Form 8-K

8-K — Iron Horse Acquisition II Corp.

Accession: 0001213900-26-046611

Filed: 2026-04-22

Period: 2026-04-21

CIK: 0002051985

SIC: 6770 (BLANK CHECKS)

Item: Entry into a Material Definitive Agreement

Item: Unregistered Sales of Equity Securities

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — ea0287185-8k425_ironhorse2.htm (Primary)

EX-2.1 — MERGER AGREEMENT, DATED AS OF APRIL 21, 2026, BY AND AMONG IRON HORSE ACQUISITION II CORP., IRHO MERGER SUB, INC. AND ELECTRA VEHICLES, INC (ea028718501ex2-1.htm)

EX-3.1 — FORM OF CERTIFICATE OF INCORPORATION OF PARENT (ea028718501ex3-1.htm)

EX-3.2 — FORM OF BYLAWS OF PARENT (ea028718501ex3-2.htm)

EX-10.1 — PARENT SUPPORT AGREEMENT, DATED AS OF APRIL 21, 2026, BY AND AMONG IRHO SPAC SPONSOR LLC, IRON HORSE ACQUISITION II CORP. AND ELECTRA VEHICLES, INC (ea028718501ex10-1.htm)

EX-10.2 — COMPANY SUPPORT AGREEMENT, DATED AS OF APRIL 21, 2026, BY AND AMONG IRHO ACQUISITION CORP., ELECTRA HOLDINGS, INC. AND THE OTHER PARTIES THERETO (ea028718501ex10-2.htm)

EX-10.3 — FORM OF LOCK-UP AGREEMENT (ea028718501ex10-3.htm)

EX-10.4 — FORM OF AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (ea028718501ex10-4.htm)

EX-99.1 — JOINT PRESS RELEASE, DATED APRIL 21, 2026 (ea028718501ex99-1.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K — CURRENT REPORT

8-K (Primary)

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2026-04-21

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2026-04-21

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UNITED STATES

SECURITIES AND EXCHANGE

COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION

13 OR 15(d)

OF THE SECURITIES EXCHANGE

ACT OF 1934

Date of Report (Date

of earliest event reported): April 22, 2026 (April 21, 2026)

IRON HORSE ACQUISITION II CORP.

(Exact name of registrant

as specified in its charter)

Cayman Islands

001-43021

98-1885362

(State or other jurisdiction

of incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

851 Broken Sound Parkway NW, Suite 230

Boca Raton, FL 33487

(Address

of principal executive offices, including zip code)

Registrant’s

telephone number, including area code:

(310) 290-5383

Not Applicable

(Former name or former

address, if changed since last report)

Check the appropriate

box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following

provisions:

☒

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered

pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Units, each consisting of one ordinary share, $0.0001 par value, and one-right

IRHOU

The Nasdaq Stock Market LLC

Ordinary shares, par value $0.0001 per share

IRHO

The Nasdaq Stock Market LLC

Right-each right entitles the holder thereof to receive one-tenth (1/10) of an ordinary share

IRHOR

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 (§230.405 of this chapter)

or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth

company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or

revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01. Entry into a Material Definitive

Agreement.

Merger Agreement

On April 21, 2026, Iron Horse

Acquisition II Corp., a Cayman Islands exempted company (“IRHO” or “Parent”), entered into a merger

agreement, by and among IRHO, IRHO Merger Sub Inc., a Delaware corporation and a direct, wholly owned subsidiary of IRHO (“Merger

Sub”), and Electra Vehicles, Inc., a Delaware corporation (“Electra” or the “Company”)

(as it may be amended and/or restated from time to time, the “Merger Agreement”). Capitalized terms used in this Current

Report on Form 8-K but not otherwise defined herein have the meanings given to them in the Merger Agreement.

Electra is dedicated to enhancing

battery performance through AI-powered battery intelligence, providing solutions for electric vehicles, battery energy storage systems

(BESS), and fleet operators.

The

board of directors of IRHO has unanimously approved and declared advisable the Merger Agreement and the Business Combination (as defined

below) and resolved to recommend approval of the Merger Agreement and related matters to IRHO’s shareholders. Pursuant to the Merger

Agreement, (a) IRHO will domesticate from the Cayman Islands to Delaware (the “Domestication”), and (b) at least one

business day following the Domestication, Merger Sub will merge with and into Electra (the “Merger”), after

which Electra will be the surviving corporation (the “Surviving Corporation”) and a wholly-owned subsidiary of IRHO.

In connection with the Merger, the Surviving Corporation will change its name to a name to be mutually agreed by the parties and Parent

will change its name to “Electra AI, Inc.”

The Domestication and Merger

In accordance with the Merger

Agreement, and subject to the satisfaction or waiver of the conditions set forth therein, on the day that is at least one Business Day

prior to the Effective Time, IROH shall de-register from the Register of Companies in the Cayman Islands by way of continuation out of

the Cayman Islands and into the State of Delaware so as to migrate to and domesticate as a Delaware entity.

In connection with the Domestication,

IRHO will (i) file a certificate of incorporation with the Secretary of State of the State of Delaware substantially in the form attached

as Exhibit 3.1 hereto and incorporated by reference herein, whereby Parent shall have a dual class common stock consisting of Class A

common stock, par value $0.0001 per share (the “Parent Class A Common Shares”) and Class B common stock, par value

$0.0001 per share (the “Parent Class B Common Shares” and together with the Parent Class A Common Shares, the “Parent

Common Shares”); and (ii) adopt bylaws substantially in the form attached as Exhibit 3.2 hereto and incorporated by reference

herein, in each case, with such changes as may be agreed in writing by Parent and the Company.

In connection with the Domestication,

(i) each then issued and outstanding ordinary share of IRHO, par value $0.0001 per share (each, an “IRHO Ordinary Share”),

will convert automatically, on a one-for-one basis, into one Parent Class A Common Share; (ii) each then issued and outstanding right

entitling the holder thereof to 1/10 of one IRHO Ordinary Share (each, an “IRHO Right”) shall convert automatically

into a right to receive 1/10 of one Parent Class A Common Share at the Closing, pursuant to the Parent Rights Agreement dated as of December

16, 2025, by and between IRHO and Continental Stock Transfer & Trust Company, as Rights agent; and (iii) each then issued and

outstanding unit of IRHO (each, an “IRHO Unit”) shall separate and convert automatically into one Parent Class A Common

Share and a right to receive 1/10 of one Parent Class A Common Share at the Closing.

Upon the terms and subject

to the conditions of the Merger Agreement, at least one business day following the Domestication, Merger Sub will merge with and into

Electra after which Electra will be the surviving corporation and a wholly-owned subsidiary of Parent.

The Merger will become effective

upon the filing of a certificate of merger with the Secretary of State of the State of Delaware or at such later time as is agreed to

by the parties to the Merger Agreement and specified in the certificate of merger (the “Effective Time”). The Domestication,

the Merger, and other transactions contemplated by the Merger Agreement are collectively referred to herein as the “Business

Combination,” the consummation of the Merger is referred to as the “Closing” and the date of the Closing

is referred to as the “Closing Date.”

In connection with the Business

Combination, IRHO will be renamed “Electra AI, Inc.” and Electra, as a wholly-owned subsidiary of Electra AI, Inc., will be

change its name to a name to be mutually agreed by the parties.

Merger Consideration and Structure

Pursuant to the Merger

Agreement, IRHO has agreed to acquire all of the equity interests of Electra for the sum of $250,000,000 plus the Aggregate Exercise

Price, as adjusted pursuant to the terms of the Merger Agreement (the “Base Purchase Price”), comprising of a

number of Parent Common Shares equal to the quotient obtained by dividing (a) the Base Purchase Price, by (b) US$10.00

(the “Aggregate Merger Consideration”), of which not more than 3,994,802 shares shall consist of Parent Class B

Common Shares. “Aggregate Exercise Price” means the aggregate dollar amount payable to the Company upon the

exercise or conversion of all vested in-the-money Company Options that are outstanding immediately prior to the Effective Time.

The Base Purchase Price shall

be automatically adjusted upwards in increments of $10.00 until the Aggregate Merger Consideration represents at least 50.1% of the Aggregate

Parent Fully Diluted Shares. “Aggregate Parent Fully Diluted Shares” means, as of immediately after the Effective Time,

the sum, without duplication, of (a) all Parent Common Shares issued and outstanding (after giving effect to the Domestication, the Merger,

the conversion of all Parent Rights, any PIPE Financing, and any forfeiture or surrender of Sponsor Shares); plus (b) the aggregate number

of Parent Common Shares issuable upon exercise of all outstanding Converted Stock Options (as defined below).

Effect of the Merger

At the Effective Time (i)

each share of Company Capital Stock (as defined below), if any, that is owned by Parent or Merger Sub or Electra (as treasury stock or

otherwise), will automatically be cancelled; (ii) each share of Company Preferred Stock issued and outstanding immediately prior to the

Effective Time will be converted into the right to receive a number of Parent Common Shares equal to: (a) (x) the Conversion Ratio multiplied

by (y) the number of shares of Company Common Stock issuable upon conversion of such share of Company Preferred Stock as of immediately

prior to the Effective Time plus (b) a number of Earnout Shares equal to the Earnout Pro Rata Share in accordance with,

and subject to the contingencies set forth in the Merger Agreement; (iii) each share of Company Class A Common Stock issued and outstanding

immediately prior to the Effective Time will be converted into the right to receive: (x) a number of Parent Class A Common Shares equal

to the Conversion Ratio plus (y) a number of Earnout Shares equal to the Earnout Pro Rata Share in accordance with, and subject to the

contingencies set forth in the Merger Agreement; and (iv) each share of Company Class B Common Stock issued and outstanding immediately

prior to the Effective Time will be converted into the right to receive: (x) a number of Parent Class B Common Shares equal to the Conversion

Ratio plus (y) a number of Earnout Shares equal to the Earnout Pro Rata Share in accordance with, and subject to the contingencies set

forth in the Merger Agreement. At the Effective Time, all shares of Company Capital Stock shall no longer be outstanding and shall automatically

be canceled and shall cease to exist, and each holder of Company Capital Stock shall thereafter cease to have any rights with respect

to such securities, except the right to receive a portion of the Aggregate Merger Consideration plus the contingent right to receive their

applicable portion of Earnout Shares in accordance with their Earnout Pro Rata Share.

“Company Capital

Stock” means “Company Common Stock,” consisting of the Class A common stock of the Company, $0.00001 par

value per share, the Class B common stock of the Company, $0.00001 par value per share, and “Company Preferred Stock,”

consisting of the Company Series Seed Preferred Stock, the Company Series A Preferred Stock and the Company Series B Preferred Stock.

“Conversion Ratio”

means the quotient obtained by dividing (a) the number of Parent Common Shares constituting the Aggregate Merger Consideration,

by (b) the number of shares constituting the Aggregate Fully Diluted Company Common Stock.

“Aggregate Fully

Diluted Company Common Stock” means the sum, without duplication, of (a) all shares of Company Common Stock that

are issued and outstanding immediately prior to the Effective Time; plus (b) the aggregate number of shares of Company Common

Stock issuable upon full conversion of all Company Preferred Stock outstanding as of immediately prior to the Effective Time; plus

(c) the aggregate number of shares of Company Common Stock issuable upon exercise of all Company Options that are vested as of immediately

prior to the Effective Time; plus (d) the aggregate number of shares of Company Common Stock issuable upon full conversion,

exercise or exchange of any other securities of the Company (other than Company options) outstanding immediately prior to the Effective

Time directly or indirectly convertible into or exchangeable or exercisable for shares of Company Common Stock.

Conversion

of Merger Sub Capital Stock.

Each

share of common stock, par value $0.0001 per share, of Merger Sub issued and outstanding immediately prior to the Effective Time shall

be converted into and become one newly issued, fully paid and nonassessable share of common stock of the Surviving Corporation.

Treatment of Options and Convertible Notes.

At the Effective Time, each

Company Option shall be converted into (i) an option to acquire, subject to substantially the same terms and conditions as were applicable

under such Company Option (including expiration date, vesting conditions, and exercise provisions), the number of Parent Class A Common

Shares (rounded down to the nearest whole share), determined by multiplying the number of shares of Company Class A Common Stock subject

to such Company Option as of immediately prior to the Effective Time by the Conversion Ratio, at an exercise price per Parent Class A

Common Share (rounded up to the nearest whole cent) equal to (A) the exercise price per share of Company Class A Common Stock of such

Company Option divided by (B) the Conversion Ratio (a “Converted Stock Option”), and (ii) the right to receive a number of

Earnout Shares in accordance with, and subject to the contingencies, set forth in the Merger Agreement.

At the Effective Time, each

Company Convertible Note shall be converted into the right to receive a number of Parent Common Shares equal to (a) (i) the Conversion

Ratio multiplied by (ii) the number of shares of Company Common Stock issuable upon conversion of such Company Convertible

Note as of immediately prior to the Effective Time plus (b) the contingent right to receive such holder’s applicable

portion of Earnout Shares in accordance with their Earnout Pro Rata Share.

The Earnout Shares

From the period commencing

on the Closing Date and until such date which is the five-year anniversary of the Closing Date (the “Earnout Period”),

as additional consideration in the Merger, the holders of Company Common Stock, Company Preferred Stock, Company Options (whether vested

or unvested) and Company Convertible Notes (the “Company Earnout Holders”) shall be entitled to earn, in accordance

with their respective Earnout Pro Rata Share, up to an aggregate amount of 15,000,000 additional Parent Common Shares (the “Earnout

Cap”) (which, for the avoidance of doubt, shall be issued as Parent Class A Common Shares to Company Earnout Holders who hold

exclusively Company Class A Common Stock, Company Preferred Stock, Company Options or Company Convertible Notes and as Parent Class B

Common Shares to Company Earnout Holders who hold any shares of Company Class B Common Stock) (the “Earnout Shares”),

subject to the following contingencies:

Subject to the Earnout Cap, one-third (1/3) of the Earnout Shares if, at any time during the Earnout Period, (1) over any ten (10) Trading Days within any twenty (20) consecutive Trading Day period the VWAP of the Parent Common Shares is greater than or equal to $14.00 per share or (2) as reported in Parent’s Form 10-Q or Form 10-K the Annual Run Rate (as defined in the Merger Agreement, “ARR”) is greater than or equal to $45 million (the “First Earnout Milestone”), whichever occurs earlier;

B. Subject to the Earnout Cap, one-third (1/3) of the Earnout Shares if, at any time during the Earnout Period,

(1) over any ten (10) Trading Days within any twenty (20) consecutive Trading Day period one year after the Closing Date the VWAP of the

Parent Common Shares is greater than or equal to $16.00 per share or (2) as reported in Parent’s Form 10-Q or Form 10-Kthe ARR is

greater than or equal to $55 million (the “Second Earnout Milestone”), whichever occurs earlier; and

C. Subject to the Earnout Cap, one-third (1/3) of the Earnout Shares if, at any time during the Earnout Period,

(1) over any ten (10) Trading Days within any twenty (20) consecutive Trading Day period the VWAP of the Parent Common Shares is greater

than or equal to $18.00 per share or (2) as reported in Parent’s Form 10-Q or Form 10-K the ARR is greater than or equal to $65

million (the “Third Earnout Milestone”), whichever occurs earlier.

The applicable Earnout Shares

will be delivered to the Company Earnout Holders promptly (within 10 Business Days) following the date in which any such earnout milestone

is achieved. Each earnout milestone shall only occur once, if at all.

Parent and Electra Post-Closing Board of Directors

and Executive Officers

Immediately following the

Closing, Parent’s board of directors will consist of seven (7) directors, of which Electra has the right to the right to designate

five (5) directors and the remaining two directors shall be jointly designated by Electra and IRHO SPAC Sponsor LLC (the “Sponsor”).

At least a majority of the board of directors shall qualify as independent directors under Nasdaq or Alternate Exchange rules, as applicable.

At the Closing, all of the

officers of Parent shall resign and the following individuals are expected to be appointed as officers of Parent: Fabrizio Martini, as

Chief Executive Officer and Nicholas Chakalos, President & Chief Operating Officer.

Immediately following the

Closing, Electra’s board of directors will consist of the same individuals serving as directors and officers of Parent.

Representations, Warranties and Covenants

The parties to the Merger

Agreement have made customary representations, warranties and covenants in the Merger Agreement, including, among others things, covenants

with respect to the conduct of the Company and IRHO and their respective subsidiaries prior to the Closing, including the Company’s

covenant to provide to Parent no later than May 14, 2026, its audited financial statements for the years ended December 31, 2025 and 2024

for inclusion in the registration statement on Form S-4 to be filed by IRHO and the Company in connection with the Business Combination

(the “Registration Statement”), and Parent and the Company shall jointly prepare and file with the SEC, mutually acceptable

proxy materials which shall be included in the Registration Statement.

During the period commencing

on date of execution of the Merger Agreement and until the earlier of the Closing Date and the termination of the Merger Agreement, IRHO

and Electra will use its commercially reasonable best efforts to enter into and consummate subscription agreements with investors to purchase

securities of IRHO in connection with a private placement on terms mutually agreeable to the parties (any such purchase by investors,

a “PIPE Financing”).

Conditions to Closing

The Closing of the Business

Combination is subject to certain customary conditions of the respective parties, including, among other things: (i) approval of the Business

Combination and related agreements and transactions by the respective shareholders of IRHO and the Company; (ii) effectiveness of the

Registration Statement; (iii) Parent’s initial listing application shall have been conditionally approved for listing on The Nasdaq

Stock Market (“Nasdaq”) or another national stock exchange; (iv) there shall not have occurred a respective Material

Adverse Effect in respect of the Company and Parent that is continuing; (v) that the respective Fundamental Representations shall be true

and correct in all respects; (vi) Parent Certificate of Incorporation shall have been filed with, and declared effective by, the Secretary

of State of the State of Delaware; (vii) that all respective officer certificates of the Company and Parent are delivered; (vii) all Parties

shall have executed and delivered to each other a copy of each Ancillary Agreement to which they are a party; (ix) accrued but unpaid

fees, costs and expenses, including fees of outside legal counsel (but excluding the Deferred Underwriting Commission), of the Parent

Parties as of immediately prior to the Closing shall collectively not exceed $2,000,000 without the prior written consent of the Company;

it being agreed that any such excess fees incurred without the Company’s prior written consent will reduce the share consideration

remaining for the Sponsor such that only the Sponsor bears such excess fees, costs and expenses assuming $10 price per Parent Common Share;

and (x) the amount of Parent Closing Cash at the Closing shall equal or exceed $30,000,000.

Termination

The Merger Agreement may be

terminated by Parent and the Company under certain circumstances, including:

(i) by mutual written agreement of Parent and Electra;

(ii) by either Parent or the Company if (a) the Closing has not occurred on or before January 21, 2027 (the

“Outside Closing Date”) and (b) the material breach or violation of any representation, warranty, covenant or obligation

under this Agreement by the party seeking to terminate this Agreement was not the cause of, or resulted in, the failure of the Closing

to occur on or before such date;

(iii) by either Parent or Electra if the Business Combination is prohibited or made illegal by a final, non-appealable

governmental order or law and the failure to comply with any provision of the Merger Agreement by the party seeking to terminate the Merger

Agreement is not a substantial cause of, or has not substantially resulted in, such order or law;

(iv) by Parent, if Electra, (a) at any time prior to the Closing, has breached any of its covenants, agreements,

representations and warranties contained in the Merger Agreement except that, if such breach is curable by the Company through the exercise

of its reasonable best efforts, then, for a period of up to 30 days after receipt of a notice from IRHO, of such breach, but only as long

as the Company continues to use its reasonable best efforts to cure such breach, such termination shall not be effective, and such termination

shall become effective only if it is not cured within such 30 day period or (b) at any time after the Company Stockholder Written Consent

Deadline if the Company has not delivered the Company Stockholder Approval to Parent (provided, that upon the Company delivering the Company

Stockholder Approval to Parent, Parent shall no longer have any right to terminate the Merger Agreement); or

(v) by Electra, if Parent, at any time prior to the Closing, has breached any of its covenants, agreements,

representations and warranties contained in the Merger Agreement except that, if such breach is curable by Parent through the exercise

of its reasonable best efforts, then, for a period of up to 30 days after receipt of a notice from Electra, of such breach, but only as

long as Parent continues to use its reasonable best efforts to cure such breach, such termination shall not be effective, and such termination

shall become effective only if it is not cured within such 30 day period.

The foregoing description

of the Merger Agreement and the Business Combination does not purport to be complete and is qualified in its entirety by the terms and

conditions of the Merger Agreement, a copy of which is filed hereto as Exhibit 2.1 and is incorporated herein by reference.

Certain Related Agreements

Parent Support Agreement

In connection with the execution

of the Merger Agreement, Parent entered into a support agreement (the “Parent Support Agreement”) with the Sponsor

and the Company, pursuant to which the Sponsor agreed to, among other things, (i) vote all of its Parent Common Shares in favor of the

various proposals related to the Business Combination and the Merger Agreement and any other matters requested by Parent for consummation

of the Business Combination, (ii) vote against any alternative proposal or alternative transaction or any proposal relating to a business

combination transaction (other than the Merger Agreement, the Merger or any of the transactions contemplated thereby), (iii) vote against

any merger agreement or merger, consolidation, combination, sale of substantial assets, reorganization, recapitalization, dissolution,

liquidation or winding up of or by Parent (other than the Merger Agreement or the Ancillary Agreements and the Merger and the other transactions

contemplated thereby), (iv) vote against any change in the business, management or board of directors of Parent (other than in connection

with the Merger Agreement, the Merger or any of the transactions contemplated thereby), (v) vote against any proposal, action or agreement

that would (A) impede, interfere with, delay, postpone, frustrate, prevent or nullify any provision of the Parent Support Agreement, the

Merger Agreement, the Ancillary Agreements or the Merger or any of the transactions contemplated thereby, (B) result in a breach in any

respect of any covenant, representation, warranty or any other obligation or agreement of Parent or the Merger Sub or the Sponsor under

the Merger Agreement or the Parent Support Agreement, as applicable, (C) result in any of the conditions set forth in Article IX of the

Merger Agreement not being fulfilled or (D) change in any manner the dividend policy or capitalization of, including the voting rights

of any class of capital stock of, IRHO and (vi) vote in favor of any proposal to extend the period of time IRHO is afforded under its

organizational documents to consummate an initial business combination, in each case, subject to the terms and conditions of the Parent

Support Agreement.

During the period commencing

on the date hereof and ending on the earliest of (a) the Effective Time, (b) such date and time as the Merger Agreement shall be validly

terminated in accordance with its terms and (c) the liquidation of Parent, the Sponsor shall not, without the prior written consent of

the Company, directly or indirectly, (i) sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase

or otherwise dispose of or agree to dispose of, file (or participate in the filing of) a registration statement with the SEC (other than

the Proxy Statement/Prospectus) or establish or increase a put equivalent position or liquidate or decrease a call equivalent position

within the meaning of Section 16 of the Exchange Act, with respect to any Parent Common Shares owned by the Sponsor, (ii) enter into any

swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any Parent

Common Shares owned by the Sponsor or (iii) publicly announce any intention to effect any transaction; provided, however, that

the foregoing restrictions shall not apply to any Permitted Transfer (as defined in the Parent Support Agreement).

The foregoing description

of the Parent Support Agreement does not purport to be complete and is qualified in its entirety by the terms and conditions of the Parent

Support Agreement, a copy of which is filed as Exhibit 10.1 hereto and incorporated by reference herein.

Company Support Agreement

In connection with the execution

of the Merger Agreement, IRHO entered into a support agreement (the “Company Support Agreement”) with the Company and

certain stockholders of the Company (the “Company Supporting Shareholders”) pursuant to which the Company Supporting

Shareholders agreed to, among other things, (i) vote to adopt and approve, the Merger Agreement and the transactions contemplated thereby,

(ii) vote against any merger agreement or merger, consolidation, combination, sale of substantial assets, reorganization, recapitalization,

dissolution, liquidation or winding up of or by the Company (other than the Merger Agreement or the Ancillary Agreements and the Merger

and the other transactions contemplated thereby), (iii) vote against any change in the business (to the extent in violation of the Merger

Agreement), management or board of directors of the Company (other than in connection with the Merger Agreement and the transactions contemplated

thereby, including the Merger), and (iv) vote against any proposal, action or agreement that would (A) impede, interfere with, delay,

postpone, frustrate, prevent or nullify any provision of the Company Support Agreement, the Merger Agreement, the Ancillary Agreements

or the Merger or any of the transactions contemplated thereby, (B) result in a breach in any respect of any covenant, representation,

warranty or any other obligation or agreement of the Company or the Company Stockholders under the Merger Agreement or the Company Support

Agreement, as applicable, (C) result in any of the conditions set forth in Article IX of the Merger Agreement not being fulfilled, or

(D) change in any manner the dividend policy or capitalization of the Company, including the voting rights of any share capital of the

Company.

In addition, the Company Supporting

Shareholders agreed that during the period commencing on the date of entry into the Company Support Agreement until the earliest of (a)

the Effective Time, (b) such date and time as the Merger Agreement shall be validly terminated in accordance with its terms, each Company

Supporting Stockholder agrees to not, without the prior written consent of Parent, directly or indirectly, (i) sell, offer to sell, contract

or agree to sell, hypothecate, transfer, pledge, grant any option to purchase or otherwise dispose of or agree to dispose of or transfer,

each with respect to any Electra shares owned by such Company Supporting Stockholder, (ii) enter into any swap or other arrangement that

transfers to another, in whole or in part, any of the economic consequences of ownership of any Electra shares owned by such Company Supporting

Stockholder, or (iii) publicly announce any intention to effect any such transaction; provided, however, that the foregoing

restrictions shall not apply to any Permitted Transfer (as defined in the Company Support Agreement).

The foregoing description

of the Company Support Agreement does not purport to be complete and is qualified in its entirety by the terms and conditions of the Company

Support Agreement, a copy of which is filed as Exhibit 10.2 hereto and incorporated by reference herein.

Lock-Up Agreement

On or before the Closing Date,

Parent and the Company will enter into a Lock-Up Agreement (the “Lock-Up Agreement”) with certain stockholders of the

Company and the Sponsor, pursuant to which the Parent Common Shares and any other equity securities convertible into or exchangeable for

or representing the rights to receive Parent Common Shares, if any, held by such holders immediately following the Closing shall be subject

to a lock-up for the Lock-Up Period. The “Lock-Up Period” means the period beginning on the Closing Date and ending in four

consecutive equal quarterly installments following the Closing Date, in accordance with the following schedule:

(a) one-fourth of the securities subject to the Lock-Up shall be released from the Lock-Up upon the Company

issuing its first quarterly earnings release that occurs at least 120 days after the Closing Date;

(b) one-fourth of the securities subject to the Lock-Up shall be released from the Lock-Up upon the Company

issuing its second quarterly earnings release that occurs at least 120 days after the Closing Date;

issuing its third quarterly earnings release that occurs at least 120 days after the Closing Date; and

(d) one-fourth of the securities subject to the Lock-Up shall be released from the Lock-Up upon the Company

issuing its fourth quarterly earnings release that occurs at least 120 days after the Closing Date.

Amended and Restated Registration Rights Agreement

The Merger Agreement contemplates

that, at the Closing, Parent, the Company, the Sponsor and certain stockholders of the Company (collectively, the “Holders”)

will enter into an amended and restated registration rights agreement (the “Registration Rights Agreement”), pursuant

to which Parent will agree to register for resale, pursuant to Rule 415 under the Securities Act, certain Parent Common Shares that are

held by the Holders from time to time, including (a) any outstanding Parent Common Shares and Parent Common Shares issued or issuable

upon the exercise of any other equity security and any Parent Common Shares issued or issuable upon the exercise of any Equity Awards

of Parent held by a Holder immediately following the Closing (including any securities distributable pursuant to the Merger Agreement);

(b) any outstanding Parent Common Sharees, Equity Awards, Earnout Shares, Parent Common Shares issued or issuable upon the exercise of

any other equity security of Parent acquired by a Holder following the Closing Date to the extent that such securities are “restricted

securities” (as defined in Rule 144) or are otherwise held by an “affiliate” (as defined in Rule 144) of Parent; (c)

any Additional Holder Common Stock (as defined in the Registration Rights Agreement); and (d) any other equity security of Parent or any

of its subsidiaries issued or issuable with respect to any securities referenced in clause (a), (b) or (c) above by way of a stock dividend

or stock split or in connection with a recapitalization, merger, consolidation, spin-off, reorganization or similar transaction.

The Registration Rights Agreement

amends and restates the registration rights agreement that was entered into by IRHO, the Sponsor and the other parties thereto in connection

with IRHO’s initial public offering. The Registration Rights Agreement will terminate on the earlier of (a) the five year anniversary

of the date of the Registration Rights Agreement or (b) with respect to any Holder, on the date that such Holder no longer holds any Registrable

Securities (as defined therein).

The foregoing description

of the form of Registration Rights Agreement does not purport to be complete and is qualified in its entirety by the terms and conditions

of the form of Registration Rights Agreement, a copy of which is filed as Exhibit 10.4 hereto and incorporated by reference herein.

Item 3.02 Unregistered Sales of Equity Securities.

The disclosure set forth above in Item 1.01 of

this Current Report on Form 8-K with respect to the issuance of Parent Common Shares pursuant to the Business Combination is incorporated

by reference herein. The Parent Common Shares issuable pursuant to the Business Combination will not be registered under the Securities

Act of 1933, as amended (the “Securities Act”), in reliance on the exemption from registration provided by Section

4(a)(2) of the Securities Act and/or Regulation D promulgated thereunder.

Item 7.01 Regulation FD Disclosure.

On April 21, 2026, IRHO and the Company issued

a press release relating to, among other things, the Business Combination. A copy of the press release is furnished hereto as Exhibit

99.1 and incorporated herein by reference.

The foregoing exhibit and the information set

forth therein shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange

Act”), or otherwise be subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in

any filing under the Securities Act or the Exchange Act.

Important Information About the Business

Combination and Where to Find It

The Business Combination will

be submitted to shareholders of IRHO for their consideration. IRHO and Electra intend to jointly file a registration statement on Form

S-4 (the “Registration Statement”) with the Securities and Exchange Commission (the “SEC”), which will include

a preliminary proxy statement/prospectus (a “Proxy Statement/Prospectus”). A definitive

Proxy Statement/Prospectus will be mailed to IRHO’s shareholders as of a record date to be established for voting on the Business

Combination and other proposals. IRHO may also file other relevant documents regarding the Business

Combination with the SEC. IRHO’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 IRHO’s solicitation of proxies for its extraordinary meeting of shareholders to be held

to approve, among other things, the Business Combination, because these documents will contain important information about IRHO, Electra

and 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 Business Combination and other documents filed with the SEC by IRHO, without

charge, at the SEC’s website located at www.sec.gov or by directing a request to: IRHO’s Chief Executive Officer at 851 Broken

Sound Parkway NW, Suite 230, Boca Raton, FL 33487.

Participants in the Solicitation

IRHO

and Electra and certain of their respective directors, executive officers and other members of management and employees may be considered

participants in the solicitation of proxies with respect to the Business Combination under the rules of the SEC. Information about (i)

the directors and executive officers of IRHO is set forth in the IRHO Annual Report on Form 10-K for the year ended

November 30, 2025, which was filed with the SEC on February 13, 2026, and (ii) a description of the interests of the directors and executive

officers of IRHO and Electra, and the Business Combination, will be contained in the Registration

Statement and the Proxy Statement/Prospectus when available, which documents can be obtained free of charge from the sources indicated

above.

Forward-Looking Statements

The disclosure herein includes

certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the

United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as

“believe,” “may,” “will,” “estimate,” “continue,” “anticipate,”

“intend,” “expect,” “should,” “would,” “plan,” “project,” “forecast,”

“predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and

similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence

of these words does not mean that a statement is not forward looking. These forward-looking statements include, but are not limited to,

(1) statements regarding estimates and forecasts of other financial, performance and operational metrics and projections of market opportunity;

(2) references with respect to the anticipated benefits of the proposed Business Combination and the projected future financial performance

of Electra following the proposed Business Combination; (3) changes in the market for Electra’s services and technology, expansion

plans and opportunities; (4) Electra’s unit economics; (5) the sources and uses of cash in connection with the proposed Business

Combination; (6) the anticipated capitalization and enterprise value of IRHO following the consummation of the proposed Business Combination;

(7) the projected technological developments of Electra; (8) current and future potential commercial and customer relationships; (9) the

ability to operate efficiently at scale; (10) anticipated investments in capital resources and research and development, and the effect

of these investments; (11) the amount of redemption requests made by IRHO’ public shareholders; (12) the ability of Electra to issue

equity or equity-linked securities in the future; (13) the failure to achieve the minimum cash at closing requirements; (14) the inability

to obtain or maintain the listing of the combined company’s common stock on Nasdaq following the Proposed Business Combination,

including but not limited to redemptions exceeding anticipated levels or the failure to meet Nasdaq’s initial listing standards

in connection with the consummation of the Proposed Business Combination; and (15) expectations related to the terms and timing of the

proposed Business Combination. These statements are based on various assumptions, whether or not identified in this release, and on the

current expectations of IRHO’s and Electra’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 IRHO and Electra.

These forward-looking statements are subject to a number of risks and uncertainties, as set forth in the section entitled “Risk

Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the IRHO Annual

Report on Form 10-K for the year ended November 30, 2025, which was filed with the SEC on February 13, 2026, and/or

will be contained in the Registration Statement and the Proxy Statement/Prospectus when available, and in those other documents

that IRHO and Electra has filed, or will file, 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. The risks and uncertainties above are not

exhaustive, and there may be additional risks that neither IRHO nor Electra presently know or that IRHO and Electra 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 IRHO’s and Electra’s expectations, plans or forecasts of future events and views as of the date

of this Current Report on Form 8-K. IRHO and Electra anticipate that subsequent events and developments will cause IRHO and Electra’s

assessments to change. However, while IRHO and Electra may elect to update these forward-looking statements at some point in the future,

IRHO and Electra specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing

IRHO’s and Electra’s assessments as of any date subsequent to the date of this release. Accordingly, undue reliance should

not be placed upon the forward-looking statements.

No Offer or Solicitation

This Current Report on Form

8-K shall not constitute an offer to sell, or a solicitation of an offer to buy, or a recommendation to purchase, any securities in any

jurisdiction, or the solicitation of any vote, consent or approval in any jurisdiction in connection with the Business Combination, nor

shall there be any sale, issuance or transfer of any securities in any jurisdiction where, or to any person to whom, such offer, solicitation

or sale may be unlawful under the laws of such jurisdiction. This Current Report on Form 8-K does not constitute either advice or a recommendation

regarding any securities. No offering of securities shall be made except by means of a prospectus meeting the requirements of the Securities

Act, or an exemption therefrom.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit

Number

Description

2.1†

Merger Agreement, dated as of April 21, 2026, by and among Iron Horse Acquisition II Corp., IRHO Merger Sub, Inc. and Electra Vehicles, Inc.

3.1

Form of Certificate of Incorporation of Parent

3.2

Form of Bylaws of Parent

10.1†

Parent Support Agreement, dated as of April 21, 2026, by and among IRHO SPAC Sponsor LLC, Iron Horse Acquisition II Corp. and Electra Vehicles, Inc.

10.2†

Company Support Agreement, dated as of April 21, 2026, by and among IRHO Acquisition Corp., Electra Holdings, Inc. and the other parties thereto.

10.3

Form of Lock-Up Agreement

10.4

Form of Amended and Restated Registration Rights Agreement.

99.1

Joint Press Release, dated April 21, 2026.

104

Cover Page Interactive Data File (embedded with the Inline XBRL document)

†

Certain of the schedules to this Exhibit have been omitted in accordance with Regulation S-K Item 601(a)(5). The Registrant agrees to furnish a copy of all omitted exhibits and schedules to the SEC upon its request.

SIGNATURES

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.

IRON HORSE ACQUISITION II CORP.

By:

/s/ Jose Bengochea

Name:

Jose Bengochea

Title:

Chief Executive Officer

Date: April 22, 2026

EX-2.1 — MERGER AGREEMENT, DATED AS OF APRIL 21, 2026, BY AND AMONG IRON HORSE ACQUISITION II CORP., IRHO MERGER SUB, INC. AND ELECTRA VEHICLES, INC

EX-2.1

Filename: ea028718501ex2-1.htm · Sequence: 2

Exhibit 2.1

MERGER AGREEMENT

dated

April 21, 2026

by and among

Electra Vehicles, Inc.,

Iron Horse Acquisition II Corp.

and

IRHO Merger Sub, Inc.

Table of Contents

Page

ARTICLE I

DEFINITIONS

1.1 Definitions

1.2 Construction

ARTICLE II

THE DOMESTICATION AND THE MERGER

2.1 Domestication

2.2 Merger

2.3 Merger Effective Time

2.4 Effect of the Merger

2.5 U.S. Tax Treatment

2.6 Company Charter; Company Bylaws

2.7 Closing

2.8 Directors and Officers of Surviving Corporation

2.9 Directors and Officers of Parent

2.10 Taking of Necessary Action; Further Action

2.11 No Further Ownership Rights in Company Capital Stock

ARTICLE III

EFFECT OF THE MERGER

3.1 Effect of the Merger on Company Capital Stock

3.2 Treatment of Company Options and Company Convertible Notes

3.3 Dissenting Shares

3.4 Surrender and Payment

3.5 Consideration Spreadsheet

3.6 Adjustment

3.7 Earnout

3.8 No Fractional Shares

3.9 Lost or Destroyed Certificates

3.10 Withholding

Table of Contents

continued

Page

ARTICLE IV

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

4.1 Corporate Existence and Power

4.2 Authorization

4.3 Governmental Authorization

4.4 Non-Contravention

4.5 Capitalization

4.6 Subsidiaries

4.7 Corporate Records

4.8 Consents

4.9 Financial Statements

4.10 Internal Accounting Controls

4.11 Absence of Certain Changes

4.12 Properties; Title to the Company Group’s Assets

4.13 Litigation

4.14 Contracts

4.15 Licenses and Permits

4.16 Compliance with Laws

4.17 Intellectual Property

4.18 Employees; Employment Matters

4.19 Withholding

4.20 Employee Benefits

4.21 Real Property

4.22 Tax Matters

4.23 Environmental Laws

4.24 Finders’ Fees

4.25 Directors and Officers

4.26 Certain Business Practices

4.27 Insurance

4.28 Related Party Transactions

4.29 No Trading or Short Position

4.30 Exchange Act

4.31 Top Customers and Top Suppliers

Table of Contents

continued

Page

ARTICLE V

REPRESENTATIONS AND WARRANTIES OF PARENT AND MERGER SUB

5.1 Corporate Existence and Power

5.2 Merger Sub

5.3 Corporate Authorization

5.4 Governmental Authorization

5.5 Non-Contravention

5.6 Finders’ Fees

5.7 Issuance of Shares

5.8 Capitalization

5.9 Information Supplied

5.10 Trust Fund

5.11 Listing

5.12 Board Approval

5.13 Parent SEC Documents and Financial Statements

5.14 Certain Business Practices

5.15 Anti-Money Laundering Laws

5.16 Affiliate Transactions

5.17 Litigation

5.18 Expenses, Indebtedness and Other Liabilities

5.19 Brokers and Other Advisors

5.20 Tax Matters

iii

Table of Contents

continued

Page

ARTICLE VI

COVENANTS OF THE PARTIES PENDING CLOSING

6.1 Conduct of the Business

6.2 Exclusivity

6.3 Access to Information

6.4 Notices of Certain Events

6.5 Registration Statement/Proxy Statement; Other Filings

6.6 Trust Account

6.7 Obligations of Merger Sub

6.8 Joinders to Parent Support Agreement

6.9 PIPE Financing

ARTICLE VII

COVENANTS OF THE COMPANY

7.1 Reporting; Compliance with Laws; No Insider Trading

7.2 Company’s Shareholders Approval

7.3 Additional Financial Information

ARTICLE VIII

COVENANTS OF ALL PARTIES HERETO

8.1 Reasonable Best Efforts; Further Assurances

8.2 Compliance with SPAC Agreements

8.3 Confidentiality

8.4 Directors’ and Officers’ Indemnification and Liability Insurance

8.5 Parent Public Filings; Nasdaq

8.6 Certain Tax Matters

8.7 Parent Equity Incentive Plan

8.8 Section 16 Matters

8.9 Employment Agreements

ARTICLE IX

CONDITIONS TO CLOSING

9.1 Condition to the Obligations of the Parties

9.2 Conditions to Obligations of Parent and Merger Sub

9.3 Conditions to Obligations of the Company

ARTICLE X

TERMINATION

10.1 Termination Without Default

10.2 Termination Upon Default

10.3 Effect of Termination

Table of Contents

continued

Page

ARTICLE XI

MISCELLANEOUS

11.1 Notices

11.2 Amendments; No Waivers; Remedies

11.3 Arm’s Length Bargaining; No Presumption Against Drafter

11.4 Publicity

11.5 Expenses

11.6 No Assignment or Delegation

11.7 Governing Law

11.8 Counterparts; Electronic Signatures

11.9 Entire Agreement

11.10 Severability

11.11 Further Assurances

11.12 Third Party Beneficiaries

11.13 Waiver

11.14 No Other Representations; No Reliance

11.15 Waiver of Jury Trial

11.16 Submission to Jurisdiction

11.17 Attorneys’ Fees

11.18 Remedies

11.19 Non-Recourse

11.20 Conflicts and Privilege.

Exhibit A

–

Form of Parent Certificate of Incorporation

Exhibit B

–

Form of Parent Bylaws

Exhibit C

–

Form of Company Support Agreement

Exhibit D

–

Form of Parent Support Agreement

Exhibit E

–

Form of Lock-Up Agreement

Exhibit F

–

Form of Amended and Restated Registration Rights Agreement

Exhibit G

–

Form of Parent Equity Incentive Plan

MERGER AGREEMENT

MERGER AGREEMENT, dated as

of April 21, 2026 (this “Agreement”), by and among Electra Vehicles, Inc., a Delaware corporation (the “Company”),

Iron Horse Acquisition II Corp., a Cayman Islands exempted company limited by shares (which shall de-register from the Register of Companies

in the Cayman Islands by way of continuation out of the Cayman Islands and into the State of Delaware so as to migrate to and domesticate

as a Delaware corporation prior to the Closing (as defined below)) (“Parent”), and IRHO Merger Sub, Inc., a Delaware

corporation (“Merger Sub”).

W I T N E S E T H:

A. The

Company is dedicated to enhancing battery performance through the development and commercialization of AI-powered battery intelligence

and energy management solutions for battery energy storage systems, data centers, electric and hybrid vehicles, fleet operators, drones,

robotics, and other energy-intensive applications (the “Business”);

B. Parent

is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, recapitalization,

reorganization or other similar business combination with one or more businesses or entities, and Merger Sub is a wholly-owned subsidiary

of Parent and was formed for the sole purpose of the Merger (as defined below);

C. On

the day that is at least one Business Day prior to the Effective Time (as defined below) and subject to the conditions of this Agreement,

Parent shall de-register from the Register of Companies in the Cayman Islands by way of continuation out of the Cayman Islands and into

the State of Delaware so as to migrate to and domesticate as a Delaware corporation in accordance with the Parent Articles and any other

relevant organizational documents of the Parent, Section 388 of the Delaware General Corporation Law, as amended (the “DGCL”),

and Part XII of the Companies Act (As Revised) of the Cayman Islands (the “Cayman Companies Act”) (the “Domestication”);

D. Concurrently

with the Domestication, Parent shall file a certificate of incorporation with the Secretary of State of the State of Delaware substantially

in the form attached as Exhibit A hereto (the “Parent Certificate of Incorporation”) and adopt bylaws substantially

in the form attached as Exhibit B (the “Parent Bylaws”) in each case, with such changes as may be agreed in

writing by Parent and the Company;

E. Upon

the terms and subject to the conditions of this Agreement, and in accordance with the DGCL, (i) Merger Sub will merge with and into the

Company (the “Merger”), after which the Company will be the surviving corporation (the “Surviving Corporation”)

and a wholly-owned subsidiary of Parent; (ii) contemporaneous with the Merger, the Surviving Corporation will change its name to a name

to be mutually agreed by the parties prior to the Closing; and (iii) Parent will change its name to “ELECTRA AI, Inc.”;

F. Contemporaneously

with the execution of, and as a condition and an inducement to Parent and the Company entering into this Agreement, certain Company Stockholders

are entering into and delivering the Company Support Agreement, substantially in the form attached hereto as Exhibit C (the “Company

Support Agreement”), pursuant to which each such Company Stockholder has agreed to vote in favor of this Agreement and the Merger

and the other transactions contemplated hereby;

G. Contemporaneously

with the execution of, and as a condition and an inducement to Parent and the Company entering into this Agreement, the Sponsor and

certain other shareholders of Parent are entering into and delivering the Parent Support Agreement, substantially in the form

attached hereto as Exhibit D (the “Parent Support Agreement”), pursuant to which the Sponsor and each such

Parent shareholder have agreed (i) not to transfer or redeem any Parent Common Shares held by such Parent shareholder, (ii) to vote

in favor of this Agreement and the Merger and the other transactions contemplated hereby at the Parent Shareholder Meeting, and

(iii) to subject certain of its founder equity securities of Parent to forfeiture criteria, subject to the terms and conditions set

forth therein;

H. As

a condition and an inducement to Parent and the Company entering into this Agreement, on or before the Closing Date, certain Company Stockholders

and the Sponsor will execute a lock-up agreement, substantially in the form attached hereto as Exhibit E (the “Lock-Up

Agreement”), under which the Parent Common Shares beneficially owned such Company Stockholders and the Sponsor will be subject

to the Lock-Up Period defined below (the “Lock-Up”);

I. Each

of the parties hereto intends that, for United States federal and applicable state income tax purposes, (i) the Domestication shall qualify

as a “reorganization” within the meaning of Section 368(a)(1)(F) of the Code and the Treasury Regulations promulgated thereunder

(the “Domestication Intended Tax Treatment”), and (ii) the Merger shall qualify as a “reorganization” within

the meaning of Section 368(a) of the Code and the Treasury Regulations promulgated thereunder, to which each of Parent, Merger Sub, and

the Company are to be parties under Section 368(b) of the Code (the “Merger Intended Tax Treatment” and, together with

the Domestication Intended Tax Treatment, the “Intended Tax Treatment”), and this Agreement is intended to constitute

a “plan of reorganization” within the meaning of Section 368 of the Code and Treasury Regulations Sections 1.368-2(g) and

1.368-3(a) for purposes of Sections 354, 361 and 368 of the Code (a “Plan of Reorganization”) with respect to each

of the Domestication and the Merger; and

J. The

Boards of Directors of each of the Company, Parent and Merger Sub have unanimously (i) approved and declared advisable this Agreement

and the transactions contemplated by this Agreement and the Ancillary Agreements to which they are or will be party, including the Merger,

and the performance of their respective obligations hereunder or thereunder, on the terms and subject to the conditions set forth herein

or therein, (ii) determined that this Agreement and such transactions are fair to, and in the best interests of, them and their respective

shareholders, (iii) resolved to recommend that their respective shareholders approve the Merger and such other transactions contemplated

hereby and adopt this Agreement and the Ancillary Agreements to which they are or will be a party and the performance of such party of

their obligations hereunder and thereunder and (iv) in the case of Parent, resolved to recommend that its shareholders approve each of

the Parent Proposals.

In consideration of the mutual

covenants and promises set forth in this Agreement, and other good and valuable consideration, the receipt and sufficiency of which are

hereby acknowledged, the parties hereby agree as follows:

ARTICLE I

DEFINITIONS

1.1 Definitions.

“Action”

means any legal action, litigation, suit, claim, hearing, proceeding or investigation by or before any Authority.

“Additional Parent

SEC Documents” has the meaning set forth in Section 5.13(a).

“Adjournment Proposal”

has the meaning set forth in Section 6.5(e).

“Affiliate”

means, with respect to any Person, any other Person directly or indirectly Controlling, Controlled by or under common Control with such

Person, whether through one or more intermediaries or otherwise.

“Aggregate Exercise

Price” means the aggregate dollar amount payable to the Company upon the exercise or conversion of all vested in-the money Company

Options that are outstanding immediately prior to the Effective Time.

“Aggregate Fully Diluted

Company Common Stock” means the sum, without duplication, of (a) all shares of Company Common Stock that are issued

and outstanding immediately prior to the Effective Time; plus (b) the aggregate number of shares of Company Common Stock

issuable upon full conversion of all Company Preferred Stock outstanding as of immediately prior to the Effective Time; plus

(c) the aggregate number of shares of Company Common Stock issuable upon exercise of all Company Options that are vested as of immediately

prior to the Effective Time; plus (d) the aggregate number of shares of Company Common Stock issuable upon full conversion,

exercise or exchange of any other securities of the Company (other than Company Options) outstanding immediately prior to the Effective

Time directly or indirectly convertible into or exchangeable or exercisable for shares of Company Common Stock.

“Aggregate Merger Consideration”

means a number of Parent Common Shares equal to the quotient obtained by dividing (a) the Base Purchase Price, by (b) US$10.00,

of which not more than 3,994,802 shares shall consist of Parent Class B Common Shares.

“Aggregate Parent Fully

Diluted Shares” means, as of immediately after the Effective Time, the sum, without duplication, of (a)

all Parent Common Shares issued and outstanding (after giving effect to the Domestication, the Merger, the conversion of all Parent Rights,

any PIPE Financing, and any forfeiture or surrender of Sponsor Shares); plus (b) the aggregate number of Parent Common Shares

issuable upon exercise of all outstanding Converted Stock Options.

“Agreement”

has the meaning set forth in the preamble.

“AI/ML” means

any and all deep learning, machine learning, and other artificial intelligence technologies, including any and all (i) algorithms, heuristics,

models, and methodologies, whether in source code, object code, human readable form or other form, proprietary algorithms, software or

other IT Systems, in each case, that make use of or employ expert systems, natural language processing, computer vision, automated speech

recognition, automated planning and scheduling, neural networks, statistical learning algorithms (like linear and logistic regression,

support vector machines, random forests, k-means clustering), or reinforcement learning, and (ii) proprietary embodied artificial intelligence

and related hardware or equipment.

“Alternate Exchange”

means The Nasdaq Capital Market, The Nasdaq Global Market, The Nasdaq Global Select Market, NYSE, NYSE American, or any successor thereto.

“Alternative Proposal”

has the meaning set forth in Section 6.2(b).

“Alternative Transaction”

has the meaning set forth in Section 6.2(a).

“Ancillary Agreements”

means the Company Support Agreement, the Parent Support Agreement, the Lock-Up Agreement, the Registration Rights Agreement.

“ARR” means

(i) the net revenues of Parent following the Closing calculated in accordance with U.S. GAAP for a fiscal quarter multiplied by (ii) 4.0.

“Anti-Money Laundering

Laws” has the meaning set forth in Section 4.26(a).

“Authority”

means any federal, state, provincial, municipal, local, foreign, multinational or supra-national government, governmental authority or

regulatory body thereof, or political subdivision thereof, or any commission, department, board, bureau, authority, agency or instrumentality

of such government, governmental authority, regulatory body or political subdivision, or any self-regulated organization or other non-governmental

regulatory authority or quasi-governmental authority exercising executive, legislative, judicial, regulatory or administrative functions

(to the extent that the rules, regulations or orders of such organization or authority have the force of Law), or any arbitrator, arbitration

panel, court, tribunal, mediator or similar judicial body of competent jurisdiction.

“Balance Sheet”

means the unaudited consolidated balance sheet of the Company as of December 31, 2025.

“Balance Sheet Date”

has the meaning set forth in Section 4.9(a).

“Base Purchase Price”

means the sum of $250,000,000 plus the Aggregate Exercise Price, as adjusted pursuant to Section 3.6(b).

“Board Proposal”

has the meaning set forth in Section 6.5(e).

“Books and Records”

means all books and records, ledgers, employee records, customer lists, files, correspondence, and other records of every kind (whether

written, electronic, or otherwise embodied) owned or controlled by a Person in which a Person’s assets, liabilities, operations,

the business or its transactions are otherwise reflected, other than stock books and minute books.

“Business”

has the meaning set forth in the recitals to this Agreement.

“Business Day”

means any day other than a Saturday, Sunday or a legal holiday on which commercial banking institutions in New York, New York are authorized

or required by Law to close for business, excluding as a result of “stay at home,” “shelter-in-place,” “non-essential

employee” or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any Authority

so long as the electronic funds transfer systems, including for wire transfers, of commercially banking institutions in New York, New

York are generally open for use by customers on such day.

“IRHO Group”

has the meaning set forth in Section 11.21(a).

“Cayman Companies Act”

has the meaning set forth in the recitals to this Agreement.

“Cayman Registrar”

has the meaning specified in Section 2.1(a).

“Certificate of Domestication”

has the meaning set forth in Section 2.1(a).

“Certificate of Merger”

has the meaning set forth in Section 2.3.

