UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or Section 15(d)
of
the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): December 5, 2024
SK Growth Opportunities Corporation
(Exact
name of registrant as specified in its charter)
| Cayman Islands |
|
001-41432 |
|
98-1643582 |
(State
or other jurisdiction of
incorporation
or organization) |
|
(Commission
File Number) |
|
(I.R.S.
Employer
Identification
Number) |
228 Park Avenue S #96693
New York, New York |
|
10003 |
| (Address
of principal executive offices) |
|
(Zip
Code) |
(917)
599-1622
Registrant’s
telephone number, including area code
Not
Applicable
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under
any of the following provisions:
| ☒ | Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
| Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange
on
which registered |
| Units, each consisting of one Class A Ordinary Share, $0.0001 par value, and one-half of one redeemable warrant |
|
SKGRU |
|
The
Nasdaq Stock Market LLC |
| Class A Ordinary Shares |
|
SKGR |
|
The
Nasdaq Stock Market LLC |
| Redeemable Warrants, each whole warrant exercisable for one Class A Ordinary Share at an exercise price of $11.50 |
|
SKGRW |
|
The
Nasdaq Stock Market LLC |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2
of the Securities Exchange Act of 1934.
Emerging
growth company ☒
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.01 Entry into a Material Definitive Agreement.
Amendment to
Business Combination Agreement
As
previously disclosed, on February 27, 2024, SK Growth Opportunities Corporation, an exempted company limited by shares incorporated under
the laws of the Cayman Islands (“SPAC”), Webull Corporation, an exempted company limited by shares incorporated under the
laws of the Cayman Islands (“Webull”), Feather Sound I Inc., an exempted company limited by shares incorporated under the
laws of the Cayman Islands and a direct wholly owned subsidiary of Webull and Feather Sound II Inc., an exempted company limited by shares
incorporated under the laws of the Cayman Islands and a direct wholly owned subsidiary of Webull, entered into a business combination
agreement (as may be amended and modified from time to time in accordance with its terms, the “Business Combination Agreement”).
On
December 5, 2024, the parties to the Business Combination Agreement entered into an Amendment to Business Combination Agreement (the
“Amendment to Business Combination Agreement”). The Amendment to Business Combination Agreement provides for, among other
things:
| ● | Issuance
of Incentive Warrants (as defined in the Business Combination Agreement) to certain shareholders of Webull in connection with the Mergers
(as defined in the Business Combination Agreement) and an amendment and restatement of the Form of Incentive Warrant Agreement (as defined
in the Business Combination Agreement); |
| ● | An
amendment and restatement of the definition of “Founder HoldCo,” “Incentive Warrants” and “Share Subdivision
Factor” (each as defined in the Business Combination Agreement), and all references therein; |
| ● | An
amendment and restatement of the calculation of SPAC Class B Ordinary Shares (as defined in the Business Combination Agreement) held
by the Founder HoldCo; |
| ● | Removal
of SPAC’s right to designate an observer to the board of directors of Webull; and |
| ● | An
amendment and restatement of the Amended Company Charter (as defined in the Business Combination Agreement). |
A
copy of the Amendment to Business Combination Agreement is filed with this Current Report on Form 8-K (this “Current Report”)
as Exhibit 2.1 and is incorporated herein by reference, and the foregoing description of the Amendment to Business Combination Agreement
is qualified in its entirety by reference thereto.
Ancillary
Documents
Amendment
to Sponsor Support Agreement
As
previously disclosed, concurrently with the execution and delivery of the Business Combination Agreement, SPAC, Webull, Auxo Capital
Managers LLC, a Delaware limited liability company (“Sponsor”) and certain shareholders of SPAC (together with the Sponsor,
collectively, the “SPAC Insiders”) entered into a sponsor support agreement (as may be amended and modified from time to
time in accordance with its terms, the “Sponsor Support Agreement”), pursuant to which Sponsor agreed to forfeit for no consideration
up to 2,000,000 SPAC Class B Ordinary Shares held by Sponsor in connection with the execution of Additional Non-Redemption Agreements
(as defined in the Sponsor Support Agreement) following the date of the Business Combination Agreement and to the extent the aggregate
amount of SPAC Class B Ordinary Shares to be forfeited by Sponsor is less than 2,000,000, on the Closing Date (as defined in the Business
Combination Agreement) and immediately prior to the First Merger Effective Time (as defined in the Business Combination Agreement), Sponsor
shall automatically forfeit the balance of such 2,000,000 SPAC Class B Ordinary Shares.
On
December 5, 2024, the parties to the Sponsor Support Agreement entered into an Amendment to Sponsor Support Agreement (the “Amendment
to Sponsor Support Agreement”), which provides that to the extent the aggregate amount of SPAC Class B Ordinary Shares to be forfeited
by Sponsor pursuant to the Additional Non-Redemption Agreements is less than 2,000,000, Sponsor shall forfeit up to the balance of such
2,000,000 SPAC Class B Ordinary Shares in an amount determined by and upon the written request of Webull. As a result, Sponsor may not
be required to forfeit such amount of SPAC Class B Ordinary Shares in full or at all.
A
copy of the Amendment to Sponsor Support Agreement is filed with this Current Report as Exhibit 10.1 and is incorporated herein by reference,
and the foregoing description of the Amendment to Sponsor Support Agreement is qualified in its entirety by reference thereto.
Indemnity
Letter Agreement
On
December 5, 2024, Webull and the SPAC Insiders entered into an Indemnity Letter Agreement (the “Indemnity Letter Agreement”).
The Indemnity Letter Agreement provides that, among other things:
| ● | Webull
shall indemnify, to the extent permitted by law, each SPAC Insider, its officers, directors and employees and each person who controls
such SPAC Insider (if applicable) (within the meaning of the Securities Act of 1933, as amended (the “Securities Act”)),
against all losses resulting from or based upon any untrue or alleged untrue statement of a material fact contained in the Registration
Statement (as defined in the Indemnity Letter Agreement), Prospectus (as defined in the Indemnity Letter Agreement) or preliminary Prospectus,
any issuer free writing prospectus as defined in Rule 433(h) under the Securities Act, any Webull information that Webull has filed or
is required to file pursuant to Rule 433(d) under the Securities Act, any written communication (within the meaning of Rule 405 under
the Securities Act) with investors, or any omission or alleged omission of a material fact required to be stated therein or necessary
to make the statements therein, in light of the circumstances under which such statements were made, not misleading; and |
| ● | In
connection with the Registration Statement in which a SPAC Insider is participating, such SPAC Insider shall furnish to Webull in writing
the SPAC Insider Information (as defined in the Indemnity Letter Agreement) and to the extent permitted by law, shall indemnify Webull,
its directors, officers and agents and each person who controls Webull (within the meaning of the Securities Act) against all losses
resulting from any untrue or alleged untrue statement of material fact contained in any Registration Statement, Prospectus or preliminary
Prospectus, any issuer free writing prospectus as defined in Rule 433(h) under the Securities Act, any Webull information that Webull
has filed or is required to file pursuant to Rule 433(d) under the Securities Act, any written communication (within the meaning of Rule
405 under the Securities Act) with investor, or any omission or alleged omission of a material fact required to be stated therein or
necessary to make the statements therein not misleading to the extent that such untrue statement or alleged untrue statement or omission
or alleged omission of a material fact are made in reliance upon any information or affidavit furnished in writing by such SPAC Insider
expressly for use therein. |
A
copy of the Indemnity Letter Agreement is filed with this Current Report as Exhibit 10.2 and is incorporated herein by reference, and
the foregoing description of the Indemnity Letter Agreement is qualified in its entirety by reference thereto.
Forward-Looking
Statements
This
Current Report includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the
United States Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact contained in
this Current Report, including statements as to future results of operations and financial position, planned products and services, business
strategy and plans, objectives of management for future operations of Webull, market size and growth opportunities, competitive position
and technological and market trends, estimated implied pro forma enterprise value of the combined company following the Mergers (the
“Combined Company”), the cash position of the Combined Company following the closing of the Transactions (as defined in the
Business Combination Agreement), SPAC and Webull’s ability to consummate the Transactions, and expectations related to the terms
and timing of the Transactions, as applicable, are forward-looking statements. Some of these forward-looking statements can be identified
by the use of forward-looking words, including “anticipate,” “expect,” “suggests,” “plan,”
“believe,” “predict,” “potential,” “seek,” “future,” “propose,”
“continue,” “intend,” “estimates,” “targets,” “projects,” “should,”
“could,” “would,” “may,” “will,” “forecast” or the negatives of these terms
or variations of them or similar terminology although not all forward-looking statements contain such terminology. All forward-looking
statements are based upon current estimates and forecasts and reflect the views, assumptions, expectations, and opinions of SPAC and
Webull as of the date of this current report, and are therefore subject to a number of factors, risks and uncertainties, some of which
are not currently known to SPAC or Webull and could cause actual results to differ materially from those expressed or implied by such
forward-looking statements. Some of these factors include, but are not limited to: (1) the occurrence of any event, change or other circumstances
that could give rise to the termination of the Business Combination Agreement; (2) the outcome of any legal proceedings that may be instituted
against SPAC, Webull or others following the announcement of the Transactions, the Business Combination Agreement and other ancillary
documents with respect thereto; (3) the amount of redemption requests made by SPAC public shareholders and the inability to complete
the Transactions due to the failure to obtain approval of the shareholders of SPAC, to obtain financing to complete the business combination
or to satisfy other conditions to closing and; (4) changes to the proposed structure of the Mergers that may be required or appropriate
as a result of applicable laws or regulations or as a condition to obtaining regulatory approval of the Mergers; (5) the ability to meet
stock exchange listing standards following the consummation of the Transactions; (6) the risk that the Transactions disrupt current plans
and operations of Webull as a result of the announcement and consummation of the Transactions; (7) the ability to recognize the anticipated
benefits of the Transactions, which may be affected by, among other things, competition, the ability of Webull to grow and manage growth
profitably, maintain relationships with customers and suppliers and retain its management and key employees; (8) costs related to the
business combination; (9) risks associated with changes in applicable laws or regulations and Webull’s international operations;
(10) the possibility that Webull or the Combined Company may be adversely affected by other economic, business, and/or competitive factors;
(11) Webull’s estimates of expenses and profitability; (12) Webull’s mission, goals and strategies; (13) Webull’s future
business development, financial condition and results of operations; (14) expected growth of the global digital trading and investing
services industry; (15) expected changes in Webull’s revenues, costs or expenditures; (16) Webull’s expectations regarding
demand for and market acceptance of its products and service; (17) Webull’s expectations regarding its relationships with users,
customers and third-party business partners; (18) competition in Webull’s industry; (19) relevant government policies and regulations
relating to Webull’s industry; (20) general economic and business conditions globally and in jurisdictions where Webull operates;
and (21) assumptions underlying or related to any of the foregoing. The foregoing list of factors is not exhaustive. You should carefully
consider the risks and uncertainties described in the “Risk Factors” section in the annual report on Form 10-K for year ended
December 31, 2023 of SPAC, and any additional risks and uncertainties described in the “Risk Factors” section in the annual
report on Form 10-Q for the quarterly period ended September 30, 2024 of SPAC, and the “Risk Factors” section of the Registration
Statement relating to the Transactions which is expected to be filed with the U.S. Securities and Exchange Commission (the “SEC”)
(the “Registration Statement”), and other documents filed from time to time with the SEC. These filings identify and address
other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking
statements. There may be additional risks that neither SPAC nor Webull presently know or that SPAC or Webull currently believe are immaterial,
which could also cause actual results to differ from those contained in the forward-looking statements. In light of these factors, risks
and uncertainties, the forward-looking events and circumstances discussed in this Current Report may not occur, and any estimates, assumptions,
expectations, forecasts, views or opinions set forth in this Current Report should be regarded as preliminary and for illustrative purposes
only and accordingly, undue reliance should not be placed upon the forward-looking statements. SPAC and Webull assume no obligation and
do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise,
except as required by law.
