Form 8-K
8-K — Silicon Valley Acquisition Corp.
Accession: 0001213900-26-071185
Filed: 2026-06-23
Period: 2026-06-17
CIK: 0002085659
SIC: 6770 (BLANK CHECKS)
Item: Entry into a Material Definitive Agreement
Item: Financial Statements and Exhibits
Documents
8-K — ea0295617-8k425_silicon.htm (Primary)
EX-2.1 — BUSINESS COMBINATION AGREEMENT, DATED JUNE 17, 2026, BY AND AMONG REGISTRANT, SVAQ MERGER SUB INC. AND EIGENQ INC (ea029561701ex2-1.htm)
EX-10.1 — SPONSOR SUPPORT AGREEMENT, DATED JUNE 17, 2026, BY AND AMONG REGISTRANT, EIGENQ INC., AND SILICON VALLEY ACQUISITION SPONSOR LLC (ea029561701ex10-1.htm)
EX-10.2 — COMPANY STOCKHOLDER SUPPORT AGREEMENT, DATED JUNE 17, 2026, BY AND AMONG REGISTRANT, EIGENQ INC., AND CERTAIN STOCKHOLDER OF EIGENQ INC (ea029561701ex10-2.htm)
XML — IDEA: XBRL DOCUMENT (R1.htm)
8-K — CURRENT REPORT
8-K (Primary)
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or Section 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
June 17, 2026
Silicon Valley Acquisition Corp.
(Exact name of registrant as specified in its
charter)
Cayman Islands
001-43030
N/A
(State or other jurisdiction of
incorporation or organization)
(Commission File Number)
(I.R.S. Employer
Identification Number)
228
Hamilton Avenue, 3rd Floor
Palo Alto,California
94301
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including
area code: (650) 206-8315
Not Applicable
(Former name or former address, if changed since
last report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation to the registrant under any of the following provisions:
☒
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Units, each consisting of one Class A ordinary share and one-half of one redeemable warrant
SVAQU
The Nasdaq Stock Market LLC
Class A ordinary shares, par value $0.0001 per share
SVAQ
The Nasdaq Stock Market LLC
Warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50
SVAQW
The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth company ☒
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.01. Entry into a Material Definitive Agreement.
On June 17, 2026, Silicon
Valley Acquisition Corp., a Cayman Islands exempted company (which will transfer by way of continuation from the Cayman Islands to the
State of Delaware and domesticate as a Delaware corporation prior to the Closing (as defined below)) (“SVAQ”), entered into
a Business Combination Agreement (the “Business Combination Agreement”), by and among SVAQ, SVAQ Merger Sub Inc., a Delaware
corporation and a direct wholly owned subsidiary of SVAQ (“Merger Sub”), and EigenQ, Inc., a Delaware corporation (the “Company”),
pursuant to which, among other things and subject to the terms and conditions contained therein, Merger Sub will merge with and into the
Company (the “Merger”), with the Company continuing as the surviving company (the Company, in its capacity as the surviving
corporation of the Merger, is sometimes referred to as the “Surviving Company”). After giving effect to the Merger, the Company
will be a wholly-owned subsidiary of SVAQ. The transactions contemplated by the Business Combination Agreement are referred to herein
collectively as the “Business Combination.” The Company, Merger Sub, and SVAQ are referred to herein individually as a “Party”
and, collectively, as the “Parties.” The combined company’s business will continue to operate through the Company. This
Report on Form 8-K (this “Report”) provides a summary of the Business Combination Agreement and the other agreements entered
into in connection with the Business Combination. The descriptions of these agreements do not purport to be complete and are qualified
in their entirety by the terms and conditions of such agreements, copies of which are
filed as Exhibits 2.1, 10.1, and 10.2 to this Report and are incorporated by reference into this Report.
The Business Combination
Agreement and the Business Combination were approved by the board of directors of SVAQ and the board of directors of the Company.
Business Combination
Agreement
The below description
of the Business Combination Agreement and the Business Combination does not purport to be complete and is qualified in its entirety by
the terms and conditions of the Business Combination Agreement, a copy of which is attached hereto as Exhibit 2.1 and is incorporated
herein by reference. The Business Combination Agreement contains representations, warranties, and covenants that the parties to the Business
Combination Agreement made to each other as of the date of the Business Combination Agreement or other specific dates. The assertions
embodied in those representations, warranties, and covenants were made for purposes of the contract among the parties and are subject
to important qualifications and limitations agreed to by the parties in connection with negotiating the Business Combination Agreement.
The Business Combination Agreement has been attached to provide investors with information regarding its terms and is not intended to
provide any other factual information about SVAQ, the Company, or any other party to the Business Combination Agreement. In particular,
the representations, warranties, covenants, and agreements contained in the Business Combination Agreement, which were made only for purposes
of the Business Combination Agreement and as of specific dates, were solely for the benefit of the parties to the Business Combination
Agreement, may be subject to limitations agreed upon by the contracting parties, and may be subject to standards of materiality applicable
to the contracting parties that differ from those applicable to investors and reports and documents filed with the Securities and Exchange
Commission (the “SEC”). Investors should not rely on the representations, warranties, covenants, and agreements, or any descriptions
thereof, as characterizations of the actual state of facts or condition of any party to the Business Combination Agreement. In addition,
the representations, warranties, covenants, and agreements and other terms of the Business Combination Agreement may be subject to subsequent
waiver or modification. Moreover, information concerning the subject matter of the representations, warranties and other terms may change
after the date of the Business Combination Agreement, which subsequent information may or may not be fully reflected in SVAQ’s or
the Company’s public disclosures.
The Domestication
At least one (1) business
day prior to the Closing Date (as defined below), SVAQ will transfer by way of continuation from the Cayman Islands to the State of Delaware
and domesticate as a Delaware corporation (“Domesticated SVAQ”) in accordance with Section 388 of the General Corporation
Law of the State of Delaware, as amended, and Part 12 of the Companies Act (as revised) of the Cayman Islands (such continuation and domestication,
the “Domestication”).
1
By virtue of the Domestication
upon its effectiveness, (a) each then issued and outstanding Class A ordinary share, par value $0.0001 per share, of SVAQ (each a “Class
A Ordinary Share”) shall convert automatically, on a one-for-one basis, into one (1) share of common stock of Domesticated SVAQ
(the “Domesticated Purchaser Common Stock”); (b) each then issued and outstanding Class B ordinary share, par value $0.0001
per share, of SVAQ (each a “Class B Ordinary Share”) shall convert automatically, on a one-for-one basis, into one (1) share
of Domesticated Purchaser Common Stock; (c) each then issued and outstanding warrant of SVAQ shall convert automatically into a warrant
to acquire one (1) share of Domesticated Purchaser Common Stock (each a “Domesticated Purchaser Warrant”), pursuant to the
SVAQ Warrant Agreement (as defined in the Business Combination Agreement); and (d) each then issued and outstanding Cayman Purchaser Unit
shall be cancelled and will thereafter entitle the holder thereof to one (1) share of Domesticated Purchaser Common Stock and one-half
of one (1) Domesticated Purchaser Warrant, in each case without any action on the part of SVAQ, Merger Sub, the Company or any holder
of securities of any of the foregoing.
The Merger and Consideration
Following the Domestication,
on the Closing Date (as defined below), Merger Sub shall merge with and into the Company at the Effective Time (as defined in the Business
Combination Agreement), with the Company continuing as the Surviving Company.
By virtue of the Merger,
each share of capital stock of Merger Sub issued and outstanding immediately prior to the Effective Time shall be automatically cancelled
and extinguished and converted into one (1) share of common stock, par value $0.0001 per share, of the Surviving Company.
Subject to, and in accordance
with the terms and conditions of the Business Combination Agreement, at the Effective Time:
(i)
each share of common stock of the Company (the “Company Common Stock”) issued and outstanding (or deemed to be issued and outstanding under the terms of the Business Combination Agreement) immediately prior to the Effective Time, except for (a) shares held by the Company as treasury stock, if any (each an “Excluded Share”), and (b) shares held by stockholders who have properly exercised and not withdrawn appraisal rights under Delaware law, will be cancelled and converted into the right to receive a number of shares of Domesticated Purchaser Common Stock equal to the Exchange Ratio (as defined below);
(ii)
each Excluded Share shall be automatically cancelled and retired without any conversion thereof and shall cease to exist, and no consideration shall be delivered in exchange therefor;
(iii)
each stock appreciation right of the Company (the “SAR”) that is outstanding immediately prior to the Effective Time will be automatically substituted by Domesticated SVAQ for a stock appreciation right exercisable for a number of shares of Domesticated Purchaser Common Stock equal to the product (rounded down to the nearest whole number) of (x) the number of shares of Company Common Stock issuable upon the exercise of such Company stock appreciation rights multiplied by (y) the Exchange Ratio;
(iv)
each warrant to purchase shares of the Company Common Stock (the “Company Warrant”) that is outstanding immediately prior to the Effective Time will be automatically assumed by the Domesticated SVAQ such that, as of the Effective Time, each Company Warrant shall instead be converted into a warrant to purchase a number of shares of Domesticated Purchaser Common Stock equal to the product (rounded down to the nearest whole number) of (x) the number of shares of Company Common Stock issuable upon exercise of such Company Warrant and (y) the Exchange Ratio, at an exercise price per share (rounded down to the nearest whole cent) equal to the quotient of (A) the exercise price per share of such Company Warrant immediately prior to the Effective Time divided by (B) the Exchange Ratio.
As provided in the Business
Combination Agreement, the Exchange Ratio equals the quotient obtained by dividing $2,930,000,000, by (a) $10.00 per share first, and
(b) the number of Fully-Diluted Shares (as defined in the Business Combination Agreement).
2
The Redemption
SVAQ will provide an
opportunity to the holders of its Class A Ordinary Shares to have their shares redeemed (the “Redemption”) on the terms and
conditions set forth in the Business Combination Agreement and the amended and restated memorandum and articles of association of SVAQ
(“Cayman Memorandum and Articles”). Subject to receipt of the approval of the Business Combination Agreement by the SVAQ shareholders,
SVAQ will carry out the Redemption at the Effective Time in accordance with the Cayman Memorandum and Articles and the post-Closing certificate
of incorporation of SVAQ (the “Domesticated Purchaser Charter”).
The Closing
The closing of the Merger
(the “Closing”) will occur at a time and date to be specified in writing by the Parties, but in no event later than the second
(2nd) business day, after the satisfaction or, if permissible, waiver of the conditions set forth in the Business Combination Agreement,
or at such other date, time, or place as SVAQ and the Company may agree. The date of such Closing is referred to as the “Closing
Date.”
Stock Exchange Listing
From and after the Closing,
the Parties intend to list only the Domesticated Purchaser Common Stock and the Domesticated Purchaser Warrants on a national securities
exchange, including the New York Stock Exchange, NYSE American or Nasdaq (the “Applicable Exchange”).
The Post-Closing Board
of Directors and Executive Officers
The board of directors
of Domesticated SVAQ following the Closing (the “Post-Closing Board”) will consist of seven (7) directors, all of which are
designated by the Company prior to the Closing and are reasonably acceptable to SVAQ, a majority of whom shall qualify as an “independent
director” under Applicable Exchange rules and one (1) such director serving as Chairman of the Post-Closing Board, and one (1) board
advisor designated by SVAQ prior to the Closing and are reasonably acceptable to the Company.
Proxy Statement and
Registration Statement
As promptly as practicable
after the execution of the Business Combination Agreement and receipt by SVAQ of any audited or unaudited financial statements of the
Company that are required by applicable law to be included in the Proxy Statement/Prospectus (as defined below), (x) SVAQ and the Company
will jointly prepare and SVAQ will file with the SEC, mutually acceptable materials, including the proxy statement to be filed with the
SEC as part of the registration statement and sent to SVAQ’s shareholders in connection with the shareholder meeting to approve
the Business Combination Agreement (such proxy statement, together with any amendments or supplements thereto, the “Proxy Statement”),
and (y) SVAQ will prepare (with the Company and its representatives’ reasonable cooperation) and, after receiving the prior written consent of the Company, file with the SEC a registration
statement on Form S-4 (the “Registration Statement”), in which the Proxy Statement will be included as a prospectus (the “Proxy
Statement/Prospectus”), to register the Domesticated Purchaser Common Stock issued to Company stockholders in connection with the
Merger and the Domesticated Purchaser Common Stock and SVAQ Warrants to be held by the holders of shares of Domesticated Purchaser Common
Stock and Domesticated Purchaser Warrants under the Securities Act of 1933, as amended (the “Securities Act”). The filing
fees payable to the SEC in connection with the Proxy Statement/Prospectus will be borne 50% by the Company and 50% by SVAQ. SVAQ will
convene and hold an extraordinary general meeting of SVAQ shareholders (the “SVAQ Shareholders’ Meeting”) as promptly
as practicable after the date on which the Proxy Statement/Prospectus becomes effective (but in any event no later than the Outside Date
(as defined below)) for the purpose of voting solely upon (a) the adoption and approval of the Business Combination Agreement and ancillary
documents thereof in accordance with applicable law and exchange rules and regulations, and the Business Combination (including the Domestication
and the Merger), (b) adoption of the Domesticated Purchaser Charter, (c) approval of the adoption by Domesticated SVAQ of the Equity Incentive
Plan (as defined below), (d) appointment of the director nominees comprising the Post-Closing Board described above, (e) adoption and
approval of any other proposals as the SEC (or staff member thereof) may indicate are necessary in its comments to the Registration Statement
or correspondence related thereto, (f) adoption and approval of any other proposals as reasonably agreed by SVAQ and the Company to be
necessary or appropriate in connection with the Business Combination, and (g) the adjournment of SVAQ Shareholders Meeting to a later
date or dates, if necessary or desirable in the reasonable determination of the chairman of the SVAQ Shareholders Meeting (such proposals
in (a) through (g), together, the “Transaction Proposals”). The board of directors of SVAQ will recommend (the “SVAQ
Board Recommendation”) to the shareholders of SVAQ that they approve the Transaction Proposals and will include such recommendation
in the Proxy Statement.
3
Representations and
Warranties
The Business Combination Agreement contains customary representations and warranties of the parties to the Business Combination Agreement
with respect to, among other things, (a) organization and qualification; (b) capitalization; (c) authority and binding agreement; (d)
financial statements and undisclosed liabilities; (e) consents and approvals; (f) permits and licenses; (g) material contracts; (h) absence
of changes; (i) litigation and proceedings; (j) compliance with laws; (k) labor and employment matters; (l) benefits plans; (m) environmental
matters; (n) intellectual properties; (o) insurance; (p) tax matters; (q) real properties; (r) transactions with affiliates; (s) data
privacy and security.
Covenants
The Business Combination
Agreement includes customary covenants of the parties with respect to the operation of their respective businesses prior to the consummation
of the Business Combination and efforts to satisfy the conditions to consummate the Business Combination.
Equity Plan
SVAQ and the Company
will use commercially reasonable efforts to agree to a form of equity incentive plan that provides for grants of equity-based incentive
awards to eligible service providers of the Company (the “Equity Incentive Plan”), which Equity Incentive Plan will be submitted
for approval of the SVAQ shareholders at the SVAQ Shareholders’ Meeting. The Equity Incentive Plan will have an initial share reserve
equal to approximately ten percent (10%) of Domesticated Purchaser Common Stock (on a fully diluted basis), immediately following the
Effective Time. The Equity Incentive Plan will include an “evergreen” provision, pursuant to which, on the first day of each
fiscal year, the number of shares reserved for issuance under the Equity Incentive Plan will automatically increase by one percent (1%)
of the total number of shares of Domesticated Purchaser Common Stock outstanding (on a fully diluted basis) on such date.
Exclusivity Restrictions
Pursuant to the terms of the Business Combination Agreement, from the date of the Business Combination Agreement to the Closing or, if
earlier, the termination of the Business Combination Agreement in accordance with its terms, each Party has agreed, among other things,
not to, without the prior written consent of the Company and SVAQ, directly or indirectly, (i) solicit, initiate, induce, encourage (including
by means of furnishing or disclosing information), facilitate, discuss or negotiate, directly or indirectly, any Acquisition Proposal
(as defined in the Business Combination Agreement); (ii) furnish any non-public information regarding such Party or its affiliates or
their respective businesses, operations, assets, liabilities, financial condition, prospects or employees to any person or group (other
than a Party to the Business Combination Agreement or their respective representatives) in connection with or in response to an Acquisition
Proposal; (iii) enter into any contract, arrangement or understanding regarding an Acquisition Proposal; (iv) approve, endorse or recommend,
or publicly propose to approve, endorse or recommend, any Acquisition Proposal; or (v) otherwise cooperate with, assist, participate in,
or knowingly facilitate or encourage any attempt or effort by any person to engage in the foregoing (i) through (iv).
SVAQ agreed that it will not approve, endorse or recommend, or publicly propose to approve,
endorse or recommend, any SVAQ Acquisition Proposal (as defined in the Business Combination Agreement), or otherwise change,
withdraw, withhold, qualify or modify the SVAQ Board Recommendation.
4
Transaction Financing
From time to time following
the execution and delivery of the Business Combination Agreement and prior to the Closing, SVAQ shall use its reasonable best efforts,
with collaboration from the Company, to obtain transaction financing (the “Transaction Financing”) and facilitate equity or
debt financing for the Company, on such terms mutually agreed by the Company and SVAQ.
Conditions to Closing
The consummation of the
Business Combination is subject to the fulfillment of certain other conditions, as described in greater detail below.
Mutual Conditions to
Closing
Under the Business Combination
Agreement, the obligations of the Parties to consummate the Business Combination are subject to the satisfaction or written waiver (where
permissible) of certain conditions, including: (i) no adverse law or order has been entered into that would make the Business Combination
Agreement, or the Business Combination, illegal or otherwise prevent or prohibit consummation of the Business Combination; (ii) the Registration
Statement has been declared effective by the SEC and remains effective as of the Closing; (iii) receipt of requisite approval of the shareholders
of SVAQ and stockholders of the Company; (iv) receipt of the conditional approval for the listing of Domesticated Purchaser Common Stock
on a national securities exchange upon the Closing; and (v) expiration of the waiting period (and any extensions thereof) under any Antitrust
Laws (as defined in the Business Combination Agreement).
The Company’s Conditions
to Closing
The obligations of the Company to consummate the Business Combination are further subject to the satisfaction or written waiver (where
permissible) of additional conditions, including: (i) the truth and accuracy of the representations and warranties of SVAQ and Merger
Sub, subject to applicable materiality standards contained in the Business Combination Agreement; (ii) material compliance by SVAQ and
Merger Sub with their respective agreements and covenants under the Business Combination Agreement; (iii) no SVAQ Material Adverse Effect
(as defined in the Business Combination Agreement) having occurred that is continuing; (iv) the Domestication having been completed prior
to the Effective Time; and (v) the delivery by SVAQ of a certain registration rights and lock-up agreement, in a form to be agreed by
the parties (the “Registration Rights and Lock-Up Agreement”), and a certain closing certificate to the Company.
SVAQ and Merger Sub’s
Conditions to Closing
The obligations of SVAQ
and Merger Sub to consummate the Merger are further subject to the satisfaction or written waiver (where available) of additional conditions,
including: (i) the truth and accuracy of the representations and warranties of the Company, subject to applicable materiality standards
contained in the Business Combination Agreement; (ii) material compliance by the Company with its agreements and covenants under the Business
Combination Agreement; (iii) no Company Material Adverse Effect (as defined in the Business Combination Agreement) having occurred that
is continuing; and (iv) the delivery by Company of the Registration Rights and Lock-up Agreement and a certain closing certificate to SVAQ.
5
Termination
The Business Combination
Agreement may be terminated by SVAQ or the Company under certain circumstances as follows:
(i)
by mutual written consent of SVAQ and the Company;
(ii)
by written notice by SVAQ or the Company if the transactions contemplated by the Business Combination Agreement have not been consummated by February 14, 2027 (the “Outside Date”), subject to certain exceptions;
(iii)
by written notice by either SVAQ or the Company if a governmental authority has issued an order prohibiting the transactions contemplated by the Business Combination Agreement, subject to certain exceptions;
(iv)
by written notice to SVAQ from the Company if there is any breach of any representation, warranty, covenant or agreement on the part of SVAQ or Merger Sub set forth in the Business Combination Agreement, or if any representation or warranty shall have become untrue or inaccurate, in any case, such that the conditions specified in the Business Combination Agreement with respect to the truth and accuracy of representations and warranties or material compliance of the performance of covenants would not be satisfied at the Closing, and such breach or inaccuracy is incapable of being cured or is not cured within the earlier of (a) thirty (30) days after written notice of such breach or inaccuracy is provided to SVAQ or (b) the Outside Date, subject to certain exceptions;
(v)
by written notice to the Company from SVAQ if there is any breach of any representation, warranty, covenant or agreement on the part of the Company set forth in the Business Combination Agreement, or if any representation or warranty shall have become untrue or inaccurate, in any case, such that the conditions specified in the Business Combination Agreement with respect to the truth and accuracy of representations and warranties or material compliance of the performance of covenants would not be satisfied at the Closing, and such breach or inaccuracy is incapable of being cured or is not cured within the earlier of (a) thirty (30) days after written notice of such breach or inaccuracy is provided to the Company or (b) the Outside Date, such that the conditions specified would not be satisfied at the Closing, subject to certain exceptions;
(vi)
by written notice by either the Company or SVAQ if the SVAQ Shareholders’ Meeting has been held (including any adjournment or postponement thereof), has concluded, SVAQ shareholders have duly voted, and the Required SVAQ Shareholder Approval (as defined in the Business Combination Agreement) was not obtained;
(vii)
by SVAQ if the Company does not deliver to SVAQ the Company Stockholder Written Consent (as defined in the Business Combination Agreement)
within five (5) business days of the date on which the Registration Statement has become effective; and
(viii)
by SVAQ if the Company does not deliver the audited financial statements as of and for the year ended December 31, 2025, and any unaudited financial statements required to be included in the Registration Statement, by July 31, 2026.
The foregoing description
of the Business Combination Agreement is qualified in its entirety by reference to the full text of the Business Combination Agreement,
a copy of which is filed as Exhibit 2.1 to this Report, and incorporated herein by reference.
6
Sponsor Support Agreement
Simultaneously with the execution and delivery of the Business Combination Agreement, SVAQ, Company and Silicon Valley Acquisition Sponsor
LLC, the sponsor of SVAQ’s initial public offering (the “Sponsor”), have executed the Sponsor Support Agreement, dated
June 17, 2026 (the “Sponsor Support Agreement”), pursuant to which the Sponsor has agreed to, among other things, (i) vote
in favor of the Business Combination Agreement and the Business Combination; (ii) waive any adjustment to the conversion ratio set forth
in the governing documents of SVAQ or any other anti-dilution or similar protection with respect to the Class B ordinary shares of SVAQ,
par value $0.0001 per share held by the Sponsor (the “Founder Shares”); (iii) be bound by certain other covenants and agreements
related to the Business Combination; (iv) be bound by certain transfer restrictions with respect to its shares in SVAQ prior to the Closing;
and (v) waive redemption rights with respect to the Sponsor Shares, in each case, on the terms and subject to the conditions set forth
in the Sponsor Support Agreement.
In addition, immediately
prior to the Closing, the Sponsor has agreed to transfer, directly or constructively up to 2,165,950 Founder Shares (such transferred
Founder Shares, the “Transaction Financing Support Shares”), to potential investors, if needed, to support the Transaction
Financing. However, in the case that any such Transaction Financing Support Shares are not so transferred to other parties, fifty percent
(50%) of such non-transferred Transaction Financing Support Shares shall be retained by the Sponsor and the remaining fifty percent (50%)
of such non-transferred Transaction Financing Support Shares shall be forfeited by the Sponsor and surrendered to the SPAC (such forfeited
shares, the “Sponsor Forfeited Shares”), and the Sponsor shall not have any further rights with respect to such Sponsor Forfeited
Shares.
The foregoing description
of the Sponsor Support Agreement is qualified in its entirety by reference to the full text of the Sponsor Support Agreement, a copy of
which is filed as Exhibit 10.1 to this Report, and incorporated herein by reference.
Company Stockholder
Support Agreement
Simultaneously with the
execution and delivery of the Business Combination Agreement, SVAQ, Company and a certain stockholder of the Company, which has the right
to the votes sufficient to approve the Business Combination at a special meeting (the “Special Meeting”) of the Company’s
stockholders (the “Supporting Company Stockholder”), have executed the Company Stockholder Support Agreement, dated June 17,
2026 (the “Company Stockholder Support Agreement”), pursuant to which the Supporting Company Stockholder has agreed, among
other things, (a) at any Special Meeting, and in any action by written consent of the Company stockholders (which written consent shall
be delivered promptly after the Company requests such delivery, and in any event within five (5) Business Days following the date on which
the Registration Statement has become effective), vote all shares of Company Common Stock held by such Supporting Company Stockholder
at such time in favor of the Business Combination Agreement and the Business Combination, and against any action, agreement or transaction
or proposal that would result in a breach of the Business Combination Agreement, (b) take such actions and execute and deliver such documents
reasonably necessary to support the Business Combination, and (c) appoint each of SVAQ and Company or any individual designated by each
of them (acting jointly) as such Supporting Company Stockholder’s proxy to attend on behalf of such Supporting Company Stockholder
at any Special Meeting relating to the Business Combination.
The Company Stockholder
Support Agreement restricts the Supporting Company Stockholder from, among other things, directly or indirectly, (a) selling, assigning,
transferring (including by operation of law), creating any lien or pledge, disposing of, or otherwise encumbering any of the shares or
otherwise, or agreeing to do any of the foregoing, except if pursuant to the Business Combination Agreement or to another stockholder
bound by the terms of the Company Stockholder Support Agreement; (b) depositing any shares into a voting trust or entering into a voting
agreement or arrangement or granting any proxy or power of attorney with respect thereto that is inconsistent with the Company Stockholder
Support Agreement; and (c) entering into any contract, option or other arrangement or undertaking with respect to the direct acquisition
or sale, assignment, transfer or other disposition of any shares, except as set forth in the Business Combination Agreement or the Company
Stockholder Support Agreement.
The Supporting Company
Stockholder also agreed to waive any appraisal rights under Delaware law.
The foregoing description
of the Company Stockholder Support Agreement is qualified in its entirety by reference to the full text of the Company Stockholder Support
Agreement, a copy of which is filed as Exhibit 10.2 to this Report, and incorporated herein by reference.
7
Additional Information
and Where to Find It
The proposed Business Combination by and between EigenQ and SVAQ will be submitted to the shareholders of SVAQ for their consideration.
A Registration Statement is expected to be filed with the SEC, which will include preliminary and definitive proxy statements to be distributed
to SVAQ’s shareholders in connection with SVAQ’s solicitation for proxies for the vote by SVAQ’s shareholders in connection
with the proposed Business Combination and other matters as described in the Registration Statement, as well as a prospectus relating
to the securities to be issued in connection with the completion of the proposed Business Combination. After the Registration Statement
has been filed and declared effective by the SEC, SVAQ will mail a definitive proxy statement and other relevant documents to its shareholders
as of the record date established for voting on the proposed Business Combination.
SVAQ’s shareholders and other interested persons are advised to read, once available, the preliminary proxy statement/prospectus
and any amendments thereto and, once available, the definitive proxy statement/prospectus in connection with SVAQ’s solicitation
of proxies for its extraordinary general meeting of shareholders to be held to approve, among other things, the proposed Business Combination,
because these documents will contain important information about SVAQ, EigenQ and the proposed Business Combination. This Report does
not contain all the information that should be considered concerning the Business Combination and other matters and is not intended to
provide the basis for any investment decision or any other decision in respect of such matters. SVAQ and EigenQ may also file other documents
with the SEC regarding the Business Combination. Shareholders may also obtain a copy of the preliminary or definitive proxy statement/prospectus,
once available, as well as other documents filed with the SEC regarding the proposed Business Combination and other documents filed with
the SEC by SVAQ, without charge, at the SEC’s website located at www.sec.gov or by directing a request to Silicon Valley Acquisition
Corp., 228 Hamilton Avenue, 3rd Floor, Palo Alto, CA 94301.
Participants in
the Solicitation
SVAQ, EigenQ and certain
of their respective directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be
participants in the solicitations of proxies from SVAQ’s shareholders in connection with the proposed Business Combination. Information
regarding the persons who may, under SEC rules, be deemed participants in the solicitation of SVAQ’s shareholders in connection
with the proposed Business Combination will be set forth in SVAQ’s proxy statement/prospectus when it is filed with the SEC. You
can find more information about SVAQ’s directors and executive officers in SVAQ’s 2025 Annual Report on Form 10-K filed with
the SEC on March 31, 2026. Additional information regarding the participants in the proxy solicitation and a description of their direct
and indirect interests will be included in the proxy statement/prospectus when it becomes available. Shareholders, potential investors
and other interested persons should read the proxy statement/prospectus carefully when it becomes available before making any voting or
investment decisions. You may obtain free copies of these documents from the sources indicated above.
No Offer or Solicitation
This Report does not
constitute a solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the proposed Business
Combination. This Report also does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation
of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This Report is not, and under no
circumstances is to be construed as, a prospectus, an advertisement or a public offering of the securities described herein in the United
States or any other jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the
Securities Act of 1933, as amended (the “Securities Act”), or an exemption therefrom. Investors should consult with their
counsel as to the applicable requirements for a purchaser to avail itself of any exemption under the Securities Act.
8
Forward-Looking
Statements
This Report and exhibits
attached herein contain certain forward-looking statements within the meaning of the U.S. federal securities laws with respect to the
proposed Business Combination and the parties thereto. All statements contained in this Report other than statements of historical fact,
including, without limitation, statements regarding the proposed Business Combination between SVAQ and EigenQ; the anticipated benefits
and timing of the proposed Business Combination; expected trading of the combined company’s securities on Nasdaq; the combined company’s
future financial performance; the ability of the combined company to execute its business strategy, its market opportunity and positioning;
and other statements regarding management’s intentions, beliefs, or expectations with respect to the combined company’s future
performance, are forward-looking statements. Forward-looking statements may be identified by the use of words such as “estimate,”
“plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,”
“believe,” “seek,” “target” or other similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. These statements are based on various assumptions, whether or not identified
in this Report, and on the current expectations of EigenQ’s and SVAQ’s management and are not predictions of actual performance.
These forward-looking
statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by any investor as a
guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult
or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of EigenQ and SVAQ.
These forward-looking statements are subject to a number of risks and uncertainties, including (1) the occurrence of any event, change
or other circumstances that could give rise to the termination of the proposed Business Combination; (2) the outcome of any legal proceedings
that may be instituted against EigenQ or SVAQ, the combined company or others following the announcement of the proposed Business Combination;
(3) the inability to complete the proposed Business Combination due to the failure to obtain approval of the shareholders of EigenQ or
SVAQ or to satisfy other conditions to closing; (4) changes to the proposed structure of the proposed Business Combination that may be
required or appropriate as a result of applicable laws or regulations or as a condition to obtaining regulatory approval of the proposed
Business Combination; (5) the ability to meet stock exchange listing standards following the consummation of the proposed Business Combination;
(6) the risk that the proposed Business Combination disrupts current plans and operations of EigenQ as a result of the announcement and
consummation of the proposed Business Combination; (7) EigenQ’s ability to scale and grow its business, and the ability to recognize
the anticipated benefits of the proposed Business Combination, which may be affected by, among other things, competition and the ability
of the combined company to grow and manage growth profitably, maintain relationships with customers and retain its management and key
employees; (8) the ability to implement business plans, forecasts, identify and realize additional opportunities, and other expectations;
(9) political, social or economic instability in the emerging markets, including the Middle East, and other countries in which EigenQ,
the post-combination company, relevant OEMs and other channel participants and customers of some or all of the foregoing operate or plan
to operate; (10) risks relating to product development and commercialization timing, OEM integration, customer adoption and strategic
partnerships; (11) EigenQ’s ability to maintain and recognize benefits from its existing strategic relationships; (12) costs related
to the proposed Business Combination; (13) changes in applicable laws or regulations; (14) changes in government mandates, requirements
and standards as they relate to quantum security and infrastructure; (15) EigenQ’s estimates of expenses and profitability and underlying
assumptions with respect to shareholder redemptions and purchase price and other adjustments; (16) any downturn or volatility in economic
conditions; (17) changes in the competitive environment affecting EigenQ or its customers, including EigenQ’s inability to introduce
new products or technologies; (18) the impact of pricing pressure and erosion; (19) supply chain risks; (20) risks to EigenQ’s ability
to protect its intellectual property and avoid infringement by others, or claims of infringement against EigenQ; (21) the possibility
that EigenQ or SVAQ may be adversely affected by other economic, business and/or competitive factors; (22) EigenQ’s estimates of
its financial performance; (23) risks related to the fact that SVAQ is incorporated in the Cayman Islands and governed by Cayman Islands
law; and those factors discussed in SVAQ’s Annual Report on Form 10-K for the period ended December 31, 2025, and Quarterly Report
on Form 10-Q for the quarter ended March 31, 2026, in each case, under the heading “Risk Factors,” and subsequent Quarterly
Reports on Form 10-Q, the Registration Statement and proxy statement/prospectus, or other documents that will be filed with the SEC. If
any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by
these forward-looking statements. There may be additional risks that neither EigenQ nor SVAQ presently knows or that EigenQ and SVAQ currently
believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition,
forward-looking statements reflect EigenQ’s and SVAQ’s expectations, plans or forecasts of future events and views as of the
date of this Report. EigenQ and SVAQ anticipate that subsequent events and developments will cause EigenQ’s and SVAQ’s assessments
to change. However, while EigenQ and SVAQ may elect to update these forward-looking statements at some point in the future, EigenQ and
SVAQ specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing EigenQ’s
and SVAQ’s assessments as of any date after the date of this Report. Accordingly, undue reliance should not be placed upon the forward-looking
statements.
9
Item 9.01. Financial Statements and Exhibits.
(c) Exhibits.
Exhibit No.
Description
2.1
Business Combination Agreement, dated June 17, 2026, by and among Registrant, SVAQ Merger Sub Inc. and EigenQ Inc.*
10.1
Sponsor Support Agreement, dated June 17, 2026, by and among Registrant, EigenQ Inc., and Silicon Valley Acquisition Sponsor LLC.
10.2
Company Stockholder Support Agreement, dated June 17, 2026, by and among Registrant, EigenQ Inc., and certain stockholder of EigenQ Inc.
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
* The exhibits and schedules to this Exhibit have been omitted in accordance with Item 601(b)(2) of
Regulation S-K. The Registrant agrees to furnish supplementally to the SEC a copy of all omitted exhibits and schedules upon its
request.
10
SIGNATURE
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
Date: June 23, 2026
SILICON VALLEY ACQUISITION CORP.
By:
/s/ Dan Nash
Name:
Dan Nash
Title:
Chief Executive Officer
11
EX-2.1 — BUSINESS COMBINATION AGREEMENT, DATED JUNE 17, 2026, BY AND AMONG REGISTRANT, SVAQ MERGER SUB INC. AND EIGENQ INC
EX-2.1
Filename: ea029561701ex2-1.htm · Sequence: 2
Exhibit 2.1
EXECUTION VERSION
BUSINESS COMBINATION AGREEMENT
by and among
SILICON VALLEY ACQUISITION CORP.,
SVAQ MERGER SUB INC.,
and
EIGENQ, INC.
dated as of June 17, 2026
TABLE OF CONTENTS
Page
ARTICLE I CERTAIN DEFINITIONS
3
Section 1.1
Definitions
3
ARTICLE II MERGER
19
Section 2.1
Closing Transactions
19
Section 2.2
Closing of the Transactions Contemplated by this Agreement
21
Section 2.3
Allocation Schedule
21
Section 2.4
Treatment of Company SARs and Company Warrants
21
Section 2.5
Treatment of SVAQ Securities
22
Section 2.6
Transfer Agent Matters
22
Section 2.7
Company Dissenting Shares
23
Section 2.8
Withholding
23
ARTICLE III REPRESENTATIONS AND WARRANTIES RELATING TO THE GROUP COMPANIES
24
Section 3.1
Organization and Qualification
24
Section 3.2
Capitalization of the Group Companies
24
Section 3.3
Authority
25
Section 3.4
Financial Statements; Undisclosed Liabilities
26
Section 3.5
Consents and Requisite Governmental Approvals; No Violations
27
Section 3.6
Permits
27
Section 3.7
Material Contracts
27
Section 3.8
Absence of Changes
29
Section 3.9
Litigation
29
Section 3.10
Compliance with Applicable Law
30
Section 3.11
Employee Plans
30
Section 3.12
Environmental Matters
32
Section 3.13
Intellectual Property
33
Section 3.14
Labor Matters
36
Section 3.15
Insurance
37
Section 3.16
Tax Matters
38
Section 3.17
Brokers
39
Section 3.18
Real and Personal Property
40
Section 3.19
Transactions with Affiliates
40
Section 3.20
Data Privacy and Security
41
Section 3.21
Compliance with International Trade & Anti-Corruption Laws
42
Section 3.22
Information Supplied
43
Section 3.23
Investigation; No Other Representations
43
Section 3.24
EXCLUSIVITY OF REPRESENTATIONS AND WARRANTIES
43
i
ARTICLE IV REPRESENTATIONS AND WARRANTIES RELATING TO THE SVAQ PARTIES
44
Section 4.1
Organization and Qualification
44
Section 4.2
Authority
44
Section 4.3
Consents and Requisite Governmental Approvals; No Violations
44
Section 4.4
Brokers
45
Section 4.5
Information Supplied
45
Section 4.6
Capitalization of the SVAQ Parties
45
Section 4.7
SEC Filings
46
Section 4.8
Trust Account
47
Section 4.9
Transactions with Affiliates
47
Section 4.10
Litigation
47
Section 4.11
Compliance with Applicable Law
47
Section 4.12
Business Activities
48
Section 4.13
Internal Controls; Listing; Financial Statements
48
Section 4.14
No Undisclosed Liabilities
49
Section 4.15
Tax Matters
49
Section 4.16
Investigation; No Other Representations
50
Section 4.17
Compliance with International Trade & Anti-Corruption Laws
51
Section 4.18
Employees and Employee Benefit Plans
51
Section 4.19
EXCLUSIVITY OF REPRESENTATIONS AND WARRANTIES
52
ARTICLE V COVENANTS
52
Section 5.1
Conduct of Business of the Company
52
Section 5.2
Efforts to Consummate; Litigation
55
Section 5.3
Confidentiality and Access to Information
56
Section 5.4
Public Announcements
58
Section 5.5
Tax Matters
59
Section 5.6
Exclusive Dealing; Change in Recommendation
60
Section 5.7
SVAQ Shareholder Approval
61
Section 5.8
Merger Sub Shareholder Approval
61
Section 5.9
Conduct of Business of SVAQ
62
Section 5.10
Stock Exchange Listing
63
Section 5.11
Trust Account
63
Section 5.12
Company Stockholder Approval
63
Section 5.13
SVAQ Indemnification; Directors’ and Officers’ Insurance
64
Section 5.14
Company Indemnification; Directors’ and Officers’ Insurance
65
Section 5.15
Post-Closing Directors and Officers
66
Section 5.16
PCAOB Financials
67
Section 5.17
Equity Incentive Plan
68
Section 5.18
FIRPTA Certificates
68
Section 5.19
Registration Rights and Lock-up Agreement
68
Section 5.20
Financing Cooperation
68
ii
ARTICLE VI CONDITIONS TO CONSUMMATION OF THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT
68
Section 6.1
Conditions to the Obligations of the Parties
68
Section 6.2
Other Conditions to the Obligations of the SVAQ Parties
69
Section 6.3
Other Conditions to the Obligations of the Company
70
Section 6.4
Frustration of Closing Conditions
71
ARTICLE VII TERMINATION
71
Section 7.1
Termination
71
Section 7.2
Effect of Termination
72
ARTICLE VIII MISCELLANEOUS
73
Section 8.1
Non-Survival
73
Section 8.2
Entire Agreement; Assignment
73
Section 8.3
Amendment
73
Section 8.4
Notices
73
Section 8.5
Governing Law
74
Section 8.6
Fees and Expenses
74
Section 8.7
Construction; Interpretation
75
Section 8.8
Exhibits and Schedules
75
Section 8.9
Parties in Interest
76
Section 8.10
Severability
76
Section 8.11
Counterparts; Electronic Signatures
76
Section 8.12
Knowledge of Company; Knowledge of SVAQ
76
Section 8.13
No Recourse
77
Section 8.14
Extension; Waiver
77
Section 8.15
Waiver of Jury Trial
77
Section 8.16
Submission to Jurisdiction
78
Section 8.17
Remedies
78
Section 8.18
Trust Account Waiver
79
Section 8.19
Legal Representation; Privilege
79
ANNEXES AND EXHIBITS
Annex A
Key Supporting Company Stockholders
iii
BUSINESS COMBINATION AGREEMENT
This BUSINESS COMBINATION
AGREEMENT (this “Agreement”), dated as of June 17, 2026, is made by and among Silicon Valley Acquisition Corp., a Cayman
Islands exempted company (“SVAQ”), SVAQ Merger Sub Inc., a Delaware corporation (“Merger Sub”),
and EigenQ, Inc., a Delaware corporation (the “Company”). SVAQ, Merger Sub and the Company shall be referred to herein
from time to time collectively as the “Parties”. Capitalized terms used but not otherwise defined herein have the meanings
set forth in Section 1.1.
