercising their rights under Privacy Laws), or claims of (including written notice from third
parties acting on its or their behalf),a violation of any Privacy and Cybersecurity Requirements, except as would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect; (b) been subject to any
notices or requests from any Governmental Authority in relation to their data Processing activities, except as would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect; or (c) been subject to
any written notice, threatened investigation, investigation or charge from any Governmental Authority regarding any actual or alleged violation of, or failure to comply with, any Privacy and Cybersecurity Requirements, nor, to the Knowledge of the
Company, has any Person initiated or pursued any Action relating to actual or alleged non-compliance by any Group Company with respect to Privacy and Cybersecurity Requirements.
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(b) Except as disclosed in Section 3.15(b) of the Company Disclosure
Letter, each of the Group Companies has implemented and maintained commercially reasonable physical, technical, organizational and administrative safeguards designed to protect Personal Information and other confidential data in its possession or
under its control against loss, theft, misuse or unauthorized access, transfer, use, modification or disclosure.
(c)
Except as disclosed in Section 3.15(c) of the Company Disclosure Letter, to the Knowledge of the Company there have been no material breaches, security incidents, misuse of or unauthorized access to, or unauthorized use, transfer, disclosure,
corruption, destruction or loss of, any Personal Information in the possession or control of any of the Group Companies or collected, used or Processed by or on behalf of any of the Group Companies. In the past three years, none of the Group
Companies have provided or been legally or contractually required to provide any notices (i) to any Person in connection with any material breaches, security incidents, misuse of or unauthorized access to, unauthorized use or transfer, or
disclosure of Personal Information, or (ii) to any Government Authority or any individual whose Personal Information was affected, in connection with any breaches, security incidents, misuse of or unauthorized access to, unauthorized use or
transfer, or disclosure of Personal Information. Each of the Group Companies has implemented commercially reasonable disaster recovery and business continuity plans, and taken actions consistent with such plans to safeguard the data and Personal
Information in its possession or control.
Section 3.16. Labor and Employee Matters
(a) Except as disclosed in Section 3.16(a) of the Company Disclosure Letter or as would not have a Company Material
Adverse Effect, (i) each Group Company has complied with all applicable Law related to labor or employment, including provisions thereof relating to wages and payrolls, working hours and resting hours, overtime, working conditions, benefits,
recruitment, retrenchment, retirement, minimum employment and retirement age, social welfare, equal opportunity, discrimination, worker classification, occupational health and safety, statutory regular health check, wrongful discharge, layoffs or
plant closings, immigration, employees provident fund, social security organization and collective bargaining, trade union, employment agreements, compulsory employment insurance, internal labor rules, company regulations, labor discipline, foreign
employees, work and residence permits, public holiday and leaves, labor contracts, labor disputes, statutory labor or employment reporting and filing obligations and contracting arrangements, (ii) there is no pending or, to the Knowledge of the
Company, threatened in writing Action relating to the violation of any applicable Law by any Group Company related to labor or employment, including any charge or complaint filed by any of its current or former employees, directors, commissioners,
officers, consultants or contractors with any Governmental Authority or any Group Company, and (iii) the Group Companies have properly classified for all purposes (including (x) for Tax purposes, (y) for purposes of minimum wage and
overtime, and (z) for purposes of determining eligibility to participate in any statutory and non-statutory Benefit Plan) all Persons who have performed services for or on behalf of each such entity, and
have properly withheld and paid all applicable Taxes and statutory contributions and made all required filings in connection with services provided by such persons to any of the Group Companies in accordance with such classifications.
(b) With respect to each material Benefit Plan, the Company has made available to CGAC, to the extent applicable, true,
complete and correct copies of (A) such Benefit Plan, including any amendments thereto, and all related trust documents, insurance contracts or other funding vehicles (or, if not written, a written summary of such Benefit Plans material
terms) and (B) the most recent summary plan description, including any summary of material modifications.
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(c) Except as disclosed in Section 3.16(c) of the Company Disclosure
Letter or as would not have a Company Material Adverse Effect, (i) each of the Benefit Plans has been operated and administered in accordance with its terms, and is in compliance with all applicable Law, and all contributions to, and payments
for each such Benefit Plan have been timely made, and, to the Knowledge of the Company, no event, transaction or condition has occurred or exists that would result in any such Liability to any of the Group Companies under such Benefit Plan,
(ii) there are no pending or, to the Knowledge of the Company, threatened in writing Actions involving any Benefit Plan (except for routine claims for benefits payable in the normal operation of any Benefit Plan) and to the Knowledge of the
Company, no facts or circumstances exist that could give rise to any such Actions, (iii) no Benefit Plan is under investigation or audit by any Governmental Authority and, to the Knowledge of the Company, no such investigation or audit is
reasonably contemplated or under consideration, and (iv) each Group Company is in compliance with all applicable Laws and Contracts relating to its provision of any form of Social Insurance, and has paid, or made provision for the payment of,
all Social Insurance contributions required under applicable Law and Contracts.
(d) Neither the execution of any of the
Transaction Documents to which the Company is a party nor the consummation of the transactions contemplated thereunder (either alone or in combination with another event) will (i) result in any material payment becoming due to any Company
employees or any current or former director, officer, employee, independent contractor or consultant of any Group Company; (ii) materially increase the amount of compensation or any benefits otherwise payable under any of the Benefit Plans,
(iii) result in any acceleration of the time of payment, exercisability, funding or vesting of any such benefits, or (iv) result in any payments or benefits that, individually or in combination with any other payment, would constitute the
payment of any excess parachute payment within the meaning of Section 280G of the Code or in the imposition of an excise Tax under Section 4999 of the Code.
(e) Except as disclosed in Section 3.16(e) of the Company Disclosure Letter or as would not result in a Company Material
Adverse Effect, as of the date of this Agreement (i) no employee of any Group Company is represented by a Union, (ii) no Group Company is a party to any collective bargaining agreement or other Contract with any Union, (iii) to the
Knowledge of the Company, (A) there is no effort currently being made or threatened by or on behalf of any Union to organize any employees of any of the Group Companies, and (B) there has been no such effort in the past five years, and
(iv) there are no work slowdowns, lockouts, stoppages, picketing or strikes pending, or to the Knowledge of the Company, threatened against any of the Group Companies. No notice, consent or consultation obligations with respect to any employee
of any of the Group Companies or any Union will be a condition precedent to, or triggered by, the execution of this Agreement or the consummation of the transactions contemplated hereby.
Section 3.17. Brokers
Except as set forth in Section 3.17 of the Company Disclosure Letter, no broker, finder or investment banker is entitled
to any brokerage, finders or other fee or commission or expense reimbursement in connection with the Transactions contemplated based upon arrangements made by and on behalf of any of the Group Companies.
Section 3.18. Proxy/Registration Statement. The information relating to the Group Companies and supplied by the
Group Companies in writing specifically for inclusion in the Proxy/Registration Statement shall not, at (a) each time the Proxy/Registration Statement is confidentially submitted to, or filed with, the SEC, (b) the time the
Proxy/Registration Statement is declared effective, (c) the time the Proxy/Registration Statement (or any amendment thereof or supplement thereto) is first mailed to the CGAC Shareholders, and (d) the time of the CGAC Shareholders
Meeting, contain any 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 light of the circumstances under which they were made, not misleading.
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Section 3.19. Environmental Matters
(a) Except as disclosed in Section 3.19(a) of the Company Disclosure Letter or as would not result in a Company Material
Adverse Effect (i) the Group Companies are, and have been, for the past three (3) years, in compliance with all Environmental Laws and have obtained and maintain all Environmental Licenses, (ii) no Action is pending or, to the
Knowledge of the Company, threatened to revoke, terminate, or suspend any Environmental License, (iii) there is no Action and, to the Knowledge of the Company, there are no existing facts or circumstances that could be expected to result in any
Environmental License being revoked or modified, (iv) no Group Company is party to any unresolved, pending or, to the Knowledge of the Company, threatened complaints, claims, actions, suits, investigations, inquiries, notices, judgments,
decrees, injunctions, orders or proceedings directly related to Environmental Laws, and (v) to the Knowledge of the Company, no portion of any property currently owned, used, leased, or operated by any Group Company has been used by any Group
Company for the handling, manufacturing, processing, generation, storage or disposal of Hazardous Substances in a manner other than in compliance with applicable Environmental Law and Environmental Licenses.
(b) Section 3.19(b) of the Company Disclosure Letter contains a true and correct list of all the material Environmental
Licenses required for the Companies to conduct their respective businesses as they are currently being conducted and all such Environmental Licenses are valid and in full force and effect or, if applicable, a request or renewal application has been
filed in a timely manner and is pending approval by the relevant Governmental Authority.
Section 3.20.
Insurance. As of the date of this Agreement, each of the Group Companies have material policies of property, fire and casualty, workers compensation and other forms of insurance in place covering such risks and in such amounts of
coverage as the Company deems to be reasonable and appropriate for Persons conducting business in the industries and geographies in which the Group Companies operate. All such policies are in full force and effect, all premiums due and payable
thereon as of the date of this Agreement have been paid in full as of the date of this Agreement, except as would not result in a Company Material Adverse Effect.
Section 3.21. Company Related Parties. Except as set forth in Section 3.21 of the Company Disclosure Letter,
(a) the Company has not engaged in any transactions with Company Related Parties that would be required to be disclosed in the Proxy/Registration Statement, and (b) there are no transactions or Contracts in effect between a Group Company
and its Company Related Parties as of the date of this Agreement.
Section 3.22. Anti-Money Laundering. The
operations of each of the Group Companies are and have been conducted at all times in compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, applicable provisions
of the USA PATRIOT Act of 2001, the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada), and the money laundering Laws of all jurisdictions to the extent applicable to each of the Group Companies, or similar rules,
regulations or guidelines, issued, administered or enforced by any Governmental Authority (collectively, the Anti-Money Laundering Laws) in each case, to the extent applicable to each of the Group Companies, and, no Action by or
before any Governmental Authority involving any of the Group Companies with respect to Anti-Money Laundering Laws is pending or, to the knowledge of the Company, threatened.
Section 3.23. Critical Technologies. None of the Group Companies produces, designs, tests, manufactures,
fabricates, or develops in the United States any critical technologies, as defined in 31 C.F.R.
Section 3.24. Investigation. Notwithstanding anything contained in this Agreement, each of the Group Companies has
made its own investigation of CGAC and neither CGAC nor any of its equityholders, partners, members and Representatives, including the Sponsor, is making any representation or warranty whatsoever, express or implied, beyond those expressly given by
CGAC in Article IV.
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Section 3.25. Company Board Approval. The Company Board has
unanimously approved and declared advisable the execution, delivery and performance of this Agreement by the Company and the consummation of the Transactions to which the Company is a party and recommended that the Company Shareholders vote in favor
of the adoption of this Agreement and the consummation of the Transactions to which the Company is a party (such recommendation, the Company Recommendation) (provided that, for the avoidance of doubt, any Adverse Recommendation
Change by the Company Board in accordance with Section 6.3(d) shall not be a breach of the representation or warranty in this sentence).
Section 3.26. No Other Representations. Except for the representations and warranties expressly made by the
Company in this Article III (as modified by the Company Disclosure Letter) or as expressly set forth in a Transaction Document, no Group Company nor any other Person on its behalf makes any express representation or warranty with respect to
any of the Group Companies, the Company Shareholders, the Company Shares, the business of the Group Companies, or the transactions contemplated by this Agreement or any of the other Transaction Documents, and the Company hereby expressly disclaims
any other representations or warranties, whether made by any Group Company or any of its Representatives. Except for the representations and warranties expressly made by the Company in this Article III (as modified by the Company Disclosure
Letter) or in a Transaction Document, the Company hereby expressly disclaims all liability and responsibility for any representation, warranty, projection, forecast, statement or information made, communicated or furnished (orally or in writing) to
CGAC or any of its Representatives (including any opinion, information, projection or advice that may have been or may be provided to CGAC or any of its Representatives by any Representative of the Company), including any representations or
warranties regarding the probable success or profitability of the businesses of the Group Companies.
ARTICLE IV
REPRESENTATIONS AND WARRANTIES OF CGAC
CGAC hereby represents and warrants to the Company the following, except as set forth in (i) the CGAC SEC Filings
(excluding any disclosures in any risk factors section and in any forward looking statements disclaimer, that do not constitute statements of fact, it being acknowledged that nothing disclosed in such CGAC SEC Filings will be deemed to
modify or qualify the representations and warranties set forth in Section 4.2, Section 4.6 or Section 4.13), or (ii) the disclosure letter delivered to the Company by
CGAC on the date of this Agreement (the CGAC Disclosure Letter).
Section 4.1. Organization,
Good Standing, Corporate Power and Qualification
CGAC is an exempted company duly incorporated, validly existing and
in good standing under the laws of the Cayman Islands and has requisite corporate power and authority to own and operate its properties and assets, to carry on its business as presently conducted and contemplated to be conducted. CGAC is duly
licensed or qualified and in good standing as a foreign corporation in each jurisdiction in which its ownership of property or the character of its activities is such as to require it to be so licensed or qualified or in good standing, as
applicable, except where the failure to be so licensed or qualified or in good standing would not have a CGAC Material Adverse Effect. As of the date of this Agreement, the CGAC Articles of Association as previously made available by or on behalf of
CGAC to the Company is true and correct.
Section 4.2. Capitalization and Voting Rights
(a) Capitalization of CGAC.
(i) The authorized share capital of CGAC consists of (i) 300,000,000 CGAC Class A Ordinary Shares, par value US$0.0001 per share, (ii)
30,000,000 CGAC Class B Ordinary Shares, par value US$0.0001 per share, and (iii) 1,000,000 preference shares, par value US$0.0001 per share. Section 4.2(a)(i) of the CGAC Disclosure Letter sets forth, as of the date of this Agreement, the
following (i) outstanding Equity Securities of CGAC, by type, class and series, as applicable and (ii) warrants and other Equity Securities purchase rights, all of which are validly issued, fully paid and
non-assessable and not subject to any preemptive rights. No CGAC Preference Shares are outstanding. Each CGAC Warrant is exercisable for one CGAC Class A Ordinary Share at an exercise price of $11.50. The
Sponsor owns 7,600,000 of CGAC Warrants.
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(ii) All CGAC Securities that are issued and outstanding (A) have been duly authorized
and have been validly issued and are fully paid, (B) were issued in compliance in all material respects with applicable Law, and (C) were not issued in breach or violation of any preemptive rights or Contract.
(iii) All of the CGAC Ordinary Shares to be issued by CGAC hereunder as Merger Consideration and CSRs being delivered by CGAC hereunder shall
be duly and validly issued, fully paid and non-assessable, and each such share or other security shall be issued free and clear of preemptive rights and all Liens, other than transfer restrictions under
applicable securities Laws and the CGAC Organizational Documents. The Merger Consideration will be issued in compliance with all applicable securities Laws and other applicable Laws and without contravention of any other persons rights therein
or with respect thereto.
(b) No Other Securities. Except as set forth in Section 4.2(a)(i) of the CGAC
Disclosure Letter, (i) there are no authorized, outstanding or issued Equity Securities of CGAC, (ii) CGAC is not obligated to issue, sell or transfer any Equity Securities of CGAC, (iii) other than the CGAC Articles of Association,
CGAC is not a party or subject to any Contract that affects or relates to the voting or giving of written consents with respect to, or the right to cause the redemption, or repurchase of, any Equity Security of CGAC, (iv) CGAC has not granted
any registration rights or information rights to any other Person, nor, upon consummation of the Business Combination, will CGAC be obligated to list any of its Equity Securities on any securities exchange, (v) there are no phantom shares and
there are no voting or similar agreements entered into by CGAC which relate to the share capital, registered capital or charter capital of CGAC and (vi) CGAC has no outstanding bonds, debentures, notes or other obligations the holders of which
have the right to vote (or convertible into or exercisable for securities having the right to vote) with the CGAC Shareholders on any matter or any agreements to issue such bonds, debentures, notes or other obligations. CGAC does not own or control,
directly or indirectly, any equity or similar interest in, or any interest convertible into or exchangeable or exercisable for any equity or similar interest in, or any interest convertible into or exchangeable or exercisable for any equity or
similar interest in, any other corporation, partnership, joint venture, limited liability company, association or other business entity.
Section 4.3. Corporate Structure; Subsidiaries. CGAC is not obligated to make any investment in, acquire
any Equity Security of, make any capital contribution to, or on behalf of, any other Person.
Section 4.4.
Authorization. CGAC has all requisite corporate power and authority to enter into, execute, deliver and perform its obligations under this Agreement and each of the other Transaction Documents to which it is or will be a party and to
consummate the transactions contemplated hereunder and thereunder, subject to receipt of CGAC Shareholders Approval. All corporate actions on the part of CGAC necessary for the authorization, execution and delivery of this Agreement and the
other Transaction Documents to which it is or will be a party and the performance of all its obligations hereunder and thereunder (including any board approval) have been taken prior to the execution and delivery of this Agreement, subject to
(a) obtaining CGAC Shareholders Approval, and (b) the filing of the Merger Filing Documents. This Agreement and the other Transaction Document to which CGAC is or will be a party is, or when executed by the other parties thereto,
will be, valid and legally binding obligations of CGAC, enforceable against it in accordance with its terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other applicable Laws now or hereafter in
effect of general application affecting enforcement of creditors rights generally, and (ii) as limited by applicable Laws relating to the availability of specific performance, injunctive relief, or other equitable remedies. The only vote
of holders of any class or series of shares of CGAC that will be necessary to approve and adopt this Agreement and the Transactions contemplated hereby is the CGAC Shareholders Approval.
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Section 4.5. Consents; No Conflicts. Assuming the
representations and warranties in Article III are true and correct, except (a) as otherwise set forth in the CGAC Disclosure Letter, (b) for the CGAC Shareholders Approval, (c) for the registration or filing with the
Registrar of Companies of the Cayman Islands, the SEC or applicable state blue sky or other securities laws filings with respect to the Transactions, and (d) for such other filings, notifications, notices, submissions, applications, or consents
the failure of which to be obtained or made would not have a CGAC Material Adverse Effect, all filings, notifications, notices, submissions, applications, or consents from or with any Governmental Authority or any other Person required in connection
with the valid execution, delivery and performance of this Agreement and the other Transaction Documents, and the consummation of the Transactions, in each case on the part of CGAC, have been duly obtained or completed (as applicable) and are in
full force and effect as of the date of this Agreement. The execution, delivery and performance of this Agreement and the other Transaction Documents to which it is or will be a party by CGAC does not, and the consummation by CGAC of the
transactions contemplated hereby and thereby will not (assuming compliance with the matters referred to in clauses (a) through (d) of the immediately preceding sentence) result in any violation of, be in conflict with, or
constitute a default under, require any consent under, or give any Person rights of termination, amendment, acceleration (including acceleration of any obligation of CGAC) or cancellation under, (A) any Governmental Order, (B) any
provision of the Organizational Documents of CGAC, each as currently in effect, (C) any applicable Law, or (D) any CGAC Material Contract, other than any restrictions under federal or state securities laws, this Agreement or the CGAC
Articles of Association, except in the case of sub-clauses (A), (B), and (D), as would not have a CGAC Material Adverse Effect.
Section 4.6. Tax Matters. All material Tax Returns required to be filed by or with respect to CGAC have been filed
within the requisite period (taking into account any extensions) and such Tax Returns are true, correct and complete in all material respects. All material Taxes due and payable by CGAC have been or will be paid in a timely fashion whether or not
shown as due and payable on any Tax Return, except with respect to matters being contested in good faith by appropriate proceeding and with respect to which adequate reserves have been made in accordance with GAAP. CGAC has timely and properly
withheld and paid to the applicable Tax authority all material amounts of Taxes required to have been withheld and paid by it in connection with any amounts paid or owing to any employee, independent contractor, creditor, or equityholder. No
material deficiencies for any Taxes of CGAC have been asserted in writing by, and no written notice of any action, audit, assessment or other proceeding with respect to any material Tax Returns or material Taxes of CGAC has been received from, any
Tax authority, and no dispute or assessment relating to such Tax Returns or such Taxes with any such Tax authority is currently outstanding. CGAC has not agreed to any extension or waiver of the statute of limitations applicable to any material Tax
or material Tax Return, or any extension of time with respect to a period of Tax collection, assessment or deficiency for a material Tax, which period (after giving effect to such extension or waiver) has not yet expired, and no request for any such
waiver or extension is currently pending (other than an automatic extension of time not requiring the consent of the applicable Tax authority). CGAC is not the beneficiary of any extension of time (other than an automatic extension of time not
requiring the consent of the applicable Tax authority) within which to file any material Tax Return. No material claim that is currently outstanding has been made by a Tax authority in a jurisdiction where CGAC does not file Tax Returns that CGAC is
or may be subject to taxation by that jurisdiction. CGAC has not taken any action (nor permitted any action to be taken), and is not aware of any fact or circumstance, that would reasonably be expected to prevent, impair or impede the Intended Tax
Treatment (excluding, for the avoidance of doubt, any action, fact or circumstance contemplated under this Agreement or other Transaction Documents).
Section 4.7. Financial Statements
(a) The financial statements of CGAC contained in CGAC SEC Filings (the CGAC Financial Statements) (i) have
been prepared in accordance with the books and records of CGAC, (ii) fairly present in all material respects the financial condition and position of CGAC on a consolidated basis as of the dates indicated therein, and the results of operations
and cash flows of CGAC on a consolidated basis for the periods indicated therein, and (iii) were prepared in accordance with GAAP applied (except as disclosed therein) on a consistent basis throughout the periods involved.
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(b) CGAC has in place disclosure controls and procedures that are
(i) designed to reasonably ensure that material information relating to CGAC is made known to the management of CGAC by others within CGAC, and (ii) effective in all material respects to perform the functions for which they were
established. CGAC maintains a system of internal accounting controls sufficient to provide reasonable assurance that (w) transactions are executed in accordance with managements general or specific authorizations, (x) transactions
are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability, (y) access to assets is permitted only in accordance with managements general or specific authorization,
and (z) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.
(c) Neither CGAC nor, to the Knowledge of CGAC, any Representative of CGAC, has (i) been made aware in writing of any
fraud that involves the CGACs management who have a role in the preparation of financial statements, or (ii) received or otherwise had or obtained knowledge of any written complaint, allegation, assertion or claim, regarding the
accounting or auditing practices, procedures, methodologies or methods of CGAC with respect to the CGAC Financial Statements or the internal accounting controls of CGAC, including any written complaint, allegation, assertion or claim that CGAC has
engaged in questionable accounting or auditing practices.
(d) CGAC has no liability or obligation of any nature
whatsoever, whether direct or indirect, absolute or contingent, accrued or unaccrued, known or unknown, liquidated or not, due or not, individually or in the aggregate, and there is no existing condition, situation or set of circumstances which is
reasonably expected to result in such a liability or obligation, other than (i) Liabilities incurred after the CGAC Accounts Date in the Ordinary Course or other Liabilities that individually and in the aggregate are immaterial, and
(ii) obligations and liabilities reflected, or reserved against, in the CGAC Financial Statements or as set forth in Section 4.7(d) of the CGAC Disclosure Letter.
Section 4.8. Absence of Changes
(a) Since the CGAC Accounts Date, (i) to the date of this Agreement CGAC has operated its business in the Ordinary Course
in all material respects, and (ii) there has not been any CGAC Material Adverse Effect.
(b) Between the CGAC
Accounts Date and the date of this Agreement, except (i) as set forth in Section 4.8(b) of the CGAC Disclosure Letter, or (ii) as required by applicable Law or an order by a Governmental Authority, CGAC has used reasonable best
efforts to preserve intact the present business organizations of CGAC.
Section 4.9. Actions. Except as set
forth in Section 4.9 of the CGAC Disclosure Letter or as would not have a CGAC Material Adverse Effect, (a) there is no Action pending or, to the Knowledge of CGAC, threatened in writing against or affecting CGAC, and (b) there is no
judgment or award unsatisfied against CGAC, nor is there any Governmental Order in effect and binding on CGAC or its assets or properties.
Section 4.10. Brokers. Except as set forth in Section 4.10 of the CGAC Disclosure Letter, no broker, finder
or investment banker is entitled to any brokerage, finders or other fee or commission or expense reimbursement in connection with the Transactions contemplated based upon arrangements made by and on behalf of CGAC or any of its Affiliates.
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Section 4.11. Proxy/Registration Statement. The
Proxy/Registration Statement shall not, at (a) each time the Proxy/Registration Statement is confidentially submitted to, or filed with, the SEC, (b) the time the Proxy/Registration Statement is declared effective, (c) the time the
Proxy/Registration Statement (or any amendment thereof or supplement thereto) is first mailed to the CGAC Shareholders, and (d) the time of the CGAC Shareholders Meeting, contain any 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 light of the circumstances under which they were made, not misleading, except that the representations and warranties set forth in this
paragraph do not apply to statements or omissions in the Proxy/Registration Statement based upon information relating to the Company furnished to CGAC in writing expressly for use therein. All documents that CGAC is responsible for filing with the
SEC in connection with the Transactions will comply as to form and substance in all material respects with the applicable requirements of the Securities Act and the Exchange Act.
Section 4.12. SEC Filings. CGAC has timely filed or furnished all statements, prospectuses, registration
statements, forms, reports and documents required to be filed or furnished by it with the SEC, pursuant to the Exchange Act or the Securities Act (collectively, as they have been amended since the time of their filing or furnishing through the date
of this Agreement, the CGAC SEC Filings). Each of the CGAC SEC Filings, as of the respective date of its filing, and as of the date of any amendment, complied in all material respects with the requirements of the Securities Act,
the Exchange Act or the Sarbanes-Oxley Act applicable to such CGAC SEC Filings. As of the respective date of its filing (or if amended or superseded by a filing prior to the date of this Agreement or the Closing Date, then on the date of such
filing), the CGAC SEC Filings did not contain any 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 made therein, in light of the circumstances under
which they were made, not misleading. As of the date of this Agreement, there are no outstanding or unresolved comments in comment letters received from the SEC with respect to any CGAC SEC Filing. To the Knowledge of CGAC, none of the CGAC SEC
Filings filed on or prior to the date of this Agreement is subject to ongoing SEC review or investigation as of the date of this Agreement. CGAC shall be prior to the Closing and at all times thereafter, a foreign private issuer as defined in Rule
405 under the Securities Act.
Section 4.13. Trust Account. As of the date of this Agreement, CGAC has at
least $12.1 million in the Trust Account, such monies invested in United States government securities or money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment
Company Act pursuant to the Investment Management Trust Agreement, dated as of June 16, 2021, between CGAC and CST, as trustee (in such capacity, the Trustee, and such Investment Management Trust Agreement, the Trust
Agreement). As of the date hereof, except as set forth in Section 4.13 of the CGAC Disclosure Letter CGAC has not released any money from the Trust Account (other than interest earned thereon as permitted by the Trust Agreement).
There are no separate Contracts, side letters or other arrangements or understandings (whether written or unwritten, express or implied) that would cause the description of the Trust Agreement in the CGAC SEC Filings to be inaccurate in any material
respect or that would entitle any Person (other than CGAC Shareholders holding CGAC Ordinary Shares (prior to the Effective Time) sold in CGACs IPO who shall have elected to redeem their CGAC Ordinary Shares (prior to the Effective Time)
pursuant to the CGAC Articles of Association) to any portion of the proceeds in the Trust Account. Prior to the Closing, none of the funds held in the Trust Account may be released other than to pay Taxes and payments with respect to all CGAC Share
Redemptions. There are no Actions pending or, to the Knowledge of CGAC, threatened with respect to the Trust Account. CGAC has performed all material obligations required to be performed by it to date under, and is not in default, breach or
delinquent in performance or any other respect (claimed or actual) in connection with, the Trust Agreement, and no event has occurred which, with due notice or lapse of time or both, would constitute such a default or breach thereunder. As of the
Closing, the obligations of CGAC to dissolve or liquidate pursuant to the CGAC Articles of Association shall terminate, and as of the Closing, CGAC shall have no obligation whatsoever pursuant to the CGAC Articles of Association to dissolve and
liquidate the assets of CGAC by reason of
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the consummation of the Transactions. To the Knowledge of CGAC, as of the date of this Agreement, following the Closing, no CGAC Shareholder is entitled to receive any amount from the Trust
Account except to the extent such CGAC Shareholder has exercised a CGAC Share Redemption. As of the date of this Agreement, assuming the accuracy of the representations and warranties contained in Article III and the compliance by the Company
with its obligations hereunder, CGAC has no reason to believe that any of the conditions to the use of funds in the Trust Account will not be satisfied or funds available in the Trust Account will not be available to CGAC on the Closing Date.
Section 4.14. Investment Company Act; JOBS Act. CGAC is not an investment company or a Person directly
or indirectly controlled by or acting on behalf of an investment company, in each case within the meaning of the Investment Company Act. CGAC constitutes an emerging growth company within the meaning of the JOBS
Act.
Section 4.15. Business Activities
(a) Since its incorporation, CGAC has not conducted any business activities other than activities related to CGACs IPO
or directed toward the accomplishment of a Business Combination. Except as set forth in the CGAC Articles of Association or as otherwise contemplated by the Transaction Documents and the Transactions, there is no Contract to which CGAC is a party
which has or would reasonably be expected to have the effect of prohibiting or impairing in any material respect any business practice of CGAC or any acquisition of property by CGAC or the conduct of business by CGAC as currently conducted or as
contemplated to be conducted as of the Closing.
