<SEC-DOCUMENT>0001104659-24-025734.txt : 20240221
<SEC-HEADER>0001104659-24-025734.hdr.sgml : 20240221
<ACCEPTANCE-DATETIME>20240221060029
ACCESSION NUMBER:		0001104659-24-025734
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20240221
FILED AS OF DATE:		20240221
DATE AS OF CHANGE:		20240221

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Manchester United plc
		CENTRAL INDEX KEY:			0001549107
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-AMUSEMENT & RECREATION SERVICES [7900]
		ORGANIZATION NAME:           	07 Trade & Services
		IRS NUMBER:				981063519
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35627
		FILM NUMBER:		24656265

	BUSINESS ADDRESS:	
		STREET 1:		Old Trafford
		CITY:			Manchester
		STATE:			X0
		ZIP:			M16 ORA
		BUSINESS PHONE:		44(0)1618688000

	MAIL ADDRESS:	
		STREET 1:		Old Trafford
		CITY:			Manchester
		STATE:			X0
		ZIP:			M16 ORA

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Manchester United Ltd.
		DATE OF NAME CHANGE:	20120503
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>tm2333645d9_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;6-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PURSUANT TO RULE 13A-16 OR 15D-16</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNDER THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>For the month of February, 2024<BR>
Commission File Number: 001-35627</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>MANCHESTER UNITED PLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Translation of registrant&rsquo;s name into English)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Old Trafford</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Sir Matt Busby Way</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Manchester M16 0RA</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>United Kingdom</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant files or will file annual reports under cover of Form&nbsp;20-F or Form&nbsp;40-F. Form&nbsp;20-F
<FONT STYLE="font-family: Wingdings">&#120;</FONT>&#8239;Form&nbsp;40-F </FONT><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark if the registrant is submitting the Form&nbsp;6-K in paper as permitted by Regulation S-T Rule&nbsp;101(b)(1). </FONT><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark if the registrant is submitting the Form&nbsp;6-K in paper as permitted by Regulation S-T Rule&nbsp;101(b)(7). </FONT><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>THIS REPORT ON FORM&nbsp;6-K IS HEREBY INCORPORATED BY REFERENCE
INTO THE FOLLOWING REGISTRATION STATEMENTS OF THE REGISTRANT:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THE
REGISTRATION STATEMENT ON&nbsp;</B></FONT><B><A HREF="https://www.sec.gov/Archives/edgar/data/1549107/000110465921119808/tm2127704-1_f3asr.htm" STYLE="-sec-extract: exhibit">FORM&nbsp;F-3 (NO. 333-259817)</A>&nbsp;ORIGINALLY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION
(&ldquo;<I>SEC</I>&rdquo;) ON SEPTEMBER 27, 2021, AS AMENDED, AND THE REGISTRATION STATEMENT ON <A HREF="https://www.sec.gov/Archives/edgar/data/1549107/000110465912057365/a12-11113_24s8.htm" STYLE="-sec-extract: exhibit">FORM&nbsp;S-8 (NO. 333-183277)</A> ORIGINALLY
FILED WITH THE SEC ON AUGUST 13, 2012, AS AMENDED.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: lightgrey"></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INTRODUCTORY NOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As previously announced, Manchester United plc
(the &ldquo;<B><I>Company</I></B>&rdquo;) entered into that certain transaction agreement (the &ldquo;<B><I>Transaction Agreement</I></B>&rdquo;),
dated as of December&nbsp;24, 2023, by and among the Company, the holders of the Company&rsquo;s Class&nbsp;B ordinary shares, par value
$0.0005 per share (the &ldquo;<B><I>Class&nbsp;B Shares</I></B>&rdquo;), identified therein (the &ldquo;<B><I>Sellers</I></B>&rdquo;)
and Trawlers Limited, a company limited by shares incorporated under the Isle of Man&rsquo;s Companies Act 2006 with company number 021222V
(&ldquo;<B><I>Purchaser</I></B>&rdquo;), which is an entity solely owned by Sir Jim Ratcliffe (together with Purchaser, the &ldquo;<B><I>Offerors</I></B>&rdquo;).
Pursuant to the Transaction Agreement, and upon the terms and subject to the conditions thereof, on January&nbsp;17, 2024, the Offerors
commenced a tender offer (the &ldquo;<B><I>Offer</I></B>&rdquo;) to purchase up to 13,237,834 of the Company&rsquo;s Class&nbsp;A ordinary
shares, par value $0.005 per share (the &ldquo;<B><I>Class&nbsp;A Shares</I></B>&rdquo; and, together with the Class&nbsp;B Shares, the
 &ldquo;<B><I>Ordinary Shares</I></B>&rdquo;), representing 25.0% of the issued and outstanding Class&nbsp;A Shares as of the close of
business on December&nbsp;22, 2023, rounded up to the nearest whole Class&nbsp;A Share, at a price of $33.00 per Class&nbsp;A Share (subject
to certain adjustments) (the &ldquo;<B><I>Offer Price</I></B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the Transaction Agreement, Purchaser
also agreed to purchase 25.0% of the issued and outstanding Class&nbsp;B Shares from the Sellers at the Offer Price (the Class&nbsp;B
Shares to be so purchased, the &ldquo;<B><I>Sale Shares</I></B>&rdquo;). In addition, Purchaser agreed to subscribe for (i)&nbsp;an additional
1,966,899.062 Class&nbsp;A Shares and 4,093,706.998 Class&nbsp;B Shares, at the Offer Price, for an aggregate subscription price of $200
million, on the business day immediately following the expiration time of the Offer (the &ldquo;<B><I>Closing</I></B>&rdquo;) (such subscription,
the &ldquo;<B><I>Closing Share Subscription</I></B>&rdquo;), and (ii)&nbsp;an additional 983,449.531 Class&nbsp;A Shares and 2,046,853.499
Class&nbsp;B Shares, at the Offer Price, for an aggregate subscription price of $100 million, on December&nbsp;31, 2024, or such earlier
date following the Closing as Purchaser may notify the Company in writing on no less than 10 business days&rsquo; written notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The foregoing description does not purport to be
complete and is qualified in its entirety by the full text of the Transaction Agreement, which is included as Exhibit&nbsp;99.1 to the
Report of Foreign Private Issuer on <A HREF="https://www.sec.gov/Archives/edgar/data/1549107/000110465923129240/tm2333645d2_6k.htm" STYLE="-sec-extract: exhibit">Form&nbsp;6-K, filed by the Company with the Securities and Exchange Commission (the &ldquo;<B><I>SEC</I></B>&rdquo;) on December&nbsp;26, 2023</A> (the &ldquo;<B><I>Announcement 6-K</I></B>&rdquo;), and is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><B><I>The Closing</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Offer and withdrawal rights expired as scheduled at one minute after 11:59 p.m.&nbsp;Eastern Time on February&nbsp;16, 2024 (the &ldquo;<B><I>Expiration
Time</I></B>&rdquo;). All conditions to the Offer having been satisfied, on February&nbsp;20, 2024, Purchaser accepted for payment 13,237,834</FONT>
Class&nbsp;A Shares validly tendered pursuant to the Offer and not validly withdrawn (the time of such acceptance, the &ldquo;<B><I>Acceptance
Time</I></B>&rdquo;), for aggregate consideration of approximately $436.8 million. Following the Acceptance Time and pursuant to the terms
of the Transaction Agreement, on February&nbsp;20, 2024, the Sellers completed the sale of the Sale Shares to Purchaser, and the Company
completed the issuance and sale of the Class&nbsp;A Shares and Class&nbsp;B Shares to Purchaser pursuant to the Closing Share Subscription.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Immediately
following the Closing, Purchaser owned 15,204,733.062 </FONT>Class&nbsp;A Shares and 31,645,609.998 Class&nbsp;B Shares, representing
approximately 27.7% of the aggregate voting power of the Company&rsquo;s Ordinary Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Amended Articles</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Immediately prior to the Closing, the new amended
and restated memorandum and articles of association of the Company, in the form set forth in Exhibit&nbsp;A to the Transaction Agreement
(the &ldquo;<B><I>Amended Articles</I></B>&rdquo;), became effective. The Amended Articles were approved by the Company&rsquo;s shareholders
at an extraordinary general meeting of shareholders held on February&nbsp;5, 2024. The Amended Articles provide for certain transfers
of Class&nbsp;B Shares without conversion of such shares into Class&nbsp;A Shares, and implement certain other changes to facilitate the
transactions contemplated by the Transaction Agreement and the ancillary agreements thereto, and to reflect the Governance Agreement,
dated as of December&nbsp;24, 2023, by and among the Initial Glazer Parties listed on Schedule A thereto, Purchaser and the Company (the
 &ldquo;<B><I>Governance Agreement</I></B>&rdquo;). The material changes reflected in the Amended Articles are more fully described in
the Company&rsquo;s Notice of Extraordinary General Meeting of Shareholders, Notice of Internet Availability of Proxy Material and Limited
Proxy Statement, included as Exhibit&nbsp;99.1 to the Company&rsquo;s Report of Foreign Private Issuer on Form&nbsp;6-K, filed by the
Company with the Securities and Exchange Commission on January&nbsp;17, 2024. Such description is qualified in its entirety by the full
text of the Amended Articles, which is included as Exhibit&nbsp;99.1 hereto and is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Appointment and Resignation of Directors</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
as of immediately following the time at which the Closing became effective (the &ldquo;<B><I>Effective Time</I></B>&rdquo;), two individuals
designated by Purchaser&mdash;</FONT>John Reece and Rob Nevin&mdash;were appointed as members of the board of directors of the Company
in accordance with the terms of the Transaction Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, effective as of immediately following the Effective Time, Richard Arnold resigned from the board of directors in accordance
with the terms of a resignation letter delivered by Mr.&nbsp;Arnold to the Company on February&nbsp;</FONT>15, 2024. Mr.&nbsp;Arnold
previously stepped down from his role as chief executive officer of the Company in November&nbsp;2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Registration Rights Agreement and Governance Agreement</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February&nbsp;</FONT>20, 2024, in connection with the Closing and as contemplated by the Transaction Agreement, the Company, Purchaser
and the Sellers entered into a registration rights agreement (the &ldquo;<B><I>Registration Rights Agreement</I></B>&rdquo;), on substantially
the same terms set forth in the term sheet attached as Exhibit&nbsp;C to the Transaction Agreement (the &ldquo;<B><I>Registration Rights
Term Sheet</I></B>&rdquo;). The material terms of the Registration Rights Term Sheet are described in Section&nbsp;13&thinsp;&mdash;&thinsp;&ldquo;Summary
of the Transaction Agreement and Certain Other Agreements&thinsp;&mdash;&thinsp;Certain Other Agreements&thinsp;&mdash;&thinsp;Registration
Rights Agreement&rdquo; of the Offer to Purchase, dated January&nbsp;17, 2024, included as Exhibit&nbsp;(a)(1)(A)&nbsp;to the Tender Offer
Statement on Schedule TO, filed by the Offerors with the SEC (as amended, the &ldquo;<B><I>Offer to Purchase</I></B>&rdquo;), which description
is incorporated by reference in the Solicitation/Recommendation Statement on Schedule 14D-9, filed by the Company with the SEC on January&nbsp;17,
2024 (the &ldquo;<B><I>Recommendation Statement</I></B>&rdquo;). Such description is qualified in its entirety by the full text of the
Registration Rights Agreement, which is included as Exhibit&nbsp;99.2 hereto and is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Also on February&nbsp;20, 2024, in connection with
the Closing, the Governance Agreement became effective in accordance with its terms. The material terms of the Governance Agreement are
described in Section&nbsp;13&thinsp;&mdash;&thinsp;&ldquo;Summary of the Transaction Agreement and Certain Other Agreements&thinsp;&mdash;&thinsp;Certain
Other Agreements&thinsp;&mdash;&thinsp;Governance Agreement&rdquo; of the Offer to Purchase, which description is incorporated by reference
in the Recommendation Statement. Such description is qualified in its entirety by the full text of the Governance Agreement, which is
included as Exhibit&nbsp;99.2 to the Announcement 6-K and is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT&nbsp;INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit&nbsp;<BR>
Number</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 89%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="tm2333645d9_ex99-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="tm2333645d9_ex99-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended and Restated Memorandum and Articles of Association of the Company.</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="tm2333645d9_ex99-2.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.2</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="tm2333645d9_ex99-2.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registration Rights Agreement, dated as of February&nbsp;</FONT>20, 2024, by and among the Company, the Sellers and Purchaser.</A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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, thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
February&nbsp;</FONT>21, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MANCHESTER UNITED PLC</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 47%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;/s/ </FONT>Joel Glazer</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: </FONT>Joel Glazer</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </FONT>Executive Co-Chairman</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tm2333645d9_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE COMPANIES ACT (AS REVISED)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>COMPANY LIMITED BY SHARES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMENDED&nbsp;&amp; RESTATED<BR>
MEMORANDUM&nbsp;&amp; ARTICLES OF ASSOCIATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>MANCHESTER UNITED PLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(ADOPTED
BY SPECIAL RESOLUTION DATED 5 FEBRUARY 2024</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE COMPANIES ACT (AS REVISED)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>COMPANY LIMITED BY SHARES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMENDED&nbsp;&amp; RESTATED<BR>
MEMORANDUM OF ASSOCIATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>MANCHESTER UNITED PLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(ADOPTED
BY SPECIAL RESOLUTION DATED 5 FEBRUARY 2024</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                            name of the company is Manchester United plc (the &ldquo;</FONT><B>Company</B>&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">2.</TD><TD STYLE="text-align: justify">The registered office of the Company will
                                            be situated at Intertrust Corporate Services (Cayman) Limited, One Nexus Way, Camana Bay,
                                            Grand Cayman, KY1-9005, Cayman Islands or at such other location as the Directors may from
                                            time to time determine.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                            objects for which the Company is established are unrestricted and the Company shall have
                                            full power and authority to carry out any object not prohibited by any law as provided by
                                            Section&nbsp;7(4)&nbsp;of the Companies Act (as amended) of the Cayman Islands (the &ldquo;</FONT><B>Act</B>&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">4.</TD><TD STYLE="text-align: justify">The Company shall have and be capable of
                                            exercising all the functions of a natural person of full capacity irrespective of any question
                                            of corporate benefit as provided by Section&nbsp;27(2)&nbsp;of the Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">5.</TD><TD STYLE="text-align: justify">The Company will not trade in the Cayman
                                            Islands with any person, firm or corporation except in furtherance of the business of the
                                            Company carried on outside the Cayman Islands; provided that nothing in this section shall
                                            be construed as to prevent the Company effecting and concluding contracts in the Cayman Islands,
                                            and exercising in the Cayman Islands all of its powers necessary for the carrying on of its
                                            business outside the Cayman Islands.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">6.</TD><TD STYLE="text-align: justify">The liability of the shareholders of the
                                            Company is limited to the amount, if any, unpaid on the shares respectively held by them.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">7.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                            capital of the Company is </FONT><B>US$325,000.00</B> divided into <B>650,000,000</B> shares
                                            of a nominal or par value of <B>US$0.0005</B> each provided always that subject to the Act
                                            and the Articles of Association the Company shall have power to redeem or purchase any of
                                            its shares and to sub-divide or consolidate the said shares or any of them and to issue all
                                            or any part of its capital whether original, redeemed, increased or reduced with or without
                                            any preference, priority, special privilege or other rights or subject to any postponement
                                            of rights or to any conditions or restrictions whatsoever and so that unless the conditions
                                            of issue shall otherwise expressly provide every issue of shares whether stated to be ordinary,
                                            preference or otherwise shall be subject to the powers on the part of the Company hereinbefore
                                            provided.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">8.</TD><TD STYLE="text-align: justify">The Company may exercise the power contained
                                            in Section&nbsp;206 of the Act to deregister in the Cayman Islands and be registered by way
                                            of continuation in some other jurisdiction.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
<TR STYLE="font-size: 10pt; vertical-align: top">
  <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid; width: 93%"><FONT STYLE="font-size: 10pt"><B>CLAUSE</B></FONT></TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; width: 2%">&nbsp;</TD>
  <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid; text-align: right; width: 5%"><FONT STYLE="font-size: 10pt"><B>PAGE</B></FONT></TD></TR>

<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TABLE A</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INTERPRETATION</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRELIMINARY</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">5</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHARES</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">6</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SPECIFIC RIGHTS ATTACHING TO SHARES</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">6</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MODIFICATION OF RIGHTS</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">8</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CERTIFICATES</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">9</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FRACTIONAL SHARES</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">9</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LIEN</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">9</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CALLS ON SHARES</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FORFEITURE OF SHARES</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TRANSFER OF SHARES</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TRANSMISSION OF SHARES</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ALTERATION OF SHARE CAPITAL</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">REDEMPTION, PURCHASE AND SURRENDER OF SHARES</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TREASURY SHARES</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GENERAL MEETINGS</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">14</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTICE OF GENERAL MEETINGS</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">14</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROCEEDINGS AT GENERAL MEETINGS</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">VOTES OF SHAREHOLDERS</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">16</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CORPORATIONS ACTING BY REPRESENTATIVES AT MEETINGS</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">17</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DIRECTORS</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">17</TD></TR>

<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">POWERS AND DUTIES OF DIRECTORS</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">17</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BORROWING POWERS OF DIRECTORS</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">18</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE SEAL</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">19</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DISQUALIFICATION OF DIRECTORS</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">19</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROCEEDINGS OF DIRECTORS</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">19</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXECUTIVE COMMITTEE</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DIVIDENDS</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ACCOUNTS, AUDIT AND ANNUAL RETURN AND DECLARATION</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CAPITALISATION OF RESERVES</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHARE PREMIUM ACCOUNT</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTICES</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INDEMNITY</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NON-RECOGNITION OF TRUSTS</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">25</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WINDING UP</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">25</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AMENDMENT OF ARTICLES OF ASSOCIATION</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CLOSING OF REGISTER OR FIXING RECORD DATE</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">26</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">REGISTRATION BY WAY OF CONTINUATION</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">26</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MERGERS AND CONSOLIDATION</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">26</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DISCLOSURE</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>COMPANIES LAW (AS AMENDED)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>COMPANY LIMITED BY SHARES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMENDED&nbsp;&amp; RESTATED<BR>
ARTICLES OF ASSOCIATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>MANCHESTER UNITED PLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(ADOPTED
BY SPECIAL RESOLUTION DATED 5 FEBRUARY 2024</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Regulations contained or incorporated in
Table &lsquo;A&rsquo; in the First Schedule of the Act shall not apply to Manchester United plc (the &ldquo;<B>Company</B>&rdquo;) and
the following Articles shall comprise the Articles of Association of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INTERPRETATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">1.</TD><TD STYLE="text-align: justify">In these Articles the following defined
                                            terms will have the meanings ascribed to them, if not inconsistent with the subject or context:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Act</B>&rdquo; means the
Companies Act (As Revised) of the Cayman Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Articles</B>&rdquo; means
these articles of association of the Company, as amended or substituted from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Branch Register</B>&rdquo;
means any branch Register of such category or categories of Members as the Company may from time to time determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Board</B>&rdquo; means the
board of Directors of the Company from time to time, appointed pursuant to the provisions of these Articles;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Class</B>&rdquo; or &ldquo;<B>Classes</B>&rdquo;
means any class or classes of Shares as may from time to time be issued by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Class&nbsp;A Shares</B>&rdquo;
means Class&nbsp;A Shares of US$0.0005 par value in the capital of the Company designated as such and having the rights and being subject
to the limitations set out in these Articles;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Class&nbsp;B Shares</B>&rdquo;
means Class&nbsp;B Shares of US$0.0005 par value in the capital of the Company designated as such and having the rights and being subject
to the limitations set out in these Articles;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Directors</B>&rdquo; means
the directors of the Company for the time being, or as the case may be, the directors assembled as a board or as a committee thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Exchange</B>&rdquo; means
any securities exchange or other system on which any Shares of the Company may be listed or otherwise authorised for trading from time
to time;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Fair Market Value</B>&rdquo;
for any Shares shall be determined as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27.8pt">(a)</TD><TD STYLE="text-align: justify">if traded on any Exchange, the value shall
                                            be deemed to be the average of the closing prices of the securities on such Exchange over
                                            the thirty (30) day period ending three (3)&nbsp;days prior to the date of determination;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27.8pt">(b)</TD><TD STYLE="text-align: justify">if actively traded over-the-counter, the
                                            value shall be deemed to be the average of the closing or sale prices (whichever is applicable)
                                            over the thirty (30) day period ending three (3)&nbsp;days prior to the date of determination;
                                            and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27.8pt">(c)</TD><TD STYLE="text-align: justify">if there is no active public market, the
                                            value shall be the fair market value thereof, as determined in good faith by the Board of
                                            Directors.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Glazer Group</B>&rdquo; means
Avram Glazer, Joel Glazer, Kevin Glazer, Bryan Glazer, Darcie Glazer Kassewitz and Edward Glazer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Glazer Party</B>&rdquo; means
each member of the Glazer Group and any of their Permitted Transferees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Governance
Agreement</B>&rdquo; means the governance agreement entered into between the Company, Trawlers Limited, and the Sellers (as defined therein)
on or around December&nbsp;24 2023 (</FONT>as amended and/or restated from time to time).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Investor</B>&rdquo;
means </FONT>Sir James A Ratcliffe.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Memorandum of Association</B>&rdquo;
means the memorandum of association of the Company, as amended or substituted from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Non-Affiliated</B>&rdquo;
means any Person other than (a)&nbsp;a Person that owns five percent (5%) or more of the voting or economic interests of the Company,
(b)&nbsp;an employee, director, officer or equity or interest holder of a Person described in clause (a), (c)&nbsp;an immediate family
member of any of the Persons described in clauses (a)&nbsp;or (b), and (d)&nbsp;any officer or employee of the Company or its subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Office</B>&rdquo; means the
registered office of the Company as required by the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Ordinary Shares</B>&rdquo;
means the Class&nbsp;A Shares and the Class&nbsp;B Shares, or any of them as the context permits;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Ordinary Resolution</B>&rdquo;
means a resolution:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27.8pt">(a)</TD><TD STYLE="text-align: justify">passed by a simple majority of such Shareholders
                                            as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at a
                                            general meeting of the Company and where a poll is taken regard shall be had in computing
                                            a majority to the number of votes to which each Shareholder is entitled; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27.8pt">(b)</TD><TD STYLE="text-align: justify">approved in writing by all of the Shareholders
                                            entitled to vote at a general meeting of the Company in one or more instruments each signed
                                            by one or more of the Shareholders and the effective date of the resolution so adopted shall
                                            be the date on which the instrument, or the last of such instruments, if more than one, is
                                            executed.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>paid up</B>&rdquo; means
paid up as to the par value in respect of the issue of any Shares and includes credited as paid up.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Permitted Transferee of a Glazer Party</B>&rdquo;
means</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27.8pt">(a)</TD><TD STYLE="text-align: justify">any holder of Class&nbsp;B Shares immediately
                                            prior to the date on which these Articles were adopted;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27.8pt">(b)</TD><TD STYLE="text-align: justify">any lineal descendant of Malcolm I. Glazer;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27.8pt">(c)</TD><TD STYLE="text-align: justify">a Trawlers Party (but solely to effect
                                            a one time transfer of Class&nbsp;B Shares in accordance with (and only to the extent permitted
                                            by) the Transaction Agreement);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27.8pt">(d)</TD><TD STYLE="text-align: justify">any of the following with respect to one
                                            or more Permitted Transferees of a Glazer Party:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 20.15pt">(i)</TD><TD STYLE="text-align: justify">a trust for the benefit of one or more
                                            such Permitted Transferees of a Glazer Party or Persons other than a Permitted Transferee
                                            of a Glazer Party so long as one or more such Permitted Transferees of a Glazer Party have
                                            sole dispositive power and exclusive Voting Control with respect to the Class&nbsp;B Shares
                                            held by such trust; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 20.15pt">(ii)</TD><TD STYLE="text-align: justify">an Individual Retirement Account, as
                                            defined in Section&nbsp;408(a)&nbsp;of the United States Internal Revenue Code of 1986, as
                                            amended, or a pension, profit sharing, stock bonus or other type of plan or trust of which
                                            one or more such Permitted Transferees of a Glazer Party is a participant or beneficiary
                                            and which satisfies the requirements for qualification under Section&nbsp;401 of the United
                                            States Internal Revenue Code of 1986, as amended; provided that in each case one or more
                                            Permitted Transferees of a Glazer Party have sole dispositive power and exclusive Voting
                                            Control with respect to the Class&nbsp;B Shares held in such account, plan or trust; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 20.15pt">(iii)</TD><TD STYLE="text-align: justify">a corporation, partnership, limited
                                            partnership, limited liability company or other entity in which one or more such Permitted
                                            Transferees of a Glazer Party directly, or indirectly through one or more Permitted Transferees
                                            of a Glazer Party, owns shares, partnership interests, limited partnership interests, limited
                                            liability company interests or other interests, respectively, with sufficient Voting Control
                                            in such entity, or otherwise have legally enforceable rights, such that one or more Permitted
                                            Transferees of a Glazer Party retain sole dispositive power and exclusive Voting Control
                                            with respect to the Class&nbsp;B Shares held by such entity.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Permitted Transferee of a Trawlers
Party</B>&rdquo; means:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27.8pt">(a)</TD><TD STYLE="text-align: justify">a Trawlers Party;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27.8pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">any
                                            lineal descendant </FONT>or any immediate family member of any Trawlers Party (&ldquo;immediate
                                            family&rdquo; shall mean any relationship by blood, current or former marriage, domestic
                                            partnership (including, for the avoidance of doubt, a cohabiting partner) or adoption, not
                                            more remote than first cousin);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27.8pt">(c)</TD><TD STYLE="text-align: justify">any of the following with respect to one
                                            or more Permitted Transferees of a Trawlers Party:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 20.15pt"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">a
                                            trust, foundation, association, partnership or other body (whether or not it has separate
                                            legal personality or corporate identity) that is solely for the benefit of Investor and/or
                                            the immediate family of a Trawlers Party, except that such trust, foundation, association,
                                            partnership or other body may also make charitable donations or distributions (excluding,
                                            in either case, economic or voting interest in Class&nbsp;B Shares) that are consistent with
                                            a Trawlers Party and/or the immediate family of a Trawlers Party&rsquo;s bona fide estate
                                            planning purposes; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 20.15pt">(ii)</TD><TD STYLE="text-align: justify">an Individual Retirement Account, as
                                            defined in Section&nbsp;408(a)&nbsp;of the United States Internal Revenue Code of 1986, as
                                            amended, or a pension, profit sharing, stock bonus or other type of plan or trust of which
                                            one or more such Permitted Transferees of a Trawlers Party is a participant or beneficiary
                                            and which satisfies the requirements for qualification under Section&nbsp;401 of the United
                                            States Internal Revenue Code of 1986, as amended; provided that in each case one or more
                                            Permitted Transferees of a Trawlers Party have sole dispositive power and exclusive Voting
                                            Control with respect to the Class&nbsp;B Shares held in such account, plan or trust; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 20.15pt">(iii)</TD><TD STYLE="text-align: justify">a corporation, partnership, limited
                                            partnership, limited liability company or other entity in which one or more such Permitted
                                            Transferees of a Trawlers Party directly, or indirectly through one or more Permitted Transferees
                                            of a Trawlers Party, owns shares, partnership interests, limited partnership interests, limited
                                            liability company interests or other interests, respectively, with sufficient Voting Control