Additional
Information and Where to Find It
In
connection with the Transactions, SPAC and Webull intend to cause the Registration Statement to be filed with the SEC, which will include
a proxy statement to be distributed to SPAC’s shareholders in connection with its solicitation for proxies for the vote by SPAC’s
shareholders in connection with the Transactions. You are urged to read the proxy statement/prospectus and any other relevant documents
filed with the SEC when they become available because, among other things, they will contain updates to the financial, industry and other
information herein as well as important information about SPAC, Webull and the Transactions. Shareholders of SPAC will be able to obtain
a free copy of the proxy statement when filed, as well as other filings containing information about SPAC, Webull and the Transactions,
without charge, at the SEC’s website located at www.sec.gov. This Current Report does not contain all the information that should
be considered concerning the proposed business combination and is not intended to form the basis of any investment decision or any other
decision in respect of the business combination.
INVESTMENT
IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY
PASSED UPON OR ENDORSED THE MERITS OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN. ANY REPRESENTATION
TO THE CONTRARY IS A CRIMINAL OFFENSE.
Participants
in Solicitation
SPAC,
Webull 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 from SPAC’s shareholders in connection with the Transactions. You can find information
about SPAC’s directors and executive officers and their interest in SPAC can be found in its Annual Report on Form10-K for the
fiscal year ended December 31, 2023, which was filed with the SEC on March 29, 2024. A list of the names of the directors, executive
officers, other members of management and employees of SPAC and Webull, as well as information regarding their interests in the Transactions,
will be contained in the Registration Statement to be filed with the SEC by Webull. Additional information regarding the interests of
such potential participants in the solicitation process may also be included in other relevant documents when they are filed with the
SEC. You may obtain free copies of these documents from the sources indicated above.
No
Offer or Solicitation
This
Current Report is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect
of the Transactions, and does not constitute an offer to sell or the solicitation of an offer to buy any securities of SPAC, Webull or
the Combined Company, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which
such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended.
Item 9.01. Financial Statements and Exhibits.
(d)
Exhibits
| No. |
|
Exhibits |
| 2.1* |
|
Amendment to Business Combination Agreement, dated as of December 5, 2024, by and among Webull Corporation, Feather Sound I Inc., Feather Sound II Inc. and SK Growth Opportunities Corporation |
| 10.1* |
|
Amendment
to Sponsor Support Agreement, dated as of December 5, 2024, by and among Webull Corporation, SK Growth Opportunities Corporation and
the SPAC Insiders |
| 10.2* |
|
Indemnity Letter Agreement, dated as of December 5, 2024, by and among Webull Corporation and the SPAC Insiders |
| 10.3 |
|
Form of Incentive Warrant Agreement by and among Webull Corporation, SK Growth Opportunities Corporation and Continental Stock Transfer & Trust Company |
| 104 |
|
Cover
Page Interactive Data File (embedded within the Inline XBRL document) |
| * | Schedules
have been omitted pursuant to Item 601(a)(5) of Regulation S-K. A copy of any omitted schedule and/or exhibit will be furnished to the
SEC upon 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.
Dated:
December 6, 2024
| SK GROWTH OPPORTUNITIES CORPORATION |
|
| |
|
|
| By: |
/s/ Derek Jensen |
|
| Name: |
Derek Jensen |
|
| Title: |
Chief Financial Officer |
|
6
Exhibit 2.1
AMENDMENT TO BUSINESS COMBINATION AGREEMENT
THIS AMENDMENT TO BUSINESS
COMBINATION AGREEMENT (this “Amendment”) is made and entered into as of December 5, 2024 by and among (i) Webull Corporation,
an exempted company limited by shares incorporated under the laws of the Cayman Islands (the “Company”), (ii) Feather
Sound I Inc., an exempted company limited by shares incorporated under the laws of the Cayman Islands and a direct wholly owned Subsidiary
of the Company (“Merger Sub I”), (iii) Feather Sound II Inc., an exempted company limited by shares incorporated
under the laws of the Cayman Islands and a direct wholly owned Subsidiary of the Company (“Merger Sub II”, collectively
with Merger Sub I, the “Merger Subs”), and (iv) SK Growth Opportunities Corporation, an exempted company limited by
shares incorporated under the laws of the Cayman Islands (“SPAC”).
WHEREAS, the parties
hereto entered into that certain Business Combination Agreement, dated as of February 27, 2024 (as may be amended and modified from time
to time in accordance with its terms, including by this Amendment, the “Agreement”);
WHEREAS, Section 11.12
(Amendments) of the Agreement provides that the Agreement may be amended or modified in whole or in part prior to the First Merger
Effective Time, only by a duly authorized agreement in writing in the same manner as the Agreement and which makes reference to the Agreement
and which shall be executed by the Company, the Merger Subs and SPAC;
WHEREAS, the parties
hereto desire to amend the Agreement pursuant to the terms as set forth herein; and
WHEREAS, each of the
Company, Merger Sub I, Merger Sub II and SPAC is authorized and approved by its respective board of directors to execute and deliver this
Amendment.
NOW, THEREFORE, in
consideration of the mutual agreements herein contained, the parties hereto agree as follows:
1. Definitions. All
capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in the Agreement.
2. Amendments to the Agreement.
Effective as of the date hereof,
(a) Recitals. The eighth
paragraph of the recitals of the Agreement is hereby amended and restated in its entirety as set forth below:
Whereas,
in connection with the Mergers, the Company, SPAC and the Warrant Agent shall enter into an incentive warrant agreement substantially
in the form attached hereto as Exhibit D-2 (the “Incentive Warrant Agreement”), effective as of the First Merger
Effective Time, pursuant to which the Company shall issue (i) to the SPAC Shareholders (other than the SPAC Insiders or any holder
of SPAC Treasury Shares), one Incentive Warrant for each Non-Redeeming SPAC Share held by such SPAC Shareholders, and (ii) to certain
Company Shareholders, an aggregate of 20,000,000 Incentive Warrants;
(b) The Definition of “Founder
Holdcos”. The definition of “Founder Holdcos” in Section 1.1 (Definitions) of the Agreement is hereby amended
and restated in its entirety as follows: “Founder Holdco” means the Person set forth in Section 1.1(a) of the
Company Disclosure Letter;”, and Section 1.1(a) of the Company Disclosure Letter is hereby amended and restated in its entirety
to read as set forth in Schedule 1.1(a) to this Amendment. As a result of the amendment contemplated by this clause (a), all references
to “Founder Holdcos” in the Agreement shall be amended such that they refer to “Founder Holdco”.
(c) Section 1.1. Each
of the definitions of “Incentive Warrants” and “Share Subdivision Factor” in Section 1.1 (Definitions)
of the Agreement is hereby amended and restated in its entirety as set forth below:
“Incentive Warrants”
means, collectively, redeemable warrants each to purchase one Company Class A Ordinary Share pursuant to the terms of the Incentive Warrant
Agreement, issued by the Company at the Closing to the SPAC Shareholders (other than the SPAC Insiders or any holder of SPAC Treasury
Shares) and certain Company Shareholders, in each case, in accordance with Section 2.2(h);
“Share Subdivision Factor”
means 3.3593;
(d) Section 2.1. Clause
(iii) of Section 2.1(a) of the Agreement is hereby amended and restated in its entirety as follows:
(iii) Share Subdivision of Pre-Subdivision
Ordinary Shares. (x) Each Pre-Subdivision Ordinary Share (excluding any Pre-Subdivision Ordinary Shares held by the Founder Holdco)
that is issued and outstanding immediately prior to the First Merger Effective Time shall be subdivided into a number of Company Class
A Ordinary Shares determined by multiplying each such Pre-Subdivision Ordinary Share by the Share Subdivision Factor, and re-designated
as Company Class A Ordinary Shares, and (y) each Pre-Subdivision Ordinary Share that is issued and outstanding immediately prior to the
First Merger Effective Time and held by the Founder Holdco shall be subdivided into a number of Company Class B Ordinary Shares determined
by multiplying each such Pre-Subdivision Ordinary Share by the Share Subdivision Factor, and re-designated as Company Class B Ordinary
Shares (the transactions contemplated by clauses (x) and (y), the “Share Subdivision”), provided that
no fraction of a Company Ordinary Share will be issued by virtue of the Share Subdivision, and each Company Shareholder that would otherwise
be so entitled to a fraction of a Company Ordinary Share (after aggregating all fractional Company Ordinary Shares that otherwise would
be received by such Company Shareholder) shall instead be entitled to receive such number of Company Ordinary Shares to which such Company
Shareholder would otherwise be entitled, rounded down to the nearest whole Company Ordinary Share.
(e) Section 2.2(h). Section
2.2(h) of the Agreement is hereby amended and restated in its entirety as follows:
(h)
Issuance of Incentive Warrants. On the Closing Date, upon the terms and subject to the conditions of this Agreement and
the Incentive Warrant Agreement, the Company shall issue (i) to the SPAC Shareholders (other than the SPAC Insiders or any holder of
SPAC Treasury Shares), one Incentive Warrant for each Non-Redeeming SPAC Share held by such SPAC Shareholders, and (ii) to certain Company
Shareholders, an aggregate of 20,000,000 Incentive Warrants.
(f) Section 2.4(b). Clause
(ii) of Section 2.4(b) of the Agreement is hereby amended and restated in its entirety as follows:
(ii) any obligation on the Company under
this Agreement to issue Incentive Warrants to SPAC Shareholders and Company Shareholders entitled to receive such Incentive Warrants shall
be satisfied by the Company issuing such Incentive Warrants, and shall be deemed to have been satisfied upon issuance of such Incentive
Warrants in registered form to each applicable SPAC Shareholder and Company Shareholder by entering such SPAC Shareholder and Company
Shareholder on the warrant register maintained by the Warrant Agent.
(g) Section 6.9. Section
6.9 of the Agreement is hereby amended by deleting the following sentence: “SPAC shall have the right to designate one (1) board
observer to the Company Board immediately following the Closing.”
(h) Form of Incentive Warrant
Agreement. The Incentive Warrant Agreement, a form of which is attached as Exhibit D-2 to the Agreement, is hereby amended and restated
to read as set forth in Exhibit A to this Amendment.
(i) Form of Amended Company
Charter. The Amended Company Charter, a form of which is attached as Exhibit G to the Agreement, is hereby amended and restated to
read as set forth in Exhibit B to this Amendment.
3. No Further Amendment.
The parties hereto agree that, except as provided herein, all other provisions of the Agreement shall continue unmodified, in full force
and effect and constitute legal and binding obligations of all parties thereto in accordance with its terms. This Amendment forms an integral
and inseparable part of the Agreement.
4. References. All
references to the “Agreement” (including “hereof,” “herein,” “hereunder,” “hereby”
and “this Agreement”) in the Agreement (including any schedule and exhibit to the Agreement) shall refer to the Agreement
as amended by this Amendment. All references to the “Sponsor Support Agreement” in the Agreement shall refer to that certain
Sponsor Support Agreement, dated as of February 27, 2024, by and among the Company, SPAC, Sponsor and the other SPAC Insiders, as amended
by that certain Amendment to Sponsor Support Agreement, dated as of the date hereof, and as may be amended, supplemented or otherwise
modified from time to time in accordance with its terms. Notwithstanding the foregoing, except as otherwise provided in this Amendment,
references to the date of the Agreement and references in the Agreement to “the date hereof,” “the date of this Agreement”
and terms of similar import shall in all instances continue to refer to February 27, 2024.