(b) Except for the Transactions, CGAC does not own or have a right to
acquire, directly or indirectly, any interest or investment (whether equity or debt) in any corporation, partnership, joint venture, business, trust or other entity. Except for this Agreement and the Transaction Documents and the transactions
contemplated hereby and thereby, CGAC has no material interests, rights, obligations or liabilities with respect to, and is not party to, bound by or has its assets or property subject to, in each case whether directly or indirectly, any Contract or
transaction which is, or would reasonably be interpreted as constituting, a Business Combination.
Section 4.16.
Nasdaq Listing. CGAC Shares, CGAC Warrants and CGAC Units are each registered pursuant to Section 12(b) of the Exchange Act and are listed for trading on Nasdaq under the symbol COOL, and COOLU, respectively. CGAC
is in compliance with the rules of Nasdaq and there is no Action pending or, to the Knowledge of CGAC, threatened against CGAC by Nasdaq or the SEC with respect to any intention by such entity to deregister CGAC Shares, CGAC Warrants or CGAC Units
or terminate the listing thereof on Nasdaq. CGAC has not taken any action in an attempt to terminate the registration of CGAC Shares, CGAC Warrants or CGAC Units under the Exchange Act except as contemplated by this Agreement. CGAC is in compliance
with the applicable listing and corporate governance rules and regulations of Nasdaq, including the required number of unrestricted round lot shareholders.
Section 4.17. Board Approval; Vote Required. The CGAC Board has unanimously (a) determined that this
Agreement, the Merger and the other Transactions are in the best interests of CGAC and constitute a Business Combination, (b)(i) approved and declared advisable this Agreement and the execution, delivery and performance of this Agreement and the
consummation of the Transactions, and (ii) approved and declared advisable the Sponsor Support Agreement, the Voting and Support Agreement, the Registration Rights Agreement and the execution, delivery and performance thereof, (c) made the
CGAC Board Recommendation, and (d) directed that this Agreement, the Plan of Merger and the Merger transaction be submitted to the shareholders of CGAC for their adoption and/or approval.
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The only vote of the holders of any class or series of CGAC Shares necessary
to approve the Transactions is the CGAC Shareholders Approval.
Section 4.18. CGAC Related Parties.
Except as set forth in Section 4.18 of the CGAC Disclosure Letter, CGAC has not engaged in any transactions with CGAC Related Parties that would be required to be disclosed in the Proxy/Registration Statement, and (b) there are no
transactions or Contracts in effect between CGAC and CGAC Related Parties as of the date of this Agreement.
Section 4.19. Compliance with Laws
(a) As of the date of this Agreement, none of CGAC nor the Sponsor nor any of their respective directors, officers, employees
or any other Persons acting for or on their behalf is engaged in any proceedings, demands, inquiries, hearings or, to the Knowledge of CGAC, investigations, before any court, statutory or governmental body, department, board or agency relating to
applicable Anticorruption Laws or Sanctions, and to the knowledge of the Sponsor after reasonable inquiry, no such proceeding, demand, inquiry, hearing or investigation has been threatened in writing.
(b) For the past three (3) years, none of CGAC nor Sponsor nor, to the Knowledge of CGAC, any of their respective
directors, officers, employees, agents or any other Persons acting for or on their behalf has (i) made any bribe, influence payment, kickback, payoff, benefits or any other type of payment (whether tangible or intangible) that would be unlawful
under any applicable Anticorruption Laws, (ii) been in violation of any Anticorruption Law, offered, paid, promised to pay, or authorized any payment or transfer of anything of value, directly or indirectly, to any person for the purpose of
(A) influencing any act or decision of any Government Official in his official capacity, (B) inducing a Government Official to do or omit to do any act in relation to his lawful duty, (C) securing any improper advantage,
(D) inducing a Government Official to influence or affect any act, decision or omission of any Governmental Authority, or (E) assisting CGAC, or any agent or any other Person acting for or on behalf of CGAC, in obtaining or retaining
business for or with, or in directing business to, any Person, or (iii) accepted or received any contributions, payments, gifts, or expenditures that would be unlawful under any Anticorruption Law.
(c) For the past three (3) years, neither CGAC nor Sponsor nor, to the Knowledge of CGAC any of their respective
directors, or officers has been found by a Governmental Authority to have violated any Anticorruption Laws or has been subject to any indictment or any government investigation with respect to any Anticorruption Laws.
(d) Neither CGAC nor Sponsor nor, to the Knowledge of CGAC, any of its directors, officers, employees, or agents is a
Prohibited Person. In the past three (3) years, neither CGAC nor Sponsor has knowingly conducted or agreed to conduct any business, or knowingly entered into or agreed to enter into any transaction with a Prohibited Person, in violation of
Sanctions.
(e) In the past three (3) years, CGAC, Sponsor and their respective directors and officers, and, to the
Knowledge of CGAC, their employees and any other Persons acting on their behalf, in each case in connection with the operation of the business of CGAC and Sponsor, have been in material compliance with any applicable Sanctions. In the past three
(3) years, to the Knowledge of CGAC (i) no Governmental Authority has initiated any action or imposed any civil or criminal fine, penalty, seizure, forfeiture, revocation of an authorization, debarment or denial of future authorizations
against CGAC or Sponsor or any of their respective directors, officers or employees any other Persons acting on their behalf, in connection with any actual or alleged violation of any applicable Sanctions, (ii) there have been no claims, actual
or threatened in writing, or requests for information by a Governmental Authority received by CGAC with respect to the compliance by CGAC or the Sponsor (if any) or any of their directors, officers or employees with applicable Sanctions, and
(iii) no disclosures have been made to any Governmental Authority with respect to any actual or potential noncompliance with applicable Sanctions by CGAC or the Sponsor, or any of their directors, officers and employees. CGAC and the Sponsor
have policies and procedures reasonably designed to promote compliance with applicable Sanctions.
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Section 4.20. Material Contracts.
(a) Except as set forth on Section 4.20(a) of the CGAC Disclosure Letter, other than this Agreement and the Transaction
Documents, there are no Contracts to which CGAC is a party or by which any of its properties or assets may be bound, subject or affected, which (i) creates or imposes a Liability greater than $50,000, (ii) may not be cancelled by CGAC on less
than sixty (60) days prior notice without payment of a material penalty or termination fee or (iii) prohibits, prevents, restricts or impairs in any material respect any business practice of CGAC as its business is currently
conducted, any acquisition of material property by CGAC, or restricts in any material respect the ability of CGAC to engage in business as currently conducted by it or compete with any other Person (each, a CGAC Material Contract). All
CGAC Material Contracts have been made available to the Company other than those that are exhibits to the SEC Reports.
(b) Except as would not have a CGAC Material Adverse Effect (i) each CGAC Material Contract listed on Schedule 4.20(a) of
the CGAC Disclosure Letter is a valid and binding agreement of CGAC as of the date of this Agreement, and each such CGAC Material Contract is in full force and effect and enforceable against CGAC and, to the Knowledge of CGAC, the other parties
thereto in accordance with its terms, except (A) as may be limited by applicable bankruptcy, insolvency, reorganization, moratorium and other Laws of general application affecting enforcement of creditors rights generally, and (B) as
may be limited by Laws relating to the availability of specific performance, injunctive relief or other remedies in the nature of equitable remedies, and (ii) no breach or default, alleged breach or alleged default, or event which would (with
the passage of time, notice or both) constitute a breach or default thereunder by CGAC with respect thereto, or, to the Knowledge of the Company, any other party or obligor with respect thereto, has occurred.
Section 4.21. Properties. CGAC does not own, license or otherwise have any right, title or interest in any
material Intellectual Property. CGAC does not own or lease any material real property or material physical assets.
Section 4.22. Employees and Employee Benefit Plans. Since its date of incorporation, CGAC does not (a) have
any paid employees or (b) maintain, sponsor, contribute to or otherwise have any Liability under, any Benefit Plans.
Section 4.23. No Outside Reliance. Notwithstanding anything contained in this Agreement, each of CGAC and its
equityholders, partners, members and Representatives, including the Sponsor, has made its own investigation of the Group Companies and neither the Company nor any of its Affiliates, agents or Representatives is making any representation or warranty
whatsoever, express or implied, beyond those expressly given by the Company in Article III, including any implied warranty or representation as to condition, merchantability, suitability or fitness for a particular purpose or trade as to any
of the assets of the Group Companies. Except as otherwise expressly set forth in this Agreement, CGAC understands and agrees that any assets, properties and business of the Group Companies are furnished as is, where is and
subject to and except as otherwise provided in the representations and warranties contained in Article III, with all faults and without any other representation or warranty of any nature whatsoever.
Section 4.24. No Other Representations or Warranties. Except for the representations and warranties expressly made
by CGAC in this Article IV or as expressly set forth in a Transaction Document, CGAC nor any other Person on its behalf does not make any express representation or warranty with respect to any of its shareholders, CGAC Shares, the business,
or the transactions contemplated by this Agreement or any of the other Transaction Documents, and CGAC hereby expressly disclaims any other representations
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or warranties, whether made by CGAC or any of its Representatives. Except for the representations and warranties expressly made by CGAC in this Article IV or in a Transaction Document,
CGAC hereby expressly disclaims all liability and responsibility for any representation, warranty, projection, forecast, statement or information made, communicated or furnished (orally or in writing) to the Company or any of its Representatives
(including any opinion, information, projection or advice that may have been or may be provided to the Company or any of its Representatives by any Representative of CGAC), including any representations or warranties regarding the probable success
or profitability of the business.
ARTICLE V
REPRESENTATIONS AND WARRANTIES OF THE MERGER SUB
CGAC and Merger Sub hereby jointly and severally represent and warrant to the Company, the following:
Section 5.1. Organization, Good Standing, Corporate Power and Qualification. Merger Sub is an exempted company
duly incorporated, validly existing and in good standing under the laws of the Cayman Islands and has requisite corporate power and authority to own and operate properties and assets, to carry on its business as presently conducted and contemplated
to be conducted. As of the date of this Agreement, the Organizational Documents of the Merger Sub as previously made available by or on behalf of the Merger Sub to CGAC are true and correct.
Section 5.2. Capitalization and Voting Rights
(a) Capitalization. As of the date of this Agreement, the authorized share capital of Merger Sub consists of 5,000,000 shares,
par value US$0.01 per shares, of which one share (the Merger Sub Share) is issued and outstanding as of the date of this Agreement. The Merger Sub Share, and any shares of Merger Sub that will be issued pursuant to the
Transactions, (i) have been, or will be prior to such issuance, duly authorized and have been, or will be at the time of issuance, validly issued and are fully paid, (ii) were, or will be, issued, in compliance in all material respects
with applicable Law, and (iii) were not, and will not be, issued in breach or violation of any preemptive rights or Contract. CGAC owns all Equity Securities in Merger Sub.
(b) No Other Securities. Except as set forth in Section 5.2(a), (i) Merger Sub has not authorized or
issued any Equity Securities, (ii) Merger Sub is not obligated to issue, sell or transfer any Equity Securities, (iii) Merger Sub is not a party or subject to any Contract that affects or relates to the voting or giving of written consents
with respect to, or the right to cause the redemption, or repurchase of, any of its Equity Security, (iv) Merger Sub has not granted any registration rights or information rights to any other Person, (v) there are no phantom shares and
there are no voting or similar agreements entered into by Merger Sub which relate to the share capital, registered capital or charter capital of Merger Sub, and (vi) Merger Sub has no outstanding bonds, debentures, notes or other obligations
the holders of which have the right to vote (or convertible into or exercisable for securities having the right to vote) with the shareholder of the Merger Sub on any matter or any agreements to issue such bonds, debentures, notes or other
obligations.
Section 5.3. Corporate Structure; Subsidiaries. Merger Sub is not obligated to make any
investment in or capital contribution to or on behalf of any other Person other than in connection with the Transactions.
Section 5.4. Authorization. Merger Sub has all requisite corporate power and authority to enter into, execute,
deliver and perform its obligations under this Agreement and the other Transaction Documents to which it is or will be a party and to consummate the transactions contemplated hereunder and thereunder. All corporate actions on the part of the Merger
Sub necessary for the authorization, execution and delivery of this Agreement and the other Transaction Documents to which it is or will be a party and the performance
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of all its obligations thereunder (including any board or shareholder approval, as applicable) have been taken, subject to the filing of the Merger Filing Documents. This Agreement and the other
Transaction Document to which Merger Sub is or will be a party is, or when executed by the other parties thereto, will be, valid and legally binding obligations of Merger Sub enforceable against it in accordance with its terms, except (a) as
limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other applicable Laws now or hereafter in effect of general application affecting enforcement of creditors rights generally, and (b) as limited by applicable
Laws relating to the availability of specific performance, injunctive relief, or other equitable remedies. The board of directors of Merger Sub has unanimously (a) determined that this Agreement, the Merger and the other Transactions are in the
best interests of Merger Sub, (b) approved and declared advisable this Agreement and the execution, delivery and performance of this Agreement and the consummation of the Transactions, and (c) directed that this Agreement, the Plan of
Merger and the Merger transaction be submitted to CGAC as its sole shareholder for their adoption and/or approval.
Section 5.5. Consents; No Conflicts. Assuming the representations and warranties in Article III are true
and correct, except (a) for the registration or filing with the Registrar of Companies of the Cayman Islands, the SEC or applicable state blue sky or other securities laws filings with respect to the Transactions, and (b) for such other
filings, notifications, notices, submissions, applications, or consents the failure of which to be obtained or made would not have a CGAC Material Adverse Effect, all filings, notifications, notices, submissions, applications, or consents from or
with any Governmental Authority or any other Person required in connection with the valid execution, delivery and performance of this Agreement and the other Transaction Documents, and the consummation of the Transactions, in each case on the part
of Merger Sub, have been duly obtained or completed (as applicable) and are in full force and effect. The execution, delivery and performance of this Agreement and the other Transaction Documents to which it is or will be a party does not, and the
consummation by Merger Sub of the transactions contemplated hereby and thereby will not result in any violation of, be in conflict with, or constitute a default under, require any consent under, or give any Person rights of termination, amendment,
acceleration (including acceleration of any obligation of Merger Sub) or cancellation under, (i) any Governmental Order, (ii) any provision of the Organizational Documents of Merger Sub, or (iii) any applicable Law, other than any
restrictions under federal or state securities laws, this Agreement or the Organizational Documents of Merger Sub, except in the case of sub-clauses (i), (ii), and (iii), as has not had,
and would not reasonably be expected to have, individually or in the aggregate, a material adverse effect on the ability of the Merger Sub to enter into and perform the Transaction Documents to which it is or will be a party and to consummate the
Transactions.
Section 5.6. Absence of Changes. Since the date of its incorporation, Merger Sub has operated
its business in the Ordinary Course.
Section 5.7. Actions. Except as has not had, and would not reasonably be
expected to have, individually or in the aggregate, a material adverse effect on the ability of Merger Sub to enter into and perform the Transaction Documents to which it is or will be a party and to consummate the Transactions, (a) there is no
Action pending or, to the Knowledge of CGAC, threatened in writing against or affecting Merger Sub, and (b) there is no judgment or award unsatisfied against Merger Sub, nor is there any Governmental Order in effect and binding on Merger Sub or
its assets or properties.
Section 5.8. Brokers. Except as set forth in Section 4.10 of the CGAC
Disclosure Letter, no broker, finder or investment banker is entitled to any brokerage, finders or other fee or commission or expense reimbursement in connection with the Transactions contemplated based upon arrangements made by and on behalf
of Merger Sub or any of its Affiliates.
Section 5.9. Proxy/Registration Statement. The information supplied
by Merger Sub in writing specifically for inclusion in the Proxy/Registration Statement shall not, at (a) the time the Proxy/Registration Statement is declared effective, (b) the time the Proxy/Registration Statement (or any amendment
thereof or supplement thereto) is first mailed to the CGAC Shareholders, and (c) the time of the CGAC
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Shareholders Meeting, contain any 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 light of the circumstances under which they were made, not misleading. All documents that Merger Sub is responsible for filing with the SEC in connection with the Transactions will comply as to form and substance in all material respects with the
applicable requirements of the Securities Act and the Exchange Act.
Section 5.10. Business Activities. Merger
Sub was formed solely for the purpose of effecting the Transactions and has not engaged in any business activities or conducted any operations other than in connection with the Transactions and has no, and at all times prior to the Closing except as
expressly contemplated by the Transaction Documents and the Transactions, will have no, assets, liabilities or obligations of any kind or nature whatsoever other than those incident to its formation.
Section 5.11. Intended Tax Treatment. Merger Sub is classified as a corporation for U.S. federal income tax
purposes and has not elected and will not elect to change such classification. Merger Sub has not taken any action (nor permitted any action to be taken), and is not aware of any fact or circumstance, that would reasonably be expected to prevent,
impair or impede the Intended Tax Treatment (excluding, for the avoidance of doubt, any action, fact or circumstance contemplated under this Agreement or other Transaction Documents).
Section 5.12. Investment Company Act; JOBS Act. Merger Sub is not an investment company or a Person
directly or indirectly controlled by or acting on behalf of an investment company, in each case within the meaning of the Investment Company Act.
Section 5.13. No Outside Reliance. Notwithstanding anything contained in this Agreement, each of Merger Sub, and
any of its respective equityholders, partners, members or Representatives has made its own investigation of the Group Companies and that neither the Company nor any of its agents or Representatives is making any representation or warranty
whatsoever, express or implied, beyond those expressly given by the Company in Article III, including any implied warranty or representation as to condition, merchantability, suitability or fitness for a particular purpose or trade as to any
of the assets of the Group Companies. Except as otherwise expressly set forth in this Agreement, Merger Sub understands and agrees that any assets, properties and business of the Company and any of its Subsidiaries and Material Subsidiaries are
furnished as is, where is and subject to and except as otherwise provided in the representations and warranties contained in Article III, with all faults and without any other representation or warranty of any nature
whatsoever.
Section 5.14. No Other Representations. Except for the representations and warranties expressly
made by Merger Sub in this Article V or as expressly set forth in a Transaction Document, Merger Sub nor any other Person on its behalf does not make any express representation or warranty with respect to any of the Shareholders, the Shares,
the business, or the transactions contemplated by this Agreement or any of the other Transaction Documents, and Merger Sub hereby expressly disclaims any other representations or warranties, whether made by any of its Representatives. Except for the
representations and warranties expressly made by Merger Sub in this Article V or in a Transaction Document, Merger Sub hereby expressly disclaims all liability and responsibility for any representation, warranty, projection, forecast,
statement or information made, communicated or furnished (orally or in writing) to the Company or any of its Representatives (including any opinion, information, projection or advice that may have been or may be provided to the Company or any of its
Representatives by any Representative of Merger Sub), including any representations or warranties regarding the probable success or profitability of the business.
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ARTICLE VI
COVENANTS OF THE COMPANY
Section 6.1. Conduct of Business
(a) Except (i) as contemplated or permitted by the Transaction Documents, (ii) as required by applicable Law,
(iii) as a result of or in connection with COVID-19 or any reasonable COVID-19 Measures taken in good faith, (iv) as set forth on Section 6.1 of the
Company Disclosure Letter or (v) as consented to by CGAC in writing (which consent shall not be unreasonably conditioned, withheld, delayed or denied), from the date of this Agreement through the earlier of the Closing or valid termination of
this Agreement pursuant to Article X (the Interim Period), the Company shall use commercially reasonable efforts to operate the business of the Group Companies in all material respects in the Ordinary Course; provided, that
(x) the failure to take any action which is prohibited by the provisions of Section 6.1(b) shall not constitute a breach of this Section 6.1(a); and (y) no action by a Group Company
specifically permitted as an exception to the actions which are otherwise prohibited by the provisions of Section 6.1(b) shall be deemed a breach of this Section 6.1(a).
(b) Without limiting the generality of Section 6.1(a) and except (i) as contemplated or
permitted by the Transaction Documents, (ii) as required by applicable Law, (iii) as a result of or in connection with COVID-19 or any COVID-19 Measures,
(iv) as set forth on Section 6.1 of the Company Disclosure Letter or (v) as consented to by CGAC in writing (which consent shall not be unreasonably conditioned, withheld, delayed or denied), during the Interim Period, the Company
shall not, and shall cause its Subsidiaries not to:
(i) (A) except pursuant to the Domestication, the pending restructuring as
disclosed in Section 3.3 of Company Disclosure Letter, new Company Shares issued to holders of beneficial interests in GDRs held by the Russian National Settlement Depositary (NSD) in exchange for such beneficial interests, or as
required by applicable Law, amend or otherwise change, in any material respect its memorandum and articles of association or other Organizational Documents (whether by merger, consolidation, amalgamation or otherwise), it being understood that
routine administrative amendments (such as changes in directors or officers, changes in share capital that is otherwise permitted hereunder, and other similar amendments) are not material, or (B) propose or adopt a plan of complete or partial
liquidation or dissolution, consolidation, restructuring, recapitalization or other reorganization (other than with respect to any dormant entities);
(ii) except for transactions solely among the Group Companies, incur, assume, guarantee or repurchase or otherwise become liable for any
indebtedness for borrowed money, issue or sell any debt securities or options, warrants or other rights to acquire debt securities, in a principal amount exceeding $2,000,000 (or its equivalent in any other currency) other than (A) in
connection with the refinancing of Indebtedness existing on the date of this Agreement on terms that are not materially more onerous than such existing Indebtedness and without increasing the principal amount thereof (Permitted Refinancing
Indebtedness), (B) the incurrence of Permitted Indebtedness, or (C) advances for business expenses to employees and loans or advances to customers and suppliers in the Ordinary Course;
(iii) transfer, issue, sell, grant, pledge or otherwise dispose of, or amend any agreements in relation to, any of its Equity Securities, or
any options, warrants, rights of conversion or other rights, agreements, arrangements or commitment obligations to issue, deliver or sell any Equity Securities of any Group Company, in each case, other than the issuance of shares (A) to holders
of beneficial interests in GDRs held by the NSD in exchange for such beneficial interests, (B) pursuant to obligations incurred by the Company prior to the date hereof as set forth in Section 6.1(b)(iii) of the Company Disclosure Letter or
(C) pursuant to the exercise or settlement of any Company Options or grants of Company Options under the Share Option Plan;
(iv)
except as (i) would not have a Company Material Adverse Effect, (ii) required under the terms of any Benefit Plan existing as of the date of this Agreement, or (iii) in the Ordinary Course, (A) amend, modify, adopt or enter into
any Benefit Plan or any benefit or compensation plan, policy, program or Contract that would be a Benefit Plan if in effect as of the date of this Agreement, or (B) take any action to accelerate any payment, right to payment, or benefit, or the
funding of any payment, right to payment or benefit, payable or to become payable to any beneficiary thereof;
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(v) sell, lease, exclusively license, transfer, abandon, allow to lapse or dispose of any
material property or assets, in any single transaction or series of related transactions, except for (i) transactions pursuant to Contracts entered into in the Ordinary Course, or (ii) other transactions that do not exceed $1,000,000 (or
its equivalent in any other currency) individually or in the aggregate, (iii) dispositions of obsolete, surplus or worn out assets that are no longer useful in the conduct of the businesses of the Group Companies, or (iv) transactions in
connection with a the incurrence of Permitted Indebtedness, or Permitted Refinancing Indebtedness;
(vi) except for transactions solely
among the Group Companies or in connection with settlement of outstanding liabilities for shares in acquired entities, make any acquisition of, or investment in, a business, by purchase of stock, securities or assets, merger or consolidation, or
contributions to capital, or loans or advances, in any such case with a value or purchase price in excess of $5,000,000 (or its equivalent in any other currency) individually or in the aggregate;
(vii) settle any Action by any Governmental Authority or any other third-party material to the business of the Company in excess of $500,000
(or its equivalent in any other currency);
(viii) except for repurchase and cancellation in connection with the de-listing from Moscow Stock Exchange, (i) split, combine or reclassify any shares of its share capital, (ii) redeem, repurchase, cancel or otherwise acquire or offer to redeem, repurchase, or otherwise
acquire any of its Equity Securities (except for the forfeiture of Company Options held by or repurchase of Company Ordinary Shares from former employees, non-employee directors and consultants in accordance
with agreements as in effect on the date of this Agreement providing for the repurchase of shares in connection with any termination of service), (iii) declare, set aside, make or pay any dividend or other distribution, payable in cash, shares,
property or otherwise, with respect to any of its share capital, or (iv) amend any term or alter any rights of any of its outstanding Equity Securities;
(ix) authorize, make or incur any capital expenditures or obligations or liabilities in connection therewith, other than any capital
expenditures or obligations or liabilities in an amount not to exceed $2,000,000 (or its equivalent in any other currency) in the aggregate or the amount of budgeted capital expenditure budget as set forth in the most recent capital expenditure
budget that the Company has made available to as of or prior to the date hereof;
(x) enter into any new Material Contract, or amend any
existing Material Contract in any material respect, in each case in a manner that is materially adverse to any of the Group Companies taken as a whole, except (i) in the Ordinary Course, including, without limitation, new Contracts with
customers, irrespective of amount, provided such Contracts are entered into in the Ordinary Course, (ii) in connection with the repayment or termination of existing Indebtedness, (iii) in connection with the incurrence of Permitted
Refinancing Indebtedness or Permitted Indebtedness, or (iv) for entering into any new Material Contract that does not exceed in the aggregate for any such new Material Contract more than $500,000 (or its equivalent in any other currency) of
value or obligations above the applicable threshold set forth in the definition of Material Contract; provided, however, that to the extent that another sub-section of this
Section 6.1 would permit the entry into a Material Contract in a higher monetary threshold than in the definition of Material Contract, then this Section 6.1(b)(x) shall not prevent the
entry into of such Material Contract in such higher monetary threshold;
(xi) voluntarily terminate, suspend, abrogate, amend or modify
any Material Permit in a manner materially adverse to any of the Group Companies except in the Ordinary Course;
(xii) make any material
change in its accounting principles, methods or practices unless required by IFRS, requested by Companys auditor or as is necessary to maintain compliance with PCAOB auditing standards; or
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(xiii) enter into any transaction, agreement, arrangement or otherwise make a commitment to
do any of the foregoing (except to the extent that such a transaction, agreement, arrangement or commitment would be permitted by a subsection of the foregoing Section 6.1).
Section 6.2. Access to Information. Upon reasonable prior notice and subject to the NDA, during the Interim
Period, the Company shall, and shall use its commercially reasonable efforts to cause its Representatives to, afford CGAC and its Representatives, following notice from CGAC in accordance with this Section 6.2, reasonable
access during normal business hours to the officers, employees, agents, properties, offices and other facilities, books and records of the Company and each Group Company, and all other financial, operating and other data and information as shall be
reasonably requested, in each case, for the purpose of effecting the Transactions; provided, however, that in each case, the Company shall not be required to disclose any document or information, or permit any inspection, that would, in the
reasonable judgment of the Company, (a) result in the disclosure of any trade secrets or violate the terms of any confidentiality provisions in any agreement with a third party, (b) result in a violation of applicable Law, including any
fiduciary duty, (c) waive the protection of any attorney-client privilege, or (d) result in the disclosure of any sensitive or personal information that would expose the Company to the risk of Liabilities. All information and materials
provided pursuant to this Agreement will be subject to the provisions of the NDA, will be granted under conditions that shall not unreasonably interfere with the business and operations of the parties to this Agreement or their respective
Representatives, and may, at the Companys option, be provided via a remote or digital medium and shall be subject to any applicable COVID-19 Measures. Nothing in this
Section 6.2 shall require any Group Company to disclose or provide access to any information which primarily relates to the negotiation of this Agreement or the transactions contemplated hereby.
Section 6.3. Acquisition Proposals and Alternative Transactions
(a) During the Interim Period, except as expressly permitted by this Section 6.3 or as contemplated
by the Transaction Documents, the Company shall not, and it shall cause each Group Company and its and their respective Representatives not to: (a) solicit, initiate, submit, facilitate (including by means of furnishing or disclosing
information), discuss or negotiate, any inquiry, proposal or offer (written or oral) with any third-party (including any Competing SPAC) with respect to a Company Acquisition Proposal; (b) furnish or disclose any
non-public information to any third-party (including to any Competing SPAC) in connection with or that could reasonably be expected to lead to a Company Acquisition Proposal; (c) enter into any agreement,
arrangement or understanding with any third party (including a Competing SPAC) regarding a Company Acquisition Proposal; (d) prepare or take any steps in connection with a public offering of any Equity Securities of any Group Company, or a
newly-formed holding company or Subsidiary of any Group Company, or (e) otherwise cooperate in any way with, or assist or participate in, or knowingly facilitate or encourage any effort or attempt by any Person to do or seek to do any of the
foregoing.
(b) Notwithstanding anything to the contrary in Section 6.3(a), if at any time
following the date hereof and prior to the earlier of the Companys receipt of the Company Shareholder Approval or the date, if any, on which this Agreement is validly terminated pursuant to Section 10.1, any Group Company or any of their
respective Representatives receives a bona fide unsolicited written Company Acquisition Proposal (which Company Acquisition Proposal was first made after the date hereof and did not result from a material breach of this
Section 6.3), the Company and its Representatives may, prior to (but not after) the Companys receipt of the Company Shareholder Approval, subject to providing CGAC prior written notice of such Company Acquisition
Proposal in accordance with Section 6.3(c), take the actions set forth in subsections (i) and (ii) of this Section 6.3(b) if the Company Board has determined in good faith (after consultation
with its financial advisors and outside legal counsel), that such Company Acquisition Proposal constitutes or would reasonably be expected to lead to a Superior Proposal and (after consultation with its outside legal counsel) that the failure to
take such action would be in breach of the directors exercise of their fiduciary
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duties under applicable Law: (i) furnish non-public information to and afford access to the business, employees, officers, Contracts, properties,
assets, books and records of the Group Companies to the Person who made such Company Acquisition Proposal and such Persons Representatives pursuant to (but only pursuant to) one or more Acceptable Confidentiality Agreements (provided that the
Company has furnished, made available or provided access to CGAC to any such non-public information (to the extent not previously furnished, made available or provided to CGAC or its Representatives) prior to,
concurrent with or within twenty-four (24) hours after such information or access is furnished or afforded to such Person or its Representatives); and (ii) enter into, or otherwise participate in, any discussions or negotiations with any
Person and such Persons Representatives regarding such Company Acquisition Proposal pursuant to (but only pursuant to) one or more Acceptable Confidentiality Agreements.