“Change of Control”

means (i) any transaction or series of related transactions that results in any Person or “group” (within the meaning of Section

13(d)(3) of the Exchange Act) acquiring equity interests that represent more than 50% of the total voting power of Parent or (ii) a sale

or disposition of all or substantially all of the assets of Parent and its Subsidiaries on a consolidated basis, in each case other than

a transaction or series of related transactions which results in at least 50% of the combined voting power of the then outstanding voting

securities of Parent (or any successor to Parent) immediately following the closing of such transaction (or series of related transactions)

being beneficially owned, directly or indirectly, by individuals and entities (or Affiliates of such individuals and entities) who were

the beneficial owners, respectively, of at least 50% of the equity interests of Parent (or any successor to Parent) immediately prior

to such transaction (or series of related transactions).

“Closing”

has the meaning set forth in Section 2.7.

“Closing Consideration

Spreadsheet” has the meaning set forth in Section 3.5(a).

“Closing Date”

has the meaning set forth in Section 2.7.

“COBRA” means

collectively, the requirements of Sections 601 through 606 of ERISA and Section 4980B of the Code.

“Code” means

the Internal Revenue Code of 1986, as amended.

“Company”

has the meaning set forth in the preamble.

“Company AI Products”

means all products and services of the Company Group that employ or make use of any AI/ML technologies.

“Company Charter”

means the Amended and Restated Certificate of Incorporation of the Company as filed with the Secretary of State of the State of Delaware

on November 26, 2025, as amended and in effect on the date of this Agreement.

“Company Bylaws”

means the Bylaws of the Company, as amended and as in effect on the date of this Agreement.

“Company Capital Stock”

means Company Common Stock and Company Preferred Stock.

“Company Class A Common

Stock” means the Class A common stock of the Company, $0.00001 par value per share.

“Company Class B Common

Stock” means the Class B common stock of the Company, $0.00001 par value per share.

“Company Common Stock”

means the Company Class A Common Stock and the Company Class B Common Stock.

“Company Preferred

Stock” means the Company Series Seed Preferred Stock, the Company Series A Preferred Stock and the Company Series B Preferred

Stock.

“Company Consent”

has the meaning set forth in Section 4.8.

“Company Convertible

Notes” means each Senior Unsecured Convertible Note between the Company and the holder thereof as set forth on Schedule 4.5.

“Company Earnout Holders”

means the holders of Company Common Stock (but excluding holders of Dissenting Shares), Company Preferred Stock, Company Options (whether

vested or unvested) and Company Convertible Notes as of immediately prior to the Effective Time.

“Company Exclusively

Licensed IP” means any and all Company Licensed IP that is exclusively licensed to a member of the Company Group, and includes

Registered Exclusively Licensed IP.

“Company Financial

Statements” has the meaning set forth in Section 4.9(a).

“Company Fundamental

Representations” means the representations and warranties of the Company set forth in Section 4.1 (Corporate Existence

and Power), Section 4.2 (Authorization), the last sentence of Section 4.3 (Government Authorization), Section 4.4

(Non-Contravention), Section 4.5(a) (other than the last sentence of Section 4.5(a)) (Capitalization), Section 4.5(b)

(Capitalization), Section 4.6 (Subsidiaries) and Section 4.24 (Finders’ Fees).

“Company Group”

has the meaning set forth in Section 4.1.

“Company Information

Systems” means any and all IT Systems that are owned, licensed, leased, used or held for use by or for a member of the Company

Group.

“Company IP”

means, collectively, any and all Company Owned IP and Company Licensed IP and includes any and all Intellectual Property set forth in

Schedule 4.17(b).

“Company Licensed IP”

means any and all Intellectual Property owned by a third Person and licensed to, in whole or in part, to a member of the Company Group

or that a member of the Company Group otherwise has a right to use.

“Company Option”

means each option (whether vested or unvested) to purchase Company Class A Common Stock granted, and that remains outstanding, under the

Equity Incentive Plan.

“Company Owned IP”

means any and all Intellectual Property owned or purported to be owned, in whole or in part, by the Company Group, in each case, whether

exclusively, jointly with another Person or otherwise, and includes all Registered Owned IP and Company Software.

“Company Securityholder”

means each Person who holds Company Capital Stock and/or Company Options.

“Company Series A Preferred

Stock” means the Series A Preferred Stock, par value $0.00001 of the Company.

“Company Series B Preferred

Stock” means the Series B Preferred Stock, par value $0.00001 of the Company.

“Company Series Seed

Preferred Stock” means the Series Seed Preferred Stock, par value $0.00001 of the Company.

“Company Stockholders”

means, at any given time, the holders of Company Capital Stock.

“Company Stockholder

Approval” has the meaning set forth in Section 4.2(b).

“Company Stockholder

Written Consent” has the meaning set forth in Section 7.2(a).

“Company Stockholder

Written Consent Deadline” has the meaning set forth in Section 7.2(a).

“Company Software”

means any and all proprietary Software that is owned (or purported to be owned), in whole or in part, by the Company Group and includes

all proprietary AI/ML owned (or purported to be owned) by the Company Group.

“Company Support Agreement”

has the meaning set forth in the recitals to this Agreement.

“Confidentiality Agreement”

means the Reciprocal Non-Disclosure Agreement, dated as of February 24, 2026, by and between the Company and Parent.

“Contracts”

means the Lease and all other contracts, agreements, leases (including equipment leases, car leases and capital leases), licenses, Permits,

commitments, client contracts, statements of work (SOWs), sales and purchase orders and similar instruments, oral or written, to which

the Company is a party or by which any of its respective properties or assets is bound.

“Control”

of a Person means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies

of such Person, whether through the ownership of voting securities, by contract, or otherwise. “Controlled,” “Controlling”

and “under common Control with” have correlative meanings.

“Conversion Ratio”

means the quotient obtained by dividing (a) the number of Parent Common Shares constituting the Aggregate Merger Consideration,

by (b) the number of shares constituting the Aggregate Fully Diluted Company Common Stock.

“Converted Stock Option”

has the meaning set forth in Section 3.2(a).

“Copyleft Licenses”

means all licenses of Publicly Available Software (including any Software licensed under the GNU General Public License, GNU Lesser General

Public License, Mozilla Public License, Affero General Public License, Eclipse Software License, or any other public source code license

arrangement) or any similar license, or other Contracts to Software, in each case, that requires as a condition of use or in connection

with any use, modification, reproduction, or distribution of any Software licensed thereunder (or any Company Software or other Company

IP or other Software or technology that is used by, incorporated into or includes, relies on, is linked to or with, is derived from, or

distributed with such Software) any of the following: (i) be disclosed, made available, distributed, offered or delivered in source code

form or any information regarding such Company Software, Company IP or other Software or technology for no or minimal charge, (ii) be

granted permission or licensed for creating modifications to or making derivative works of such Company Software, Company IP, or other

Software or technology; (iii) be granted a royalty-free license, whether express, implied, by virtue of estoppel or otherwise, to any

third party under Intellectual Property rights (including patents) regarding such Company Software, Company IP, or other Software or technology

(whether alone or in combination with other hardware or Software); or (iv) be imposed of restrictions on future patent licensing terms,

or other abridgement or restriction of exercise or enforcement of any Intellectual Property rights through any means.

“Copyrights”

has the meaning set forth in the definition of “Intellectual Property.”

“Data” means

any and all data and collections of data, whether machine readable or otherwise.

“Data Protection Laws”

means all applicable Laws in any applicable jurisdiction governing (a) the privacy, security, confidentiality or Processing of Personal

Information, including such information insofar as it applies to employees and contractors, (b) the use or disclosure of Personal Information

in connection with online marketing or advertising, or (c) the purposes for which Personal Information may be Processed, and all regulations

or binding guidance issued thereunder.

“Deferred Underwriting

Commissions” means any and all deferred underwriting commissions payable by the Parent Parties, including the amount set forth

in the Underwriting Agreement, dated December 16, 2025, by and between Parent and with Cantor Fitzgerald & Co., as representative

of the underwriters thereto.

“DGCL” has

the meaning set forth in the recitals to this Agreement.

“Dissenting Shares”

has the meaning set forth in Section 3.3.

“Domain Names”

has the meaning set forth in the definition of “Intellectual Property.”

“Domestication”

has the meaning specified in the recitals to this Agreement.

“Domestication Intended

Tax Treatment” has the meaning specified in the recitals to this Agreement.

“Earnout Cap”

has the meaning set forth in Section 3.7(b)(i).

“Earnout Milestone”

means, as applicable, (i) the First Earnout Milestone, (ii) the Second Earnout Milestone, and/or (iii) the Third Earnout Milestone.

“Earnout Period”

means the period starting on the Closing Date and ending on the fifth anniversary of the Closing Date.

“Earnout Pro Rata Share”

means, for each Company Earnout Holder, a percentage determined by the quotient of:

(a) the

sum of (i) the total number of shares of Company Common Stock held by such Company Earnout Holder as of immediately prior

to the Effective Time; plus (ii) the total number of shares of Company Common Stock issuable assuming full conversion of

all Company Preferred Stock that are held by such Company Earnout Holder as of immediately prior to the Effective Time plus

(iii) the total number of shares of Company Common Stock issuable assuming full exercise of all Company Options that are held by such

Company Earnout Holder as of immediately prior to the Effective Time; plus (iv) the aggregate number of shares of Company

Common Stock issuable assuming full conversion, exercise or exchange of any other securities of the Company that are held by such Company

Earnout Holder as of immediately prior to the Effective Time divided by

(b) the

Aggregate Fully Diluted Company Common Stock (provided, that solely for the purpose

of this definition of “Earnout Pro Rata Share”, the term “Aggregate Fully Diluted Company Common Stock”

shall include the aggregate number of shares of Company Common Stock issuable upon exercise of all Company Options (both vested and unvested)

as of immediately prior to the Effective Time), the “Earnout Denominator”);

provided that, in the event

of any forfeiture of Earnout Shares pursuant to Section 3.7(b)(ii), the calculation of a Company Earnout Holder’s Earnout

Pro Rata Share shall be adjusted to exclude from clause (a) and clause (b) the total number of shares of Company Common Stock issuable

upon full exercise of the Company Options forfeited in accordance with Section 3.7(b)(ii), such that the Earnout Pro Rata Share

of each remaining eligible Company Earnout Holder shall be proportionately increased.

“Earnout Shares”

has the meaning set forth in Section 3.7(a).

“Effective Time”

has the meaning set forth in Section 2.3.

“Electra Group”

has the meaning set forth in Section 11.21(b).

“Enforceability Exceptions”

has the meaning set forth in Section 4.2(a).

“Environmental Laws”

means all applicable Laws that prohibit, regulate or control any Hazardous Material or any Hazardous Material Activity, including the

Comprehensive Environmental Response, Compensation, and Liability Act of 1980, the Resource Recovery and Conservation Act of 1976, the

Federal Water Pollution Control Act, the Clean Air Act, the Hazardous Materials Transportation Act and the Clean Water Act.

“Equity Incentive Plan”

means the Company’s 2016 Equity Incentive Plan.

“ERISA” means

the Employee Retirement Income Security Act of 1974.

“ERISA Affiliate”

means each entity, trade or business that is, or was at the relevant time, a member of a group described in Section 414(b), (c), (m) or

(o) of the Code or Section 4001(b)(1) of ERISA that includes or included the Company, or that is, or was at the relevant time, a member

of the same “controlled group” as the Company pursuant to Section 4001(a)(14) of ERISA.

“Exchange Act”

means the Securities Exchange Act of 1934, as amended.

“Exchange Agent”

has the meaning set forth in the Section 3.4.

“Exchange Agreement”

has the meaning set forth in the Section 3.4

“Exchange Fund”

has the meaning set forth in the Section 3.4.

“Excluded Matter”

means any one or more of the following: (a) any change in general economic or political conditions; (b) conditions generally affecting

the industries in which such Person or its Subsidiaries operates; (c) any changes in financial, banking or securities markets in general

or any change in prevailing interest rates; (d) acts of war (whether or not declared), armed hostilities or terrorism, or the escalation

thereof; (e) the taking of any action expressly required by this Agreement or any action taken by the Company at the written request of

Parent or any action taken by Parent or Merger Sub at the written request of the Company; (f) any changes in applicable Laws or accounting

rules (including U.S. GAAP) or the interpretation thereof following the date of this Agreement; (g) the announcement or completion of

the transactions contemplated by this Agreement; (h) any natural disaster, acts of God or epidemic, pandemic or other disease outbreak;

or (i) any failure by a party to meet any internal or published projections, forecasts or revenue or earnings predictions (it being understood

that the facts or occurrences giving rise or contributing to such failure that are not otherwise excluded from the definition of a “Material

Adverse Effect” may be taken into account in determining whether there has been a Material Adverse Effect); provided,

however, that the exclusions provided in the foregoing clauses (a) through (d), clause (f) and clause (h) shall not apply to

the extent that Parent and Merger Sub, taken as a whole, on the one hand, or the Company, taken as a whole, on the other hand, is disproportionately

affected by any such exclusions or any change, event or development to the extent resulting from any such exclusions relative to all other

similarly situated companies that participate in the industry in which they operate.

“First Earnout Milestone”

has the meaning set forth in Section 3.7(a)(i)(A).

“Hazardous Material”

means any material, emission, chemical, substance or waste that has been designated by any Authority to be radioactive, toxic, hazardous,

a pollutant or a contaminant.

“Hazardous Material

Activity” means the transportation, transfer, recycling, storage, use, treatment, manufacture, removal, remediation, release,

exposure of others to, sale, labeling, or distribution of any Hazardous Material or any product or waste containing a Hazardous Material,

or product manufactured with ozone depleting substances, including any required labeling, payment of waste fees or charges (including

so-called e-waste fees) and compliance with any recycling, product take-back or product content requirements.

“HSR Act”

means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and any rules or regulations promulgated thereunder.

“Indebtedness”

means with respect to any Person, (a) all obligations of such Person for borrowed money, including with respect thereto, all interests,

fees and costs, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of

such Person under conditional sale or other title retention agreements relating to property purchased by such Person, (d) all obligations

of such Person issued or assumed as the deferred purchase price of property or services (other than accounts payable to creditors for

goods and services incurred in the ordinary course of business consistent with past practices), (e) all Indebtedness of others secured

by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any lien or security

interest on property owned or acquired by such Person, whether or not the obligations secured thereby have been assumed, (f) all obligations

of such Person under leases required to be accounted for as capital leases under U.S. GAAP, (g) all guarantees by such Person of the Indebtedness

of another Person, (h) all liability of such Person with respect to any hedging obligations, including interest rate or currency exchange

swaps, collars, caps or similar hedging obligations, (i) any obligations of the Company Group pursuant to the U.S. Small Business Administration

Paycheck Protection Program, (j) any unfunded or underfunded liabilities pursuant to any pension or nonqualified deferred compensation

plan or arrangement, and (k) any agreement to incur any of the same.

“Intended Tax Treatment”

has the meaning specified in the recitals to this Agreement.

“Intellectual Property”

means any and all of the worldwide intellectual property rights and proprietary rights associated with any of the following, whether registered,

unregistered or registrable, to the extent recognized in a particular jurisdiction: (a) trade secrets and other confidential or proprietary

information, including discoveries, inventions (whether or not patentable), ideas, technology, systems, methods, processes, procedures,

practices, algorithms, formulae, techniques, knowledge, results, protocols, models, designs, drawings, specifications, materials, technical

data or information, know-how, research, methodologies, customer lists, business plans, databases, collections of data, and other confidential

or proprietary information related to the development, marketing, pricing, distribution, cost, sales and manufacturing (collectively,

“Trade Secrets”); (b) trade names, trademarks, service marks, trade dress, product configurations, other indications

of origin, registrations thereof or applications for registration therefor, together with the goodwill associated with the foregoing (collectively,

“Trademarks”); (c) patents, patent applications, invention disclosures, utility models, industrial designs, supplementary

protection certificates, and certificates of inventions, including all re-issues, continuations, divisionals, continuations-in-part, re-examinations,

renewals, counterparts, extensions, substitutions, counterparts, and validations thereof (collectively, “Patents”);

(d) works of authorship, copyrights (including copyrights in Software), copyrightable materials, copyright registrations and applications

for copyright registration including rights in Software (collectively, “Copyrights”); (e) domain names and URLs (collectively,

“Domain Names”), (f) rights of privacy and publicity and rights in social media accounts, and (g) other intellectual

property, and (h) all embodiments and fixations thereof and related documentation and registrations and all additions, improvements and

accessions thereto.

“IP Contracts”

means, collectively, any and all Contracts pursuant to which a member of the Company Group is a party or by which any of its properties

or assets are bound (including any settlement, coexistence, co-existence, covenant not to sue or other agreement), in any case under which

a member of the Company Group (i) is granted any assignment, license, sublicense, immunity, covenant not to assert or other right (including

option rights, rights of first offer, first refusal, first negotiation, etc.) in or to any Intellectual Property of a third Person that

is material to a member of the Company Group or the conduct of the Business, (ii) grants any assignment, license, sublicense, immunity,

covenant not to assert or other right (including option rights, rights of first offer, first refusal, first negotiation, etc.) to a third

Person in or to any Company Owned IP that is material to a member of the Company Group or the conduct of the Business or (iii) is restricted

in its right to enforce, use, or otherwise exploit any Company Owned IP that is material to a member of the Company Group or the conduct

of the Business.

“IPO” means

the initial public offering of Parent pursuant to the Prospectus.

“IRS” means

the United States Internal Revenue Service.

“Issuance Proposal”

has the meaning set forth in Section 6.5(e).

“IT Systems”

means any and all Software, information technology and systems, computers, servers, networks, workstations, routers, hubs, switches, data

communication lines, interfaces, platforms, databases, websites, computer hardware and all other information technology rights, assets,

or equipment used to process, store, generate, analyze, maintain and operate data or information, including any of the foregoing accessed

pursuant to outsourced or cloud computing arrangements.

“Key Employee”

means the individuals listed on Schedule 1.1(b).

“Key Executives”

means the individuals listed on Schedule 8.9.

“Knowledge of the Company”

or “to the Company’s Knowledge” means the actual knowledge after reasonable inquiry of the individuals listed

on Schedule 1.1(c).

“Knowledge of Parent”

or “to Parent’s Knowledge” means the actual knowledge after reasonable inquiry of the Chief Executive Officer

and Chief Financial Officer of Parent as of the date hereof.

“Law” means

any domestic or foreign, supranational, national, federal, state, municipality or local law, statute, ordinance, code, rule, or regulation.

“Leases”

means, collectively, the leases, subleases, space sharing, licenses or other occupancy agreements described on Schedule 1.1(d)

attached hereto, together with all amendments thereto and guarantees thereof, which Schedule includes the parties to such documents and

the address for each Real Property subject thereto.

“Lien” means,

with respect to any property or asset, any mortgage, lien, license, deed of trust, pledge, charge, claim, security interest or encumbrance

of any kind in respect of such property or asset, any option, right of first offer or right of first refusal in respect of such property

or asset, and any conditional sale or voting agreement or proxy, including any agreement to give any of the foregoing.

“Lock-Up Period”

means the period beginning on the Closing Date and ending in four consecutive equal quarterly installments following the Closing Date,

in accordance with the following schedule:

(a) one-fourth

of the securities subject to the Lock-Up shall be released from the Lock-Up upon the Company issuing its first quarterly earnings release

that occurs at least 120 days after the Closing Date;

(b) one-fourth

of the securities subject to the Lock-Up shall be released from the Lock-Up upon the Company issuing its second quarterly earnings release

that occurs at least 120 days after the Closing Date;

of the securities subject to the Lock-Up shall be released from the Lock-Up upon the Company issuing its third quarterly earnings release

that occurs at least 120 days after the Closing Date; and

(d) one-fourth

of the securities subject to the Lock-Up shall be released from the Lock-Up upon the Company issuing its fourth quarterly earnings release

that occurs at least 120 days after the Closing Date.

“Loeb” has

the meaning set forth in Section 11.21(b).

“LTIP Proposal”

has the meaning set forth in Section 6.5(e).

“LW” has

the meaning set forth in Section 11.21(b).

“Material Adverse Effect”

means any fact, effect, event, development, change, state of facts, condition, circumstance, or occurrence (an “Effect”)

that, individually or together with one or more other contemporaneous Effect, (i) has or would reasonably be expected to have a materially

adverse effect on the financial condition, assets, liabilities, business or results of operations of the Company Group, on the one hand,

or on Parent and Merger Sub, on the other hand, taken as a whole; or (ii) prevents or materially delays or would reasonably be expected

to prevent or materially delay the ability of the Company Securityholders and the Company, on the one hand, or on Parent and Merger Sub,

on the other hand to consummate the Merger; provided, however, that, solely in the case of the foregoing clause (i),

a Material Adverse Effect shall not be deemed to include Effects (and solely to the extent of such Effects) resulting from an Excluded

Matter.

“Material Contracts”

has the meaning set forth in Section 4.14(a). “Material Contracts” shall not include any Contracts that are also Plans.

“Merger”

has the meaning set forth in the recitals to this Agreement.

“Merger Intended Tax

Treatment” has the meaning specified in the recitals to this Agreement.

“Merger Sub”

has the meaning set forth in the preamble.

“Merger Sub Common

Stock” has the meaning set forth in Section 5.8(b).

“Minimum Ownership

Threshold” has the meaning set forth in Section 3.6(b).

“Nasdaq”

means The Nasdaq Stock Market LLC.

“Non-U.S.

Plans” has the meaning set forth in Section 4.20(j).

“Offer Documents”

has the meaning set forth in Section 6.5(a).

“Order” means

any decree, order, judgment, writ, award, injunction, stipulation, determination, award, rule or consent of or by an Authority.

“Other Filings”

means any filings to be made by Parent required under the Exchange Act, Securities Act or any other United States federal, foreign or

blue sky laws, other than the Registration Statement and the other Offer Documents.

“Outside Closing Date”

has the meaning set forth in Section 10.1(a).

“Parent”

has the meaning set forth in the preamble.

“Parent Articles”

means the Amended and Restated Memorandum and Articles of Association of Parent, adopted by special resolution dated December 16, 2025

and effective on December 16, 2025, as amended.

“Parent Board Recommendation”

has the meaning set forth in Section 5.12(a).

“Parent Bylaws”

has the meaning set forth in the recitals to this Agreement.

“Parent Certificate

of Incorporation” has the meaning set forth in the recitals to this Agreement.

“Parent Class A Common

Share” means from and following the Domestication, a share of Class A common stock, par value $0.00001 per share, of Parent.

“Parent Class B Common

Share” means from and following the Domestication, a share of Class B common stock, par value $0.00001 per share, of Parent.

“Parent Closing Cash”

means: (a) the amount of cash available in the Trust Account immediately prior to the Effective Time after deducting the amount required

to satisfy the Parent Redemption Amount; plus (b) the amount of any PIPE Financing (as such amounts are finally delivered to Parent at

or prior to the Closing by investors in the PIPE Financing); plus (c) the proceeds of any other equity investments or any debt financing

facilities that are or will be received by Parent (or the Company) prior to or substantially concurrently with the Closing; minus (d)

the accrued but unpaid Parent Transaction Expenses as of the Closing Date.

“Parent Common Shares”

means (a) prior to the Domestication, the Parent Ordinary Shares, and (b) from and following the Domestication, the Parent Class A Common

Shares and the Parent Class B Common Shares.

“Parent Transaction

Expenses” means all fees, costs and expenses of Parent incurred prior to and through the Closing Date in connection with the

negotiation, preparation and execution of this Agreement, the Ancillary Agreements, the performance and compliance with this Agreement

and the Ancillary Agreements, and the consummation of the transactions contemplated hereby and thereby, including any and all (i) filing

fees payable by Parent or any of its Subsidiaries to any Authority in connection with the transactions contemplated hereby and thereby,

(ii) fees, costs, expenses and disbursements of counsel, accountants, advisors and consultants of Parent and (iii) deferred IPO fees and

Deferred Underwriting Commissions.

“Parent Equity Incentive

Plan” has the meaning set forth in Section 8.6.

“Parent Financial Statements”

means all of the financial statements of Parent included in the Parent SEC Documents and any amendments to such financial statements.

“Parent Fundamental

Representations” means the representations and warranties of Parent set forth in Section 5.1 (Corporate Existence and

Power), Section 5.3 (Corporate Authorization), Section 5.4 (Governmental Authorization), Section 5.5 (Non-Contravention),

Section 5.6 (Finders’ Fees), Section 5.7 (Issuance of Shares), and Section 5.8 (Capitalization).

“Parent Ordinary Shares”

means prior to the Domestication, the ordinary shares, par value $0.0001 per share, of Parent.

“Parent Parties”

has the meaning set forth in ARTICLE V.

“Parent Proposals”

has the meaning set forth in Section 6.5(e).

“Parent Redemption

Amount” has the meaning set forth in Section 6.6.

“Parent Right”

means a right to receive 1/10 of a Parent Ordinary Share at the closing of Parent’s initial business combination that was included

in the Parent Units sold in the IPO and in a private placement at the time of the consummation of the IPO.

“Parent Rights Agreement”

means the Rights Agreement, dated as of December 16, 2025, between Parent and Continental Stock Transfer & Trust Company, as rights

agent.

“Parent SEC Documents”

has the meaning set forth in Section 5.13(a).

“Parent Shareholder

Approval” means the requisite approval under the Parent Articles, the Cayman Companies Act or any other applicable Law, by holders

of Parent Common Shares of this Agreement, the Merger and the Domestication.

“Parent Shareholder

Meeting” has the meaning set forth in Section 6.5(a).

“Parent Support Agreement”

has the meaning set forth in the recitals to this Agreement.

“Parent Unit”

means each unit of Parent consisting of one Parent Ordinary Share and one Parent Right, which units were sold in the IPO and in a private

placement at the time of the consummation of the IPO.

“Patents”

has the meaning set forth in the definition of “Intellectual Property.”

“Permit”

means each license, franchise, permit, order, approval, consent or other similar authorization required to be obtained and maintained

by the Company under applicable Law to carry out or otherwise affecting, or relating in any way to, the Business.

“Permitted Liens”

means (a) all defects, exceptions, restrictions, easements, rights of way and encumbrances disclosed in policies of title insurance which

have been made available to Parent; (b) mechanics’, carriers’, workers’, repairers’ and similar statutory Liens

arising or incurred in the ordinary course of business consistent with past practices for amounts (i) that are not delinquent, and (ii)

not resulting from a breach, default or violation by the Company of any Contract or Law; (c) liens for Taxes (i) not yet due and delinquent

or (ii) which are being contested in good faith by appropriate proceedings (and for which adequate accruals or reserves have been established

on the Company Financial Statements in accordance with U.S. GAAP); (d) the Liens set forth on Schedule 1.1(e); and (e) non-exclusive

licenses to Intellectual Property entered into in the ordinary course of business.

“Person”

means an individual, corporation, partnership (including a general partnership, limited partnership or limited liability partnership),

limited liability company, association, trust, Authority or other entity or organization of any other kind.

“Personal Information”

means any data or information that relates to, describes, is capable of being associated with, or could reasonably be linked to, directly

or indirectly, an identified or identifiable natural person or device, and that constitutes personal data, personal health information,

protected health information, personally identifiable information, personal information or similar defined term under any Data Protection

Laws.

“Per Convertible Note

Merger Consideration” has the meaning set forth in Section 3.2(c).“PIPE Financing” has the meaning set forth

in Section 6.9.

“Per Preferred Share

Merger Consideration” has the meaning set forth in Section 3.1(b).

“Plan” means

each “employee benefit plan” within the meaning of Section 3(3) of ERISA and all other compensation and benefits plans, policies,

programs, arrangements or payroll practices, including multiemployer plans within the meaning of Section 3(37) of ERISA, and each other

stock purchase, stock option, restricted stock, severance, retention, employment (other than any employment offer letter in such form

as previously provided to Parent that is terminable “at will” without any contractual obligation on the part of the Company

to make any severance, termination, change of control, or similar payment), consulting, change-of-control, collective bargaining, bonus,

incentive, deferred compensation, employee loan, fringe benefit and other benefit plan, agreement, program, policy, commitment or other

arrangement, whether or not subject to ERISA, whether formal or informal, oral or written, in each case, that is sponsored, maintained,

contributed or required to be contributed to by a member of the Company Group, or under which a member of the Company Group has any current

or potential liability, but excluding in each case any statutory plan, program or arrangement that is required under applicable law and

maintained by any Authority.

“Plan of Reorganization”

has the meaning set forth in the recitals to this Agreement.

“Privacy Obligations”

has the meaning set forth in Section 4.17(m).

“Privacy Policies”

has the meaning set forth in Section 4.17(m).

“Process,”

“Processed” or “Processing” means any operation or set of operations performed upon Personal Information

or sets of Personal Information, whether or not by automated means, such as collection, recording, organization, structuring, storage,

adaptation or alteration, retrieval, consultation, use, disclosure, dissemination, or otherwise making available, alignment or combination,

restriction, securing, erasure, or destruction.

“Prospectus”

means the final IPO prospectus of Parent, dated December 16, 2025.

“Proxy Statement”

has the meaning set forth in Section 6.5(a).

“Publicly Available

Software” means each of any Software that contains, or is derived in any manner (in whole or in part) from, any Software that

is distributed as free software, “copyleft,” open source software (e.g. Linux), or under any license meeting the Open

Source Definition (as promulgated by the Open Source Initiative) or the Free Software Definition (as promulgated by the Free Software

Foundation) or substantially similar licensing and distribution models, including but not limited to any of the following: (A) the GNU

General Public License (GPL) or Lesser/Library GPL (LGPL), (B) the Artistic License (e.g., PERL), (C) the Mozilla Public License, (D)

the Netscape Public License, (E) the Sun Community Source License (SCSL), (F) the Sun Industry Source License (SISL) and (G) the Apache

Server License, including for the avoidance of doubt all Software licensed under a Copyleft License.

“Real Property”

means, collectively, all real properties and interests therein (including the right to use), together with all buildings, fixtures, trade

fixtures, plant and other improvements located thereon or attached thereto; all rights arising out of use thereof (including air, water,

oil and mineral rights); and all subleases, franchises, licenses, permits, easements and rights-of-way which are appurtenant thereto.

“Registered Exclusively

Licensed IP” means any and all Company Exclusively Licensed IP that is the subject of a registration or an application for registration,

including issued patents and patent applications.

“Registered Owned IP”

means any and all Intellectual Property constituting Company Owned IP, that in each instance is the subject of a registration or an application

for registration, including issued patents and patent applications.

“Registration Rights

Agreement” means the amended and restated registration rights agreement, in substantially the form attached hereto as Exhibit

F, which shall be effective as of the Closing.

“Registration Statement”

has the meaning set forth in Section 6.5(a).

“Representatives”

of a Person means the officers, directors, Affiliates, members, partners, managers, attorneys, accountants, consultants, employees, representatives

and agents of such Person.

“Sarbanes-Oxley Act”

means the Sarbanes-Oxley Act of 2002.

“SEC” means

the U.S. Securities and Exchange Commission.

“Second Earnout Milestone”

has the meaning set forth in Section 3.7(a)(i)(B).

“Securities Act”

means the Securities Act of 1933, as amended.

“Software”

means any and all (a) computer software, firmware, middleware, operating systems, applications, computer programs (including any and all

algorithms, heuristics, models and methodologies, whether in source code, object code, human readable form or other form), (b) databases

and compilations (including any and all data and collections of data), whether machine readable or otherwise, (c) descriptions, flow charts

and other documentation used to design, plan, organize and develop any of the foregoing, screens, user interfaces, report formats, firmware,

development tools, templates, menus, buttons and icons, (d) AI/ML, (e) all versions, updates, corrections, enhancements and modifications

of any of the foregoing, and (f) all related specifications, documentation, developer notes, instructions, comments, annotations, user

manuals, and other training documentation relating to any of the foregoing.

“Sponsor”

means IRHO SPAC Sponsor LLC, a Cayman Islands limited liability company.

“Sponsor Shares”

means 5,750,000 of the Parent Common Shares held by the Sponsor.

“Standard Contracts”

means any of the following: (a) licenses for Publicly Available Software or non-exclusive end user in-licenses of commercially available,

“off-the-shelf” or “shrink wrap” Software for fees of less than $250,000 annually, (b) non-exclusive licenses

of Company IP implied by and ancillary to customer, distributor or channel partner Contracts on Company’s standard forms made available

to Parent with no material exclusions or deviations, (c) agreements with the Company’s consultants or contractors on Company’s

standard forms made available to Parent with no material exclusions or deviations, (d) invention assignment agreements with the Company’s

employees on Company’s standard forms made available to Parent with no material exclusions or deviations, (e) non-exclusive licenses

that are not material to the applicable business and merely incidental to the transactions contemplated in such agreement, the commercial

purpose of which is primarily for something other than such license (such as (i) sales or marketing or similar contract that includes

a non-exclusive license to use the trademarks of the Company for purposes of promoting the Company, (ii) vendor contracts under which

Company Owned IP is licensed to a vendor of the Company for the benefit of the Company, or (iii) non-exclusive licenses to Intellectual

Property granted by a third party for the purpose of allowing the Company Group to provide services to such third party), and (f) customary

non-disclosure agreements entered into in the ordinary course of business consistent with past practices.

“Subsidiary”

means, with respect to any Person, each entity of which at least fifty percent (50%) of the capital stock or other equity or voting securities

are Controlled or owned, directly or indirectly, by such Person.

“Surviving Corporation”

has the meaning set forth in the recitals to this Agreement.

“Tangible Personal

Property” means all tangible personal property and interests therein, including machinery, computers and accessories, furniture,

office equipment, communications equipment, automobiles, laboratory equipment and other equipment owned or leased by a member of the Company

Group and other tangible property.

“Tax Return”

means any return, information return, declaration, claim for refund of Taxes, report or any similar statement, and any amendment thereto,

including any attached schedule and supporting information, whether on a separate, consolidated, combined, unitary or other basis, that

is filed or required to be filed with any Taxing Authority in connection with the determination, assessment, collection or payment of

a Tax or the administration of any Law relating to any Tax.

“Tax(es)”

means (a) any U.S. federal, state or local or non-U.S. taxes imposed by any Taxing Authority including any income (net or gross), gross

receipts, profits, windfall profit, sales, use, goods and services, ad valorem, franchise, license, withholding, employment, social security,

workers compensation, unemployment compensation, employment, payroll, transfer, excise, import, real property, escheat, personal property,

intangible property, occupancy, recording, minimum, alternative minimum, and other taxes (including any governmental charge, fee, levy,

or custom duty imposed by an Authority that is the nature of a tax), together with any interest, penalty, additions to tax or additional

amount imposed with respect thereto.

“Taxing Authority”

means the IRS and any other Authority responsible for the collection, assessment or imposition of any Tax or the administration of any

Law relating to any Tax.

“Terminating Company

Breach” has the meaning specified in Section 10.2(a).

“Terminating Parent

Breach” has the meaning specified in Section 10.2(b).

“Third Earnout Milestone”

has the meaning set forth in Section 3.7(a)(i)(B).

Top Customer” has

the meaning specified in Section 4.32(a).

“Top Supplier”

has the meaning specified in Section 4.32(a).

“Trade Secrets”

has the meaning set forth in the definition of “Intellectual Property.”

“Trademarks”

has the meaning set forth in the definition of “Intellectual Property.”

“Trading Day”

means (a) for so long as the Parent Common Shares are listed or admitted for trading on Nasdaq or any other national securities exchange,

days on which such securities exchange is open for business; or (b) if the Parent Common Shares are not listed or admitted to trading

on any national securities exchange, days on which the Parent Common Shares are traded regular way in the over-the- counter market and

for which a closing bid and a closing asked price for the Parent Common Shares are available.

“Transaction Litigation”

has the meaning set forth in Section 8.1(c).

“Transfer Taxes”

means any and all transfer, documentary, sales, use, real property, stamp, excise, recording, registration, value added and other similar

Taxes, fees and costs (including any associated penalties and interest) incurred in connection with the transactions contemplated by this

Agreement.

“Trust Account”

has the meaning set forth in Section 5.9.

“Trust Agreement”

has the meaning set forth in Section 5.9.

“Trustee”

has the meaning set forth in Section 5.9.

“U.S. GAAP”

means U.S. generally accepted accounting principles, consistently applied.

“VWAP” means,

for any security as of any date(s), the dollar volume-weighted average price for such security on the principal securities exchange or

securities market on which such security is then traded during the period beginning at 9:30:01 a.m., New York time, and ending at 4:00:00

p.m., New York time, as reported by Bloomberg through its “HP” function (set to weighted average) or, if the foregoing does

not apply, the dollar volume-weighted average price of such security in the over-the-counter market on the electronic bulletin board for

such security during the period beginning at 9:30:01 a.m., New York time, and ending at 4:00:00 p.m., New York time, as reported by Bloomberg,

or, if no dollar volume-weighted average price is reported for such security by Bloomberg for such hours, the average of the highest closing

bid price and the lowest closing ask price of any of the market makers for such security as reported by OTC Markets Group Inc. If the

VWAP cannot be calculated for such security on such date(s) on any of the foregoing bases, the VWAP of such security on such date(s) shall

be the fair market value per share on such date(s) as reasonably determined by Parent.

1.2 Construction.

(a) References

to particular sections and subsections, schedules, and exhibits not otherwise specified are cross-references to sections and subsections,

schedules, and exhibits of this Agreement. Captions are not a part of this Agreement, but are included for convenience, only.

(b) The

words “herein,” “hereof,” “hereunder,” and words of similar import refer to this Agreement as a whole

and not to any particular provision of this Agreement; and, unless the context requires otherwise, “party” means a party signatory

hereto.

use of the singular or plural, or the masculine, feminine or neuter gender, includes the others, unless the context otherwise requires;

the word “including” means “including without limitation”; the word “or” means “and/or”;

the word “any” means “any one, more than one, or all”; and, unless otherwise specified, any financial or accounting

term has the meaning of the term under United States generally accepted accounting principles as consistently applied heretofore by the

Company. Any reference in this Agreement to a Person’s directors shall include any member of such Person’s governing body.

(d) Unless

otherwise specified, any reference to any agreement (including this Agreement), instrument, or other document includes all schedules,

exhibits, or other attachments referred to therein, and any reference to a statute or other law means such law as amended, restated, supplemented

or otherwise modified from time to time and includes any rule, regulation, ordinance or the like promulgated thereunder, in each case,

as amended, restated, supplemented or otherwise modified from time to time.

(e) Any

reference to a numbered schedule means the same-numbered section of the disclosure schedule. Any reference in a schedule contained in

the disclosure schedules delivered by a party hereunder shall be deemed to be an exception to (or, as applicable, a disclosure for purposes

of) the applicable representations and warranties (or applicable covenants) that are contained in the section or subsection of this Agreement

that corresponds to such schedule and any other representations and warranties of such party that are contained in this Agreement to which

the relevance of such item thereto is reasonably apparent on its face. The mere inclusion of an item in a schedule as an exception to

(or, as applicable, a disclosure for purposes of) a representation or warranty shall not be deemed an admission that such item represents

a material exception or material fact, event or circumstance or that such item would have a Material Adverse Effect or establish any standard

of materiality to define further the meaning of such terms for purposes of this Agreement. Nothing in the disclosure schedules constitutes

an admission of any liability or obligation of the disclosing party to any third party or an admission to any third party, including any

Authority, against the interest of the disclosing party, including any possible breach of violation of any Contract or Law. Summaries

of any written document in the disclosure schedules do not purport to be complete and are qualified in their entirety by the written document

itself. The disclosures schedules and the information and disclosures contained therein are intended only to qualify and limit the representations

and warranties of the parties contained in this Agreement, and shall not be deemed to expand in any way the scope or effect of any of

such representations and warranties.

(f) If

any action is required to be taken or notice is required to be given within a specified number of days following a specific date or event,

the day of such date or event is not counted in determining the last day for such action or notice. If any action is required to be taken

or notice is required to be given on or before a particular day which is not a Business Day, such action or notice shall be considered

timely if it is taken or given on or before the next Business Day.

(g) To

the extent that any Contract, document, certificate or instrument is represented and warranted to by the Company to be given, delivered,

provided or made available by the Company, such Contract, document, certificate or instrument shall be deemed to have been given, delivered,

provided and made available to Parent or its Representatives, if such Contract, document, certificate or instrument shall have been posted

not later than two days prior to the date of this Agreement to the “MNPI Data Room” electronic data room maintained on behalf

of the Company for the benefit of the Parent and its Representatives and the Parent and its Representatives have been given access to

the electronic folders containing such information.

ARTICLE II

THE DOMESTICATION AND THE MERGER

2.1 Domestication.

(a) Subject

to receipt of the Parent Shareholder Approval, at least one Business Day prior to the date of the Effective Time, Parent shall cause the

Domestication to become effective, including by (a) filing with the Secretary of State of the State of Delaware a certificate of domestication

with respect to the Domestication, in form and substance reasonably acceptable to Parent and the Company (the “Certificate of

Domestication”), together with the Parent Certificate of Incorporation, in each case, in accordance with the provisions thereof

and Section 388 of the DGCL, and (b) completing and making and procuring all those filings required to be made with the Registrar of Companies

in the Cayman Islands (the “Cayman Registrar”) under the Cayman Companies Act in connection with the Domestication.

(b) In

accordance with applicable Law, the Certificate of Domestication shall provide that at the effective time of the Domestication, by virtue

of the Domestication, and without any action on the part of any shareholder of Parent: (i) each then issued and outstanding Parent Ordinary

Share shall convert automatically into one Parent Class A Common Share; (ii) each then issued and outstanding Parent Right shall convert

automatically into a right to receive 1/10 Parent Class A Common Share at the Closing, pursuant to the Parent Rights Agreement; and (iii)

each then issued and outstanding Parent Unit shall separate and convert automatically into one Parent Class A Common Share and a right

to receive 1/10 s Parent Class A Common Share at the Closing.

2.2 Merger. Upon

the terms and subject to the conditions set forth in this Agreement, and in accordance with the DGCL, at the Effective Time, (a) Merger

Sub shall be merged with and into the Company, (b) the separate corporate existence of Merger Sub shall thereupon cease, and the Company

shall be the Surviving Corporation, and (c) the Surviving Corporation shall become a wholly-owned Subsidiary of Parent and shall change

its name to a name to be mutually agreed by the parties prior to the Closing, and Parent shall change its name to “ELECTRA AI,

Inc.”.

2.3 Merger Effective

Time. Subject to the provisions of this Agreement, at the Closing, which shall be at least one Business Day after the consummation

of the Domestication, the Company shall file with the Secretary of State of the State of Delaware a certificate of merger, in form and

substance reasonably acceptable to Company and Parent, executed in accordance with the relevant provisions of the DGCL (the “Certificate

of Merger”). The Merger shall become effective upon the filing of the Certificate of Merger or at such later time as is agreed

to by the parties and specified in the Certificate of Merger (the time at which the Merger becomes effective is herein referred to as

the “Effective Time”).

2.4 Effect

of the Merger. At the Effective Time, the effect of the Merger shall be as provided in this Agreement, the Certificate of Merger

and the applicable provisions of the DGCL. Without limiting the generality of the foregoing, and subject thereto, at the Effective Time,

all the assets, property, rights, privileges, immunities, powers and franchises of the Company and Merger Sub shall vest in the Surviving

Corporation and all debts, liabilities and duties of the Company and Merger Sub shall become the debts, liabilities and duties of the

Surviving Corporation.

2.5 U.S. Tax Treatment.

(a) For

U.S. federal income tax purposes (and for purposes of any applicable state or local income Tax Law that follows US. federal income Tax

Law), each of the parties intends that (a) the Domestication qualify for the Domestication Intended Tax Treatment, (b) the Merger qualify

for the Merger Intended Tax Treatment. The parties to this Agreement hereby (i) adopt this Agreement as a Plan of Reorganization with

respect to each of the Domestication and the Merger, (ii) agree to file and retain such information as shall be required under Treasury

Regulations Section 1.368-3, and (iii) agree to file all Tax Returns on a basis consistent with the Intended Tax Treatment and not otherwise

to take any position or action inconsistent with the Intended Tax Treatment unless required as a result of a “determination”

within the meaning of Section 1313(a) of the Code (or any similar provision of applicable state, local or non-U.S. Tax Law) or otherwise

required by an Authority. None of the parties knows of any fact or circumstance (without conducting independent inquiry or diligence of

the other relevant party), or has knowingly taken or will knowingly take any action (or knowingly fail to take any action), if such fact,

circumstance or action (or failure to act) would be reasonably expected to prevent or impede the Domestication Intended Tax Treatment

or the Merger Intended Tax Treatment, and each of the parties shall use its reasonable best efforts to cause the Domestication to qualify

for the Domestication Intended Tax Treatment and the Merger to qualify for the Merger Intended Tax Treatment. Each of the parties acknowledges

and agrees that each has had the opportunity to obtain independent legal and tax advice with respect to the transactions contemplated

by this Agreement.

(b) The

parties intend for any issuance of Earnout Shares to the Company Earnout Holders pursuant to this Agreement (excluding any issuance that

is properly treated as compensation for applicable Tax purposes, and excluding any amounts properly characterized as interest for applicable

tax purposes), including any issuance of Earnout Shares made upon the occurrence of a Change of Control pursuant to Section 3.7(c),

to be treated as an adjustment to the Aggregate Merger Consideration by the parties that is eligible for treatment as qualifying property

that may be received without the recognition of gain in connection with the Merger for U.S. federal income Tax purposes, and the parties

agree to prepare and file all Tax Returns consistent with such treatment and not otherwise take any position or action inconsistent with

such treatment unless required as a result of a “determination” within the meaning of Section 1313(a) of the Code (or any

similar provision of applicable state, local or non-U.S. Tax Law) or otherwise required by an Authority. Any such issuance of Earnout

Shares is intended to comply with, and (without modifying any of the other express terms hereof) shall be effected in accordance with,

Rev. Proc. 84-42, 1984-1 C.B. 521.

and the Company shall promptly notify the other party in writing if, before the Closing Date, either such party knows or has reason to

believe that the Domestication may not qualify for the Domestication Intended Tax Treatment or that the Merger may not qualify for the

Merger Intended Tax Treatment (and whether the terms of this Agreement could be reasonably amended in order to facilitate such qualification,

which amendments shall be made if the Company reasonably determines on the advice of its counsel that such amendments would be reasonably

expected to result in the Domestication Intended Tax Treatment or the Merger Intended Tax Treatment and would not be commercially impracticable).

(d) In

the event the SEC requests or requires a tax opinion regarding the (i) Domestication Intended Tax Treatment, Parent will use its commercially

reasonable efforts to cause Loeb & Loeb LLP to deliver such tax opinion to Parent, or (ii) the Merger Intended Tax Treatment, the

Company shall use its commercially reasonable efforts to cause Latham & Watkins LLP to deliver such tax opinion to the Company. Each

party shall use reasonable best efforts to execute and deliver customary tax representation letters to the applicable tax advisor in form

and substance reasonably satisfactory to such advisor. Notwithstanding anything to the contrary in this Agreement, Loeb & Loeb LLP

shall not be required to provide any opinion to any party regarding the Merger Intended Tax Treatment and Latham & Watkins LLP shall

not be required to provide any opinion to any party regarding the Domestication Intended Tax Treatment. Notwithstanding anything to the

contrary in this Agreement, advisors to neither Parent nor the Company will be required to provide any tax opinion as a condition precedent

to the transactions contemplated by this Agreement.

2.6 Company Charter;

Company Bylaws.

(a) At

the Effective Time, the certificate of incorporation of the Company shall, in accordance with the terms thereof and the DGCL, be amended

and restated in its entirety as set forth in an exhibit to the Certificate of Merger, and, as so amended and restated, shall be the certificate

of incorporation of the Surviving Corporation until thereafter duly amended in accordance with the terms thereof and the DGCL.

(b) The

Company Bylaws as in effect immediately prior to the Effective Time shall be the bylaws of the Surviving Corporation, except that the

name of the Surviving Corporation shall be the name mutually agreed by the parties prior to the Closing until thereafter amended in accordance

with the terms thereof, the certificate of incorporation of the Surviving Corporation and applicable Law.

2.7 Closing.

Unless this Agreement is earlier terminated in accordance with ARTICLE X, the

closing of the Merger (the “Closing”) shall take place virtually on the second (2nd) Business Day

after the satisfaction or waiver (to the extent permitted by applicable Law) of the conditions set forth in ARTICLE IX (other

than those conditions that by their terms are to be satisfied at the Closing, but subject to the satisfaction or waiver thereof), or

at such other time, date and location as Parent and Company agree in writing. The parties may participate in the Closing via the

exchange of signature pages via email or other electronic means. The date on which the Closing actually occurs is hereinafter

referred to as the “Closing Date”. For the avoidance of doubt, the Closing and the Effective Time shall occur

after the completion of the Domestication.

2.8 Directors and

Officers of Surviving Corporation.

(a) At

the Effective Time, the initial directors of the Surviving Corporation shall consist of the same persons serving on Parent’s Board

of Directors in accordance with Section 2.9, and such directors shall hold office until their successors shall have been duly elected

or appointed and qualified or until their earlier death, resignation or removal in accordance with the Surviving Corporation’s certificate

of incorporation and bylaws.

(b) At

the Effective Time, the officers of the Company identified on Schedule 2.9 shall become the initial officers of the Surviving Corporation

and shall hold office until their respective successors are duly elected or appointed and qualified, or until their earlier death, resignation

or removal.

2.9 Directors and

Officers of Parent. At the Effective Time, Parent’s Board of Directors will consist of seven directors. The Company shall have

the right to designate five directors and the remaining two directors shall be jointly designated by the Company and the Sponsor. At

least a majority of the Board of Directors shall qualify as independent directors under Nasdaq or Alternate Exchange rules, as applicable.

The individuals identified on Schedule 2.9 shall be the officers of Parent as of immediately after the Effective Time, with such

individuals holding the titles set forth opposite their names until their respective successors are duly elected or appointed and qualified,

or until their earlier death, resignation or removal.

2.10 Taking of Necessary

Action; Further Action. If, at any time after the Closing, any further action is necessary or desirable to carry out the purposes

of this Agreement and to vest the Surviving Corporation with full right, title and interest in, to and under, or possession of, all assets,

property, rights, privileges, powers and franchises of the Company and Merger Sub, the officers and directors of the Surviving Corporation

are fully authorized in the name and on behalf of the Company and Merger Sub, to take all lawful action necessary or desirable to accomplish

such purpose or acts, so long as such action is not inconsistent with this Agreement.

2.11 No Further Ownership

Rights in Company Capital Stock. All consideration paid or payable in respect of shares of Company Capital Stock hereunder, or upon

the exercise of the appraisal rights described in Section 3.3, shall be deemed to have been paid or payable in full satisfaction

of all rights pertaining to such shares of Company Capital Stock and from and after the Effective Time, there shall be no further registration

of transfers of shares of Company Capital Stock on the stock transfer books of the Surviving Corporation. If, after the Effective Time,

certificates formerly representing shares of Company Capital Stock (each, a “Company Stock Certificate”) are presented

to the Surviving Corporation, subject to the terms and conditions set forth herein, they shall be cancelled and exchanged for the consideration

provided for, and in accordance with the procedures set forth, in ARTICLE III.

ARTICLE III

EFFECT OF THE MERGER

3.1 Effect of the

Merger on Company Capital Stock. At the Effective Time, as a result of the Merger and without any action on the part of Parent, Merger

Sub, the Company or the holders of any shares of capital stock of any of them:

(a) Cancellation

of Certain Shares of Company Capital Stock. Each share of Company Capital Stock, if any, that is owned by Parent or Merger Sub (or

any other Subsidiary of Parent) or the Company (as treasury stock or otherwise), will automatically be cancelled and retired without any

conversion thereof and will cease to exist, and no consideration will be delivered in exchange therefor. Each share of Company Capital

Stock, if any, 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.

(b) Conversion

of Shares of Company Preferred Stock. Each share of Company Preferred Stock issued and outstanding immediately prior to the Effective

Time (other than any such shares of Company Preferred Stock cancelled pursuant to Section 3.1(a) and any Dissenting Shares) shall,

in accordance with the Company Charter, be converted into the right to receive a number of Parent Common Shares equal to: (a) (i) the

Conversion Ratio multiplied by (ii) the number of shares of Company Common Stock issuable upon conversion of such share

of Company Preferred Stock as of immediately prior to the Effective Time plus (b) a number of Earnout Shares equal to the

Earnout Pro Rata Share in accordance with, and subject to the contingencies, set forth in Section 3.7 (the “Per Preferred

Share Merger Consideration”).

of Shares of Company Common Stock.

(i) Each

share of Company Class A Common Stock issued and outstanding immediately prior to the Effective Time (other than any such shares of Company

Class A Common Stock cancelled pursuant to Section 3.1(a) and any Dissenting Shares) shall be converted into the right to receive:

(i) a number of Parent Class A Common Shares equal to the Conversion Ratio plus (ii) a number of Earnout Shares in the form

of Parent Class A Common Shares equal to the Earnout Pro Rata Share in accordance with, and subject to the contingencies, set forth in

Section 3.7.

(ii) Each

share of Company Class B Common Stock issued and outstanding immediately prior to the Effective Time (other than any such shares of Company

Class B Common Stock cancelled pursuant to Section 3.1(a) and any Dissenting Shares) shall be converted into the right to receive:

(i) a number of Parent Class B Common Shares equal to the Conversion Ratio plus (ii) a number of Earnout Shares in the form

of Parent Class B Common Shares equal to the Earnout Pro Rata Share in accordance with, and subject to the contingencies, set forth in

Section 3.7.