                                            in such entity, or otherwise have legally enforceable rights, such that one or more Permitted
                                            Transferees of a Trawlers Party retain sole dispositive power and exclusive Voting Control
                                            with respect to the Class&nbsp;B Shares held by such entity.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Person</B>&rdquo; means any
natural person, firm, company, joint venture, partnership, corporation, association or other entity (whether or not having a separate
legal personality) or any of them as the context so requires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Principal Register</B>&rdquo;,
where the Company has established one or more Branch Registers pursuant to the Act and these Articles, means the Register maintained
by the Company pursuant to the Act and these Articles that is not designated by the Directors as a Branch Register.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Register</B>&rdquo; means
the register of Members of the Company required to be kept pursuant to the Act and includes any Branch Register(s)&nbsp;established by
the Company in accordance with the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Relevant Governing Body</B>&rdquo;
means:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27.8pt">(a)</TD><TD STYLE="text-align: justify">the Union of European Football Associations
                                            (UEFA); and/or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27.8pt">(b)</TD><TD STYLE="text-align: justify">The Football Association Limited;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27.8pt">(c)</TD><TD STYLE="text-align: justify">The Football Association Premier League
                                            Limited,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">and in each case includes any successor
governing body.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Seal</B>&rdquo; means the
common seal of the Company (if adopted) including any facsimile thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Secretary</B>&rdquo; means
any Person appointed by the Directors to perform any of the duties of the secretary of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Security Interest</B>&rdquo;
means any mortgage, charge, pledge, lien, encumbrance or other third party right or interest (whether legal or equitable) of whatsoever
nature granted in writing by a Shareholder over any Shares held by it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Share</B>&rdquo; means a
share in the capital of the Company. All references to &ldquo;Shares&rdquo; herein shall be deemed to be Shares of any or all Classes
as the context may require. For the avoidance of doubt in these Articles the expression &ldquo;Share&rdquo; shall include a fraction
of a Share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Shareholder</B>&rdquo; or
 &ldquo;<B>Member</B>&rdquo; means a Person who is registered as the holder of Shares in the Register and includes each subscriber to
the Memorandum of Association pending entry in the Register of such subscriber.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">&ldquo;<B>Share
Premium Account</B>&rdquo; means the share premium account established in accordance with these Articles and the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">&ldquo;<B>signed</B>&rdquo;
means bearing a signature or representation of a signature affixed by mechanical means.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Special Resolution</B>&rdquo;
means a special resolution of the Company passed in accordance with the Act, being a resolution:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27.8pt">(a)</TD><TD STYLE="text-align: justify">passed by a majority of not less than
                                            two-thirds of such Shareholders as, being entitled to do so, vote in person or, where proxies
                                            are allowed, by proxy at a general meeting of the Company of which notice specifying the
                                            intention to propose the resolution as a special resolution has been duly given, and subject
                                            to any Weighted Voting Provision, in computing a majority to the number of votes to which
                                            each Shareholder is entitled; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27.8pt">(b)</TD><TD STYLE="text-align: justify">approved in writing by all of the Shareholders
                                            entitled to vote at a general meeting of the Company in one or more instruments each signed
                                            by one or more of the Shareholders and the effective date of the special resolution so adopted
                                            shall be the date on which the instrument or the last of such instruments, if more than one,
                                            is executed.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Subsidiary</B>&rdquo; of
a Person means any other Person with respect to which the first Person (a)&nbsp;has the right to elect a majority of the board of directors
or other Persons performing similar functions or (b)&nbsp;beneficially owns more than fifty (50) percent of the voting share (or of any
other form of voting or controlling equity interest in the case of a Person that is not a corporation), in each case, directly or indirectly
through one or more other Persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Transfer</B>&rdquo; with
respect to a Class&nbsp;B Share means any sale, assignment, transfer, conveyance, hypothecation or other transfer or disposition of such
share or any legal or beneficial interest in such Class&nbsp;B Share, whether or not for value and whether voluntary or involuntary or
by operation of law, including, without limitation:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27.8pt">(a)</TD><TD STYLE="text-align: justify">a transfer of a Class&nbsp;B Share to
                                            a broker or other nominee (regardless of whether or not there is a corresponding change in
                                            beneficial ownership); or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27.8pt">(b)</TD><TD STYLE="text-align: justify">the transfer of, or entering into a binding
                                            agreement with respect to, Voting Control over a Class&nbsp;B Share by proxy or otherwise,
                                            other than with respect to a Permitted Transferee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Notwithstanding the forgoing, a &ldquo;Transfer&rdquo;
shall not include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 34.3pt">(i)</TD><TD STYLE="text-align: justify">the grant of a proxy to officers or directors
                                            of the Company at the request of the Board of Directors in connection with actions to be
                                            taken at a general or special meeting;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 34.3pt">(ii)</TD><TD STYLE="text-align: justify">the pledge of Class&nbsp;B Shares by
                                            a holder of Class&nbsp;B Shares that creates a mere security interest in such shares pursuant
                                            to a bona fide loan or indebtedness transaction so long as the holder of such Class&nbsp;B
                                            Shares continues to exercise Voting Control over such pledged shares; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 34.3pt">(iii)</TD><TD STYLE="text-align: justify">the fact that, at any time, the spouse
                                            of any holder of Class&nbsp;B Shares possesses or obtains an interest in such holder&rsquo;s
                                            Class&nbsp;B Shares arising solely by reason of the application of the community property
                                            laws of any jurisdiction.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Transaction Agreement</B>&rdquo;
means the transaction agreement entered into by and among the Company, the Sellers (as defined therein) and Trawlers Limited on or around
December&nbsp;24 2023 (as amended and/or restated from time to time).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Trawlers Party</B>&rdquo;
means (i)&nbsp;Trawlers Limited; (ii)&nbsp;the Investor; (iii)&nbsp;INEOS Limited or any wholly owned Subsidiary of INEOS Limited; (iv)&nbsp;Andrew
Currie; (v)&nbsp;John Reece; and (vi)&nbsp;any Person of which Investor, Andrew Currie and/or John Reece have the sole dispositive power
and exclusive Voting Control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Treasury Shares</B>&rdquo;
means Shares that were previously issued but were purchased, redeemed, surrendered or otherwise acquired by the Company and not cancelled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Voting Control</B>&rdquo;
means the exclusive power (whether directly or indirectly) to vote or direct the voting of such Class&nbsp;B Share or other relevant
security by proxy, voting agreement or otherwise (it being understood that a voting commitment without a grant of irrevocable proxy to
vote on specified matters will not constitute a Transfer of &ldquo;exclusive power&rdquo; to vote or direct the voting of such Class&nbsp;B
Shares).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Weighted Voting Provision</B>&rdquo;
means any provision pursuant to which the voting power that any Shareholder is entitled to exercise with respect to any Shares registered
in the name of the Shareholder is increased or decreased, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">2.</TD><TD STYLE="text-align: justify">In these Articles, save where the context
                                            requires otherwise:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(a)</TD><TD STYLE="text-align: justify">words importing the singular number shall
                                            include the plural number and vice versa;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(b)</TD><TD STYLE="text-align: justify">words importing the masculine gender only
                                            shall include the feminine gender and any Person as the context may require;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(c)</TD><TD STYLE="text-align: justify">the word &ldquo;may&rdquo; shall be construed
                                            as permissive and the word &ldquo;shall&rdquo; shall be construed as imperative;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(d)</TD><TD STYLE="text-align: justify">reference to a dollar or dollars or USD
                                            (or $) and to a cent or cents is reference to dollars and cents of the United States of America;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(e)</TD><TD STYLE="text-align: justify">reference to a statutory enactment shall
                                            include reference to any amendment or re-enactment thereof for the time being in force;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(f)</TD><TD STYLE="text-align: justify">reference to any determination by the
                                            Directors shall be construed as a determination by the Directors in their sole and absolute
                                            discretion and shall be applicable either generally or in any particular case;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(g)</TD><TD STYLE="text-align: justify">reference to &ldquo;in writing&rdquo;
                                            shall be construed as written or represented by any means reproducible in writing, including
                                            any form of print, lithograph, email, facsimile, photograph or telex or represented by any
                                            other substitute or format for storage or transmission for writing or partly one and partly
                                            another; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(h)</TD><TD STYLE="text-align: justify">references to the exercise by a Shareholder
                                            of &ldquo;voting power&rdquo; or words to that effect, shall be construed as a reference
                                            to the percentage of the votes permitted to be cast by such Shareholder at the relevant meeting
                                            of Shareholders as a percentage of the aggregate number of votes permitted to be cast by
                                            Shareholders entitled to attend and vote at such meeting. Where there is more than one Shareholder
                                            holding Shares of a Class&nbsp;that is subject to a Weighted Voting Provision, then the voting
                                            power entitled to be exercised in respect of such Class&nbsp;shall be divided amongst the
                                            Shareholders of that Class&nbsp;<I>pro-rata</I> in accordance with their respective holdings
                                            of Shares of that Class.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">3.</TD><TD STYLE="text-align: justify">Subject to the preceding Articles, any
                                            words defined in the Act shall, if not inconsistent with the subject or context, bear the
                                            same meaning in these Articles.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PRELIMINARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">4.</TD><TD STYLE="text-align: justify">The business of the Company may be commenced
                                            at any time after incorporation.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">5.</TD><TD STYLE="text-align: justify">The Office shall be at such address in
                                            the Cayman Islands as the Directors may from time to time determine. The Company may in addition
                                            establish and maintain such other offices and places of business and agencies in such places
                                            as the Directors may from time to time determine.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">6.</TD><TD STYLE="text-align: justify">The expenses incurred in the formation
                                            of the Company and in connection with the offer for subscription and issue of Shares shall
                                            be paid by the Company. Such expenses may be amortised over such period as the Directors
                                            may determine and the amount so paid shall be charged against income and/or capital in the
                                            accounts of the Company as the Directors shall determine.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">7.</TD><TD STYLE="text-align: justify">The Directors shall keep, or cause to be
                                            kept, the Register at such place or (subject to compliance with the Act and these Articles)
                                            places as the Directors may from time to time determine. In the absence of any such determination,
                                            the Register shall be kept at the Office. The Directors may keep, or cause to be kept, one
                                            or more Branch Registers as well as the Principal Register in accordance with the Act, provided
                                            always that a duplicate of such Branch Register(s)&nbsp;shall be maintained with the Principal
                                            Register in accordance with the Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SHARES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">8.</TD><TD STYLE="text-align: justify">Subject to these Articles, all Shares for
                                            the time being unissued shall be under the control of the Directors who may:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(a)</TD><TD STYLE="text-align: justify">issue, allot and dispose of the same to
                                            such Persons, in such manner, on such terms and having such rights and being subject to such
                                            restrictions as they may from time to time determine; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(b)</TD><TD STYLE="text-align: justify">grant options with respect to such Shares
                                            and issue warrants or similar instruments with respect thereto;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">and, for such purposes, the Directors
may reserve an appropriate number of Shares for the time being unissued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">9.</TD><TD STYLE="text-align: justify">The Directors, or the Shareholders by Ordinary
                                            Resolution, may authorise the division of Shares into any number of Classes and the different
                                            Classes shall be authorised, established and designated (or re-designated as the case may
                                            be) and the variations in the relative rights (including, without limitation, voting, dividend
                                            and redemption rights), restrictions, preferences, privileges and payment obligations as
                                            between the different Classes (if any) may be fixed and determined by the Directors or the
                                            Shareholders by Ordinary Resolution.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">10.</TD><TD STYLE="text-align: justify">The Company may insofar as may be permitted
                                            by law, pay a commission to any Person in consideration of his subscribing or agreeing to
                                            subscribe whether absolutely or conditionally for any Shares. Such commissions may be satisfied
                                            by the payment of cash or the lodgement of fully or partly paid-up Shares or partly in one
                                            way and partly in the other. The Company may also pay such brokerage as may be lawful on
                                            any issue of Shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">11.</TD><TD STYLE="text-align: justify">The Directors may refuse to accept any
                                            application for Shares, and may accept any application in whole or in part, for any reason
                                            or for no reason.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">12.</TD><TD STYLE="text-align: justify">When exercising any of their powers and
                                            discretions under these Articles, the Directors shall have regard to the provisions of the
                                            Governance Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SPECIFIC RIGHTS ATTACHING TO SHARES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">13.</TD><TD STYLE="text-align: justify">Participation</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(a)</TD><TD STYLE="text-align: justify">the Class&nbsp;A Shares shall confer upon
                                            the Shareholders rights in a winding-up or repayment of capital and the right to participate
                                            in the profits or assets of the Company, in each case on a basis <I>pari passu</I> with the
                                            Class&nbsp;B Shares, in accordance with these Articles; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(b)</TD><TD STYLE="text-align: justify">the Class&nbsp;B Shares shall confer upon
                                            the Shareholders rights in a winding-up or repayment of capital and the right to participate
                                            in the profits or assets of the Company, in each case on a basis <I>pari passu</I> with the
                                            Class&nbsp;A Shares, in accordance with these Articles.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">14.</TD><TD STYLE="text-align: justify">Voting Rights</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(a)</TD><TD STYLE="text-align: justify">The Class&nbsp;A Shares shall confer upon
                                            such Shareholders the right to receive notice of and to attend and to vote at any general
                                            meeting of the Company, and at any such meeting, subject to any Weighted Voting Provision,
                                            the holders of Class&nbsp;A Shares shall have one vote per Class&nbsp;A Share.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(b)</TD><TD STYLE="text-align: justify">The Class&nbsp;B Shares shall confer upon
                                            such Shareholders the right to receive notice of and to attend and to vote at any general
                                            meeting of the Company, and at any such meeting, subject to any Weighted Voting Provision,
                                            the holders of Class&nbsp;B Shares shall have ten votes per Class&nbsp;B Share.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">15.</TD><TD STYLE="text-align: justify">Weighted Voting Provision</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">At any time that, and for so long as,
the holders of Class&nbsp;B Shares continue to hold in the aggregate at least ten per cent. (10%) of the issued and outstanding Ordinary
Shares in the capital of the Company, at any general meeting of the Company convened to consider any Special Resolution of the Company,
the voting power permitted to be exercised by the holders of Class&nbsp;B Shares shall be further weighted in respect of such Special
Resolution such that, if the voting power permitted to be exercised by the holders of Class&nbsp;B Shares pursuant to Article&nbsp;14
above would, in aggregate, constitute less than sixty seven per cent. (67%) of the voting power of all shareholders entitled to receive
notice of, attend and vote at a general meeting of the Company, then the Class&nbsp;B Shares shall be entitled to exercise, in the aggregate,
sixty seven per cent. (67%) of the voting power of all Shareholders entitled to receive notice of, attend and vote at any such general
meeting of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">16.</TD><TD STYLE="text-align: justify">Conversion Rights</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The holders of the Class&nbsp;B Shares
have conversion rights as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(a)</TD><TD STYLE="text-align: justify"><U>Right to Convert Class&nbsp;B Shares</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Unless converted earlier pursuant to
Article&nbsp;16(b)&nbsp;below, each Class&nbsp;B Share shall be convertible, at the option of the holder thereof, at any time into such
number of fully paid and non-assessable Class&nbsp;A Shares at the then applicable Conversion Rate (defined below). The ratio at which
Class&nbsp;A Shares shall be issuable upon conversion of the Class&nbsp;B Shares (the &ldquo;<B>Conversion Rate</B>&rdquo;) shall initially
be 1:1. The Conversion Rate shall be subject to adjustment as provided in Article&nbsp;17 below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(b)</TD><TD STYLE="text-align: justify"><U>Automatic Conversion</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Each Class&nbsp;B Share shall automatically
be converted into a Class&nbsp;A Share at the then applicable Conversion Rate upon the date upon which (as applicable):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 34.3pt">(i)</TD><TD STYLE="text-align: justify">with respect to a Transfer of such Class&nbsp;B
                                            Share by a Trawlers Party or a Permitted Transferee of a Trawlers Party, upon the Transfer
                                            of such Class&nbsp;B Share to a Person who is not a Permitted Transferee of a Trawlers Party;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 34.3pt">(ii)</TD><TD STYLE="text-align: justify">with respect to a Transfer of such Class&nbsp;B
                                            Share by a Glazer Party or a Permitted Transferee of a Glazer Party, upon the Transfer of
                                            such Class&nbsp;B Share to a Person who is not a Permitted Transferee of a Glazer Party;
                                            or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 34.3pt">(iii)</TD><TD STYLE="text-align: justify">in respect of all Class&nbsp;B Shares,
                                            upon the aggregate number of issued and outstanding Class&nbsp;B Shares ceasing to represent
                                            in the aggregate at least ten per cent. (10%) of the issued and outstanding Ordinary Shares
                                            in the capital of the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(c)</TD><TD STYLE="text-align: justify"><U>Mechanics of Conversion</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 34.3pt">(i)</TD><TD STYLE="text-align: justify">In the event that a holder of Class&nbsp;B
                                            Shares shall effect an optional conversion pursuant to Article&nbsp;16(a):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 33.75pt">(A)</TD><TD STYLE="text-align: justify">the Company&rsquo;s Register shall be
                                            updated to reflect such conversion; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 33.75pt">(B)</TD><TD STYLE="text-align: justify">such conversion shall be deemed to have
                                            been made immediately prior to the close of business on the date upon which such election
                                            is expressed to be effective, and the Person or Persons entitled to receive the Class&nbsp;A
                                            Shares issuable upon such conversion shall be treated for all purposes as the record holder
                                            or holders of such Class&nbsp;A Shares on such date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 34.3pt">(ii)</TD><TD STYLE="text-align: justify">In the event of an automatic conversion
                                            pursuant to Article&nbsp;16(b):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 33.75pt">(A)</TD><TD STYLE="text-align: justify">all holders of Class&nbsp;B Shares will
                                            be given so much prior notice as shall be practicable of the occurrence of an event causing
                                            the automatic conversion of all such Class&nbsp;B Shares pursuant to this Article&nbsp;16;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 33.75pt">(B)</TD><TD STYLE="text-align: justify">such conversion shall be deemed to have
                                            been made immediately prior to the close of business on the date upon which such conversion
                                            is effective, and the Person or Persons entitled to receive the Class&nbsp;A Shares issuable
                                            upon such conversion shall be treated for all purposes as the record holder or holders of
                                            such Class&nbsp;A Shares on such date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 34.3pt">(iii)</TD><TD STYLE="text-align: justify">On the date fixed for conversion, the
                                            Register shall be updated to show that the converted Class&nbsp;B Shares have been redeemed
                                            or repurchased and all rights with respect to the Class&nbsp;B Shares so converted will terminate,
                                            with the exception of the rights of the holders thereof to receive Class&nbsp;A Shares. Any
                                            certificates issued in respect of any Class&nbsp;B Shares so converted shall be cancelled
                                            and of no further effect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 34.3pt">(iv)</TD><TD STYLE="text-align: justify">The Directors may effect such conversion
                                            in any manner available under applicable law, including redeeming or repurchasing the relevant
                                            Class&nbsp;B Shares and applying the proceeds thereof towards payment for the new Class&nbsp;A
                                            Shares. For purposes of the repurchase or redemption, the Directors may, subject to the Company
                                            being able to pay its debts in the ordinary course of business, make payments out of amounts
                                            standing to the credit of the Company&rsquo;s share premium account or out of its capital.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(d)</TD><TD STYLE="text-align: justify"><U>Reservation of Shares Issuable Upon
                                            Conversion</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The Company shall at all times keep available
out of its authorized but unissued Class&nbsp;A Shares solely for the purpose of effecting the conversion of the Class&nbsp;B Shares
such number of its Class&nbsp;A Shares as shall from time to time be sufficient to effect the conversion of all outstanding Class&nbsp;B
Shares, and if at any time the number of authorized but unissued Class&nbsp;A Shares shall not be sufficient to effect the conversion
of all then outstanding Class&nbsp;B Shares, in addition to such other remedies as shall be available to the holder of such Class&nbsp;B
Shares, the Company and its Shareholders will take such corporate action as may, in the opinion of its counsel, be necessary to increase
its authorized but unissued Class&nbsp;A Shares to such number of shares as shall be sufficient for such purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">17.</TD><TD STYLE="text-align: justify">Adjustments to conversion price</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Conversion Ratio shall be subject
to adjustment for any:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(a)</TD><TD STYLE="text-align: justify">subdivision or concentration of the number
                                            of Class&nbsp;A Shares (whether by share dividend, consolidation and subdivision of shares
                                            or otherwise) into a greater or lesser number of Class&nbsp;A Shares; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(b)</TD><TD STYLE="text-align: justify">any other capital reorganization, re-designation,
                                            conversion, reclassification or otherwise affecting the number or composition of the Class&nbsp;A
                                            Shares,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">in each case where the Class&nbsp;B
Shares (as applicable) have not been proportionately affected thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>MODIFICATION OF RIGHTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">18.</TD><TD STYLE="text-align: justify">Whenever the capital of the Company is
                                            divided into different Classes the rights attached to any such Class&nbsp;may, subject to
                                            any rights or restrictions for the time being attached to any Class, only be materially adversely
                                            varied or abrogated with the consent in writing of the holders of not less than two-thirds
                                            of the issued Shares of the relevant Class, or with the sanction of a resolution passed at
                                            a separate meeting of the holders of the Shares of such Class&nbsp;by a majority of two-thirds
                                            of the votes cast at such a meeting. To every such separate meeting all the provisions of
                                            these Articles relating to general meetings of the Company or to the proceedings thereat
                                            shall, <I>mutatis mutandis</I>, apply, except that the necessary quorum shall be one or more
                                            Persons at least holding or representing by proxy one-third in nominal or par value amount
                                            of the issued Shares of the relevant Class&nbsp;(but so that if at any adjourned meeting
                                            of such holders a quorum as above defined is not present, those Shareholders who are present
                                            shall form a quorum) and that, subject to any rights or restrictions for the time being attached
                                            to the Shares of that Class, every Shareholder of the Class&nbsp;shall on a poll have one
                                            vote for each Share of the Class&nbsp;held by him. For the purposes of this Article&nbsp;the
                                            Directors may treat all the Classes or any two or more Classes as forming one Class&nbsp;if
                                            they consider that all such Classes would be affected in the same way by the proposals under
                                            consideration, but in any other case shall treat them as separate Classes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">19.</TD><TD STYLE="text-align: justify">The rights conferred upon the holders
                                            of the Shares of any Class&nbsp;issued with preferred or other rights shall not, subject
                                            to any rights or restrictions for the time being attached to the Shares of that Class, be
                                            deemed to be materially adversely varied or abrogated by, <I>inter alia</I>, the creation,
                                            allotment or issue of further Shares ranking <I>pari passu</I> with or subsequent to them
                                            or the redemption or purchase of any Shares of any Class&nbsp;by the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTIFICATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">20.</TD><TD STYLE="text-align: justify">No Person shall be entitled to a certificate
                                            for any or all of his Shares, unless the Directors shall determine otherwise.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FRACTIONAL SHARES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">21.</TD><TD STYLE="text-align: justify">The Directors may issue fractions of a
                                            Share and, if so issued, a fraction of a Share shall be subject to and carry the corresponding
                                            fraction of liabilities (whether with respect to nominal or par value, premium, contributions,
                                            calls or otherwise), limitations, preferences, privileges, qualifications, restrictions,
                                            rights (including, without prejudice to the generality of the foregoing, voting and participation
                                            rights) and other attributes of a whole Share. If more than one fraction of a Share of the
                                            same Class&nbsp;is issued to or acquired by the same Shareholder such fractions shall be
                                            accumulated.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>LIEN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">22.</TD><TD STYLE="text-align: justify">The Company has a first and paramount
                                            lien on every Share (whether or not fully paid) for all amounts (whether presently payable
                                            or not) payable at a fixed time or called in respect of that Share. The Company also has
                                            a first and paramount lien on every Share (whether or not fully paid) registered in the name
                                            of a Person indebted or under liability to the Company (whether he is the sole registered
                                            holder of a Share or one of two or more joint holders) for all amounts owing by him or his
                                            estate to the Company (whether or not presently payable). The Directors may at any time declare
                                            a Share to be wholly or in part exempt from the provisions of this Article. The Company&rsquo;s
                                            lien on a Share extends to any amount payable in respect of it.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">23.</TD><TD STYLE="text-align: justify">The Company may sell, in such manner as
                                            the Directors in their absolute discretion think fit, any Share on which the Company has
                                            a lien, but no sale shall be made unless an amount in respect of which the lien exists is
                                            presently payable nor until the expiration of fourteen days after a notice in writing, demanding
                                            payment of such part of the amount in respect of which the lien exists as is presently payable,
                                            has been given to the registered holder for the time being of the Share, or the Persons entitled
                                            thereto by reason of his death or bankruptcy.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">24.</TD><TD STYLE="text-align: justify">For giving effect to any such sale the
                                            Directors may authorise some Person to transfer the Shares sold to the purchaser thereof.
