Form 8-K
8-K — Meshflow Acquisition Corp
Accession: 0001213900-26-097901
Filed: 2026-09-08
Period: 2026-09-05
CIK: 0002081468
SIC: 6770 (BLANK CHECKS)
Item: Entry into a Material Definitive Agreement
Item: Regulation FD Disclosure
Item: Financial Statements and Exhibits
Documents
8-K — ea0304759-8k425_meshflow.htm (Primary)
EX-2.1 — BUSINESS COMBINATION AGREEMENT, DATED AS OF SEPTEMBER 5, 2026, BY AND AMONG MESHFLOW ACQUISITION CORP., HGP INTELLIGENT ENERGY, LLC, LEYTE PARENT, INC., LEYTE MERGER SUB I, INC., AND LEYTE MERGER SUB II, LLC (ea030475901ex2-1.htm)
EX-10.1 — SPONSOR SUPPORT AGREEMENT, DATED SEPTEMBER 5, 2026, BY AND AMONG MESHFLOW ACQUISITION CORP., MESHFLOW ACQUISITION SPONSOR LLC, CERTAIN SHAREHOLDERS OF MESHFLOW ACQUISITION CORP. PARTY THERETO, HGP INTELLIGENT ENERGY, LLC, AND LEYTE PARENT, INC (ea030475901ex10-1.htm)
EX-10.2 — TRANSACTION SUPPORT AGREEMENT, DATED SEPTEMBER 5, 2026, BY AND AMONG MESHFLOW ACQUISITION CORP., LEYTE PARENT, INC., HGP INTELLIGENT ENERGY, LLC, AND CERTAIN MEMBERS OF HGP INTELLIGENT ENERGY, LLC PARTY THERETO (ea030475901ex10-2.htm)
EX-10.3 — LOCK-UP AGREEMENT, DATED SEPTEMBER 5, 2026, BY AND AMONG MESHFLOW ACQUISITION CORP., LEYTE PARENT, INC., HGP INTELLIGENT ENERGY, LLC, CERTAIN MEMBERS OF HGP INTELLIGENT ENERGY, LLC PARTY THERETO AND CERTAIN SHAREHOLDERS OF MESHFLOW ACQUISITION CORP. PARTY (ea030475901ex10-3.htm)
EX-99.1 — PRESS RELEASE, DATED SEPTEMBER 8, 2026 (ea030475901ex99-1.htm)
EX-99.2 — INVESTOR PRESENTATION (ea030475901ex99-2.htm)
EX-99.3 — SUPPLEMENTAL INFORMATION REGARDING THE PROPOSED BUSINESS COMBINATION, DATED SEPTEMBER 8, 2026 (ea030475901ex99-3.htm)
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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): September 5, 2026
Meshflow Acquisition Corp.
(Exact
name of Registrant as specified in its charter)
Cayman Islands
001-43000
N/A
(State or other jurisdiction of
incorporation or organization)
(Commission File Number)
(I.R.S. Employer
Identification Number)
406 N. Sangamon Street
Chicago,
Illinois 60642
(Address of principal executive offices)
(708)
232-0749
(Registrant’s telephone number, including area code)
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 (see General Instruction A.2. below):
☒ 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 Symbols
Name of each exchange on which registered
Units, each consisting of one Class A ordinary share and one-third of one redeemable warrant
MESHU
The Nasdaq Stock Market LLC
Class A ordinary shares, par value $0.0001 per share
MESH
The Nasdaq Stock Market LLC
Redeemable warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 per share
MESHW
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.
Business
Combination Agreement With HGP Intelligent Energy
On
September 5, 2026, Meshflow Acquisition Corp., a Cayman Islands exempted company (which will transfer by way of continuation and domesticate
as a Delaware corporation prior to the Closing (as defined below)) (“Meshflow”), entered into a Business Combination
Agreement (the “Business Combination Agreement”), dated as of September 5, 2026, with HGP Intelligent Energy, LLC,
a Wyoming limited liability company (“HGP”), Leyte Parent, Inc., a Delaware corporation and wholly-owned subsidiary
of Meshflow (“Pubco”), Leyte Merger Sub I, Inc., a Delaware corporation and wholly-owned subsidiary of Pubco (“SPAC
Merger Sub”), and Leyte Merger Sub II, LLC, a Wyoming limited liability company and wholly-owned subsidiary of Pubco (“HGP
Merger Sub”), pursuant to which, among other things and subject to the terms and conditions contained therein, (i) Meshflow
will Domesticate (as further described and defined below), (ii) following the Domestication, SPAC Merger Sub will merge with and into
Meshflow, with Meshflow continuing as the surviving corporation (the “Meshflow Merger”), (iii) substantially concurrently
with the Meshflow Merger, HGP Merger Sub will merge with and into HGP, with HGP continuing as the surviving limited liability company
(the “HGP Merger” and, together with the Meshflow Merger, the “Mergers”). As a result of the Mergers,
Meshflow and HGP will become wholly owned subsidiaries of Pubco and Pubco will become a publicly traded company. The transactions contemplated
by the Business Combination Agreement are referred to herein as the “Transactions.” Meshflow, HGP, Pubco, SPAC Merger
Sub, and HGP Merger Sub are referred to herein individually as a “Party” and, collectively, as the “Parties.”
HGP is a technology company that develops load-following technology for nuclear power plants. HGP is separately developing a program
that would repurpose proven naval-derived reactor technology for civilian power generation on federal sites. References to the “combined
company” or “Pubco” herein may refer to the combined company following the Closing as the context requires.
The
Business Combination Agreement and the Transactions were approved by the board of directors of Meshflow and the managers of HGP.
The
Domestication
At
least one business day prior to the date of the closing of the Transactions (the “Closing” and the date of the Closing,
the “Closing Date”), subject to the satisfaction or waiver of the conditions of the Business Combination Agreement,
including obtaining the required shareholder and regulatory approvals, Meshflow will transfer by way of continuation from the Cayman
Islands to the State of Delaware and domesticate as a Delaware corporation (“Meshflow Delaware”) in accordance with
Section 388 of the General Corporation Law of the State of Delaware, as amended, and Part 12 of the Companies Act (as revised) of the
Cayman Islands, (such continuation and domestication, the “Domestication”).
By
virtue of the Domestication upon its effectiveness, (a) each then issued and outstanding Class A ordinary share, par value $0.0001 per
share, of Meshflow (each a “Class A Ordinary Share”) (other than any Class A Ordinary Share included in the Cayman
Purchaser Units (as defined in the Business Combination Agreement)), shall convert automatically, on a one-for-one basis, into one share
of Class A common stock, par value $0.0001 per share, of Meshflow Delaware (the “Meshflow Delaware Class A Common Stock”);
(b) each then issued and outstanding Class B ordinary share, par value $0.0001 per share, of Meshflow (each a “Class B Ordinary
Share”), shall convert automatically, on a one-for-one basis, into one share of Class B common stock, par value $0.0001 per
share, of Meshflow Delaware (the “Meshflow Delaware Class B Common Stock” and, together with the Meshflow Delaware
Class A Common Stock, the “Meshflow Delaware Common Stock”); (c) each then issued and outstanding warrant of Meshflow
(each a “Meshflow Warrant”) (other than any warrants of Meshflow included in its units sold in connection with its
initial public offering (“Meshflow Units”)) shall convert automatically into one warrant to acquire one share of Meshflow
Delaware Common Stock (each a “Meshflow Delaware Warrant”), pursuant to the Warrant Agreement (as defined in the Business
Combination Agreement); and (d) the Meshflow Units will convert into units of Meshflow Delaware (each, a “Meshflow Delaware
Unit”), each of which will consist of one share of Meshflow Delaware Class A Common Stock and one-third of one Meshflow Delaware
Warrant.
The
Mergers and Consideration
Following
the Domestication and upon the terms and subject to the satisfaction or waiver of the conditions of the Business Combination Agreement,
at the effective time of the Mergers (the “Effective Time”), (i) SPAC Merger Sub and Meshflow will consummate the
Meshflow Merger, following which the separate corporate existence of SPAC Merger Sub will cease to exist and Meshflow will continue as
the surviving company as a direct, wholly owned subsidiary of Pubco, and (ii) HGP Merger Sub and HGP will consummate the HGP Merger,
following which the separate corporate existence of HGP Merger Sub will cease to exist and HGP will continue as the surviving company
as a direct, wholly owned subsidiary of Pubco.
At
the Effective Time, by virtue of the Mergers and subject to the terms and conditions of the Business Combination Agreement, (a) each
issued and outstanding Meshflow Delaware Unit will be automatically detached, and each holder of such Meshflow Delaware Units will then
hold one share of common stock of Pubco, par value $0.0001 per share (the “Pubco Common Stock”), and one-third of
one warrant of Pubco to purchase one share of Pubco common stock at an exercise price of $11.50 (each, a “Pubco Warrant”),
(b) each issued and outstanding share of Meshflow Delaware Common Stock will convert automatically into one share of Pubco Common Stock
and (c) each issued and outstanding Meshflow Delaware Warrant will convert into one Pubco Warrant.
1
In
addition, subject to the terms and conditions of the Business Combination Agreement, at the Effective Time:
(i) the
outstanding Company Simple Agreements for Future Equity (“SAFEs”) will
automatically convert, immediately prior to the Effective Time, conditioned upon the occurrence
of the HGP Merger, into a number of Class C units of HGP that are applicable for the right
to receive the HGP Merger Consideration (as defined below) as determined in accordance with
the terms of such SAFE. Post-conversion, such Class C units of HGP will be treated as units
of HGP eligible to receive the consideration described below for units of HGP at the Effective
Time,
(ii) each
Company PIU Award (as defined in the Business Combination Agreement) that is vested in accordance
with its terms as of immediately prior to the Effective Time will be canceled and converted
into a number of shares of Pubco Common Stock equal to the value of each such vested Company
PIU Award,
(iii) each
Company PIU Award that is unvested in accordance with its terms as of immediately prior to
the Effective Time will be canceled and converted into a number of shares of Pubco Common
Stock under Pubco’s equity incentive plan (as described in the Business Combination
Agreement) and
(iv) each
unit of HGP issued and outstanding immediately prior to the Effective Time will be exchanged
for the right to receive the applicable portion of the HGP Merger Consideration (as defined
below).
The
“HGP Merger Consideration” is payable to the holders of units of HGP as of the Effective Time in the form of newly
issued shares of Pubco Common Stock equal to 80,000,000 shares, calculated by dividing $800,000,000 by $10.00 per share.
The
Redemption
Meshflow
will provide an opportunity to the holders of Meshflow Class A Ordinary Shares that were initially issued as part of the Meshflow Units
sold in its initial public offering to have their shares redeemed on the terms and conditions set forth in the Business Combination Agreement
and Meshflow’s organizational documents (the “Redemption”). Subject to receipt of the approval of the Business
Combination Agreement by the Meshflow shareholders, Meshflow Delaware will carry out the Redemption immediately prior to the Effective
Time in accordance with its organizational documents.
The
Closing
The
Closing will occur as promptly as practicable, but in no event later than three (3) business days, after the satisfaction or, if permissible,
waiver of the conditions set forth in the Business Combination Agreement, or at such other date, time, or place as Meshflow and HGP may
mutually agree.
Stock
Exchange Listing
From
and after the Closing, the Parties intend to list on Nasdaq or the NYSE, as applicable (the “Applicable Exchange”),
the Pubco Common Stock and the Pubco Warrants.
The
Post-Closing Board of Directors and Executive Officers
The
board of directors of Pubco following the Closing (the “Post-Closing Board”) will consist of seven directors consisting
of (i) three directors who are designated prior to the Closing by HGP, (ii) three directors designated by Meshflow Acquisition Sponsor
LLC (the “Sponsor”) prior to the Closing, subject to HGP’s prior approval, and (iii) HGP’s chief executive
officer. Four of the seven directors shall be required to qualify as an “independent director” under the Applicable Exchange’s
rules.
Proxy
Statement and Registration Statement; Meshflow Shareholders’ Meeting
As
promptly as practicable after the execution and delivery of subscription agreements, on terms and conditions mutually agreeable to Meshflow
and HGP, for private equity investments for the PIPE Proceeds (as defined in the Business Combination Agreement) (the “PIPE
Financing”), and receipt by Meshflow of any audited or unaudited financial statements of HGP that are required by applicable
law to be included in the Registration Statement (as defined below), Meshflow and HGP will jointly prepare and Pubco will file with the
U.S. Securities and Exchange Commission (the “SEC”), a registration statement
on Form S-4 relating to the Transactions (the “Registration Statement”),
which will contain (i) a proxy statement relating to an extraordinary general meeting of Meshflow’s shareholders (the “Meshflow
Shareholders Meeting”) to be held to consider, among other things, (x) approval of the Domestication, (y) approval of the
Transactions (including the approval and adoption of the Business Combination Agreement) and (z) the adoption and approval of any other
proposals the parties deem necessary to effectuate the Transactions and (ii) a prospectus that Pubco will use to offer the shares of
Pubco Common Stock and Pubco Warrants to be issued in connection with the Transactions.
2
Meshflow
will convene and hold the Meshflow Shareholders’ Meeting as promptly as practicable after the date on which the Registration Statement
becomes effective (but in any event no later than thirty (30) days after the date on which the proxy statement included in the Registration
Statement is mailed to Meshflow’s shareholders) for the purpose of voting upon (a) the adoption and approval of the Business Combination
Agreement in accordance with applicable law and exchange rules and regulations, (b) approval of the Domestication, (c) adoption of the
organizational documents of Pubco, (d) approval of the issuance of shares of Pubco Common Stock in accordance with the rules of the Applicable
Exchange, (e) approval of the adoption of the Equity Incentive Plan and ESPP (each as defined below), (f) appointment of the director
nominees as described above, (g) adoption and approval of any other proposals as the SEC (or staff member thereof) may indicate are necessary
in its comments to the Registration Statement or correspondence related thereto and (h) adoption and approval of any other proposals
as reasonably agreed by Meshflow and HGP to be necessary or appropriate in connection with the Transactions (such proposals in (a) through
(h), together, the “Transaction Proposals”). The board of directors of Meshflow will recommend to the shareholders
of Meshflow that they approve the Transaction Proposals and will include such recommendation in the proxy statement.
Representations
and Warranties
The
Business Combination Agreement contains customary representations and warranties of the parties to the Business Combination Agreement
with respect to, among other things, (a) organization and standing, (b) authorization and binding agreement, (c) capitalization, (d)
subsidiaries, (e) no conflict; governmental consents and filings, (f) financial statements, (g) undisclosed liabilities, (h) absence
of certain changes, (i) compliance with laws, (j) government contracts, (k) company permits, (l) litigation, (m) material contracts,
(n) intellectual property, (o) taxes and returns, (p) real property, (q) personal property, (r) employee matters, (s) benefits plans,
(t) environmental matters, and (u) insurance.
Covenants
The
Business Combination Agreement includes customary covenants of the parties with respect to the operation of their respective businesses
prior to the consummation of the Transactions and efforts to satisfy the conditions to consummation of the Transactions, including reasonable best efforts of the parties to arrange and obtain the PIPE Financing.
Equity
Plan and Employee Stock Purchase Plan
Pubco
will adopt (i) an equity incentive plan (the “Equity Incentive Plan”) and (ii) an employee stock purchase plan (the
“ESPP”). Meshflow will, prior to the Closing Date, submit the Equity Incentive Plan and ESPP for approval of Meshflow’s
shareholders at the Meshflow Shareholders’ Meeting. The Equity Incentive Plan will have an initial share reserve equal to ten percent
of Pubco Common Stock immediately following the Closing on a fully diluted basis. The ESPP will have an initial share reserve equal to
two percent of the total number of shares of Pubco Common Stock issued and outstanding immediately following the Closing on a fully diluted
basis.
Exclusivity
Restrictions
Pursuant
to the terms of the Business Combination Agreement, from the date of the Business Combination Agreement to the Closing or, if earlier,
the termination of the Business Combination Agreement in accordance with its terms, each Party has agreed, among other things, not to,
without the prior written consent of HGP in the case of Meshflow, and Meshflow in the case of HGP, directly or indirectly, (i) solicit,
knowingly assist, initiate, continue or knowingly facilitate the making, submission or announcement of, or intentionally encourage, any
Acquisition Proposal (as defined in the Business Combination Agreement), (ii) furnish any non-public information regarding such Party
or its affiliates or their respective businesses, operations, assets, liabilities, financial condition, prospects or employees to any
person or group (other than a Party to the Business Combination Agreement or their respective representatives) in connection with or
in response to an Acquisition Proposal, (iii) engage or participate in discussions or negotiations with any person or group with respect
to, or that is intended or could reasonably be expected to lead to, an Acquisition Proposal, (iv) approve, endorse or recommend, or publicly
propose to approve, endorse or recommend, any Acquisition Proposal, or (v) negotiate or enter into any letter of intent, agreement in
principle, acquisition agreement or other similar agreement related to any Acquisition Proposal.
3
Conditions
to Closing
The
consummation of the Transactions is subject to the receipt of the requisite approval of the shareholders of Meshflow and equity holders
of HGP, and the fulfillment of certain other conditions, as described in greater detail below.
Mutual
Conditions to Closing
Under
the Business Combination Agreement, the obligations of the Parties to consummate the Transactions are subject to the satisfaction or
written waiver (where permissible) of certain conditions, including with respect to: (i) the approval of the Transaction Proposals by
Meshflow’s shareholders and approval of the Transactions by HGP’s equity holders; (ii) no adverse law or order having been
entered into that would make the Business Combination Agreement, or the Transactions, illegal or otherwise prevent or prohibit consummation
of the Transactions; (iii) the Registration Statement having been declared effective by the SEC and remaining effective as of the Closing;
(iv) receipt of the conditional approval for the listing of Pubco Common Stock on the Applicable Exchange upon the Closing; and (v) expiration
of the waiting period (and any extensions thereof) under the HSR Act (as defined in the Business Combination Agreement) and any other
Antitrust Laws (as defined in the Business Combination Agreement) and receipt of any approval required under any other Antitrust Laws.
HGP’s
Conditions to Closing
The
obligations of HGP to consummate the Transactions are further subject to the satisfaction or written waiver (where permissible) of additional
conditions, including with respect to: (i) the truth and accuracy of the representations and warranties of Meshflow, subject to the materiality
standards contained in the Business Combination Agreement; (ii) material compliance by each of Meshflow, Pubco, HGP Merger Sub and Meshflow
Merger Sub (together, the “SPAC Parties”) with their respective agreements and covenants under the Business Combination
Agreement; (iii) no SPAC Material Adverse Effect (as defined in the Business Combination Agreement) having occurred; (iv) Meshflow having
made the arrangements to have the net proceeds remaining in Meshflow’s trust account (after giving effect to all Redemptions) available
to Meshflow at the Closing; (v) the Available Closing Cash (as defined in the Business Combination Agreement) being not less than $40,000,000
(the “Minimum Cash Condition”) and Pubco having received the PIPE Proceeds (as defined in the Business Combination
Agreement); (vi) immediately following the Closing, Pubco satisfying any applicable initial and continuing listing requirements of the
Applicable Exchange with respect to the Pubco Common Stock; (vii) the resignation of the specified directors and officers of Meshflow
and Pubco effective as of the Closing; (viii) all actions having been taken to constitute the Post-Closing Board as contemplated by the
Business Combination Agreement; (ix) Pubco’s governing documents having been amended and restated in the agreed upon forms, and
the filing of such governing documents with the Secretary of State of the State of Delaware as applicable and Pubco’s post-Closing
bylaws having been adopted; (x) receipt of a customary officer’s certificate of Meshflow, certifying as to the satisfaction of
the applicable closing conditions; (xi) receipt of a customary secretary’s certificate of Meshflow; and (xii) Meshflow having delivered,
or caused to be delivered, all Ancillary Documents (as defined in the Business Combination Agreement) to HGP.