(d) Effect

on Company Capital Stock. At the Effective Time, all shares of Company Capital Stock converted pursuant to Section 3.1(b) or

Section 3.1(c) shall no longer be outstanding and shall automatically be canceled and shall cease to exist, and each holder of

Company Capital Stock shall thereafter cease to have any rights with respect to such securities, except the right to receive a portion

of the Aggregate Merger Consideration plus the contingent right to receive their applicable portion of Earnout Shares in

accordance with their Earnout Pro Rata Share.

(e) Conversion

of Merger Sub Capital Stock. Each share of common stock, par value $0.0001 per share, of Merger Sub issued and outstanding immediately

prior to the Effective Time shall be converted into and become one newly issued, fully paid and nonassessable share of common stock of

the Surviving Corporation.

3.2 Treatment

of Company Options and Company Convertible Notes

(a) Treatment

of Options. Prior to the Closing, the Company’s Board of Directors (or, if appropriate, any committee thereof administering

the Equity Incentive Plan) shall adopt such resolutions or take such other actions as may be required to adjust the terms of all

Company Options (whether vested or unvested) as necessary to provide that, at the Effective Time, each Company Option shall be converted

into (i) an option to acquire, subject to substantially the same terms and conditions as were applicable under such Company Option (including

expiration date, vesting conditions, and exercise provisions), the number of Parent Class A Common Shares (rounded down to the nearest

whole share), determined by multiplying the number of shares of Company Class A Common Stock subject to such Company Option as of immediately

prior to the Effective Time by the Conversion Ratio, at an exercise price per Parent Class A Common Share (rounded up to the nearest whole

cent) equal to (A) the exercise price per share of Company Class A Common Stock of such Company Option divided by (B) the Conversion Ratio

(a “Converted Stock Option”), and (ii) the right to receive a number of Earnout Shares in accordance with, and subject

to the contingencies, set forth in Section 3.7; provided, however, that the exercise price and the number

of Parent Class A Common Shares covered by each Converted Stock Option shall be determined in a manner consistent with the requirements

of Sections 422 and 409A of the Code and the applicable regulations promulgated thereunder such that such conversion will not constitute

a “modification” of such Company Options for purposes of Section 409A or Section 424 of the Code.

(b) Assumption

of Converted Stock Options by Parent. At the Effective Time, Parent shall assume all obligations of the Company under the Equity Incentive

Plan, each outstanding Converted Stock Option and the agreements evidencing the grants thereof. As soon as practicable after the Effective

Time, Parent shall deliver to the holders of Converted Stock Options appropriate notices setting forth such holders’ rights, and

the agreements evidencing the grants of such Converted Stock Options shall continue in effect on substantially the same terms and conditions

(subject to the adjustments required by Section 3.2(a) and Section 3.2(b) after giving effect to the Merger).

of Convertible Notes. Prior to the Closing, the Company’s Board of Directors shall adopt such resolutions or take such other

actions as may be required to adjust the terms of all Company Convertible Notes as necessary to provide that, at the Effective Time, each

Company Convertible Note shall be converted into the right to receive a number of Parent Common Shares equal to (a) (i) the Conversion

Ratio multiplied by (ii) the number of shares of Company Common Stock issuable upon conversion of such Company Convertible

Note as of immediately prior to the Effective Time plus (b) the contingent right to receive their applicable portion of

Earnout Shares in accordance with their Earnout Pro Rata Share (the “Per Convertible Note Merger Consideration”).

(d) Effect

on Convertible Notes. At the Effective Time, all Company Convertible Notes converted pursuant to Section 3.2(c) shall no longer

be outstanding and shall automatically be canceled and shall cease to exist, and each holder of Company Convertible Notes shall thereafter

cease to have any rights with respect to such securities, except the right to receive a portion of the Aggregate Merger Consideration

and the contingent right to receive a number of Earnout Shares into which such Company Convertible Note shall have been converted in the

Merger.

3.3 Dissenting Shares.

Notwithstanding any provision of this Agreement to the contrary, shares of Company Capital Stock issued and outstanding immediately prior

to the Effective Time (other than shares of Company Capital Stock cancelled in accordance with Section 3.1(a)) and held by a holder

who has not voted in favor of adoption of this Agreement or consented thereto in writing and who has properly exercised and perfected

appraisal rights for such shares in accordance with Section 262 of the DGCL (such shares of Company Capital Stock being referred to collectively

as the “Dissenting Shares” until such time as such holder fails to perfect or otherwise waives, withdraws, or loses

such holder’s appraisal rights under the DGCL with respect to such shares) shall not be converted into a right to receive a portion

of the Aggregate Merger Consideration, but instead shall be entitled to only such rights as are granted by Section 262 of the DGCL; provided,

however, that if, after the Effective Time, such holder fails to perfect, waives, withdraws, or loses such holder’s

right to appraisal pursuant to Section 262 of the DGCL or if a court of competent jurisdiction shall determine that such holder is not

entitled to the relief provided by Section 262 of the DGCL, such shares of Company Capital Stock shall be treated as if they had been

converted as of the Effective Time into the right to receive a portion of the Aggregate Merger Consideration and a number of Earnout

Shares equal to the Earnout Pro Rata Share in accordance with, and subject to the contingencies, set forth in Section 3.7, to

which such holder is entitled in accordance with Section 3.1(b), without interest thereon, upon transfer of such shares. The Company

shall promptly provide Parent with written notice of any intent to dissent, demand for payment or any demands received by the Company

for appraisal of shares of Company Capital Stock, any withdrawal of any such demand and any other demand, notice or instrument delivered

to the Company prior to the Effective Time pursuant to the DGCL that relates to such demand, and Parent shall have the opportunity to

participate in all negotiations and proceedings with respect to such demands.

3.4 Surrender and

Payment.

(a) Exchange

Fund. Prior to the Effective Time, Parent shall enter into an agreement (the “Exchange Agreement”) acceptable to

the other parties hereto with Continental Stock Transfer & Trust Company (the “Exchange Agent”) for the purpose

of exchanging Parent Common Shares for the Aggregate Merger Consideration. At or promptly after the Effective Time, Parent shall deposit,

or shall cause to be deposited, with the Exchange Agent, for the benefit of the Company Stockholders, for exchange in accordance with

the Exchange Agreement and this ARTICLE III, the number of Parent Common Shares sufficient to deliver the Aggregate Merger

Consideration payable pursuant to this Agreement (such Parent Common Shares, the “Exchange Fund”). Parent shall cause

the Exchange Agent, pursuant to irrevocable instructions, to pay the Aggregate Merger Consideration out of the Exchange Fund in accordance

with the Closing Consideration Spreadsheet and the other applicable provisions contained in this Agreement and the Exchange Agreement.

The Exchange Fund shall not be used for any other purpose other than as contemplated by this Agreement.

(b) Exchange

Procedures. As soon as practicable following the Effective Time, and in any event within two Business Days following the Effective

Time (but in no event prior to the Effective Time), Parent shall cause the Exchange Agent to deliver to each Company Stockholder, as of

immediately prior to the Effective Time, represented by certificate or book-entry, a letter of transmittal and instructions for use in

exchanging such Company Stockholder’s shares of Company Capital Stock for such Company Stockholder’s applicable portion of

the Aggregate Merger Consideration from the Exchange Fund, and which shall be in form and contain provisions which Parent may specify

and which are reasonably acceptable to the Company (a “Letter of Transmittal”), and promptly following receipt of a

Company Stockholder’s properly executed Letter of Transmittal, deliver such Company Stockholder’s applicable portion of the

Aggregate Merger Consideration to such Company Stockholder.

of Exchange Fund. Any portion of the Exchange Fund relating to the Aggregate Merger Consideration that remains undistributed to the

Company Stockholders for two years after the Effective Time shall be delivered to Parent, upon demand, and any Company Stockholders who

have not theretofore complied with this Section 3.4 shall thereafter look only to Parent for their portion of the Aggregate Merger

Consideration. Any portion of the Exchange Fund remaining unclaimed by Company Stockholders as of a date which is immediately prior to

such time as such amounts would otherwise escheat to or become property of any Authority shall, to the extent permitted by applicable

Law, become the property of Parent free and clear of any claims or interest of any person previously entitled thereto.

3.5 Consideration

Spreadsheet.

(a) At

least five Business Days prior to the Closing, the Company shall deliver to Parent a spreadsheet (the “Closing Consideration

Spreadsheet”), prepared by the Company in good faith and detailing the following, in each case, as of immediately prior to the

Effective Time:

(i) the

name and address of record of each Company Stockholder and the number and class, type or series of shares of Company Capital Stock held

by each, and in the case of shares of each series of Company Preferred Stock, the number of shares of Company Class A Common Stock into

which such shares of Company Preferred Stock are convertible;

(ii) the

names of record of each holder of Company Options, and the exercise price, number of shares of Company Class A Common Stock subject to

each Company Options held by such holder (including, in the case of unvested Company Options, the vesting schedule, vesting commencement

date, date fully vested);

(iii) the

name and address of record of each holder of Company Convertible Notes and the number of shares of Company Class A Common Stock into which

such Company Convertible Notes are convertible;

(iv) the

number of Aggregate Fully Diluted Company Common Stock;

(v) the

aggregate number of shares subject to Company Options;

(vi) the

aggregate number of shares subject to Company Convertible Notes;

(vii) detailed

calculations of each of the following (in each case, determined without regard to withholding):

(A) the

Aggregate Merger Consideration;

(B) the

Aggregate Exercise Price;

aggregate number of Parent Class B Common Shares included in the Aggregate Merger Consideration;

(D) the

Conversion Ratio;

(E) the

Per Preferred Share Merger Consideration for each series of Company Preferred Stock;

(F) the

Per Convertible Note Merger Consideration;

(G) for

each Company Earnout Holder, its Earnout Pro Rata Share;

(H) for

each Converted Stock Option, the exercise price therefor and the number of Parent Common Shares subject to such Converted Stock Option;

and

(I) the

Earnout Denominator;

(viii) a

calculation demonstrating that the Minimum Ownership Threshold has been satisfied, including the number of Aggregate Parent Fully Diluted

Shares, the adjusted Base Purchase Price, and the resulting adjusted Conversion Ratio.

(b) The

contents of the Closing Consideration Spreadsheet delivered by the Company hereunder shall be subject to reasonable review and comment

by Parent, but the Company shall, in all events, remain solely responsible for the contents of the Closing Consideration Spreadsheet.

The parties agree that Parent shall be entitled to rely on the Closing Consideration Spreadsheet in making payments under ARTICLE III.

3.6 Adjustment.

(a) The

shares comprising the Aggregate Merger Consideration and Conversion Ratio shall be adjusted to reflect appropriately the effect of any

stock split, subdivision, reverse stock split, consolidation, stock dividend, recapitalization, reclassification, combination, exchange

of shares or other like change with respect to Parent Common Shares occurring prior to the date the shares comprising the Aggregate Merger

Consideration are issued.

(b) The

Base Purchase Price shall be automatically adjusted upwards in increments of $10.00 until the Aggregate Merger Consideration represents

at least 50.1% of the Aggregate Parent Fully Diluted Shares (the “Minimum Ownership Threshold”). Such adjustment shall

be self-executing, shall not require any further action by any party, and shall be reflected in the Closing Consideration Spreadsheet

delivered pursuant to Section 3.5.

3.7 Earnout.

(a) Issuance

of Earnout Shares.

(i) From

and after the Closing until the end of the Earnout Period, as additional consideration in the Merger in respect of the shares of Company

Capital Stock, the Company Options and the Company Convertible Notes (and without the need for additional consideration from any holder

thereof), the Company Earnout Holders shall be entitled to earn, in accordance with their respective Earnout Pro Rata Share, up to an

aggregate amount of 15,000,000 additional Parent Common Shares (which, for the avoidance of doubt, shall be issued as Parent Class A Common

Shares to Company Earnout Holders who hold exclusively Company Class A Common Stock, Company Preferred Stock, Company Options or Company

Convertible Notes and as Parent Class B Common Shares to Company Earnout Holders who hold any shares of Company Class B Common Stock),

in accordance with Sections 3.7(a)(i)(A), 3.7(a)(i)(B), and 3.7(a)(i)(C) (subject to any adjustment pursuant to Section

3.7(f), the “Earnout Shares”):

(A) Subject

to the Earnout Cap, one-third of the Earnout Shares if, at any time during the Earnout Period, (1) over any 10 Trading Days within any

20 consecutive Trading Day period the VWAP of the Parent Common Shares is greater than or equal to $14.00 per share or (2) as reported

in Parent’s Form 10-Q or Form 10-K the ARR is greater than or equal to $45 million (the “First Earnout Milestone”),

whichever occurs earlier;

(B) Subject

to the Earnout Cap, one-third of the Earnout Shares if, at any time during the Earnout Period, (1) over any 10 Trading Days within any

20 consecutive Trading Day period the VWAP of the Parent Common Shares is greater than or equal to $16.00 per share or (2) as reported

in Parent’s Form 10-Q or Form 10-K the ARR is greater than or equal to $55 million (the “Second Earnout Milestone”),

whichever occurs earlier; and

to the Earnout Cap, one-third of the Earnout Shares if, at any time during the Earnout Period, (1) over any 10 Trading Days within any

20 consecutive Trading Day period the VWAP of the Parent Common Shares is greater than or equal to $18.00 per share or (2) as reported

in Parent’s Form 10-Q or Form 10-K the ARR is greater than or equal to $65 million (the “Third Earnout Milestone”),

whichever occurs earlier; and

(ii) Parent

shall deliver or cause to be delivered the applicable Earnout Shares to the Company Earnout Holders (subject to Section 3.7(b)(ii)

in respect of holders of unvested Company Options) promptly (but in any event within 10 Business Days) following the date on which such

Earnout Milestone is achieved.

(b) Earnout

Cap; Service Requirements.

(i) For

the avoidance of doubt, the Company Earnout Holders shall be entitled to earn Earnout Shares upon the occurrence of each Earnout Milestone

(or a Change of Control as described below in Section 3.7(c), if applicable) during the Earnout Period; provided, however,

that each Earnout Milestone (or a Change of Control as described below in Section 3.7(c), if applicable) shall only occur once,

if at all, and in no event shall the Company Earnout Holders be entitled to earn more than 15,000,000 Earnout Shares in the aggregate

(subject to adjustment as set forth in Section 3.7(e)) (the “Earnout Cap”).

(ii) Notwithstanding

anything in this Agreement to the contrary, any Earnout Shares issuable under this Section 3.7 to a Company Earnout Holder in respect

of each Company Option held by such Company Earnout Holder as of immediately prior to the Effective Time shall be earned by such Company

Earnout Holder on the occurrence of the applicable Earnout Milestone, but only if such Company Earnout Holder continues to provide services

(whether as an employee, director or individual independent contractor) to Parent or one of its Subsidiaries through such date. Notwithstanding

the foregoing, any Earnout Shares that are not earned by a Company Earnout Holder in respect of its Company Options on or before the fifth

anniversary of the Closing Date shall be forfeited without any consideration. Any Earnout Shares that are forfeited pursuant to this Section

3.7(b)(ii) shall be reallocated to the other Company Earnout Holders who remain entitled to receive Earnout Shares in accordance with

their respective Earnout Pro Rata Shares.

of Control Event. If at any time during the Earnout Period, there occurs any transaction resulting in a Change of Control, then, as

of immediately prior to the consummation of such Change of Control, all the Earnout Shares not yet earned shall be earned by the Company

Earnout Holders and shall be delivered to the Company Earnout Holders as of immediately prior to the Change of Control, and the Company

Earnout Holders shall be eligible to participate in such Change of Control transaction with respect to such Earnout Shares.

(d) Evidence

of Issuance of Earnout Shares. Parent shall take such actions as are reasonably requested by the Company Stockholders to evidence

the issuances pursuant to this Section 3.7, including through the provision of an updated stock ledger showing such issuances (as

certified by an officer of Parent responsible for maintaining such ledger or the applicable registrar or transfer agent of Parent).

(e) Adjustments

to Earnout Shares. In the event Parent shall at any time on or prior to the fifth anniversary of the Closing Date, pay any dividend

on Parent Common Shares by the issuance of additional Parent Common Shares, or effect a subdivision, recapitalization, split, or combination,

exchange or consolidation of the outstanding Parent Common Shares (by reclassification or otherwise) into a greater or lesser number of

Parent Common Shares, then in each such case, in respect of the Earnout Shares then remaining (i) the number of Earnout Shares shall

be adjusted by multiplying such amount by a fraction, the numerator of which is the number of Parent Common Shares (including any other

shares so reclassified as Parent Common Shares) outstanding immediately after such event and the denominator of which is the number of

Parent Common Shares that were outstanding immediately prior to such event, and (ii) the dollar values set forth in Sections 3.7(a)(i)(A)

and Section 3.7(a)(i)(B) above shall be appropriately adjusted to provide to the Company Earnout Holders the same economic effect

as contemplated by this Agreement prior to such event.

(f) Assignment

of Earnout Shares. In no event shall any right to receive Earnout Shares pursuant to this Section 3.7 be represented by any

negotiable certificate of any kind, and in no event shall any Company Earnout Holder or its successor in interest take any step that would

render such rights readily marketable.

3.8 No Fractional

Shares. No fractional Parent Common Shares, or certificates or scrip representing fractional Parent Common Shares, will be issued

upon the conversion of the Company Capital Stock pursuant to the Merger, and such fractional share interests will not entitle the owner

thereof to vote or to any rights of a shareholder of Parent. No Company Securityholder shall be entitled to receive any fraction of a

Parent Common Share and the number of Parent Common Shares to be received by such Company Securityholder shall be rounded down to the

nearest whole number.

3.9 Lost or Destroyed

Certificates. Notwithstanding the foregoing, if any Company Stock Certificate, shall have been lost, stolen or destroyed, then upon

the making of a customary affidavit of that fact by the Person claiming such Company Stock Certificate to be lost, stolen or destroyed

in a form reasonably acceptable to Parent, the Exchange Agent shall issue, in exchange for such lost, stolen or destroyed Company Stock

Certificate, the portion of the Aggregate Merger Consideration to be paid in respect of the shares of Company Capital Stock formerly

represented by such Company Stock Certificate as contemplated under this ARTICLE III.

3.10 Withholding.

Notwithstanding any other provision to this Agreement, Parent, Merger Sub, the Company and its Subsidiaries and the transfer agent, as

applicable, shall be entitled to deduct and withhold from any amount payable pursuant to this Agreement such Taxes that are required

to be deducted and withheld from such amounts under the Code or any other applicable Law (as reasonably determined by Parent, Merger

Sub, the Company or its Subsidiaries, or the transfer agent, respectively). To the extent that any amounts are so deducted and withheld,

such deducted and 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 and paid to the applicable Authority. In the case of any such payment payable to employees

of the Company or its Subsidiaries in connection with the Merger treated as compensation, the parties shall cooperate to pay such amounts

through the Company’s or the relevant Subsidiary’s payroll to facilitate applicable withholding. To the extent any party

hereto becomes aware of any obligation to deduct or withhold from amounts otherwise payable, issuable or transferable pursuant to this

Agreement, such party shall notify the other parties hereto at least 10 days prior to the date of the relevant payment, and the parties

hereto shall reasonably cooperate to obtain any certificates or other documentation required in respect of such deduction or withholding

obligation and to reduce or eliminate any applicable deduction or withholding.

ARTICLE IV

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

Except as set forth in the

disclosure schedules delivered by the Company to Parent concurrently with the execution of this Agreement (with specific reference to

the particular section or subsection of this Agreement to which the information set forth in such disclosure letter relates (which qualify

(a) the correspondingly numbered representation, warranty or covenant specified therein and (b) such other representations, warranties

or covenants where its relevance as an exception to (or disclosure for purposes of) such other representation, warranty or covenant is

reasonably apparent on its face or cross-referenced)), the Company hereby represents and warrants to Parent that each of the following

representations and warranties are true, correct and complete as of the date of this Agreement and as of the Closing Date (except for

representations and warranties that are made as of a specific date, which are made only as of such date).

4.1 Corporate Existence

and Power. Each of the Company and its Subsidiaries is a corporation or legal entity duly organized, validly existing and in good

standing (with respect to jurisdictions that recognize that concept) under the laws of the jurisdiction of its incorporation (the Company

and its Subsidiaries, collectively, the “Company Group”). Each member of the Company Group has all requisite power

and authority, corporate and otherwise, to own, lease or otherwise hold and operate its properties and other assets and to carry on the

Business as presently conducted and as proposed to be conducted. Each member of the Company Group is duly licensed or qualified to do

business and is in good standing (with respect to jurisdictions that recognize that concept) in each jurisdiction in which the nature

of its business or the ownership, leasing or operation of its properties or other assets makes such qualification, licensing or good

standing necessary, except where the failure to be so qualified, licensed or in good standing, individually or in the aggregate, has

not had and would not reasonably be expected to have a Material Adverse Effect in respect of the Company Group. The Company has made

available to Parent, prior to the date of this Agreement, complete and accurate copies of the organizational documents of each member

of the Company Group, in each case as amended to the date hereof. The organizational documents of each member of the Company Group are

in full force and effect. No member of the Company Group is in violation of its organizational documents, except any such violations

that would not have or reasonably be expected to have a Material Adverse Effect.

4.2 Authorization.

(a) The

Company has all requisite corporate power and authority to execute and deliver this Agreement and the Ancillary Agreements to which it

is a party and to consummate the transactions contemplated hereby and thereby, in the case of the Merger, subject to receipt of the Company

Stockholder Approval. The execution and delivery by the Company of this Agreement and the Ancillary Agreements to which it is a party

and the consummation by the Company of the transactions contemplated hereby and thereby have been duly authorized by all necessary corporate

action on the part of the Company. No other corporate proceedings on the part of the Company are necessary to authorize this Agreement

or the Ancillary Agreements to which it is a party or to consummate the transactions contemplated by this Agreement (other than, in the

case of the Merger, the receipt of the Company Stockholder Approval) or the Ancillary Agreements. This Agreement and the Ancillary Agreements

to which the Company is a party have been duly executed and delivered by the Company and, assuming the due authorization, execution and

delivery by each of the other parties hereto and thereto, this Agreement and the Ancillary Agreements to which the Company is a party

constitute a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with their respective terms,

subject to bankruptcy, insolvency, fraudulent transfer, moratorium, reorganization or similar Laws affecting the rights of creditors generally

and the availability of equitable remedies (the “Enforceability Exceptions”).

(b) By

resolutions duly adopted (and not thereafter modified or rescinded) by the requisite vote of the Board of Directors of the Company, the

Board of Directors of the Company has (i) approved the execution, delivery and performance by the Company of this Agreement, the Ancillary

Agreements to which it is a party and the consummation of the transactions contemplated hereby and thereby, including the Merger, on the

terms and subject to the conditions set forth herein and therein; (ii) determined that this Agreement, the Ancillary Agreements to which

it is a party, and the transactions contemplated hereby and thereby, upon the terms and subject to the conditions set forth herein, are

advisable and fair to and in the best interests of the Company and the Company Stockholders; (iii) directed that the adoption of this

Agreement be submitted to the Company Stockholders for consideration and recommended that all of the Company Stockholders adopt this Agreement.

Either (x) the affirmative vote of (A) Persons holding a majority (on an as-converted basis) of the voting power of the Company Stockholders;

(B) Persons holding a majority of the outstanding shares of Company Series Seed Preferred Stock, voting as a separate class; (C) Persons

holding a majority of the outstanding shares of Company Series A Preferred Stock, voting as a separate class; and (D) Persons holding

a majority of the outstanding shares of Company Series B Preferred Stock, voting as a separate class, who are present in person or by

proxy at such meeting and voting thereon or (y) the affirmative written consent, signed by the Company Stockholders having not less than

the minimum number of votes that would be necessary to authorize or take such action under clause (x) at a meeting at which all shares

entitled to vote were present and voted, is required to, and shall be sufficient to, approve this Agreement and the transactions contemplated

hereby (the “Company Stockholder Approval”). The Company Stockholder Approval is the only vote or consent of any of

the holders of Company Capital Stock necessary to adopt this Agreement and approve the Merger and the consummation of the other transactions

contemplated hereby.

4.3 Governmental

Authorization. None of the execution, delivery or performance by the Company of this Agreement or any Ancillary Agreement to which

the Company is or will be a party, or the consummation of the transactions contemplated hereby or thereby, requires any consent, approval,

license, Order or other action by or in respect of, or registration, declaration or filing with, any Authority other than the filing

of the Certificate of Merger with the Secretary of State of the State of Delaware pursuant to the DGCL and any SEC or Nasdaq approval

required to consummate the transactions contemplated hereunder. Neither the Company’s annual net sales nor its total assets exceed

the current threshold of $26.8 million under Section 18a(a)(2)(B)(ii) of the HSR Act.

4.4 Non-Contravention.

None of the execution, delivery or performance by the Company of this Agreement or any Ancillary Agreement to which the Company is or

will be a party or the consummation by the Company of the transactions contemplated hereby and thereby does or will (a) contravene or

conflict with the Company Charter or the Company Bylaws or the organizational documents of any Subsidiary, (b) contravene or conflict

with or constitute a violation of any provision of any Law or Order binding upon or applicable to the Company or to any of its respective

properties, rights or assets, except as set forth in Section 4.4 of this Agreement, (c) except for the Contracts listed on Schedule

4.8 requiring Company Consents (but only as to the need to obtain such Company Consents), (i) require consent, approval or waiver

under, (ii) constitute a default under or breach of (with or without the giving of notice or the passage of time or both), (iii) violate,

(iv) give rise to any right of termination, cancellation, amendment or acceleration of any right or obligation of the Company Group or

to a loss of any material benefit to which the Company Group is entitled, in the case of each of clauses (i) – (iv), under any

provision of any Permit, Contract or other instrument or obligations binding upon the Company Group or any of its respective properties,

rights or assets, (d) result in the creation or imposition of any Lien (except for Permitted Liens) on any of the Company Group’s

properties, rights or assets, or (e) require any consent, approval or waiver from any Person pursuant to any provision of the organizational

documents of the Company Group, except for such consent, approval or waiver which shall be obtained (and a copy provided to Parent) prior

to the Closing.

4.5 Capitalization.

(a) As

of the date of this Agreement, the authorized capital stock of the Company consists of 16,500,000 shares of Class A Common Stock, $0.00001

par value per share, 3,994,802 shares of Class B Common Stock, $0.00001 par value per share, and 8,374,367 shares of preferred stock,

$0.00001 par value per share, of which 720,022 shares of Company Class A Common Stock, 3,994,802 shares of Company Class B Common Stock,

3,730,391 shares of Company Series Seed Preferred Stock, 2,321,980] shares of Company Series A Preferred Stock and 128,004 shares of Company

Series B Preferred Stock are issued and outstanding. As of the date of this Agreement, there are 1,999,925 shares of Company Common Stock

reserved for issuance under the Equity Incentive Plan, and options to purchase 938,456 shares of Company Common Stock are outstanding.

Except as set forth on Schedule 4.5(a), no other shares of capital stock or other voting securities of the Company are authorized,

issued, reserved for issuance or outstanding. All issued and outstanding shares of Company Capital Stock are duly authorized, validly

issued, fully paid and non-assessable and were issued in compliance with all applicable Laws (including any applicable securities laws)

and in compliance with the Company Charter and the Company Bylaws. No shares of Company Capital Stock are subject to or were issued in

violation of any purchase option, right of first refusal, preemptive right, subscription right or any similar right (including under any

provision of the DGCL, the Company Charter or any Contract to which the Company is a party or by which the Company or any of its properties,

rights or assets are bound). As of the date of this Agreement, all outstanding shares of Company Capital Stock are owned of record by

the Persons set forth on Schedule 4.5(a) in the amounts set forth opposite their respective names. Schedule 4.5(a) contains

a true, correct and complete list of each Company Option outstanding as of the date of this Agreement, the holder thereof, the number

of shares of Company Capital Stock issuable thereunder or otherwise subject thereto, the grant date thereof and the exercise price, if

any, and expiration date thereof and whether such Company Option is intended to qualify as an “incentive stock option”.

(b) Except

as set forth on Schedule 4.5(a), there are no (i) outstanding warrants, options, agreements, convertible securities, performance

units or other commitments or instruments pursuant to which the Company is or may become obligated to issue or sell any of its shares

of Company Capital Stock or other securities, (ii) outstanding obligations of the Company to repurchase, redeem or otherwise acquire outstanding

capital stock of the Company or any securities convertible into or exchangeable for any shares of capital stock of the Company, (iii) treasury

shares of capital stock of the Company, (iv) 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 matters on which shareholders of the Company may vote,

are issued or outstanding, (v) preemptive or similar rights to purchase or otherwise acquire shares or other securities of the Company

(including pursuant to any provision of Law, the Company Charter or any Contract to which the Company is a party), (vi) Liens (including

any right of first refusal, right of first offer, proxy, voting trust, voting agreement or similar arrangement) with respect to the sale

or voting of shares or securities of the Company (whether outstanding or issuable) or (vii) any stock appreciation, phantom stock or similar

rights with respect to the Company.

Company Option (i) was granted in compliance in all material respects with (A) all applicable Laws and (B) all of the terms and conditions

of the Equity Incentive Plan pursuant to which it was issued, (ii) has an exercise price per share of Company Common Stock equal to or

greater than the fair market value of such share at the close of business on the date of such grant, (iii) has a grant date no earlier

than the date on which the Board of Directors of the Company or compensation committee actually awarded such Company Option, (iv) qualifies

for the tax and accounting treatment afforded to such Company Option in the Company’s tax returns and the Company’s financial

statements, respectively, and (v) does not trigger any liability for the holder thereof under Section 409A of the Code.

4.6 Subsidiaries.

Schedule 4.6 sets forth the name of each Subsidiary of the Company, and with respect to each Subsidiary, its jurisdiction of incorporation,

formation or organization, its authorized shares or other equity interests (if applicable), and the number of issued and outstanding

shares or other equity interests and the record holders thereof. Except as set forth on Schedule 4.6, the Company does not own,

directly or indirectly, any equity interest in any other Person. All of the outstanding equity securities of each Subsidiary of the Company

are duly authorized and validly issued, duly registered, fully paid and non-assessable (if applicable), were offered, sold and delivered

in compliance with all applicable securities Laws and such Subsidiary’s organizational documents in force at the relevant time,

and are owned by the Company or one of its Subsidiaries free and clear of all Liens (other than those, if any, imposed by such Subsidiary’s

organizational documents).

4.7 Corporate Records.

All proceedings occurring since January 1, 2022 of the Board of Directors of the Company, including all committees thereof, and of the

Company Stockholders, and all consents to actions taken thereby that are required by Law, the Company Charter or the Company Bylaws,

are accurately reflected in the minutes and records contained in the corporate minute books of the Company and made available to Parent.

The shareholder ledger of the Company is true, correct and complete.

4.8 Consents.

The Contracts listed on Schedule 4.8 are the only Material Contracts requiring a consent, approval, authorization, order or other

action of or filing with any Person as a result of the execution, delivery and performance of this Agreement or any Ancillary Agreement

to which the Company is or will be a party or the consummation of the transactions contemplated hereby or thereby (each of the foregoing,

a “Company Consent”).

4.9 Financial Statements.

(a) The

Company has delivered to Parent the unaudited consolidated balance sheets of the Company as of December 31, 2025 and December 31, 2024,

and the related statements of operations, changes in stockholders’ equity and cash flows, for the fiscal years ended December 31,

2025 and December 31, 2024 (the “Company Financial Statements”). The Company Financial Statements have been prepared

in conformity with U.S. GAAP applied on a consistent basis and in accordance with the requirements of the Public Company Accounting Oversight

Board for public companies. The Company Financial Statements fairly present, in all material respects, the financial position of the Company

as of the dates thereof and the results of operations of the Company for the periods reflected therein. The Company Financial Statements

were prepared from the Books and Records of the Company in all material respects. Since December 31, 2025 (the “Balance Sheet

Date”), except as required by applicable Law or U.S. GAAP, there has been no change in any accounting principle, procedure or

practice followed by the Company or in the method of applying any such principle, procedure or practice.

(b) The

Company Group has no material liabilities, debts or obligations of the type that would be required to be set forth on a balance sheet

prepared in accordance with GAAP, except for (i) liabilities arising in the ordinary course of business consistent with past practice

since the Balance Sheet Date, (ii) to the extent specifically disclosed, reflected or fully reserved for on the Balance Sheet and (iii)

liabilities specifically set forth on Schedule 4.9(b).

as set forth on Schedule 4.9(c), the Company Group does not have any Indebtedness.

4.10 Internal Accounting

Controls. The Company has established a system of internal accounting controls sufficient to provide reasonable assurance that: (a)

transactions are executed in accordance with management’s general or specific authorizations; (b) transactions are recorded as

necessary to permit preparation of financial statements in conformity with U.S. GAAP, and the Company’s historical practices and

to maintain asset accountability; and (c) the recorded accountability for assets is compared with the existing assets at reasonable intervals

and appropriate action is taken with respect to any differences.

4.11 Absence of Certain

Changes. From the Balance Sheet Date until the date of this Agreement, (a) the Company has conducted its businesses in the ordinary

course and in a manner consistent with past practices; (b) there has not been any Material Adverse Effect in respect of the Company;

and (c) the Company has not taken any action that, if taken after the date of this Agreement and prior to the consummation of the Merger,

would require the consent of Parent pursuant to Section 6.1 and Parent has not given consent.

4.12 Properties;

Title to the Company Group’s Assets.

(a) All

items of material Tangible Personal Property as set forth on Schedule 4.12 have no material defects, are in good operating condition

and repair in all material respects and function in accordance with their intended uses (ordinary wear and tear excepted), have been properly

maintained in all material respects and are suitable for their present uses and meet all specifications and warranty requirements with

respect thereto. All of the material Tangible Personal Property is located at the offices of the Company Group.

(b) The

Company Group has good, valid and marketable title in and to, or in the case of the Lease and the assets which are leased or licensed

pursuant to Contracts, a valid leasehold interest or license in or a right to use all of the tangible assets reflected on the Balance

Sheet. Except as set forth on Schedule 4.12, no such tangible asset is subject to any Lien other than Permitted Liens. The Company’s

assets constitute all of the rights, properties, and assets of any kind or description whatsoever, including goodwill, necessary for the

Company Group to operate the Business immediately after the Closing in substantially the same manner as the Business is currently being

conducted.

4.13 Litigation.

There is no Action pending or, to the Knowledge of the Company, threatened against or affecting the Company Group, any of the officers

or directors of the Company Group, the Business, any of the Company Group’s rights, properties or assets or any Contract before

any Authority or which in any manner challenges or seeks to prevent, enjoin, alter or delay the transactions contemplated by this Agreement

or any Ancillary Agreement. There are no outstanding judgments against the Company Group or any of its rights, properties or assets.

The Company Group or any of its rights, properties or assets is not, nor has been since January 1, 2023, subject to any Action by any

Authority.

4.14 Contracts.

(a) Schedule

4.14(a) sets forth a true, complete and accurate list, as of the date of this Agreement, of all of the following Contracts as amended

to date which are currently in effect (other than any Plans) (collectively, “Material Contracts”):

(i) all

Contracts that require annual payments or expenses incurred by, or annual payments or income to, the Company Group of $250,000 or more

(other than Contracts entered into in the ordinary course of business consistent with past practices);

(ii) each

Contract with any of the Top Customers or the Top Suppliers;

(iii) each

Contract with any current employee of the Company Group (A) which has continuing obligations for payment of an annual compensation of

at least $500,000, and which is not terminable for any reason or no reason upon reasonable notice without payment of any penalty, severance

or other obligation; (B) providing for severance or post-termination payments or benefits to such employee (other than COBRA obligations);

or (C) providing for a payment or benefit upon the consummation of the transactions contemplated by this Agreement or any Ancillary Agreement

or as a result of a change of control of the Company;

(iv) all

Contracts creating a joint venture, strategic alliance, limited liability company or partnership arrangement to which the Company or any

Subsidiary is a party;

(v) all

Contracts relating to any acquisitions or dispositions of material assets by the Company Group (other than acquisitions or dispositions

of inventory in the ordinary course of business consistent with past practices);

(vi) all

IP Contracts, separately identifying all such IP Contracts under which the Company is obligated to pay royalties thereunder and all such

IP Contracts under which the Company is entitled to receive royalties thereunder, provided, however, that

no Standard Contracts shall be required to be disclosed on Schedule 4.14(a)(vi), but shall constitute Material Contracts for purposes

of this Agreement if they otherwise qualify;

(vii) Contracts

containing covenants of the Company or any of the Company’s Subsidiaries (A) materially prohibiting or limiting the right of the

Company or any of the Company’s Subsidiaries to engage in or compete with any Person in any line of business or (B) materially prohibiting

or restricting the Company’s and the Company’s Subsidiaries’ ability to conduct their business with any Person in any

geographic area;

(viii) all

Contracts that (A) grant to any Person any preferred pricing, “most favored nation” or similar rights, (B) grant exclusivity

to any Person in respect of any geographic location, any customer, or any product or service, (C) require the purchase of all or a given

portion of the Company’s or any of its Subsidiary’s requirements for products or services from any Person, or any other similar

provision, or (D) grant to any Person price guarantees for a period greater than one year from the date of this Agreement and requires

aggregate future payments to the Company Group in excess of $250,000 in any calendar year;

(ix) Contracts

granting to any Person (other than the Company or its Subsidiaries) a right of first refusal, first offer or similar right to purchase

or acquire exclusive rights or ownership with respect to any service, product or Intellectual Property of the Company Group or to purchase

or acquire equity interests in the Company or any of the Company’s Subsidiaries;

(x) all

Contracts (other than Contracts entered into in the ordinary course of business consistent with past practices) providing for guarantees,

indemnification arrangements and other hold harmless arrangements made or provided by the Company Group;

(xi) all

Contracts (other than employment agreements, employee confidentiality and invention assignment agreements, equity or equity incentive

documents, governing documents, Contracts relating to such Affiliate’s status as a Company Securityholder) between a member of the

Company Group, on the one hand, and Affiliates of the Company or any of the Company’s Subsidiaries (other than the Company or any

of the Company’s Subsidiaries), the officers and managers (or equivalents) of the Company or any of the Company’s Subsidiaries,

the members or shareholders of the Company or any of the Company’s Subsidiaries, any employee of the Company or any of the Company’s

Subsidiaries or, to the knowledge of the Company, a member of the immediate family of the foregoing Persons, on the other hand;

(xii) all

Contracts relating to property or assets (whether real or personal, tangible or intangible) in which the Company holds a leasehold interest

and which involve payments to the lessor thereunder in excess of $200,000 per year;

(xiii) all

Contracts relating to the voting or control of the equity interests of the Company Group or the election of directors of the Company of

any of its Subsidiaries (other than the organizational or constitutive documents of the Company or its Subsidiaries);

(xiv) all

Contracts not cancellable by the Company Group with no more than 60 days’ notice if the effect of such cancellation would result

in monetary penalty to the Company in excess of $250,000 per the terms of such contract;

(xv) all

contracts and agreements with any Authority (other than purchase orders entered into in the ordinary course of business consistent with

past practices) to which any member of the Company Group is a party;

(xvi) all

Contracts creating or otherwise relating to outstanding Indebtedness (other than intercompany Indebtedness) in the aggregate that are

valued at $500,000 or greater;

(xvii) all

material Contracts that may be terminated, or the provisions of which may be altered, as a result of the consummation of the transactions

contemplated by this Agreement or any Ancillary Agreement;

(xviii) all

Contracts under which any of the benefits, compensation or payments (or the vesting thereof) will be increased or accelerated by the consummation

of the transactions contemplated by this Agreement or any Ancillary Agreement, or the amount or value thereof will be calculated on the

basis of, the transactions contemplated by this Agreement or any Ancillary Agreement; and

(xix) any

outstanding written commitment to enter into any Contract of the type described in clauses (i) through (xviii) of this Section

4.14(a).

(b) Each

Material Contract is (i) a valid and binding agreement, (ii) in full force and effect and (iii) enforceable by and against the Company

Group and each counterparty that is party thereto, subject, in the case of this clause (iii), to the Enforceability Exceptions. Except,

in each case, where the occurrence of such breach or default or failure to perform would not be material to the Company Group, taken as

a whole (w) neither the Company Group nor, to the Company’s Knowledge, any other party to a Material Contract is in material breach

or default (whether with or without the passage of time or the giving of notice or both) under the terms of any such Material Contract,

(x) each member of the Company Group has performed in all respects all respective obligations required to be performed by them to date

under each Material Contract, (y) no member of the Company Group has received any written claim or written notice of termination or breach

of or default under any such Material Contract, and (z) no event has occurred which, individually or together with other events, would

reasonably be expected to result in a breach of or a default under any such Material Contract by a member of the Company Group or, to

the knowledge of the Company, any other party thereto (in each case, with or without notice or lapse of time or both). No member of the

Company Group has assigned, delegated or otherwise transferred any of its rights or obligations under any Material Contract or granted

any power of attorney with respect thereto.

member of the Company Group is in compliance in all material respects with all covenants, including all financial covenants, in all notes,

indentures, bonds and other instruments or Material Contracts establishing or evidencing any Indebtedness. The consummation and closing

of the transactions contemplated by this Agreement shall not cause or result in an event of default under any instruments or Material

Contracts establishing or evidencing any Indebtedness.

4.15 Licenses and

Permits. Schedule 4.15 sets forth a true, complete and correct list of each Permit held by a member of the Company Group that

is required under applicable Law to permit the Company Group to own, operate, use and maintain their assets in the manner in which they

are now operated and maintained and to carry out or conduct the Business, together with the name of the Authority issuing the same. Such

Permits are valid and in full force and effect, and none of the Permits will be terminated or impaired or become terminable as a result

of the transactions contemplated by this Agreement or any Ancillary Agreement. The Company has all Permits necessary to operate the Business,

and each of the Permits is in full force and effect. The Company is not in material breach or violation of, or material default under,

any such Permit, and, to the Company’s Knowledge, no basis (including the execution of this Agreement and the other Ancillary Agreements

to which the Company is a party and the consummation of the transactions contemplated by this Agreement or any Ancillary Agreement) exists

which, with notice or lapse of time or both, would reasonably constitute any such breach, violation or default or give any Authority

grounds to suspend, revoke or terminate any such Permit. The Company has not received any written (or, to the Company’s Knowledge,

oral) notice from any Authority regarding any material violation of any Permit. There has not been and there is not any pending or, to

the Company’s Knowledge, threatened Action, investigation or disciplinary proceeding by or from any Authority against the Company

involving any material Permit.

4.16 Compliance with

Laws. Neither the Company nor, to the Knowledge of the Company, any Representative or other Person acting on behalf of the Company,

is in violation in any material respect of, and, since January 1, 2023, no such Person has failed to be in compliance in all material

respects with, all applicable Laws and Orders. Since January 1, 2023, (i) no event has occurred or circumstance exists that (with or

without notice or due to lapse of time) would reasonably constitute or result in a material violation by the Company of, or material

failure on the part of the Company to comply with, or any material liability suffered or incurred by the Company in respect of any violation

of or material noncompliance with, any Laws, Orders or policies by Authority that are or were applicable to it or the conduct or operation

of its business or the ownership or use of any of its assets and (ii) no Action is pending, or to the Knowledge of the Company, threatened,

alleging any such violation or noncompliance by the Company. Since January 1, 2023, the Company has not been threatened in writing or,

to the Company’s Knowledge, orally to be charged with, or given written or, to the Company’s Knowledge, oral notice of any

violation of any Law or any judgment, order or decree entered by any Authority.

4.17 Intellectual

Property.

(a) (i)

The Company or one of its Subsidiaries possesses and is the sole and exclusive owner of all right, title, and interest in and to each

item of Company Owned IP, and owns or has a valid license to use all other Intellectual Property and IT Systems used or practiced (or

held for use or practice) in or necessary for the conduct of the Businesses, in each case, free and clear of any Liens (except for Permitted

Liens). (ii) The Company or one of its Subsidiaries has a valid right and license to use all Company Licensed IP. None of the foregoing

(i) – (ii) will be adversely affected in any material respect by (nor will require the payment or grant of additional amounts or

consideration as a result of) the execution, delivery, or performance of this Agreement nor the consummation of the transactions contemplated

hereby.

(b) Schedule

4.17(b) sets forth a true, correct and complete list of all (i) Registered Owned IP; (ii) Domain Names constituting Company Owned

IP; and (iii) all social media handles constituting Company Owned IP and material unregistered Marks, in each case, accurately specifying

as to each of the foregoing, as applicable: (A) in the case of Registered Owned IP, the filing number, issuance or registration number,

or other identifying details; (B) the owner and any other person other than the Company Group that has an ownership interest and the nature

of such other person’s ownership interest; (C) the jurisdictions by or in which such Registered Owned IP has been issued, registered,

or in which an application for such issuance or registration has been filed; and (D) the status and expiration date and (E) any liens

or security interests that apply.

Registered Owned IP is subsisting, and, to the Knowledge of the Company, valid enforceable. Each item of Registered Owned IP is and has

been at all times prosecuted, recorded, filed, and maintained, as applicable, in compliance with applicable Law or the rules of the applicable

registrar, and none of the Registered Owned IP has been cancelled, abandoned, rejected, repudiated or otherwise terminated other than

in the ordinary course of business. No Registered Owned IP is or has been involved in any interference, opposition, reissue, reexamination,

revocation or equivalent proceeding, and no such proceeding has been threatened in writing with respect thereto. In the past six years,

there have been no claims filed, served or threatened in writing, or to the Knowledge of the Company orally threatened, against the Company

Group contesting the validity, use, ownership, enforceability, patentability, registrability, or scope of any Registered Owned IP. All

registration, maintenance and renewal fees currently due in connection with any Registered Owned IP have been paid and all documents,

recordations and certificates in connection therewith have been filed with the Authorities in the United States or foreign jurisdictions,

as the case may be, for the purposes of prosecuting, maintaining and perfecting such rights and recording the Company Group’s ownership

or interests therein.

(d) (i)

The use of the Company Owned IP, and the conduct of the Business (including the manufacturing, development, marketing, licensing, sale,

use, or distribution of the Company’s products and services) have not, to the Knowledge of the Company, in the past three years

infringed, misappropriated, or otherwise violated and do not infringe, misappropriate, or otherwise violate any Intellectual Property

rights of any Person. and no member of the Company Group has any current outstanding liability for any of the foregoing. (ii) There is

no Action pending (and in the past six years, there have been no claims filed, served or threatened in writing, or to the Knowledge of

the Company orally threatened, against any member the Company Group) either (x) alleging any conflict with, infringement, misappropriation,

unauthorized use, or other violation of any Intellectual Property of a third Person (including any unsolicited written offers to license

any such Intellectual Property), or (y) challenging the use, ownership, validity or enforceability of any Company Owned IP, and in each

case, no member of the Company Group knows of any valid basis therefor.

(e) (i)

To the Knowledge of the Company, in the past six years no third Person has conflicted with, infringed, misappropriated, used without authorization,

or otherwise violated any Company Owned IP. (ii) In the past six years the Company Group has not filed, served, or threatened a third

Person in writing with any claims alleging any conflict with, infringement, misappropriation, use without authorization, or other violation

of any Company IP. (iii) There are no Actions pending that involve a claim against a third Person by the Company Group alleging infringement,

misappropriation, use without authorization, or other violation of Company IP. (iv) The Company Group is not subject to any Order that

adversely restricts the use, transfer, registration or licensing of any Company IP by any member of the Company Group.

(f) Each

past and present employee, agent, consultant, and contractor who is or who has contributed to or participated in the creation or development

of any material Intellectual Property on behalf of any member of the Company Group or any predecessor in interest thereto has executed

a valid and enforceable written form of proprietary information and/or inventions agreement or similar written Contract with the Company

Group under which such Person has validly and presently assigned all right, title and interest in and to such Intellectual Property to

the Company (or such predecessor in interest, as applicable) (or all such rights, title and interest have vested or will vest in the Company

or one of its Subsidiaries by operation of Law).

(g) Each

past and present employee, agent, consultant, and contractor having access to Trade Secrets or other confidential or non-public information

of the Company Group have entered into agreements with the Company Group under which such Person is obligated to maintain the confidentiality

of the Company Group’s confidential information and other Trade Secrets. To the Knowledge of the Company, no party thereto is in

default or breach of such confidentiality obligations.

(h) No

government funding or facility of a university, college, other educational institution or research center was used in the development

of any item of material Registered Owned IP that adversely affects the Company Group’s rights in such Intellectual Property. The

Company is not part of any standards group which would require sharing Registered Owned IP with members of the standards group.

(i) None

of the execution, delivery or performance by the Company of this Agreement or any of the Ancillary Agreements to which the Company is

or will be a party or the consummation by the Company of the transactions contemplated hereby or thereby will (i) cause any item of Company

Owned IP, or any material item of Company Licensed IP immediately prior to the Closing, to not be owned, licensed or available for use

by the Company Group on substantially the same terms and conditions immediately following the Closing or (ii) require any additional payment

obligations by the Company Group in order to use or exploit any other such Intellectual Property to the same extent as the Company Group

was permitted immediately before the Closing.

(j) (i)

Except with respect to the agreements listed on Schedule 4.14(a)(vi), the Company Group is not obligated under any material Contract

to make any material payments by way of royalties, fees, or otherwise to any owner or licensor of, or other claimant to, any Intellectual

Property.

(k) The

Company Group has taken all necessary and otherwise reasonable steps necessary to maintain, protect and enforce the secrecy, confidentiality

and value of all Trade Secrets held by them or otherwise used in the Business (including all source code for Company Software and all

proprietary AI/ML), in each instance that are at least consistent with efforts undertaken by third Persons in the industry within which

the Business is a part. No such Trade Secret has been disclosed by the Company Group to any third Person other than pursuant to the terms

of a valid, written confidentiality agreement with such Person that (i) obligates such Person to maintain the confidentiality thereof,

(ii) imposes perpetual confidentiality obligations with respect to trade secrets, and (iii) is in full force and effect, to the Knowledge

of the Company, not breached, and legally enforceable by the Company Group.

(l) No

Company Owned IP is subject to any technology or source code escrow arrangement or obligation. No person other than the Company Group

(and its employees and contractors bound by reasonable confidentiality obligations and who have a need to know) has been granted by the

Company Group an actual or contingent right to access or possess (including pursuant to escrow), a copy in any form of the source code

of the Company Software, or will be entitled to obtain access to or possession of such source code as a result of the execution, delivery

and performance of by the Company of this Agreement. The Company Group is in actual possession and control of the source code of any Company

Software and all related documentation and materials.

(m) In

the past three years, the Company Group has complied in all material respects with all (i) applicable Data Protection Laws, (ii) Contracts

to which the Company is a party regarding the Processing, privacy, security, and confidentiality of Personal Information; and (iii) policies

and notices regarding the Processing of Personal Information established by the Company Group regarding the operation of the business

as currently conducted (the “Privacy Policies” and, collectively (i)-(iii) the “Privacy Obligations”)

that are made available to all visitors to the Sites. For purposes of this subsection (m), “Sites” shall mean, any websites

or applications made available by the Company Group to the general public. The Privacy Policies accurately describe the Company Group’s

collection, disclosure and use of Personal Information in all material respects, and materially comply with all applicable Data Protection

Laws. In the past three years, none of the marketing materials and/or advertisements provided by the Company Group have been in material

violation of applicable Data Protection Laws.

(n)

In the past three years, there have been no written complaints, audits, proceedings, investigations, or claims pending or that have been

made against the Company Group by any Authority, or by any Person, in respect of Processing of Personal Information by the Company Group

or relating to Security Incidents. The Company Group (i) has implemented commercially reasonable physical, technical, organizational and

administrative security measures and policies designed to protect the confidentiality, integrity and availability of all Personal Information

Processed or maintained by the Company Group and confidential information, including from unauthorized physical or virtual access, use,

modification, acquisition, disclosure or other misuse, and (ii) except as would not be material to the Company Group, requires by written

contract all third party providers who Process Personal Information on the Company Group’s behalf to implement commercially reasonable

security and adequate policies consistent with applicable Data Protection Laws. In the past three years, the Company Group has not experienced

any unauthorized access, use, disclosure or modification of Personal Information maintained by the Company Group (a “Security

Incident”). To the Knowledge of the Company, in the past three years, no service provider (in the course of providing services

for or on behalf of the Company Group) has suffered any material Security Incident relating to its Processing of Personal Information

on the Company Group’s behalf, and each such service provider is in compliance with the terms of its Contracts with the Company

Group in all material respects.

(o) The

execution, delivery and performance of this Agreement, including the transfer of any material Personal Information and the consummation

of the transactions contemplated hereby materially comply with all Data Protection Laws. Except as would not be material to the Company

Group, the Company Group has all necessary authority and lawful basis, and has at all times made all disclosures to, and obtained any

necessary consents from, users, customers, employees, contractors and other applicable Persons required by all Data Protection Laws.

(p) The

Company Information Systems and Company Software and all Software that is used by the Company Group, to the Knowledge of the Company,

are free of all viruses, worms, keylogger software, “time bombs,” “back doors,” “trap doors,” Trojan

horses and other material known contaminants and does not contain any bugs, errors, faults, malicious code, disabling devices, or problems

of a material nature that would disrupt its operation or have an adverse impact the functionality of or permit unauthorized access or

to disable or otherwise harm any computer, Software or other IT Systems. None of the Company Software is subject to any Copyleft Licenses.