5. Other Miscellaneous
Terms. The provisions of Article XI (Miscellaneous) of the Agreement shall apply mutatis mutandis to this Amendment,
as if set forth in full herein.
[Signature pages follow]
IN WITNESS WHEREOF, the parties
hereto have hereunto caused this Amendment to be duly executed as of the date hereof.
| |
SPAC: |
| |
SK Growth Opportunities Corporation |
| |
|
|
|
| |
By: |
/s/ Derek Jensen |
| |
|
Name: |
Derek Jensen |
| |
|
Title: |
Chief Financial Officer |
[Signature Page to Amendment to Business Combination
Agreement]
IN WITNESS WHEREOF, the parties hereto have hereunto
caused this Amendment to be duly executed as of the date hereof.
| |
MERGER SUB I: |
| |
Feather Sound I Inc. |
| |
|
|
|
| |
By: |
/s/ Anquan Wang |
| |
|
Name: |
Anquan Wang |
| |
|
Title: |
Director |
[Signature Page to Amendment to Business Combination
Agreement]
IN WITNESS WHEREOF, the parties
hereto have hereunto caused this Amendment to be duly executed as of the date hereof.
| |
MERGER SUB II: |
| |
Feather Sound II Inc. |
| |
|
|
|
| |
By: |
/s/ Anquan Wang |
| |
|
Name: |
Anquan Wang |
| |
|
Title: |
Director |
[Signature Page to Amendment to Business Combination
Agreement]
IN WITNESS WHEREOF, the parties
hereto have hereunto caused this Amendment to be duly executed as of the date hereof.
| |
COMPANY: |
| |
Webull Corporation |
| |
|
|
|
| |
By: |
/s/ Anquan Wang |
| |
|
Name: |
Anquan Wang |
| |
|
Title: |
Director |
[Signature Page to Amendment to Business Combination
Agreement]
Schedule 1.1(a)
Exhibit A
Form of Incentive Warrant Agreement
Exhibit B
Form of Amended Company Charter
Exhibit 10.1
AMENDMENT TO SPONSOR SUPPORT AGREEMENT
THIS AMENDMENT TO SPONSOR
SUPPORT AGREEMENT (this “Amendment”) is made and entered into as of December 5, 2024 by and among Webull Corporation,
an exempted company limited by shares incorporated under the laws of the Cayman Islands (the “Company”), SK Growth
Opportunities Corporation, an exempted company limited by shares incorporated under the laws of the Cayman Islands (“SPAC”),
and Auxo Capital Managers LLC, a Delaware limited liability company (“Sponsor”) and certain shareholders of SPAC set
forth on Schedule A hereto (together with the Sponsor, collectively, the “SPAC Insiders” and each, a “SPAC
Insider”).
WHEREAS, the Company,
SPAC, Feather Sound I Inc., an exempted company limited by shares incorporated under the laws of the Cayman Islands and a direct wholly
owned subsidiary of the Company (“Merger Sub I”) and Feather Sound II Inc., an exempted company limited by shares incorporated
under the laws of the Cayman Islands and a direct wholly owned subsidiary of the Company (“Merger Sub II”) are parties
to that certain Business Combination Agreement, dated as of February 27, 2024 (as may be amended and modified from time to time in accordance
with its terms, the “Business Combination Agreement”)
WHEREAS, concurrently
with the execution of the Business Combination Agreement, the parties hereto entered into a Sponsor Support Agreement dated as of February
27, 2024 (the “Sponsor Support Agreement”), pursuant to and subject to the terms and conditions of which, the SPAC
Insiders have made certain covenants therein in favor of the Company and SPAC, as applicable;
WHEREAS, on December
5, 2024, the Company, SPAC, Merger Sub I and Merger Sub II entered into an Amendment to the Business Combination Agreement (the “Amendment”)
to amend certain terms of the Business Combination Agreement;
WHEREAS, Section 6.3
(Entire Agreement; Amendment) of the Sponsor Support Agreement provides that the Sponsor Support Agreement may be amended by a
written instrument executed by all parties thereto; and
WHEREAS, the parties
hereto desire to amend the Sponsor Support Agreement pursuant to the terms as set forth herein.
NOW, THEREFORE, in
consideration of the mutual agreements herein contained, the parties hereto agree as follows:
1. Definitions.
All capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Sponsor Support Agreement.
2. Amendments
to the Sponsor Support Agreement. Effective as of the date hereof, the last sentence of Section 4.14 of the Sponsor Support Agreement
is hereby deleted and replaced in its entirety with the following:
Notwithstanding
the foregoing, Sponsor shall in no event be required to forfeit more than 2,000,000 SPAC Class B Ordinary Shares pursuant to the Additional
Non-Redemption Agreements; provided that to the extent the aggregate amount of SPAC Class B Ordinary Shares to be forfeited by
Sponsor pursuant to the Additional Non-Redemption Agreements is less than 2,000,000, on the Closing Date and immediately prior to the
First Merger Effective Time, Sponsor shall, upon a written request of the Company, forfeit an additional number of SPAC Class B Ordinary
Shares set forth therein, which shall be no greater than the difference between (i) 2,000,000, minus (ii) the aggregate amount
of SPAC Class B Ordinary Shares to be forfeited by Sponsor pursuant to the Additional Non-Redemption Agreements.
3. No
Further Amendment. The parties hereto agree that, except as provided herein, all other provisions of the Sponsor Support Agreement
shall continue unmodified, in full force and effect and constitute legal and binding obligations of all parties thereto in accordance
with its terms. This Amendment forms an integral and inseparable part of the Sponsor Support Agreement.
4. References.
All references to the “Agreement” (including “hereof,” “herein,” “hereunder,” “hereby”
and “this Agreement”) in the Sponsor Support Agreement shall refer to the Sponsor Support Agreement as amended by this Amendment.
Notwithstanding the foregoing, references to the date of the Sponsor Support Agreement (as amended hereby) and references in the Sponsor
Support Agreement to “the date hereof,” “the date of this Agreement” and terms of similar import shall in all
instances continue to refer to February 27, 2024.
5. Other
Miscellaneous Terms. Sections 6.2 (Notice) through 6.8 (Counterparts) of the Sponsor Support Agreement shall apply mutatis
mutandis to this Amendment, as if set forth in full herein.
[Signature pages follow]
IN WITNESS WHEREOF, the parties hereto have hereunto
caused this Amendment to be duly executed as of the date hereof.
| |
Webull Corporation |
| |
|
|
| |
By: |
/s/ Anquan Wang |
| |
|
Name: |
Anquan Wang |
| |
|
Title: |
Director |
[Signature Page to Amendment
to Sponsor Support Agreement]
IN WITNESS WHEREOF, the parties hereto have hereunto
caused this Amendment to be duly executed as of the date hereof.
| |
SK Growth Opportunities Corporation |
| |
|
|
| |
By: |
/s/ Derek Jensen |
| |
|
Name: |
Derek Jensen |
| |
|
Title: |
Director and Chief Financial Officer |
[Signature Page to Amendment
to Sponsor Support Agreement]
IN WITNESS WHEREOF, the parties hereto have hereunto
caused this Amendment to be duly executed as of the date hereof.
| |
Auxo Capital Managers LLC |
| |
|
| |
By: |
/s/ Richard Chin |
| |
|
Name: |
Richard Chin |
| |
|
Title: |
Manager |
| |
By: |
/s/ Derek Jensen |
| |
|
Name: |
Derek Jensen |
| |
|
Title: |
Manager |
[Signature Page to Amendment
to Sponsor Support Agreement]
IN WITNESS WHEREOF, the parties hereto have hereunto
caused this Amendment to be duly executed as of the date hereof.
| |
john boehner |
| |
|
| |
By: |
/s/ John Boehner |
| |
|
Name: |
John Boehner |
| |
|
Title: |
Director |
[Signature Page to Amendment
to Sponsor Support Agreement]
IN WITNESS WHEREOF, the parties hereto have hereunto
caused this Amendment to be duly executed as of the date hereof.
| |
martin payne |
| |
|
|
| |
By: |
/s/ Marin Payne |
| |
|
Name: |
Marin Payne |
| |
|
Title: |
Director |
[Signature Page to Amendment
to Sponsor Support Agreement]
IN WITNESS WHEREOF, the parties hereto have hereunto
caused this Amendment to be duly executed as of the date hereof.
| |
michael noonen |
| |
|
|
| |
By: |
/s/ Michael Noonen |
| |
|
Name: |
Michael Noonen |
| |
|
Title: |
Director |
[Signature Page to Amendment
to Sponsor Support Agreement]
SCHEDULE A
SPAC INSIDERS
Exhibit 10.2
INDEMNITY LETTER AGREEMENT
THIS INDEMNITY LETTER AGREEMENT
(this “Agreement”) is made and entered into as of December 5, 2024 by and among Webull Corporation, an exempted company
limited by shares incorporated under the laws of the Cayman Islands (the “Company”), Auxo Capital Managers LLC, a Delaware
limited liability company (“Sponsor”) and certain shareholders of SPAC set forth on Schedule A hereto (together
with the Sponsor, collectively, the “SPAC Insiders” and each, a “SPAC Insider”).
WHEREAS, the SPAC Insiders
are considered “Selling Shareholders” under the Registration Statement (as defined below) and are each deemed to be an “underwriter”
within the meaning of Section 2(a)(11) of the Securities Act (as defined below).
WHEREAS, in connection
with the contemplated participation by the SPAC Insiders in a proposed business combination (the “Proposed Transaction”)
by and among the Company, SK Growth Opportunities Corporation, an exempted company limited by shares incorporated under the laws of the
Cayman Islands (the “SPAC”), Feather Sound I Inc., an exempted company limited by shares incorporated under the laws
of the Cayman Islands and a direct wholly owned subsidiary of the Company (“Merger Sub I”) and Feather Sound II Inc.,
an exempted company limited by shares incorporated under the laws of the Cayman Islands and a direct wholly owned subsidiary of the Company(“Merger
Sub II”) and the filing of the Registration Statement by the Company, the Company and the SPAC Insiders desire to enter into
this Agreement on the date hereof to grant certain indemnification rights to each other pursuant to the terms and conditions of this Agreement.
NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Company and the SPAC Insiders agree
as follows:
1. Definitions.
(a) “Business Combination
Agreement” shall mean that certain agreement entered into by and among the Company, Merger Sub I, Merger Sub II and SPAC originally
dated as of February 27, 2024, as amended from time to time.
(b) “Prospectus”
shall mean the prospectus included in the Registration Statement, as supplemented by any and all prospectus supplements and as amended
by any and all post-effective amendments to such prospectus.
(c) “Registration
Statement” shall mean a registration statement on Form F-4 that is filed with the United States Securities and Exchange
Commission initially on December 5, 2024 in connection with the Proposed Transaction, including
the Prospectus included in such registration statement, amendments (including post-effective amendments) and supplements to such registration
statement, and all exhibits to such registration statement.
(d) “Securities
Act” shall mean the Securities Act of 1933, as amended from time to time.
(e) “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended from time to time.