SPAC
Parties’ Conditions to Closing
The
obligations of the SPAC Parties to consummate the Mergers are further subject to the satisfaction or written waiver (where available)
of additional conditions, including with respect to: (i) the truth and accuracy of the representations and warranties of HGP, subject
to the materiality standards contained in the Business Combination Agreement; (ii) material compliance by HGP with its agreements and
covenants under the Business Combination Agreement; (iii) no Company Material Adverse Effect (as defined in the Business Combination
Agreement) having occurred; (iv) receipt of a customary officer’s certificate of HGP, certifying as to the satisfaction of the
applicable closing conditions; (v) receipt of a customary secretary’s certificate of HGP; and (vi) HGP having delivered, or caused
to be delivered, all Ancillary Documents.
Termination
The
Business Combination Agreement may be terminated at any time prior to the Closing as follows: (i) by mutual written consent of Meshflow
and HGP; (ii) by HGP if there has been a Modification in Recommendation (as defined in the Business Combination Agreement) or by Meshflow
if there has been a Company Member Recommendation Change (as defined in the Business Combination Agreement); (iii) by written notice
by Meshflow or HGP if any of the conditions to the Closing set forth in Article VII of the Business Combination Agreement have not been
satisfied or waived by the date that is nine months from the date of the Business Combination Agreement (the “Outside Date”);
(iv) by written notice by either Meshflow or HGP if a governmental authority has issued an order prohibiting the transactions contemplated
by the Business Combination Agreement; (v) by written notice to Meshflow from HGP if there is any breach of any representation, warranty,
covenant or agreement on the part of either of the SPAC Parties set forth in the Business Combination Agreement, or if any representation
or warranty shall have become untrue or inaccurate, in any case, such that the conditions specified in the Business Combination Agreement
with respect to the truth and accuracy of representations and warranties or material compliance of the performance of covenants would
not be satisfied at the Closing, and such breach or inaccuracy is incapable of being cured or is not cured within the earlier of (a)
30 days after written notice of such breach or inaccuracy is provided to Meshflow or (b) the Outside Date, subject to certain exceptions;
(vi) by written notice to HGP from Meshflow if there is any breach of any representation, warranty, covenant or agreement on the part
of HGP set forth in the Business Combination Agreement, or if any representation or warranty shall have become untrue or inaccurate,
in any case, such that the conditions specified in the Business Combination Agreement with respect to the truth and accuracy of representations
and warranties or material compliance of the performance of covenants would not be satisfied at the Closing, and such breach or inaccuracy
is incapable of being cured or is not cured within the earlier of (a) 30 days after written notice of such breach or inaccuracy is provided
to HGP or (b) the Outside Date, subject to certain exceptions; (vii) by HGP following the PIPE Notice Date (as defined in the Business
Combination Agreement), if that the PIPE Financing would no longer reasonably be expected to result in the receipt
of the PIPE Proceeds at Closing, subject to certain conditions; (viii) by either
Meshflow or HGP if the Meshflow Shareholders Meeting has been held and the required shareholder approval was not obtained; (ix) by Meshflow
if all conditions in favor of HGP have been satisfied or waived and HGP fails to consummate the Transactions on the required Closing
Date, subject to certain conditions; (x) by HGP if all conditions in favor of Meshflow have been satisfied or waived and Meshflow, Pubco
or either Merger Sub fails to consummate the Transactions on the required Closing Date, subject to certain conditions; and (xi) by HGP
if subscription agreements for the PIPE Proceeds
have not been executed on or prior to the PIPE Outside Date (as defined in the Business Combination Agreement).
4
The
foregoing description of the Business Combination Agreement does not purport to be complete and is qualified in its entirety by the terms
and conditions of the Business Combination Agreement, a copy of which is filed with this Current Report on Form 8-K (this “Current
Report”) as Exhibit 2.1 and the terms of which are incorporated by reference herein.
The
Business Combination Agreement contains representations, warranties and covenants that the respective parties made to each other as of
the date of such agreement or other specific dates. The assertions embodied in those representations, warranties and covenants were made
for purposes of the contract among the respective parties and are subject to important qualifications and limitations agreed to by the
parties in connection with negotiating the Business Combination Agreement. The Business Combination Agreement has been included to provide
investors with information regarding its terms. It is not intended to provide any other factual information about the parties to the
Business Combination Agreement. In particular, the representations, warranties, covenants and agreements contained in the Business Combination
Agreement, which were made only for purposes of the Business Combination Agreement and as of specific dates, were solely for the benefit
of the parties to the Business Combination Agreement, may be subject to limitations agreed upon by the contracting parties (including
being qualified by confidential disclosures made for the purposes of allocating contractual risk between the parties to the Business
Combination Agreement instead of establishing these matters as facts) and may be subject to standards of materiality applicable to the
contracting parties that differ from those applicable to investors and reports and documents filed with the SEC. Investors should not
rely on the representations, warranties, covenants and agreements, or any descriptions thereof, as characterizations of the actual state
of facts or condition of any party to the Business Combination Agreement. In addition, the representations, warranties, covenants and
agreements and other terms of the Business Combination Agreement may be subject to subsequent waiver or modification. Moreover, information
concerning the subject matter of the representations and warranties and other terms may change after the date of the Business Combination
Agreement, which subsequent information may or may not be fully reflected in Meshflow’s public disclosures.
Sponsor
Support Agreement
Simultaneously
with the execution and delivery of the Business Combination Agreement, Meshflow, the Sponsor, HGP, Pubco and certain shareholders of
Meshflow named therein (such shareholders, together with the Sponsor, the “SPAC Insiders”) executed the Sponsor Support
Agreement, dated September 5, 2026 (the “Sponsor Support Agreement”), pursuant to which each of the SPAC Insiders
has agreed to vote all of their Meshflow Class B Ordinary Shares in favor of the Transaction Proposals.
The
Sponsor Support Agreement restricts the SPAC Insiders from transferring their Meshflow Class B Ordinary Shares, subject to the exceptions
provided therein, prior to the earliest of: (i) the Closing, (ii) termination of the Business Combination Agreement, or (iii) mutual
agreement of parties.
The
foregoing description of the Sponsor Support Agreement does not purport to be complete and is qualified in its entirety by the terms
and conditions of the Sponsor Support Agreement, a copy of which is filed with this Current Report as Exhibit 10.1 and the terms of which
are incorporated by reference herein.
Transaction
Support Agreement
Simultaneously
with the execution and delivery of the Business Combination Agreement, Meshflow entered into a transaction support agreement with Pubco,
HGP and certain members of HGP (the “Supporting HGP Members”), pursuant to which, among other things, each Supporting
HGP Member has agreed to, among other things, support and vote in favor of the Business Combination Agreement and the Transactions.
In
addition, the Supporting HGP Members have agreed to not transfer any units of HGP held by them, subject to the exceptions provided therein,
prior to the earliest of: (i) the Closing; (ii) the termination of the Business Combination Agreement; or (iii) mutual agreement of parties.
The
foregoing description of the Transaction Support Agreement does not purport to be complete and is qualified in its entirety by the terms
and conditions of the Transaction Support Agreement, a copy of which is filed with this Current Report as Exhibit 10.2 and the terms
of which are incorporated by reference herein.
Lock-Up
Agreement
Simultaneously
with the execution and delivery of the Business Combination Agreement, Meshflow, Pubco, certain of the holders of HGP’s units (such
holders, the “HGP Lockup Shareholders”) and the SPAC Insiders entered into a Lock-Up Agreement with respect to the
shares of Pubco Common Stock to be held by them after the Closing (the “Lockup Agreement”).
5
Pursuant
to the Lockup Agreement, the HGP Lockup Shareholders have agreed not to transfer (except for certain permitted transfers) shares of Pubco
Common Stock held by until the earlier of (i) 180 days after the Closing Date and (ii) the date in which Pubco completes a liquidation,
merger, amalgamation, capital stock exchange, reorganization or other similar transaction that results in all of Pubco’s public
stockholders having the right to exchange their shares of Pubco Common Stock for cash, securities or other property.
In
addition, the SPAC Insiders have agreed not to transfer (except for certain permitted transfers) shares of Pubco Common Stock held by
them until the earliest of (i) the date that is 180 days after the Closing Date, (ii) the date on which the Trading Price (as defined
below) of the shares of Pubco Common Stock equals or exceeds $12.00 per share and (iii) the date in which Pubco completes a liquidation,
merger, amalgamation, capital stock exchange, reorganization or other similar transaction that results in all of Pubco’s public
stockholders having the right to exchange their shares of Pubco Common Stock for cash, securities or other property.
“Trading
Price” means the daily closing price of the Pubco Common Stock (as adjusted for stock splits, stock dividends, reorganizations,
recapitalizations and the like) for any ten (10) trading days within a period of thirty (30) consecutive trading days beginning thirty
(30) days or more after the Closing Date.
The
foregoing description of the Lockup Agreement does not purport to be complete and is qualified in its entirety by the terms and conditions
of the Lockup Agreement, a copy of which is filed with this Current Report as Exhibit 10.3 and the terms of which are incorporated by
reference herein.
Item 7.01
Regulation FD Disclosure.
On
September 8, 2026, Meshflow and HGP issued a joint press release announcing the execution of the Business Combination Agreement and
made available certain supplemental information regarding the proposed Transactions. A copy of the press release and the
supplemental information are attached to this Current Report as Exhibits 99.1 and 99.3, respectively, and are incorporated into this
Current Report by reference.
In
addition, furnished hereto as Exhibit 99.2 and incorporated into this Item 7.01 by reference is an investor presentation that HGP has
prepared for use in connection with the Transactions.
The
foregoing (including Exhibits 99.1, 99.2, and 99.3) is being furnished pursuant to Item 7.01 and will 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 will it be deemed to be incorporated by reference in any filing under the Securities Act or the
Exchange Act, regardless of any general incorporation language in such filings. This Current Report will not be deemed an admission as
to the materiality of any of the information in this Item 7.01, including Exhibits 99.1, 99.2, and 99.3.
Forward-Looking
Statements
All
statements in this Current Report which are not statements of historical fact are “forward-looking statements” within the
meaning of the federal securities laws and the United States Private Securities Litigation Reform Act of 1995. These forward-looking
statements are not intended to serve, and should not be relied on, as a guarantee, an assurance, or a prediction as to actual results.
These forward-looking statements may be identified by the use of terms such as “anticipate,” “expect,” “suggests,”
“plan,” “believe,” “predict,” “potential,” “possible,” “seek,”
“future,” “propose,” “continue,” “can,” “designed to,” “enable,”
“extend,” “intend,” “might,” “opportunity,” “outlook,” “position,”
“estimates,” “targets,” “projects,” “should,” “could,” “would,”
“may,” “will,” “forecast” or the negatives of these terms or variations of them or similar terminology,
although not all forward-looking statements contain such terminology and the absence of these terms does not mean that a statement is
not forward-looking.
Forward-looking
statements in this Current Report include, but are not limited to, statements regarding the following: Meshflow’s or HGP’s
management team’s expectations, beliefs, intentions, objectives, or strategies; the potential impact of the Transactions on HGP
and the combined company, including allowing HGP to commercialize its load-following technology; the anticipated benefits, structure,
valuation, proceeds, financing, terms, and timing of the Transactions; the listing of Pubco’s securities on a national securities
exchange; the expected performance and capabilities of HGP’s digital twin and variable-speed reactor coolant pump technology; the
applicability of that technology to operating and announced reactor designs; the ability of HGP’s control layer to enable islanded
load-following for nuclear reactors; the design, development, and commercialization of HGP’s products and technology and the anticipated
features, benefits, and timing thereof; HGP’s patent pending portfolio and research relationships; HGP’s addressable market
and its expected revenue sources; the development, siting, licensing, timing, and economics of the Integrated Naval Nuclear Energy Campus,
including the availability of federal authorities, federal sites, and naval-derived reactor technology; the anticipated use of proceeds
from the Transactions; and expected demand for firm carbon-free electricity from data centers and other customers, as well as any statements
as to competitive position, technological and market trends, estimated implied pro forma enterprise value of the go-forward public company
following the Transactions, the cash position of Pubco following the closing, and Meshflow and HGP’s ability to consummate the
Transactions. In addition, any statements that refer to Meshflow’s, HGP’s, or the combined company’s future expectations,
beliefs, plans, objectives, financial position, conditions, assumptions, performance, projections, forecasts, or other characterizations
of future events or circumstances, including any underlying assumptions, are forward-looking statements.
6
All
forward-looking statements in this Current Report are based upon current estimates and forecasts and reflect the views, assumptions,
expectations, and opinions of Meshflow and HGP as of the date of this Current Report, and are subject to a number of factors, risks and
uncertainties, some of which are not currently known to Meshflow or HGP or are beyond Meshflow’s or HGP’s control, and that
could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties
include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination
of the Business Combination Agreement; (2) the initiation or outcome of any legal proceedings that may be instituted against Meshflow,
Pubco, HGP or others following the announcement of the Transactions, the Business Combination Agreement, and other ancillary documents
with respect thereto; (3) the amount of redemption requests made by Meshflow public shareholders and the inability to complete the Transactions
due to the failure to obtain approval of the shareholders of Meshflow, or equity holders of HGP, or to satisfy other conditions to closing,
including but not limited to, the Minimum Cash Condition and the receipt of the PIPE Proceeds by Pubco, expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements
Act (and any approval required under any other applicable antitrust laws), and approval for the initial listing of the Pubco Common Stock
and Pubco Warrants on the Applicable Exchange and compliance with applicable listing standards; (4) changes to the proposed structure
of the Transactions required by applicable law or regulation or as a condition to regulatory approval; (5) the ability to maintain compliance
with the listing standards of the Applicable Exchange following the consummation of the Transactions; (6) the risk that the Transactions
or the announcement thereof disrupts current plans and operations of HGP; (7) the ability to recognize the anticipated benefits of the
Transactions, which may be affected by, among other things, competition, the ability of HGP to grow and manage growth profitably or otherwise,
maintain relationships with customers and suppliers, and retain its management and key employees; (8) costs related to the Transactions;
(9) risks associated with changes in applicable laws or regulations and HGP’s operations; (10) the possibility that HGP may be
adversely affected by other economic, business, and/or competitive factors; (11) HGP’s estimates of expenses and profitability;
(12) HGP’s mission, goals and strategies; (13) HGP’s future business development, financial condition, and results of operations;
(14) expected growth of the industry in which HGP operates; (15) expected changes in HGP’s revenues, costs or expenditures; (16)
HGP’s expectations regarding demand for and market acceptance of its products and services; (17) HGP’s expectations regarding
its relationships with users, customers and third-party business partners; (18) competition and technological change in HGP’s industry;
(19) relevant government policies and regulations relating to HGP’s industry; (20) general economic, market, business, and political
conditions globally and in jurisdictions where HGP operates; (21) the parties’ ability to obtain additional financing to complete
the Transactions or to fund the combined company’s operations following the closing; (22) the impact of the announcement of the
proposed business combination on the stock price performance of Meshflow’s securities; (23) the availability of additional capital
required to develop HGP’s technology and projects and to execute its business strategies; (24) the ability to complete qualification,
testing, and manufacturing of the variable-speed reactor coolant pump and to validate the digital twin on the expected schedule; (25)
the willingness of reactor owners, operators, and developers to adopt or retrofit HGP’s control layer, and the timing of any regulatory
approvals required for that adoption; (26) the timing and outcome of licensing, permitting, and site selection processes for the Integrated
Naval Nuclear Energy Campus, including the availability of federal authorities, federal sites, and naval-derived reactor technology;
(27) the availability and cost of nuclear fuel, long-lead components, fabrication capacity, and qualified workforce; (28) HGP’s
ability to secure interconnection and long-term offtake agreements; (29) HGP’s or the combined company’s ability to obtain,
maintain, and enforce its intellectual property rights; (30) HGP’s or the combined company’s ability to obtain any required
regulatory approvals in connection with HGP’s anticipated products and technology; (31) the continuation of federal programs and
research relationships referenced in the joint press release announcing the execution of the Business Combination Agreement; and (32)
assumptions underlying or related to any of the foregoing.
The
foregoing list of risks and uncertainties is not exhaustive. If any of these risks or uncertainties materialize or the underlying assumptions
prove incorrect, actual results could differ materially from the results expressed or implied by these forward-looking statements. You
should carefully consider the risks and uncertainties described in the “Risk Factors” section of the documents filed by Meshflow
from time to time with the SEC and the Registration Statement relating to the Transactions, which is expected to be filed by Pubco with
the SEC and the other documents filed by Meshflow and Pubco from time to time with the SEC. These filings identify and address other
important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking
statements. There may be additional risks that neither Meshflow, HGP, nor Pubco presently know or that Meshflow, HGP, or Pubco currently
believe are immaterial that could also cause actual results to differ materially from those contained in the forward-looking statements.
In light of these factors, risks and uncertainties, the forward-looking events and circumstances discussed in this Current Report may
not occur, and any estimates, assumptions, expectations, forecasts, views or opinions set forth in this Current Report should be regarded
as preliminary and for illustrative purposes only and accordingly, undue reliance should not be placed upon the forward-looking statements.
In addition, forward-looking statements reflect Meshflow’s and HGP’s expectations and plans as of the date of this Current
Report. Each of Meshflow, HGP and Pubco assume no obligation and do not intend to update or revise these forward-looking statements,
whether as a result of new information, future events, or otherwise, except as required by law.
Additional
Information and Where to Find It
In
connection with the Transactions, Pubco will file the Registration Statement with the SEC, which will include a proxy statement/prospectus,
which will be distributed to Meshflow’s shareholders in connection with its solicitation for proxies for the vote by Meshflow’s
shareholders with respect to the Transactions. Meshflow and Pubco may also file other documents with the SEC regarding the proposed Transactions.