The Company Group is in material compliance with all Publicly Available Software license terms applicable to any Publicly Available Software

licensed to or used by the Company Group. The Company Group has used commercially reasonable efforts to maintain the confidentiality of

the source code and confidential system documentation relating to all Company Software, including proprietary AI/ML.

(q) The

Company Information Systems constitute all IT Systems used in or necessary for the operation of the business of the Company Group. The

Company Group has implemented and maintained (or, where applicable, has required its vendors to maintain) in material compliance with

the Company’s internal standards as well as its contractual obligations to other Persons (including any applicable warranties or

other user instructions from vendors), commercially reasonable security, and adequate policies and procedures regarding the performance,

security, confidentiality, availability, and integrity of the Company Information Systems from unauthorized physical or virtual access,

use, modification, acquisition, disclosure or other misuse. To the Knowledge of the Company, there has been no material breach, intrusion,

unauthorized access to or use of the Company Information Systems or other security incident that has impacted the integrity or availability

of the Company Information Systems, nor has there been any downtime or unavailability of the Company Information Systems that resulted

in a material disruption of the Business, in each case, in the past three years. The Company Information Systems and Company Software

(i) are adequate and sufficient (including with respect to working condition and capacity) for the operations of the Business and perform

in all material conformance with their documentation and functional specifications, (ii) operate and perform in all material respects

as currently required to conduct and operate the Business; (iii) are free from any material software defect. Aside from the outages described

in Schedule 4.17(q), there are currently no known and unresolved malfunctions, misconfigurations, vulnerabilities, or failures

with respect to any Company Information System that has had a material effect on the operations of the Company Group. The Company Group

has implemented commercially reasonable backup, anti-virus, malware protection, server patch, intrusion detection, and disaster recovery

technology, policies and procedures and all other security and incident detection and response measures (including access control protocols

and capabilities for proprietary AI/ML).

(r) The

Company Group maintains industry standard access control protocols and capabilities that secure access to the Company AI Products and

the Data used to train, teach, or improve any Company AI Product and there has been, to the Knowledge of the Company, (A) no unauthorized

access to the Company Software used in a Company AI Product, or to the Data used to train, teach, or improve any Company AI Product; (B)

no unauthorized access to the IT Systems used in the development, improvement or operation of Company AI Products; and (C) no use of the

Company AI Product by a third party to engage in unlawful activity. The Company AI Products and, to the Knowledge of the Company, other

AI/ML used (or held for use) by the Company Group do not permit or cause unauthorized access to, or disruption, impairment, modification,

recordation, misuse, transmission, disablement or destruction of any Software, Data, systems or other materials.

(s) The

Company Group maintains a technical description of any neural networks used in or with any Company AI Products that is a sufficiently

detailed so that the neural network can be modified, debugged and improved from time to time by programmers skilled in the development

of AI/ML. For each Company AI Product that is used to make (or facilitate the making of) decisions, the Company Group have materially

complied with all the Laws applicable to the Company AI Product.

(t) The

Company Group is in material compliance with industry standards policies and procedures relating to the ethical or responsible use of

AI/ML. There has been (1) no material non-compliance alleged in writing against the Company Group with any such policies or and procedures

challenging the Company Group’s ethical use of AI/ML; (2) no material failure alleged in writing against the Company Group of a

Company AI Product failing to satisfy the ethical or responsible use requirements or guidelines specified in any such policies or procedures;

(3) no written complaint, claim, proceeding or litigation against the Company Group alleging that training data used in the development,

training, improvement or testing of any Company AI Product was falsified, biased, untrustworthy or manipulated in an unethical or unscientific

way; and to the Knowledge of the Company, no report, finding or impact assessment of any internal or external auditor, technology review

committee, independent technology consultant, whistle-blower, transparency or privacy advocate, labor union, journalist or academic that

makes any such allegation; and (4) no written request to the Company Group from regulators or legislators concerning any Company AI Product

or its proprietary AI/ML.

(u) The

Company Group has complied with all license terms applicable to all third-party Data used by the Company Group to train, teach or improve

any AI/ML that is owned by the Company Group.

4.18 Employees; Employment

Matters.

(a) The

Company has made available to Parent or its counsel a true, correct and complete list of each person currently employed by the Company

Group and each such person’s principal location of employment, employer, hire date, status as exempt or non-exempt from overtime

Laws, base or hourly wage or other compensation rate (as applicable), commission, bonus or other incentive opportunity, leave status and

accrued vacation and paid-time-off as of the date such schedule was made available (which date shall be within 10 days of the date of

this Agreement).

(b) The

Company has made available to Parent or its counsel a true, correct and complete list of each person currently engaged by the Company

Group as a consultant or an independent contractor, such person’s principal location of engagement, date of retention, and the compensation

arrangement for the person as of the date such schedule was made available (which date shall be within 10 days of the date of this Agreement).

The Company Group has properly classified all service providers as either self-employed, employees or independent contractors and as exempt

or non-exempt for all purposes in all material respects and has made all necessary filings in connection with services provided by, and

compensation paid to, such service providers in all material respects.

Company Group is not a party to, bound by, negotiating or required to negotiate any collective bargaining agreement or other agreement

with a labor union or other labor organization. No employees of the Company Group or any of its Subsidiaries are represented by any labor

union or other labor organization, and, since January 1, 2023, to the Knowledge of the Company, there has been no activities or proceeding

by a labor union or other labor organization seeking to organize any employees of the Company Group and no demand for recognition or certification

as the exclusive bargaining representative of any employees has been made by or on behalf of any labor union or other labor organization.

There is no labor strike, material slowdown or material work stoppage or lockout pending or, to the Knowledge of the Company, threatened

in writing against the Company Group, and, since January 1, 2023, the Company Group has not experienced any strike, material slowdown,

material work stoppage or lockout, grievance or labor dispute or similar activity in respect of the business of the Company Group that

may, individually or in the aggregate, interfere in any material respect with the respective business activities of the Company.

(d) There

are no pending or, to the Knowledge of the Company, threatened in writing material Actions against the Company Group (including, without

limitation, any such Actions under any worker’s compensation policy or long-term disability policy) by any of its current or former

employees, independent contractors or job applicants. There is no material unfair labor practice charge or complaint pending or, to the

Knowledge of the Company, threatened in writing before any applicable Authority relating to employees of the Company Group. Since January

1, 2023, the Company Group has been in compliance in all material respects with notice and other requirements under the Workers’

Adjustment Retraining and Notification Act of 1988, as amended, or any similar state or local statute, rule or regulation relating to

plant closings and layoffs (collectively, the “WARN Act”). There is no ongoing location closing, employee layoff, or

relocation activities that would trigger notice or any other requirements under the WARN Act.

(e) The

Company Group is, and since January 1, 2023 has been, in compliance in all material respects with all applicable Laws relating to employment,

including all applicable Laws relating to wages, hours, overtime, collective bargaining, equal employment opportunity, discrimination,

harassment (including, but not limited to sexual harassment), retaliation, immigration, verification of identity and employment authorization

of individuals employed in the United States, employee leave, disability rights or benefits, employment and reemployment rights of members

and veterans of the uniformed services, paid time off/vacation, unemployment insurance, safety and health, workers’ compensation,

pay equity, restrictive covenants, whistleblower rights, child labor, classification of employees and independent contractors, meal and

rest breaks, reimbursement of business expenses, and the collection and payment of withholding or social security Taxes.

(f) Schedule

4.18(f) discloses each individual who is employed by the Company pursuant to a visa and the expiration date of such visa.

(g) To

the Knowledge of the Company, no Key Employee is a party to or bound by any enforceable confidentiality agreement, non-competition agreement

or other restrictive covenant (with any Person) that materially interferes with: (i) the performance by such Key Employee of his or her

duties or responsibilities as an officer or employee of the Company Group or (ii) the Company Group’s business or operations. No

Key Employee has given notice (written or oral) of his or her definite intent to terminate his or her employment with the Company Group,

nor has the Company Group provided notice (written or oral) of the termination of the employment of any of the foregoing.

(h) Since

January 1, 2023, the Company Group has not received written notice of any material claim or litigation relating to an allegation of discrimination,

retaliation, harassment (including sexual harassment), or sexual misconduct; nor is there any outstanding obligation for the Company Group

under any settlement relating to such matters and to the Knowledge of the Company, no such claim or litigation has been threatened in

writing.

(i) As

of the date hereof and since January 1, 2023, there have been no material audits of the Company Group by any Authority, under any applicable

federal, state or local occupational safety and health Law and Orders (collectively, “OSHA”) against the Company Group, nor

have there been any related charges, fines, or penalties, and the Company Group has been in compliance in all material respects with OSHA.

(j) All

employees of the Company Group are legally authorized to work in the location in which they work, and the Company Group maintains accurate

records concerning all I-9 filings for employees working in the United States.

4.19 Withholding.

Except as disclosed on Schedule 4.19, all reasonably anticipated obligations of the Company Group with respect to employees of

the Company Group (except for those related to wages during the pay period immediately prior to the Closing Date, arising in connection

with the consummation of the transactions contemplated hereby or arising in the ordinary course of business consistent with past practices),

whether arising by operation of Law, or by contract, for salaries, bonuses and vacation pay/paid time off to such employees in respect

of the services rendered by any of them prior to the date hereof have been or will be paid by the Company or accrued on the Company Financial

Statements prior to the Closing Date.

4.20 Employee Benefits.

(a) Schedule

4.20(a) sets forth a correct and complete list of all material Plans. With respect to each Plan, the Company has made available to

Parent or its counsel a true and complete copy, to the extent applicable, of: (i) each writing constituting a part of such Plan and all

amendments thereto, including all plan documents, material employee communications, benefit schedules, trust agreements, and insurance

contracts and other funding vehicles; (ii) a written description of such Plan if such Plan is not set forth in a written document; (iii)

the current summary plan description and any material modifications thereto; (iv) the most recent annual financial and actuarial reports;

(v) the most recent determination or advisory letter received by the Company from the IRS regarding the tax-qualified status of such Plan;

(vi) the most recent written results of all required compliance testing since January 1, 2023; and (vii) all material correspondence to

or from the IRS, the United States Department of Labor, the Pension Benefit Guaranty Corporation or any other Authority received in the

last three years with respect to any Plan.

(b) No

Plan is or has at any time been (i) subject to Title IV or Section 302 of ERISA or Section 412 or 4971 of the Code, (ii) a “multiemployer

plan” (as defined in Section 3(37) of ERISA), (iii) a “multiple employer plan” (within the meaning of the Code or ERISA),

(iv) a “multiple employer welfare arrangement” (within the meaning of Section 3(40) of ERISA), (v) a “funded welfare

plan” within the meaning of Section 419 of the Code or (iv) sponsored by a human resources or benefits outsourcing entity, professional

employer organization or other similar vendor or provider. Neither the Company nor any ERISA Affiliate has ever maintained, established,

participated in or contributed to, or is or has been obligated to contribute to, or has otherwise incurred any obligation or liability

(including any contingent liability) under, any multiemployer plan or has withdrawn at any time since January 1, 2023 from any multiemployer

plan or incurred any withdrawal liability which remains unsatisfied.

respect to each Plan that is intended to qualify under Section 401(a) of the Code, such Plan, including its related trust, has received

a determination letter (or may rely upon opinion letters in the case of any prototype plans) from the IRS that it is so qualified and

that its trust is exempt from Tax under Section 501(a) of the Code, and, to the Knowledge of the Company, nothing has occurred with respect

to the operation of any such Plan that could reasonably be expected to cause the loss of such qualification or exemption.

(d) There

are no pending or, to the Knowledge of the Company, threatened material Actions against or relating to the Plans, the assets of any of

the trusts under such Plans or the Plan sponsor or the Plan administrator, or against any fiduciary of any Plan with respect to the operation

of such Plan (other than routine benefits claims). No Plan is presently under audit or examination (nor has written notice been received

of a potential audit or examination) by any Authority.

(e) Each

Plan has been established, administered, maintained and funded in accordance with its terms and in compliance in all material respects

with the applicable provisions of ERISA, the Code and other applicable Laws. There is not now, nor, to the Knowledge of the Company, do

any circumstances exist that could give rise to, any requirement for the posting of security with respect to a Plan or the imposition

of any lien on the assets of the Company under ERISA or the Code. All premiums due or payable with respect to insurance policies funding

any Plan have been made or paid in full or, to the extent not required to be made or paid on or before the date hereof, have been fully

reflected on the Company Financial Statements.

(f) None

of the Plans provide retiree or post-employment health, disability, life insurance or other welfare benefits and no member of the Company

Group has any obligation to provide such benefits, except as may be required by Section 4980B of the Code, Section 601 of ERISA or any

other applicable Law. There has been no material violation of the “continuation coverage requirement” of “group health

plans” as set forth in Section 4980B of the Code and Part 6 of Subtitle B of Title I of ERISA with respect to any Plan to which

such continuation coverage requirements apply.

(g) Except

as set forth on Schedule 4.20(g), neither the execution and delivery of this Agreement nor the consummation of the transactions

contemplated hereby will (either alone or in combination with another event) (i) result in any payment becoming due, or increase the amount

of any compensation or benefits due, to any current or former employee of the Company with respect to any Plan; (ii) increase any benefits

otherwise payable under any Plan; (iii) result in the acceleration of the time of payment or vesting of any such compensation or benefits;

or (iv) result in the payment of any amount that would, individually or in combination with any other such payment, be an “excess

parachute payment” within the meaning of Section 280G of the Code. No Person is entitled to receive any additional payment (including

any tax gross-up or other payment) from the Company as a result of the imposition of the excise taxes required by Section 4999 of the

Code or any taxes required by Section 409A of the Code.

(h) Each

Plan that is a “nonqualified deferred compensation plan” (as defined in Section 409A(d)(1) of the Code) is in all respects

in documentary compliance with, and has been administered in all respects in compliance with, Section 409A of the Code.

(i) Each

Plan that is subject to the Patient Protection and Affordable Care Act, as amended by the Health Care and Education Reconciliation Act

of 2010 (the “Affordable Care Act”) has been established, maintained and administered in compliance with the requirements

of the Affordable Care Act.

(j) All

Plans subject to the laws of any jurisdiction outside of the United States (“Non-U.S. Plans”) are listed on Schedule

4.20(j). All Non-U.S. Plans comply in all material respects with applicable local Law, and all such plans that are intended to be

funded and/or book-reserved are funded and/or book reserved, as appropriate, based upon reasonable actuarial assumptions, and if they

are intended to qualify for special tax treatment, meet all requirements for such treatment. As of the date hereof, there is no pending

or, to the Knowledge of the Company, threatened material litigation relating to any Non-U.S. Plan.

4.21 Real Property.

(a) Except

as set forth on Schedule 4.21, the Company Group does not own nor has it ever owned, or otherwise have an interest in, any Real

Property, including under any Real Property Lease. The Leases are the only Contracts pursuant to which the Company leases, subleases or

uses any Real Property or right in any Real Property. The Company Group has provided to Parent and Merger Sub accurate and complete copies

of all Leases. The Company Group has good, valid and subsisting title to its respective leasehold estates in all the Real Property it

Leases, which Real Property consists of the research, manufacturing, and office facilities described on Schedule 4.21, free and

clear of all Liens. The Company Group has not materially breached or violated any local zoning ordinance, and no notice from any Person

has been received by the Company Group or served upon the Company Group claiming any violation of any local zoning ordinance.

(b) With

respect to each Lease: (i) it is valid, binding and enforceable in accordance with its terms and in full force and effect; (ii) all rents

and additional rents and other sums, expenses and charges due thereunder have been paid; (iii) the Company Group has been in peaceable

possession of the premises leased thereunder since the commencement of the original term thereof; (iv) no waiver, indulgence or postponement

of the Company Group’s obligations thereunder has been granted by the lessor; (v) the Company Group has performed all material obligations

imposed on it under such Lease and there exist no default or event of default thereunder by the Company Group or, to the Company’s

Knowledge, by any other party thereto; (vi) there exists, to the Company’s Knowledge, no occurrence, condition or act which, with

the giving of notice, the lapse of time or the happening of any further event or condition, would reasonably be expected to become a default

or event of default by the Company Group thereunder or by the counterparty thereunder; (vii) to the Company’s Knowledge, there are

no outstanding claims of breach or indemnification or notice of default or termination thereunder; and (viii) the Company Group has not

exercised early termination options, if any, under any such Lease. The Company Group holds the leasehold estate established under the

Leases free and clear of all Liens, except for Liens of mortgagees made by the owners of the Real Property on which such leasehold estate

is located or other Permitted Liens. The Real Property leased by the Company Group is in a state of maintenance and repair in all material

respects adequate and suitable for the purposes for which it is presently being used, and there are no material repair or restoration

works likely to be required in connection with such leased Real Property. The Company Group is in physical possession and actual and exclusive

occupation of the whole of the leased Real Property subject to such Leases, none of which is subleased or assigned to another Person.

Each Lease is a lease of all useable square footage of the premises located at each leased Real Property. To the Knowledge of the Company,

the Company does not owe any brokerage commission with respect to any Real Property. To the Company’s Knowledge, there is no condemnation

or similar proceeding pending or threatened with respect to any Real Property leased by the Company Group or any portion thereof.

4.22 Tax Matters.

Except as set forth on Schedule 4.22,

(a) The

Company and each of its Subsidiaries have duly and timely filed all income and other material Tax Returns which are required to be filed

by it, and have paid all material Taxes (whether or not shown on such Tax Returns) which have become due, and all such Tax Returns of

the Company and each of its Subsidiaries are true, correct and complete and accurate in all material respects.

(b) There

is no Action, assessment, deficiency or proposed adjustment with respect to a material amount of Taxes that has been asserted or assessed,

or that is pending or proposed in writing, by any Authority against any member of the Company Group that remains unresolved or unpaid.

statute of limitations in respect of the assessment or collection of any Taxes of any member of the Company Group has been waived or extended

(other than pursuant to extensions of time to file Tax Returns obtained in the ordinary course of business), which waiver or extension

is in effect.

(d) Each

member of the Company Group has duly withheld or collected and paid over to the applicable Taxing Authority in a timely manner all material

Taxes required to be withheld or collected by such member of the Company Group in connection with any amounts paid or owing to any employee,

creditor, independent contractor or other third party and has otherwise complied in all material respects with all applicable withholding

and related reporting requirements with respect to such Taxes.

(e) Each

member of the Company Group has collected and remitted to the applicable Taxing Authority all material sales Taxes required to be collected

by such member of the Company Group.

(f) No

member of the Company Group has requested any letter ruling, technical advice, a change of any method of accounting, or any similar request

that is in progress or pending with any Authority with respect to any Taxes.

(g) There

is no Lien (other than Permitted Liens) for Taxes upon any of the assets of any member of the Company Group.

(h) No

member of the Company Group has received any written request from a Taxing Authority in a jurisdiction where a member of the Company Group

has not paid any Tax or filed Tax Returns asserting that a member of the Company Group is or may be subject to Tax in such jurisdiction,

and no member of the Company Group has a permanent establishment (within the meaning of an applicable Tax treaty) or other fixed place

of business in a country other than the country in which it is organized.

(i) No

member of the Company Group is a party to any Tax sharing, Tax indemnity or Tax allocation Contract (other than a contract entered into

in the ordinary course of business the principal purpose of which is not related to Taxes).

(j) No

member of the Company Group has been a member of an affiliated, consolidated, combined or unitary group filing for U.S. federal, state

or local income Tax purposes (other than a group the common parent of which was the Company or any of its Subsidiaries).

(k) No

member of the Company Group has any liability for the Taxes of any other Person (other than the Company Group): (1) under Treasury Regulations

Section 1.1502-6 (or any similar provision of applicable Law), (2) as a transferee or successor or (3) otherwise by operation of applicable

Law.

(l) No

member of the Company Group is a “United States real property holding corporation” within the meaning of Section 897(c)(2)

of the Code during the applicable period specified in Section 897(c)(1)(A)(ii) of the Code.

(m) No

member of the Company Group has been a party to any “listed transaction” or failed to report any “reportable transaction”

as such terms are defined in Section 6707A(c) of the Code and Treasury Regulations Section 1.6011-4(b) and as such reporting is required

pursuant thereto.

(n) No

member of the Company Group has been a party to any transaction treated by the parties as a distribution of stock qualifying for tax-free

treatment under Section 355 of the Code in the five years prior to the date of this Agreement.

(o) No

member of the Company Group is a “controlled foreign corporation” as defined in Section 957 of the Code or is a “passive

foreign investment company” within the meaning of Section 1297 of the Code.

(p) No

member of the Company Group will be required to include any material item of income or exclude any material item of deduction for any

taxable period ending after the Closing Date as a result of: (i) adjustment under Section 481 of the Code (or any corresponding or similar

provision of state, local or non-U.S. income Tax Law) by reason of a change in method of accounting for a taxable period ending on or

before the Closing Date; (ii) any “closing agreement” described in Section 7121 of the Code (or any corresponding or similar

provision of state, local or non-U.S. income Tax Law) executed on or before the Closing Date; (iii) any installment sale or open transaction

disposition made on or before the Closing Date; (iv) any prepaid amount or deferred revenue realized or received on or before the Closing

Date; (v) any intercompany transaction or excess loss account described in Treasury Regulations under Section 1502 of the Code (or any

corresponding or similar provision of state, local or non-U.S. income Tax Law); or (vi) election under Section 965 of the Code.

(q) The

Company is and has been treated as a C corporation for U.S. federal, state and local income tax purposes since the date of its formation.

Schedule 4.22(q) sets forth the U.S. federal income tax classification of each Subsidiary of the Company.

(r) No

member of the Company Group is aware of any fact or circumstance (without conducting independent inquiry or diligence of the other relevant

party), and has not knowingly taken or agreed to take any action (or failed to take any action), that would reasonably be expected to

prevent or impede the Domestication from qualifying for the Domestication Intended Tax Treatment or the Merger from qualifying for the

Merger Intended Tax Treatment.

(s) The

Company is not an “investment company” within the meaning of Section 368(a)(2)(F) of the Code.

4.23 Environmental

Laws. The Company Group has complied and is in material compliance with all Environmental Laws, and there are no Actions pending

or, to the Knowledge of the Company, threatened against the Company Group alleging any failure to so comply. The Company Group has not

(i) received any written notice of any alleged claim, violation of or liability under any Environmental Law nor any claim of potential

liability with regard to any Hazardous Material, which has not heretofore been cured or for which there is any remaining liability; (ii)

to the Knowledge of the Company, disposed of, emitted, discharged, handled, stored, transported, used or released any Hazardous Material,

arranged for the disposal, discharge, storage or release of any Hazardous Material or exposed any employee or other individual or property

to any Hazardous Material so as to give rise to any liability or corrective or remedial obligation under any Environmental Laws; or (iii)

entered into any agreement that may require it to guarantee, reimburse, pledge, defend, hold harmless or indemnify any other Person with

respect to liabilities arising out of Environmental Laws or the Hazardous Material Activity. To the Knowledge of the Company, there are

no Hazardous Materials in, on or under any properties owned, leased or used at any time by the Company Group that could give rise to

any liability or corrective or remedial obligation of the Company Group under any Environmental Laws.

4.24 Finders’

Fees. Except as set forth on Schedule 4.24, there is no investment banker, broker, finder or other intermediary which has

been retained by or is authorized to act on behalf of the Company or any of its respective Affiliates who might be entitled to any fee

or commission from the Company, Merger Sub, Parent or any of its respective Affiliates upon consummation of the transactions contemplated

by this Agreement or any of the Ancillary Agreements.

4.25 Directors and

Officers. Schedule 4.25 sets forth a true, correct and complete list of all directors and officers of the Company and each

Subsidiary as of the date of this Agreement.

4.26 Certain Business

Practices.

(a) The

Company currently is and has at all times been, in compliance with applicable Laws related to (i) anti-corruption or anti-bribery, including

the U.S. Foreign Corrupt Practices Act of 1977, 15 U.S.C. §§78dd-1, et seq., and any other equivalent or comparable Laws of

other countries (collectively, “Anti-Corruption Laws”), (ii) economic sanctions administered, enacted or enforced by

any Authority (collectively, “Sanctions Laws”), (iii) export controls, including the U.S. Export Administration Regulations,

15 C.F.R. §§730, et seq., and any other equivalent or comparable Laws of other countries (collectively, “Export Control

Laws”), (iv) anti-money laundering, including the Money Laundering Control Act of 1986, 18 U.S.C. §§1956, 1957, and

any other equivalent or comparable Laws of other countries (collectively, “Anti-Money Laundering Laws”), (v) anti-boycott

regulations, as administered by the U.S. Department of Commerce, and (vi) importation of goods, including Laws administered by the U.S.

Customs and Border Protection, Title 19 of the U.S.C. and C.F.R., and any other equivalent or comparable Laws of other countries (collectively,

“International Trade Control Laws”).

(b) Neither

the Company nor, to the Knowledge of the Company, any Representative of the Company (acting on behalf of the Company), is or is acting

under the direction of, on behalf of or for the benefit of a Person that is, (i) the subject of Sanctions Laws or identified on any sanctions

or similar lists administered by an Authority, including the U.S. Department of the Treasury’s Specially Designated Nationals List,

the U.S. Department of Commerce’s Denied Persons List and Entity List, the U.S. Department of State’s Debarred List, HM Treasury’s

Consolidated List of Financial Sanctions Targets and the Investment Bank List, or any similar list enforced by any other relevant Authority,

as amended from time to time, or any Person owned or controlled by any of the foregoing (collectively, “Prohibited Party”);

(ii) the target of any Sanctions Laws; (iii) located, organized or resident in a country or territory that is, or whose government is,

the target of comprehensive trade sanctions under Sanctions Laws, including, as of the date of this Agreement, Cuba, Iran, North Korea,

Russia, Sudan and Syria; or (iv) an officer or employee of any Authority or public international organization, or officer of a political

party or candidate for political office. Neither the Company nor, to the Knowledge of the Company, any Representative of the Company (acting

on behalf of the Company), (A) has participated in any transaction involving a Prohibited Party, or a Person who is the target of any

Sanctions Laws, or any country or territory that was during such period or is, or whose government was during such period or is, the target

of comprehensive trade sanctions under Sanctions Laws, (B) to the Knowledge of the Company, has exported (including deemed exportation)

or re-exported, directly or indirectly, any commodity, software, technology, or services in violation of any applicable Export Control

Laws or (C) has participated in any transaction in violation of or connected with any purpose prohibited by Anti-Corruption Laws or any

applicable International Trade Control Laws, including support for international terrorism and nuclear, chemical, or biological weapons

proliferation.

Company has not received written notice of, nor, to the Knowledge of the Company, any of its Representatives is or has been the subject

of, any investigation, inquiry or enforcement proceedings by any Authority regarding any offense or alleged offense under Anti-Corruption

Laws, Sanctions Laws, Anti-Money Laundering Laws, Export Control Laws or International Trade Control Laws (including by virtue of having

made any disclosure relating to any offense or alleged offense) and, to the Knowledge of the Company, there are no circumstances likely

to give rise to any such investigation, inquiry or proceeding.

4.27 Insurance.

All forms of insurance owned or held by and insuring the Company Group are set forth on Schedule 4.27, and such policies are in

full force and effect. All premiums due with respect to such policies covering all periods up to and including the Closing Date have

been paid, no notice of cancellation or termination has been received with respect to any such policy which was not replaced on substantially

similar terms prior to the date of such cancellation or termination and there is no claim by the Company Group or, to the Company’s

Knowledge, any other Person pending under any of such insurance policies as to which coverage has been questioned, denied or disputed

by the underwriters or issuers of such policies. There is no existing default or event which, to the Company’s Knowledge, with

or without the passage of time or the giving of notice or both, would constitute noncompliance with, or a default under, any such policy

or entitle any insurer to terminate or cancel any such policy. Such policies will not in any way be affected by or terminate or lapse

by reason of the transactions contemplated by this Agreement or the Ancillary Agreements. The insurance policies to which the Company

Group is a party are of at least like character and amount as are carried by like businesses similarly situated and sufficient for compliance

with all requirements of all Material Contracts to which the Company Group is a party or by which the Company Group is bound. Since January

1, 2023, no member of the Company Group has been refused any insurance with respect to its assets or operations or had its coverage limited

by any insurance carrier to which it has applied for any such insurance or with which it has carried insurance. No member of the Company

Group has any self-insurance arrangements. No fidelity bonds, letters of credit, performance bonds or bid bonds have been issued to or

in respect of any member of the Company Group.

4.28 Related Party

Transactions. Except as set forth in Schedule 4.28 or as contemplated by this Agreement, no Affiliate of the Company or any

of its Subsidiaries, Company Stockholder, current or former director, manager, officer or employee of any Person in the Company or any

immediate family member or Affiliate of any of the foregoing (a) is a party to any Contract, or has otherwise entered into any transaction,

understanding or arrangement, with a member of the Company Group, (b) owns any asset, property or right, tangible or intangible, which

is used by a member of the Company Group, or (c) is a borrower or lender, as applicable, under any Indebtedness owed by or to a member

of the Company Group since January 1, 2023.

4.29 No Trading or

Short Position. None of the Company Group or any of their respective managers and officers, members and employees has engaged in

any short sale of Parent’s voting stock or any other type of hedging transaction involving Parent’s securities (including,

without limitation, depositing shares of Parent’s securities with a brokerage firm where such securities are made available by

the broker to other customers of the firm for purposes of hedging or short selling Parent’s securities).

4.30 Exchange Act.

No member of the Company Group is currently (nor has either previously been) subject to the requirements of Section 12 of the Exchange

Act.

4.31 Top Customers

and Top Suppliers.

(a) Schedule

4.31(a) sets forth, as of the date of this Agreement, the top 10 customers based on aggregate dollar value of the Company Group’s

transaction volume with such counterparty (a “Top Customer”) and the top 10 vendors of the Company Group based on aggregate

spend of such counterparty (a “Top Supplier”), in each case, during the trailing 12 months for the period ending December

31, 2025.

(b) Except

as set forth in Schedule 4.31(b), none of the Top Customers or Top Suppliers has, as of the date of this Agreement, informed in

writing any of the Company or any of the Company’s Subsidiaries that it will, or, to the Knowledge of the Company, has threatened

in writing to, terminate, cancel or materially limit or materially and adversely modify any of its existing business with a member of

the Company Group (other than due to the expiration of an existing contractual arrangement), and to the knowledge of the Company, none

of the Top Customers or Top Supplier is, as of the date of this Agreement, otherwise involved in or threatening a material dispute against

a member of the Company Group or their respective businesses.

ARTICLE V

REPRESENTATIONS AND WARRANTIES OF PARENT AND MERGER SUB

Except as disclosed in the

Parent SEC Documents filed with or furnished to the SEC prior to the date of this Agreement (to the extent the qualifying nature of such

disclosure is reasonably apparent from the content of such Parent SEC Documents, but excluding any risk factor disclosures or other similar

cautionary or predictive statements therein), it being acknowledged that nothing disclosed in such Parent SEC Documents shall be deemed

to modify or qualify the representations and warranties set forth in Sections 5.1, 5.3 or 5.8, Parent and Merger Sub (the

“Parent Parties”) hereby represent and warrant to the Company that each of the following representations and warranties

are true, correct and complete as of the date of this Agreement and as of the Closing Date:

5.1 Corporate Existence

and Power. Parent is a company duly incorporated, validly existing and in good standing under the Laws of the Cayman Islands. The

Merger Sub is a corporation duly incorporated and validly existing under the Laws of the State of Delaware. Merger Sub does not hold

and has not held any material assets or incurred any material liabilities, and has not carried on any business activities other than

in connection with the Merger. Each of the Parent Parties has all requisite power and authority, corporate and otherwise, to own and

operate its properties and assets and to carry on its business as presently conducted.

5.2 Merger Sub.

Merger Sub was formed solely for the purpose of engaging in the transactions contemplated hereby and activities incidental thereto. Either

Parent or a wholly owned (direct or indirect) Subsidiary of Parent owns beneficially and of record all of the outstanding capital stock

of Merger Sub.

5.3 Corporate Authorization.

Each of the Parent Parties has all requisite corporate power and authority to execute and deliver this Agreement and the Ancillary Agreements

to which it is a party and to consummate the transactions contemplated hereby and thereby, in the case of the Merger, subject to receipt

of the Parent Shareholder Approval. The execution and delivery by each of the Parent Parties of this Agreement and the Ancillary Agreements

to which it is a party and the consummation by each of the Parent Parties of the transactions contemplated hereby and thereby have been

duly authorized by all necessary corporate action on the part of such Parent Party. No other corporate proceedings on the part of such

Parent Party are necessary to authorize this Agreement or the Ancillary Agreements to which it is a party or to consummate the transactions

contemplated by this Agreement (other than, in the case of the Domestication and the Merger, the receipt of the Parent Shareholder Approval)

or the Ancillary Agreements. This Agreement and the Ancillary Agreements to which such Parent Party is a party have been duly executed

and delivered by such Parent Party and, assuming the due authorization, execution and delivery by each of the other parties hereto and

thereto (other than a Parent Party), this Agreement and the Ancillary Agreements to which such Parent Party is a party constitute a legal,

valid and binding obligation of such Parent Party, enforceable against such Parent Party in accordance with their respective terms, subject

to the Enforceability Exceptions. Approval of (i) the Parent Certificate of Incorporation and Parent Bylaws requires a special resolution

under Cayman Islands Law, being an affirmative vote of the holders of a majority of at least two-thirds of the outstanding Parent Common

Shares entitled to vote, who attend and vote thereupon (as determined in accordance with the Parent Articles), (ii) this Agreement, the

Merger, the Issuance Proposal, the Board Proposal, the LTIP Proposal, and the Adjournment Proposal are subject to the passing of, in

each case, an ordinary resolution under Cayman Islands Law, being an affirmative vote of the holders of at least a majority of the outstanding

Parent Common Shares entitled to vote, who attend and vote thereupon (as determined in accordance with the Parent Articles), (iii) the

Domestication, a special resolution of the holders of the Parent Ordinary Shares, and (iv) with respect to any other proposal proposed

to the holders of Parent Common Shares, the requisite approval required under the Parent Articles, the Cayman Companies Act or any other

applicable Law, in each case, at Parent’s Shareholder Meeting. The affirmative vote or written consent of the sole shareholder

of Merger Sub is the only vote of the holders of any of Merger Sub’s capital stock necessary to adopt this Agreement and approve

the Merger and the consummation of the other transactions contemplated hereby.

5.4 Governmental

Authorization. Assuming the accuracy of the representations and warranties of the Company set forth in Section 4.3, none of

the execution, delivery or performance of this Agreement or any Ancillary Agreement by a Parent Party or the consummation by a Parent

Party of the transactions contemplated hereby and thereby requires any consent, approval, license or other action by or in respect of,

or registration, declaration or filing with any Authority except for (a) any SEC or Nasdaq filings and approval required to consummate

the transactions contemplated hereunder, (b) filing with the Secretary of State of the State of Delaware a Certificate of Domestication

with respect to the Domestication, (c) filings required to be made with the Cayman Registrar in connection with the Domestication, and

(d) the filing of the Certificate of Merger with the Secretary of State of the State of Delaware pursuant to the DGCL.

5.5 Non-Contravention.

The execution, delivery and performance by a Parent Party of this Agreement or the consummation by a Parent Party of the transactions

contemplated hereby and thereby do not and will not (a) contravene or conflict with the organizational or constitutive documents of the

Parent Parties, or (b) contravene or conflict with or constitute a violation of any provision of any Law or any Order binding upon the

Parent Parties.

5.6 Finders’

Fees. Except for the Persons identified on Schedule 5.6, there is no investment banker, broker, finder or other intermediary

which has been retained by or is authorized to act on behalf of the Parent Parties or their Affiliates who might be entitled to any fee

or commission from the Company or any of its Affiliates upon consummation of the transactions contemplated by this Agreement or any of

the Ancillary Agreements.

5.7 Issuance of Shares.

The Aggregate Merger Consideration and the Earnout Shares, when issued in accordance with this Agreement, will be duly authorized and

validly issued, and will be fully paid and nonassessable, and each such share comprising the Aggregate Merger Consideration and each

Earnout Share shall be issued free and clear of preemptive rights and all Liens, other than transfer restrictions under applicable securities

laws and the organizational or constitutive documents of Parent. The Aggregate Merger Consideration and the Earnout Shares shall be issued

in compliance with all applicable securities Laws and other applicable Laws and without contravention of any other person’s rights

therein or with respect thereto.

5.8 Capitalization.

(a) The

authorized share capital of Parent is US$5,100 divided into 50,000,000 Parent Ordinary Shares and 1,000,000 preference shares, par value

$0.0001 per share, of which 29,320,000 Parent Ordinary Shares (inclusive of Parent Ordinary

Shares included in any outstanding Parent Units), and no preference shares are issued and outstanding. In addition, 23,570,000 Parent

Rights (inclusive of Parent Rights included in any outstanding Parent Units), convertible for 2,357,000 Parent Ordinary Shares, are issued

and outstanding. No other share capital or other voting securities of Parent are issued, reserved for issuance or outstanding. All issued

and outstanding Parent Common Shares are duly authorized, validly issued, fully paid and nonassessable and are not subject to, and were

not issued in violation of, any purchase option, right of first refusal, preemptive right, subscription right or any similar right under

any provision of the Cayman Companies Act, the Parent Articles, other organizational documents of Parent or any contract to which Parent

is a party or by which Parent is bound. All outstanding Parent Rights have been duly authorized and validly issued and constitute valid

and binding obligations of Parent, enforceable against Parent in accordance with their terms, subject to the Enforceability Exceptions

and are not subject to, and were not issued in violation of, any purchase option, right of first refusal, preemptive right, subscription

right or any similar right under any provision of the Cayman Companies Act, the Parent Articles, other organizational documents of Parent

or any contract to which Parent is a party or by which Parent is bound. Except as set forth in the Parent Articles or other organizational

documents of Parent or hereunder, there are no outstanding contractual obligations of Parent to repurchase, redeem or otherwise

acquire any Parent Common Shares or any share capital of Parent. There are no outstanding contractual obligations of Parent to provide

funds to, or make any investment (in the form of a loan, capital contribution or otherwise) in, any other Person. All outstanding Parent

Units, Parent Common Shares and Parent Rights have been issued in compliance with all applicable securities and other applicable Laws

and were issued free and clear of all Liens other than transfer restrictions under applicable securities Laws and the organizational or

constitute documents of Parent.

(b) Merger

Sub is authorized to issue 100 shares of common stock, par value $0.0001 per share (“Merger Sub Common Stock”), all

of which are issued and outstanding as of the date hereof. No other shares of capital stock or other voting securities of Merger Sub are

issued, reserved for issuance or outstanding. All issued and outstanding shares of Merger Sub Common Stock are duly authorized, validly

issued, fully paid and nonassessable and are not subject to, and were not issued in violation of, any purchase option, right of first

refusal, preemptive right, subscription right or any similar right under any provision of the DGCL, Merger Sub’s organizational

documents or any contract to which Merger Sub is a party or by which Merger Sub is bound. There are no outstanding contractual obligations

of Merger Sub to repurchase, redeem or otherwise acquire any shares of Merger Sub Common Stock or any equity capital of Merger Sub. There

are no outstanding contractual obligations of Merger Sub to provide funds to, or make any investment (in the form of a loan, capital contribution

or otherwise) in, any other Person.

5.9 Information Supplied.

None of the information supplied or to be supplied by the Parent Parties expressly for inclusion, or for mailing with, the Registration

Statement, Proxy Statement/Prospectus or other Offer Documents will, (a) when the Registration Statement is first filed, (b) on the effective

date of the Registration Statement, (c) on the date when the Proxy Statement/Prospectus is mailed to the Parent’s shareholders

and (d) at the time of the Parent Shareholder Meeting, as the case may be, 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 (subject to the qualifications and limitations set forth in the materials provided by Parent

or included in the Parent SEC Documents, the Additional Parent SEC Documents, the Registration Statement or any Other Filing).

5.10 Trust Fund.

As of the date of this Agreement, Parent has approximately $230,000,000 (including, if applicable, any Deferred Underwriting Commissions

being held in the Trust Account) in the trust account established by Parent for the benefit of its public shareholders (the “Trust

Account”) maintained by Continental Stock Transfer & Trust Company (the “Trustee”) and held in trust

by the Trustee pursuant to the Investment Management Trust Agreement dated as of December 16, 2025, between Parent and the Trustee (the

“Trust Agreement”). The Trust Agreement is valid and in full force and effect and enforceable in accordance with its

terms, except as may be limited by the Enforceability Exceptions, and has not been amended or modified except as set forth in the Parent

SEC Documents. 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 Parent SEC Documents to be inaccurate in any material respect

or that would entitle any Person (other than public shareholders of Parent holding Parent Ordinary Shares sold in Parent’s IPO

who shall have elected to redeem their Parent Ordinary Shares pursuant to the Parent Articles or the underwriters of the IPO) to any

portion of the proceeds in the Trust Account. Prior to the Closing, none of the funds held in the Trust Account may be released except

in accordance with the Trust Agreement and the Parent Articles. Parent 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 no event has occurred which, with due notice or lapse of time or both, would reasonably be expected to

constitute such a material default thereunder. There are no claims or proceedings pending with respect to the Trust Account. Since December

16, 2025, Parent has not released any money from the Trust Account (other than as permitted by the Trust Agreement). As of the Effective

Time, (i) the obligations of Parent to dissolve or liquidate pursuant to the Parent Articles shall terminate, and (ii) Parent shall have

no obligation whatsoever pursuant to the Parent Articles to dissolve and liquidate the assets of Parent by reason of the consummation

of the transactions contemplated by this Agreement. Following the Effective Time, no shareholder of Parent shall be entitled to receive

any amount from the Trust Account except to the extent a Parent’s public shareholder shall have elected to tender its Parent Ordinary

Shares for redemption pursuant to the Parent Articles.

5.11 Listing.

The issued and outstanding Parent Units are registered pursuant to Section 12(b) of the Exchange Act and are listed for trading on Nasdaq

under the symbol “IRHOU”. The issued and outstanding Parent Ordinary Shares are registered pursuant to Section 12(b)

of the Exchange Act and are listed for trading on Nasdaq under the symbol “IRHO”. The issued and outstanding Parent Rights

are registered pursuant to Section 12(b) of the Exchange Act and are listed for trading on Nasdaq under the symbol “IRHOR”.

Since its initial public offering, Parent has complied in all material respects with all applicable listing and corporate governance

rules and regulations of Nasdaq. As of the date of this Agreement, there is no Action or proceeding pending or, to the Knowledge of Parent,

threatened against Parent by the Nasdaq or the SEC with respect to any intention by such entity to deregister the Parent Units, the Parent

Ordinary Shares, or the Parent Rights or prohibit or terminate the listing of the Parent Units, the Parent Ordinary Shares, or the Parent

Rights on the Nasdaq or prohibit the transfer of the listing to an Alternate Exchange. None of Parent, Merger Sub or their respective

Affiliates has taken any action in an attempt to terminate the registration of the Parent Units, the Parent Ordinary Shares, or the Parent

Rights under the Exchange Act except as contemplated by this Agreement.

5.12 Board Approval.

(a) Parent’s

Board of Directors (including any required committee or subgroup of such board) has unanimously (i) declared the advisability of the transactions

contemplated by this Agreement, (ii) determined that the transactions contemplated hereby are in the best interests of the shareholders

of Parent and (iii) determined that the transactions contemplated hereby constitutes a “Business Combination” as such term

is defined in the Parent Articles and (iv) recommended to the Parent’s shareholders to adopt and approve each of the Parent Proposals

(“Parent Board Recommendation”).

(b) The

Merger Sub’s Board of Directors has, as of the date of this Agreement, unanimously (i) declared the advisability of the transactions

contemplated by this Agreement and (ii) determined that the transactions contemplated hereby are in the best interests of its sole shareholder.

5.13 Parent SEC Documents

and Financial Statements.

(a) Parent

has filed all forms, reports, schedules, statements and other documents, including any exhibits thereto, required to be filed or furnished

by Parent with the SEC since Parent’s formation under the Exchange Act or the Securities Act, together with any amendments, restatements

or supplements thereto, and will use commercially reasonable efforts to file all such forms, reports, schedules, statements and other

documents required to be filed subsequent to the date of this Agreement (the “Additional Parent SEC Documents”). Parent

has made available to the Company copies in the form filed with the SEC of all of the following, except to the extent available in full

without redaction on the SEC’s website through EDGAR for at least two Business Days prior to the date of this Agreement: (i) Parent’s

Annual Reports on Form 10-K for each fiscal year of Parent beginning with the first year that Parent was required to file such a form,

(ii) all proxy statements relating to Parent’s meetings of shareholders (whether annual or special) held, and all information statements

relating to shareholder consents, since the beginning of the first fiscal year referred to in clause (i) above, (iii) its Form 8-Ks filed

since the beginning of the first fiscal year referred to in clause (i) above, and (iv) all other forms, reports, registration statements

and other documents (other than preliminary materials if the corresponding definitive materials have been provided to the Company pursuant

to this Section 5.13) filed by Parent with the SEC since Parent’s formation (the forms, reports, registration statements

and other documents referred to in clauses (i) through (iv) above, whether or not available through EDGAR, collectively, as they have

been amended, revised or superseded by a later filing, the “Parent SEC Documents”).

(b) Parent

SEC Documents were, and the Additional Parent SEC Documents will be, prepared in all material respects in accordance with the requirements

of the Securities Act, the Exchange Act, and the Sarbanes-Oxley Act, as the case may be, and the rules and regulations thereunder. Parent

SEC Documents did not, and the Additional Parent SEC Documents will not, at the time they were or are filed, as the case may be, with

the SEC (except to the extent that information contained in any Parent SEC Document or Additional Parent SEC Document has been or is amended,

revised or superseded by a later filed Parent SEC Document or Additional Parent SEC Document, then on the date of such filing) contain

any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the

statements made therein, in the light of the circumstances under which they were made, not misleading; provided, however,

that the foregoing does not apply to statements in or omissions in any information supplied or to be supplied by the Company expressly

for inclusion in the Registration Statement or Other Filing.

used in this Section 5.13, the term “file” shall be broadly construed to include any manner in which a document or

information is furnished, supplied or otherwise made available to the SEC.

(d) Except

as not required in reliance on exemptions from various reporting requirements by virtue of Parent’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) Parent 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 Parent’s financial reporting and the preparation of Parent’s

financial statements for external purposes in accordance with GAAP and (ii) Parent 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 Parent is made known to Parent’s principal executive officer and principal financial officer by others within

Parent. Parent maintains and, for all periods covered by the Parent Financial Statements, has maintained Books and Records of Parent in

the ordinary course of business in accordance with GAAP in all material respects and other applicable legal and accounting requirements.

(e) Parent

has not taken any action prohibited by Section 402 of the Sarbanes-Oxley Act.

(f) The

Parent SEC Documents contain true and complete copies of the applicable Parent Financial Statements. Except as disclosed in the Parent

SEC Documents, the Parent Financial Statements (i) fairly present in all material respects the financial position of Parent 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 material) and the absence of footnotes), (ii) were prepared in conformity with GAAP applied on a consistent basis during

the periods involved (subject, in the case of any unaudited financial statements, to normal year-end audit adjustments (none

of which is material) and the absence of footnotes), (iii) in the case of the audited Parent 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).

(g) Except

as disclosed in the Parent SEC Documents, Parent 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 Parent to Parent’s Knowledge,

(ii) a “material weakness” in the internal controls over financial reporting of Parent to Parent’s Knowledge or

(iii) fraud, whether or not material, that involves management or other employees of Parent who have a significant role in the internal

controls over financial reporting of Parent.

5.14 Certain Business

Practices. Neither Parent nor, to the Knowledge of Parent, any Representative of Parent (acting on behalf of Parent), has: (a) used

any funds for unlawful contributions, gifts, entertainment or other unlawful expenses relating to political activity, (b) made any unlawful

payment to foreign or domestic government officials, employees or political parties or campaigns, (c) violated any provision of the Foreign

Corrupt Practices Act of 1977 or (d) made any other unlawful payment. Neither Parent nor any director, officer, or to the Knowledge of

Parent, any agent or employee of Parent (nor any Person acting on behalf of any of the foregoing, but solely in his or her capacity as

a director, officer, employee or agent of Parent) has, since the IPO, directly or indirectly, given or agreed to give any gift or similar

benefit in any material amount to any customer, supplier, governmental employee or other Person in order to assist Parent in connection

with any actual or proposed transaction, which, if not given or continued in the future, would reasonably be expected to (i) adversely

affect the business of Parent and (ii) subject Parent to suit or penalty in any private or governmental Action.

5.15 Anti-Money Laundering

Laws. The operations of Parent are and have been at all times conducted in compliance with the Anti-Money Laundering Laws, and no

Action involving Parent with respect to the Anti-Money Laundering Laws is pending or, to the Knowledge of Parent, threatened.

5.16 Affiliate Transactions.

Except as described in Parent SEC Documents, there are no transactions, agreements, arrangements or understandings between Parent or

any of its Subsidiaries, on the one hand, and any director, officer, employee, shareholder, rights holder or Affiliate of Parent or any

of its Subsidiaries, on the other hand.

5.17 Litigation.

There is no (a) Action pending or, to the Knowledge of Parent, threatened against Parent or any of its Subsidiaries or that affects its

or their assets or properties, or (b) Order outstanding against Parent or any of its Subsidiaries or that affects its or their assets

or properties. Neither Parent nor any of its Subsidiaries is party to a settlement or similar agreement regarding any of the matters

set forth in the preceding sentence that contains any ongoing obligations, restrictions or liabilities (of any nature) that are material

to Parent and its Subsidiaries.

5.18 Expenses,

Indebtedness and Other Liabilities. Except as set forth in Parent SEC Documents, Parent does not have any Indebtedness or other

liabilities.

5.19 Brokers and

Other Advisors. No broker, investment banker, financial advisor or other Person is entitled to any broker’s, finder’s,

financial advisor’s or other similar fee or commission in connection with the transactions contemplated hereby based upon arrangements

made by or on behalf of Parent or any of its Subsidiaries except for Persons, if any, whose fees and expenses shall be paid by Parent.

5.20 Tax Matters.

(a) Parent

has duly and timely filed all income and other material Tax Returns which are required to be filed by it, and has paid all material Taxes

(whether or not shown on such Tax Returns) which have become due and all such Tax Returns are true, correct and complete and accurate

in all material respects.

(b) There

is no Action, assessment, deficiency or proposed adjustment with respect to a material amount of Taxes that has been asserted or assessed,

or that is pending or proposed in writing, by any Authority against Parent that remains unresolved or unpaid.

statute of limitations in respect of the assessment or collection of any Taxes of Parent has been waived or extended (other than pursuant

to extensions of time to file Tax Returns obtained in the ordinary course of business), which waiver or extension is in effect.

(d) Parent

has collected and remitted to the applicable Taxing Authority all material sales Taxes required to be collected by Parent.

(e) Parent

has duly withheld or collected and paid over to the applicable Taxing Authority in a timely manner all material Taxes required to be withheld

or collected by Parent in connection with any amounts paid or owing to any employee, creditor, independent contractor or other third party

and has otherwise complied in all material respects with all applicable withholding and related reporting requirements with respect to

such Taxes.

(f) Parent

has not requested any letter ruling, technical advice, a change of any method of accounting, or any similar request that is in progress

or pending with any Authority with respect to any Taxes.

(g) There

is no Lien (other than liens for Taxes (i) not yet due and delinquent or (ii) which are being contested in good faith by appropriate proceedings

(and for which adequate accruals or reserves have been established on the Parent Financial Statements in accordance with U.S. GAAP)) for

Taxes upon any of the assets of Parent.

(h) Parent

has not received any written request from a Taxing Authority in a jurisdiction where Parent has not paid any Tax or filed Tax Returns

asserting that Parent is or may be subject to Tax in such jurisdiction, and Parent does not have a permanent establishment (within the

meaning of an applicable Tax treaty) or other fixed place of business in a country other than the country in which it is organized.

(i) Parent

is not a party to any Tax sharing, Tax indemnity or Tax allocation Contract (other than a contract entered into in the ordinary course

of business consistent with past practices, the primary purpose of which is not related to Taxes).

(j) Parent

has not been a member of an affiliated, consolidated, combined or unitary group filing for U.S. federal, state or local income Tax purposes

(other than a group the common parent of which was Parent).

(k) Parent

does not have any liability for the Taxes of any other Person: (1) under Treasury Regulations Section 1.1502-6 (or any similar provision

of applicable Law), (2) as a transferee or successor or (3) otherwise by operation of applicable Law.

(l) Parent

is not a “United States real property holding corporation” within the meaning of Section 897(c)(2) of the Code during the

applicable period specified in Section 897(c)(1)(A)(ii) of the Code.

(m) Parent

has not been a party to any listed transaction or failed to report any “reportable transaction” as such terms are defined

in Section 6707A(c)(1) of the Code and Treasury Regulations Section 1.6011-4(b) and as such reporting is required pursuant thereto.

(n) Parent

has not been a party to any transaction treated by the parties as a distribution of stock qualifying for tax-free treatment under Section

355 of the Code in the five years prior to the date of this Agreement.