2. Indemnification.
(a) The Company agrees to indemnify
and hold harmless, to the extent permitted by law, each SPAC Insider, its officers, directors and employees and each person who controls
such SPAC Insider (if applicable) within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act against
all losses, claims, damages, liabilities and out-of-pocket expenses (including without limitation any reasonable and documented legal
or other expenses incurred in connection with defending or investigating any such action or claim) resulting from or based upon any untrue
or alleged untrue statement of a material fact contained in the Registration Statement, Prospectus or preliminary Prospectus, any issuer
free writing prospectus as defined in Rule 433(h) under the Securities Act, any Company information that the Company has filed or is required
to file pursuant to Rule 433(d) under the Securities Act, any written communication (within the meaning of Rule 405 under the Securities
Act) with investors, or any amendment of or supplement to any of the foregoing, or any omission or alleged omission of a material fact
required to be stated therein or necessary to make the statements therein, in light of the circumstances under which such statements were
made, not misleading, except insofar as the same are caused by or contained in any information or affidavit so furnished in writing to
the Company by such SPAC Insider expressly for use therein or any violation by the Company of the Securities Act or any rule or regulation
promulgated thereunder applicable to the Company and relating to action or inaction of the Company in connection therewith.
(b) In connection with the Registration
Statement in which a SPAC Insider is participating, such SPAC Insider shall furnish to the Company in writing such information and affidavits
as the Company reasonably requests for use in connection with any such Registration Statement, Prospectus or preliminary Prospectus (the
“SPAC Insider Information”) and shall indemnify and hold harmless the Company, its directors, officers, employees and
agents and each person who controls the Company within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange
Act and each affiliate of the Company within the meaning of Rule 405 under the Securities Act against all losses, claims, damages, liabilities
and out-of-pocket expenses (including without limitation any legal or other expenses reasonably incurred in connection with defending
or investigating any such action or claim, as such fees and expenses are incurred) resulting from any untrue or alleged untrue statement
of a material fact contained in any Registration Statement, Prospectus or preliminary Prospectus, any issuer free writing prospectus as
defined in Rule 433(h) under the Securities Act, any Company information that the Company has filed or is required to file pursuant to
Rule 433(d) under the Securities Act, any written communication (within the meaning of Rule 405 under the Securities Act) with investor,
or any amendment of or supplement to any of the foregoing, or any omission or alleged omission of a material fact required to be stated
therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement or alleged untrue
statement or omission or alleged omission of a material fact are made in reliance upon any information or affidavit so furnished in writing
by such SPAC Insider expressly for use therein; provided, however, that the obligation to indemnify shall be several, not
joint and several, among such SPAC Insiders, and the liability of each such SPAC Insider shall be in proportion to and limited to the
net proceeds received by such SPAC Insider pursuant to such Registration Statement.
(c) Any person entitled to indemnification
herein shall (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided
that the failure to give prompt notice shall not impair any person’s right to indemnification hereunder to the extent such failure
has not materially prejudiced the indemnifying party) and (ii) unless in such indemnified party’s reasonable judgment a conflict
of interest between such indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying party to
assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying
party shall not be subject to any liability for any settlement made by the indemnified party without its consent (but such consent shall
not be unreasonably withheld). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim shall not
be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect
to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party
and any other of such indemnified parties with respect to such claim. No indemnifying party shall, without the consent of the indemnified
party, consent to the entry of any judgment or enter into any settlement which cannot be settled in all respects by the payment of money
(and such money is so paid by the indemnifying party pursuant to the terms of such settlement) or which settlement does not include as
an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect
to such claim or litigation.
(d) The indemnification provided
for under this Agreement shall remain in full force and effect regardless of any investigation made by or on behalf of the indemnified
party or any officer, director or controlling person of such indemnified party and shall survive the transfer of securities. The Company
and each SPAC Insider participating in an offering also agrees to make such provisions as are reasonably requested by any indemnified
party for contribution to such party in the event the Company’s or such SPAC Insider’s
indemnification is unavailable for any reason.
(e) If the indemnification provided
under Section 2 hereof from the indemnifying party is unavailable or insufficient to hold harmless an indemnified party in respect
of any losses, claims, damages, liabilities and out-of-pocket expenses referred to herein, then the indemnifying party, in lieu of indemnifying
the indemnified party, shall contribute to the amount paid or payable by the indemnified party as a result of such losses, claims, damages,
liabilities and out-of-pocket expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying party and
the indemnified party, as well as any other relevant equitable considerations. The relative fault of the indemnifying party and indemnified
party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue
statement of a material fact or omission or alleged omission to state a material fact, was made by, or relates to information supplied
by, such indemnifying party or indemnified party, and the indemnifying party’s and indemnified party’s relative intent, knowledge,
access to information and opportunity to correct or prevent such action; provided, however, that the liability of any SPAC
Insider under this Section 2(e) shall be limited to the amount of the net proceeds received by such SPAC
Insider in such offering giving rise to such liability. The amount paid or payable by a party as a result of the losses or other
liabilities referred to above shall be deemed to include, subject to the limitations set forth in Sections 2(a), 2(b) and
2(c) above, any legal or other fees, charges or out-of-pocket expenses reasonably incurred by such party in connection with any
investigation or proceeding. The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section
2(e) were determined by pro rata allocation or by any other method of allocation, which does not take account of the equitable
considerations referred to in this Section 2(e). No person guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the Securities Act) shall be entitled to contribution pursuant to this Section 2(e) from any person who was not guilty
of such fraudulent misrepresentation.
3. Assignment.
Neither this Agreement nor the rights, duties and obligations contained herein may be assigned or delegated in whole or in part, by operation
of law or otherwise, by either party without the prior written consent of the other party.
4. Choice of Law.
This Agreement, and any claim or cause of action hereunder based upon, arising out of or related to this Agreement (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 New York, without giving effect to the principles of conflicts
of laws that would otherwise require the application of the law of any other state.
5. Counterparts. This
Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which shall be deemed to
be and constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Agreement by electronic
means, including DocuSign, e-mail, or scanned pages shall be effective as delivery of a manually executed counterpart to this Agreement,
and such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed)
with the same force and effect as if such signature page were an original thereof.
[Signature pages follow]
IN WITNESS WHEREOF, the parties hereto have hereunto
caused this Agreement to be duly executed as of the date hereof.
| |
company: |
| |
|
|
|
| |
Webull Corporation |
| |
|
|
|
| |
By: |
/s/ Anquan Wang |
| |
|
Name: |
Anquan Wang |
| |
|
Title: |
Director |
[Signature Page to Indemnity
Letter Agreement]
IN WITNESS WHEREOF, the parties hereto have hereunto
caused this Agreement to be duly executed as of the date hereof.
| |
SPONSOR/SPAC Insider: |
| |
|
|
|
| |
Auxo Capital Managers LLC |
| |
|
| |
By: |
/s/ Richard Chin |
| |
|
Name: |
Richard Chin |
| |
|
Title: |
Manager |
| |
|
|
|
| |
By: |
/s/ Derek Jensen |
| |
|
Name: |
Derek Jensen |
| |
|
Title: |
Manager |
| |
|
|
|
| |
SPAC INSIDER: |
| |
|
|
|
| |
richard chin |
| |
|
|
|
| |
By: |
/s/ Richard Chin |
| |
|
Name: |
Richard Chin |
| |
|
Title: |
Manager |
| |
|
|
|
| |
SPAC INSIDER: |
| |
|
|
|
| |
DEREK JENSEN |
| |
|
| |
By: |
/s/ Derek Jensen |
| |
|
Name: |
Derek Jensen |
| |
|
Title: |
Manager |
[Signature Page to Indemnity Letter Agreement]
IN WITNESS WHEREOF, the parties hereto have hereunto
caused this Agreement to be duly executed as of the date hereof.
| |
SPAC INSIDER: |
| |
|
|
|
| |
john boehner |
| |
|
| |
By: |
/s/ John Boehner |
| |
|
Name: |
John Boehner |
| |
|
Title: |
Director |
[Signature Page to Sponsor Support Agreement]
IN WITNESS WHEREOF, the parties hereto have hereunto
caused this Agreement to be duly executed as of the date hereof.
| |
SPAC INSIDER: |
| |
|
| |
martin payne |
| |
|
|
| |
By: |
/s/ Marin Payne |
| |
|
Name: |
Marin Payne |
| |
|
Title: |
Director |
[Signature Page to Indemnity Letter Agreement]
IN WITNESS WHEREOF, the parties hereto have hereunto
caused this Agreement to be duly executed as of the date hereof.
| |
SPAC INSIDER: |
| |
|
| |
michael noonen |
| |
|
|
| |
By: |
/s/ Michael Noonen |
| |
|
Name: |
Michael Noonen |
| |
|
Title: |
Director |
[Signature Page to Indemnity Letter Agreement]
SCHEDULE A
SPAC INSIDERS
Exhibit 10.3
WARRANT
AGREEMENT
THIS
WARRANT AGREEMENT (this “Agreement”), dated as of , is by and between Webull Corporation, a Cayman Islands
exempted company (the “Company”), and Continental Stock Transfer & Trust Company, a New York corporation,
as warrant agent (in such capacity, the “Warrant Agent,” and also referred to herein as the “Transfer
Agent”).
Whereas,
capitalized terms used but not otherwise defined in this Agreement shall have the meanings ascribed thereto in the Business Combination
Agreement (as may be amended, supplemented or otherwise modified from time to time in accordance with its terms, the “Business
Combination Agreement”) entered into on February 27, 2024 by and among the Company, Feather Sound I Inc., an exempted company
incorporated with limited liability under the Laws of Cayman Islands and a wholly owned subsidiary of the Company (“Merger
Sub I”), Feather Sound II Inc., an exempted company incorporated with limited liability under the Laws of Cayman Islands
and a wholly owned subsidiary of the Company (“Merger Sub II”), and SK Growth Opportunities Corporation, an
exempted company limited by shares incorporated under the laws of the Cayman Islands (“SPAC”), pursuant to
which, among other things, (i) Merger Sub I will merge with and into SPAC, with SPAC surviving the First Merger as a wholly owned Subsidiary
of the Company (the “First Merger”), and (ii) SPAC will merge with and into Merger Sub II, with Merger Sub
II surviving the Second Merger as a wholly owned Subsidiary of the Company (the “Second Merger,” and together
with the First Merger, the “Mergers”);
Whereas,
in connection with the Mergers and on the Closing Date,
upon the terms and subject to the terms and conditions of the Business Combination Agreement and this Agreement, the Company agrees to
issue incentive warrants (each, a “Warrant,” and collectively, the “Warrants”) each
to purchase one class A ordinary share, par value $0.00001 per share, of the Company (the “Class A Ordinary Shares”).
Whereas,
the Company shall issue the Warrants (i) to the
SPAC Shareholders (other than the SPAC Insiders or any holder of SPAC Treasury Shares), one Warrant for each Non-Redeeming SPAC Share
held by such SPAC Shareholders, and (ii) to certain Company Shareholders, an aggregate of 20,000,000 Warrants;
Whereas,
each Warrant entitles the holder thereof to purchase one Class A Ordinary Share at a price of $10.00 per share, subject to adjustment
as described herein;
Whereas,
the Company has filed with the U.S. Securities and Exchange Commission (the “Commission”) a registration statement
on Form F-4 (File No. [●]) (the “Registration Statement”) and prospectus (the “Prospectus”)
for the registration, under the Securities Act of 1933, as amended (the “Securities Act”), of, among others,
the Warrants and the Class A Ordinary Shares issuable upon the exercise of the Warrants;
Whereas,
the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with
the issuance, registration, transfer, exchange, redemption and exercise of the Warrants;
Whereas,
the Company desires to provide for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised,
and the respective rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; and
Whereas,
all acts and things have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company and
countersigned by or on behalf of the Warrant Agent (if a physical certificate is issued), as provided herein, the valid, binding and
legal obligations of the Company, and to authorize the execution and delivery of this Agreement.