(c) Promptly (but in no event more than forty-eight (48) hours) following receipt of any inquiry, indication of interest
or proposal that constitutes, or would reasonably be expected to lead to, any Company Acquisition Proposal from and after the date of this Agreement and prior to the earlier of the Effective Time or the date, if any, on which this Agreement is
validly terminated pursuant to Section 10.1, the Company shall advise CGAC of the receipt of such inquiry, indication of interest or proposal and the terms and conditions of any such Company Acquisition Proposal (other
than, in each case, the identity of the Person making any such inquiry, indication of interest, proposal or Company Acquisition Proposal), and the Company shall as promptly as reasonably practicable after so advising CGAC provide to CGAC to the
extent permitted: a copy of such inquiry, indication of interest, proposal or Company Acquisition Proposal and all related material documentation, if in writing which may redact the identity of the Person making such Company Acquisition Proposal.
With respect to any Company Acquisition Proposal described in the immediately preceding sentence the Company shall keep CGAC reasonably informed on a current basis of material changes or modifications to the terms of any such Company Acquisition
Proposal.
(d) Notwithstanding anything herein to the contrary, at any time prior to the earlier of the Companys
receipt of the Company Shareholder Approval or the date, if any, on which this Agreement is validly terminated pursuant to Section 10.1 (i) if and only if (x) the Company receives a bona fide unsolicited written
Company Acquisition Proposal (which Company Acquisition Proposal did not result from a material breach of this Section 6.3) that the Company Board determines in good faith, after consultation with its outside legal counsel
and financial advisors, constitutes a Superior Proposal, and (y) the Company Board determines in good faith, after consultation with its outside legal counsel, that the failure to take such action would be a breach of the directors
fiduciary duties under applicable Law, then the Company Board may make an Adverse Recommendation Change and terminate this Agreement pursuant to Section 10.1(d) to enter into a definitive agreement with respect to such
Superior Proposal; and (ii) if and only if in response to an Intervening Event, the Company Board has determined in good faith, after consultation with its outside legal counsel, that the failure to take such action would be a breach of the
directors fiduciary duties under applicable Law, then the Company Board may make an Adverse Recommendation Change contemplated by clause (B) of the definition of Adverse Recommendation Change; provided, in each case that the Company Board
may not make any Adverse Recommendation Change or terminate this Agreement pursuant to this Section 6.3(d) unless:
(A) the Company shall have first provided prior written notice to CGAC (which notice shall not constitute an Adverse
Recommendation Change or termination of this Agreement) (the Notice), at least four (4) Business Days in advance of the Companys or the Company Boards intention to take any action permitted under this
Section 6.3(d), which Notice shall specify (x) in the case of a proposed Adverse Recommendation Change pursuant to Section 6.3(d)(A), the material terms and conditions of any Superior Proposal
and, if applicable, include a copy of the most current draft of any acquisition agreement and any other material documents with respect to the Superior Proposal that include any terms and conditions of the Superior Proposal that are not set forth in
such draft, and (y) in the case of a proposed Adverse Recommendation Change pursuant to Section 6.3(d)(B), the basis therefor, including a reasonably detailed description of the Intervening Event; and
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(B) prior to making an Adverse Recommendation Change or terminating this
Agreement to enter into a definitive agreement with respect to a Superior Proposal, (a) the Company shall, and shall use reasonable best efforts to cause its Representatives to, during the period beginning the date the Notice is given and
ending at 5:00 pm (Eastern Time) on the fourth (4th) Business Day after the date such Notice is given (the Negotiation Period), negotiate with CGAC in good faith (solely to the extent CGAC desires to negotiate) to make such
adjustments in the terms and conditions of this Agreement and consider any other proposals or offers (if any) made by CGAC, and (b) after considering such negotiated adjustments and any proposals or offers made by CGAC during such Negotiation
Period, the Company Board shall have determined (x) after consultation with its financial advisors and outside legal counsel that in the case of an Adverse Recommendation Change or termination of this Agreement pursuant to
Section 6.3(d)(A), such Company Acquisition Proposal continues to constitute a Superior Proposal, and (y) after consultation with its outside legal counsel that in the case of an Adverse Recommendation Change or
termination of this Agreement pursuant to Section 6.3(d)(A) or an Adverse Recommendation Change pursuant to Section 6.3(d)(B), that the failure to take such action would be a breach of the directors fiduciary duties under
applicable Law. In the event of any revisions to a Company Acquisition Proposal constituting a Superior Proposal, the Company shall be required to deliver a new written notice to CGAC and to comply with the requirements of this
Section 6.3 with respect to such new written notice, except that references to the four (4) Business Day period above shall be deemed to be references to a two (2) Business Day period. In the event of any material
change to the facts or circumstances relating to the Intervening Event, the Company shall be required to deliver reasonably prompt written notice of such material change (which notice shall include a reasonably detailed description of such material
change) and to comply with the requirements of this Section 6.3(d) with respect to such new written notice, including that the Company will provide CGAC with an additional two (2) Business Day period prior to making an
Adverse Recommendation Change, and such period shall begin upon the date of CGACs receipt of the notice of such material change.
For the avoidance of doubt, if CGAC, within four (4) Business Days (or two (2) Business Days, in the event of a new
written notice following material revisions to a Superior Proposal) following its receipt of a Superior Proposal notice makes an offer that, as determined in good faith by the Company Board (after consultation with its outside legal counsel and
financial advisors) results in the applicable Company Acquisition Proposal no longer being a Superior Proposal, then the Company shall have no right to terminate this Agreement pursuant to Section 10.1(d) as a result of
such Company Acquisition Proposal.
(e) Nothing contained in this Agreement shall prevent the Company or the Company Board
from (i) issuing a stop, look and listen communication pursuant to Rule 14d-9(f) under the Exchange Act, (ii) disclosing to the Company Shareholders a position contemplated by Item
1012(a) of Regulation M-A or Rule 14d-9 and Rule 14e-2 under the Exchange Act with respect to any tender offer commenced by
another Person constituting a Company Acquisition Proposal, or (iii) from making any disclosure to the Company Shareholders required (after consultation with outside legal counsel) under U.S. federal or state Law, the UK Market Abuse Regulation
or any other applicable Law; provided, that this Section 6.3(e) shall not permit the Company or the Company Board to make an Adverse Recommendation Change except as expressly set forth in this
Section 6.3. It is agreed that none of the actions contemplated by this Section 6.3(e), if taken, shall be considered an Adverse Recommendation Change and such actions shall not require the giving
of notice or compliance with the procedures set forth in Section 6.3(d).
(f) For purposes of
this Agreement:
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(i) Superior Proposal means any unsolicited bona fide written Company
Acquisition Proposal (with all percentages in the definition of Company Acquisition Proposal increased to ninety percent (90%)) made by a Person or group, which the Company Board determines in its good faith (after consultation with its financial
advisors and outside legal counsel) is reasonably likely to be consummated in accordance with its terms taking into account all aspects (including legal, regulatory, timing, certainty of closing and financing aspects) of the Company Acquisition
Proposal, and if consummated, would result in a transaction on terms more favorable to the holders of Company Shares than the Merger from a financial point of view, taking into account all the terms and conditions of such Company Acquisition
Proposal and this Agreement and all financial, legal, regulatory and other aspects of such Company Acquisition Proposal that the Company Board considers in good faith to be appropriate (including the conditionality, and the timing and likelihood of
consummation, of such Company Acquisition Proposal) and, in connection with any determination under Section 6.3(d), taking into account, if applicable, any negotiated adjustments to this Agreement and any other proposals or
offers made by CGAC during the Negotiation Period.
(ii) Acceptable Confidentiality Agreement means a confidentiality
agreement that is either (a) in effect as of the execution and delivery of this Agreement; or (b) entered into after the execution and delivery of this Agreement containing terms that are not in any material respect less restrictive of,
and not in any material respect more favorable to, a third party or group that is a party to such agreement and its Affiliates and Representatives than the terms set forth in the NDA are to CGAC and its Affiliates and Representatives,
including with respect to standstill provisions; provided, however, that such confidentiality agreement shall not provide such Person with any exclusive right to negotiate with the Company or otherwise prohibit compliance by the Company Group with
any of the provisions of this Section 6.3 or any other obligations of the Company Group under this Agreement.
Section 6.4. D&O Indemnification and Insurance
(a) From and after the Closing, the Surviving Entity and CGAC shall jointly and severally indemnify and hold harmless each
present and former director and officer of the Company, any of its Subsidiaries and CGAC (in each case, solely to the extent acting in his or her capacity as such and to the extent such activities are related to the business of the Company, its
Subsidiaries or CGAC, respectively) (the D&O Indemnified Parties) against any costs or expenses (including reasonable attorneys fees), judgments, fines, losses, claims, damages or Liabilities incurred in connection with
any Action, whether civil, criminal, administrative or investigative, arising out of or pertaining to matters existing or occurring at or prior to the Closing, whether asserted or claimed prior to, at or after the Closing, to the fullest extent that
the Company, its Subsidiaries or CGAC, respectively, would have been permitted under applicable Law and its respective certificate of incorporation, certificate of formation, bylaws, limited liability company agreement, limited liability partnership
agreement, limited liability limited partnership agreement or other Organizational Documents in effect on the date of this Agreement to indemnify such D&O Indemnified Parties (including the advancing of expenses as incurred to the fullest extent
permitted under applicable Law). Without limiting the foregoing, the Surviving Entity and CGAC shall, and shall cause their Subsidiaries to (i) maintain for a period of not less than six years from the Closing provisions in their certificates
of incorporation, certificates of formation, bylaws, limited liability company agreements, limited liability partnership agreements, limited liability limited partnership agreements and other Organizational Documents concerning the indemnification
and exoneration (including provisions relating to expense advancement) of the Surviving Entity and its Subsidiaries or CGACs, respectively, former and current officers, directors, employees, and agents that are no less favorable to those
Persons than the provisions of the certificate of incorporation, certificate of formation, bylaws, limited liability company agreement, operating agreement, limited liability partnership agreement, limited liability limited partnership agreement and
other Organizational Documents of the Surviving Entity and its Subsidiaries or CGAC, respectively, in each case, as of the date of this Agreement, and (ii) not amend, repeal or otherwise modify such provisions in any respect that would
adversely affect the rights of those Persons thereunder, in each case, except as required by Law.
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(b) For a period of six years from the Closing, each of CGAC and the
Surviving Entity shall (and the Surviving Entity shall cause its Subsidiaries to) maintain in effect directors and officers liability insurance covering those Persons who are currently covered by the Companys, any of its
Subsidiaries or CGACs, respectively, directors and officers liability insurance policies (including, in any event, the D&O Indemnified Parties) on terms not less favorable than the terms of such current insurance
coverage; provided, however, that (i) each of CGAC and the Surviving Entity shall at or prior to the Closing cause coverage to be extended under the current directors and officers liability insurance by obtaining a six-year tail policy with respect to claims existing or occurring at or prior to the Closing and the Surviving Entity and CGAC, respectively, shall maintain such policies in effect and continue to honor
the obligations thereunder, and (ii) if any claim is asserted or made within such six-year period, any insurance required to be maintained under this Section 6.4(b) shall be
continued in respect of such claim until the final disposition thereof. In no event shall the Surviving Entity be required to pay an annual premium for such policy in excess of three hundred percent (300%) of the aggregate annualized premium payable
by CGAC for its existing policy. CGAC shall provide the Company a copy of the tail insurance policy and premium cost at least ten (10) Business Days in advance of the Closing Date for review.
(c) Notwithstanding anything contained in this Agreement to the contrary, this Section 6.4 shall
survive the Closing indefinitely and shall be binding, jointly and severally, on the Surviving Entity and CGAC and all of their respective successors and assigns. In the event that the Surviving Entity, CGAC or any of their respective successors or
assigns consolidates with or merges into any other Person and shall not be the continuing or surviving company or entity of such consolidation or merger or transfers or conveys all or substantially all of its properties and assets to any Person,
then, and in each such case, the Surviving Entity or CGAC, respectively, shall ensure (and each of CGAC and the Surviving Entity shall cause its Subsidiaries to ensure) that proper provisions shall be made so that the successors and assigns of the
Surviving Entity or CGAC as the case may be, shall succeed to the obligations set forth in this Section 6.4.
(d) The provisions of Section 6.4(a) through (c): (i) are intended to be for the benefit of,
and shall be enforceable by, each Person who is now, or who has been at any time prior to the date of this Agreement or who becomes prior to the Closing, a D&O Indemnified Party, his or her heirs and his or her personal representatives,
(ii) shall be binding on the Surviving Entity and CGAC and their respective successors and assigns, (iii) are in addition to, and not in substitution for, any other rights to indemnification or contribution that any such Person may have,
whether pursuant to Law, Contract, Organizational Documents, or otherwise, and (iv) shall survive the consummation of the Closing and shall not be terminated or modified in such a manner as to adversely affect any D&O Indemnified Party
without the consent of such D&O Indemnified Party.
Section 6.5. Notice of Developments. During the
Interim Period, the Company shall promptly notify CGAC in writing, and CGAC shall promptly notify the Company in writing, upon any of the Group Companies or CGAC, as applicable, becoming aware (awareness being determined with reference to the
Knowledge of the Company or the Knowledge of CGAC, as the case may be) (i) of the occurrence or non-occurrence of any event the occurrence or non-occurrence of
which has caused or is reasonably likely to cause any condition to the obligations of any party to effect the Transactions not to be satisfied including without limitation, any commencement or threat, in writing, of any Action against such party or
any of its Affiliates, or any of their respective properties or assets, or, to the Knowledge of such party, any officer, director, partner, member or manager, in his, her or its capacity as such, of such Party or of its Affiliates with respect to
the consummation of the transactions contemplated by this Agreement (ii) of any notice or other communication from any Governmental Authority in connection with the transactions contemplated by this Agreement, or (iii) of any notice or
other communication in writing from any third party (including any Governmental Authority) alleging that the Consent of such third party is or may be required in connection with the transactions contemplated by this Agreement. The delivery of any
notice pursuant to this Section 6.5 shall not cure any breach of any representation or warranty requiring disclosure of such matter or any breach of any covenant, condition or agreement contained in this Agreement or any
other Transaction Document or otherwise limit or affect the rights of, or the remedies available to, CGAC or the Company, as applicable.
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Section 6.6. Financial Statements and Financial Information
(a) The Company shall use its reasonable best efforts, as promptly as practicable after the date of this Agreement, to deliver
to CGAC, to the extent required for inclusion in the Proxy/Registration Statement, the Company PCAOB Financial Statements and consent of the Independent Auditors to use such Company PCAOB Financial Statements in the Proxy/Registration Statement.
(b) Each of the Company and CGAC shall each use its reasonable best efforts (i) to assist the other in preparing in
a timely manner any other financial information or statements (including customary pro forma financial statements) that are required to be included in the Proxy/Registration Statement and any other filings to be made by CGAC with the SEC in
connection with the Transactions, and (ii) to obtain the consents of their respective auditors with respect thereto as may be required by applicable Law or requested by the SEC in connection therewith.
(c) From the date hereof until the Closing Date, to the extent reasonably available to the Company in connection with the
preparation of the Companys quarterly financial information to be provided to the Company Board in the Ordinary Course, the Company shall furnish to CGAC unaudited condensed consolidated balance sheet data, statements of income (loss) data and
cash flow data of the Company for each quarterly period completed after the date hereof no later than 45 days following the end of each such quarterly period, in each case, prepared from the books and records of the Group Companies and, in all
material respects, in conformity with the Companys internal managerial accounting practices.
Section 6.7.
No Trading. The Company acknowledges and agrees that it is aware, and that the other Group Companies have been made aware of the restrictions imposed by U.S. federal securities laws and the rules and regulations of the SEC promulgated
thereunder or otherwise and other applicable foreign and domestic Laws on a Person possessing material non-public information about a publicly traded company. The Company hereby agrees that it shall not
purchase or sell any securities of CGAC in violation of such Laws, or cause or encourage any Person to do the foregoing.
Section 6.8. De-Listing. The Company shall use commercially reasonable
endeavours to de-list from the main market of the London Stock Exchange and the Moscow Exchange at, or prior to, the Effective Time.
ARTICLE VII
COVENANTS
OF CGAC
Section 7.1. Trust Account Proceeds and Related Available Equity
Upon satisfaction or waiver of the conditions set forth in Article IX and provision of notice thereof to the Trustee
(which notice CGAC shall provide to the Trustee in accordance with the terms of the Trust Agreement), (a) in accordance with and pursuant to the Trust Agreement, at the Closing, CGAC (i) shall cause any documents, opinions and notices required
to be delivered to the Trustee pursuant to the Trust Agreement to be so delivered, and (ii) shall cause the Trustee to, and the Trustee shall thereupon be obligated to, (A) pay as and when due all amounts payable to CGAC Shareholders
pursuant to CGAC Share Redemptions, and (B) immediately thereafter, to the extent of the remaining funds, pay (1) for income tax or franchise tax obligations of CGAC prior to the Closing, (2) all CGAC Transaction Expenses to be paid
pursuant to the terms of this Agreement, (3) expenses of CGAC necessary for an Extension (such Extension expenses, Extension Expenses), and (4) all thereafter remaining amounts then available in the Trust Account to CGAC
for immediate use, and (b) thereafter, the Trust Account shall terminate, except as otherwise provided therein.
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Section 7.2. Nasdaq Listing. From the date of this Agreement
through the closing of the Merger, CGAC shall ensure CGAC remains listed as a public company on Nasdaq and satisfies all applicable continuing listing requirements of the Nasdaq. From the date of this Agreement through the closing of the Merger,
CGAC will use its reasonable best efforts to list, subject to notice of issuance, the ADSs on Nasdaq as of the Effective Time or as soon as practicable following the closing of the Merger.
Section 7.3. Conduct of Business. Except (i) as contemplated or permitted by the Transaction Documents,
(ii) as required by applicable Law, (iii) as a result of or in connection with COVID-19 or any reasonable COVID-19 Measures taken in good faith, (iv) as
set forth on Section 7.3 of the CGAC Disclosure Letter or (v) as consented to by the Company in writing (which consent with respect to the matters set forth in Section 7.3(e), (f), (g) and
(i) shall not be unreasonably conditioned, withheld, delayed or denied), during the Interim Period, CGAC shall and shall cause each of its Subsidiaries (including the Merger Sub) to (y) operate its business in the Ordinary Course,
and (z) not:
(a) (i) with respect to CGAC only, seek any approval from CGAC Shareholders to change, modify or
amend the Trust Agreement or the CGAC Articles of Association, except as contemplated by the Transaction Proposals, or (ii) change, modify or amend the Trust Agreement or their respective Organizational Documents, except as expressly
contemplated by the Transaction Proposals;
(b) (i) make or declare any dividend or distribution to CGAC Shareholders
or make any other distributions in respect of any of its capital stock, share capital or Equity Securities, (ii) split, combine, reclassify or otherwise amend any terms of any shares or series of its capital stock or Equity Securities, or
(iii) purchase, repurchase, redeem or otherwise acquire any of its issued and outstanding share capital, outstanding shares of capital stock or membership interests, warrants or other Equity Securities, other than a redemption of CGAC Shares
made as part of CGAC Share Redemptions;
(c) merge, consolidate or amalgamate with or into, or acquire (by purchasing a
substantial portion of the assets of or equity in, or by any other manner) any other Person or be acquired by any other Person;
(d) make or change any material election in respect of material Taxes, except to comply with GAAP or applicable Law;
(e) other than pursuant to and in compliance with Section 8.3 or
Section 8.4, enter into, renew or amend in any material respect, any transaction or material Contract including CGAC Material Contract, except for material Contracts entered into in the Ordinary Course; provided, however,
that notwithstanding anything to the contrary contained in this Agreement, even if done in the Ordinary Course, CGAC shall not enter into, renew or amend in any respect, any transaction or Contract involving an affiliate (as defined in Rule 405
under the Securities Act) of CGAC, the Sponsor or any Affiliate of the Sponsor, in each case except as expressly provided in the Transaction Documents;
(f) incur, guarantee or otherwise become liable for (whether directly, contingently or otherwise) any Indebtedness or other
material Liability in a principal amount or amount, as applicable, other than (i) Indebtedness or other Liabilities expressly contemplated by this Agreement, including as set out in the CGAC Disclosure Letter, or (ii) Liabilities that
qualify as CGAC Transaction Expenses;
(g) revalue its assets or make any change in its accounting principles or methods
unless required by GAAP;
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(h) (i) issue, grant, sell, pledge, any Equity Securities, or
(ii) grant any options, warrants or other equity-based awards;
(i) settle or agree to settle any litigation, action,
proceeding or investigation before any Governmental Authority or that imposes injunctive or other non-monetary relief on CGAC or Merger Sub;
(j) form any Subsidiary or enter into or conduct a business of any kind other than as contemplated by this Agreement;
(k) liquidate, dissolve, reorganize or otherwise wind-up the business and operations
of CGAC
(l) amend, waive or otherwise change, in any material respect, its Organizational Documents, except as required
by applicable Law or extend the deadline by which CGAC must complete its Business Combination (an Extension) other than in accordance with Section 7.6;
(m) directly or indirectly increase the compensation or benefits payable, whether conditionally or otherwise, to any director
or officer or adopt a new compensation or benefit arrangement;
(n) enter into any consulting or advisory agreements or
similar arrangements, other than consulting and advisory agreements entered by CGAC on an arms-length basis for purposes of consummating the transactions contemplated by the Transaction Documents;
(o) fail to maintain its books, accounts and records in all material respects in the ordinary course of business consistent
with past practice; or
(p) enter into any transaction, agreement, arrangement or otherwise make a commitment to do any of
the foregoing (except to the extent that such a transaction, agreement, arrangement or commitment would be permitted by a subsection of the foregoing Section 7.3).
Section 7.4. Acquisition Proposals and Alternative Transactions. During the Interim Period, CGAC will not, and it
will cause its Affiliates and its and their respective Representatives not to, directly or indirectly: (a) solicit, initiate, submit, facilitate (including by means of furnishing or disclosing information), discuss or negotiate, directly or
indirectly, any inquiry, proposal or offer (written or oral) with respect to a CGAC Acquisition Proposal, (b) furnish or disclose any non-public information to any person or entity in connection with or
that could reasonably be expected to lead to a CGAC Acquisition Proposal, (c) enter into any agreement, arrangement or understanding regarding a CGAC Acquisition Proposal, or (d) otherwise cooperate in any way with, or assist or
participate in, or knowingly facilitate or encourage any effort or attempt by any Person to do or seek to do any of the foregoing.
Section 7.5. CGAC Public Filings. From the date of this Agreement through the Closing, CGAC will use reasonable
best efforts to keep current, accurate and timely file all reports required to be filed or furnished with the SEC and otherwise comply in all material respects with its reporting obligations under applicable Laws.
Section 7.6. Extension. CGAC will use reasonable best efforts to exercise its right to extend its deadline to
complete its initial business combination by six months at the Sponsors sole cost (including making additional deposits to the Trust Account) in the ordinary course as necessary, but no later than June 17, 2023. If the Closing is not
consummated by December 17, 2023, CGAC will use reasonable best efforts exercise its right to extend the deadline by another three (3) months with the cost of such extension (including making additional deposits to the Trust Account) borne
solely by the Sponsor.
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Section 7.7. No Trading. CGAC acknowledges and agrees that it is
aware of the restrictions imposed by U.S. federal securities laws and the rules and regulations of the SEC promulgated thereunder or otherwise and other applicable foreign and domestic Laws, including the UK Market Abuse Regulation and the UK
Criminal Justice Act 1993, on a Person possessing material non-public information about a publicly traded company. CGAC hereby agrees that it shall not purchase or sell any securities of the Company in
violation of such Laws, or cause or encourage any Person to do the foregoing.
Section 7.8. Loan from Sponsor.
CGAC hereby agrees that it shall not incur any CGAC Transaction Expenses that permit the repayment of such CGAC Transaction Expenses in the form of any Equity Securities of CGAC. Further, to the extent CGAC is party to any loan or other arrangement
with the Sponsor or its Affiliates that provides the Sponsor or its Affiliates with the option to convert all or any portion of any loan or other amounts payable to Sponsor into Sponsor Warrants or other Equity Securities of CGAC. CGAC hereby
represents and warrants and confirms that the ability of Sponsor and its Affiliates to convert amounts payable under such arrangements into Sponsor Warrants or of Equity Securities have been terminated.
ARTICLE VIII
JOINT
COVENANTS
Section 8.1. Regulatory Approvals; Other Filings
(a) Each party hereto shall use their reasonable best efforts to cooperate in good faith with any Governmental Authority and
to undertake promptly any and all action required to obtain any necessary or advisable regulatory approvals, consents, Actions, nonactions or waivers in connection with the Transactions (collectively, the Regulatory Approvals) as
soon as practicable (but in any event prior to the Outside Date) and any and all action necessary to consummate the Transactions as contemplated hereby. Each party hereto shall take such actions as shall be necessary to cause the expiration or
termination of the waiting, notice or review periods under any applicable Regulatory Approval with respect to the Transactions as promptly as possible after the execution of this Agreement. All filings and submissions made with any Governmental
Authority in connection with this Section 8.1 shall be made in compliance with the requirements of applicable Law. Notwithstanding anything to the contrary contained in this Agreement, nothing contained in this
Section 8.1(a), the first sentence of Section 8.1(b) or Section 8.1(c) shall require any Affiliate of CGAC to take or forbear from any action, and for the avoidance of doubt, it is
acknowledged and agreed by the parties hereto that the obligations in this Section 8.1(a), the first sentence of Section 8.1(b) or Section 8.1(c) shall not apply to
Sponsor or any of its Affiliates (other than CGAC).
(b) With respect to each of the Regulatory Approvals and any other
requests, inquiries, Actions or other proceedings by or from Governmental Authorities, each party hereto shall (i) diligently and expeditiously defend and use reasonable best efforts to obtain any necessary clearance, approval, consent or
Regulatory Approval under any applicable Laws prescribed or enforceable by any Governmental Authority for the Transactions and to resolve any objections as may be asserted by any Governmental Authority with respect to the Transactions (including
using reasonable best efforts to avoid or remove any conditions, restrictions or impediments to which any Regulatory Approval is subject), and (ii) cooperate fully with each other in the defense of such matters. To the extent not prohibited by
Law, the Company shall promptly furnish to CGAC, and CGAC and Merger Sub shall promptly furnish to the Company, copies of any material, substantive notices or written communications received by such party or any of its Affiliates from any
Governmental Authority with respect to the Transactions, and each such party shall permit counsel to the other parties an opportunity to review in advance, and each such party shall consider in good faith the views of such counsel in connection
with, any proposed material, substantive written communications by such party or its Affiliates to any Governmental Authority concerning the Transactions; provided, however,
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that none of CGAC or Merger Sub shall enter into any agreement with any Governmental Authority relating to any Regulatory Approval contemplated in this Agreement without the written consent of
the Company; provided, further, that neither the Company nor CGAC or Merger Sub shall enter into any agreement with any Governmental Authority with respect to the Transactions which (i) as a result of its terms delays in any material respect
the consummation of, or prohibits, the Transactions, or (ii) adds any condition to the consummation of the Transactions, in any such case, without the prior written consent of (A) CGAC in case such agreement is entered into by the Company
or Merger Sub, or (B) the Company, in case such agreement is entered into by CGAC. To the extent not prohibited by Law, the Company agrees to provide CGAC and its counsel, and CGAC agrees to provide to the Company and its counsel, the
opportunity, to the extent practical, on reasonable advance notice, to participate in any material substantive meetings or discussions, either in person or by telephone, between such party or any of its Affiliates or Representatives, on the one
hand, and any Governmental Authority, on the other hand, concerning or in connection with the Transactions. Each of the parties hereto agrees to make all filings, to provide all information required of such party and to reasonably cooperate with
each other, in each case, in connection with the Regulatory Approvals; provided, further, that such party shall not be required to provide information to the extent that (w) any applicable Law requires it or its Affiliates to restrict or
prohibit access to such information, (x) in the reasonable judgment of such party, the information is subject to confidentiality obligations to a third party, (y) in the reasonable judgment of such party, the information is commercially
sensitive and disclosure of such information would have a material impact on the business, results of operations or financial condition of such party, or (z) disclosure of any such information would reasonably be likely to result in the loss or
waiver of the attorney-client, work product or other applicable privilege.
(c) Subject to
Section 11.6, the Company, on the one hand, and CGAC, on the other, shall each be responsible for and pay one-half of the filing fees payable to the Governmental Authorities in
connection with the Transactions, including such filing fees payable by Merger Sub.
Section 8.2. Preparation of
Proxy/Registration Statement; CGAC Shareholders Meeting; Company Shareholders Meeting; Approvals/Other Filings
(a) Proxy/Registration Statement.