                                            The purchaser shall be registered as the holder of the Shares comprised in any such transfer
                                            and he shall not be bound to see to the application of the purchase money, nor shall his
                                            title to the Shares be affected by any irregularity or invalidity in the proceedings in reference
                                            to the sale.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">25.</TD><TD STYLE="text-align: justify">The proceeds of the sale after deduction
                                            of expenses, fees and commission incurred by the Company shall be received by the Company
                                            and applied in payment of such part of the amount in respect of which the lien exists as
                                            is presently payable, and the residue shall (subject to a like lien for sums not presently
                                            payable as existed upon the Shares prior to the sale) be paid to the Person entitled to the
                                            Shares immediately prior to the sale.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CALLS ON SHARES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">26.</TD><TD STYLE="text-align: justify">The Directors may from time to time make
                                            calls upon the Shareholders in respect of any moneys unpaid on their Shares, and each Shareholder
                                            shall (subject to receiving at least fourteen days&rsquo; notice specifying the time or times
                                            of payment) pay to the Company at the time or times so specified the amount called on such
                                            Shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">27.</TD><TD STYLE="text-align: justify">The joint holders of a Share shall be
                                            jointly and severally liable to pay calls in respect thereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">28.</TD><TD STYLE="text-align: justify">If a sum called in respect of a Share
                                            is not paid before or on the day appointed for payment thereof, the Person from whom the
                                            sum is due shall pay interest upon the sum at the rate of eight percent per annum from the
                                            day appointed for the payment thereof to the time of the actual payment, but the Directors
                                            shall be at liberty to waive payment of that interest wholly or in part.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">29.</TD><TD STYLE="text-align: justify">The provisions of these Articles as to
                                            the liability of joint holders and as to payment of interest shall apply in the case of non-payment
                                            of any sum which, by the terms of issue of a Share, becomes payable at a fixed time, whether
                                            on account of the amount of the Share, or by way of premium, as if the same had become payable
                                            by virtue of a call duly made and notified.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">30.</TD><TD STYLE="text-align: justify">The Directors may make arrangements on
                                            the issue of partly paid Shares for a difference between the Shareholders, or the particular
                                            Shares, in the amount of calls to be paid and in the times of payment.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">31.</TD><TD STYLE="text-align: justify">The Directors may, if they think fit,
                                            receive from any Shareholder willing to advance the same all or any part of the moneys uncalled
                                            and unpaid upon any partly paid Shares held by him, and upon all or any of the moneys so
                                            advanced may (until the same would, but for such advance, become presently payable) pay interest
                                            at such rate (not exceeding without the sanction of an Ordinary Resolution, eight percent
                                            per annum) as may be agreed upon between the Shareholder paying the sum in advance and the
                                            Directors.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORFEITURE OF SHARES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">32.</TD><TD STYLE="text-align: justify">If a Shareholder fails to pay any call
                                            or instalment of a call in respect of any Shares on the day appointed for payment, the Directors
                                            may, at any time thereafter during such time as any part of such call or instalment remains
                                            unpaid, serve a notice on him requiring payment of so much of the call or instalment as is
                                            unpaid, together with any interest which may have accrued.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">33.</TD><TD STYLE="text-align: justify">The notice shall name a further day (not
                                            earlier than the expiration of fourteen days from the date of the notice) on or before which
                                            the payment required by the notice is to be made, and shall state that in the event of non-payment
                                            at or before the time appointed the Shares in respect of which the call was made will be
                                            liable to be forfeited.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">34.</TD><TD STYLE="text-align: justify">If the requirements of any such notice
                                            as aforesaid are not complied with, any Share in respect of which the notice has been given
                                            may at any time thereafter, before the payment required by notice has been made, be forfeited
                                            by a resolution of the Directors to that effect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">35.</TD><TD STYLE="text-align: justify">A forfeited Share may be sold or otherwise
                                            disposed of on such terms and in such manner as the Directors think fit, and at any time
                                            before a sale or disposition the forfeiture may be cancelled on such terms as the Directors
                                            think fit.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">36.</TD><TD STYLE="text-align: justify">A Person whose Shares have been forfeited
                                            shall cease to be a Shareholder in respect of the forfeited Shares, but shall, notwithstanding,
                                            remain liable to pay to the Company all moneys which at the date of forfeiture were payable
                                            by him to the Company in respect of the Shares forfeited, but his liability shall cease if
                                            and when the Company receives payment in full of the amount unpaid on the Shares forfeited.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">37.</TD><TD STYLE="text-align: justify">A statutory declaration in writing that
                                            the declarant is a Director, and that a Share has been duly forfeited on a date stated in
                                            the declaration, shall be conclusive evidence of the facts in the declaration as against
                                            all Persons claiming to be entitled to the Share.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">38.</TD><TD STYLE="text-align: justify">The Company may receive the consideration,
                                            if any, given for a Share on any sale or disposition thereof pursuant to the provisions of
                                            these Articles as to forfeiture and may execute a transfer of the Share in favour of the
                                            Person to whom the Share is sold or disposed of and that Person shall be registered as the
                                            holder of the Share, and shall not be bound to see to the application of the purchase money,
                                            if any, nor shall his title to the Shares be affected by any irregularity or invalidity in
                                            the proceedings in reference to the disposition or sale.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">39.</TD><TD STYLE="text-align: justify">The provisions of these Articles as to
                                            forfeiture shall apply in the case of non-payment of any sum which by the terms of issue
                                            of a Share becomes due and payable, whether on account of the amount of the Share, or by
                                            way of premium, as if the same had been payable by virtue of a call duly made and notified.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TRANSFER OF SHARES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">40.</TD><TD STYLE="text-align: justify">The instrument of transfer of any Share
                                            shall be in any usual or common form or such other form as the Directors may, in their absolute
                                            discretion, approve and be executed by or on behalf of the transferor and if in respect of
                                            a nil or partly paid up Share, or if so required by the Directors, shall also be executed
                                            on behalf of the transferee and shall be accompanied by the certificate (if any) of the Shares
                                            to which it relates and such other evidence as the Directors may reasonably require to show
                                            the right of the transferor to make the transfer. The transferor shall be deemed to remain
                                            a Shareholder until the name of the transferee is entered in the Register in respect of the
                                            relevant Shares. Without prejudice to the generality of the foregoing, title to listed shares
                                            of the Company may be evidenced and transferred in accordance with the laws applicable to
                                            and the rules&nbsp;and regulations of any Exchange on which such shares are listed.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">41.</TD><TD STYLE="text-align: justify">Subject to the rules&nbsp;of any Exchange
                                            on which the Shares in question may be listed, to the provisions of the next- following Article&nbsp;and
                                            to any rights and restrictions for the time being attached to any Share, the Directors may
                                            in their absolute discretion decline to register any transfer of Shares without assigning
                                            any reason therefor, provided that the Directors shall register any transfer of Shares made
                                            in accordance with the provisions of the Governance Agreement and shall refuse to register
                                            any transfer of Shares if such transfer would violate the terms of the Governance Agreement.
                                            If the Board of Directors refuses to register a transfer of any Share the Secretary shall,
                                            within two months after the date on which the transfer request was lodged with the Company,
                                            send to the transferor and transferee notice of the refusal.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">42.</TD><TD STYLE="text-align: justify">Notwithstanding anything to the contrary
                                            in these Articles, the Directors may not decline to register any transfer of any Shares subject
                                            to a Security Interest, following the enforcement of a Security Interest in accordance with
                                            the terms thereof and upon the delivery of a valid form of transfer in respect of such Shares
                                            executed by the person entitled to the benefit of the Security Interest (or its assignee
                                            or its delegate) or by the holder of such Shares at the direction of such person (or its
                                            assignee or delegate).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">43.</TD><TD STYLE="text-align: justify">No purported transfer of shares shall
                                            be permitted to be made, and the Directors shall not be permitted to record any transfer
                                            in the Company&rsquo;s Register, if the consummation of such transfer would cause the Company
                                            or any Shareholder to be in violation of the rules&nbsp;of any Relevant Governing Body.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">44.</TD><TD STYLE="text-align: justify">If for any reason whatsoever any transfer
                                            shall been consummated and been recorded in the Register in breach of the provisions of the
                                            preceding Article&nbsp;43, then at any time thereafter the Company may, at its election,
                                            either:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(a)</TD><TD STYLE="text-align: justify">repurchase from the transferee Shareholder
                                            (and/or its successors in title) all of the Shares transferred to it, for a consideration
                                            equal to the Fair Market Value of such Shares; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(b)</TD><TD STYLE="text-align: justify">require such transferee Shareholder (and/or
                                            its successors in title) to transfer all of the Shares transferred to it to one or more Persons
                                            designated by the Company, for consideration equal to the Fair Market Value of such Shares,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">provided that no such repurchase or
transfer may result in a violation of the provisions of the immediately preceding Article&nbsp;43 by any other Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">45.</TD><TD STYLE="text-align: justify">Subject to the rules&nbsp;of any Exchange
                                            on which the shares in question may be listed and to any rights and restrictions for the
                                            time being attached to any Share, the registration of transfers may, on 14 days&rsquo; notice
                                            being given by advertisement in such one or more newspapers or by electronic means, be suspended
                                            and the Register closed at such times and for such periods as the Board of Directors may
                                            from time to time determine, provided, however, that the registration of transfers shall
                                            not be suspended nor the Register closed for more than 30 days in any year.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">46.</TD><TD STYLE="text-align: justify">All instruments of transfer that are registered
                                            shall be retained by the Company, but any instrument of transfer that the Directors decline
                                            to register shall (except in any case of fraud) be returned to the Person depositing the
                                            same.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">47.</TD><TD STYLE="text-align: justify">Any transfer in violation of the Governance
                                            Agreement shall be null and void <I>ab initio</I>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TRANSMISSION OF SHARES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">48.</TD><TD STYLE="text-align: justify">The legal personal representative of a
                                            deceased sole holder of a Share shall be the only Person recognised by the Company as having
                                            any title to the Share. In the case of a Share registered in the name of two or more holders,
                                            the survivors or survivor, or the legal personal representatives of the deceased holder of
                                            the Share, shall be the only Person recognised by the Company as having any title to the
                                            Share.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">49.</TD><TD STYLE="text-align: justify">Any Person becoming entitled to a Share
                                            in consequence of the death or bankruptcy of a Shareholder shall upon such evidence being
                                            produced as may from time to time be required by the Directors, have the right either to
                                            be registered as a Shareholder in respect of the Share or, instead of being registered himself,
                                            to make such transfer of the Share as the deceased or bankrupt Person could have made; but
                                            the Directors shall, in either case, have the same right to decline or suspend registration
                                            as they would have had in the case of a transfer of the Share by the deceased or bankrupt
                                            Person before the death or bankruptcy.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">50.</TD><TD STYLE="text-align: justify">A Person becoming entitled to a Share
                                            by reason of the death or bankruptcy of a Shareholder shall be entitled to the same dividends
                                            and other advantages to which he would be entitled if he were the registered Shareholder,
                                            except that he shall not, before being registered as a Shareholder in respect of the Share,
                                            be entitled in respect of it to exercise any right conferred by membership in relation to
                                            meetings of the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ALTERATION OF SHARE CAPITAL</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">51.</TD><TD STYLE="text-align: justify">The Company may from time to time by Ordinary
                                            Resolution increase the share capital by such sum, to be divided into Shares of such Classes
                                            and amount, as the resolution shall prescribe.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">52.</TD><TD STYLE="text-align: justify">The Company may by Ordinary Resolution:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(a)</TD><TD STYLE="text-align: justify">consolidate and divide all or any of its
                                            share capital into Shares of a larger amount than its existing Shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(b)</TD><TD STYLE="text-align: justify">convert all or any of its paid up Shares
                                            into stock and reconvert that stock into paid up Shares of any denomination;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(c)</TD><TD STYLE="text-align: justify">subdivide its existing Shares, or any
                                            of them into Shares of a smaller amount provided that in the subdivision the proportion between
                                            the amount paid and the amount, if any, unpaid on each reduced Share shall be the same as
                                            it was in case of the Share from which the reduced Share is derived; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(d)</TD><TD STYLE="text-align: justify">cancel any Shares that, at the date of
                                            the passing of the resolution, have not been taken or agreed to be taken by any Person and
                                            diminish the amount of its share capital by the amount of the Shares so cancelled.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">53.</TD><TD STYLE="text-align: justify">The Company may by Special Resolution
                                            reduce its share capital and any capital redemption reserve in any manner authorised by law.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REDEMPTION, PURCHASE AND SURRENDER OF SHARES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">54.</TD><TD STYLE="text-align: justify">Subject to the Act, the Company may:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(a)</TD><TD STYLE="text-align: justify">issue Shares on terms that they are to
                                            be redeemed or are liable to be redeemed at the option of the Company or the Shareholder
                                            on such terms and in such manner as the Directors may determine; provided that, without the
                                            approval of the majority of the Non-Affiliated Directors of the Board, the Company shall
                                            not effectuate any redemption of Shares other than (i)&nbsp;pro rata to the number of Shares,
                                            (ii)&nbsp;in respect of Class&nbsp;A Shares only on a pro rata basis, (iii)&nbsp;in the ordinary
                                            course of business in connection with the repurchase of Shares from employees or service
                                            providers of the Company or its affiliates following termination of such employees or service
                                            providers, or (iv)&nbsp;in accordance with Article&nbsp;16;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(b)</TD><TD STYLE="text-align: justify">purchase its own Shares (including any
                                            redeemable Shares) on such terms and in such manner as the Directors may determine and agree
                                            with the Shareholder; provided that, without the approval of the majority of the Non-Affiliated
                                            Directors of the Board, the Company shall not effectuate any repurchase of Shares other than
                                            (i)&nbsp;pro rata to the number of Shares, (ii)&nbsp;in respect of Class&nbsp;A Shares only
                                            on a pro rata basis, (iii)&nbsp;in the ordinary course of business in connection with the
                                            repurchase of Shares from employees or service providers of the Company or its affiliates
                                            following termination of such employees or service providers, or (iv)&nbsp;in accordance
                                            with Article&nbsp;16;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(c)</TD><TD STYLE="text-align: justify">make a payment in respect of the redemption
                                            or purchase of its own Shares in any manner authorised by the Act; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(d)</TD><TD STYLE="text-align: justify">accept the surrender for no consideration
                                            of any paid up Share (including any redeemable Share) on such terms and in such manner as
                                            the Directors may determine.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">55.</TD><TD STYLE="text-align: justify">Any Share in respect of which notice of
                                            redemption has been given shall not be entitled to participate in the profits of the Company
                                            in respect of the period after the date specified as the date of redemption in the notice
                                            of redemption.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">56.</TD><TD STYLE="text-align: justify">The redemption, purchase or surrender
                                            of any Share shall not be deemed to give rise to the redemption, purchase or surrender of
                                            any other Share.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">57.</TD><TD STYLE="text-align: justify">The Directors may when making payments
                                            in respect of redemption or purchase of Shares, if authorised by the terms of issue of the
                                            Shares being redeemed or purchased or with the agreement of the holder of such Shares, make
                                            such payment either in cash or in specie.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TREASURY SHARES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">58.</TD><TD STYLE="text-align: justify">Shares that the Company purchases, redeems
                                            or acquires (by way of surrender or otherwise) may, at the option of the Company, be cancelled
                                            immediately or held as Treasury Shares in accordance with the Act. In the event that the
                                            Directors do not specify that the relevant Shares are to be held as Treasury Shares, such
                                            Shares shall be cancelled.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">59.</TD><TD STYLE="text-align: justify">No dividend may be declared or paid, and
                                            no other distribution (whether in cash or otherwise) of the Company&rsquo;s assets (including
                                            any distribution of assets to members on a winding up) may be declared or paid in respect
                                            of a Treasury Share.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">60.</TD><TD STYLE="text-align: justify">The Company shall be entered in the Register
                                            as the holder of the Treasury Shares provided that:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(a)</TD><TD STYLE="text-align: justify">the Company shall not be treated as a
                                            member for any purpose and shall not exercise any right in respect of the Treasury Shares,
                                            and any purported exercise of such a right shall be void;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(b)</TD><TD STYLE="text-align: justify">a Treasury Share shall not be voted, directly
                                            or indirectly, at any meeting of the Company and shall not be counted in determining the
                                            total number of issued shares at any given time, whether for the purposes of these Articles
                                            or the Act, save that an allotment of Shares as fully paid bonus shares in respect of a Treasury
                                            Share is permitted and Shares allotted as fully paid bonus shares in respect of a treasury
                                            share shall be treated as Treasury Shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">61.</TD><TD STYLE="text-align: justify">Treasury Shares may be disposed of by
                                            the Company on such terms and conditions as determined by the Directors.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GENERAL MEETINGS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">62.</TD><TD STYLE="text-align: justify">The Directors may, whenever they think
                                            fit, convene a general meeting of the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">63.</TD><TD STYLE="text-align: justify">The Directors may cancel or postpone any
                                            duly convened general meeting at any time prior to such meeting, except for general meetings
                                            requisitioned by the Shareholders in accordance with these Articles, for any reason or for
                                            no reason at any time prior to the time for holding such meeting or, if the meeting is adjourned,
                                            the time for holding such adjourned meeting. The Directors shall give Shareholders notice
                                            in writing of any postponement, which postponement may be for a stated period of any length
                                            or indefinitely as the Directors may determine.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">64.</TD><TD STYLE="text-align: justify">General meetings shall also be convened
                                            on the requisition in writing of any Shareholder or Shareholders entitled to attend and vote
                                            at general meetings of the Company and to exercise at least a majority of the voting power
                                            permitted to be exercised at any such meeting, deposited at the Office specifying the objects
                                            of the meeting for a date no later than 21 days from the date of deposit of the requisition
                                            signed by the requisitionists, and if the Directors do not convene such meeting for a date
                                            not later than 45 days after the date of such deposit, the requisitionists themselves may
                                            convene the general meeting in the same manner, as nearly as possible, as that in which general
                                            meetings may be convened by the Directors, and all reasonable expenses incurred by the requisitionists
                                            as a result of the failure of the Directors to convene the general meeting shall be reimbursed
                                            to them by the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">65.</TD><TD STYLE="text-align: justify">If at any time there are no Directors,
                                            any two Shareholders (or if there is only one Shareholder then that Shareholder) entitled
                                            to vote at general meetings of the Company may convene a general meeting in the same manner
                                            as nearly as possible as that in which general meetings may be convened by the Directors.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTICE OF GENERAL MEETINGS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">66.</TD><TD STYLE="text-align: justify">At least seven clear days&rsquo; notice
                                            in writing counting from the date service is deemed to take place as provided in these Articles
                                            specifying the place, the day and the hour of the meeting and, in case of special business,
                                            the general nature of that business, shall be given in the manner hereinafter provided or
                                            in such other manner (if any) as may be prescribed by the Company by Ordinary Resolution
                                            to such Persons as are, under these Articles, entitled to receive such notices from the Company,
                                            but with the consent of all the Shareholders entitled to receive notice of some particular
                                            meeting and attend and vote thereat, that meeting may be convened by such shorter notice
                                            or without notice and in such manner as those Shareholders may think fit.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">67.</TD><TD STYLE="text-align: justify">The accidental omission to give notice
                                            of a meeting to or the non-receipt of a notice of a meeting by any Shareholder shall not
                                            invalidate the proceedings at any meeting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROCEEDINGS AT GENERAL MEETINGS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">68.</TD><TD STYLE="text-align: justify">All business carried out at a general
                                            meeting shall be deemed special with the exception of sanctioning a dividend, the consideration
                                            of the accounts, balance sheets, any report of the Directors or of the Company&rsquo;s auditors,
                                            and the fixing of the remuneration of the Company&rsquo;s auditors. No special business shall
                                            be transacted at any general meeting without the consent of all Shareholders entitled to
                                            receive notice of that meeting unless notice of such special business has been given in the
                                            notice convening that meeting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">69.</TD><TD STYLE="text-align: justify">No business shall be transacted at any
                                            general meeting of the Company unless a quorum of Members is present at the time when the
                                            meeting proceeds to business. At a general meeting of the Company to:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(a)</TD><TD STYLE="text-align: justify">consider or adopt a Special Resolution,
                                            one or more Members present in person or by proxy holding shares conferring upon the relevant
                                            Members at least sixty seven per cent. (67%) of the votes eligible to be cast at any general
                                            meeting of the Company shall be a quorum; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(b)</TD><TD STYLE="text-align: justify">consider or adopt any other resolution
                                            or to take any other action, one or more Members present in person or by proxy holding shares
                                            conferring upon the relevant Members at least a majority of the votes eligible to be cast
                                            at any general meeting of the Company shall be a quorum.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Members present at a duly constituted
general meeting of the Company may continue to transact business until adjournment, despite the withdrawal of such Members as leave less
than a quorum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">70.</TD><TD STYLE="text-align: justify">If the Directors wish to make this facility
                                            available for a specific general meeting or all general meetings of the Company, participation
                                            in any general meeting of the Company may be by means of a telephone or similar communication
                                            equipment by way of which all Persons participating in such meeting can communicate with
                                            each other and such participation shall be deemed to constitute presence in person at the
                                            meeting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">71.</TD><TD STYLE="text-align: justify">The chairman (and if more than one, either
                                            or both jointly as they may determine), if any, of the Directors shall preside as chairman
                                            at every general meeting of the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">72.</TD><TD STYLE="text-align: justify">If there is no such chairman, or if at
                                            any general meeting none is present within fifteen minutes after the time appointed for holding
                                            the meeting or is unwilling to act as chairman, any Director or Person nominated by the Directors
                                            shall preside as chairman, failing which the Shareholders present in person or by proxy shall
                                            choose any Person present to be chairman of that meeting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">73.</TD><TD STYLE="text-align: justify">Any chairman of the meeting may adjourn
                                            a meeting from time to time and from place to place either:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(a)</TD><TD STYLE="text-align: justify">with the consent of any general meeting
                                            at which a quorum is present (and shall if so directed by the meeting); or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(b)</TD><TD STYLE="text-align: justify">without the consent of such meeting if,
                                            in his sole opinion, he considers it necessary to do so to:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 34.3pt">(i)</TD><TD STYLE="text-align: justify">secure the orderly conduct or proceedings
                                            of the meeting; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 34.3pt">(ii)</TD><TD STYLE="text-align: justify">give all persons present in person or