WHEREAS, (a) SVAQ is
a blank check company incorporated (i) as a Cayman Islands exempted company on July 21, 2025, and (ii) for the purpose of effecting a
merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses,
and (b) Merger Sub is, as of the date of this Agreement, a wholly-owned Subsidiary of SVAQ that was formed for purposes of consummating
the transactions contemplated by this Agreement and the Ancillary Documents;
WHEREAS, pursuant to
the Governing Documents of SVAQ, SVAQ is required to provide an opportunity for its shareholders to have their outstanding SVAQ Class
A Shares redeemed on the terms and subject to the conditions set forth therein in connection with obtaining the SVAQ Shareholder Approval;
WHEREAS, concurrently
with the execution of this Agreement, the Sponsor and the Company are entering into the sponsor support agreement (the “Sponsor
Support Agreement”), pursuant to which, among other things, the Sponsor shall agree to (a) vote in favor of this Agreement and
the transactions contemplated hereby (including the Merger), (b) waive any adjustment to the conversion ratio set forth in the Governing
Documents of SVAQ, any other anti-dilution or similar protections with respect to the SVAQ Class B Shares and any redemption rights and
(c) agree to (i) use up to 2,165,950 SVAQ Class B Shares to incentivize the Transaction Financing as set forth therein and (ii) subject
fifty percent (50%) of any such SVAQ Class B Shares not used to incentivize the Transaction Financing to forfeiture upon the Closing;
WHEREAS, at least one
day prior to the Closing Date, prior to the time at which the Effective Time occurs, SVAQ shall transfer by way of continuation from the
Cayman Islands to Delaware and domesticate as a Delaware corporation in accordance with Section 388 of the General Corporation Law of
the State of Delaware (the “DGCL”) and Part Twelve of the Cayman Islands Companies Act (2025 Revision) (the “Domestication”),
on the terms and subject to the conditions set forth in this Agreement;
WHEREAS, on the Closing
Date, following the Domestication, (a) Merger Sub will merge with and into the Company (the “Merger”), with the Company
as the surviving company in the Merger and, after giving effect to the Merger, the Company will be a wholly-owned Subsidiary of SVAQ and
(b) each Company Share will be automatically converted as of the Effective Time into the right to receive a portion of the Transaction
Share Consideration, in each case, on the terms and subject to the conditions set forth in this Agreement;
1
WHEREAS, at the
Closing, SVAQ, certain SVAQ Shareholders, the Company and certain Company Stockholders will enter into a Registration Rights and
Lock-up Agreement, in a form mutually agreed upon by SVAQ and the Company (the “Registration Rights and Lock-up
Agreement”), pursuant to which, among other things, such SVAQ Shareholders and Company Stockholders party thereto will (a)
be granted certain registration rights with respect to their respective SVAQ Shares, and (b) for the designated period specified
therein, shall not transfer their Company Shares, in each case, subject to the terms and upon the conditions set forth in the
Registration Rights and Lock-up Agreement;
WHEREAS, the SVAQ Board
has (a) approved this Agreement, such other Ancillary Documents to which SVAQ is or will be a party and the transactions contemplated
hereby and thereby (including the Domestication and the Merger) and (b) recommended, among other things, approval of this Agreement and
the transactions contemplated by this Agreement (including the Domestication and the Merger) by the holders of SVAQ Shares entitled to
vote thereon (the “SVAQ Board Recommendation”);
WHEREAS, the board
of directors of Merger Sub has approved this Agreement, such other Ancillary Documents to which Merger Sub is or will be a party and the
transactions contemplated hereby and thereby (including the Merger);
WHEREAS, SVAQ, as the
sole stockholder of Merger Sub will, as promptly as reasonably practicable (and in any event within one (1) Business Day) following the
date of this Agreement, approve this Agreement, such other Ancillary Documents to which Merger Sub is or will be a party and the transactions
contemplated hereby and thereby (including the Merger);
WHEREAS, the board
of directors of the Company (the “Company Board”) has (a) approved this Agreement, such other Ancillary Documents
to which the Company is or will be a party and the transactions contemplated hereby and thereby (including the Merger) and (b) recommended,
among other things, the approval of this Agreement, such other Ancillary Documents to which the Company is or will be a party and the
transactions contemplated hereby and thereby (including the Merger) by the holders of Company Shares entitled to vote thereon;
WHEREAS, each Company
Stockholder listed on Annex A attached hereto (collectively, the “Key Supporting Company Stockholders”)
will duly execute and deliver to SVAQ a stockholder support agreement (collectively, the “Stockholder Support Agreements”),
pursuant to which, among other things, each such Key Supporting Company Stockholder will agree to, among other things, (a) support and
vote (or provide a written consent) in favor of this Agreement, such other Ancillary Documents to which the Company is or will be a party
and the transactions contemplated hereby and thereby (including the Merger), and (b) take, or cause to be taken, any actions necessary
or advisable to cause certain agreements to be terminated effective as of the Closing; and
WHEREAS, each of the
Parties intends for U.S. federal income tax purposes that (a) this Agreement constitute a “plan of reorganization”
within the meaning of Section 368 of the Code and Treasury Regulations promulgated thereunder, (b) the Domestication be treated as a “reorganization”
within the meaning of Section 368(a)(1)(F) of the Code and (c) the Merger be treated as (i) a transaction that qualifies as a “reorganization”
within the meaning of Section 368 of the Code and/or (ii), taken together with the Transaction Financing, an integrated transaction qualifying
under Section 351(a) of the Code (clauses (a)-(c), the “Intended Tax Treatment”).
2
NOW, THEREFORE, in
consideration of the premises and the mutual promises set forth herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Parties, each intending to be legally bound, hereby agree as follows:
Article I
CERTAIN DEFINITIONS
Section 1.1
Definitions. As used in this Agreement, the following terms have the respective meanings set forth below.
“Affiliate”
means, with respect to any Person, any other Person who directly or indirectly, through one or more intermediaries, controls, is controlled
by, or is under common control with, such Person. The term “control” 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 the ownership of voting securities,
by contract or otherwise, and the terms “controlled” and “controlling” have meanings correlative thereto.
“Agreement”
has the meaning set forth in the introductory paragraph to this Agreement.
“AI Tools” means artificial
intelligence or machine learning tools, applications Software or other artificial intelligence-enabled items of Company IT Systems.
“AI Training Inputs”
means any and all data, content or materials of any nature (including text, numbers, images, photos, graphics, video, audio or computer
code, or any synthetic derivations thereof) used to train, validate, test, improve or deploy any AI Tools.
“Allocation Schedule”
has the meaning set forth in Section 2.3.
“Ancillary Documents”
means the (a) Registration Rights and Lock-up Agreement, (b) Sponsor Support Agreement, (c) Financing Agreements, (d) Stockholder
Support Agreements, and (e) each other agreement, document, instrument and/or certificate contemplated by this Agreement executed or to
be executed in connection with the transactions contemplated hereby.
“Anti-Corruption
Laws” means, collectively, (a) the U.S. Foreign Corrupt Practices Act of 1977, as amended (FCPA), (b) the UK Bribery Act 2010
and (c) any other applicable anti-bribery or anti-corruption Laws related to combatting bribery, corruption and money laundering.
“Antitrust Laws”
means any Laws that are designed to prohibit, restrict or regulate actions having the purpose or effect of monopolization or restraint
of trade.
“Business”
means the business of, directly or indirectly, developing and commercializing quantum-enhanced cybersecurity, quantum communication networks
(including quantum internet architectures), and quantum computing systems.
“Business Day”
means a day, other than a Saturday or Sunday, on which commercial banks in (i) the Cayman Islands and (ii) New York, New York are open
for the general transaction of business.
“Certificate of Merger”
has the meaning set forth in Section 2.1(b)(ii).
3
“Certificates”
has the meaning set forth in Section 2.1(b)(vii).
“Change of Control
Payment” means (a) any success, change of control, retention, transaction bonus or other similar payment or amount to any Person
as a result of this Agreement, any Ancillary Document or the transactions contemplated hereby or thereby or (b) any payments made or required
to be made pursuant to or in connection with or upon termination of, and any fees, expenses or other payments owing or that will become
owing in respect of, any Company Related Party Transaction (in the case of this clause (b), regardless of whether paid or payable prior
to, at or after the Closing or in connection with or otherwise related to this Agreement or any Ancillary Document or one or more circumstances,
matters, transactions or events unrelated to this Agreement or the Ancillary Documents). Notwithstanding the foregoing or anything to
the contrary herein, Change of Control Payments shall not include (i) any payments made in the ordinary course of business consistent
with past practice and not accelerated, increased or enhanced as a result of the transactions contemplated hereby, (ii) any payments
required under existing Contracts entered into prior to the date of this Agreement in the ordinary course of business and not in contemplation
of the transactions contemplated hereby, and (iii) any severance payments made pursuant to existing severance policies or agreements in
effect prior to the date of this Agreement that are triggered solely by termination of employment without cause or resignation for good
reason (and not solely by the consummation of the transactions contemplated hereby).
“Closing”
has the meaning set forth in Section 2.2.
“Closing Company
Audited Financial Statements” means the audited consolidated balance sheet of the Group Companies as of December 31, 2025 and
the related audited consolidated statements of operations and comprehensive loss and stockholders’ deficit and cash flows of the
Group Companies for the period ended December 31, 2025.
“Closing Date”
has the meaning set forth in Section 2.2.
“Closing Filing”
has the meaning set forth in Section 5.4(b).
“Closing Press Release”
has the meaning set forth in Section 5.4(b).
“COBRA”
means Part 6 of Subtitle B of Title I of ERISA, Section 4980B of the Code and any similar state Law.
“Code”
means the U.S. Internal Revenue Code of 1986, as amended.
“Company”
has the meaning set forth in the introductory paragraph to this Agreement.
“Company
Acquisition Proposal” means any transaction or series of related transactions under which any Person(s), directly or
indirectly, (i) acquires or otherwise purchases the Company and its Subsidiaries, taken as a whole, or a majority of the voting
power of Equity Securities of the Company, or (ii) acquires, is granted, leased or licensed or otherwise purchases all or
substantially all of assets, properties or businesses of the Company and its Subsidiaries, taken as a whole (in the case of each of
clause (i) and (ii), whether by merger, consolidation, liquidation, dissolution, recapitalization, reorganization,
amalgamation, scheme of arrangement, purchase of assets, share exchange, business combination, purchase or issuance of Equity
Securities, tender offer or otherwise), or (b) any issuance, sale or acquisition of any portion of the Equity Securities or voting
power or similar investment in the Company or any of its Subsidiaries (other than the issuance of the applicable class of shares of
capital stock of the Company in connection with the exercise or conversion of Company SARs or Company Warrants as expressly
contemplated by this Agreement). Notwithstanding the foregoing or anything to the contrary herein, none of this Agreement, the
Ancillary Documents or the transactions contemplated hereby or thereby (including any Company Pre-Closing Financing or Transaction
Financing) shall constitute a Company Acquisition Proposal.
4
“Company Board”
has the meaning set forth in the recitals to this Agreement.
“Company Board Recommendation”
has the meaning set forth in Section 5.12.
“Company Certificate
of Incorporation” means the Certificate of Incorporation of the Company, dated as of February 13, 2025, as amended.
“Company D&O
Persons” has the meaning set forth in Section 5.14(a).
“Company D&O
Tail Policy” has the meaning set forth in Section 5.14(c).
“Company Disclosure
Schedules” means the disclosure schedules to this Agreement delivered to SVAQ by the Company on the date of this Agreement.
“Company Dissenting
Shares” has the meaning set forth in Section 2.7.
“Company Dissenting
Stockholders” has the meaning set forth in Section 2.7.
“Company Equity Award”
means, as of any determination time, each outstanding award to any current or former director, manager, officer, employee, individual
independent contractor or other service provider of any Group Company of rights of any kind to receive any Equity Security of any Group
Company under any Company Equity Plan or otherwise including, without limitation, each Company SAR.
“Company Equity Plan”
means, collectively, (a) the EigenQ Inc. Amended and Restated SAR Framework and (b) each other plan or program that provides for an award
to any current or former director, manager, officer, employee, individual independent contractor or other service provider of any Group
Company of rights of any kind to receive Equity Securities of any Group Company or benefits measured in whole or in part by reference
to Equity Securities of any Group Company.
“Company Fundamental
Representations” means the representations and warranties set forth in Section 3.1(a) and Section 3.1(b)
(Organization and Qualification), Section 3.2(a) and Section 3.2(f) (Capitalization of the Group Companies), Section 3.3
(Authority) and Section 3.17 (Brokers).
“Company Intellectual
Property” means collectively, Company Owned Intellectual Property and Company Licensed Intellectual Property.
5
“Company IT Systems”
means all computer systems, computer software and hardware, communication systems, servers, network equipment and related documentation,
in each case, owned, licensed or leased by a Group Company.
“Company Licensed
Intellectual Property” means Intellectual Property Rights owned by any Person (other than a Group Company) that is licensed
to any Group Company.
“Company
Material Adverse Effect” means any change, event, effect or occurrence that, individually or in the aggregate with any
other change, event, effect or occurrence, has had or would reasonably be expected to have a material adverse effect on (a) the
business, results of operations or financial condition of the Group Companies, taken as a whole, or (b) the ability of the Company
to consummate the Merger in accordance with the terms of this Agreement; provided, however, that, in the case of
clause (a), none of the following shall be taken into account in determining whether a Company Material Adverse Effect has
occurred or is reasonably likely to occur: any adverse change, event, effect or occurrence arising after the date of this Agreement
from or related to (i) general business or economic conditions in or affecting the United States, or changes therein, or the global
economy generally, (ii) any national or international political or social conditions in the United States or any other country,
including the engagement by the United States or any other country in hostilities, whether or not pursuant to the declaration of a
national emergency or war, or the occurrence in any place of any military or terrorist attack, sabotage or cyberterrorism, (iii)
changes in conditions of the financial, banking, capital or securities markets generally in the United States or any other country
or region in the world, or changes therein, including changes in interest rates in the United States or any other country and
changes in exchange rates for the currencies of any countries, (iv) changes in any applicable Laws or the interpretation or
enforcement thereof by any Governmental Entity, (v) any change, event, effect or occurrence that is generally applicable to the
industries or markets in which any Group Company operates, (vi) the execution or public announcement of this Agreement or the
pendency or consummation of the transactions contemplated by this Agreement, including the impact thereof on the relationships,
contractual or otherwise, of any Group Company with employees, customers, investors, contractors, lenders, suppliers, vendors,
partners, licensors, licensees, payors or other third parties related thereto (provided that the exception in this clause (vi) shall
not apply to the representations and warranties set forth in Section 3.5(b) to the extent that its purpose is to address
the consequences resulting from the public announcement or pendency or consummation of the transactions contemplated by this
Agreement or the condition set forth in Section 6.2(a) to the extent it relates to such representations and warranties),
(vii) any failure by any Group Company to meet, or changes to, any internal or published budgets, projections, forecasts,
estimates or predictions (although the underlying facts and circumstances resulting in such failure may be taken into account to the
extent not otherwise excluded from this definition pursuant to clauses (i) through (vi) or (viii) through (x)), or (viii) any
hurricane, tornado, flood, earthquake, tsunami, natural disaster, mudslides, wild fires, epidemics, pandemics or quarantines, acts
of God or other natural disasters or comparable events in the United States or any other country or region in the world, or any
escalation of the foregoing, (ix) any actions taken or omitted to be taken by any Group Companies at the written request or with the
written consent of SVAQ, (x) any changes in GAAP or other applicable accounting standards or the interpretation thereof, (xi) any
loss of employees, customers, suppliers, distributors, licensors, licensees or other business partners to the extent resulting from
the public announcement or pendency of the transactions contemplated by this Agreement, or (xii) any litigation arising from or
relating to this Agreement or the transactions contemplated hereby; provided, however, that any change, event, effect
or occurrence resulting from a matter described in any of the foregoing clauses (i) through (v) or (viii) through (x) may be
taken into account in determining whether a Company Material Adverse Effect has occurred or is reasonably likely to occur to the
extent such change, event, effect or occurrence has had or would reasonably be expected to have a disproportionate adverse effect on
the Group Companies, taken as a whole, relative to other participants operating in the industries or markets in which the Group
Companies operate.
6
“Company Non-Party
Affiliates” means, collectively, each Company Related Party and each former, current or future Affiliates, Representatives,
successors or permitted assigns of any Company Related Party (other than, for the avoidance of doubt, the Company).
“Company Owned Intellectual
Property” means all Intellectual Property Rights owned or purported to be owned by a Group Company.
“Company Pre-Closing
Financing” has the meaning set forth in Section 5.20(a).
“Company Product”
means any products or services, developed, owned, performed, offered, marketed, out-licensed, sold, distributed or other otherwise made
available by or on behalf of any Group Company, (a) from which any Group Company has derived in the three (3) years prior to the date
of this Agreement, is currently deriving, or is scheduled to derive, revenue from the sale, license or provision thereof, including products
or services under development, or (b) for which any Group Company has an ongoing obligation to provide warranties, or other support or
maintenance services.
“Company Registered
Intellectual Property” means all Registered Intellectual Property owned or purported to be owned by, or filed in the name of
any Group Company.
“Company Related
Party” has the meaning set forth in Section 3.19.
“Company Related
Party Transactions” has the meaning set forth in Section 3.19.
“Company SAR”
means, as of any determination time, each stock appreciation right that is exercisable for Company Shares that is outstanding and unexercised,
whether granted under a Company Equity Plan or otherwise.
“Company Shares”
means shares of common stock, par value $0.00001 per share, of the Company designated as “Common Stock” pursuant to the Company
Certificate of Incorporation.
“Company Stockholder”
means the holders of Company Shares as of any determination time prior to the Effective Time. For the avoidance of doubt, the holders
of Company Warrants will become Company Stockholders immediately prior to the Closing to the extent such Company Warrants are exercised
or converted prior to the Effective Time.
“Company Stockholder
Written Consent” has the meaning set forth in Section 5.12.
“Company Stockholder
Written Consent Deadline” has the meaning set forth in Section 5.12.
7
“Company Warrants”
means, as of any determination time, each warrant to purchase any capital stock of the Company that is outstanding and unexercised.
“Confidentiality
Agreement” means that certain Confidentiality Agreement, dated as of January 27, 2026, by and between the Company and SVAQ.
“Consent”
means any notice, authorization, qualification, registration, filing, notification, waiver, order, consent or approval to be obtained
from, filed with or delivered to, a Governmental Entity or other Person.
“Contract”
or “Contracts” means any written agreement, contract, license, lease, obligation, undertaking or other commitment or
arrangement that is legally binding upon a Person or any of his, her or its properties or assets.
“DGCL”
has the meaning set forth in the recitals to this Agreement.
“Domestication”
has the meaning set forth in the recitals to this Agreement.
“Effective Time”
has the meaning set forth in Section 2.1(b)(ii).
“Employee Benefit
Plan” means each “employee benefit plan” (as such term is defined in Section 3(3) of ERISA, whether or not
subject to ERISA) and each other benefit or compensatory plan, program, policy or Contract that any Group Company maintains, sponsors
or contributes to, or under or with respect to which any Group Company has any Liability, other than any plan sponsored or maintained
by a Governmental Entity.
“Environmental Laws”
means any federal, state, local, municipal, foreign, international, or multinational law, regulation, or other applicable requirement,
policy, guidance or treaty relating to (a) releases or threatened release of Hazardous Substance; (b) pollution or protection of
employee health or safety, public health or the environment; or (c) the manufacture, handling, transport, use, treatment, storage,
or disposal of Hazardous Substances, including without limitation the following: the Comprehensive Environmental Response, Compensation
and Liability Act of 1980 (including as amended by the Superfund Amendments and Reauthorization Act of 1986), 42 U.S.C. § 9601 et
seq.; the Emergency Planning and Community Right-to-Know Act of 1986, 42 U.S.C. § 11001 et seq.; the Hazardous Materials Transportation
Act 49 U.S.C. § 5101 et seq.; the Solid Waste Disposal Act (including as amended by the Resource Conservation and Recovery Act (including
Subtitle I relating to underground storage tanks)) 42 U.S.C. § 6901 et seq.; the Federal Water Pollution Control Act 33 U.S.C. §§
1151, 1251 et seq.; the Clean Air Act 42 U.S.C. § 7401 et seq.; the Toxic Substances Control Act 15 U.S.C. § 2601 et seq.; the
Safe Drinking Water Act 42 U.S.C. § 300f et seq.; the Occupational Safety and Health Act 29 U.S.C. § 651 et seq.; the Federal
Insecticide, Fungicide and Rodenticide Act 7 U.S.C. § 136 et seq.; the Endangered Species Act 16 U.S.C. § 1531 et seq.; the
National Environmental Policy Act 42 U.S.C. § 4321 et seq.; and the River and Harbors Appropriation Act 33 U.S.C. § 403 et seq.
“Equiniti”
means Equiniti Trust Company, LLC.
“Equity
Securities” means any share, share capital, capital stock, partnership, membership, joint venture or similar interest in
any Person (including any stock appreciation, phantom stock, profit participation or similar rights), and any option, warrant, right
or security (including debt securities) convertible, exchangeable or exercisable therefor.
8
“Equity Value”
means $2,930,000,000.
“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended.
“ERISA Affiliate”
means any entity that together with any Group Company would be deemed a “single employer” for purposes of Section 4001(b)(1)
of ERISA and/or Sections 414(b), (c) and/or (m) of the Code.
“Exchange Act”
means the Securities Exchange Act of 1934.
“Exchange Ratio”
means the quotient obtained by dividing (a) the Transaction Share Consideration, by (b) the number of Fully-Diluted Shares.
“Expenses”
means all fees, costs and expenses, including all out-of-pocket expenses (including all such fees, costs and expenses with respect to
counsel, accountants, investment bankers, financial advisors, financing sources, experts and consultants to a Party hereto or any of its
Affiliates, exchange listings, SEC filings, compliance with HSR Act and obtaining the D&O Tail Insurance), incurred by a Party or
on its behalf in connection with or related to the authorization, preparation, negotiation, execution or performance of this Agreement
or any Ancillary Document related hereto and all other matters related to the consummation of the transactions contemplated hereby and
thereby. With respect to SVAQ, Expenses shall include any and all deferred expenses (including fees or commissions payable to the underwriters
and any legal fees) of the IPO upon consummation of a Business Combination, including any Working Capital Loans that have not been converted
into SVAQ Units pursuant to the Prospectus prior to the Closing Date. For the avoidance of doubt, any fees, costs and expenses of holders
of Equity Securities of the Company that do not arise from such holder’s position with the Company shall not be “Expenses”.
“Financial Statements”
has the meaning set forth in Section 3.4(a).
“Foreign Benefit
Plan” means each Employee Benefit Plan maintained by any of the Group Companies for its current or former employees, officers,
directors or other individual service providers located outside of the United States.
“Fraud”
means an act or omission by a Party, and requires: (a) a false or incorrect representation or warranty expressly set forth in this Agreement,
(b) with actual knowledge (as opposed to constructive, imputed or implied knowledge) by the Party making such representation or warranty
that such representation or warranty expressly set forth in this Agreement is false or incorrect, (c) an intention to deceive another
Party, to induce such Party to enter into this Agreement, (d) an intention to deceive another Party, in justifiable or reasonable reliance
upon such false or incorrect representation or warranty expressly set forth in this Agreement, causing such Party to enter into this Agreement,
and (e) an intention to deceive another Party, to suffer damage by reason of such reliance. For the avoidance of doubt, “Fraud”
does not include any claim for equitable fraud, promissory fraud, unfair dealings fraud or any torts (including a claim for fraud or alleged
fraud) based on negligence or recklessness.
9
“Fully-Diluted Shares”
means an amount equal to, without duplication, (a) the aggregate number of Company Shares and any other shares of capital stock of the
Company that are issued and outstanding as of immediately prior to the Effective Time calculated on a fully-diluted basis, plus
(b) the aggregate Company Shares issuable upon the exercise of the Company SARs that are outstanding immediately prior to the Effective
Time, plus (c) the aggregate number of Company Shares issuable upon the full exercise, exchange or conversion of Company Warrants
that are outstanding as of immediately prior to the Effective Time, treating such outstanding Company Warrants as having been exercised
in full (calculated using the treasury stock method of accounting).
“GAAP”
means United States generally accepted accounting principles.
“Governing Documents”
means the legal document(s) by which any Person (other than an individual) establishes its legal existence or which govern its internal
affairs. For example, the “Governing Documents” of a U.S. corporation are its certificate or articles of incorporation
and by-laws, the “Governing Documents” of a U.S. limited partnership are its limited partnership agreement and certificate
of limited partnership, the “Governing Documents” of a U.S. limited liability company are its operating or limited liability
company agreement and certificate of formation and the “Governing Documents” of a Cayman Islands exempted company are
its memorandum and articles of association.
“Governmental Entity”
means any United States or non-United States (a) federal, state, local, municipal or other government, (b) governmental entity of
any nature (including any governmental agency, branch, department, official, or entity and any court or other tribunal) or (c) body
entitled under applicable Law to exercise any administrative, executive, judicial, legislative, police, regulatory, or taxing authority
or power of any nature, including any arbitral tribunal (public or private).
“Group Company”
and “Group Companies” means, collectively, the Company and its Subsidiaries.
“Hazardous Substance”
means any (i) substance, chemical, material, compound, waste, pollutant, contaminant, special waste, product or derivative regulated or
subject to rules of liability under any present or future Environmental Law or that is listed, classified, defined, or regulated as hazardous,
toxic, corrosive, ignitable, reactive, radioactive, dangerous, a pollutant, a contaminant, or words of similar meaning or effect under
any present or future Environmental Law or constitutes a danger, nuisance, trespass or health or safety hazard to persons or property;
(ii) petroleum and petroleum products and their refined or derived products (including waste or used oil, gasoline, heating oil, kerosene
or any other petroleum products or substances or materials derived from or commingled with any petroleum products); (iii) lead, lead-based
paint, toxic mold, radon, polychlorinated biphenyls, radioactive materials, per- and polyfluoralkyl substances (PFAS) “hazardous
wastes,” or “hazardous constituents” or the subject of a cleanup standard or sampling requirement promulgated by a properly
authorized Governmental Entity, aqueous film forming foam, or other emerging contaminants, urea formaldehyde or asbestos or asbestos containing
materials; and (iv) any compound, mixture, solution, product, or other substance or material that contains any substance or material referred
to in clause (i), (ii) or (iii) above.
10
“HSR Act”
means the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and the rules and regulations promulgated thereunder.
“Indebtedness”
means, as of any time, without duplication, with respect to any Person, the outstanding principal amount of, accrued and unpaid interest
on, fees and expenses arising under or in respect of (a) indebtedness for borrowed money, (b) other obligations evidenced by any
note, bond, debenture or other debt security, (c) obligations for the deferred purchase price of property or assets, including “earn-outs”
and “seller notes” (but excluding any trade payables arising in the ordinary course of business), (d) reimbursement and
other obligations with respect to letters of credit, bank guarantees, bankers’ acceptances or other similar instruments, in each
case, solely to the extent drawn, (e) leases required to be capitalized under GAAP, (f) derivative, hedging, swap, foreign exchange
or similar arrangements, including swaps, caps, collars, hedges or similar arrangements, and (g) any of the obligations of any other Person
of the type referred to in clauses (a) through (f) above directly or indirectly guaranteed by such Person or secured by any assets of
such Person, whether or not such Indebtedness has been assumed by such Person, and (h) all break-fees, prepayment penalties, premiums,
costs and other amounts payable in connection with the prepayment or repayment of any of the items described in clauses (a) through (g).
“Incentive Plan”
has the meaning set forth in Section 5.17.
“Intellectual Property
Rights” means all intellectual property rights and related priority rights protected, created or arising under the Laws of the
United States or any other jurisdiction or under any international convention, including all (a) patents and patent applications, industrial
designs and design patent rights, including any continuations, divisionals, continuations-in-part and provisional applications and statutory
invention registrations, and any patents issuing on any of the foregoing and any reissues, reexaminations, substitutes, supplementary
protection certificates, extensions of any of the foregoing (collectively, “Patents”); (b) trademarks, service marks,
trade names, service names, brand names, trade dress rights, logos, Internet domain names, corporate names and other source or business
identifiers, together with the goodwill associated with any of the foregoing, and all applications, registrations, extensions and renewals
of any of the foregoing (collectively, “Marks”); (c) copyrights and works of authorship, database and design rights,
mask work rights and moral rights, whether or not registered or published, and all registrations, applications, renewals, extensions and
reversions of any of any of the foregoing (collectively, “Copyrights”); (d) trade secrets, know-how and confidential
and proprietary information, including invention disclosures, inventions and formulae, whether patentable or not; (e) rights in or to
Software or other technology; (f) any other intellectual or similar proprietary rights protectable, arising under or associated with any
of the foregoing, including those protected by any Law anywhere in the world; and (g) all legal rights arising from items (a) through
(f), including the right to prosecute, enforce and perfect such interests and rights to sue, oppose, cancel, interfere, enjoin and collect
damages based upon such interests, including such rights based on past infringement, if any, in connection with any of the foregoing.
“Intended Tax Treatment”
has the meaning set forth in the recitals to this Agreement.
“Investment Company
Act” means the Investment Company Act of 1940.
“IPO” has
the meaning set forth in Section 8.18.
11
“JOBS Act”
means the Jumpstart Our Business Startups Act of 2012.
“Key Supporting Company
Stockholders” has the meaning set forth in the recitals to this Agreement.
“Latest Balance Sheet”
has the meaning set forth in Section 3.4(a).
“Law” means
any federal, state, local, foreign, national or supranational statute, law (including common law), act, statute, ordinance, treaty, rule,
code, regulation or other legally binding directive or guidance issued, promulgated or enforced by a Governmental Entity having jurisdiction
over a given matter.
“Leased Real Property”
has the meaning set forth in Section 3.18(b).
“Liability”
or “liability” means any and all debts, liabilities and obligations, whether accrued or fixed, absolute or contingent,
known or unknown, matured or unmatured or determined or determinable, including those arising under any Law (including any Environmental
Law), Proceeding or Order and those arising under any Contract, agreement, arrangement, commitment or undertaking.
“Lien”
means any mortgage, pledge, security interest, encumbrance, lien, license or sub-license, charge, or other similar encumbrance or
interest (including, in the case of any Equity Securities, any voting, transfer or similar restrictions).
“Lookback Date”
means February 13, 2025.
“Material Contracts”
has the meaning set forth in Section 3.7(a).
“Material Permits”
has the meaning set forth in Section 3.6.
“Merger”
has the meaning set forth in the recitals to this Agreement.
“Merger Sub”
has the meaning set forth in the introductory paragraph to this Agreement.
“Multiemployer Plan”
has the meaning set forth in Section 3(37) or Section 4001(a)(3) of ERISA.
“Nasdaq”
means the Nasdaq Stock Exchange.
“Non-Party Affiliate”
has the meaning set forth in Section 8.13.
“Off-the-Shelf Software”
means any Software that is made generally and widely available to the public on a commercial basis and is licensed to any of the Group
Companies on a non-exclusive basis under standard terms and conditions.
“Officers”
has the meaning set forth in Section 5.15(a).
“Order”
means any outstanding writ, order, judgment, injunction, decision, determination, award, ruling, subpoena, verdict or decree entered,
issued or rendered by any Governmental Entity.
12
“Outside Date”
has the meaning set forth in Section 7.1(d).
“Parties”
has the meaning set forth in the introductory paragraph to this Agreement.
“PCAOB”
means the Public Company Accounting Oversight Board.
“Permits”
means any approvals, authorizations, clearances, declarations of conformity, licenses, registrations, permits or certificates of a Governmental
Entity.
“Permitted Liens”
means (a) mechanic’s, materialmen’s, carriers’, repairers’ and other similar statutory Liens arising or incurred
in the ordinary course of business for amounts that are not yet due and payable or are being contested in good faith by appropriate proceedings
and for which sufficient reserves have been established in accordance with GAAP, (b) Liens for Taxes, assessments or other governmental
charges not yet due and payable as of the Closing Date or which are being contested in good faith by appropriate proceedings and for which
sufficient reserves have been established in accordance with GAAP, (c) encumbrances and restrictions on real property (including easements,
covenants, conditions, rights of way and similar restrictions) that do not prohibit or materially interfere with any of the Group Companies’
use or occupancy of such real property, (d) zoning, building codes and other land use Laws regulating the use or occupancy of real property
or the activities conducted thereon which are imposed by any Governmental Entity having jurisdiction over such real property and which
are not violated by the use or occupancy of such real property or the operation of the businesses of the Group Company and do not prohibit
or materially interfere with any of the Group Companies’ use or occupancy of such real property, (e) cash deposits or cash
pledges to secure the payment of workers’ compensation, unemployment insurance, social security benefits or obligations arising
under similar Laws or to secure the performance of public or statutory obligations, surety or appeal bonds, and other obligations of a
like nature, in each case in the ordinary course of business and which are not yet due and payable, (f) grants by any Group Company of
non-exclusive rights in Intellectual Property Rights in the ordinary course of business consistent with past practice and (g) other Liens
that do not materially and adversely affect the value, use or operation of the asset subject thereto.
“Person”
means an individual, partnership, corporation, limited liability company, joint stock company, unincorporated organization or association,
trust, joint venture or other similar entity, whether or not a legal entity or Governmental Entity.
“Personal Information”
means any information that (a) identifies or makes identifiable, relates to, describes, is linked to, could reasonably be linked to, directly
or indirectly, any identified or identifiable individual or household (e.g., name, address telephone number, email address, or government-issued
identifier), or can reasonably be associated with or used to identify, contact, or precisely locate an individual or household, (b) is
payment card information, or (c) is otherwise protected or governed by any applicable Privacy Law or defined in any applicable Privacy
Law as “personal information,” “personal data,” “personally identifiable information,” “sensitive
information,” or a substantially similar term.
“Proxy Statement”
has the meaning set forth in Section 5.7.
“Pre-Closing SVAQ
Holders” means the holders of SVAQ Shares at any time prior to the Effective Time, together with their successors and assigns.
13
“Privacy and Data
Security Policies” has the meaning set forth in Section 3.20(a).
“Privacy Laws”
means all Laws relating to the Processing or protection of Personal Information, data breach and notification, website and mobile application
privacy policies and practices, Social Security number protection, Processing and security of payment card information (including, to
the extent applicable, Payment Card Industry Security Standards), and email, text message, or telephone communications that apply to the
Group Companies.
“Proceeding”
means any lawsuit, litigation, action, audit, investigations, examination, claim, complaint, charge, proceeding, suit or arbitration (in
each case, whether civil, criminal or administrative and whether public or private) pending by or before or otherwise involving any Governmental
Entity.
“Process”
(or “Processing” or “Processes”) means the collection, use, storage, processing, recording, distribution,
transfer, import, export, protection (including security measures), disposal or disclosure or other activity regarding data (whether electronically
or in any other form or medium).
“Prospectus”
has the meaning set forth in Section 8.18.
“Public Shareholders”
has the meaning set forth in Section 8.18.
“Public Software”
means any Software that contains, includes, incorporates, or has instantiated therein, or is derived in any manner (in whole or in part)
from, any Software that is licensed pursuant to: (a) any license that is a license approved by the Open Source Initiative and listed at
http://www.opensource.org/licenses, which licenses include all versions of the GNU General Public License (GPL), the GNU Lesser General
Public License (LGPL), the GNU Affero GPL, the MIT license, the Eclipse Public License, the Common Public License, the CDDL, the Mozilla
Public License (MPL), the Artistic License, the Netscape Public License, the Sun Community Source License (SCSL), and the Sun Industry
Standards License (SISL); (b) any license to Software this is considered “free” or “open source software” by the
Open Source foundation or the Free Software Foundation or (c) any similar licensing or distribution models, including under any terms
or conditions that impose any requirement that any Software using, linked with, incorporating, distributed with or derived from such Public
Software (i) be made available or distributed in source code form; (ii) be licensed for purposes of making derivative works; or (iii)
be redistributable at no, or a nominal, charge.
“Real Property Leases”
means all leases, sub-leases, licenses or other agreements, in each case, pursuant to which any Group Company leases or sub-leases any
real property.
“Registered Intellectual
Property” means all issued Patents, pending Patent applications, registered Marks, pending applications for registration of
Marks, registered Copyrights, pending applications for registration of Copyrights and Internet domain name registrations.
“Registration Statement”
has the meaning set forth in Section 5.7.
14
“Representatives”
means with respect to any Person, such Person’s Affiliates and its and such Affiliates’ respective directors, managers, officers,
employees, accountants, consultants, advisors, attorneys, agents and other representatives.
“Required SVAQ Shareholder
Approval” means the approval of the SVAQ Shareholder Approval Matters by the affirmative vote of the holders of the requisite
number of SVAQ Shares entitled to vote thereon, whether in person or by proxy at the SVAQ Shareholders Meeting (or any adjournment thereof),
in accordance with the Governing Documents of SVAQ and applicable Law.
“Sanctioned Countries”
has the meaning set forth in Section 4.17(a).
“Sanctions and Export
Control Laws” means any applicable Law related to (a) import and export controls, including the U.S. Export Administration Regulations,
(b) economic sanctions, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the
U.S. Department of State, the European Union, any European Union Member State, the United Nations, and His Majesty’s Treasury of
the United Kingdom or (c) anti-boycott measures.
“Sarbanes-Oxley Act”
means the Sarbanes-Oxley Act of 2002.
“Schedules”
means, collectively, the Company Disclosure Schedules and the SVAQ Disclosure Schedules.
“SEC” means
the U.S. Securities and Exchange Commission.
“Securities Act”
means the U.S. Securities Act of 1933.
“Securities Laws”
means Federal Securities Laws and other applicable foreign and domestic securities or similar Laws.
“Signing Filing”
has the meaning set forth in Section 5.4(b).
“Signing Press Release”
has the meaning set forth in Section 5.4(b).
“Software”
shall mean any and all (a) computer programs, including any and all software implementations of algorithms, models and methodologies,
whether in source code or object code; (b) databases and compilations, including any and all data and collections of data, whether machine
readable or otherwise; (c) descriptions, flowcharts and other work product used to design, plan, organize and develop any of the foregoing,
screens, user interfaces, report formats, firmware, development tools, templates, menus, buttons and icons; and (d) all documentation,
including user manuals and other training documentation, related to any of the foregoing.
“Sponsor”
means Silicon Valley Acquisition Sponsor LLC, a Delaware limited liability company.
“Sponsor Support
Agreement” has the meaning set forth in the recitals to this Agreement.
“Stock Exchange”
means the New York Stock Exchange, the NYSE American or Nasdaq.
15
“Stockholder Support
Agreements” has the meaning set forth in the recitals to this Agreement.
“Subsidiary”
means, with respect to any Person, any corporation, limited liability company, partnership or other legal entity of which (a) if a corporation,
a majority of the total voting power of Equity Securities entitled (without regard to the occurrence of any contingency) to vote in the
election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by such Person or one
or more of the other Subsidiaries of such Person or a combination thereof, or (b) if a limited liability company, partnership, association
or other business entity (other than a corporation), a majority of the partnership or other similar ownership interests thereof is at
the time owned or controlled, directly or indirectly, by such Person or one or more Subsidiaries of such Person or a combination thereof
and for this purpose, a Person or Persons own a majority ownership interest in such a business entity (other than a corporation) if such
Person or Persons shall be allocated a majority of such business entity’s gains or losses or shall be a, or control any, managing
director or general partner of such business entity (other than a corporation). The term “Subsidiary” shall include
all Subsidiaries of such Subsidiary.