(i) As promptly as reasonably practicable after the execution of this Agreement, CGAC and the Company shall prepare and, after receipt of the
required Company PCAOB Financial Statements, file or confidentially submit with the SEC, a registration statement on Form F-4 (as amended or supplemented from time to time, and including the Proxy Statement
(as defined below) contained therein, the Registration Statement) in connection with the registration under the Securities Act of the CGAC Ordinary Shares that constitute the Merger Consideration, the CGAC Ordinary Shares that
constitute the Company Shareholder Earnout Shares and ADSs representing the CGAC Ordinary Shares that form the Merger Consideration and the Company Shareholder Earnout Shares, which Registration Statement will also contain a proxy statement relating
to the CGAC Shareholders Meeting (the Proxy Statement) to approve and adopt: (A) the Business Combination, this Agreement and the other Transaction Documents, the Merger and the other Transactions, (B) the CGAC
LTIP, (C) any other proposals as the SEC (or staff member thereof) may indicate are necessary in its comments to the Registration Statement or correspondence related thereto, (D) any other proposals as reasonably agreed by CGAC and the
Company to be necessary or appropriate in connection with the transactions contemplated hereby, and (E) adjournment of the CGAC Shareholders Meeting, if necessary, to permit further solicitation of proxies because there are not sufficient
votes to approve and adopt any of the foregoing (such proposals in (A) through (E), collectively, the Transaction Proposals). Each party shall use its reasonable best efforts to (1) cause the Proxy/Registration Statement
when filed by CGAC with the SEC to comply in all material respects with all Laws applicable thereto and rules and regulations promulgated by the SEC, (2) respond as promptly as reasonably practicable to and resolve all comments received from
the SEC concerning the Proxy/Registration Statement, (3) cause the Proxy/Registration Statement to be declared effective under the Securities Act as promptly as practicable, and (4) keep the Proxy/Registration Statement effective as long
as is necessary to consummate the Transactions. Prior to the effective date of the Proxy/Registration
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Statement, CGAC shall take all or any action required under any applicable federal or state securities Laws in connection with the issuance of CGAC Ordinary Shares pursuant to this Agreement.
CGAC also agrees to use its reasonable best efforts to obtain all necessary state securities law or Blue Sky permits and approvals required to carry out the Transactions, and the Company shall furnish all information concerning the Group
Companies and any of their respective members or shareholders as may be reasonably requested in connection with any such action. As promptly as practicable after finalization and effectiveness of the Proxy/Registration Statement, CGAC shall use
reasonable best efforts to within five Business Days thereof, mail the Proxy/Registration Statement to the CGAC Shareholders. Each of CGAC and the Company shall furnish to the other parties all information concerning itself, its Subsidiaries,
officers, directors, managers, shareholders, and other equityholders and information regarding such other matters as may be reasonably necessary or advisable or as may be reasonably requested in connection with the Proxy/Registration Statement, or
any other statement, filing, notice or application made by or on behalf of CGAC the Company or their respective Affiliates to any regulatory authority (including Nasdaq) in connection with the Transactions. For the avoidance of any doubt, the cost
for the preparation, filing and mailing of the Proxy/Registration Statement and other related fees shall be solely borne by CGAC.
(ii)
The Company and CGAC shall each use its reasonable best efforts (i) to assist the other in preparing in a timely manner any other financial information or statements (including customary pro forma financial statements) that are required to be
included in the Proxy/Registration Statement and any other filings to be made by CGAC with the SEC in connection with the Transactions, and (ii) to obtain the consents of its auditors with respect thereto as may be required by applicable Law or
requested by the SEC in connection therewith.
(iii) Any filing of, or amendment or supplement to, the Proxy/Registration Statement will
be prepared by CGAC and agreed upon by the Company. CGAC will advise the Company, promptly after receiving notice thereof, of the time when the Proxy/Registration Statement has become effective or any supplement or amendment has been filed, of the
issuance of any stop order, of the suspension of the qualification of Ordinary Shares to be issued or issuable in connection with this Agreement for offering or sale in any jurisdiction, or of any request by the SEC for amendment of the
Proxy/Registration Statement or comments thereon and responses thereto or requests by the SEC for additional information and responses thereto, and shall provide the Company a reasonable opportunity to provide comments and amendments to any such
filing. CGAC and the Company shall cooperate and mutually agree upon (such agreement not to be unreasonably conditioned, withheld, delayed or denied), any response to comments of the SEC or its staff with respect to the Proxy/Registration Statement
and any amendment to the Proxy/Registration Statement filed in response thereto.
(iv) If, at any time prior to the Effective Time, any
event or circumstance relating to CGAC, Merger Sub or their respective officers or directors, should be discovered by CGAC or Merger Sub which should be set forth in an amendment or a supplement to the Proxy/Registration Statement, CGAC shall
promptly inform the Company. If, at any time prior to the Effective Time, any event or circumstance relating to any of the Group Companies or their respective officers or directors, should be discovered by the Company which should be set forth in an
amendment or a supplement to the Proxy/Registration Statement, the Company shall promptly inform CGAC. Thereafter, CGAC and the Company shall promptly cooperate in the preparation and filing by CGAC of an appropriate amendment or supplement to the
Proxy/Registration Statement describing or correcting such information and CGAC shall promptly file such amendment or supplement with the SEC and, to the extent required by Law, disseminate such amendment or supplement to the CGAC Shareholders.
(b) CGAC Shareholders Approval.
(i) Prior to or as promptly as practicable after the Proxy/Registration Statement is declared effective under the Securities Act, CGAC shall
establish a record date for, duly call, give notice of, convene and hold a meeting of the CGAC Shareholders (including any adjournment or postponement thereof, the CGAC Shareholders Meeting) to be held as
promptly as reasonably practicable following the date that the Proxy/Registration Statement is declared effective under the Securities Act for the purpose of voting on the Transaction Proposals and obtaining the CGAC Shareholders Approval
(including any adjournment or postponement of such meeting for the purpose
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of soliciting additional proxies in favor of the adoption of this Agreement), providing CGAC Shareholders with the opportunity to elect to effect a CGAC Share Redemption and such other matter as
may be mutually agreed by CGAC and the Company. CGAC will use its reasonable best efforts to (A) solicit from its shareholders proxies in favor of the adoption of the Transaction Proposals, including the CGAC Shareholders Approval, and
will take all other action necessary or advisable to obtain such proxies and CGAC Shareholders Approval, and (B) to obtain the vote or consent of its shareholders required by and in compliance with all applicable Law, Nasdaq rules and the
CGAC Articles of Association. CGAC (A) shall consult with the Company regarding the record date and the date of the CGAC Shareholders Meeting, and (B) shall not adjourn or postpone the CGAC Shareholders Meeting without the
prior written consent of the Company (which consent shall not be unreasonably conditioned, withheld, delayed or denied); provided, however, that CGAC shall adjourn or postpone the CGAC Shareholders Meeting (1) to the extent necessary to
ensure that any supplement or amendment to the Proxy/Registration Statement that CGAC reasonably determines (following consultation with the Company, except with respect to any Company Acquisition Proposal) is necessary to comply with applicable
Laws, is provided to the CGAC Shareholders in advance of a vote on the adoption of this Agreement, (2) if, as of the time that the CGAC Shareholders Meeting is originally scheduled, there are insufficient CGAC Shares represented at such
meeting (either in person or by proxy) to constitute a quorum necessary to conduct the business of the CGAC Shareholders Meeting, or (3) if, as of the time that the CGAC Shareholders Meeting is originally scheduled, adjournment or
postponement of the CGAC Shareholders Meeting is necessary to enable CGAC to solicit additional proxies required to obtain CGAC Shareholders Approval; provided further, however, that CGAC shall adjourn or postpone on not more than three
occasions and so long as the date of the CGAC Shareholders Meeting is not adjourned or postponed more than an aggregate of 45 consecutive days in connection with such adjournment or postponement, and CGAC shall not be entitled to adjourn or
postpone the CGAC Shareholders Meeting without the prior written consent of the Company if the events described in clauses (2) and (3) results from a violation by CGAC, Sponsor or their respective Affiliates of any
Transaction Documents.
(ii) The Proxy/Registration Statement shall include a statement to the effect that CGAC Board has unanimously
recommended that the CGAC Shareholders vote in favor of the Transaction Proposals at the CGAC Shareholders Meeting (such statement, the CGAC Board Recommendation) and neither the CGAC Board nor any committee thereof shall withhold,
withdraw, qualify, amend or modify, or publicly propose or resolve to withhold, withdraw, qualify, amend or modify, the CGAC Board Recommendation.
(c) Company Shareholder Approval.
(i) As promptly as practicable following the Domestication Effective Date and only after the date that the Proxy/Registration Statement is
declared effective under the Securities Act (Proxy Effective Date), Company shall establish a record date for, duly call, give notice of, convene and hold a meeting of the Company Shareholders (including any adjournment or
postponement thereof, the Company Shareholders Meeting) to be held as promptly as reasonably practicable following the Domestication Effective Date and the Proxy Effective Date for the purpose of obtaining the
Company Shareholder Approval (including any adjournment or postponement of such meeting for the purpose of soliciting additional proxies in favor of the adoption of this Agreement). The Company will use its reasonable best efforts to
(A) solicit from its shareholders proxies and will take all other action necessary or advisable to obtain such proxies and Company Shareholder Approval, and (B) to obtain the vote or consent of its shareholders required by and in
compliance with all applicable Law and its Organizational Documents.
(ii) The shareholder circular for the Company Shareholders
Meeting shall include the Company Recommendation and, subject to Section 6.3, neither the Company Board nor any committee thereof shall withhold, withdraw, qualify, amend or modify, or publicly propose or resolve to
withhold, withdraw, qualify, amend or modify, the Company Recommendation.
(d) Other Filings.
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(i) As promptly as practicable after execution of this Agreement, CGAC will prepare and file
a Current Report on Form 8-K pursuant to the Exchange Act to report the execution of this Agreement, the form and substance of which shall be approved in advance in writing by the Company.
(ii) Promptly after the execution of this Agreement, CGAC and the Company shall also issue a joint press release announcing the execution of
this Agreement.
(iii) CGAC shall prepare a draft Current Report on Form 8-K announcing the
results of the CGAC Shareholders Meeting and such other information that may be required to be disclosed with respect to the Transactions in any report or form to be filed with the SEC on or prior to the Closing Date (CGAC
Shareholders Meeting Form 8-K), the form and substance of which shall be approved in advance in writing by the Company. CGAC shall prepare a draft Current Report on Form 6-K announcing the Closing and such other information that may be required to be disclosed with respect to the Transactions (the Closing Form 6-K), the form
and substance of which shall be approved in advance in writing by CGAC. As promptly as practicable following the CGAC Shareholders Meeting, CGAC shall file the CGAC Shareholders Meeting Form 8-K
with the SEC. Concurrently with the Closing, or as soon as practicable thereafter, CGAC shall file the Closing Form 6-K with the SEC. Prior to the Closing, CGAC and the Company shall prepare a joint press
release announcing the consummation of the Transactions hereunder (Closing Press Release). Substantially concurrently with the Closing, CGAC shall issue the Closing Press Release. Unless otherwise provided herein, during the
Interim Period, each of CGAC and the Company shall each use its reasonable best efforts to consult with each other before issuing any press release or otherwise making any public statements, in each case, with respect to this Agreement, the Merger
or any of the other Transactions, and shall not issue any such press release or make any such public statement without the prior written consent of the other party.
Section 8.3. Additional Permitted Financings
(a) Subject to the prior written consent of the Company (which consent may be withheld in the sole and absolute discretion of
the Company), CGAC shall use its reasonable best efforts to solicit, negotiate and enter into Additional Permitted Financings in an effort to satisfy the Gross Proceeds Target and the parties to this Agreement shall reasonably cooperate with each
other in connection thereto. For the avoidance of doubt, it is hereby understood and agreed that the decision to negotiate any Additional Permitted Financings from any potential alternative sources of financing and the terms of any such Additional
Permitted Financings and the instruments governing such Additional Permitted Financings shall be subject to the prior written consent of the Company (which consent may be withheld in the sole and absolute discretion of the Company), and none of the
foregoing actions shall be taken, and no Additional Permitted Financings shall be entered into, without such prior written consent.
(b) Each of CGAC and the Company shall reasonably cooperate and provide reasonable assistance and information (subject to the
terms, conditions and limitations in Section 6.2 herein) as reasonably requested by the other party in connection with the entry into any Additional Permitted Financings.
(c) To the extent that any Additional Permitted Financings shall have been expressly consented to by the Company and entered
into in accordance with the terms of this Section 8.3:
(i) as of the date of entering into such Additional
Permitted Financings, CGAC will deliver to the Company true, correct and complete copies of each of the fully executed instruments governing such Additional Permitted Financings; and
(ii) no party to this Agreement shall enter into any side letters or Contracts related to the provision or funding, as applicable, of the
purchases contemplated by the instruments governing such Additional Permitted Financings or the Transactions other than as expressly set forth in this Agreement, the instruments governing such Additional Permitted Financings or any other agreement
entered into (or to be entered into) in connection with the Transactions with the prior written consent of the Company.
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Section 8.4. Support of Transaction. Without limiting any
covenant contained in Article VI or Article VII, upon the terms and subject to the conditions set forth in this Agreement, (a) the Company shall, and shall cause its Subsidiaries to and (b) CGAC shall, and shall cause Merger
Sub to (i) use reasonable best efforts to take, or cause to be taken, all actions, and to do, or cause to be done, and to assist and cooperate with the other parties to this Agreement in doing, all things necessary, proper or advisable to
consummate and make effective, in the most expeditious manner practicable, the Merger and the other Transactions, (ii) use reasonable best efforts to obtain all material consents and approvals of third parties that the Company and any of its
Subsidiaries or CGAC and Merger Sub, as applicable, are required to obtain in order to consummate the Transactions, and (iii) use reasonable best efforts to take such other action as may be reasonably necessary or as another party hereto may
reasonably request to satisfy the conditions of Article IX or otherwise to comply with this Agreement and to consummate the Transactions as soon as practicable; provided, however, that, notwithstanding anything contained in this Agreement to
the contrary, nothing in this Agreement, including this Article VIII, shall require the Company, any of its Subsidiaries, Merger Sub or CGAC or any of their respective Affiliates to (A) propose, negotiate, commit to or effect by consent
decree, hold separate order or otherwise, the sale, divestiture, licensing or disposition of any assets or businesses of any Group Company or CGAC, (B) take or commit to take actions that limit the freedom of action of any of the Company, any
of its Subsidiaries or CGAC with respect to, or the ability to retain, control or operate, or to exert full rights of ownership in respect of, any of the businesses, product lines or assets of the Company, any of its Subsidiaries or Material
Subsidiaries or CGAC or (C) grant any financial, legal or other accommodation to any other Person, including agreeing to change any of the terms of the Transactions.
Section 8.5. Tax Matters
(a) Each of CGAC, Merger Sub and the Company shall (i) use its respective reasonable best efforts to cause the Merger to
qualify, and agree not to, and not to permit or cause any of their Affiliates or Subsidiaries to, take any action which to its knowledge could reasonably be expected to prevent or impede the Transactions from qualifying, for the Intended Tax
Treatment (excluding, for the avoidance of doubt, any action contemplated under this Agreement or other Transaction Documents) and (ii) not cause Merger Sub to change its classification as a corporation for U.S. federal income tax purposes.
Each of CGAC, Merger Sub and the Company shall report the Merger consistently with the Intended Tax Treatment unless otherwise required pursuant to a determination within the meaning of Section 1313(a) of the Code. In addition, each
of CGAC, Merger Sub and the Company shall reasonably cooperate with each other and their respective tax counsel to document and support the Intended Tax Treatment.
(b) Notwithstanding anything in Section 8.6(a) to the contrary, all Transfer Taxes shall be borne
and paid by CGAC. Unless otherwise required by applicable Law, CGAC shall timely file any Tax Return or other document with respect to such Transfer Taxes (and the Company and CGAC shall reasonably cooperate with respect thereto as necessary). The
Company and CGAC shall reasonably cooperate to reduce or eliminate the amount of any such Transfer Taxes.
(c) CGAC shall
provide to each Company Shareholder who is required to file a gain recognition agreement under Section 367(a) of the Code and the regulations thereunder in connection with the Merger in order to avoid gain recognition on the Merger for U.S.
federal income tax purposes any information or assistance reasonably requested by such Company Shareholder to enable such Company Shareholder to prepare and file such gain recognition agreement and any related forms or returns. CGAC shall also
comply with the reporting obligations under Treasury Regulation Section 1.368-3 with respect to the Merger, and shall provide to each Company Shareholder any information or assistance reasonably requested
by such Company Shareholder to enable such Company Shareholder to comply with Treasury Regulation Section 1.368-3(b).
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Section 8.6. Post-Closing Directors and Officers of CGAC.
(a) Subject to the terms of the CGAC Articles of Association, CGAC shall take all such action within its power as may be
necessary or appropriate such that at the Effective Time CGACs Board shall initially consist of nine (9) directors (to be elected to the CGAC Board in the following manner), each to hold office in accordance with the New CGAC Articles of
Association:
(i) Sponsor shall have the right to designate one (1) director, subject to the prior approval of the Company (such
approval not to be unreasonably withheld, conditioned or delayed) who shall qualify as Independent Director under Nasdaq Rule 5605(a)(2); and
(ii) The Company shall have the right to designate eight (8) directors, which may include those persons currently serving as executive
and non-executive directors of the Company; provided that at least four (4) of such directors shall qualify as Independent Directors under Nasdaq Rule 5605(a)(2); and
(b) In addition to Companys rights to designate directors hereunder, CGAC further covenants to duly execute and deliver,
on or prior to Closing, an agreement with SGI Group Limited, entitling SGI Group Limited and its Affiliates to nominate, effective from and after the Effective Time, a maximum of 3 directors on CGAC Board on terms and subject to conditions
consistent with the Relationship Agreement in the form acceptable to the Company.
(c) The individuals holding such
positions as set forth on Schedule 8.6(b) shall be the officers of CGAC, each such officer to hold office in accordance with the CGAC Articles of Association until they are removed or resign in accordance with the CGAC Articles of Association
or until their respective successors are duly elected or appointed and qualified.
Section 8.7. CGAC Equity
Plan. During the Interim Period, CGAC will adopt the CGAC Long Term Incentive Plan (the CGAC LTIP) the draft rules of which are included in Exhibit I. The CGAP LTIP is a discretionary plan under which the
Compensation Committee of the CGAC Board may grant awards to selected employees and contractors up to 17,540,000 CGAC Ordinary Shares. Awards, the vesting of which may or may not be subject to performance conditions, at the discretion of the
Compensation Committee, may be granted in the form of options, conditional awards, restricted shares, restricted stock units or stock appreciation rights, and may be settled in CGAC share or cash. Awards will normally vest over three (3) years.
Section 8.8. Payment of Expenses.
(a) No sooner than five (5) or later than two (2) Business Days prior to the Closing Date, the Company shall provide
to CGAC a written report setting forth a list of outstanding amounts of all Company Transaction Expenses. On the Closing Date, the Surviving Entity shall (i) pay or cause to be paid by wire transfer of immediately available funds all such
Company Transaction Expenses and, to the extent not paid by CGAC or Sponsor or its Affiliates, the CGAC Transaction Expenses, (ii) pay or cause to be paid to the Sponsor (or, at the direction of Sponsor, to one or more Affiliates of Sponsor) by
wire transfer of immediately available funds, as reimbursement, an amount equal to all CGAC Transaction Expenses that have be paid out of pocket by the Sponsor or its Affiliates and, consequently, have been fully discharged prior to the Closing, and
(iii) incur CGACs obligations to pay or cause to be paid all CGAC Transaction Expenses that are not otherwise paid by CGAC or Sponsor or its Affiliates pursuant to Section 7.1 and paragraph (b) below.
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(b) No sooner than five (5) or later than two (2) Business Days
prior to the Closing Date, CGAC shall provide to the Company a written report setting forth a list of outstanding amounts of all CGAC Transaction Expenses accompanied by invoices and supporting documentation. On the Closing Date following the
Closing, CGAC shall pay or cause to be paid by wire transfer of immediately available funds all such CGAC Transaction Expenses; provided, however, that the aggregate amount of the CGAC Transaction Expenses shall not exceed Seventeen Million Fifty
Thousand dollars ($17,050,000) (the CGAC Transaction Expenses Cap); provided that, for purposes of determining whether the CGAC Transaction Expenses exceed the CGAC Transaction Expenses Cap, any financial advisory or underwriting
fee incurred by CGAC and contingent upon the amount raised in connection with, or subject to the consummation of, any Additional Permitted Financing shall be excluded. Notwithstanding anything to the contrary in this Agreement, if the aggregate
amount of CGAC Transaction Expenses exceeds the CGAC Transaction Expenses Cap (such excess being the Excess Expense Amount), the Sponsors shall, pursuant to the Sponsor Support Agreement, either choose to promptly repay the Excess
Expense Amount within 2 Business Days from Closing Date or forfeit immediately following the Closing a number of Sponsor Shares equal to the quotient obtained by dividing the Excess Expense Amount by $10.00.
Section 8.9. Shareholder Litigation.
(a) Each of CGAC and the Company shall promptly advise the other of any Action commenced (or to the Knowledge of the Company
or CGAC, as applicable, threatened) on or after the date of this Agreement against such party, any of its Subsidiaries or any of its directors or officers by any Company Shareholder or CGAC Shareholder relating to this Agreement, the Merger or any
of the other Transactions (any such Action, Shareholder Litigation), and such party shall keep the other party reasonably informed regarding any such Shareholder Litigation.
(b) Other than with respect to any Shareholder Litigation where CGAC or the Company are adverse to each other or in the
context of any Shareholder Litigation related to or arising out of a Company Acquisition Proposal or a CGAC Acquisition Proposal, (a) the Company shall give CGAC a reasonable opportunity to participate in the defense or settlement of any such
Shareholder Litigation (and consider in good faith the suggestions of CGAC in connection therewith) brought against the Company, any of its Subsidiaries or any of their respective directors or officers and no such settlement shall be agreed to
without CGACs prior consent (which consent shall not be unreasonably conditioned, withheld, delayed or denied), and (b) CGAC shall give the Company a reasonable opportunity to participate in the defense or settlement of any such
Shareholder Litigation (and consider in good faith the suggestions of the Company in connection therewith) brought against CGAC or the Merger Sub or any of its directors or officers, and no such settlement shall be agreed to without the
Companys prior consent (which consent shall not be unreasonably conditioned, withheld, delayed or denied).
ARTICLE IX
CONDITIONS TO OBLIGATIONS
Section 9.1. Conditions to Obligations of CGAC, Merger Sub and the Company
The obligations of each party hereto to consummate, or cause to be consummated, the Transactions to occur at the Closing, are
each subject to the satisfaction of the following conditions, any one or more of which may be waived in writing by the Company and CGAC, as applicable whose obligations are conditioned thereupon:
(a) the CGAC Shareholders Approval and the Company Shareholder Approval shall have been obtained;
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(b) the Proxy/Registration Statement shall have become effective under the
Securities Act; no stop order suspending the effectiveness of the Proxy/Registration Statement shall have been issued; no proceedings for that purpose shall have been initiated or threatened by the SEC and not withdrawn and CGAC shall have delivered
to the Company the prospectus contained in the Proxy/Registration Statement for delivery to Company Shareholders in connection with obtaining vote in the Company Shareholders Meeting and the use of such prospectus has not been suspended by
SEC;
(c) the ADS Registration Statement shall have become effective under the Securities Act; no stop order suspending
the effectiveness of the ADS Registration Statement shall have been issued; no proceedings for that purpose shall have been initiated or threatened by the SEC and not withdrawn and the use of the prospectus contained in the ADS Registration
Statement has not been suspended by SEC;
(d) no Governmental Authority having jurisdiction over any of the parties hereto
or any of the Transactions shall have enacted, issued, promulgated, enforced or entered any Law (whether temporary, preliminary or permanent) or Governmental Order issued by a Governmental Authority having jurisdiction over any of the parties hereto
or any of the Transactions that are then in effect and which has the effect of making the Closing illegal or which otherwise prevents or prohibits consummation of the Closing;
(e) the ADS Deposit Agreement, Registration Rights Agreement, Escrow Agreement and the Contingent Share Rights Agreement shall
have been duly executed and delivered on or prior to the Closing;
(f) CGAC shall have established the CGAC LTIP the draft
rules of which are included in Exhibit I;
(g) the CGAC Shareholders shall have approved and adopted the New CGAC
Articles of Association;
(h) the ADSs representing the CGAC Ordinary Shares that form part of the Merger Consideration
shall have been approved for listing on Nasdaq subject to official notice of issuance; and
(i) The Company shall have
completed the Domestication in accordance with Section 2.1(a) hereto and the Domestication Effective Date shall have occurred.
Section 9.2. Conditions to Obligations of CGAC and Merger Sub
The obligations of CGAC and Merger Sub to consummate, or cause to be consummated, the Transactions to occur at the Closing are
subject to the satisfaction of the following additional conditions, any one or more of which may be waived in writing by Company:
(a) the representations and warranties contained in Section 3.1 (Organization, Good Standing and
Qualification), Section 3.2(a) (Capitalization and Voting Rights), Section 3.4 (Authorization), and Section 3.17 (Brokers) of this Agreement shall be
true and correct in all but de minimis respects as of the Closing Date as if made at the Closing Date, except to the extent that any such representation and warranty expressly speaks as of an earlier date, in which case such representation
and warranty shall be true and correct in all but de minimis respects as of such earlier date. Each of the other representations and warranties of the Company contained in this Agreement shall be true and correct in all respects as of the
Closing Date (except with respect to such representations and warranties which speak as to an earlier date, which representations and warranties shall be true and correct at and as of such date) except for inaccuracies or the failure of such
representations and warranties to be true and correct that (without giving effect to any limitation as to materiality or Company Material Adverse Effect or another similar materiality qualification set forth therein)
individually or in the aggregate, has not had, and would not reasonably be expected to have, a Company Material Adverse Effect;
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(b) each of the covenants and obligations of the Company to be performed as
of or prior to the Closing Date shall have been performed in all material respects;
(c) the Company shall have delivered
to CGAC a certificate, dated the date of the Closing, signed by an officer of the Company, certifying as to the satisfaction of the conditions specified in Section 9.2(a), Section 9.2(b) and
Section 9.2(d); and
(d) absence of any Company Material Adverse Effect following the execution
of this Agreement that exists as of the Closing Date.
Section 9.3. Conditions to Obligations of Company
The obligations of the Company to consummate, or cause to be consummated, the Transactions to occur at the Closing are subject
to the satisfaction of the following additional conditions, any one or more of which may be waived in writing by CGAC:
(a) the representations and warranties contained in Section 4.1 (Organization, Good Standing,
Corporate Power and Qualification), Section 4.2 (Capitalization and Voting Rights), Section 4.4 (Authorization), Section 4.10 (Brokers), Section 5.1
(Organization, Good Standing, Corporate Power and Qualification), Section 5.2(a) (Capitalization and Voting Rights), Section 5.4 (Authorization) and
Section 5.8 (Brokers) of this Agreement shall be true and correct in all but de minimis respects as of the Closing Date as if made at the Closing Date, except to the extent that any such representation and
warranty expressly speaks as of an earlier date, in which case such representation and warranty shall be true and correct in all but de minimis respects as of such earlier date. Each of the other representations and warranties of CGAC
contained in this Agreement shall be true and correct in all respects as of the Closing Date (except with respect to such representations and warranties which speak as to an earlier date, which representations and warranties shall be true and
correct at and as of such date) except for inaccuracies or the failure of such representations and warranties to be true and correct that (without giving effect to any limitation as to materiality or CGAC Material Adverse
Effect or another similar materiality qualification set forth therein, individually or in the aggregate, has not had, and would not, individually or in the aggregate, reasonably be expected to have a CGAC Material Adverse Effect;
(b) each of the covenants of CGAC and Merger Sub to be performed as of or prior to the Closing Date shall have been performed
in all material respects;
(c) CGAC shall have delivered to the Company a certificate, dated the date of the Closing,
signed by an officer of CGAC, certifying as to the satisfaction of the conditions specified in Section 9.3(a), Section 9.3(b) and Section 9.3(d);
(d) absence of any CGAC Material Adverse Effect following the execution of this Agreement that exists as of the Closing Date;
and
(e) other than that certain person identified as continuing directors in accordance with
Section 8.6, all members of the board of directors and officers of CGAC shall have executed written resignations effective as of the Effective Time.
Section 9.4. Frustration of Conditions. None of CGAC, Merger Sub or the Company may rely on the failure of any
condition set forth in this Article IX to be satisfied if such failure was caused by such partys failure to comply in all material respects with its obligations under Section 8.5.