                                            by proxy and having the right to speak and / or vote at such meeting, the ability to do so,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">but no business shall be transacted
at any adjourned meeting other than the business left unfinished at the meeting from which the adjournment took place. When a meeting,
or adjourned meeting, is adjourned for fourteen days or more, notice of the adjourned meeting shall be given in the manner provided for
the original meeting. Save as aforesaid, it shall not be necessary to give any notice of an adjournment or of the business to be transacted
at an adjourned meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">74.</TD><TD STYLE="text-align: justify">At any general meeting a resolution put
                                            to the vote of the meeting shall be decided on a show of hands, unless a poll is (before
                                            or on the declaration of the result of the show of hands) demanded by any chairman or one
                                            or more Shareholders present in person or by proxy entitled to vote, and unless a poll is
                                            so demanded, a declaration by any chairman that a resolution has, on a show of hands, been
                                            carried, or carried unanimously, or by a particular majority, or lost, and an entry to that
                                            effect in the book of the proceedings of the Company, shall be conclusive evidence of the
                                            fact, without proof of the number or proportion of the votes recorded in favour of, or against,
                                            that resolution.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">75.</TD><TD STYLE="text-align: justify">If a poll is duly demanded it shall be
                                            taken in such manner as any chairman directs, and the result of the poll shall be deemed
                                            to be the resolution of the meeting at which the poll was demanded.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">76.</TD><TD STYLE="text-align: justify">In the case of an equality of votes, whether
                                            on a show of hands or on a poll, any chairman of the meeting at which the show of hands takes
                                            place or at which the poll is demanded, shall be entitled to a second or casting vote.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">77.</TD><TD STYLE="text-align: justify">A poll demanded on the election of a chairman
                                            of the meeting or on a question of adjournment shall be taken forthwith. A poll demanded
                                            on any other question shall be taken at such time as any chairman of the meeting directs.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>VOTES OF SHAREHOLDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">78.</TD><TD STYLE="text-align: justify">Subject to any rights and restrictions
                                            for the time being attached to any Class&nbsp;or Classes of Shares or any applicable Weighted
                                            Voting Provisions, every Shareholder present in person and every Person representing a Shareholder
                                            by proxy shall at a general meeting of the Company shall be entitled to exercise the voting
                                            power conferred upon such Shareholder by the Shares held by him. If there are any rights
                                            and restrictions for the time being attached to any Class&nbsp;or Classes of Shares or any
                                            applicable Weighted Voting Provisions then in effect, then such rights, restrictions or Weighted
                                            Voting Provisions shall be applied and given effect to on any vote.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">79.</TD><TD STYLE="text-align: justify">In the case of joint holders the vote
                                            of the senior who tenders a vote whether in person or by proxy shall be accepted to the exclusion
                                            of the votes of the other joint holders and for this purpose seniority shall be determined
                                            by the order in which the names stand in the Register.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">80.</TD><TD STYLE="text-align: justify">A Shareholder of unsound mind, or in respect
                                            of whom an order has been made by any court having jurisdiction in lunacy, may vote in respect
                                            of Shares carrying the right to vote held by him, whether on a show of hands or on a poll,
                                            by his committee, or other Person in the nature of a committee appointed by that court, and
                                            any such committee or other Person, may vote in respect of such Shares by proxy.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">81.</TD><TD STYLE="text-align: justify">No Shareholder shall be entitled to vote
                                            at any general meeting of the Company unless all calls, if any, or other sums presently payable
                                            by him in respect of Shares carrying the right to vote held by him have been paid.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">82.</TD><TD STYLE="text-align: justify">On a poll votes may be given either personally
                                            or by proxy.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">83.</TD><TD STYLE="text-align: justify">The instrument appointing a proxy shall
                                            be in writing under the hand of the appointor or of his attorney duly authorised in writing
                                            or, if the appointor is a corporation, either under Seal or under the hand of an officer
                                            or attorney duly authorised. A proxy need not be a Shareholder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">84.</TD><TD STYLE="text-align: justify">An instrument appointing a proxy may be
                                            in any usual or common form or such other form as the Directors may approve.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">85.</TD><TD STYLE="text-align: justify">The instrument appointing a proxy shall
                                            be deposited at the Office or at such other place as is specified for that purpose in the
                                            notice convening the meeting no later than the time for holding the meeting or, if the meeting
                                            is adjourned, the time for holding such adjourned meeting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">86.</TD><TD STYLE="text-align: justify">The instrument appointing a proxy shall
                                            be deemed to confer authority to demand or join in demanding a poll.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">87.</TD><TD STYLE="text-align: justify">A resolution in writing signed by all
                                            the Shareholders for the time being entitled to receive notice of and to attend and vote
                                            at general meetings of the Company (or being corporations by their duly authorised representatives)
                                            shall be as valid and effective as if the same had been passed at a general meeting of the
                                            Company duly convened and held.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CORPORATIONS ACTING BY REPRESENTATIVES AT MEETINGS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">88.</TD><TD STYLE="text-align: justify">Any corporation which is a Shareholder
                                            or a Director may by resolution of its directors or other governing body authorise such Person
                                            as it thinks fit to act as its representative at any meeting of the Company or of any meeting
                                            of holders of a Class&nbsp;or of the Directors or of a committee of Directors, and the Person
                                            so authorised shall be entitled to exercise the same powers on behalf of the corporation
                                            which he represents as that corporation could exercise if it were an individual Shareholder
                                            or Director. If a clearing house (or its nominee) is a Shareholder of the Company it may,
                                            by resolution of its directors or other governing body or by power of attorney, authorise
                                            such person or persons as it thinks fit to act as its representative or representatives at
                                            any general meeting of the Company or at any general meeting of any Class&nbsp;of Shareholders
                                            of the Company provided that, if more than one person is so authorised, the authorisation
                                            shall specify the number and Class&nbsp;of Shares in respect of which each such person is
                                            so authorised. A person so authorised pursuant to this Article&nbsp;shall be entitled to
                                            exercise the same powers on behalf of the clearing house (or its nominee) which they represent
                                            as that clearing house (or its nominee) could exercise if it were an individual Shareholder
                                            holding the number and Class&nbsp;of Shares specified in such authorisation.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DIRECTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">89.</TD><TD STYLE="text-align: justify">The name(s)&nbsp;of the first Director(s)&nbsp;shall
                                            either be determined in writing by a majority (or in the case of a sole subscriber that subscriber)
                                            of, or elected at a meeting of, the subscribers of the Memorandum of Association.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">90.</TD><TD STYLE="text-align: justify">Shareholders permitted to exercise more
                                            than fifty per cent. (50%) of the voting power capable of being exercised at any general
                                            meeting of the Company shall be entitled, by notice in writing to the Company from time to
                                            time, to appoint any natural person or corporation to be a Director and to remove and/or
                                            replace any Director. Any such appointment, renewal and/or replacement shall be effectively
                                            immediately upon delivery of such notice to the Company at its registered office and otherwise
                                            in accordance with the provisions of these Articles.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">91.</TD><TD STYLE="text-align: justify">Unless re-appointed or removed from office
                                            pursuant to the provisions of the preceding Article&nbsp;90, each Director shall be appointed
                                            for a term expiring at the next-following annual general meeting of the Company. At any such
                                            annual general meeting, Directors will be elected by Ordinary Resolution. At each annual
                                            general meeting of the Company, each Director elected at such meeting shall be elected to
                                            hold office for a one-year term and until the election of their respective successors in
                                            office or their earlier death, resignation or removal pursuant to Article&nbsp;90.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">92.</TD><TD STYLE="text-align: justify">The Company may by Ordinary Resolution
                                            from time to time fix the maximum and minimum number of Directors to be appointed but unless
                                            such numbers are fixed as aforesaid the minimum number of Directors shall be one and the
                                            maximum number of Directors shall be unlimited.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">93.</TD><TD STYLE="text-align: justify">The remuneration of the Directors may
                                            be determined by the Directors.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">94.</TD><TD STYLE="text-align: justify">There shall be no shareholding qualification
                                            for Directors unless determined otherwise by Ordinary Resolution.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">95.</TD><TD STYLE="text-align: justify">The Directors shall have power at any
                                            time and from time to time to appoint a natural person or corporation as a Director, either
                                            as a result of a casual vacancy or as an additional Director, subject to the maximum number
                                            (if any) imposed by Ordinary Resolution.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>POWERS AND DUTIES OF DIRECTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">96.</TD><TD STYLE="text-align: justify">Subject to the Act, these Articles and
                                            to any resolutions passed in a general meeting, the business of the Company shall be managed
                                            by the Directors, who may pay all expenses incurred in setting up and registering the Company
                                            and may exercise all powers of the Company. No resolution passed by the Company in general
                                            meeting shall invalidate any prior act of the Directors that would have been valid if that
                                            resolution had not been passed.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">97.</TD><TD STYLE="text-align: justify">The Directors may from time to time appoint
                                            any natural person or corporation, whether or not a Director to hold such office in the Company
                                            as the Directors may think necessary for the administration of the Company, including but
                                            not limited to, the office of president, one or more vice-presidents, treasurer, assistant
                                            treasurer, manager or controller, and for such term and at such remuneration (whether by
                                            way of salary or commission or participation in profits or partly in one way and partly in
                                            another), and with such powers and duties as the Directors may think fit. Any natural person
                                            or corporation so appointed by the Directors may be removed by the Directors or by the Company
                                            by Ordinary Resolution. The Directors may also appoint one or more of their number to the
                                            office of managing director upon like terms, but any such appointment shall ipso facto determine
                                            if any managing director ceases from any cause to be a Director, or if the Company by Ordinary
                                            Resolution resolves that his tenure of office be terminated.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">98.</TD><TD STYLE="text-align: justify">The Directors may appoint any natural
                                            person or corporation to be a Secretary (and if need be an assistant Secretary or assistant
                                            Secretaries) who shall hold office for such term, at such remuneration and upon such conditions
                                            and with such powers as they think fit. Any Secretary or assistant Secretary so appointed
                                            by the Directors may be removed by the Directors or by the Company by Ordinary Resolution.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">99.</TD><TD STYLE="text-align: justify">The Directors may delegate any of their
                                            powers to committees consisting of such member or members of their body as they think fit;
                                            any committee so formed shall in the exercise of the powers so delegated conform to any regulations
                                            that may be imposed on it by the Directors.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">100.</TD><TD STYLE="text-align: justify">The Directors may from time to time and
                                            at any time by power of attorney (whether under Seal or under hand) or otherwise appoint
                                            any company, firm or Person or body of Persons, whether nominated directly or indirectly
                                            by the Directors, to be the attorney or attorneys or authorised signatory (any such person
                                            being an &ldquo;Attorney&rdquo; or &ldquo;Authorised Signatory&rdquo;, respectively) of the
                                            Company for such purposes and with such powers, authorities and discretion (not exceeding
                                            those vested in or exercisable by the Directors under these Articles) and for such period
                                            and subject to such conditions as they may think fit, and any such power of attorney or other
                                            appointment may contain such provisions for the protection and convenience of Persons dealing
                                            with any such Attorney or Authorised Signatory as the Directors may think fit, and may also
                                            authorise any such Attorney or Authorised Signatory to delegate all or any of the powers,
                                            authorities and discretion vested in him.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">101.</TD><TD STYLE="text-align: justify">The Directors may from time to time provide
                                            for the management of the affairs of the Company in such manner as they shall think fit and
                                            the provisions contained in the three next following Articles shall not limit the general
                                            powers conferred by this Article.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">102.</TD><TD STYLE="text-align: justify">The Directors from time to time and at
                                            any time may establish any committees, local boards or agencies for managing any of the affairs
                                            of the Company and may appoint any natural person or corporation to be a member of such committees
                                            or local boards and may appoint any managers or agents of the Company and may fix the remuneration
                                            of any such natural person or corporation.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">103.</TD><TD STYLE="text-align: justify">The Directors from time to time and at
                                            any time may delegate to any such committee, local board, manager or agent any of the powers,
                                            authorities and discretions for the time being vested in the Directors and may authorise
                                            the members for the time being of any such local board, or any of them to fill any vacancies
                                            therein and to act notwithstanding vacancies and any such appointment or delegation may be
                                            made on such terms and subject to such conditions as the Directors may think fit and the
                                            Directors may at any time remove any natural person or corporation so appointed and may annul
                                            or vary any such delegation, but no Person dealing in good faith and without notice of any
                                            such annulment or variation shall be affected thereby.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">104.</TD><TD STYLE="text-align: justify">Any such delegates as aforesaid may be
                                            authorised by the Directors to sub-delegate all or any of the powers, authorities, and discretion
                                            for the time being vested in them.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BORROWING POWERS OF DIRECTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">105.</TD><TD STYLE="text-align: justify">The Directors may exercise all the powers
                                            of the Company to borrow money and to mortgage or charge its undertaking, property and uncalled
                                            capital or any part thereof, to issue debentures, debenture stock and other securities whenever
                                            money is borrowed or as security for any debt, liability or obligation of the Company or
                                            of any third party.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE SEAL</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">106.</TD><TD STYLE="text-align: justify">The Seal shall not be affixed to any
                                            instrument except by the authority of a resolution of the Directors provided always that
                                            such authority may be given prior to or after the affixing of the Seal and if given after
                                            may be in general form confirming a number of affixings of the Seal. The Seal shall be affixed
                                            in the presence of a Director or a Secretary (or an assistant Secretary) or in the presence
                                            of any one or more Persons as the Directors may appoint for the purpose and every Person
                                            as aforesaid shall sign every instrument to which the Seal is so affixed in their presence.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">107.</TD><TD STYLE="text-align: justify">The Company may maintain a facsimile
                                            of the Seal in such countries or places as the Directors may appoint and such facsimile Seal
                                            shall not be affixed to any instrument except by the authority of a resolution of the Directors
                                            provided always that such authority may be given prior to or after the affixing of such facsimile
                                            Seal and if given after may be in general form confirming a number of affixings of such facsimile
                                            Seal. The facsimile Seal shall be affixed in the presence of such Person or Persons as the
                                            Directors shall for this purpose appoint and such Person or Persons as aforesaid shall sign
                                            every instrument to which the facsimile Seal is so affixed in their presence and such affixing
                                            of the facsimile Seal and signing as aforesaid shall have the same meaning and effect as
                                            if the Seal had been affixed in the presence of and the instrument signed by a Director or
                                            a Secretary (or an assistant Secretary) or in the presence of any one or more Persons as
                                            the Directors may appoint for the purpose.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">108.</TD><TD STYLE="text-align: justify">Notwithstanding the foregoing, a Secretary
                                            or any assistant Secretary shall have the authority to affix the Seal, or the facsimile Seal,
                                            to any instrument for the purposes of attesting authenticity of the matter contained therein
                                            but which does not create any obligation binding on the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DISQUALIFICATION OF DIRECTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">109.</TD><TD STYLE="text-align: justify">The office of Director shall be vacated,
                                            if the Director:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(a)</TD><TD STYLE="text-align: justify">dies or is found to be or becomes of unsound
                                            mind;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(b)</TD><TD STYLE="text-align: justify">resigns his office by notice in writing
                                            to the Company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(c)</TD><TD STYLE="text-align: justify">is removed from office pursuant to the
                                            provisions of Article&nbsp;90;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(d)</TD><TD STYLE="text-align: justify">is not re-elected to office pursuant to
                                            the provisions of Article&nbsp;91, upon the effective appointment of his successor; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(e)</TD><TD STYLE="text-align: justify">holds or otherwise acquires, directly
                                            or indirectly, any shares or other security interest in any other Person in violation of
                                            the rules&nbsp;of any Relevant Governing Body applicable to Directors of the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROCEEDINGS OF DIRECTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">110.</TD><TD STYLE="text-align: justify">The Directors may meet together (either
                                            within or without the Cayman Islands) for the despatch of business, adjourn, and otherwise
                                            regulate their meetings and proceedings as they think fit. Questions arising at any meeting
                                            shall be decided by a majority of votes. In case of an equality of votes the chairman (or,
                                            if more then, the co-chairmen acting jointly) shall have a second or casting vote. A Director
                                            may, and a Secretary or assistant Secretary on the requisition of a Director shall, at any
                                            time summon a meeting of the Directors.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">111.</TD><TD STYLE="text-align: justify">Any chairman of any meeting of the Board
                                            of Directors may adjourn any such meeting to such time and date, and at such location, as
                                            he may in discretion determine.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">112.</TD><TD STYLE="text-align: justify">A Director may participate in any meeting
                                            of the Directors, or of any committee appointed by the Directors of which such Director is
                                            a member, by means of telephone or similar communication equipment by way of which all Persons
                                            participating in such meeting can communicate with each other and such participation shall
                                            be deemed to constitute presence in person at the meeting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">113.</TD><TD STYLE="text-align: justify">The quorum necessary for the transaction
                                            of the business of the Directors shall be a simple majority of the Directors appointed from
                                            time to time. A Director represented by proxy or by an alternate Director at any meeting
                                            shall be deemed to be present for the purposes of determining whether or not a quorum is
                                            present.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">114.</TD><TD STYLE="text-align: justify">A Director who is in any way, whether
                                            directly or indirectly, interested in a contract or proposed contract with the Company shall
                                            declare the nature of his interest at a meeting of the Directors. A general notice given
                                            to the Directors by any Director to the effect that he is a member of any specified company
                                            or firm and is to be regarded as interested in any contract which may thereafter be made
                                            with that company or firm shall be deemed a sufficient declaration of interest in regard
                                            to any contract so made. A Director may vote in respect of any contract or proposed contract
                                            or arrangement notwithstanding that he may be interested therein and if he does so his vote
                                            shall be counted and he may be counted in the quorum at any meeting of the Directors at which
                                            any such contract or proposed contract or arrangement shall come before the meeting for consideration.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">115.</TD><TD STYLE="text-align: justify">A Director may hold any other office
                                            or place of profit under the Company (other than the office of auditor) in conjunction with
                                            his office of Director for such period and on such terms (as to remuneration and otherwise)
                                            as the Directors may determine and no Director or intending Director shall be disqualified
                                            by his office from contracting with the Company either with regard to his tenure of any such
                                            other office or place of profit or as vendor, purchaser or otherwise, nor shall any such
                                            contract or arrangement entered into by or on behalf of the Company in which any Director
                                            is in any way interested, be liable to be avoided, nor shall any Director so contracting
                                            or being so interested be liable to account to the Company for any profit realised by any
                                            such contract or arrangement by reason of such Director holding that office or of the fiduciary
                                            relation thereby established. A Director, notwithstanding his interest, may be counted in
                                            the quorum present at any meeting of the Directors whereat he or any other Director is appointed
                                            to hold any such office or place of profit under the Company or whereat the terms of any
                                            such appointment are arranged and he may vote on any such appointment or arrangement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">116.</TD><TD STYLE="text-align: justify">Any Director may act by himself or his
                                            firm in a professional capacity for the Company, and he or his firm shall be entitled to
                                            remuneration for professional services as if he were not a Director; provided that nothing
                                            herein contained shall authorise a Director or his firm to act as auditor to the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">117.</TD><TD STYLE="text-align: justify">Without limitation to any of the foregoing,
                                            a Director may hold any office or place of profit in respect of any competitor of the Company,
                                            provided that he shall declare the nature of any conflict of interest at a meeting of the
                                            Directors. The provisions of Article&nbsp;113 shall apply to this Article&nbsp;<I>mutatis
                                            mutandis</I>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">118.</TD><TD STYLE="text-align: justify">To the fullest extent permitted by applicable
                                            law, no Director shall be under any obligation to the bring to the Company any corporate
                                            opportunity of which he becomes aware otherwise than in his capacity as a Director. To the
                                            extent necessary to any eliminate any liability of any Director in this regard, the Company
                                            shall renounce any expectancy of any such opportunity.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">119.</TD><TD STYLE="text-align: justify">The Directors shall cause minutes to
                                            be made in books or loose-leaf folders provided for the purpose of recording:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(a)</TD><TD STYLE="text-align: justify">all appointments of officers made by the
                                            Directors;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(b)</TD><TD STYLE="text-align: justify">the names of the Directors present at
                                            each meeting of the Directors and of any committee of the Directors; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(c)</TD><TD STYLE="text-align: justify">all resolutions and proceedings at all
                                            meetings of the Company, and of the Directors and of committees of Directors.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">120.</TD><TD STYLE="text-align: justify">When any chairman of a meeting of the
                                            Directors signs the minutes of such meeting the same shall be deemed to have been duly held
                                            notwithstanding that all the Directors have not actually come together or that there may
                                            have been a technical defect in the proceedings.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">121.</TD><TD STYLE="text-align: justify">A resolution in writing signed by all
                                            the Directors or all the members of a committee of Directors entitled to receive notice of
                                            a meeting of Directors or committee of Directors, as the case may be (an alternate Director,
                                            subject as provided otherwise in the terms of appointment of the alternate Director, being
                                            entitled to sign such a resolution on behalf of his appointer), shall be as valid and effectual
                                            as if it had been passed at a duly called and constituted meeting of Directors or committee
                                            of Directors, as the case may be. When signed a resolution may consist of several documents
                                            each signed by one or more of the Directors or his duly appointed alternate.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">122.</TD><TD STYLE="text-align: justify">The continuing Directors may act notwithstanding
                                            any vacancy in their body but if and for so long as their number is reduced below the number
                                            fixed by or pursuant to these Articles as the necessary quorum of Directors, the continuing
                                            Directors may act for the purpose of increasing the number, or of summoning a general meeting
                                            of the Company, but for no other purpose.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">123.</TD><TD STYLE="text-align: justify">The co-chairmen of the Board of Directors
                                            as at the date on which these Articles are adopted shall be Joel Glazer and Avram Glazer,
                                            which Persons shall continue as co-chairmen of the Board of Directors in each case until
                                            such time as the Board of Directors shall elect a new chairman or chairmen of the Board of
                                            Directors. If at any relevant time no such chairman has been elected, or if at any meeting
                                            no chairman is present within fifteen minutes after the time appointed for holding the meeting,
                                            then at the relevant time the Directors present may choose one of their number to be chairman
                                            of the meeting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">124.</TD><TD STYLE="text-align: justify">Where more than one person has been appointed