“Surviving Company”
has the meaning set forth in Section 2.1(b)(i).
“Surviving Company
Share” has the meaning set forth in Section 2.1(b)(v).
“SVAQ”
has the meaning set forth in the introductory paragraph to this Agreement.
“SVAQ Acquisition
Proposal” means (a) any transaction or series of related transactions under which SVAQ or any of its Subsidiaries, directly
or indirectly, (i) acquires or otherwise purchases any other Person(s), (ii) engages in a business combination with any other Person(s)
or (iii) acquires or otherwise purchases all or a material portion of the assets or businesses of any other Person(s) (in the case of
each of clause (i), (ii) and (iii), whether by merger, consolidation, recapitalization, purchase or issuance of equity securities,
tender offer or otherwise) or (b) any equity, debt or similar investment in SVAQ or any of its Subsidiaries. Notwithstanding the foregoing
or anything to the contrary herein, none of this Agreement, the Ancillary Documents or the transactions contemplated hereby or thereby
shall constitute a SVAQ Acquisition Proposal.
“SVAQ Board”
has the meaning set forth in the recitals to this Agreement.
“SVAQ Board Recommendation”
has the meaning set forth in the recitals to this Agreement.
“SVAQ Bylaws”
has the meaning set forth in Section 2.1(a).
“SVAQ Certificate
of Incorporation” has the meaning set forth in Section 2.1(a).
“SVAQ Common Stock”
means from and after the consummation of the Domestication, the shares of common stock of SVAQ (which shall be entitled to one (1) vote
per share).
“SVAQ Class A Shares”
means, prior to the Domestication, SVAQ’s Class A ordinary shares.
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“SVAQ Class B Shares”
means, prior to the Domestication, SVAQ’s Class B ordinary shares.
“SVAQ D&O Persons”
has the meaning set forth in Section 5.13(a).
“SVAQ Disclosure
Schedules” means the disclosure schedules to this Agreement delivered to the Company by SVAQ on the date of this Agreement.
“SVAQ Financial Statements”
means all of the financial statements of SVAQ included in the SVAQ SEC Reports.
“SVAQ Fundamental
Representations” means the representations and warranties set forth in Section 4.1 (Organization and Qualification),
Section 4.2 (Authority), Section 4.4 (Brokers) and Section 4.6(a) and Section 4.6(b) (Capitalization
of the SVAQ Parties).
“SVAQ Material Adverse
Effect” means any change, event, effect or occurrence that, individually or in the aggregate with any other change, event, effect
or occurrence, has had or would reasonably be expected to have a material adverse effect on the ability of any SVAQ Party to consummate
the Merger in accordance with the terms of this Agreement; provided, however, that none of the following shall be taken into account in
determining whether a SVAQ Material Adverse Effect has occurred or is reasonably likely to occur: any adverse change, event, effect or
occurrence arising after the date of this Agreement from or related to (i) general business or economic conditions in or affecting the
United States, or changes therein, or the global economy generally, (ii) any national or international political or social conditions
in the United States or any other country, including the engagement by the United States or any other country in hostilities, whether
or not pursuant to the declaration of a national emergency or war, or the occurrence in any place of any military or terrorist attack,
sabotage or cyberterrorism, (iii) changes in conditions of the financial, banking, capital or securities markets generally in the United
States or any other country or region in the world, or changes therein, including changes in interest rates in the United States or any
other country and changes in exchange rates for the currencies of any countries, (iv) changes in any applicable Laws, (v) any change,
event, effect or occurrence that is generally applicable to the industries or markets in which any SVAQ Party operates, or (vi) the execution
or public announcement of this Agreement or the pendency or consummation of the transactions contemplated by this Agreement, including
the impact thereof on the relationships, contractual or otherwise, of any SVAQ Party with investors, contractors, lenders, suppliers,
vendors, partners, licensors, licensees, payors or other third parties related thereto (provided that the exception in this clause (vi)
shall not apply to the representations and warranties set forth in Section 4.3(b) to the extent that its purpose is to address
the consequences resulting from the public announcement or pendency or consummation of the transactions contemplated by this Agreement
or the condition set forth in Section 6.2(a) to the extent it relates to such representations and warranties); provided, however,
that any change, event, effect or occurrence resulting from a matter described in any of the foregoing clauses (i) through (v) may be
taken into account in determining whether a SVAQ Material Adverse Effect has occurred or is reasonably likely to occur to the extent such
change, event, effect or occurrence has had or would reasonably be expected to have a disproportionate adverse effect on SVAQ relative
to other similarly situated special purposes acquisition companies operating in the industries or markets in which SVAQ operates.
“SVAQ Non-Party
Affiliates” means, collectively, each SVAQ Related Party and each of the former, current or future Affiliates, Representatives,
successors or permitted assigns of any SVAQ Related Party (other than, for the avoidance of doubt, any SVAQ Party).
“SVAQ Parties”
means, collectively, SVAQ and Merger Sub (and each, individually, a “SVAQ Party”).
“SVAQ Related Parties”
has the meaning set forth in Section 4.9.
“SVAQ Related Party
Transactions” has the meaning set forth in Section 4.9.
“SVAQ SEC Reports”
has the meaning set forth in Section 4.7.
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“SVAQ Shareholder”
means each holder of SVAQ Class A Shares and each holder of SVAQ Class B Shares, in its capacity as holder.
“SVAQ Shareholder
Redemption” means the right of the holders of SVAQ Class A Shares to redeem all or a portion of their SVAQ Class A Shares (in
connection with the transactions contemplated by this Agreement or otherwise) as set forth in Governing Documents of SVAQ.
“SVAQ Shareholders
Meeting” has the meaning set forth in Section 5.7.
“SVAQ Shares”
means (a) prior to the consummation of the Domestication, collectively, the SVAQ Class A Shares and SVAQ Class B Shares and (b) from
and after the consummation of the Domestication, collectively, the SVAQ Common Stock, each with par value $0.0001 per share. Any reference
to the SVAQ Shares in this Agreement or any Ancillary Document shall be deemed to refer to clause (a) and/or clause (b) of this definition,
as the context so requires.
“SVAQ Units”
means units of SVAQ consisting of one SVAQ Class A Share and one-half (1/2) of one SVAQ Warrant, which, for the avoidance doubt, shall
include any units of SVAQ converted from Working Capital Loans.
“SVAQ Warrant Agreement”
means that certain Warrant Agreement, dated as of December 22, 2025, by and between SVAQ and Equiniti, as warrant agent.
“SVAQ Warrants”
means warrants to purchase SVAQ Class A Share as contemplated under the SVAQ Warrant Agreement, with each warrant exercisable for one
SVAQ Class A Share at an exercise price of $11.50.
“Tax”
means any federal, state, local or non-United States income, gross receipts, franchise, estimated, alternative minimum, sales, use,
transfer, value added, excise, stamp, customs, duties, ad valorem, real property, personal property (tangible and intangible),
capital stock, social security, unemployment, payroll, wage, employment, severance, occupation, registration, environmental,
communication, mortgage, profits, license, lease, service, goods and services, withholding, premium, turnover, windfall profits or
other taxes of any kind whatever, whether computed on a separate or combined, unitary or consolidated basis or in any other manner,
together with any interest, deficiencies, penalties, additions to tax, or additional amounts imposed by any Governmental Entity with
respect thereto, whether disputed or not, and including any secondary Liability for any of the aforementioned.
“Tax Authority”
means any Governmental Entity responsible for the collection or administration of Taxes or Tax Returns.
“Tax Return”
means returns, information returns, statements, declarations, claims for refund, schedules, attachments and reports relating to Taxes
required to be filed with any Governmental Entity.
“Transaction Financing”
means a capital raising transaction in connection with the Transactions structured as one or a combination of common equity, preferred
equity, convertible equity or debt or non-redemption with respect to the Trust Account, in each case, whether such investment is into
SVAQ or the Company; provided, however, that a Company Pre-Closing Financing shall not be considered a Transaction Financing.
“Transaction Litigation”
has the meaning set forth in Section 5.2(c).
“Transaction Proposals”
has the meaning set forth in Section 5.7.
“Transaction Share
Consideration” means an aggregate amount of shares of SVAQ Common Stock equal to the quotient of (a) the Equity Value divided
by (b) $10.00.
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“Trust Account”
has the meaning set forth in Section 8.18.
“Trust Account Released
Claims” has the meaning set forth in Section 8.18.
“Trust Agreement”
has the meaning set forth in Section 4.8.
“Trustee”
has the meaning set forth in Section 4.8.
“WARN”
means the Worker Adjustment Retraining and Notification Act of 1988, as well as analogous applicable foreign, state or local Laws.
“Working Capital
Loans” means the working capital loans that the SVAQ Related Parties may loan to SVAQ as described in the Prospectus, up to
$1,500,000 of which may be convertible into units of SVAQ at a price of $10.00 per unit at the option of the lender.
Article II
MERGER
Section 2.1
Closing Transactions. On the terms and subject to the conditions set forth in this Agreement, the following transactions
shall occur in the order set forth in this Section 2.1:
(a) Domestication.
Immediately prior to the Closing, SVAQ shall cause the Domestication to occur in accordance with Section 388 of the DGCL and Part
Twelve of the Cayman Islands Companies Act (2025 Revision), including by filing with the Delaware Secretary of State a Certificate
of Domestication with respect to the Domestication, in form and substance reasonably acceptable to SVAQ and the Company, together
with the SVAQ Certificate of Incorporation and completing and making all filings required to be made with the Cayman Registrar to
effect the Domestication. In connection with (and as part of) the Domestication, SVAQ shall cause (i) each SVAQ Class A Share and
SVAQ Class B Share that is issued and outstanding immediately prior to the Domestication to be converted into one share of SVAQ
Common Stock, par value $0.0001 per share of SVAQ, (ii) the Governing Documents of SVAQ to become the certificate of incorporation,
in a form to be mutually agreed upon by SVAQ and the Company (such agreement not to be unreasonably withheld, conditioned or
delayed) as soon as reasonably practicable following the date hereof, the “SVAQ Certificate of Incorporation”),
and the bylaws, in a form to be mutually agreed upon by SVAQ and the Company (such agreement not to be unreasonably withheld,
conditioned or delayed) as soon as reasonably practicable following the date hereof (the “SVAQ Bylaws”) and
(iii) SVAQ’s name to be changed to a name selected by the Company. SVAQ and its Representatives shall give the Company
and its pertinent Representatives a reasonable opportunity to review any applicable documents, certificates or filings in connection
with the Domestication and will consider, in good faith, any comments thereto. Following the consummation of the Domestication and
prior to the Closing, the board of directors of SVAQ will resolve to ratify and approve such matters as may be required to effect
the transactions contemplated by this Agreement and any such other matters as the Company and SVAQ may mutually agree.
(b)
The Merger.
(i)
On the terms and subject to the conditions set forth in this Agreement and in accordance with the DGCL, following the consummation
of the Domestication, on the Closing Date, Merger Sub shall merge with and into the Company at the Effective Time. Following the Effective
Time, and as a result of the Merger, the separate existence of Merger Sub shall cease, and the Company shall continue as the surviving
company of the Merger (the “Surviving Company”).
(ii)
At the Closing, the Parties hereto shall cause the Merger to be consummated by filing with the Secretary of State of the State
of Delaware a certificate of merger, in a form reasonably satisfactory to the Company and SVAQ (the “Certificate of Merger”),
to be executed and filed in accordance with the relevant provisions of the DGCL. The Merger shall become effective on the date and time
at which the Certificate of Merger is accepted for filing by the Secretary of State of the State of Delaware or at such later date and/or
time as is agreed by SVAQ and the Company and specified in the Certificate of Merger (the time the Merger becomes effective being referred
to herein as the “Effective Time”).
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(iii)
The Merger shall have the effects set forth in Section 251 of the DGCL. Without limiting the generality of the foregoing, and subject
thereto, at the Effective Time, all of the assets, properties, rights, privileges, powers and franchises of the Company and Merger Sub
shall vest in the Surviving Company and all debts, liabilities, obligations, restrictions, disabilities and duties of each of the Company
and Merger Sub shall become the debts, liabilities, obligations and duties of the Surviving Company, in each case, in accordance with
the DGCL.
(iv) At the Effective
Time, the Governing Documents of Merger Sub shall be the Governing Documents of the Surviving Company, in each case, until
thereafter changed or amended as provided therein or by applicable Law.
(v)
At the Effective Time, the directors and officers of the Surviving Company shall be the individuals determined in accordance with
Section 5.15, each to hold office in accordance with the Governing Documents of the Surviving Company until such director’s
or officer’s successor is duly elected or appointed and qualified, or until the earlier of their death, resignation or removal.
(vi)
At the Effective Time, by virtue of the Merger and without any action on the part of any Party or any other Person, each share
of capital stock of Merger Sub issued and outstanding immediately prior to the Effective Time shall be automatically cancelled and extinguished
and converted into one share of common stock, par value $0.0001, of the Surviving Company (each such share, a “Surviving Company
Share”).
(vii)
At the Effective Time, by virtue of the Merger and without any action on the part of any Party or any other Person, each Company
Share (other than (A) the Company Shares cancelled and extinguished pursuant to Section 2.1(b)(ix) or (B) any Company Dissenting
Shares) issued and outstanding as of immediately prior to the Effective Time shall be automatically canceled and extinguished and converted
into the right to receive a number of shares of SVAQ Common Stock equal to the Exchange Ratio.
(viii)
From and after the Effective Time, each Company Stockholder’s certificates (the “Certificates”), if any,
evidencing ownership of the Company Shares and the Company Shares held in book-entry form issued and outstanding immediately prior to
the Effective Time shall each cease to have any rights with respect to such Company Shares except as otherwise expressly provided for
herein or under applicable Law.
(ix)
At the Effective Time, by virtue of the Merger and without any action on the part of any Party or any other Person, each Company
Share held immediately prior to the Effective Time by the Company as treasury stock shall be automatically canceled and extinguished,
and no consideration shall be paid with respect thereto.
(x)
For purposes of calculating the aggregate number of SVAQ Shares issuable to each Company Stockholder pursuant to the terms of Section 2.1(b),
all Company Shares held by such holder shall be aggregated, and the Exchange Ratio shall be applied to that aggregate number of shares
held by such holder, and not on a share-by-share basis, and the number of SVAQ Shares to be issued shall be rounded down to the nearest
whole share.
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(xi) If, between the
date of this Agreement and the Closing, the outstanding SVAQ Shares shall have been changed into a different number of shares or a
different class, by reason of any stock dividend, subdivision, reclassification, recapitalization, split, combination or exchange of
shares, or any similar event shall have occurred, then any number, value (including dollar value) or amount contained herein which
is based upon the number of SVAQ Shares will be appropriately adjusted to provide to the holders of Company Shares the same economic
effect as contemplated by this Agreement; provided, however, that this Section 2.1(b)(x) shall not (A) be
construed to permit SVAQ, Merger Sub or the Company to take any action with respect to their respective securities that is
prohibited by the terms and conditions of this Agreement, or (B) apply to the Domestication or any other transactions expressly
contemplated by this Agreement or any Ancillary Document to the extent consummated in accordance with the terms contemplated by this
Agreement and/or such Ancillary Document, as applicable.
Section 2.2
Closing of the Transactions Contemplated by this Agreement. The closing of the transactions contemplated by this Agreement
(the “Closing”) shall take place electronically by exchange of the closing deliverables by the means provided in Section 8.11
as promptly as reasonably practicable, but in no event later than the second (2nd) Business Day, following the satisfaction (or, to the
extent permitted by applicable Law, waiver) of the conditions set forth in Article VI (other than those conditions that by
their nature are to be satisfied at the Closing, but subject to satisfaction or waiver of such conditions) (the date upon which the Closing
actually occurs is referred to herein as “Closing Date”) or at such other place, date and/or time as SVAQ and the Company
may agree in writing.
Section 2.3
Allocation Schedule. At least five (5) Business Days prior to the Closing Date, the Company shall deliver to SVAQ an allocation
schedule (the “Allocation Schedule”) setting forth (i) the number of Company Shares held by each Company Stockholder
(including the number of Company Shares subject to Company SARs and Company Warrants) and (ii) the Transaction Share Consideration, the
Fully-Diluted Shares and the Exchange Ratio. The Company will review any comments to the Allocation Schedule provided by SVAQ or any of
its Representatives and consider in good faith any comments proposed by SVAQ or any of its Representatives. Notwithstanding the foregoing
or anything to the contrary herein, (A) the aggregate number of SVAQ Shares that each Company Stockholder will have a right to receive
pursuant to Section 2.1(b)(vii) and Section 2.1(b)(viii) will be rounded down to the nearest whole share, (B)
in no event shall the aggregate number of SVAQ Shares set forth on the Allocation Schedule that are allocated in respect of the Equity
Securities of the Company exceed the Transaction Share Consideration, and (C) the SVAQ Parties and the Transfer Agent will be entitled
to rely upon the Allocation Schedule for purposes of allocating the transaction consideration to the Company Stockholders under this Agreement,
as applicable.
Section 2.4
Treatment of Company SARs and Company Warrants.
(a)
On the Closing Date, upon the Effective Time, each Company SAR that is outstanding and unexercised immediately prior to the Effective
Time shall automatically, without any action on the part of the holder thereof, be substituted by SVAQ for a stock appreciation right
exercisable for that number of shares of SVAQ Common Stock equal to the product of (x) the number of Company Shares issuable upon the
exercise of such Company SAR multiplied by (y) the Exchange Ratio (each such SAR, a “Substituted SAR”). Each Substituted
SAR shall be in a form mutually agreed by SVAQ and the Company, acting reasonably, prior to the Closing and, except as otherwise set forth
in this Agreement, shall be subject to substantially the same terms and conditions as were applicable under the respective Company SAR
immediately prior to the Effective Time. Upon exercise of any Substituted SAR, no evidence of book-entry shares representing fractional
shares of SVAQ Common Stock shall be issuable thereunder; in lieu of the issuance of any such fractional share, SVAQ shall round down
to the nearest whole share of SVAQ Common Stock.
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(b)
On the Closing Date, upon the Effective Time, each Company Warrant that is outstanding and unexercised immediately prior to the
Effective Time shall automatically, without any action on the part of the holder thereof, be assumed by SVAQ and converted into a warrant
to purchase that number of shares of SVAQ Common Stock equal to the product of (x) the number of Company Shares subject to such Company
Warrant multiplied by (y) the Exchange Ratio (each such warrant, an “Assumed Warrant”). Each Assumed Warrant shall
be in a form mutually agreed by SVAQ and the Company, acting reasonably, prior to the Closing and, except as otherwise set forth in this
Agreement, shall be subject to the same terms and conditions (including as to vesting and exercisability) as were applicable under the
respective Company Warrant immediately prior to the Effective Time, except that each Assumed Warrant shall have an exercise price per
share equal to the quotient obtained by dividing (x) the per share exercise price of the Company Warrant by (y) the Exchange Ratio (which
price per share shall be rounded down to the nearest whole cent). Upon exercise of any Assumed Warrant, no evidence of book-entry shares
representing fractional shares of SVAQ Common Stock shall be issuable thereunder; in lieu of the issuance of any such fractional share,
SVAQ shall round down to the nearest whole share of SVAQ Common Stock.
(c)
Prior to the Closing, the Company shall take, or cause to be taken, all necessary or appropriate actions under the Company Equity
Plan, under the underlying grant, award or similar agreement, if required by the holders of Company SARs or Company Warrants, and otherwise
to give effect to the provisions of this Section 2.4, and shall provide SVAQ with evidence reasonably satisfactory to SVAQ
of the foregoing.
Section 2.5
Treatment of SVAQ Securities.
(a)
On the Closing Date and prior to the Effective Time, each SVAQ Class B Share issued and outstanding immediately prior to the Effective
Time shall, in accordance with SVAQ’s Governing Documents, automatically convert into one (1) SVAQ Class A Share.
(b)
On the Closing Date and prior to the Effective Time, to the extent any SVAQ Units remain outstanding and unseparated, immediately
prior to the Effective Time, the SVAQ Class A Shares and the SVAQ Warrants comprising each such issued and outstanding SVAQ Unit immediately
prior to the Effective Time shall be automatically separated, and the holder of each SVAQ Unit shall be deemed to hold one (1) SVAQ Class
A Share and one-half (1/2) of one (1) SVAQ Warrant (provided, that upon separation, no fractional SVAQ Warrants shall be issued,
and the aggregate number of SVAQ Warrants to be held by each holder thereof shall be rounded down to the nearest whole SPAC Warrant);
and all SVAQ Units shall cease to be outstanding and shall automatically be canceled and retired and shall cease to exist.
(c)
At the Effective Time, each SVAQ Warrant shall remain outstanding but shall no longer be exercisable for SVAQ Class A Shares and
shall instead be exercisable for SVAQ Common Stock.
Section 2.6
Transfer Agent Matters.
(a) Appointment of
Transfer Agent. At least three Business Days prior to the Closing Date, SVAQ shall appoint a transfer agent reasonably
acceptable to the Company (the “Transfer Agent”) (it being understood and agreed that Equiniti, or any of its
Affiliates, shall be deemed to be acceptable to the Company) for the purposes of issuing the Transaction Share Consideration to each
Company Stockholder pursuant to Section 2.1(b)(vii). The Company shall, and
shall cause its Representatives to, reasonably cooperate with the Transfer Agent in connection with the covenants and agreements in
this Section 2.6, including the provision of any information, or the entry into any agreements or documentation, necessary or
advisable, as reasonably determined by the Company and SVAQ, or otherwise required by the Transfer Agent to fulfill its duties as
the Transfer Agent in connection with the Transactions.
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(b)
Transfer Agent Procedures. At the Effective Time, SVAQ shall, or shall cause the Transfer Agent to, issue the Transaction
Share Consideration to the record holders of Company Shares entitled to receive a portion of the Transaction Share Consideration in book-entry
form. All shares of SVAQ Common Stock issued in accordance with this Section 2.6 shall
be deemed to have been issued in full satisfaction of all rights pertaining to the Company Shares, and there shall be no further registration
of transfers on the records of the Surviving Company of the Company Shares that were outstanding immediately prior to the Effective Time.
If, after the Effective Time, Company Shares are presented to SVAQ or the Surviving Company for any reason, they shall be cancelled and
exchanged as provided in this Section 2.6
Section 2.7
Company Dissenting Shares. Notwithstanding anything to the contrary herein, any Company Shares for which a Company Stockholder
(a) has not voted in favor of the Merger or consented to it in writing and (b) has demanded the appraisal of such Company Shares in accordance
with, and has complied in all respects with, Section 262 of the DGCL (collectively, such stockholders, the “Company Dissenting
Stockholders”, and such shares, the “Company Dissenting Shares”) shall not be converted into the right to
receive the Transaction Share Consideration pursuant to Section 2.1(b)(vi). From and after the Effective Time, (i) the Company
Dissenting Shares shall be cancelled and extinguished and shall cease to exist and (ii) the Company Dissenting Stockholders shall be entitled
only to such rights as may be granted to them under Section 262 of the DGCL and shall not be entitled to exercise any of the voting rights
or other rights of a stockholder of SVAQ, the Surviving Company or any of its Affiliates (including SVAQ); provided that if any
Company Dissenting Stockholder effectively withdraws or loses such appraisal rights (whether through failure to perfect such appraisal
rights or otherwise), then the Company Shares held by such Company Dissenting Stockholder (A) shall no longer be deemed to be Company
Dissenting Shares and (B) shall be treated as if they had been converted automatically at the Effective Time into the right to receive
the Transaction Share Consideration pursuant to Section 2.1(b)(vi) (subject, in the case of Company Shares represented by
Certificates, to the surrender of such Certificates or affidavits of loss in lieu thereof). Each Company Dissenting Stockholder who becomes
entitled to payment for his, her or its Company Dissenting Shares pursuant to the DGCL shall receive payment thereof from the Company
in accordance with the DGCL. The Company shall give SVAQ prompt notice of any written demands for appraisal of any Company Share, attempted
withdrawals of such demands and any other documents or instruments served pursuant to the DGCL and received by the Company relating to
stockholders’ rights of appraisal in accordance with the provisions of Section 262 of the DGCL, and SVAQ shall have the opportunity
to participate in, but not control, all negotiations and proceedings with respect to all such demands. The Company shall not, except with
the prior written consent of SVAQ (which consent shall not be unreasonably withheld, conditioned, or delayed), settle, or make any payment,
or deliver any consideration, with respect to, any such demand.
Section 2.8 Withholding.
SVAQ, the Group Companies and the Transfer Agent shall be entitled to deduct and withhold (or cause to be deducted and withheld) from
any consideration payable pursuant to this Agreement such amounts as are required to be deducted and withheld under applicable Tax Law.
To the extent that amounts are so withheld and timely remitted to the applicable Governmental Entity, such withheld amounts shall be
treated for all purposes of this Agreement as having been paid to the Person in respect of which such deduction and withholding was made.
In the case of any such withholding payable in SVAQ Shares, SVAQ, the Surviving Company or the Transfer Agent, as applicable, shall be
permitted to sell such portion of the SVAQ Shares otherwise issuable to such Person as is necessary to generate cash to satisfy such
withholding obligations. The Parties shall cooperate in good faith to eliminate or reduce any such deduction or withholding (including
through the request and provision of any statements, forms or other documents to reduce or eliminate any such deduction or withholding).
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Article III
REPRESENTATIONS AND WARRANTIES RELATING TO THE GROUP COMPANIES
Subject to Section 8.8,
except as set forth in the Company Disclosure Schedules, the Company hereby represents and warrants to the SVAQ Parties, as follows:
Section 3.1
Organization and Qualification.
(a)
Each Group Company is a corporation, limited liability company or other applicable business entity duly organized, incorporated
or formed, as applicable, validly existing and in good standing (or the equivalent thereof, if applicable, in each case, with respect
to the jurisdictions that recognize the concept of good standing or any equivalent thereof) under the Laws of its jurisdiction of organization,
incorporation or formation (as applicable) and in each jurisdiction in which the property and assets owned, leased or operated by it,
or the nature of the business conducted by it, makes such qualification or licensing necessary, except where the failure to be so duly
qualified or licensed and in good standing would not be material to the Group Companies, taken as a whole. Section 3.1(a)
of the Company Disclosure Schedules sets forth the jurisdiction of organization, incorporation or formation (as applicable) for each Group
Company. Each Group Company has the requisite corporate, limited liability company or other applicable business entity power and authority
to own, lease and operate its properties and to carry on its businesses as presently conducted, except where the failure to have such
power or authority would not be material to the Group Companies, taken as a whole.
(b)
True and complete copies of the Governing Documents of the Group Companies have been made available to SVAQ, in each case, as amended
and in effect as of the date of this Agreement. The Governing Documents of the Group Companies are in full force and effect, and the Group
Companies are not in breach or violation of any provision set forth in its Governing Documents.
Section 3.2
Capitalization of the Group Companies.
(a) Section 3.2(a)
of the Company Disclosure Schedules sets forth a true and complete statement as of the date of this Agreement of (i) the number and
class or series (as applicable) of all of the Equity Securities of the Company issued and outstanding, (ii) the identity of the
Persons that are the record and beneficial owners thereof, (iii) with respect to each Company Equity Award, (A) the date of grant,
(B) any applicable exercise (or similar) price, (C) the expiration date, and (D) any applicable vesting schedule (including
acceleration provisions), and (iv) with respect to each Company Warrant, (A) the date of grant and (B) any applicable exercise
or similar price. All of the outstanding Company Shares are fully paid and non-assessable. The Equity Securities of the Company (1)
were not issued in violation of the Governing Documents of the Company or any Contract to which the Company is party or bound, (2)
were not issued in violation of any preemptive rights, call option, right of first refusal or first offer, subscription rights,
transfer restrictions or similar rights of any Person and (3) have been offered, sold and issued in material compliance with
applicable Law, including Securities Laws. Except for the Company SARs, the Company has no outstanding Company Equity Awards,
including no (x) equity appreciation, phantom equity or profit participation rights or (y) options, restricted stock units, phantom
stock, warrants, purchase rights, subscription rights, conversion rights, exchange rights, calls, puts, rights of first refusal or
first offer or other Contracts that could require the Company to issue, sell or otherwise cause to become outstanding or to acquire,
repurchase or redeem any Equity Securities or securities convertible into or exchangeable for Equity Securities of the Company.
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(b)
Section 3.2(b) of the Company Disclosure Schedules sets forth a true and complete statement of (i) the number and class
or series (as applicable) of all of the Equity Securities of each Subsidiary of the Company issued and outstanding and (ii) the identity
of the Persons that are the record and beneficial owners thereof. There are no outstanding (A) equity appreciation, phantom equity or
profit participation rights or (B) options, restricted stock, restricted stock units, phantom stock, warrants, purchase rights, subscription
rights, conversion rights, exchange rights, calls, puts, rights of first refusal or first offer or other Contracts that could require
any Subsidiary of the Company to issue, sell or otherwise cause to become outstanding or to acquire, repurchase or redeem any Equity Securities
or securities convertible into or exchangeable for Equity Securities of the Subsidiaries of the Company. There are no voting trusts, proxies
or other Contracts with respect to the voting or transfer of any Equity Securities of any Subsidiary of the Company. There are no outstanding
bonds, debentures, notes or other indebtedness of the Company having the right to vote (or convertible into, or exchangeable for, securities
having the right to vote) on any matter for which holders of Company Shares may vote.
(c)
Except as set forth on Section 3.2(c) of the Company Disclosure Schedules, there are no voting trusts, proxies or other
Contracts with respect to the voting or transfer of the Company’s Equity Securities between the Company and any other Person.
(d)
None of the Group Companies owns or holds (of record, beneficially, legally or otherwise), directly or indirectly, any Equity Securities
in any other Person or the right to acquire any such Equity Security, and none of the Group Companies are a partner or member of any partnership,
limited liability company or joint venture.
(e)
Section 3.2(e) of the Company Disclosure Schedules sets forth a list of all Indebtedness of the Group Companies as
of the date of this Agreement, including the principal amount of such Indebtedness, the outstanding balance as of the date of this Agreement,
and the debtor and the creditor thereof.
(f) Section 3.2(f)
of the Company Disclosure Schedules sets forth a list of all Change of Control Payments of the Group Companies.
(g)
There are no debt instruments outstanding convertible into or otherwise entitling the holder thereof to any of the Company’s
Equity Securities.
Section 3.3
Authority.
(a)
The Company has the requisite corporate power and authority to execute and deliver this Agreement and each Ancillary Document to
which it is or will be a party, to perform its obligations hereunder and thereunder, and to consummate the transactions contemplated hereby
and thereby. Subject to the receipt of the Company Stockholder Written Consent, the execution and delivery of this Agreement, the Ancillary
Documents to which the Company is or will be a party, the performance of the Company’s obligations hereby and thereby and the consummation
of the transactions contemplated hereby and thereby have been (or, in the case of any Ancillary Document entered into after the date of
this Agreement, will be upon execution thereof) duly authorized by all necessary corporate (or other similar) action on the part of the
Company. This Agreement and each Ancillary Document to which the Company is or is contemplated to be a party has been or will be, upon
execution thereof, as applicable, duly and validly executed and delivered by the Company and constitutes or will constitute, upon execution
and delivery thereof, as applicable, a valid, legal and binding agreement of the Company (assuming that this Agreement and the Ancillary
Documents to which the Company is or will be a party are or will be upon execution thereof, as applicable, duly authorized, executed and
delivered by the other Persons party thereto), enforceable against the Company in accordance with their respective terms (subject to applicable
bankruptcy, insolvency, reorganization, moratorium or other Laws affecting generally the enforcement of creditors’ rights and subject
to general principles of equity). The Company Stockholder Written Consent is the only vote of the holders of any class or series of capital
stock of the Company required to approve and adopt this Agreement, the Ancillary Documents to which the Company is or is contemplated
to be a party, the performance of the Company’s obligations hereunder and thereunder and the consummation of the transactions contemplated
hereby and thereby (including the Merger).
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(b)
The Company Board duly adopted resolutions (a) determining that entry into this Agreement and the other Ancillary Documents
to which the Company is party, and the consummation of the transactions contemplated hereby and thereby, including the Merger, are advisable
and fair to, and in the best interest of, the Company and its stockholders, (b) approving this Agreement, such other Ancillary Documents
and the consummation of the transactions contemplated hereby and thereby, including the Merger, and (c) directing that this Agreement
be submitted to the Company Stockholders entitled to vote thereon for adoption thereby and resolving to make the Company Board Recommendation,
which resolutions have not been subsequently withdrawn or modified in a manner adverse to SVAQ or Merger Sub.
Section 3.4
Financial Statements; Undisclosed Liabilities.
(a) The Company has made
available to SVAQ a true and complete copy of the following financial statements, which are attached as Section 3.4(a)
of the Company Disclosure Schedules: the unaudited consolidated balance sheet of the Group Companies as of December 31, 2025 (the
“Latest Balance Sheet”) and the related unaudited consolidated statements of operations and comprehensive loss
and stockholders’ deficit and cash flows of the Group Companies for the period ended December 31, 2025 (the
“Financial Statements”). Each of the Financial Statements (including the notes thereto) (A) was prepared in
accordance with GAAP applied on a consistent basis throughout the periods indicated (except as may be indicated in the notes
thereto) and (B) fairly presents, in all material respects, the financial position, results of operations and cash flows of the
Group Companies as at the date thereof and for the period indicated therein, except as otherwise specifically noted therein.
(b)
Except (i) as set forth on the face of the Latest Balance Sheet, (ii) for Liabilities incurred in the ordinary course of business
since the date of the Latest Balance Sheet (none of which are Liabilities directly or indirectly related to a breach of Contract, breach
of warranty, tort, infringement, Proceeding or violation of, or non-compliance with, Law), (iii) for Liabilities incurred in connection
with the negotiation, preparation or execution of this Agreement or any Ancillary Documents, the performance of their respective covenants
or agreements in this Agreement or any Ancillary Document or the consummation of the transactions contemplated hereby or thereby and (iv)
for Liabilities that are not and would not reasonably be expected to be, individually or in the aggregate, material to the Group Companies
taken as a whole, no Group Company has any Liabilities of the type required to be set forth on a balance sheet prepared in accordance
with GAAP.
(c)
The Group Companies have established and maintain systems of internal accounting controls that are designed to provide, in all
material respects, reasonable assurance (i) that all transactions are executed in accordance with management’s authorization,
(ii) that all transactions are recorded as necessary to permit preparation of proper and accurate financial statements in accordance with
GAAP and to maintain accountability for the Group Companies’ assets, and (iii) regarding prevention or timely detection of the unauthorized
acquisition, use or disposition of the Group Company’s properties or assets. The Group Companies maintain and, for all periods covered
by the Financial Statements, have maintained books and records of the Group Companies in the ordinary course of business that are accurate
and complete and reflect the revenues, expenses, assets and liabilities of the Group Companies in all material respects.
(d)
Except as set forth in Section 3.4(d) of the Company Disclosure Schedule, since the Lookback Date, no Group Company
has received any written complaint, allegation, assertion or claim that there is (i) “significant deficiency” in the internal
controls over financial reporting of the Group Companies, (ii) a “material weakness” in the internal controls over financial
reporting of the Group Companies or (iii) fraud, whether or not material, that involves management or other employees of the Group Companies
who have a significant role in the internal controls over financial reporting of the Group Companies.
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Section 3.5
Consents and Requisite Governmental Approvals; No Violations.
(a) No consent, approval
or authorization of, or designation, declaration or filing with, any Governmental Entity is required on the part of the Company with
respect to the Company’s execution, delivery or performance of its obligations under this Agreement or the Ancillary Documents
to which the Company is or will be party or the consummation of the transactions contemplated hereby or thereby, except for (i)
compliance with and filings under the HSR Act, (ii) the filing with the SEC of (A) the Registration Statement / Proxy Statement and
the declaration of the effectiveness thereof by the SEC and (B) such reports under Section 13(a) or 15(d) of the Exchange Act as may
be required in connection with this Agreement, the Ancillary Documents or the transactions contemplated hereby or thereby, (iii) the
filing of the Certificate of Merger or (iv) any other consents, approvals, authorizations, designations, declarations, waivers or
filings, the absence of which would not be material to the Group Companies, taken as a whole.
(b)
None of the execution or delivery by the Company of this Agreement or any Ancillary Documents to which it is or will be a party,
the performance by the Company of its obligations hereunder or thereunder, or the consummation of the transactions contemplated hereby
or thereby will, directly or indirectly (with or without due notice or lapse of time or both) (i) result in a violation or breach
of any provision of the Company’s Governing Documents, (ii) result in a violation or breach of, or constitute a default or give
rise to any right of termination, Consent, cancellation, amendment, modification, suspension, revocation or acceleration under, any of
the terms, conditions or provisions of (A) any Material Contract to which any Group Company is a party or (B) any Material Permits, (iii)
violate, or constitute a breach under, any Order or applicable Law to which any Group Company or any of its properties or assets are subject
or bound or (iv) result in the creation of any Lien upon any of the assets or properties (other than any Permitted Liens) or Equity
Securities of any Group Company, except, in the case of any of clauses (ii) through (iv) above, as would not be material to the Group
Companies, taken as a whole.
Section 3.6
Permits. Each of the Group Companies has all Permits (the “Material Permits”) that are required to own,
lease or operate its properties and assets and to conduct its business as currently conducted, except where the failure to hold the same
would not be material to the Group Companies, taken as a whole. Except as is not and would not reasonably be expected to be material to
the Group Companies, taken as a whole, (i) each Material Permit is in full force and effect in accordance with its terms and (ii) no notice
of suspension, limitation, revocation, cancellation, modification or termination of any Material Permit has been received by the Group
Companies.
Section 3.7
Material Contracts.
(a)
Section 3.7(a) of the Company Disclosure Schedules sets forth a list of the following Contracts to which a Group Company
is a party as of the date of this Agreement, excluding any Employee Benefit Plan (each Contract required to be set forth on Section 3.7(a)
of the Company Disclosure Schedules, together with each of the Contracts entered into after the date of this Agreement that would be required
to be set forth on Section 3.7(a) of the Company Disclosure Schedules if entered into prior to the execution and delivery
of this Agreement, collectively, the “Material Contracts”):
(i)
any Contract relating to Indebtedness for borrowed money of any Group Company in an amount exceeding $200,000 or to the placing
of a Lien (other than any Permitted Lien) on any material assets or properties of any Group Company;
(ii) any Contract under
which any Group Company is lessee of or holds or operates, in each case, any tangible property (other than real property), owned by
any other Person, except for any lease or agreement under which the aggregate annual rental payments do not exceed $200,000;
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(iii)
any Contract under which any Group Company is lessor of or permits any third party to hold or operate, in each case, any tangible
property (other than real property), owned or controlled by such Group Company, except for any lease or agreement under which the aggregate
annual rental payments do not exceed $200,000;
(iv)
any joint venture, profit-sharing, partnership, collaboration, co-promotion, commercialization or research or development Contract,
in each case, which requires, or would reasonably be expected to require (based on any occurrence, development, activity or event contemplated
by such Contract), aggregate payments to or from any Group Company in excess of $500,000 over the life of the Contract;
(v)
any Contract that (A) limits or purports to limit, in any material respect, the freedom of any Group Company to engage or compete
in any line of business or with any Person or in any area or that would so limit or purport to limit, in any material respect, the operations
of SVAQ or any of its Affiliates after the Closing, (B) contains any exclusivity, “most favored nation” or similar provisions,
obligations or restrictions or (C) contains any other provisions restricting or purporting to restrict the ability of any Group Company
to sell, develop, or commercialize products, directly or indirectly through third parties, or to solicit any potential employee or customer,
in each case, in any material respect or that would so limit or purports to limit in any material respect, SVAQ or any of its Affiliates
after the Closing;
(vi)
any Contract requiring any future capital commitment or capital expenditure (or series of capital expenditures) by any Group Company
in an amount in excess of (A) $500,000 annually or (B) $1,000,000 over the life of the agreement;
(vii)
any Contract requiring any Group Company to guarantee the Liabilities of any Person (other than the Company or a Subsidiary) or
pursuant to which any Person (other than the Company or a Subsidiary) has guaranteed the Liabilities of a Group Company;
(viii)
any Contract under which any Group Company has, directly or indirectly, made or agreed to make any loan, advance, or assignment
of payment to any Person or made any capital contribution to, or other investment in, any Person, in each case, in excess of $500,000;
(ix)
any Contract required to be disclosed on Section 3.19 of the Company Disclosure Schedules;
(x)
any Contract governing the terms of the employment, engagement or services of any current director, manager, officer, employee,
individual independent contractor or other service provider of a Group Company whose annual base salary (or, in the case of an independent
contractor, annual base compensation) is in excess of $300,000;
(xi) any
Contract for the disposition of any portion of the assets or business of any Group Company or for the acquisition by any Group
Company of the assets or business of any other Person (other than acquisitions or dispositions made in the ordinary course of
business), or under which any Group Company has any continuing obligation with respect to an “earn-out”, contingent
purchase price or other contingent or deferred payment obligation;
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(xii)
any settlement, conciliation or similar Contract (A) the performance of which would be reasonably likely to involve payments in
excess of $500,000 after the date of this Agreement, (B) with a Governmental Entity or (C) that imposes or is reasonably likely to impose,
at any time in the future, any material, non-monetary obligations on any Group Company (or SVAQ or any of its Affiliates after the Closing);
and
(xiii)
any other Contract the performance of which requires either (A) annual payments to or from any Group Company in excess of
$200,000 or (B) aggregate payments to or from any Group Company in excess of $500,000 over the life of the agreement and, in each case,
that is not terminable by the applicable Group Company without penalty upon less than thirty (30) days’ prior written notice.