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ARTICLE X
TERMINATION/EFFECTIVENESS
Section 10.1. Termination
This Agreement may be terminated and the Transactions abandoned:
(a) by mutual written consent of the Company and CGAC;
(b) by written notice from the Company or CGAC to the other if any Governmental Authority shall have enacted, issued,
promulgated, enforced or entered any Governmental Order which has become final and nonappealable and has the effect of making consummation of the Transactions illegal or otherwise preventing or prohibiting consummation of the Transactions; provided
that the right to terminate this Agreement under this Section 10.1(b) will not be available to any party whose failure to fulfill any of its obligations under this Agreement has caused or resulted in such Governmental
Order;
(c) by written notice from the Company or CGAC to the other if the Company Shareholder Approval shall not have
been obtained by reason of the failure to obtain the required vote at the meeting of Company Shareholders duly convened therefor or at any adjournment or postponement thereof;
(d) by written notice to CGAC from the Company (at any time prior to receiving the Company Shareholder Approval) in order to
enter into a definitive written agreement providing for a Superior Proposal in accordance with Section 6.3(d); provided, that no such termination shall be effective unless the Company (i) has complied with the
requirements of Section 6.3 in connection with such Superior Proposal and (ii) pays the Termination Fee in accordance with Section 10.3;
(e) by written notice to the Company from CGAC (at any time prior to receiving the Company Shareholder Approval) if an Adverse
Recommendation Change shall have occurred;
(f) by written notice to the Company from CGAC if there is any breach of any
representation, warranty, covenant or agreement on the part of the Company set forth in this Agreement, such that the conditions specified in Section 9.2 would not be satisfied at the Closing Date (a Terminating
Company Breach), except that, if such Terminating Company Breach is curable by the Company upon the earlier of (A) the expiration of 30 days following the date CGAC gives the Company notice of such breach and (B) the Outside Date
(the Company Cure Period), then such termination shall not be effective, and such termination shall become effective only if the Terminating Company Breach is not cured within the Company Cure Period, provided, that CGAC shall not
have the right to terminate this Agreement pursuant to this Section 10.1(f) if at such time CGAC is in material uncured breach of this Agreement;
(g) by written notice to CGAC from the Company if there is any breach of any representation, warranty, covenant or agreement
on the part of CGAC, Merger Sub or the Sponsor set forth in this Agreement, such that the conditions specified in Section 9.3 would not be satisfied at the Closing Date (a Terminating CGAC Breach), except
that if any such Terminating CGAC Breach is curable by CGAC, Merger Sub or the Sponsor upon the earlier of (A) the expiration of 30 days following the date the Company gives CGAC notice of such breach and (B) the Outside Date (the
CGAC Cure Period), such termination shall not be effective, and such termination shall become effective only if the Terminating CGAC Breach is not cured within CGAC Cure Period, provided, that the Company shall not have the right
to terminate this Agreement pursuant to this Section 10.1(g) if at such time the Company is in material uncured breach of this Agreement;
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(h) by written notice from the Company or CGAC to the other if the CGAC
Shareholders Approval shall not have been obtained at the CGAC Shareholders Meeting, or at any adjournment or postponement thereof taken in accordance with this Agreement, which termination right shall not be exercisable by CGAC if CGAC
has materially breached any of its obligations under the proviso to Section 8.2(b)(i); and
(i)
by either CGAC or the Company, if the transactions contemplated by this Agreement shall not have been consummated on or prior to the earliest to occur: (x) the date of the deadline for CGAC to consummate its initial business combination, as
such date may be extended from time to time following one or more Extensions, or (y) the one-year anniversary from the date hereof (the Outside Date); provided, however, that this
Agreement may not be terminated under this Section 10.1(i) by or on behalf of any party that either directly or indirectly through its Affiliates is in breach or violation of any representation, warranty, covenant, agreement or obligation
contained herein that results in, or is the principal cause of, the failure of a condition set forth in Article IX to be satisfied on or prior to the Outside Date.
Section 10.2. Effect of Termination. In the event of the termination of this Agreement pursuant to
Section 10.1, this Agreement shall forthwith become void, there shall be no liability under this Agreement on the part of any party hereto, other than the liability of any party for any fraud or any willful and material
breach of this Agreement prior to such termination or except as set forth in this Section 10.2, Section 10.3, Article XI (but in the case of Section 11.15, only in
respect of any covenant surviving termination) and any corresponding definitions set forth in Article I and (b) the NDA, which shall survive such termination and remain valid and binding obligations of the parties thereto in accordance
with their respective terms.
Section 10.3. Termination Fee.
(a) The Company shall pay to CGAC the Termination Fee if:
(i) the Company terminates this Agreement pursuant to Section 10.1(d); or
(ii) CGAC terminates this Agreement pursuant to Section 10.1(e).
(b) Any Termination Fee due under Section 10.3(a) shall be paid by wire transfer of immediately
available funds to an account designated by CGAC (A) in the case of clause (i) above, prior to or substantially concurrently with such termination, and (B) in the case of clause (ii) above, no later than two (2) Business
Days after the date of such termination. In no event shall the Company be obligated to pay the Termination Fee on more than one occasion.
(c) The parties acknowledge and agree that the agreements contained in this Section 10.3 are an
integral part of the transactions contemplated by this Agreement, and that, without these agreements, the parties would not enter into this Agreement; accordingly, if the Company fails to timely pay any amount due pursuant to this
Section 10.3, and, in order to obtain payment, CGAC commences any action, suit or proceeding which results in a judgment against the Company, the Company shall pay CGAC its reasonable and documented out-of-pocket costs and expenses (including reasonable and documented fees of outside legal counsel) in connection with such action, suit or proceeding. The parties hereto
agree that (except in the event of intentional fraud and except for CGACs rights under Section 11.15), upon termination of this Agreement under circumstances that entitle CGAC to the Termination Fee, the payment of
the Termination Fee shall be the sole and exclusive remedy available to the CGAC Related Parties against the Company Related Parties for all losses suffered as a result of the failure of the transactions contemplated by this Agreement to be
consummated or for a breach or failure to perform hereunder or otherwise, and, upon payment of the Termination Fee in such circumstances, (except in the event of intentional fraud and except for CGACs rights under
Section 11.15) the Company Related Parties shall have no further liability or obligation relating to or arising out of this Agreement or the transactions contemplated hereby.
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ARTICLE XI
MISCELLANEOUS
Section 11.1. Trust Account Waiver. Notwithstanding anything to the contrary set forth in this Agreement, the
Company acknowledges that it has read the publicly filed final prospectus of CGAC, filed with the SEC on December 18, 2020 (File No. 333-251-040), including
the form of investment management trust agreement by and between CGAC and CST, a New York corporation, and understands that CGAC has established the trust account described therein (the Trust Account) for the benefit of
CGACs public shareholders and that disbursements from the Trust Account are available only in the limited circumstances set forth therein. The Company further acknowledge and agree that CGACs sole assets consist of the cash proceeds of
CGACs initial public offering (the IPO) and private placements of its securities occurring simultaneously with the IPO, and that substantially all of these proceeds have been deposited in the Trust Account for the benefit of
its public shareholders. Accordingly, the Company (on behalf of itself and its Subsidiaries and Affiliates) hereby waives any past, present or future claim of any kind arising out of this Agreement against, and any right to access, the Trust
Account, any trustee of the Trust Account and CGAC to collect from the Trust Account any monies that may be owed to them by CGAC or any of its Affiliates for any reason whatsoever, and will not seek recourse against the Trust Account at any time for
any reason whatsoever, including, without limitation, for any knowing and intentional material breach by any of the parties to this Agreement of any of its representations or warranties as set forth in this Agreement, or such partys material
breach of any of its covenants or other agreements set forth in this Agreement, which material breach constitutes, or is a consequence of, a purposeful act or failure to act by such party with the knowledge that the taking of such act or failure to
take such act would cause a material breach of this Agreement. This Section 11.1 shall survive the termination of this Agreement for any reason.
Section 11.2. Waiver. CGAC on behalf of itself and its Affiliates and the Company on behalf of itself and its
Affiliates may in its sole discretion (i) extend the time for the performance of any obligation or other act of any other non-affiliated Party hereto, (ii) waive any inaccuracy in the representations
and warranties by such other non-affiliated Party contained herein or in any document delivered pursuant hereto and (iii) waive compliance by such other
non-affiliated Party with any covenant or condition contained herein. Any such extension or waiver shall be valid only if set forth in an instrument in writing signed by the party or parties to be bound
thereby. Notwithstanding the foregoing, no failure or delay by a Party in exercising any right hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise of any other right
hereunder.
Section 11.3. Notices. All general notices, demands or other communications required or permitted
to be given or made hereunder shall be in writing and delivered personally or sent by courier or sent by registered post or sent by electronic mail to the intended recipient thereof at its address or at its email address set out below (or to such
other address or email address as a party may from time to time notify the other parties). Any such notice, demand or communication shall be deemed to have been duly served (a) if given personally or sent by courier, upon delivery during normal
business hours at the location of delivery or, if later, then on the next Business Day after the day of delivery; (b) if sent by electronic mail during normal business hours at the location of delivery, immediately, or, if later, then on the
next Business Day after the day of delivery; (c) the third Business Day following the day sent by reputable international overnight courier (with written confirmation of receipt), and (d) if sent by registered post, five days after
posting. The initial addresses and email addresses of the parties for the purpose of this Agreement are:
(a) If to CGAC
or Merger Sub, to:
Corner Growth Acquisition Corp.
251 Lytton Avenue, Suite 200
Palo Alto, CA 94301
Attn: Jerry Letter, Chief Financial Officer
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Email: Jerry@cornercapitalmgmt.com
with a copy (which shall not constitute notice) to:
Reitler Kailas & Rosenblatt LLP
885 Third Avenue 20th Floor
New York, NY 10022
Attention: John F.F. Watkins
Email: JWatkins@Reitlerlaw.com
(b) If to the Company, to:
Noventiq PLC
26-28 Hammersmith Grove,
London, W6 7HA
Attn: Warren Davies
Email: warren.davies@noventiq.com
with a copy (which shall not constitute notice) to:
Allen & Overy LLP
1221 Avenue of Americas
New York, NY 10020
Attention: Stephen Besen and Jeffrey Pellegrino
Email: Stephen.Besen@AllenOvery.com and Jeffrey.Pellegrino@AllenOvery.com
and
Allen & Overy LLP
One Bishops Square
London E1 6AD
Attention: James Roe
Email: James.Roe@AllenOvery.com
Section 11.4. Assignment
No party hereto shall assign this Agreement or any part hereof without the prior written consent of the other parties hereto
and any such transfer without prior written consent shall be void. Subject to the foregoing, this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective permitted successors and assigns.
Section 11.5. Rights of Third Parties. Nothing expressed or implied in this Agreement is intended or shall be
construed to (a) confer upon or give any Person (including any equityholder, any current or former director, manager, officer, employee or independent contractor of any Group Company, or any participant in any Benefit Plan or other employee
benefit plan, agreement or other arrangement (or any dependent or beneficiary thereof)), other than the parties hereto, any right or remedies under or by reason of this Agreement, (b) establish, amend or modify any employee benefit plan,
program, policy, agreement or arrangement, or (c) limit the right of CGAC, the Company, Merger Sub or their respective Affiliates to amend, terminate or otherwise modify any Benefit Plan or other employee benefit plan, policy, agreement or
other arrangement following the Closing; provided, however, that (i) the D&O Indemnified Parties (and their successors, heirs and representatives) are intended third-party beneficiaries of, and may enforce,
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Section 6.4, (ii) the Company Non-Recourse Parties and the CGAC Non-Recourse Parties (and
their successors, heirs and representatives), are intended third-party beneficiaries of, and may enforce, Section 11.16 and this Section 11.5(ii) and all rights described in this Agreement as being
rights of CGAC, and (iii) Sponsor is an intended third-party beneficiary of, and may enforce, Sections 2.5, 8.6, and 8.8, this Section 11.5 and Section 11.18 of this
Agreement.
Section 11.6. Expenses. Except as set forth in Section 8.1(c),
Section 8.2(a), Section 8.8 and Section 10.3 each party hereto shall be responsible for and pay its own expenses incurred in connection with this Agreement and the
Transactions, including all fees of its legal counsel, financial advisers and accountants.
Section 11.7.
Governing Law. This Agreement, and any claim or cause of action hereunder based upon, arising out of or related to this Agreement or the Transaction Documents (whether based on law, in equity, in contract, in tort or any other theory) or the
negotiation, execution, performance or enforcement of this Agreement, shall be governed by and construed in accordance with the laws of the State of Delaware except that the Laws of Cayman Islands, solely to the extent required thereby, shall apply
to the Merger, in each case without giving effect to the principles of conflicts of laws that would otherwise require the application of the law of any other jurisdiction other than Delaware (provided that the fiduciary duties of the Company Board
and the CGAC Board, the Merger, and any exercise of appraisal and dissenters rights with respect to the Merger shall in each case be governed by the laws of the Cayman Islands).
Section 11.8. Consent to Jurisdiction and Waiver of Jury Trial
THE PARTIES HERETO IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE COURT OF CHANCERY OF THE STATE OF DELAWARE (OR, TO
THE EXTENT SUCH COURT DOES NOT HAVE SUBJECT MATTER JURISDICTION, THE SUPERIOR COURT OF THE STATE OF DELAWARE, OR THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE) SOLELY IN RESPECT OF THE INTERPRETATION AND ENFORCEMENT OF THE PROVISIONS
OF THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY, AND HEREBY WAIVE, AND AGREE NOT TO ASSERT, AS A DEFENSE IN ANY ACTION, SUIT OR PROCEEDING FOR INTERPRETATION OR ENFORCEMENT HEREOF OR THAT SUCH ACTION, SUIT OR PROCEEDING MAY NOT BE BROUGHT
OR IS NOT MAINTAINABLE IN SAID COURTS OR THAT VENUE THEREOF MAY NOT BE APPROPRIATE OR THAT THIS AGREEMENT MAY NOT BE ENFORCED IN OR BY SUCH COURTS, AND THE PARTIES HERETO IRREVOCABLY AGREE THAT ALL CLAIMS WITH RESPECT TO SUCH ACTION, SUIT OR
PROCEEDING SHALL BE HEARD AND DETERMINED BY SUCH A DELAWARE STATE OR FEDERAL COURT. THE PARTIES HEREBY CONSENT TO AND GRANT ANY SUCH COURT JURISDICTION OVER THE PERSON OF SUCH PARTIES AND OVER THE SUBJECT MATTER OF SUCH DISPUTE AND AGREE THAT
MAILING OF PROCESS OR OTHER PAPERS IN CONNECTION WITH SUCH ACTION, SUIT OR PROCEEDING IN THE MANNER PROVIDED IN SECTION 11.3 OR IN SUCH OTHER MANNER AS MAY BE PERMITTED BY LAW SHALL BE VALID AND SUFFICIENT SERVICE THEREOF. EACH PARTY
ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY
WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT
(I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (II) SUCH PARTY UNDERSTANDS AND HAS
CONSIDERED THE IMPLICATIONS OF THE FOREGOING WAIVER; (III) SUCH PARTY MAKES THE FOREGOING WAIVER VOLUNTARILY, AND (IV) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN
THIS SECTION 11.8.
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Section 11.9. Headings; Counterparts. The headings in this
Agreement are for convenience only and shall not be considered a part of or affect the construction or interpretation of any provision of this Agreement. This Agreement may be executed in two or more counterparts, and by different parties in
separate counterparts, with the same effect as if all parties hereto had signed the same document, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including any
electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable Law, e.g., www.docusign.com) or other transmission method and any counterpart so
delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.
Section 11.10. Disclosure Letters. The Disclosure Letters (including any section thereof) referenced in this
Agreement are a part of this Agreement as if fully set forth herein. All references in this Agreement to the Disclosure Letters (including, in each case, any section thereof) shall be deemed references to such parts of this Agreement, unless the
context shall otherwise require. Any disclosure made by a party in the applicable Disclosure Letter, or any section thereof, with reference to any section of this Agreement or section of the applicable Disclosure Letter shall be deemed to be a
disclosure with respect to such other applicable sections of this Agreement or sections of the applicable Disclosure Letter to which it is reasonably apparent on the face of such disclosure that such disclosure is responsive to such other section of
this Agreement or section of the applicable Disclosure Letter. Certain information set forth in the Disclosure Letters is included solely for informational purposes and may not be required to be disclosed pursuant to this Agreement. The disclosure
of any information shall not be deemed to constitute an acknowledgment that such information is required to be disclosed in connection with the representations and warranties made in this Agreement, nor shall such information be deemed to establish
a standard of materiality or that the facts underlying such information constitute a Company Material Adverse Effect or a CGAC Material Adverse Effect, as applicable.
Section 11.11. Entire Agreement. This Agreement (together with the Disclosure Letters), the NDA and the other
Transaction Documents constitute the entire agreement among the parties to this Agreement relating to the Transactions and supersede any other agreements, whether written or oral, that may have been made or entered into by or among any of the
parties hereto or any of their respective Subsidiaries relating to the Transactions (including the Non-Binding Letter between CGAC and the Company, dated as of February 7, 2023). No representations,
warranties, covenants, understandings, agreements, oral or otherwise, relating to the Transactions exist between such parties except as expressly set forth in the Transaction Documents.
Section 11.12. Amendments. This Agreement may be amended or modified in whole or in part prior to the Effective
Time, only by a duly authorized agreement in writing in the same manner as this Agreement, which makes reference to this Agreement and which shall be executed by the Company and CGAC; provided, however, that, unless otherwise agreed in writing
between the Company and CGAC, after the Company Shareholder Approval has been obtained, on the one hand, or the CGAC Shareholders Approval has been obtained, on the other hand, there shall be no amendment or waiver that by applicable Law
requires further approval by the Company Shareholders or the CGAC Shareholders, respectively, without such approval having been obtained.
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Section 11.13. Publicity
(a) All press releases or other public communications relating to the Transactions, and the method of the release for
publication thereof, shall prior to the Closing be subject to the prior mutual approval of CGAC and the Company; provided, that no such party shall be required to obtain consent pursuant to this Section 11.13(a) to the
extent any proposed release or statement is substantially equivalent to the information that has previously been made public without breach of the obligation under this Section 11.13(a).
(b) The restriction in Section 11.13(a) shall not apply to the extent the public announcement is
required by applicable securities Law, any Governmental Authority or stock exchange rule; provided, however, that in such an event, the party making the announcement shall, to the extent practicable, use its reasonable best efforts to consult with
the other party in advance as to its form, content and timing.
(c) The Company acknowledges that, in connection with any
Additional Permitted Financings, CGAC shall be entitled to disclose, pursuant to the Exchange Act, any information contained in any presentation to any potential investors in any Additional Permitted Financings, which information may include
Confidential Information (as defined in the NDA); provided that, CGAC shall (i) have received the Companys prior written consent prior to disclosing any such Confidential Information in connection with any Additional
Permitted Financings in the manner described in Section 8.3(b) and Section 8.4, respectively, and (ii) have provided the Company with the right to review and approve any such materials prior
to their distribution to such potential investors in any Additional Permitted Financings, which approvals shall be at the Companys sole and absolute discretion in the case of Additional Permitted Financings as described in
Section 8.4.
Section 11.14. Severability. If any provision of this Agreement is
held invalid or unenforceable by any court of competent jurisdiction, the other provisions of this Agreement shall remain in full force and effect. The parties hereto further agree that if any provision contained in this Agreement is, to any extent,
held invalid or unenforceable in any respect under the Laws governing this Agreement, they shall take any actions necessary to render the remaining provisions of this Agreement valid and enforceable to the fullest extent permitted by Law and, to the
extent necessary, shall amend or otherwise modify this Agreement to replace any provision contained in this Agreement that is held invalid or unenforceable with a valid and enforceable provision giving effect to the intent of the parties hereto.
Section 11.15. Enforcement. The parties hereto agree that irreparable damage would occur in the event that
any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties hereto shall be entitled to an injunction or injunctions to prevent breaches of
this Agreement and to specific enforcement of the terms and provisions of this Agreement, in addition to any other remedy to which any party is entitled at law or in equity. In the event that any Action shall be brought in equity to enforce the
provisions of this Agreement, no party shall allege, and each party hereby waives the defense, that there is an adequate remedy at law, and each party agrees to waiver any requirement for the securing or posting of any bond in connection therewith.
Section 11.16. Non-Recourse. This Agreement may only be enforced
against, and any Action or cause of Action based upon, arising out of, or related to this Agreement or the Transactions may only be brought against, the Company, CGAC, and Merger Sub as named parties hereto. Except to the extent a party hereto (and
then only to the extent of the specific obligations undertaken by such party hereto) and, in the case of the Sponsor, pursuant to the Transaction Documents to which they are a party, (i) no past, present or future director, officer, employee,
incorporator, member, partner, shareholder, stockholder, Affiliate, agent, attorney, advisor or other Representative of the Company or any Affiliate of the Company (each, a Company Non-Recourse
Party) or of CGAC or Merger Sub (each, an CGAC Non-Recourse Party), and (ii) no past, present or future director, officer, employee, incorporator, member, partner,
shareholder, stockholder, Affiliate, agent, attorney, advisor or other Representative of any of the foregoing, shall have any liability (whether in contract, tort, equity or otherwise) for any one or more of the representations,
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warranties, covenants, agreements or other obligations or Liabilities of any one or more of the Company, CGAC or Merger Sub under this Agreement for any Action based on, arising out of, or
related to this Agreement or the Transactions.
Section 11.17.
Non-Survival of Representations, Warranties and Covenants. Except as otherwise contemplated by Section 10.2, the representations, warranties, covenants, obligations or other
agreements in this Agreement or in any certificate (including confirmations therein), statement or instrument delivered pursuant to this Agreement, including any rights arising out of any breach of such representations, warranties, covenants,
obligations, agreements and other provisions, shall not survive the Closing and shall terminate and expire upon the occurrence of the Closing (and there shall be no liability after the Closing in respect thereof), except for (a) those covenants
and agreements contained in this Agreement that by their terms expressly apply in whole or in part after the Closing, and then only with respect to any breaches occurring after the Closing, and (b) this Article XI.
Section 11.18. Conflicts and Privilege
(a) The Company, CGAC and Merger Sub, on behalf of their respective successors and assigns, hereby agree that, in the event a
dispute with respect to this Agreement or the transactions contemplated hereby arises after the Closing between or among (x) the Sponsor, the shareholders or holders of other equity interests of CGAC or the Sponsor or any of their respective
directors, members, partners, officers, employees or Affiliates (other than Merger Sub or the Surviving Entity) (collectively, the CG Group), on the one hand, and (y) the Surviving Entity or any member of the NOV Group, on
the other hand, any legal counsel, including Reitler Kailas & Rosenblatt LLP (Reitler), that represented CGAC or the Sponsor prior to the Closing may represent the Sponsor or any other member of the CG Group, in such
dispute even though the interests of such Persons may be directly adverse to the Surviving Entity, and even though such counsel may have represented CGAC in a matter substantially related to such dispute, or may be handling ongoing matters for
Merger Sub, the Surviving Entity or the Sponsor. The Company, CGAC and Merger Sub, on behalf of their respective successors and assigns (including, after the Closing, the Surviving Entity), further agree that, as to all legally privileged
communications prior to the Closing (made in connection with the negotiation, preparation, execution, delivery and performance under, or any dispute or Action arising out of or relating to, this Agreement, any Transaction Documents or the
transactions contemplated hereby or thereby) between or among CGAC, the Sponsor or any other member of the CG Group, on the one hand, and Reitler, on the other hand, the attorney/client privilege and the expectation of client confidence shall
survive the Merger and belong to the CG Group after the Closing, and shall not pass to or be claimed or controlled by Merger Sub or the Surviving Entity. Notwithstanding the foregoing, any privileged communications or information shared by the
Company prior to the Closing with CGAC or the Sponsor under a common interest agreement shall remain the privileged communications or information of Merger Sub and the Surviving Entity.
(b) The Company, CGAC and Merger Sub, on behalf of their respective successors and assigns, hereby agree that, in the event a
dispute with respect to this Agreement or the transactions contemplated hereby arises after the Closing between or among (x) the shareholders or holders of other equity interests of the Company or any of their respective directors, members,
partners, officers, employees or Affiliates (other than Merger Sub or the Surviving Entity) (collectively, the NOV Group), on the one hand, and (y) the Surviving Entity or any member of the CG Group, on the other hand, any
legal counsel, including Allen & Overy LLP (A&O) that represented the Company prior to the Closing may represent any member of the NOV Group in such dispute even though the interests of such Persons may be directly
adverse to Merger Sub and the Surviving Entity, and even though such counsel may have represented the Company in a matter substantially related to such dispute, or may be handling ongoing matters for Merger Sub and the Surviving Entity. The Company,
CGAC and Merger Sub, on behalf of their respective successors and assigns (including, after the Closing, the Surviving Entity), further agree that, as to all legally privileged communications prior to the Closing (made in connection with the
negotiation, preparation, execution,
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delivery and performance under, or any dispute or Action arising out of or relating to, this Agreement, any Transaction Documents or the transactions contemplated hereby or thereby) between or
among the Company or any member of the NOV Group, on the one hand, and A&O, on the other hand, the attorney/client privilege and the expectation of client confidence shall survive the Merger and belong to the NOV Group after the Closing, and
shall not pass to or be claimed or controlled by CGAC, Merger Sub or the Surviving Entity. Notwithstanding the foregoing, any privileged communications or information shared by CGAC or the Sponsor prior to the Closing with the Company under a common
interest agreement shall remain the privileged communications or information of Merger Sub or the Surviving Entity.
[Signature Pages
Follow]
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IN WITNESS WHEREOF the parties have hereunto caused this Agreement to be duly executed as of
the date first above written.
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CORNER GROWTH ACQUISITION CORP. |
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By: |
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/s/ Marvin Tien |
Name: |
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Marvin Tien |
Title: |
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CEO |
[Signature Page to the Business Combination Agreement]
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CORNER GROWTH SPAC MERGER SUB, INC. |
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By: |
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/s/ Jerome Letter |
Name: |
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Jerome Letter |
Title: |
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CEO |
[Signature Page to the Business Combination Agreement]
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NOVENTIQ HOLDINGS PLC |
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By: |
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/s/ Herve Tessler |
Name: Herve Tessler |
Title: CEO |
[Signature Page to the Business Combination Agreement]
Exhibit 10.1
Execution Version
SPONSOR SUPPORT AGREEMENT
This Sponsor Support Agreement (this Agreement), dated as of May 4, 2023, is entered into by and among Corner Growth
Acquisition Corp., an exempted company limited by shares incorporated under the laws of the Cayman Islands (CGAC), Noventiq Holdings PLC, a company organized under the laws of the Cyprus (the Company), and CGA
Sponsor, LLC, a Delaware limited liability company (Sponsor, and CGAC, the Company and Sponsor, each a Party, and collectively, the Parties). Capitalized terms used but not defined herein shall have
the respective meanings ascribed to such terms in the Business Combination Agreement (as defined below).
RECITALS
WHEREAS, contemporaneously with the execution and delivery of this Agreement, the Company, CGAC and Corner Growth SPAC Merger Sub,
Inc., an exempted company limited by shares incorporated under the Laws of the Cayman Islands and a direct wholly owned subsidiary of CGAC (Merger Sub), are entering into a Business Combination Agreement (as amended, supplemented,
restated or otherwise modified from time to time, the Business Combination Agreement), pursuant to which (and subject to the terms and conditions set forth therein) Merger Sub will merge with and into the Company, with the Company
continuing on as the surviving entity (Business Combination), and as a result of which, the Company will become a wholly owned subsidiary of CGAC upon the terms and subject to the conditions set forth in the Business Combination
Agreement;
WHEREAS, as of the date hereof, Sponsor is the record and beneficial owner (as such term is used herein,
within the meaning of Rule 13d-3 under the Exchange Act), and is entitled to dispose of and vote, 9,825,001 CGAC Class B Ordinary Shares (together with CGAC Class A Ordinary Shares issuable upon
conversion of such shares, the Sponsor Founder Shares);
WHEREAS, Sponsor owns warrants entitling Sponsor to
purchase 7,600,000 CGAC Class A Ordinary Shares in the aggregate for $11.50 per share (the Sponsor Warrants);
WHEREAS, in connection with the IPO (as such term is defined in the CGAC Articles), CGAC, Sponsor and certain officers and directors of
CGAC (collectively, the Insiders) entered into a letter agreement, in the form attached as Exhibit 10.5 to the CGACs annual report filed with the SEC on Form 10-K for the fiscal year
ended December 31, 2022 (the Insider Letter), pursuant to which Sponsor and the Insiders agreed to certain voting requirements, transfer restrictions and waiver of redemption rights with respect to the CGAC securities owned
by them;
WHEREAS, Article 17.3 of the CGACs Amended and Restated Memorandum and Articles of Association (CGAC
Articles) provides, among other matters, that the CGAC Class B Ordinary Shares will automatically convert into CGAC Class A Ordinary Shares upon the consummation of an initial business combination, subject to adjustment pursuant
to Article 17.3 of the CGAC Articles if additional shares of CGAC Class A Ordinary Shares or Equity-linked Securities (as defined in the CGAC Articles), are issued or deemed issued in excess of the amounts sold in the IPO (the
Anti-Dilution Right);
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WHEREAS, at the Closing, up to 7,500,000 of Sponsor Founder Shares shall be subject
to forfeiture in the following manner: (i) up to 2,500,000 Sponsor Founder Shares (the Alignment Shares) will be subject to forfeiture pursuant to Section 2.5(b) of the Business Combination Agreement and (ii) 5,000,000
Sponsor Founder Shares (the Sponsor Earn-Out Shares) will be subject to forfeiture pursuant to Section 2.5(c) of the Business Combination Agreement;
WHEREAS, pursuant to the Business Combination Agreement (and subject to the terms and conditions set forth therein) as a result of the
Business Combination, Sponsor may elect to deposit the Sponsor Founder Shares, after giving effect to any forfeiture of Alignment Shares and Sponsor Earn-Out Shares, into the ADS Facility to receive ADSs
representing such Sponsor Founder Shares that are not subject to any forfeiture pursuant to Section 2.5(b) and Section 2.5(c) of the Business Combination Agreement (ADSs together with the underlying Sponsor Founder Shares and Sponsor
Warrants, the Restricted Securities); and
WHEREAS, as a condition and inducement to the willingness of the
Company to enter into the Business Combination Agreement, the Sponsor is entering into this Agreement.