Meshflow’s shareholders and other interested persons are advised to read, when available, the Registration Statement, including
the preliminary proxy statement/prospectus contained therein, the amendments thereto and the definitive proxy statement/prospectus, and
other documents filed in connection with the Transactions, because, among other things, these materials will contain important information
about Meshflow, HGP, Pubco, and the Transactions and the other matters to be voted upon by Meshflow’s shareholders, as well as
updates to the financial, industry and other information herein and therein. Shareholders of Meshflow will be able to obtain a free copy
of the proxy statement/prospectus when filed, as well as other filings containing information about Meshflow, HGP, Pubco, and the Transactions,
without charge, at the SEC’s website located at www.sec.gov. This Current Report does not contain all the information that should
be considered concerning the proposed Transactions and is not intended to form the basis of any investment decision or any other decision
in respect of the Transactions.
NEITHER
THE TRANSACTIONS NOR ANY INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAVE BEEN APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY
AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE TRANSACTIONS OR THE ACCURACY OR ADEQUACY OF THE INFORMATION
CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
7
Participants
in the Solicitation
Meshflow,
HGP, Pubco and their respective directors, executive officers, other members of management, and employees, under SEC rules, may be deemed
to be participants in the solicitation of proxies from Meshflow’s shareholders in connection with the Transactions. A list of the
names of the directors, executive officers, other members of management and employees of Meshflow and HGP, as well as information regarding
their interests in the Transactions, will be contained in the Registration Statement to be filed with the SEC by Pubco. Additional information
about Meshflow’s directors and executive officers may be found in Meshflow’s Annual Report on Form 10-K for the period ended
December 31, 2025, filed with the SEC on March 17, 2026. Additional information regarding the interests of such potential participants
in the solicitation process may also be included in other relevant documents when they are filed with the SEC. You may obtain free copies
of these documents from the sources indicated above.
No
Offer or Solicitation
This
Current Report is not a proxy statement or solicitation of a proxy, consent, or authorization with respect to any securities or in respect
of the Transactions, and does not constitute an offer to sell or the solicitation of an offer to buy any securities of Meshflow, HGP,
or Pubco or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer,
solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No
offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended.
Item 9.01
Financial Statements and Exhibits.
(d)
Exhibits:
Exhibit
Number
Description
2.1†
Business Combination Agreement, dated as of September 5, 2026, by and among Meshflow Acquisition Corp., HGP Intelligent Energy, LLC, Leyte Parent, Inc., Leyte Merger Sub I, Inc., and Leyte Merger Sub II, LLC.
10.1
Sponsor Support Agreement, dated September 5, 2026, by and among Meshflow Acquisition Corp., Meshflow Acquisition Sponsor LLC, certain shareholders of Meshflow Acquisition Corp. party thereto, HGP Intelligent Energy, LLC, and Leyte Parent, Inc.
10.2
Transaction Support Agreement, dated September 5, 2026, by and among Meshflow Acquisition Corp., Leyte Parent, Inc., HGP Intelligent Energy, LLC, and certain members of HGP Intelligent Energy, LLC party thereto.
10.3
Lock-Up Agreement, dated September 5, 2026, by and among Meshflow Acquisition Corp., Leyte Parent, Inc., HGP Intelligent Energy, LLC, certain members of HGP Intelligent Energy, LLC party thereto and certain shareholders of Meshflow Acquisition Corp. party thereto.
99.1
Press Release, dated September 8, 2026.
99.2
Investor Presentation.
99.3
Supplemental Information Regarding the Proposed Business Combination, dated September 8, 2026.
104
Cover Page Interactive Data File (embedded within the Inline XBRL document).
† Certain
of the exhibits and schedules to this exhibit have been omitted in accordance with Regulation S-K Item 601(a)(5). The Registrant agrees
to furnish supplementally a copy of all omitted exhibits and schedules to the SEC upon its request.
8
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
MESHFLOW ACQUISITION CORP.
Dated: September 8, 2026
By:
/s/ Bartosz Lipinski
Name:
Bartosz Lipinski
Title:
Chief Executive Officer, Chief Financial Officer and Chairman
9
EX-2.1 — BUSINESS COMBINATION AGREEMENT, DATED AS OF SEPTEMBER 5, 2026, BY AND AMONG MESHFLOW ACQUISITION CORP., HGP INTELLIGENT ENERGY, LLC, LEYTE PARENT, INC., LEYTE MERGER SUB I, INC., AND LEYTE MERGER SUB II, LLC
EX-2.1
Filename: ea030475901ex2-1.htm · Sequence: 2
Exhibit 2.1
Execution
Version
DATED
September 5, 2026
BUSINESS COMBINATION AGREEMENT
BY AND AMONG
MESHFLOW ACQUISITION CORP.,
LEYTE PARENT, INC.,
LEYTE MERGER SUB I, INC.,
LEYTE MERGER SUB II, LLC
AND
HGP INTELLIGENT ENERGY, LLC
TABLE OF CONTENTS
Page
Article I THE TRANSACTIONS
4
Section 1.01
Conversion.
4
Section 1.02
SPAC Merger
5
Section 1.03
Company Merger
5
Section 1.04
Effective Time
5
Section 1.05
Effect of the Mergers
5
Section 1.06
Governing Documents
5
Section 1.07
Directors, Officers and Managers of the Surviving Subsidiaries
6
Section 1.08
Merger Consideration
6
Section 1.09
Adjustment
6
Section 1.10
Effect of SPAC Merger on Issued and Outstanding Securities of SPAC and SPAC Merger Sub
6
Section 1.11
Effect of Company Merger on Issued Securities of the Company and Company Merger Sub
8
Section 1.12
Effect of Mergers on Issued and Outstanding Securities of Pubco
9
Section 1.13
Exchange Procedures
10
Section 1.14
Further Assurances
11
Section 1.15
Withholding
11
Article II CLOSING
11
Section 2.01
Closing
11
Section 2.02
Closing Documents
11
Section 2.03
Payment of Expenses
12
Article III REPRESENTATIONS AND WARRANTIES OF THE COMPANY
12
Section 3.01
Organization and Standing
12
Section 3.02
Authorization; Binding Agreement
13
Section 3.03
Capitalization
13
Section 3.04
Subsidiaries
14
Section 3.05
No Conflict; Governmental Consents and Filings
15
Section 3.06
Financial Statements
16
Section 3.07
Undisclosed Liabilities
16
i
Section 3.08
Absence of Certain Changes
16
Section 3.09
Compliance with Laws
17
Section 3.10
Government Contracts
17
Section 3.11
Company Permits
19
Section 3.12
Litigation
19
Section 3.13
Material Contracts
19
Section 3.14
Intellectual Property
21
Section 3.15
Taxes and Returns
26
Section 3.16
Real Property
28
Section 3.17
Personal Property
29
Section 3.18
Employee Matters
29
Section 3.19
Benefit Plans
31
Section 3.20
Environmental Matters
34
Section 3.21
Transactions with Related Persons
35
Section 3.22
Insurance
35
Section 3.23
Top Customers and Suppliers
36
Section 3.24
Certain Business Practices
36
Section 3.25
Investment Company Act
37
Section 3.26
Finders and Brokers
37
Section 3.27
Independent Investigation
38
Section 3.28
Information Supplied
38
Section 3.29
No Additional Representations or Warranties
38
Article IV REPRESENTATIONS AND WARRANTIES OF PUBCO AND THE MERGER SUBS
39
Section 4.01
Organization and Standing
39
Section 4.02
Authorization; Binding Agreement
39
Section 4.03
Governmental Approvals
39
Section 4.04
Non-Contravention
40
Section 4.05
Capitalization
40
Section 4.06
Ownership of Pubco Common Stock
40
Section 4.07
Pubco’s and Merger Subs’ Activities
40
Article V REPRESENTATIONS AND WARRANTIES OF THE SPAC
41
Section 5.01
Organization and Standing
41
ii
Section 5.02
Authorization; Binding Agreement
41
Section 5.03
Governmental Approvals
42
Section 5.04
Non-Contravention
42
Section 5.05
Capitalization
42
Section 5.06
SEC Filings and SPAC Financials
44
Section 5.07
Absence of Certain Changes
46
Section 5.08
Undisclosed Liabilities
46
Section 5.09
Compliance with Laws
46
Section 5.10
Foreign Person Status
47
Section 5.11
Legal Proceedings; Orders; Permits
47
Section 5.12
Taxes and Returns
47
Section 5.13
Properties
49
Section 5.14
Investment Company Act; JOBS Act
49
Section 5.15
Contracts
49
Section 5.16
Trust Account
49
Section 5.17
Finders and Brokers
50
Section 5.18
Certain Business Practices
50
Section 5.19
Information Supplied
51
Section 5.20
Independent Investigation
51
Section 5.21
Material Contracts
52
Section 5.22
No Additional Representations or Warranties
53
Article VI COVENANTS
53
Section 6.01
Access and Information; Cooperation
53
Section 6.02
Conduct of Business of the Company
55
Section 6.03
Conduct of Business of the SPAC
59
Section 6.04
Annual and Interim Financial Statements
62
Section 6.05
SPAC Public Filings
63
Section 6.06
Warrant Agreement Amendment
63
Section 6.07
No Solicitation
63
Section 6.08
No Trading
64
Section 6.09
Notification of Certain Matters
64
Section 6.10
Efforts
65
Section 6.11
Trust Account
66
iii
Section 6.12
Tax Matters
66
Section 6.13
Further Assurances
68
Section 6.14
The Preparation of Proxy Statement/Registration Statement; Shareholders’ Meeting and Approvals
69
Section 6.15
Employee Matters
71
Section 6.16
Public Announcements
71
Section 6.17
Confidential Information.
72
Section 6.18
Post-Closing Pubco Board of Directors and Executive Officers
73
Section 6.19
Indemnification of Directors and Officers; Tail Insurance
74
Section 6.20
PIPE Financing
76
Section 6.21
Applicable Exchange
77
Section 6.22
Redemption
77
Section 6.23
CEO Employment Agreements
78
Section 6.24
Transaction Support Agreement; Company Member Approval
78
Article VII CLOSING CONDITIONS
79
Section 7.01
Conditions to Each Party’s Obligations
79
Section 7.02
Conditions to Obligations of the Company
79
Section 7.03
Conditions to Obligations of the SPAC and the SPAC Parties
82
Section 7.04
Frustration of Conditions
83
Article VIII TERMINATION AND EXPENSES
84
Section 8.01
Termination
84
Section 8.02
Effect of Termination
85
Article IX MISCELLANEOUS
86
Section 9.01
No Survival
86
Section 9.02
Notices
86
Section 9.03
Binding Effect; Assignment
87
Section 9.04
Third Parties
87
Section 9.05
Governing Law
87
Section 9.06
Jurisdiction
87
Section 9.07
WAIVER OF JURY TRIAL
87
Section 9.08
Specific Performance
88
Section 9.09
Severability
88
Section 9.10
Amendment; Waiver
88
iv
Section 9.11
Entire Agreement
88
Section 9.12
Interpretation
89
Section 9.13
Counterparts
90
Section 9.14
Legal Representation
90
Section 9.15
Waiver of Claims Against Trust
91
Section 9.16
Disclosure Letters
92
Section 9.17
Transferred Information
92
Section 9.18
Transaction Expenses
93
Article X DEFINITIONS
93
Section 10.01
Certain Definitions
93
Exhibits
Exhibit A
Form of Transaction Support Agreement
Exhibit B
Form of Lock-Up Agreement
Exhibit C
Sponsor Support Agreement
Exhibit D
Form of Company SAFE Conversion Agreement
v
BUSINESS COMBINATION AGREEMENT
This Business Combination
Agreement (this “Agreement”) is made and entered into as of September 5, 2026, by and among (i) Meshflow Acquisition
Corp., a Cayman Islands exempted company with limited liability (together with its successors, including after the Conversion (as defined
below), the “SPAC”), (ii) Leyte Parent, Inc., a Delaware corporation and wholly-owned subsidiary of SPAC (“Pubco”),
(iii) Leyte Merger Sub I, Inc., a Delaware corporation and wholly-owned subsidiary of Pubco (“SPAC Merger Sub”), (iv)
Leyte Merger Sub II, LLC, a Wyoming limited liability company and a wholly-owned subsidiary of Pubco (“Company Merger Sub”
and together with SPAC Merger Sub, the “Merger Subs”, and the Merger Subs collectively with Pubco, the “SPAC
Parties”), and (v) HGP Intelligent Energy, LLC, a Wyoming limited liability company (the “Company”). The
SPAC, Pubco, SPAC Merger Sub, Company Merger Sub and the Company are sometimes referred to herein individually as a “Party”
and, collectively, as the “Parties”. Certain capitalized terms used in this Agreement have the meanings given to them
in Article X of this Agreement.
RECITALS:
WHEREAS, the SPAC is
a special purpose acquisition company incorporated as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange,
asset acquisition, share purchase, reorganization or similar business combination with one or more businesses;
WHEREAS, Pubco is a
newly incorporated Delaware corporation that is owned entirely by the SPAC, and Pubco owns all of the issued and outstanding equity interests
of SPAC Merger Sub and Company Merger Sub, each of which is a newly organized entity formed for the sole purpose of effecting the Mergers
(as defined below);
WHEREAS, upon the terms
and subject to the conditions of this Agreement, and in accordance with the Delaware General Corporation Law (“DGCL”),
the Wyoming Limited Liability Company Act (“WLLCA”) and the Companies Act (as Revised) of the Cayman Islands (the “Cayman
Companies Act”), as applicable, the Parties desire and intend to effect a business combination transaction pursuant to which
(i) one (1) Business Day prior to the Closing, the SPAC will deregister from and continue out of the Cayman Islands and domesticate as
a Delaware corporation pursuant to the Conversion, (ii) following the Conversion and at the Effective Time, SPAC Merger Sub will merge
with and into the SPAC, with the SPAC continuing as the surviving corporation (the “SPAC Merger”), as a result of which
each issued and outstanding security of the SPAC immediately prior to the Effective Time shall no longer be outstanding and shall automatically
be canceled in exchange for substantially equivalent securities of Pubco, (iii) substantially concurrently with the SPAC Merger, Company
Merger Sub will merge with and into the Company, with the Company continuing as the surviving limited liability company (the “Company
Merger”, and together with the SPAC Merger, the “Mergers”), as a result of which each issued and outstanding
Company Unit immediately prior to the Effective Time shall no longer be outstanding and shall automatically be canceled in exchange for
shares of Pubco Common Stock, and (iv) as a result of the Mergers, the SPAC and the Company will become wholly owned Subsidiaries of Pubco
and Pubco will become a publicly traded company (clauses (i) through (iv), and together with the other transactions contemplated herein,
the “Transactions”);
1
WHEREAS, contemporaneously
with the execution and delivery of this Agreement, the Supporting Company Members have entered into voting and support agreements with
the SPAC, Pubco and the Company in the form attached as Exhibit A hereto (collectively, the “Transaction Support Agreements”),
pursuant to which, among other matters, such Supporting Company Members have agreed to vote or consent with respect to their Company Units
in favor of the adoption and approval of this Agreement, the Company Merger and the other Transactions;
WHEREAS, contemporaneously
with the execution and delivery of this Agreement, the Supporting Company Members have each entered into the Lock-Up Agreement with Pubco,
the Sponsor and the SPAC, the form of which is attached as Exhibit B hereto (the “Lock-Up Agreement”);
WHEREAS, contemporaneously
with the execution and delivery of this Agreement, the SPAC, the Company, Pubco, the Sponsor and the SPAC’s directors and officers
have entered into a Sponsor Support Agreement, a copy of which is attached as Exhibit C hereto (the “Sponsor
Support Agreement”), pursuant to which, among other matters, the Sponsor and the SPAC’s directors and officers party thereto
have agreed to vote in favor of the adoption and approval of this Agreement and the other Transactions contemplated hereby;
WHEREAS, in connection
with the consummation of the Transactions, simultaneously with the Closing, Pubco, the Sponsor, certain holders of SPAC securities party
to the Original Registration Rights Agreement, and the Sellers will enter into an Amended and Restated Registration Rights Agreement in
form and substance reasonably acceptable to the Company and the SPAC (the “Registration Rights Agreement”), which Registration
Rights Agreement shall amend and restate the Original Registration Rights Agreement in its entirety and provide, among other matters,
that such holders will be granted certain customary registration rights with respect to shares of Pubco Common Stock held by them following
the Closing;
WHEREAS, as a condition
and inducement to the Company’s willingness to enter into this Agreement, the SPAC intends to arrange and obtain, with the cooperation
and assistance of the Company, the PIPE Financing, pursuant to subscription agreements to be entered into with Pubco, the SPAC and the
Company, in form and substance reasonably acceptable to the Company and the SPAC (the “PIPE Subscription Agreements”),
with the consummation of the PIPE Financing to occur immediately prior to, and subject to, the consummation of the Mergers;
WHEREAS, the Parties
intend that, for U.S. federal, and applicable state and local, income tax purposes, (a) the Conversion qualifies as a reorganization described
in Section 368(a)(1)(F) of the Code and the Treasury Regulations promulgated thereunder, (b) the SPAC Merger qualifies as a reorganization
within the meaning of Section 368(a) and (c) the Company Merger and the SPAC Merger shall be treated as part of an integrated transaction
that qualifies as a contribution pursuant to Section 351 of the Code and the Treasury Regulations promulgated thereunder (the “Intended
Tax Treatment” and, collectively, the “Intended Tax Treatments”), and this Agreement is hereby adopted as
a plan of reorganization for the purposes of Section 368 of the Code and Treasury Regulations Section 1.368-2(g) with respect to each
of the reorganizations described in the foregoing clauses;
2
WHEREAS, the boards
of directors of each of Pubco, the SPAC and SPAC Merger Sub have each (i) determined that the respective Mergers to which they are a party
are fair, advisable and in the best interests of their respective companies and stockholders or shareholders (as relevant), (ii) approved
this Agreement and the transactions contemplated hereby, including the Conversion (including without limitation, applicable notices, declarations,
affidavits, statement of assets and liabilities, and undertakings and the Organizational Documents of the SPAC to become effective in
connection with the Conversion) and the respective Mergers to which they are a party, upon the terms and subject to the conditions set
forth herein, and (iii) determined to recommend to their respective stockholders, shareholders or class (as relevant) the approval and
adoption of this Agreement and the transactions contemplated hereby, including the Conversion (including applicable notices, declarations,
affidavits, statement of assets and liabilities, and undertakings and the Organizational Documents of the SPAC to become effective in
connection with the Conversion) and the respective Mergers to which they are a party (in case of the recommendation of the board of directors
of the SPAC, the “SPAC Board Recommendation”);
WHEREAS, the board
of managers or other applicable governing body of the Company and Company Merger Sub have each (i) determined that the Company Merger
is fair, advisable and in the best interests of the Company, the Company Merger Sub and their respective members, (ii) approved this Agreement
and the transactions contemplated hereby, including the Company Merger, upon the terms and subject to the conditions set forth herein
and (iii) determined to recommend to its members the approval and adoption of this Agreement and the transactions contemplated hereby,
including the Company Merger;
WHEREAS, the SPAC,
as the sole stockholder of Pubco, has approved and adopted this Agreement, the Ancillary Documents to which Pubco is or will be a party
and the consummation of the Transactions, including the Mergers;
WHEREAS, Pubco, as
the sole stockholder of SPAC Merger Sub, has approved and adopted this Agreement, the Ancillary Documents to which SPAC Merger Sub is
or will be a party and the consummation of the Transactions, including the SPAC Merger;
WHEREAS, Pubco, as
the sole member of Company Merger Sub, has approved and adopted this Agreement, the Ancillary Documents to which Company Merger Sub is
or will be a party and the consummation of the Transactions, including the Company Merger; and
WHEREAS, in connection
with the Transactions and in accordance with the terms hereof, the SPAC shall provide the holders of SPAC Class A Ordinary Shares issued
in the SPAC’s IPO with the opportunity to have such SPAC Class A Ordinary Shares redeemed on the terms and subject to the conditions
set forth in this Agreement, the Cayman SPAC Articles and the Trust Agreement, with such redemption to occur immediately prior to or substantially
concurrently with the Closing in accordance with this Agreement, the Cayman SPAC Articles and the Trust Agreement (the “Redemption”).