(b)
(i) Each Material Contract is valid and binding on the applicable Group Company and, to the knowledge of the Company, the counterparties
thereto, and is in full force and effect and enforceable in accordance with its terms against such Group Company and, to the Company’s
knowledge, the counterparties thereto, (ii) the applicable Group Company and, to the knowledge of the Company, the counterparties thereto
are not in material breach of, or default under, any Material Contract and (iii) no event has occurred that (with or without due
notice or lapse of time or both) would result in a material breach of, or default under, any Material Contract by the applicable Group
Company or, to the Company’s knowledge, the counterparties thereto. The Company has made available to SVAQ true and complete copies
of all Material Contracts in effect as of the date hereof (other than purchase orders, invoices, and similar confirmatory or administrative
documents that are ancillary to the main contractual relationship between the parties to a particular Contract or group of Contracts and
that, in each case, do not contain any material executory or continuing terms, conditions, obligations or rights).
Section 3.8 Absence
of Changes. Except as set forth in Section 3.8 of the Company Disclosure Schedule, during the period beginning on January
1, 2026 and ending on the date of this Agreement, (a) no Company Material Adverse Effect has occurred and (b) except as expressly contemplated
by this Agreement, any Ancillary Document or in connection with the transactions contemplated hereby and thereby, (i) the Company has
conducted its business in the ordinary course in all material respects and (ii) no Group Company has taken any action that would require
the consent of SVAQ if taken during the period from the date of this Agreement until the Closing pursuant to Section 5.1(b)(i)
(making dividends and distributions), Section 5.1(b)(iv)(A) (sell, license, dispose of material assets), Section 5.1(b)(viii)
(increase compensation and bonuses), Section 5.1(b)(xi) (liquidate, restructure, reorganize), Section 5.1(b)(xiv)
(make any change of control payments) or Section 5.1(b)(xv) (amend, modify or terminate any Material Contract, or waive any
material benefit or right under any Material Contract).
Section 3.9 Litigation.
There is (and since the Lookback Date there has been) no Proceeding pending or, to the Company’s knowledge, threatened against
any Group Company that, if adversely decided or resolved, would reasonably be expected to result in a Liability in excess of
$500,000. Neither the Group Companies nor any of their respective properties or assets is subject to any material Order. As of the
date hereof, there are no material Proceedings by a Group Company pending against any other Person.
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Section 3.10
Compliance with Applicable Law. Each Group Company (a) conducts (and since the Lookback Date has conducted) its business
in accordance with all Laws and Orders applicable to such Group Company and is not in violation of any such Law or Order and (b) has not
received any communications from a Governmental Entity that alleges that such Group Company is not in compliance with any Law or Order,
except in each case of clauses (a) and (b), as is not and would not reasonably be expected to be, individually or in the aggregate, material
to the Group Companies.
Section 3.11 Employee Plans.
(a)
Section 3.11(a) of the Company Disclosure Schedules sets forth a true and complete list of all material Employee Benefit
Plans (including, for each such Employee Benefit Plan, its jurisdiction). With respect to each material Employee Benefit Plan, the Group
Companies have provided SVAQ with true and complete copies of the material documents pursuant to which the plan is maintained, funded
and administered.
(b)
No Employee Benefit Plan is or was within the past six (6) years, nor does any Group Company or any of its ERISA Affiliates have
or had within the past six (6) years any Liability with respect to or under: (i) a Multiemployer Plan; (ii) a “defined benefit plan”
(as defined in Section 3(35) of ERISA, whether or not subject to ERISA) or a plan that is or was subject to Title IV of ERISA or Section
412 of the Code; (iii) a “multiple employer plan” within the meaning of Section of 413(c) of the Code or Section 210 of ERISA;
or (iv) a “multiple employer welfare arrangement” as defined in Section 3(40) of ERISA. No Group Company has any material
Liabilities to provide any retiree or post-termination health or life insurance or other welfare-type benefits to any Person other than
health continuation coverage pursuant to COBRA or similar Law and for which the recipient pays the full cost of coverage or for a limited
period of time following a termination of employment pursuant to the terms of an Employee Benefit Plan in effect as of the date hereof
and set forth in Section 3.11(a) of the Company Disclosure Schedules. No Group Company has any material Liabilities by reason
of at any time being considered a single employer under Section 414 of the Code with any other Person.
(c)
Each Employee Benefit Plan is in compliance, in all material respects, with its terms and the requirements of all applicable Laws
including, without limitation, ERISA and the Code. Each Employee Benefit Plan that is intended to be qualified under Section 401(a) of
the Code has timely received a favorable determination or opinion or advisory letter from the Internal Revenue Service that the Employee
Benefit Plan is so qualified and, to the Company’s knowledge, no fact or event has occurred since the date of such determination
or opinion letter or letters from the IRS that would reasonably be expected to result in the loss of the qualified status of any such
Employee Benefit Plan. None of the Group Companies has incurred (whether or not assessed) any material penalty or Tax under Section 4980H,
4980B, 4980D, 6721 or 6722 of the Code.
(d) As of the date of this
Agreement, there are no pending or, to the Company’s knowledge, threatened in writing claims or Proceedings with respect to
any Employee Benefit Plan (other than routine claims for benefits). There have been no non-exempt “prohibited
transactions” within the meaning of Section 4975 of the Code or Sections 406 or 407 of ERISA and no breaches of fiduciary duty
(as determined under ERISA) with respect to any Employee Benefit Plan, except as is not and would not reasonably be expected to be,
individually or in the aggregate, material to the Group Companies, taken as a whole. With respect to each Employee Benefit Plan, all
contributions, distributions, reimbursements and premium payments that are due have been timely made, except as is not and would not
reasonably be expected to be, individually or in the aggregate, material to the Group Companies, taken as a whole.
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(e)
The execution and delivery of this Agreement and the consummation of the transactions contemplated by this Agreement will not materially
(alone or in combination with any other event) (i) result in any payment or benefit becoming due to or result in the forgiveness of any
indebtedness of any current or former director, manager, officer, employee, individual independent contractor or other service providers
of any of the Group Companies, (ii) increase the amount or value of any compensation or benefits payable to any current or former director,
manager, officer, employee, individual independent contractor or other service providers of any of the Group Companies or (iii) result
in the acceleration of the time of payment or vesting, or trigger any payment or funding of any compensation or benefits to any current
or former director, manager, officer, employee, individual independent contractor or other service providers of any of the Group Companies.
(f)
No amount that could be received (whether in cash or property or the vesting of property) by any “disqualified individual”
of any of the Group Companies under any Employee Benefit Plan or otherwise as a result of the consummation of the transactions contemplated
by this Agreement could, separately or in the aggregate, be nondeductible under Section 280G of the Code or subjected to an excise tax
under Section 4999 of the Code.
(g)
Each Employee Benefit Plan or Contract (or any other agreement, program, policy or arrangement by or to which any of the Group
Companies is a party, is bound or is otherwise liable) that provides “nonqualified deferred compensation” as defined in Section 409A
of the Code (or any corresponding provision of state, local or foreign Tax Law) is and has been in compliance in all material respects
with Section 409A of the Code and all applicable guidance from the Internal Revenue Service. Each Company SAR has been granted with
an exercise price at least equal to the fair market value of a Company Share on the date of grant of such Company SAR as determined in
accordance with Section 409A of the Code and all treasury regulations and guidance promulgated thereunder. The Group Companies have no
material obligation to make a “gross-up” or similar payment in respect of any taxes that may become payable under Section 4999
or 409A of the Code.
(h)
Each Foreign Benefit Plan that is required to be registered or intended to be tax exempt has been registered (and, where applicable,
accepted for registration) and is tax exempt and has been maintained in good standing, to the extent applicable, with each Governmental
Entity. No Foreign Benefit Plan is a “defined benefit plan” (as defined in ERISA, whether or not subject to ERISA) or has
any material unfunded or underfunded Liabilities. All material contributions required to have been made by or on behalf of the Group Companies
with respect to plans or arrangements maintained or sponsored a Governmental Entity (including severance, termination indemnities or other
similar benefits maintained for employees outside of the U.S.) have been timely made or fully accrued.
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Section 3.12 Environmental
Matters.
(a)
None of the Group Companies have received any written notice or communication from any Governmental Entity or any other Person
regarding any actual, alleged, or potential violation in any respect of, or a failure to comply in any respect with, any Environmental
Laws.
(b)
The Group Companies are and have been since the Lookback Date in compliance with all applicable Environmental Laws. The Group Companies
are not subject to any Proceedings by any Governmental Entity or any Person related to (i) Environmental Laws; (ii) the release or threatened
release of, or exposure to, any Hazardous Substances; or (iii) seeking to adversely amend, revoke, materially change the status of or
terms of or terminate any material Permits required for the operations of the Group Companies under applicable Environmental Laws (“Environmental
Permits”), and there is (and since the Lookback Date there has been) no Proceeding pending or, to the Company’s knowledge,
threatened in writing against any Group Company pursuant to Environmental Laws.
(c)
There has been no manufacture, release, treatment, storage, disposal, arrangement for disposal, transport or handling of, contamination
by, or exposure of any Person to, any Hazardous Substances at any Owned Real Property, Leased Real Property, or at any property formerly
owned or leased by the Group Companies.
(d)
The Group Companies have obtained and are in material compliance with all Environmental Permits, and there is no fact or circumstance
that would prevent or materially delay the Group Companies from obtaining the Environmental Permits necessary to operate.
(e)
There are no facts, conditions, situations or circumstances that would reasonably be expected to form the basis of any material
violation of any Environmental Law by any Group Company or a material liability or obligation of a Group Company arising under Environmental
Laws.
(f) Each of the Group
Companies has not assumed, by contract or, to the Company’s knowledge, by operation of Law, any liability under any
Environmental Law or relating to the release of any Hazardous Substances, or is an indemnitor in connection with any threatened or
asserted claim by any third-party indemnitee for any liability under any Environmental Law or relating to the release of any
Hazardous Substances.
(g)
The Group Companies do not own or operate, and to the Company’s knowledge, none of the following are present at, on, in,
or under any Owned Real Property or Leased Real Property: (i) underground storage tanks, (ii) dumps or landfills, (iii) surface impoundments,
or (iv) other units for the treatment, storage or disposal of Hazardous Substances.
(h)
This Agreement, the Merger and the other transactions contemplated by this Agreement will not result in any liabilities for site
investigation or cleanup, or require the consent of any Person, pursuant to any Environmental Law, including any so-called “transaction-triggered”
or “responsible property transfer” requirements.
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(i)
The Group Companies have not manufactured or imported any products, mixtures, or items containing PFAS, and none of the products
used in the operations of the Group Companies contain any PFAS.
(j)
The Group Companies have made available to SVAQ copies of all environmental assessments, audits and reports and all other material
environmental, health and safety documents that are in any Group Company’s possession or control relating to the Owned Real Property,
Leased Real Property, and current or former operations, properties or facilities of the Group Companies.
Section 3.13 Intellectual Property.
(a)
Section 3.13(a) of the Company Disclosure Schedules sets forth a true and complete list of (i) all currently issued
or pending Company Registered Intellectual Property and (ii) material unregistered Marks and Software constituting Company Owned Intellectual
Property and either incorporated into or used in connection with any Company Products or otherwise material to the business of the Group
Companies, listing for each item of Company Registered Intellectual Property (A) the record owner of such item, (B) the jurisdictions
in which such item has been issued or registered or filed, (C) the issuance, registration or application date, as applicable, (D) the
issuance, registration or application number, as applicable, and (E) registrar.
(b)
As of the date of this Agreement, all necessary fees and filings with respect to any material Company Registered Intellectual Property
have been timely submitted to the relevant intellectual property office or Governmental Entity and Internet domain name registrars to
maintain such material Company Registered Intellectual Property in full force and effect. As of the date of this Agreement, no issuance
or registration obtained and no application filed by the Group Companies for any Intellectual Property Rights has been cancelled, abandoned,
allowed to lapse or not renewed, except where such Group Company has, in its reasonable business judgment, decided to cancel, abandon,
allow to lapse or not renew such issuance, registration or application. As of the date of this Agreement there are no material Proceedings
pending, including litigations, interference, re-examination, inter parties review, reissue, opposition, nullity, or cancellation proceedings
pending that relate to any of the Company Registered Intellectual Property and, to the Company’s knowledge, no such material Proceedings
are threatened by any Governmental Entity or any other Person.
(c)
A Group Company exclusively owns all right, title and interest in and to all material Company Registered Intellectual Property
and has valid and enforceable rights under all Company Licensed Intellectual Property, free and clear of all Liens (other than Permitted
Liens). No Group Company has (i) transferred ownership of any material Company Registered Intellectual Property to any other Person, (ii) granted
any exclusive license with respect to any material Company Registered Intellectual Property or material Company Licensed Intellectual
Property to any other Person or (iii) granted any customer the right to use any material Company Product or service on anything other
than a non-exclusive basis.
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(d) Section 3.13(d)
of the Company Disclosure Schedules sets forth a list of all current Contracts pursuant to which a Group Company (i) is granted
a license, covenant not to sue, assert, or enforce, option, right of purchase or first or last refusal, or other right in or to any
Company Licensed Intellectual Property (each, an “In-bound License”) or (ii) grants to any third party a
license, covenant not to sue, assert, or enforce, option, right of purchase or first or last refusal, or other right in or to or
under any Company Owned Intellectual Property or Company Licensed Intellectual Property (each, an “Out-bound
License”), provided that, (x) Section 3.13(d)(i) of the Company Disclosure Schedule may, with respect
to In-Bound Licenses, exclude (A) licenses to Off-the-Shelf Software with aggregate annual license and maintenance fees of less than
$100,000, (B) licenses to Public Software, (C) non-disclosure agreements and (D) Contracts under which a non-exclusive license
is granted to a Group Company that is incidental to the receipt of services or deliverables and (y) Section 3.13(d)(ii)
of the Company Disclosure Schedule may, with respect to Out-bound Licenses, exclude (A) Contracts under which a Group Company grants
non-exclusive licenses of Company Products to customers in the ordinary course of business and (B) Contracts under which a Group
Company grants non-exclusive licenses of Company Owned Intellectual Property that is incidental to the receipt of services or
deliverables.
(e) The Company Registered
Intellectual Property and the Company Licensed Intellectual Property constitutes all of the Intellectual Property Rights used in, or
necessary for, the operation of the Group Companies’ respective businesses, and is sufficient to enable the Group Companies to
conduct their respective businesses as currently conducted in all material respects. The Company Owned Intellectual Property is valid,
subsisting and enforceable. No third person has ownership rights in any derivative works created by or on behalf of such third person
of the Company Owned Intellectual Property.
(f) Each Group Company has taken all reasonable steps to safeguard and maintain the secrecy of any trade secrets, know-how and other
confidential information owned by each Group Company or by any Person to which any Group Company has an obligation of confidentiality.
Without limiting the foregoing, each Group Company has not disclosed any trade secrets, know-how or confidential information to any other
Person unless such disclosure was under an appropriate written non-disclosure agreement containing appropriate limitations on use, reproduction
and disclosure. To the Company’s knowledge, there has been no violation or unauthorized access to or disclosure of any trade secrets,
know-how or confidential information of or in the possession or control of each Group Company, or of any written obligations with respect
to such. All Persons who have contributed, developed or conceived any Company Products or any other material Company Owned Intellectual
Property have executed valid and enforceable written agreements with a Group Company pursuant to which such persons assigned to a Group
Company all of their entire right, title, and interest in and to any Intellectual Property Rights created, conceived or otherwise developed
by such Person in the course of and related to his, her or its relationship with such Group Company, without further consideration or
any restrictions or obligations whatsoever, including on the use or other disposition or ownership of such Intellectual Property Rights.
(g)
No loss or expiration of any of the Company Owned Intellectual Property is threatened in writing or pending. None of the Company
Registered Intellectual Property and, to the Company’s knowledge, none of the Company Licensed Intellectual Property is subject
to any outstanding Order that restricts in any manner the use, sale, transfer, licensing or exploitation thereof by the Group Companies
or affects the validity, use or enforceability of any such Company Registered Intellectual Property.
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(h)
To the Company’s knowledge, neither the conduct of the business of the Group Companies nor any of the Company Products infringes,
misappropriates of or otherwise violates, or has, in the past six (6) years, infringed, misappropriated, or otherwise violated any Intellectual
Property Rights of any other Person, except as is not and would not reasonably be expected to be, individually or in the aggregate, material
to the Group Companies, taken as a whole.
(i)
In the past six (6) years, there is no Proceeding pending nor has any Group Company received any written communications (i) alleging
that a Group Company has infringed, misappropriated or otherwise violated any Intellectual Property Rights of any other Person, (ii) challenging
the validity, enforceability, use or exclusive ownership of any Company Registered Intellectual Property or (iii) inviting any Group Company
to take a license under any Patent or consider the applicability of any Patents to any products or services of the Group Companies or
to the conduct of the business of the Group Companies.
(j)
To the Company’s knowledge, no Person is infringing, misappropriating, misusing, diluting or violating any Company Registered
Intellectual Property in any material respect. Since December 31, 2020, no Group Company has made any written claim against any Person
alleging any infringement, misappropriation or other violation of any Company Registered Intellectual Property in any material respect.
(k)
Each Group Company has obtained, possesses and is in compliance with valid licenses to use all of the Software present on the computers
and other Software-enabled electronic devices that it owns or leases or that is otherwise used by such Group Company and/or its employees
in connection with the Group Company business, except as is not and would not reasonably be expected to be, individually or in the aggregate,
material to the Group Companies, taken as whole. No Group Company has disclosed or delivered to any escrow agent or any other Person,
other than employees or contractors who are subject to confidentiality obligations, any of the source code to any Company Products, and
no other Person has the right, contingent or otherwise, to obtain access to or use any such source code. To the Company’s knowledge,
no event has occurred, and no circumstance or condition exists, that (with or without notice or lapse of time or both) will, or would
reasonably be expected to, result in the delivery, license or disclosure of any source code to any Company Product to any Person who is
not, as of the date the event occurs or circumstance or condition comes into existence, a current employee or contractor of a Group Company
subject to confidentiality obligations with respect thereto.
(l) Section 3.13(j)
of the Company Disclosure Schedules sets forth a true and complete list of all material Public Software that is incorporated or
embedded in any proprietary Software of a Group Company by any Group Company as of the date of this Agreement. No Group Company has
accessed, used, modified, linked to, created derivative works from or incorporated into any proprietary Software that constitutes a
Company Product in a manner that (i) requires any Company Owned Intellectual Property to be licensed, sold, disclosed, distributed,
hosted or otherwise made available, including in source code form and/or for the purpose of making derivative works, for any reason,
(ii) grants, or requires any Group Company to grant, the right to decompile, disassemble, reverse engineer or otherwise derive the
source code or underlying structure of any Software constituting a Company Product, (iii) limits in any manner the ability to charge
license fees or otherwise seek compensation in connection with marketing, licensing or distribution of any such Software or (iv)
otherwise imposes any limitation, restriction or condition on the right or ability of any Group Company to use, hold for use,
license, host, distribute or otherwise dispose of any such Software, other than compliance with notice and attribution requirements,
in each case, except as is not and would not reasonably be expected to be, individually or in the aggregate, material to the Group
Companies, taken as a whole.
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(m) To the Company’s
knowledge, none of the Company Products (i) contains any bug, defect, or error that materially and adversely affects the use,
functionality, or performance of such Company Product or any product or system containing or used in conjunction with such Company
Product or (ii) fails to comply with any applicable warranty or other contractual commitment relating to the use, functionality, or
performance of such Company Product or any product or system containing or used in conjunction with such Company Product, in each
case, except as is not and would not reasonably be expected to be, individually or in the aggregate, material to the Group
Companies, taken as a whole.
(n)
Section 3.13(n) of the Company Disclosure Schedules sets forth a true and complete list and description of all material
internal or third-party AI Tools used, held for use or planned to be used in the operation of the business of the Group Companies, including
a list and description of all material AI Training Inputs used in and material to the development, operation or improvement of any Company
Products. Each Group Company has (i) obtained all licenses, consents and permissions, provided all notices and disclosures, and otherwise
holds all rights, in each case as required under applicable law, to collect and use all such AI Training Inputs in the conduct of the
operation of its business and (ii) complied in all material respects with all use restrictions and other requirements of any license,
consent, permission or other Contract and any website terms of use, terms of service or other terms governing the such Group Company’s
collection and use of such AI Training Inputs, including the extraction of AI Training Inputs using web scraping, web harvesting or similar
technology. The Group Companies have each adopted policies and adhered with applicable Laws in relation to their use and development of
AI Tools and no Proceeding by any Governmental Entity or other Person has been asserted or instituted, or, threatened against any Group
Company relating thereto alleging a violation of any applicable Laws or any rights thereunder.
Section 3.14 Labor
Matters.
(a) The Company is, and
since the Lookback Date has been, in material compliance with all applicable Laws respecting employment, employment practices, terms
and conditions of employment, worker classification, prohibited discrimination, equal employment opportunities, fair employment
practices, meal and rest periods, immigration status, employee safety and health, wages and hours (including overtime wages),
compensation and hours of work. Since the incorporation of the Company, (i) none of the Group Companies (A) has or has had any
material Liability for any arrears of wages or other compensation for services (including salaries, wage premiums, commissions, fees
or bonuses), or any penalty or other sums for failure to comply with any of the foregoing, and (B) has or has had any material
Liability for any payment to any trust or other fund governed by or maintained by or on behalf of any Governmental Entity with
respect to unemployment compensation benefits, social security, social insurances or other benefits or obligations for any employees
of any Group Company (other than routine payments to be made in the normal course of business and consistent with past practice);
and (ii) the Group Companies have withheld all amounts required by applicable Law or by agreement or Contract to be withheld from
wages, salaries and other payments to employees or independent contractors or other service providers of each Group Company, except
as has not and would not reasonably be expected to result in, individually or in the aggregate, material Liability to the Group
Companies. The Company is not, and since the Lookback Date has not been, a party to a conciliation agreement, consent decree or
other agreement or Order with any federal, state, or local agency or governmental authority with respect to employment practices.
The services provided by each current employee is terminable at the will of the Company and any such termination would result in no
liability to the Company. The Company has no material Liability, or to the knowledge of the Company, threats or claims of material
liability, with respect to any misclassification of: (1) any independent contractor rather than as an employee, (2) any employee
leased from another employer, or (3) any employee currently or formerly classified as exempt from overtime wages.
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(b)
Since the incorporation of the Company, there has been no “mass layoff” or “plant closing” as defined by
WARN related to any Group Company, and the Group Companies have not incurred any material Liability under WARN nor will they incur any
Liability under WARN as a result of the transactions contemplated by this Agreement.
(c)
No Group Company is, or has been, a party to or bound by any collective bargaining agreements or other agreements with any labor
organization, labor union, works council or other employee representative or any other Contract with a labor union, labor organization,
works council, employee delegate, representative or other employee collective group nor is there any duty on the part of any Group Company
to bargain with any labor union, labor organization, works council, employee delegate, representative or other employee collective group.
Since December 31, 2020, there has been no actual or, to the Company’s knowledge, threatened unfair labor practice charges, material
grievances, arbitrations, strikes, lockouts, work stoppages, slowdowns, picketing, hand billing or other material labor disputes against
or affecting any Group Company. To the Company’s knowledge, since December 31, 2020, there have been no labor organizing activities
with respect to any employees of any Group Company.
(d)
No employee layoff, facility closure or shutdown (whether voluntary or by Order), reduction-in-force, furlough, temporary layoff,
material work schedule change or reduction in hours, or reduction in salary or wages, or other workforce changes affecting employees of
the Group Companies has occurred within the past six (6) months or is currently contemplated, planned or announced.
(e)
No allegations of discrimination, sexual harassment, sexual misconduct or retaliation while employed by, or providing services
to, the Company have been made against any employee (in their capacity as such), and the Company has not entered into any settlement agreement
or conducted any investigation related to allegations of discrimination, sexual harassment, sexual misconduct or retaliation by or regarding
any employee or other representative of the Company (in their capacity as such). To the extent required by applicable Law, the Company
has established and distributed to its employees a policy against harassment and a complaint procedure, and it has required all current
employees, independent contractors and advisors to undergo anti-harassment training.
Section 3.15 Insurance. Section 3.15
of the Company Disclosure Schedules sets forth a list of all material policies of fire, liability, workers’ compensation,
property, casualty and other forms of insurance owned or held by any Group Company as of the date of this Agreement. Except as set
forth on Section 3.15 of the Company Disclosure Schedules, all such policies are in full force and effect, all premiums
due and payable thereon as of the date of this Agreement have been paid in full as of the date of this Agreement, and true and
complete copies of all such policies have been made available to SVAQ. As of the date of this Agreement, no claim by any Group
Company is pending under any such policies as to which coverage has been denied or disputed, or rights reserved to do so, by the
underwriters thereof.
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Section 3.16 Tax Matters.
(a)
Each Group Company has prepared and filed all income and other material Tax Returns required to have been filed by it, all such
Tax Returns are true and complete in all material respects and prepared in compliance in all material respects with all applicable Laws
and Orders, and each Group Company has paid all material Taxes required to have been paid by it regardless of whether shown on a Tax Return.
(b)
Each Group Company has timely withheld and paid to the appropriate Tax Authority all material amounts required to have been withheld
and paid in connection with amounts paid or owing to any employee, individual independent contractor, other service providers, equity
interest holder or other third party.
(c)
No Group Company is currently the subject of a Tax audit or examination with respect to material Taxes. No Group Company has been
informed in writing of the commencement or anticipated commencement of any Tax audit or examination that has not been resolved or completed
in each case with respect to material Taxes.
(d)
No Group Company has consented to extend or waive the time in which any material Tax may be assessed or collected by any Tax Authority,
other than any such extensions or waivers that are no longer in effect or that were extensions of time to file Tax Returns obtained in
the ordinary course of business.
(e)
No “closing agreement” as described in Section 7121 of the Code (or any corresponding or similar provision of state,
local or non-U.S. income Tax Law), private letter rulings, technical advice memoranda or similar agreements or rulings have been entered
into or issued by any Tax Authority with respect to a Group Company which agreement or ruling would be effective after the Closing Date.
(f) No Group Company is or has been a party to any “listed transaction” as defined in Section 6707A of the Code and Treasury
Regulations Section 1.6011-4 (or any corresponding or similar provision of state, local or non-U.S. income Tax Law).
(g)
There are no Liens for material Taxes on any assets of the Group Companies other than Permitted Liens.
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(h)
During the two (2)-year period ending on the date of this Agreement, no Group Company was a distributing corporation or a controlled
corporation in a transaction purported or intended to be governed by Section 355 of the Code.
(i)
No Group Company (i) has been a member of an affiliated group filing a consolidated federal income Tax Return (other than a group
the common parent of which was a Group Company or any of its current Affiliates) or (ii) has any material Liability for the Taxes of any
Person (other than a Group Company or any of its current Affiliates) under Section 1.1502-6 of the Treasury Regulations (or any similar
provision of state, local or non-United States Law), as a transferee or successor or by Contract (other than any Contract the principal
purpose of which does not relate to Taxes).
(j)
No written claims have ever been made by any Tax Authority in a jurisdiction where a Group Company does not file Tax Returns that
such Group Company is or may be subject to taxation by that jurisdiction, which claims have not been resolved or withdrawn.
(k)
No Group Company is a party to any Tax allocation, Tax sharing or Tax indemnity or similar agreements (other than one that is included
in a Contract entered into in the ordinary course of business that is not primarily related to Taxes) and no Group Company is a party
to any joint venture, partnership or other arrangement that is treated as a partnership for U.S. federal income Tax purposes.
(l)
Each Group Company is tax resident only in its jurisdiction of formation.
(m) No Group Company has a permanent establishment (within the meaning of an applicable Tax treaty) or otherwise has an office or fixed
place of business in a country other than the country in which it is organized.
(n)
No Group Company has taken or agreed to take any action not contemplated by this Agreement and/or any Ancillary Document that could
reasonably be expected to prevent the Merger from qualifying for the Intended Tax Treatment. To the knowledge of the Company, no facts
or circumstances exist, other than any facts or circumstances to the extent that such facts or circumstances exist or arise as a result
of or related to any act or omission occurring after the signing date of any SVAQ Party or any of their respective Affiliates not contemplated
by this Agreement and/or any of the Ancillary Documents, that could reasonably be expected to prevent the Merger from qualifying for the
Intended Tax Treatment.
Section 3.17 Brokers.
Except for fees (including the amounts due and payable assuming the Closing occurs) set forth on Section 3.17 of the Company
Disclosure Schedules (which fees shall be the sole responsibility of the Company, except as otherwise provided in Section 8.6),
no broker, finder, investment banker or other Person is entitled to any brokerage fee, finders’ fee or other commission in connection
with the transactions contemplated by this Agreement based upon arrangements made by or on behalf of the Company or any of its Affiliates
for which any of the Group Companies has any obligation.
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Section 3.18 Real
and Personal Property.
(a) Owned Real Property.
Section 3.18(a) of the Company Disclosure Schedules sets forth a true and complete list of all real property owned by the
Group Companies (“Owned Real Property”).
(b)
Leased Real Property. Section 3.18(b) of the Company Disclosure Schedules sets forth a true and complete list
(including street addresses) of all real property leased by any of the Group Companies (the “Leased Real Property”)
and all Real Property Leases pursuant to which any Group Company is a tenant or landlord as of the date of this Agreement. True and complete
copies of all such Real Property Leases have been made available to SVAQ. Each Real Property Lease is in full force and effect and is
a valid, legal and binding obligation of the applicable Group Company party thereto, enforceable in accordance with its terms against
such Group Company and, to the Company’s knowledge, each other party thereto (subject to applicable bankruptcy, insolvency, reorganization,
moratorium or other Laws affecting generally the enforcement of creditors’ rights and subject to general principles of equity).
There is no material breach or default by any Group Company or, to the Company’s knowledge, any third party under any Real Property
Lease, and, to the Company’s knowledge, no event has occurred which (with or without notice or lapse of time or both) would constitute
a material breach or default under any Real Property Lease or would permit termination of, or a material modification or acceleration
thereof, by any counterparty to any Real Property Lease. The Group Companies’ possession and quiet enjoyment of the Leased Real
Property under any Real Property Lease has not been materially disturbed, and to the Company’s knowledge there are no material disputes
with respect to any Real Property Lease. Except as set forth in Section 3.18(b) of the Company Disclosure Schedules, as of
the date hereof, no Group Company has (i) subleased, licensed or otherwise granted any Person the right to use or occupy the Leased Real
Property or any portion thereof; or (ii) collaterally assigned or granted any other security interest in any Real Property Lease or any
interest therein.
(c)
Personal Property. Each Group Company has good, marketable and indefeasible title to, or a valid leasehold interest in or
license or right to use, all of the material assets and properties of the Group Companies reflected in the Financial Statements or thereafter
acquired by the Group Companies, free and clear of all Liens (other than Permitted Liens), except for assets disposed of in the ordinary
course of business.
(d)
Assets. As of immediately after the Effective Time, the assets (which, for the avoidance of doubt, shall include any assets
held pursuant to valid leasehold interest, license or other similar interests or right to use any assets) of the Group Companies will
constitute all of the assets necessary to conduct the Business in materially the same manner (for the Group Companies, taken as a whole)
as it is conducted on the date of this Agreement.
Section 3.19 Transactions
with Affiliates. Section 3.19 of the Company Disclosure Schedules sets forth all Contracts between (a) any Group Company,
on the one hand, and (b) any officer, director, employee, partner, member, manager, direct or indirect equityholder or Affiliate of any
Group Company (other than, for the avoidance of doubt, any other Group Company) or any family member of the foregoing Persons, on the
other hand (each Person identified in this clause (b), a “Company Related Party”), other than (i) Contracts with respect
to a Company Related Party’s employment with (including benefit plans and other ordinary course compensation from) any of the Group
Companies entered into in the ordinary course of business, (ii) Contracts with respect to a Company Stockholder’s or a holder of
Company Equity Awards’ status as a holder of Equity Securities of the Company and (iii) Contracts entered into after the date of
this Agreement that are either permitted pursuant to Section 5.1(b) or entered into in accordance with Section 5.1(b).
No Company Related Party (A) owns any interest in any material asset used in any Group Company’s business, or (B) possesses, directly
or indirectly, any material financial interest in, or is a director or executive officer of, any Person which is a supplier, vendor,
partner, customer, lessor or other material business relation of any Group Company, (C) is a supplier, vendor, (D) owes any material
amount to, or is owed any material amount by, any Group Company (other than accrued compensation, employee benefits, employee or director
expense reimbursement, in each case, in the ordinary course of business or pursuant to any transaction entered into after the date of
this Agreement that is either permitted pursuant to Section 5.1(b) or entered into in accordance with Section 5.1(b)).
All Contracts, arrangements, understandings, interests and other matters that are required to be disclosed pursuant to this Section 3.19
are referred to herein as “Company Related Party Transactions”.
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Section 3.20 Data
Privacy and Security.
(a)
Each Group Company has implemented commercially reasonable, written policies relating to the Processing of Personal Information
as and confidential information (“Privacy and Data Security Policies”).
(b)
Each Group Company and, to the knowledge of Company, all vendors, processors, or other third parties Processing or otherwise with
authorization to access information that is Processed by or on behalf of any Group Company (“Company Personal Information”)
in the course of their respective performance of services to any Group Company, comply and, since December 31, 2020, have complied with
(i) all Privacy Laws, (ii) all applicable Company Privacy and Data Security Policies, and (iii) all contractual commitments that any Group
Company has entered into with respect to the Processing of Personal Information or protection of confidential information (collectively,
the “Data Privacy Commitments”), except as is not and would not reasonably be expected to be, individually or in the
aggregate, material to the Group Companies, taken as a whole. To the extent required by Privacy Laws, each Group Company has in place
written agreements with all of their customers regarding the Processing of any Personal Information on behalf of such customers except
as is not and would not reasonably be expected to be, individually or in the aggregate, material to the Group Companies, taken as a whole.
(c)
Except as is not and would not reasonably be expected to be, individually or in the aggregate, material to the Group Companies,
taken as a whole, the execution, delivery, and performance of this Agreement and the consummation of the transactions contemplated hereby
do not and will not: (i) conflict with or result in a violation or breach of any Data Privacy Commitments; (ii) require the consent of
or notice to any person concerning such person’s Personal Information; (iii) give rise to any right of termination or other right
to impair or limit SVAQ’s rights to own and Process any Company Personal Information used in or necessary for the operation of the
business of the Group Companies; or (iv) otherwise prohibit the transfer of Personal Information in the possession or control of a Group
Company as contemplated by the transactions hereunder.
(d) No Group Company
has received notice of any pending Proceedings, nor has there been any Proceedings against any Group Company initiated by (i) any Person;
(ii) the United States Federal Trade Commission, any state attorney general or similar state official; or (iii) any other Governmental
Entity, in each case, alleging that any Processing of Personal Information by or on behalf of a Group Company is in violation of any
Data Privacy Commitments.
(e)
The Group Companies have implemented and, since December 31, 2020, maintained, and required all vendors, processors, or other third
parties authorized to Process any Personal Information or confidential information for or on behalf of any Group Company to implement
and maintain commercially reasonable security measures, plans, procedures, controls, and programs (including a written information security
program with respect to the Group Companies), to (i) protect Personal Information and/or confidential information which is Processed by
or on behalf of the Group Companies against any accidental or unauthorized access, use, loss, disclosure, alteration, destruction, compromise,
or other unauthorized Processing (a “Security Incident”); (ii) identify and address internal and external risks to
the privacy and security of such Personal Information and/or confidential information; (iii) implement, monitor, and maintain administrative,
technical, and physical safeguards to protect Company IT Systems and such Personal Information and/or confidential information and its
software, systems, applications, and websites involved in the Processing of Personal Information; and (iv) provide prompt notification
in compliance with Privacy Laws in the case of any Security Incident. The employees and contractors of Group Companies receive commercially
reasonable training on information security issues.
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(f) Since
the incorporation of the Company, (i) there has been no unauthorized access, use or disclosure of Personal Information or confidential
information Processed by or on behalf of the Group Companies; (ii) there have been no security breaches; including unauthorized intrusions
or breaches of security into any Company IT Systems, except, in the case of clauses (i) and (ii), as would not have a Company Material
Adverse Effect.
(g)
To the knowledge of the Company, no Company Software contains any “back door,” “drop dead device,” “time
bomb,” “Trojan horse,” “virus,” “worm,” “malware,” “vulnerability,”
“spyware” or “adware” (as such terms are commonly understood in the software industry) or any other code designed
or intended to have any of the following functions: (i) disrupting, disabling, harming, or otherwise impeding in any manner the operation
of, or providing unauthorized access to, a computer system or network or other device on which such code is stored or installed; or (ii)
compromising the privacy or security of any data or damaging or destroying any data or file without consent (collectively, “Malicious
Code”). Each Group Company implements industry standard measures designed to prevent the introduction of Malicious Code into
Company Software, including firewall protections and regular virus scans.
(h) Each Group Company
owns or has a license to use the Company IT Systems as necessary to operate the business of each Group Company as currently
conducted, and such Company IT Systems are sufficient for the current needs of the business of the Group Companies as currently
conducted. The Group Companies maintain commercially reasonable disaster recovery, business continuity and risk assessment plans,
procedures and facilities and each Group Company has taken reasonable steps and implemented reasonable procedures to ensure the
Company IT Systems under its control are free from Malicious Code. There has not been any material failure with respect to any of
the Company IT Systems that has not been remedied or replaced in all material respects.
Section 3.21 Compliance
with International Trade & Anti-Corruption Laws.
(a)
None of the Group Companies, any of their respective officers, directors, or employees or, to the Company’s knowledge, any
of their other Representatives, or any other Persons acting for or on behalf of any of the foregoing, is or has been, since January 1,
2025, (i) a Person named on any Sanctions and Export Control Laws-related list of designated Persons maintained by a Governmental
Entity; (ii) located, organized or ordinary resident in a country or territory which is itself the subject of or target of any Sanctions
and Export Control Laws (at the time of this Agreement, Cuba, Iran, North Korea, and the Crimea, the so-called Donetsk People’s
Republic, and the so-called Luhansk People’s Republic regions of Ukraine, collectively, “Sanctioned Countries”);
(iii) an entity 50% or more owned, directly or indirectly, by one or more Persons described in clause (i) or (ii); or (iv) otherwise engaging
in dealings with or for the benefit of any Person described in clauses (i) - (iii) or any Sanctioned Country in violation of Sanctions
and Export Control Laws.
(b)
Since the Lookback Date, none of the Group Companies, any of their respective officers, directors, or employees or, to the Company’s
knowledge, any of their other Representatives, or any other Persons in each case, while acting for or on behalf of any of the foregoing
has (i) made, offered, promised, paid or received any unlawful bribes, kickbacks or other similar payments to or from any Person, (ii)
made or paid any unlawful contributions, directly or indirectly, to a domestic or foreign political party or candidate or (iii) otherwise
made, offered, received, authorized, promised or paid any improper payment under any Anti-Corruption Laws.