NOW, THEREFORE, in
consideration of the foregoing and the mutual covenants and agreements herein contained, and intending to be legally bound hereby, CGAC, the Company and Sponsor hereby agree as follows:
Section 1. Agreement to Vote. Subject to the earlier termination of this Agreement in accordance with
Section 4, Sponsor, solely in its capacity as a shareholder of CGAC, shall validly execute and deliver to CGAC in respect of all of Sponsors Covered Shares, on (or effective as of) the fifth (5th) Business Day
following the date that the notice of CGAC Shareholders Meeting is delivered by CGAC to the CGAC Shareholders, a voting proxy to be distributed in respect of all of Sponsors Covered Shares. In addition, prior to the Termination Date (as
defined herein), Sponsor, in its capacity as a shareholder of CGAC, at any other meeting of the shareholders of CGAC (whether annual or extraordinary and whether or not an adjourned or postponed meeting, however called and including any adjournment
or postponement thereof) and in connection with any written consent of shareholders of CGAC, shall, and shall cause any other holder of record of any of Sponsors Owned Shares (as defined below) to:
(a) when such meeting is held, appear, whether in person or by proxy, at such meeting or otherwise cause Sponsors Owned Shares to be
counted as present thereat for the purpose of establishing a quorum;
(b) vote (or execute and return an action by written consent), or
cause to be voted at such meeting (or validly execute and return and cause such consent to be granted with respect to), all of Sponsors Owned Shares owned or held as of the record date for such meeting (or the date that any written consent is
executed by Sponsor) in favor of the (i) Business Combination, Plan of Merger and the adoption of the Business Combination Agreement, (ii) the Transactions to which CGAC will be a party and (iii) any other matters necessary or
reasonably requested by CGAC for consummation of the Business Combination and the other transactions contemplated by the Business Combination Agreement including those matters that are indicated as requiring Sponsors approval by the SEC (or
staff member thereof) in its comments to the Proxy/Registration Statement or correspondence related thereto (the matters in (i), (ii) and (iii) collectively, CGAC Transaction Proposals);
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(c) in any other circumstances upon which a consent or other approval is required under the
Organizational Documents of CGAC or otherwise sought with respect to the Business Combination Agreement or the other transactions contemplated by the Business Combination Agreement, vote, consent or approve (or cause to be voted, consented or
approved) all of Sponsors Owned Shares in favor thereof;
(d) vote (or execute and return an action by written consent), or cause to
be voted at such meeting (or validly execute and return and cause such consent to be granted with respect to), all of Sponsors Owned Shares against any action that would reasonably be expected to (i) materially impede, interfere with, delay,
postpone or adversely affect the Business Combination or any of the other transactions contemplated by the Business Combination Agreement, (ii) result in a breach of any covenant, representation or warranty or other obligation or agreement of CGAC
under the Business Combination Agreement or (iii) result in a breach of any covenant, representation or warranty or other obligation or agreement of Sponsor contained in this Agreement; and
(e) (i) fully comply with, and perform all of its obligations, covenants and agreements set forth in the Insider Letter in all material
respects, (ii) enforce the Insider Letter in accordance with its terms, and (iii) not amend, modify or waive any provision of the Insider Letter without the prior written consent of the Company except for amending it solely and only to the
extent to reduce the lock up period to match the Lock-Up Period herein.
(f) Sponsor hereby
irrevocably, to the fullest extent permitted by Law, appoints CGAC, or any designee of CGAC, for so long as the provisions of this Section 1 remain in effect, as Sponsors attorney-in-fact and proxy with full power of substitution, to vote and otherwise act (by written consent or otherwise) with respect to the Owned Shares, solely on the matters and in the manner specified in
this Section 1. This proxy shall be valid for the duration of this Agreement.
(g) THE PROXY AND POWER OF
ATTORNEY GRANTED PURSUANT TO SECTION 1(f) ARE IRREVOCABLE AND COUPLED WITH AN INTEREST. The proxy and power of attorney shall not be terminated by any act of the Sponsor or by operation of Law, by lack of appropriate power or authority, or by
the occurrence of any other event or events and shall be binding upon all successors, assigns, heirs, beneficiaries and legal representatives of Sponsor. Sponsor hereby revokes all other proxies and powers of attorney on the matters specified in
this Section 1 with respect to the Owned Shares that Sponsor may have previously appointed or granted, and no subsequent proxy or power of attorney shall be given or written consent executed (and if given or executed, shall
not be effective) by Sponsor with respect thereto. All authority herein conferred or agreed to be conferred shall survive the bankruptcy of Sponsor and any obligation of Sponsor under this Agreement shall be binding upon the successors of Sponsor.
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(h) For the purposes of this Agreement, the term Owned Shares means the
Sponsor Founder Shares, together with any additional CGAC Shares (or any securities convertible into or exercisable or exchangeable for Sponsor Warrants and CGAC Shares) in which Sponsor acquires record and beneficial ownership after the date
hereof, including by purchase, as a result of a share dividend, share split, recapitalization, combination, reclassification, exchange or change of such shares, or upon exercise or conversion of any securities.
Section 2. Waiver of Anti-Dilution Protection. Sponsor, as the holder of all of the issued and outstanding CGAC Class B
Ordinary Shares, solely in connection with and only for the purpose of the transactions contemplated by the Business Combination Agreement, and subject to and conditioned upon the Closing, hereby waives, to the fullest extent permitted by Law, the
Anti-Dilution Right, and agrees that the CGAC Class B Ordinary Shares will convert into CGAC Class A Ordinary Shares only at the Initial Conversion Ratio (as defined in the CGAC Articles) in connection with the transactions contemplated by
the Business Combination Agreement. This waiver shall be void and of no force and effect following the date on which the Business Combination Agreement is validly terminated in accordance with its terms. All other terms related to the CGAC
Class B Ordinary Shares shall remain in full force and effect, except as modified as set forth directly above or as contemplated by the Business Combination Agreement or the Transaction Documents in connection with the consummation of the
Merger, which modifications shall be effective only upon the consummation of the Merger.
Section 3. No Inconsistent
Agreements. Sponsor hereby covenants and agrees that Sponsor shall not (i) enter into any voting agreement or voting trust with respect to any of Sponsors Owned Shares that is inconsistent with Sponsors obligations pursuant to this
Agreement, (ii) grant a proxy or power of attorney with respect to any of Sponsors Owned Shares that is inconsistent with Sponsors obligations pursuant to this Agreement, or (iii) enter into any agreement or undertaking that is otherwise
inconsistent with, or would interfere with, or prohibit or prevent it from satisfying, its obligations pursuant to this Agreement.
Section 4. Termination. This Agreement shall terminate upon the earliest of (i) the Effective Time, (ii) the termination of the
Business Combination Agreement in accordance with its terms and (iii) the time this Agreement is terminated upon the mutual written agreement of the Company, CGAC and Sponsor (the earliest such date under clause (i), (ii) and (iii) being referred to
herein as the Termination Date) and the representations, warranties, covenants and agreements contained in this Agreement and in any certificate or other writing delivered pursuant hereto shall not survive the Closing or the
termination of this Agreement; provided, that the provisions set forth in Section 11 through Section 25 shall survive the termination of this Agreement.
Section 5. Representations and Warranties of Sponsor. Sponsor hereby represents and warrants to the Company as follows:
(a) As of the date hereof, (i) Sponsor is the sole beneficial and record owner (within the meaning of Rule
13d-3 under the Exchange Act) of all of the Sponsor Founder Shares (it being understood that John Cadeddu and Marvin Tien own a beneficial interest in the Sponsor Founder Shares by virtue of their equity
interest in the Sponsor) free and clear of any liens (other than liens created by this Agreement, the Insider Letter or the Organizational Documents of CGAC), (ii) Sponsor has the sole voting power with respect to such Sponsor Founder Shares and
(iii) Sponsor has not entered into any voting agreement (other than this Agreement and the Insider Letter) with or granted any Person any proxy (revocable or irrevocable) with respect to such Sponsor Founder Shares. Other than the Owned Shares,
and Sponsor Warrants to acquire 7,600,000 CGAC Class A Ordinary Shares, Sponsor does not own beneficially or of record any CGAC Shares (or any securities convertible into CGAC Shares) or any interest therein.
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(b) As of the date hereof, (i) Sponsor is the sole record owner of all of the Sponsor
Warrants, free and clear of all liens (other than liens arising under applicable securities Laws and the Insider Letter), (ii) Sponsor has the sole voting power with respect to the CGAC Class A Ordinary Shares underlying the Sponsor Warrants
and (iii) Sponsor has not entered into any voting agreement (other than this Agreement and the Insider Letter) with or granted any Person any proxy (revocable or irrevocable) with respect to such CGAC Class A Ordinary Shares underlying the
Sponsor Warrants
(c) As of the date hereof, Sponsor is not the holder or beneficial owner of any equity interest of CGAC other than the
Sponsor Shares and Sponsor Warrants.
(d) Sponsor, in each case except as provided in this Agreement or the Organizational Documents of
CGAC, (i) has full voting power, full power of disposition and full power to issue instructions with respect to the matters set forth herein with respect to Sponsors Owned Shares, (ii) has not entered into any voting agreement or voting trust,
and has no knowledge and is not aware of any such voting agreement or voting trust in effect with respect to any of Sponsors Owned Shares that is inconsistent with Sponsors obligations pursuant to this Agreement, (iii) has not granted a
proxy or power of attorney with respect to any of Sponsors Owned Shares, and has no knowledge and is not aware of any such proxy or power of attorney in effect, and (iv) has not entered into any agreement or undertaking that is otherwise
inconsistent with, or would interfere with, or prohibit or prevent it from satisfying, its obligations pursuant to this Agreement, and has no knowledge and is not aware of any such agreement or undertaking.
(e) Sponsor (A) is a limited liability company duly organized, validly existing and in good standing under the Laws of the State of
Delaware and (B) has all requisite power and authority and has taken all corporate or other action necessary in order to, execute, deliver and perform its obligations under this Agreement and to consummate the transactions contemplated hereby. The
execution, delivery and performance of this Agreement by Sponsor and the consummation by Sponsor of the transactions contemplated hereby have been duly and validly authorized by all necessary action on the part of Sponsor and no other proceedings on
the part of Sponsor or Sponsors equityholders are necessary to authorize the execution and delivery of this Agreement or the consummation of the transactions contemplated hereby except as have been obtained prior to the date of this Agreement.
This Agreement has been duly executed and delivered by Sponsor and, subject to the due execution and delivery of this Agreement by each other Party hereto, constitutes a legally valid and binding agreement of Sponsor enforceable against Sponsor in
accordance with the terms hereof (except as enforceability may be limited by bankruptcy Laws or other similar Laws affecting creditors rights and general principles of equity affecting the availability of specific performance and other
equitable remedies).
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(f) Other than the filings, notices and reports pursuant to, in compliance with or required
to be made under the Exchange Act, no filings, notices, reports, consents, registrations, approvals, permits, waivers, expirations of waiting periods or authorizations are required to be obtained by Sponsor from, or to be given by Sponsor to, or be
made by Sponsor with, any Governmental Authority in connection with the execution, delivery and performance by Sponsor of this Agreement, the consummation of the transactions contemplated hereby or the Business Combination or the other transactions
contemplated by the Business Combination Agreement.
(g) The execution, delivery and performance of this Agreement by Sponsor does not,
and the consummation of the transactions contemplated hereby and the Business Combination and the other transactions contemplated by the Business Combination Agreement will not, constitute or result in (i) a breach or violation of, or a default
under, the Organizational Documents of Sponsor, (ii) with or without notice, lapse of time or both, a breach or violation of, a termination (or right of termination) of or a default under, the loss of any benefit under, the creation, modification or
acceleration of any obligations under or the creation of a Security Interest on any of the properties, rights or assets of Sponsor pursuant to any Contract binding upon Sponsor or, assuming (solely with respect to performance of this Agreement and
the transactions contemplated hereby), compliance with the matters referred to in Section 5(f), under any applicable Law to which Sponsor is subject or (iii) any change in the rights or obligations of any party under any
Contract legally binding upon Sponsor, except, in the case of clause (ii) or (iii) directly above, for any such breach, violation, termination, default, creation, acceleration or change that would not, individually or in the aggregate, reasonably be
expected to prevent or materially delay or impair Sponsors ability to perform its obligations hereunder or to consummate the transactions contemplated hereby, the consummation of the Business Combination or the other transactions contemplated
by the Business Combination Agreement.
(h) As of the date of this Agreement, there is no Action pending against Sponsor or, to the
knowledge of Sponsor, threatened against Sponsor that, in any manner, questions the beneficial or record ownership of Sponsors Owned Shares or the validity of this Agreement, or challenges or seeks to prevent, enjoin or materially delay the
performance by Sponsor of its obligations under this Agreement.
(i) Sponsor is a sophisticated shareholder and has adequate information
concerning the business and financial condition of CGAC and the Company to make an informed decision regarding this Agreement and the other transactions contemplated by the Business Combination Agreement and has independently, based on such
information as Sponsor has deemed appropriate, made its own analysis and decision to enter into this Agreement. Sponsor acknowledges that CGAC and the Company have not made and do not make any representation or warranty, whether express or implied,
of any kind or character except as expressly set forth in this Agreement. Sponsor acknowledges that the agreements contained herein with respect to the Owned Shares held by Sponsor are irrevocable.
(j) Sponsor understands and acknowledges that the Company is entering into the Business Combination Agreement in reliance upon Sponsors
execution and delivery of this Agreement and the representations, warranties, covenants and other agreements of Sponsor contained herein.
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(k) Except as disclosed in the CGAC Disclosure Letter, no investment banker, broker, finder
or other intermediary is entitled to any brokers, finders, financial advisors or other similar fee or commission for which CGAC or the Company is or could be liable in connection with the Business Combination Agreement or this
Agreement or any of the respective transactions contemplated hereby or thereby, in each case based upon arrangements made by Sponsor in its capacity as a shareholder or, to the knowledge of Sponsor, on behalf of Sponsor in its capacity as a
shareholder.
(l) Except for (a) Transaction Documents to which Sponsor is a party or otherwise disclosed in the CGAC Disclosure
Letter and (b) any Contract filed as an exhibit to a form, report, schedule, statement or other document that is publicly filed with the SEC, none of Sponsor nor any of the Affiliates of Sponsor is a party to any Contract with CGAC.
Section 6. Certain Covenants of the Sponsor. Except in accordance with the terms of this Agreement, Sponsor hereby covenants and
agrees as follows:
(a) No Solicitation. Subject to Section 7 hereof, prior to the Termination Date,
Sponsor shall not, and, to the extent applicable, shall cause its Affiliates not to, and shall use its reasonable best efforts to cause its and their respective Representatives not to, directly or indirectly, (i) solicit, initiate, submit,
facilitate (including by means of furnishing or disclosing information), discuss or negotiate, directly or indirectly, any inquiry, proposal or offer (written or oral) with any third-party with respect to a CGAC Acquisition Proposal, (ii) furnish or
disclose any non-public information to any third-party in connection with or that could reasonably be expected to lead to a CGAC Acquisition Proposal, (iii) enter into any agreement, arrangement or
understanding with any third party regarding a CGAC Acquisition Proposal, or (iv) otherwise cooperate in any way with, or assist or participate in, or knowingly facilitate or encourage any effort or attempt by any Person to do or seek to do any of
the foregoing. Notwithstanding anything in this Agreement to the contrary, (i) Sponsor shall not be responsible for the actions of CGAC or the CGAC Board (or any committee thereof), Merger Sub, or any officers, directors (in their capacity as such),
employees and professional advisors of any of the foregoing (collectively, the CGAC Affiliated Parties), (ii) Sponsor makes no representations or warranties with respect to the actions of any of the CGAC Affiliated Parties, and
(iii) any breach by CGAC of its obligations under Section 7.4 of the Business Combination Agreement shall not be considered a breach of this Section 6(a) (it being understood that, for the avoidance of doubt, Sponsor or its
Representatives (other than any such representative that is a CGAC Affiliated Party) shall remain responsible for any breach by Sponsor or its Representatives of this Section 6(a)).
(b) Sponsor shall not, prior to the Termination Date, (except in each case pursuant to the Business Combination Agreement), (i) directly or
indirectly, (a) sell, transfer, pledge, encumber, assign, hedge, swap, convert or otherwise dispose of (including by conversion into securities or other consideration), by tendering into any tender or exchange offer, by testamentary disposition, by
operation of Law or otherwise, either voluntarily or involuntarily (collectively, Transfer) any of Sponsors Owned Shares, or (b) enter into any Contract or option with respect to the Transfer of, any of Sponsors Owned
Shares, or (ii) publicly announce any intention to effect any transaction specified in clauses (a) or (b), or (iii) take any action that would make any representation or warranty of Sponsor contained herein or the Business Combination Agreement
untrue or incorrect or have the effect of preventing or disabling Sponsor from performing its obligations under this Agreement; provided, however, that nothing herein shall prohibit (x) a Permitted Transfer; provided,
further, that any Permitted Transfer shall be permitted only if, as a precondition to such Transfer, the transferee agrees in writing, reasonably satisfactory in form and substance to Company and CGAC, to assume all of the obligations of
Sponsor under,
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and be bound by all of the terms of, this Agreement; provided, further, that any Transfer permitted under this Section 6(b) shall not relieve Sponsor of
its obligations under this Agreement, or (y) a Transfer pursuant to the Finders Letter (as defined in the CGAC Disclosure Letter). Any Transfer in violation of this Section 6(b) with respect to Sponsors
Owned Shares shall be null and void ab initio and CGAC shall be entitled to refuse to recognize any such purported transferee of the Owned Shares as one of its equity holders for any purpose. For the purposes of this Agreement, the term
Permitted Transfer means a Transfer (i) made by distribution by Sponsor to its members, current and former general and limited partners, or shareholders pursuant to Sponsors Organizational Documents; or (ii) by
virtue of applicable Law or Sponsors Organizational Documents upon liquidation or dissolution of Sponsor. Sponsor hereby agrees that it shall not amend, modify or waive any of the provisions of the Finders Letter relating to
(x) Sponsors voting rights thereunder, or (y) the lock-up provisions contained therein, and shall not otherwise amend, modify or waive the Finders Letter in any manner that would
adversely affect Sponsors obligations under this Agreement.
(c) Sponsor agrees not to commence, join in, facilitate, assist or
encourage, and agree to take all actions necessary to opt out of any class in any class action with respect to any claim, derivative or otherwise, against the Company, CGAC or Merger Sub, or any of their respective successors or directors
(a) challenging the validity of, or seeking to enjoin the operation of, any provision of this Agreement, or (b) alleging a breach of fiduciary duty of any person in connection with the evaluation, negotiation or entry into the Business
Combination Agreement. Sponsor hereby irrevocably waives, and agrees not to exercise or assert, any dissenters rights under Section 238 of the Cayman Companies Act and any other similar statute in connection with the Merger and the
Business Combination Agreement.
(d) Sponsor hereby authorizes CGAC to maintain a copy of this Agreement at either the executive office or
the registered office of CGAC.
(e) Binding Effect of Business Combination Agreement. Sponsor hereby acknowledges that it has read
the Business Combination Agreement and this Agreement and has had the opportunity to consult with its tax and legal advisors. Sponsor shall be bound by and comply with Section 2.5 (Restrictions on Sponsor Shares),
Section 4.19 (Compliance with Laws), Section 7.6 (Extensions), Section 7.8 (Loan for Sponsor), Section 8.8 (Payment of Expenses) and
Section 11.13 (Publicity) of the Business Combination Agreement (and any relevant defined terms contained in any such Sections) as if Sponsor was an original signatory to the Business Combination Agreement with respect to
such provisions.
Section 7. Lock Up.
(a) Sponsor hereby agrees not to Transfer any of the Restricted Securities from and after the Closing and until the earlier of (i) the
six (6) month anniversary of the Closing Date and (ii) the date following the Closing Date on which CGAC completes a Liquidity Event (such earlier date, the Lock-Up Period). For
the purposes of this Agreement, the term Liquidity Event means a liquidation, merger, capital stock exchange, reorganization or other similar transaction that results in all of CGACs shareholders having the right to exchange
their shares of CGAC for cash, securities or other property.
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(b) The restrictions set forth in this Section 7 shall not apply
to the Transfer of any or all of the Restricted Securities owned by Sponsor made in respect of a Permitted Transfer; provided, that in case of a Permitted Transfer during the Lock-Up Period, it shall be a
condition to such Transfer that the transferee executes and delivers to CGAC an agreement, in a form that is reasonably satisfactory to CGAC, stating that the transferee is receiving and holding the Restricted Securities subject to the provisions of
this Agreement applicable to Sponsor, and there shall be no further Transfer of such Restricted Securities except in accordance with this Agreement.
(c) If any Transfer of Restricted Securities is made or attempted contrary to the provisions of this Agreement, such purported Transfer shall
be null and void ab initio, and CGAC shall be entitled to refuse to recognize any such purported transferee of the Restricted Securities as one of its equity holders for any purpose.
(d) During the Lock-up Period, stop transfer orders shall be placed against the Restricted Securities
and each certificate or book entry position statement evidencing any Restricted Securities shall be stamped or otherwise imprinted with a legend in substantially the following form, in addition to any other applicable legends:
THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER SET FORTH IN A LOCK-UP
AGREEMENT, DATED AS OF MAY 4, 2023, BY AND AMONG THE ISSUER OF SUCH SECURITIES (THE ISSUER), THE ISSUERS SECURITY HOLDER NAMED THEREIN AND CERTAIN OTHER PARTIES NAMED THEREIN. A COPY OF SUCH LOCK-UP AGREEMENT WILL BE FURNISHED WITHOUT CHARGE BY THE ISSUER TO THE HOLDER HEREOF UPON WRITTEN REQUEST.
(e) For the avoidance of any doubt, (i) Sponsor shall retain all of its rights as a shareholder of CGAC during the Lock-up Period, including the right to vote, and to receive any dividends and distributions in respect of, any Restricted Securities, and (ii) the restrictions contained in this
Section 7 shall not apply to any CGAC Ordinary Share or other securities of CGAC acquired by Sponsor in open market transactions or to any CGAC Ordinary Shares (or other securities of CGAC) other than the Restricted
Securities.
Section 8. Further Assurances. From time to time and without further consideration, Sponsor shall
(i) execute and deliver, or cause to be executed and delivered, such additional documents including Transaction Documents as may be necessary to satisfy any condition to Closing under the Business Combination Agreement including delivering the
Sponsor Earn-Out Shares to the Escrow Agent and take all such further action as may be reasonably necessary or reasonably requested to effect the actions and consummate the transactions contemplated by the
Business Combination Agreement, this Agreement and the CGAC Transaction Proposals including placing appropriate legends on the Restricted Securities and (ii) refrain from exercising any veto right, consent right or similar right (whether under
the Organizational Documents of CGAC or the Cayman Act) which would prevent, impede or, in any material respect, delay or adversely affect the consummation of the Business Combination or any other Transaction.
9
Section 9. Disclosure. Sponsor hereby authorizes the Company and CGAC to publish
and disclose in any announcement or disclosure required by the SEC, or to include in any document or information required to be filed with or furnished to the SEC or Nasdaq Sponsors identity and ownership of the Owned Shares and the nature of
Sponsors obligations under this Agreement.
Section 10. Changes in Capital Shares. In the event (i) of a share split,
share dividend or distribution, or any change in CGAC Shares by reason of any split-up, reverse share split, recapitalization, combination, reclassification, exchange of shares or the like, (ii) Sponsor
purchases or otherwise acquires beneficial ownership of any CGAC Shares or (iii) Sponsor acquires the right to vote or share in the voting of any CGAC Shares, the terms Owned Shares shall be deemed to refer to and include such shares as
well as all such share dividends and distributions and any securities into which or for which any or all of such shares may be changed or exchanged or which are received in such transaction.
Section 11. Amendment and Modification. This Agreement may not be amended, modified or supplemented in any manner, whether by
course of conduct or otherwise, except by an instrument in writing signed by CGAC, the Company and Sponsor.
Section 12.
Waiver. No failure or delay by any Party exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of
any other right, power or privilege. The rights and remedies of the Parties hereunder are cumulative and are not exclusive of any rights or remedies which they would otherwise have hereunder. Any agreement on the part of a Party hereto to any such
waiver shall be valid only if set forth in a written instrument executed and delivered by such Party.
Section 13. Notices.
All notices and other communications hereunder shall be in writing and shall be deemed given if delivered personally, by email (with confirmation of receipt) or sent by a nationally recognized overnight courier service, such as FedEx, to the Parties
at the following addresses (or at such other address for a Party as shall be specified by like notice made pursuant to this Section 13):
if to Sponsor, to the address or email address set forth on Sponsors signature page hereto, or in the absence of such address or email
address being set forth on the signature page, the address (including email) set forth in the CGACs books and records.
if to the
Company, to it at:
Noventiq PLC
26-28 Hammersmith Grove,
London, W6 7HA
Attn: Warren
Davies
Email: warren.davies@noventiq.com
with a copy (which shall not constitute notice) to:
Allen & Overy LLP
1221 Avenue of Americas
New
York, NY 10020
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Attention: Stephen Besen and Jeffrey Pellegrino
Email: Stephen.Besen@AllenOvery.com and
Jeffrey.Pellegrino@AllenOvery.com
and
Allen & Overy LLP
One Bishops Square
London
E1 6AD
Attention: James Roe
Email: James.Roe@AllenOvery.com
if to CGAC, to it at:
Corner
Growth Acquisition Corp.
251 Lytton Avenue, Suite 200
Palo Alto, CA 94301
Attn:
Jerry Letter, CFO
Email: Jerry@cornercapitalmgmt.com
with a copy (which shall not constitute notice) to:
Reitler Kailas & Rosenblatt LLP
885 Third Avenue 20th Floor
New York, NY 10022
Attention:
John F.F. Watkins
Email: JWatkins@Reitlerlaw.com
Section 14. No Ownership Interest. Nothing contained in this Agreement shall be deemed to vest in the Company or CGAC any direct
or indirect ownership or incidence of ownership of or with respect to the Owned Shares or Restricted Securities of Sponsor. All rights, ownership and economic benefits of and relating to the Owned Shares or Restricted Securities of Sponsor shall
remain vested in and belong to Sponsor, and the Company or CGAC shall have no authority to direct Sponsor in the voting or disposition of any of the Sponsors Owned Shares or Restricted Securities, except as otherwise provided herein.
Section 15. Entire Agreement; Time of Effectiveness. This Agreement and the Business Combination Agreement constitute the entire
agreement and supersede all prior agreements and understandings, both written and oral, among the Parties with respect to the subject matter hereof and thereof. This Agreement shall not be effective or binding upon Sponsor until after such time as
the Business Combination Agreement is executed and delivered by the Company and CGAC.
Section 16. No Third-Party
Beneficiaries. Sponsor hereby agrees that its representations, warranties and covenants set forth herein are solely for the benefit of the Company and CGAC in accordance with and subject to the terms of this Agreement, and this Agreement is not
intended to, and does not, confer upon any Person other than the Parties any rights or remedies hereunder, including the right to rely upon the representations and warranties set forth herein, and the Parties hereby further agree that this Agreement
may only be enforced against, and any Action that may be based upon, arise out of or relate to this Agreement, or the negotiation, execution or performance of this Agreement may only be made against, the Persons expressly named as Parties.
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Section 17. Waiver and Release. Effective immediately upon the Closing, Sponsor,
on behalf of itself and its Affiliates and their respective Representatives, and each of their respective successors and assigns (each a Sponsor Releasor), hereby irrevocably releases, waives, acquits and forever
discharges, to the fullest extent permitted by Law, CGAC, the Company and each of their respective present and future subsidiaries, Affiliates, representatives, direct and indirect equity holders, officers, directors and employees (each, a
Releasee) of, from and against (i) any and all obligations or duties CGAC or its Subsidiaries has prior to or as of the Effective Time to such Sponsor Releasor or (ii) all claims, demands, liabilities, defenses, affirmative
defenses, setoffs, counterclaims, actions and causes of action of whatever kind or nature, whether known or unknown, which any Sponsor Releasor has prior to or as of the Effective Time, against any Releasee arising out of, based upon or resulting
from any Contract, transaction, event, circumstance, action, failure to act or occurrence of any sort or type, whether known or unknown, and which occurred, existed, was taken, permitted or begun prior to the Effective Time (except in the event of
Fraud on the part of a Releasee) (collectively, Sponsor Claims); provided, that nothing contained in this paragraph shall extend to any claims, rights, proceedings, liabilities, obligations, causes of action or losses in
connection with (i) any representations, warranties, obligations, covenants, agreements and liabilities under this Agreement, the Business Combination Agreement or any other Transaction Document entered into in connection with the Business
Combination Agreement to which Sponsor is a party which survives the Closing and any obligations to make any payment to Sponsor under such agreements, (ii) any rights to compensation that Sponsor may be entitled to under service agreements entered
into with CGAG in respect of the transactions contemplated by the Business Combination Agreement to which a Sponsor Releasor may be a party and that (in each case) is expressly disclosed in the CGAC Disclosure Letter, or (iii) any obligations
under the CGAC Articles or any written indemnification agreement with CGAC, and directors and officers liability insurance policies with respect to the indemnification or exculpation of, or advancement of expenses, solely to the extent
(in each case) identified in the CGAC Disclosure Letter or as contemplated by Section 6.4 of the Business Combination Agreement. Sponsor Releasor shall not, and shall cause its equity holders, subsidiaries, Affiliates and Representatives, and
each of their respective successors and assigns, not to, assert any Sponsor Claim against any of the Releasees that is released pursuant to this Section 17. Notwithstanding the foregoing, no Sponsor Releasor releases any of its express rights
under the Business Combination Agreement or any other Transaction Document. This release is intended to be a complete and general release with respect to the Sponsor Claims, and specifically includes claims that are known, unknown, fixed, contingent
or conditional arising on or prior to the Closing.