                                            to the office of chairman at any time, then such Persons shall be co- chairmen and shall
                                            act by consent.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">125.</TD><TD STYLE="text-align: justify">Subject to any regulations imposed on
                                            it by the Directors, the chairman or co-chairmen (as the case may be) of the Board of Directors
                                            shall be entitled to appoint any member of any committee as its chairman. If no such chairman
                                            is appointed, or if at any meeting the chairman is not present within fifteen minutes after
                                            the time appointed for holding the meeting, the committee members present may choose one
                                            of their number to be chairman of the meeting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">126.</TD><TD STYLE="text-align: justify">A committee appointed by the Directors
                                            may meet and adjourn as it thinks proper. Subject to any regulations imposed on it by the
                                            Directors, questions arising at any meeting shall be determined by a majority of votes of
                                            the committee members present and in case of an equality of votes the chairman shall have
                                            a second or casting vote.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">127.</TD><TD STYLE="text-align: justify">All acts done by any meeting of the Directors
                                            or of a committee of Directors, or by any Person acting as a Director, shall notwithstanding
                                            that it be afterwards discovered that there was some defect in the appointment of any such
                                            Director or Person acting as aforesaid, or that they or any of them were disqualified, be
                                            as valid as if every such Person had been duly appointed and was qualified to be a Director.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXECUTIVE COMMITTEE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">128.</TD><TD STYLE="text-align: justify">Without limitation to any of the foregoing
                                            provisions of these Articles, the Board of Directors may appoint from its number an Executive
                                            Committee as a committee of the Board of Directors of the Company comprised of such number
                                            of members as shall be determined from time to time by the Board of Directors. The following
                                            provisions shall apply to any Executive Committee so appointed:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(a)</TD><TD STYLE="text-align: justify">The term of office of each member of the
                                            Executive Committee shall be co-extensive with the term of such member&rsquo;s office as
                                            Director. Any member of the Executive Committee who shall cease to be a Director of the Company
                                            shall ipso facto cease to be a member of the Executive Committee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(b)</TD><TD STYLE="text-align: justify">A majority of the members of the Executive
                                            Committee shall constitute a quorum for the valid transaction of business. The Executive
                                            Committee may meet at stated times or on two days&rsquo; notice by any member of the Executive
                                            Committee to all other members, by notice in accordance with these Articles. The remaining
                                            provisions of these Articles relating to the conduct of the business of the Board of Directors
                                            shall apply to meetings of the Executive Committee <I>mutatis mutandis</I>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(c)</TD><TD STYLE="text-align: justify">At all times whenever the Board of Directors
                                            is not in session, the Executive Committee shall have and may exercise all of the powers
                                            of said Board of Directors in the management of the business and affairs of the Company,
                                            except as limited by the Act and provided that the Executive Committee shall not permitted
                                            to exercise the authority of the Board of Directors to:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 34.3pt">(i)</TD><TD STYLE="text-align: justify">issue and allot or otherwise grant options
                                            issue warrants or grant other rights in respect of the Company&rsquo;s Shares pursuant to
                                            the provisions of Article&nbsp;8, or to designate class of Share pursuant to Article&nbsp;9;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 34.3pt">(ii)</TD><TD STYLE="text-align: justify">declare dividends;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 34.3pt">(iii)</TD><TD STYLE="text-align: justify">approve any merger or consolidation
                                            pursuant to the provisions of Part&nbsp;XVI of the Act;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 34.3pt">(iv)</TD><TD STYLE="text-align: justify">approve any contract or transaction between
                                            the Company and one or more of its Directors, or between the Company and any other Person
                                            in which one or more of its Directors are Directors or have a material financial interest.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DIVIDENDS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">129.</TD><TD STYLE="text-align: justify">Subject to any rights and restrictions
                                            for the time being attached to any Shares, or as otherwise provided for in the Act and these
                                            Articles, the Directors may from time to time declare dividends (including interim dividends)
                                            and other distributions on Shares in issue and authorise payment of the same out of the funds
                                            of the Company lawfully available therefor. Notwithstanding the foregoing, without the prior
                                            approval of the majority of the Non-Affiliated Directors of the Board, the Company shall
                                            not declare any dividend or other distribution on the Shares in issue other than (i)&nbsp;pro
                                            rata to the number of Shares or (ii)&nbsp;in respect of the Class&nbsp;A Shares only on a
                                            pro rata basis.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">130.</TD><TD STYLE="text-align: justify">Subject to any rights and restrictions
                                            for the time being attached to any Shares, the Company by Ordinary Resolution may declare
                                            dividends, but no dividend shall exceed the amount recommended by the Directors.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">131.</TD><TD STYLE="text-align: justify">The Directors may, before recommending
                                            or declaring any dividend, set aside out of the funds legally available for distribution
                                            such sums as they think proper as a reserve or reserves which shall, in the absolute discretion
                                            of the Directors be applicable for meeting contingencies, or for equalising dividends or
                                            for any other purpose to which those funds may be properly applied and pending such application
                                            may in the absolute discretion of the Directors, either be employed in the business of the
                                            Company or be invested in such investments as the Directors may from time to time think fit.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">132.</TD><TD STYLE="text-align: justify">Any dividend may be paid in any manner
                                            as the Directors may determine. If paid by cheque it will be sent through the post to the
                                            registered address of the Shareholder or Person entitled thereto, or in the case of joint
                                            holders, to any one of such joint holders at his registered address or to such Person and
                                            such address as the Shareholder or Person entitled, or such joint holders as the case may
                                            be, may direct. Every such cheque shall be made payable to the order of the Person to whom
                                            it is sent or to the order of such other Person as the Shareholder or Person entitled, or
                                            such joint holders as the case may be, may direct.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">133.</TD><TD STYLE="text-align: justify">The Directors when paying dividends to
                                            the Shareholders in accordance with the foregoing provisions of these Articles may make such
                                            payment either in cash or in specie.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">134.</TD><TD STYLE="text-align: justify">Subject to any rights and restrictions
                                            for the time being attached to any Shares, all dividends shall be declared and paid according
                                            to the amounts paid up on the Shares, but if and for so long as nothing is paid up on any
                                            of the Shares dividends may be declared and paid according to the par value of the Shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">135.</TD><TD STYLE="text-align: justify">If several Persons are registered as
                                            joint holders of any Share, any of them may give effectual receipts for any dividend or other
                                            moneys payable on or in respect of the Share.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">136.</TD><TD STYLE="text-align: justify">No dividend shall bear interest against
                                            the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ACCOUNTS, AUDIT AND ANNUAL RETURN AND DECLARATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">137.</TD><TD STYLE="text-align: justify">The books of account relating to the
                                            Company&rsquo;s affairs shall be kept in such manner as may be determined from time to time
                                            by the Directors.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">138.</TD><TD STYLE="text-align: justify">The books of account shall be kept at
                                            the Office, or at such other place or places as the Directors think fit, and shall always
                                            be open to the inspection of the Directors.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">139.</TD><TD STYLE="text-align: justify">The Directors may from time to time determine
                                            whether and to what extent and at what times and places and under what conditions or regulations
                                            the accounts and books of the Company or any of them shall be open to the inspection of Shareholders
                                            not being Directors, and no Shareholder (not being a Director) shall have any right of inspecting
                                            any account or book or document of the Company except as conferred by law or authorised by
                                            the Directors or by Ordinary Resolution.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">140.</TD><TD STYLE="text-align: justify">The accounts relating to the Company&rsquo;s
                                            affairs shall only be audited if the Directors so determine, in which case the financial
                                            year end and the accounting principles will be determined by the Directors. The financial
                                            year of the Company shall end on 30 June&nbsp;of each year or such other date as the Directors
                                            may determine.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">141.</TD><TD STYLE="text-align: justify">The Directors in each year shall prepare,
                                            or cause to be prepared, an annual return and declaration setting forth the particulars required
                                            by the Act and deliver a copy thereof to the Registrar of Companies in the Cayman Islands.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CAPITALISATION OF RESERVES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">142.</TD><TD STYLE="text-align: justify">Subject to the Act and these Articles,
                                            the Directors may:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(a)</TD><TD STYLE="text-align: justify">resolve to capitalise an amount standing
                                            to the credit of reserves (including a Share Premium Account, capital redemption reserve
                                            and profit and loss account), whether or not available for distribution;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(b)</TD><TD STYLE="text-align: justify">appropriate the sum resolved to be capitalised
                                            to the Shareholders in proportion to the nominal amount of Shares (whether or not fully paid)
                                            held by them respectively and apply that sum on their behalf in or towards:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 34.3pt">(i)</TD><TD STYLE="text-align: justify">paying up the amounts (if any) for the
                                            time being unpaid on Shares held by them respectively, or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 34.3pt">(ii)</TD><TD STYLE="text-align: justify">paying up in full unissued Shares or
                                            debentures of a nominal amount equal to that sum,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">and allot the Shares or debentures, credited
as fully paid, to the Shareholders (or as they may direct) in those proportions, or partly in one way and partly in the other, but the
Share Premium Account, the capital redemption reserve and profits which are not available for distribution may, for the purposes of this
Article, only be applied in paying up unissued Shares to be allotted to Shareholders credited as fully paid;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(c)</TD><TD STYLE="text-align: justify">make any arrangements they think fit to
                                            resolve a difficulty arising in the distribution of a capitalised reserve and in particular,
                                            without limitation, where Shares or debentures become distributable in fractions the Directors
                                            may deal with the fractions as they think fit;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(d)</TD><TD STYLE="text-align: justify">authorise a Person to enter (on behalf
                                            of all the Shareholders concerned) into an agreement with the Company providing for either:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 34.3pt">(i)</TD><TD STYLE="text-align: justify">the allotment to the Shareholders respectively,
                                            credited as fully paid, of Shares or debentures to which they may be entitled on the capitalisation,
                                            or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 34.3pt">(ii)</TD><TD STYLE="text-align: justify">the payment by the Company on behalf
                                            of the Shareholders (by the application of their respective proportions of the reserves resolved
                                            to be capitalised) of the amounts or part of the amounts remaining unpaid on their existing
                                            Shares,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">and any such agreement made under this
authority being effective and binding on all those Shareholders; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(e)</TD><TD STYLE="text-align: justify">generally do all acts and things required
                                            to give effect to any of the actions contemplated by this Article.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SHARE PREMIUM ACCOUNT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">143.</TD><TD STYLE="text-align: justify">The Directors shall in accordance with
                                            the Act establish a Share Premium Account and shall carry to the credit of such account from
                                            time to time a sum equal to the amount or value of the premium paid on the issue of any Share.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">144.</TD><TD STYLE="text-align: justify">There shall be debited to any Share Premium
                                            Account on the redemption or purchase of a Share the difference between the nominal value
                                            of such Share and the redemption or purchase price provided always that at the discretion
                                            of the Directors such sum may be paid out of the profits of the Company or, if permitted
                                            by the Act, out of capital.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTICES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">145.</TD><TD STYLE="text-align: justify">Any notice or document may be served
                                            by the Company or by the Person entitled to give notice to any Shareholder either personally,
                                            or by posting it airmail or air courier service in a prepaid letter addressed to such Shareholder
                                            at his address as appearing in the Register, or by electronic mail to any electronic mail
                                            address such Shareholder may have specified in writing for the purpose of such service of
                                            notices, or by facsimile should the Directors deem it appropriate. In the case of joint holders
                                            of a Share, all notices shall be given to that one of the joint holders whose name stands
                                            first in the Register in respect of the joint holding, and notice so given shall be sufficient
                                            notice to all the joint holders.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">146.</TD><TD STYLE="text-align: justify">Any Shareholder present, either personally
                                            or by proxy, at any meeting of the Company shall for all purposes be deemed to have received
                                            due notice of such meeting and, where requisite, of the purposes for which such meeting was
                                            convened.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">147.</TD><TD STYLE="text-align: justify">Any notice or other document, if served
                                            by:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(a)</TD><TD STYLE="text-align: justify">post, shall be deemed to have been served
                                            five clear days after the time when the letter containing the same is posted;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(b)</TD><TD STYLE="text-align: justify">facsimile, shall be deemed to have been
                                            served upon production by the transmitting facsimile machine of a report confirming transmission
                                            of the facsimile in full to the facsimile number of the recipient;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(c)</TD><TD STYLE="text-align: justify">recognised courier service, shall be deemed
                                            to have been served 48 hours after the time when the letter containing the same is delivered
                                            to the courier service; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(d)</TD><TD STYLE="text-align: justify">electronic mail, shall be deemed to have
                                            been served immediately upon the time of the transmission by electronic mail.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In proving service by post or courier
service it shall be sufficient to prove that the letter containing the notice or documents was properly addressed and duly posted or
delivered to the courier service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">148.</TD><TD STYLE="text-align: justify">Any notice or document delivered or sent
                                            by post to or left at the registered address of any Shareholder in accordance with the terms
                                            of these Articles shall notwithstanding that such Shareholder be then dead or bankrupt, and
                                            whether or not the Company has notice of his death or bankruptcy, be deemed to have been
                                            duly served in respect of any Share registered in the name of such Shareholder as sole or
                                            joint holder, unless his name shall at the time of the service of the notice or document,
                                            have been removed from the Register as the holder of the Share, and such service shall for
                                            all purposes be deemed a sufficient service of such notice or document on all Persons interested
                                            (whether jointly with or as claiming through or under him) in the Share.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">149.</TD><TD STYLE="text-align: justify">Notice of every general meeting of the
                                            Company shall be given to:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(a)</TD><TD STYLE="text-align: justify">all Shareholders holding Shares with the
                                            right to receive notice and who have supplied to the Company an address for the giving of
                                            notices to them; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(b)</TD><TD STYLE="text-align: justify">every Person entitled to a Share in consequence
                                            of the death or bankruptcy of a Shareholder, who but for his death or bankruptcy would be
                                            entitled to receive notice of the meeting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">No other Person shall be entitled to
receive notices of general meetings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INDEMNITY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">150.</TD><TD STYLE="text-align: justify">Every Director (including for the purposes
                                            of this Article&nbsp;any alternate Director appointed pursuant to the provisions of these
                                            Articles), Secretary, assistant Secretary, or other officer for the time being and from time
                                            to time of the Company (but not including the Company&rsquo;s auditors) and the personal
                                            representatives of the same (each an &ldquo;<B>Indemnified Person</B>&rdquo;) shall be indemnified
                                            and secured harmless against all actions, proceedings, costs, charges, expenses, losses,
                                            damages or liabilities incurred or sustained by such Indemnified Person, other than by reason
                                            of such Indemnified Person&rsquo;s own dishonesty, wilful default or fraud, in or about the
                                            conduct of the Company&rsquo;s business or affairs (including as a result of any mistake
                                            of judgment) or in the execution or discharge of his duties, powers, authorities or discretions,
                                            including without prejudice to the generality of the foregoing, any costs, expenses, losses
                                            or liabilities incurred by such Indemnified Person in defending (whether successfully or
                                            otherwise) any civil proceedings concerning the Company or its affairs in any court whether
                                            in the Cayman Islands or elsewhere.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">151.</TD><TD STYLE="text-align: justify">No Indemnified Person shall be liable:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(a)</TD><TD STYLE="text-align: justify">for the acts, receipts, neglects, defaults
                                            or omissions of any other Director or officer or agent of the Company; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(b)</TD><TD STYLE="text-align: justify">for any loss on account of defect of title
                                            to any property of the Company; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(c)</TD><TD STYLE="text-align: justify">on account of the insufficiency of any
                                            security in or upon which any money of the Company shall be invested; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(d)</TD><TD STYLE="text-align: justify">for any loss incurred through any bank,
                                            broker or other similar Person; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(e)</TD><TD STYLE="text-align: justify">for any loss occasioned by any negligence,
                                            default, breach of duty, breach of trust, error of judgement or oversight on such Indemnified
                                            Person&rsquo;s part; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(f)</TD><TD STYLE="text-align: justify">for any loss, damage or misfortune whatsoever
                                            which may happen in or arise from the execution or discharge of the duties, powers, authorities,
                                            or discretions of such Indemnified Person&rsquo;s office or in relation thereto;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">unless the same shall happen through
such Indemnified Person&rsquo;s own dishonesty, wilful default or fraud.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NON-RECOGNITION OF TRUSTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">152.</TD><TD STYLE="text-align: justify">Subject to the proviso hereto, no Person
                                            shall be recognised by the Company as holding any Share upon any trust and the Company shall
                                            not, unless required by law, be bound by or be compelled in any way to recognise (even when
                                            having notice thereof) any equitable, contingent, future or partial interest in any Share
                                            or (except only as otherwise provided by these Articles or as the Act requires) any other
                                            right in respect of any Share except an absolute right to the entirety thereof in each Shareholder
                                            registered in the Register, provided that, notwithstanding the foregoing, the Company shall
                                            be entitled to recognise any such interests as shall be determined by the Directors.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WINDING UP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">153.</TD><TD STYLE="text-align: justify">If the Company shall be wound up the
                                            liquidator shall apply the assets of the Company in such manner and order as he thinks fit
                                            in satisfaction of creditors&rsquo; claims.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">154.</TD><TD STYLE="text-align: justify">If the Company shall be wound up, the
                                            liquidator may, with the sanction of an Ordinary Resolution divide amongst the Shareholders
                                            in specie or kind the whole or any part of the assets of the Company (whether they shall
                                            consist of property of the same kind or not) and may, for such purpose set such value as
                                            he deems fair upon any property to be divided as aforesaid and may determine how such division
                                            shall be carried out as between the Shareholders or different Classes. The liquidator may,
                                            with the like sanction, vest the whole or any part of such assets in trustees upon such trusts
                                            for the benefit of the Shareholders as the liquidator, with the like sanction shall think
                                            fit, but so that no Shareholder shall be compelled to accept any assets whereon there is
                                            any liability.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMENDMENT OF ARTICLES OF ASSOCIATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">155.</TD><TD STYLE="text-align: justify">Subject to the Act and the rights attaching
                                            to the various Classes, the Company may at any time and from time to time by Special Resolution
                                            alter or amend these Articles in whole or in part.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CLOSING OF REGISTER OR FIXING RECORD DATE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">156.</TD><TD STYLE="text-align: justify">For the purpose of determining those
                                            Shareholders that are entitled to receive notice of, attend or vote at any meeting of Shareholders
                                            or any adjournment thereof, or those Shareholders that are entitled to receive payment of
                                            any dividend, or in order to make a determination as to who is a Shareholder for any other
                                            purpose, the Directors may provide that the Register shall be closed for transfers for a
                                            stated period which shall not exceed in any case 40 days. If the Register shall be so closed
                                            for the purpose of determining those Shareholders that are entitled to receive notice of,
                                            attend or vote at a meeting of Shareholders the Register shall be so closed for at least
                                            ten days immediately preceding such meeting and the record date for such determination shall
                                            be the date of the closure of the Register.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">157.</TD><TD STYLE="text-align: justify">In lieu of or apart from closing the
                                            Register, the Directors may fix in advance a date as the record date for any such determination
                                            of those Shareholders that are entitled to receive notice of, attend or vote at a meeting
                                            of the Shareholders and for the purpose of determining those Shareholders that are entitled
                                            to receive payment of any dividend the Directors may, at or within 90 days prior to the date
                                            of declaration of such dividend, fix a subsequent date as the record date for such determination.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">158.</TD><TD STYLE="text-align: justify">If the Register is not so closed and
                                            no record date is fixed for the determination of those Shareholders entitled to receive notice
                                            of, attend or vote at a meeting of Shareholders or those Shareholders that are entitled to
                                            receive payment of a dividend, the date on which notice of the meeting is posted or the date
                                            on which the resolution of the Directors declaring such dividend is adopted, as the case
                                            may be, shall be the record date for such determination of Shareholders. When a determination
                                            of those Shareholders that are entitled to receive notice of, attend or vote at a meeting
                                            of Shareholders has been made as provided in this Article, such determination shall apply
                                            to any adjournment thereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION BY WAY OF CONTINUATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">159.</FONT></TD><TD STYLE="text-align: justify">The
                                            Company may by Special Resolution resolve to be registered by way of continuation in a jurisdiction
                                            outside the Cayman Islands or such other jurisdiction in which it is for the time being incorporated,
                                            registered or existing. In furtherance of a resolution adopted pursuant to this Article,
                                            the Directors may cause an application to be made to the Registrar of Companies to deregister
                                            the Company in the Cayman Islands or such other jurisdiction in which it is for the time
                                            being incorporated, registered or existing and may cause all such further steps as they consider
                                            appropriate to be taken to effect the transfer by way of continuation of the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>MERGERS AND CONSOLIDATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">160.</TD><TD STYLE="text-align: justify">The Company may by Special Resolution
                                            resolve to merge or consolidate the Company in accordance with the Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DISCLOSURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">161.</TD><TD STYLE="text-align: justify">The Directors, or any authorised service
                                            providers (including the officers, the Secretary and the registered office agent of the Company),
                                            shall be entitled to disclose to any regulatory or judicial authority, or to any stock exchange
                                            on which the Shares may from time to time be listed, any information regarding the affairs
                                            of the Company including, without limitation, information contained in the Register and books
                                            of the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>tm2333645d9_ex99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.2</B></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT><B><I>Execution
Version</I></B></FONT></P>


<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION RIGHTS AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This REGISTRATION RIGHTS AGREEMENT
(this &ldquo;<U>Agreement</U>&rdquo;), dated as of February&nbsp;20, 2024, is entered into by and among Manchester United plc, an exempted
company with limited liability incorporated under the Companies Law (as amended) of the Cayman Islands (the &ldquo;<U>Company</U>&rdquo;),
the other signatories to this Agreement whose names are on the signature pages&nbsp;hereto (collectively, the &ldquo;<U>Investors</U>&rdquo;),
and all other Persons that, from time to time, hereafter become signatories hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to, and in consideration
of the obligations of the Company and the Investors under that certain transaction agreement (the &ldquo;<U>Transaction Agreement</U>&rdquo;),
dated as of December&nbsp;24, 2023, by and among the Company, the holders of the Company&rsquo;s Class&nbsp;B ordinary shares, par value
$0.0005 per share (collectively, the &ldquo;<U>Class&nbsp;B Ordinary Shares</U>&rdquo;), identified therein and Trawlers Limited, a company
limited by shares incorporated under the Isle of Man&rsquo;s Companies Act 2006 with company number 021222V (&ldquo;<U>Trawlers</U>&rdquo;),
which is an entity solely owned by Sir Jim Ratcliffe, the promises, mutual covenants and agreements hereinafter contained, and for other
good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>ARTICLE&nbsp;I</B></FONT><B><BR>
DEFINITIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1.1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Definitions.