42
Section 3.22 Information
Supplied. None of the information supplied or to be supplied by or on behalf of the Group Companies expressly for inclusion or incorporation
by reference prior to the Closing in the Registration Statement will, when the Registration Statement is declared effective or when the
Proxy Statement is mailed to the Pre-Closing SVAQ Holders or at the time of the SVAQ Shareholders Meeting, and in the case of any amendment
thereto, at the time of such amendment, contain any untrue statement of a material fact or omit to state any material fact required to
be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they are made, not
misleading.
Section 3.23 Investigation;
No Other Representations.
(a) The Company, on its
own behalf and on behalf of its Representatives, acknowledges, represents, warrants and agrees that (i) it has conducted its own
independent review and analysis of, and, based thereon, has formed an independent judgment concerning, the business, assets,
condition, operations and prospects of, the SVAQ Parties and (ii) it has been furnished with or given access to such documents and
information about the SVAQ Parties and their respective businesses and operations as it and its Representatives have deemed
necessary to enable it to make an informed decision with respect to the execution, delivery and performance of this Agreement, the
Ancillary Documents and the transactions contemplated hereby and thereby.
(b) In entering into
this Agreement and the Ancillary Documents to which it is or will be a party, the Company has relied solely on its own investigation
and analysis and the representations and warranties expressly set forth in and in the Ancillary Documents to which it is or will be a
party and no other representations or warranties of any SVAQ Party, any SVAQ Non-Party Affiliate or any other Person, either express
or implied, and the Company, on its own behalf and on behalf of its Representatives, acknowledges, represents, warrants and agrees that,
except for the representations and warranties expressly set forth in Article IV and in the Ancillary Documents to which it
is or will be a party, none of the SVAQ Parties, any SVAQ Non-Party Affiliate or any other Person makes or has made any representation
or warranty, either express or implied, in connection with or related to this Agreement, the Ancillary Documents or the transactions
contemplated hereby or thereby.
Section 3.24 EXCLUSIVITY
OF REPRESENTATIONS AND WARRANTIES. NOTWITHSTANDING THE DELIVERY OR DISCLOSURE TO ANY SVAQ PARTY OR ANY OF THEIR RESPECTIVE
REPRESENTATIVES OF ANY DOCUMENTATION OR OTHER INFORMATION (INCLUDING ANY FINANCIAL PROJECTIONS OR OTHER SUPPLEMENTAL DATA), EXCEPT
AS OTHERWISE EXPRESSLY SET FORTH IN THIS ARTICLE III OR THE ANCILLARY DOCUMENTS, NEITHER THE COMPANY NOR ANY OTHER
PERSON MAKES, AND THE COMPANY EXPRESSLY DISCLAIMS, ANY REPRESENTATIONS OR WARRANTIES OF ANY KIND OR NATURE, EXPRESS OR IMPLIED, IN
CONNECTION WITH THIS AGREEMENT, THE ANCILLARY DOCUMENTS OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, INCLUDING AS TO
THE MATERIALS RELATING TO THE BUSINESS AND AFFAIRS OR HOLDINGS OF THE GROUP COMPANIES THAT HAVE BEEN MADE AVAILABLE TO ANY SVAQ
PARTY OR ANY OF THEIR REPRESENTATIVES OR IN ANY PRESENTATION OF THE BUSINESS AND AFFAIRS OF THE GROUP COMPANIES BY THE MANAGEMENT OF
THE COMPANY OR OTHERS IN CONNECTION WITH THE TRANSACTIONS CONTEMPLATED HEREBY OR BY THE ANCILLARY DOCUMENTS, AND NO STATEMENT
CONTAINED IN ANY OF SUCH MATERIALS OR MADE IN ANY SUCH PRESENTATION SHALL BE DEEMED A REPRESENTATION OR WARRANTY HEREUNDER OR
OTHERWISE OR DEEMED TO BE RELIED UPON BY ANY SVAQ PARTY IN EXECUTING, DELIVERING AND PERFORMING THIS AGREEMENT, THE ANCILLARY
DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EXCEPT FOR THE REPRESENTATIONS AND WARRANTIES EXPRESSLY SET FORTH IN
THIS ARTICLE III OR THE ANCILLARY DOCUMENTS, IT IS UNDERSTOOD THAT ANY COST ESTIMATES, PROJECTIONS OR OTHER PREDICTIONS,
ANY DATA, ANY FINANCIAL INFORMATION OR ANY MEMORANDA OR OFFERING MATERIALS OR PRESENTATIONS, INCLUDING ANY OFFERING MEMORANDUM OR
SIMILAR MATERIALS MADE AVAILABLE BY OR ON BEHALF OF ANY GROUP COMPANY ARE NOT AND SHALL NOT BE DEEMED TO BE OR TO INCLUDE
REPRESENTATIONS OR WARRANTIES OF THE COMPANY OR ANY OTHER PERSON, AND ARE NOT AND SHALL NOT BE DEEMED TO BE RELIED UPON BY ANY SVAQ
PARTY IN EXECUTING, DELIVERING OR PERFORMING THIS AGREEMENT, THE ANCILLARY DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR
THEREBY.
43
Article
IV
REPRESENTATIONS
AND WARRANTIES RELATING TO THE SVAQ PARTIES
Subject to Section 8.8,
except (a) as set forth on the SVAQ Disclosure Schedules, or (b) except as set forth in any SVAQ SEC Reports (excluding any disclosures
in any “risk factors” section that do not constitute statements of fact, disclosures in any forward-looking statements
disclaimers and other disclosures that are generally cautionary, predictive or forward-looking in nature), each SVAQ Party, jointly and
not severally, hereby represents and warrants to the Company, as follows:
Section 4.1 Organization
and Qualification. Each SVAQ Party is an exempted company, corporation, limited liability company or other applicable business
entity duly organized, incorporated or formed, as applicable, validly existing and in good standing (or the equivalent thereof, if
applicable, in each case, with respect to the jurisdictions that recognize the concept of good standing or any equivalent thereof)
under the Laws of its jurisdiction of organization, incorporation or formation (as applicable).
Section 4.2 Authority.
(a) Each SVAQ Party has the requisite exempted company, corporate, limited liability company or other similar power and authority to
execute and deliver this Agreement and each of the Ancillary Documents to which it is or will be a party and to consummate the transactions
contemplated hereby and thereby. Subject to the receipt of the Required SVAQ Shareholder Approval and the approvals and consents to be
obtained by Merger Sub pursuant to Section 5.8, the execution and delivery of this Agreement, the Ancillary Documents to which
a SVAQ Party is or will be a party and the consummation of the transactions contemplated hereby and thereby have been (or, in the case
of any Ancillary Document entered into after the date of this Agreement, will be upon execution thereof) duly authorized by all necessary
exempted company, corporate, limited liability company or other similar action on the part of such SVAQ Party. This Agreement has been
and each Ancillary Document to which a SVAQ Party is or will be a party will be, upon execution thereof, duly and validly executed and
delivered by such SVAQ Party and constitutes or will constitute, upon execution thereof, as applicable, a valid, legal and binding agreement
of such SVAQ Party (assuming this Agreement has been and the Ancillary Documents to which such SVAQ Party is or will be a party are or
will be, upon execution thereof, as applicable, duly authorized, executed and delivered by the other Persons party hereto or thereto,
as applicable), enforceable against such SVAQ Party in accordance with their terms (subject to applicable bankruptcy, insolvency, reorganization,
moratorium or other Laws affecting generally the enforcement of creditors’ rights and subject to general principles of equity).
Section 4.3 Consents
and Requisite Governmental Approvals; No Violations.
(a) No
consent, approval or authorization of, or designation, declaration or filing with, any Governmental Entity is required on the part of
a SVAQ Party with respect to such SVAQ Party’s execution, delivery or performance of its obligations under this Agreement or the
Ancillary Documents to which it is or will be party or the consummation of the transactions contemplated by hereby or thereby, except
for (i) compliance with and filings under the HSR Act, (ii) the filing with the SEC of (A) the Registration Statement and the declaration
of the effectiveness thereof by the SEC and (B) such reports under Section 13(a) or 15(d) of the Exchange Act as may be required in connection
with this Agreement, the Ancillary Documents or the transactions contemplated hereby or thereby, (iii) such filings with and approvals
of the Stock Exchange to permit the SVAQ Shares to be issued in connection with the transactions contemplated by this Agreement and the
other Ancillary Documents to be listed on the Stock Exchange, (iv) such filings and approvals required in connection with the Domestication,
(v) the filing of the Certificate of Merger, (vi) the approvals and consents to be obtained by Merger Sub pursuant to Section 5.8,
(vii) the Required SVAQ Shareholder Approval or (viii) any other consents, approvals, authorizations, designations, declarations, waivers
or filings, the absence of which would not have an SVAQ Material Adverse Effect.
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(b) None of execution or
delivery by a SVAQ Party of this Agreement or any Ancillary Document to which it is or will be a party, the performance by a SVAQ
Party of its obligations hereunder or thereunder or the consummation by a SVAQ Party of the transactions contemplated hereby or
thereby will, directly or indirectly (with or without due notice or lapse of time or both) (i) result in a violation or breach of
any provision of the Governing Documents of a SVAQ Party, (ii) result in a violation or breach of, or constitute a default or give
rise to any right of termination, cancellation, amendment, modification, suspension, revocation or acceleration under, any of the
terms, conditions or provisions of any Contract to which a SVAQ Party is a party, (iii) violate, or constitute a breach under, any
Order or applicable Law to which any such SVAQ Party or any of its properties or assets are subject or bound or (iv) result in the
creation of any Lien upon any of the assets or properties (other than any Permitted Liens) or Equity Securities of a SVAQ Party,
except in the case of any of clauses (ii) through (iv) above, as would not have a SVAQ Material Adverse Effect.
Section 4.4 Brokers.
Except for fees (including the amounts due and payable assuming the Closing occurs) set forth on Section 4.4 of the SVAQ
Disclosure Schedules (which fees shall be the sole responsibility of the SVAQ, except as otherwise provided in Section 8.6),
no broker, finder, investment banker or other Person is entitled to any brokerage fee, finders’ fee or other commission in
connection with the transactions contemplated by this Agreement based upon arrangements made by or on behalf of any SVAQ Party or
any of its Affiliates for which a SVAQ Party has any obligation.
Section 4.5 Information
Supplied. None of the information supplied or to be supplied by or on behalf of either SVAQ Party expressly for inclusion or
incorporation by reference prior to the Closing in the Registration Statement will, when the Registration Statement is declared
effective or when the Proxy Statement is mailed to the Pre-Closing SVAQ Holders or at the time of the SVAQ Shareholders Meeting, and
in the case of any amendment thereto, at the time of such amendment, contain any untrue statement of a material fact or omit to
state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the
circumstances under which they are made, not misleading; provided, however, notwithstanding the foregoing provisions
of this Section 4.5, no representation or warranty is made by any SVAQ Party with respect to information or statements made or
incorporated by reference in the Registration Statement that were not supplied by or on behalf of the SVAQ Parties for use
therein.
Section 4.6 Capitalization
of the SVAQ Parties.
(a) Section 4.6(a)
of the SVAQ Disclosure Schedules sets forth a true and complete statement of the number and class or series (as applicable) of the
issued and outstanding SVAQ Shares prior to the consummation of the Domestication. All outstanding Equity Securities of SVAQ (except
to the extent such concepts are not applicable under the applicable Law of SVAQ’s jurisdiction of organization, incorporation
or formation, as applicable, or other applicable Law) prior to the consummation of the Domestication have been duly authorized and
validly issued and are fully paid and non-assessable. Except as set forth in Section 4.6(a) of the SVAQ Disclosure
Schedules, such Equity Securities (x) were not issued in violation of the Governing Documents of SVAQ, (y) are not subject to any
preemptive rights, call option, right of first refusal, subscription rights, transfer restrictions or similar rights of any Person
(other than transfer restrictions under applicable Securities Laws or under the Governing Documents of SVAQ) and were not issued in
violation of any preemptive rights, call option, right of first refusal, subscription rights, transfer restrictions or similar
rights of any Person and (z) have been offered, sold and issued in compliance with applicable Law, including Securities Laws, in
each case under clause (y) and (x), in all material respects. Except for the SVAQ Shares set forth on Section 4.6(a) of
the SVAQ Disclosure Schedules (taking into account, for the avoidance of doubt, any changes or adjustments to the SVAQ Shares as a
result of, or to give effect to, the Domestication), immediately prior to Closing and before giving effect to the Transaction
Financing and the SVAQ Shareholder Redemption, there shall be no other Equity Securities of SVAQ issued and outstanding.
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(b) Except as set forth on Section 4.6(a)
of the SVAQ Disclosure Schedules, there are no outstanding (A) equity appreciation, phantom equity or profit participation rights or
(B) options, restricted stock, phantom stock, warrants, purchase rights, subscription rights, conversion rights, exchange rights,
calls, puts, rights of first refusal or first offer or other Contracts, in each case, that could require SVAQ to issue, sell or
otherwise cause to become outstanding or to acquire, repurchase or redeem any Equity Securities or securities convertible into or
exchangeable for Equity Securities of SVAQ.
(c) The
Equity Securities of Merger Sub outstanding as of the date of this Agreement (i) have been duly authorized and validly issued and are
fully paid and nonassessable and (ii) were issued in compliance in all material respects with applicable Law, and (iii) were not issued
in breach or violation of any preemptive rights or Contract to which Merger Sub is a party or bound. All of the outstanding Equity Securities
of Merger Sub are owned directly by SVAQ free and clear of all Liens (other than transfer restrictions under applicable Securities Law
or under the Governing Documents of Merger Sub). As of the date of this Agreement, SVAQ has no Subsidiaries other than Merger Sub and
does not own, directly or indirectly, any Equity Securities in any Person other than Merger Sub.
Section 4.7 SEC
Filings. SVAQ has timely filed or furnished all statements, forms, reports and documents required to be filed or furnished by it
prior to the date of this Agreement with the SEC pursuant to Securities Laws since its initial public offering (collectively, and
together with any exhibits and schedules thereto and other information incorporated therein, and as they have been supplemented,
modified or amended since the time of filing, the “SVAQ SEC Reports”), and, as of the Closing, will have filed or
furnished all other statements, forms, reports and other documents required to be filed or furnished by it subsequent to the date of
this Agreement with the SEC pursuant to Securities Laws through the Closing (collectively, and together with any exhibits and
schedules thereto and other information incorporated therein, and as they have been supplemented, modified or amended since the time
of filing, but excluding the Registration Statement, the “Additional SVAQ SEC Reports”). Each of the SVAQ SEC
Reports, as of their respective dates of filing, and as of the date of any amendment or filing that superseded the initial filing,
complied and each of the Additional SVAQ SEC Reports, as of their respective dates of filing, and as of the date of any amendment or
filing that superseded the initial filing, will comply, in all material respects with the applicable requirements of the Securities
Laws (including, as applicable, the Sarbanes-Oxley Act and any rules and regulations promulgated thereunder) applicable to the SVAQ
SEC Reports or the Additional SVAQ SEC Reports (for purposes of the Additional SVAQ SEC Reports, assuming that the representation
and warranty set forth in Section 3.22 is true and correct in all respects with respect to all information supplied by
or on behalf of Group Companies expressly for inclusion or incorporation by reference therein). As of their respective dates of
filing, the SVAQ SEC Reports did not contain any untrue statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein, in light of the circumstances under which they were made or will be
made, as applicable, not misleading (for purposes of the Additional SVAQ SEC Reports, assuming that the representation and warranty
set forth in Section 3.22 is true and correct in all respects with respect to all information supplied by or on behalf
of Group Companies expressly for inclusion or incorporation by reference therein). As of the date of this Agreement, there are no
outstanding or unresolved comments in comment letters received from the SEC with respect to the SVAQ SEC Reports.
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Section 4.8 Trust
Account. As of June 15, 2026, SVAQ has an amount in cash in the Trust Account equal to $218,661,411. The funds held in the Trust
Account are (a) invested in United States “government securities” within the meaning of Section 2(a)(16) of the
Investment Company Act, having a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7
promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations or in cash and (b)
held in trust pursuant to that certain Investment Management Trust Agreement, dated as of December 22, 2025 (the “Trust
Agreement”), between SVAQ and Equiniti, as trustee (the “Trustee”). There are no separate agreements,
side letters or other agreements or understandings (whether written or unwritten, express or implied) that would cause the
description of the Trust Agreement in the SVAQ SEC Reports to be inaccurate in any material respect or, to SVAQ’s knowledge,
that would entitle any Person to any portion of the funds in the Trust Account (other than (i) in respect of deferred underwriting
commissions or Taxes, (ii) the Pre-Closing SVAQ Holders who shall have elected to redeem their SVAQ Shares pursuant to the Governing
Documents of SVAQ or (iii) SVAQ (in limited amounts to permit SVAQ to pay the expenses of the Trust Account’s liquidation,
dissolution and winding up of SVAQ) and then the Pre-Closing SVAQ Holders, if SVAQ fails to complete a business combination within
the allotted time period set forth in the Governing Documents of SVAQ and liquidates the Trust Account, subject to the terms of the
Trust Agreement). Prior to the Closing, none of the funds held in the Trust Account are permitted to be released, except in the
circumstances described in the Governing Documents of SVAQ and the Trust Agreement. SVAQ has performed all material obligations
required to be performed by it to date under, and is not in material default or delinquent in performance or any other respect
(claimed or actual) in connection with the Trust Agreement, and, to the knowledge of SVAQ, no event has occurred which, with due
notice or lapse of time or both, would constitute such a material default thereunder. As of the date of this Agreement, there are no
claims or proceedings pending with respect to the Trust Account. SVAQ has not released any money from the Trust Account (other than
interest income earned on the funds held in the Trust Account as permitted by the Trust Agreement). Upon the consummation of the
transactions contemplated hereby, including the distribution of assets from the Trust Account (A) in respect of deferred
underwriting commissions or Taxes or (B) to the Pre-Closing SVAQ Holders who have elected to redeem their SVAQ Shares pursuant to
the Governing Documents of SVAQ, each in accordance with the terms of and as set forth in the Trust Agreement, SVAQ shall have no
further obligation under either the Trust Agreement or the Governing Documents of SVAQ to liquidate or distribute any assets held in
the Trust Account, and the Trust Agreement shall terminate in accordance with its terms.
Section 4.9 Transactions
with Affiliates. Section 4.9 of the SVAQ Disclosure Schedules sets forth all Contracts between (a) SVAQ, on the one
hand, and (b) any officer, director, employee, partner, member, manager, direct or indirect equityholder or Affiliate of either SVAQ
or the Sponsor, on the other hand (each Person identified in this clause (b), an “SVAQ Related Party”), other
than Contracts with respect to a SVAQ Related Party’s employment with, or the provision of services to, SVAQ entered into in
the ordinary course of business (including benefit plans, indemnification arrangements and other ordinary course compensation). All
Contracts, arrangements, understandings, interests and other matters that are required to be disclosed pursuant to this Section 4.9
are referred to herein as “SVAQ Related Party Transactions”.
Section 4.10 Litigation.
There is (and since its organization, incorporation or formation, as applicable, there has been) no Proceeding pending or, to
SVAQ’s knowledge, threatened against or involving any SVAQ Party that, if adversely decided or resolved, would be material to
the SVAQ Parties, taken as a whole. As of the date of this Agreement, none of the SVAQ Parties nor any of their respective
properties or assets is subject to any material Order. As of the date of this Agreement, there are no material Proceedings by any
SVAQ Party pending against any other Person.
Section 4.11 Compliance
with Applicable Law. Each SVAQ Party is (and since its organization, incorporation or formation, as applicable, has been) in
compliance with all applicable Laws, except as would not have a SVAQ Material Adverse Effect.
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Section 4.12 Business
Activities.
(a) Since its
incorporation, SVAQ has not conducted any business activities other than activities (i) in connection with or incident or related to
its incorporation or continuing corporate (or similar) existence, (ii) directed toward the accomplishment of a business or similar
combination, including those incident or related to or incurred in connection with the negotiation, preparation or execution of this
Agreement or any Ancillary Documents, the performance of its covenants or agreements in this Agreement or any Ancillary Document or
the consummation of the transactions contemplated hereby or thereby or (iii) those that are administrative, ministerial or otherwise
immaterial in nature. Except as set forth in this Agreement or the Ancillary Documents, there is no Contract binding upon any SVAQ
Party or to which any SVAQ Party is a party which has or would reasonably be expected to have the effect of prohibiting or
materially impairing any business practice of it or its Subsidiaries, any acquisition of property by it or its Subsidiaries or the
conduct of business by it or its Subsidiaries (including, in each case, following the Closing).
(b) Merger Sub was
organized solely for the purpose of entering into this Agreement, the Ancillary Documents and consummating the transactions
contemplated hereby and thereby and has not engaged in any activities or business, other than those incident or related to or
incurred in connection with its organization, incorporation or formation, as applicable, or continuing corporate (or similar)
existence or the negotiation, preparation or execution of this Agreement or any Ancillary Documents, the performance of its
covenants or agreements in this Agreement or any Ancillary Document or the consummation of the transactions contemplated hereby or
thereby.
Section 4.13 Internal
Controls; Listing; Financial Statements.
(a) Except as is not
required in reliance on exemptions from various reporting requirements by virtue of SVAQ’s status as an “emerging growth
company” within the meaning of the Securities Act, as modified by the JOBS Act, or “smaller reporting company”
within the meaning of the Exchange Act, since its initial public offering, (i) SVAQ has established and maintained a system of
internal controls over financial reporting (as defined in Rule 13a-15 and Rule 15d-15 under the Exchange Act) sufficient to provide
reasonable assurance regarding the reliability of SVAQ’s financial reporting and the preparation of SVAQ’s financial
statements for external purposes in accordance with GAAP and (ii) SVAQ has established and maintained disclosure controls and
procedures (as defined in Rule 13a-15 and Rule 15d-15 under the Exchange Act) designed to ensure that material information relating
to SVAQ is made known to SVAQ’s principal executive officer and principal financial officer by others within SVAQ.
(b)
SVAQ has not taken any action prohibited by Section 402 of the Sarbanes-Oxley Act.
(c)
Since its initial public offering, SVAQ has complied in all material respects with all applicable listing and corporate governance
rules and regulations of Nasdaq. The classes of securities representing issued and outstanding SVAQ Class A Shares are registered pursuant
to Section 12(b) of the Exchange Act and are listed for trading on Nasdaq. As of the date of this Agreement, there is no Proceeding pending
or, to the knowledge of SVAQ, threatened against SVAQ by Nasdaq or the SEC with respect to any intention by such entity to deregister
SVAQ Class A Shares or prohibit or terminate the listing of SVAQ Class A Shares on Nasdaq. SVAQ has not taken any action that is designed
to terminate the registration of SVAQ Class A Shares under the Exchange Act.
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(d) The
SVAQ SEC Reports contain true and complete copies of the applicable SVAQ Financial Statements. The SVAQ Financial Statements (i)
fairly present in all material respects the financial position of SVAQ as at the respective dates thereof, and the results of its
operations, shareholders’ equity and cash flows for the respective periods then ended (subject, in the case of any unaudited
interim financial statements, to normal year end audit adjustments (none of which is expected to be material) and the absence of
notes thereto), (ii) were prepared in conformity with GAAP applied on a consistent basis during the periods indicated (except, in
the case of any audited financial statements, as may be indicated in the notes thereto and subject, in the case of any unaudited
financial statements, to normal year-end audit adjustments (none of which is expected to be material) and the absence of notes
thereto), (iii) in the case of the audited SVAQ Financial Statements, were audited in accordance with the standards of the PCAOB and
(iv) comply in all material respects with the applicable accounting requirements and with the rules and regulations of the SEC, the
Exchange Act and the Securities Act in effect as of the respective dates thereof (including Regulation S-X or Regulation S-K, as
applicable).
(e)
SVAQ has established and maintains systems of internal accounting controls that are designed to provide, in all material respects,
reasonable assurance that (i) all transactions are executed in accordance with management’s authorization and (ii) all transactions
are recorded as necessary to permit preparation of proper and accurate financial statements in accordance with GAAP and to maintain accountability
for SVAQ’s and its Subsidiaries’ assets. SVAQ maintains and, for all periods covered by the SVAQ Financial Statements, has
maintained books and records of SVAQ in the ordinary course of business that are accurate and complete and reflect the revenues, expenses,
assets and liabilities of SVAQ in all material respects.
(f) Since its
incorporation, SVAQ has not received any written complaint, allegation, assertion or claim that there is (i) a “significant
deficiency” in the internal controls over financial reporting of SVAQ to SVAQ’s knowledge, (ii) a “material
weakness” in the internal controls over financial reporting of SVAQ to SVAQ’s knowledge or (iii) fraud, whether or not
material, that involves management or other employees of SVAQ who have a significant role in the internal controls over financial
reporting of SVAQ.
Section 4.14 No
Undisclosed Liabilities. Except for the Liabilities (a) set forth in Section 4.14 of the SVAQ Disclosure Schedules,
(b) incurred in connection with the negotiation, preparation or execution of this Agreement or any Ancillary Documents, the
performance of its covenants or agreements in this Agreement or any Ancillary Document or the consummation of the transactions
contemplated hereby or thereby (it being understood and agreed that the expected third parties that are, as of the date hereof,
entitled to fees, expenses or other payments in connection with the matters described in this clause (b) shall be set forth on Section
4.14 of the SVAQ Disclosure Schedules), (c) incurred in connection with or incident or related to a SVAQ Party’s
organization, incorporation or formation, as applicable, or continuing corporate (or similar) existence, in each case, which are
immaterial in nature, (d) that are incurred in connection with activities that are administrative or ministerial, in each case,
which are immaterial in nature, or (e) set forth or disclosed in the SVAQ Financial Statements included in the SVAQ SEC Reports,
none of the SVAQ Parties has any Liabilities of the type required to be set forth on a balance sheet in accordance with GAAP.
Section 4.15 Tax
Matters.
(a) SVAQ has prepared and
filed all income and other material Tax Returns required to have been filed by it, all such Tax Returns are true and complete in all
material respects and prepared in compliance in all material respects with all applicable Laws and Orders, and SVAQ has paid all
material Taxes required to have been paid or deposited by it regardless of whether shown on a Tax Return.
(b) SVAQ has timely
withheld and paid to the appropriate Tax Authority all material amounts required to have been withheld and paid in connection with
amounts paid or owing to any employee, individual independent contractor, other service providers, equity interest holder or other
third party.
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(c) SVAQ is not currently
the subject of a Tax audit or examination with respect to material taxes. SVAQ has not been informed in writing of the commencement
or anticipated commencement of any Tax audit or examination that has not been resolved or completed, in each case with respect to
material Taxes.
(d) SVAQ has not consented
to extend or waive the time in which any material Tax may be assessed or collected by any Tax Authority, other than any such
extensions or waivers that are no longer in effect or that were extensions of time to file Tax Returns obtained in the ordinary
course of business, in each case with respect to material Taxes.
(e) No “closing
agreement” as described in Section 7121 of the Code (or any corresponding or similar provision of state, local or non-U.S.
income Tax Law), private letter rulings, technical advice memoranda or similar agreements or rulings have been entered into or
issued by any Tax Authority with respect to any SVAQ Party which agreement or ruling would be effective after the Closing Date.
(f) None of the SVAQ
Parties is and none of the SVAQ Parties has been a party to any “listed transaction” as defined in Section 6707A of the
Code and Treasury Regulations Section 1.6011-4 (or any corresponding or similar provision of state, local or non-U.S. income Tax
Law).
(g) None of the SVAQ
Parties is a party to any Tax allocation, Tax sharing or Tax indemnity or similar agreements (other than one that is included in a
Contract entered into in the ordinary course of business that is not primarily related to Taxes).
(h)
Each SVAQ Party is tax resident only in its jurisdiction of organization, incorporation or formation, as applicable.
(i) None of the SVAQ
Parties has taken or agreed to take any action not contemplated by this Agreement and/or any Ancillary Documents that could
reasonably be expected to prevent the Merger or the Domestication from qualifying for the Intended Tax Treatment. To the knowledge
of SVAQ, no facts or circumstances exist, other than any facts or circumstances to the extent that such facts or circumstances exist
or arise as a result of or related to any act or omission occurring after the signing date by a Group Company or a Company
Stockholder or any of their respective Affiliates in each case not contemplated by this Agreement and/or any of the Ancillary
Documents, that could reasonably be expected to prevent the Merger or the Domestication from qualifying for the Intended Tax
Treatment.
Section 4.16 Investigation;
No Other Representations.
(a)
Each SVAQ Party, on its own behalf and on behalf of its Representatives, acknowledges, represents, warrants and agrees that (i)
it has conducted its own independent review and analysis of, and, based thereon, has formed an independent judgment concerning, the business,
assets, condition, operations and prospects, of the Group Companies and (ii) it has been furnished with or given access to such documents
and information about the Group Companies and their respective businesses and operations as it and its Representatives have deemed necessary
to enable it to make an informed decision with respect to the execution, delivery and performance of this Agreement, the Ancillary Documents
and the transactions contemplated hereby and thereby.
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(b)
In entering into this Agreement and the Ancillary Documents to which it is or will be a party, each SVAQ Party has relied solely
on its own investigation and analysis and the representations and warranties expressly set forth in Article III and in the
Ancillary Documents to which it is or will be a party and no other representations or warranties of the Company, any Company Non-Party
Affiliate, or any other Person, either express or implied, and each SVAQ Party, on its own behalf and on behalf of its Representatives,
acknowledges, represents, warrants and agrees that, except for the representations and warranties expressly set forth in Article III
and in the Ancillary Documents to which it is or will be a party, none of the Company, any Company Non-Party Affiliate, nor any other
Person makes or has made any representation or warranty, either express or implied, in connection with or related to this Agreement, the
Ancillary Documents or the transactions contemplated hereby or thereby.
Section 4.17 Compliance
with International Trade & Anti-Corruption Laws.
(a)
Neither SVAQ nor, to SVAQ’s knowledge, any of their Representatives, or any other Persons acting for or on behalf of any
of the foregoing, is or has been, (i) a Person named on any Sanctions and Export Control Laws-related list of designated Persons maintained
by a Governmental Entity; (ii) located, organized or ordinarily resident in a country or territory which is itself the subject of or target
of any Sanctions and Export Control Laws; (iii) an entity owned, directly or indirectly, by one or more Persons described in clause (i)
or (ii); or (iv) otherwise engaging in dealings with or for the benefit of any Person described in clauses (i) - (iii) or any Sanctioned
Country in violation of Sanctions and Export Control Laws.
(b)
In the past three (3) years, neither SVAQ nor, to SVAQ’s knowledge, any of their Representatives, or any other Persons (in
each case, while acting for or on behalf of any of the foregoing) has (i) made, offered, promised, paid or received any unlawful bribes,
kickbacks or other similar payments to or from any Person, (ii) made or paid any unlawful contributions, directly or indirectly, to a
domestic or foreign political party or candidate or (iii) otherwise made, offered, received, authorized, promised or paid any improper
payment under any Anti-Corruption Laws.
Section 4.18 Employees
and Employee Benefit Plans. SVAQ does not (a) now have, nor at any time previously has had, any paid employees or other service
providers, or (b) have any obligation to maintain, sponsor, contribute to after the Closing or otherwise have any Liability that
will survive the Closing under, any employee benefit plan, program or arrangement. The consummation of the transactions contemplated
under this Agreement will not: (i) entitle any individual to severance pay, unemployment compensation or other benefits or
compensation, (ii) accelerate the time of payment, funding or vesting, or increase the amount of any compensation due, or in respect
of, any individual, or (iii) result in or satisfy a condition to the payment of compensation that would, in combination with any
other payment, result in an “excess parachute payment” within the meaning of Code Section 280G.
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Section 4.19 EXCLUSIVITY
OF REPRESENTATIONS AND WARRANTIES. NOTWITHSTANDING THE DELIVERY OR DISCLOSURE TO THE COMPANY OR ANY OF ITS REPRESENTATIVES OF
ANY DOCUMENTATION OR OTHER INFORMATION (INCLUDING ANY FINANCIAL PROJECTIONS OR OTHER SUPPLEMENTAL DATA), EXCEPT AS OTHERWISE
EXPRESSLY SET FORTH IN THIS ARTICLE IV AND THE ANCILLARY DOCUMENTS, NONE OF THE SVAQ PARTIES NOR ANY OTHER PERSON MAKES,
AND EACH SVAQ PARTY EXPRESSLY DISCLAIMS, ANY REPRESENTATIONS OR WARRANTIES OF ANY KIND OR NATURE, EXPRESS OR IMPLIED, IN CONNECTION
WITH THIS AGREEMENT, THE ANCILLARY DOCUMENTS OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, INCLUDING AS TO THE
MATERIALS RELATING TO THE BUSINESS AND AFFAIRS OR HOLDINGS OF ANY SVAQ PARTY THAT HAVE BEEN MADE AVAILABLE TO THE COMPANY OR ANY OF
ITS REPRESENTATIVES OR IN ANY PRESENTATION OF THE BUSINESS AND AFFAIRS OF ANY SVAQ PARTY BY OR ON BEHALF OF THE MANAGEMENT OF SUCH
SVAQ PARTY OR OTHERS IN CONNECTION WITH THE TRANSACTIONS CONTEMPLATED HEREBY OR BY THE ANCILLARY DOCUMENTS, AND NO STATEMENT
CONTAINED IN ANY OF SUCH MATERIALS OR MADE IN ANY SUCH PRESENTATION SHALL BE DEEMED A REPRESENTATION OR WARRANTY HEREUNDER OR
OTHERWISE OR DEEMED TO BE RELIED UPON BY THE COMPANY OR ANY OF ITS REPRESENTATIVES IN EXECUTING, DELIVERING AND PERFORMING THIS
AGREEMENT, THE ANCILLARY DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EXCEPT FOR THE REPRESENTATIONS AND WARRANTIES
EXPRESSLY SET FORTH IN THIS ARTICLE IV OR THE ANCILLARY DOCUMENTS, IT IS UNDERSTOOD THAT ANY COST ESTIMATES, PROJECTIONS
OR OTHER PREDICTIONS, ANY DATA, ANY FINANCIAL INFORMATION OR ANY MEMORANDA OR OFFERING MATERIALS OR PRESENTATIONS, INCLUDING, BUT
NOT LIMITED TO, ANY OFFERING MEMORANDUM OR SIMILAR MATERIALS MADE AVAILABLE BY OR ON BEHALF OF ANY SVAQ PARTY ARE NOT AND SHALL NOT
BE DEEMED TO BE OR TO INCLUDE REPRESENTATIONS OR WARRANTIES OF ANY SVAQ PARTY NOR ANY OTHER PERSON, AND ARE NOT AND SHALL NOT BE
DEEMED TO BE RELIED UPON BY THE COMPANY OR ANY OF ITS REPRESENTATIVES IN EXECUTING, DELIVERING OR PERFORMING THIS AGREEMENT, THE
ANCILLARY DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.
Article
V
COVENANTS
Section 5.1 Conduct
of Business of the Company.
(a)
From and after the date of this Agreement until the earlier of the Closing or the termination of this Agreement in accordance with
its terms, the Company shall, and the Company shall cause its Subsidiaries to, except as expressly contemplated by this Agreement or any
Ancillary Document, as required by applicable Law, as set forth on Section 5.1(a) of the Company Disclosure Schedules, Company
Pre-Closing Financing or a Transaction Financing or as consented to in writing by SVAQ (it being agreed that any request for a consent
shall not be unreasonably withheld, conditioned or delayed), (i) operate the business of the Group Companies in the ordinary course in
all material respects and (ii) use commercially reasonable efforts to maintain and preserve intact in all material respects the business
organization, assets, properties and material business relations of the Group Companies, taken as a whole.
(b) Without
limiting the generality of the foregoing, from and after the date of this Agreement until the earlier of the Closing or the
termination of this Agreement in accordance with its terms, the Company shall, and the Company shall cause its Subsidiaries to,
except as expressly contemplated by this Agreement, any Ancillary Document, any Company Pre-Closing Financing or a Transaction
Financing, as required by applicable Law, as set forth on Section 5.1(b) of the Company Disclosure Schedules or as
consented to in writing by SVAQ (which consent shall not be unreasonably conditioned, withheld or delayed) not do any of the
following:
(i) declare, set aside,
make or pay a dividend on, or make any other distribution or payment in respect of, any Equity Securities of any Group Company or
repurchase or redeem any outstanding Equity Securities of any Group Company, or pay any transaction bonuses, Change of Control
Payments or similar payments to Company Stockholders (other than ordinary course compensation), other than dividends or
distributions, declared, set aside or paid by any of the Company’s Subsidiaries to the Company or any Subsidiary that is,
directly or indirectly, wholly owned by the Company;
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(ii) (A) merge,
consolidate, combine or amalgamate any Group Company with any Person or (B) purchase or otherwise acquire (whether by merging or
consolidating with, purchasing any Equity Security in or a substantial portion of the assets of, or by any other manner) any
corporation, partnership, association or other business entity or organization or division thereof;
(iii)
adopt any amendments, supplements, restatements or modifications to any Group Company’s Governing Documents;
(iv) (A) sell, assign,
abandon, lease, exclusively license or otherwise dispose of any material assets or properties of the Group Companies, other than
inventory or obsolete equipment in the ordinary course of business, or (B) subject any material assets or properties of the Group
Companies to any Lien (other than any Permitted Liens);
(v) transfer, issue,
sell, grant or otherwise directly or indirectly dispose of, or subject to a Lien, (A) any Equity Securities of any Group Company or
(B) any options, warrants, rights of conversion or other rights, agreements, arrangements or commitments obligating any Group
Company to issue, deliver or sell any Equity Securities of any Group Company, other than the issuance of Company Shares upon (i) the
conversion or exercise any Company Warrants or Company SARs outstanding as of the date of this Agreement in accordance with the
terms of this Agreement, the Company Warrants or the Company Equity Plan, as applicable, or (ii) as set forth on
Section 5.1(b)(v) of the Company Disclosure Schedules;
(vi) incur, create or
assume any Indebtedness in excess of $250,000, other than ordinary course trade payables, or guarantee any Liability of any
Person;
(vii) make any loans,
advances or capital contributions to, or guarantees for the benefit of, or any investments in, any Person, other than (A)
intercompany loans or capital contributions between the Company and any of its wholly owned Subsidiaries, and (B) the reimbursement
of expenses of employees or advancements in the ordinary course of business;
(viii) except (x) as
required under the terms of any Employee Benefit Plan of any Group Company that is set forth on the Section 3.11(a) of
the Company Disclosure Schedules, or (y) in the ordinary course of business consistent with past practice (it being understood and
agreed, for the avoidance of doubt, that in no event shall the exception in this clause (y) be deemed or construed as permitting any
Group Company to take any action that is not permitted by any other provision of this Section 5.1(b)), (A) materially
increase the compensation or benefits payable to any current or former director, manager, officer, employee, individual independent
contractor or other service provider of any Group Company, (B) take any action to accelerate any payment, right to payment, or
benefit, or the funding of any payment or benefit, right to payment or benefit, payable or to become payable to any current or
former director, manager, officer, employee, individual independent contractor or other service provider of any Group Company, (C)
waive or release any noncompetition, non-solicitation, no-hire, nondisclosure or other restrictive covenant obligation of any
current or former director, manager, officer, employee, individual independent contractor or other service provider of any Group
Company or (D) amend or modify in any material respect, adopt, enter into or terminate any material Employee Benefit Plan of any
Group Company or any material benefit or compensation plan, policy, program or Contract that would be an Employee Benefit Plan if in
effect as of the date of this Agreement;
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(ix) make, change or
revoke any material election concerning Taxes, enter into any material Tax closing agreement, settle any material Tax claim or
assessment, or consent to any extension or waiver of the limitation period applicable to or relating to any material Tax claim or
assessment, other than any such extension or waiver that is obtained in the ordinary course of business;
(x) enter into any
settlement, conciliation or similar Contract the performance of which would involve any payment by the Group Companies in excess of
$500,000, in the aggregate, or that imposes, or by its terms will impose at any point in the future, any material, non-monetary
obligations on any Group Company (or SVAQ or any of its Affiliates after the Closing);
(xi) authorize,
recommend, propose or announce an intention to adopt, or otherwise effect, a plan of complete or partial liquidation, dissolution,
restructuring, recapitalization, reorganization or similar transaction (other than, for the avoidance of doubt, the transactions
expressly contemplated by this Agreement) involving any Group Company;
(xii)
change any Group Company’s methods of accounting in any material respect, other than changes that are made in accordance
with PCAOB standards;
(xiii) enter into any
Contract with any broker, finder, investment banker or other Person under which such Person is or will be entitled to any brokerage
fee, finders’ fee or other commission in connection with the transactions contemplated by this Agreement or any Ancillary
Document;
(xiv) make any Change of
Control Payment that is not set forth on Section 3.11(a) of the Company Disclosure Schedules or make any payment with
respect to a Company Related Party Transaction that is not set forth on Section 5.1(b)(xiv) of the Company Disclosure
Schedules;
(xv) (A)
amend, modify or terminate any Material Contract, or (B) waive any material benefit or right under any Material Contract; or
(xvi) enter into any
Contract to take, or cause to be taken, any of the actions set forth in this Section 5.1.