(o) Parent

will not be required to include any material item of income or exclude any material item of deduction for any taxable period ending after

the Closing Date as a result of: (i) adjustment under Section 481 of the Code (or any corresponding or similar provision of state, local

or non-U.S. income Tax Law) by reason of a change in method of accounting for a taxable period ending on or before the Closing Date; (ii)

any “closing agreement” described in Section 7121 of the Code (or any corresponding or similar provision of state, local or

non-U.S. income Tax Law) executed on or before the Closing Date; (iii) any installment sale or open transaction disposition made on or

before the Closing Date; (iv) any prepaid amount or deferred revenue realized or received on or before the Closing Date; (v) any intercompany

transaction or excess loss account described in Treasury Regulations under Section 1502 of the Code (or any corresponding or similar provision

of state, local or non-U.S. income Tax Law); or (vi) election under Section 965 of the Code.

(p) Parent

is and has been treated as a C corporation for U.S. federal, state and local income tax purposes since the date of its formation.

(q) Parent

is not aware of any fact or circumstance (without conducting independent inquiry or diligence of the other relevant party), and has not

knowingly taken or agreed to take any action (or failed to take any action), that would reasonably be expected to prevent or impede the

Domestication from qualifying for the Domestication Intended Tax Treatment or the Merger from qualifying for the Merger Intended Tax Treatment.

(r) Parent

is not an “investment company” within the meaning of Section 368(a)(2)(F) of the Code.

ARTICLE VI

COVENANTS OF THE PARTIES PENDING CLOSING

6.1 Conduct of the

Business. Each of the Company and Parent covenants and agrees that:

(a) Except

as expressly contemplated by this Agreement or the Ancillary Agreements or as set forth on Schedule 6.1(a), from the date hereof

until the earlier of the Closing Date and the termination of this Agreement in accordance with its terms (the “Interim Period”),

each party shall conduct its business only in the ordinary course (including the payment of accounts payable and the collection of accounts

receivable), consistent with past practices and use its commercially reasonable efforts to preserve intact its business and assets. Without

limiting the generality of the foregoing, and except as expressly contemplated by this Agreement (including the PIPE Financing) or the

Ancillary Agreements or as set forth on Schedule 6.1(a), or as required by applicable Law, from the date hereof until the earlier

of the Closing Date and the termination of this Agreement in accordance with its terms, without the other party’s prior written

consent (which shall not be unreasonably conditioned, withheld or delayed), neither the Company, Parent, nor any of their Subsidiaries,

shall be permitted to:

(i) amend,

modify or supplement its certificate of incorporation or bylaws, memorandum and articles of association or other organizational or governing

documents except as contemplated hereby, or engage in any reorganization, reclassification, liquidation, dissolution or similar transaction;

(ii) amend,

waive any provision of, terminate prior to its scheduled expiration date, or otherwise compromise in any way or relinquish any material

right under, any (A) in the case of the Company Group, any Material Contract or Lease or (B) in the case of Parent, material contract,

agreement, lease, license or other right or asset of Parent, as applicable;

(iii) other

than in the ordinary course of business consistent with past practice, modify, amend or enter into any contract, agreement, lease, license

or commitment that extends for a term of one year or more or obligates the payment by any member of the Company Group or Parent, as applicable,

of more than $1,000,000 (individually or in the aggregate);

(iv) other

than in the ordinary course of business consistent with past practice, make any capital expenditures in excess of $250,000 (individually

or in the aggregate);

(v) sell,

lease, license or otherwise dispose of any of the Company Group’s or Parent’s, as applicable, material assets, except pursuant

to existing contracts or commitments disclosed herein or in the ordinary course of business consistent with past practices;

(vi) solely

in the case of the Company Group, (i) transfer, sell, assign, lease, license, sublicense, covenant not to assert, subject to a Lien (other

than a Permitted Lien), abandon, allow to lapse, or otherwise dispose of any right, title or interest of the Company or its Subsidiaries

in material Company Owned IP (other than non-exclusive licenses of Company Owned IP granted to customers, end users, or service providers

granted in the ordinary course of business); (ii) disclose any Trade Secrets to any third party (other than pursuant to a written confidentiality

agreement entered into in the ordinary course of business that contains reasonable protections therefor); or (iii) subject any source

code for any Company Software to any Copyleft Licenses;

(vii) (A)

pay, declare or promise to pay any dividends, distributions or other amounts with respect to its capital stock or other equity securities;

(B) pay, declare or promise to pay any other amount to any shareholder or other equityholder in its capacity as such; and (C) except as

contemplated hereby or by any Ancillary Agreement, amend any term, right or obligation with respect to any outstanding shares of its capital

stock or other equity securities;

(viii) (A)

make any loan, advance or capital contribution to any Person; (B) incur any Indebtedness including drawings under the lines of credit,

in the case of the Company Group, in excess of an aggregate principal amount of $500,000 or such lesser amount if the aggregate principal

amount of such new Indebtedness together with the aggregate principal amount all other Indebtedness of the Company Group would exceed

$1,000,000 other than (1) loans evidenced by promissory notes made to Parent as working capital advances as described in the Prospectus

and (2) intercompany Indebtedness; or (C) repay or satisfy any Indebtedness, other than the repayment of Indebtedness in accordance with

the terms thereof;

(ix) suffer

or incur any Lien, except for Permitted Liens, on the Company’s or its Subsidiaries or Parent’s, as applicable, assets;

(x) delay,

accelerate or cancel, or waive any material right with respect to, any receivables or Indebtedness owed to a member of the Company Group

or write off or make reserves against the same (other than in the ordinary course of business consistent with past practice or as otherwise

required by U.S. GAAP);

(xi) merge

or consolidate or enter a similar transaction with, or acquire all or substantially all of the assets or business of, any other Person;

make any material investment in any Person; or be acquired by any other Person;

(xii) terminate

or allow to lapse any insurance policy protecting any of the Company Group’s or Parent’s, as applicable, assets, unless simultaneously

with such termination or lapse, a replacement policy underwritten by an insurance company of nationally recognized standing having comparable

deductions and providing coverage equal to or greater than the coverage under the terminated or lapsed policy for substantially similar

premiums or less is in full force and effect;

(xiii) waive,

release, institute, compromise, settle or agree to settle any legal proceeding or any Action before any Authority, in each case, where

such waiver, release, institution, compromise or settlement is in excess of $500,000 (exclusive of any amounts covered by insurance) or

that imposes injunctive or other non-monetary relief on such party;

(xiv) except

as required by U.S. GAAP, make any material change in its accounting principles, methods or practices or write down the value of its assets;

(xv) except

in connection with the exercise of rights under securities set forth on Schedule 4.5(a), issue, redeem or repurchase any capital

stock, membership interests or other securities, or issue any securities exchangeable for or convertible into any shares of its capital

stock or other securities, amend, modify or waive any of the material terms or rights set forth in any Parent Right or the Parent Rights

Agreement, other than any redemption by Parent of Parent Ordinary Shares and Parent Units held by its public shareholders pursuant to

the Parent Articles or as otherwise contemplated herein or in any Ancillary Agreement;

(xvi) (A)

make, change or revoke any election in respect of material Taxes; (B) amend, modify or otherwise change any filed Tax Return in respect

of material Taxes, (C) adopt or request permission of any Taxing Authority to change any accounting method in respect of material

Taxes, (D) settle or compromise any claim, notice, audit report, Action, suit, litigation, proceeding, arbitration, investigation, controversy,

or assessment in respect of material Taxes; (E) enter into any Tax allocation, Tax sharing, Tax indemnity, private letter ruling closing

agreement, or other binding written agreement relating to any Taxes; (F) surrender or forfeit any right to claim a material Tax refund,

(G) consent to any extension or waiver of the limitation period applicable to any claim or assessment in respect of material Taxes or

in respect to any material Tax attribute that would give rise to any claim or assessment of Taxes, or (H) knowingly take any action, or

knowingly fail to take any action, which action or failure to act prevents or impedes, or could reasonably be expected to prevent or impede,

the Domestication Intended Tax Treatment or the Merger Intended Tax Treatment;

(xvii) enter

into any transaction with or distribute or advance any material assets or property to any of its Affiliates, other than the payment of

salary and benefits in the ordinary course;

(xviii) solely

in the case of the Company Group, other than as required by Law or by the terms of a Plan (A) increase the compensation, bonus, pension,

welfare, fringe or other benefits, severance or termination pay of any of any employee of a member of the Company Group or service provider

of a member of the Company Group at the level of manager or above, except for annual compensation increases not to exceed 25% in the aggregate,

(B) accelerate the vesting or payment of any compensation or benefits of any employee or service provider of the Company, (C) enter into,

amend, terminate, amend the actuarial assumptions used in respect of, any Plan (or any plan, program, agreement or arrangement that would

be a Plan if in effect on the date hereof) or grant, amend or terminate any awards thereunder, (D) make or forgive any loan to any present

or former employee, director, officer, or contractor or other individual service provider of the Company Group other than advancement

of expenses in the ordinary course of business consistent with past practices, (E) enter into, amend or terminate any collective bargaining

agreement or other agreement with a labor union or labor organization, (F) adopt any severance or retention plan, (G) cause the funding

of any rabbi trust or similar arrangement or take any action to fund or in any other way secure the payment of compensation or benefits

under any Plan, (H) hire or engage any new employee or consultant if such new employee or consultant will receive annual base compensation

in excess of $500,000, or (I) waive any restrictive covenants with respect to any Company Group employee or service provider;

(xix) solely

in the case of the Parent Parties, other than as required by Law or by the terms of a Plan (A) increase the compensation, bonus, pension,

welfare, fringe or other benefits, severance or termination pay of any of any employee of a member of the Parent Parties, (B) accelerate

the vesting or payment of any compensation or benefits of any employee or service provider of Parent, (C) enter into, amend, terminate,

amend the actuarial assumptions used in respect of, any Plan (or any plan, program, agreement or arrangement that would be a Plan if in

effect on the date hereof) or grant, amend or terminate any awards thereunder, (D) make or forgive any loan to any present or former employee,

director, officer, or contractor or other individual service provider of the Parent Parties, (E) enter into, amend or terminate any collective

bargaining agreement or other agreement with a labor union or labor organization, (F) adopt any severance or retention plan, (G) cause

the funding of any rabbi trust or similar arrangement or take any action to fund or in any other way secure the payment of compensation

or benefits under any Plan, (H) hire or engage any new employee or consultant; or (I) waive any restrictive covenants with respect to

any Parent Group employee or service provider;

(xx) fail

to duly observe and conform to any applicable Laws and Orders;

(xxi) solely

in the case of the Company Group, (A) limit the right of the Company or any of the Company’s Subsidiaries to engage in any line

of business or in any geographic area, to develop, market or sell products or services, or to compete with any Person or (B) grant any

exclusive or similar rights to any Person, in each case, except where such limitation or grant does not, and would not be reasonably likely

to, individually or in the aggregate, materially and adversely affect, or materially disrupt, the ordinary course operation of the businesses

of the Company Group, taken as a whole; or

(xxii) agree

or commit to do any of the foregoing.

(b) Neither

party shall (i) take or agree to take any action that would be reasonably likely to cause any representation or warranty of such party

to be inaccurate or misleading in any respect at, or as of any time prior to, the Closing Date or (ii) omit to take, or agree to omit

to take, any action necessary to prevent any such representation or warranty from being inaccurate or misleading in any respect at any

such time.

in this Agreement is intended to give Parent or Merger Sub, directly or indirectly, the right to control or direct the Company’s

operations prior to the Closing Date, and nothing in this Agreement is intended to give the Company, directly or indirectly, the right

to control or direct Parent’s or its Subsidiaries’ operations prior to the Closing Date. Prior to the Closing Date, each of

the Company, Parent and Merger Sub shall exercise, consistent with the terms and conditions of this Agreement, complete control and supervision

over its and its Subsidiaries’ respective operations.

6.2 Exclusivity.

(a) During

the Interim Period, no member of the Company Group, on the one hand, nor Parent, on the other hand, shall, and such Persons shall cause

their respective Representatives not to, without the prior written consent of the other party (which consent may be withheld in the sole

and absolute discretion of the party asked to provide consent), directly or indirectly, (i) encourage, solicit, initiate, engage or participate

in negotiations with any Person concerning any Alternative Transaction, (ii) take any other action intended or designed to facilitate

the efforts of any Person relating to a possible Alternative Transaction, (iii) approve, recommend or enter into any Alternative Transaction

or any contract or agreement related to any Alternative Transaction or (iv) otherwise cooperate in any way with, or assist or participate

in, or knowingly facilitate or encourage any effort or attempt by any Person to do or seek to do any of the foregoing. Immediately following

the execution of this Agreement, the Company, on the one hand, and Parent, on the other hand, shall, and shall cause each of their Representatives,

to cease and terminate any discussion or negotiations that may be ongoing with any Persons other than the Company or Parent, as applicable,

concerning any Alternative Transaction. Each of the Company and Parent shall be responsible for any acts or omissions of any of its respective

Representatives that, if they were the acts or omissions of the Company or Parent, as applicable, would be deemed a breach of such party’s

obligations hereunder (it being understood that such responsibility shall be in addition to and not by way of limitation of any right

or remedy the Company or Parent, as applicable, may have against such Representatives with respect to any such acts or omissions). For

purposes of this Agreement, except as disclosed on Schedule 6.2(a), the term “Alternative Transaction” means

any of the following transactions involving the Company or the Company’s Subsidiaries or Parent or Parent’s Subsidiaries (other

than the transactions contemplated by this Agreement or the Ancillary Agreements): (A) any merger, consolidation, share exchange, business

combination or other similar transaction, (B) any sale, lease, exchange, transfer or other disposition of all or a material portion of

the assets of such Person (other than sales of inventory in the ordinary course of business) or any capital stock or other equity interests

of the Company, Parent, or its Subsidiaries in a single transaction or series of transactions, (C) with respect to Parent, any other Business

Combination or (D) with respect to the Company Group, any public offering of any equity securities of the Company, any of its Subsidiaries,

or a newly formed holding company of the Company or such Subsidiaries.

(b) In

the event that there is a proposal for, or an indication of interest in entering into, an Alternative Transaction, communicated in writing

to the Company or Parent or any of their respective Representatives (each, an “Alternative Proposal”), such party shall

as promptly as practicable (and in any event within one Business Day after receipt thereof) advise the other parties to this Agreement,

orally and in writing, of such Alternative Proposal and the material terms and conditions thereof (including any changes thereto) and

the identity of the Person making any such Alternative Proposal. The Company and Parent shall keep each other informed on a reasonably

current basis of material developments with respect to any such Alternative Proposal. As used herein with respect to Parent, the term

“Alternative Proposal” shall not include the receipt by Parent of any unsolicited communications (including the receipt of

draft non-disclosure agreements) in the ordinary course of business inquiring as to Parent’s interest in a potential target for

a business combination; provided, however, that Parent shall inform the person initiating such communication of the

existence of this Agreement.

6.3 Access to Information.

During the Interim Period, the Company and Parent shall each, use its commercially reasonable efforts to, (a) continue to give the other

party, its legal counsel and its other Representatives full access to the offices, properties and Books and Records, (b) furnish to the

other party, its legal counsel and its other Representatives such information relating to the business of the Company or Parent as such

Persons may request and (c) cause its employees, legal counsel, accountants and other Representatives to cooperate with the other party

in its investigation of the Business (in the case of the Company) or the business of Parent (in the case of Parent); provided,

that no investigation pursuant to this Section 6.3 (or any investigation made prior to the date hereof) shall affect any representation

or warranty given by the Company or Parent; and provided, further, that any investigation pursuant to this

Section 6.3 shall be conducted in such manner as not to interfere unreasonably with the conduct of the Business of the Company.

Notwithstanding anything to the contrary expressed or implied in this Agreement, neither party shall be required to provide the access

described above or disclose any information to the other party if doing so is, in such party’s reasonable judgement, reasonably

likely to (i) result in a waiver of attorney-client privilege, work product doctrine or similar privilege or (ii) violate any contract

to which it is a party or to which it is subject or any applicable Law.

6.4 Notices of Certain

Events. During the Interim Period, each of Parent and the Company shall promptly notify the other party of:

(a) any

notice from any Person alleging or raising the possibility that the consent of such Person is or may be required in connection with the

transactions contemplated by this Agreement or that the transactions contemplated by this Agreement might give rise to any Action or other

rights by or on behalf of such Person or result in the loss of any rights or privileges of the Company (or Parent, post-Closing) to any

such Person or create any Lien on any of the Company’s or Parent’s assets;

(b) any

notice or other communication from any Authority in connection with the transactions contemplated by this Agreement or the Ancillary Agreements;

Actions commenced or threatened against, relating to or involving or otherwise affecting either party or any of their shareholders or

their equity, assets or business or that relate to the consummation of the transactions contemplated by this Agreement or the Ancillary

Agreements;

(d) any

written notice from Nasdaq with respect to the listing of the securities of Parent;

(e) the

occurrence of any fact or circumstance which constitutes or results, or would reasonably be expected to constitute or result in a Material

Adverse Effect; and

(f) any

inaccuracy of any representation or warranty of such party contained in this Agreement at any time during the term hereof, or any failure

of such party to comply with or satisfy any covenant, condition or agreement to be complied with or satisfied by it hereunder, that would

reasonably be expected to cause any of the conditions set forth in ARTICLE IX not to be satisfied.

6.5 Registration

Statement/Proxy Statement; Other Filings.

(a) As

promptly as practicable after the execution of this Agreement, Parent and the Company shall jointly prepare and file with the SEC, and

with all other applicable regulatory bodies, mutually acceptable proxy materials for the purpose of soliciting proxies from holders of

Parent Common Shares sufficient to obtain Parent Shareholder Approval at a meeting of holders of Parent Common Shares to be called and

held for such purpose (the “Parent Shareholder Meeting”). Such proxy materials shall be in the form of a proxy statement

(the “Proxy Statement”), which shall be included in a Registration Statement on Form S-4, or other appropriate form,

including any pre-effective or post-effective amendments or supplements thereto (the “Registration Statement”), filed

by Parent with the SEC, which shall also include a prospectus (such prospectus, together with the Proxy Statement and any amendments or

supplements thereto, the “Proxy Statement/Prospectus”) pursuant to which the securities of Parent issuable in the Domestication

and Merger shall be registered. Parent shall promptly respond to any SEC comments on the Registration Statement.  Parent also agrees

to use its best efforts to obtain all necessary state securities law or “Blue Sky” permits and approvals required to carry

out the transactions contemplated hereby, and the Company shall furnish all information concerning the Company Group and any of its respective

members or shareholders as may be reasonably requested in connection with any such action. Each of Parent and the Company agrees, as promptly

as reasonably practicable, to furnish to the other party all information concerning itself, its Subsidiaries, officers, directors, managers,

shareholders, and other equityholders and information regarding such other matters as may be reasonably necessary or advisable or as may

be reasonably requested in connection with the preparation of the Registration Statement, the Proxy Statement/Prospectus, a Current Report

on Form 8-K pursuant to the Exchange Act in connection with the signing of this Agreement and the Ancillary Agreements, a Current Report

on Form 8-K pursuant to the Exchange Act in connection with the Closing of the transactions contemplated by this Agreement, or any other

statement, filing, notice or application made by or on behalf of Parent, the Company or their respective Subsidiaries to any regulatory

authority (including Nasdaq) in connection with the Merger and the other transactions contemplated hereby (the “Offer Documents”).

(b) Parent

(i) shall permit the Company and its counsel to review and comment on the Registration Statement and Proxy Statement/Prospectus and any

exhibits, amendments or supplements thereto (or other related documents); (ii) shall consider any such comments reasonably and in good

faith; and (iii) shall not file the Registration Statement and Proxy Statement/Prospectus or any exhibit, amendment or supplement thereto

without giving reasonable and good faith consideration to the comments of the Company. As promptly as practicable after receipt thereof,

Parent shall provide to the Company and its counsel notice and a copy of all correspondence (or, to the extent such correspondence is

oral, a summary thereof), including any comments from the SEC or its staff, between Parent or any of its Representatives, on the one hand,

and the SEC or its staff or other government officials, on the other hand, with respect to the Registration Statement and Proxy Statement/Prospectus,

and, in each case, shall consult with the Company and its counsel concerning any such correspondence. Parent shall not file any response

letters to any comments from the SEC without consulting reasonably and in good faith with the Company. Parent will use its reasonable

efforts to permit the Company’s counsel to participate in any calls, meetings or other communications with the SEC or its staff.

Parent will advise the Company, promptly after it receives notice thereof, of the time when the Registration Statement and Proxy Statement/Prospectus

or any amendment or supplement thereto has been filed with the SEC and the time when the Registration Statement is declared effective

or any stop order relating to the Registration Statement is issued.

soon as practicable following the date on which the Registration Statement is declared effective by the SEC, Parent shall distribute the

Proxy Statement/Prospectus to the holders of Parent Common Shares and, pursuant thereto, shall call the Parent Shareholder Meeting in

accordance with its organizational documents, the applicable Nasdaq rules and the applicable Laws of the Cayman Islands and, subject to

the other provisions of this Agreement, solicit proxies from such holders to vote in favor of the adoption of this Agreement and the approval

of the transactions contemplated hereby and the other proposals presented to the holders of Parent Common Shares for approval or adoption

at the Parent Shareholder Meeting.

(d) Parent

shall comply with all applicable provisions of and rules under the Securities Act and Exchange Act, the applicable Nasdaq rules and all

applicable Laws of the Cayman Islands and the State of Delaware, in the preparation, filing and distribution of the Registration Statement

and the Proxy Statement/Prospectus (or any amendment or supplement thereto), as applicable, the solicitation of proxies under the Proxy

Statement/Prospectus and the calling and holding of the Parent Shareholder Meeting. Without limiting the foregoing, Parent shall ensure

that each of the Registration Statement, as of the effective date of the Registration Statement, and the Proxy Statement/Prospectus, as

of the date on which it is first distributed to the holders of Parent Common Shares, and as of the date of the Parent Shareholder Meeting,

does 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 (provided, that Parent shall not be responsible

for the accuracy or completeness of any information relating to the Company (or any other information) that is furnished by the Company

expressly for inclusion in the Proxy Statement/Prospectus). The Company represents and warrants that the information relating to the Company

supplied by the Company for inclusion in the Registration Statement or the Proxy Statement/Prospectus, as applicable, will not as of the

effective date of the Registration Statement and the date on which the Proxy Statement/Prospectus (or any amendment or supplement thereto)

is first distributed to the holders of Parent Common Shares or at the time of the Parent Shareholder Meeting does 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. If at any time prior to the Effective Time, a change in the information relating to Parent

or the Company or any other information furnished by Parent, Merger Sub or the Company for inclusion in the Registration Statement or

the Proxy Statement/Prospectus, which would make the preceding two sentences incorrect, should be discovered by Parent, Merger Sub or

the Company, as applicable, such party shall promptly notify the other parties of such change or discovery and an appropriate amendment

or supplement describing such information shall be promptly filed with the SEC and, to the extent required by Law, disseminated to the

holders of Parent Common Shares. In connection therewith, Parent, Merger Sub and the Company shall instruct their respective employees,

counsel, financial advisors, auditors and other authorized representatives to reasonably cooperate with Parent as relevant if required

to achieve the foregoing.

(e) In

accordance with the Parent Articles and applicable securities laws, rules and regulations, including the Cayman Companies Act and rules

and regulations of Nasdaq, in the Proxy Statement/Prospectus, Parent shall seek from the holders of Parent Common Shares the approval

the following proposals: (i) the Parent Shareholder Approval; (ii) amendment and restatement of Parent’s organizational documents,

in the form attached as Exhibits A and B to this Agreement (with such changes as may be agreed in writing by Parent and

the Company, including a change of Parent’s name to “ELECTRA AI, Inc.”) (as may be subsequently amended by mutual written

agreement of Parent and the Company at any time before the effectiveness of the Registration Statement) in connection with the Domestication,

including any separate or unbundled proposals as are required to implement the foregoing; (iii) approval of the issuance Parent Common

Shares in connection with the Domestication, the Merger under applicable exchange listing rules (the “Issuance Proposal”);

(iv) approval of the Parent Equity Incentive Plan (the “LTIP Proposal”) (the proposals set forth in the foregoing clauses

(i) through (iv), the “Required Parent Proposals”); (vi) approval of Parent’s post-closing Board of Directors

(the “Board Proposal”); (vii) approval to obtain any and all other approvals necessary or advisable to effect the consummation

of the Merger as reasonably determined by the Company and Parent; and (viii) approval to adjourn the Parent Shareholder Meeting, if necessary,

to permit further solicitation of proxies because there are not sufficient votes to approve and adopt any of the foregoing, or otherwise

if additional time is needed to consummate the transactions contemplated by this Agreement and the Ancillary Agreements (the “Adjournment

Proposal”) (the proposals set forth in the forgoing clauses (i) through (vii) collectively, the “Parent Proposals”).

(f) Parent,

with the assistance of the Company, shall use its reasonable best efforts to cause the Registration Statement to “clear” comments

from the SEC and the Registration Statement to become effective as promptly as reasonably practicable thereafter. As soon as practicable

after the Registration Statement is “cleared” by the SEC, Parent shall cause the Proxy Statement/Prospectus, together will

all other Offer Documents, to be disseminated to holders of Parent Common Shares. The Offer Documents shall provide the public shareholders

of Parent with the opportunity to redeem all or a portion of their Parent Ordinary Shares at a price per share equal to the pro rata share

of the funds in the Trust Account, all in accordance with and as required by the Parent Articles, the Trust Agreement, applicable Law

and any applicable rules and regulations of the SEC. In accordance with the Parent Articles, the proceeds held in the Trust Account will

first be used for the redemption of the Parent Ordinary Shares held by Parent’s public shareholders who have elected to redeem such

shares.

(g) Parent

shall call and hold the Parent Shareholder Meeting as promptly as practicable after the effective date of the Registration Statement for

the purpose of seeking the approval of each of the Parent Proposals in accordance with the Parent Articles, and Parent shall consult in

good faith with the Company with respect to the date on which such meeting is to be held. Parent shall use reasonable best efforts to

solicit from its shareholders proxies in favor of the approval and adoption of the Parent Proposals. Except as otherwise required by applicable

Law, including in respect of the duties of the directors of Parent in accordance with the Laws of the Cayman Islands, Parent’s Board

of Directors shall recommend that the holders of Parent Common Shares vote in favor of the Parent Proposals.

(h) The

Company acknowledges that a substantial portion of the Proxy Statement/ Prospectus shall include disclosure regarding the Company and

its management, operations and financial condition. Accordingly, the Company agrees to as promptly as reasonably practical provide Parent

with such information as shall be reasonably requested by Parent for inclusion in or attachment to the Proxy Statement/ Prospectus, and

that such information is accurate in all material respects and complies as to form in all material respects with the requirements of the

Exchange Act and the rules and regulations promulgated thereunder. The Company understands that such information shall be included in

the Proxy Statement/ Prospectus or responses to comments from the SEC or its staff in connection therewith. In connection with the preparation

and filing of the Registration Statement and any amendments thereto, the Company shall reasonably cooperate with the Parent and shall

make their directors, officers and appropriate senior employees reasonably available to Parent and its counsel in connection with the

drafting of such filings and mailings and responding in a timely manner to comments from the SEC.

(i) Except

as otherwise required by applicable Law, including in respect of the duties of the directors of Parent in accordance with the Laws of

the Cayman Islands, Parent covenants that none of Parent, Parent’s Board of Directors nor any committee thereof shall withdraw or

modify, or propose publicly or by formal action of Parent, Parent’s Board of Directors or any committee thereof to withdraw or modify,

in any manner adverse to the Company, the Parent Board Recommendation.

(j) Notwithstanding

anything else to the contrary in this Agreement or any Ancillary Agreements, Parent may make any public filing with respect to the Merger

to the extent required by applicable Law, provided that prior to making any filing that includes information regarding the Company, Parent

shall provide a copy of the filing to the Company and permit the Company to make revisions to protect confidential or proprietary information

of the Company.

6.6 Trust Account.

Upon satisfaction or waiver of the conditions set forth in ARTICLE IX and provision of notice thereof to the Trustee (which notice

Parent shall provide to the Trustee in accordance with the terms of the Trust Agreement), (i) in accordance with and pursuant to

the Trust Agreement, Parent (a) shall cause any documents, opinions and notices required to be delivered to the Trustee pursuant

to the Trust Agreement to be so delivered and (b) shall use its reasonable best efforts to cause the Trustee to, and the Trustee

shall thereupon be obligated to (1) immediately prior to the Domestication, pay as and when due all amounts payable to Parent Ordinary

Shares held by the public shareholders (the “Parent Redemption Amount”), (2) at the Closing, pay any unpaid transaction

expenses, and (3) at the Closing, following the payment of unpaid transaction expenses in subparagraph (2), pay all remaining amounts

then available in the Trust Account to Parent or the Surviving Corporation for immediate use, subject to this Agreement and the Trust

Agreement, and (ii) thereafter, the Trust Account shall terminate, except as otherwise provided therein.

6.7 Obligations of

Merger Sub. Parent shall take all action necessary to cause Merger Sub to perform its obligations under this Agreement and to consummate

the transactions contemplated under this Agreement, upon the terms and subject to the conditions set forth in this Agreement.

6.8 Joinders to Parent

Support Agreement. In the event any director or officer of Parent or any Affiliate of the Sponsor acquires beneficial ownership of

any securities of Parent prior to the Closing, Parent shall cause such Person(s) to execute a joinder to the Parent Support Agreement.

6.9 PIPE Financing.

During the Interim Period, Parent and the Company will use its commercially reasonable best efforts to enter into and consummate subscription

agreements with investors to purchase shares of Parent in connection with a private placement on terms and conditions, including as to

amounts, mutually agreeable to Parent and the Company, acting reasonably (any such purchase by investors, a “PIPE Financing”).

ARTICLE VII

COVENANTS OF THE COMPANY

7.1 Reporting; Compliance

with Laws; No Insider Trading. During the Interim Period,

(a) Each

member of the Company Group shall duly observe and conform in all material respects to all applicable Law, including the Exchange Act,

and Orders.

(b) The

Company shall not, and it shall direct its Representatives to not, directly or indirectly, (i) purchase or sell (including entering into

any hedge transaction with respect to) any Parent Common Shares, Parent Units or Parent Rights, except in compliance with all applicable

securities Laws, including Regulation M under the Exchange Act; (ii) use or disclose or permit any other Person to use or disclose any

information that Parent or its Affiliates has made or makes available to the Company and its Representatives in violation of the Exchange

Act, the Securities Act or any other applicable securities Law; or (iii) disclose to any third party any non-public information about

the Company, Parent, the Merger or the other transactions contemplated hereby or by any Ancillary Agreement.

7.2 Company’s

Shareholders Approval.

(a) As

promptly as reasonably practicable after the effective date of the Registration Statement, and in any event within five Business Days

following such date (the “Company Stockholder Written Consent Deadline”), the Company shall obtain and deliver to Parent

a true and correct copy of a written consent (in form and substance reasonably satisfactory to Parent) evidencing the Company Stockholder

Approval that is duly executed by the Company Stockholders that hold at least the requisite number and class of issued and outstanding

shares of Company Capital Stock required to obtain the Company Stockholder Approval (the “Company Stockholder Written Consent”).

(b) The

Company’s Board of Directors shall recommend that the Company Stockholders vote in favor of this Agreement, the Ancillary Agreements

to which the Company is or will be a party, the transactions contemplated hereby and thereby and other related matters, and neither the

Company’s Board of Directors, nor any committee thereof, shall withhold, withdraw, amend, modify, change or propose or resolve to

withhold, withdraw, amend, modify or change, in each case in a manner adverse to Parent, the recommendation of the Company’s Board

of Directors.

7.3 Additional Financial

Information. The Company shall use its reasonable best efforts to provide Parent with the audited financial statements of the Company

and its Subsidiaries for the twelve month periods ended December 31, 2025 and 2024 consisting of the audited consolidated balance sheets

as of such dates, the audited consolidated income statements for the twelve month period ended on such date, and the audited consolidated

cash flow statements for the twelve month period ended on such date, together with the auditors report thereon (the “Year End

Financials”) by no later than May 14, 2026; it being understood and agreed that the Company shall provide to Parent substantially

completed drafts of the Year-End Financials no later than April 30, 2026. Subsequent to the delivery of the Year End Financials, the

Company’s consolidated interim financial information for each quarterly period thereafter shall be delivered to Parent no later

than 40 calendar days following the end of each quarterly period (the “Required Financial Statements”). All of the

financial statements to be delivered pursuant to this Section 7.3, shall be prepared under U.S. GAAP in accordance with requirements

of the PCAOB for public companies. The Required Financial Statements shall be accompanied by a certificate of the Chief Executive Officer

of the Company to the effect that all such financial statements fairly present the financial position and results of operations of the

Company as of the date or for the periods indicated, in accordance with U.S. GAAP, except as otherwise indicated in such statements and

subject to year-end audit adjustments. The Company will promptly provide Parent with additional Company financial information reasonably

requested by Parent for inclusion in the Registration Statement, the Proxy Statement/Prospectus and any other filings to be made by Parent

with the SEC.

ARTICLE VIII

COVENANTS OF ALL PARTIES HERETO

8.1 Reasonable Best

Efforts; Further Assurances.

(a) Subject

to the terms and conditions of this Agreement, Parent and the Company shall, and the Company shall cause its Subsidiaries to, use its

reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary or desirable under

applicable Laws, or as reasonably requested by the other parties, to consummate and implement expeditiously each of the transactions contemplated

by this Agreement, including using its reasonable best efforts to (i) obtain all necessary actions, nonactions, waivers, consents, approvals

and other authorizations from all applicable Authorities or other third parties prior to the Effective Time; (ii) avoid an Action by any

Authority, and (iii) execute and deliver any additional instruments reasonably necessary to consummate the transactions contemplated by

this Agreement. The parties shall execute and deliver such other documents, certificates, agreements and other writings and take such

other actions as may be reasonably necessary in order to consummate or implement expeditiously each of the transactions contemplated by

this Agreement.

(b) Subject

to applicable Law, each of the Company and Parent agrees to (i) reasonably cooperate and consult with the other regarding obtaining and

making all notifications and filings with Authorities, (ii) furnish to the other such information and assistance as the other may reasonably

request in connection with its preparation of any notifications or filings, (iii) keep the other reasonably apprised of the status of

matters relating to the completion of the transactions contemplated by this Agreement, including promptly furnishing the other with copies

of notices and other communications received by such party from, or given by such party to, any third party or any Authority with respect

to such transactions, (iv) permit the other party to review and incorporate the other party’s reasonable comments in any communication

to be given by it to any Authority with respect to any filings required to be made with, or action or nonactions, waivers, expirations

or terminations of waiting periods, clearances, consents or orders required to be obtained from, such Authority in connection with execution

and delivery of this Agreement and the consummation of the transactions contemplated by this Agreement and (v) to the extent reasonably

practicable, consult with the other in advance of and not participate in any meeting or discussion relating to the transactions contemplated

by this Agreement, either in person or by telephone, with any Authority in connection with the proposed transactions unless it gives the

other party the opportunity to attend and observe; provided, however, that, in each of clauses (iii) and (iv) above,

that materials may be redacted (A) to remove references concerning the valuation of such party and its Affiliates, (B) as necessary to

comply with contractual arrangements or applicable Laws, and (C) as necessary to address reasonable attorney-client or other privilege

or confidentiality concerns.

the Interim Period, Parent, 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 Action (including derivative claims) relating to this Agreement, any of the Ancillary

Agreements or any matters relating thereto commenced or threatened in writing against Parent, any of the Parent Parties or any of its

or their respective Representatives in their capacity as a representative of a Parent Party or against the Company (collectively, the

“Transaction Litigation”). Parent shall control the negotiation, defense and settlement of any such Transaction Litigation

brought against Parent, Merger Sub or members of the boards of directors of Parent or Merger Sub and the Company shall control the negotiation,

defense and settlement of any such Transaction Litigation brought against the Company or the members of its board of directors; provided,

however, that in no event shall the Company or Parent settle, compromise or come to any arrangement with respect to any Transaction

Litigation, or agree to do the same, without the prior written consent of the other party (not to be unreasonably withheld, conditioned

or delayed); provided, that it shall be deemed to be reasonable for Parent (if the Company is controlling the Transaction

Litigation) or the Company (if Parent is controlling the Transaction Litigation) 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 Parent Party

(if the Company is controlling the Transaction Litigation) or the Company (if the Parent is controlling the Transaction Litigation) and

its respective Representative that is the subject of such Transaction Litigation, (B) provides for any non-monetary, injunctive, equitable

or similar relief against any Parent Party (if the Company is controlling the Transaction Litigation) or the Company (if Parent is controlling

the Transaction Litigation) or (C) contains an admission of wrongdoing or liability by a Parent Party (if the Company is controlling the

Transaction Litigation) or the Company (if Parent is controlling the Transaction Litigation) and its respective Representative that is

the subject of such Transaction Litigation. Parent 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.

8.2 Compliance with

SPAC Agreements. Parent shall (a) comply with the Trust Agreement, the Parent Rights Agreement and the Underwriting Agreement, dated

as of December 16, 2025, by and between Parent and Cantor Fitzgerald & Co., as representative of the underwriters thereto, and (b)

enforce the terms of the letter agreement, dated as of December 16, 2025, by and among Parent, the Sponsor and each of the officers and

directors of Parent named therein, in each case, as has been or may be amended from time to time.

8.3 Confidentiality.

Except as necessary to complete the Registration Statement, the other Offer Documents or any Other Filings, the Company, on the one hand,

and Parent and Merger Sub, on the other hand, shall comply with the Confidentiality Agreement.

8.4 Directors’

and Officers’ Indemnification and Liability Insurance.

(a) All

rights to indemnification for acts or omissions occurring through the Closing Date now existing in favor of the current directors and

officers of the Company or the Parent Parties and Persons who served as a director, officer, member, trustee or fiduciary of another corporation,

partnership, joint venture, trust, pension or other employee benefit plan or enterprise at the request of the Company or the Parent Parties,

as provided in their respective organizational documents or in any indemnification agreements shall survive the Merger and shall continue

in full force and effect in accordance with their terms. For a period of six years after the Effective Time, Parent shall cause the organizational

documents of Parent, its Subsidiaries, and the Surviving Corporation to contain provisions no less favorable with respect to exculpation

and indemnification of and advancement of expenses than are set forth as of the date of this Agreement in the organizational documents

of, with respect to Parent, Parent, and with respect to the Surviving Corporation, the Company, as applicable, to the extent permitted

by applicable Law.

(b) Prior

to the Closing, Parent and the Company shall reasonably cooperate in order to obtain directors’ and officers’ liability insurance

for Parent and the Company that shall be effective as of Closing and will cover (i) those Persons who were directors and officers of the

Company prior to the Closing and (ii) those Persons who will be the directors and officers of Parent and its Subsidiaries (including the

Surviving Corporation after the Effective Time) at and after the Closing on terms not less favorable than the better of (x) the terms

of the current directors’ and officers’ liability insurance in place for the Company’s directors and officers and (y)

the terms of a typical directors’ and officers’ liability insurance policy for a company whose equity is listed on Nasdaq

or an Alternate Exchange, as applicable, which policy has a scope and amount of coverage that is reasonably appropriate for a company

of similar characteristics (including the line of business and revenues) as the Company.

provisions of this Section 8.4 are intended to be for the benefit of, and shall be enforceable by, each Person who will have

been a director or officer of the Company or Parent for all periods ending on or before the Closing Date and may not be changed with respect

to any officer or director without his or her written consent.

(d) Prior

to the Effective Time, the Company shall obtain and fully pay the premium for a six year prepaid “tail” policy for the extension

of the directors’ and officers’ liability coverage of the Company’s existing directors’ and officers’ liability

insurance policies, for claims reporting or discovery period of six years from and after the Effective Time, on terms and conditions providing

coverage retentions, limits and other material terms (other than premiums payable) substantially equivalent to the current policies of

directors’ and officers’ liability insurance maintained by the Company with respect to matters arising on or before the Effective

Time, covering without limitation the transactions contemplated hereby.

8.5 Parent Public

Filings; Nasdaq. During the Interim Period, Parent will keep current and timely file all of its public filings with the SEC and otherwise

comply in all material respects with applicable securities Laws, and shall use its reasonable best efforts prior to the Closing to maintain

the listing of the Parent Ordinary Shares, the Parent Units and the Parent Rights on Nasdaq. During the Interim Period, Parent shall

use its reasonable best efforts to cause (a) Parent’s initial listing application with Nasdaq or an Alternate Exchange, to be agreed

mutually by Parent and the Company, in connection with the transactions contemplated by this Agreement to have been approved; (b) all

applicable initial and continuing listing requirements of Nasdaq or an Alternate Exchange, as applicable, to be satisfied; and (c) the

Parent Common Shares, including the shares comprising the Aggregate Merger Consideration, and the Parent Rights to be approved for listing

on Nasdaq or an Alternate Exchange, as applicable, 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.

8.6 Certain Tax Matters.

(a) The

Company and Parent shall (and shall cause its respective Subsidiaries to) cooperate fully, as and to the extent reasonably requested by

another party hereto, 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 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.

(b) All

Transfer Taxes of Parent, Company, and Merger Sub shall be borne and paid by the Surviving Corporation, and the parties will cooperate

to file in a timely manner all necessary documents (including, but not limited to, all Tax Returns) with respect to all such amounts for

which the Surviving Corporation is so liable.

8.7 Parent Equity

Incentive Plan.

Prior to the effective date

of the Registration Statement, Parent shall adopt a new equity incentive plan in substantially the

form attached hereto as Exhibit G, with such changes or modifications thereto as the Company and Parent may mutually agree

(such agreement not to be unreasonably withheld, conditioned or delayed) (the “Parent Equity Incentive Plan”).

The Parent Equity Incentive Plan shall have such number of shares available for issuance equal to 10% of the Parent Common Shares to be

issued and outstanding immediately after the Closing and shall include an “evergreen” provision that is mutually agreeable

to the Company and Parent that will provide for an automatic increase on the first day of each fiscal year in the number of shares available

for issuance under the Parent Equity Incentive Plan as mutually determined by the Company and Parent. Parent shall not file a registration

statement on Form S-8 or Form S-1 (or other applicable or successor form) to register the resale by the holders thereof of the Parent

Common Shares issuable upon the exercise of the Converted Options prior to the date that is 180 days after the Closing Date.

8.8 Section 16 Matters.

Prior to the Effective Time, each of the Company and Parent shall take all such steps as

may be required (to the extent permitted under applicable Law) to cause any dispositions of shares of the Company Capital Stock or acquisitions

of Parent Common Shares (including, in each case, securities deliverable upon exercise, vesting or settlement of any derivative securities)

resulting from the transactions contemplated hereby by each individual who may become subject to the subject

to the reporting requirements of Section 16 of the Exchange Act to the extent necessary for such issuance to be an exempt acquisition

pursuant to Rule 16b-3 promulgated under the Exchange Act.

8.9 Employment Agreements.

Prior to the Effective Time, Parent shall use commercially reasonable efforts to enter into employment agreements reasonably satisfactory

to the Company and Parent, to be effective as of the Closing, with the key executives of the Company set forth on Schedule 8.9

(the “Key Executives”), each agreement containing customary non-disclosure, non-competition and non-solicitation terms

and conditions, in each case, subject to applicable Law.

ARTICLE IX

CONDITIONS TO CLOSING

9.1 Condition to

the Obligations of the Parties. The obligations of all of the parties to consummate the Closing are subject to the satisfaction or

written waiver (where permissible) by all of such parties of all the following conditions:

(a) No

provisions of any applicable Law and no Order shall be in effect restraining, prohibiting or imposing any condition on the consummation

of the transactions contemplated hereby, including the Merger.

(b) Each

consent, approval or authorization of any Authority required of Parent, its Subsidiaries, or the Company to consummate the Merger set

forth on Schedule 9.1(b) shall have been obtained and shall be in full force and effect.

Authority shall have issued an Order or enacted a Law, having the effect of prohibiting the Merger or making the Merger illegal, which

Order or Law is final and non-appealable.

(d) The

Company Stockholder Approval shall have been obtained.

(e) Each

of the Required Parent Proposals shall have been approved at the Parent Shareholder Meeting.

(f) Parent’s

initial listing application with Nasdaq or an Alternate Exchange, as applicable, in connection with the transactions contemplated by this

Agreement shall have been conditionally approved and, immediately following the Effective Time, Parent shall satisfy any applicable initial

and continuing listing requirements of Nasdaq or an Alternate Exchange, as applicable, and Parent shall not have received any notice of

non-compliance therewith, and the shares comprising the Aggregate Merger Consideration, the Earnout Shares and any shares issued in connection

with a PIPE Financing, as applicable, shall have been approved for listing on Nasdaq or an Alternate Exchange, as applicable.

(g) The

Registration Statement shall have become effective in accordance with the provisions of the Securities Act, no stop order suspending the

effectiveness of the Registration Statement shall have been issued by the SEC that remains in effect and no proceeding seeking such a

stop order shall have been initiated by the SEC and not withdrawn.

9.2 Conditions to

Obligations of Parent and Merger Sub. The obligation of Parent and Merger Sub to consummate the Closing is subject to the satisfaction,

or the waiver in Parent’s sole and absolute discretion, of all the following further conditions:

(a) The

Company shall have duly performed or complied with, in all material respects, all of its obligations hereunder required to be performed

or complied with (without giving effect to any materiality or similar qualifiers contained therein) by the Company at or prior to the

Closing Date.

(b) The

representations and warranties of the Company contained in this Agreement (disregarding all qualifications contained therein relating

to materiality or Material Adverse Effect), other than the Company Fundamental Representations, shall be true and correct in all respects

as of the date of this Agreement and as of the Closing Date, as if made at and as of such 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 at and as of such

earlier date) except, in each case, for any failure of such representations and warranties (disregarding all qualifications and exceptions

contained therein relating to materiality or Material Adverse Effect) to be so true and correct that would not in the aggregate have or

reasonably be expected to have a Material Adverse Effect in respect of the Company.

Company Fundamental Representations (disregarding all qualifications and exceptions contained therein relating to materiality or Material

Adverse Effect) shall be true and correct in all respects at and as of the date of this Agreement and as of the Closing Date, as if made

as of such date (except to the extent that any such representation and warranty is expressly made as of a specific date, in which case

such representation and warranty shall be true and correct at and as of such specific date), other than de minimis inaccuracies.

(d) Since

the date of this Agreement, there shall not have occurred a Material Adverse Effect in respect of the Company that is continuing.

(e) Parent

shall have received a certificate, dated as of the Closing Date, signed by the Chief Executive Officer of the Company certifying the accuracy

of the provisions of the foregoing clauses (a), (b), (c) and (d) of this Section 9.2.

(f) Parent

shall have received a certificate, dated as of the Closing Date, signed by the Secretary of the Company attaching true, correct and complete

copies of (i) the Company Charter, certified as of a recent date by the Secretary of State of the State of Delaware; (ii) the Company

Bylaws; (iii) copies of resolutions duly adopted by the Board of Directors of the Company authorizing this Agreement, the Ancillary Agreements

to which the Company is a party and the transactions contemplated hereby and thereby and the Company Stockholder Written Consent; and

(iv) a certificate of good standing or available equivalent of the Company, certified as of a recent date by the Secretary of State of

the State of Delaware.

(g) Each

of the Company and certain Company Securityholders, as applicable, shall have executed and delivered to Parent a copy of each Ancillary

Agreement to which the Company or such Company Securityholder, as applicable, is a party.

(h) The

Company shall have delivered to Parent a duly executed certificate conforming to the requirements of Treasury Regulations Sections 1.897-2(g),

(h)(1)(i) and 1.1445-2(c)(3)(i) certifying that no interest in the Company is, or has been during the relevant period specified in Section 897(c)(1)(A)(ii)

of the Code, a “U.S. real property interest” within the meaning of Section 897(c) of the Code, and a notice to be delivered

to the IRS as required under Treasury Regulations Section 1.897-2(h)(2) together with written authorization for Parent to deliver such

notice to the IRS on behalf of the Company following the Closing, each dated no more than 30 days prior to the Closing Date and in form

and substance as reasonably agreed upon by Parent and the Company.

(i) The

Company shall have delivered to Parent a resignation from the Company of each non-continuing director of the Company as designated by

the Company in writing prior to the Closing, effective as of the Closing Date.

9.3 Conditions to

Obligations of the Company. The obligations of the Company to consummate the Closing is subject to the satisfaction, or the waiver

in the Company’s sole and absolute discretion, of all of the following further conditions:

(a) Parent

and Merger Sub shall each have duly performed or complied with, in all material respects, all of its respective obligations hereunder

required to be performed or complied with (without giving effect to any materiality or similar qualifiers contained therein) by Parent

or Merger Sub, as applicable, at or prior to the Closing Date.

(b) The

representations and warranties of Parent and Merger Sub contained in this Agreement (disregarding all qualifications contained therein

relating to materiality or Material Adverse Effect), other than the Parent Fundamental Representations, shall be true and correct as of

the date of this Agreement and as of the Closing Date, as if made at and as of such 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 at and as of such

earlier date), except, in each case, for any failure of such representations and warranties (disregarding all qualifications and exceptions

contained therein relating to materiality or Material Adverse Effect) to be so true and correct that would not in the aggregate have or

reasonably be expected to have a Material Adverse Effect in respect of Parent or Merger Sub.

Parent Fundamental Representations shall be true and correct in all respects at and as of the date of this Agreement and as of the Closing

Date, as if made as of such date (except to the extent that any such representation and warranty is expressly made as of a specific date,

in which case such representation and warranty shall be true and correct at and as of such specific date), other than de minimis inaccuracies.

(d) Since

the date of this Agreement, there shall not have occurred a Material Adverse Effect in respect of Parent that is continuing.

(e) The

Company shall have received a certificate, dated as of the Closing Date, signed by the Chief Executive Officer of Parent certifying the

accuracy of the provisions of the foregoing clauses (a), (b), (c) and (d) of this Section 9.3.

(f) The

Parent Certificate of Incorporation shall have been filed with, and declared effective by, the Secretary of State of the State of Delaware.

(g) The

Company shall have received a certificate, dated as of the Closing Date, signed by the Secretary of Parent attaching true, correct and

complete copies of resolutions duly adopted by the Board of Directors of Parent authorizing this Agreement, the Ancillary Agreements to

which Parent is a party and the transactions contemplated hereby and thereby and the Parent Proposals.

(h) The

Company shall have received a certificate, dated as of the Closing Date, signed by the Secretary of Merger Sub attaching true, correct

and complete copies of (i) copies of resolutions duly adopted by the Board of Directors and sole shareholder of Merger Sub authorizing

this Agreement, the Ancillary Agreements to which Merger Sub is a party and the transactions contemplated hereby and thereby and (ii)

a certificate of good standing or available equivalent of Merger Sub, certified as of a recent date by the Secretary of State of the State

of Delaware.

(i) Each

of Parent, Sponsor or other shareholder of Parent, as applicable, shall have executed and delivered to the Company a copy of each Ancillary

Agreement to which Parent, Sponsor or such other shareholder of Parent, as applicable, is a party.

(j) The

size and composition of the post-Closing Parent Board of Directors shall have been appointed as set forth in Section 2.9.

(k) The

accrued but unpaid fees, costs and expenses, including fees of outside legal counsel (but excluding the Deferred Underwriting Commission),

of the Parent Parties as of immediately prior to the Closing shall collectively not exceed $2,000,000 without the prior written consent

of the Company; it being agreed that any such excess fees incurred without the Company’s prior written consent will reduce the share

consideration remaining for the Sponsor such that only the Sponsor bears such excess fees, costs and expenses assuming $10 price per Parent

Common Share.

(l) The

amount of Parent Closing Cash at the Closing shall equal or exceed $30,000,000.

ARTICLE X

TERMINATION

10.1 Termination

Without Default.

(a) In

the event that (i) the Closing of the transactions contemplated hereunder has not occurred on or before January 21, 2027 (the “Outside

Closing Date”); and (ii) the material breach or violation of any representation, warranty, covenant or obligation under this

Agreement by the party (i.e., Parent or Merger Sub, on one hand, or the Company, on the other hand) seeking to terminate this Agreement

was not the cause of, or resulted in, the failure of the Closing to occur on or before the Outside Closing Date, then Parent or the Company,

as applicable, shall have the right, at its sole option, to terminate this Agreement without liability to the other party. Such right

may be exercised by Parent or the Company, as the case may be, giving written notice to the other at any time after the Outside Closing

Date.

(b) In

the event an Authority shall have issued an Order or enacted a Law, having the effect of prohibiting the Merger or making the Merger illegal,

which Order or Law is final and non-appealable, Parent or the Company shall have the right, at its sole option, to terminate this Agreement

without liability to the other party; provided, however, that the right to terminate this Agreement pursuant

to this Section shall not be available to the Company or Parent if the failure by such party or its Affiliates to comply with any provision

of this Agreement has been a substantial cause of, or substantially resulted in, such action by such Authority.

Agreement may be terminated at any time by mutual written consent of the Company and Parent duly authorized by each of their respective

boards of directors.

10.2 Termination

Upon Default.