3
NOW, THEREFORE, in
consideration of the premises set forth above, and the representations, warranties, covenants and agreements contained in this Agreement,
and for other consideration, the receipt and sufficiency of which is acknowledged and agreed to by the Parties, and intending to be legally
bound hereby, the Parties hereto agree as follows:
Article
I
THE TRANSACTIONS
Section
1.01 Conversion.
(a)
Upon the terms and subject to the satisfaction or waiver of the conditions of this Agreement (other than those conditions
that by their nature are to be satisfied at Closing), at least one (1) Business Day prior to the Closing, the SPAC shall, in accordance
with the DGCL, the Cayman Companies Act, the Cayman SPAC Articles, and any applicable rules and regulations of the SEC and the Applicable
Exchange, as applicable, transfer by way of continuation from the Cayman Islands and domesticate as a Delaware corporation pursuant to
Part 12, Section 206 of the Cayman Companies Act and Section 388 of the DGCL (the “Conversion”). In connection with
the Conversion, the SPAC shall file a certificate of corporate domestication and a certificate of incorporation with the Secretary of
State of the State of Delaware, and shall make all filings and take all other actions required under the Cayman Companies Act (including
applicable notices, declarations, affidavits, statements of assets and liabilities, shareholder approvals and undertakings), pay all applicable
fees required to be paid, and cause the satisfaction of all other conditions to de-registration required to be satisfied, in each case,
to effect the deregistration and continuation of the SPAC from the Cayman Islands to the State of Delaware, in each case in form and substance
reasonably acceptable to the Company.
(b)
At the effective time of the Conversion, by virtue of the Conversion and without any action on the part of any holder thereof,
(i) each issued and outstanding SPAC Class A Ordinary Share (other than any SPAC Class A Ordinary Share included in the SPAC Public Unit)
shall be converted automatically, on a one-for-one basis, into one (1) share of Domesticated SPAC Common Stock; (ii) each issued and outstanding
SPAC Class B Ordinary Share shall be converted automatically, on a one-for-one basis, into one (1) share of Domesticated SPAC Class B
Common Stock, (iii) each issued and outstanding SPAC Public Warrant (other than any SPAC Public Warrants included in the SPAC Public Unit)
shall be converted automatically, on a one-for-one basis into a warrant to acquire one (1) share of Domesticated SPAC Common Stock on
substantially the same terms and conditions as applied immediately prior to the Conversion (each, a “Domesticated SPAC Public
Warrant”), (iv) each issued and outstanding SPAC Private Warrant shall be converted automatically, on a one-for-one basis into
a warrant to acquire one (1) share of Domesticated SPAC Common Stock on substantially the same terms and conditions as applied immediately
prior to the Conversion (each, a “Domesticated SPAC Private Warrant”), (v) each issued and outstanding SPAC Public
Unit shall represent one share of Domesticated SPAC Common Stock and one-third (1/3) of one Domesticated SPAC Public Warrant (each, a
“Domesticated SPAC Public Unit”), subject to the detachment contemplated by Section 1.10(a), and (vi) the Organizational
Documents of the SPAC shall be the certificate of incorporation and bylaws adopted in connection with the Conversion, in each case in
form and substance reasonably acceptable to the Company.
(c)
The SPAC shall not amend, modify, supplement or waive any document or filing relating to the Conversion in any material
respect without the prior written consent of the Company, which consent shall not be unreasonably withheld, conditioned or delayed.
4
Section
1.02 SPAC Merger. At the Effective Time and subject to and upon the terms and conditions of this Agreement and in
accordance with the applicable provisions of the DGCL, SPAC Merger Sub and SPAC shall consummate the SPAC Merger, pursuant to which
SPAC Merger Sub shall be merged with and into SPAC, following which the separate corporate existence of SPAC Merger Sub shall cease
and SPAC shall continue as the surviving corporation in the SPAC Merger. The SPAC as the surviving corporation after the SPAC Merger
is hereinafter sometimes referred to as “SPAC Surviving Subsidiary” (provided, that references to SPAC for
periods after the Effective Time shall include SPAC Surviving Subsidiary).
Section
1.03 Company
Merger. At the Effective Time and subject to and upon the terms and conditions of this Agreement and in accordance with the applicable
provisions of the WLLCA, Company Merger Sub and the Company shall consummate the Company Merger, pursuant to which Company Merger Sub
shall be merged with and into the Company, following which the separate limited liability company existence of Company Merger Sub shall
cease and the Company shall continue as the surviving limited liability company in the Company Merger. The Company as the surviving limited
liability company after the Company Merger is hereinafter sometimes referred to as “Company Surviving Subsidiary” (provided,
that references to the Company for periods after the Effective Time shall include Company Surviving Subsidiary), and together with SPAC
Surviving Subsidiary, the “Surviving Subsidiaries”.
Section
1.04 Effective
Time. Subject to the conditions of this Agreement, the Parties shall (a) cause the SPAC Merger to be consummated by filing a certificate
of merger in form and substance reasonably acceptable to the Company and the SPAC (the “SPAC Certificate of Merger”)
with the Secretary of State of the State of Delaware in accordance with the applicable provisions of the DGCL, and (b) cause the Company
Merger to be consummated by filing articles of merger in form and substance reasonably acceptable to the Company and the SPAC with the
Secretary of State of the State of Wyoming in accordance with the applicable provisions of the WLLCA (the “Company Certificate
of Merger”), with each of the Mergers to be consummated and effective simultaneously at 5:00 p.m. New York City time on the
Closing Date or at such other date and/or time as may be agreed in writing by the Company and the SPAC and specified in each of the SPAC
Certificate of Merger and the Company Certificate of Merger (respectively, the “SPAC Merger Effective Time” and the
“Company Merger Effective Time”, and collectively, the “Effective Time”).
Section
1.05 Effect
of the Mergers. At the Effective Time, the effect of the Mergers shall be as provided in this Agreement and the applicable provisions
of the DGCL, WLLCA and other applicable Law. Without limiting the generality of the foregoing, and subject thereto, at the Effective Time
all the property, rights, agreements, privileges, powers and franchises of SPAC Merger Sub and Company Merger Sub shall vest in SPAC Surviving
Subsidiary and Company Surviving Subsidiary, respectively, and all debts, liabilities, obligations and duties of SPAC Merger Sub and Company
Merger Sub shall become the debts, liabilities, obligations and duties of SPAC Surviving Subsidiary and Company Surviving Subsidiary,
respectively, including in each case the rights and obligations of each such Party under this Agreement and the Ancillary Documents from
and after the Effective Time.
Section
1.06 Governing Documents. At the SPAC Merger Effective Time, the Organizational Documents of SPAC Merger Sub, as in
effect immediately prior to the SPAC Merger Effective Time, shall be the Organizational Documents of the SPAC Surviving Subsidiary, until
thereafter amended in accordance with their terms and applicable Law; provided, that the name of the SPAC Surviving Subsidiary
shall be such name as determined by the Company. At the Company Merger Effective Time, the Organizational Documents of Company Merger
Sub, as in effect immediately prior to the Company Merger Effective Time, shall be the Organizational Documents of the Company Surviving
Subsidiary, until thereafter amended in accordance with their terms and applicable Law; provided, that the name of the Company
Surviving Subsidiary shall be such name as determined by the Company.
5
Section
1.07 Directors,
Officers and Managers of the Surviving Subsidiaries. At the Effective Time, (a) the board of directors and executive officers of SPAC
Surviving Subsidiary shall be designated by the Company, each to hold office in accordance with the organizational documents of the SPAC
Surviving Subsidiary until their successors are duly elected or appointed and qualified or their earlier death, resignation, or removal,
and (b) the board of managers and executive officers of Company Surviving Subsidiary shall be designated by the Company, each to hold
office in accordance with the organizational documents of the Company Surviving Subsidiary until their successors are duly elected or
appointed and qualified or their earlier death, resignation, or removal.
Section
1.08 Merger
Consideration. The aggregate consideration payable to holders of the Company Units as of the Effective Time (collectively, the “Sellers”)
pursuant to the Company Merger shall consist of an aggregate number of newly issued shares of Pubco Common Stock equal to Eighty Million
(80,000,000) shares, calculated by dividing Eight Hundred Million Dollars ($800,000,000) by Ten U.S. Dollars ($10.00) per share (the “Company
Merger Consideration”). At the Effective Time, the Company Units issued and outstanding immediately prior to the Effective Time
shall be automatically canceled and extinguished and converted into the right of each Seller to receive its respective Percentage Merger
Consideration in the form of Pubco Common Stock.
Section
1.09 Adjustment.
The Company Merger Consideration shall be adjusted to reflect appropriately the effect of any stock split, reverse stock split, stock
dividend, recapitalization, reclassification, combination, exchange of shares or other like change with respect to Pubco Common Stock
or Company Units occurring prior to the date on which the shares comprising the Company Merger Consideration are issued.
Section
1.10 Effect
of SPAC Merger on Issued and Outstanding Securities of SPAC and SPAC Merger Sub. At the Effective Time (or, with respect to the Redemption,
immediately prior to the Effective Time), by virtue of the SPAC Merger and the Conversion, as applicable, and without any action on the
part of any Party or any holder of securities of the SPAC, the Company or any SPAC Party:
(a)
Domesticated SPAC Public Units. At the Effective Time, each issued and outstanding Domesticated SPAC Public Unit
shall be automatically detached and the holder thereof shall be deemed to hold one (1) share of Domesticated SPAC Common Stock and one-third
(1/3) of one (1) Domesticated SPAC Public Warrant in accordance with the terms of such Domesticated SPAC Public Unit, which underlying
SPAC Securities shall be converted in accordance with the applicable terms of this Section 1.10.
6
(b)
Domesticated SPAC Common Stock. At the Effective Time, each issued and outstanding share of Domesticated SPAC Common
Stock (other than those described in Section 1.10(d) or Section 1.10(e) below, but including those described in Section
1.10(a) above) and Domesticated SPAC Class B Common Stock shall be converted automatically into and thereafter represent the right
to receive one share of Pubco Common Stock, following which all shares of Domesticated SPAC Common Stock and Domesticated SPAC Class B
Common Stock shall cease to be outstanding, shall automatically be canceled and shall cease to exist.
(c)
Domesticated SPAC Warrants. At the Effective Time, each issued and outstanding Domesticated SPAC Public Warrant shall
be converted into one Pubco Public Warrant and each issued and outstanding Domesticated SPAC Private Warrant shall be converted into one
Pubco Private Warrant. At the Effective Time, Domesticated SPAC Public Warrants and Domesticated SPAC Private Warrants shall cease to
be outstanding and shall automatically be canceled and retired and shall cease to exist. Each of the Pubco Public Warrants shall have,
and be subject to, substantially the same terms and conditions set forth in the Domesticated SPAC Public Warrants, and each of the Pubco
Private Warrants shall have, and be subject to, substantially the same terms and conditions set forth in the Domesticated SPAC Private
Warrants, except that in each case they shall represent the right to acquire shares of Pubco Common Stock in lieu of shares of Domesticated
SPAC Common Stock. At or prior to the Effective Time, Pubco shall take all corporate action necessary to reserve for future issuance,
and shall maintain such reservation for so long as any of the Pubco Public Warrants or Pubco Private Warrants remain outstanding, a sufficient
number of shares of Pubco Common Stock for delivery upon the exercise of such Pubco Public Warrants or Pubco Private Warrants, as applicable.
(d)
Treasury Stock. At the Effective Time, if there are any shares of capital stock of SPAC that are owned by SPAC as
treasury shares or by any direct or indirect Subsidiary of SPAC, such shares shall be canceled and extinguished without any conversion
thereof or payment therefor.
(e)
SPAC Redeeming Shares. Immediately prior to the Effective Time, each issued and outstanding SPAC Class A Ordinary
Share (or share of Domesticated SPAC Common Stock into which such SPAC Class A Ordinary Share was converted in the Conversion) with respect
to which the holder thereof has validly exercised redemption rights pursuant to and in accordance with the Cayman SPAC Articles and the
Trust Agreement (and has not waived, withdrawn or otherwise lost such rights) shall be redeemed and canceled and shall thereafter represent
only the right to receive the applicable cash amount payable in respect thereof pursuant to the Cayman SPAC Articles and the Trust Agreement,
and shall not be converted into the right to receive Pubco Common Stock pursuant to this Agreement.
(f)
SPAC Merger Sub Stock. At the Effective Time, each share of common stock of SPAC Merger Sub outstanding immediately
prior to the Effective Time shall be converted into an equal number of shares of common stock of SPAC Surviving Subsidiary, with the same
rights, powers and privileges as the shares so converted and shall constitute the only outstanding shares of capital stock of SPAC Surviving
Subsidiary, such that, immediately following the Effective Time, SPAC Surviving Subsidiary shall be a direct, wholly owned Subsidiary
of Pubco.
7
(g)
No Appraisal Rights. Without prejudice to the redemption rights of SPAC shareholders as referred to in Section
1.10(e), no dissenters’ or appraisal rights shall be available with respect to the SPAC Merger or the Transactions pursuant
to Section 262 of the DGCL or any other applicable Law.
Section
1.11 Effect
of Company Merger on Issued Securities of the Company and Company Merger Sub. At the Effective Time, by virtue of the Company Merger
and without any action on the part of any Party or the holders of securities of the SPAC, the Company or any SPAC Party:
(a)
Company Units. At the Effective Time, each Company Unit issued and outstanding immediately prior to the Effective
Time (other than the Company Units described in Section 1.11(b) and Section 1.11(e)) shall be canceled and shall cease to
exist in exchange for the right to receive the applicable portion of the Company Merger Consideration as described in Section 1.08.
As of the Effective Time, each holder of Company Units shall cease to have any other rights with respect to such Company Units, except
as otherwise required under applicable Law.
(b)
Treasury Interests. At the Effective Time, if there are any equity securities of the Company that are owned
by the Company in treasury or any equity securities of the Company owned by any direct or indirect Subsidiary of the Company immediately
prior to the Effective Time, such equity interests shall be canceled and shall cease to exist without any conversion thereof or payment
therefor.
(c)
Company Merger Sub Interests. At the Effective Time, each membership interest of Company Merger Sub outstanding
immediately prior to the Effective Time shall be converted into an equal number of membership interests of Company Surviving Subsidiary,
with the same rights, powers and privileges as the membership interests so converted and shall constitute the only outstanding equity
interests in Company Surviving Subsidiary, such that, immediately following the Effective Time, Company Surviving Subsidiary shall be
a direct, wholly owned Subsidiary of Pubco.
(d)
Company SAFEs. Immediately prior to the Company Merger Effective Time, conditioned upon the occurrence of the Company Merger,
with respect to each Company SAFE that is then outstanding, such Company SAFE shall, in accordance with a conversion and cancellation
agreement substantially in the form attached hereto as Exhibit D (the “Company SAFE Conversion Agreement”),
without any action on the part of the Company, any holder of such Company SAFE or any other Person, be terminated, cancelled, and converted
into a number of Company Class C Units determined in accordance with the terms of such Company SAFE Conversion Agreement. For purposes
of this Agreement, all Company Class C Units issued upon conversion of the Company SAFEs pursuant to this Section 1.11(d) shall
be deemed issued and outstanding immediately prior to the Company Merger Effective Time and shall constitute Company Units entitled to
receive the applicable portion of the Company Merger Consideration in accordance with Section 1.11(a) of this Agreement. The Company
shall use reasonable best efforts to cause each holder of a Company SAFE to duly execute and deliver a Company SAFE Conversion Agreement
prior to the Closing and shall deliver to the SPAC and Pubco evidence reasonably satisfactory to the SPAC and Pubco of the Company SAFE
Conversion Agreements so executed and delivered, and the conversion of the Company SAFEs subject thereto, concurrently with the Closing.
8
(e)
Company Compensatory Units.
(i)
As of the Effective Time, by virtue of the Mergers and without any action on the part of any Person (but subject to, in
the case of the Company, Section 1.11(e)(iv)), each Company PIU Award that is vested in accordance with its terms as of immediately
prior to the Effective Time (each, a “Vested Company PIU”) shall be cancelled and converted into a number of shares
of Pubco Common Stock equal to the value of each such Vested Company PIU, determined as follows: (A) such Vested Company PIU’s share
of the Company Merger Consideration, minus (B) the “profits interest hurdle” applicable to such Vested Company PIU.
(ii)
As of the Effective Time, by virtue of the Mergers and without any action on the part of any Person (but subject to, in
the case of the Company, Section 1.11(e)(iv)), each Company PIU Award that is unvested in accordance with its terms as of immediately
prior to the Effective Time (each, an “Unvested Company PIU”) shall be cancelled and converted into a number of shares
of Pubco Common Stock under the Pubco Equity Incentive Plan (as defined below in Section 6.15) subject to substantially the same
terms and conditions, including vesting (including any vesting acceleration provisions), transfer restrictions and forfeiture provisions
to which such Unvested Company PIU was subject prior to the Effective Time (the “Pubco Restricted Shares”) equal to
the value of such Unvested Company PIU, determined as follows: (A) the portion of the Company Merger Consideration that would be allocated
to such Unvested Company PIU if it were a Vested Company PIU as of immediately prior to the Effective Time, minus (B) the “profits
interest hurdle” applicable to such Unvested Company PIU. The terms and conditions of such Pubco Restricted Shares shall be set
forth in the Pubco Equity Incentive Plan and the applicable award agreement issued thereunder.
(iii)
For the avoidance of doubt, as of the Effective Time, no Company PIU Awards will remain issued and outstanding and shall
be of no further force and effect (other than the right to receive shares of Pubco Common Stock and Pubco Restricted Shares in accordance
with Section 1.11(e)(i) and Section 1.11(e)(ii), respectively).
(iv)
Prior to the Closing, the Company shall take, or cause to be taken, all necessary and appropriate actions (including adopting
resolutions by the board of managers of the Company) under the Company Operating Agreement or other applicable instruments under the underlying
award agreement and otherwise give effect to the provisions of this Section 1.11(e). Prior to such adoption, the Company will provide
the SPAC with drafts of all such resolutions and shall consider in good faith any comments to such resolutions provided by the SPAC.