Subject to the reservation of rights and the limitation of the scope of the claims
released hereunder, each of the Sponsor Releasors for itself and for its respective Subsidiaries, Affiliates, Representatives, direct and indirect equityholders, parent companies, managers, officers and directors, and each of their respective
successors and assigns, expressly acknowledges that with respect to the release of known or unknown Sponsor Claims, Sponsor Releasor is aware that it may hereafter discover facts in addition to or different from those which it now knows or believes
to be true with respect to the subject matter in this section, and the releases herein are binding and effective notwithstanding the discovery or existence of any such additional or different facts. In
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furtherance of this intention, Sponsor acknowledges that the releases contained herein shall be and remain in effect as full and complete general releases notwithstanding the discovery or
existence of any such additional facts or different understandings of Law. Sponsor knowingly and voluntarily waives and releases any and all rights and benefits it may now have, or in the future may have, under Section 1542 of the California
Civil Code (or any analogous Law of any other state), which reads as follows:
A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE
CREDITOR OR SPONSOR RELEASOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE AND THAT, IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASEE.
Sponsor understands that Section 1542, or a comparable statute, rule, regulation or order of another jurisdiction, gives Sponsor the right not to release
existing Sponsor Claims of which Sponsor is not aware, unless Sponsor voluntarily chooses to waive this right. Having been so apprised, Sponsor nevertheless hereby voluntarily elects to and does waive any rights it may have that are described in
Section 1542, or such other comparable statute, rule, regulation or order, and elects to assume all risks for Sponsor Claims that exist, existed or may hereafter exist in its favor, known or unknown, suspected or unsuspected, arising out of or
related to claims or other matters purported to be released pursuant to this Section 17, in each case, effective as of the Closing. Sponsor acknowledges and agrees that the foregoing waiver is an essential and material term
of the release provided pursuant to this Section 17 and that, without such waiver, CGAC and the Company would not have agreed to the terms of this Agreement.
Section 18. Governing Law and Venue; Service of Process; Waiver of Jury Trial.
(a) This Agreement, and all claims or causes of action based upon, arising out of, or related to this Agreement or the transactions
contemplated hereby, shall be governed by, and construed in accordance with, the Laws of the State of Delaware, without giving effect to principles or rules of conflicts of Laws to the extent such principles or rules are not mandatorily applicable
and would require or permit the application of the Laws of another jurisdiction other than the State of Delaware.
(b) In addition, each
of the Parties (i) consents to submit itself, and hereby submits itself, to the personal jurisdiction of the Court of Chancery of the State of Delaware or, if such court does not have subject matter jurisdiction, any state or federal court located
in the State of Delaware having subject matter jurisdiction, in the event any dispute arises out of this Agreement or any of the transactions contemplated by this Agreement, (ii) shall not attempt to deny or defeat such personal jurisdiction by
motion or other request for leave from any such court, and agrees not to plead or claim any objection to the laying of venue in any such court or that any judicial proceeding in any such court has been brought in an inconvenient forum, (iii) shall
not bring any action relating to this Agreement or any of the transactions contemplated by this Agreement in any court other than the Court of Chancery of the State of Delaware or, if such court does not have subject matter jurisdiction, any state
or federal court located in the State of Delaware having subject matter jurisdiction, and (iv) consents to service of process being made through the notice procedures set forth in Section 13.
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(c) EACH OF THE PARTIES HEREBY KNOWINGLY, INTENTIONALLY, VOLUNTARILY AND IRREVOCABLY WAIVES
ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION BASED UPON, ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.
Section 19. Assignment; Successors. Neither this Agreement nor any of the rights, interests or obligations hereunder shall be
assigned by any Party in whole or in part (whether by operation of Law or otherwise) without the prior written consent of the other Parties. Any such assignment without such consent shall be null and void. This Agreement shall be binding upon, inure
to the benefit of and be enforceable by the Parties and their respective successors and permitted assigns.
Section 20.
Enforcement. The rights and remedies of the Parties shall be cumulative with and not exclusive of any other remedy conferred hereby. The Parties agree that irreparable damage would occur and that the parties would not have any adequate remedy
at Law in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the Parties shall be entitled to an injunction or injunctions to
prevent breaches or threatened breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement, including Sponsors obligations to vote its Owned Shares as provided in this Agreement, in the Court of Chancery
of the State of Delaware or, if under applicable Law exclusive jurisdiction over such matter is vested in the federal courts, any state or federal court located in the State of Delaware, without proof of actual damages or otherwise (and each Party
hereby waives any requirement for the securing or posting of any bond in connection with such remedy), this being in addition to any other remedy to which they are entitled at Law or in equity.
Section 21. Severability. If any term or other provision of this Agreement is held by a court of competent jurisdiction or other
authority to be invalid, void, unenforceable or against its regulatory policy, the remainder of the terms and provisions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated, so long as the
economic and legal substance of the transactions contemplated hereby, taken as a whole, are not affected in a manner materially adverse to any Party hereto. Upon such a determination, the Parties shall negotiate in good faith to modify this
Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible.
Section 22. Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be considered one and the
same agreement, it being understood that each Party need not sign the same counterpart. This Agreement shall become effective when each Party shall have received a counterpart hereof signed by all of the other parties. Signatures delivered
electronically or by facsimile shall be deemed to be original signatures.
Section 23. Interpretation and Construction. The
words hereof, herein and hereunder and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The descriptive headings used
herein are inserted for convenience of reference only and are not intended to be part of or to affect the meaning or interpretation of this Agreement. References to Sections are to Sections of this
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Agreement unless otherwise specified. Any singular term in this Agreement shall be deemed to include the plural, and any plural term the singular. The definitions contained in this Agreement are
applicable to the masculine as well as to the feminine and neuter genders of such term. Whenever the words include, includes or including are used in this Agreement, they shall be deemed to be followed by the
words without limitation, whether or not they are in fact followed by those words or words of like import. Writing, written and comparable terms refer to printing, typing and other means of reproducing words
(including electronic media) in a visible form. References to any statute shall be deemed to refer to such statute and to any rules or regulations promulgated thereunder. References to any person include the successors and permitted assigns of that
person. References from or through any date mean, unless otherwise specified, from and including such date or through and including such date, respectively. In the event an ambiguity or question of intent or interpretation arises, this Agreement
will be construed as if drafted jointly by the Parties, and no presumption or burden of proof will arise favoring or disfavoring any Party by virtue of the authorship of any of the provisions of this Agreement.
Section 24. Capacity as a Shareholder. Notwithstanding anything herein to the contrary, Sponsor signs this Agreement solely in
Sponsors capacity as a shareholder of CGAC, and not in any other capacity and this Agreement shall not limit, prevent or otherwise affect the actions of Sponsor, or any Affiliate, employee or designee of Sponsor or any of their respective
Affiliates in his or her capacity, if applicable, as an officer or director of CGAC (or any Subsidiary of CGAC) or any other Person, including in the exercise of his or her fiduciary duties as a director or officer of CGAC or any Subsidiary of CGAC.
Section 25. Costs and Expenses. Each Party to this Agreement will pay its own costs and expenses (including legal, accounting
and other fees) relating to the negotiation, execution, delivery and performance of this Agreement and, in the case of Sponsor, such costs and expenses shall be considered CGAC Transaction Expenses.
[The remainder of this page is intentionally left blank.]
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IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed (where applicable,
by their respective officers or other authorized Persons thereunto duly authorized) as of the date first written above.
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CORNER GROWTH ACQUISITION CORP. |
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By: |
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/s/ Marvin Tien |
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Name: Marvin Tien |
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Title: Chief Executive Officer |
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NOVENTIQ HOLDINGS PLC |
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By: |
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/s/ Hervé Tessler |
Name: Hervé Tessler |
Title: CEO |
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CGA SPONSOR, LLC |
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By: |
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/s/ Marvin Tien |
Name: Marvin Tien |
Title: Member
Address for Notice: |
|
251 Lytton Avenue, Suite 200 Palo
Alto, CA 94301 Attn: Email: |
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Exhibit 10.2
Execution Version
VOTING AND SUPPORT AGREEMENT
This Voting and Support Agreement (this Agreement), dated as of May 4, 2023, is entered into by and among Corner
Growth Acquisition Corp., an exempted company limited by shares incorporated under the laws of the Cayman Islands (CGAC), Noventiq Holdings PLC, a company organized under the laws of the Cyprus (the Company),
and certain of the shareholders of the Company, whose names appear on the signature pages of this Agreement (such shareholders, the Shareholders, and CGAC, the Company and the Shareholders, each a Party, and
collectively, the Parties). Capitalized terms used but not defined herein shall have the respective meanings ascribed to such terms in the Business Combination Agreement (as defined below).
RECITALS
WHEREAS,
contemporaneously with the execution and delivery of this Agreement, the Company, CGAC and Corner Growth SPAC Merger Sub, Inc., an exempted company limited by shares incorporated under the laws of the Cayman Islands and a direct wholly owned
subsidiary of CGAC (Merger Sub), are entering into a Business Combination Agreement (as amended, supplemented, restated or otherwise modified from time to time, the Business Combination Agreement), pursuant to
which (and subject to the terms and conditions set forth therein) Merger Sub will merge with and into the Company, with the Company continuing on as the surviving entity (Business Combination), and as a result of which, (i) the
Company will become a wholly owned subsidiary of CGAC and (ii) each issued and outstanding security of the Company immediately prior to the Effective Time will no longer be outstanding and will automatically be cancelled and shall cease to exist, in
exchange for the right to receive newly issued CGAC Ordinary Shares and certain additional securities (the Restricted Securities), all upon the terms and subject to the conditions set forth in the Business Combination Agreement;
WHEREAS, as of the date hereof, each Shareholder is the record and/or beneficial owner (as such term is used herein,
within the meaning of Rule 13d-3 under the Exchange Act), and is entitled to dispose of and vote, the number of Company Shares set forth opposite such Shareholders name on Schedule 1 of this
Agreement (collectively, with respect to each Shareholder, such Shareholders Owned Shares; and such Owned Shares, together with (1) any additional Company Shares (or any securities convertible into or exercisable or
exchangeable for Company Shares) in which such Shareholder acquires record and beneficial ownership after the date hereof, including by purchase, as a result of a share dividend, share split, recapitalization, combination, reclassification, exchange
or change of such shares, or upon exercise or conversion of any securities and (2) any additional Company Shares with respect to which such Shareholder has the right to vote through a proxy, the Covered Shares); and
WHEREAS, as a condition and inducement to the willingness of CGAC and Merger Sub to enter into the Business Combination Agreement, the
Company and the Shareholders are entering into this Agreement.
NOW, THEREFORE, in consideration of the foregoing and the mutual
covenants and agreements herein contained, and intending to be legally bound hereby, CGAC, the Company and each Shareholder hereby agree as follows:
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Section 1. Agreement to Vote. Subject to the earlier termination of this
Agreement in accordance with Section 3, each Shareholder, solely in his, her or its capacity as a shareholder or proxy holder of the Company, shall, and shall cause any other holder of record of any of such
Shareholders Covered Shares, to validly execute and deliver to the Company in respect of all of such Shareholders Covered Shares, on (or effective as of) the fifth (5th) Business Day following the date that the notice of Company
Shareholders Meeting is delivered by the Company to the Companys Shareholders, a voting proxy to be distributed in respect of all of such Shareholders Covered Shares. In addition, prior to the Termination Date (as defined herein),
each Shareholder, in his, her or its capacity as a shareholder or proxy holder of the Company, at any other meeting of the shareholders of the Company (whether annual or extraordinary and whether or not an adjourned or postponed meeting, however
called and including any adjournment or postponement thereof) and in connection with any written consent of shareholders of the Company, shall, and shall cause any other holder of record of any of such Shareholders Covered Shares to:
(a) when such meeting is held, appear, whether in person or by proxy, at such meeting or otherwise cause the Shareholders Covered Shares
to be counted as present thereat for the purpose of establishing a quorum;
(b) vote (or execute and return an action by written consent),
or cause to be voted at such meeting (or validly execute and return and cause such consent to be granted with respect to), all of such Shareholders Covered Shares owned or held as of the record date for such meeting (or the date that any
written consent is executed by such Shareholder) in favor of the (i) Business Combination, Plan of Merger and the adoption of the Business Combination Agreement, (ii) the Transactions to which the Company will be a party and (iii) any
other matters necessary or reasonably requested by the Company for consummation of the Business Combination and the other transactions contemplated by the Business Combination Agreement including those matters that are indicated as requiring
Shareholders approval by the SEC (or staff member thereof) in its comments to the Proxy/Registration Statement or correspondence related thereto (the matters in (i), (ii) and (iii) collectively, Company Transaction
Proposals);
(c) in any other circumstances upon which a consent or other approval is required under the Organizational
Documents of the Company or otherwise sought with respect to the Business Combination Agreement or the other transactions contemplated by the Business Combination Agreement, vote, consent or approve (or cause to be voted, consented or approved) all
of such Shareholders Covered Shares owned or held at such time in favor thereof;
(d) vote (or execute and return an action by
written consent), or cause to be voted at such meeting (or validly execute and return and cause such consent to be granted with respect to), all of such Shareholders Covered Shares against any action that would reasonably be expected to (i)
materially impede, interfere with, delay, postpone or adversely affect the Business Combination or any of the other transactions contemplated by the Business Combination Agreement, (ii) result in a breach of any covenant, representation or warranty
or other obligation or agreement of the Company under the Business Combination Agreement or (iii) result in a breach of any covenant, representation or warranty or other obligation or agreement of such Shareholder contained in this Agreement.
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(e) Each Shareholder hereby irrevocably, to the fullest extent permitted by law, appoints
the Company, or any designee of the Company, for so long as the provisions of this Section 1 remain in effect, as such Shareholders
attorney-in-fact and proxy with full power of substitution, to vote and otherwise act (by written consent or otherwise) with respect to the Owned Shares, solely on the
matters and in the manner specified in this Section 1. This proxy shall be valid for the duration of this Agreement.
(f) THE PROXIES AND POWERS OF ATTORNEY GRANTED PURSUANT TO SECTION 1(e) ARE IRREVOCABLE AND COUPLED WITH AN INTEREST. The proxies and powers
of attorney shall not be terminated by any act of the Shareholder or by operation of Law, by lack of appropriate power or authority, or by the occurrence of any other event or events and shall be binding upon all successors, assigns, heirs,
beneficiaries and legal representatives of the Shareholder. Each Shareholder hereby revokes all other proxies and powers of attorney on the matters specified in this Section 1 with respect to the Owned Shares that such
Shareholder may have previously appointed or granted, and no subsequent proxy or power of attorney shall be given or written consent executed (and if given or executed, shall not be effective) by such Shareholder with respect thereto. All authority
herein conferred or agreed to be conferred shall survive the death, bankruptcy or incapacity of the Shareholder and any obligation of the Shareholder under this Agreement shall be binding upon the heirs, personal representatives, and successors of
the Shareholder.
Section 2. No Inconsistent Agreements. Each Shareholder hereby covenants and agrees that such Shareholder
shall not (i) enter into any voting agreement or voting trust with respect to any of such Shareholders Covered Shares that is inconsistent with such Shareholders obligations pursuant to this Agreement, (ii) grant a proxy or power of
attorney with respect to any of such Shareholders Covered Shares that is inconsistent with such Shareholders obligations pursuant to this Agreement, or (iii) enter into any agreement or undertaking that is otherwise inconsistent with, or
would interfere with, or prohibit or prevent it from satisfying, its obligations pursuant to this Agreement.
Section 3.
Termination. This Agreement shall terminate upon the earliest of (i) the Effective Time, (ii) the termination of the Business Combination Agreement in accordance with its terms and (iii) the time this Agreement is terminated upon the mutual
written agreement of the Company, CGAC and the Shareholder (the earliest such date under clause (i), (ii) and (iii) being referred to herein as the Termination Date) and the representations, warranties, covenants and agreements
contained in this Agreement and in any certificate or other writing delivered pursuant hereto shall not survive the Closing or the termination of this Agreement; provided, that the provisions set forth in Section 10
through Section 23 shall survive the termination of this Agreement.
Section 4. Representations and
Warranties of the Shareholders. Each Shareholder hereby represents and warrants (severally, and not jointly, as to itself only) to CGAC as follows:
(a) Except as disclosed on Schedule 2 hereto, such Shareholder is the sole beneficial owner (within the meaning of Rule 13d-3 under the Exchange Act) of, and has good, valid and marketable title to or has a valid proxy to vote such Shareholders Covered Shares, free and clear of any liens (other than as created by this Agreement
or the Organizational Documents of the Company). As of the date hereof, other than the Owned Shares set forth opposite such Shareholders name on Schedule 1, such Shareholder does not own beneficially or of record any Company Shares (or
any securities convertible into Company Shares) or any interest therein.
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(b) Such Shareholder, in each case except as provided in this Agreement or the
Organizational Documents of the Company, (i) has full voting power, full power of disposition and full power to issue instructions with respect to the matters set forth herein whether by ownership or by proxy, in each case, with respect to such
Shareholders Covered Shares, (ii) has not entered into any voting agreement or voting trust, and has no knowledge and is not aware of any such voting agreement or voting trust in effect with respect to any of such Shareholders Covered
Shares that is inconsistent with such Shareholders obligations pursuant to this Agreement, (iii) has not granted a proxy or power of attorney with respect to any of such Shareholders Covered Shares that is inconsistent with such
Shareholders obligations pursuant to this Agreement, and has no knowledge and is not aware of any such proxy or power of attorney in effect, and (iv) has not entered into any agreement or undertaking that is otherwise inconsistent with, or
would interfere with, or prohibit or prevent it from satisfying, its obligations pursuant to this Agreement, and has no knowledge and is not aware of any such agreement or undertaking.
(c) Such Shareholder affirms that (i) if the Shareholder is a natural person, he or she has the legal capacity and all the requisite power and
authority and has taken all action necessary in order to execute and deliver this Agreement, to perform his or her obligations hereunder and to consummate the transaction contemplated hereby, and (ii) if the Shareholder is not a natural person, it
(A) is a legal entity duly organized, validly existing and, to the extent such concept is applicable, in good standing under the Laws of the jurisdiction of its organization, and (B) has all requisite corporate or other power and authority and has
taken all corporate or other action necessary in order to, execute, deliver and perform its obligations under this Agreement and to consummate the transactions contemplated hereby. This Agreement has been duly executed and delivered by such
Shareholder and, subject to the due execution and delivery of this Agreement by each other Party hereto, constitutes a legally valid and binding agreement of such Shareholder enforceable against the Shareholder in accordance with the terms hereof
(except as enforceability may be limited by bankruptcy Laws or other similar Laws affecting creditors rights and general principles of equity affecting the availability of specific performance and other equitable remedies).
(d) Other than the filings, notices and reports pursuant to, in compliance with or required to be made under the Exchange Act, no filings,
notices, reports, consents, registrations, approvals, permits, waivers, expirations of waiting periods or authorizations are required to be obtained by such Shareholder from, or to be given by such Shareholder to, or be made by such Shareholder
with, any Governmental Authority in connection with the execution, delivery and performance by such Shareholder of this Agreement, the consummation of the transactions contemplated hereby or the Business Combination or the other transactions
contemplated by the Business Combination Agreement.
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(e) The execution, delivery and performance of this Agreement by such Shareholder does not,
and the consummation of the transactions contemplated hereby and the Business Combination and the other transactions contemplated by the Business Combination Agreement will not, constitute or result in (i) a breach or violation of, or a default
under, the Organizational Documents of such Shareholder (if such Shareholder is not a natural person), (ii) with or without notice, lapse of time or both, a breach or violation of, a termination (or right of termination) of or a default under, the
loss of any benefit under, the creation, modification or acceleration of any obligations under or the creation of a Security Interest on any of the properties, rights or assets of such Shareholder pursuant to any Contract binding upon such
Shareholder or, assuming (solely with respect to performance of this Agreement and the transactions contemplated hereby) compliance with the matters referred to in Section 4(d), under any applicable Law to which such
Shareholder is subject or (iii) any change in the rights or obligations of any party under any Contract legally binding upon such Shareholder, except, in the case of clause (ii) or (iii) directly above, for any such breach, violation, termination,
default, creation, acceleration or change that would not, individually or in the aggregate, reasonably be expected to prevent or materially delay or impair such Shareholders ability to perform its obligations hereunder or to consummate the
transactions contemplated hereby, the consummation of the Business Combination or the other transactions contemplated by the Business Combination Agreement.
(f) As of the date of this Agreement, there is no Action pending against such Shareholder or, to the knowledge of such Shareholder, threatened
against such Shareholder that, in any manner, questions the beneficial or record ownership of the Shareholders Covered Shares or the validity of this Agreement, or challenges or seeks to prevent, enjoin or materially delay the performance by
such Shareholder of its obligations under this Agreement.
(g) The Shareholder is a sophisticated shareholder and has adequate information
concerning the business and financial condition of CGAC and the Company to make an informed decision regarding this Agreement and the other transactions contemplated by the Business Combination Agreement and has independently, based on such
information as the Shareholder has deemed appropriate, made its own analysis and decision to enter into this Agreement. The Shareholder acknowledges that CGAC and the Company have not made and do not make any representation or warranty, whether
express or implied, of any kind or character except as expressly set forth in this Agreement. The Shareholder acknowledges that the agreements contained herein with respect to the Covered Shares held by the Shareholder are irrevocable.
(h) Such Shareholder understands and acknowledges that CGAC is entering into the Business Combination Agreement in reliance upon such
Shareholders execution and delivery of this Agreement and the representations, warranties, covenants and other agreements of such Shareholder contained herein.
(i) No investment banker, broker, finder or other intermediary is entitled to any brokers, finders, financial advisors or
other similar fee or commission for which CGAC or the Company is or could be liable in connection with the Business Combination Agreement or this Agreement or any of the respective transactions contemplated hereby or thereby, in each case based upon
arrangements made by such Shareholder in his, her or its capacity as a shareholder or, to the knowledge of such Shareholder, on behalf of such Shareholder in his, her or its capacity as a shareholder.
(j) Such Shareholder is not, nor is owned or controlled by or acting on behalf of, nor is represented by any authorized person who is, a
Prohibited Person.
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Section 5. Certain Covenants of the Shareholders. Except in accordance with the
terms of this Agreement, each Shareholder hereby covenants and agrees as follows:
(a) No Solicitation. Subject to
Section 7 hereof, prior to the Termination Date, the Shareholder shall not, and, to the extent applicable, shall cause its Affiliates not to, and shall use its reasonable best efforts to cause its and their respective
Representatives not to, directly or indirectly, (i) solicit, initiate, submit, facilitate (including by means of furnishing or disclosing information), discuss or negotiate, any inquiry, proposal or offer (written or oral) with any third-party
(including any Competing SPAC) with respect to a Company Acquisition Proposal, (ii) furnish or disclose any non-public information to any third-party (including to any Competing SPAC) in connection with or
that could reasonably be expected to lead to a Company Acquisition Proposal, (iii) approve, endorse or recommend, or propose publicly to approve, endorse or recommend, any Company Acquisition Proposal, (iv) enter into any agreement, arrangement or
understanding with any third party (including a Competing SPAC) regarding a Company Acquisition Proposal, or (v) otherwise cooperate in any way with, or assist or participate in, or knowingly facilitate or encourage any effort or attempt by any
Person to do or seek to do any of the foregoing. Notwithstanding anything in this Agreement to the contrary, (i) such Shareholder shall not be responsible for the actions of the Company or the Company Board (or any committee thereof), any other
Group Company, or any officers, directors (in their capacity as such), employees and professional advisors of any of the foregoing (collectively, the Company Affiliated Parties), (ii) such Shareholder makes no representations or
warranties with respect to the actions of any of the Company Affiliated Parties, and (iii) any breach by the Company of its obligations under Section 6.3 of the Business Combination Agreement shall not be considered a breach of this
Section 5(a) (it being understood that, for the avoidance of doubt, such Shareholder or his, her or its representatives (other than any such representative that is a Company Affiliated Party) shall remain responsible for
any breach by such Shareholder or his, her or its representatives of this Section 5(a)). Each Shareholder is entering into this Agreement solely in its capacity as the record or beneficial owner of Company Shares and
nothing herein is intended to or shall limit or affect any actions taken by a Shareholder or any of Shareholders designees serving in his or her capacity as a director of the Company (or a Subsidiary of the Company). The taking of any actions
(or failures to act) by such Shareholder or Shareholders designees serving as a director of the Company (in such capacity as a director) shall not be deemed to constitute a breach of this Agreement.
(b) Each Shareholder shall not, prior to the Termination Date, (except in each case pursuant to the Business Combination Agreement), (i)
directly or indirectly, (a) sell, transfer, pledge, encumber, assign, hedge, swap, convert or otherwise dispose of (including by conversion into securities or other consideration), by tendering into any tender or exchange offer, by testamentary
disposition, by operation of Law or otherwise, either voluntarily or involuntarily (collectively, Transfer) any of such Shareholders Covered Shares, or (b) enter into any Contract or option with respect to the Transfer of,
any of such Shareholders Covered Shares, or (ii) publicly announce any intention to effect any transaction specified in clauses (a) or (b), or (iii) take any action that would make any representation or warranty of such Shareholder contained
herein untrue or incorrect or have the effect of preventing or disabling such Shareholder from performing its obligations under this Agreement; provided, however, that nothing herein shall prohibit a Permitted Transfer;
provided, further, that any Permitted Transfer shall be permitted only if, as a precondition to such Transfer, the transferee agrees in writing, reasonably satisfactory in form and
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substance to the Company and CGAC, to assume all of the obligations of the Shareholder under, and be bound by all of the terms of, this Agreement; provided, further, that any
Transfer permitted under this Section 5(b) shall not relieve the Shareholder of its obligations under this Agreement. Any Transfer in violation of this Section 5(b) with respect to the
Shareholders Covered Shares shall be null and void ab initio and the Company shall be entitled to refuse to recognize any such purported transferee of the Covered Shares as one of its equity holders for any purpose. For the purposes of
this Agreement, the term Permitted Transfer means a Transfer made: (i) in the case of an individual, by gift to a member of such individuals immediate family or to a trust, the beneficiary of which is a member of such
individuals immediate family or an Affiliate of such individual, or to a charitable organization; (ii) in the case of an individual, by virtue of laws of descent and distribution upon death of such individual; (iii) in the case of an
individual, pursuant to a qualified domestic relations order; (iv) if the Shareholder is not a natural person, by pro rata distribution by the Shareholder to its members, current and former general and limited partners, or shareholder
pursuant to the Shareholders Organizational Documents or related agreements as in effect from time to time; or (v) by virtue of applicable Law or the Shareholders Organizational Documents upon liquidation or dissolution of the
Shareholder.
(c) Each Shareholder agrees not to commence, join in, facilitate, assist or encourage, and agree to take all actions
necessary to opt out of any class in any class action with respect to any claim, derivative or otherwise, against the Company, CGAC or Merger Sub, or any of their respective successors or directors (a) challenging the validity of, or seeking to
enjoin the operation of, any provision of this Agreement, or (b) alleging a breach of fiduciary duty of any person in connection with the evaluation, negotiation or entry into the Business Combination Agreement. Such Shareholder hereby
irrevocably waives, and agrees not to exercise or assert, any dissenters rights under Section 238 of the Cayman Companies Act and any other similar statute in connection with the Merger and the Business Combination Agreement.
(d) Each Shareholder hereby authorizes the Company to maintain a copy of this Agreement at either the executive office or the registered
office of the Company.
Section 6. Lock Up.
(a) Each Shareholder hereby agrees not to Transfer any of the Restricted Securities from and after the Closing and until the earlier of
(i) the six (6) month anniversary of the Closing Date and (ii) the date following the Closing Date on which CGAC completes a Liquidity Event (such earlier date, the Lock-Up
Period). For the purposes of this Agreement, the term Liquidity Event means a liquidation, merger, capital stock exchange, reorganization or other similar transaction that results in all of CGACs shareholders
having the right to exchange their shares of CGAC for cash, securities or other property.
(b) The restrictions set forth in this
Section 6 shall not apply to any Transfer of any or all of the Restricted Securities owned by a Shareholder made in respect of a Permitted Transfer; provided, that in case of a Permitted Transfer during the Lock-Up Period, it shall be a condition to such Transfer that the transferee executes and delivers to CGAC an agreement, in a form that is reasonably satisfactory to CGAC, stating that the transferee is receiving
and holding the Restricted Securities subject to the provisions of this Agreement applicable to such Shareholder, and there shall be no further Transfer of such Restricted Securities except in accordance with this Agreement.
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(c) If any Transfer of Restricted Securities is made or attempted contrary to the provisions
of this Agreement, such purported Transfer shall be null and void ab initio, and CGAC shall be entitled to refuse to recognize any such purported transferee of the Restricted Securities as one of its equity holders for any purpose.