Notwithstanding anything in
this Section 5.1 or this Agreement to the contrary, nothing set forth in this Agreement shall give SVAQ, directly or indirectly,
the right to control or direct the operations of the Group Companies prior to the Closing.
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Section 5.2 Efforts
to Consummate; Litigation.
(a) Subject
to the terms and conditions herein provided, each of the Parties shall use reasonable best efforts to take, or cause to be taken, all
actions and to do, or cause to be done, all things reasonably necessary or advisable to consummate and make effective as promptly as
reasonably practicable the transactions contemplated by this Agreement (including (i) the satisfaction, but not waiver, of the closing
conditions set forth in Article VI and, in the case of any Ancillary Document to which such Party is contemplated to be a
party after the date of this Agreement, to execute and delivery such Ancillary Document when required pursuant to this Agreement and
(ii) using reasonable best efforts to consummate the Transaction Financing). Without limiting the generality of the foregoing, each of
the Parties shall use reasonable best efforts to obtain, file with or deliver to, as applicable, any Consents of any Governmental Entities
or other Persons necessary, proper or advisable to consummate the transactions contemplated by this Agreement or the Ancillary Documents.
Each Party shall bear its out-of-pocket costs and expenses in connection with the preparation of any such Consents. Each Party shall
(i) make any appropriate filings pursuant to the HSR Act with respect to the transactions contemplated by this Agreement promptly following
the date of this Agreement, and (ii) respond as promptly as reasonably practicable to any requests by any Governmental Entity for
additional information and documentary material that may be requested pursuant to the HSR Act. SVAQ shall promptly inform the Company
of any communication between any SVAQ Party, on the one hand, and any Governmental Entity, on the other hand, and the Company shall promptly
inform SVAQ of any communication between the Company, on the one hand, and any Governmental Entity, on the other hand, in either case,
regarding any of the transactions contemplated by this Agreement or any Ancillary Document. Without limiting the foregoing, (a) the
Parties agree to request early termination of the applicable waiting period under the HSR Act, and (b) each Party and their respective
Affiliates shall not extend any waiting period, review period or comparable period under the HSR Act or enter into any agreement with
any Governmental Entity not to consummate the transactions contemplated hereby or by the Ancillary Documents, except with the prior written
consent of SVAQ and the Company.
(b) From and after the
date of this Agreement until the earlier of the Closing or termination of this Agreement in accordance with its terms, the SVAQ
Parties, on the one hand, and the Company, on the other hand, shall give counsel for the Company (in the case of any SVAQ Party) or
SVAQ (in the case of the Company), a reasonable opportunity to review in advance, and consider in good faith the views of the other
in connection with, any proposed written communication to any Governmental Entity relating to the transactions contemplated by this
Agreement or the Ancillary Documents; provided that documents and information provided to the other Party pursuant to this paragraph
(i) may be redacted (A) to remove references to valuation of the Company, (B) to comply with contractual arrangements or (C) to
preserve legal privilege and/or (ii) may be designated as “outside counsel only,” in which case such documents and
information shall be provided only to outside counsel and consultants retained by such counsel. Each of the Parties agrees not to
participate in any substantive meeting or discussion, either in person or by telephone with any Governmental Entity in connection
with the transactions contemplated by this Agreement unless it consults with, in the case of any SVAQ Party, the Company, or, in the
case of the Company, SVAQ in advance and, to the extent not prohibited by such Governmental Entity, gives, in the case of any SVAQ
Party, the Company, or, in the case of the Company, SVAQ, the opportunity to attend and participate in such meeting or
discussion.
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(c) From and after the
date of this Agreement until the earlier of the Closing or termination of this Agreement in accordance with its terms, SVAQ, on the
one hand, and the Company, on the other hand, shall each notify the other in writing promptly after learning of any shareholder
demands or other shareholder Proceedings (including derivative claims) relating to this Agreement, any Ancillary Document or any
matters relating thereto (collectively, the “Transaction Litigation”) commenced against, in the case of SVAQ, any
of the SVAQ Parties or any of their respective Representatives (in their capacity as a representative of an SVAQ Party) or, in the
case of the Company, any Group Company or any of their respective Representatives (in their capacity as a representative of an SVAQ
Party). SVAQ and the Company shall each (i) keep the other reasonably informed regarding any Transaction Litigation, (ii) give the
other the opportunity to, at its own cost and expense, participate in the defense, settlement and compromise of any such Transaction
Litigation and reasonably cooperate with the other in connection with the defense, settlement and compromise of any such Transaction
Litigation, (iii) consider in good faith the other’s advice with respect to any such Transaction Litigation and (iv)
reasonably cooperate with each other. Notwithstanding the foregoing, the Company shall, subject to and without limiting the
covenants and agreements, and the rights of SVAQ, set forth in the immediately preceding sentence, control the negotiation, defense
and settlement of any such Transaction Litigation brought against the Company or its Directors or Officers; provided however, that
in no event shall the Company, any other Group Company or any of their respective Representatives settle or compromise any
Transaction Litigation without the prior written consent of SVAQ (not to be unreasonably withheld, conditioned or delayed, provided
that it shall be deemed to be reasonable for SVAQ to withhold, condition or delay its consent if any such settlement or compromise
(A) does not provide for a legally binding, full, unconditional and irrevocable release of each SVAQ Party and Representative that
is the subject of such Transaction Litigation, (B) provides for (x) the payment of cash any portion of which is payable by any
SVAQ Party or Representative thereof or would otherwise constitute an Liability of SVAQ or (y) any non-monetary, injunctive,
equitable or similar relief against any SVAQ Party or (C) contains an admission of wrongdoing or Liability by an SVAQ Party or
any of its Representatives) and SVAQ shall control the negotiation, defense and settlement of any such Transaction Litigation
brought against SVAQ or its Directors or Officers; provided, however, that in no event shall SVAQ settle or compromise any such
Transaction Litigation without the prior written consent of the Company (not to be unreasonably withheld, conditioned or
delayed).
Section 5.3 Confidentiality
and Access to Information.
(a) The
Parties hereby acknowledge and agree that the information being provided in connection with this Agreement and the consummation of
the transactions contemplated hereby is subject to the terms of the Confidentiality Agreement, the terms of which are incorporated
herein by reference. Notwithstanding the foregoing or anything to the contrary in this Agreement, in the event that this Section
5.3(a) or the Confidentiality Agreement conflicts with any other covenant or agreement contained herein or any Ancillary
Document that contemplates the disclosure, use or provision of information or otherwise, then such other covenant or agreement
contained in this Agreement or such Ancillary Document, as applicable, shall govern and control to the extent of such conflict.
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(b)
From and after the date of this Agreement until the earlier of the Closing Date or the termination of this Agreement in accordance
with its terms, upon reasonable advance written notice, the Company shall provide, or cause to be provided, to SVAQ and its Representatives
during normal business hours reasonable access to the directors, officers, books and records and properties of the Group Companies (in
a manner so as to not interfere with the normal business operations of the Group Companies) for the purpose of consummating the Merger.
Notwithstanding the foregoing, none of the Group Companies shall be required to provide, or cause to be provided, to SVAQ or its Representatives
any information (i) if and to the extent doing so would (A) violate any Law to which any Group Company is subject, (B) result in the disclosure
of any trade secrets of third parties in breach of any Contract with such third party, (C) violate any legally binding obligation of any
Group Company with respect to confidentiality, non-disclosure or privacy or (D) jeopardize protections afforded to any Group Company under
the attorney-client privilege or the attorney work product doctrine (provided that, in case of each of clauses (A) through (D), the
Company shall, and shall cause the other Group Companies to, use commercially reasonable efforts to (x) provide such access as can be
provided (or otherwise convey such information regarding the applicable matter as can be conveyed) without violating such privilege, doctrine,
Contract, obligation or Law and (y) provide such information in a manner without violating such privilege, doctrine, Contract, obligation
or Law), or (ii) if any Group Company, on the one hand, and any SVAQ Party, any SVAQ Non-Party Affiliate or any of their respect Representatives
on the other hand, are adverse parties in a litigation or other Proceeding and such information is reasonably pertinent thereto; provided
that the Company shall, in the case of clause (i) or (ii), provide prompt written notice of the withholding of access or information
on any such basis unless such written notice is prohibited by applicable Law or Order.
(c) From
and after the date of this Agreement until the earlier of the Closing Date or the termination of this Agreement in accordance with
its terms, upon reasonable advance written notice, SVAQ shall provide, or cause to be provided, to the Company and its
Representatives during normal business hours reasonable access to the directors, officers, books and records of the SVAQ Parties (in
a manner so as to not interfere with the normal business operations of the SVAQ Parties). Notwithstanding the foregoing, SVAQ shall
not be required to provide, or cause to be provided to, the Company or any of its Representatives any information (i) if and to
the extent doing so would (A) violate any Law to which any SVAQ Party is subject, (B) result in the disclosure of any trade secrets
of third parties in breach of any Contract with such third party, (C) violate any legally binding obligation of any SVAQ Party with
respect to confidentiality, non-disclosure or privacy or (D) jeopardize protections afforded to any SVAQ Party under the
attorney-client privilege or the attorney work product doctrine (provided that, in case of each of clauses (A) through (D), SVAQ
shall use, and shall cause the other SVAQ Parties to use, reasonable best efforts to (x) provide such access as can be provided (or
otherwise convey such information regarding the applicable matter as can be conveyed) without violating such privilege, doctrine,
Contract, obligation or Law and (y) provide such information in a manner without violating such privilege, doctrine, Contract,
obligation or Law), or (ii) if an SVAQ Party or the Sponsor or any of their respective Representatives, on the one hand, and any
Group Company, any Company Non-Party Affiliate or any of their respective Representatives, on the other hand, are adverse parties in
a litigation or other Proceeding and such information is reasonably pertinent thereto; provided that SVAQ shall, in the case of
clause (i) or (ii), provide prompt written notice of the withholding of access or information on any such basis unless such
written notice is prohibited by applicable Law or Order.
57
Section 5.4 Public
Announcements.
(a) Subject to Section 5.4(b),
and Section 5.7, none of the Parties or any of their respective Representatives shall issue any press releases or make
any public announcements with respect to this Agreement or the transactions contemplated hereby without the prior written consent
of, prior to the Closing, the Company and SVAQ or, after the Closing, SVAQ; provided, however, that each Party, the
Sponsor and their respective Representatives may make any such announcement or other communication (i) if such press release,
announcement or other communication is required by applicable Law, in which case (A) prior to the Closing, the disclosing Person
shall, to the extent permitted by applicable Law use reasonable best efforts to consult with the Company, if the disclosing Person
is a SVAQ Party, the Sponsor, or SVAQ, if the disclosing party is the Company or any of its Representatives, and give the Company or
SVAQ, as applicable, the opportunity to review such announcement or communication and comment thereon and the disclosing Person
shall consider such comments in good faith, or (B) after the Closing, the disclosing Person and/or its Representatives, as
applicable, shall, to the extent permitted by applicable Law, use reasonable best efforts to consult with SVAQ and give SVAQ the
opportunity to review such announcement or communication and comment thereon and the disclosing Person shall consider such comments
in good faith, (ii) to the extent such press release, announcement or other communication contains only information previously
disclosed in a public statement, press release or other communication previously approved in accordance with this Section 5.4
and (iii) to Governmental Entities in connection with any Consents required to be made under this Agreement, the Ancillary Documents
or in connection with the transactions contemplated hereby or thereby. Notwithstanding anything to the contrary in this Section 5.4
or otherwise in this Agreement, the Parties agree that the SVAQ Shareholders and their respective Representatives may provide
general information about the subject matter of this Agreement and the transactions contemplated hereby to any direct or indirect
current or prospective investor or in connection with normal fund raising or related marketing or informational or reporting
activities.
(b) The initial press
release concerning this Agreement and the transactions contemplated hereby shall be a joint press release in the form agreed by the
Company and SVAQ prior to the execution of this Agreement and such initial press release (the “Signing Press
Release”) shall be released as promptly as reasonably practicable after the execution of this Agreement. Promptly after
the execution of this Agreement, SVAQ shall file a current report on Form 8-K (the “Signing Filing”) with the
Signing Press Release and a description of this Agreement as required by, and in compliance with, the Securities Laws, which the
Company shall have the opportunity to review and comment upon prior to filing and SVAQ shall consider such comments in good faith.
The Company, on the one hand, and SVAQ, on the other hand, shall mutually agree upon (such agreement not to be unreasonably
withheld, conditioned or delayed by either the Company or SVAQ, as applicable) a press release announcing the consummation of the
transactions contemplated by this Agreement (the “Closing Press Release”) prior to the Closing, and, on the
Closing Date (or such other date as may be mutually agreed to in writing by the Company and SVAQ prior to the Closing), the Parties
shall cause the Closing Press Release to be released. Promptly after the Closing (but in any event within four (4) Business Days
after the Closing), SVAQ shall file a current report on Form 8-K (the “Closing Filing”) with the Closing Press
Release and a description of the Closing as required by Securities Laws, which Closing Filing shall be mutually agreed upon by the
Company and SVAQ prior to the Closing (such agreement not to be unreasonably withheld, conditioned or delayed by either the Company
or SVAQ, as applicable). In connection with the preparation of each of the Signing Press Release, the Signing Filing, the Closing
Press Release and the Closing Filing, each Party shall, upon written request by any other Party, furnish such other Party with all
information concerning itself, its directors, officers and equityholders, and such other matters as may be reasonably necessary for
such press release or filing.
58
Section 5.5 Tax
Matters.
(a) Tax
Treatment.
(i) The Parties intend
that the Domestication shall constitute a transaction treated as a “reorganization” within the meaning of Section
368(a)(1)(F) of the Code and SVAQ shall (and shall cause its respective Affiliates to) use reasonable best efforts to cause it to so
qualify. The Parties intend that (A) the Merger shall be treated as a transaction that qualifies as a “reorganization”
within the meaning of Section 368 of the Code and/or (B) the Merger and the Transaction Financing, taken together, shall be treated
as an integrated transaction qualifying under Section 351(a) of the Code, and each Party shall, and shall cause its respective
Affiliates to, use reasonable best efforts to so qualify. The Parties shall file all Tax Returns consistent with, and take no
position inconsistent with (whether in audits, Tax Returns or otherwise), the treatment described in this Section 5.5(a)(i)
unless required to do so pursuant to a “determination” that is final within the meaning of Section 1313(a) of the
Code.
(ii) SVAQ and the
Company hereby adopt this Agreement as a “plan of reorganization” within the meaning of Treasury Regulations Sections
1.368-2(g) and 1.368-3(a). From the date hereof through the Closing, and following the Closing, the Parties shall not, and shall not
permit or cause their respective Affiliates to, take any action, or knowingly fail to take any action, which action or failure to
act prevents or impedes, or would reasonably be expected to prevent or impede, (A) the Merger qualifying for the Intended Tax
Treatment, and (B) in the case of SVAQ, the Domestication qualifying for the Intended Tax Treatment.
(iii) If, in connection
with the preparation and filing of the Registration Statement, the SEC requests or requires that tax opinions be prepared and
submitted in such connection, each of SVAQ and the Company shall deliver to GT and EGS, respectively, customary Tax representation
letters satisfactory to GT or EGS (as applicable), dated and executed as of the date the Registration Statement shall have been
declared effective by the SEC and such other date(s) as determined reasonably necessary by such counsel in connection with the
preparation and filing of the Registration Statement; provided that this Section 5.5(a)(iii) shall not require
(A) any counsel to the Company to provide an opinion with respect to any Tax matters relating to SVAQ or the SVAQ Shareholders or
(B) any counsel to SVAQ to provide an opinion with respect to any Tax matters relating to the Company or the Company
Stockholders.
(b) Tax
Matters Cooperation. Each of the Parties shall (and shall cause their respective Affiliates to) use commercially reasonable efforts
to cooperate fully, as and to the extent reasonably requested by another Party, in connection with the filing of relevant Tax Returns,
and any audit or tax proceeding. Such cooperation shall include the retention and (upon the other Party’s request) the provision
(with the right to make copies) of records and information reasonably relevant to any tax proceeding or audit, making employees available
on a mutually convenient basis to provide additional information and explanation of any material provided hereunder and making available
to the Pre-Closing SVAQ Holders information reasonably necessary to compute any income of any such holder (or its direct or indirect
owners) arising (i) if applicable, as a result of SVAQ’s status as a “passive foreign investment company” within
the meaning of Section 1297(a) of the Code or a “controlled foreign corporation” within the meaning of Section 957(a) of
the Code for any taxable period ending on or prior to the Closing, including timely providing (A) a PFIC Annual Information Statement
to enable such holders to make a “Qualifying Electing Fund” election under Section 1295 of the Code for such taxable period,
and (B) information to enable applicable holders to report their allocable share of “subpart F” income under Section 951
of the Code for such taxable period and (ii) under Section 367(b) of the Code and the Treasury Regulations promulgated thereunder as
a result of the Domestication.
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(c)
SVAQ Taxable Year. The Parties agree to treat the taxable year of SVAQ as ending on the date of the Domestication for U.S.
federal income tax purposes.
(d)
Transfer Taxes. Any transfer, documentary, sales, use, stamp, registration, excise, recording, registration, value added
and other such similar Taxes (including any penalties and interest) that become payable in connection with or by reason of the execution
of this Agreement and the transactions set forth herein shall be borne and paid equally between SVAQ and the Company.
Section 5.6 Exclusive
Dealing; Change in Recommendation.
(a) From
the date of this Agreement until the earlier of the Closing or the termination of this Agreement in accordance with its terms, the
Company shall not, and shall cause the other Group Companies and its and their respective Representatives not to, directly or
indirectly: (i) solicit, initiate, induce, encourage (including by means of furnishing or disclosing information), facilitate,
discuss or negotiate, directly or indirectly, any inquiry, proposal or offer (written or oral) that constitutes, or that could
reasonably be expected to lead to, a Company Acquisition Proposal; (ii) furnish or disclose any non-public information to any Person
in connection with, or that could reasonably be expected to lead to, a Company Acquisition Proposal; (iii) enter into any Contract
or other arrangement or understanding regarding a Company Acquisition Proposal; (iv) prepare or take any steps in connection with a
public offering of any Equity Securities of any Group Company (or any Affiliate or successor of any Group Company); (v) approve,
endorse or recommend, or publicly propose to approve, endorse or recommend, any Company Acquisition Proposal, or otherwise change,
withdraw, withhold, qualify or modify, or publicly propose to change, withdraw, withhold, qualify or modify, the Company Board
Recommendation; or (vi) otherwise cooperate in any way with, or assist or participate in, or knowingly facilitate or encourage any
effort or attempt by any Person to do or seek to do any of the foregoing. The Company agrees to (A) notify SVAQ promptly upon
receipt of any Company Acquisition Proposal by any Group Company, and to describe the material terms and conditions of any such
Company Acquisition Proposal in reasonable detail (including the identity of the Persons making such Company Acquisition Proposal)
and (B) keep SVAQ reasonably informed on a current basis of any modifications to such offer or information.
(b)
From the date of this Agreement until the earlier of the Closing or the termination of this Agreement in accordance with its terms,
the SVAQ Parties shall not, and each of them shall cause their Representatives not to, directly or indirectly: (i) solicit, initiate,
induce, encourage (including by means of furnishing or disclosing information), facilitate, discuss or negotiate, directly or indirectly,
any inquiry, proposal or offer (written or oral) that constitutes, or that could reasonably be expected to lead to a SVAQ Acquisition
Proposal; (ii) furnish or disclose any non-public information to any Person in connection with, or that could reasonably be expected to
lead to, a SVAQ Acquisition Proposal; (iii) enter into any Contract or other arrangement or understanding regarding an SVAQ Acquisition
Proposal; (iv) prepare or take any steps in connection with an offering of any securities of any SVAQ Party (or any Affiliate or successor
of any SVAQ Party) (other than in connection with the Transaction Financing or the transactions contemplated by this Agreement); (v) approve,
endorse or recommend, or publicly propose to approve, endorse or recommend, any SVAQ Acquisition Proposal, or otherwise change, withdraw,
withhold, qualify or modify, or publicly propose to change, withdraw, withhold, qualify or modify, the SVAQ Board Recommendation; or (vi)
otherwise cooperate in any way with, or assist or participate in, or knowingly facilitate or encourage any effort or attempt by any Person
to do or seek to do any of the foregoing. SVAQ agrees to (A) notify the Company promptly upon receipt of any SVAQ Acquisition Proposal
by any SVAQ Party, and to describe the material terms and conditions of any such SVAQ Acquisition Proposal in reasonable detail (including
the identity of any person or entity making such SVAQ Acquisition Proposal) and (B) keep the Company reasonably informed on a current
basis of any modifications to such offer or information.
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Section 5.7 SVAQ
Shareholder Approval. As promptly as practicable after the date hereof, SVAQ and the Company shall prepare, and, after receiving
the prior written consent of the Company, file with the SEC, a registration statement on Form S-4 (as amended or supplemented from
time to time, and including the Proxy Statement contained therein, the “Registration Statement”) in connection
with the registration under the Securities Act of (i) the SVAQ Common Stock to be issued under this Agreement to the holders of the
Company Stockholders pursuant to the Merger and (ii) the SVAQ Common Stock and SVAQ Warrants to be held by the holders of SVAQ
Shares and SVAQ Warrants following the Closing, which Registration Statement will also contain a proxy statement (as amended, the
“Proxy Statement”) for the purpose of soliciting proxies from SVAQ shareholders for the matters to be voted on at
an extraordinary general meeting of SVAQ shareholders to be called and held for such purpose (the “SVAQ Shareholders
Meeting”) and providing the Public Shareholders with the SVAQ Shareholder Redemption. The Proxy Statement shall include
(i) the SVAQ Board Recommendation and (ii) proxy materials for the purpose of soliciting proxies from SVAQ shareholders to vote, at
the SVAQ Shareholders Meeting, in favor of resolutions approving (i) the adoption and approval of this Agreement, the Ancillary
Documents and the transactions contemplated hereby or referred to herein, including the Merger (and, to the extent required, the
issuance of any shares in connection with Transaction Financing or Company Pre-Closing Financing, if any) and the Domestication, by
the holders of SVAQ Shares in accordance with SVAQ’s Governing Documents, the Companies Act, the DGCL and the rules and
regulations of the SEC and the Stock Exchange; (ii) the adoption and approval of the SVAQ Certificate of Incorporation,
(iii) adoption and approval of the Incentive Plan, (iv) the appointment of the members of the Post-Closing SVAQ Board in
accordance with Section 5.15 hereof, (v) such other matters (or, to the extent applicable, excluding such approval matters) as
the Company and SVAQ shall hereafter mutually determine to be necessary or appropriate in order to effect the Domestication, the
Merger and the other transactions contemplated by this Agreement (the approvals described in foregoing clauses (i) through (v),
collectively, the “SVAQ Shareholder Approval Matters”), and (vi) the adjournment of SVAQ Shareholders Meeting to
a later date or dates, if necessary or desirable in the reasonable determination of the chairman of the SVAQ Shareholders Meeting.
If on the date for which SVAQ Shareholders Meeting is scheduled, SVAQ has not received proxies representing a sufficient number of
shares to obtain the Required SVAQ Shareholder Approval, SVAQ may make one or more successive postponements or, with the consent of
the Shareholders Meeting, adjournments of SVAQ Shareholders Meeting; provided that, without the consent of the Company, in no
event shall SVAQ adjourn the SVAQ Shareholders Meeting to a date that is beyond the Outside Date. In connection with the
Registration Statement, SVAQ and the Company will file with the SEC financial and other information about the transactions
contemplated by this Agreement in accordance with applicable Law and applicable proxy solicitation and registration statement rules
set forth in SVAQ’s Governing Documents, the Companies Act, the DGCL and the rules and regulations of the SEC and the Stock
Exchange. The Company shall promptly provide SVAQ with such information concerning the Group Companies and their stockholders,
officers, directors, employees, assets, Liabilities, condition (financial or otherwise), business and operations that may be
required or appropriate for inclusion in the Registration Statement, or in any amendments or supplements thereto, which information
provided by the Company shall be true and correct and not contain any untrue statement of a material fact or omit to state a
material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not
misleading.
Section 5.8 Merger
Sub Shareholder Approval. As promptly as reasonably practicable (and in any event within one Business Day) following the date of
this Agreement, SVAQ, as the sole shareholder of Merger Sub, will approve and adopt this Agreement, the Ancillary Documents to which
Merger Sub is or will be a party and the transactions contemplated hereby and thereby (including the Merger).
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Section 5.9 Conduct
of Business of SVAQ. From and after the date of this Agreement until the earlier of the Closing or the termination of this Agreement
in accordance with its terms, SVAQ shall not, and shall cause Merger Sub not to, except as expressly contemplated by this Agreement or
any Ancillary Document (including, for the avoidance of doubt, in connection with the Domestication or any Transaction Financing), as
required by applicable Law, as set forth on Section 5.9 of the SVAQ Disclosure Schedules or as consented to in writing
by the Company (such consent not to be unreasonably withheld, conditioned or delayed), do any of the following:
(a) adopt
any amendments, supplements, restatements or modifications to the Trust Agreement or the Governing Documents of any of the SVAQ Parties;
(b) declare, set aside, make or pay a dividend on, or make any other distribution or payment in respect of, any Equity Securities of
any SVAQ Party, or repurchase, redeem or otherwise acquire, or offer to repurchase, redeem or otherwise acquire, any outstanding Equity
Securities of any of the SVAQ Parties, as applicable;
(c) split,
combine or reclassify any of its capital stock or other Equity Securities or issue any other security in respect of, in lieu of or in
substitution for shares of its capital stock; provided, however, that nothing in this Section 5.9 shall prohibit the conversion
of SVAQ Class B Shares into SVAQ Class A Shares at the option of the holder thereof pursuant to the terms of the Governing Documents
of SVAQ.
(d)
incur, create or assume any Indebtedness or other Liability (including any Working Capital Loans), in excess of $250,000;
(e) make any loans or advances to, or capital contributions in, any other Person, other than to, or in, any of the SVAQ Parties;
(f) issue any Equity Securities
or grant any additional options, warrants or stock appreciation rights with respect to its Equity Securities;
(g) enter
into, renew, modify or revise any SVAQ Related Party Transaction (or any Contract or agreement that if entered into prior to the execution
and delivery of this Agreement would be a SVAQ Related Party Transaction), other than for the avoidance of doubt, any expiration or automatic
extension or renewal of any Contract pursuant to its terms or Working Capital Loans;
(h) engage in activities or business, other than any activities or business (i) in connection with or incident or related to such
Person’s organization, incorporation or formation, as applicable, or continuing corporate (or similar) existence, (ii) contemplated
by, or incident or related to, this Agreement, any Ancillary Document, the performance of covenants or agreements hereunder or thereunder
or the consummation of the transactions contemplated hereby or thereby or (iii) those that are administrative or ministerial in nature;
(i) make, change or revoke any material election concerning Taxes, enter into any material Tax closing agreement, settle any material
Tax claim or assessment, or consent to any extension or waiver of the limitation period applicable to or relating to any material Tax
claim or assessment, other than any such extension or waiver that is obtained in the ordinary course of business;
(j) authorize,
recommend, propose or announce an intention to adopt a plan of complete or partial liquidation or dissolution;
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(k) enter into any Contract with any broker, finder, investment banker or other Person under which such Person is or will be entitled
to any brokerage fee, finders’ fee or other commission in connection with the transactions contemplated by this Agreement; or
(l)
enter into any Contract to take, or cause to be taken, any of the actions set forth in this Section 5.9.
Notwithstanding anything in this Section 5.9
or this Agreement to the contrary, (a) nothing set forth in this Agreement shall give the Company, directly or indirectly, the right to
control or direct the operations of any of the SVAQ Parties and (b) nothing set forth in this Agreement shall prohibit, or otherwise restrict
the ability of, any of the SVAQ Parties from using the funds held by SVAQ outside the Trust Account to pay any SVAQ Expenses or from otherwise
distributing or paying over any funds held by SVAQ outside the Trust Account to the Sponsor or any of its Affiliates, in each case, prior
to the Closing.
Section 5.10 Stock Exchange Listing. SVAQ and the Company shall use their respective reasonable best efforts and shall cooperate in good
faith to cause: (a) SVAQ’s initial listing application and the continuing listing requirements with the Stock Exchange in connection
with the transactions contemplated by this Agreement to have been approved: (b) SVAQ, taking into account its contemplated combination
with the Company, to satisfy all applicable initial and continuing listing requirements of the Stock Exchange, including sufficient round
lot holders, unrestricted publicly-held SVAQ shares and public float (including those expected to be held by historic stakeholders of
the Company); and (c) the SVAQ Shares issuable in accordance with this Agreement, including the Domestication and the Merger, to be approved
for listing on the Stock Exchange, subject to official notice of issuance, in each case, as promptly as reasonably practicable after the
date of this Agreement, and in any event prior to the Effective Time.
Section 5.11 Trust
Account. Upon satisfaction or, to the extent permitted by applicable Law, waiver of the conditions set forth in Article VI
and provision of notice thereof to the Trustee, at the Closing, SVAQ shall (i) cause the documents, certificates and notices
required to be delivered to the Trustee pursuant to the Trust Agreement to be so delivered, and (ii) make all appropriate
arrangements to cause the Trustee to pay (a) SVAQ’s accrued and unpaid Expenses as of Closing (including cash amounts payable
to the underwriter in the IPO, any legal fees, any loans owed by SVAQ to the Sponsor for any Expenses and deferred Expenses), and
(b) any accrued and unpaid Expenses of the Company as of the Closing. Any remaining cash will be used for working capital and
general corporate purposes of SVAQ and the Surviving Company following the Closing.
Section 5.12 Company Stockholder Approval. As promptly as reasonably practicable (and in any event within five (5) Business Days)
following the date on which the Registration Statement has become effective (the “Company Stockholder Written Consent Deadline”),
the Company shall obtain and deliver to SVAQ a true and correct copy of the adoption and approval of this Agreement and the transactions
contemplated hereby by the Company Stockholders acting by written consent in lieu of a meeting (in form and substance reasonably satisfactory
to SVAQ) approving this Agreement, the Ancillary Documents to which the Company is or will be a party and the transactions contemplated
hereby and thereby (including the Merger) that is duly executed by the Company Stockholders that hold at least the requisite number of
issued and outstanding Company Shares required to approve and adopt such matters in accordance with the DGCL and the Company’s Governing
Documents (the “Company Stockholder Written Consent”). The Company Board shall recommend to the holders of Company
Shares the approval and adoption of this Agreement and the transactions contemplated by this Agreement (including the Merger) (the “Company
Board Recommendation”).
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Section 5.13 SVAQ
Indemnification; Directors’ and Officers’ Insurance.
(a)
Each Party agrees that (i) all rights to indemnification or exculpation now existing in favor of the directors and officers of
each SVAQ Party, as provided in the applicable SVAQ Party’s Governing Documents or otherwise in effect as of immediately prior to
the Effective Time, in either case, solely with respect to any matters occurring on or prior to the Effective Time shall survive the transactions
contemplated by this Agreement and shall continue in full force and effect from and after the Effective Time for a period of six (6) years
and (ii) SVAQ will perform and discharge, or cause to be performed and discharged, all obligations to provide such indemnity and
exculpation during such six (6)-year period. To the maximum extent permitted by applicable Law, during such six (6)-year period, SVAQ
shall advance, or caused to be advanced, expenses in connection with such indemnification as provided in the applicable SVAQ Party’s
Governing Documents or other applicable agreements as in effect immediately prior to the Effective Time. The indemnification and liability
limitation or exculpation provisions of the SVAQ Parties’ Governing Documents shall not, during such six (6)-year period, be amended,
repealed or otherwise modified after the Effective Time in any manner that would materially and adversely affect the rights thereunder
of individuals who, as of immediately prior to the Effective Time, or at any time prior to such time, were directors or officers of any
SVAQ Party (the “SVAQ D&O Persons”) entitled to be so indemnified, have their liability limited or be exculpated
with respect to any matters occurring on or prior to the Effective Time and relating to the fact that such SVAQ D&O Person was a director
or officer of any SVAQ Party on or prior to the Effective Time, unless such amendment, repeal or other modification is required by applicable
Law.
(b) SVAQ shall not have any obligation under this Section 5.13 to any SVAQ D&O Person when and if a court of competent
jurisdiction shall ultimately determine (and such determination shall have become final and non-appealable) that the indemnification of
such SVAQ D&O Person in the manner contemplated hereby is prohibited by applicable Law.
(c) For a period of six (6) years following the Effective Time, SVAQ shall maintain, without any lapses in coverage, directors’
and officers’ liability insurance for the benefit of each of SVAQ’s directors and officers with respect to matters occurring
on or prior to the Effective Time. Such insurance policies shall provide coverage on terms (with respect to coverage and amount) that
are substantially the same as (and no less favorable in the aggregate to the Persons covered thereby than) the coverage provided under
SVAQ’s directors’ and officers’ liability insurance policies in effect as of the date of this Agreement; provided that
SVAQ shall not be obligated to pay annual premiums in excess of three hundred percent (300%) of the most recent annual premium paid by
SVAQ prior to the date of this Agreement and, in such event, SVAQ shall purchase the maximum coverage available for three hundred percent
(300%) of the most recent annual premium paid by SVAQ prior to the date of this Agreement.
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(d)
If SVAQ or any of its successors or assigns (i) shall merge or consolidate with or merge into any other corporation or entity
and shall not be the surviving or continuing corporation or entity of such consolidation or merger or (ii) shall transfer all or substantially
all of their respective properties and assets as an entity in one or a series of related transactions to any Person, then in each such
case, proper provisions shall be made so that the successors or assigns of SVAQ shall assume all of the obligations set forth in this
Section 5.13.
(e)
The SVAQ D&O Persons entitled to the indemnification, expense reimbursement, liability limitation, exculpation and insurance
set forth in this Section 5.13 are intended to be third-party beneficiaries of this Section 5.13. This Section 5.13
shall survive the consummation of the transactions contemplated by this Agreement and shall be binding on all successors and assigns of
SVAQ.
Section 5.14 Company
Indemnification; Directors’ and Officers’ Insurance.
(a) Each
Party agrees that (i) all rights to indemnification or exculpation now existing in favor of the directors and officers of the Group Companies,
as provided in the Group Companies’ Governing Documents or otherwise in effect as of immediately prior to the Effective Time, in
either case, solely with respect to any matters occurring on or prior to the Effective Time, shall survive the transactions contemplated
by this Agreement and shall continue in full force and effect from and after the Effective Time for a period of six (6) years and (ii)
SVAQ will cause the applicable Group Companies to perform and discharge all obligations to provide such indemnity and exculpation during
such six (6)-year period. To the maximum extent permitted by applicable Law, during such six (6)-year period, SVAQ shall cause the applicable
Group Companies to advance expenses in connection with such indemnification as provided in the Group Companies’ Governing Documents
or other applicable agreements in effect as of immediately prior to the Effective Time. The indemnification and liability limitation
or exculpation provisions of the Group Companies’ Governing Documents shall not, during such six (6)-year period, be amended, repealed
or otherwise modified following the Effective Time in any manner that would materially and adversely affect the rights thereunder of
individuals who, as of the Effective Time or at any time prior to the Effective Time, were directors or officers of the Group Companies
(the “Company D&O Persons”) entitled to be so indemnified, have their liability limited or be exculpated with
respect to any matters occurring prior to Closing and relating to the fact that such Company D&O Person was a director or officer
of any Group Company on or prior to the Effective Time, unless such amendment, repeal or other modification is required by applicable
Law.
(b) None
of SVAQ or the Group Companies shall have any obligation under this Section 5.14 to any Company D&O Person when and if
a court of competent jurisdiction shall ultimately determine (and such determination shall have become final and non-appealable) that
the indemnification of such Company D&O Person in the manner contemplated hereby is prohibited by applicable Law.
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(c) The Company shall purchase,
at or prior to the Closing, and SVAQ shall maintain, or cause to be maintained, in effect for a period of six (6) years following the
Effective Time, without lapses in coverage, a “tail” policy providing directors’ and officers’ liability insurance
coverage for each of the Company’s officers or directors with respect to matters occurring on or prior to the Effective Time (the
“Company D&O Tail Policy”). Such “tail” policy shall provide coverage on terms (with respect to coverage
and amount) that are substantially the same as (and no less favorable in the aggregate to the Persons covered thereby) the coverage provided
under the Group Companies’ directors’ and officers’ liability insurance policies as of the date of this Agreement;
provided that none of the Company, SVAQ or any of their respective Affiliates shall pay a premium for such “tail” policy
in excess of three hundred percent (300%) of the most recent annual premium paid by the Group Companies prior to the date of this Agreement
and, in such event, the Company, SVAQ or one of their respective Affiliates shall purchase the maximum coverage available for three hundred
percent (300%) of the most recent annual premium paid by the Group Companies prior to the date of this Agreement.
(d)
If SVAQ or any of its successors or assigns (i) shall merge or consolidate with or merge into any other corporation or entity and
shall not be the surviving or continuing corporation or entity of such consolidation or merger or (ii) shall transfer all or substantially
all of their respective properties and assets as an entity in one or a series of related transactions to any Person, then in each such
case, proper provisions shall be made so that the successors or assigns of SVAQ to assume all of the obligations set forth in this Section 5.14.
(e)
The Company D&O Persons entitled to the indemnification, liability limitation, exculpation and insurance set forth in this
Section 5.14 are intended to be third-party beneficiaries of this Section 5.14. This Section 5.14
shall survive the consummation of the transactions contemplated by this Agreement and shall be binding on all successors and assigns of
SVAQ.
Section 5.15
Post-Closing Directors and Officers.
(a)
SVAQ shall take all such action within its power as may be necessary or appropriate such that effective immediately after the Effective
Time (i) the SVAQ Board shall initially consist of seven (7) directors; (ii) the members of the SVAQ Board are the individuals determined
in accordance with Section 5.15(b); (iii) the members of the compensation committee, audit committee and nominating committee
of the SVAQ Board are the individuals determined in accordance with Section 5.15(c); and (iv) the officers of SVAQ (the “Officers”)
are the individuals determined in accordance with Section 5.15(d).
(b)
The Company shall have the right to designate all seven (7) individuals to be the directors on the SVAQ Board immediately after
the Effective Time, a majority of whom shall qualify as “independent directors” under the applicable Nasdaq listing regulations,
with the Company designating one such individual to serve as chairman of the SVAQ Board.
(c) Prior to the mailing of
the Proxy Statement to the Pre-Closing SVAQ Holders, (i) the Company may designate independent directors to serve as members of the compensation
committee, the audit committee or the nominating committee of the SVAQ Board immediately after the Effective Time, subject to SVAQ’s
consent (not to be unreasonably withheld, conditioned or delayed) based on the qualifications of the independent directors, subject to
applicable listing rules of Nasdaq and applicable Law, and (ii) the Company shall, subject to clause (i), designate each other director
that will serve on the compensation committee, the audit committee and the nominating committee of the SVAQ Board immediately after the
Effective Time, based on the qualifications of each director, subject to applicable listing rules of Nasdaq and applicable Law.
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(d)
The Company shall have the right to designate the individuals to be the Officers immediately after the Effective Time, including
the Chief Executive Officer and the other members of the initial management team.
(e)
SVAQ shall have the right to designate one (1) individual to serve as a board advisor to the SVAQ Board and/or in such other role
as may be mutually agreed by the Parties.
Section 5.16
PCAOB Financials.