Section
1.12 Effect of Mergers on Issued and Outstanding Securities of Pubco. At the Effective Time, by virtue of the Mergers
and without any action on the part of any Party or the holders of securities of the SPAC, the Company or any SPAC Party, all of the shares
of Pubco issued and outstanding immediately prior to the Effective Time shall be canceled and extinguished without any conversion thereof
or payment therefor. For the avoidance of doubt, immediately following the Effective Time, the outstanding shares of Pubco Common Stock
shall be held by (a) the former holders of SPAC Common Stock pursuant to Section 1.10(b) and (b) the Sellers, as the former holders
of Company Units, pursuant to Section 1.08 and Section 1.11, in each case in the respective amounts determined in accordance
therewith.
9
Section
1.13 Exchange
Procedures.
(a)
Prior to the Effective Time, Pubco shall appoint an agent reasonably acceptable to the SPAC and the Company (the “Exchange
Agent”) as its agent for the purpose of exchanging Domesticated SPAC Common Stock, the Domesticated Class B Common Stock and
Company Units for shares of Pubco Common Stock.
(b)
At or prior to the Effective Time, Pubco shall deliver to the Exchange Agent written instructions to issue, at the SPAC
Merger Effective Time, in uncertificated book-entry form, one share of Pubco Common Stock in exchange for, and upon cancellation of, each
issued and outstanding share of Domesticated SPAC Common Stock and Domesticated SPAC Class B Common Stock (subject to Section 1.10).
(c)
At or prior to the Effective Time, Pubco shall deliver to the Exchange Agent written instructions to issue, at the Company
Merger Effective Time, in uncertificated book-entry form, to each Seller the number of shares of Pubco Common Stock to which such Seller
is entitled pursuant to Section 1.08 and Section 1.11, in exchange for, and upon cancellation of, the Company Units held
by such Seller immediately prior to the Company Merger Effective Time.
(d)
Pubco Common Stock to be delivered pursuant to Section 1.10(b) and Section 1.11(a) shall be settled through
DTC and issued in uncertificated book-entry form through the procedures of DTC, unless a physical certificate representing Pubco Common
Stock is required by applicable Law, in which case Pubco shall cause the Exchange Agent to promptly send such certificate to the applicable
holder.
(e)
At the Company Merger Effective Time, the Company shall update its books and records, including its member register, to
reflect the cancellation of the Company Units contemplated by Section 1.11(a).
(f)
Notwithstanding anything to the contrary contained herein, no fraction of a share of Pubco Common Stock will be issued by
Pubco by virtue of this Agreement or the Transactions. Each Person who would otherwise be entitled to receive a fraction of a share of
Pubco Common Stock (after aggregating all fractional shares of Pubco Common Stock that otherwise would be received by such holder) shall
instead have the number of shares of Pubco Common Stock issued to such Person rounded down to the nearest whole share of Pubco Common
Stock.
(g)
No dividends or other distributions declared or made after the date of this Agreement with respect to Pubco Common Stock
with a record date after the SPAC Merger Effective Time or the Company Merger Effective Time, as applicable, will be paid to any former
holder of SPAC Common Stock or Company Units until the exchange contemplated by this Section 1.13 has been completed with respect
to such holder.
10
Section
1.14 Further Assurances. From time to time after the Closing Date, upon the reasonable written request of any
Party, each Party shall execute, acknowledge and deliver such further instruments and documents, and take such additional reasonable
action, to effect, consummate, confirm or evidence the Transactions and carry out the purpose of this Agreement.
Section
1.15 Withholding.
Notwithstanding any other provision of this Agreement, the SPAC, the Merger Subs, the Company, Pubco and their respective Representatives
shall be entitled to deduct and withhold from any amount payable to any Person pursuant to this Agreement such Taxes as are required to
be deducted or withheld with respect to such amounts under the Code or any provision of U.S. state or local or non-U.S. Tax Law. To the
extent that amounts are so deducted and withheld and timely paid over to the appropriate Governmental Authority within the statutorily
required period, such amounts shall be treated for all purposes under this Agreement as having been paid to the Person in respect of which
such deduction and withholding was made. Notwithstanding the foregoing, the SPAC, the Merger Subs, the Company and Pubco shall use commercially
reasonable efforts to provide recipients of Company Merger Consideration that may be subject to withholding (except to the extent otherwise
treated as compensation for services) with a reasonable opportunity to provide documentation establishing an exemption from or reduction
of such withholding. In the case of any payment payable to an employee of the Company in connection with the Company Merger that is treated
as compensation, the Parties shall reasonably cooperate to pay such amount through the Company’s payroll to facilitate applicable
withholding.
Article
II
CLOSING
Section
2.01 Closing.
Subject to the satisfaction or waiver of the conditions set forth in Article VII, the consummation of the Transactions (other than
the Transactions that by their nature are to be satisfied prior to the Closing) (the “Closing”) shall take place (a)
electronically by the mutual electronic exchange of documents and signatures (including portable document format (.pdf)) at a time and
date to be specified in writing by the Parties, which date shall be no later than the third (3rd) Business Day after all the Closing conditions
in Article VII have been satisfied or waived (other than those conditions that by their nature are to be satisfied at the Closing,
but subject to the satisfaction or waiver of those conditions), or (b) at such other date, time or place (including remotely) as the SPAC,
Pubco and the Company may agree in writing. The date on which the Closing occurs is referred to herein as the “Closing Date”.
Section
2.02 Closing
Documents.
(a)
SPAC/Pubco Closing Certificate. At least one (1) Business Day prior to the SPAC Shareholders’ Meeting and, in any event,
not earlier than the time that the holders of SPAC Class A Ordinary Shares may no longer elect to redeem their SPAC Class A Ordinary
Shares in connection with the Redemption, the SPAC shall deliver to the Company a written notice (the “SPAC/Pubco Closing Certificate”)
setting forth the SPAC’s and Pubco’s good faith calculation of the following: (i) the aggregate amount of cash in the Trust
Account (prior to giving effect to the Redemption); (ii) the aggregate amount of all payments that will be required to be made in connection
with the Redemption; (iii) the aggregate amount of the SPAC Transaction Costs as of the Closing (including a breakdown by Person of amounts
owed by the SPAC or Pubco); (iv) the amount of Available Closing Cash and (v) the number of shares of Pubco Common Stock, the number
of Pubco Warrants, and the number of shares of Pubco Common Stock that may be issued upon the exercise of all Pubco Warrants, in each
case, to be outstanding as of the Closing and after giving effect to the Redemption and the issuance of securities in connection with
the consummation of any PIPE Financing.
11
(b)
Company Closing Certificate. At least two (2) Business Days prior to the Closing, the Company shall deliver to the
SPAC and Pubco a written notice (the “Company Closing Certificate”) setting forth the Company’s good faith calculation
of the aggregate amount of the Company Transaction Costs as of the Closing (including a breakdown by Person of amounts owed by the Company
and wire instructions and applicable Tax forms for each such Person; provided, that the failure to provide wire instructions or
Tax forms shall not affect the effectiveness of the Company’s compliance with this requirement).
(c)
Access; Cooperation. From and after the delivery of the SPAC/Pubco Closing Certificate or the Company Closing Certificate,
as the case may be, until the Closing Date, each of the SPAC, Pubco and the Company shall (i) provide the other Parties and their Representatives
with reasonable access to information reasonably requested by the SPAC, Pubco or the Company or any of their respective Representatives
in connection with the review of the SPAC/Pubco Closing Certificate or the Company Closing Certificate, as the case may be, (ii) consider
in good faith any comments to the SPAC/Pubco Closing Certificate or the Company Closing Certificate, as the case may be, and (iii) revise
the SPAC/Pubco Closing Certificate or the Company Closing Certificate, respectively, to incorporate any changes the SPAC, Pubco or the
Company, respectively, reasonably determines are necessary or appropriate given such comments.
Section
2.03 Payment
of Expenses.
(a)
Company Transaction Costs. On the Closing Date, the SPAC and Pubco shall pay or cause to be paid by wire transfer
of immediately available funds all Company Transaction Costs.
(b)
SPAC Transaction Costs. On the Closing Date, the SPAC and Pubco shall pay or cause to be paid by wire transfer of
immediately available funds all SPAC Transaction Costs.
Article
III
REPRESENTATIONS AND WARRANTIES OF THE COMPANY
Except as set forth in the
disclosure letter dated as of the date of this Agreement delivered by the Company to the SPAC (the “Company Disclosure Letter”)
(each Section of which, subject to Section 9.16 (Disclosure Letters), qualifies the correspondingly numbered and lettered
representations in this Article III) prior to or in connection with the execution and delivery of this Agreement, the Company hereby
represents and warrants to the SPAC, as of the date hereof and as of the Closing (or, if such representations and warranties are made
with respect to a certain date, as of such date), as follows:
Section
3.01 Organization and Standing. The Company is a Wyoming limited liability company duly formed, validly existing
and in good standing under the WLLCA and has all requisite power and authority to own, lease and operate its properties and to carry
on its business as now being conducted, except as would not be expected to be material to the Company. The Company has provided to
the SPAC accurate and complete copies of its Organizational Documents, as amended to date and as currently in effect. The Company is
not in violation of any provision of its Organizational Documents in any material respect.
12
Section
3.02 Authorization;
Binding Agreement. The Company has all requisite power and authority to execute and deliver this Agreement and each Ancillary Document
to which it is or is required to be a party, to perform its obligations hereunder and thereunder and to consummate the Transactions, subject
to obtaining the Company Member Approval. The execution and delivery of this Agreement and each Ancillary Document to which the Company
is or is required to be a party and the consummation of the Transactions (a) have been duly and validly authorized by the Company’s
board of managers or other applicable governing body in accordance with its Organizational Documents, the WLLCA, any other applicable
Law and any Contract to which the Company or any of its members is a party or by which the Company or its securities are bound and (b)
other than the adoption and approval of this Agreement and the Transactions, including the Company Merger, by the affirmative vote or
written consent constituting the Company Member Approval, no other proceedings on the part of the Company are necessary to authorize the
execution and delivery of this Agreement and each Ancillary Document to which it is or is required to be a party or to consummate the
Transactions. This Agreement has been, and each Ancillary Document to which the Company is or is required to be a party shall be when
delivered, duly and validly executed and delivered by the Company and, assuming the due authorization, execution and delivery of this
Agreement and each such Ancillary Document by the other parties hereto and thereto, constitutes, or when delivered shall constitute, the
legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, subject to the Enforceability
Exceptions. The Company’s board of managers or other applicable governing body, by resolutions duly adopted, has determined that
this Agreement, the Ancillary Documents and the Transactions are advisable and in the best interests of the Company and the Company Members
and has approved this Agreement, the Ancillary Documents and the Transactions in accordance with the WLLCA, the Company’s Organizational
Documents and any other applicable Law. No vote or consent of any holders of Company Units or other equity interests of the Company is
necessary to approve this Agreement or the Transactions other than the Company Member Approval.
Section
3.03 Capitalization.
(a)
Set forth on Section 3.03(a) of the Company Disclosure Letter is a true, correct and complete list of each record
holder of Company Securities and the number and type of Company Securities held by each such holder as of the date hereof.
(b)
Prior to giving effect to the Transactions, all of the Company Securities are and will be owned free and clear of any Liens other than
those imposed under the Company’s Organizational Documents, applicable securities Laws, or as set forth on Section 3.03(b)(i)
of the Company Disclosure Letter, and other than the Company Securities, the Company does not have any other issued or outstanding equity
interests or other securities. All of the issued and outstanding Company Securities have been duly authorized and validly issued in accordance
with all applicable Laws, including applicable securities Laws, and the Company’s Organizational Documents, are fully paid and
nonassessable and are not subject to, nor were they issued in violation of, any preemptive rights, rights of first refusal or similar
rights, except where such violation or failure would not reasonably be expected to be, individually or in the aggregate, material to
the Company. Except as set forth on Section 3.03(b)(ii) of the Company Disclosure Letter or in the Company’s Organizational
Documents, there are no preemptive rights or rights of first refusal or first offer, nor are there any Contracts, commitments, arrangements
or restrictions to which the Company or, to the Knowledge of the Company, any of its security holders is a party or bound relating to
any Company Securities, whether or not outstanding. Except as set forth on Section 3.03(b)(iii) of the Company Disclosure Letter
or as provided for in this Agreement, there are no (1) outstanding or authorized equity appreciation, phantom equity or similar rights
with respect to the Company or (2) voting trusts, proxies, operating agreements, equityholder agreements or any other agreements or understandings
with respect to the voting of the Company Securities. Except as set forth in the Company’s Organizational Documents, there are
no outstanding contractual obligations of the Company to repurchase, redeem or otherwise acquire any equity interests or securities of
the Company, nor has the Company granted any registration rights to any Person with respect to its securities. Except as disclosed in
the Company Financials, the Company has not since the Company’s formation declared or paid any distribution in respect of its equity
interests and has not repurchased, redeemed or otherwise acquired any equity interests of the Company, and the board of managers of the
Company has not authorized any of the foregoing.
13
(c)
Except as set forth on Section 3.03(c)(i) of the Company Disclosure Letter: (i) there are no outstanding Company
Convertible Securities, or preemptive rights or rights of first refusal or first offer, nor are there any Contracts, commitments, arrangements
or restrictions to which the Company or, to the Knowledge of the Company, any of its equity holders is a party or bound relating to any
equity securities of the Company, whether or not outstanding; (ii) there are no issued, reserved for issuance, held in treasury, outstanding
or authorized option, restricted unit award, restricted interest award, profits interest, profit participation, equity appreciation, phantom
equity, or equity-based award or similar rights with respect to the Company; and (iii) there are no voting trusts, proxies, equityholder
agreements or any other agreements or understandings with respect to the voting of the Company’s equity interests. Except as set
forth in the Company Operating Agreement or Section 3.03(c)(ii) of the Company Disclosure Letter, there are no outstanding contractual
obligations of the Company to repurchase, redeem or otherwise acquire any equity interests or securities of the Company, nor has the Company
granted any registration rights to any Person with respect to the Company’s equity securities. All of the Company’s securities
have been granted, offered, sold and issued in compliance with all applicable securities Laws. As a result of the consummation of the
transactions contemplated by this Agreement, no equity interests of the Company are issuable and no rights in connection with any interests,
warrants, rights, options or other securities of the Company accelerate or otherwise become triggered (whether as to vesting, exercisability,
convertibility or otherwise).
(d)
Section 3.03(d) of the Company Disclosure Letter sets forth, as of the date hereof, a true, correct and complete list of each
holder of Company SAFEs. There are no side letters, amendments, waivers, or other agreements that modify the standard terms of any Company
SAFE (other than the Company SAFE Conversion Agreement). The Company has no outstanding commitments to issue any additional Company SAFEs
or other convertible securities. The Company SAFEs were issued in compliance with all applicable Laws.
(e)
Except as provided for in this Agreement, no units, warrants, options or other securities of the Company are issuable as
a result of the consummation of the Transactions.
Section
3.04 Subsidiaries.
The Company has not had and does not have any Subsidiaries.
14
Section
3.05 No
Conflict; Governmental Consents and Filings.
(a)
Except as otherwise described in Section 3.05, subject to the receipt of consents, approvals, authorizations and
other requirements set forth in Section 3.05 of the Company Disclosure Letter, the execution, delivery and performance of this
Agreement (including the consummation by the Company of the Transactions) and the other Ancillary Documents to which the Company is a
party by the Company, does not and will not: (i) violate any provision of, or result in the breach of, any applicable Law to which the
Company is subject or by which any property or asset of the Company is bound; (ii) conflict with or violate the Organizational Documents
of the Company; (iii) violate any provision of or result in a breach, default or acceleration of, require a consent under, or create any
right to payment under any Company Material Contract, material Company Real Property Lease (as defined in Section 3.16(b) herein)
or Material Current Government Contract, or terminate or result in the termination of any Company Material Contract, material Company
Real Property Lease or Material Current Government Contract, or result in the creation of any Lien (other than a Permitted Lien) under
any Company Material Contract, material Company Real Property Lease or Material Current Government Contract upon any of the properties
or assets of the Company, or constitute an event which, after notice or lapse of time or both, would result in any such violation, breach,
default, acceleration, termination or creation of a Lien (other than a Permitted Lien); or (iv) result in a violation or revocation of
any required Consents, except to the extent that the occurrence of any of the foregoing items set forth in clauses (i), (iii) or (iv)
would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect.
(b)
Assuming the truth and completeness of the representations and warranties of the SPAC contained in this Agreement, no consent,
notice, approval or authorization of, or designation, declaration or filing with, any Governmental Authority is required on the part of
the Company with respect to the Company’s execution, delivery or performance of this Agreement, any Ancillary Document to which
it is or is required to be a party or the consummation by the Company of the Transactions, except for: (i) any consents, notices, approvals,
authorizations, designations, declarations or filings, the absence of which would not, individually or in the aggregate, reasonably be
expected to have a Company Material Adverse Effect; (ii) compliance with any applicable requirements of the securities Laws and state
takeover Laws, the HSR Act and any other Antitrust Laws; (iii) the filing and recordation of the SPAC Certificate of Merger, the Company
Certificate of Merger and the certificates and other documents required to effect the Conversion pursuant to the DGCL, the WLLCA and the
Cayman Companies Act, as applicable; and (iv) as otherwise disclosed on Section 3.05(b) of the Company Disclosure Letter.
15
Section
3.06 Financial
Statements.
(a)
The Company has provided to the SPAC true, correct and complete copies of the audited balance sheet and statements of operations,
comprehensive loss, members’ equity and cash flows of the Company as of and for the period from the Company’s formation through
December 31, 2025, together with the auditor’s report thereon, each audited in accordance with the auditing standards of the PCAOB,
and the related notes thereto (the “Audited Company Financials”), (together with the Interim Company Financials, the
“Company Financials”). Except as set forth on Section 3.06(a) of the Company Disclosure Letter, (A) the Company
Financials were derived in all material respects from the books and records of the Company, which books and records are, in all material
respects, true, correct and complete and have been maintained in all material respects in accordance with commercially reasonable business
practices, and (B) the Company Financials (and the notes thereto), when delivered, present fairly in all material respects the financial
position of the Company as of the dates indicated therein and the results of operations and cash flows of the Company for the periods
indicated therein in accordance with GAAP, subject, in the case of the Interim Company Financials, to normal year-end adjustments and
the absence of notes. The Company has never been subject to the reporting requirements of Sections 13(a) and 15(d) of the Exchange Act.
(b)
Since the Company’s formation, the Company has not received written notice from an independent auditor of (i) any
significant deficiency or material weakness in the system of internal controls utilized by the Company (other than a significant deficiency
or material weakness that has been previously disclosed in writing to the SPAC and Pubco and is set forth on Section 3.06(b) of
the Company Disclosure Letter), (ii) any fraud that involves the Company’s management or other employees who have a significant
role in the preparation of financial statements or the internal controls over financial reporting utilized by the Company or (iii) any
claim or allegation regarding any of the foregoing.