</U>In addition to the definitions set forth above, the following terms, as used herein, have the following meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Affiliate</U>&rdquo;
means, with respect to any specified Person, any Person that directly or through one or more intermediaries controls or is controlled
by or is under common control with the specified Person. As used in this definition, the term &ldquo;control&rdquo; means the possession,
directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership
of voting securities, by contract or otherwise, and the possession, directly or indirectly, of 50% or more of the voting power of the
equity issued by any Person shall be deemed to constitute such control; <U>provided</U>, that the Company and each of its subsidiaries
shall be deemed not to be Affiliates of any Investor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Agreement</U>&rdquo;
has the meaning set forth in the introductory paragraph hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Articles</U>&rdquo;
means the amended and restated memorandum and articles of association of the Company, as amended and/or restated from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Block Sale</U>&rdquo;
means an Underwritten Public Offering not involving any &ldquo;road show&rdquo; or other substantial marketing efforts by the Underwriters,
which is commonly known as a &ldquo;block trade.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Board of Directors</U>&rdquo;
means the board of directors of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Business Day</U>&rdquo;
means any day that is not a Saturday, a Sunday or other day on which banks are required by law to be closed in the City of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Class&nbsp;A Ordinary
Shares</U>&rdquo; means the Class&nbsp;A ordinary shares of the Company, par value $0.0005 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Class&nbsp;B Ordinary
Shares</U>&rdquo; has the meaning set forth in the introductory paragraph hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Closing Date</U>&rdquo;
means the date of the Closing as defined in the Transaction Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Company</U>&rdquo;
has the meaning set forth in the introductory paragraph hereof; <U>provided</U>, that all references to the Company in this Agreement
shall be deemed to include the Company, any corporate successor to the Company by way of conversion, the parent of the Company, or any
of their respective subsidiaries, and, in such case, such other Person shall be deemed to have assumed the rights and obligations of the
Company hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Company Indemnitee</U>&rdquo;
has the meaning set forth in <U>SECTION&nbsp;2.9</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Damages</U>&rdquo;
means, with respect to any Person, any actual losses, judgments, damages, fines, costs, taxes, penalties, fines or expenses (including
interest, penalties, reasonable attorneys&rsquo; and other professionals&rsquo; fees and expenses, and court costs) against or affecting
such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Demand Maximum Offering
Size</U>&rdquo; has the meaning set forth in <U>SECTION&nbsp;2.1(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Demand Notice</U>&rdquo;
has the meaning set forth in <U>SECTION&nbsp;2.1(c)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Demand Registration</U>&rdquo;
has the meaning set forth in <U>SECTION&nbsp;2.1(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Demand Registration
Statement</U>&rdquo; has the meaning set forth in <U>SECTION&nbsp;2.1(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Demand Request</U>&rdquo;
has the meaning set forth in <U>SECTION&nbsp;2.1(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Demand Suspension</U>&rdquo;
has the meaning set forth in <U>SECTION&nbsp;2.1(f)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Equity Securities</U>&rdquo;
means ordinary shares, preferred shares or other equity securities of the Company, including any security, convertible security, exercisable
warrant, option or other similar instrument conveying rights with respect to equity securities of the Company, including the Ordinary
Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Exchange Act</U>&rdquo;
means the U.S. Securities Exchange Act of 1934, as amended from time to time, or any successor federal law then in force, together with
all rules&nbsp;and regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Excluded Registration</U>&rdquo;
means a registration under the Securities Act of securities registered on Form&nbsp;F-4 (or, if the Company does not then meet the requirements
for use of such form, Form&nbsp;S-4) or Form&nbsp;S-8 or any successor forms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>FINRA</U>&rdquo;
means Financial Industry Regulatory Authority,&nbsp;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Glazer Party</U>&rdquo;
has the meaning set forth in the Articles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Glazer Parties&rsquo;
Majority</U>&rdquo; has the meaning set forth in the Governance Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Governance Agreement</U>&rdquo;
means the governance agreement entered into between the Company, Trawlers, and the Sellers (as defined therein) on December&nbsp;24, 2023
(as amended and/or restated from time to time).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Holders</U>&rdquo;
means the Investors and the other Persons that, from time to time, hereafter become parties to this Agreement pursuant to <U>SECTION&nbsp;3.5</U>
and who, in each case, then hold Registrable Securities under this Agreement, and &ldquo;<U>Holder</U>&rdquo; means each of the Holders,
individually.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Indemnified Party</U>&rdquo;
means, with respect to a Person, such Person and each shareholder, member, limited or general partner of such Person, each shareholder,
member, limited or general partner of each such shareholder, member, limited or general partner, each of their respective Affiliates,
officers, directors, shareholders, employees, advisors and agents and each Person who controls such Persons within the meaning of either
Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Indemnifying Party</U>&rdquo;
means an Indemnifying Party as defined in <U>SECTION&nbsp;2.8</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Inspectors</U>&rdquo;
has the meaning set forth in <U>SECTION&nbsp;2.5(g)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Investors</U>&rdquo;
has the meaning set forth in the introductory paragraph hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Issuer Free Writing
Prospectus</U>&rdquo; means an issuer free writing prospectus, as defined in Rule&nbsp;433 under the Securities Act, relating to an offer
of Registrable Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Non-Party Affiliates</U>&rdquo;
has the meaning set forth in <U>SECTION&nbsp;3.13</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Ordinary Shares</U>&rdquo;
means, collectively, the Class&nbsp;A Ordinary Shares and Class&nbsp;B Ordinary Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Permitted Transferee</U>&rdquo;
means (x)&nbsp;in the case of a Glazer Party, a Permitted Transferee of a Glazer Party, and (y)&nbsp;in the case of a Trawlers Party,
a Permitted Transferee of a Trawlers Party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Permitted Transferee
of a Glazer Party</U>&rdquo; has the meaning set forth in the Articles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Permitted Transferee
of a Trawlers Party</U>&rdquo; has the meaning set forth in the Articles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Person</U>&rdquo;
means any individual, partnership, corporation, company, association, trust, joint venture, limited liability company, unincorporated
organization, entity or division, or any government, governmental department or agency or political subdivision thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Piggyback Maximum
Offering Size</U>&rdquo; has the meaning set forth in <U>SECTION&nbsp;2.3(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Piggyback Registration</U>&rdquo;
has the meaning set forth in <U>SECTION&nbsp;2.3(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Piggyback Notice</U>&rdquo;
has the meaning set forth in <U>SECTION&nbsp;2.3(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Piggyback Seller</U>&rdquo;
has the meaning set forth in <U>SECTION&nbsp;2.3(a).</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Prospectus</U>&rdquo;
means (i)&nbsp;the prospectus included in any registration statement, all amendments and supplements to such prospectus, including post-effective
amendments and supplements, and all other material incorporated by reference in such prospectus, and (ii)&nbsp;any Issuer Free Writing
Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Public Offering</U>&rdquo;
means the offer and sale of Registrable Securities for cash pursuant to an effective registration statement under the Securities Act (other
than a registration statement on Form&nbsp;F-4 (or, if the Company does not then meet the requirements for use of such form, Form&nbsp;S-4)
or Form&nbsp;S-8 or any successor form).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Records</U>&rdquo;
has the meaning set forth in <U>SECTION&nbsp;2.5(g).</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Registrable
Securities</U>&rdquo;</FONT> means any Class&nbsp;A Ordinary Shares beneficially owned by or otherwise issuable to any Holder from time
to time, including any Class&nbsp;A Ordinary Shares issuable upon conversion of Class&nbsp;B Ordinary Shares; and excluding, in all cases,
however, any Registrable Securities sold by a Person in a transaction in which the applicable rights under this Agreement are not assigned
pursuant to <U>SECTION&nbsp;3.5</U>. As to any particular Registrable Securities, such securities shall cease to be Registrable Securities
when (w)&nbsp;a registration statement with respect to the sale of such securities shall have become effective under the Securities Act
and such securities shall have been disposed of in accordance with such registration statement, (x)&nbsp;such securities shall have been
sold to the public pursuant to Rule&nbsp;144, (y)&nbsp;such securities shall have been repurchased by the Company or a subsidiary of the
Company, or (z)&nbsp;both (1)&nbsp;such securities may be disposed of pursuant to Rule&nbsp;144 in a single transaction without volume
limitation or other restrictions on transfer thereunder and (2)&nbsp;the Holder of such Registrable Securities, with its Affiliates, beneficially
owns less than 5% of the Class&nbsp;A Ordinary Shares. Notwithstanding anything to the contrary set forth herein, if a Holder and/or its
Affiliates then hold Class&nbsp;B Ordinary Shares, then each Class&nbsp;B Ordinary Share will be deemed to have a value equal to the value
of one Class&nbsp;A Ordinary Share for all purposes under this Agreement; <U>provided</U>, it is understood and agreed that under no circumstances
will the Company be obligated to register any Class&nbsp;B Ordinary Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Registration
Expenses</U>&rdquo; means any and all expenses incident to the performance of or compliance with this Agreement (including any registration
or marketing of securities) including, but not limited to, all (i)&nbsp;registration and filing fees, and all other fees and expenses
payable in connection with the listing of securities on any securities exchange or automated interdealer quotation system, (ii)&nbsp;fees
and expenses of compliance with any securities or &ldquo;blue sky&rdquo; laws (including fees and disbursements of counsel in connection
with &ldquo;blue sky&rdquo; qualifications of the securities registered), (iii)&nbsp;expenses in connection with the preparation, printing,
mailing and delivery of any registration statements, Prospectuses and other documents in connection therewith and any amendments or supplements
thereto, (iv)&nbsp;security engraving and printing expenses, (v)&nbsp;internal expenses of the Company (including all salaries and expenses
of its officers and employees performing legal or accounting duties), (vi)&nbsp;fees and disbursements of counsel for the Company and
customary fees and expenses for independent certified public accountants retained by the Company (including the expenses relating to any
comfort letters or costs associated with the delivery by independent certified public accountants of any comfort letters to be provided
pursuant to <U>SECTION&nbsp;2.5(h)</U>, (vii)&nbsp;fees and expenses of any special experts retained by the Company in connection with
such registration, (viii)&nbsp;</FONT>reasonable and documented fees and disbursements of one firm of legal counsel to represent all of
the Holders participating in any such registration (which counsel shall be chosen by the Holders of a majority of the Registrable Securities
included in the applicable offering), (viii)&nbsp;Securities Act liability insurance or similar insurance if the Company so desires or
the Underwriters so require in accordance with then-customary underwriting practice, (ix)&nbsp;transfer agents&rsquo; and registrars&rsquo;
fees and expenses and the fees and expenses of any other agent or trustee appointed in connection with the offering, sale or delivery
of the Registrable Securities, (x)&nbsp;expenses relating to any analyst or investor presentations or any &ldquo;road shows&rdquo; undertaken
in connection with the registration, marketing or selling of the Registrable Securities, including travel expenses for representatives
of the Company in connection therewith, and (xi)&nbsp;fees and expenses payable in connection with any ratings of the Registrable Securities,
including expenses relating to any presentations to rating agencies. The Company shall not be required to pay any fees or disbursements
to any Underwriters not customarily paid by the issuers of securities in an offering similar to the applicable offering, including underwriting
discounts and commissions and transfer taxes, if any, attributable to the sale of Registrable Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Relevant Agreements
and Documents</U>&rdquo; has the meaning set forth in <U>SECTION&nbsp;3.10</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Requesting Holders</U>&rdquo;
has the meaning set forth in <U>SECTION&nbsp;2.1(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Rule&nbsp;144</U>&rdquo;
means Rule&nbsp;144 promulgated under the Securities Act, as amended from time to time, or any successor rule&nbsp;thereto that may be
promulgated by the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>SEC</U>&rdquo; means
the U.S. Securities and Exchange Commission or any successor agency having jurisdiction under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Securities Act</U>&rdquo;
means the Securities Act of 1933, as amended, and any successor thereto, and any rules&nbsp;and regulations promulgated thereunder, all
as the same shall be in effect from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Selling
Shareholder Information</U>&rdquo; </FONT>has the meaning set forth in SECTION&nbsp;2.7(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Shelf Maximum Offering
Size</U>&rdquo; has the meaning set forth in SECTION&nbsp;2.2(e).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Shelf Registration
Statement</U>&rdquo; has the meaning set forth in <U>SECTION&nbsp;2.2(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Shelf Suspension</U>&rdquo;
has the meaning set forth in <U>SECTION&nbsp;2.2(d)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Shelf Takedown</U>&rdquo;
has the meaning set forth in <U>SECTION&nbsp;2.2(c)(i)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Shelf Takedown Offer
Notice</U>&rdquo; has the meaning set forth in <U>SECTION&nbsp;2.2(c)(ii)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Shelf Takedown Request</U>&rdquo;
has the meaning set forth in <U>SECTION&nbsp;2.2(c)(i)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Takedown Holder</U>&rdquo;
has the meaning set forth in <U>SECTION&nbsp;2.2(c)(i)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Transfer</U>&rdquo;
means, with respect to any Registrable Security, any interest therein, or any other securities or equity interests relating thereto, a
direct or indirect transfer, sale, exchange, assignment, pledge, hypothecation or other encumbrance or other disposition thereof, including
the grant of an option or other right, whether directly or indirectly, whether voluntarily, involuntarily, by operation of law, pursuant
to judicial process or otherwise. &ldquo;<U>Transferred</U>&rdquo; shall have a correlative meaning.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Trawlers Parties&rsquo; Representative</U>&rdquo;
has the meaning set forth in the Governance Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Trawlers Party</U>&rdquo; has the meaning
set forth in the Articles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Underwritten Public Offering</U>&rdquo;
means an underwritten Public Offering, including any bought deal or Block Sale to a financial institution conducted as an underwritten
Public Offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Underwritten Shelf
Takedown</U>&rdquo; means an Underwritten Public Offering pursuant to an effective Shelf Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Underwriter</U>&rdquo;
means a securities dealer who purchases any Registrable Securities as principal and not as part of such dealer&rsquo;s market-making activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1.2.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Other
Definitional and Interpretative Matters</U>. Unless otherwise expressly provided or the context otherwise requires, for purposes of this
Agreement, the following rules&nbsp;of interpretation apply:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Calculation
of Time Period</U>. When calculating the period of time before which, within which or following which any act is to be done or step taken
pursuant to this Agreement, the date that is the reference date in calculating such period is excluded. If the last day of such period
is a non-Business Day, the period in question ends on the next succeeding Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Exhibits
and Schedules</U>. The Exhibits and Schedules to this Agreement are hereby incorporated and made a part hereof as if set forth in full
in this Agreement and are an integral part of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Gender
and Number</U>. Unless the context otherwise requires, any reference in this Agreement to gender includes all genders, and words imparting
the singular number only, include the plural and vice versa.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Headings</U>.
The division of this Agreement into Articles, Sections and other subdivisions and the insertion of headings are for convenience of reference
only and do not alter the meaning of, or affect the construction or interpretation of, this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Article,
Section&nbsp;and Similar References</U>. Unless the context otherwise requires, all references in this Agreement to any &ldquo;Article,&rdquo;
 &ldquo;Section&rdquo; or &ldquo;Exhibit&rdquo; are to the corresponding Article, Section&nbsp;or Exhibit&nbsp;of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Hereby
and Similar Words</U>. Unless the context otherwise requires, the words &ldquo;hereby,&rdquo; &ldquo;herein,&rdquo; &ldquo;hereinafter,&rdquo;
 &ldquo;hereof,&rdquo; and &ldquo;hereunder&rdquo; refer to this Agreement as a whole and not merely to the provision in which such words
appear.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Including</U>.
The word &ldquo;including,&rdquo; or any variation thereof, means &ldquo;including, without limitation&rdquo; and does not limit any general
statement that it follows to the specific or similar items or matters immediately following it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Parties
to this Agreement</U>. Any reference in this Agreement to the &ldquo;parties&rdquo; to this Agreement means the signatories to this Agreement
and their heirs, successors, legal representatives and permitted assigns, and does not include any third party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>ARTICLE&nbsp;II</B></FONT><B><BR>
REGISTRATION RIGHTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company will perform and
comply, and cause each of its subsidiaries to perform and comply, with such of the following provisions as are applicable to it and them.
Each Holder will perform and comply with such of the following provisions as are applicable to such Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;2.1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Demand
Registration</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Request
for Demand Registration</U>. Except as otherwise provided in this Agreement, and subject to the Governance Agreement, at any time and
from time to time, any Holder or group of Holders (the &ldquo;<U>Requesting Holders</U>&rdquo;) may request in writing (such request,
a &ldquo;<U>Demand Request</U>&rdquo;) that the Company effect the registration under the Securities Act of all or any portion of the
Requesting Holders&rsquo; Registrable Securities (such registration, a &ldquo;<U>Demand Registration</U>&rdquo;). Each Demand Request
shall specify (x)&nbsp;the kind and aggregate amount of Registrable Securities to be registered, and (y)&nbsp;the intended method or methods
of disposition of the Registrable Securities, including pursuant to an Underwritten Public Offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Demand
Registration Statement</U>. Upon receipt of such Demand Request, if the Company has not already caused such Registrable Securities to
be registered on a Shelf Registration Statement that the Company then has on file with, and which has been declared effective by, the
SEC and that remains in effect and not subject to any stop order, injunction or other order or requirement of the SEC (in which event
the Company shall be deemed to have satisfied its registration obligation under this <U>SECTION&nbsp;2.1</U>), the Company shall as promptly
as reasonably practicable file a registration statement (a &ldquo;<U>Demand Registration Statement</U>&rdquo;) with the SEC relating to
such Demand Registration, and use commercially reasonable efforts to cause such Demand Registration Statement to be declared effective
under the Securities Act as promptly as reasonably practicable. Notwithstanding anything to the contrary set forth herein, the Company
shall not be obligated to effect a Demand Registration at any time there is an effective Shelf Registration Statement on file with the
SEC pursuant to <U>SECTION&nbsp;2.2</U> that has registered the Registrable Securities subject to such Demand Request, or if a Piggyback
Registration was effected or an Underwritten Shelf Takedown was consummated within the preceding ninety (90) days.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Demand
Notice</U>. Upon receipt of a Demand Request, if the Company is then obligated to effect a Demand Registration pursuant to <U>SECTION&nbsp;2.1(b)</U>,
the Company shall give notice (a &ldquo;<U>Demand Notice</U>&rdquo;) of such Demand Registration within five (5)&nbsp;Business Days to
all other Holders, which Demand Notice shall offer each such Holder the opportunity to include in the Demand Registration that number
of Registrable Securities as each such Holder may request in writing. Subject to <U>SECTION&nbsp;2.1(g)</U>, the Company shall include
in the Demand Registration all such Registrable Securities with respect to which the Company has received written requests for inclusion
therein within three (3)&nbsp;Business Days after the date the Demand Notice was given; <U>provided</U>, that no Holder may participate
in any Demand Registration pursuant to this <U>SECTION&nbsp;2.1</U> unless such Holder agrees to sell their Registrable Securities to
the Underwriters (if any) selected as provided in <U>SECTION&nbsp;2.5(e)</U>&nbsp;on the same terms and conditions as apply to the Requesting
Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Demand
Withdrawal</U>. At any time prior to the effective date of any Demand Registration Statement, any Requesting Holder may choose to withdraw
from such Demand Registration all or any portion of its Registrable Securities included in such Demand Registration without liability
to the Company or any of the other Holders of Registrable Securities registered thereunder by giving written notice to the Company revoking
or reducing such participation. Upon receipt of a notice to such effect with respect to all of the Registrable Securities included in
such Demand Registration by the Requesting Holder(s), the Company shall be entitled to cease all efforts to secure effectiveness of the
applicable Demand Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Effective
Registration</U>. The Company shall use commercially reasonable efforts to cause the Demand Registration Statement to remain effective
for not less than one hundred eighty (180) days (or such shorter period as will terminate when all Registrable Securities covered by such
Demand Registration Statement have been sold or withdrawn), or, if such Demand Registration Statement relates to an Underwritten Public
Offering, such longer period as in the opinion of counsel for the Underwriter or Underwriters a Prospectus is required by law to be delivered
in connection with sales of Registrable Securities by an Underwriter or dealer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Postponement
or Suspension of Registration</U>. The Company may, upon giving prompt written notice of such action to the Holders of Registrable Securities
registered (or proposed to be registered) thereunder, defer the filing, effectiveness and/or continued use of a Demand Registration Statement
(a &ldquo;<U>Demand Suspension</U>&rdquo;) required by this <U>SECTION&nbsp;2.1</U> for a period of up to ninety (90) days if (A)&nbsp;the
Board of Directors determines in good faith that the offer or sale of any Registrable Securities would materially impede, delay or interfere
with any proposed or planned material financing, material acquisition, corporate reorganization, offer or sale of securities or other
similar material transaction involving the Company or any of its subsidiaries, or (B)&nbsp;(i)&nbsp;upon advice of counsel for the Company,
the sale of Registrable Securities pursuant to the Demand Registration would require disclosure of non-public material information not
otherwise required to be disclosed under applicable law, and (ii)&nbsp;either (x)&nbsp;the Company has a bona fide business purpose for
preserving the confidentiality of such transaction or (y)&nbsp;disclosure of such non-public material information would have a material
adverse effect on the Company or the Company&rsquo;s ability to consummate such transaction. In the case of a Demand Suspension, the Holders
agree to suspend use of the applicable Prospectus in connection with any sale or purchase, or offer to sell or purchase, Registrable Securities,
upon receipt of the notice referred to above; <U>provided</U>, that the Company may defer the filing or effectiveness, or suspend the
continued use of, a particular Demand Registration Statement pursuant to this <U>SECTION&nbsp;2.1(f)</U>&nbsp;no more than twice in any
twelve (12) month period, and for no more than ninety (90) days in the aggregate during any twelve (12) month period. The Company shall
promptly notify the Holders of Registrable Securities registered (or proposed to be registered) pursuant to the applicable Demand Registration
Statement in writing upon the termination of any Demand Suspension, and shall, as promptly as reasonably practicable, amend or supplement
the Prospectus, if necessary, so it does not contain any untrue statement or omission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Priority
of Securities Registered Pursuant to Demand Registrations</U>. If the managing Underwriter of a proposed Underwritten Public Offering
of Registrable Securities included or proposed to be included in a Demand Registration advises the Company that, in its view, the number
of Registrable Securities proposed to be included in such Demand Registration exceeds the largest number of Registrable Securities that
can be sold without having an adverse effect on such offering, including the timing, distribution method or probability of success of
such offering and the price at which such Registrable Securities can be sold (the &ldquo;<U>Demand Maximum Offering Size</U>&rdquo;),
the Company shall include in such proposed Demand Registration, in the priority listed below (unless otherwise required by the managing
Underwriter), a number of Registrable Securities up to the Demand Maximum Offering Size:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">first, all Registrable Securities requested to be registered or sold by the Holders, which, in the opinion
of the managing Underwriter, can be registered or sold without having the adverse effect described above (allocated, if necessary for
the offering not to exceed the Demand Maximum Offering Size, pro rata among such Holders on the basis of the relative number of Registrable
Securities requested by each to be included in such registration); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD STYLE="text-align: justify">second, other securities requested to be included in such registration, which, in the opinion of the managing
Underwriter, can be registered or sold without having the adverse effect described above.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;2.2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Shelf
Registrations</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Shelf
Registration Statement</U>. Subject to the Governance Agreement, at any time, and from time to time, the Requesting Holders may request
in writing that the Company submit to or file with the SEC as promptly as reasonably practicable a registration statement on Form&nbsp;F-3
(or if Form&nbsp;F-3 is not available to the Company, Form&nbsp;F-1 or such other form of registration statement as is then available
to effect a registration under the Securities Act), permitting the offer and resale of Registrable Securities from time to time under
Rule&nbsp;415 under the Securities Act (the &ldquo;<U>Shelf Registration Statement</U>&rdquo;), in accordance with the plan of distribution
set forth in the related Prospectus to be approved by the Holders; <U>provided</U>, that the Company has not already caused such Registrable
Securities to be registered on a Shelf Registration Statement that the Company then has on file with, and which has been declared effective
by, the SEC and that remains in effect and not subject to any stop order, injunction or other order or requirement of the SEC. Unless
such Shelf Registration Statement is an automatic shelf registration statement (as defined in Rule&nbsp;405 promulgated under the Securities
Act), the Company shall use its commercially reasonable efforts to cause the Shelf Registration Statement to be declared effective by
the SEC as promptly as reasonably practicable after the filing thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Shelf
Period</U>. The Company will use commercially reasonable efforts, consistent with the terms of this Agreement, to keep the Shelf Registration
continuously effective under the Securities Act in order to permit the relevant Prospectus forming part of the Shelf Registration Statement
to be usable by the relevant Holders until the earlier of: (i)&nbsp;the date as of which all Registrable Securities have been sold pursuant
to the Shelf Registration Statement or another registration statement filed under the Securities Act (but in no event prior to the applicable
period referred to in Section&nbsp;4(a)(3)&nbsp;of the Securities Act and Rule&nbsp;174 thereunder); and (ii)&nbsp;the date as of which
no Holder holds Registrable Securities. To the extent the Company is eligible under the relevant provisions of Rule&nbsp;430B under the
Securities Act, if the Company files any Shelf Registration, the Company may include in such Shelf Registration such disclosures as may
be required by Rule&nbsp;430B under the Securities Act (referring to the unnamed selling security holders in a generic manner by identifying
the initial offering of the securities to the Holders) in order to ensure that the Holders may be added to such Shelf Registration at
a later time through the filing of a prospectus supplement rather than a post-effective amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Shelf
Takedowns</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.35in">(i)</TD><TD STYLE="text-align: justify"><U>Shelf Takedown Request</U>. At any time and from time to time after the effectiveness of the Shelf
Registration Statement, and subject to the Governance Agreement, any Holder or group of Holders, as the case may be (each, in such case,
a &ldquo;<U>Takedown Holder</U>&rdquo;) with Registrable Securities included on such Shelf Registration Statement may request to sell
all or any portion of its Registrable Securities included thereon in a Public Offering, including an Underwritten Shelf Takedown, that
is registered pursuant to such Shelf Registration Statement (a &ldquo;<U>Shelf Takedown</U>&rdquo;). Any requests for a Shelf Takedown
pursuant to this <U>SECTION&nbsp;2.2(c)(i)</U>&nbsp;shall be made by giving prior written notice to the Company (a &ldquo;<U>Shelf Takedown
Request</U>&rdquo;). The Shelf Takedown Request shall specify the approximate number of Registrable Securities to be sold in the Shelf
Takedown. In connection with any proposed Shelf Takedown, each Holder agrees, in an effort to conduct any such Shelf Takedown in the most
efficient and organized manner, to coordinate with any other Takedown Holder(s)&nbsp;prior to initiating any sales efforts and cooperate
with the other Takedown Holder(s)&nbsp;as to the terms of such Shelf Takedown, including the aggregate amount of securities to be sold
and the number of Registrable Securities to be sold by each Holder. Notwithstanding anything to the contrary set forth herein, the Company
shall be obligated to effect only one Underwritten Shelf Takedown within any ninety (90)-day period.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Shelf Takedown Offer Notice</U>.</FONT>
Promptly upon receipt of a Shelf Takedown Request for any Underwritten Shelf Takedown, if the Company is then obligated to effect such
Underwritten Shelf Takedown pursuant to <U>SECTION&nbsp;2.2(c)(i)</U>, the Company shall give written notice of the requested Shelf Takedown
(the &ldquo;<U>Shelf Takedown Offer Notice</U>&rdquo;) to all other Holders with Registrable Securities included on such Shelf Registration
Statement (which shall include all applicable Holders in the case of a Shelf Registration that refers to unnamed selling securityholders
in a generic manner) and, subject to the provisions of <U>SECTION&nbsp;2.2(e)</U>&nbsp;hereof, shall include in the Shelf Takedown all
Registrable Securities with respect to which the Company has received written requests for inclusion therein within three (3)&nbsp;Business
Days after the date the Shelf Takedown Offer Notice is given. The request of any Holder (including any Takedown Holder) to participate
in an Underwritten Shelf Takedown shall be binding on such Holder. The Company shall, as promptly as reasonably practicable (and in any
event within ten (10)&nbsp;Business Days after the receipt of a Shelf Takedown Request, unless a longer period is agreed to by the Takedown
Holders representing a majority of the Registrable Securities that made the Shelf Takedown Request), use its commercially reasonable efforts
to facilitate such Shelf Takedown. Each Holder agrees that such Holder shall treat as confidential the receipt of the Shelf Takedown Request
and shall not disclose or use the information contained in such Shelf Takedown Request without the prior written consent of the Company
or until such time as the information contained therein is or becomes available to the public generally, other than as a result of disclosure
by the Holder in breach of the terms of this Agreement. Notwithstanding the foregoing, if such Shelf Takedown involves an Underwritten
Public Offering, no Holder may participate in any Shelf Takedown pursuant to this <U>SECTION&nbsp;2.2(c)</U>&nbsp;unless such Holder agrees
to sell their Registrable Securities to the Underwriters (if any) selected as provided in <U>SECTION&nbsp;2.5(e)</U>&nbsp;on the same
terms and conditions as apply to the Takedown Holders.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><U>Block Sales</U>. Notwithstanding the foregoing, but subject to the Governance Agreement, if any Takedown
Holder(s)&nbsp;whose Registrable Securities are included in the Shelf Registration Statement wish to engage in a Block Sale then notwithstanding
the foregoing time periods, such Takedown Holder(s)&nbsp;shall notify the Company and the other Holders of the Block Sale two (2)&nbsp;full
Business Days prior to the day such offering is to commence, and such other Holders must elect whether or not to participate by the next
Business Day (i.e., one (1)&nbsp;Business Day prior to the day such offering is to commence), and the Company shall as promptly as reasonably
practicable use its commercially reasonable efforts to facilitate such offering (which may close as early as two (2)&nbsp;Business Days
after the date it commences); <U>provided</U>, that Takedown Holders representing a majority of the Registrable Securities wishing to
engage in the Block Sale shall use commercially reasonable efforts to work with the Company and the Underwriters prior to making such
request in order to facilitate preparation of the registration statement, Prospectus and other offering documentation related to the Block
Sale.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Postponement
or Suspension of Registration</U>. The Company may, upon giving prompt written notice of such action to the Holders of Registrable Securities
registered (or proposed to be registered) thereunder, defer or suspend the continued use of a Shelf Registration Statement (a &ldquo;<U>Shelf
Suspension</U>&rdquo;) for a period of up to ninety (90) days if (A)&nbsp;the Board of Directors determines in good faith that the offer
or sale of any Registrable Securities would materially impede, delay or interfere with any proposed or planned material financing, material
acquisition, corporate reorganization, offer or sale of securities or other similar material transaction involving the Company or any
of its subsidiaries, or (B)&nbsp;(i)&nbsp;upon advice of counsel for the Company, the sale of Registrable Securities pursuant to the Shelf
Takedown Request would require disclosure of non-public material information not otherwise required to be disclosed under applicable law,
and (ii)&nbsp;either (x)&nbsp;the Company has a bona fide business purpose for preserving the confidentiality of such transaction or (y)&nbsp;disclosure
of such non-public material information would have a material adverse effect on the Company or the Company&rsquo;s ability to consummate
such transaction. In the case of a Shelf Suspension, the Holders agree to suspend use of the applicable Prospectus in connection with
any sale or purchase, or offer to sell or purchase, Registrable Securities, upon receipt of the notice referred to above; <U>provided</U>,
that the Company may defer or suspend the continued use of a particular Shelf Registration Statement pursuant to this <U>SECTION&nbsp;2.2(d)</U>&nbsp;no
more than twice in any twelve (12) month period, and for no more than ninety (90) days in the aggregate during any twelve (12) month period.