(a) Parent

may terminate this Agreement by giving written notice to the Company, without prejudice to any rights or obligations Parent or Merger

Sub may have: (i) at any time prior to the Closing if the Company shall have breached any representation, warranty, agreement or covenant

contained herein to be performed on or prior to the Closing, which has rendered or would reasonably be expected to render the satisfaction

of any of the conditions set forth in Section 9.2(a) or 9.2(b) impossible (a “Terminating Company Breach”);

except that, if such Terminating Company Breach is curable by the Company through the exercise of its reasonable best efforts, then, for

a period of up to 30 days after receipt by the Company of notice from Parent of such breach, but only as long as the Company continues

to use its reasonable best efforts to cure such Terminating Company Breach (the “Company Cure Period”), such termination

shall not be effective, and such termination shall become effective only if the Terminating Company Breach is not cured within the Company

Cure Period; or (ii) at any time after the Company Stockholder Written Consent Deadline if the Company has not delivered the Company Stockholder

Approval to Parent (provided, that upon the Company delivering the Company Stockholder Approval to Parent, Parent shall no longer have

any right to terminate this Agreement under this clause (ii)).

(b) The

Company may terminate this Agreement by giving written notice to Parent, without prejudice to any rights or obligations the Company may

have, if at any time prior to the Closing, Parent shall have breached any of its covenants, agreements, representations, and warranties

contained herein to be performed on or prior to the Closing, which has rendered or reasonably would render the satisfaction of any of

the conditions set forth in Section 9.3(a) or 9.3(b) impossible (a “Terminating Parent Breach”); except

that, if such Terminating Parent Breach is curable by Parent through the exercise of its reasonable best efforts, then, for a period of

up to 30 days after receipt by Parent of notice from the Company of such breach, but only as long as Parent continues to use its reasonable

best efforts to cure such Terminating Parent Breach (the “Parent Cure Period”), such termination shall not be effective,

and such termination shall become effective only if the Terminating Parent Breach is not cured within the Parent Cure Period.

10.3 Effect of Termination.

If this Agreement is terminated pursuant to this ARTICLE X, this Agreement shall become void and of no further force or effect

without liability of any party (or any shareholder, director, officer, employee, Affiliate, agent, consultant or representative of such

party) to the other parties hereto; provided that, if such termination shall result from the willful and material breach

by a party of its covenants and agreements hereunder or common law fraud or willful and material breach in connection with the transactions

contemplated by this Agreement, such party shall not be relieved of liability to the other parties for any such willful and material

breach or common law fraud occurring prior to such termination. The provisions of Section 8.3, this Section 10.3 and ARTICLE

XI, and the Confidentiality Agreement, shall survive any termination hereof pursuant

to this ARTICLE X.

ARTICLE XI

MISCELLANEOUS

11.1 Notices.

Any notice hereunder shall be sent in writing, addressed as specified below, and shall be deemed given: (a) if by hand, electronic

mail, or nationally recognized overnight courier service, by 5:00 PM Eastern Time on a Business Day, addressee’s day and time,

on the date of delivery, and if delivered after 5:00 PM Eastern Time, on the first Business Day after such delivery; (b) if by

email, on the date of transmission with affirmative confirmation of receipt; or (c) three Business Days after mailing by prepaid

certified or registered mail, return receipt requested. Notices shall be addressed to the respective parties as follows, or to such

other address as a party shall specify to the others in accordance with these notice provisions:

if to the Company (or, following

the Closing, the Surviving Corporation or Parent), to:

Electra Vehicles, Inc.

110 K Street, Suite 330

Boston, MA 02127

Attention: Fabrizio Martini, Chief Executive Officer

E-mail: fmartini@electravehicles.com

with a copy (which shall not constitute notice) to:

Latham & Watkins LLP

10250 Constellation Blvd., Suite 1100

Los Angeles, CA 90067

Attention: Steven B. Stokdyk; Brian P. Duff

E-mail: steven.stokdyk@lw.com; brian.duff@lw.com

if to Parent or Merger Sub

(prior to the Closing):

Iron Horse Acquisition II Corp.

851 Broken Sound Parkway NW, Suite 230

Boca Raton, FL 33487

Attention: Jose Antonio Bengochea, Chief Executive Officer

E-mail: jose@ironhorseacquisition.com

with a copy (which shall not constitute notice) to:

Loeb & Loeb LLP

345 Park Avenue

New York, NY 10154

Attention: Mitchell S. Nussbaum

E-mail: mnussbaum@loeb.com

11.2 Amendments;

No Waivers; Remedies.

(a) This

Agreement cannot be amended, except by a writing signed by each party, and cannot be terminated orally or by course of conduct. No provision

hereof can be waived, except by a writing signed by the party against whom such waiver is to be enforced, and any such waiver shall apply

only in the particular instance in which such waiver shall have been given.

(b) Neither

any failure or delay in exercising any right or remedy hereunder or in requiring satisfaction of any condition herein nor any course of

dealing shall constitute a waiver of or prevent any party from enforcing any right or remedy or from requiring satisfaction of any condition.

No notice to or demand on a party waives or otherwise affects any obligation of that party or impairs any right of the party giving such

notice or making such demand, including any right to take any action without notice or demand not otherwise required by this Agreement.

No exercise of any right or remedy with respect to a breach of this Agreement shall preclude exercise of any other right or remedy, as

appropriate to make the aggrieved party whole with respect to such breach, or subsequent exercise of any right or remedy with respect

to any other breach.

as otherwise expressly provided herein, no statement herein of any right or remedy shall impair any other right or remedy stated herein

or that otherwise may be available.

(d) Notwithstanding

anything to the contrary contained herein, no party shall seek, nor shall any party be liable for, punitive or exemplary damages under

any tort, contract, equity or other legal theory with respect to any breach (or alleged breach) of this Agreement or any provision hereof

or any matter otherwise relating hereto or arising in connection herewith.

11.3 Arm’s

Length Bargaining; No Presumption Against Drafter. This Agreement has been negotiated at arm’s-length by parties of equal bargaining

strength, each represented by counsel or having had but declined the opportunity to be represented by counsel and having participated

in the drafting of this Agreement. This Agreement creates no fiduciary or other special relationship between the parties, and no such

relationship otherwise exists. No presumption in favor of or against any party in the construction or interpretation of this Agreement

or any provision hereof shall be made based upon which Person might have drafted this Agreement or such provision.

11.4 Publicity.

Except as required by Law or applicable stock exchange rules and except with respect to the Additional Parent SEC Documents, the parties

agree that neither they nor their Representatives shall issue any press release or make any other public disclosure prior to the Closing

concerning the transactions contemplated hereunder without the prior approval of the other party hereto, which approval shall not be

unreasonably withheld by any party. If a party is required to make such a disclosure as required by Law or applicable stock exchange

rules, the party making such determination will, if practicable in the circumstances, use reasonable commercial efforts to allow the

other party reasonable time to comment on such disclosure in advance of its issuance.

11.5 Expenses.

Except as otherwise provided in Section 9.3(k), the costs and expenses in connection with this Agreement and the transactions

contemplated hereby shall be paid by Parent after the Closing. For the avoidance of doubt, any payments to be made (or to cause to be

made) by Parent pursuant to this Section 11.5 shall be paid upon consummation of the Merger and release of proceeds from the Trust

Account. If the Closing does not take place, each party shall be responsible for its own expenses.

11.6 No Assignment

or Delegation. No party may assign any right or delegate any obligation hereunder, including by merger, consolidation, operation

of law or otherwise, without the written consent of the other party. Any purported assignment or delegation without such consent shall

be void.

11.7 Governing Law.

This Agreement and all disputes or controversies arising out of or relating to this Agreement or the transactions contemplated hereby,

including the applicable statute of limitations, 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 Domestication, the

internal affairs of Parent prior to the Domestication and any provisions of this Agreement that are expressly or otherwise required to

be governed by the Cayman Companies Act, shall be governed by the Laws of the Cayman Islands (without giving effect to choice of law

principles thereof) in respect of which the parties irrevocably submit to the non-exclusive jurisdiction of the courts of the Cayman

Islands.

11.8 Counterparts;

Electronic Signatures. This Agreement may be executed in counterparts, each of which shall constitute an original, but all of which

shall constitute one agreement. This Agreement shall become effective upon delivery to each party of an executed counterpart or the earlier

delivery to each party of original, photocopied, or electronically transmitted signature pages that together (but need not individually)

bear the signatures of all other parties.

11.9 Entire Agreement.

This Agreement, together with the Ancillary Agreements, sets forth the entire agreement of the parties with respect to the subject matter

hereof and thereof and supersedes all prior and contemporaneous understandings and agreements related thereto (whether written or oral),

all of which are merged herein. No provision of this Agreement or any Ancillary Agreement may be explained or qualified by any agreement,

negotiations, understanding, discussion, conduct or course of conduct or by any trade usage. Except as otherwise expressly stated herein

or in any Ancillary Agreement, there is no condition precedent to the effectiveness of any provision hereof or thereof. Notwithstanding

the foregoing, the Confidentiality Agreement is not superseded by this Agreement or merged herein and shall continue in accordance with

its terms, including in the event of any termination of this Agreement.

11.10 Severability.

A determination by a court or other legal authority that any provision that is not of the essence of this Agreement is legally invalid

shall not affect the validity or enforceability of any other provision hereof. The parties shall cooperate in good faith to substitute

(or cause such court or other legal authority to substitute) for any provision so held to be invalid a valid provision, as alike in substance

to such invalid provision as is lawful.

11.11 Further Assurances.

Each party shall execute and deliver such documents and take such action, as may reasonably be considered within the scope of such party’s

obligations hereunder, necessary to effectuate the transactions contemplated by this Agreement.

11.12 Third Party

Beneficiaries. Except as provided in Section 8.4 and Section 11.20, neither this Agreement nor any provision hereof

confers any benefit or right upon or may be enforced by any Person not a signatory hereto.

11.13 Waiver.

The Company has read the Prospectus and understands that Parent has established the Trust Account for the benefit of the public shareholders

of Parent and the underwriters of the IPO pursuant to the Trust Agreement and that, except for a portion of the interest earned on the

amounts held in the Trust Account, Parent may disburse monies from the Trust Account only for the purposes set forth in the Trust Agreement.

For and in consideration of Parent agreeing to enter into this Agreement, the Company, for itself and on behalf of the Company Securityholders,

hereby agrees that it does not now and shall not at any time hereafter prior to the Closing have any right, title, interest or claim

of any kind in or to any monies in the Trust Account as a result of, or arising out of, any negotiations, contracts or agreements with

Parent and hereby agrees that it will not seek recourse against the Trust Account for any reason.

11.14 No Other Representations;

No Reliance.

(a) NONE

OF THE COMPANY, ANY COMPANY SECURITYHOLDER NOR ANY OF THEIR RESPECTIVE REPRESENTATIVES HAS MADE ANY REPRESENTATIONS OR WARRANTIES, EXPRESS

OR IMPLIED, OF ANY NATURE WHATSOEVER RELATING TO THE COMPANY OR THE BUSINESS OR OTHERWISE IN CONNECTION WITH THE TRANSACTIONS CONTEMPLATED

BY THIS AGREEMENT OR ANY ANCILLARY AGREEMENT, OTHER THAN THOSE REPRESENTATIONS AND WARRANTIES EXPRESSLY SET FORTH IN ARTICLE IV,

IN EACH CASE, AS MODIFIED BY THE SCHEDULES TO THIS AGREEMENT. Without limiting the generality of the foregoing, neither the Company, any

Company Securityholder nor any of their respective Representatives has made, and shall not be deemed to have made, any representations

or warranties in the materials relating to the Company made available to Parent and its Representatives, including due diligence materials,

or in any presentation of the business of the Company by management of the Company or others in connection with the transactions contemplated

hereby, 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 Parent or Merger Sub in executing, delivering and performing this Agreement, the

Ancillary Agreements or the transactions contemplated hereby or thereby, in each case except for the representations and warranties set

forth in ARTICLE IV as modified by the Schedules to this Agreement. 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 the Company, any Company Securityholder or their respective Representatives are not and shall not

be deemed to be or to include representations or warranties of the Company or any Company Securityholder, and are not and shall not be

deemed to be relied upon by Parent or Merger Sub in executing, delivering and performing this Agreement, the Ancillary Agreement and the

transactions contemplated hereby or thereby, in each case except for the representations and warranties set forth in ARTICLE IV,

in each case, as modified by the Schedules to this Agreement. Except for the specific representations and warranties expressly made by

the Company in ARTICLE IV, in each case as modified by the Schedules: (a) Parent acknowledges and agrees that: (i) neither the

Company, the Company Securityholders nor any of their respective Representatives is making or has made any representation or warranty,

express or implied, at law or in equity, in respect of the Company, the business, assets, liabilities, operations, prospects or condition

(financial or otherwise) of the Company, the nature or extent of any liabilities of the Company, the effectiveness or the success of any

operations of the Company or the accuracy or completeness of any confidential information memoranda, projections, forecasts or estimates

of earnings, or other information (financial or otherwise) regarding the Company furnished to Parent, Merger Sub or their respective Representatives

or made available to Parent and its Representatives in any “data rooms,” “virtual data rooms,” management presentations

or any other form in expectation of, or in connection with, the transactions contemplated hereby, or in respect of any other matter or

thing whatsoever; and (ii) no Representative of any Company Securityholder or the Company has any authority, express or implied, to make

any representations, warranties or agreements not specifically set forth in ARTICLE IV and subject to the limited remedies herein

provided; (b) each of Parent and Merger Sub specifically disclaims that it is relying upon or has relied upon any such other representations

or warranties that may have been made by any Person, and acknowledges and agrees that the Company Securityholders and the Company have

specifically disclaimed and do hereby specifically disclaim any such other representation or warranty made by any Person; and (c) none

of the Company, the Company Securityholders nor any other Person shall have any liability to Parent, Merger Sub or any other Person with

respect to any such other representations or warranties, including projections, forecasts, estimates, plans or budgets of future revenue,

expenses or expenditures, future results of operations, future cash flows or the future financial condition of the Company or the future

business, operations or affairs of the Company.

(b) NONE

OF PARENT, MERGER SUB NOR ANY OF THEIR RESPECTIVE REPRESENTATIVES HAS MADE ANY REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED, OF ANY

NATURE WHATSOEVER RELATING TO PARENT, MERGER SUB OR OTHERWISE IN CONNECTION WITH THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT OR ANY

ANCILLARY AGREEMENT, OTHER THAN THOSE REPRESENTATIONS AND WARRANTIES EXPRESSLY SET FORTH IN ARTICLE V, IN EACH CASE, AS MODIFIED

BY THE SCHEDULES TO THIS AGREEMENT AND THE PARENT SEC DOCUMENTS. Without limiting the generality of the foregoing, neither Parent, Merger

Sub nor any of their respective Representatives has made, and shall not be deemed to have made, any representations or warranties in the

materials relating to Parent and Merger Sub made available to the Company and the Company Securityholders and their Representatives, including

due diligence materials, or in any presentation of the business of Parent by management of Parent or others in connection with the transactions

contemplated hereby, 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 and the Company Securityholders in executing, delivering

and performing this Agreement, the Ancillary Agreements or the transactions contemplated hereby or thereby, in each case except for the

representations and warranties set forth in ARTICLE V as modified by the Schedules to this Agreement and the Parent SEC 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 Parent, Merger Sub or their respective

Representatives are not and shall not be deemed to be or to include representations or warranties of Parent and Merger Sub, and are not

and shall not be deemed to be relied upon by the Company or Company Securityholders in executing, delivering and performing this Agreement,

the Ancillary Agreement and the transactions contemplated hereby or thereby, in each case except for the representations and warranties

set forth in ARTICLE V, in each case, as modified by the Schedules to this Agreement and the Parent SEC Documents. Except for the

specific representations and warranties expressly made by Parent and Merger Sub in ARTICLE V, in each case as modified by the Schedules

and the Parent SEC Documents: (a) the Company acknowledges and agrees that: (i) neither Parent, Merger Sub nor any of their respective

Representatives is making or has made any representation or warranty, express or implied, at law or in equity, in respect of Parent, Merger

Sub, the business, assets, liabilities, operations, prospects or condition (financial or otherwise) of Parent or Merger Sub, the nature

or extent of any liabilities of Parent or Merger Sub, the effectiveness or the success of any operations of Parent or Merger Sub or the

accuracy or completeness of any confidential information memoranda, projections, forecasts or estimates of earnings, or other information

(financial or otherwise) regarding Parent or Merger Sub furnished to the Company, the Company Securityholders or their respective Representatives

or made available to the Company, the Company Securityholders and their Representatives in any “data rooms,” “virtual

data rooms,” management presentations or any other form in expectation of, or in connection with, the transactions contemplated

hereby, or in respect of any other matter or thing whatsoever; and (ii) no Representative of Parent or Merger Sub has any authority, express

or implied, to make any representations, warranties or agreements not specifically set forth in ARTICLE V and subject to the limited

remedies herein provided; (b) the Company specifically disclaims that it is relying upon or has relied upon any such other representations

or warranties that may have been made by any Person, and acknowledges and agrees that Parent and Merger Sub have specifically disclaimed

and do hereby specifically disclaim any such other representation or warranty made by any Person; and (c) none of Parent, Merger Sub nor

any other Person shall have any liability to the Company, the Company Securityholders or any other Person with respect to any such other

representations or warranties, including projections, forecasts, estimates, plans or budgets of future revenue, expenses or expenditures,

future results of operations, future cash flows or the future financial condition of Parent or the future business, operations or affairs

of Parent.

11.15 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 (I) ARISING

UNDER THIS AGREEMENT OR UNDER ANY ANCILLARY AGREEMENT 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 AGREEMENT 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 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 11.15.

11.16 Submission

to Jurisdiction. Each of the parties irrevocably and unconditionally submits to the exclusive jurisdiction of a federal court sitting

in the Borough of Manhattan of The City of New York or, if such federal court does not have jurisdiction over any such Actions, the Supreme

Court of the State of New York, Commercial Division, sitting in the Borough of Manhattan of The City of New York (and any appellate court

therefrom), for the purposes of any Action (a) arising under this Agreement or under any Ancillary Agreement 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 Agreement or any of the transactions

contemplated hereby or thereby, and irrevocably and unconditionally waives any objection to the laying of venue of any such Action in

any such court, and further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such Action

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 Action (i) arising under this Agreement or under any Ancillary Agreement

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

Agreement or any of the transactions contemplated hereby or thereby, (A) any claim that it is not personally subject to the jurisdiction

of the courts as described in this Section 11.16 for any reason, (B) that it or its property is exempt or immune from the jurisdiction

of any such court or from any Action 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 Action in any such court is brought in an inconvenient

forum, (y) the venue of such Action is improper or (z) this Agreement, or the subject matter hereof, may not be enforced 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 11.1 shall be effective service of process for any such Action.

11.17 Attorneys’

Fees. In the event of any legal action initiated by any party prior to the Closing arising under or out of, in connection with or

in respect of, this Agreement, the prevailing party shall be entitled to reasonable attorneys’ fees, costs and expenses incurred

in such action, as determined and fixed by the court.

11.18 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.

11.19 Non-Recourse.

This Agreement may be enforced only against, and any dispute, claim or controversy based upon, arising out of or related to this Agreement

or the transactions contemplated hereby may be brought only against, the entities that are expressly named as parties hereto and then

only with respect to the specific obligations set forth in this Agreement with respect to such party. No past, present or future director,

officer, employee, incorporator, member, partner, shareholder, agent, attorney, advisor, lender or representative or Affiliate of any

named party to this Agreement (which Persons are intended third party beneficiaries of this Section 11.19) shall have any liability

(whether in contract or tort, at law or in equity or otherwise, or based upon any theory that seeks to impose liability of an entity

party against its owners or Affiliates) for any one or more of the representations, warranties, covenants, agreements or other obligations

or liabilities of such named party or for any dispute, claim or controversy based on, arising out of, or related to this Agreement or

the transactions contemplated hereby.

11.20 Conflicts

and Privilege.

(a) Parent

and the Company, on behalf of their respective successors and assigns (including, after the Closing, the Surviving Corporation), hereby

agree that, in the event a dispute with respect to this Agreement or the transactions contemplated hereby arises after the Closing between

or among (i) the Sponsor, the stockholders or holders of other equity interests of Parent or the Sponsor and/or any of their respective

directors, members, partners, officers, employees or Affiliates (other than the Surviving Corporation) (collectively, the “IRHO

Group”), on the one hand, and (ii) the Surviving Corporation and/or any member of the Electra Group, on the other hand, any

legal counsel, including Loeb & Loeb LLP (“Loeb”), that represented Parent and/or the Sponsor prior to the Closing

may represent the Sponsor and/or any other member of the IRHO Group, in such dispute even though the interests of such Persons may be

directly adverse to the Surviving Corporation, and even though such counsel may have represented Parent in a matter substantially related

to such dispute, or may be handling ongoing matters for the Surviving Corporation and/or the Sponsor. Parent and the Company, on behalf

of their respective successors and assigns (including, after the Closing, the Surviving Corporation), further agree that, as to all legally

privileged communications prior to the Closing (made in connection with the negotiation, preparation, execution, delivery and performance

under, or any dispute or Action arising out of or relating to, this Agreement, any Ancillary Agreements or the transactions contemplated

hereby or thereby) between or among Parent, the Sponsor and/or any other member of the IRHO Group, on the one hand, and Loeb, on the other

hand, the attorney/client privilege and the expectation of client confidence shall survive the Merger and belong to the IRHO Group after

the Closing, and shall not pass to or be claimed or controlled by the Surviving Corporation. Notwithstanding the foregoing, any privileged

communications or information shared by the Company prior to the Closing with Parent or the Sponsor under a common interest agreement

shall remain the privileged communications or information of the Surviving Corporation.

(b) Parent

and the Company, on behalf of their respective successors and assigns (including, after the Closing, the Surviving Corporation), hereby

agree that, in the event a dispute with respect to this Agreement or the transactions contemplated hereby arises after the Closing between

or among (i) the stockholders or holders of other equity interests of the Company and/or any of their respective directors, members, partners,

officers, employees or Affiliates (other than the Surviving Corporation) (collectively, the “Electra Group”), on the

one hand, and (ii) the Surviving Corporation and/or any member of the IRHO Group, on the other hand, any legal counsel, including Latham

& Watkins LLP (“LW”) that represented the Company prior to the Closing may represent any member of the Electra

Group in such dispute even though the interests of such Persons may be directly adverse to the Surviving Corporation, and even though

such counsel may have represented Parent and/or the Company in a matter substantially related to such dispute, or may be handling ongoing

matters for the Surviving Corporation, further agree that, as to all legally privileged communications prior to the Closing (made in connection

with the negotiation, preparation, execution, delivery and performance under, or any dispute or Action arising out of or relating to,

this Agreement, any Ancillary Agreements or the transactions contemplated hereby or thereby) between or among the Company and/or any member

of the Electra Group, on the one hand, and LW, on the other hand, the attorney/client privilege and the expectation of client confidence

shall survive the Merger and belong to the Electra Group after the Closing, and shall not pass to or be claimed or controlled by the Surviving

Corporation. Notwithstanding the foregoing, any privileged communications or information shared by Parent prior to the Closing with the

Company under a common interest agreement shall remain the privileged communications or information of the Surviving Corporation.

[The remainder of this page intentionally

left blank; signature pages to follow]

IN WITNESS WHEREOF, the parties

hereto have caused this Agreement to be duly executed as of the day and year first above written.

Parent:

IRON HORSE ACQUISITION II CORP.

By:

/s/ Jose Antonio Bengochea

Name:

Jose Antonio Bengochea

Title:

Chief Executive Officer

Merger Sub:

IRHO MERGER SUB, INC.

By:

/s/ Jose Antonio Bengochea

Name:

Jose Antonio Bengochea

Title:

Chief Executive Officer

Company:

ELECTRA VEHICLES, INC.

By:

/s/ Fabrizio Martini

Name:

Fabrizio Martini

Title:

Chief Executive Officer and

Co-Founder

[Signature Page to Merger Agreement]

EXHIBIT A

Form of Parent Certificate of Incorporation

(See attached)

EXHIBIT B

Form of Parent Bylaws

(See attached)

EXHIBIT C

Form of Company Support Agreement

(See attached)

EXHIBIT D

Form of Parent Support Agreement

(See attached)

EXHIBIT E

Form of Lock-Up Agreement

(See attached)

EXHIBIT F

Form of Amended and Restated Registration Rights

Agreement

(See attached)

EXHIBIT G

Form of Parent Equity Incentive Plan

(See attached)

EX-3.1 — FORM OF CERTIFICATE OF INCORPORATION OF PARENT

EX-3.1

Filename: ea028718501ex3-1.htm · Sequence: 3

Exhibit

3.1

CERTIFICATE

OF INCORPORATION

ELECTRA

AI, INC.

ARTICLE

The

name of the corporation is Electra AI, Inc. (the “Corporation”).

ARTICLE

The

address of the Corporation’s registered office in the State of Delaware is [Address], and the name of its registered agent at such

address is [Name of Agent].

ARTICLE

III

The

purpose of the Corporation is to engage in any lawful act or activity for which corporations may be organized under the General Corporation

Law of the State of Delaware (the “DGCL”) as it now exists or may hereafter be amended and supplemented.

ARTICLE

The

Corporation is authorized to issue three classes of stock to be designated, respectively, “Class A Common Stock,”

“Class B Common Stock” (collectively with the Class A Common Stock, the “Common Stock”), and “Preferred

Stock.” The total number of shares of capital stock which the Corporation shall have authority to issue is [●].

The total number of shares of Class A Common Stock that the Corporation is authorized to issue is [●], having a par

value of $0.00001 per share, the total number of shares of Class B Common Stock that the Corporation is authorized to issue is [●],

having a par value of $0.00001 per share, the total number of shares of Preferred Stock that the Corporation is authorized to issue is

[●], having a par value of $0.00001 per share.

ARTICLE

The

designations and the powers, privileges and rights, and the qualifications, limitations or restrictions thereof in respect of each class

of capital stock of the Corporation are as follows:

A. COMMON

STOCK.

1. General.

The voting, dividend, liquidation and other rights and powers of the Common Stock are subject to and qualified by the rights, powers

and preferences of any series of Preferred Stock as may be designated by the Board of Directors of the Corporation (the

“Board of Directors”) and outstanding from time to time.

2. Voting.

Except as otherwise expressly provided by this Certificate of Incorporation or as provided by law, the holders of shares of Class A

Common Stock and Class B Common Stock shall (a) at all times vote together as a single class on all matters (including the election

of directors) submitted to a vote of the stockholders of the corporation, (b) be entitled to notice of any stockholders’

meeting in accordance with the Bylaws of the corporation and (c) be entitled to vote upon such matters and in such manner as may be

provided by applicable law. Except as otherwise expressly provided herein or required by applicable law, each holder of Class A

Common Stock shall have the right to one (1) vote per share of Class A Common Stock held of record by such holder and each holder of

Class B Common Stock shall have the right to [●] ([●]) votes per share of Class B Common Stock held of record by such

holder. Except as otherwise required by law, holders of Common Stock, as such, shall not be entitled to vote on any amendment to

this Certificate of Incorporation (including any Certificate of Designation (as defined below)) that relates solely to the rights,

powers, preferences (or the qualifications, limitations or restrictions thereof) or other terms of one or more outstanding series of

Preferred Stock if the holders of such affected series are entitled, either separately or together with the holders of one or more

other such series, to vote thereon pursuant to this Certificate of Incorporation (including any Certificate of Designation) or

pursuant to the DGCL.

Subject

to the rights of any holders of any outstanding series of Preferred Stock, the number of authorized shares of Common Stock or Preferred

Stock may be increased or decreased (but not below the number of shares thereof then outstanding) by the requisite vote of the stockholders

entitled to vote thereon, voting as a single class, irrespective of the provisions of Section 242(b)(2) of the DGCL.

Dividends. Subject to applicable law and the rights and preferences of any holders of any outstanding series of Preferred

Stock, the holders of Common Stock, as such, shall be entitled to the equal, identical and ratably, on a per share basis, payment of

dividends on the Common Stock when, as and if declared by the Board of Directors in accordance with applicable law.

Liquidation. Subject to the rights and preferences of any holders of any shares of any outstanding series of Preferred

Stock, in the event of any liquidation, dissolution or winding up of the Corporation, whether voluntary or involuntary, the funds and

assets of the Corporation that may be legally distributed to the Corporation’s stockholders shall be distributed among the holders

of the then outstanding Common Stock pro rata in accordance with the number of shares of Common Stock held by each such holder.

B. PREFERRED

STOCK

of Preferred Stock may be issued from time to time in one or more series, each of such series to have such terms as stated or expressed

herein and in the resolution or resolutions providing for the creation and issuance of such series adopted by the Board of Directors

as hereinafter provided.

Authority

is hereby expressly granted to the Board of Directors from time to time to issue the Preferred Stock in one or more series, and in connection

with the creation of any such series, by adopting a resolution or resolutions providing for the issuance of the shares thereof and by

filing a certificate of designation relating thereto in accordance with the DGCL (a “Certificate of Designation”),

to determine and fix the number of shares of such series and such voting powers, full or limited, or no voting powers, and such designations,

preferences and relative participating, optional or other special rights, and qualifications, limitations or restrictions thereof, including

without limitation thereof, dividend rights, conversion rights, redemption privileges and liquidation preferences, and to increase or

decrease (but not below the number of shares of such series then outstanding) the number of shares of any series as shall be stated and

expressed in such resolutions, all to the fullest extent now or hereafter permitted by the DGCL. Without limiting the generality of the

foregoing, the resolution or resolutions providing for the creation and issuance of any series of Preferred Stock may provide that such

series shall be superior or rank equally or be junior to any other series of Preferred Stock to the extent permitted by law and this

Certificate of Incorporation (including any Certificate of Designation). Except as otherwise required by law, holders of any series of

Preferred Stock shall be entitled only to such voting rights, if any, as shall expressly be granted thereto by this Certificate of Incorporation

(including any Certificate of Designation).

The

number of authorized shares of Preferred Stock may be increased or decreased (but not below the number of shares thereof then outstanding)

irrespective of the provisions of Section 242(b)(2) of the DGCL.

ARTICLE

For

the management of the business and for the conduct of the affairs of the Corporation it is further provided that:

Subject to the special rights of the holders of one or more outstanding series of Preferred Stock to elect directors, the directors of

the Corporation shall be classified with respect to the time for which they severally hold office into three classes, designated as Class

I, Class II and Class III. The initial Class I directors shall serve for a term expiring at the first annual meeting of stockholders

following the initial registration of the Corporation’s Common Stock pursuant to the Securities Exchange Act of 1934, as amended;

the initial Class II directors shall serve for a term expiring at the second annual meeting of stockholders following such registration;

and the initial Class III directors shall serve for a term expiring at the third annual meeting of stockholders following such registration.

At each annual meeting of stockholders of the Corporation beginning with the first annual meeting of stockholders following the Effective

Time, subject to any special rights of the holders of one or more outstanding series of Preferred Stock to elect directors, the successors

of the class of directors whose term expires at that meeting shall be elected to hold office for a term expiring at the annual meeting

of stockholders held in the third year following the year of their election. Each director shall hold office until his or her successor

is duly elected and qualified or until his or her earlier death, resignation, disqualification or removal. No decrease in the number

of directors shall shorten the term of any incumbent director. The Board of Directors is authorized to designate members of the Board

of Directors already in office as Class I, Class II and Class III.

Except as otherwise expressly provided by the DGCL or this Certificate of Incorporation, the business and affairs of the Corporation

shall be managed by or under the direction of the Board of Directors. The number of directors which shall constitute the whole Board

of Directors shall be fixed exclusively by one or more resolutions adopted from time to time by the Board of Directors.

Subject to the special rights of the holders of one or more outstanding series of Preferred Stock to elect directors, the Board of Directors

or any individual director may be removed from office at any time, but only for cause and only by the affirmative vote of the holders

of at least two-thirds of the voting power of all of the then outstanding shares of voting stock of the Corporation entitled to vote

at an election of directors.

Subject to the special rights of the holders of one or more outstanding series of Preferred Stock to elect directors, except as otherwise

provided by law, any vacancies on the Board of Directors resulting from death, resignation, disqualification, retirement, removal or

other causes and any newly created directorships resulting from any increase in the number of directors shall be filled exclusively by

the affirmative vote of a majority of the directors then in office, even though less than a quorum, or by a sole remaining director (other

than any directors elected by the separate vote of one or more outstanding series of Preferred Stock), and shall not be filled by the

stockholders. Any director appointed in accordance with the preceding sentence shall hold office until the expiration of the term of

the class to which such director shall have been appointed or until his or her earlier death, resignation, retirement, disqualification

or removal.

Whenever the holders of any one or more series of Preferred Stock issued by the Corporation shall have the right, voting separately as

a series or separately as a class with one or more such other series, to elect directors at an annual or special meeting of stockholders,

the election, term of office, removal and other features of such directorships shall be governed by the terms of this Certificate of

Incorporation (including any Certificate of Designation). Notwithstanding anything to the contrary in this Article VI, the number of

directors that may be elected by the holders of any such series of Preferred Stock shall be in addition to the number fixed pursuant

to paragraph B of this Article VI, and the total number of directors constituting the whole Board of Directors shall be automatically

adjusted accordingly. Except as otherwise provided in the Certificate of Designation(s) in respect of one or more series of Preferred

Stock, whenever the holders of any series of Preferred Stock having such right to elect additional directors are divested of such right

pursuant to the provisions of such Certificate of Designation(s), the terms of office of all such additional directors elected by the

holders of such series of Preferred Stock, or elected to fill any vacancies resulting from the death, resignation, disqualification or

removal of such additional directors, shall forthwith terminate (in which case each such director thereupon shall cease to be qualified

as, and shall cease to be, a director) and the total authorized number of directors of the Corporation shall automatically be reduced

accordingly.

In furtherance and not in limitation of the powers conferred by statute, the Board of Directors is expressly authorized to adopt, amend

or repeal Bylaws of the Corporation. In addition to any vote of the holders of any class or series of stock of the Corporation required

by applicable law or by this Certificate of Incorporation (including any Certificate of Designation in respect of one or more series

of Preferred Stock) or the Bylaws of the Corporation, the adoption, amendment or repeal of the Bylaws of the Corporation by the stockholders

of the Corporation shall require the affirmative vote of the holders of at least two-thirds of the voting power of all of the then outstanding

shares of voting stock of the Corporation entitled to vote generally in an election of directors.

The directors of the Corporation need not be elected by written ballot unless the Bylaws so provide.

ARTICLE

VII

Any action required or permitted to be taken by the stockholders of the Corporation must be effected at an annual or special meeting

of stockholders of the Corporation, and shall not be taken by written consent in lieu of a meeting. Notwithstanding the foregoing, any

action required or permitted to be taken by the holders of any series of Preferred Stock, voting separately as a series or separately

as a class with one or more other such series, may be taken without a meeting, without prior notice and without a vote, to the extent

expressly so provided by the applicable Certificate of Designation relating to such series of Preferred Stock, if a consent or consents

in writing, setting forth the action so taken, shall be signed by the holders of outstanding shares of the relevant series of Preferred

Stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which

all shares entitled to vote thereon were present and voted and shall be delivered to the Corporation in accordance with the applicable

provisions of the DGCL.

Subject to the special rights of the holders of one or more series of Preferred Stock, special meetings of stockholders of the Corporation

may be called, for any purpose or purposes, at any time only by or at the direction of the Board of Directors, the Chairperson of the

Board of Directors, the Chief Executive Officer or President, and shall not be called by any other person or persons.

Advance notice of stockholder nominations for the election of directors and of other business proposed to be brought by stockholders

before any meeting of stockholders of the Corporation shall be given in the manner provided in the Bylaws of the Corporation.

ARTICLE

VIII

director or officer of the Corporation shall have any personal liability to the Corporation or its stockholders for monetary damages

for any breach of fiduciary duty as a director or officer, except to the extent such exemption from liability or limitation thereof is

not permitted under the DGCL as the same exists or hereafter may be amended. Any amendment, repeal or modification of this Article VIII,

or the adoption of any provision of the Certificate of Incorporation inconsistent with this Article VIII, shall not adversely affect

any right or protection of a director or officer of the Corporation with respect to any act or omission occurring prior to such amendment,

repeal, modification or adoption. If the DGCL is amended after approval by the stockholders of this Article VIII to authorize corporate

action further eliminating or limiting the personal liability of directors or officers, then the liability of a director or officer of

the Corporation shall be eliminated or limited to the fullest extent permitted by the DGCL as so amended.

ARTICLE

The

Corporation shall have the power to provide rights to indemnification and advancement of expenses to its current and former officers,

directors, employees and agents and to any person who is or was serving at the request of the Corporation as a director, officer, employee

or agent of another corporation, partnership, joint venture, trust or other enterprise.

ARTICLE

Unless

the Corporation consents in writing to the selection of an alternative forum, (a) the Court of Chancery (the “Chancery Court”)

of the State of Delaware (or, in the event that the Chancery Court does not have jurisdiction, the federal district court for the District

of Delaware or other state courts of the State of Delaware) shall, to the fullest extent permitted by law, be the sole and exclusive

forum for (i) any derivative action, suit or proceeding brought on behalf of the Corporation, (ii) any action, suit or proceeding asserting

a claim of breach of a fiduciary duty owed by any director, officer or stockholder of the Corporation to the Corporation or to the Corporation’s

stockholders, (iii) any action, suit or proceeding arising pursuant to any provision of the DGCL or the bylaws of the Corporation or

this Certificate of Incorporation (as either may be amended from time to time) or (iv) any action, suit or proceeding asserting a claim

against the Corporation governed by the internal affairs doctrine; and (b) subject to the preceding provisions of this Article X, the

federal district courts of the United States of America shall be the exclusive forum for the resolution of any complaint asserting a

cause or causes of action arising under the Securities Act of 1933, as amended, including all causes of action asserted against any defendant

to such complaint. If any action the subject matter of which is within the scope of clause (a) of the immediately preceding sentence

is filed in a court other than the courts in the State of Delaware (a “Foreign Action”) in the name of any stockholder,

such stockholder shall be deemed to have consented to (x) the personal jurisdiction of the state and federal courts in the State of Delaware

in connection with any action brought in any such court to enforce the provisions of clause (a) of the immediately preceding sentence

and (y) having service of process made upon such stockholder in any such action by service upon such stockholder’s counsel in the

Foreign Action as agent for such stockholder.

Any

person or entity purchasing or otherwise acquiring any interest in any security of the Corporation shall be deemed to have notice of

and consented to this Article X. This Article X is intended to benefit and may be enforced by the Corporation, its officers and directors,

the underwriters to any offering giving rise to such complaint, and any other professional or entity whose profession gives authority

to a statement made by that person or entity and who has prepared or certified any part of the documents underlying the offering. Notwithstanding

the foregoing, the provisions of this Article X shall not apply to suits brought to enforce any liability or duty created by the Securities

Exchange Act of 1934, as amended, or any other claim for which the federal courts of the United States have exclusive jurisdiction.

any provision or provisions of this Article X shall be held to be invalid, illegal or unenforceable as applied to any circumstance for

any reason whatsoever, (a) the validity, legality and enforceability of such provisions in any other circumstance and of the remaining

provisions of this Article X (including, without limitation, each portion of any paragraph of this Article X containing any such provision

held to be invalid, illegal or unenforceable that is not itself held to be invalid, illegal or unenforceable) shall not in any way be

affected or impaired thereby and (b) the application of such provision to other persons or entities and circumstances shall not in any

way be affected or impaired thereby.

ARTICLE

Notwithstanding anything contained in this Certificate of Incorporation to the contrary, in addition to any vote required by applicable

law, the following provisions in this Certificate of Incorporation may be amended, altered, repealed or rescinded, in whole or in part,

or any provision inconsistent therewith or herewith may be adopted, only by the affirmative vote of the holders of at least 66 2/3% of

the total voting power of all the then outstanding shares of stock of the Corporation entitled to vote thereon, voting together as a

single class: Part B of Article V, Article VI, Article VII, Article VIII, Article IX, Article X, and this Article XI.

If any provision or provisions of this Certificate of Incorporation shall be held to be invalid, illegal or unenforceable as applied

to any circumstance for any reason whatsoever: (i) the validity, legality and enforceability of such provisions in any other circumstance

and of the remaining provisions of this Certificate of Incorporation (including, without limitation, each portion of any paragraph of

this Certificate of Incorporation containing any such provision held to be invalid, illegal or unenforceable that is not itself held

to be invalid, illegal or unenforceable) shall not, to the fullest extent permitted by applicable law, in any way be affected or impaired

thereby and (ii) to the fullest extent permitted by applicable law, the provisions of this Certificate of Incorporation (including, without

limitation, each such portion of any paragraph of this Certificate of Incorporation containing any such provision held to be invalid,

illegal or unenforceable) shall be construed so as to permit the Corporation to protect its directors, officers, employees and agents

from personal liability in respect of their good faith service to or for the benefit of the Corporation to the fullest extent permitted

by law.

EX-3.2 — FORM OF BYLAWS OF PARENT

EX-3.2

Filename: ea028718501ex3-2.htm · Sequence: 4

Exhibit 3.2

Amended and Restated Bylaws of

Electra AI, Inc.

(a Delaware corporation)

as of [_______]

Table of Contents

Page

Article I - Corporate Offices

1.1 Registered Office

1.2 Other Offices

Article II - Meetings of Stockholders

2.1 Place of Meetings

2.2 Annual Meeting

2.3 Special Meeting

2.4 Notice of Business to be Brought before a Meeting

2.5 Notice of Nominations for Election to the Board of Directors

2.6 Additional Requirements for Valid Nomination of Candidates to Serve as Director and, if Elected, to be Seated as Directors

2.7 Notice of Stockholders’ Meetings

2.8 Quorum

2.9 Adjourned Meeting; Notice

2.10 Conduct of Business

2.11 Voting

2.12 Record Date for Stockholder Meetings and Other Purposes

2.13 Proxies

2.14 List of Stockholders Entitled to Vote

2.15 Inspectors of Election

2.16 Delivery to the Corporation

Article III - Directors

3.1 Powers

3.2 Number of Directors

3.3 Election, Qualification and Term of Office of Directors

3.4 Resignation and Vacancies

3.5 Place of Meetings; Meetings by Telephone

3.6 Regular Meetings

3.7 Special Meetings; Notice

3.8 Quorum

3.9 Board Action without a Meeting

3.10 Fees and Compensation of Directors

Article IV - Committees

4.1 Committees of Directors

4.2 Committee Minutes

4.3 Meetings and Actions of Committees

4.4 Subcommittees

Article V - Officers

5.1 Officers

5.2 Appointment of Officers

Table of Contents

(continued)

5.3 Subordinate Officers

5.4 Removal and Resignation of Officers

5.5 Vacancies in Offices

5.6 Representation of Shares of Other Corporations

5.7 Authority and Duties of Officers

5.8 Compensation

Article VI - Records

Article VII - General Matters

7.1 Execution of Corporate Contracts and Instruments

7.2 Stock Certificates

7.3 Special Designation of Certificates

7.4 Lost Certificates

7.5 Shares Without Certificates

7.6 Construction; Definitions

7.7 Dividends

7.8 Fiscal Year

7.9 Seal

7.10 Transfer of Stock

7.11 Stock Transfer Agreements

7.12 Registered Stockholders

7.13 Waiver of Notice

Article VIII - Notice

8.1 Delivery of Notice; Notice by Electronic Transmission

Article IX - Indemnification

9.1 Indemnification of Directors and Officers

9.2 Indemnification of Others

9.3 Prepayment of Expenses

9.4 Determination; Claim

9.5 Non-Exclusivity of Rights

9.6 Insurance

9.7 Other Indemnification

9.8 Continuation of Indemnification

9.9 Amendment or Repeal; Interpretation

Article X - Amendments

Article XI - Forum Selection

Article XII - Definitions

Amended and Restated Bylaws of

Electra AI, Inc.

Article I - Corporate Offices

1.1 Registered

Office.

The address of the registered

office of Electra AI, Inc. (the “Corporation”) in the State of Delaware, and the name of its registered agent at such

address, shall be as set forth in the Corporation’s certificate of incorporation, as the same may be amended and/or restated from

time to time (the “Certificate of Incorporation”).

1.2 Other Offices.

The Corporation may have additional

offices at any place or places, within or outside the State of Delaware, as the Corporation’s board of directors (the “Board”)

may from time to time establish or as the business of the Corporation may require.

Article II - Meetings of

Stockholders

2.1 Place of Meetings.

Meetings of stockholders shall

be held at any place within or outside the State of Delaware, designated by the Board. The Board may, in its sole discretion, determine

that a meeting of stockholders shall not be held at any place, but may instead be held solely by means of remote communication as authorized

by Section 211(a)(2) of the General Corporation Law of the State of Delaware (the “DGCL”). In the absence of any

such designation or determination, stockholders’ meetings shall be held at the Corporation’s principal executive office.

2.2 Annual Meeting.

The Board shall designate

the date and time of the annual meeting of stockholders. At the annual meeting of stockholders, directors shall be elected and other proper

business properly brought before the meeting in accordance with Section 2.4 of these bylaws may be transacted. The Board may postpone,

reschedule or cancel any previously scheduled annual meeting of stockholders.

2.3 Special Meeting.

Special meetings of stockholders

may be called only by such persons and only in such manner as set forth in the Certificate of Incorporation.

No business may be transacted

at any special meeting of stockholders other than the business specified in the notice of such meeting. The Board may postpone, reschedule

or cancel any previously scheduled special meeting of stockholders.

2.4 Notice

of Business to be Brought before a Meeting.

(a) At

an annual meeting of the stockholders, only such business shall be conducted as shall have been properly brought before the meeting. To

be properly brought before an annual meeting, business must be (i) specified in a notice of meeting given by or at the direction

of the Board of Directors, (ii) if not specified in a notice of meeting, otherwise brought before the meeting by or at the direction of

the Board of Directors or the Chairman of the Board or (iii) otherwise properly brought before the meeting by a stockholder present

in person who (A) (1) was a record owner of shares of capital stock of the Corporation both at the time of giving the notice provided

for in this Section 2.4 and at the time of the meeting, (2) is entitled to vote at the meeting, and (3) has complied with this

Section 2.4 in all applicable respects or (B) properly made such proposal in accordance with Rule 14a-8 under the Securities Exchange

Act of 1934, as amended, and the rules and regulations thereunder (as so amended and inclusive of such rules and regulations, the “Exchange

Act”). The foregoing clause (iii) shall be the exclusive means for a stockholder to propose business to be brought before an

annual meeting of the stockholders. The only matters that may be brought before a special meeting are the matters specified in the notice

of meeting given by or at the direction of the person calling the meeting pursuant to Section 2.7, and stockholders shall not be

permitted to propose business to be brought before a special meeting of the stockholders. For purposes of this Section 2.4, “present

in person” shall mean that the stockholder proposing that the business be brought before the annual meeting of the Corporation,

or a qualified representative of such proposing stockholder, appear at such annual meeting, either in person or by means of remote communication.

A “qualified representative” of such proposing stockholder shall be a duly authorized officer, manager or partner of such

stockholder or any other person authorized by a writing executed by such stockholder or an electronic transmission delivered by such stockholder

to act for such stockholder as proxy at the meeting of stockholders and such person must produce such writing or electronic transmission,

or a reliable reproduction of the writing or electronic transmission, at or before the meeting of stockholders in writing or by electronic

transmission. Stockholders seeking to nominate persons for election to the Board of Directors must comply with Section 2.5 and

Section 2.6 and this Section 2.4 shall not be applicable to nominations except as expressly provided in Section 2.5

and Section 2.6.

(b) Without

qualification, for business to be properly brought before an annual meeting by a stockholder, the stockholder must (i) provide Timely

Notice (as defined below) thereof in writing and in proper form to the Secretary of the Corporation and (ii) provide any updates

or supplements to such notice at the times and in the forms required by this Section 2.4. To be timely, a stockholder’s

notice must be delivered to, or mailed and received at, the principal executive offices of the Corporation not less than ninety (90) days

nor more than one hundred twenty (120) days prior to the one-year anniversary of the preceding year’s annual meeting which, in the

case of the first annual meeting of stockholders following the closing of the Corporation’s initial underwritten public offering

of common stock, the date of the preceding year’s annual meeting shall be deemed to be [month, day]; provided, however,

that if the date of the annual meeting is more than thirty (30) days before or more than sixty (60) days after such anniversary date,

notice by the stockholder to be timely must be so delivered, or mailed and received, not more than the hundred twentieth (120th)

day prior to such annual meeting and not later than (i) the ninetieth (90th) day prior to such annual meeting or, (ii) if later,

the tenth (10th) day following the day on which public disclosure of the date of such annual meeting was first made by the

Corporation (such notice within such time periods, “Timely Notice”). In no event shall any adjournment or postponement

of an annual meeting or the announcement thereof commence a new time period (or extend any time period) for the giving of Timely Notice

as described above.

be in proper form for purposes of this Section 2.4, a stockholder’s notice to the Secretary shall set forth:

(i) As

to each Proposing Person (as defined below), (A) the name and address of such Proposing Person (including, if applicable, the name

and address that appear on the Corporation’s books and records), (B) the class or series and number of shares of capital stock

of the Corporation that are, directly or indirectly, owned of record or beneficially owned (within the meaning of Rule 13d-3 under the

Exchange Act) by such Proposing Person, except that such Proposing Person shall in all events be deemed to beneficially own any shares

of any class or series of capital stock of the Corporation as to which such Proposing Person has a right to acquire beneficial ownership

at any time in the future, (C) the date or dates such shares were acquired, (D) the investment intent of such acquisition and (E) any

pledge by such Proposing Person with respect to any of such shares (the disclosures to be made pursuant to the foregoing clauses (A) through

(E) are referred to as “Stockholder Information”);

(ii) As

to each Proposing Person,

(A) the material terms

and conditions of any “derivative security” (as such term is defined in Rule 16a-1(c) under the Exchange Act) that constitutes

a “call equivalent position” (as such term is defined in Rule 16a-1(b) under the Exchange Act) or a “put equivalent

position” (as such term is defined in Rule 16a-1(h) under the Exchange Act) or other derivative or synthetic arrangement in respect

of any class or series of shares of capital stock of the Corporation (“Synthetic Equity Position”) that is, directly

or indirectly, held or maintained by, held for the benefit of, or involving such Proposing Person, including, without limitation,

(1) any option,

warrant, convertible security, stock appreciation right, future or similar right with an exercise or conversion privilege or a settlement

payment or mechanism at a price related to any class or series of shares of capital stock of the Corporation or with a value derived in

whole or in part from the value of any shares of any class or series of shares of capital stock of the Corporation,

(2) any derivative

or synthetic arrangement having the characteristics of a long position or a short position in any class or series of shares of capital

stock of the Corporation, including, without limitation, a stock loan transaction, a stock borrow transaction, or a share repurchase transaction

(3) any contract,

derivative, swap or other transaction or series of transactions designed to

(x) produce economic

benefits and risks that correspond substantially to the ownership of any class or series of shares of capital stock of the Corporation,

(y) mitigate any loss

relating to, reduce the economic risk (of ownership or otherwise) of, or manage the risk of share price decrease in, any class or series

of shares of capital stock of the Corporation, or

(z) increase or decrease

the voting power in respect of any class or series of shares of capital stock of the Corporation held or maintained by, held for the

benefit of, or involving such Proposing Person, including, without limitation, due to the fact that the value of such contract, derivative,

swap or other transaction or series of transactions is determined by reference to the price, value or volatility of any class or series

of shares of capital stock of the Corporation, whether or not such instrument, contract or right shall be subject to settlement in the

underlying class or series of shares of capital stock of the Corporation, through the delivery of cash or other property, or otherwise,

and without regard to whether the holder thereof may have entered into transactions that hedge or mitigate the economic effect of such

instrument, contract or right, or any other direct or indirect opportunity to profit or share in any profit derived from any increase

or decrease in the price or value of any shares of any class or series of shares of capital stock of the Corporation;

provided that,

for the purposes of the definition of “Synthetic Equity Position,” the term “derivative security” shall also include

any security or instrument that would not otherwise constitute a “derivative security” as a result of any feature that would

make any conversion, exercise or similar right or privilege of such security or instrument becoming determinable only at some future date

or upon the happening of a future occurrence, in which case the determination of the amount of securities into which such security or

instrument would be convertible or exercisable shall be made assuming that such security or instrument is immediately convertible or exercisable

at the time of such determination; and, provided, further, that any Proposing Person satisfying the requirements of Rule 13d-1(b)(1)

under the Exchange Act (other than a Proposing Person that so satisfies Rule 13d-1(b)(1) under the Exchange Act solely by reason of Rule

13d-1(b)(1)(ii)(E)) shall not be deemed to hold or maintain the notional amount of any securities that underly any Synthetic Equity Position

that is, directly or indirectly, held or maintained by, held for the benefit of, or involving such Proposing Person as a hedge with respect

to a bona fide derivatives trade or position of such Proposing Person arising in the ordinary course of such Proposing Person’s

business as a derivatives dealer,

(B) a description

of any agreement, arrangement or understanding with respect to any rights to dividends on the shares of any class or series of shares

of capital stock of the Corporation owned beneficially by such Proposing Person that are separated or separable pursuant to such agreement,

arrangement or understanding from the underlying shares of capital stock of the Corporation,

or threatened legal proceeding in which such Proposing Person is a party or material participant involving the Corporation or any of its

officers or directors, or any affiliate of the Corporation,

(D) any other

material relationship between such Proposing Person, on the one hand, and the Corporation or any affiliate of the Corporation, on the

other hand,

(E) any direct or

indirect material interest in any material contract or agreement of such Proposing Person with the Corporation or any affiliate of the

Corporation (including, in any such case, any employment agreement, collective bargaining agreement or consulting agreement),

(F) any proportionate

interest in shares of capital stock of the Corporation or a Synthetic Equity Position held, directly or indirectly, by a general or limited

partnership, limited liability company or similar entity in which any such Proposing Person (1) is a general partner or, directly or indirectly,

beneficially owns an interest in a general partner of such general or limited partnership or (2) is the manager, managing member or, directly

or indirectly, beneficially owns an interest in the manager or managing member of such limited liability company or similar entity,

(G) a representation

that such Proposing Person intends or is part of a group that intends to deliver a proxy statement and/or form of proxy to holders of

at least the percentage of the Corporation’s outstanding capital stock required to approve or adopt the proposal or otherwise solicit

proxies or votes from stockholders in support of such proposal and

(H) any other

information relating to such Proposing Person that would be required to be disclosed in a proxy statement or other filing required to

be made in connection with solicitations of proxies or consents by such Proposing Person in support of the business proposed to be brought

before the meeting pursuant to Section 14(a) of the Exchange Act,

(the disclosures to

be made pursuant to the foregoing clauses (A) through (H) are referred to as “Disclosable Interests”); provided,

however, that Disclosable Interests shall not include any such disclosures with respect to the ordinary course business activities

of any broker, dealer, commercial bank, trust company or other nominee who is a Proposing Person solely as a result of being the stockholder

directed to prepare and submit the notice required by these Bylaws on behalf of a beneficial owner; and

(iii) As

to each item of business that the stockholder proposes to bring before the annual meeting, (A) a brief description of the business

desired to be brought before the annual meeting, the reasons for conducting such business at the annual meeting and any material interest

in such business of each Proposing Person, (B) the text of the proposal or business (including the text of any resolutions proposed

for consideration and in the event that such business includes a proposal to amend the Bylaws, the language of the proposed amendment),

(C) a reasonably detailed description of all agreements, arrangements and understandings (x) between or among any of the Proposing

Persons or (y) between or among any Proposing Person and any other record or beneficial holder(s) or persons(s) who have a right to acquire

beneficial ownership at any time in the future of the shares of any class or series of capital stock of the Corporation or any

other person or entity (including their names) in connection with the proposal of such business by such stockholder, and (D) any other

information relating to such item of business that would be required to be disclosed in a proxy statement or other filing required to

be made in connection with solicitations of proxies in support of the business proposed to be brought before the meeting pursuant to Section

14(a) of the Exchange Act; provided, however, that the disclosures required by this paragraph (iii) shall not include any

disclosures with respect to any broker, dealer, commercial bank, trust company or other nominee who is a Proposing Person solely as a

result of being the stockholder directed to prepare and submit the notice required by these Bylaws on behalf of a beneficial owner.