(c)
There are no outstanding loans or other extensions of credit made by the Company to any executive officer (as defined in
Rule 3b-7 under the Exchange Act), manager or director of the Company.
Section
3.07 Undisclosed
Liabilities. There is no Liability, debt or obligation (absolute, accrued, contingent or otherwise) of the Company of a type required
to be reflected or reserved for on a balance sheet prepared in accordance with GAAP, except for Liabilities, debts and obligations: (a)
provided for in, or otherwise reflected or reserved for on, the Company Financials or disclosed in the notes thereto; (b) incurred in
the Company Ordinary Course since the date of the most recent balance sheet included in the Company Financials; (c) incurred in connection
with the Transactions; (d) set forth on Section 3.07 of the Company Disclosure Letter; or (e) that would not, individually or in
the aggregate, reasonably be expected to have a Company Material Adverse Effect.
Section
3.08 Absence
of Certain Changes. Except as set forth on Section 3.08 of the Company Disclosure Letter and except for activities conducted
in connection with this Agreement and the Transactions, since June 30, 2026 through the date of this Agreement (a) the Company has conducted
its business in the Company Ordinary Course in all material respects, (b) there has not been any Company Material Adverse Effect, and
(c) the Company has not taken any action or committed or agreed to take any action that would be prohibited by Section 6.02 if
such action were taken on or prior to the Closing without the consent of the SPAC.
16
Section
3.09 Compliance with Laws. Provided that this Section 3.09 shall not apply with respect to the matters
covered by Section 3.24, the Company, its managers and officers have, since the Company’s formation, materially
complied with, and are currently in material compliance with, any applicable Law with respect to the conduct of its business, or the
ownership or operation of its business, except for failures to comply or violations which, individually or in the aggregate, have
not been and would not reasonably be expected to be, material to the Company. Except as disclosed on Section 3.09 of the
Company Disclosure Letter, no written, or, to the Knowledge of the Company, oral notice of non-compliance with any applicable Law
has been received that, individually or in the aggregate, would reasonably be expected to be material to the Company.
Section
3.10 Government
Contracts.
(a)
Section 3.10(a) of the Company Disclosure Letter sets forth a true and complete list of (i) each Government Contract
with a Governmental Authority in existence as of the date hereof that involves aggregate payments to the Company that are reasonably expected
to be in excess of $250,000 (each, a “Material Current Government Contract”) and (ii) each outstanding Government Bid
involving expected aggregate payments to the Company in excess of $250,000. Each Material Current Government Contract was legally awarded
to the Company, as applicable.
(b)
Except for any Material Current Government Contract that is terminated or expires following the date hereof in accordance
with its terms, all Material Current Government Contracts are: (i) a legal, valid and binding obligation of the Company; and (ii) in full
force and effect and enforceable against the Company, in accordance with its terms, in each case subject to the Enforceability Exceptions.
To the Knowledge of the Company, no Government Contract or Government Bid is currently the subject of any ongoing bid or award protest
proceeding, and the Company has not received any written notice of any pending bid or award protest proceeding.
(c)
Since the Company’s formation with respect to each Government Contract and Government Bid submitted by the Company:
(i) the Company has complied in all material respects with all material terms and conditions thereof and has performed all material obligations
thereunder; (ii) the Company is in compliance in all material respects with all applicable Laws and contract terms, as amended, including
those Laws and contract terms specifically applicable to Government Contracts and Government Bids; (iii) each representation and certification
made by the Company in connection with a Government Contract or Government Bid was current, accurate and complete in all material respects
as of its effective date, including all material representations, certifications and disclosures regarding the Company’s cost and
pricing and any preferential status, and the Company has complied in all material respects with all such representations and certifications;
and (iv) all invoices and claims for payment, reimbursement or adjustment, including requests for progress payments and provisional or
progress cost payments, submitted by the Company in connection with any Government Contract or Government Bid were, to the Knowledge of
the Company, accurate in all material respects as of their respective submission dates, and neither the Company nor, to the Knowledge
of the Company, any of its Representatives is aware of any evidence that such submissions are not still accurate in all material respects.
17
(d)
Since the Company’s formation: (i) neither the Company nor any of its Principals (as defined in Section 52.209-5 of the Federal
Acquisition Regulation (“FAR”)) has been debarred or suspended from doing business with any Governmental Authority,
no suspension or debarment action has been commenced or, to the Knowledge of the Company, threatened against the Company or any of its
Principals, and there exist no circumstances that would require the Company to answer any of the questions at FAR 52.209-5(a)(1) in the
affirmative; (ii) no Governmental Authority, in connection with a Government Contract or Government Bid, has notified the Company in
writing or, to the Knowledge of the Company, through any other communication of any material breach or violation of any applicable Law
or of any certification, representation, clause, provision or requirement of any such Government Contract that remains unresolved; (iii)
the Company has not received any written notice or, to the Knowledge of the Company, any other communication of any termination for default
or convenience, cure notice, show cause notice, or stop work order pertaining to any Government Contract that remains unresolved and,
to the Knowledge of the Company, no such notice has been threatened; (iv) the Company has not received any written notice or, to the
Knowledge of the Company, any other communication of any audit or investigation by any Governmental Authority with respect to a Government
Contract or Government Bid that remains unresolved and has not undergone and is not currently undergoing any audit or investigations
relating to any Government Contract or Government Bid (other than in the Company Ordinary Course); and (v) the Company has not made any
voluntary or mandatory disclosure to any Governmental Authority under FAR 52.201-13 with respect to any material irregularity, misstatement,
significant overpayment, false statement, false claim or violation of applicable Law arising under or relating to any Government Contract
or Government Bid, nor, to the Knowledge of the Company, has any violation occurred for which the Company is required under applicable
Law or the terms of such Government Contract or Government Bid to make any such disclosure to a Governmental Authority.
(e)
Except as set forth in Section 3.10(e) of the Company Disclosure Letter, the Company has implemented and maintains
compliance policies, procedures and internal controls reasonably calculated to ensure compliance in all material respects with all Government
Contracts to which it is a party, including adequate systems of internal controls appropriate for its operations.
(f)
Except as set forth on Section 3.10(f) of the Company Disclosure Letter, no Government Contract or Government Bid
is based on the Company having SBA Section 8(a) status, small business status, small disadvantaged business status, HUBZone small business
status, women-owned small business status, service-disabled veteran-owned small business status, protégé status or any other
preferential status afforded by statute or regulation.
(g)
Neither the Company, nor any of the Company’s officers, directors, managers, employees, or agents has violated any
legal, administrative, or contractual restriction concerning the employment of (or discussions of employment with) current or former officials
or employees of a Governmental Authority.
(h)
Except as set forth on Section 3.10(h) of the Company Disclosure Letter, in connection with any Government Contract
or Government Bid, the Company has not had access to confidential or non-public information, or provided systems engineering, technical
direction, consultation, technical evaluation, source selection services or services of any type, or prepared specifications or statements
of work, or, to the Knowledge of the Company, engaged in any other conduct, in each case, that would create an Organizational Conflict
of Interest, as defined by applicable Law, including FAR 9.501.
18
Section
3.11 Company Permits. The Company holds all Permits required to own, lease and operate its assets and properties
as presently owned, leased or operated (collectively, the “Company Permits”) except where the failure to have
such Company Permits, individually or in the aggregate, has not been and would not reasonably be expected to be, material to the
Company. Section 3.11 of the Company Disclosure Letter sets forth a true, correct and complete list of all Company Permits.
There are no Legal Proceedings pending or, to the Knowledge of the Company, threatened, that seek the revocation, cancellation,
limitation, suspension, restriction, adverse modification or termination of any Company Permit, except as, individually or in the
aggregate, would not reasonably be expected to be material to the Company.
Section
3.12 Litigation.
Except as described on Section 3.12 of the Company Disclosure Letter, there is no (a) Legal Proceeding of any nature currently
pending, threatened in writing or, to the Knowledge of the Company, threatened verbally against the Company or any of its properties or
assets or, to the Knowledge of the Company, any manager or officer of the Company with respect to actions taken in such capacity; (b)
pending, threatened in writing or, to the Knowledge of the Company, threatened verbally audit, examination or investigation by any Governmental
Authority against the Company; (c) pending or threatened in writing Legal Proceeding by the Company against any third party; (d) settlement
or similar agreement that imposes any material ongoing obligation or restriction on the Company; or (e) Order imposed, threatened in writing
or, to the Knowledge of the Company, threatened verbally to be imposed upon the Company or any of its properties or assets or, to the
Knowledge of the Company, any manager or officer of the Company with respect to actions taken in such capacity.
Section
3.13 Material
Contracts.
(a)
Other than this Agreement and the Ancillary Documents to which the Company is a party as of the date of this Agreement or
such other Ancillary Documents that the Company shall execute after the date of this Agreement, Section 3.13(a) of the Company
Disclosure Letter sets forth a true, correct and complete list of all Contracts described in clauses (i) through (xvi) below,
to which, as of the date of this Agreement, the Company is a party or by which the Company, or any of its properties or assets are bound
or affected (each Contract required to be set forth on Section 3.13(a) of the Company Disclosure Letter, a “Company Material
Contract”). True, correct and complete copies of the Company Material Contracts, including amendments thereto, have been delivered
or made available to the SPAC. The Company Material Contracts include:
(i)
Each Contract that contains covenants that limit the ability of the Company to compete in any material respect in any line
of business or with any Person or in any geographic area or to sell, or provide any material service or material product, including any
non-competition covenants, exclusivity restrictions, rights of first refusal or most-favored pricing clauses;
(ii)
Each joint venture Contract, profit-sharing agreement, partnership, limited liability company agreement with a third party
or other similar agreement or arrangement relating to the formation, creation, operation, management or control of any partnership or
joint venture;
19
(iii)
Each Contract for the acquisition of any Person or any business division thereof or the disposition of any material assets
of the Company (other than in the Company Ordinary Course), in each case, whether by merger, purchase or sale of stock or assets or otherwise
(other than Contracts for the purchase or sale of inventory or supplies entered into in the Company Ordinary Course) and/or relating to
pending or future acquisitions or dispositions;
(iv)
Each lease, rental agreement, installment and conditional sale agreement, or other Contract that, in each case, provides
for the ownership of, leasing of, title to, use of, or any leasehold or other interest in any real or Personal Property and involves aggregate
annual payments in excess of $100,000;
(v)
Each Contract with any Top Customer or Top Supplier (other than purchase orders, invoices, statements of work and non-disclosure
or similar agreements entered into in the Company Ordinary Course consistent with the Company’s development-stage business plan);
(vi)
Each agreement by and between the Company and any current or former director, officer or employee related to the Company’s
engagement or employment of such Person that provides for any severance, change of control, retention or similar type of payment or benefit,
or that is not terminable at-will by the Company without incurring penalty or payment or requires more than thirty (30) days’ prior
notice for a termination by the Company;
(vii)
Each consulting agreement, advisor agreement, independent contractor agreement, or any other Contract for consulting or
independent contractor services with any individual or single-member entity independent contractor that provides for annual fees in excess
of $150,000;
(viii)
Each staffing agreement or any other Contract whereby the Company retains the services of any staffing agency or professional
employer organization;
(ix)
Each collective bargaining (or similar) agreement or Contract between the Company on one hand, and any labor union or other
body representing employees of the Company on the other hand;
(x)
Each Contract that obligates the Company to provide continuing indemnification or a guarantee of obligations of a third
party after the date hereof in excess of $500,000;
(xi)
Each Contract that obligates the Company to make any capital commitment or expenditure in excess of $150,000 (including
pursuant to any joint venture);
(xii)
Each Contract that relates to a material settlement or under which the Company has outstanding obligations (other than customary
confidentiality obligations) in excess of $1,000,000;
20
(xiii)
Each Outbound License other than Standard Outbound Licenses;
(xiv)
Each Inbound License other than Standard Inbound Licenses;
(xv)
Any Contract that provides another Person (other than the Company or any manager, director or officer of the Company) with
a power of attorney to act on behalf of the Company or to act on behalf of any manager, director or officer of the Company with respect
to the Company; and
(xvi)
Each Contract that (A) contains any assignment of, or any covenant not to assert or enforce, any Intellectual Property;
(B) pursuant to which any Intellectual Property is or was developed by, with or for the Company; or (C) pursuant to which the Company
either (1) grants to a third Person (I) a license, immunity or other right in or to any Intellectual Property or (II) an exclusive license,
immunity or other right in or to any Owned Intellectual Property, or (2) is granted by a third Person a license, immunity or other right
in or to any Intellectual Property or IT Assets, in each case under clauses (1) and (2), excluding (unless they otherwise qualify as Company
Material Contracts under another subsection of this Section 3.13): (w) non-exclusive licenses of Owned Intellectual Property granted
to suppliers, customers or end users in the Company Ordinary Course; (x) licenses of Open Source Software; (y) licenses of Off-the-Shelf
Software; and (z) invention assignment and confidentiality agreements with employees and contractors on standard forms made available
to the SPAC without any material deviations or exceptions.
(b)
Except as disclosed in Section 3.13(b) of the Company Disclosure Letter: (i) each Company Material Contract is valid,
binding and enforceable in all material respects against the Company and, to the Knowledge of the Company, each other party thereto, and
is in full force and effect, in each case subject to the Enforceability Exceptions; (ii) the Company is not in material breach of or material
default under any Company Material Contract and, to the Knowledge of the Company, no event has occurred that, with the passage of time
or giving of notice or both, would constitute a material breach or default by the Company, or permit termination or acceleration by the
other party, under any Company Material Contract; (iii) to the Knowledge of the Company, no other party to any Company Material Contract
is in material breach of or material default under any Company Material Contract, and no event has occurred that, with the passage of
time or giving of notice or both, would constitute a material breach or default by such other party, or permit termination or acceleration
by the Company, under any Company Material Contract; and (iv) the Company has not received written notice of any intention by any party
to any such Company Material Contract that provides for a continuing obligation by any party thereto to terminate such Company Material
Contract or amend its terms, other than modifications that do not adversely affect the Company in any material respect.
Section
3.14 Intellectual
Property.
(a)
Section 3.14(a)(i) of the Company Disclosure Letter sets forth a true, accurate, and complete list of: (i) all U.S. and foreign
registered or issued Patents, Trademarks, and Copyrights, and applications of the foregoing, owned by the Company (“Company
Registered IP”), specifying as to each item, as applicable: (A) the nature of the item, including the title, (B) the owner
of the item, (C) the jurisdictions in which the item is issued or registered or in which an application for issuance or registration
has been filed and (D) the issuance, registration or application numbers and dates, (ii) all domain names and Social Media Accounts,
and (iii) all other material Owned Intellectual Property. Each item of Company Registered IP is subsisting, and to the Knowledge of the
Company, valid and enforceable. The registration, maintenance, renewal, and similar fees in respect of Company Registered IP and the
domain names among the Company IP have been paid when due. The Company has not taken, or failed to take, any action that has, or would
reasonably be expected to, impair or dedicate to the public, or entitle any Governmental Authority to cancel, forfeit, modify, or consider
abandoned, any Company Registered IP. The Company owns, free and clear of all Liens (other than Permitted Liens or any Liens set forth
on Section 3.14(a)(ii) of the Company Disclosure Letter) the Company’s Owned Intellectual Property. No item of Company Registered
IP that is a pending Patent application fails to identify all inventors of the inventions as currently claimed in such Patent application.
Except as set forth on Section 3.14(a)(iii) of the Company Disclosure Letter, each item of Company Registered IP has been assigned
to the Company or is subject to a valid and enforceable written obligation to assign such item to the Company, in each case without obligation
to pay royalties, licensing fees or other fees to any third party with respect to such Company Registered IP. Section 3.14(a)(iv)
of the Company Disclosure Letter sets forth all actions that have to be taken within 120 days of this Agreement with respect to the Company
Registered IP and domain names that are Company IP.
21
(b)
The Company has a valid and enforceable written license and right to exploit all Company IP that is not the Company’s
Owned Intellectual Property in the manner the Company IP is currently being exploited by the Company, including Intellectual Property
that is the subject of the Inbound Licenses applicable to the Company. The Inbound Licenses include all of the licenses, sublicenses and
other agreements or permissions necessary to enable use of the Intellectual Property licensed under the Company IP Licenses in the manner
used in the operation of the business of the Company as presently conducted and as currently proposed to be conducted. The Company has
performed all material obligations imposed on it in the Company IP Licenses in compliance with the Company IP Licenses, has made all payments
required to date, and the Company is not, nor, to the Knowledge of the Company, is any other party thereto, in breach or default thereunder
in any material respect, nor has any event occurred that with notice or lapse of time or both would constitute a default thereunder. The
Company is not a party to any Contract that requires the Company to assign to any Person any or all of its material rights in any Intellectual
Property developed by the Company under such Contract.
(c)
No Legal Proceeding has been commenced or is pending or, to the Company’s Knowledge, threatened against the Company that challenges
the validity, enforceability, ownership, or right to use, sell, license or sublicense, or that otherwise relates to, any Owned Intellectual
Property, nor, to the Knowledge of the Company, is there any reasonable basis for any such Legal Proceeding. The Company has not received
any written or, to the Knowledge of the Company, oral notice or claim challenging the validity, enforceability, use, or exclusive ownership
of any Owned Intellectual Property, or asserting that any infringement, misappropriation, violation, dilution or unauthorized use of
the Intellectual Property of any other Person is or may be occurring or has or may have occurred, as a consequence of the business activities
of the Company, nor, to the Knowledge of the Company, is there a reasonable basis therefor. The Company has not received any written
or oral notice or communications inviting the Company to take a license under any Patent or consider the applicability of any Patents
to any products or services of the Company or to the conduct of business activities of the Company. There are no Orders to which the
Company is a party or is otherwise bound that (i) restrict the rights of the Company to use, transfer, license or enforce any Intellectual
Property owned by the Company, (ii) restrict the conduct of the business of the Company in order to accommodate a third Person’s
Intellectual Property, or (iii) other than the outbound Company IP Licenses, grant any third Person any right with respect to any Intellectual
Property owned by the Company. The Company is not currently infringing, and has not infringed, misappropriated or violated, any Intellectual
Property of any other Person in connection with the ownership, use or license of any Owned Intellectual Property or otherwise in connection
with the conduct of the business of the Company; provided that the foregoing is made to the Company’s Knowledge with respect
to Patents and Trademarks. To the Company’s Knowledge, no third party is currently infringing, or has infringed upon, misappropriated
or otherwise violated any Owned Intellectual Property.