NOW,
THEREFORE, in consideration of the mutual agreements
herein contained, the parties hereto agree as follows:
1. Appointment
of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company for the Warrants, and the Warrant
Agent hereby accepts such appointment and agrees to perform the same in accordance with the terms and conditions set forth in this Agreement.
2. Warrants.
2.1. Form
of Warrant. Each Warrant shall initially be issued in registered form only, and, if a physical certificate is issued, shall be in
substantially the form of Exhibit A hereto, the provisions of which are incorporated herein and shall be signed by, or bear the
facsimile signature of, the Chairman of the Board, President, Chief Executive Officer, Chief Financial Officer or other principal officer
of the Company. In the event the person whose facsimile signature has been placed upon any Warrant shall have ceased to serve in the
capacity in which such person signed the Warrant before such Warrant is issued, it may be issued with the same effect as if he or she
had not ceased to be such at the date of issuance. All of the Warrants shall initially be represented by one or more book-entry certificates
(each, a “Book-Entry Warrant Certificate”).
2.2. Effect
of Countersignature. If a physical certificate is issued, unless and until countersigned by the Warrant Agent pursuant to this Agreement,
a Warrant certificate shall be invalid and of no effect and may not be exercised by the holder thereof.
2.3. Registration.
2.3.1 Warrant
Register. The Warrant Agent shall maintain books (the “Warrant Register”) for the registration of original
issuance and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall issue and
register the Warrants in the names of the respective holders thereof in such denominations and otherwise in accordance with instructions
delivered to the Warrant Agent by the Company. All of the Warrants shall initially be represented by one or more Book-Entry Warrant Certificates
deposited with The Depository Trust Company (the “Depositary”) and registered in the name of Cede & Co.,
as nominee of the Depositary. Ownership of beneficial interests in the Warrants shall be shown on, and the transfer of such ownership
shall be effected through, records maintained by (i) the Depositary or its nominee for each Book-Entry Warrant Certificate, or (ii) institutions
that have accounts with the Depositary (each such institution, with respect to a Warrant in its account, a “Participant”).
If
the Depositary subsequently ceases to make its book-entry settlement system available for the Warrants, the Company may instruct the
Warrant Agent regarding making other arrangements for book-entry settlement. In the event that the Warrants are not eligible for, or
it is no longer necessary to have the Warrants available in, book-entry form, the Warrant Agent shall provide written instructions to
the Depositary to deliver to the Warrant Agent for cancellation each Book-Entry Warrant Certificate, and the Company shall instruct the
Warrant Agent to deliver to the Depositary definitive certificates in physical form evidencing such Warrants (“Definitive
Warrant Certificate”). Such Definitive Warrant Certificate shall be in the form annexed hereto as Exhibit A, with
appropriate insertions, modifications and omissions, as provided above.
2.3.2 Registered
Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may deem and treat
the person in whose name such Warrant is registered in the Warrant Register (the “Registered Holder”) as the
absolute owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation of ownership or other writing on
a Definitive Warrant Certificate made by anyone other than the Company or the Warrant Agent), for the purpose of any exercise thereof,
and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.
3. Terms
and Exercise of Warrants.
3.1. Warrant
Price. Each whole Warrant shall entitle the Registered Holder thereof, subject to the provisions of such Warrant and of this Agreement,
to purchase from the Company the number of Class A Ordinary Shares stated therein, at the price of $10.00 per share, subject to the adjustments
provided in Section 4 hereof and in the last sentence of this Section 3.1. The term “Warrant Price”
as used in this Agreement shall mean the price per share at which the Class A Ordinary Shares may be purchased at the time a Warrant
is exercised. The Company in its sole discretion may lower the Warrant Price at any time prior to the Expiration Date (as defined below)
for a period of not less than twenty (20) Business Days (as defined below) unless a longer period is required by stock exchange rules
or applicable law, provided, that the Company shall provide at least three (3) days prior written notice of such reduction to Registered
Holders of the Warrants and, provided further that any such reduction shall be identical among all of the Warrants. For the purpose of
this Agreement, a “Business Day” shall mean a day, other than a Saturday, Sunday or federal holiday, on which
banks in New York City are generally open for normal business.
3.2. Duration
of Warrants. A Warrant may be exercised only during the period (the “Exercise Period”) commencing thirty
(30) days after the Closing Date and terminating at the earliest to occur of: (x) at 5:00 p.m., New York City time on the date that is
four (4) years after the Closing Date, (y) the liquidation of the Company, and (z) at 5:00 p.m., New York City time on the Redemption
Date (as defined below) as provided in Section 6.3 hereof (the “Expiration Date"); provided,
however, that the exercise of any Warrant shall be subject to the satisfaction of any applicable conditions, as set forth in subsection
3.3.2 below, with respect to an effective registration statement or a valid exemption therefrom being available. Except with respect
to the right to receive the Redemption Price (as defined below) in the event of a redemption (as set forth in Section 6 hereof),
each outstanding Warrant not exercised on or before the Expiration Date shall become void, and all rights thereunder and all rights in
respect thereof under this Agreement shall cease at 5:00 p.m. New York City time on the Expiration Date.
The
Company in its sole discretion may extend the duration of the Warrants by delaying the Expiration Date; provided, that the Company
shall provide at least twenty (20) days prior written notice of any such extension to Registered Holders of the Warrants and, provided
further that any such extension shall be identical in duration among all the Warrants.
3.3. Exercise
of Warrants.
3.3.1 Payment.
Subject to the provisions of the Warrant and this Agreement, a Warrant may be exercised by the Registered Holder thereof by delivering
to the Warrant Agent at its corporate trust department (i) the Definitive Warrant Certificate evidencing the Warrants to be exercised,
or, in the case of a Book-Entry Warrant Certificate, the Warrants to be exercised (the “Book-Entry Warrants”)
on the records of the Depositary to an account of the Warrant Agent at the Depositary designated for such purposes in writing by the
Warrant Agent to the Depositary from time to time, (ii) an election to purchase (“Election to Purchase”) Class
A Ordinary Shares pursuant to the exercise of a Warrant, properly completed and executed by the Registered Holder on the reverse of the
Definitive Warrant Certificate or, in the case of a Book-Entry Warrant Certificate, properly delivered by the Participant in accordance
with the Depositary’s procedures, and (iii) payment in full of the Warrant Price for each Class A Ordinary Share as to which the
Warrant is exercised and any and all applicable taxes due in connection with the exercise of the Warrant, the exchange of the Warrant
for the Class A Ordinary Shares and the issuance of such Class A Ordinary Shares, in lawful money of the United States, in good certified
check or good bank draft payable to the Warrant Agent or by wire transfer of immediately available funds.
3.3.2 Issuance
of Class A Ordinary Shares on Exercise. As soon as practicable after the exercise of any Warrant and the clearance of the funds in
payment of the Warrant Price, the Company shall issue to the Registered Holder of such Warrant a book-entry position or certificate,
as applicable, for the number of Class A Ordinary Shares to which he, she or it is entitled, registered in such name or names as may
be directed by him, her or it, and if such Warrant shall not have been exercised in full, a new book-entry position or countersigned
Warrant, as applicable, for the number of Class A Ordinary Shares as to which such Warrant shall not have been exercised. If fewer than
all the Warrants evidenced by a Book-Entry Warrant Certificate are exercised, a notation shall be made to the records maintained by the
Depositary, its nominee for each Book-Entry Warrant Certificate, or a Participant, as appropriate, evidencing the balance of the Warrants
remaining after such exercise. Notwithstanding the foregoing, the Company shall not be obligated to deliver any Class A Ordinary Shares
pursuant to the exercise of a Warrant and shall have no obligation to settle such Warrant exercise unless a registration statement under
the Securities Act with respect to the Class A Ordinary Shares underlying the Warrants is then effective and a prospectus relating thereto
is current, subject to the Company’s satisfying its obligations under Section 7.4. No Warrant shall be exercisable and the
Company shall not be obligated to issue Class A Ordinary Shares upon exercise of a Warrant unless the Class A Ordinary Shares issuable
upon such Warrant exercise have been registered, qualified or deemed to be exempt from registration or qualification under the securities
laws of the state of residence of the Registered Holder of the Warrants. In the event that the conditions in the two immediately preceding
sentences are not satisfied with respect to a Warrant, the holder of such Warrant shall not be entitled to exercise such Warrant and
such Warrant may have no value and expire worthless. In no event will the Company be required to net cash settle the Warrant exercise.
3.3.3 Valid
Issuance. All Class A Ordinary Shares issued upon the proper exercise of a Warrant in conformity with this Agreement shall be validly
issued, fully paid and non-assessable.
3.3.4 Date
of Issuance. Each person in whose name any book-entry position or certificate, as applicable, for Class A Ordinary Shares is issued
shall for all purposes be deemed to have become the holder of record of such Class A Ordinary Shares on the date on which the Warrant,
or book-entry position representing such Warrant, was surrendered and payment of the Warrant Price was made, irrespective of the date
of delivery of such certificate in the case of a certificated Warrant, except that, if the date of such surrender and payment is a date
when the share transfer books of the Company or book-entry system of the Warrant Agent are closed, such person shall be deemed to have
become the holder of such Class A Ordinary Shares at the close of business on the next succeeding date on which the share transfer books
or book-entry system are open.
3.3.5 Maximum
Percentage. A holder of a Warrant may notify the Company in writing in the event it elects to be subject to the provisions contained
in this subsection 3.3.5; however, no holder of a Warrant shall be subject to this subsection 3.3.5 unless he, she
or it makes such election. If the election is made by a holder, the Warrant Agent shall not effect the exercise of the holder’s
Warrant, and such holder shall not have the right to exercise such Warrant, to the extent that after giving effect to such exercise,
such person (together with such person’s affiliates), to the Warrant Agent’s actual knowledge, would beneficially own in
excess of 4.9% or 9.8% (or such other amount as a holder may specify) (the “Maximum Percentage”) of the Class
A Ordinary Shares outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate
number of Class A Ordinary Shares beneficially owned by such person and its affiliates shall include the number of Class A Ordinary Shares
issuable upon exercise of the Warrant with respect to which the determination of such sentence is being made, but shall exclude Class
A Ordinary Shares that would be issuable upon (x) exercise of the remaining, unexercised portion of the Warrant beneficially owned by
such person and its affiliates and (y) exercise or conversion of the unexercised or unconverted portion of any other securities of the
Company beneficially owned by such person and its affiliates (including, without limitation, any convertible notes or convertible preferred
shares or warrants) subject to a limitation on conversion or exercise analogous to the limitation contained herein. Except as set forth
in the preceding sentence, for purposes of this paragraph, beneficial ownership shall be calculated in accordance with Section 13(d)
of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). For purposes of the Warrant, in determining
the number of outstanding Class A Ordinary Shares, the holder may rely on the number of outstanding Class A Ordinary Shares as reflected
in (1) the Company’s most recent annual report on Form 20-F or Form 10-K, quarterly report on Form 10-Q, current report on Form
6-K or Form 8-K (in each case to the extent applicable) or other public filing with the Commission, as the case may be, (2) a more recent
public announcement by the Company or (3) any other notice by the Company or the Transfer Agent setting forth the number of Class A Ordinary
Shares outstanding. For any reason at any time, upon the written request of the holder of the Warrant, the Company shall, within two
(2) Business Days, confirm orally and in writing to such holder the number of Class A Ordinary Shares then outstanding. In any case,
the number of outstanding Class A Ordinary Shares shall be determined after giving effect to the conversion or exercise of equity securities
of the Company by the holder and its affiliates since the date as of which such number of outstanding Class A Ordinary Shares was reported.