For purposes of this Section

2.4, the term “Proposing Person” shall mean (i) the stockholder providing the notice of business proposed to be

brought before an annual meeting, (ii) the beneficial owner or beneficial owners, if different, on whose behalf the notice of the

business proposed to be brought before the annual meeting is made, and (iii) any participant (as defined in paragraphs (a)(ii)-(vi)

of Instruction 3 to Item 4 of Schedule 14A) with such stockholder in such solicitation.

(d) The

Board of Directors may request that any Proposing Person furnish such additional information as may be reasonably required by the Board

of Directors. Such Proposing Person shall provide such additional information within ten (10) days after it has been requested by the

Board of Directors.

(e) A

Proposing Person shall update and supplement its notice to the Corporation of its intent to propose business at an annual meeting, if

necessary, so that the information provided or required to be provided in such notice pursuant to this Section 2.4 shall be true and correct

as of the record date for stockholders entitled to vote at the meeting and as of the date that is ten (10) business days prior to the

meeting or any adjournment or postponement thereof, and such update and supplement shall be delivered to, or mailed and received by, the

Secretary at the principal executive offices of the Corporation not later than five (5) business days after the record date for stockholders

entitled to vote at the meeting (in the case of the update and supplement required to be made as of such record date), and not later than

eight (8) business days prior to the date for the meeting or, if practicable, any adjournment or postponement thereof (and, if not practicable,

on the first practicable date prior to the date to which the meeting has been adjourned or postponed) (in the case of the update and supplement

required to be made as of ten (10) business days prior to the meeting or any adjournment or postponement thereof). For the avoidance of

doubt, the obligation to update and supplement as set forth in this paragraph or any other Section of these Bylaws shall not limit the

Corporation’s rights with respect to any deficiencies in any notice provided by a stockholder, extend any applicable deadlines hereunder

or enable or be deemed to permit a stockholder who has previously submitted notice hereunder to amend or update any proposal or to submit

any new proposal, including by changing or adding matters, business or resolutions proposed to be brought before a meeting of the stockholders.

(f) Notwithstanding

anything in these Bylaws to the contrary, no business shall be conducted at an annual meeting that is not properly brought before the

meeting in accordance with this Section 2.4. The presiding officer of the meeting (or, in advance of any meeting of stockholders,

the Board of Directors or an authorized committee thereof) shall, if the facts warrant, determine that the business was not properly brought

before the meeting in accordance with this Section 2.4, and if he or she should so determine, he or she shall so declare to the meeting

and any such business not properly brought before the meeting shall not be transacted.

(g) This

Section 2.4 is expressly intended to apply to any business proposed to be brought before an annual meeting of stockholders other than

any proposal made in accordance with Rule 14a-8 under the Exchange Act and included in the Corporation’s proxy statement. In addition

to the requirements of this Section 2.4 with respect to any business proposed to be brought before an annual meeting, each Proposing Person

shall comply with all applicable requirements of the Exchange Act with respect to any such business. Nothing in this Section 2.4 shall

be deemed to affect the rights of stockholders to request inclusion of proposals in the Corporation’s proxy statement pursuant to

Rule 14a-8 under the Exchange Act.

(h) For

purposes of these Bylaws, “public disclosure” shall mean disclosure in a press release reported by a national news

service or in a document publicly filed by the Corporation with the Securities and Exchange Commission pursuant to Sections 13, 14 or

15(d) of the Exchange Act.

2.5 Notice

of Nominations for Election to the Board of Directors.

Nominations of any person

for election to the Board of Directors at an annual meeting or at a special meeting (but only if the election of directors is a matter

specified in the notice of meeting given by or at the direction of the person calling such special meeting) may be made at such meeting

only (i) by or at the direction of the Board of Directors, including by any committee or persons authorized to do so by the Board

of Directors or these bylaws, or (ii) by a stockholder present in person who (A) was a record owner of shares of capital stock of

the Corporation both at the time of giving the notice provided for in this Section 2.5 and at the time of the meeting, (B) is entitled

to vote at the meeting, and (C) has complied with this Section 2.5 and Section 2.6 as to such notice and nomination. For purposes

of this Section 2.5, “present in person” shall mean that the stockholder nominating any person for election to the Board of

Directors at the meeting of the Corporation, or a qualified representative of such stockholder, appear at such meeting, either in person

or by means of remote communication. A “qualified representative” of such proposing stockholder shall be a duly authorized

officer, manager or partner of such stockholder or any other person authorized by a writing executed by such stockholder or an electronic

transmission delivered by such stockholder to act for such stockholder as proxy at the meeting of stockholders and such person must produce

such writing or electronic transmission, or a reliable reproduction of the writing or electronic transmission, at or before the meeting

of stockholders in writing or by electronic transmission. The foregoing clause (ii) shall be the exclusive means for a stockholder to

make any nomination of a person or persons for election to the Board of Directors at an annual meeting or special meeting.

(b) (i)

Without qualification, for a stockholder to make any nomination of a person or persons for election to the Board of Directors at an annual

meeting, the stockholder must (1) provide Timely Notice (as defined in Section 2.4) thereof in writing and in proper form to the

Secretary of the Corporation, (2) provide the information, agreements and questionnaires with respect to each Nominating Person (as defined

below) and its candidate for nomination as required to be set forth by this Section 2.5 and Section 2.6 and (3) provide any updates

or supplements to such notice at the times and in the forms required by this Section 2.5 and Section 2.6.

(ii) Without qualification,

if the election of directors is a matter specified in the notice of meeting given by or at the direction of the person calling a special

meeting, then for a stockholder to make any nomination of a person or persons for election to the Board of Directors at a special meeting,

the stockholder must (A) provide timely notice thereof in writing and in proper form to the Secretary of the Corporation at the principal

executive offices of the Corporation, (B) provide the information with respect to each Nominating Person and its candidate for nomination

as required by this Section 2.5 and Section 2.6 and (C) provide any updates or supplements to such notice at the times and in the

forms required by this Section 2.5. To be timely, a stockholder’s notice for nominations to be made at a special meeting must

be delivered to, or mailed and received at, the principal executive offices of the Corporation not earlier than the one hundred twentieth

(120th) day prior to such special meeting and not later than the ninetieth (90th) day prior to such special meeting

or, if later, the tenth (10th) day following the day on which public disclosure (as defined in Section 2.4) of the date of

such special meeting was first made (such notice within such time periods, “Special Meeting Timely Notice”).

(iii) In no event shall any

adjournment or postponement of an annual meeting or special meeting or the announcement thereof commence a new time period (or extend

any time period) for the giving of a stockholder’s notice as described above.

(iv) In no event may a Nominating

Person deliver a notice of nomination, as applicable, with respect to a greater number of director candidates than are subject to election

by stockholders at the applicable meeting. If the Corporation shall, subsequent to such notice, increase the number of directors subject

to election at the meeting, such notice as to any additional nominees shall be due on the later of (i) the conclusion of the time period

for Timely Notice or Special Meeting Timely Notice, as applicable, or (ii) the tenth day following the date of public disclosure (as defined

in Section 2.4) of such increase.

be in proper form for purposes of this Section 2.5, a stockholder’s notice to the Secretary shall set forth:

(i) As

to each Nominating Person, the Stockholder Information (as defined in Section 2.4(c)(i), except that for purposes of this Section 2.5

the term “Nominating Person” shall be substituted for the term “Proposing Person” in all places it appears in

Section 2.4(c)(i));

(ii) As

to each Nominating Person, any Disclosable Interests (as defined in Section 2.4(c)(ii), except that for purposes of this Section

2.5 the term “Nominating Person” shall be substituted for the term “Proposing Person” in all places it appears

in Section 2.4(c)(ii) and the disclosure with respect to the business to be brought before the meeting in Section 2.4(c)(ii) shall be

made with respect to the nomination proposed to be made at the meeting); and provided that, in lieu of including the information set forth

in Section 2.4(c)(ii)(G), the Nominating Person’s notice for purposes of this Section 2.5 shall include a representation as to whether

the Nominating Person intends or is part of a group that intends to deliver a proxy statement and solicit the holders of shares representing

at least 67% of the voting power of shares entitled to vote on the election of directors in support of director nominees other than the

Corporation’s nominees in accordance with Rule 14a-19 promulgated under the Exchange Act; and

(iii) As

to each candidate whom a Nominating Person proposes to nominate for election as a director, (A) all information relating to such

candidate for nomination that is required to be disclosed in a proxy statement or other filings required to be made in connection with

solicitations of proxies for election of directors in a contested election pursuant to Section 14(a) under the Exchange Act (including

such candidate’s written consent to being named in a proxy statement and accompanying proxy card relating to the Corporation’s

next meeting of stockholders at which directors are to be elected and to serving as a director for a full term if elected), (B) a

description of any direct or indirect material interest in any material contract or agreement between or among any Nominating Person,

on the one hand, and each candidate for nomination or his or her respective associates (as defined in Rule 14a-1(a) promulgated under

the Exchange Act) or any other participants (as defined in paragraphs (a)(ii)-(vi) of Instruction 3 to Item 4 of Schedule 14A) in such

solicitation, on the other hand, including, without limitation, all information that would be required to be disclosed pursuant to Item

404 under Regulation S-K if such Nominating Person were the “registrant” for purposes of such rule and the candidate for nomination

were a director or executive officer of such registrant and (C) a completed and signed questionnaire, representation and agreement

as provided in Section 2.6(a).

(d) The Board of

Directors may request that any Nominating Person furnish such additional information as may be reasonably required by the Board of

Directors. Such Nominating Person shall provide such additional information within ten (10) days after it has been requested by the

Board of Directors.

(e) A stockholder

providing notice of any nomination proposed to be made at a meeting shall further update and supplement such notice or the materials

delivered pursuant to this Section 2.5, as applicable, if necessary, so that the information provided or required to be provided in

such notice pursuant to this Section 2.5 shall be true and correct as of the record date for stockholders entitled to vote at the

meeting and as of the date that is ten (10) business days prior to the meeting or any adjournment or postponement thereof, and such

update and supplement shall be delivered to, or mailed and received by, the Secretary at the principal executive offices of the

Corporation not later than five (5) business days after the record date for stockholders entitled to vote at the meeting (in the

case of the update and supplement required to be made as of such record date), and not later than eight (8) business days prior to

the date for the meeting or, if practicable, any adjournment or postponement thereof (and, if not practicable, on the first

practicable date prior to the date to which the meeting has been adjourned or postponed) (in the case of the update and supplement

required to be made as of ten (10) business days prior to the meeting or any adjournment or postponement thereof). For the avoidance

of doubt, the obligation to update and supplement as set forth in this paragraph or any other Section of these Bylaws shall not

limit the Corporation’s rights with respect to any deficiencies in any notice provided by a stockholder, extend any applicable

deadlines hereunder or enable or be deemed to permit a stockholder who has previously submitted notice hereunder to amend or update

any nomination, including by changing or adding nominees, or to submit any new nomination, or submit any new proposal, matters,

business or resolutions proposed to be brought before a meeting of the stockholders.

(f) In addition to

the requirements of this Section 2.5 with respect to any nomination proposed to be made at a meeting, each Nominating Person shall comply

with all applicable requirements of the Exchange Act with respect to any such nominations. Notwithstanding the foregoing provisions of

this Section 2.5, unless otherwise required by law, (i) no Nominating Person shall solicit proxies in support of director nominees other

than the Corporation’s nominees unless such Nominating Person has, or is part of a group that has, complied with Rule 14a-19 promulgated

under the Exchange Act in connection with the solicitation of such proxies, including the provision to the Corporation of notices required

thereunder, in accordance with the time frames required in this Section 2.5 or by Rule 14a-19 promulgated under the Exchange Act, as applicable,

and (ii) if (1) any Nominating Person provides notice in accordance with Rule 14a-19(b) promulgated under the Exchange Act and (2) (x)

such notice in accordance with Rule 14a-19(b) is not provided within the time period for Timely Notice or Special Meeting Timely Notice,

as applicable, (y) such Nominating Person subsequently fails to comply with the requirements of Rule 14a-19(a)(2) or Rule 14a-19(a)(3)

promulgated under the Exchange Act or (z) such Nominating Person fails to timely provide reasonable evidence sufficient to satisfy the

Corporation that such Nominating Person has met the requirements of Rule 14a-19(a)(3) promulgated under the Exchange Act in accordance

with the following sentence, then the nomination of such Nominating Person’s proposed nominees shall be disregarded, notwithstanding

that each such nominee is included as a nominee in the Corporation’s proxy statement, notice of meeting or other proxy materials

for any meeting of stockholders (or any supplement thereto) and notwithstanding that proxies or votes in respect of the election of such

proposed nominees may have been received by the Corporation (which proxies and votes shall be disregarded). If any Nominating Person provides

notice in accordance with Rule 14a-19(b) promulgated under the Exchange Act, such Nominating Person shall deliver to the Corporation,

no later than seven (7) business days prior to the applicable meeting, reasonable evidence that it has met the requirements of Rule 14a-19(a)(3)

promulgated under the Exchange Act.

2.6 Additional

Requirements for Valid Nomination of Candidates to Serve as Director and, if Elected, to be Seated as Directors.

(a) To

be eligible to be a candidate for election as a director of the Corporation at an annual or special meeting, a candidate must be nominated

in the manner prescribed in Section 2.5 and the candidate for nomination, whether nominated by the Board of Directors or by a stockholder

of record, must have previously delivered, to the Secretary at the principal executive offices of the Corporation, (i) a completed written

questionnaire (in the form provided by the Corporation within ten (10) days upon written request of any stockholder of record therefor)

with respect to the background, qualifications, stock ownership and independence of such proposed nominee and (ii) a written representation

and agreement (in the form provided by the Corporation within ten (10) days upon written request of any stockholder of record therefor)

that such candidate for nomination (A) is not and, if elected as a director during his or her term of office, will not become a party

to (1) any agreement, arrangement or understanding with, and has not given and will not give any commitment or assurance to, any person

or entity as to how such proposed nominee, if elected as a director of the Corporation, will act or vote on any issue or question (a “Voting

Commitment”) or (2) any Voting Commitment that could limit or interfere with such proposed nominee’s ability to comply,

if elected as a director of the Corporation, with such proposed nominee’s fiduciary duties under applicable law, (B) is not, and

will not become a party to, any agreement, arrangement or understanding with any person or entity other than the Corporation with respect

to any direct or indirect compensation or reimbursement for service as a director that has not been disclosed therein or to the Corporation,

(C) if elected as a director of the Corporation, will comply with all applicable corporate governance, conflict of interest, confidentiality,

stock ownership and trading and other policies and guidelines of the Corporation applicable to directors and in effect during such person’s

term in office as a director (and, if requested by any candidate for nomination, the Secretary of the Corporation shall provide to such

candidate for nomination all such policies and guidelines then in effect), and (D) if elected as a director of the Corporation, intends

to serve the entire term until the next meeting at which such candidate would face re-election.

(b) The

Board of Directors may also require any proposed candidate for nomination as a director to furnish such other information related to such

candidate’s eligibility or qualification to serve as a director as may reasonably be requested by the Board of Directors in writing

prior to the meeting of stockholders at which such candidate’s nomination is to be acted upon. Without limiting the generality of

the foregoing, the Board of Directors may request such other information in order for the Board of Directors to determine the eligibility

of such candidate for nomination to be an independent director of the Corporation or to comply with the director qualification standards

and additional selection criteria in accordance with the Corporation’s Corporate Governance Guidelines. Such other information shall

be delivered to, or mailed and received by, the Secretary at the principal executive offices of the Corporation not later than five (5)

business days after the request by the Board of Directors has been delivered to, or mailed and received by, the Nominating Person.

candidate for nomination as a director shall further update and supplement the materials delivered pursuant to this Section 2.6, if necessary,

so that the information provided or required to be provided pursuant to this Section 2.6 shall be true and correct as of the record date

for stockholders entitled to vote at the meeting and as of the date that is ten (10) business days prior to the meeting or any adjournment

or postponement thereof, and such update and supplement shall be delivered to, or mailed and received by, the Secretary at the principal

executive offices of the Corporation not later than five (5) business days after the record date for stockholders entitled to vote at

the meeting (in the case of the update and supplement required to be made as of such record date), and not later than eight (8) business

days prior to the date for the meeting or, if practicable, any adjournment or postponement thereof (and, if not practicable, on the first

practicable date prior to the date to which the meeting has been adjourned or postponed) (in the case of the update and supplement required

to be made as of ten (10) business days prior to the meeting or any adjournment or postponement thereof). For the avoidance of doubt,

the obligation to update and supplement as set forth in this paragraph or any other Section of these Bylaws shall not limit the Corporation’s

rights with respect to any deficiencies in any notice provided by a stockholder, extend any applicable deadlines hereunder or enable or

be deemed to permit a stockholder who has previously submitted notice hereunder to amend or update any nomination or to submit any new

proposal, including by changing or adding nominees, matters, business or resolutions proposed to be brought before a meeting of the stockholders.

(d) No

candidate nominated pursuant to Section 2(a)(ii) shall be eligible for nomination as a director of the Corporation unless such candidate

for nomination and the Nominating Person seeking to place such candidate’s name in nomination has complied with Section 2.5 and

this Section 2.6, as applicable. The presiding officer at the meeting shall, if the facts warrant, determine that a nomination was not

properly made in accordance with Section 2.5 and this Section 2.6, and if he or she should so determine, he or she shall so declare such

determination to the meeting, the defective nomination shall be disregarded and any ballots cast for the candidate in question (but in

the case of any form of ballot listing other qualified nominees, only the ballots cast for the nominee in question) shall be void and

of no force or effect.

(e) Notwithstanding

anything in these Bylaws to the contrary, no candidate for nomination shall be eligible to be seated as a director of the Corporation

unless nominated in accordance with Section 2.5 and this Section 2.6 and elected as a director.

2.7 Notice of Stockholders’ Meetings.

Unless otherwise provided

by law, the Certificate of Incorporation or these bylaws, the notice of any meeting of stockholders shall be sent or otherwise given in

accordance with Section 8.1 of these bylaws not less than ten (10) nor more than sixty (60) days before the date of the meeting to each

stockholder entitled to vote at such meeting. The notice shall specify the place, if any, date and time of the meeting, the means of remote

communication, if any, by which stockholders and proxy holders may be deemed to be present in person and vote at such meeting, and, in

the case of a special meeting of stockholders, the purpose or purposes for which such meeting is called.

2.8 Quorum.

Unless otherwise provided

by law, the Certificate of Incorporation or these bylaws, the holders of a majority in voting power of the stock issued and outstanding

and entitled to vote, present in person, or by remote communication, if applicable, or represented by proxy, shall constitute a quorum

for the transaction of business at all meetings of stockholders. A quorum, once established at a meeting, shall not be broken by the withdrawal

of enough votes to leave less than a quorum. If, however, a quorum is not present or represented at any meeting of stockholders, then

either (i) the person presiding over the meeting or (ii) a majority in voting power of the stockholders entitled to vote at

the meeting, present in person, or by remote communication, if applicable, or represented by proxy, shall have power to recess the meeting

or adjourn the meeting from time to time in the manner provided in Section 2.9 of these bylaws until a quorum is present or represented.

At any recessed or adjourned meeting at which a quorum is present or represented, any business may be transacted that might have been

transacted at the meeting as originally noticed.

2.9 Adjourned Meeting; Notice.

When a meeting is adjourned

to another time or place, unless these bylaws otherwise require, notice need not be given of the adjourned meeting if the time, place,

if any, thereof, and the means of remote communications, if any, by which stockholders and proxy holders may be deemed to be present in

person and vote at such adjourned meeting are announced at the meeting at which the adjournment is taken or are provided in any other

manner permitted by the DGCL. At any adjourned meeting, the Corporation may transact any business which might have been transacted at

the original meeting. If the adjournment is for more than thirty (30) days, a notice of the adjourned meeting shall be given to each stockholder

of record entitled to vote at the meeting. If after the adjournment a new record date for determination of stockholders entitled to vote

is fixed for the adjourned meeting, the Board shall fix as the record date for determining stockholders entitled to notice of such adjourned

meeting the same or an earlier date as that fixed for determination of stockholders entitled to vote at the adjourned meeting, and shall

give notice of the adjourned meeting to each stockholder of record entitled to vote at such meeting as of the record date so fixed for

notice of such adjourned meeting.

2.10 Conduct of Business.

The date and time of the opening

and the closing of the polls for each matter upon which the stockholders will vote at a meeting shall be announced at the meeting by the

person presiding over the meeting. The Board may adopt by resolution such rules and regulations for the conduct of the meeting of stockholders

as it shall deem appropriate. Except to the extent inconsistent with such rules and regulations as adopted by the Board, the person presiding

over any meeting of stockholders shall have the right and authority to convene and (for any or no reason) to recess and/or adjourn the

meeting, to prescribe such rules, regulations and procedures (which need not be in writing) and to do all such acts as, in the judgment

of such presiding person, are appropriate for the proper conduct of the meeting. Such rules, regulations or procedures, whether adopted

by the Board or prescribed by the person presiding over the meeting, may include, without limitation, the following: (i) the establishment

of an agenda or order of business for the meeting; (ii) rules and procedures for maintaining order at the meeting and the safety of those

present (including, without limitation, rules and procedures for removal of disruptive persons from the meeting); (iii) limitations on

attendance at or participation in the meeting to stockholders entitled to vote at the meeting, their duly authorized and constituted proxies

or such other persons as the person presiding over the meeting shall determine; (iv) restrictions on entry to the meeting after the time

fixed for the commencement thereof; and (v) limitations on the time allotted to questions or comments by participants. The presiding person

at any meeting of stockholders, in addition to making any other determinations that may be appropriate to the conduct of the meeting (including,

without limitation, determinations with respect to the administration and/or interpretation of any of the rules, regulations or procedures

of the meeting, whether adopted by the Board or prescribed by the person presiding over the meeting), shall, if the facts warrant, determine

and declare to the meeting that a matter of business was not properly brought before the meeting and if such presiding person should so

determine, such presiding person shall so declare to the meeting and any such matter or business not properly brought before the meeting

shall not be transacted or considered. Unless and to the extent determined by the Board or the person presiding over the meeting, meetings

of stockholders shall not be required to be held in accordance with the rules of parliamentary procedure.

2.11 Voting.

Except as may be otherwise

provided in the Certificate of Incorporation, these bylaws or the DGCL, each stockholder shall be entitled to one (1) vote for each share

of capital stock held by such stockholder.

Except as otherwise provided

by the Certificate of Incorporation, at all duly called or convened meetings of stockholders at which a quorum is present, for the election

of directors, a plurality of the votes cast shall be sufficient to elect a director. Except as otherwise provided by the Certificate of

Incorporation, these bylaws, the rules or regulations of any stock exchange applicable to the Corporation, or applicable law or pursuant

to any regulation applicable to the Corporation or its securities, each other matter presented to the stockholders at a duly called or

convened meeting at which a quorum is present shall be decided by the affirmative vote of the holders of a majority in voting power of

the votes cast (excluding abstentions and broker non-votes) on such matter.

2.12 Record Date for Stockholder Meetings and

Other Purposes.

In order that the Corporation

may determine the stockholders entitled to notice of or to vote at any meeting of stockholders or any adjournment thereof, the Board may

fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board,

and which record date shall, unless otherwise required by law, not be more than sixty (60) days nor less than ten (10) days before the

date of such meeting. If the Board so fixes a date, such date shall also be the record date for determining the stockholders entitled

to vote at such meeting unless the Board determines, at the time it fixes such record date, that a later date on or before the date of

the meeting shall be the date for making such determination. If no record date is fixed by the Board, the record date for determining

stockholders entitled to notice of or to vote at a meeting of stockholders shall be the close of business on the next day preceding the

day on which notice is first given, or, if notice is waived, at the close of business on the day next preceding the day on which the meeting

is held. A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment

of the meeting; provided, however, that the Board may fix a new record date for determination of stockholders entitled to vote at the

adjourned meeting; and in such case shall also fix as the record date for stockholders entitled to notice of such adjourned meeting the

same or an earlier date as that fixed for determination of stockholders entitled to vote in accordance herewith at the adjourned meeting.

In order that the Corporation

may determine the stockholders entitled to receive payment of any dividend or other distribution or allotment or any rights or the stockholders

entitled to exercise any rights in respect of any change, conversion or exchange of capital stock, or for the purposes of any other lawful

action, the Board may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date

is adopted, and which record date shall be not more than sixty (60) days prior to such action. If no record date is fixed, the record

date for determining stockholders for any such purpose shall be at the close of business on the day on which the Board adopts the resolution

relating thereto.

2.13 Proxies.

Each stockholder entitled

to vote at a meeting of stockholders may authorize another person or persons to act for such stockholder by proxy authorized by an instrument

in writing or by a transmission permitted by law, including Rule 14a-19 promulgated under the Securities Exchange Act of 1934, as amended,

filed in accordance with the procedure established for the meeting, but no such proxy shall be voted or acted upon after three (3) years

from its date, unless the proxy provides for a longer period. The revocability of a proxy that states on its face that it is irrevocable

shall be governed by the provisions of Section 212 of the DGCL. A proxy may be in the form of an electronic transmission which sets forth

or is submitted with information from which it can be determined that the transmission was authorized by the stockholder.

Any stockholder directly or

indirectly soliciting proxies from other stockholders must use a proxy card color other than white, which shall be reserved for the exclusive

use by the Board.

2.14 List of Stockholders Entitled to Vote.

The Corporation shall prepare,

no later than the tenth day before each meeting of stockholders, a complete list of the stockholders entitled to vote at the meeting (provided,

however, that if the record date for determining the stockholders entitled to vote is less than ten (10) days before the date of the meeting,

the list shall reflect the stockholders entitled to vote as of the tenth day before the meeting date), arranged in alphabetical order,

and showing the address of each stockholder and the number of shares registered in the name of each stockholder. The Corporation shall

not be required to include electronic mail addresses or other electronic contact information on such list. Such list shall be open to

the examination of any stockholder, for any purpose germane to the meeting for a period of ten (10) days ending on the day before the

meeting date: (i) on a reasonably accessible electronic network, provided that the information required to gain access to such list

is provided with the notice of the meeting, or (ii) during ordinary business hours, at the Corporation’s principal executive

office. In the event that the Corporation determines to make the list available on an electronic network, the Corporation may take reasonable

steps to ensure that such information is available only to stockholders of the Corporation. Such list shall presumptively determine the

identity of the stockholders entitled to vote at the meeting and the number of shares held by each of them. Except as otherwise provided

by law, the stock ledger shall be the only evidence as to who are the stockholders entitled to examine the list of stockholders required

by this Section 2.14 or to vote in person or by proxy at any meeting of stockholders.

2.15 Inspectors of Election.

Before any meeting of stockholders,

the Corporation shall appoint an inspector or inspectors of election to act at the meeting or its adjournment and make a written report

thereof. The Corporation may designate one or more persons as alternate inspectors to replace any inspector who fails to act. If any person

appointed as inspector or any alternate fails to appear or fails or refuses to act, then the person presiding over the meeting shall appoint

a person to fill that vacancy.

Such inspectors shall:

(i) determine

the number of shares outstanding and the voting power of each, the number of shares represented at the meeting and the validity of any

proxies and ballots;

(ii) count

all votes or ballots;

(iii) count

and tabulate all votes;

(iv) determine

and retain for a reasonable period a record of the disposition of any challenges made to any determination by the inspector(s); and

(v) certify

its or their determination of the number of shares represented at the meeting and its or their count of all votes and ballots.

Each inspector, before entering

upon the discharge of the duties of inspector, shall take and sign an oath faithfully to execute the duties of inspection with strict

impartiality and according to the best of such inspector’s ability. Any report or certificate made by the inspectors of election

is prima facie evidence of the facts stated therein. The inspectors of election may appoint such persons to assist them in performing

their duties as they determine.

2.16 Delivery

to the Corporation.

Whenever this Article II requires

one or more persons (including a record or beneficial owner of stock) to deliver a document or information to the Corporation or any officer,

employee or agent thereof (including any notice, request, questionnaire, revocation, representation or other document or agreement), such

document or information shall be in writing exclusively (and not in an electronic transmission) and shall be delivered exclusively by

hand (including, without limitation, overnight courier service) or by certified or registered mail, return receipt requested, and the

Corporation shall not be required to accept delivery of any document not in such written form or so delivered. For the avoidance of doubt,

the Corporation expressly opts out of Section 116 of the DGCL with respect to the delivery of information and documents to the Corporation

required by this Article II.

Article III - Directors

3.1 Powers.

Except as otherwise provided

by the Certificate of Incorporation or the DGCL, the business and affairs of the Corporation shall be managed by or under the direction

of the Board.

3.2 Number of Directors.

Subject to the Certificate

of Incorporation, the total number of directors constituting the Board shall be determined from time to time by resolution of the Board.

No reduction of the authorized number of directors shall have the effect of removing any director before that director’s term of

office expires.

3.3 Election, Qualification and Term of Office

of Directors.

Except as provided in Section 3.4

of these bylaws, and subject to the Certificate of Incorporation, each director, including a director elected to fill a vacancy or newly

created directorship, shall hold office until the expiration of the term of the class, if any, for which elected and until such director’s

successor is elected and qualified or until such director’s earlier death, resignation, disqualification or removal. Directors need

not be stockholders. The Certificate of Incorporation or these bylaws may prescribe qualifications for directors.

3.4 Resignation and Vacancies.

Any director may resign at

any time upon notice given in writing or by electronic transmission to the Corporation. The resignation shall take effect at the time

specified therein or upon the happening of an event specified therein, and if no time or event is specified, at the time of its receipt.

When one or more directors so resigns and the resignation is effective at a future date or upon the happening of an event to occur on

a future date, a majority of the directors then in office, including those who have so resigned, shall have power to fill such vacancy

or vacancies, the vote thereon to take effect when such resignation or resignations shall become effective, and each director so chosen

shall hold office as provided in Section 3.3.

Unless otherwise provided

in the Certificate of Incorporation or these bylaws, vacancies resulting from the death, resignation, disqualification or removal of any

director, and newly created directorships resulting from any increase in the authorized number of directors shall be filled only by a

majority of the directors then in office, although less than a quorum, or by a sole remaining director.

3.5 Place of Meetings; Meetings by Telephone.

The Board may hold meetings,

both regular and special, either within or outside the State of Delaware.

Unless otherwise restricted

by the Certificate of Incorporation or these bylaws, members of the Board, or any committee designated by the Board, may participate in

a meeting of the Board, or any committee, by means of conference telephone or other communications equipment by means of which all persons

participating in the meeting can hear each other, and such participation in a meeting pursuant to this bylaw shall constitute presence

in person at the meeting.

3.6 Regular Meetings.

Regular meetings of the Board

may be held within or outside the State of Delaware and at such time and at such place as which has been designated by the Board and publicized

among all directors, either orally or in writing, by telephone, including a voice-messaging system or other system designed to record

and communicate messages, facsimile, telegraph or telex, or by electronic mail or other means of electronic transmission. No further notice

shall be required for regular meetings of the Board.

3.7 Special Meetings; Notice.

Special meetings of the Board

for any purpose or purposes may be called at any time by the chairperson of the Board, the Chief Executive Officer, the President, the

Secretary or a majority of the total number of directors constituting the Board.

Notice of the time and place

of special meetings shall be:

(i) delivered

personally by hand, by courier or by telephone;

(ii) sent

by United States first-class mail, postage prepaid;

(iii) sent

by facsimile or electronic mail; or

(iv) sent

by other means of electronic transmission,

directed to each director at that director’s

address, telephone number, facsimile number or electronic mail address, or other address for electronic transmission, as the case may

be, as shown on the Corporation’s records.

If the notice is (i) delivered

personally by hand, by courier or by telephone, (ii) sent by facsimile or electronic mail, or (iii) sent by other means of electronic

transmission, it shall be delivered or sent at least twenty-four (24) hours before the time of the holding of the meeting. If the notice

is sent by U.S. mail, it shall be deposited in the U.S. mail at least four (4) days before the time of the holding of the meeting. The

notice need not specify the place of the meeting (if the meeting is to be held at the Corporation’s principal executive office)

nor the purpose of the meeting.

3.8 Quorum.

At all meetings of the Board,

unless otherwise provided by the Certificate of Incorporation, a majority of the total number of directors shall constitute a quorum for

the transaction of business. The vote of a majority of the directors present at any meeting at which a quorum is present shall be the

act of the Board, except as may be otherwise specifically provided by statute, the Certificate of Incorporation or these bylaws. If a

quorum is not present at any meeting of the Board, then the directors present thereat may adjourn the meeting from time to time, without

notice other than announcement at the meeting, until a quorum is present.

3.9 Board Action without a Meeting.

Unless otherwise restricted

by the Certificate of Incorporation or these bylaws, any action required or permitted to be taken at any meeting of the Board, or of any

committee thereof, may be taken without a meeting if all members of the Board or committee, as the case may be, consent thereto in writing

or by electronic transmission. After an action is taken, the consent or consents relating thereto shall be filed with the minutes of the

proceedings of the Board, or the committee thereof, in the same paper or electronic form as the minutes are maintained. Such action by

written consent or consent by electronic transmission shall have the same force and effect as a unanimous vote of the Board.

3.10 Fees and Compensation of Directors.

Unless otherwise restricted

by the Certificate of Incorporation or these bylaws, the Board shall have the authority to fix the compensation, including fees and reimbursement

of expenses, of directors for services to the Corporation in any capacity.

Article IV - Committees

4.1 Committees of Directors.

The Board may designate one

(1) or more committees, each committee to consist, of one (1) or more of the directors of the Corporation. The Board may designate one

(1) or more directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee.

In the absence or disqualification of a member of a committee, the member or members thereof present at any meeting and not disqualified

from voting, whether or not such member or members constitute a quorum, may unanimously appoint another member of the Board to act at

the meeting in the place of any such absent or disqualified member. Any such committee, to the extent provided in the resolution of the

Board or in these bylaws, shall have and may exercise all the powers and authority of the Board in the management of the business and

affairs of the Corporation, and may authorize the seal of the Corporation to be affixed to all papers that may require it; but no such

committee shall have the power or authority to (i) approve or adopt, or recommend to the stockholders, any action or matter expressly

required by the DGCL to be submitted to stockholders for approval, or (ii) adopt, amend or repeal any bylaw of the Corporation.

4.2 Committee Minutes.

Each committee shall keep

regular minutes of its meetings and report the same to the Board when required.

4.3 Meetings and Actions of Committees.

Meetings and actions of committees

shall be governed by, and held and taken in accordance with, the provisions of:

(i) Section 3.5

(place of meetings; meetings by telephone);

(ii) Section 3.6

(regular meetings);

(iii) Section 3.7

(special meetings; notice);

(iv) Section 3.9

(board action without a meeting); and

(v) Section

7.13 (waiver of notice),

with such changes in the context

of those bylaws as are necessary to substitute the committee and its members for the Board and its members. However:

(i) the

time of regular meetings of committees may be determined either by resolution of the Board or by resolution of the committee;

(ii) special

meetings of committees may also be called by resolution of the Board or the chairperson of the applicable committee; and

(iii) the

Board may adopt rules for the governance of any committee to override the provisions that would otherwise apply to the committee pursuant

to this Section 4.3, provided that such rules do not violate the provisions of the Certificate of Incorporation or applicable law.

4.4 Subcommittees.

Unless otherwise provided

in the Certificate of Incorporation, these bylaws or the resolutions of the Board designating the committee, a committee may create one

(1) or more subcommittees, each subcommittee to consist of one (1) or more members of the committee, and delegate to a subcommittee any

or all of the powers and authority of the committee.

Article V - Officers

5.1 Officers.

The officers of the Corporation

shall include a Chief Executive Officer, a President and a Secretary. The Corporation may also have, at the discretion of the Board, a

Chairperson of the Board, a Vice Chairperson of the Board, a Chief Financial Officer, a Treasurer, one (1) or more Vice Presidents, one

(1) or more Assistant Vice Presidents, one (1) or more Assistant Treasurers, one (1) or more Assistant Secretaries, and any such other

officers as may be appointed in accordance with the provisions of these bylaws. Any number of offices may be held by the same person.

No officer need be a stockholder or director of the Corporation.

5.2 Appointment of Officers.

The Board shall appoint the

officers of the Corporation, except such officers as may be appointed in accordance with the provisions of Section 5.3 of these bylaws.

5.3 Subordinate Officers.

The Board may appoint, or

empower the Chief Executive Officer or, in the absence of a Chief Executive Officer, the President, to appoint, such other officers and

agents as the business of the Corporation may require. Each of such officers and agents shall hold office for such period, have such authority,

and perform such duties as are provided in these bylaws or as the Board may from time to time determine.

5.4 Removal and Resignation of Officers.

Subject to the rights, if

any, of an officer under any contract of employment, any officer may be removed, either with or without cause, by the Board or, except

in the case of an officer chosen by the Board, by any officer upon whom such power of removal may be conferred by the Board.

Any officer may resign at

any time by giving written notice to the Corporation. Any resignation shall take effect at the date of the receipt of that notice or at

any later time specified in that notice. Unless otherwise specified in the notice of resignation, the acceptance of the resignation shall

not be necessary to make it effective. Any resignation is without prejudice to the rights, if any, of the Corporation under any contract

to which the officer is a party.

5.5 Vacancies in Offices.

Any vacancy occurring in any

office of the Corporation shall be filled by the Board or as provided in Section 5.2.

5.6 Representation of Shares of Other Corporations.

The Chairperson of the Board,

the Chief Executive Officer, or the President of this Corporation, or any other person authorized by the Board, the Chief Executive Officer

or the President, is authorized to vote, represent and exercise on behalf of this Corporation all rights incident to any and all shares

or voting securities of any other corporation or other person standing in the name of this Corporation. The authority granted herein may

be exercised either by such person directly or by any other person authorized to do so by proxy or power of attorney duly executed by

such person having the authority.

5.7 Authority and Duties of Officers.

All officers of the Corporation

shall respectively have such authority and perform such duties in the management of the business of the Corporation as may be provided

herein or designated from time to time by the Board and, to the extent not so provided, as generally pertain to their respective offices,

subject to the control of the Board.

5.8 Compensation.

The compensation of the officers

of the Corporation for their services as such shall be fixed from time to time by or at the direction of the Board. An officer of the

Corporation shall not be prevented from receiving compensation by reason of the fact that he or she is also a director of the Corporation.

Article VI - Records

A stock ledger consisting

of one or more records in which the names of all of the Corporation’s stockholders of record, the address and number of shares registered

in the name of each such stockholder, and all issuances and transfers of stock of the corporation are recorded in accordance with Section

224 of the DGCL shall be administered by or on behalf of the Corporation. Any records administered by or on behalf of the Corporation

in the regular course of its business, including its stock ledger, books of account, and minute books, may be kept on, or by means of,

or be in the form of, any information storage device, or method, or one or more electronic networks or databases (including one or more

distributed electronic networks or databases), provided that the records so kept can be converted into clearly legible paper form within

a reasonable time and, with respect to the stock ledger, that the records so kept (i) can be used to prepare the list of stockholders

specified in Sections 219 and 220 of the DGCL, (ii) record the information specified in Sections 156, 159, 217(a) and 218 of the DGCL,

and (iii) record transfers of stock as governed by Article 8 of the Uniform Commercial Code as adopted in the State of Delaware.

Article VII - General Matters

7.1 Execution of Corporate Contracts and Instruments.

The Board, except as otherwise

provided in these bylaws, may authorize any officer or officers, or agent or agents, to enter into any contract or execute any instrument

in the name of and on behalf of the Corporation; such authority may be general or confined to specific instances.

7.2 Stock Certificates.

The shares of the Corporation

shall be represented by certificates, provided that the Board by resolution may provide that some or all of the shares of any class or

series of stock of the Corporation shall be uncertificated. Certificates for the shares of stock, if any, shall be in such form as is

consistent with the Certificate of Incorporation and applicable law. Every holder of stock represented

by a certificate shall be entitled to have a certificate signed by, or in the name of the Corporation by, any two officers authorized

to sign stock certificates representing the number of shares registered in certificate form. The Chairperson or Vice Chairperson of the

Board, Chief Executive Officer, the President, Vice President, the Treasurer, any Assistant Treasurer, the Secretary or any Assistant

Secretary of the Corporation shall be specifically authorized to sign stock certificates. Any or all of the signatures on the certificate

may be a facsimile. In case any officer, transfer agent or registrar who has signed or whose facsimile signature has been placed upon

a certificate has ceased to be such officer, transfer agent or registrar before such certificate is issued, it may be issued by the Corporation

with the same effect as if he or she were such officer, transfer agent or registrar at the date of issue.

The Corporation may issue

the whole or any part of its shares as partly paid and subject to call for the remainder of the consideration to be paid therefor. Upon

the face or back of each stock certificate issued to represent any such partly paid shares, or upon the books and records of the Corporation

in the case of uncertificated partly paid shares, the total amount of the consideration to be paid therefor and the amount paid thereon

shall be stated. Upon the declaration of any dividend on fully paid shares, the Corporation shall declare a dividend upon partly paid

shares of the same class, but only upon the basis of the percentage of the consideration actually paid thereon.

7.3 Special

Designation of Certificates.

If the Corporation is authorized

to issue more than one class of stock or more than one series of any class, then the powers, the designations, the preferences and the

relative, participating, optional or other special rights of each class of stock or series thereof and the qualifications, limitations

or restrictions of such preferences and/or rights shall be set forth in full or summarized on the face or on the back of the certificate

that the Corporation shall issue to represent such class or series of stock (or, in the case of uncertificated shares, set forth in a

notice provided pursuant to Section 151 of the DGCL); provided, however, that except as otherwise provided in Section 202 of the DGCL,

in lieu of the foregoing requirements, there may be set forth on the face or back of the certificate that the Corporation shall issue

to represent such class or series of stock (or, in the case of any uncertificated shares, included in the aforementioned notice) a statement

that the Corporation will furnish without charge to each stockholder who so requests the powers, the designations, the preferences and

the relative, participating, optional or other special rights of each class of stock or series thereof and the qualifications, limitations

or restrictions of such preferences and/or rights.

7.4 Lost Certificates.

Except as provided in this

Section 7.4, no new certificates for shares shall be issued to replace a previously issued certificate unless the latter is surrendered

to the Corporation and cancelled at the same time. The Corporation may issue a new certificate of stock or uncertificated shares in the

place of any certificate theretofore issued by it, alleged to have been lost, stolen or destroyed, and the Corporation may require the

owner of the lost, stolen or destroyed certificate, or such owner’s legal representative, to give the Corporation a bond sufficient

to indemnify it against any claim that may be made against it on account of the alleged loss, theft or destruction of any such certificate

or the issuance of such new certificate or uncertificated shares.

7.5 Shares

Without Certificates

The Corporation may adopt

a system of issuance, recordation and transfer of its shares of stock by electronic or other means not involving the issuance of certificates,

provided the use of such system by the Corporation is permitted in accordance with applicable law.

7.6 Construction; Definitions.

Unless the context requires

otherwise, the general provisions, rules of construction and definitions in the DGCL shall govern the construction of these bylaws. Without

limiting the generality of this provision, the singular number includes the plural and the plural number includes the singular.

7.7 Dividends.

The Board, subject to any

restrictions contained in either (i) the DGCL or (ii) the Certificate of Incorporation, may declare and pay dividends upon the

shares of its capital stock. Dividends may be paid in cash, in property or in shares of the Corporation’s capital stock.

The Board may set apart out

of any of the funds of the Corporation available for dividends a reserve or reserves for any proper purpose and may abolish any such reserve.

Such purposes shall include but not be limited to equalizing dividends, repairing or maintaining any property of the Corporation, and

meeting contingencies.

7.8 Fiscal Year.

The fiscal year of the Corporation

shall be fixed by resolution of the Board and may be changed by the Board.

7.9 Seal.

The Corporation may adopt

a corporate seal, which shall be adopted and which may be altered by the Board. The Corporation may use the corporate seal by causing

it or a facsimile thereof to be impressed or affixed or in any other manner reproduced.

7.10 Transfer of Stock.

Shares of the Corporation

shall be transferable in the manner prescribed by law and in these bylaws. Shares of stock of the Corporation shall be transferred on

the books of the Corporation only by the holder of record thereof or by such holder’s attorney duly authorized in writing, upon

surrender to the Corporation of the certificate or certificates representing such shares endorsed by the appropriate person or persons

(or by delivery of duly executed instructions with respect to uncertificated shares), with such evidence of the authenticity of such endorsement

or execution, transfer, authorization and other matters as the Corporation may reasonably require, and accompanied by all necessary stock

transfer stamps. No transfer of stock shall be valid as against the Corporation for any purpose until it shall have been entered in the

stock records of the Corporation by an entry showing the names of the persons from and to whom it was transferred.

7.11 Stock Transfer Agreements.

The Corporation shall have

power to enter into and perform any agreement with any number of stockholders of any one or more classes or series of stock of the Corporation

to restrict the transfer of shares of stock of the Corporation of any one or more classes owned by such stockholders in any manner not

prohibited by the DGCL.

7.12 Registered Stockholders.

The Corporation:

(i)

shall be entitled to recognize the exclusive right of a person registered on its books as the owner of shares to receive dividends and

to vote as such owner; and

(ii) shall

not be bound to recognize any equitable or other claim to or interest in such share or shares on the part of another person, whether or

not it shall have express or other notice thereof, except as otherwise provided by the laws of the State of Delaware.

7.13 Waiver of Notice.

Whenever notice is required

to be given under any provision of the DGCL, the Certificate of Incorporation or these bylaws, a written waiver, signed by the person

entitled to notice, or a waiver by electronic transmission by the person entitled to notice, whether before or after the time of the event

for which notice is to be given, shall be deemed equivalent to notice. Attendance of a person at a meeting shall constitute a waiver of

notice of such meeting, except when the person attends a meeting for the express purpose of objecting at the beginning of the meeting,

to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted at, nor

the purpose of, any regular or special meeting of the stockholders need be specified in any written waiver of notice or any waiver by

electronic transmission unless so required by the Certificate of Incorporation or these bylaws.

Article VIII - Notice

8.1 Delivery of Notice; Notice by Electronic

Transmission.

Without limiting the manner

by which notice otherwise may be given effectively to stockholders, any notice to stockholders given by the Corporation under any provisions

of the DGCL, the Certificate of Incorporation, or these bylaws may be given in writing directed to the stockholder’s mailing address

(or by electronic transmission directed to the stockholder’s electronic mail address, as applicable) as it appears on the records

of the Corporation and shall be given (1) if mailed, when the notice is deposited in the U.S. mail, postage prepaid, (2) if delivered

by courier service, the earlier of when the notice is received or left at such stockholder’s address or (3) if given by electronic

mail, when directed to such stockholder’s electronic mail address unless the stockholder has notified the Corporation in writing

or by electronic transmission of an objection to receiving notice by electronic mail. A notice by electronic mail must include a prominent

legend that the communication is an important notice regarding the Corporation.

Without limiting the manner

by which notice otherwise may be given effectively to stockholders, any notice to stockholders given by the Corporation under any provision

of the DGCL, the Certificate of Incorporation or these bylaws shall be effective if given by a form of electronic transmission consented

to by the stockholder to whom the notice is given. Any such consent shall be revocable by the stockholder by written notice or electronic

transmission to the Corporation. Notwithstanding the provisions of this paragraph, the Corporation may give a notice by electronic mail

in accordance with the first paragraph of this section without obtaining the consent required by this paragraph.

Any notice given pursuant

to the preceding paragraph shall be deemed given:

(i) if by facsimile telecommunication, when directed to a number at which the stockholder has consented to

receive notice;

(ii) if by a posting on an electronic network together with separate notice to the stockholder of such specific

posting, upon the later of (A) such posting and (B) the giving of such separate notice; and

(iii) if by any other form of electronic transmission, when directed to the stockholder.

Notwithstanding the foregoing,

a notice may not be given by an electronic transmission from and after the time that (1) the Corporation is unable to deliver by such

electronic transmission two (2) consecutive notices given by the Corporation and (2) such inability becomes known to the Secretary or

an Assistant Secretary of the Corporation or to the transfer agent, or other person responsible for the giving of notice, provided, however,

the inadvertent failure to discover such inability shall not invalidate any meeting or other action.

An affidavit of the Secretary

or an Assistant Secretary or of the transfer agent or other agent of the Corporation that the notice has been given shall, in the absence

of fraud, be prima facie evidence of the facts stated therein.

Article IX - Indemnification

9.1 Indemnification of Directors and Officers.

The Corporation shall indemnify

and hold harmless, to the fullest extent permitted by the DGCL as it presently exists or may hereafter be amended, any director or officer

of the Corporation who was or is made or is threatened to be made a party or is otherwise involved in any action, suit or proceeding,

whether civil, criminal, administrative or investigative (a “Proceeding”) by reason of the fact that he or she, or

a person for whom he or she is the legal representative, is or was a director or officer of the Corporation or, while serving as a director

or officer of the Corporation, is or was serving at the request of the Corporation as a director, officer, employee or agent of another

corporation or of a partnership (a “covered person”), joint venture, trust, enterprise or non-profit entity, including service

with respect to employee benefit plans, against all liability and loss suffered and expenses (including attorneys’ fees, judgments,

fines ERISA excise taxes or penalties and amounts paid in settlement) reasonably incurred by such person in connection with any such Proceeding.

Notwithstanding the preceding sentence, except as otherwise provided in Section 9.4, the Corporation shall be required to indemnify a

person in connection with a Proceeding initiated by such person only if the Proceeding was authorized in the specific case by the Board.

9.2 Indemnification of Others.

The Corporation shall have

the power to indemnify and hold harmless, to the fullest extent permitted by applicable law as it presently exists or may hereafter be

amended, any employee or agent of the Corporation who was or is made or is threatened to be made a party or is otherwise involved in any

Proceeding by reason of the fact that he or she, or a person for whom he or she is the legal representative, is or was an employee or

agent of the Corporation or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation

or of a partnership, joint venture, trust, enterprise or non-profit entity, including service with respect to employee benefit plans,

against all liability and loss suffered and expenses reasonably incurred by such person in connection with any such Proceeding.

9.3 Prepayment of Expenses.

The Corporation shall to the

fullest extent not prohibited by applicable law pay the expenses (including attorneys’ fees) incurred by any covered person, and

may pay the expenses incurred by any employee or agent of the Corporation, in defending any Proceeding in advance of its final disposition;

provided, however, that such payment of expenses in advance of the final disposition of the Proceeding shall be made only upon receipt

of an undertaking by the person to repay all amounts advanced if it should be ultimately determined that the person is not entitled to

be indemnified under this Article IX or otherwise.