22
(d)
Except for any record interest or ownership interest that has been assigned or is subject to a valid and enforceable written
obligation to assign to the Company, no current or former officer, employee, independent contractor or other third party employed or engaged
by the Company has any ownership interest in any Owned Intellectual Property, and no Person has claimed or asserted in writing any ownership
interest or other rights in or to any Owned Intellectual Property. To the Knowledge of the Company, there has been no violation of the
Company’s policies or practices related to protection of Company IP or any confidentiality or nondisclosure Contract relating to
Intellectual Property owned by the Company or the Company’s confidentiality obligations owed to third parties. To the Knowledge
of the Company, no employee of the Company is obligated under any Contract, or subject to any Order, that would interfere with such employee’s
reasonable efforts to perform such employee’s employment obligations for the Company or that would conflict with the business of
the Company as presently conducted. The Company has taken commercially reasonable efforts and security measures to maintain, preserve
and protect all Owned Intellectual Property, including the secrecy, confidentiality and value of the Owned Intellectual Property (except
for disclosures required as part of Company Registered IP applications and registrations). All Persons who have participated in or contributed
to the creation or development of any Owned Intellectual Property have executed written agreements pursuant to which all of such Person’s
right, title and interest in and to such Owned Intellectual Property has been irrevocably assigned (by a present-tense assignment) to
the Company or is subject to a valid and enforceable written obligation to assign such right, title and interest to the Company (or all
such right, title and interest vested in the Company by operation of Law). The Company solely and exclusively owns all right, title and
interest in and to the Owned Intellectual Property free and clear of all Liens (other than Permitted Liens).
(e)
The Company is in compliance with all licenses by which the Company is bound governing any Open Source Software that the Company has
incorporated into, used, intermingled or bundled with any material Company Software. No Open Source Software is or has been included,
incorporated or embedded in, linked to, combined, made available or distributed with, or used in the development, maintenance, operation,
delivery or provision of any Company Software by the Company in a manner that requires the Company to: (i) disclose, contribute, distribute,
license or otherwise make available to any Person (including the open source community) any source code to such Company Software; (ii)
license any such Company Software or other Owned Intellectual Property for the purpose of making modifications or derivative works; (iii)
disclose, contribute, distribute, license or otherwise make available to any Person any such Company Software or other Owned Intellectual
Property for no or nominal charge; or (iv) grant a license to, or refrain from asserting or enforcing, any of its Patents (“Copyleft
Terms”).
23
(f)
No Company Software made available by the Company to any customer (whether as software or as firmware part of any hardware
made available by the Company to such customer): (i) contains any bug, defect, or error that materially and adversely affects the
use, functionality, or performance of such Company Software or its associated hardware; or (ii) fails to comply in any material respect
with any applicable warranty or other contractual commitment made by the Company relating to the use, functionality, or performance of
such Company Software or its associated hardware, and the Company has not received any written or, to the Knowledge of the Company, oral
notice from any customer or user with respect to any of the foregoing.
(g)
No Company Software has been delivered, licensed or made available to any escrow agent or other Person, and the Company
is not under any legal obligation to do so, other than to a Person who is or was an employee or contractor of, or service provider to,
the Company (including cloud service providers such as AWS, Azure and GitHub) and is subject to obligations of confidentiality, or as
disclosed in connection with any open source code detection scan, code review (including quality review), security review, penetration
testing or other diligence conducted in connection with the Transactions. No event has occurred, and no circumstance or condition exists,
that, with or without notice or lapse of time, will or would reasonably be expected to result in the delivery, license or disclosure of
Company Software to any other Person, other than such employees, contractors and service providers subject to obligations of confidentiality.
(h)
Other than pursuant to the Contracts listed on Section 3.14(h) of the Company Disclosure Letter, no governmental
funding, resources or assistance, and no facilities of a Governmental Authority, university, college, other educational institution, similar
institution or research center, were used by the Company in the development of any Owned Intellectual Property. No Governmental Authority,
university, college, other educational institution, similar institution or research center has any (i) rights, title, or ownership interest
or exclusive license in or to any Owned Intellectual Property, (ii) “unlimited rights” (as defined in 48 C.F.R. § 52.227-14
and 48 C.F.R. § 252.227-7013(a)) in or to any Company Software or (iii) “march-in rights” (pursuant to 35 U.S.C. §
203) in or to any Patents constituting Owned Intellectual Property. The Company is not a member of or party to, and has not participated
in, any patent pool, industry standards body, trade association or other organization pursuant to the rules of which the Company is obligated
to license or offer to license any existing or future Owned Intellectual Property to any Person.
(i)
The Company is, and at all times has been, in material compliance with Data Protection Law and Contracts and contractually requires all
third parties that Process Personal Data to comply with applicable Data Protection Law and Contracts and to take commercially reasonable
steps to ensure that all Personal Data in such third parties’ possession or control is protected against damage, loss, unavailability,
unauthorized Processing or other misuse. The Company has implemented written policies relating to the Processing of Personal Data and
the security of Company information, Software and IT Assets. The Company has tested and maintained commercially reasonable measures to
protect the confidentiality, integrity and security of all data in its possession or control against damage, loss, unauthorized Processing
or other misuse. No Person has obtained unauthorized access to any material information, data (including Personal Data), IT Assets or
Software in the possession of the Company or, to the Knowledge of the Company, in the custody or control of a third party, and there
has not been any loss, damage, improper disclosure, unauthorized Processing, Security Incident or other compromise of the security, confidentiality
or integrity of any such IT Assets, Software, information or data. The Company has not experienced any unavailability or Security Incident
that has compromised the integrity or availability of any IT Asset of the Company or the information and data thereon. Neither the Company
nor any third party acting at its direction or authorization has paid any perpetrator of any actual or threatened Security Incident or
cyberattack, including a ransomware attack or denial-of-service attack. The Company has not received any written or oral complaint, claim,
notice or investigation relating to unauthorized Processing of Personal Data, improper use or disclosure of, or a breach in the security
of, any such information or data or relating to any Security Incident, and the Company has not been notified in writing, or been required
by applicable Law or Contract to notify in writing, any Person or entity of any Personal Data or Security Incident.
24
(j)
The Company has provided notifications to, and has obtained consent from, Persons regarding its Processing of Personal Data
where such notice and/or consent is required by Data Protection Law or Contract. The Company has collected all Personal Data in accordance
with all Data Protection Law, and the Company’s collection of such Personal Data or any other data from third parties is in accordance
with any requirements from such third parties, including written website terms and conditions. The Company has provided all notices and
obtained all consents required in connection with any use of cookies, device or browser, cross-device tracking, or other user, device,
account, or other tracking technology or similar technology, in connection with the use of such technologies in accordance with Data Protection
Law. There has been no interception, disclosure of, provision of access to, or other Processing of electronic communications or other
information in violation of any Data Protection Law by or for the Company.
(k)
The Company owns or has a license to use the IT Assets as necessary to operate the business of the Company as currently
conducted. The IT Assets in the possession of the Company have been properly maintained by personnel in accordance with commercially reasonable
standards in the industry, to ensure proper operation, monitoring and use. The Company’s IT Assets do not have high or critical
vulnerabilities. All such IT Assets are in good working condition and, in combination with any IT Assets operated by the Company’s
third-party service providers, are sufficient to perform the information technology operations used by the Company to conduct its businesses,
and the Company owns, leases, licenses or otherwise has the valid right to use such IT Assets. The Company has not experienced any material
defects, failures, breakdowns, disruption to, or interruption in any of its IT Assets in its possession. The Company has taken commercially
reasonable measures designed to protect the confidentiality, integrity and security of the IT Assets, and to provide for the back-up and
recovery of the data and information necessary for the Company to conduct its business without material disruption or material interruption.
The Company is not in breach of any Contract for any IT Asset material to the Company. All IT Assets are (i) free from any “Trojan
horse,” “ransomware,” or other malicious code, material defect, material bug, or material programming, material design
or material documentation error and (ii) in good working condition to perform all material information technology operations reasonably
necessary to operate the business of the Company as currently conducted.
(l)
The Company (i) uses all generative artificial intelligence technology (“Generative AI Tools”) in material
compliance with applicable laws; (ii) has not included and does not include any Personal Data or Trade Secrets of the Company in any prompts
or inputs into any Generative AI Tools, except in cases where the providers of such Generative AI Tools are subject to contractual obligation
to not use such information, prompts, or services to train the machine learning or algorithm of such tools; and (iii) has not used Generative
AI Tools to develop any Owned Intellectual Property or other Intellectual Property material to the business of the Company and that the
Company intended to maintain as proprietary in a manner that is reasonably expected to materially affect the Company’s ownership
or rights therein.
25
(m)
The consummation of any of the Transactions will not result in (i) any material violation of any Data Protection Law by
the Company or (ii), with respect to any Company IP License, (A) a material breach, material modification, cancellation, termination or
suspension thereof, acceleration of any payment with respect thereto or release of source code thereunder; (B) the grant, assignment or
transfer to any other Person of any license or other right or interest under, to or in any Company IP; (C) a reduction of any royalties,
revenue sharing or other payments the Company would otherwise be entitled to receive with respect to any Company IP; or (D) any modification,
cancellation, termination or suspension of any rights to Intellectual Property that is the subject of any inbound Company IP License,
any acceleration of or increase in any payments from the Company to a third party under any inbound Company IP License or any other change
in the rights and obligations of the Company that would impair the Company’s use of such Company IP in the same manner as conducted
by the Company absent the consummation of the Transactions.
Section
3.15 Taxes
and Returns. Except in each case as set forth on Section 3.15 of the Company Disclosure Letter:
(a)
The Company (i) has filed, or caused to be filed, all income and other material Tax Returns required to be filed by it (taking
into account all valid extensions of time to file) and (ii) has paid, collected, withheld or remitted, or caused to be paid, collected,
withheld or remitted, all income and other material Taxes required to be paid, collected, withheld or remitted by it, whether or not such
Taxes are shown as due and payable on any Tax Return. The Company has complied in all material respects with all applicable Laws relating
to Tax.
(b)
There is no Legal Proceeding currently pending or, to the Knowledge of the Company, threatened against the Company by a
Governmental Authority in a jurisdiction where the Company does not file any Tax Returns or a particular type of Tax Return or pays any
Tax or a particular type of Tax that it is or may be subject to such Tax or required to file such Tax Return in that jurisdiction.
(c)
The Company has not received a written notification of any claim, assessment, audit, examination, investigation or other
Legal Proceeding that is pending, or to the Knowledge of the Company, threatened against the Company in respect of any Tax, and the Company
has not been notified in writing of any proposed Tax claim, deficiency or assessment against it. The Company is not currently contesting
any material Tax liability before any Governmental Authority.
26
(d)
There are no Liens with respect to any Taxes upon the Company’s assets, other than Permitted Liens.
(e)
The Company has not requested or consented to any waivers or extensions of any applicable statute of limitations for the
collection or assessment of any Taxes, which waiver or extension (or request thereof) is outstanding or pending, other than as the result
of automatic extensions of time to file Tax Returns requested in the Company Ordinary Course.
(f)
The Company will not be required to include any material item of income in, or exclude any material item of deduction from,
taxable income for any taxable period (or portion thereof) beginning after the Closing Date, as a result of: (i) an installment sale or
open transaction disposition that occurred on or prior to the Closing Date; (ii) any change in method of accounting made prior to the
Closing, including by reason of the application of Section 481 of the Code (or any analogous provision of state, local or foreign Law)
or the use of an improper method of accounting on or prior to the Closing Date; (iii) any prepaid amounts received or deferred revenue
realized or received prior to the Closing; (iv) any intercompany transaction described in Treasury Regulations under Section 1502 of the
Code (or any corresponding or similar provision of state, local or foreign Law) entered into prior to Closing; or (v) any closing agreement
pursuant to Section 7121 of the Code or any other agreement or arrangement with a Governmental Authority relating to Taxes entered into
prior to the Closing.
(g)
The Company has not participated in or been a party to, or sold, distributed or otherwise promoted, any “reportable
transaction,” as defined in Treasury Regulations Section 1.6011-4 (or any similar or corresponding provision of state, local or
foreign Law).
(h)
The Company has not requested and is not the subject of or bound by any private letter ruling, technical advice memorandum,
closing agreement or similar ruling, memorandum or agreement with any Governmental Authority with respect to any Taxes, nor is any such
request pending or outstanding.
(i)
The Company has not been a member of an affiliated, combined, consolidated, unitary or other group for Tax purposes other
than a group of which the Company is the common parent. The Company has no Liability or potential Liability for the Taxes of another Person
(i) pursuant to Treasury Regulations Section 1.1502-6 (or any similar or corresponding provision of U.S. state or local Tax Law) or under
any other applicable Tax Law, (ii) as a transferee or successor, or (iii) by Contract, indemnity or otherwise (excluding customary commercial
Contracts entered into in the ordinary course of business the primary purpose of which is not the sharing of Taxes). The Company is not
a party to or bound by any Tax indemnity agreement, Tax sharing agreement or Tax allocation agreement or similar agreement, arrangement
or practice (excluding customary commercial Contracts entered into in the ordinary course of business the primary purpose of which is
not the sharing of Taxes) with respect to Taxes.
(j)
The Company has not ever had a permanent establishment, office, branch, fixed place of business or other taxable presence
in any country other than the country of its organization.
27
(k)
The Company has not claimed any employee retention credit pursuant to Section 2301 of the CARES Act (or any corresponding
or similar provision of state or local Law).
(l)
The Company is, and has at all times since the Company’s formation been, classified as a partnership or a disregarded
entity for U.S. federal (and applicable state and local) income tax purposes.
(m)
The Company has never owned (directly or indirectly) (i) any interest in a “controlled foreign corporation”
(within the meaning of Section 957 of the Code) or (ii) any interest in a “passive foreign investment company” (within the
meaning of Section 1297 of the Code).
(n)
To the Knowledge of the Company, no Seller or holder or beneficial owners of Company Securities (or any person or entity
acting on behalf of a Seller or a holder or beneficial owners of Company Securities) has entered into any agreement or other arrangement
that is or could reasonably be expected to be treated as (or pursuant to the terms of any such agreement or other arrangement could reasonably
be expected to result in), for U.S. federal income tax purposes, a sale or exchange or other disposition of the Pubco Common Stock after
the Closing.
(o)
The Company has not knowingly taken any action, nor is aware of any fact or circumstance, that would reasonably be expected
to prevent the Mergers from qualifying for the Intended Tax Treatments.
Section
3.16 Real
Property.
(a)
The Company does not own any real property.
(b)
Section 3.16(b) of the Company Disclosure Letter contains a true, correct and complete list of all premises currently leased or
subleased or otherwise used or occupied (but not owned) by the Company for the operation of the business of the Company (the “Company
Leased Real Properties”), and of all current leases, lease guarantees, agreements and documents related thereto, including
all amendments, terminations and modifications thereof, waivers thereto or guarantees thereof (collectively, the “Company Real
Property Leases”), including the street address thereof (if applicable) and parties to such Company Real Property Leases. The
Company has provided to the SPAC a true and complete copy of each of the Company Real Property Leases. Each Company Real Property Lease
is valid and binding and enforceable in all respects against the Company party thereto and, to the Knowledge of the Company, each other
party thereto, and is in full force and effect (except, in each case, as such enforcement may be limited by the Enforceability Exceptions).
With respect to each Company Real Property Lease, (i) the Company is not in breach of or default, in any material respect, under any
Company Real Property Lease, (ii) no event has occurred and no circumstance exists which, if not remedied, and whether with or without
notice or the passage of time or both, would result in such a material breach or default by the Company, and (iii) to the Knowledge of
the Company, no other party to such Company Real Property Lease is in breach or default, in any material respect, and no event has occurred
that with the passage of time or giving of notice or both would constitute such a material breach or default by such other party, or
permit termination or acceleration by the Company, under such Company Real Property Lease. The Company has not leased, licensed or otherwise
granted use or occupancy rights with respect to any Company Leased Real Property or any portion thereof to any third party. No party
to any Company Real Property Lease has exercised any termination rights with respect thereto. To the Knowledge of the Company, there
are no condemnation or eminent domain proceedings pending or threatened in writing with respect to any of the Company Leased Real Properties
or any portion thereof.
28
Section
3.17 Personal
Property. The Company has good title to, or a valid leasehold interest in or right to use, its material tangible assets that are necessary
to conduct the business of the Company as presently conducted, free and clear of all Liens other than Permitted Liens, and such tangible
assets are in good working order and condition, except for ordinary wear and tear and except, in each case, as would not, individually
or in the aggregate, reasonably be expected to be material to the Company.
Section
3.18 Employee
Matters.
(a)
The Company is not and has never been a party to any collective bargaining agreement or other Contract covering any group
of employees with any labor organization or other representative of any of the employees of the Company, and to the Knowledge of the Company,
there are not, and have not been, since the Company’s formation, any activities or proceedings of any labor union to organize or
represent such employees. There has not occurred or, to the Knowledge of the Company, been threatened, in writing, any strike, slow-down,
picketing, work-stoppage, or other similar labor activity with respect to any such employees. Except as set forth on Section 3.18(a)
of the Company Disclosure Letter, no current senior officer of the Company, as of the date of this Agreement, has provided the Company
notice, in writing, of his or her intention to terminate his or her employment.
(b)
Except as set forth on Section 3.18(b) of the Company Disclosure Letter, the Company is, and since its formation has been, in
compliance with all applicable Laws respecting employment and employment practices, including, but not limited to, terms and
conditions of employment, health and safety, and wages and hours, and other Laws relating to discrimination, harassment,
retaliation, termination or discharge, disability, labor relations, hours of work, payment of wages and overtime wages, meal and
rest breaks, payroll documents and wage statements, classification of employees and independent contractors and other individual
service providers, pay equity, immigration, workers’ compensation, unemployment compensation, paid and unpaid time off, family
and medical leave, plant closings and layoffs, and whistleblower protection, except for failures to comply which, individually or in
the aggregate, have not been and would not reasonably be expected to be, material to the Company. All current employees of the
Company are authorized to work in the United States and the Company is in compliance in all material respects with the requirements
of the Immigration Reform Control Act of 1986, including, but not limited to, the requirement to have in its files, complete and
compliant copies of Form I-9s for each current and former employee in accordance with applicable Law. The Company is not delinquent
in any payments to any employee, or individual or single-member entity independent contractor, for any wages, salaries, commissions,
bonuses, fees or other direct compensation due with respect to any service performed for it or amounts required to be reimbursed to
such employees or individual or single-member entity independent contractors. There are, and since the Company’s formation
have been, no pending Legal Proceedings or material internal complaints, claims, grievances, audits or investigations pending or, to
the Knowledge of the Company, threatened in writing, against the Company, its directors or officers brought by or on behalf of any
applicant for employment, any current or former employee, any current or former individual or single-member entity independent
contractor or any Governmental Authority, relating to any applicable labor or employment Law, including unfair labor practices or
wrongful termination of employment, or alleging any other unlawful discriminatory conduct in connection with the employment
relationship. The Company is not, and since its formation has not been, subject to any investigation, audit, order, decree,
injunction or judgment by any Governmental Authority with respect to any labor or employment Laws and, to the Knowledge of the
Company, the Company has not received notice from any Governmental Authority responsible for the enforcement of labor or employment
Laws indicating its intent to conduct an audit or investigation into the Company. The Company has not, since its formation, entered
into any private settlement contract (other than a general release of claims entered into in the ordinary course of business with a
departing employee that has not alleged or threatened any violation of any labor and employment Laws) with any current or former
employee, individual independent contractor, or single-member entity independent contractor with respect to any labor or employment
Laws. To the Knowledge of the Company, no current or former employee, individual independent contractor, or single-member entity
independent contractor is in any material respect in violation of any term of any nondisclosure agreement, noncompetition agreement
or restrictive covenant obligation owed to: (i) the Company; or (ii) any third party that would in any way prohibit or limit such
person’s right to be employed or engaged by the Company.