By written notice to the Company, the holder of a Warrant may from time to time increase or decrease the Maximum Percentage applicable
to such holder to any other percentage specified in such notice; provided, however, that any such increase shall not be
effective until the sixty-first (61st) day after such notice is delivered to the Company.
4. Adjustments.
4.1. Share
Capitalizations.
4.1.1 Split-Ups.
If after the Closing Date, and subject to the provisions of Section 4.6 below, the number of outstanding Class A Ordinary Shares
is increased by a share capitalization payable in Class A Ordinary Shares, or by a split-up of Class A Ordinary Shares or other similar
event, then, on the effective date of such share capitalization, split-up or similar event, the number of Class A Ordinary Shares issuable
on exercise of each Warrant shall be increased in proportion to such increase in the outstanding Class A Ordinary Shares. A rights offering
to holders of the Class A Ordinary Shares entitling holders to purchase Class A Ordinary Shares at a price less than the “Historical
Fair Market Value” (as defined below) shall be deemed a share capitalization of a number of Class A Ordinary Shares equal to the
product of (i) the number of Class A Ordinary Shares actually sold in such rights offering (or issuable under any other equity securities
sold in such rights offering that are convertible into or exercisable for Class A Ordinary Shares) and multiplied by (ii) one (1) minus
the quotient of (x) the price per Class A Ordinary Share paid in such rights offering divided by (y) the Historical Fair Market Value.
For purposes of this subsection 4.1.1, (i) if the rights offering is for securities convertible into or exercisable for Class
A Ordinary Shares, in determining the price payable for Class A Ordinary Shares, there shall be taken into account any consideration
received for such rights, as well as any additional amount payable upon exercise or conversion and (ii) “Historical Fair
Market Value” means the VWAP (as defined below) of the Class A Ordinary Shares as reported during the ten (10) Trading
Day (as defined below) period ending on the Trading Day prior to the first date on which the Class A Ordinary Shares trade on the applicable
exchange or in the applicable market, regular way, without the right to receive such rights. No Class A Ordinary Shares shall be issued
at less than their par value.
4.1.2 Dividends.
If the Company, at any time while the Warrants are outstanding and unexpired, shall pay a dividend or make a distribution in cash, securities
or other assets to the holders of Class A Ordinary Shares on account of such Class A Ordinary Shares (or other shares of the Company’s
share capital into which the Warrants are convertible), other than (a) as described in subsection 4.1.1 above, or (b) Ordinary Cash Dividends
(as defined below) (any such non-excluded event being referred to herein as an “Extraordinary Dividend”), then
the Warrant Price shall be decreased, effective immediately after the effective date of such Extraordinary Dividend, by the amount of
cash and/or the fair market value (as determined by the Board, in good faith) of any securities or other assets paid on each Class A
Ordinary Share in respect of such Extraordinary Dividend. For purposes of this subsection 4.1.2, “Ordinary Cash Dividends”
means any cash dividend or cash distribution which, when combined on a per share basis, with the per share amounts of all other cash
dividends and cash distributions paid on the Class A Ordinary Shares during the 365-day period ending on the date of declaration of such
dividend or distribution (as adjusted to appropriately reflect any of the events referred to in other subsections of this Section 4 and
excluding cash dividends or cash distributions that resulted in an adjustment to the Warrant Price or to the number of Class A Ordinary
Shares issuable on exercise of each Warrant) does not exceed $0.50 but only with respect to the amount of the aggregate cash dividends
or cash distributions equal to or less than $0.50.
4.2. Aggregation
of Shares. If after the date hereof, and subject to the provisions of Section 4.6 hereof, the number of outstanding Class
A Ordinary Shares is decreased by a consolidation, combination, reverse share split or reclassification of Class A Ordinary Shares or
other similar event, then, on the effective date of such consolidation, combination, reverse share split, reclassification or similar
event, the number of Class A Ordinary Shares issuable on exercise of each Warrant shall be decreased in proportion to such decrease in
outstanding Class A Ordinary Shares.
4.3. Adjustments
in Warrant Price.
4.3.1 Whenever
the number of Class A Ordinary Shares purchasable upon the exercise of the Warrants is adjusted, as provided in subsection 4.1.1
or Section 4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price immediately
prior to such adjustment by a fraction (x) the numerator of which shall be the number of Class A Ordinary Shares purchasable upon the
exercise of the Warrants immediately prior to such adjustment, and (y) the denominator of which shall be the number of Class A Ordinary
Shares so purchasable immediately thereafter.
4.3.2 The
Warrant Price and the Reference Price (as defined below) shall be adjusted accordingly upon the occurrences of the following events:
(a) if
the Benchmark Value is below $8.00 per Class A Ordinary Share as of the date that is the six (6)-month anniversary of the Closing Date,
(i) the Warrant Price shall be reduced to $8.00, and (ii) the Reference Price shall be reduced to $16.00, in each case on the Trading
Day immediately following such date of determination;
(b) if
the Benchmark Value is below $7.00 per Class A Ordinary Share as of the date that is the twelve (12)-month anniversary of the Closing
Date, (i) the Warrant Price shall be reduced to $7.00, and (ii) the Reference Price shall be reduced to $15.00, in each case on the Trading
Day immediately following such date of determination;
(c) if
the Benchmark Value is below $6.00 per Class A Ordinary Share as of the date that is the eighteen (18)-month anniversary of the Closing
Date, (i) the Warrant Price shall be reduced to $6.00, and (ii) the Reference Price shall be reduced to $14.00, in each case on the Trading
Day immediately following such date of determination;
(d) if
the Benchmark Value is below $5.00 per Class A Ordinary Share as of the date that is the twenty-four (24)-month anniversary of the Closing
Date, (i) the Warrant Price shall be reduced to $5.00, and (ii) the Reference Price shall be reduced to $13.00, in each case on the Trading
Day immediately following such date of determination;
in
each case of clauses (a) through (d), the amounts of the Benchmark Value and the adjusted Warrant Price and Reference Price, as applicable,
shall be subject to adjustment to the extent the Warrant Price is adjusted after the date of this Agreement (other than pursuant to this
Section 4.3.2).
4.3.3 Definitions.
For purposes of this Agreement, the following capitalized terms shall have the following meanings: (x) “Benchmark Value”
means the VWAP of the Class A Ordinary Shares for the last thirty (30) Trading Days prior to the date of determination; (y) “Trading
Day” means any day on which the Class A Ordinary Shares are actually traded on the principal securities exchange or securities
market on which Class A Ordinary Shares are then traded; and (z) “VWAP” means, for any security as of any date(s),
the dollar volume-weighted average price for such security on the principal securities exchange or securities market on which such security
is then traded during the period beginning at 9:30:01 a.m., New York time, and ending at 4:00:00 p.m., New York time, as reported by
Bloomberg through its “HP” function (set to weighted average) or, if the foregoing does not apply, the dollar volume-weighted
average price of such security in the over-the-counter market on the electronic bulletin board for such security during the period beginning
at 9:30:01 a.m., New York time, and ending at 4:00:00 p.m., New York time, as reported by Bloomberg, or, if no dollar volume-weighted
average price is reported for such security by Bloomberg for such hours, the average of the highest closing bid price and the lowest
closing ask price of any of the market makers for such security as reported by OTC Markets Group Inc. If the VWAP cannot be calculated
for such security on such date(s) on any of the foregoing bases, the VWAP of such security on such date(s) shall be the fair market value
per share on such date(s) as reasonably determined by the Company.
4.4. Replacement
of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding Class A Ordinary Shares
(other than a change under subsections 4.1.1 or Section 4.2 hereof or that solely affects the par value of such Class
A Ordinary Shares), or in the case of any merger or consolidation of the Company with or into another entity or conversion of the Company
as another entity (other than a consolidation or merger in which the Company is the continuing corporation and that does not result in
any reclassification or reorganization of the outstanding Class A Ordinary Shares), or in the case of any sale or conveyance to another
entity of the assets or other property of the Company as an entirety or substantially as an entirety in connection with which the Company
is dissolved, the holders of the Warrants shall thereafter have the right to purchase and receive, upon the basis and upon the terms
and conditions specified in the Warrants and in lieu of the Class A Ordinary Shares immediately theretofore purchasable and receivable
upon the exercise of the rights represented thereby, the kind and amount of shares or other securities or property (including cash) receivable
upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that
the holder of the Warrants would have received if such holder had exercised his, her or its Warrant(s) immediately prior to such event.
If
any reclassification or reorganization also results in a change in Class A Ordinary Shares covered by subsection 4.1.1, then
such adjustment shall be made pursuant to subsection 4.1.1 or Sections 4.2, 4.3 and this Section 4.4. The
provisions of this Section 4.4 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations,
sales or other transfers. In no event will the Warrant Price be reduced to less than the par value per share issuable upon exercise of
the Warrant.
4.5. Notices
of Changes in Warrant. Upon every adjustment of the Warrant Price or the number of Class A Ordinary Shares issuable upon exercise
of a Warrant, the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting
from such adjustment and the increase or decrease, if any, in the number of Class A Ordinary Shares purchasable at such price upon the
exercise of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based.
Upon the occurrence of any event specified in Sections 4.1, 4.2, 4.3 or 4.4, the Company shall give written
notice of the occurrence of such event to each holder of a Warrant, at the last address set forth for such holder in the Warrant Register,
of the record date or the effective date of the event. Failure to give such notice, or any defect therein, shall not affect the legality
or validity of such event.
4.6. No
Fractional Shares. Notwithstanding any provision contained in this Agreement to the contrary, the Company shall not issue fractional
Class A Ordinary Shares upon the exercise of Warrants. If, by reason of any adjustment made pursuant to this Section 4, the holder
of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the Company shall,
upon such exercise, round down to the nearest whole number the number of Class A Ordinary Shares to be issued to such holder.
4.7. Form
of Warrant. The form of Warrant need not be changed because of any adjustment pursuant to this Section 4, and Warrants issued
after such adjustment may state the same Warrant Price and the same number of Class A Ordinary Shares as is stated in the Warrants initially
issued pursuant to this Agreement; provided, however, that the Company may at any time in its sole discretion make any
change in the form of Warrant that the Company may deem appropriate and that does not affect the substance thereof, and any Warrant thereafter
issued or countersigned, whether in exchange or substitution for an outstanding Warrant or otherwise, may be in the form as so changed.
4.8. Other
Events. In case any event shall occur affecting the Company as to which none of the provisions of preceding subsections of this Section
4 are strictly applicable, but which would require an adjustment to the terms of the Warrants in order to (i) avoid an adverse impact
on the Warrants and (ii) effectuate the intent and purpose of this Section 4, then, in each such case, the Company shall appoint
a firm of independent public accountants, investment banking or other appraisal firm of recognized national standing, which shall give
its opinion as to whether or not any adjustment to the rights represented by the Warrants is necessary to effectuate the intent and purpose
of this Section 4 and, if they determine that an adjustment is necessary, the terms of such adjustment. The Company shall adjust
the terms of the Warrants in a manner that is consistent with any adjustment recommended in such opinion.