The Company shall promptly notify the Holders of Registrable Securities registered (or proposed to be registered) pursuant to the applicable
Shelf Registration Statement in writing upon the termination of any Shelf Suspension, and shall, as promptly as reasonably practicable,
amend or supplement the Prospectus, if necessary, so it does not contain any untrue statement or omission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Priority
of Securities Sold Pursuant to Shelf Takedowns</U>. If the managing Underwriter of a proposed Underwritten Shelf Takedown pursuant to
<U>SECTION&nbsp;2.2(c)</U>&nbsp;advises the Company that, in its view, the number of Registrable Securities proposed to be included in
such Underwritten Shelf Takedown exceeds the largest number of Registrable Securities that can be sold without having an adverse effect
on such offering, including the timing, distribution method or probability of success of such offering and the price at which such Registrable
Securities can be sold (the &ldquo;<U>Shelf Maximum Offering Size</U>&rdquo;), the Company shall include in such Underwritten Shelf Takedown,
in the priority listed below (unless otherwise required by the managing Underwriter), a number of Registrable Securities up to the Shelf
Maximum Offering Size:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">first, all Registrable Securities requested to be registered or sold by the Holders, which, in the opinion
of the managing Underwriter, can be registered or sold without having the adverse effect described above (allocated, if necessary for
the offering not to exceed the Shelf Maximum Offering Size, pro rata among such Holders on the basis of the relative number of Registrable
Securities requested by each to be included in such registration); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.35in">(ii)</TD><TD STYLE="text-align: justify">second, other securities requested to be included in such registration, which, in the opinion of the managing
Underwriter, can be registered or sold without having the adverse effect described above.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
provisions of this <U>SECTION&nbsp;2.2</U> shall be applicable to each takedown from a Shelf Registration Statement initiated under this
<U>SECTION&nbsp;2.2</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;2.3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Piggyback
Registrations</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Participation</U>.
If the Company proposes to register any Equity Securities (other than pursuant to an Excluded Registration) under the Securities Act (whether
for itself or otherwise in connection with a sale of securities by another Person, other than a Demand Registration (which shall be governed
by the provisions of <U>SECTION&nbsp;2.1</U>) or a Shelf Takedown (which shall be governed by the provisions of <U>SECTION&nbsp;2.2(c)</U>),
the Company at each such time shall as promptly as reasonably practicable (but in no event less than ten (10)&nbsp;Business Days prior
to the proposed date of filing of such registration statement), give written notice (a &ldquo;<U>Piggyback Notice</U>&rdquo;) of such
proposed filing to all Holders, and such Piggyback Notice shall offer the Holders the opportunity to register under such registration
statement such number of Registrable Securities as each such Holder may request in writing (a &ldquo;<U>Piggyback Registration</U>&rdquo;),
subject to the restrictions set forth herein. Such Piggyback Notice shall specify, at a minimum, the number of securities proposed to
be registered or offered, the proposed date of filing of such registration statement with the SEC or pricing of such offering, the proposed
means of distribution, the proposed managing underwriter or underwriters (if any and if known) and a reasonable estimate by the Company
of the proposed minimum offering price of such Equity Securities. Upon the request of any such Holder (a &ldquo;<U>Piggyback Seller</U>&rdquo;)
made within five (5)&nbsp;Business Days after the receipt of a Piggyback Notice from the Company (which request shall be made subject
to the Governance Agreement and shall specify the number of Registrable Securities intended to be registered by such Holder), the Company
shall use commercially reasonable efforts to include in such registration statement all such Registrable Securities that are requested
to be included therein (subject to <U>SECTION&nbsp;2.3(b)</U>&nbsp;below). Notwithstanding the foregoing, if a Piggyback Registration
involves a Public Offering, no Holder may participate in such Piggyback Registration unless such Holder agrees to sell their Registrable
Securities to the Underwriters (if any) selected as provided in <U>SECTION&nbsp;2.5(e)</U>&nbsp;on the terms and subject to the conditions
set forth in the underwriting agreement negotiated between the Company, any such other Person on behalf of which securities are being
registered (if applicable), and the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Priority
of Piggyback Registration</U>. If a Piggyback Registration involves an Underwritten Public Offering, and the managing Underwriter of any
proposed offering of securities proposed to be included in a Piggyback Registration advises the Company that, in its view, the number
of securities proposed to be included in such offering exceeds the largest number of securities that can be sold without having an adverse
effect on such offering, including the timing, distribution method or probability of success of such offering and the price at which such
securities can be sold (the &ldquo;<U>Piggyback Maximum Offering Size</U>&rdquo;), the Company shall include in such Piggyback Registration,
in the priority listed below (unless otherwise required by the managing Underwriter), a number of securities up to the Piggyback Maximum
Offering Size:</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(i)</TD><TD STYLE="text-align: justify">if the Piggyback Registration relates to an offering for the Company&rsquo;s own account, then</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 2in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify">first, all securities proposed to be registered or sold by the Company;</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 2in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify">second, all Registrable Securities requested to be registered or sold by the Holders, which, in the opinion of the managing Underwriter,
can be registered or sold without having the adverse effect described above (allocated, if necessary for the offering not to exceed the
Piggyback Maximum Offering Size, pro rata among such Holders on the basis of the relative number of Registrable Securities requested by
each to be included in such registration); and</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 2in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify">third, other securities requested to be included in such registration, which, in the opinion of the managing Underwriter, can be registered
or sold without having the adverse effect described above; or</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(iii)</TD><TD STYLE="text-align: justify">if the Piggyback Registration relates to an offering other than for the Company&rsquo;s own account, then</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 2in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify">first, all securities proposed to be registered or sold by any holder of securities with a contractual right to include such securities
in such registration statement prior to any Holder;</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 2in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify">second, all Registrable Securities requested to be registered or sold by the Holders, which, in the opinion of the managing Underwriter,
can be registered or sold without having the adverse effect described above (allocated, if necessary for the offering not to exceed the
Piggyback Maximum Offering Size, pro rata among such Holders on the basis of the relative number of Registrable Securities requested by
each to be included in such registration); and</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 2in"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify">third, other securities requested to be included in such registration, which, in the opinion of the managing Underwriter, can be registered
or sold without having the adverse effect described above.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Piggyback
Suspension or Withdrawals</U>. If at any time after giving a Piggyback Notice and prior to the effective date of the registration statement
filed in connection with such Piggyback Registration, the Company determines for any reason not to register, or to delay registration
of, such securities, the Company shall give written notice of such determination to each Holder that gave notice to the Company of its
intention to have Registrable Securities included therein in accordance with <U>SECTION&nbsp;2.3(a)</U>&nbsp;and, thereupon, (i)&nbsp;in
the case of a determination not to register, shall be relieved of its obligation to register any Registrable Securities in connection
with such registration (but not from its obligation to pay the Registration Expenses in connection therewith), without prejudice, however,
to the rights of any Holders entitled to request that a registration or sale be effected as a Demand Registration under <U>SECTION&nbsp;2.1</U>
or an Underwritten Shelf Takedown under <U>SECTION&nbsp;2.2</U>, as the case may be, and (ii)&nbsp;in the case of a determination to delay
registration, in the absence of a request for a Demand Registration or an Underwritten Shelf Takedown, as the case may be, shall also
be permitted to delay registering any Registrable Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;2.4.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Lock-Up
Agreements</U>. In connection with each registration or sale of Registrable Securities pursuant to <U>SECTION&nbsp;2.1</U>, <U>SECTION&nbsp;2.2</U>
or <U>SECTION&nbsp;2.3</U> conducted as an Underwritten Public Offering, each Holder agrees, if requested, to become bound by and to execute
and deliver a lock-up agreement with the managing Underwriter(s)&nbsp;of such Public Offering restricting such Holder&rsquo;s right to,
among other things and subject to the particular terms and conditions set forth in such lock-up agreement, (a)&nbsp;Transfer, directly
or indirectly, any Equity Securities of the Company held by such Holder or (b)&nbsp;enter into any swap or other arrangement that transfers
to another any of the economic consequences of ownership of such securities during the period commencing on the date of the final Prospectus
relating to such Public Offering and ending on the date specified by the Underwriters (such period not to exceed ninety (90) days); <U>provided</U>,
that in no event shall the Holders be obligated to enter into any such lock-up agreement that is any more restrictive than such agreements
agreed to by the other shareholders of the Company participating in such offering; <U>provided</U>, <U>further</U>, that no such shareholder
shall be released from any lock-up agreement unless the Holders are similarly released. The terms of such lock-up agreements shall be
negotiated among the participating Holders, the Company and the Underwriters and shall include customary carve-outs from the restrictions
on Transfer set forth therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;2.5.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Registration
Procedures</U>. Whenever any Holders request that any Registrable Securities be registered pursuant to <U>SECTION&nbsp;2.1</U>, <U>SECTION&nbsp;2.2</U>
or <U>SECTION&nbsp;2.3</U>, subject to the respective provisions of such Sections, the Company shall use its commercially reasonable efforts
to effect the registration and the sale of such Registrable Securities in accordance with the intended method of disposition thereof as
promptly as reasonably practicable, and, in connection with any such request:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;As
promptly as reasonably practicable, prepare the required registration statement, including all exhibits and financial statements required
under the Securities Act to be filed therewith and the Prospectus, and prior to filing a registration statement or Prospectus, the Company
shall furnish to each participating Holder and each Underwriter, if any, of the Registrable Securities covered by such registration statement
or Prospectus, copies of the registration statement or Prospectus and all other documents proposed to be filed, which documents will be
subject to the review and comment of such participating Holder and its counsel prior to filing, such review to be conducted promptly,
and such other documents as such Holder or Underwriter may reasonably request in order to facilitate the disposition of the Registrable
Securities owned by such Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;After
the filing of the registration statement, the Company shall (i)&nbsp;promptly notify each Holder holding Registrable Securities covered
by such registration statement of (A)&nbsp;the time when such registration statement has been declared effective or a supplement or amendment
to any Prospectus forming a part of such registration statement has been filed, (B)&nbsp;any written comments by the SEC, or any request
by the SEC or other federal or state governmental authority for amendments or supplements to such registration statement or such Prospectus,
or for additional information (whether before or after the effective date of the registration statement) or any other correspondence with
the SEC, FINRA, any stock exchange or other self-regulatory organization relating to, or which may affect, the registration, and a reasonable
time prior to furnishing or filing any response to such correspondence to the SEC, FINRA, stock exchange or self-regulatory organization,
furnish drafts of such correspondence to such Holder and their counsel for their reasonable review and comment, such review and comment
to be conducted promptly, (C)&nbsp;any stop order issued or threatened by the SEC or any state securities commission and take all commercially
reasonable actions required to prevent the entry of such stop order or to remove it if entered, and (D)&nbsp;the receipt by the Company
of any notification with respect to the suspension of the qualification of the Registrable Securities for offering or sale in any jurisdiction
or the initiation or threatening of any proceeding for such purpose; (ii)&nbsp;prepare and file with the SEC such amendments and post-effective
amendments to such registration statement and supplements to the Prospectus as may be necessary to keep such registration statement effective
for the period of time required by this Agreement, and shall incorporate such information as the managing Underwriter or Underwriters
and each of the participating Holders mutually agree should be included therein relating to the plan of distribution; and (iii)&nbsp;comply
with provisions of the applicable securities laws with respect to the sale or other disposition of all securities covered by such registration
statement during such period in accordance with the intended method or methods of disposition by the sellers thereof set forth in such
registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company shall use its commercially reasonable efforts to (i)&nbsp;register or qualify the Registrable Securities covered by such registration
statement under such other securities or &ldquo;blue sky&rdquo; laws of such jurisdictions in the United States as any Holder holding
such Registrable Securities reasonably (in light of such Holder&rsquo;s intended plan of distribution) requests, and (ii)&nbsp;cause such
Registrable Securities to be registered with or approved by such other governmental agencies or authorities as may be necessary by virtue
of the business and operations of the Company and do any and all other acts and things that may be reasonably necessary or advisable to
enable the registration and sale of the Registrable Securities; <U>provided</U>, that the Company shall not be required to (A)&nbsp;qualify
generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this <U>SECTION&nbsp;2.5(c)</U>,
(B)&nbsp;subject itself to taxation in any such jurisdiction or (C)&nbsp;consent to general service of process in any such jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company shall promptly notify each Holder holding Registrable Securities covered by such registration statement, at any time when a Prospectus
relating thereto is required to be delivered under the Securities Act, of the occurrence of an event requiring the preparation of a supplement
or amendment to such Prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such Prospectus will
not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make
the statements therein not misleading and prepare and make available to each such Holder and file with the SEC any such supplement or
amendment as promptly as reasonably practicable. Each Holder agrees that, at any time that such Holder is participating in a disposition
pursuant to a registration statement filed (or to be filed) by the Company pursuant to this Agreement, upon receipt of any written notice
from the Company of the occurrence of any event requiring the preparation of a supplement or amendment to a Prospectus pursuant to the
first sentence of this <U>SECTION&nbsp;2.5(d)</U>, such Holder shall forthwith discontinue disposition of Registrable Securities pursuant
to the registration statement covering such Registrable Securities until such Holder&rsquo;s receipt of the copies of a supplemented or
amended Prospectus, and, if so directed by the Company, such Holder shall deliver to the Company all copies, other than any permanent
file copies then in such Holder&rsquo;s possession, of the most recent Prospectus covering such Registrable Securities at the time of
receipt of such notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
the case of an Underwritten Public Offering under <U>SECTION&nbsp;2.1</U> or <U>SECTION&nbsp;2.2</U>, the managing Underwriter or Underwriters
to administer the offering shall be determined by the Holders of a majority of the Registrable Securities to be included in such offering;
<U>provided</U>, that such Underwriter or Underwriters shall be reasonably acceptable to the Company; <U>provided, further,</U> that,
in connection with an Underwritten Public Offering under <U>SECTION&nbsp;2.1</U>, the Requesting Holder(s)&nbsp;may delegate its or their
rights under this <U>SECTION&nbsp;2.5(e)</U>&nbsp;to the Board of Directors. In the case of an Underwritten Public Offering under <U>SECTION&nbsp;2.3</U>,
the managing Underwriter or Underwriters to administer the offering shall be determined by the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
connection with an Underwritten Public Offering, the Company shall enter into customary agreements (including an underwriting agreement
in customary form), and take all such other actions as are reasonably required in order to expedite or facilitate the disposition of such
Registrable Securities in any such Underwritten Public Offering, including the engagement of a &ldquo;qualified independent underwriter&rdquo;
in connection with the qualification of the underwriting arrangements with FINRA. The Company shall make such representations and warranties
to the holders of Registrable Securities being registered, and the Underwriters or agents, if any, in form, substance and scope as are
customarily made by issuers in secondary underwritten public offerings and take any other actions as the Holders of a majority of the
Registrable Securities being registered, or the managing Underwriter or Underwriters, if any, reasonably request in order to expedite
or facilitate the registration and disposition of such Registrable Securities. Each Holder participating in such underwriting shall also
enter into such agreement. In the event an Underwritten Public Offering is not consummated because any condition to the obligations under
any related written agreement with such Underwriters is not met or waived, and such failure to be met or waived is not attributable to
the fault of any Holder, such Underwritten Public Offering will not count for purposes of determining when future Demand Registrations
or Shelf Takedowns may be requested by such Holder hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Upon
execution of confidentiality agreements in form and substance reasonably satisfactory to the Company, and upon reasonable notice at reasonable
times and for reasonable periods, the Company shall make available for inspection by any Holder and any Underwriter, in each case, participating
in any disposition pursuant to a registration statement filed (or to be filed) by the Company pursuant to this Agreement and any attorney,
accountant or other professional retained by any such Holder or Underwriter (collectively, the &ldquo;<U>Inspectors</U>&rdquo;), all financial
and other records, pertinent corporate documents and properties (collectively, the &ldquo;<U>Records</U>&rdquo;) of the Company as shall
be reasonably necessary or desirable to enable them to exercise their due diligence responsibility, and cause the Company&rsquo;s officers,
directors and employees to supply all information reasonably requested by any Inspectors in connection with such registration statement.
Records that the Company determines, in good faith, to be confidential and that it notifies the Inspectors are confidential shall not
be disclosed by the Inspectors unless (i)&nbsp;the disclosure of such Records is necessary to avoid or correct a material misstatement
or omission in such registration statement or (ii)&nbsp;the release of such Records is ordered pursuant to a subpoena or other order from
a court of competent jurisdiction or is otherwise required by law. Each Holder agrees that at the time that such Holder is participating
in any disposition pursuant to a registration statement filed (or to be filed) by the Company pursuant to this Agreement, information
obtained by it as a result of such inspections shall be deemed confidential and shall not be used by it or its Affiliates as the basis
for any market transactions in equity securities unless and until such information is made generally available to the public, and further
agrees that, upon learning that disclosure of such Records is sought in a court of competent jurisdiction, it shall give notice to the
Company and allow the Company at its expense, to undertake appropriate action to prevent disclosure of the Records deemed confidential.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company shall cause to be furnished to each Holder and each Underwriter, if any, in each case, participating in any disposition pursuant
to a registration statement filed (or to be filed) by the Company pursuant to this Agreement a signed counterpart, addressed to such Holder
or Underwriter, of (i)&nbsp;an opinion or opinions and negative assurance letter of counsel to the Company and (ii)&nbsp;a comfort letter
or comfort letters from the Company&rsquo;s independent public accountants, each in customary form and covering such matters of the kind
customarily covered by opinions or comfort letters, as the case may be, as such Holders holding a majority of such Registrable Securities
in the applicable registration or the managing Underwriter therefor reasonably requests; <U>provided</U>, that if the Company fails to
obtain such opinion(s), negative assurance letter or comfort letter and the relevant offering is abandoned, then such offering will not
count as a Demand Registration or Shelf Takedown for purposes of determining when future Demand Registrations or Shelf Takedowns may be
requested by Holders hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company shall otherwise use its commercially reasonable efforts to comply with all applicable rules&nbsp;and regulations of the SEC, and
make available to its security holders, as soon as reasonably practicable, an earnings statement or such other document that shall satisfy
the provisions of Section&nbsp;11(a)&nbsp;of the Securities Act and Rule&nbsp;158 thereunder. The Company shall cooperate with each seller
of Registrable Securities and each Underwriter, if any, participating in the disposition of such Registrable Securities and their respective
counsel in connection with any filings to be made with FINRA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company may require each such Holder participating in any disposition pursuant to a registration statement filed (or to be filed) by the
Company pursuant to this Agreement, by written notice given to each such Holder not less than ten (10)&nbsp;days prior to the filing date
of such registration statement, to promptly, and in any event within seven (7)&nbsp;days after receipt of such notice, furnish in writing
to the Company such information regarding the distribution of the Registrable Securities as the Company may from time to time reasonably
request and such other information as may be legally required in connection with such registration. Each Holder of Registrable Securities
agrees to furnish such information to the Company and cooperate with the Company as reasonably necessary to enable the Company to comply
with the provisions of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company shall use its commercially reasonable efforts to list all Registrable Securities covered by such registration statement on any
securities exchange or quotation system on which any of the Registrable Securities are then listed or traded and if none of the Registrable
Securities are so listed, on any securities exchange or quotation system on which similar securities issued by the Company are then listed,
and if no such similar securities are listed, on any national securities exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company shall have its appropriate officers (i)&nbsp;prepare and make presentations at any &ldquo;road shows&rdquo; and before analysts
and rating agencies, as the case may be, (ii)&nbsp;take other reasonable actions to obtain ratings for any Registrable Securities and
(iii)&nbsp;otherwise use their commercially reasonable efforts to cooperate as requested by the Underwriters in the offering, marketing
or selling of the Registrable Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
the case of a Block Sale or other Underwritten Public Offering, the Company shall use commercially reasonable efforts to cause each director
and executive officer of the Company to enter into customary lock-up agreements if so required by the managing Underwriter in accordance
with customary underwriting practice; <U>provided</U>, that the lock-up period set forth in any such agreement shall not exceed ninety
(90) days.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;(A)&nbsp;The
Company shall as promptly as reasonably practicable and within the deadlines specified by the Securities Act, use commercially reasonable
efforts to make all required filings of all Prospectuses with the SEC and (B)&nbsp;within the deadlines specified by the Exchange Act,
use commercially reasonable efforts to make all filings of materials required by the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(o)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company shall as promptly as reasonably practicable and within the deadlines specified by the Securities Act, make all required filing
fee payments in respect of any registration statement or Prospectus used under this Agreement (and any offering covered thereby).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(p)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Notwithstanding
anything in this Agreement, none of the provisions of this Agreement shall in any way limit a Holder or any of its Affiliates from engaging
in any brokerage, investment advisory, financial advisory, anti-raid advisory, merger advisory, financing asset management, trading, market
making, arbitrage, investment activity and other similar activities conducted in the ordinary course of such Holder&rsquo;s or its Affiliate&rsquo;s
business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(q)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company shall take all such other commercially reasonable actions as are necessary or advisable in order to expedite or facilitate the
disposition of such Registrable Securities in accordance with the terms of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(r)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company shall not, without the prior written consent of the Trawlers Parties&rsquo; Representative and the Glazer Parties&rsquo; Majority,
issue, grant or permit any Person to have or benefit from any registration right which is in conflict or inconsistent with, or superior
to or more advantageous, than any registration right granted or permitted under this Agreement, including, but not limited to, registration
rights that would reduce the number of securities a Holder may include in any registration or registration rights that would allow any
other Person to demand registration of their securities without providing the Holders piggyback rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;2.6.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Registration
Expenses</U>. The Company shall be liable for and pay all Registration Expenses in connection with each registration or offering of Registrable
Securities pursuant to ARTICLE&nbsp;II, regardless of whether or not such registration or offering, as applicable, is effected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;2.7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Indemnification</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Indemnification
by the Company</U>. The Company shall indemnify and hold harmless each Holder and its Indemnified Parties from and against any and all
Damages caused by or relating to (i)&nbsp;any untrue statement or alleged untrue statement of a material fact contained in any registration
statement or Prospectus relating to the Registrable Securities (as amended or supplemented if the Company shall have furnished any amendments
or supplements thereto), (ii)&nbsp;any omission or alleged omission to state therein a material fact required to be stated therein or
necessary to make the statements therein (in the case of a Prospectus, in light of the circumstances under which they were made) not misleading,
or (iii)&nbsp;any violation or alleged violation by the Company or any of its subsidiaries of the Securities Act, Exchange Act or any
other federal, state, foreign or common law rule&nbsp;or regulation applicable to the Company or any of its subsidiaries and relating
to action or inaction in connection with the matters contemplated by this Agreement, except insofar as such Damages are caused by or related
to any such untrue statement or omission or alleged untrue statement or omission so made in reliance upon and in conformity with information
furnished in writing to the Company by such Holder or on such Holder&rsquo;s behalf expressly for use therein (such information, &ldquo;<U>Selling
Shareholder Information</U>&rdquo;); <U>provided</U>, that, with respect to any untrue statement or omission or alleged untrue statement
or omission made in any Prospectus, the indemnity agreement contained in this paragraph shall not apply to the extent that any Damages
result from the fact that a current copy of the Prospectus was not sent or given to the Person asserting any such Damages at or prior
to the written confirmation of the sale of the Registrable Securities concerned to such Person if it is determined that the Company has
provided such Prospectus to such Holder and it was the responsibility of such Holder to provide such Person with a current copy of the
Prospectus and such current copy of the Prospectus would have cured the defect giving rise to such Damages. This indemnity shall be in
addition to any liability the Company may otherwise have. This indemnity shall remain in full force and effect regardless of any investigation
made by or on behalf of any Holder or any Indemnified Party and shall survive any Transfer of securities by any Holder and regardless
of any indemnity agreed to in any underwriting agreement that is less favorable to any Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Indemnification
by the Participating Holders</U>. Each Holder, at the time that such Holder holds Registrable Securities included in any registration
statement, agrees, severally but not jointly, to indemnify and hold harmless from and against all Damages the Company and its Indemnified
Parties resulting from (i)&nbsp;any untrue statement or alleged untrue statement of a material fact contained in any registration statement
or Prospectus relating to the Registrable Securities (as amended or supplemented if the Company shall have furnished any amendments or
supplements thereto), (ii)&nbsp;any omission or alleged omission to state therein a material fact required to be stated therein or necessary
to make the statements therein (in the case of a Prospectus, in light of the circumstances under which they were made) not misleading,
in each case to the extent, but only to the extent, that such untrue statement or omission is contained in such participating Holder&rsquo;s
Selling Shareholder Information, and (iii)&nbsp;to the extent that any Damages result from the fact that a current copy of the Prospectus
was not sent or given to the Person asserting any such Damages at or prior to the written confirmation of the sale of the Registrable
Securities concerned to such Person if it is determined that it was the responsibility of such Holder to provide such Person with a current
copy of the Prospectus and such current copy of the Prospectus was available to such Holder and would have cured the defect giving rise
to such Damages. As a condition to including Registrable Securities in any registration statement filed in accordance with <U>ARTICLE&nbsp;II</U>,
the Company may require that it shall have received an undertaking reasonably satisfactory to it from any Underwriter to indemnify and
hold it harmless to the extent customarily provided by Underwriters with respect to similar securities. No Holder shall be liable under
this <U>SECTION&nbsp;2.7(b)</U>&nbsp;for any Damages in excess of the net proceeds (including net of any underwriting discounts and commissions
but before expenses) realized by such Holder in the sale of Registrable Securities of such Holder to which such Damages relate, less any
amounts paid by such Holder pursuant to <U>SECTION&nbsp;2.10</U> and any amounts paid by such Holder to the Company as a result of liabilities
incurred under any underwriting agreement related to a sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;2.8.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Indemnification
Procedures</U>. If any proceeding (including any governmental investigation) shall be instituted involving any Indemnified Party in respect
of which indemnity may be sought pursuant to <U>ARTICLE&nbsp;II</U>, such Indemnified Party shall promptly notify the Person against whom
such indemnity may be sought (the &ldquo;<U>Indemnifying Party</U>&rdquo;) in writing and the Indemnifying Party shall assume the defense
thereof, including the retention of counsel reasonably satisfactory to such Indemnified Party, and shall assume the payment of all fees
and expenses, provided that the failure of any Indemnified Party so to notify the Indemnifying Party shall not relieve the Indemnifying
Party of its obligations hereunder except to the extent that the Indemnifying Party is materially prejudiced by such failure to notify.