(a)
As promptly as reasonably practicable, but no later than July 31, 2026, the Company shall deliver to SVAQ (i) the Closing Company
Audited Financial Statements, and (ii) any other audited or unaudited consolidated balance sheets and the related audited or unaudited
consolidated statements of operations and comprehensive loss and stockholders’ deficit and cash flows of the Group Companies as
of and for a year-to-date period ended as of the end of any other different fiscal quarter (and as of and for the same period from the
previous fiscal year) or fiscal year (and as of and for the prior fiscal quarter), as applicable that is required to be included in the
Registration Statement (collectively, the “PCAOB Financials”). All such financial statements, together with any audited
or unaudited consolidated balance sheet and the related audited or unaudited consolidated statements of operations and comprehensive loss
and stockholders’ deficit and cash flows of the Group Companies as of and for a year-to-date period ended as of the end of a different
fiscal quarter (and as of and for the same period from the previous fiscal year) or fiscal year (and as of and for the prior fiscal quarter)
that is required to be included in the Registration Statement (A) will fairly present in all material respects the financial position
of the Group Companies as at the date thereof, and the results of its operations, shareholders’ equity and cash flows for the respective
periods then ended (subject, in the case of any unaudited interim financial statements, to normal year end audit adjustments (none of
which is expected to be material) and the absence of footnotes), (B) will be prepared in conformity with GAAP applied on a consistent
basis during the periods involved (except, in the case of any audited financial statements, as may be indicated in the notes thereto and
subject, in the case of any unaudited financial statements, to normal year-end audit adjustments (none of which is expected to be material)
and the absence of footnotes), (C) in the case of any audited financial statements, will be audited in accordance with the standards of
the PCAOB and contain an unqualified report of the Company’s auditor and (D) will comply in all material respects with the
applicable accounting requirements and with the rules and regulations of the SEC, the Exchange Act and the Securities Act in effect as
of the respective dates thereof (including Regulation S-X or Regulation S-K, as applicable).
(b)
The Company shall use its reasonable best efforts (i) to assist, upon advance written notice, during normal business hours and
in a manner such as to not unreasonably interfere with the normal operation of any member of such Group Company, SVAQ in causing to be
prepared in a timely manner any other financial information or statements (including customary pro forma financial statements) that are
required to be included in the Registration Statement and any other filings to be made by SVAQ with the SEC in connection with the transactions
contemplated by this Agreement or any Ancillary Document and (ii) to obtain the consents of its auditors with respect thereto as may be
required by applicable Law or requested by the SEC.
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Section 5.17 Equity
Incentive Plan. Upon Closing, the SVAQ Board shall approve and adopt an equity incentive plan to the benefit of certain members of
management (the “Incentive Plan”), in the manner prescribed under applicable Laws, effective as of the Closing Date,
(i) reserving for grant thereunder a number of SVAQ Shares representing, in the aggregate, approximately ten percent (10%) of the then
issued and outstanding SVAQ Shares on a fully-diluted basis, determined as of the time immediately after the Effective Time. The structure,
recipients, vesting terms, performance conditions and administration of the Incentive Plan shall be determined by the SVAQ Board after
Closing, and shall include an “evergreen” provision that will provide for an automatic increase on the first day of each
fiscal year of one percent (1%) of the issued and outstanding SVAQ Shares on a fully-diluted basis at the beginning of each fiscal year.
Section 5.18
FIRPTA Certificates. At or prior to the Closing, the Company shall deliver, or cause to be delivered, to SVAQ a certificate,
duly executed by the Company, complying with Treasury Regulations Section 1.1445-2(c)(3), together with evidence that the Company has
provided notice to the Internal Revenue Service in accordance with the provisions of Treasury Regulations Section 1.897-2(h)(2), in each
case, in a form and substance reasonably acceptable to SVAQ.
Section 5.19
Registration Rights and Lock-up Agreement. The Company shall use commercially reasonable efforts to cause the Registration
Rights and Lock-up Agreement to be duly executed by the Company Stockholders that are parties thereto.
Section 5.20
Financing Cooperation.
(a)
During the Interim Period, SVAQ shall use reasonable best efforts to (i) enter into written agreements (the “Financing
Agreements”) for Transaction Financings and (ii) facilitate the Company in obtaining of equity
or debt financing which is funded during the Interim Period (the “Company Pre-Closing Financing”); in each case, on
such terms as SVAQ and the Company shall mutually agree-.
(b)
SVAQ and the Company shall, and shall cause their respective Representatives to cooperate with each other and their respective
Representatives in connection with such Transaction Financing and Financing Agreements and SVAQ and the Company will use their respective
reasonable best efforts to cause such Transaction Financing to occur (including having the Company’s senior management participate
in any investor meetings and roadshows as reasonably requested by SVAQ or the Company).
Article VI
CONDITIONS TO CONSUMMATION OF THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT
Section 6.1 Conditions
to the Obligations of the Parties. The obligations of the Parties to consummate the transactions contemplated by this Agreement are
subject to the satisfaction or, if permitted by applicable Law, written waiver by the Party for whose benefit such condition exists of
the following conditions:
(a)
each applicable waiting period under any Antitrust Laws relating to the transactions contemplated by this Agreement shall have
expired or been terminated;
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(b)
no Order or Law or other legal restraint or prohibition issued by any court of competent jurisdiction or other Governmental Entity
enjoining, prohibiting or preventing the consummation of the transactions contemplated by this Agreement (including the Domestication
and the Merger) shall be in effect;
(c)
the Registration Statement shall have become effective in accordance with the provisions of the Securities Act, no stop order shall
have been issued by the SEC and shall remain in effect with respect to the Registration Statement, and no proceeding seeking such a stop
order shall have been threatened or initiated by the SEC and remain pending;
(d)
the Company Stockholder Written Consent shall have been obtained;
(e)
the Required SVAQ Shareholder Approval shall have been obtained; and
(f) SVAQ’s initial listing application with the Stock Exchange in connection with the transactions contemplated by this Agreement
shall have been approved and, immediately following the Effective Time, SVAQ shall satisfy any applicable initial and continuing listing
requirements of Nasdaq, and SVAQ shall not have received any notice of non-compliance therewith that has not been cured or would not be
cured at or immediately following the Effective Time, and the SVAQ Shares (after giving effect, for the avoidance of doubt, to the Domestication
and, including, for the avoidance of doubt, the SVAQ Shares to be issued pursuant to the Merger) shall have been approved for listing
on the Stock Exchange.
Section 6.2 Other
Conditions to the Obligations of the SVAQ Parties. The obligations of the SVAQ Parties to consummate the transactions contemplated
by this Agreement are subject to the satisfaction or, if permitted by applicable Law, prior written waiver by SVAQ (on behalf of itself
and the other SVAQ Parties) of the following further conditions:
(a) (i) the Company Fundamental
Representations (other than the representations and warranties set forth in Section 3.2(a)) shall be true and correct (without
giving effect to any limitation as to “materiality” or “Company Material Adverse Effect” or any similar limitation
set forth herein) in all material respects as of the Closing Date, as though made on and as of the Closing Date (except to the extent
that any such representation and warranty is made as of an earlier date, in which case such representation and warranty shall be true
and correct in all material respects as of such earlier date), (ii) the representations and warranties set forth in Section 3.2(a)
shall be true and correct in all respects (except for de minimis inaccuracies and except for any changes as a result of Company
Pre-Closing Financing) as of Closing Date, as though made on and as of the Closing Date (except to the extent that any such representation
and warranty is made as of an earlier date, in which case such representation and warranty shall be true and correct in all respects
(except for de minimis inaccuracies) as of such earlier date); provided, however, that this clause (ii) shall be
deemed to be satisfied if no Company Material Adverse Effect is continuing), and (iii) the representations and warranties of the of the
Company set forth in Article III (other than the Company Fundamental Representations) shall be true and correct (without
giving effect to any limitation as to “materiality” or “Company Material Adverse Effect” or any similar limitation
set forth herein) in all respects as of the Closing Date, as though made on and as of the Closing Date (except to the extent that any
such representation and warranty is made as of an earlier date, in which case such representation and warranty shall be true and correct
in all respects as of such earlier date), except where the failure of such representations and warranties to be true and correct, taken
as a whole, does not cause a Company Material Adverse Effect;
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(b)
the Company shall have performed and complied in all material respects with the covenants and agreements required to be performed
or complied with by the Company under this Agreement at or prior to the Closing;
(c)
since the date of this Agreement, no Company Material Adverse Effect shall have occurred that is continuing;
(d)
at or prior to the Closing, the Company shall have delivered, or caused to be delivered, to SVAQ the following documents:
(i) a certificate duly executed
by an authorized officer of the Company, dated as of the Closing Date, to the effect that the conditions specified in Section 6.2(a),
Section 6.2(b) and Section 6.2(c) are satisfied, in a form and substance reasonably satisfactory to SVAQ;
(ii) the Registration Rights and Lock-Up Agreements, duly executed by the Company Stockholders.
Section 6.3 Other Conditions to the Obligations of the Company. The obligations of the Company to consummate the transactions contemplated
by this Agreement are subject to the satisfaction or, if permitted by applicable Law, written waiver by the Company of the following further
conditions:
(a)
(i) the SVAQ Fundamental Representations (other than the representations and warranties set forth in Section 4.6(a))
shall be true and correct in all material respects as of the Closing Date, as though made on and as of the Closing Date (except to the
extent that any such representation and warranty is made as of an earlier date, in which case such representation and warranty shall be
true and correct in all material respects as of such earlier date), (ii) the representations and warranties set forth in Section 4.6(a)
shall be true and correct in all respects (except for de minimis inaccuracies) as of the Closing Date, as though made on and as
of the Closing Date (except to the extent that any such representation and warranty is made as of an earlier date, in which case such
representation and warranty shall be true and correct in all respects (except for de minimis inaccuracies) as of such earlier date), (iii)
the representations and warranties of the SVAQ Parties (other than the SVAQ Fundamental Representations) contained in Article IV
of this Agreement shall be true and correct (without giving effect to any limitation as to “materiality” or “SVAQ Material
Adverse Effect” or any similar limitation set forth herein) in all respects as of the Closing Date, as though made on and as of
the Closing Date (except to the extent that any such representation and warranty is made as of an earlier date, in which case such representation
and warranty shall be true and correct as of such earlier date), except where the failure of such representations and warranties to be
true and correct, taken as a whole, does not cause a SVAQ Material Adverse Effect;
(b)
the SVAQ Parties shall have performed and complied in all material respects with the covenants and agreements required to be performed
or complied with by them under this Agreement at or prior to the Closing;
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(c)
since the date of this Agreement, no SVAQ Material Adverse Effect shall have occurred that is continuing;
(d)
the SVAQ Board shall consist of the number of directors, and be comprised of the individuals, determined pursuant to Section 5.15;
(e)
the Domestication shall have been consummated prior to the Effective Time; and
(f) at or prior to the
Closing, SVAQ shall have delivered, or caused to be delivered, the following documents:
(i) a certificate duly
executed by an authorized officer of SVAQ, dated as of the Closing Date, to the effect that the conditions specified in Section 6.3(a), Section 6.3(b)
and Section 6.3(c) are satisfied, in a form and substance reasonably satisfactory to the Company; and
(ii) the Registration
Rights and Lock-up Agreement, duly executed by SVAQ and the Sponsor.
Section 6.4
Frustration of Closing Conditions. The Company may not rely on the failure of any condition set forth in this Article VI
to be satisfied if such failure was proximately caused by the Company’s failure to use reasonable best efforts to cause the Closing
to occur, as required by Section 5.2. None of the SVAQ Parties may rely on the failure of any condition set forth in this
Article VI to be satisfied if such failure was proximately caused by a SVAQ Party’s failure to use reasonable best efforts
to cause the Closing to occur, as required by Section 5.2.
Article VII
TERMINATION
Section 7.1
Termination. This Agreement may be terminated, and the transactions contemplated by this Agreement may be abandoned at any
time prior to the Closing, solely:
(a)
by mutual written consent of SVAQ and the Company;
(b)
by SVAQ, if any of the representations or warranties set forth in Article III shall not be true and correct or if the
Company has failed to perform or has otherwise breached any of its covenants or agreements set forth in this Agreement (including an obligation
to consummate the Closing) such that the condition to Closing set forth in either Section 6.2(a) or Section 6.2(b)
would not be satisfied (assuming the Closing occurred as of such date) and the breach or breaches causing such representations or warranties
not to be true and correct, or the failures to perform any covenant or agreement, as applicable, is (or are) not cured or cannot be cured
within the earlier of (i) thirty (30) days after written notice thereof is delivered to the Company by SVAQ, and (ii) the Outside Date;
provided, however, that none of the SVAQ Parties is then in breach of this Agreement so as to prevent the condition to Closing
set forth in either Section 6.3(a) or Section 6.3(b) from being satisfied (assuming the Closing occurred as of
such date);
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(c)
by the Company, if any of the representations or warranties set forth in Article IV shall not be true and correct
or if any SVAQ Party has failed to perform any covenant or agreement on the part of such applicable SVAQ Party set forth in this Agreement
(including an obligation to consummate the Closing) such that the condition to Closing set forth in either Section 6.3(a)
or Section 6.3(b) could not be satisfied (assuming the Closing occurred as of such date) and the breach or breaches causing
such representations or warranties not to be true and correct, or the failures to perform any covenant or agreement, as applicable, is
(or are) not cured or cannot be cured within the earlier of (i) thirty (30) days after written notice thereof is delivered to SVAQ by
the Company and (ii) the Outside Date; provided, however, the Company is not then in breach of this Agreement so as to prevent
the condition to Closing set forth in Section 6.2(a) or Section 6.2(b) from being satisfied (assuming the Closing
occurred as of such date);
(d) by either SVAQ or the Company,
if the transactions contemplated by this Agreement shall not have been consummated on or prior to February 14, 2027 (the “Outside
Date”); provided, that (i) the right to terminate this Agreement pursuant to this Section 7.1(d) shall not be available
to SVAQ if any SVAQ Party’s breach of any of its covenants or obligations under this Agreement, or any Ancillary Documents to which
it is a party, shall have proximately caused the failure to consummate the transactions contemplated by this Agreement on or before the
Outside Date, and (ii) the right to terminate this Agreement pursuant to this Section 7.1(d) shall not be available to the
Company if the Company’s breach of any of its covenants or obligations under this Agreement, or any Ancillary Documents to which
it is a party, shall have proximately caused the failure to consummate the transactions contemplated by this Agreement on or before the
Outside Date;
(e)
by either SVAQ or the Company, if any Governmental Entity shall have issued an Order or taken any other action permanently enjoining,
restraining or otherwise prohibiting the transactions contemplated by this Agreement (including the Merger) and such Order or other action
shall have become final and nonappealable;
(f)
by either SVAQ or the Company if the SVAQ Shareholders Meeting has been held (including any adjournment thereof), has concluded,
SVAQ’s shareholders have duly voted and the Required SVAQ Shareholder Approval was not obtained;
(g)
by SVAQ, if the Company has not delivered, or caused to be delivered, to SVAQ, the written consents of the Company Stockholders
sufficient to constitute the Company Stockholder Written Consent in accordance with Section 5.12 on or prior to the Company
Stockholder Written Consent Deadline; or
(h)
by SVAQ, if the Company has not delivered the PCAOB Financials in accordance with (including within the timeframe set forth in)
Section 5.16(a).
Section 7.2 Effect
of Termination. In the event of the termination of this Agreement pursuant to Section 7.1, (a) this entire Agreement
shall forthwith become void (and there shall be no Liability or obligation on the part of the Parties and their respective Non-Party
Affiliates) with the exception of Section 5.3(a), this Section 7.2, Article VIII and Article I
(to the extent related to the foregoing), each of which shall survive such termination and remain valid and binding obligations of
the Parties and (b) the Confidentiality Agreement, which shall survive such termination and remain valid and binding obligations of
the parties thereto in accordance with their respective terms. Notwithstanding the foregoing or anything to the contrary herein, but
subject to Section 8.18, the termination of this Agreement pursuant to Section 7.1 shall not affect any
Liability on the part of any Party for any willful breach of any covenant or agreement set forth in this Agreement prior to such
termination or Fraud.
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Article VIII
MISCELLANEOUS
Section 8.1
Non-Survival. All of the representations and warranties set forth in this Agreement, shall terminate at the Effective Time,
such that no claim for breach of any such representation, warranty, agreement or covenant, detrimental reliance or other right or remedy
(whether in contract, in tort, at law, in equity or otherwise) may be brought with respect thereto after the Effective Time against any
Party, any Company Non-Party Affiliate or any SVAQ Non-Party Affiliate, except in the case of Fraud. Each covenant and agreement contained
herein that, by its terms, expressly contemplates performance after the Effective Time shall so survive the Effective Time in accordance
with its terms, and each covenant and agreement contained in any Ancillary Document that, by its terms, expressly contemplates performance
after the Effective Time shall so survive the Effective Time in accordance with its terms and any other provision in any Ancillary Document
that expressly survives the Effective Time shall so survive the Effective Time in accordance with the terms of such Ancillary Document.
Section 8.2
Entire Agreement; Assignment. This Agreement (together with the Ancillary Documents and the Confidentiality Agreement) constitutes
the entire agreement among the Parties with respect to the subject matter hereof and supersedes all other prior agreements and understandings,
both written and oral, among the Parties with respect to the subject matter hereof. This Agreement may not be assigned by any Party (whether
by operation of law or otherwise) without the prior written consent of SVAQ and the Company.
Section 8.3
Amendment. This Agreement may be amended or modified only by a written agreement executed and delivered by SVAQ and the
Company. This Agreement may not be modified or amended except as provided in the immediately preceding sentence and any purported amendment
by any Party or Parties effected in a manner which does not comply with this Section 8.3 shall be void, ab initio.
Section 8.4
Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given
(and shall be deemed to have been duly given) by delivery in person, by e-mail (having obtained electronic delivery confirmation thereof
(i.e., an electronic record of the sender that the e-mail was sent to the intended recipient thereof without an “error” or
similar message that such e-mail was not received by such intended recipient)), or by registered or certified mail (postage prepaid, return
receipt requested) (upon receipt thereof) to the other Parties as follows:
(a) If to any SVAQ Party, to:
Silicon Valley Acquisition Corp.
228 Hamilton Avenue, 3rd Floor
Palo Alto, CA 94301
Attention: Daniel Nash
Email: dnash@svacquisitioncorp.com
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with a copy (which shall not constitute notice) to:
Greenberg Traurig, LLP
One Vanderbilt Avenue
New York, New York 10017
Attention: Adam Namoury; Tricia Branker
E-mail: adam.namoury@gtlaw.com; brankert@gtlaw.com
(b) If to the Company, to:
EigenQ, Inc.
9175 Guilford Road, Suite 300
Columbia, MD 21046
Attention: Dr. José R. Rosas-Bustos; Dr. Jesse Van Griensven
Email: jose@eigenq.com; jesse@eigenq.com
with a copy (which shall not constitute notice) to:
Ellenoff Grossman & Schole LLP
1345 Avenue of the Americas, 11th Floor
New York, New York 10105
Attn: David Landau, Esq.; Meredith Laitner, Esq.
Telephone No.: (212) 370-1300
Email: dlandau@egsllp.com; mlaitner@egsllp.com
or to such other address as the Party to whom notice is given may have
previously furnished to the others in writing in the manner set forth above.
Section 8.5
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without
giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdiction) that
would cause the application of the law of any jurisdiction other than the State of New York (except that the laws of the Cayman Islands
shall also apply to the Domestication).
Section 8.6 Fees
and Expenses. Except as otherwise set forth in this Agreement, all Expenses incurred in connection with this Agreement and the
transactions contemplated hereby shall be paid by the Party incurring such expenses; provided that (i) if the Closing occurs,
all expenses incurred by SVAQ will be paid or reimbursed by SVAQ from the Trust Account, the Transaction Financing, or other cash
sources available to SVAQ or its Subsidiaries at the Closing, (ii) all fees, costs and expenses (including filing fees) paid or
payable by any Party or any of its Affiliates as a result of or in connection with or arising under any applicable Antitrust Laws,
including fees and expenses relating to any pre-merger notification required under the HSR Act shall be shared equally between the
Parties, (iii) all fees, costs and expenses (including filing fees and printer costs) paid or payable by any Party or any of its
Affiliates as a result of or in connection with or arising from filing the Registration Statement and Proxy Statement with the SEC
shall be shared equally between the Parties, and (iv) all fees, costs and expenses (including filing fees) paid or payable by any
Party or any of its Affiliates as a result of or in connection with or arising from submitting to the Stock Exchange a listing
application for the shares of SVAQ Common Stock and SVAQ Warrants (including any filing fees arising therefrom) shall be shared
equally between the Parties.
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Section 8.7
Construction; Interpretation. The term “this Agreement” means this Business Combination Agreement together with
the Schedules and Exhibits hereto, as the same may from time to time be amended, modified, supplemented or restated in accordance with
the terms hereof. The headings set forth in this Agreement are inserted for convenience only and shall not affect in any way the meaning
or interpretation of this Agreement. No Party, nor its respective counsel, shall be deemed the drafter of this Agreement for purposes
of construing the provisions hereof, and all provisions of this Agreement shall be construed according to their fair meaning and not strictly
for or against any Party. Unless otherwise indicated to the contrary herein by the context or use thereof: (a) the words, “herein,”
“hereto,” “hereof” and words of similar import refer to this Agreement as a whole, including the Schedules and
Exhibits, and not to any particular section, subsection, paragraph, subparagraph or clause set forth in this Agreement; (b) masculine
gender shall also include the feminine and neutral genders, and vice versa; (c) words importing the singular shall also include the plural,
and vice versa; (d) the words “include,” “includes” or “including” shall be deemed to be followed
by the words “without limitation”; (e) references to “$” or “dollar” or “US$” shall be
references to United States dollars; (f) the word “or” is disjunctive but not necessarily exclusive; (g) the words “writing”,
“written” and comparable terms refer to printing, typing and other means of reproducing words (including electronic media)
in a visible form; (h) the word “day” means calendar day unless Business Day is expressly specified; (i) references from or
through any date mean from and including or through and including such date, respectively, (j) the word “extent” in the phrase
“to the extent” means the degree to which a subject or other thing extends, and such phrase shall not mean simply “if”;
(k) all references to Articles, Sections, Exhibits or Schedules are to Articles, Sections, Exhibits and Schedules of this Agreement; (l)
the words “made available” (regardless of whether capitalized or not) shall mean, when used with reference to documents or
other materials required to be provided or made available to SVAQ, any documents or other materials posted to the electronic data room
made available to SVAQ and its advisors as of 10:00 p.m., Eastern Time, at least one (1) Business Day prior to the date of this Agreement;
(m) all references to any Law will be to such Law as amended, supplemented or otherwise modified or re-enacted from time to time; and
(n) all references to any Contract are to that Contract as amended or modified from time to time in accordance with the terms thereof
(subject to any restrictions on amendments or modifications set forth in this Agreement). If any action under this Agreement is required
to be done or taken on a day that is not a Business Day, then such action shall be required to be done or taken not on such day but on
the first succeeding Business Day thereafter.
Section 8.8 Exhibits
and Schedules. All Exhibits and Schedules, or documents expressly incorporated into this Agreement, are hereby incorporated into
this Agreement and are hereby made a part hereof as if set out in full in this Agreement. The Schedules shall be arranged in
sections and subsections corresponding to the numbered and lettered Sections and subsections set forth in this Agreement. Any item
disclosed in the Company Disclosure Schedules or in the SVAQ Disclosure Schedules corresponding to any Section or subsection of Article III
(in the case of the Company Disclosure Schedules) or Article IV (in the case of the SVAQ Disclosure Schedules),
respectively, shall be deemed to have been disclosed with respect to every other section and subsection of Article III
(in the case of the Company Disclosure Schedules) or Article IV (in the case of the SVAQ Disclosure Schedules),
respectively, where the relevance of such disclosure to such other Section or subsection is reasonably apparent on the face of the
disclosure. The information and disclosures set forth in the Schedules that correspond to the section or subsections of Article III
or Article IV may not be limited to matters required to be disclosed in the Schedules, and any such additional
information or disclosure is for informational purposes only and does not necessarily include other matters of a similar nature.
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Section 8.9
Parties in Interest. This Agreement shall be binding upon and inure solely to the benefit of each Party and its successors
and permitted assigns and, except as provided in Section 5.13 and Section 5.14, nothing in this Agreement, express
or implied, is intended to or shall confer upon any other Person any rights, benefits or remedies of any nature whatsoever under or by
reason of this Agreement. Each of the Non-Party Affiliates shall be an express third-party beneficiary of Section 8.13.
Section 8.10
Severability. Whenever possible, each provision of this Agreement will be interpreted in such a manner as to be effective
and valid under applicable Law, but if any term or other provision of this Agreement is held to be invalid, illegal or unenforceable under
applicable Law, all other provisions of this Agreement shall remain in full force and effect so long as the economic or legal substance
of the transactions contemplated hereby is not affected in any manner materially adverse to any Party. Upon such determination that any
term or other provision of this Agreement is invalid, illegal or unenforceable under applicable Law, the Parties shall negotiate in good
faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable manner in order
that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible.
Section 8.11
Counterparts; Electronic Signatures. This Agreement and each Ancillary Document (including any of the closing deliverables
contemplated hereby) may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which shall
constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement or any Ancillary Document
(including any of the closing deliverables contemplated hereby) by e-mail, or scanned pages shall be effective as delivery of a manually
executed counterpart to this Agreement or any such Ancillary Document.
Section 8.12
Knowledge of Company; Knowledge of SVAQ. For all purposes of this Agreement, the phrase “to the Company’s knowledge”,
“to the knowledge of the Company” and “known by the Company” and any derivations thereof shall mean as of the
applicable date, the actual knowledge of the individuals set forth on Section 8.12(a) of the Company Disclosure Schedules,
assuming reasonable due inquiry. For all purposes of this Agreement, the phrase “to SVAQ’s knowledge”, “to the
knowledge of SVAQ” and “known by SVAQ” and any derivations thereof shall mean as of the applicable date, the actual
knowledge of the individuals set forth on Section 8.12(b) of the SVAQ Disclosure Schedules, assuming reasonable due inquiry.
For the avoidance of doubt, none of the individuals set forth on Section 8.12(a) of the Company Disclosure Schedules or Section 8.12(b)
of the SVAQ Disclosure Schedules shall have any personal Liability or obligations regarding such knowledge.
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Section 8.13 No Recourse.
Except for claims pursuant to any Ancillary Document by any party(ies) thereto against any Company Non-Party Affiliate or any SVAQ Non-Party
Affiliate (each, a “Non-Party Affiliate”), and then solely with respect to claims against the Non-Party Affiliates
that are party to the applicable Ancillary Document, each Party agrees on behalf of itself and on behalf of the Company Non-Party Affiliates,
in the case of the Company, and the SVAQ Non-Party Affiliates, in the case of SVAQ, that (a) this Agreement may only be enforced against,
and any action for breach of this Agreement may only be made against, the Parties, and no claims of any nature whatsoever arising under
or relating to this Agreement, the negotiation hereof or its subject matter, or the transactions contemplated hereby shall be asserted
against any Non-Party Affiliate, and (b) none of the Non-Party Affiliates shall have any Liability arising out of or relating to this
Agreement, the negotiation hereof or its subject matter, or the transactions contemplated hereby, including with respect to any claim
(whether in tort, contract or otherwise) for breach of this Agreement or in respect of any written or oral representations made or alleged
to be made in connection herewith, as expressly provided herein, or for any actual or alleged inaccuracies, misstatements or omissions
with respect to any information or materials of any kind furnished by the Company, SVAQ or any Non-Party Affiliate concerning any Group
Company, any SVAQ Party, this Agreement or the transactions contemplated hereby.
Section 8.14
Extension; Waiver. The Company may (a) extend the time for the performance of any of the obligations or other acts of the
SVAQ Parties set forth herein, (b) waive any inaccuracies in the representations and warranties of the SVAQ Parties set forth herein or
(c) waive compliance by the SVAQ Parties with any of the agreements or conditions set forth herein. SVAQ may (i) extend the time
for the performance of any of the obligations or other acts of the Company set forth herein, (ii) waive any inaccuracies in the representations
and warranties of the Company set forth herein or (iii) waive compliance by the Company with any of the agreements or conditions set forth
herein. Any agreement on the part of any such Party to any such extension or waiver shall be valid only if set forth in a written instrument
signed on behalf of such Party. Any waiver of any term or condition shall not be construed as a waiver of any subsequent breach or a subsequent
waiver of the same term or condition, or a waiver of any other term or condition of this Agreement. The failure of any Party to assert
any of its rights hereunder shall not constitute a waiver of such rights.
Section 8.15 Waiver
of Jury Trial. THE PARTIES EACH HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL BY JURY OF ANY
PROCEEDING, CLAIM, DEMAND, ACTION, OR CAUSE OF ACTION (I) ARISING UNDER THIS AGREEMENT OR UNDER ANY ANCILLARY DOCUMENT OR (II) IN
ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES IN RESPECT OF THIS AGREEMENT OR ANY ANCILLARY
DOCUMENT OR ANY OF THE TRANSACTIONS RELATED HERETO OR THERETO OR ANY FINANCING IN CONNECTION WITH THE TRANSACTIONS CONTEMPLATED
HEREBY OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREBY, IN EACH CASE, WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN
CONTRACT, TORT, EQUITY, OR OTHERWISE. THE PARTIES EACH HEREBY AGREES AND CONSENTS THAT ANY SUCH PROCEEDING, CLAIM, DEMAND, ACTION OR
CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND THAT THE PARTIES MAY FILE AN ORIGINAL COUNTERPART OF A COPY OF
THIS AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY
JURY. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) EACH
SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) EACH SUCH PARTY MAKES THIS WAIVER VOLUNTARILY AND (D)
EACH SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 8.15.
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Section 8.16
Submission to Jurisdiction. Each of the Parties irrevocably and unconditionally submits to the exclusive jurisdiction of
any New York State court or Federal court of the United States of America sitting in New York City in the borough of Manhattan for the
purposes of any Proceeding, claim, demand, action or cause of action (a) arising under this Agreement or under any Ancillary Document
or (b) in any way connected with or related or incidental to the dealings of the Parties in respect of this Agreement or any Ancillary
Document or any of the transactions contemplated hereby or any of the transactions contemplated thereby, and irrevocably and unconditionally
waives any objection to the laying of venue of any such Proceeding in any such court, and further irrevocably and unconditionally waives
and agrees not to plead or claim in any such court that any such Proceeding has been brought in an inconvenient forum. Each Party hereby
irrevocably and unconditionally waives, and agrees not to assert, by way of motion or as a defense, counterclaim or otherwise, in any
Proceeding claim, demand, action or cause of action against such Party (i) arising under this Agreement or under any Ancillary Document
or (ii) in any way connected with or related or incidental to the dealings of the Parties in respect of this Agreement or any Ancillary
Document or any of the transactions contemplated hereby or any of the transactions contemplated thereby, (A) any claim that such Party
is not personally subject to the jurisdiction of the courts as described in this Section 8.16 for any reason, (B) that such
Party or such Party’s property is exempt or immune from the jurisdiction of any such court or from any legal process commenced in
such courts (whether through service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of
judgment or otherwise) and (C) that (x) the Proceeding, claim, demand, action or cause of action in any such court is brought against
such Party in an inconvenient forum, (y) the venue of such Proceeding, claim, demand, action or cause of action against such Party is
improper or (z) this Agreement, or the subject matter hereof, may not be enforced against such Party in or by such courts. Each Party
agrees that service of any process, summons, notice or document by registered mail to such party’s respective address set forth
in Section 8.4 shall be effective service of process for any such Proceeding, claim, demand, action or cause of action.
Section 8.17 Remedies.
Except as otherwise expressly provided herein, any and all remedies provided herein will be deemed cumulative with and not exclusive
of any other remedy conferred hereby, or by law or equity upon such Party, and the exercise by a Party of any one remedy will not
preclude the exercise of any other remedy. The Parties agree that irreparable damage for which monetary damages, even if available,
would not be an adequate remedy, would occur in the event that the Parties do not perform their respective obligations under the
provisions of this Agreement (including failing to take such actions as are required of them hereunder to consummate the
transactions contemplated by this Agreement) in accordance with their specific terms or otherwise breach such provisions. It is
accordingly agreed that the Parties shall be entitled to an injunction or injunctions, specific performance and other equitable
relief to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement, in each case,
without posting a bond or undertaking and without proof of damages and this being in addition to any other remedy to which they are
entitled at law or in equity. Each of the Parties agrees that it will not oppose the granting of an injunction, specific performance
and other equitable relief when expressly available pursuant to the terms of this Agreement on the basis that the other parties have
an adequate remedy at law or an award of specific performance is not an appropriate remedy for any reason at law or equity.
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Section 8.18
Trust Account Waiver. Reference is made to the final prospectus of SVAQ, filed with the SEC (File No. 333-290366) on December
23, 2025 (the “Prospectus”). The Company acknowledges and agrees and understands that SVAQ has established a trust
account (the “Trust Account”) containing the proceeds of its initial public offering (the “IPO”)
and from certain private placements occurring simultaneously with the IPO (including interest accrued from time to time thereon) for the
benefit of SVAQ’s public shareholders (including overallotment shares acquired by SVAQ’s underwriters, the “Public
Shareholders”), and SVAQ may disburse monies from the Trust Account only in the express circumstances described in the Prospectus.
For and in consideration of SVAQ entering into this Agreement, and for other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the Company hereby agrees on behalf of itself and its Representatives that, notwithstanding the foregoing
or anything to the contrary in this Agreement, none of the Company nor any of their respective Representatives does now or shall at any
time hereafter have any right, title, interest or claim of any kind in or to any monies in the Trust Account or distributions therefrom,
or make any claim against the Trust Account (including any distributions therefrom), regardless of whether such claim arises as a result
of, in connection with or relating in any way to, this Agreement or any proposed or actual business relationship between SVAQ or any of
its Representatives, on the one hand, and, the Company or any of its respective Representatives, on the other hand, or any other matter,
and regardless of whether such claim arises based on contract, tort, equity or any other theory of legal liability (any and all such claims
are collectively referred to hereafter as the “Trust Account Released Claims” ). The Company (on its own behalf and
on behalf of its Representatives) hereby irrevocably waives any Trust Account Released Claims that it or any of its Representatives may
have against the Trust Account (including any distributions therefrom) now or in the future as a result of, or arising out of, any negotiations,
or Contracts with SVAQ or its Representatives and will not seek recourse against the Trust Account (including any distributions therefrom)
for any reason whatsoever (including for an alleged breach of any agreement with SVAQ or its Affiliates).
Section 8.19
Legal Representation; Privilege.
(a) The Parties agree
that, notwithstanding the fact that Greenberg Traurig, LLP (“GT”) may have, prior to Closing, jointly represented
SVAQ, Merger Sub, and/or the Sponsor in connection with this Agreement, the Ancillary Documents and the transactions contemplated
hereby and thereby, and has also represented SVAQ and/or its Affiliates in connection with matters other than the transaction that
is the subject of this Agreement, GT will be permitted in the future, after Closing, to represent the Sponsor or its Affiliates in
connection with matters in which such Persons are adverse to SVAQ or any of its Affiliates, including any disputes arising out of,
or related to, this Agreement. The Company, hereby agrees, in advance, to waive (and to cause their Affiliates to waive) any actual
or potential conflict of interest that may hereafter arise in connection with GT’s future representation of one or more of the
Sponsor or its respective Affiliates in which the interests of such Person are adverse to the interests of SVAQ, the Company or any
of its respective Affiliates, including any matters that arise out of this Agreement or that are substantially related to this
Agreement or to any prior representation by GT of SVAQ, Merger Sub, any Sponsor, or any of their respective Affiliates. The Parties
acknowledge and agree that, for the purposes of the attorney-client privilege, the Sponsor shall be deemed the client of GT with
respect to the negotiation, execution and performance of this Agreement and the Ancillary Documents. All such communications shall
remain privileged after the Closing and the privilege and the expectation of client confidence relating thereto shall belong solely
to the Sponsor shall be controlled by the Sponsor and shall not pass to or be claimed by SVAQ or the Surviving Company; provided, further,
that nothing contained herein shall be deemed to be a waiver by SVAQ or any of its Affiliates (including, after the Effective Time,
the Surviving Company and its Affiliates) of any applicable privileges or protections that can or may be asserted to prevent
disclosure of any such communications to any third party.
(b)
The Parties agree that, notwithstanding the fact that Ellenoff Grossman & Schole LLP (“EGS”) may have, prior
to Closing, jointly represented the Company and/or its Affiliates in connection with this Agreement, the Ancillary Documents and the transactions
contemplated hereby and thereby, and has also represented the Company and/or its Affiliates in connection with matters other than the
transaction that is the subject of this Agreement, EGS will be permitted in the future, after Closing, to represent the Company or its
Affiliates in connection with matters in which such Persons are adverse to SVAQ or any of its Affiliates, including any disputes arising
out of, or related to, this Agreement. SVAQ, Merger Sub, and/or the Sponsor, who are or have the right to be represented by independent
counsel in connection with the transactions contemplated by this Agreement, hereby agree, in advance, to waive (and to cause their Affiliates
to waive) any actual or potential conflict of interest that may hereafter arise in connection with EGS’s future representation of
one or more of the Company or its respective Affiliates in which the interests of such Person are adverse to the interests of SVAQ, Merger
Sub, and/or the Sponsor or any of their respective Affiliates, including any matters that arise out of this Agreement or that are substantially
related to this Agreement or to any prior representation by EGS of the Company or any of its respective Affiliates. The Parties acknowledge
and agree that, for the purposes of the attorney-client privilege, the Company shall be deemed the client of EGS with respect to the negotiation,
execution and performance of this Agreement and the Ancillary Documents. All such communications shall remain privileged after the Closing
and the privilege and the expectation of client confidence relating thereto shall belong solely to the Company shall be controlled by
the Company and shall not pass to or be claimed by SVAQ or the Surviving Company; provided, further, that nothing contained herein shall
be deemed to be a waiver by SVAQ or any of its Affiliates (including, after the Effective Time, the Surviving Company and its Affiliates)
of any applicable privileges or protections that can or may be asserted to prevent disclosure of any such communications to any third
party.
* * * * *
79
IN WITNESS WHEREOF,
each of the Parties has caused this Business Combination Agreement to be duly executed on its behalf as of the day and year first above
written.
SILICON VALLEY ACQUISITION CORP.
By:
/s/ Dan Nash
Name:
Dan Nash
Title:
Chief Executive Officer
SVAQ MERGER SUB INC.
By:
/s/ Dan Nash
Name:
Dan Nash
Title:
President
EIGENQ, INC.
By:
/s/ Dr. José R. Rosas-Bustos
Name:
Dr. José R. Rosas-Bustos
Title:
Chief Executive Officer
Annex A
Key Supporting Company Stockholders
Tikdema Trust 2025
EX-10.1 — SPONSOR SUPPORT AGREEMENT, DATED JUNE 17, 2026, BY AND AMONG REGISTRANT, EIGENQ INC., AND SILICON VALLEY ACQUISITION SPONSOR LLC
EX-10.1
Filename: ea029561701ex10-1.htm · Sequence: 3
Exhibit 10.1
EXECUTION VERSION
SPONSOR SUPPORT AGREEMENT
This SPONSOR SUPPORT AGREEMENT
is made and entered into as of June 17, 2026 (this “Agreement”), by and between Silicon Valley Acquisition Corp., an
exempted company incorporated under the laws of the Cayman Islands (“SVAQ”), Silicon Valley Acquisition Sponsor LLC,
a Delaware limited liability company (“Sponsor”) and EigenQ Inc., a Delaware corporation (the “Company”).