5. Transfer
and Exchange of Warrants.
5.1. Registration
of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant upon the Warrant Register,
upon surrender of such Warrant for transfer, in the case of a certificated Warrant, properly endorsed with signatures properly guaranteed
and accompanied by appropriate instructions for transfer. Upon any such transfer, a new Warrant representing an equal aggregate number
of Warrants shall be issued and the old Warrant shall be cancelled by the Warrant Agent. In the case of certificated Warrants, the Warrants
so cancelled shall be delivered by the Warrant Agent to the Company from time to time upon request.
5.2. Procedure
for Surrender of Warrants. Warrants may be surrendered to the Warrant Agent, together with a written request for exchange or transfer,
and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by the Registered Holder of the
Warrants so surrendered, representing an equal aggregate number of Warrants; provided, however, that except as otherwise
provided herein or in any Book-Entry Warrant Certificate or Definitive Warrant Certificate, each Book-Entry Warrant Certificate and Definitive
Warrant Certificate may be transferred only in whole and only to the Depositary, to another nominee of the Depositary, to a successor
depository, or to a nominee of a successor depository.
5.3. Fractional
Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange which shall result in the issuance
of a warrant certificate or book-entry position for a fraction of a warrant.
5.4. Service
Charges. No service charge shall be made for any exchange or registration of transfer of Warrants.
5.5. Warrant
Execution and Countersignature. The Warrant Agent is hereby authorized to countersign and to deliver, in accordance with the terms
of this Agreement, the Warrants required to be issued pursuant to the provisions of this Section 5, and the Company, whenever
required by the Warrant Agent, shall supply the Warrant Agent with Warrants duly executed on behalf of the Company for such purpose.
6. Redemption.
6.1. Redemption
of Warrants. Not less than all of the outstanding Warrants may be redeemed, at the option of the Company, at any time while they
are exercisable and prior to their expiration, at the office of the Warrant Agent, upon notice to the Registered Holders of the Warrants,
as described in Section 6.3 below, at a Redemption Price of $0.01 per Warrant; provided that (a) the Reference Value (as
defined below) equals or exceeds $18.00 per Class A Ordinary Share (such dollar amount, the “Reference Price”)
(subject to adjustment in compliance with Section 4 hereof), and (b) there is an effective registration statement covering the
issuance of the Class A Ordinary Shares issuable upon exercise of the Warrants, and a current prospectus relating thereto, available
throughout the 30-day Redemption Period (as defined in Section 6.3 below).
6.2. Date
Fixed for, and Notice of, Redemption; Redemption Price; Reference Value. In the event that the Company elects to redeem the Warrants
pursuant to Section 6.1, the Company shall fix a date for the redemption (the “Redemption Date”). Notice
of redemption shall be mailed by first class mail, postage prepaid, by the Company not less than thirty (30) days prior to the Redemption
Date (such period, the “30-day Redemption Period”) to the Registered Holders of the Warrants to be redeemed
at their last addresses as they shall appear on the registration books. Any notice mailed in the manner herein provided shall be conclusively
presumed to have been duly given whether or not the Registered Holder received such notice. As used in this Agreement, (a) “Redemption
Price” shall mean the price per Warrant at which any Warrants are redeemed pursuant to Section 6.1 and (b) “Reference
Value” shall mean the VWAP of the Class A Ordinary Shares for any thirty (30) Trading-Day period ending on the third Trading
Day prior to the date on which notice of the redemption is given.
6.3. Exercise
After Notice of Redemption. The Warrants may be exercised, for cash at any time after notice of redemption shall have been given
by the Company pursuant to Section 6.3 hereof and prior to the Redemption Date. On and after the Redemption Date, the record holder
of the Warrants shall have no further rights except to receive, upon surrender of the Warrants, the Redemption Price.
7. Other
Provisions Relating to Rights of Holders of Warrants.
7.1. No
Rights as Shareholder. A Warrant does not entitle the Registered Holder thereof to any of the rights of a shareholder of the Company,
including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights to vote or to consent
or to receive notice as shareholders in respect of the general meeting or the appointment of directors of the Company or any other matter.
7.2. Lost,
Stolen, Mutilated, or Destroyed Warrants. If any Warrant is lost, stolen, mutilated, or destroyed, the Company and the Warrant Agent
may on such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated Warrant,
include the surrender thereof), issue a new Warrant of like denomination, tenor, and date as the Warrant so lost, stolen, mutilated,
or destroyed. Any such new Warrant shall constitute a substitute contractual obligation of the Company, whether or not the allegedly
lost, stolen, mutilated, or destroyed Warrant shall be at any time enforceable by anyone.
7.3. Reservation
of Class A Ordinary Shares. The Company shall at all times reserve and keep available a number of its authorized but unissued Class
A Ordinary Shares that shall be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Agreement.
7.4. Registration
of Class A Ordinary Shares; Blue-Sky Registration.
7.4.1 Registration
of the Class A Ordinary Shares. The Company agrees that it shall use its commercially reasonable efforts to file with the Commission
a registration statement registering, under the Securities Act, the issuance of the Class A Ordinary Shares issuable upon exercise of
the Warrants. The Company shall use its commercially reasonable efforts to cause the same to become effective and to maintain the effectiveness
of such registration statement, and a current prospectus relating thereto, until the expiration or redemption of the Warrants in accordance
with the provisions of this Agreement. Except as provided in subsection 7.4.2, for the avoidance of any doubt, unless and until
all of the Warrants have been exercised or have expired, the Company shall continue to be obligated to comply with its registration obligations
under the first three sentences of this subsection 7.4.1.
7.4.2 Blue-Sky
Registration. If the Class A Ordinary Shares are at the time of any exercise of a Warrant not listed on a national securities exchange
such that they satisfy the definition of “covered securities” under Section 18(b)(1) of the Securities Act (or any successor
rule), the Company agrees to use its commercially reasonable efforts to register or qualify for sale the Class A Ordinary Shares issuable
upon exercise of the Warrants under the blue sky laws of the state of residence of the exercising Warrant holder to the extent an exemption
is not available.
8. Concerning
the Warrant Agent and Other Matters.
8.1. Payment
of Taxes. The Company shall from time to time promptly pay all taxes and charges that may be imposed upon the Company or the Warrant
Agent in respect of the issuance or delivery of Class A Ordinary Shares upon the exercise of the Warrants, but the Company shall not
be obligated to pay any transfer taxes in respect of the Warrants or such Class A Ordinary Shares.
8.2. Resignation,
Consolidation, or Merger of Warrant Agent.
8.2.1 Appointment
of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged
from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If the office
of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing a successor
Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period of thirty (30) days after
it has been notified in writing of such resignation or incapacity by the Warrant Agent or by the holder of a Warrant (who shall, with
such notice, submit his, her or its Warrant for inspection by the Company), then the holder of any Warrant may apply to the Supreme Court
of the State of New York for the County of New York for the appointment of a successor Warrant Agent at the Company’s cost. Any
successor Warrant Agent, whether appointed by the Company or by such court, shall be a corporation organized and existing under the laws
of the State of New York, in good standing and having its principal office in the Borough of Manhattan, City and State of New York, and
authorized under such laws to exercise corporate trust powers and subject to supervision or examination by federal or state authority.
After appointment, any successor Warrant Agent shall be vested with all the authority, powers, rights, immunities, duties, and obligations
of its predecessor Warrant Agent with like effect as if originally named as Warrant Agent hereunder, without any further act or deed;
but if for any reason it becomes necessary or appropriate, the predecessor Warrant Agent shall execute and deliver, at the expense of
the Company, an instrument transferring to such successor Warrant Agent all the authority, powers, and rights of such predecessor Warrant
Agent hereunder; and upon request of any successor Warrant Agent the Company shall make, execute, acknowledge, and deliver any and all
instruments in writing for more fully and effectually vesting in and confirming to such successor Warrant Agent all such authority, powers,
rights, immunities, duties, and obligations.
8.2.2 Notice
of Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof to the
predecessor Warrant Agent and the Transfer Agent for the Class A Ordinary Shares not later than the effective date of any such appointment.
8.2.3 Merger
or Consolidation of Warrant Agent. Any corporation into which the Warrant Agent may be merged or with which it may be consolidated
or any corporation resulting from any merger or consolidation to which the Warrant Agent shall be a party shall be the successor Warrant
Agent under this Agreement without any further act.
8.3.
Fees and Expenses of Warrant Agent.
8.3.1 Remuneration.
The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent hereunder and shall, pursuant
to its obligations under this Agreement, reimburse the Warrant Agent upon demand for all expenditures that the Warrant Agent may reasonably
incur in the execution of its duties hereunder.
8.3.2 Further
Assurances. The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed, acknowledged, and
delivered all such further and other acts, instruments, and assurances as may reasonably be required by the Warrant Agent for the carrying
out or performing of the provisions of this Agreement.
8.4. Liability
of Warrant Agent.
8.4.1 Reliance
on Company Statement. Whenever in the performance of its duties under this Agreement, the Warrant Agent shall deem it necessary or
desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact
or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established
by a statement signed by the Chief Executive Officer, Chief Financial Officer, President, Executive Vice President, Vice President, or
Chairman of the Board of the Company and delivered to the Warrant Agent. The Warrant Agent may rely upon such statement for any action
taken or suffered in good faith by it pursuant to the provisions of this Agreement.
8.4.2 Indemnity.
The Warrant Agent shall be liable hereunder only for its own gross negligence, willful misconduct or bad faith. The Company agrees to
indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, costs and reasonable counsel fees,
for anything done or omitted by the Warrant Agent in the execution of this Agreement, except as a result of the Warrant Agent’s
gross negligence, willful misconduct or bad faith.
8.4.3 Exclusions.
The Warrant Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the validity or execution
of any Warrant (except its countersignature thereof). The Warrant Agent shall not be responsible for any breach by the Company of any
covenant or condition contained in this Agreement or in any Warrant. The Warrant Agent shall not be responsible to make any adjustments
required under the provisions of Section 4 hereof or responsible for the manner, method, or amount of any such adjustment or the
ascertaining of the existence of facts that would require any such adjustment; nor shall it by any act hereunder be deemed to make any
representation or warranty as to the authorization or reservation of any Class A Ordinary Shares to be issued pursuant to this Agreement
or any Warrant or as to whether any Class A Ordinary Shares shall, when issued, be valid and fully paid and non-assessable.
8.5. Acceptance
of Agency. The Warrant Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon the terms
and conditions herein set forth and among other things, shall account promptly to the Company with respect to Warrants exercised and
concurrently account for, and pay to the Company, all monies received by the Warrant Agent for the purchase of Class A Ordinary Shares
through the exercise of the Warrants.
9. Miscellaneous
Provisions.
9.1. Successors.
All the covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure to
the benefit of their respective successors and assigns.
9.2. Notices.
Any notice, statement or demand authorized by this Agreement to be given or made by the Warrant Agent or by the holder of any Warrant
to or on the Company shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private
courier service within five (5) days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing
by the Company with the Warrant Agent), as follows:
Webull
Corporation.