In any such proceeding, any Indemnified Party shall have the right to retain its own counsel, but the fees and expenses of such counsel
shall be at the expense of such Indemnified Party unless (i)&nbsp;the Indemnifying Party and the Indemnified Party shall have mutually
agreed to the retention of such counsel or (ii)&nbsp;in the reasonable judgment of such Indemnified Party, representation of both parties
by the same counsel would be inappropriate due to actual or potential differing interests between them. It is understood that, in connection
with any proceeding or related proceedings in the same jurisdiction, the Indemnifying Party shall not be liable for the reasonable fees
and expenses of more than one separate firm of attorneys (in addition to any local counsel) at any time for all such Indemnified Parties,
and that all such fees and expenses shall be reimbursed as they are incurred. In the case of any such separate firm for the Indemnified
Parties, such firm shall be designated in writing by the Indemnified Parties. The Indemnifying Party shall not be liable for any settlement
of any proceeding effected without its written consent. If any proceeding is settled with the consent of the Indemnifying Party, or if
there is a final judgment for the plaintiff, the Indemnifying Party shall indemnify and hold harmless such Indemnified Parties from and
against any Damages (to the extent stated above) by reason of such settlement or judgment. Without the prior written consent of the Indemnified
Party, no Indemnifying Party shall effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Party
is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such settlement includes
an unconditional release of such Indemnified Party from all liability arising out of such proceeding and does not include any statement
as to or any admission of fault, culpability or a failure to act by or on behalf of any Indemnified Party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;2.9.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Indemnification
Priority</U>. The Company hereby acknowledges and agrees that any of the Persons entitled to indemnification pursuant to <U>SECTION&nbsp;2.7(a)</U>&nbsp;(each,
a &ldquo;<U>Company Indemnitee</U>&rdquo; and collectively, the &ldquo;<U>Company Indemnitees</U>&rdquo;) may have certain rights to indemnification,
advancement of expenses and/or insurance provided by other sources. The Company hereby acknowledges and agrees (i)&nbsp;that it is the
indemnitor of first resort (i.e., its obligations to a Company Indemnitee are primary and any obligation of such other sources to advance
expenses or to provide indemnification for the same expenses or liabilities incurred by such Company Indemnitee are secondary) and (ii)&nbsp;that
it shall be required to advance the full amount of expenses incurred by a Company Indemnitee and shall be liable for the full amount of
all expenses, judgments, penalties, fines and amounts paid in settlement to the extent legally permitted and as required by the terms
of this Agreement without regard to any rights a Company Indemnitee may have against such other sources. The Company further agrees that
no advancement or payment by such other sources on behalf of a Company Indemnitee with respect to any claim for which such Company Indemnitee
has sought indemnification, advancement of expenses or insurance from the Company shall affect the foregoing, and that such other sources
shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery
of such Company Indemnitee against the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;2.10.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Contribution.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;If
the indemnification provided for in <U>SECTION&nbsp;2.7</U> and <U>SECTION&nbsp;2.8</U> is unavailable to the Indemnified Parties or insufficient
in respect of any Damages (other than by reason of the exceptions provided herein), then each such Indemnifying Party, in lieu of indemnifying
such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such Damages, as between
the Company on the one hand and each such Holder on the other, in such proportion as is appropriate to reflect the relative fault of the
Company and of each such Holder in connection with such statements or omissions, as well as any other relevant equitable considerations.
The relative fault of the Company on the one hand and of each such Holder on the other shall be determined by reference to, among other
things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact
relates to information supplied by such party, and the parties&rsquo; relative intent, knowledge, access to information and opportunity
to correct or prevent such statement or omission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company and the Holders agree that it would not be just and equitable if contribution pursuant to this <U>SECTION&nbsp;2.10</U> were determined
by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in
<U>SECTION&nbsp;2.10(a)</U>. The amount paid or payable by an Indemnified Party as a result of the Damages referred to in the immediately
preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred
by such Indemnified Party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this
<U>SECTION&nbsp;2.10</U>, no Holder shall be required to contribute any amount in excess of the amount by which the net proceeds (including
net of any underwriting discounts and commissions but before expenses) realized by such Holder in the sale of Registrable Securities of
such Holder to which such Damages relate exceeds the amount of any Damages that such Holder has otherwise been required to pay by reason
of such untrue or alleged untrue statement or omission or alleged omission. No Person guilty of fraudulent misrepresentation (within the
meaning of Section&nbsp;11(f)&nbsp;of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such
fraudulent misrepresentation. Subject to the foregoing and as among the Holders, each Holder&rsquo;s obligation to contribute pursuant
to this <U>SECTION&nbsp;2.10</U> is several in the proportion that the proceeds of the offering received by such Holder bears to the total
proceeds of the offering received by all such Holders participating therein and not joint. Notwithstanding the foregoing, the total amount
to be contributed by any Holder pursuant to this <U>SECTION&nbsp;2.10</U> shall be limited to the net proceeds (after deducting underwriters&rsquo;
discounts and commissions) received by such Holder in the offering to which such registration statement or Prospectus relates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;2.11.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Cooperation
by the Company</U>. With a view to making available to the Holders the benefits of certain rules&nbsp;and regulations of the SEC that
may at any time permit the sale of securities to the public without registration, the Board of Directors agrees to use, and to cause the
Company to use, its commercially reasonable efforts to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;make
and keep public information available, as those terms are defined in Rule&nbsp;144, at all times the Company remains subject to the reporting
requirements of the Securities Act or the Exchange Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;file
with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act
(to the extent the Company remains subject to such reporting requirements);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;furnish
to any Holder, so long as such Holder owns any Registrable Securities, upon request by such Holder, (i)&nbsp;a written statement by the
Company that it has complied with (A)&nbsp;the reporting requirements of Rule&nbsp;144, and (B)&nbsp;the Securities Act and the Exchange
Act (to the extent the Company remains subject to such reporting requirements) or that the Company qualifies as a registrant whose securities
may be resold pursuant to Form&nbsp;F-3 (to the extent the Company remains so qualified), (ii)&nbsp;a copy of the most recent annual or
quarterly report of the Company and (iii)&nbsp;such other reports and documents of the Company and other information in the possession
of or reasonably obtainable by the Company as a Holder may reasonably request in availing itself of any rule&nbsp;or regulation of the
SEC allowing a Holder to sell any such securities without registration; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;upon
the request of any Holder, instruct the transfer agent in writing that it shall rely on the written legal opinion of such Holder&rsquo;s
counsel, and shall act in accordance with the written instructions of such Holder&rsquo;s counsel, with respect to any transfer of Equity
Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;2.12.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Participating
Holder</U>. By written notice delivered to the Company, any Holder (an &ldquo;<U>Opting-Out Holder</U>&rdquo;) may elect to waive its
right to participate in Underwritten Public Offerings and other offerings of Registrable Securities and to be a Piggyback Seller and participate
in a Piggyback Registration (an &ldquo;<U>Opt-Out</U>&rdquo;), until such time as the written notice is rescinded in writing. During such
time as an Opt-Out is in effect: (a)&nbsp;the Opting-Out Holder shall not receive notices of any proposed Demand Registration, Shelf Takedown
or Piggyback Registration and (b)&nbsp;shall not be entitled to participate in any such registration or offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>ARTICLE&nbsp;III</B></FONT><B><BR>
MISCELLANEOUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;3.1.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Term</U>.
This Agreement shall terminate upon the earliest to occur of (a)&nbsp;the mutual written agreement of each of the parties hereto to terminate
this Agreement and (b)&nbsp;such date on which no Holder holds any Registrable Securities; <U>provided</U>, <U>however</U>, that such
termination shall not relieve any party from any liability with respect to its obligations hereunder prior to the effective time of such
termination; <U>provided</U>, <U>further</U>, that the provisions of <U>SECTION&nbsp;2.7</U>, <U>SECTION&nbsp;2.8</U>, <U>SECTION&nbsp;2.9</U>,
<U>SECTION&nbsp;2.10</U> and <U>SECTION&nbsp;2.11</U> shall survive any such termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;3.2.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Recapitalization,
Exchanges Etc., Affecting Securities</U>. The provisions of this Agreement shall apply, to the full extent set forth herein with respect
to the Registrable Securities and to any and all Equity Securities or equity securities of any successor or assign of the Company (whether
by merger, consolidation, sale of assets or otherwise, including shares issued by a parent company in connection with a triangular merger
or otherwise) which may be issued in respect of, in exchange for, or in substitution of Registrable Securities, appropriately adjusted
for any dividends, splits, reverse splits, combinations, reclassifications and the like occurring after the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;3.3.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Aggregation
of Registrable Securities</U>. All Registrable Securities held by a Holder, its Affiliates and its other Permitted Transferees shall be
aggregated together for purposes of determining the availability of any rights under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;3.4.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Amendment;
Waiver</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;No
failure or delay on the part of the Company or any Holder in exercising any right, power or remedy hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or
the exercise of any other right, power or remedy. The remedies provided for herein are cumulative and are not exclusive of any remedies
that may be available to the Company or any Holder at law or in equity or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented, and waivers or
consents to departures from the provisions hereof may not be given, in each case without the written consent of the Company and the Holders
of a majority of the Registrable Securities; <U>provided</U>, that any amendment, modification or waiver that materially and adversely
affects any Holder or group of Holders disproportionately as compared to any other Holder or group of Holders shall only be effective
against such Holder(s)&nbsp;with the written consent of a majority of the voting power of the Registrable Securities of such Holder(s).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
parties hereto may not waive any provision of this Agreement except pursuant to a written instrument signed by the party or parties who
would be entitled to amend this Agreement with respect to the subject matter of such waiver. No action taken pursuant to this Agreement,
including any investigation by or on behalf of any party hereto, constitutes a waiver by the party taking such action of compliance with
any provision of this Agreement. The waiver by any party hereto of any provision of this Agreement is effective only in the instance and
only for the purpose that it is given and does not operate and is not to be construed as a further or continuing waiver of such provision
or as a waiver of any other provision. No failure on the part of any party hereto to exercise, and no delay in exercising, any right,
power or remedy under this Agreement, and no course of dealing or course of conduct between or among the parties hereto, operates as a
waiver or estoppel thereof. No single or partial exercise of any right, power or remedy under this Agreement by any party hereto precludes
any other or further exercise thereof or the exercise of any other right, power or remedy. All remedies under this Agreement are cumulative,
not alternative and are not exclusive of any other remedies provided by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;3.5.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Successors
and Assigns; Third Party Beneficiaries</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
rights of a Holder under this Agreement may only be assigned, with all related obligations as set forth below, in connection with a Transfer
of Registrable Securities to a Permitted Transferee of that Holder. Without prejudice to any other or similar conditions imposed hereunder
with respect to any such Transfer, no assignment permitted under the terms of this <U>SECTION&nbsp;3.5</U> will be effective unless the
Permitted Transferee to which the assignment is being made, if not a Holder, has executed a joinder to this Agreement agreeing to be bound
by, and become a party to, this Agreement. A Permitted Transferee to whom rights are Transferred pursuant to this <U>SECTION&nbsp;3.5
</U>may not again Transfer those rights to any other Permitted Transferee, other than as provided in this <U>SECTION&nbsp;3.5</U>. For
the avoidance of doubt, the transferor in any Transfer permitted by this <U>SECTION&nbsp;3.5</U> shall retain its rights and obligations
under this Agreement with respect to any Registrable Securities not so Transferred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;This
Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, successors, legal representatives
and permitted assigns. Nothing express or implied herein is intended or shall be construed to confer upon any Person, other than the parties
hereto and their respective successors and permitted assigns and all Indemnified Parties, any rights, remedies or other benefits under
or by reason of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;3.6.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Severability</U>.
Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement (other than <U>SECTION&nbsp;3.13</U> which shall be deemed fundamental) is held to be invalid,
illegal or unenforceable in any respect under any applicable law, such invalidity, illegality or unenforceability shall not affect any
other provision; <U>provided</U> that such provision shall be construed to give effect to the Parties&rsquo; intent regarding such provision
to the maximum extent permitted by applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;3.7.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Notices</U>.
All notices, requests, demands, claims and other communications hereunder will be in writing. Any notice, request, demand, claim or other
communication hereunder shall be deemed duly given (a)&nbsp;when delivered personally to the recipient, (b)&nbsp;when delivered after
posting in the U.S. mail having been sent registered or certified mail return receipt requested, postage prepaid, (c)&nbsp;when delivered
by nationally recognized overnight delivery service, or (d)&nbsp;when delivered by email (<U>provided</U>, however, that the sender does
not receive any &ldquo;bounce back&rdquo; or other notification of error in transmission), in each case addressed to the intended recipient
as set forth below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><U>If to any Trawlers Party,
addressed to them at:</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">#####</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">#####</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">#####</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">#####</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">Attention: Legal</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">Email: #####</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><U>With a copy to (which shall not constitute notice):</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Paul, Weiss, Rifkind, Wharton&nbsp;&amp; Garrison LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">1285 Avenue of the Americas</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">New York, NY 10019-6064<BR>
Attention: Krishna Veeraraghavan, Benjamin Goodchild and Christodoulos Kaoutzanis</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email:
</FONT><FONT STYLE="font-size: 10pt">#####</FONT>, <FONT STYLE="font-size: 10pt">#####</FONT>, <FONT STYLE="font-size: 10pt">#####</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Slaughter and May</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">1 Bunhill Row</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">London EC1Y 8YY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">United Kingdom</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Attention: Hywel Davies and Andrew Jolly</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email:
</FONT><FONT STYLE="font-size: 10pt">#####</FONT> and <FONT STYLE="font-size: 10pt">#####</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>If
to the Company, addressed to it at</U></FONT>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Manchester United plc</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Sir Matt Busby Way, Old Trafford Manchester, England, M16
0RA</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Attention: Patrick Stewart</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Email:
</FONT>#####</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><U>With a copy to (which shall not constitute notice):</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Latham&nbsp;&amp; Watkins LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">1271 Avenue of the Americas</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">New York, NY 10020<BR>
Attention: Marc Jaffe,&nbsp;Ian Schuman and Benjamin Cohen</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email:
</FONT><FONT STYLE="font-size: 10pt">#####</FONT>, <FONT STYLE="font-size: 10pt">#####</FONT>, <FONT STYLE="font-size: 10pt">#####</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Woods Oviatt Gilman LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">1900 Bausch and Lomb PI, Rochester, NY 14604</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Attention: Mitchell S. Nusbaum</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Email:&nbsp;</FONT>#####</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>If
to a Glazer Party</U></FONT>, to the address set out opposite their name in <U>Schedule A</U> hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>If
to any other Holder not listed above</U></FONT>, at its address and the address of its representative, if any, listed on the signature
pages&nbsp;hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any Party may change the address
to which notices, requests, demands, claims and other communications hereunder are to be delivered by giving the other Parties notice
in the manner set forth in this <U>SECTION&nbsp;3.7</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;3.8.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Governing
Law; Waiver of Jury Trial</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;This
Agreement and any controversy, dispute or claim arising hereunder or related hereto (whether by contract, statute, tort or otherwise)
shall be governed by and construed in accordance with the domestic laws of the State of New York without giving effect to any choice or
conflict of law provision or rule&nbsp;(whether of the State of New York or any other jurisdiction) that would cause the application of
the laws of any jurisdiction other than the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;EACH
PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY&nbsp;HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION
DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY CERTIFIES
AND ACKNOWLEDGES THAT (I)&nbsp;NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH
OTHER PARTY WOULD NOT,&nbsp;IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (II)&nbsp;SUCH PARTY UNDERSTANDS AND HAS
CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (III)&nbsp;SUCH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (IV)&nbsp;SUCH PARTY HAS BEEN INDUCED
TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS <U>SECTION&nbsp;3.8</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Parties submit to the exclusive jurisdiction of the state and federal courts sitting in the State of New York in respect of the interpretation
and enforcement of the provisions of this Agreement and any related agreement, certificate or other document delivered in connection herewith
and by this Agreement waive, and agree not to assert, any defense in any action for the interpretation or enforcement of this Agreement
and any related agreement, certificate or other document delivered in connection herewith that they are not subject to such jurisdiction
or that such action may not be brought or is not maintainable in such courts or that this Agreement may not be enforced in or by such
courts, that the action is brought in an inconvenient forum, or that the venue of the action is improper.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Each
Party agrees that service in person or by certified or by nationally recognized overnight courier to its address set forth in <U>SECTION&nbsp;3.7</U>
shall constitute valid in personam service upon such Party and its successors and assigns in any proceeding commenced pursuant to this
<U>SECTION&nbsp;3.8</U>. Each Party hereby acknowledges that this is a commercial transaction, that the foregoing provisions for service
of process and waiver of jury trial have been read, understood and voluntarily agreed to by each party and that by agreeing to such provisions
each party is waiving important legal rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;3.9.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Specific
Enforcement</U>. The parties agree that irreparable damage would occur in the event that any of the provisions of this Agreement were
not performed by the parties in accordance with their specific terms or were otherwise breached. It is accordingly agreed that each party
shall be entitled to an injunction or injunctions to prevent breaches of this Agreement by another party and to enforce specifically the
terms and provisions of this Agreement and to thereafter cause the transactions contemplated by this Agreement to be consummated on the
terms and subject to the conditions thereto set forth in this Agreement. The foregoing rights are in addition to and without limitation
of any other remedy to which the parties may be entitled at law or in equity. The parties further agree not to assert that a remedy of
specific performance is unenforceable, invalid, contrary to law or inequitable for any reason, nor to assert that a remedy of monetary
damages would provide an adequate remedy. Each of the parties hereby waives (a)&nbsp;any defenses that specific performance is not an
appropriate remedy, including the defense that a remedy at law would be adequate and (b)&nbsp;any requirement under any applicable law
to post a bond or other security as a prerequisite to obtaining equitable relief. The parties further agree that by seeking the remedies
provided for in this <U>SECTION&nbsp;3.9</U>, no party shall in any respect waive its right to seek at any time any other form of relief
that may be available to it under this Agreement or any other agreement or document entered into in connection herewith or the transactions
contemplated hereby (including monetary damages) in the event that the remedies provided for in this <U>SECTION&nbsp;3.9</U> are not available
or otherwise are not granted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;3.10.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Entire
Agreement; Exclusivity of Agreement</U>. This Agreement and any agreements entered into in connection with this Agreement and any exhibits
and other documents referred to herein (the &ldquo;<U>Relevant Agreements and Documents</U>&rdquo;) constitute the final agreement between
the parties hereto and are the complete and exclusive expression of agreement of the parties hereto with respect to the subject matter
hereof and thereof. All prior and extemporaneous negotiations, communications, arrangements, letters, term sheets and agreements between
the parties hereto on the subject matters contained in this Agreement and the Relevant Agreements and Documents, whether written or oral,
are expressly merged into and superseded by this Agreement and the Relevant Agreements and Documents. The provisions of this Agreement
and the Relevant Agreements and Documents may not be explained, supplemented or qualified through evidence of trade usage or a prior
course of dealing. There are no conditions precedent to the effectiveness of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 24; Value: 2 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;3.11.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Counterparts</U>.
This Agreement may be executed in counterparts (including by means of facsimile or electronic transmission), each of which shall be deemed
an original but all of which together will constitute one and the same instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;3.12.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Further
Assurances</U>. Each of the parties shall, at the request of another party and at such requesting party&rsquo;s expense, execute and
deliver any further instruments or documents and take all such further actions as are reasonably requested of it in order to consummate
and make effective the transactions contemplated by this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;3.13.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Non-Recourse</U>.
Notwithstanding anything that may be expressed or implied in this Agreement, the Company and each Holder covenant, agree and acknowledge
that this Agreement may only be enforced against the parties hereto. Any claims or causes of action (whether in contract or in tort,
in law or in equity) that may be based upon, arise out of or relate to this Agreement, or the negotiation, execution or performance of
this Agreement (including any representation or warranty made in or in connection with this Agreement or as an inducement to enter into
this Agreement), may be made only against the entities that are expressly identified as a party. No Person who is not a named party to
this Agreement, including without limitation any past, present or future director, officer, employee, incorporator, member, partner,
equityholder, Affiliate, agent, attorney or representative of any named Party to this Agreement (&ldquo;<U>Non-Party Affiliates</U>&rdquo;),
shall have any liability (whether in contract or in tort, in law or in equity, or based upon any theory that seeks to impose liability
of an entity party against its owners or Affiliates) for any obligations or liabilities arising under, in connection with or related
to this Agreement or for any claim based on, in respect of, or by reason of this Agreement or its negotiation or execution; and, each
party waives and releases all such liabilities, claims and obligations against any such Non-Party Affiliate. The provisions of this <U>SECTION&nbsp;3.13
</U>are intended to be for the benefit of, and shall be enforceable by, each of the Non-Party Affiliates and such Person&rsquo;s estate,
heirs and representatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">[<I>The remainder of this page&nbsp;is
intentionally left blank.</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF, the parties
hereto have executed this Agreement as of the date first written above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><U>COMPANY</U>:</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">MANCHESTER UNITED PLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%"><FONT STYLE="font-size: 10pt">/s/
    Patrick Stewart</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Patrick Stewart</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Interim Chief Executive Officer and General Counsel</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT>[REGISTRATION
RIGHTS AGREEMENT]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><U>HOLDERS</U>:</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">TRAWLERS LIMITED</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%"><FONT STYLE="font-size: 10pt">/s/
    Tristan Head</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name: </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Tristan Head</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title: </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Officer</FONT></TD></TR>
  </TABLE>


<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">[REGISTRATION RIGHTS AGREEMENT]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><U>HOLDERS</U>:</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Joel M. Glazer Irrevocable Exempt
    Trust</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%"><FONT STYLE="font-size: 10pt">/s/ Joel M. Glazer</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name: Joel M. Glazer</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title: Trustee</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">RECO HOLDINGS LLC</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Joel M. Glazer Irrevocable Exempt Trust, its sole member</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Joel M. Glazer</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name: Joel M. Glazer</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title: Trustee</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">DARCIE S. GLAZER IRREVOCABLE
    EXEMPT TRUST</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Darcie S. Glazer Kassewitz</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name: Darcie S. Glazer Kassewitz</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title: Trustee</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">BRYAN G. GLAZER IRREVOCABLE EXEMPT
    TRUST</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Bryan G. Glazer</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name: Bryan G. Glazer</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title: Trustee</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">SCG GLOBAL INVESTMENT HOLDINGS
    LLC</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Bryan G. Glazer Irrevocable Exempt Trust, its
    sole member</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Bryan G. Glazer</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name: Bryan G. Glazer</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title: Trustee</FONT></TD></TR>
  </TABLE>


<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">[REGISTRATION RIGHTS AGREEMENT]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 28 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">AVRAM GLAZER IRREVOCABLE EXEMPT
    TRUST</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%"><FONT STYLE="font-size: 10pt">/s/ Avram Glazer</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name: Avram Glazer</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title: Trustee</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">HAMILTON TFC LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By: Avram Glazer Irrevocable Exempt
    Trust, its sole member</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Avram Glazer</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name: Avram Glazer</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title: Trustee</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">EDWARD S. GLAZER IRREVOCABLE
    EXEMPT TRUST</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Edward S. Glazer</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name: Edward S. Glazer</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title: Trustee</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">KEVIN GLAZER IRREVOCABLE EXEMPT
    FAMILY TRUST</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Kevin E. Glazer</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name: Kevin E. Glazer</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title: Trustee</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">KEGT HOLDINGS LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By: Kevin Glazer Irrevocable Exempt
    Family Trust, its sole member</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Kevin E. Glazer</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name: Kevin E. Glazer</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title: Trustee</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B><U>SCHEDULE A</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Glazer Parties</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding: 1pt 5.4pt; width: 50%; border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Initial Glazer Party</B></FONT></TD>
    <TD STYLE="padding: 1pt 5.4pt; vertical-align: top; width: 50%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Address</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joel M. Glazer Irrevocable Exempt Trust</FONT></TD>
    <TD STYLE="padding: 1pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">#####</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RECO Holdings LLC</FONT></TD>
    <TD STYLE="padding: 1pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">#####</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Darcie S. Glazer Irrevocable Exempt Trust&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">#####</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bryan G. Glazer Irrevocable Exempt Trust</FONT></TD>
    <TD STYLE="padding: 1pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">#####</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SCG Global Investment Holdings LLC</FONT></TD>
    <TD STYLE="padding: 1pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">#####</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Avram Glazer Irrevocable Exempt Trust</FONT></TD>
    <TD STYLE="padding: 1pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">#####</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hamilton TFC LLC</FONT></TD>
    <TD STYLE="padding: 1pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">#####</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Edward S. Glazer Irrevocable Exempt Trust</FONT></TD>
    <TD STYLE="padding: 1pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">#####</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kevin Glazer Irrevocable Exempt Family Trust</FONT></TD>
    <TD STYLE="padding: 1pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">#####</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">KEGT Holdings LLC</FONT></TD>
    <TD STYLE="padding: 1pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">#####</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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