9.4 Determination; Claim.

If a claim for indemnification

(following the final disposition of such Proceeding) under this Article IX is not paid in full within sixty (60) days, or a claim for

advancement of expenses under this Article IX is not paid in full within thirty (30) days, after a written claim therefor has been received

by the Corporation the claimant may thereafter (but not before) file suit to recover the unpaid amount of such claim and, if successful

in whole or in part, shall be entitled to be paid the expense of prosecuting such claim to the fullest extent permitted by law. In any

such action the Corporation shall have the burden of proving that the claimant was not entitled to the requested indemnification or payment

of expenses under applicable law.

9.5 Non-Exclusivity of Rights.

The rights conferred on any

person by this Article IX shall not be exclusive of any other rights which such person may have or hereafter acquire under any statute,

provision of the Certificate of Incorporation, these bylaws, agreement, vote of stockholders or disinterested directors or otherwise.

9.6 Insurance.

The Corporation may purchase

and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the Corporation, or is or was serving

at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust

enterprise or non-profit entity against any liability asserted against him or her and incurred by him or her in any such capacity, or

arising out of his or her status as such, whether or not the Corporation would have the power to indemnify him or her against such liability

under the provisions of the DGCL.

9.7 Other Indemnification.

The Corporation’s obligation,

if any, to indemnify or advance expenses to any person who was or is serving at its request as a director, officer, employee or agent

of another corporation, partnership, joint venture, trust, enterprise or non-profit entity shall be reduced by any amount such person

may collect as indemnification or advancement of expenses from such other corporation, partnership, joint venture, trust, enterprise or

non-profit enterprise.

9.8 Continuation of Indemnification.

The rights to indemnification

and to prepayment of expenses provided by, or granted pursuant to, this Article IX shall continue notwithstanding that the person has

ceased to be a director or officer of the Corporation and shall inure to the benefit of the estate, heirs, executors, administrators,

legatees and distributees of such person.

9.9 Amendment or Repeal; Interpretation.

The provisions of this Article

IX shall constitute a contract between the Corporation, on the one hand, and, on the other hand, each individual who serves or has served

as a director or officer of the Corporation (whether before or after the adoption of these bylaws), in consideration of such person’s

performance of such services, and pursuant to this Article IX the Corporation intends to be legally bound to each such current or former

director or officer of the Corporation. With respect to current and former directors and officers of the Corporation, the rights conferred

under this Article IX are present contractual rights and such rights are fully vested, and shall be deemed to have vested fully, immediately

upon adoption of theses bylaws. With respect to any directors or officers of the Corporation who commence service following adoption of

these bylaws, the rights conferred under this provision shall be present contractual rights and such rights shall fully vest, and be deemed

to have vested fully, immediately upon such director or officer commencing service as a director or officer of the Corporation. Any repeal

or modification of the foregoing provisions of this Article IX shall not adversely affect any right or protection (i) hereunder of any

person in respect of any act or omission occurring prior to the time of such repeal or modification or (ii) under any agreement providing

for indemnification or advancement of expenses to an officer or director of the Corporation in effect prior to the time of such repeal

or modification.

Any reference to an officer

of the Corporation in this Article IX shall be deemed to refer exclusively to the Chief Executive Officer, President, and Secretary, or

other officer of the Corporation appointed by (x) the Board pursuant to Article V of these bylaws or (y) an officer to whom the Board

has delegated the power to appoint officers pursuant to Article V of these bylaws, and any reference to an officer of any other corporation,

partnership, joint venture, trust, employee benefit plan or other enterprise shall be deemed to refer exclusively to an officer appointed

by the board of directors (or equivalent governing body) of such other entity pursuant to the certificate of incorporation and bylaws

(or equivalent organizational documents) of such other corporation, partnership, joint venture, trust, employee benefit plan or other

enterprise. The fact that any person who is or was an employee of the Corporation or an employee of any other corporation, partnership,

joint venture, trust, employee benefit plan or other enterprise has been given or has used the title of “Vice President” or

any other title that could be construed to suggest or imply that such person is or may be an officer of the Corporation or of such other

corporation, partnership, joint venture, trust, employee benefit plan or other enterprise shall not result in such person being constituted

as, or being deemed to be, an officer of the Corporation or of such other corporation, partnership, joint venture, trust, employee benefit

plan or other enterprise for purposes of this Article IX.

Article X - Amendments

The Board is expressly empowered

to adopt, amend or repeal the bylaws of the Corporation. The stockholders also shall have power to adopt, amend or repeal the bylaws of

the Corporation; provided, however, that such action by stockholders shall require, in addition to any other vote required by the Certificate

of Incorporation or applicable law, the affirmative vote of the holders of at least two-thirds of the voting power of all the then-outstanding

shares of voting stock of the Corporation with the power to vote generally in an election of directors, voting together as a single class.

Article XI - Forum Selection,

Unless the Corporation consents

in writing to the selection of an alternative forum, (a) the Court of Chancery (the “Chancery Court”) of the State

of Delaware (or, in the event that the Chancery Court does not have jurisdiction, the other state courts of the State of Delaware) shall,

to the fullest extent permitted by law, be the sole and exclusive forum for (i) any derivative action, suit or proceeding brought on behalf

of the Corporation, (ii) any action, suit or proceeding asserting a claim of breach of a fiduciary duty owed by any director, officer

or stockholder of the Corporation to the Corporation or to the Corporation’s stockholders, (iii) any action, suit or proceeding

arising pursuant to any provision of the DGCL or the Certificate of Incorporation or these bylaws (as either may be amended from time

to time) or (iv) any action, suit or proceeding asserting a claim against the Corporation governed by the internal affairs doctrine; and

(b) subject to the preceding provisions of this Article XI, the federal district courts of the United States of America shall be the exclusive

forum for the resolution of any complaint asserting a cause or causes of action arising under the Securities Act of 1933, as amended,

including all causes of action asserted against any defendant to such complaint. If any action the subject matter of which is within the

scope of clause (a) of the immediately preceding sentence is filed in a court other than the courts in the State of Delaware (a “Foreign

Action”) in the name of any stockholder, such stockholder shall be deemed to have consented to (x) the personal jurisdiction

of the state and federal courts in the State of Delaware in connection with any action brought in any such court to enforce the provisions

of clause (a) of the immediately preceding sentence and (y) having service of process made upon such stockholder in any such action by

service upon such stockholder’s counsel in the Foreign Action as agent for such stockholder.

Any person or entity purchasing

or otherwise acquiring any interest in any security of the Corporation shall be deemed to have notice of and consented to this Article

XI. This provision is intended to benefit and may be enforced by the Corporation, its officers and directors, the underwriters to any

offering giving rise to such complaint, and any other professional or entity whose profession gives authority to a statement made by that

person or entity and who has prepared or certified any part of the documents underlying the offering. Notwithstanding the foregoing, the

provisions of this Article XI shall not apply to suits brought to enforce any liability or duty created by the Securities Exchange Act

of 1934, as amended, or any other claim for which the federal courts of the United States have exclusive jurisdiction.

If any provision or provisions

of this Article XI shall be held to be invalid, illegal or unenforceable as applied to any circumstance for any reason whatsoever, (a)

the validity, legality and enforceability of such provisions in any other circumstance and of the remaining provisions of this Article

XI (including, without limitation, each portion of any paragraph of this Article XI containing any such provision held to be invalid,

illegal or unenforceable that is not itself held to be invalid, illegal or unenforceable) shall not in any way be affected or impaired

thereby and (b) the application of such provision to other persons or entities and circumstances shall not in any way be affected or impaired

thereby.

Article XII - Definitions

As used in these bylaws, unless

the context otherwise requires, the following terms shall have the following meanings:

An “electronic transmission”

means any form of communication, not directly involving the physical transmission of paper, including the use of, or participation in,

one or more electronic networks or databases (including one or more distributed electronic networks or databases), that creates a record

that may be retained, retrieved and reviewed by a recipient thereof, and that may be directly reproduced in paper form by such a recipient

through an automated process.

An “electronic mail”

means an electronic transmission directed to a unique electronic mail address (which electronic mail shall be deemed to include any files

attached thereto and any information hyperlinked to a website if such electronic mail includes the contact information of an officer or

agent of the Corporation who is available to assist with accessing such files and information).

An “electronic mail

address” means a destination, commonly expressed as a string of characters, consisting of a unique user name or mailbox (commonly

referred to as the “local part” of the address) and a reference to an internet domain (commonly referred to as the “domain

part” of the address), whether or not displayed, to which electronic mail can be sent or delivered.

The term “person”

means any individual, general partnership, limited partnership, limited liability company, corporation, trust, business trust, joint stock

company, joint venture, unincorporated association, cooperative or association or any other legal entity or organization of whatever nature,

and shall include any successor (by merger or otherwise) of such entity.

EX-10.1 — PARENT SUPPORT AGREEMENT, DATED AS OF APRIL 21, 2026, BY AND AMONG IRHO SPAC SPONSOR LLC, IRON HORSE ACQUISITION II CORP. AND ELECTRA VEHICLES, INC

EX-10.1

Filename: ea028718501ex10-1.htm · Sequence: 5

Exhibit 10.1

SPONSOR SUPPORT AGREEMENT

This SPONSOR SUPPORT AGREEMENT

(this “Agreement”) is dated as of April 21, 2026, by and among IRHO SPAC Sponsor LLC, a Cayman Islands limited liability

company (the “Sponsor”), Iron Horse Acquisition II Corp., a Cayman Islands exempted company (which shall de-register

from the Register of Companies in the Cayman Islands by way of continuation out of the Cayman Islands and into the State of Delaware so

as to migrate to and domesticate as a Delaware corporation prior to the Closing) (“Parent”), and Electra Vehicles,

Inc., a Delaware corporation (the “Company”). Capitalized terms used but not defined herein shall have the respective

meanings ascribed to such terms in the Merger Agreement (as defined below).

RECITALS

WHEREAS, as of the date hereof,

the Sponsor is the holder of record and the “beneficial owner” (within the meaning of Rule 13d-3 under the Exchange Act) of

the Parent Common Shares and Parent Units set forth on Schedule I attached hereto (all such securities of Parent (including securities

underlying such securities), or any successor or additional securities of Parent of which ownership is hereafter acquired by the Sponsor

prior to the termination of this Agreement are referred to herein as the “Subject Securities”);

WHEREAS, contemporaneously

with the execution and delivery of this Agreement, Parent, IRHO Merger Sub, Inc., a Delaware corporation and a direct wholly owned subsidiary

of Parent (“Merger Sub”), and the Company have entered into that certain Merger Agreement, dated as of the date

hereof (as amended or modified from time to time, the “Merger Agreement”), pursuant to which, among other transactions,

Merger Sub is to merge with and into the Company, with the Company continuing on as the surviving entity and a wholly owned subsidiary

of Parent, on the terms and subject to the conditions set forth therein;

WHEREAS, on the day that is

at least one Business Day prior to the Effective Time and subject to the conditions of the Merger Agreement, Parent shall de-register

from the Register of Companies in the Cayman Islands by way of continuation out of the Cayman Islands and into the State of Delaware so

as to migrate to and domesticate as a Delaware corporation in accordance with Parent’s organizational documents, Section 388 of

the DGCL and the Cayman Companies Act; and

WHEREAS, as an inducement

to Parent and the Company to enter into the Merger Agreement and to consummate the transactions contemplated therein, the parties hereto

desire to agree to certain matters as set forth herein.

NOW, THEREFORE, in consideration

of the foregoing and the mutual agreements contained herein, and intending to be legally bound hereby, the parties hereto hereby agree

as follows:

ARTICLE

SUPPORT AGREEMENT; COVENANTS

Section 1.1 Binding Effect

of Merger Agreement. The Sponsor hereby acknowledges that it has read the Merger Agreement and this Agreement and has had the opportunity

to consult with its tax and legal advisors. Until the Expiration Time (as defined below), the Sponsor shall be bound by and comply with

Sections 6.2 (Exclusivity) and 11.5 (Publicity) of the Merger Agreement (and any relevant definitions contained

in any such Sections) as if (a) the Sponsor was an original signatory to the Merger Agreement with respect to such provisions, and (b)

each reference to the “Parent” contained in Section 6.2 of the Merger Agreement also referred to the Sponsor.

Section 1.2 No

Transfer. During the period commencing on the date hereof and ending on the earliest of (a) the Effective Time, (b) such date

and time as the Merger Agreement shall be validly terminated in accordance with Article X (Termination) thereof and (c) the

liquidation of Parent (the earlier of (a), (b) and (c), the “Expiration Time”), the Sponsor shall not, without

the prior written consent of the Company, directly or indirectly, (i) sell, offer to sell, contract or agree to sell, hypothecate,

pledge, grant any option to purchase or otherwise dispose of or agree to dispose of, file (or participate in the filing of) a

registration statement with the SEC (other than the Proxy Statement/Prospectus) or establish or increase a put equivalent position

or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Exchange Act, with respect to any

Subject Securities owned by the Sponsor, (ii) enter into any swap or other arrangement that transfers to another, in whole or in

part, any of the economic consequences of ownership of any Subject Securities owned by the Sponsor or (iii) publicly announce any

intention to effect any transaction specified in clause (i) or (ii) (clauses (i), (ii) and (iii), collectively, a

“Transfer”); provided, however, that the foregoing restrictions shall not apply to any Permitted Transfer.

A “Permitted Transfer” shall mean any Transfer (A) to any of Parent’s officers, directors or consultants,

any Affiliate or any family member of any of Parent’s officers, directors or consultants; (B) to any Affiliate of such Person

or to any member(s) of such Person or any of their Affiliates or any employees or consultants of such Affiliates; or (C) to any

other Person, with the consent of Parent and the Company; provided, however, that, prior to and as a condition to the

effectiveness of any Permitted Transfer described in clauses (A) through (C), the transferee in such Permitted Transfer (a

“Permitted Transferee”) shall have executed and delivered to Parent and the Company a joinder or counterpart of

this Agreement pursuant to which such Permitted Transferee shall be bound by all of the applicable terms and provisions of this

Agreement. Parent shall not register any sale, assignment or transfer of any Subject Securities on Parent’s stock ledger (book

entry or otherwise) that is not in compliance with this Section 1.2.

Section 1.3 New

Shares. In the event that (a) any Parent Common Shares, Parent Units or other equity securities of Parent are issued to the

Sponsor after the date of this Agreement pursuant to any stock split, reverse stock split, stock dividend or distribution,

recapitalization, reclassification, combination, subdivision, exchange of shares or other similar event of Parent Common Shares,

Parent Units or other equity securities of Parent of, on or affecting the Parent Common Shares, Parent Units or other equity

securities of Parent owned by the Sponsor or otherwise, (b) the Sponsor purchases or otherwise acquires beneficial ownership of any

Parent Common Shares, Parent Units or other equity securities of Parent after the date of this Agreement, or (c) the Sponsor

acquires the right to vote or share in the voting of any Parent Common Shares or other equity securities of Parent after the date of

this Agreement (such Parent Common Shares, Parent Units or other equity securities of Parent, collectively the “New

Securities”), then such New Securities acquired or purchased by the Sponsor shall be subject to the terms of this

Agreement to the same extent as if they constituted the Subject Securities owned by the Sponsor as of the date hereof.

Section 1.4 Certain Agreements of the

Sponsor.

(a) At

any meeting of the shareholders of Parent, however called, or at any adjournment thereof, or in any other circumstance in which the vote,

consent or other approval of the shareholders of Parent is sought, the Sponsor hereby unconditionally and irrevocably agrees that it shall

(i) appear at each such meeting, in person or by proxy, or otherwise cause all of its Parent Common Shares to be counted as present thereat

for purposes of calculating a quorum and (ii) vote (or cause to be voted), in person or by proxy, or execute and deliver a written consent

(or cause a written consent to be executed and delivered) covering, all of its Parent Common Shares:

(i) in

favor of each Parent Proposal, including, without limitation, any other consent, waiver, approval is required under Parent’s organizational

documents or under any agreements between Parent and its shareholders, or otherwise sought by Parent with respect to the Merger Agreement

or the transactions contemplated thereby or the Parent Proposals;

(ii) against

any Alternative Proposal or any proposal relating to a business combination transaction (other than the Parent Proposals and the transactions

contemplated thereby);

(iii) against

any merger agreement or merger, consolidation, combination, sale of substantial assets, reorganization, recapitalization, dissolution,

liquidation or winding up of or by Parent (other than the Merger Agreement or the Ancillary Agreements and the Merger and the other transactions

contemplated thereby);

(iv) against

any change in the business, management or Board of Directors of Parent (other than in connection with the Parent Proposals and the transactions

contemplated thereby);

(v) against

any proposal, action or agreement that would (A) impede, interfere with, delay, postpone, frustrate, prevent or nullify any provision

of this Agreement, the Merger Agreement, the Ancillary Agreements or the Merger or any of the transactions contemplated thereby, (B) result

in a breach in any respect of any covenant, representation, warranty or any other obligation or agreement of Parent or the Merger Sub

or the Sponsor under the Merger Agreement or this Agreement, as applicable, (C) result in any of the conditions set forth in Article IX

of the Merger Agreement not being fulfilled or (D) change in any manner the dividend policy or capitalization of, including the voting

rights of any class of capital stock of, Parent; and

(vi) in

favor of any extension of Parent’s deadline to consummate a “Business Combination” as such term is defined in the Parent

Articles, to the extent permitted under the Parent Articles.

The Sponsor hereby agrees

that it shall not commit or agree to take any action inconsistent with the foregoing.

(b) The

Sponsor shall comply with, and fully perform all of its obligations, covenants and agreements set forth in, that certain Letter Agreement,

dated as of December 16, 2025, by and among Parent, the Sponsor and the other parties thereto (the “Letter Agreement”),

including the obligations of the Sponsor therein to not redeem, sell or tender, or submit a request to Parent’s transfer agent or

otherwise exercise any right to redeem, sell or tender, any Parent Common Shares owned by the Sponsor in connection with the transactions

contemplated by the Merger Agreement.

Section 1.5 Sponsor

Reduction Shares.

(a) The

Sponsor hereby agrees that, effective as of and conditioned upon the Closing, up to 800,000 Parent Ordinary Shares held by the Sponsor

together with all Parent Common Shares issued upon conversion thereof in connection with the Domestication (the “At-Risk Shares”)

shall be subject to forfeiture as follows: For each $1,000,000 by which the Parent Closing Cash is less than $80,000,000, the Sponsor

shall forfeit 16,000 At-Risk Shares , up to the maximum of 800,000 Parent Common Shares. For illustrative purposes only: (i) if the Parent

Closing Cash equals or exceeds $80,000,000, no At-Risk Shares shall be forfeited; (ii) if the Parent Closing Cash is $60,000,000, the

Sponsor shall forfeit 320,000 At-Risk Shares; and (iii) if the Parent Closing Cash is $30,000,000 or less, the Sponsor shall forfeit all

800,000 At-Risk Shares. References to numbers of shares herein shall be adjusted appropriately to reflect any share sub-divisions, share

capitalizations, reorganizations, recapitalizations and the like.

(b) Upon

such forfeiture, the Sponsor shall surrender the applicable At-Risk Shares to Parent for cancellation in exchange for no consideration,

and Parent shall immediately retire and cancel such forfeited At-Risk Shares and shall direct Parent’s transfer agent to take any

and all such actions incident thereto. Notwithstanding anything to the contrary herein, all other Parent Common Shares and Parent Units

held by the Sponsor shall not be subject to any of the restrictions set forth in this Section 1.5.

Section 1.6 Further

Assurances. The Sponsor shall execute and deliver, or cause to be executed and delivered, such additional documents, and take,

or cause to be taken, all such further actions and do, or cause to be done, all things reasonably necessary or reasonably requested

by the Company or Parent under applicable Laws to effect the actions and to consummate the Merger and the other transactions

contemplated by this Agreement and the Merger Agreement, in each case, on the terms and subject to the conditions set forth therein

and herein, as applicable.

Section 1.7 No Inconsistent

Agreement. Except as provided hereunder and under the Letter Agreement, the Sponsor hereby represents and covenants that it has not

entered into, shall not enter into, and shall not grant a proxy or power of attorney to enter into, any agreement or undertaking that

would restrict, limit, be inconsistent with or interfere with the performance of its obligations hereunder.

Section 1.8 No

Challenges. The Sponsor agrees not to commence, join in, facilitate, assist or encourage, and agrees to take all actions

necessary to opt out of any class in any class action with respect to, any claim, derivative or otherwise, against Parent, Merger

Sub, the Company or any of their respective successors or directors (a) challenging the validity of, or seeking to enjoin the

operation of, any provision of this Agreement or the Merger Agreement, or (b) alleging a breach of any fiduciary duty of any person

in connection with the evaluation, negotiation or entry into the Merger Agreement.

Section 1.9 Consent

to Disclosure. The Sponsor hereby consents to the publication and disclosure in the Registration Statement and the Proxy Statement/Prospectus

(and, as and to the extent otherwise required by applicable securities Laws or the SEC or any other applicable securities authorities,

any other documents or communications provided by Parent or the Company to any Authority or to securityholders of Parent or the Company)

of the Sponsor’s identity and beneficial ownership of Subject Securities, and the nature of the Sponsor’s commitments, arrangements

and understandings under and relating to this Agreement and, if deemed appropriate by Parent or the Company, a copy of this Agreement.

The Sponsor will promptly provide any information reasonably requested by Parent or the Company for any applicable regulatory application

or filing made or approval sought in connection with the transactions contemplated by the Merger Agreement (including filings with the

SEC).

ARTICLE

REPRESENTATIONS AND WARRANTIES

Section 2.1 Representations

and Warranties of the Sponsor. The Sponsor represents and warrants as of the date hereof to Parent and the Company as

follows:

(a) Organization;

Due Authorization. The Sponsor is duly organized and validly existing under the Laws of the Cayman Islands, and the execution, delivery

and performance of this Agreement and the consummation of the transactions contemplated hereby are within the Sponsor’s organizational

powers and have been duly authorized by all necessary organizational actions on the part of the Sponsor. This Agreement has been duly

executed and delivered by the 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). If this Agreement is being executed

in a representative or fiduciary capacity, the Person signing this Agreement has full power and authority to enter into this Agreement

on behalf of the Sponsor.

(b) Ownership.

The Sponsor is the record and beneficial owner (as defined in the Securities Act) of, and has good, valid and marketable title to, all

of its Subject Securities, and there exist no Liens or any other limitation or restriction (including any restriction on the right to

vote, sell or otherwise dispose of such Subject Securities (other than transfer restrictions under the Securities Act)) affecting any

such Subject Securities, other than Liens pursuant to (i) this Agreement, (ii) Parent’s organizational documents, (iii) the Merger

Agreement, (iv) the Letter Agreement or (v) any applicable securities Laws. The Sponsor’s Subject Securities are the only equity

securities in Parent owned of record or beneficially by the Sponsor on the date of this Agreement. The Sponsor has full voting power,

full power of disposition and full power to issue instructions with respect to the matters set forth herein whether by ownership or by

proxy, in each case, with respect to its Subject Securities, and none of the Sponsor’s Subject Securities are subject to any proxy,

voting trust or other agreement or arrangement with respect to the voting of such Subject Securities, except as provided hereunder and

under the Letter Agreement.

Conflicts. The execution and delivery of this Agreement by the Sponsor does not, and the performance by the Sponsor of its obligations

hereunder and the consummation of the transactions contemplated hereby and the Merger and the other transactions contemplated by the Merger

Agreement will not constitute or result in, (i) conflict with or result in a violation of the organizational documents of the Sponsor,

(ii) require any consent or approval that has not been given or other action that has not been taken by any Person (including under any

Contract binding upon the Sponsor or its Subject Securities), in each case, to the extent such consent, approval or other action would

prevent, enjoin or materially delay the performance by the Sponsor of its obligations under this Agreement, or (iii) result in the creation

of any Lien (other than Permitted Liens) upon any of the properties or assets of Parent or any of Parent’s Subsidiaries, to the

extent the creation of such Lien would prevent, enjoin or materially delay the performance by the Sponsor of its obligations under this

Agreement.

(d) Litigation.

There are no Actions pending against the Sponsor, or to the knowledge of the Sponsor threatened against the Sponsor, before (or, in the

case of threatened Actions, that would be before) any arbitrator or any Authority, which in any manner challenges or seeks to prevent,

enjoin or materially delay the performance by the Sponsor of its obligations under this Agreement. There is no outstanding Order imposed

upon the Sponsor, or, if applicable, any of its Subsidiaries.

(e) Brokers’

Fees. 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 the Merger Agreement based upon arrangements made by the Sponsor, for which Parent

or any of its Affiliates may become liable.

(f) Affiliate

Arrangements. Except as set forth on Schedule II attached hereto, the Sponsor is not party to, nor has any rights with respect

to or arising from, any Contract with Parent or its Subsidiaries.

(g) Acknowledgment.

The Sponsor understands and acknowledges that each of Parent and the Company is entering into the Merger Agreement in reliance upon the

Sponsor’s execution and delivery of this Agreement and the representations, warranties, covenants and other agreements of the Sponsor

contained herein.

(h) Adequate

Information. The Sponsor is a sophisticated shareholder and has adequate information concerning the business and financial condition

of Parent and the Company to make an informed decision regarding this Agreement and the transactions contemplated by the Merger Agreement

and has independently and without reliance upon Parent or the Company and based on such information as the Sponsor has deemed appropriate,

made its own analysis and decision to enter into this Agreement. The Sponsor acknowledges that Parent and the Company have not made and

do not make any representation or warranty to the Sponsor, whether express or implied, of any kind or character except as expressly set

forth in this Agreement. The Sponsor acknowledges that the agreements contained herein with respect to the Subject Securities held by

the Sponsor are irrevocable.

ARTICLE

III

MISCELLANEOUS

Section 3.1 Termination.

This Agreement and all of its provisions shall terminate and be of no further force or effect upon the earliest of (a) the

Expiration Time, (b) the liquidation of Parent and (c) the written agreement of the Sponsor, Parent and the Company. Upon such

termination of this Agreement, all obligations of the parties under this Agreement will terminate, without any liability or other

obligation on the part of any party hereto to any Person in respect hereof or the transactions contemplated hereby, and no party

hereto shall have any claim against another (and no person shall have any rights against such party), whether under contract, tort

or otherwise, with respect to the subject matter hereof; provided, however, that the termination of this Agreement shall not

relieve any party hereto from liability arising in respect of any breach of this Agreement prior to such termination. This Article

III shall survive the termination of this Agreement.

Section 3.2 Governing

Law. This Agreement, and all claims or causes of action based upon, arising out of, or related to this Agreement or the

transactions contemplated hereby, shall be governed by, and construed in accordance with, the Laws of the State of New York ,

without giving effect to principles or rules of conflict of Laws to the extent such principles or rules would require or permit the

application of Laws of another jurisdiction.

Section 3.3 Jurisdiction;

Waiver of Jury Trial.

(a) Any

proceeding or Action based upon, arising out of or related to this Agreement or the transactions contemplated hereby must be brought in

a federal court sitting in the Borough of Manhattan of The City of New York or, if such federal court does not have jurisdiction over

any such Actions, the Supreme Court of the State of New York, Commercial Division, sitting in the Borough of Manhattan of The City of

New York (and any appellate court therefrom), and each of the parties hereto irrevocably (i) submits to the exclusive jurisdiction of

each such court in any such proceeding or Action, (ii) waives any objection it may now or hereafter have to personal jurisdiction,

venue or to convenience of forum, (iii) agrees that all claims in respect of the proceeding or Action shall be heard and determined

only in any such court, and (iv) agrees not to bring any proceeding or Action arising out of or relating to this Agreement or the

transactions contemplated hereby in any other court. Nothing herein contained shall be deemed to affect the right of any party to serve

process in any manner permitted by Law or to commence Legal Proceedings or otherwise proceed against any other party in any other jurisdiction,

in each case, to enforce judgments obtained in any Action, suit or proceeding brought pursuant to this Section 3.3.

(b) EACH

PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY

IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY, UNCONDITIONALLY AND VOLUNTARILY

WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY ACTION, SUIT OR PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT

OF OR RELATING TO THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY.

Section 3.4 Assignment.

No party hereto shall assign this Agreement or any part hereof without the prior written consent of the other parties and any such

transfer without prior written consent shall be void. Subject to the foregoing, this Agreement shall be binding upon and inure to

the benefit of the parties hereto and their respective permitted successors and assigns.

Section

3.5 Enforcement. The parties hereto agree that irreparable damage could occur in the event that any of the provisions

of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that

the parties shall be entitled to an injunction or injunctions to prevent any breach, or threatened breach, of this Agreement and to specific

enforcement of the terms and provisions of this Agreement, in addition to any other remedy to which any party is entitled at law or in

equity. In the event that any Action shall be brought in equity to enforce the provisions of this Agreement, no party shall allege, and

each party hereby waives the defense, that there is an adequate remedy at law, and each party agrees to waive any requirement for the

securing or posting of any bond in connection therewith.

Section 3.6 Amendment.

This Agreement may be amended or modified in whole or in part, only by a duly authorized agreement in writing executed by Parent,

the Company and the Sponsor, and which makes reference to this Agreement.

Section 3.7 Severability.

If any provision of this Agreement is held invalid or unenforceable by any court of competent jurisdiction, the other provisions of this

Agreement shall remain in full force and effect. The parties hereto further agree that if any provision contained herein is, to any extent,

held invalid or unenforceable in any respect under the Laws governing this Agreement, they shall take any actions necessary to render

the remaining provisions of this Agreement valid and enforceable to the fullest extent permitted by Law and, to the extent necessary,

shall amend or otherwise modify this Agreement to replace any provision contained herein that is held invalid or unenforceable with a

valid and enforceable provision giving effect to the intent of the parties.

Section 3.8 Notices.

Any notice, consent or request to be given in connection with any of the terms or provisions of this Agreement shall be in writing

and shall be sent or given in accordance with the terms of Section 11.1 of the Merger Agreement to the applicable party, with

respect to the Company and Parent, at the respective addresses set forth in Section 11.1 of the Merger Agreement, and, with

respect to the Sponsor, at the address set forth on Schedule I.

Section 3.9 Headings;

Counterparts. The headings in this Agreement are for convenience only and shall not be considered a part of or affect the construction

or interpretation of any provision of this Agreement. This Agreement may be executed in two or more counterparts, each of which shall

be deemed an original, but all of which together shall constitute one and the same instrument.

Section 3.10 Entire Agreement.

This Agreement and the agreements referenced herein constitute the entire agreement and understanding of the parties hereto relating

to the subject matter hereof and supersede any other agreements, whether written or oral, that may have been made or entered into by

or among any of the parties hereto or any of their respective Subsidiaries relating to the subject matter hereof.

Section 3.11 Adjustment

for Stock Split. If, and as often as, there are any changes in Parent or the Subject Securities by way of stock split, stock

dividend, combination or reclassification, or through merger, consolidation, reorganization, recapitalization or business

combination, or by any other means, equitable adjustment shall be made to the provisions of this Agreement as may be required so

that the rights, privileges, duties and obligations hereunder shall continue with respect to the Sponsor, Parent, the Company, or

the Subject Securities, as so changed.

[Remainder of page intentionally left

blank]

IN WITNESS WHEREOF, the parties

hereto have each caused this Agreement to be duly executed as of the date first written above.

SPONSOR:

IRHO SPAC SPONSOR LLC

By:

/s/ William Caragol

Name:

William Caragol

Title:

Managing Member

PARENT:

Iron Horse Acquisition II Corp.

By:

/s/ Jose Antonio Bengochea

Name:

Jose Antonio Bengochea

Title:

Chief Executive Officer

[Signature Page to Sponsor Support Agreement]

COMPANY:

ELECTRA VEHICLES, INC.

By:

/s/ Fabrizio Martini

Name:

Fabrizio Martini

Title:

Chief Executive Officer and

Co-Founder

[Signature Page to Sponsor Support Agreement]

Schedule I

Parent Common Shares and Parent Units

Sponsor

Parent Common Shares

Parent Units

IRHO SPAC Sponsor LLC

851 Broken Sound Parkway NW, Suite 230

Boca Raton, FL 33487

5,750,000 Parent Ordinary Shares

370,000 Parent Units

Schedule II

Affiliate Agreements

Letter Agreement, dated December 16, 2025, by and among Parent, its

officers, its directors and IRHO SPAC Sponsor LLC

Registration Rights Agreement, dated December 16, 2025, by and among

Parent, IRHO SPAC Sponsor LLC and certain other security holders

Private Placement Unit Purchase Agreement, dated December 16, 2025,

by and between Parent and IRHO SPAC Sponsor LLC.

EX-10.2 — COMPANY SUPPORT AGREEMENT, DATED AS OF APRIL 21, 2026, BY AND AMONG IRHO ACQUISITION CORP., ELECTRA HOLDINGS, INC. AND THE OTHER PARTIES THERETO

EX-10.2

Filename: ea028718501ex10-2.htm · Sequence: 6

Exhibit 10.2

COMPANY SUPPORT AGREEMENT

This COMPANY SUPPORT AGREEMENT

(this “Agreement”) is dated as of April 21, 2026, by and among the Persons set forth on Schedule I hereto (each,

a “Company Stockholder” and, collectively, the “Company Stockholders”), Iron Horse Acquisition II

Corp., a Cayman Islands exempted company (which shall de-register from the Register of Companies in the Cayman Islands by way of continuation

out of the Cayman Islands and into the State of Delaware so as to migrate to and domesticate as a Delaware corporation prior to the Closing)

(“Parent”), and Electra Vehicles, Inc., a Delaware corporation (the “Company”). Capitalized terms

used but not defined herein shall have the respective meanings ascribed to such terms in the Merger Agreement (as defined below).

RECITALS

WHEREAS, as of the date hereof,

the Company Stockholders are the holders of record and the “beneficial owners” (within the meaning of Rule 13d-3 under the

Exchange Act) of such number of shares of Company Capital Stock as are indicated opposite each such Company Stockholder’s name on

Schedule I attached hereto (all such shares, or any successor or additional voting or non-voting equity securities of the Company

of which ownership is hereafter acquired by any such Company Stockholder prior to the termination of this Agreement are referred to herein

as the “Subject Shares”);

WHEREAS, contemporaneously

with the execution and delivery of this Agreement, Parent, the Company and IRHO Merger Sub, Inc., a Delaware corporation and a direct

wholly owned subsidiary of Parent (“Merger Sub”), have entered into that certain Merger Agreement, dated as of the

date hereof (as amended or modified from time to time, the “Merger Agreement”), pursuant to which, among other transactions,

Merger Sub is to merge with and into the Company, with the Company continuing on as the surviving entity and a wholly owned subsidiary

of Parent, on the terms and subject to the conditions set forth therein;

WHEREAS, on the day that is

at least one Business Day prior to the Effective Time and subject to the conditions of the Merger Agreement, Parent shall de-register

from the Register of Companies in the Cayman Islands by way of continuation out of the Cayman Islands and into the State of Delaware so

as to migrate to and domesticate as a Delaware corporation in accordance with Parent’s organizational documents, Section 388 of

the DGCL and the Cayman Companies Act; and

WHEREAS, as an inducement

to Parent and the Company to enter into the Merger Agreement and to consummate the transactions contemplated therein, the parties hereto

desire to agree to certain matters as set forth herein.

NOW, THEREFORE, in consideration

of the foregoing and the mutual agreements contained herein, and intending to be legally bound hereby, the parties hereto hereby agree

as follows:

Article

VOTING AGREEMENT; COVENANTS

1.1 Binding

Effect of Merger Agreement. Until the Expiration Time (as defined below), each Company Stockholder shall be bound by and comply with

Sections 6.2 (Exclusivity) and 11.4 (Publicity) of the Merger Agreement (and any relevant definitions contained in any such

Sections) as if (a) such Company Stockholder was an original signatory to the Merger Agreement with respect to such provisions, and (b)

each reference to the “Company” contained in Section 6.2 of the Merger Agreement also referred to each such Company Stockholder.

1.2 Voting

Agreement. (a) During the period commencing on the date hereof and ending on the earliest of (x) the Effective Time and (y) such date

and time as the Merger Agreement shall be validly terminated in accordance with Article X (Termination) thereof (the earlier of

(x) and (y), the “Expiration Time”), each Company Stockholder hereby unconditionally and irrevocably agrees that, at

any meeting of the stockholders of the Company (or any adjournment or postponement thereof), and in any action by written consent of the

stockholders of the Company distributed by the Board of Directors of the Company or otherwise undertaken as contemplated by the Merger

Agreement or the transactions contemplated thereby, such Company Stockholder shall, if a meeting is held, appear at the meeting, in person

or by proxy, or otherwise cause all of its Subject Shares to be counted as present thereat for purposes of establishing a quorum, and

such Company Stockholder shall vote or provide consent (or cause to be voted or consented), in person or by proxy, all of its Subject

(i) to

approve and adopt the Merger Agreement and the transactions contemplated thereby, including the Merger (the “Company Transaction

Proposals”), including without limitation any other consent, waiver or approval required under the Company’s organizational

documents or under any agreements between the Company and its stockholders, or otherwise sought by the Company with respect to the Merger

Agreement or the transactions contemplated thereby or the Company Transaction Proposals;

(ii) against

any merger agreement or merger, consolidation, combination, sale of substantial assets, reorganization, recapitalization, dissolution,

liquidation or winding up of or by the Company (other than the Merger Agreement or the Ancillary Agreements and the Merger and the other

transactions contemplated thereby);

(iii) against

any change in the business (to the extent in violation of the Merger Agreement), management or Board of Directors of the Company (other

than in connection with the Company Transaction Proposals and the transactions contemplated thereby); and

(iv) against

any proposal, action or agreement that would (A) impede, interfere with, delay, postpone, frustrate, prevent or nullify any provision

of this Agreement, the Merger Agreement, the Ancillary Agreements or the Merger or any of the transactions contemplated thereby, (B) result

in a breach in any respect of any covenant, representation, warranty or any other obligation or agreement of the Company or the Company

Stockholders under the Merger Agreement or this Agreement, as applicable, (C) result in any of the conditions set forth in Article IX

of the Merger Agreement not being fulfilled, or (D) change in any manner the dividend policy or capitalization of the Company, including

the voting rights of any share capital of the Company.

(b) During

the period commencing on the date hereof and ending on the Expiration Time, each Company Stockholder hereby agrees that it shall not commit

or agree to take any action inconsistent with the foregoing. Notwithstanding the foregoing, the obligations of each Company Stockholder

specified in this Section 1.2 shall apply whether or not the Merger or any action described above is recommended by the Board of Directors

of the Company or the Board of Directors of the Company has previously recommended the Merger but changed such recommendation.

furtherance of the foregoing, each Company Stockholder hereby irrevocably appoints as its proxy and attorney-in-fact, Jose A. Bengochea,

in his capacity as an officer of Parent, and any individual who shall hereafter succeed to such officer of Parent, and any other Person

designated in writing by Parent (collectively, the “Grantees”), with full power of substitution, to vote or execute

written consents with respect to the Subject Shares in accordance with this Section 1.2 and, in the discretion of the Grantees, with respect

to any proposed postponements or adjournments of any annual or special meetings of the stockholders of the Company at which any of the

matters described in Section 1.2(a) was to be considered. This proxy is coupled with an interest and shall be irrevocable, and the Company

Stockholder will take such further action or execute such other instruments as may be necessary to effectuate the intent of this proxy

and hereby revokes any proxy previously granted by the Company Stockholder with respect to the Subject Shares. Parent may terminate this

proxy with respect to any Company Stockholder at any time at its sole election by written notice provided to such Company Stockholder.

1.3 No

Transfer. During the period commencing on the date hereof and ending on the Expiration Time, each Company Stockholder agrees that

such Company Stockholder shall not, without the prior written consent of Parent, directly or indirectly, (i) sell, offer to sell, contract

or agree to sell, hypothecate, transfer, pledge, grant any option to purchase or otherwise dispose of or agree to dispose of or transfer,

each with respect to any Subject Shares owned by such Company Stockholder, (ii) enter into any swap or other arrangement that transfers

to another, in whole or in part, any of the economic consequences of ownership of any Subject Shares owned by such Company Stockholder,

or (iii) publicly announce any intention to effect any transaction specified in clause (i) or (ii) (clauses (i), (ii) or (iii), collectively,

a “Transfer”); provided, however, that the foregoing restrictions shall not apply to any Permitted Transfer.

“Permitted Transfer” shall mean any Transfer (a) in the case of a Person who is not an individual, to any Affiliate

of such Person or to any member(s) of such Person or any of their Affiliates; (b) in the case of an individual, to a member of such individual’s

immediate family or to a trust, the beneficiary of which is a member of such individual’s immediate family, an Affiliate of such

individual or to a charitable organization; (c) in the case of an individual, by virtue of Laws of descent and distribution upon death

of such individual; or (d) in the case of an individual, pursuant to a qualified domestic relations order; provided, however,

that, prior to and as a condition to the effectiveness of any Permitted Transfer described in clauses (a) through (d), the transferee

in such Permitted Transfer (a “Permitted Transferee”) shall have executed and delivered to Parent and the Company a

joinder or counterpart of this Agreement pursuant to which such Permitted Transferee shall be bound by all of the applicable terms and

provisions of this Agreement. The Company shall not register any sale, assignment or transfer of the Subject Shares on the Company’s

stock ledger (book entry or otherwise) that is not in compliance with this Section 1.3. During the period commencing on the date hereof

and ending on the Expiration Time, each Company Stockholder shall not, without the prior written consent of Parent, engage in any transaction

involving the securities of Parent prior to the Closing.

1.4 New

Shares. In the event that (a) any Subject Shares or other equity securities of the Company are issued to a Company Stockholder after

the date of this Agreement pursuant to any offering, stock split, reverse stock split, stock dividend or distribution, recapitalization,

reclassification, combination, subdivision, exchange of shares or other similar event of the Company Capital Stock or other equity securities

of the Company of, on or affecting the Subject Shares or other equity securities of the Company owned by such Company Stockholder, (b)

the Company Stockholder purchases or otherwise acquires beneficial ownership of any Subject Shares or other equity securities of the Company

after the date of this Agreement and prior to the Closing, or (c) the Company Stockholder acquires the right to vote or share in the voting

of any Subject Shares or other equity securities of the Company after the date of this Agreement (such Subject Shares or other equity

securities of the Company, the “New Securities”), then such New Securities acquired or purchased by such Company Stockholder

shall be subject to the terms of this Agreement to the same extent as if they constituted the Subject Shares owned by such Company Stockholder

as of the date hereof.

1.5 Further

Assurances. Each Company Stockholder shall execute and deliver, or cause to be executed and delivered, such additional documents,

and take, or cause to be taken, all such further actions and do, or cause to be done, all things reasonably necessary or reasonably requested

by the Company or Parent under applicable Laws to effect the actions and to consummate the Merger and the other transactions contemplated

by this Agreement and the Merger Agreement, in each case, on the terms and subject to the conditions set forth therein and herein, as

applicable. Each Company Stockholder agrees that such Company Stockholder will not take any action that would make any representation

or warranty of such Company Stockholder herein untrue or incorrect, or have the effect of preventing or disabling such Company Stockholder

from performing its obligations hereunder.

1.6 No

Inconsistent Agreement. Each Company Stockholder hereby represents and covenants that such Company Stockholder (i) has not entered

into, shall not enter into, any voting agreement or voting trust with respect to any of such Company Stockholder’s Subject Shares

that is inconsistent with such Company Stockholder’s obligations pursuant to this Agreement, and (ii) shall not grant a proxy or

power of attorney to enter into, any agreement or undertaking that would restrict, limit, be inconsistent with or interfere with the performance

of such Company Stockholder’s obligations hereunder.

1.7 No

Challenges. Each Company Stockholder agrees not to commence, join in, facilitate, assist or encourage, and agrees to take all actions

necessary to opt out of any class in any class action with respect to, any claim, derivative or otherwise, against Parent, Merger Sub,

the Company or any of their respective successors, directors, officers, agents or equity holders (a) challenging the validity of, or seeking

to enjoin the operation of, any provision of this Agreement, the Merger Agreement, the Merger or the transactions contemplated by the

Merger Agreement or any of the Ancillary Agreements or the consideration and approval thereof by the stockholders of the Company, the

Board of Directors of the Company or the governing bodies of any of the Subsidiaries of the Company or (b) alleging a breach of any fiduciary

duty of any person in connection with the evaluation, negotiation or entry into the Merger Agreement.

1.8 Consent

to Disclosure. Each Company Stockholder hereby consents to the publication and disclosure in the Registration Statement and the Proxy

Statement/Prospectus (and, as and to the extent otherwise required by applicable securities Laws or the SEC or any other applicable securities

authorities, any other documents or communications provided by Parent or the Company to any Authority or to securityholders of Parent

or the Company) of such Company Stockholder’s identity and beneficial ownership of Subject Shares and the nature of such Company

Stockholder’s commitments, arrangements and understandings under and relating to this Agreement and, if deemed appropriate by Parent

or the Company, a copy of this Agreement. Each Company Stockholder will promptly provide any information reasonably requested by Parent

or the Company for any applicable regulatory application or filing made or approval sought in connection with the transactions contemplated

by the Merger Agreement (including filings with the SEC).

1.9 Dissenters’

Rights. Each Company Stockholder hereby irrevocably waives, and agrees not to exercise or attempt to exercise, any right to dissent,

right to demand payment or right of appraisal or any similar provision under applicable Law (including pursuant to the DGCL) in connection

with the Merger, the Merger Agreement and the other transactions as contemplated by the Merger Agreement.

Article

REPRESENTATIONS AND WARRANTIES

2.1 Company

Stockholder Representations. Each Company Stockholder represents and warrants to Parent and the Company, as of the date hereof, that:

(a) such

Company Stockholder has never been suspended or expelled from membership in any securities or commodities exchange or association or had

a securities or commodities license or registration denied, suspended or revoked;

(b) such

Company Stockholder has full right and power, without violating any agreement to which it is bound (including any non-competition or non-solicitation

agreement with any employer or former employer), to enter into this Agreement;

if such Company Stockholder is not an individual, such Company Stockholder is duly organized, validly existing and in good standing under

the Laws of the jurisdiction in which it is organized, and the execution, delivery and performance of this Agreement and the consummation

of the transactions contemplated hereby are within such Company Stockholder’s organizational powers and have been duly authorized

by all necessary organizational actions on the part of the Company Stockholder and (ii) if such Company Stockholder is an individual,

the signature on this Agreement is genuine, and such Company Stockholder has legal competence and capacity to execute the same;

(d) this

Agreement has been duly executed and delivered by such Company Stockholder and, assuming due authorization, execution and delivery by

the other parties to this Agreement, this Agreement constitutes a legally valid and binding obligation of such Company Stockholder, enforceable

against such Company Stockholder 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);

(e) if

this Agreement is being executed in a representative or fiduciary capacity, the Person signing this Agreement has full power and authority

to enter into this Agreement on behalf of the applicable Company Stockholder;

(f) such

Company Stockholder is the record and beneficial owner (as defined in the Securities Act) of, and has good, valid and marketable title

to, all of such Company Stockholder’s Subject Shares, and there exist no Liens or any other limitation or restriction (including

any restriction on the right to vote, sell or otherwise dispose of such Subject Shares (other than transfer restrictions under the Securities

Act)) affecting any such Subject Shares, other than Liens pursuant to (i) this Agreement, (ii) the Company’s organizational documents,

(iii) the Merger Agreement or (iv) any applicable securities Laws. Such Company Stockholder’s Subject Shares are the only equity

securities in the Company owned of record or beneficially by such Company Stockholder on the date of this Agreement. Such Company Stockholder

has full voting power, full power of disposition and full power to issue instructions with respect to the matters set forth herein whether

by ownership or by proxy, in each case, with respect to such Company Stockholder’s Subject Shares, and except as provided in this

Agreement, none of such Company Stockholder’s Subject Shares are subject to any proxy, voting trust or other agreement or arrangement

with respect to the voting of such Subject Shares. Except for such Company Stockholder’s Subject Shares, such Company Stockholder

does not hold or own any rights to acquire (directly or indirectly) any other equity securities of the Company or any other equity securities

convertible into, or which can be exchanged for, equity securities of the Company;

(g) the

execution and delivery of this Agreement by such Company Stockholder does not, and the performance by such Company Stockholder of its

obligations hereunder and the consummation of the transactions contemplated hereby and the Merger and the other transactions contemplated

by the Merger Agreement will not constitute or result in, (i) if such Company Stockholder is not an individual, conflict with or result

in a violation of the organizational documents of such Company Stockholder, or (ii) require any consent or approval from any third party

that has not been given or other action that has not been taken by any third party, in each case, to the extent such consent, approval

or other action would prevent, enjoin or materially delay the performance by such Company Stockholder of its obligations under this Agreement,

or (iii) result in the creation of any Lien (other than Permitted Liens) upon any of the properties or assets of the Company or its Subsidiary,

to the extent the creation of such Lien would prevent, enjoin or materially delay the performance by such Company Stockholder of its,

his or her obligations under this Agreement;

(h) there

are no Actions pending against such Company Stockholder or, to the knowledge of such Company Stockholder, threatened against such Company

Stockholder, before (or, in the case of threatened Actions, that would be before) any Authority, which in any manner questions the beneficial

or record ownership of the Company Stockholder’s Subject Shares or the validity of this Agreement, or challenges or seeks to prevent,

enjoin or materially delay the performance by such Company Stockholder of his, her or its obligations under this Agreement; there is no

outstanding Order imposed upon such Company Stockholder, or, if applicable, any of such Company Stockholder’s Subsidiaries;

(i) no

broker, finder, investment banker or other Person is entitled to any brokerage fee, finders’ fee or other commission in connection

with this Agreement or any of the respective transactions contemplated hereby, based upon arrangements made by or on behalf of such Company

Stockholder;

(j) such

Company Stockholder has had the opportunity to read the Merger Agreement and this Agreement and has had the opportunity to consult with

such Company Stockholder’s tax and legal advisors;

(k) such

Company Stockholder has not entered into, and shall not enter into, any agreement that would prevent such Company Stockholder from performing

any of Company Stockholder’s obligations hereunder;

(l) such

Company Stockholder understands and acknowledges that each of Parent and the Company is entering into the Merger Agreement in reliance

upon such Company Stockholder’s execution and delivery of this Agreement and the representations, warranties, covenants and other

agreements of such Company Stockholder contained herein; and

(m) such

Company Stockholder is a sophisticated stockholder and has adequate information concerning the business and financial condition of Parent

and the Company to make an informed decision regarding this Agreement and the transactions contemplated by the Merger Agreement and has

independently and without reliance upon Parent or the Company and based on such information as such Company Stockholder has deemed appropriate,

made its own analysis and decision to enter into this Agreement. Such Company Stockholder acknowledges that Parent and the Company have

not made and do not make any representation or warranty to such Company Stockholder, whether express or implied, of any kind or character

except as expressly set forth in this Agreement. Such Company Stockholder acknowledges that the agreements contained herein with respect

to the Subject Shares held by such Company Stockholder are irrevocable.

Article

III

MISCELLANEOUS

3.1 Termination.

This Agreement and all of its provisions shall terminate and be of no further force or effect upon the earlier of (a) the Expiration Time,

and (b) as to each Company Stockholder, the written agreement of Parent, the Company and such Company Stockholder. Upon such termination

of this Agreement, all obligations of the parties under this Agreement will terminate, without any liability or other obligation on the

part of any party hereto to any Person in respect hereof or the transactions contemplated hereby, and no party hereto shall have any claim

against another (and no person shall have any rights against such party), whether under contract, tort or otherwise, with respect to the

subject matter hereof; provided, however, that the termination of this Agreement shall not relieve any party hereto from

liability arising in respect of any breach of this Agreement prior to such termination. This ARTICLE III shall survive the termination

of this Agreement.

3.2 Waiver.

Each provision in this Agreement may only be waived by written instrument making specific reference to this Agreement signed by the party

against whom enforcement of any such provision so waived is sought. No action taken pursuant to this Agreement, including any investigation

by or on behalf of any party, shall be deemed to constitute a waiver by the party taking such action of compliance with any representation,

warranty, covenant or agreement contained herein. The waiver by any party hereto of a breach of any provision of this Agreement shall

not operate or be construed as a further or continuing waiver of such breach or as a waiver of any other or subsequent breach. No failure

on the part of any party to exercise, and no delay in exercising, any right, power or remedy hereunder shall operate as a waiver thereof,

nor shall any single or partial exercise of such right, power or remedy by such party preclude any other or further exercise thereof or

the exercise of any other right, power or remedy.

3.3 Rights

of Third Parties. Nothing expressed or implied in this Agreement is intended or shall be construed to confer upon or give any Person,

other than the parties hereto, any right or remedies under or by reason of this Agreement.

3.4 Governing

Law. This Agreement, and all claims or causes of action based upon, arising out of, or related to this Agreement or the transactions

contemplated hereby, shall be governed by, and construed in accordance with, the Laws of the State of New York, without giving effect

to principles or rules of conflict of Laws to the extent such principles or rules would require or permit the application of Laws of another

jurisdiction.

3.5 Jurisdiction;