200 Carillon Parkway
St. Petersburg, Florida 33716
Attention: Haichen Wang, Chief Financial Officer; Ben James, General Counsel
E-mail: h.c.wang@webull.com; ben@webull.com
with
a copy to:
Kirkland
& Ellis
26th Floor, Gloucester Tower, The Landmark
15 Queen’s Road Central, Hong Kong
Attention: Jesse Sheley
Email: jesse.sheley@kirkland.com
Any
notice, statement or demand authorized by this Agreement to be given or made by the holder of any Warrant or by the Company to or on
the Warrant Agent shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private
courier service within five (5) days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing
by the Warrant Agent with the Company), as follows:
Continental
Stock Transfer & Trust Company
1 State Street, 30th Floor
New York, NY 10004
Attention: Compliance Department
9.3. Applicable
Law and Exclusive Forum. The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed in
all respects by the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application
of the substantive laws of another jurisdiction.
The
Company hereby agrees that any action, proceeding or claim against it arising out of or relating in any way to this Agreement shall be
brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York,
and irrevocably submits to such jurisdiction, which jurisdiction shall be the exclusive forum for any such action, proceeding or claim.
The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Notwithstanding
the foregoing, the provisions of this paragraph will not apply to suits brought to enforce any liability or duty created by the Exchange
Act or any other claim for which the federal district courts of the United States of America are the sole and exclusive forum. Any person
or entity purchasing or otherwise acquiring any interest in any Warrants shall be deemed to have notice of and to have consented to the
forum provisions in this Agreement. If any action, the subject matter of which is within the scope of the forum provisions of this Agreement,
is filed in a court other than a court of the State of New York or the United States District Court for the Southern District of New
York (a “foreign action”) in the name of any holder of the Warrants, such holder shall be deemed to have consented to: (x)
the personal jurisdiction of the state and federal courts located in the State of New York in connection with any action brought in any
such court to enforce the forum provisions (an “enforcement action”), and (y) having service of process made upon such warrant
holder in any such enforcement action by service upon such warrant holder’s counsel in the foreign action as agent for such warrant
holder.
9.4. Persons
Having Rights under this Agreement. Nothing in this Agreement shall be construed to confer upon, or give to, any person or corporation
other than the parties hereto and the Registered Holders of the Warrants any right, remedy, or claim under or by reason of this Agreement
or of any covenant, condition, stipulation, promise, or agreement hereof. All covenants, conditions, stipulations, promises, and agreements
contained in this Agreement shall be for the sole and exclusive benefit of the parties hereto and their successors and assigns and of
the Registered Holders of the Warrants.
9.5. Examination
of the Warrant Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the Warrant Agent
in the Borough of Manhattan, City and State of New York, for inspection by the Registered Holder of any Warrant. The Warrant Agent may
require any such holder to submit such holder’s Warrant for inspection by the Warrant Agent.
9.6. Counterparts:
Electronic Signatures. This Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts
shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.
A signature to this Agreement transmitted electronically shall have the same authority, effect and enforceability as an original signature.
9.7. Effect
of Headings. The Section headings herein are for convenience only and are not part of this Agreement and shall not affect the interpretation
thereof.
9.8. Amendments.
This Agreement may be amended by the parties hereto without the consent of any Registered Holder for the purpose of curing any ambiguity,
mistake or curing, correcting or supplementing any defective provision contained herein, including to conform the provisions hereof to
the description of the terms of the Warrants and this Agreement set forth in the Proxy/Registration Statement, or adding or changing
any other provisions with respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable
and that the parties deem shall not adversely affect the interest of the Registered Holders. All other modifications or amendments, including
any modification or amendment to increase the Warrant Price or shorten the Exercise Period shall require the vote or written consent
of the Registered Holders of at least a majority of the number of the then outstanding Warrants. Notwithstanding the foregoing, the Company
may lower the Warrant Price or extend the duration of the Exercise Period pursuant to Sections 3.1 and 3.2, respectively,
without the consent of the Registered Holders.
9.9. Severability.
This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the
validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable
term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision as similar in terms to
such invalid or unenforceable provision as may be possible and be valid and enforceable.
[Signature
Page Follows]
IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date first above written.
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WEBULL
CORPORATION |
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By: |
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Name: |
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Title: |
Chief Executive Officer |
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CONTINENTAL
STOCK TRANSFER & |
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TRUST
COMPANY, as Warrant Agent |
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By: |
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Name: |
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Title: |
Vice President |
[Signature
Page to Warrant Agreement]
EXHIBIT
A
[Form
of Warrant Certificate]
[FACE]
Number
Warrants
THIS
WARRANT SHALL BE VOID IF NOT EXERCISED PRIOR TO THE EXPIRATION OF THE EXERCISE PERIOD PROVIDED FOR IN THE WARRANT AGREEMENT DESCRIBED
BELOW
WEBULL
CORPORATION
Incorporated
Under the Laws of the Cayman Islands
CUSIP
[●]
Warrant
Certificate
This
Warrant Certificate certifies that [●], or registered assigns, is the registered holder of warrants evidenced hereby (the “Warrants”
and each, a “Warrant”) to purchase Class A Ordinary Shares, $[0.00001] par value per share (the “Class
A Ordinary Shares”), of Webull Corporation, a Cayman Islands exempted company (the “Company”).
Each Warrant entitles the holder, upon exercise during the Exercise Period set forth in the Warrant Agreement referred to below, to receive
from the Company that number of fully paid and non-assessable Class A Ordinary Shares as set forth below, at the exercise price (the
“Warrant Price”) as determined pursuant to the Warrant Agreement, payable in US dollars, by bank wire or certified
check of the United States of America upon surrender of this Warrant Certificate and payment of the Warrant Price at the office or agency
of the Warrant Agent referred to below, subject to the conditions set forth herein and in the Warrant Agreement. Defined terms used in
this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement.
Each
whole Warrant is initially exercisable for one fully paid and non-assessable Class A Ordinary Share. No fractional shares will be issued
upon exercise of any Warrant. If, upon the exercise of Warrants, a holder would be entitled to receive a fractional interest in a Class
A Ordinary Share, the Company will, upon exercise, round down to the nearest whole number the number of Class A Ordinary Shares to be
issued to the Warrant holder. The number of Class A Ordinary Shares issuable upon exercise of the Warrants is subject to adjustment upon
the occurrence of certain events set forth in the Warrant Agreement.
The
initial Warrant Price per Class A Ordinary Share for any Warrant is equal to $10.00 per share. The Warrant Price is subject to adjustment
upon the occurrence of certain events set forth in the Warrant Agreement.
Subject
to the conditions set forth in the Warrant Agreement, the Warrants may be exercised only during the Exercise Period and to the extent
not exercised by the end of such Exercise Period, such Warrants shall become void.
Reference
is hereby made to the further provisions of this Warrant Certificate set forth on the reverse hereof and such further provisions shall
for all purposes have the same effect as though fully set forth at this place.
This
Warrant Certificate shall not be valid unless countersigned by the Warrant Agent, as such term is used in the Warrant Agreement.
This
Warrant Certificate shall be governed by and construed in accordance with the internal laws of the State of New York.
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WEBULL
CORPORATION |
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|
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By: |
|
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Name: |
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Title: |
Chief Executive Officer |
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|
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CONTINENTAL
STOCK TRANSFER & |
| |
TRUST
COMPANY, as Warrant Agent |
| |
|
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By: |
|
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Name: |
| |
Title: |
|
[Form
of Warrant Certificate]
[Reverse]
The
Warrants evidenced by this Warrant Certificate are part of a duly authorized issue of Warrants entitling the holder on exercise to receive
Class A Ordinary Shares and are issued or to be issued pursuant to a Warrant Agreement dated as of [●], 2024 (the “Warrant
Agreement”), duly executed and delivered by the Company to Continental Stock Transfer & Trust Company, a New York corporation,
as warrant agent (the “Warrant Agent”), which Warrant Agreement is hereby incorporated by reference in and
made a part of this instrument and is hereby referred to for a description of the rights, limitation of rights, obligations, duties and
immunities thereunder of the Warrant Agent, the Company and the holders (the words “holders” or “holder”
meaning the Registered Holders or Registered Holder, respectively) of the Warrants. A copy of the Warrant Agreement may be obtained by
the holder hereof upon written request to the Company. Defined terms used in this Warrant Certificate but not defined herein shall have
the meanings given to them in the Warrant Agreement.
Warrants
may be exercised at any time during the Exercise Period set forth in the Warrant Agreement. The holder of Warrants evidenced by this
Warrant Certificate may exercise them by surrendering this Warrant Certificate, with the form of election to purchase set forth hereon
properly completed and executed, together with payment of the Warrant Price as specified in the Warrant Agreement at the principal corporate
trust office of the Warrant Agent. In the event that upon any exercise of Warrants evidenced hereby the number of Warrants exercised
shall be less than the total number of Warrants evidenced hereby, there shall be issued to the holder hereof or his, her or its assignee,
a new Warrant Certificate evidencing the number of Warrants not exercised.
Notwithstanding
anything else in this Warrant Certificate or the Warrant Agreement, no Warrant may be exercised unless at the time of exercise (i) a
registration statement covering the issuance of the Class A Ordinary Shares to be issued upon exercise is effective under the Securities
Act of 1933, as amended, and (ii) a prospectus thereunder relating to the Class A Ordinary Shares is current.
The
Warrant Agreement provides that upon the occurrence of certain events the number of Class A Ordinary Shares issuable upon the exercise
of the Warrants set forth on the face hereof may, subject to certain conditions, be adjusted. If, upon exercise of a Warrant, the holder
thereof would be entitled to receive a fractional interest in a Class A Ordinary Share, the Company shall, upon exercise, round down
to the nearest whole number of Class A Ordinary Shares to be issued to the holder of the Warrant.
Warrant
Certificates, when surrendered at the principal corporate trust office of the Warrant Agent by the Registered Holder thereof in person
or by legal representative or attorney duly authorized in writing, may be exchanged, in the manner and subject to the limitations provided
in the Warrant Agreement, but without payment of any service charge, for another Warrant Certificate or Warrant Certificates of like
tenor evidencing in the aggregate a like number of Warrants.
Upon
due presentation for registration of transfer of this Warrant Certificate at the office of the Warrant Agent, a new Warrant Certificate
or Warrant Certificates of like tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee(s)
in exchange for this Warrant Certificate, subject to the limitations provided in the Warrant Agreement, without charge except for any
tax or other governmental charge imposed in connection therewith.
The
Company and the Warrant Agent may deem and treat the Registered Holder(s) hereof as the absolute owner(s) of this Warrant Certificate
(notwithstanding any notation of ownership or other writing hereon made by anyone), for the purpose of any exercise hereof, of any distribution
to the holder(s) hereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to
the contrary. Neither the Warrants nor this Warrant Certificate entitles any holder hereof to any rights of a shareholder of the Company.
Election
to Purchase
(To
Be Executed Upon Exercise of Warrant)
The
undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Certificate, to receive Class A Ordinary Shares
and herewith tenders payment for such Class A Ordinary Shares to the order of Webull Corporation (the “Company”)
in the amount of $[●] in accordance with the terms hereof. The undersigned requests that a certificate for such Class A Ordinary
Shares be registered in the name of whose address is and that such Class A Ordinary Shares be delivered to whose address is [●].
If said number of shares is less than all of the Class A Ordinary Shares purchasable hereunder, the undersigned requests that a new Warrant
Certificate representing the remaining balance of such Class A Ordinary Shares be registered in the name of [●], whose address is
and that such Warrant Certificate be delivered to [●], whose address is [●].
[Signature
Page Follows]
Date:
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(Signature) |
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(Address) |
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(Tax Identification Number) |
Signature
Guaranteed:
THE
SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT
UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO SEC RULE 17Ad-15 UNDER THE SECURITIES EXCHANGE
ACT OF 1934, AS AMENDED (OR ANY SUCCESSOR RULE).
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