WHEREAS, SVAQ, the Company and
SVAQ Merger Sub Inc., a Delaware corporation (“Merger Sub”), propose to enter into, contemporaneously herewith, that
certain Business Combination Agreement, dated as of the date hereof (the “BCA”; terms used but not defined in this
Agreement shall have the meanings ascribed to them in the BCA);
WHEREAS, as of the date hereof,
Sponsor owns beneficially and of record 425,000 SVAQ Class A Shares (the “Placement Shares”), which were included in
the private placement units (the “Placement Units”) issued to the Sponsor in connection with the SVAQ’s initial
public offering (the “IPO”) and 7,165,950 SVAQ Class B Shares (the “Founder Shares”, and together
with the Placement Shares, the “Sponsor Shares”);
WHEREAS, Sponsor owns 212,500
warrants to purchase SVAQ Class A Shares, which were included in the Placement Units (the “Sponsor Warrants”); and
WHEREAS, in connection
with the IPO, the officers and directors of SVAQ (each, an “Insider” and collectively, the “Insiders”)
together with the Sponsor and SVAQ entered into a letter agreement dated December 22, 2025 (the “Insider Letter”),
pursuant to which Sponsor and the Insiders agreed, among other matters, to (i) waive any redemption rights that Sponsor or such
Insider may have in connection with the consummation of an initial business combination with respect to any SVAQ Shares owned by Sponsor
or such Insider, (ii) waive any rights to liquidating distributions from the Trust Account with respect to the Sponsor Shares (although
they will be entitled to liquidating distributions from the Trust Account with respect to any SVAQ Class A Shares sold in the IPO
as part of the SVAQ Units), (iii) vote any SPAC Shares owned by Sponsor or such Insider in favor of an initial business combination for
which SVAQ seeks approval and (iv) certain transfer restrictions with respect to the Sponsor Shares.
NOW, THEREFORE, in consideration
of the foregoing and of the mutual covenants and agreements contained herein, the receipt and sufficiency of which is hereby acknowledged,
and intending to be legally bound, the parties hereto hereby agree as follows:
1. Voting
Obligations. Until the earlier of (a) the Closing or (b) termination of the BCA in accordance with its terms, Sponsor agrees
that, it will fully comply with, and perform all of its obligations, covenants and agreements set forth in the Insider Letter and
that, at the SVAQ Shareholders Meeting and in connection with any written consent of the SVAQ Shareholders, Sponsor shall (A) appear
at each such meeting or otherwise cause all of its Sponsor Shares to be counted as present thereat for purposes of calculating a
quorum and (B) vote (or duly and promptly execute and deliver an action by written consent), or cause to be voted at such meeting
(or cause such consent to be duly and promptly executed and delivered with respect to), all of the Sponsor Shares (i) in favor of
the approval and adoption of the BCA, the transactions contemplated by the BCA, and any other proposal submitted by the SVAQ Board
for approval by the SVAQ Shareholders in connection with the transactions contemplated by the BCA, (ii) in favor of any other matter
reasonably necessary to the consummation of the transactions contemplated by the BCA and considered and voted upon by the SVAQ
Shareholders, (iii) against any action, agreement or transaction or proposal that would (A) reasonably be expected to result in
a breach of any covenant, representation or warranty or any other obligation or agreement of SVAQ under the BCA or Ancillary
Documents, (B) reasonably be expected to result in the failure of the transactions contemplated by the BCA to be consummated, or (C)
change the business, management, or SVAQ Board except as contemplated by the BCA and the Ancillary Documents, and (iv) against any
merger agreement, merger, consolidation, combination, sale of substantial assets, reorganization, recapitalization, dissolution,
liquidation or winding up of or by SVAQ (other than the BCA and the transactions contemplated by the BCA).
2. Transfer
Restrictions. Until the earlier of (a) the Closing or (b) termination of the BCA in accordance with its terms, (i) Sponsor
agrees that it will fully comply with the transfer restrictions set forth in the Insider Letter
with respect to the Sponsor Shares and the Sponsor Warrants, in each case subject to the exceptions set forth in the Insider Letter,
provided that, in the case of any permitted Transfer (as defined in the Insider Letter) pursuant to the terms of the Insider Letter,
the transferee (the “Permitted Transferee”) must enter into a written agreement with the (A) SVAQ, agreeing to be
bound by the provisions of the Insider Letter and (B) Company and SVAQ agreeing to be bound by the provisions of this Agreement; and
(ii) SVAQ agrees (A) to enforce the Insider Letter in accordance with its terms, and (B) not to amend, modify or waive any provision
of the Insider Letter without the prior written consent of the Company (not to be unreasonably withheld, conditioned or
delayed).
3. Waiver of Redemption
Rights. Sponsor agrees not to (a) demand that SVAQ redeem the Sponsor Shares in connection with the transactions contemplated by
the BCA or (b) otherwise participate in any such redemption by tendering or submitting any of the Sponsor Shares for redemption.
4. Waiver of
Anti-Dilution Rights. Sponsor hereby agrees to waive the provisions of Section 17.2 set forth in the Governing Document of SVAQ
relating to the adjustment of the Initial Conversion Ratio (as defined in the Governing Document of SVAQ) in connection with the
transactions contemplated by the BCA and agrees not to exercise, assert or perfect, any rights to adjustment or other anti-dilution
protections with respect to the rate at which SVAQ Class B Shares held by such Sponsor convert into SVAQ Class A Shares, whether
resulting from the transactions contemplated by the BCA or otherwise, so that each SVAQ Class B Share held by Sponsor issued and
outstanding as of the Closing shall convert into one SVAQ Class A Share pursuant to, and in accordance with, the Governing Document
of SVAQ.
5. Sponsor Economics;
Forfeiture. At and after the Closing, the Sponsor will retain an aggregate of 5,000,000 Founder Shares. Sponsor hereby agrees that
it shall, immediately prior to (and in connection with) the Closing, transfer, directly or constructively (including, if applicable,
pursuant to a forfeiture and reissuance), up to 2,165,950 Founder Shares (such transferred Founder Shares, the “Transaction
Financing Support Shares”), if needed, to support the Transaction Financing, provided that if any such Transaction Financing
Support Shares that are not so transferred, fifty percent (50%) of such non-transferred Transaction Financing Support Shares shall be
retained by the Sponsor and the remaining fifty percent (50%) of such non-transferred Transaction Financing Support Shares shall be forfeited
by the Sponsor and surrendered to the SPAC (such forfeited shares, the “Sponsor Forfeited Shares”), and the Sponsor
shall not have any further rights with respect to such Sponsor Forfeited Shares. SPAC is authorized to and shall be required to deliver
any notices required to be delivered to its transfer agent and take such further actions in order to accept, terminate and/or cancel
any Sponsor Forfeited Shares that have been forfeited as provided in this Section 5.
6. Representations
and Warranties. Sponsor represents and warrants to the Company as follows:
(a) Organization.
Sponsor is duly organized, validly existing and in good standing under the Laws of the jurisdiction in which it is incorporated, formed,
organized or constituted, and the execution, delivery and performance of this Agreement and the consummation of the transactions contemplated
hereby are within the Sponsor’s corporate, limited liability company or organizational powers and have been duly authorized by all
necessary corporate, limited liability company or organizational actions on the part of the Sponsor.
2
(b) No
Conflicts. The execution, delivery and performance by Sponsor of this Agreement and the consummation by Sponsor of the transactions
contemplated hereby do not and will not (i) conflict with or violate any United States or non-United States Law applicable to Sponsor,
(ii) require any consent, approval or authorization of, declaration, filing or registration with, or notice to, any person or entity,
(iii) result in the creation of any encumbrance on any Sponsor Shares (other than under this Agreement, the BCA and the agreements contemplated
by the BCA, including the other Ancillary Documents), or (iv) conflict with or result in a breach of or constitute a default under any
provision of Sponsor’s governing documents.
(c) Ownership.
(i) As
of the date of this Agreement, Sponsor owns exclusively and has good, valid and marketable title to the Sponsor Shares free and clear
of any Lien, proxy, option, right of first refusal, agreement, voting restriction, limitation on disposition, charge, adverse claim of
ownership or use or other encumbrance of any kind, other than pursuant to (i) this Agreement, (ii) applicable securities Laws, and
(iii) the Governing Documents of SVAQ, and as of the date of this Agreement, Sponsor has the sole power (as currently in effect) to vote
and right, power and authority to sell, transfer and deliver the Sponsor Shares, as applicable, and Sponsor does not own, directly or
indirectly, any other SVAQ Ordinary Shares.
(ii) As
of the date of this Agreement, Sponsor is the sole record owner of all of the Sponsor Warrants, free and clear of any Lien, other than
pursuant to (i) this Agreement, (ii) applicable securities Laws, and (iii) the Governing Documents of SVAQ.
(d) No
Other SVAQ Equity Interests. As of the date of this Agreement, Sponsor is not the holder or beneficial owner of any equity interest
of SVAQ other than the Sponsor Shares and the Sponsor Warrants.
(e) Contracts
with SVAQ. Except for (a) the Contracts disclosed in the SVAQ Disclosure Schedules and (b) any Contract filed as an exhibit to a form,
report, schedule, statement or other document that is publicly filed with the SEC, none of Sponsor nor any of its Affiliates is a party
to any Contract with SVAQ.
(f) Due
Authorization. Sponsor has the power, authority and capacity to execute, deliver and perform this Agreement and this Agreement has
been duly authorized, executed and delivered by Sponsor and, assuming due authorization, execution and delivery by the other parties to
this Agreement, this Agreement constitutes a legally valid and binding obligation of the Sponsor, enforceable against the Sponsor in accordance
with the terms hereof (except as enforceability may be limited by bankruptcy Laws, other similar Laws affecting creditors’ rights
and general principles of equity affecting the availability of specific performance and other equitable remedies).
(g) Litigation.
There is no Proceeding pending against the Sponsor, or to the knowledge of the Sponsor threatened against Sponsor, before (or, in the
case of threatened actions, that would be before) any arbitrator or any Governmental Entity, which in any manner challenges or seeks to
prevent, enjoin or materially delay the performance by Sponsor of its obligations under this Agreement, the BCA or the transactions contemplated
thereby.
3
(h) Acknowledgment.
Sponsor understands and acknowledges that the Company is entering into the BCA in reliance upon its execution and delivery of this Agreement.
7. Termination. The
obligations of the parties under this Agreement shall automatically terminate upon the earlier of (i) the Effective Time and (ii) the
termination of the BCA in accordance with its terms. Upon termination or expiration of this Agreement, no party shall have any further
obligations or liabilities under this Agreement. Notwithstanding any termination of this Agreement, no such termination or expiration
shall relieve any party hereto from liability for fraud or willful breach of this Agreement occurring prior to its termination.
8. Miscellaneous.
(a) All
notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given (and shall be deemed to have
been duly given upon receipt) by delivery in person, by e-mail or by registered or certified mail (postage prepaid, return receipt requested)
to the respective parties at the following addresses or e-mail addresses (or at such other address or e-mail address for a party as shall
be specified in a notice given in accordance with this Section 8(a)):
If to SVAQ prior to or on the Closing Date, or to Sponsor,
to:
228 Hamilton Avenue, 3rd Floor
Palo Alto, CA 94301
Attention: Daniel Nash
E-mail: dnash@svacquisitioncorp.com
with a copy (which shall not constitute notice) to:
Greenberg Traurig, LLP
One Vanderbilt Avenue
New York, New York 10017
Attention: Adam Namoury; Tricia Branker
E-mail: adam.namoury@gtlaw.com; brankert@gtlaw.com
If to the Company:
EigenQ Inc.
9175 Guilford Road, Suite 300
Columbia, MD 21046
Attention: Dr. José R. Rosas-Bustos;
Dr. Jesse Van Griensven
Email: jose@eigenq.com; jesse@eigenq.com
with a copy (which shall not constitute notice) to:
Ellenoff Grossman & Schole LLP
1345 Avenue of the Americas, 11th Floor
New York, New York 10105
Attn: David Landau, Esq.; Meredith Laitner, Esq.
Telephone No.: (212) 370-1300
Email: dlandau@egsllp.com; mlaitner@egsllp.com
4
(b) If
any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of law, or public policy,
all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal
substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party hereto. Upon such determination
that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith
to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in
order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible.
(c) (i)
The words “hereof”, “herein”, and “hereunder” and words of similar import, when used in this Agreement,
shall refer to this Agreement as a whole and not to any particular provision of this Agreement; (ii) the words “date hereof,”
when used in this Agreement, shall refer to the date set forth in the Preamble; (iii) the terms defined in the singular have a comparable
meaning when used in the plural, and vice versa; (iv) the terms defined in the present tense have a comparable meaning when used in the
past tense, and vice versa; (v) any references herein to a specific Section or Article shall refer, respectively, to Sections or Articles
of this Agreement; (vi) references herein to any gender (including the neuter gender) includes each other gender; (vii) the word “or”
shall not be exclusive; (viii) the headings herein are for convenience of reference only, do not constitute part of this Agreement and
shall not be deemed to limit or otherwise affect any of the provisions hereof, and (ix) the parties hereto have participated jointly in
the negotiation and drafting of this Agreement and, in the event that an ambiguity or question of intent or interpretation arises, this
Agreement shall be construed as jointly drafted by the parties hereto and no presumption or burden of proof shall arise favoring or disfavoring
any party by virtue of the authorship of any provision of this Agreement.
(d) Sponsor
agrees while this Agreement is in effect, not to take or agree or commit to take any action that would make any representation and warranty
of Sponsor contained in this Agreement inaccurate or has the effect of preventing or disabling Sponsor from performing its obligations
under this Agreement.
(e) This
Agreement is intended to create, and creates, a contractual relationship and is not intended to create, and does not create, any agency,
partnership, joint venture or any like relationship between the parties hereto.
(f) This
Agreement, the BCA and Ancillary Documents constitute the entire agreement among the parties hereto with respect to the subject matter
hereof and supersedes all prior agreements and undertakings, both written and oral, among the parties hereto, or any of them, with respect
to the subject matter hereof. This Agreement shall not be assigned (whether pursuant to a merger, by operation of law or otherwise) by
any party hereto without the prior express written consent of the other parties hereto.
(g) This
Agreement shall be binding upon and inure solely to the benefit of each party hereto, and nothing in this Agreement, express or implied,
is intended to or shall confer upon any other person any right, benefit or remedy of any nature whatsoever under or by reason of this
Agreement.
(h) The
parties hereto agree that irreparable damage would occur if any provision of this Agreement were not performed in accordance with the
terms hereof, and, accordingly, that the parties hereto shall, to the fullest extent permitted by Law, be entitled to an injunction or
injunctions to prevent breaches of this Agreement or to enforce specifically the performance of the terms and provisions hereof in any
New York State court or Federal court of the United States of America sitting in New York City in the Borough of Manhattan without proof
of actual damages or otherwise, in addition to any other remedy to which they are entitled at law or in equity. To the fullest extent
permitted by applicable Law, each of the parties hereto hereby further waives (i) any defense in any Proceeding for specific performance
that a remedy at law would be adequate and (ii) any requirement under any Law to post security or a bond as a prerequisite to obtaining
equitable relief.
5
(i) This
Agreement shall be governed by, and construed in accordance with, the Laws of the State of New York applicable to contracts executed in
and to be performed in that State. Any Proceeding arising out of or relating to this Agreement or the transactions contemplated hereby
shall, to the fullest extent permitted by applicable Law, be heard and determined exclusively in any New York State court or Federal court
of the United States of America sitting in New York City in the Borough of Manhattan. To the fullest extent permitted by applicable Law,
the parties hereto hereby (i) irrevocably submit to the exclusive jurisdiction of the aforesaid courts for themselves and with respect
to their respective properties for the purpose of any Proceeding arising out of or relating to this Agreement or the transactions contemplated
hereby brought by any party, and (ii) agree not to commence any such Proceeding except in the courts described above in New York,
other than any Proceeding in any court of competent jurisdiction to enforce any judgment, decree or award rendered by any such court in
New York as described herein. To the fullest extent permitted by applicable Law, each of the parties hereto further agrees that notice
as provided herein shall constitute sufficient service of process and the parties hereto further waive any argument that such service
is insufficient. To the fullest extent permitted by applicable Law, each of the parties hereto hereby irrevocably and unconditionally
waives, and agrees not to assert, by way of motion or as a defense, counterclaim or otherwise, in any Proceeding arising out of or relating
to this Agreement or the transactions contemplated hereby, (A) any claim that it is not personally subject to the jurisdiction of the
courts in New York as described herein for any reason, (B) that it or its property is exempt or immune from jurisdiction of any such court
or from any legal process commenced in such courts (whether through service of notice, attachment prior to judgment, attachment in aid
of execution of judgment, execution of judgment or otherwise), and (C) that (x) the Proceeding in any such court is brought
in an inconvenient forum, (y) the venue of such Proceeding is improper, or (z) this Agreement or the transactions contemplated hereby,
or the subject matter hereof, may not be enforced in or by such courts.
(j) This
Agreement may be executed and delivered (including by facsimile or portable document format (PDF) transmission) in one or more counterparts,
and by the different parties hereto in separate counterparts, each of which when executed shall be deemed to be an original but all of
which taken together shall constitute one and the same agreement.
(k) Without
further consideration, each party hereto shall execute and deliver or cause to be executed and delivered such additional documents and
instruments and take all such further action as may be reasonably necessary or desirable to consummate the transactions contemplated by
this Agreement.
(l) This
Agreement shall not be effective or binding upon any party hereto until after such time as the BCA is executed and delivered by SVAQ,
the Company, and Merger Sub.
(m) Each
of the parties hereto hereby waives to the fullest extent permitted by applicable Law any right it may have to a trial by jury with respect
to any Proceeding directly or indirectly arising out of or relating to this Agreement or the transactions contemplated hereby. Each of
the parties hereto (i) certifies that no representative, agent or attorney of any other party has represented, expressly or otherwise,
that such other party would not, in the event of any Proceeding, seek to enforce that foregoing waiver and (ii) acknowledges that it and
the other parties hereto have been induced to enter into this Agreement and the transactions contemplated hereby, as applicable, by, among
other things, the mutual waivers and certifications in this Section 8(m).
(n) New
Shares. In the event that, prior to the earlier of the Closing or the termination of this Agreement in accordance with its terms,
(i) any SVAQ Shares, SVAQ Warrants or other equity securities of SVAQ are issued to Sponsor in respect of the Sponsor Shares or the Sponsor
Warrants, pursuant to any stock dividend, stock split, recapitalization, reclassification, combination or exchange of SVAQ Shares, SVAQ
Warrants or other equity securities of SVAQ owned by Sponsor or otherwise, then such SVAQ Shares, SVAQ Warrants or other equity securities
acquired or purchased by Sponsor shall be subject to the terms of this Agreement to the same extent as if they constituted Sponsor Shares
or Sponsor Warrants, as applicable, or (ii) Sponsor (A) purchases or otherwise acquires beneficial ownership of any SVAQ Shares, SVAQ
Warrants or other equity securities of SVAQ after the date of this Agreement, or (B) acquires the right to vote any SVAQ Shares or other
equity securities of SVAQ after the date of this Agreement (such SVAQ Shares, SVAQ Warrants or other equity securities, collectively,
the “New Securities”), then such New Securities acquired or purchased by Sponsor shall be subject to the terms of this
Agreement to the same extent as if they constituted the Sponsor Shares or Sponsor Warrants owned by Sponsor as of the date hereof.
[Signature pages follow]
6
IN WITNESS WHEREOF, the parties have
executed this Agreement as of the date first written above.
SILICON VALLEY ACQUISITION CORP.
By:
/s/
Dan Nash
Name:
Dan Nash
Title:
Chief Executive Officer
SILICON VALLEY ACQUISITION SPONSOR LLC
By:
/s/
Dan Nash
Name:
Dan Nash
Title:
Managing Member
EIGENQ INC.
By:
/s/
Dr. José R. Rosas-Bustos
Name:
Dr. José R. Rosas-Bustos
Title:
Chief Executive Officer
EX-10.2 — COMPANY STOCKHOLDER SUPPORT AGREEMENT, DATED JUNE 17, 2026, BY AND AMONG REGISTRANT, EIGENQ INC., AND CERTAIN STOCKHOLDER OF EIGENQ INC
EX-10.2
Filename: ea029561701ex10-2.htm · Sequence: 4
Exhibit 10.2
EXECUTION VERSION
STOCKHOLDER SUPPORT AGREEMENT
This STOCKHOLDER
SUPPORT AGREEMENT is made and entered into as of June 17, 2026 (this “Agreement”), by and among Silicon Valley Acquisition
Corp., an exempted company incorporated under the laws of the Cayman Islands (“SVAQ”), EigenQ Inc., a Delaware corporation
(the “Company”), and certain stockholders of the Company, whose names appear on the signature pages of this Agreement
(each a “Stockholder” and, collectively, the “Stockholders”).
WHEREAS, SVAQ,
the Company and SVAQ Merger Sub Inc., a Delaware corporation (“Merger Sub”), propose to enter into, contemporaneously
herewith, that certain Business Combination Agreement, dated as of the date hereof (the “BCA”; terms used but not
defined in this Agreement shall have the meanings ascribed to them in the BCA); and
WHEREAS, as of the
date hereof, each Stockholder owns of record the Company Shares as set forth opposite such Stockholder’s name on Exhibit A
hereto (all such Company Shares, and any Company Shares of which ownership of record or the power to vote is hereafter acquired by the
Stockholders prior to the termination of this Agreement being referred to herein as the “Shares”).
NOW, THEREFORE,
in consideration of the foregoing and of the mutual covenants and agreements contained herein, and intending to be legally bound hereby,
the parties hereto hereby agree as follows:
1. Agreement
to Vote.
(a)
Subject to the earlier termination of this Agreement in accordance with Section 9, each Stockholder, severally
and not jointly, hereby agrees to vote at any meeting of the stockholders of the Company, and in any action by written consent of the
stockholders of the Company (which written consent shall be delivered promptly after the Company requests such delivery, and in any event
within five (5) Business Days following the date on which the Registration Statement has become effective), all of such Stockholder’s
Shares held by such Stockholder at such time (i) in favor of the approval and adoption of the BCA and approval of the Merger and all
other transactions contemplated by the BCA (“Transactions”) and (ii) against any action, agreement or transaction
or proposal that would result in a breach of any covenant, representation or warranty or any other obligation or agreement of the Company
under the BCA or that would reasonably be expected to result in the failure of the Merger from being consummated.
(b)
Each Stockholder, severally and not jointly, hereby agrees that he or she shall not enter into any commitment, agreement, understanding,
or similar arrangement to vote or give voting instructions or express consent or dissent in writing in any manner inconsistent with the
foregoing.
(c)
Each Stockholder, severally and not jointly, hereby agrees to take any and all actions, and to execute and deliver any and all
documents and agreements, deemed reasonably necessary or reasonably requested by SVAQ or the Company in order to implement the Transactions
on a timely basis and as contemplated by the BCA.
(d)
Without limiting any other rights or remedies of SVAQ or the Company, each Stockholder, severally and not jointly, hereby irrevocably
appoints each of SVAQ and the Company or any individual designated by each of them (acting jointly) as such Stockholder’s agent,
attorney-in-fact and proxy (with full power of substitution and resubstituting), for and in the name, place and stead of such Stockholder,
to attend on behalf of such Stockholder the general meeting or any meeting of the stockholders of the Company with respect to the matters
described in Sections 1(a)-(c), to include such Stockholder’s Shares in any computation for purposes of establishing a quorum
at any such meeting of the stockholders of the Company, to vote (or cause to be voted) such Stockholder’s Shares or consent (or
withhold consent) with respect to any of the matters described in Sections 1(a)-(c) in connection with any meeting of the stockholders
of the Company or any action by written consent by the stockholders of the Company, in each case, in the event that (i) such Stockholder
fails to perform or otherwise comply with the covenants, agreements or obligations set forth in Sections 1(a)-(c) and continues
to fail to perform or otherwise comply with the covenants, agreements or obligations set forth in Sections 1(a)-(c) for seventy-two
(72) hours following written notice from the Company and SVAQ of such failure to perform or comply, or (ii) such Stockholder challenges,
directly or indirectly, the validity or enforceability of its covenants, agreements or obligations under Sections 1(a)-(c), or
the voting proxy it executes. For the avoidance of doubt, this does not prevent such Stockholder from withdrawing or otherwise challenging
the voting proxy if this Agreement has terminated in accordance with its terms.
(e)
The proxy granted by the Stockholders pursuant to Section 1(d) is coupled with an interest sufficient in law to support
an irrevocable proxy and is granted in consideration for SVAQ and the Company entering into the BCA and agreeing to consummate the Transactions.
The proxy granted by each Stockholder pursuant to Section 1(d) is also a durable proxy and shall survive the bankruptcy, dissolution,
death, incapacity or other inability to act by such Stockholder and, upon such Stockholder’s execution of this Agreement, shall
revoke any and all prior proxies granted by such Stockholder with respect to the Shares. The vote or consent of the proxyholder with
respect to the matters described in Sections 1(a)-(c) shall control in the event of any conflict between such vote or consent
by the proxyholder of such Stockholder’s Shares and a vote or consent by such Stockholder of its Shares (or any other Person with
the power to vote or provide consent with respect to such Shares) with respect to the matters described in Sections 1(a)-(c).
The proxyholder may not exercise the proxy granted pursuant to Section 1(d) on any matter except for those matters described in
Sections 1(a)-(c). For the avoidance of doubt, the proxy granted by each Stockholder pursuant to Section 1(d) shall terminate
automatically with no further action required if the BCA (or any provision thereof) or any Ancillary Documents (or any provision thereof)
is entered into, amended, supplemented, modified or waived in any manner adverse to such Stockholder without the prior written consent
of such Stockholder, such consent not to be unreasonably withheld or delayed.
2.
Transfer of Shares. Each Stockholder, severally and not jointly, agrees that it shall not, directly or indirectly, (a)
sell, assign, transfer (including by operation of law), allow the imposition of a lien, pledge, dispose of or otherwise encumber any
of the Shares or otherwise agree to do any of the foregoing (each, a “Transfer”), except for a sale, assignment or
transfer pursuant to the BCA or to another stockholder of the Company that is a party to this Agreement and bound by the terms and obligations
hereof, (b) deposit any Shares into a voting trust or enter into a voting agreement or arrangement or grant any proxy or power of attorney
with respect thereto that is inconsistent with this Agreement, or (c) enter into any contract, option or other arrangement or undertaking
with respect to the direct or indirect acquisition or sale, assignment, transfer (including by operation of law) or other disposition
of any Shares. Notwithstanding anything to the contrary herein, the substitution, removal, resignation, or appointment of any trustee
of a trust holding Shares (including any successor or co-trustee), shall not, for the avoidance of doubt, be deemed a Transfer.
2
3. No
Solicitation; Waiver of Appraisal Rights.
(a)
Each of the Stockholders, severally and not jointly, agrees to be bound by and subject to Section 5.6 (Exclusive Dealing)
of the BCA to the same extent as such provisions apply to the Company as if such Stockholder was a party thereto.
(b)
Each Stockholder hereby agrees not to assert, exercise or perfect, directly or indirectly, and irrevocably and unconditionally
waives, any appraisal rights (including under Section 262 of the DGCL) with respect to the Merger and any rights to dissent with respect
to the Merger or to oppose any reorganization or amendment designed to facilitate drag along rights or otherwise facilitate the BCA.
4.
Further Assurances. Each Stockholder shall take, or cause to be taken, all such further actions and do, or cause to be
done, all things, including, but not limited to, execution of all such proper agreements, deeds, assignments, assurances and other instruments,
reasonably necessary (including under applicable Laws) to effect the actions required to consummate the Transactions and the other transactions
contemplated by this Agreement and the BCA, in each case, on the terms and subject to the conditions set forth therein and herein, as
applicable.
5.
No Challenges. Each Stockholder agrees not to, and shall direct his or her representatives and agents not to, bring, commence,
institute, maintain, voluntarily aid, join in, facilitate, assist or encourage, and agrees to take all actions necessary to, and to direct
his or her representatives and agents to, opt out of any class in any class action with respect to, any claim, derivative or otherwise,
against SVAQ or the Company or any of their respective successors or directors, (i) challenging the validity of, or seeking to enjoin
the operation of, any provision of this Agreement or the BCA or (ii) alleging a breach of any fiduciary duty of any person (or that such
person may be alleged to have, including to the Company or any other Stockholder) in connection with the evaluation, negotiation or entry
into the BCA or this Agreement. Notwithstanding the foregoing, nothing herein shall be deemed to prohibit such Stockholder from enforcing
such Stockholder’s rights under this Agreement.
6. Consent
to Disclosure. Each Stockholder hereby consents to the publication and disclosure in the Registration Statement / Proxy
Statement (and, as and to the extent otherwise required by applicable securities Laws or the SEC or any other securities
authorities, any other documents or communications provided by SVAQ or the Company to any Governmental Entity or to securityholders
of SVAQ) of such Stockholder’s identity and the nature of such Stockholder’s commitments, arrangements and
understandings under and relating to this Agreement and, if deemed appropriate by SVAQ or the Company, a copy of this Agreement;
provided, that unless and to the extent required by applicable Law (as mutually determined by the Company’s and SVAQ’s
external counsel), the ownership of such Stockholder’s equity interests (or, if such Stockholder is a trust, the beneficiaries
of such trust) shall not be disclosed in any manner absent the prior written consent of such Stockholder. Each Stockholder will
promptly provide any information reasonably requested by SVAQ or the Company for any regulatory application or filing made or
approval sought in connection with the Transactions (including filings with the SEC), subject to confidentiality obligations that
may be applicable to information furnished to the Company or the Company’s Subsidiaries by third parties that may be in the
Company’s or the Company’s Subsidiaries’ possession from time to time, and except for any information that is
subject to attorney-client privilege (provided, that, to the extent reasonably possible, the parties shall cooperate in good
faith to permit disclosure of such information in a manner that preserves such privilege or compliance with such confidentiality
obligation), to the extent permitted by applicable Law.
7.
Public Announcements. No Stockholder will make any public announcement or issue any public communication regarding this
Agreement, the BCA, the transactions contemplated hereby or thereby or any matter related to the foregoing, without the prior written
consent of SVAQ and the Company, except: (a) if such announcement or other communication is required by applicable Laws or the rules
of any stock exchange, in which case the disclosing Stockholder shall, to the extent permitted by applicable Laws, first allow SVAQ and
the Company to review such announcement or communication and have the opportunity to comment thereon, and such disclosing Stockholder
shall consider such comments in good faith; (b) to the extent such announcements or other communications contain only information previously
disclosed in a public statement, press release or other communication previously approved in accordance with this Section 7;
and (c) announcements and communications to Governmental Entities in connection with registrations, declarations and filings required
to be made as a result of the BCA.
3
8. Representations
and Warranties. Each Stockholder, severally and not jointly, represents and warrants to SVAQ and the Company as follows:
(a)
The execution, delivery and performance by such Stockholder of this Agreement and the consummation by such Stockholder of the
transactions contemplated hereby do not and will not (i) conflict with or violate any United States or non-United States statute, Law,
ordinance, regulation, rule, code, executive order, injunction, judgment, decree or other order applicable to such Stockholder, (ii)
require any consent, approval or authorization of, declaration, filing or registration with, or notice to, any person or entity, (iii)
result in the creation of any encumbrance on any Shares (other than under this Agreement, the BCA and the agreements contemplated by
the BCA) or (iv) if such Stockholder is not a natural person, conflict with or result in a breach of or constitute a default under any
provision of such Stockholder’s governing documents.
(b)
As of the date of this Agreement, such Stockholder owns beneficially and exclusively of record and has good and valid title to
the Shares set forth opposite such Stockholder’s name on Exhibit A free and clear of any security interest, Lien, claim,
pledge, proxy, option, right of first refusal, agreement, voting restriction, limitation on disposition, charge, adverse claim of ownership
or use or other encumbrance of any kind, other than pursuant to (i) this Agreement, (ii) applicable securities laws, and (iii) the Company’s
Certificate of Incorporation, and as of the date of this Agreement, such Stockholder has the sole power (as currently in effect) to vote
and right, power and authority to sell, transfer and deliver such Shares, and such Stockholder does not own, directly or indirectly,
any other Shares.
(c)
Such Stockholder has the power, authority and capacity to execute, deliver and perform this Agreement and this Agreement has been
duly authorized, executed and delivered by such Stockholder.
(d)
As of the date of this Agreement, there is no Proceeding pending against such Stockholder or, to the knowledge of such Stockholder,
threatened against such Stockholder that, in any manner, questions the beneficial or record ownership of the Shares or the validity of
this Agreement, or challenges or seeks to prevent, enjoin or materially delay the performance by such Stockholder of its obligations
under this Agreement.
(e)
Such Stockholder is a sophisticated stockholder and has adequate information concerning the business and financial condition of
SVAQ and the Company to make an informed decision regarding this Agreement and the Transactions and has independently made its own analysis
and decision to enter into this Agreement. Such Stockholder acknowledges that SVAQ and the Company have not made and do not make any
representation or warranty, whether express or implied, of any kind or character except as expressly set forth in this Agreement and
the BCA.
(f)
Other than as provided in the BCA (or any schedules or exhibits thereto), such Stockholder has not made, nor has any third party
made on behalf of such Stockholder, any arrangement for any broker’s, finder’s, financial advisor’s or other
similar fee or commission for which SVAQ, the Company or any of their subsidiaries is or could be liable in connection with the BCA
or this Agreement or any of the respective transactions contemplated hereby or thereby.
9. Termination.
This Agreement and the obligations of the Stockholders under this Agreement shall automatically terminate upon the earliest of (a)
the Closing, (b) the termination of the BCA in accordance with its terms, and (c) the mutual agreement of the parties hereto. Upon
termination of this Agreement, no party shall have any further obligations or liabilities under this Agreement; provided,
that, nothing in this Section 9 shall relieve any party of liability for any breach of this Agreement occurring prior to
termination. The representations and warranties contained in this Agreement and in any certificate or other writing delivered
pursuant hereto shall not survive the Closing or the termination of this Agreement.
4
10. Miscellaneous.
(a)
Except as otherwise provided herein, all costs and expenses incurred in connection with this Agreement and the transactions contemplated
hereby shall be paid by the party incurring such costs and expenses, whether or not the transactions contemplated hereby are consummated.
(b)
All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given (and shall be
deemed to have been duly given upon receipt) by delivery in person, by e-mail or by registered or certified mail (postage prepaid, return
receipt requested) to the respective parties at the following addresses or e-mail addresses (or at such other address or e-mail address
for a party as shall be specified in a notice given in accordance with this Section 10(b)):
If to SVAQ, to:
Silicon Valley Acquisition Corp.
228 Hamilton Avenue, 3rd Floor
Palo Alto, CA 94301
Attention: Daniel Nash
E-mail: dnash@svacquisitioncorp.com
with a copy to:
Greenberg Traurig, LLP
One Vanderbilt Avenue
New York, New York 10017
Attention: Adam Namoury; Tricia Branker
E-mail: adam.namoury@gtlaw.com; brankert@gtlaw.com
if to the Company:
EigenQ Inc.
9175 Guilford Road, Suite 300
Columbia, MD 21046
Attention: Dr. José R. Rosas-Bustos; Dr. Jesse
Van Griensven
Email: jose@eigenq.com; jesse@eigenq.com
with a copy to:
Ellenoff Grossman & Schole LLP
1345 Avenue of the Americas, 11th Floor
New York, New York 10105
Attn: David Landau,
Esq.; Meredith Laitner, Esq.
Telephone No.: (212) 370-1300
Email: dlandau@egsllp.com; mlaitner@egsllp.com
5
If to a Stockholder, to the address or e-mail address
set forth for such Stockholder on the signature page hereof.
(c)
If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of law, or public
policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic
or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party hereto. Upon
such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate
in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable
manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible.
(d)
This Agreement, the BCA and Ancillary Documents constitute the entire agreement among the parties hereto with respect to the subject
matter hereof and supersedes all prior agreements and undertakings, both written and oral, among the parties hereto, or any of them,
with respect to the subject matter hereof. This Agreement shall not be assigned (whether pursuant to a merger, by operation of law or
otherwise) by any party hereto without the prior express written consent of the other parties hereto.
(e)
This Agreement shall be binding upon and inure solely to the benefit of each party hereto (and SVAQ’s permitted assigns),
and nothing in this Agreement, express or implied, is intended to or shall confer upon any other person any right, benefit or remedy
of any nature whatsoever under or by reason of this Agreement. No Stockholder shall be liable for the breach by any other Stockholder
of this Agreement.
(f)
This Agreement may not be amended, modified or supplemented in any manner, whether by course of conduct or otherwise, except by an
instrument in writing signed by each of the parties hereto.
(g)
The parties hereto agree that irreparable damage would occur in the event any provision of this Agreement was not performed in
accordance with the terms hereof and that the parties hereto shall be entitled, to the fullest extent permitted by Law, to specific performance
of the terms hereof, in addition to any other remedy at law or in equity.
(h)
This Agreement shall be governed by, and construed in accordance with, the Laws of the State of New York applicable to contracts
executed in and to be performed in that State. Any Proceeding arising out of or relating to this Agreement or the transactions contemplated
hereby shall, to the fullest extent permitted by applicable Law, be heard and determined exclusively in any New York State court or Federal
court of the United States of America sitting in New York City in the Borough of Manhattan. To the fullest extent permitted by applicable
Law, the parties hereto hereby (i) irrevocably submit to the exclusive jurisdiction of the aforesaid courts for themselves and with respect
to their respective properties for the purpose of any Proceeding arising out of or relating to this Agreement or the transactions contemplated
hereby brought by any party and (ii) agree not to commence any such Proceeding except in the courts described above in New York, other
than any Proceeding in any court of competent jurisdiction to enforce any judgment, decree or award rendered by any such court in New
York as described herein. To the fullest extent permitted by applicable Law, each of the parties hereto further agrees that notice as
provided herein shall constitute sufficient service of process and the parties hereto further waive any argument that such service is
insufficient. To the fullest extent permitted by applicable Law, each of the parties hereto hereby irrevocably and unconditionally waives,
and agrees not to assert, by way of motion or as a defense, counterclaim or otherwise, in any Proceeding arising out of or relating to
this Agreement or the transactions contemplated hereby, (A) any claim that it is not personally subject to the jurisdiction of the courts
in New York as described herein for any reason, (B) that it or its property is exempt or immune from jurisdiction of any such court or
from any legal process commenced in such courts (whether through service of notice, attachment prior to judgment, attachment in aid of
execution of judgment, execution of judgment or otherwise), and (C) that (x) the Proceeding in any such court is brought in an inconvenient
forum, (y) the venue of such Proceeding is improper, or (z) this Agreement or the transactions contemplated hereby, or the subject matter
hereof, may not be enforced in or by such courts.
6
(i)
This Agreement may be executed and delivered (including by facsimile or portable document format (.PDF) transmission) in one or more
counterparts, and by the different parties hereto in separate counterparts, each of which when executed shall be deemed to be an
original but all of which taken together shall constitute one and the same agreement.
(j)
At the request of SVAQ, in the case of any Stockholder, or at the request of the Stockholders, in the case of SVAQ, and without
further consideration, each party shall execute and deliver or cause to be executed and delivered such additional documents and
instruments and take such further action as may be reasonably necessary to consummate the transactions contemplated by this
Agreement.
(k)
This Agreement shall not be effective or binding upon any Stockholder until after such time as the BCA is executed and delivered
by SVAQ, Merger Sub, and the Company.
(l)
Each of the parties hereto hereby waives to the fullest extent permitted by applicable Law any right it may have to a trial by jury
with respect to any Proceeding directly or indirectly arising out of or relating to this Agreement or the transactions contemplated
hereby. Each of the parties hereto (i) certifies that no representative, agent or attorney of any other party has represented,
expressly or otherwise, that such other party would not, in the event of any Proceeding, seek to enforce the foregoing waiver and
(ii) acknowledges that it and the other parties hereto have been induced to enter into this Agreement and the transactions
contemplated hereby, as applicable, by, among other things, the mutual waivers and certifications in this Section
10(l).
[SIGNATURE PAGES FOLLOW]
7
IN WITNESS WHEREOF,
the parties have executed this Agreement as of the date first written above.
SILICON VALLEY ACQUISITION CORP.
By: /s/ Dan Nash
Name:
Dan Nash
Title:
Chief Executive Officer
EIGENQ INC.
By:
/s/ Dr. Jose R. Rosas-Bustos
Name:
Dr. Jose R. Rosas-Bustos
Title:
Chief Executive Officer
IN WITNESS WHEREOF,
the parties have executed this Agreement as of the date first written above.
STOCKHOLDER:
TIKDEMA TRUST 2025
By: /s/ Maria Alice
Lagos Thé
Name:
Maria Alice Lagos Thé
Title:
Trustee
Address and e-mail address for purposes of Section 11(b):
Name:
Maria Alice Lagos (Trustee)
Address: [Omitted]
E-mail: [Omitted]
EXHIBIT A
LIST OF STOCKHOLDERS
Name of Stockholder
Number of
Company
Shares
Owned
Tikdema Trust 2025
300,000,000
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