(d) During the Lock-Up Period, stop transfer orders shall be placed against the Restricted Securities
and each certificate or book entry position statement evidencing any Restricted Securities shall be stamped or otherwise imprinted with a legend in substantially the following form, in addition to any other applicable legends:
THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER SET FORTH IN A VOTING AND SUPPORT AGREEMENT, DATED AS OF
MAY 4, 2023, BY AND AMONG THE ISSUER OF SUCH SECURITIES (THE ISSUER), THE ISSUERS SECURITY HOLDER NAMED THEREIN AND CERTAIN OTHER PARTIES NAMED THEREIN. A COPY OF SUCH VOTING AND SUPPORT AGREEMENT WILL BE FURNISHED
WITHOUT CHARGE BY THE ISSUER TO THE HOLDER HEREOF UPON WRITTEN REQUEST.
(e) For the avoidance of any doubt, (i) each
Shareholder shall retain all of its rights as a shareholder of CGAC during the Lock-Up Period, including the right to vote, and to receive any dividends and distributions in respect of, any Restricted
Securities, and (ii) the restrictions contained in this Section 6 shall not apply to any CGAC Ordinary Share or other securities of CGAC acquired by each Shareholder in open market transactions or to any CGAC Ordinary
Shares (or other securities of CGAC) other than the Restricted Securities.
Section 7. Further Assurances. From time to time,
at CGACs request and without further consideration, each Shareholder shall (i) execute and deliver such additional documents and take all such further action as may be reasonably necessary or reasonably requested to effect the actions and
consummate the transactions contemplated by the Business Combination Agreement, this Agreement and the Company Transaction Proposals and (ii) refrain from exercising any veto right, consent right or similar right (whether under the
Organizational Documents of the Company or the Cayman Act) which would prevent, impede or, in any material respect, delay or adversely affect the consummation of the Business Combination or any other Transaction.
Section 8. Disclosure. Such Shareholder hereby authorizes the Company and CGAC to publish and disclose in any announcement or
disclosure required by the SEC, or to include in any document or information required to be filed with or furnished to the SEC or Nasdaq such Shareholders identity and ownership of the Covered Shares and the nature of such Shareholders
obligations under this Agreement.
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Section 9. Changes in Capital Shares. In the event (i) of a share split, share
dividend or distribution, or any change in Company Shares by reason of any split-up, reverse share split, recapitalization, combination, reclassification, exchange of shares or the like, (ii) the Shareholder
purchases or otherwise acquires beneficial ownership of any Company Shares or (iii) the Shareholder acquires the right to vote or share in the voting of any Company Shares, the terms Owned Shares and Covered Shares shall be
deemed to refer to and include such shares as well as all such share dividends and distributions and any securities into which or for which any or all of such shares may be changed or exchanged or which are received in such transaction.
Section 10. Amendment and Modification. This Agreement may not be amended, modified or supplemented in any manner, whether by
course of conduct or otherwise, except by an instrument in writing signed by CGAC, the Company and the applicable Shareholder.
Section 11. Waiver. No failure or delay by any Party exercising any right, power or privilege hereunder shall operate as a waiver
thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies of the Parties hereunder are cumulative and are not exclusive of
any rights or remedies which they would otherwise have hereunder. Any agreement on the part of a Party hereto to any such waiver shall be valid only if set forth in a written instrument executed and delivered by such Party.
Section 12. Notices. All notices and other communications hereunder shall be in writing and shall be deemed given if delivered
personally, by email (with confirmation of receipt) or sent by a nationally recognized overnight courier service, such as FedEx, to the Parties at the following addresses (or at such other address for a Party as shall be specified by like notice
made pursuant to this Section 12):
if to the Shareholder, to the address or email address set forth opposite
such Shareholders name on Schedule 1, or in the absence of such address or email address being set forth on Schedule 1, the address (including email) set forth in the Companys books and records.
if to the Company, to it at:
Noventiq PLC
26-28 Hammersmith Grove,
London, W6 7HA
Attn: Warren Davies
Email:
warren.davies@noventiq.com
with a copy (which shall not constitute notice) to:
Allen & Overy LLP
1221 Avenue of Americas
New
York, NY 10020
Attention: Stephen Besen and Jeffrey Pellegrino
Email: Stephen.Besen@AllenOvery.com and
Jeffrey.Pellegrino@AllenOvery.com
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and
Allen & Overy LLP
One
Bishops Square
London E1 6AD
Attention: James Roe
Email:
James.Roe@AllenOvery.com
if to CGAC, to it at:
Corner Growth Acquisition Corp.
251 Lytton Avenue, Suite 200
Palo Alto, CA 94301
Attn:
Jerry Letter, Chief Financial Officer
Email: Jerry@cornercapitalmgmt.com
with a copy (which shall not constitute notice) to:
Reitler Kailas & Rosenblatt LLP
885 Third Avenue 20th Floor
New York, NY 10022
Attention:
John F.F. Watkins
Email: JWatkins@Reitlerlaw.com:
Section 13. No Ownership Interest. Nothing contained in this Agreement shall be deemed to vest in the Company or CGAC any direct
or indirect ownership or incidence of ownership of or with respect to the Covered Shares or Restricted Securities of the Shareholder. All rights, ownership and economic benefits of and relating to the Covered Shares or Restricted Securities of the
Shareholder shall remain vested in and belong to the Shareholder, and the Company or CGAC shall have no authority to direct the Shareholder in the voting or disposition of any of the Shareholders Covered Shares or Restricted Securities, except
as otherwise provided herein.
Section 14. Entire Agreement; Time of Effectiveness. This Agreement and the Business
Combination Agreement constitute the entire agreement and supersede all prior agreements and understandings, both written and oral, among the Parties with respect to the subject matter hereof and thereof. This Agreement shall not be effective or
binding upon the Shareholder until after such time as the Business Combination Agreement is executed and delivered by the Company and CGAC.
Section 15. No Third-Party Beneficiaries. The Shareholder hereby agrees that its representations, warranties and covenants set
forth herein are solely for the benefit of the Company and CGAC in accordance with and subject to the terms of this Agreement, and this Agreement is not intended to, and does not, confer upon any Person other than the Parties any rights or remedies
hereunder, including the right to rely upon the representations and warranties set forth herein, and the Parties hereby further agree that this Agreement may only be enforced against, and any Action that may be based upon, arise out of or relate to
this Agreement, or the negotiation, execution or performance of this Agreement may only be made against, the Persons expressly named as Parties.
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Section 16. Waiver and Release. Effective immediately upon the Closing, the
Shareholder, on behalf of itself and its Affiliates and their respective Representatives, and each of their respective successors and assigns (each a Shareholder Releasor), hereby irrevocably releases, waives, acquits and forever
discharges, to the fullest extent permitted by Law, the Company and each of its respective present and future subsidiaries, Affiliates, representatives, direct and indirect equity holders, officers, directors and employees (each, a
Releasee) of, from and against any and all proceedings, rights, and causes of action arising out of (i) the Shareholders direct or indirect ownership of equity interests in the Company or the Shareholders capacity as
an equityholder of the Company, in each case, on or prior to the Closing, whether or not such right has been exercised, and (ii) the management or operation of the businesses of the Company relating to any matter, occurrence, action or activity on,
or prior to, the Closing Date (collectively, Shareholder Claims); provided, that nothing contained in this paragraph shall extend to any claims, rights, proceedings, liabilities, obligations, causes of action or losses in
connection with (i) any representations, warranties, obligations, covenants, agreements and liabilities under this Agreement or any other agreement entered into in connection with the Business Combination Agreement which survives the Closing and any
obligations to make any payment to the Shareholder under such agreements and (ii) any employment agreement for individuals continuing to be employed by the Surviving Entity or any of its Subsidiaries following the Closing, or any rights to
compensation that the Shareholder (who is a natural person) may be entitled to under employment or other service agreements entered into (or compensation or benefit plans, programs or policies of) with any Group Company in the ordinary course of
business. Each Shareholder Releasor shall not, and shall cause its equity holders, subsidiaries, Affiliates and Representatives, and each of their respective successors and assigns, not to, assert any Shareholder Claim against any of the Releasees
that is released pursuant to this Section 16. Notwithstanding the foregoing, no Shareholder Releasor releases any of its express rights under the Business Combination Agreement or any other Transaction Document. This
release is intended to be a complete and general release with respect to the Shareholder Claims, and specifically includes claims that are known, unknown, fixed, contingent or conditional arising on or prior to the Closing.
Subject to the reservation of rights and the limitation of the scope of the claims released hereunder, each of the Shareholder Releasors for
itself and for its respective Subsidiaries, Affiliates, Representatives, direct and indirect equityholders, parent companies, managers, officers and directors, and each of their respective successors and assigns, expressly acknowledges that with
respect to the release of known or unknown Shareholder Claims, each Shareholder Releasor is aware that it may hereafter discover facts in addition to or different from those which it now knows or believes to be true with respect to the subject
matter in this section, and the releases herein are binding and effective notwithstanding the discovery or existence of any such additional or different facts.
Section 17. Governing Law and Venue; Service of Process; Waiver of Jury Trial.
(a) This Agreement, and all claims or causes of action based upon, arising out of, or related to this Agreement or the transactions
contemplated hereby, shall be governed by, and construed in accordance with, the Laws of the State of Delaware, without giving effect to principles or rules of conflicts of laws to the extent such principles or rules are not mandatorily applicable
and would require or permit the application of the Laws of another jurisdiction other than the State of Delaware.
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(b) In addition, each of the Parties (i) consents to submit itself, and hereby submits
itself, to the personal jurisdiction of the Court of Chancery of the State of Delaware or, if such court does not have subject matter jurisdiction, any state or federal court located in the State of Delaware having subject matter jurisdiction, in
the event any dispute arises out of this Agreement or any of the transactions contemplated by this Agreement, (ii) shall not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any such court, and agrees
not to plead or claim any objection to the laying of venue in any such court or that any judicial proceeding in any such court has been brought in an inconvenient forum, (iii) shall not bring any action relating to this Agreement or any of the
transactions contemplated by this Agreement in any court other than the Court of Chancery of the State of Delaware or, if such court does not have subject matter jurisdiction, any state or federal court located in the State of Delaware having
subject matter jurisdiction, and (iv) consents to service of process being made through the notice procedures set forth in Section 12.
(c) EACH OF THE PARTIES HEREBY KNOWINGLY, INTENTIONALLY, VOLUNTARILY AND IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION
BASED UPON, ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.
Section 18. Assignment;
Successors. Neither this Agreement nor any of the rights, interests or obligations hereunder shall (a) be assigned by any of the Shareholders in whole or in part (whether by operation of Law or otherwise) without the prior written consent of
CGAC and the Company or (b) be assigned by CGAC or the Company in whole or in part (whether by operation of law or otherwise) without the prior written consent of (i) the Company or CGAC, respectively, and (ii) the applicable Shareholder. Any such
assignment without such consent shall be null and void. This Agreement shall be binding upon, inure to the benefit of and be enforceable by the Parties and their respective successors and permitted assigns.
Section 19. Enforcement. The rights and remedies of the Parties shall be cumulative with and not exclusive of any other remedy
conferred hereby. The Parties agree that irreparable damage would occur and that the parties would not have any adequate remedy at law in the event that any of the provisions of this Agreement were not performed in accordance with their specific
terms or were otherwise breached. It is accordingly agreed that the Parties shall be entitled to an injunction or injunctions to prevent breaches or threatened breaches of this Agreement and to enforce specifically the terms and provisions of this
Agreement, including each Shareholders obligations to vote its Covered Shares as provided in this Agreement, in the Court of Chancery of the State of Delaware or, if under applicable law exclusive jurisdiction over such matter is vested in the
federal courts, any state or federal court located in the State of Delaware, without proof of actual damages or otherwise (and each Party hereby waives any requirement for the securing or posting of any bond in connection with such remedy), this
being in addition to any other remedy to which they are entitled at law or in equity.
Section 20. Severability. If any term
or other provision of this Agreement is held by a court of competent jurisdiction or other authority to be invalid, void, unenforceable or against its regulatory policy, the remainder of the terms and provisions of this Agreement shall remain in
full force and effect and shall in no way be affected, impaired or invalidated, so long as the economic and legal substance of the transactions contemplated hereby, taken as a whole, are not affected in a manner materially adverse to any Party
hereto. Upon such a determination, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable manner in order that the transactions contemplated
hereby be consummated as originally contemplated to the fullest extent possible.
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Section 21. Counterparts. This Agreement may be executed in one or more
counterparts, all of which shall be considered one and the same agreement, it being understood that each Party need not sign the same counterpart. This Agreement shall become effective when each Party shall have received a counterpart hereof signed
by all of the other parties. Signatures delivered electronically or by facsimile shall be deemed to be original signatures.
Section 22. Interpretation and Construction. The words hereof, herein and hereunder and words
of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The descriptive headings used herein are inserted for convenience of reference only and are not intended to be part
of or to affect the meaning or interpretation of this Agreement. References to Sections are to Sections of this Agreement unless otherwise specified. Any singular term in this Agreement shall be deemed to include the plural, and any plural term the
singular. The definitions contained in this Agreement are applicable to the masculine as well as to the feminine and neuter genders of such term. Whenever the words include, includes or including are used in this
Agreement, they shall be deemed to be followed by the words without limitation, whether or not they are in fact followed by those words or words of like import. Writing, written and comparable terms refer to
printing, typing and other means of reproducing words (including electronic media) in a visible form. References to any statute shall be deemed to refer to such statute and to any rules or regulations promulgated thereunder. References to any person
include the successors and permitted assigns of that person. References from or through any date mean, unless otherwise specified, from and including such date or through and including such date, respectively. In the event an ambiguity or question
of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the Parties, and no presumption or burden of proof will arise favoring or disfavoring any Party by virtue of the authorship of any of the provisions of
this Agreement.
Section 23. Capacity as a Shareholder or Proxyholder. Notwithstanding anything herein to the contrary, the
Shareholder or proxy holder signs this Agreement solely in the Shareholders or Proxy holders capacity as a shareholder or proxy holder of the Company, and not in any other capacity and this Agreement shall not limit, prevent or otherwise
affect the actions of the Shareholder, proxy holder or any Affiliate, employee or designee of the Shareholder or proxy holder, or any of their respective Affiliates in his or her capacity, if applicable, as an officer or director of the Company (or
any Subsidiary of the Company) or any other Person, including in the exercise of his or her fiduciary duties as a director or officer of the Company or any Subsidiary of the Company. No Shareholder shall be liable or responsible for any breach,
default, or violation of any representation, warranty, covenant or agreement by any other Shareholder that is also a Party hereto and each Shareholder shall solely be required to perform its obligations hereunder in its individual capacity.
[The remainder of this page is intentionally left blank.]
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IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed (where applicable,
by their respective officers or other authorized Persons thereunto duly authorized) as of the date first written above.
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CORNER GROWTH ACQUISITION CORP. |
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By: |
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/s/ Marvin Tien |
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Name: Marvin Tien |
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Title: CEO |
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NOVENTIQ HOLDINGS PLC |
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By: |
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/s/ Hervé Tessler |
Name: Hervé Tessler |
Title: CEO |
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Signature Blocks for Voting and Support Agreement
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BROADREACH LIMITED |
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By: |
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/s/ Christian Falle and Dominique Burnett |
Name: Christian Falle and Dominique Burnett |
Title: Authorized Signatory |
Address for Notice: |
2nd Floor, The Le Gallais Building
54 Bath Street, St. Helier, Jersey, |
JE1 1FW |
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DA VINCI CAPITAL GROUP LTD. |
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By: |
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/s/ Dennis Fuller |
Name: Dennis Fuller |
Title: Director |
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Address for Notice: |
Marcy Building, 2nd Floor |
Purcell Estate |
PO Box 2416 |
Road Town, Tortola VG 1110, British Virgin Islands |
E-mail: notices@dvcap.com |
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INVESTMENT PARTNERSHIP DA VINCI
PRE-IPO FUND |
Acting by its managing partner, OOO
Stravinsky Capital UT |
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By: |
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/s/ Arthur Valiullin |
Name: |
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Arthur Valiullin |
Title: |
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General Director |
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Address for Notice: Presnenskaya
nab., 6 Bldg. 2, Floor 13, Office 1-25-2 123112 Moscow,
Russian Federation E-mail: notices@dvcap.com |
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DA VINCI PRIVATE EQUITY FUND II L.P. |
Acting by its general partner, Da
Vinci Capital Management GP Limited |
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By: |
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/s/ Alan Mark Tanguy |
Name: |
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Alan Mark Tanguy |
Title: |
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Director |
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Address for Notice: c/o Da Vinci
Capital Management Limited PO Box 343 Obsidian House
Rue dAval Vale GY1 3UR, Guernsey
E-mail: notices@dvcap.com |
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SGI GROUP LIMITED |
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By: |
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/s/ Igor Borovikov |
Name: Igor Borovikov |
Title: CEO |
Address for Notice: igor.borovikov@softline.com |
Exhibit 99.1
Noventiq, A Leading Provider of Digital Solutions for Growth Markets, to List on Nasdaq Through Proposed
Business Combination with Corner Growth Acquisition Corp.
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Noventiq (LSE: NVIQ) is a leading provider of digital transformation and cybersecurity solutions and
services focused on high-growth emerging markets |
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The transaction values Noventiq at a pro-forma enterprise value and pro-forma equity market cap of
approximately $800 million and $1 billion, respectively |
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No minimum amount of equity or debt financing is required to close the transaction
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Noventiq is on track to report record turnover of approximately $1.5B in FY 2022, underpinned by an
expanding recurring revenue base and history of profitable growth |
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Noventiq operates in almost 60 countries with deep local expertise, connecting 75,000 customers and
industry-leading strategic partners including Microsoft, Amazon Web Services and Google |
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Noventiq continuously extends its portfolio with new service offerings in domains including multi-cloud,
software engineering and integration, cyber security and artificial intelligence |
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Noventiq intends to de-list from the London Stock Exchange and list
on Nasdaq through the merger |
LONDON and PALO ALTO, Calif. May 4, 2023 Noventiq (LSE:
NVIQ) (Noventiq), a global digital transformation and cybersecurity solutions and services provider, and Corner Growth Acquisition Corp. (Nasdaq: COOL) (Corner Growth), a special purpose acquisition company led by veteran
technology investors (Sponsors), today announced they have entered into a business combination agreement that is expected to result in the combined company (Combined Company) being listed on Nasdaq under the symbol
NVIQ. The Combined Company will operate under the same management team, including Hervé Tessler, Chief Executive Officer, and Sergey Chernovolenko, President & Chief Operating Officer, with current Noventiq shareholders
rolling 100% of their equity into the Combined Company.
The proposed business combination (Business Combination) is expected to provide
Noventiq with improved access to new sources of capital, accelerate M&A opportunities, and enhance its reach and capabilities in fast-growing in-house technology development in cyber security, generative-AI, and other high-margin products and tools.
Hervé Tessler, CEO of Noventiq Group, said:
Noventiq has an established history of delivering digital transformation and cybersecurity solutions and services to high growth markets. The backbone of
our success is a highly decentralized, expert team of thought leaders across the almost 60 countries we serve. As a responsible organisation, we believe that it is our duty to create value not only for our shareholders but also for our employees,
customers, and technology partners. We are proud to collaborate with the incredible team at Corner Growth on this transaction and are confident that it will propel our efforts globally and open a pathway for a broader set of public investors to
participate in our important work.
Marvin Tien, Co-Chairman & CEO of Corner Growth, said:
Hervé, Sergey, and the impressive Noventiq management team are leading the way in delivering digital success to growth markets,
leveraging best-in-breed technology partnerships and unrivaled local expertise in the markets they serve. With our unique relationships in the Asia-Pacific region and
decades of technology-driven investment experience, we believe we can help deliver long-term value for all stakeholders in this transaction.
Noventiq Investment Highlights
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Leading enabler of digital success. Noventiq sits at the heart of the $3.8 trillion digital transformation
and cybersecurity ecosystem. |
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Global reach and focus on high growth emerging markets. These growing markets represent a substantial
total addressable market (TAM) estimated to grow at an approximately 9% CAGR from $330 billion in 2020 to approximately $500 billion in 20251 and are underserved and
historically difficult to penetrate. Noventiqs extensive global reach, coupled with a strong local presence and recognized execution capability, uniquely positions it for success in these markets. |
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Strategic partnerships amplify growth strategy and widen Noventiqs competitive reach. Noventiq ranks
as a premier partner for the top public cloud companies globally, including Microsoft as well as other key technology players such as AWS and Google. Noventiq has collaborated with Microsoft for over 25 years, becoming a leading strategic
partner in a large number of growing markets, and is focused on continuing to expand its services footprint, while also actively delivering other partners technologies as part of its portfolio of customer outcome-focused solutions.
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Consolidator with track record of successful M&A. 14 companies acquired since 2020 including multiple
transactions in 2022/2023, with a strategic approach towards geographic, portfolio and sales channel expansion. |
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Inclusive and diverse culture, industry leading talent and unparalleled local expertise. Noventiq is a
people-first and customer-centric organization. Eighty-five percent of headcount is customer facing and is led by a low-turnover, long-tenured management team with deep experience in developing markets and
providing services to Fortune 500 global operations. |
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New product lines and product categories on the horizon. Significant organic growth opportunities
in selling in-house developed solutions like enterprise-grade smart assistants powered by generative AI, Microsoft Azure OpenAI Service, and other services and tools to new and existing customers. These are
key drivers in growing high-margin solutions through Noventiqs land and expand model. |
Expanding recurring revenue base with
history of profitable growth
Noventiq is on track to report record revenue and gross profit for the fiscal year ended March 31, 2023. As
announced on February 28, 2023:
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Q3 2022 turnover was $398.8 million, an increase of 45% in USD, and 57% in constant currency. For the nine
months ended December 31, 2022, turnover was $1,089.9 million, an increase of 37% in USD, and 49% in constant currency. |
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Q3 YTD FY2022 turnover was close to the level of turnover delivered for the whole of the prior year FY2021.
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AMR International (now STAX). |
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Q3 2022 gross profit was $71.4 million, an increase of 75% in USD, and 82% in constant currency. For the 9
months ended December 31, 2022, gross profit was $167.2 million, an increase of 65% in USD, and 73% in constant currency. |
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Q3 YTD FY2022 gross profit of $167.2 million was more than was delivered for the whole of the prior year
FY2021 ($146 million). |
Transaction summary
Upon closing of the transaction, and assuming no stockholders of Corner Growth redeem their shares, Noventiq will have $278M pro forma cash on balance sheet,
consisting of $112 million in anticipated new financing proceeds and $191 million in existing cash (as of 12/31/2022), less $25 million in transaction fees. Existing Noventiq shareholders are expected to own 84.7% of the fully diluted
shares of the Combined Company, with public stockholders of Corner Growth expected to own 10.6%, and the Sponsors expected to own 4.7%.
The transaction,
which has been approved unanimously by the Boards of Directors of both Noventiq and Corner Growth, is subject to approval by Corner Growths and Noventiqs stockholders and subject to other customary closing conditions, including the
receipt of certain regulatory approvals, and is expected to close in the second half of 2023.
Additional information about the proposed transaction,
including a copy of the business combination agreement will be provided in a Current Report on Form 8-K to be filed by Corner Growth with the Securities and Exchange Commission (SEC) and will be
available at www.sec.gov.
Additional Information about the Transaction and Where to Find It
In connection with the Business Combination, Corner Growth intends to file with the SEC and Registration Statement on Form
F-4 (the Registration Statement), which will include a preliminary prospectus and preliminary proxy statement. Corner Growth will mail a definitive proxy statement and other relevant documents to
its shareholders. This communication is not a substitute for the Registration Statement, the definitive proxy statement or any other document that Corner Growth will send to its shareholders in connection with the Business Combination. Investors and
security holders of Corner Growth are advised to read, when available, the proxy statement in connection with Corner Growths solicitation of proxies for its special meeting of shareholders to be held to approve the Business Combination (and
related matters) because the proxy statement will contain important information about the Business Combination and the parties to the Business Combination. The definitive proxy statement will be mailed to shareholders of Corner Growth as of a record
date to be established for voting on the Business Combination. Shareholders will also be able to obtain copies of the proxy statement, without charge, once available, at the SECs website www.sec.gov or by directing a request to:
ryan.flanagan@icrinc.com.
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Participants in the Solicitation
Corner Growth, Noventiq and their respective directors, executive officers, other members of management, and employees, under SEC rules, may be deemed to be
participants in the solicitation of proxies of Corner Growths shareholders in connection with the Business Combination. Investors and security holders may obtain more detailed information regarding the names and interests in the Business
Combination of Corner Growths directors and officers in Corner Growths filings with the SEC including the Registration Statement to be filed with the SEC by Corner Growth, which will include the proxy statement Corner Growth for the
Business Combination, and such information and names of Noventiqs directors and executive officers will also be in the Registration Statement filed with the SEC by Corner Growth, which will include the proxy statement of Corner Growth for the
Business Combination.
About Noventiq
Noventiq is a
leading global solutions and services provider in digital transformation and cybersecurity, headquartered in London. Noventiq enables, facilitates and accelerates the digital transformation of its customers businesses, connecting over 75,000
organisations from all industries with hundreds of best-in-class IT vendors, and delivering its own services and solutions.
Noventiq delivered a turnover of approximately US$1.1 billion in the fiscal year of 2021. Noventiqs c. 6,400 employees work in almost 60 countries
throughout Asia, Latin America, Europe, The Middle East and Africa with a focus on markets with significant growth potential.
Additional
information about Noventiq can be found here: https://noventiq.com/investor-relations
About Corner Growth Acquisition Corp.
Corner Growth Acquisition Corp. (Nasdaq: COOL) is a special purpose acquisition company (SPAC) focused on partnering with a high growth technology company.
Corner Growths mission is to deliver value to its investors by providing a compelling alternative to a traditional public offering. Corner Growth is uniquely positioned to deliver on its value-add
approach given its management teams history, experience, relationships, leadership and track record in identifying and investing in disruptive technology companies across all technology verticals.
Corner Growth also brings a group of highly respected investment professionals, with strong track records and deep individual experience in SPAC and de-SPAC processes, a rolodex of premier public market investors, and a team of advisors who offer experience and access to networks across a broad functional and physical geography.
Forward Looking Statements
Certain statements made
herein that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995.
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Forward-looking statements generally are accompanied by words such as believe, may, will, estimate, continue, anticipate,
intend, expect, should, would, plan, predict, potential, seem, seek, future, outlook and similar expressions that
predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding future events, the Business Combination between Corner Growth and
Noventiq, the estimated or anticipated future results and benefits of the Combined Company following the Business Combination, including the likelihood and ability of the parties to successfully consummate the Business Combination, future
opportunities for the Combined Company, and other statements that are not historical facts. These statements are based on the current expectations of Corner Growths management and are not predictions of actual performance. These
forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on, by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual
events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Corner Growth and Noventiq. These statements are subject to a number of risks and
uncertainties regarding Corner Growths businesses and the Business Combination, and actual results may differ materially. These risks and uncertainties include, but are not limited to, general economic, political and business conditions; the
inability of the parties to consummate the Business Combination or the occurrence of any event, change or other circumstances that could give rise to the termination of the Business Combination Agreement; the outcome of any legal proceedings that
may be instituted against the parties following the announcement of the Business Combination; the receipt of an unsolicited offer from another party for an alternative business transaction that could interfere with the Business Combination; the risk
that the approval of the shareholders of Corner Growth or Noventiq for the potential transaction is not obtained; failure to realize the anticipated benefits of the Business Combination, including as a result of a delay in consummating the potential
transaction or difficulty in integrating the businesses of Corner Growth or Novenitq; the risk that the Business Combination disrupts current plans and operations as a result of the announcement and consummation of the Business Combination; the
ability of the Combined Company to grow and manage growth profitably and retain its key employees; the amount of redemption requests made by Corner Growths shareholders; the inability to obtain or maintain the listing of the post-acquisition
companys securities on Nasdaq following the Business Combination; costs related to the Business Combination; and those factors discussed in Corner Growths Annual Report on Form 10-K for the fiscal
year ended December 31, 2020, filed with the SEC on March 31, 2021, in Corner Growths Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed with the SEC on
March 31, 2023, and other filings with the SEC. If any of these risks materialize or if assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional
risks that Corner Growth presently does not know or that Corner Growth currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements
provide Corner Growths expectations, plans or forecasts of future events and views as of the date of this communication. Corner Growth anticipates that subsequent events and developments will cause Corner Growths assessments to change.
However, while Corner Growth may elect to update these forward-looking statements at some point in the future, Corner Growth specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing
Corner Growths assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon the forward-looking statements.
Disclaimer
This release shall neither constitute an offer to sell or the solicitation of an offer to buy any securities,
nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would
be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
The unaudited estimated financial results for Noventiq included in this release are preliminary and
subject to revision based upon the completion of Noventiqs fiscal year-end audit. As a result,
Noventiqs actual results for the fiscal year ended March 31, 2023 may differ materially from the
estimated preliminary unaudited financial results upon the completion of the Noventiqs financial
closing procedures, as a result of the fiscal year-end audit, or upon occurrence of other developments
that may arise prior to the time its financial results are finalized. Additional information and disclosures
would be required for a more complete understanding of Noventiqs financial position and results of
operations as of, and for the fiscal year ended, March 31, 2023.
Noventiq Contacts
Investors:
Steven Salter
Global Investor Relations VP
IR@noventiq.com
Media:
Rocio Herraiz
Global Head of Communications
pr@noventiq.com
Corner Growth Contacts
Investors:
Ryan Flanagan, ICR
ryan.flanagan@icrinc.com
Media:
Brian Ruby, ICR
Brian.ruby@icrinc.com
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