29
(c)
Section 3.18(c) of the Company Disclosure Letter contains a complete and accurate list of all employees of the Company
as of the date hereof, setting forth for each employee their: (i) name, (ii) job title, (iii) work location (by city and state), (iv)
status as a regular or temporary employee, (v) status as full-time or part-time, (vi) employment start date, (vii) current compensation
(annual salary or hourly rate, as applicable, plus bonus and commissions opportunities at 100% of target), (viii) current classification
under the federal Fair Labor Standards Act (“FLSA”) and applicable state law (i.e., exempt, non-exempt), (ix) accrued
and unused paid time off, (x) whether currently on a leave of absence (and, if so, the expected return to work date), and (xi) any visa
or work permit status and the date of expiration, if applicable. Except as set forth on Section 3.18(c) of the Company Disclosure
Letter, each employee is employed “at will”. No current employees of the Company primarily perform services outside of the
United States of America.
(d)
Section 3.18(d) of the Company Disclosure Letter contains a complete and accurate list, as of the date hereof, of
all individual or single-member entity independent contractors, individual consultants, individual advisors, or other agents employed
or engaged by the Company in an individual capacity, showing for each such individual service provider their: (i) name, (ii) work location
(by city and state or, if not in the United States, by city and country), (iii) description of services provided, (iv) current compensation
arrangements (hourly or project rate, fixed rate, bonus, commissions, etc.), (v) whether engaged pursuant to a written contract, and if
so, whether there are any contractual notice of termination obligations, and (vi) length of the relationship (with start and, where applicable,
end dates).
(e)
The Company currently classifies and has properly classified each of its employees as exempt or non-exempt for purposes of the FLSA
and state and local wage and hour Laws and is, and since the Company’s formation has been, otherwise in compliance in all
material respects with such Laws. To the extent any individual or single-member entity independent contractor is or was engaged by
the Company, the Company currently classifies and, since the Company’s formation, has properly classified and treated such
service provider as an independent contractor (as distinguished from a Form W-2 employee) in all material respects in accordance
with applicable Laws and for purposes of all employee benefit plans and perquisites.
30
(f)
Since the Company’s formation, the Company has not received written notice of any unfair labor practice charge or
material complaint pending or, to the Knowledge of the Company, threatened before the National Labor Relations Board against it.
(g)
Since the Company’s formation, the Company has not engaged in layoffs, furloughs or employment terminations in the
United States sufficient to trigger application of the Worker Adjustment and Retraining Notification Act of 1988, as amended, or any similar
state or local law (the “WARN Act”). During the ninety (90) day period preceding the date hereof, no employee has suffered
an “employment loss” as defined in the WARN Act with respect to the Company.
(h)
Since the Company’s formation, (i) no allegations of sexual harassment or sexual misconduct have been made in writing,
or, to the Knowledge of the Company, threatened in writing to be made against or involving any current or former officer, director or
other employee by any current or former officer, employee or individual service provider of the Company, and (ii) the Company has not
entered into any settlement agreements resolving, in whole or in part, allegations of sexual harassment or sexual misconduct by any current
or former officer, director or other employee at the level of manager or above.
Section
3.19 Benefit
Plans.
(a)
Set forth on Section 3.19(a)(i) of the Company Disclosure Letter is a true and complete list of each Company Benefit
Plan. The Company is not required to provide employee benefits pursuant to a collective bargaining agreement or other Contract covering
any group of employees, labor organization or other representative of any of the employees or pursuant to a professional employer organization.
Except as set forth on Section 3.19(a)(ii) of the Company Disclosure Letter or as contemplated under this Agreement, the Company
does not have any obligation and has not made any promise to establish, modify, change or terminate any Company Benefit Plan, other than
with respect to a modification, change or termination required by ERISA or the Code, or other applicable Law.
(b)
Except as set forth on Section 3.19(b) of the Company Disclosure Letter, (i) each Company Benefit Plan was properly
and legally established, (ii) each Company Benefit Plan is and at all times has been operated, administered, maintained, and funded in
compliance in all material respects with its terms and all applicable Laws, including ERISA and the Code, (iii) neither the Company nor
any ERISA Affiliate, or any other Person has breached any fiduciary duty imposed upon it by ERISA or any other Law with respect to any
Company Benefit Plan, (iv) no prohibited transaction within the meaning of Section 406 or 407 of ERISA or Section 4975 of the Code (and
not otherwise exempt under Section 408 of ERISA and Section 4975(c)(2) or 4975(d) of the Code) has occurred, and (v) the Company has not
incurred (whether or not assessed), and there exists no condition or set of circumstances in connection with which any of the Company, the SPAC, or any of their respective
Subsidiaries or Affiliates could incur, directly or indirectly, any penalty, Tax, fine, Lien or Liability under ERISA, the Code or any
other Law, including, but not limited to, under Sections 4980B, 4980D, 4980H, 5000, 6721 or 6721 of the Code, with respect to any Company
Benefit Plan.
31
(c)
Each Company Benefit Plan which is intended to be “qualified” within the meaning of Section 401(a) of the Code
is so qualified and (i) has received a favorable determination letter from the IRS to be so qualified (or is based on a prototype plan
which has received a favorable advisory or opinion letter upon which the Company is entitled to rely) or (ii) the Company has requested
an initial favorable IRS determination of qualification and/or exemption within the period permitted by applicable Law. No event, action,
or omission has occurred or circumstance exists which could reasonably be expected to adversely affect the qualified status of such Company
Benefit Plans or the exempt status of such trusts, or require correction of any (actual or potential) qualification issue pursuant to
the IRS’ Employee Plans Compliance Resolution System as set forth in IRS Revenue Procedure 2021-30.
(d)
With respect to each Company Benefit Plan, the Company has provided the SPAC current, accurate, and complete copies, if
applicable, of: (i) the plan document (or a written summary of the material terms thereof if such Company Benefit Plan is not reduced
to writing) and related trust agreements, annuity Contracts, or other funding arrangements (including any amendments, modifications or
supplements thereto); (ii) the most recent summary plan descriptions and material modifications thereto; (iii) the most recent annual
and periodic accounting of plan assets; (iv) results for year-end compliance testing for the three (3) most recent plan years (including,
but not limited to, coverage (Code Section 410(b)), annual limits (Code Sections 402(g) and 415), non-discrimination (ADP and ACP), and
top-heavy testing results, as well as non-discrimination testing results required under Code Sections 105(h) and 125, each as applicable
to any Company Benefit Plan); (v) the most recent determination letter (or opinion or advisory letter) received from the IRS; (vi) all
non-routine communications from or with any Governmental Authority within the last three (3) years; (vii) the three (3) most recent annual
reports (Form 5500 series) (with all applicable schedules and attachments); and (viii) the Form 1094-C and a representative Form 1095-C
filed by the Company with the IRS for each of the last three (3) years in which the Company (whether individually or when aggregated with
any other employer) was considered an “applicable large employer” under the PPACA (as defined below).
(e)
Neither the Company nor any ERISA Affiliate has ever sponsored, maintained, participated in, contributed to or been required
to contribute to, nor has the Company or any ERISA Affiliate ever had any liability or obligation (contingent or otherwise) under, (i)
a single employer pension plan or “defined benefit plan” (within the meanings of Section 3(35) or 4001(a)(15) of ERISA or
as defined in Section 414(j) of the Code); (ii) a benefit plan that is, or at any time has been, subject to Section 412 or 430 of
the Code or Title IV or Section 302 of ERISA; (iii) a “multiemployer plan” (as defined in Section 3(37) of ERISA); (iv) a
“multiple employer plan” (as described in Section 413(c) of the Code or Section 210 of ERISA); (v) a “multiple employer
welfare arrangement” as defined in Section 3(40) of ERISA; (vi) a “voluntary employees’ beneficiary association”
as defined in Section 501(c)(9) of the Code; or (vii) a “funded welfare plan” within the meaning of Section 419 of the Code.
32
(f)
Except as set forth on Section 3.19(f) of the Company Disclosure Letter, the consummation of the Transactions will
not, either alone or in combination with another event: (i) entitle any current or former employee, officer or other individual service
provider of or to the Company to any severance pay or any other compensation or increase in severance pay or any other compensation payable
by the Company; (ii) accelerate the time of payment, funding or vesting, or increase the amount of compensation due to any such employee,
officer or other individual service provider by the Company; (iii) directly or indirectly cause the Company to transfer or set aside any
assets to fund any material benefits under any Company Benefit Plan; or (iv) limit or restrict the Company’s right to merge, materially
amend, terminate or transfer the assets of any Company Benefit Plan on or following the Closing. The consummation of the Transactions
will not, either alone or in combination with another event, result in any “excess parachute payment” under Section 280G of
the Code. Except as set forth on Section 3.19(f) of the Company Disclosure Letter, no Company Benefit Plan provides for a Tax gross-up,
make whole or similar payment, including with respect to the Taxes imposed under Sections 409A or 4999 of the Code.
(g)
Except to the extent required by Section 4980B of the Code or similar state Law or coverage through the end of the month
in which termination occurs, neither the Company nor any ERISA Affiliate provides, nor does the Company or any ERISA Affiliate have any
obligation to provide (or contribute toward the cost of), health, life, or welfare benefits (within the meaning of Section 3(1) of ERISA)
to any current or former or retired employee, officer, director, owner, individual or single-member entity independent contractor, consultant,
or other individual service provider of or to the Company (or the spouse, domestic partner, dependent or beneficiary of any such individual),
nor is the Company or any ERISA Affiliate obligated to provide such benefits to any active employee following such employee’s retirement
or other termination of employment or service.
(h)
Each Company Benefit Plan that is subject to, or provides in any part “nonqualified deferred compensation” that
is or could be subject to, Section 409A of the Code has been administered, operated, and maintained in compliance with the applicable
provisions of Section 409A of the Code, the regulations thereunder and other official guidance issued thereunder.
(i)
All contributions, premiums or payments required to be made with respect to any Company Benefit Plan have been timely made
to the extent due or properly accrued on the consolidated financial statements of the Company, except such as would not result in material
liability to the Company when taken as a whole.
(j)
To the extent applicable, the Company and each Company Benefit Plan that is a “group health plan” as defined
in Section 733(a)(1) of ERISA (each, a “Health Plan”) is and has been in compliance, in all material respects, with
the Patient Protection and Affordable Care Act of 2010 (“PPACA”). No event has occurred and, to the Knowledge of the
Company, no condition or circumstance exists, that could reasonably be expected to subject the Company, any ERISA Affiliate or any Health
Plan to any material liability for penalties or excise taxes under Code Section 4980D or 4980H or any other provision of the PPACA.
33
(k)
The Company and each ERISA Affiliate have each complied in all material respects with the notice and continuation coverage
requirements, and all other requirements, of Section 4980B of the Code and Parts 6 and 7 of Title I of ERISA, and the regulations thereunder,
with respect to each Company Benefit Plan that is, or was during any taxable year for which the statute of limitations on the assessment
of federal income Taxes remains open, by consent or otherwise, a group health plan within the meaning of Section 5000(b)(1) of the Code.
(l)
Neither the Company nor any ERISA Affiliate has ever maintained, established, sponsored, participated in, or contributed
to, any plan that has been adopted or maintained, whether formally or informally, for the benefit of service providers who primarily perform
services outside of the United States of America.
Section
3.20 Environmental
Matters. Except as set forth in Section 3.20 of the Company Disclosure Letter:
(a)
The Company and its properties and facilities are and have, during the time that the Company has owned, operated or leased
such property or facility, been in compliance in all material respects with all applicable Environmental Laws, and all past non-compliance
of any Environmental Law has been fully resolved without ongoing obligations or costs.
(b)
The Company has all permits that are required to own, lease or operate its properties, facilities, and assets and to conduct
its business as currently conducted in all material respects under any Environmental Law (each, an “Environmental Permit”),
and such Environmental Permits are in effect and have been complied with in all material respects.
(c)
No Legal Proceeding is pending or, to the Knowledge of the Company, threatened against the Company or any of its assets
or properties alleging a material violation of any Environmental Law or Environmental Permit, and no Legal Proceeding is pending, threatened
in writing or, to the Knowledge of the Company, threatened verbally with respect to the revocation, modification or termination of an
Environmental Permit.
(d)
Neither the Company nor any of its properties, facilities or operations, has received or is the subject of any outstanding
Order or Contract with any Governmental Authority or other Person in respect of any (i) Environmental Law or Environmental Permit, (ii)
Remedial Legal Proceeding, or (iii) Release of a Hazardous Material. The Company has not assumed, contractually or by operation of Law,
any Environmental Liabilities.
(e)
The Company has not manufactured, treated, stored, transported, disposed of, arranged for or permitted the disposal of,
generated, handled or Released any Hazardous Material, or owned or operated any property or facility, in a manner that has given or would
reasonably be expected to result in a material Liability. To the Knowledge of the Company, no fact, circumstance, or condition exists
in respect of the Company or any property currently or formerly owned, operated, or leased by the Company, or any other property that
would reasonably be expected to result in a material Liability.
(f)
The Company has not received written notification of any investigation of the business, operations, or currently or formerly
owned, operated, or leased property of the Company that could lead to the imposition of any
Liens or Environmental Liabilities and, to the Knowledge of the Company, no such investigations are pending or threatened in writing.
34
(g)
To the Knowledge of the Company, no Person has Released any Hazardous Material at, on, or under any facility currently or
formerly owned or operated by the Company or any third party site, in each case in a manner that would be reasonably likely to give rise
to a material Environmental Liability of the Company, including for Remedial Legal Proceeding costs, investigation costs, cleanup costs,
response costs, corrective action costs, personal injury, property damage, natural resources damages, and attorney fees. The Company is
not currently conducting any remediation or cleanup activities at any facility currently or formerly owned or operated by the Company
or any third party site.
(h)
The Company has provided to the SPAC all material written environmental reports, audits, assessments, liability analyses,
memoranda and studies in the possession of, or conducted by, the Company and concerning the environmental condition of any properties
of the Company and the Company’s Environmental Liabilities or compliance with Environmental Laws and Environmental Permits.
Section
3.21 Transactions
with Related Persons. Except as set forth on Section 3.21 of the Company Disclosure Letter, with respect to any employee, officer
or director, any employment Contract or Company Benefit Plan entered into in the Company Ordinary Course, or as set forth in the Company
Financials, the Company is not a party to any material transaction or Contract with any (a) present or former executive officer or director
of the Company, (b) beneficial owner (within the meaning of Section 13(d) of the Exchange Act) of 5% or more of the equity interests of
the Company or (c) Affiliate, “associate” or member of the “immediate family” (as such terms are respectively
defined in Rules 12b-2 and 16a-1 under the Exchange Act) of any of the foregoing (each, a “Related Person”). Except as set
forth in the Company Financials or on Section 3.21 of the Company Disclosure Letter: (i) to the Knowledge of the Company, no Related
Person or Affiliate of a Related Person has, directly or indirectly, a material economic interest in any Contract with the Company (other
than any Contract relating to such Person’s ownership of Company Units as set forth on Section 3.03(a) of the Company Disclosure
Letter or such Person’s employment or consulting arrangements with the Company); (ii) the assets of the Company do not include any
receivable or other obligation from a Related Person; and (iii) the Liabilities of the Company do not include any payable or other obligation
or commitment to any Related Person.
Section
3.22 Insurance.
(a)
Section 3.22(a) of the Company Disclosure Letter contains a complete and accurate list, as of the date hereof, of
all policies of property, fire and casualty, product liability, workers’ compensation and other forms of insurance held by or for
the benefit of the business of the Company (the “Insurance Policies”) (by policy number, insurer, policy period, policy
limits and type of policy). As of the date hereof, all premiums due and payable under all such Insurance Policies and their predecessor
policies have been timely paid, and the Company is otherwise in material compliance with the terms of the Insurance Policies. Each Insurance
Policy is legal, valid, binding and enforceable and is in full force and effect. The Company does not have any self-insurance or co-insurance
program. The Company has not received any written notice from or on behalf of any insurance carrier relating to any adverse material change
in, cancellation or termination of, or refusal to renew or issue,
any Insurance Policy. The Company has reported to its insurers all claims and pending circumstances that would reasonably be expected
to result in a claim, except where failure to report such claim would not reasonably be expected to have a Company Material Adverse Effect.
35
(b)
Section 3.22(b) of the Company Disclosure Letter identifies each individual insurance claim in excess of $10,000
made by the Company under such policies. To the Knowledge of the Company, no event has occurred, and no condition or circumstance exists,
that would reasonably be expected to (with or without notice or lapse of time) give rise to or serve as a basis for the denial of any
such insurance claim. The Company does not have any claim pending under an insurance policy as to which the insurer has denied coverage.
Section
3.23 Top
Customers and Suppliers.
(a)
As of the date hereof the Company currently has no material customers, including any off-takers. Section 3.23(a)
of the Company Disclosure Letter lists as of the date of this Agreement, all prospective consumers or off-takers for the six (6) months
ended June 30, 2026 to which the Company has submitted written bids or responded to requests for proposals, with expected revenue (assuming
any such bid or response were accepted) in excess of $500,000 (the “Top Customers”). To the Knowledge of the Company
as of the date hereof, no such Top Customer has provided notice to the Company (i) of its intention to reject, cancel or otherwise terminate,
or materially reduce, its relationship with the Company, or (ii) that the Company is in material breach of the terms of any existing Company
Material Contract with any such Top Customer.
(b)
Section 3.23(b) of the Company Disclosure Letter lists as of the date of this Agreement, all suppliers or manufacturers
of goods or services for the six (6) months ended June 30, 2026 to which the Company made payments or accrued obligations in excess of
$50,000 (the “Top Suppliers”). To the Knowledge of the Company as of the date hereof, no such Top Supplier has provided
notice to the Company (i) of its intention to reject, cancel or otherwise terminate, or materially reduce, its relationship with the Company,
or (ii) that the Company is in material breach of the terms of any Company Material Contract with any such Top Supplier.
Section
3.24 Certain
Business Practices.
(a)
Neither the Company nor any of its officers, directors, or any of its respective Representatives acting on its behalf has
unlawfully offered, given, paid, promised to give or pay, or authorized the giving or payment of anything of value to (i) an official
or employee of a foreign or domestic Governmental Authority; (ii) a foreign or domestic political party or an official of a foreign or
domestic political party; (iii) a candidate for foreign or domestic political office; or (iv) any Person, in any such case under circumstances
where the Company or such Representative knew, or would have reasonably known after due and proper inquiry, that all or a portion of such
thing of value would be offered, given, paid, or promised to an official or employee of a foreign or domestic Governmental Authority,
a foreign or domestic political party, an official of a foreign or domestic political party, or a candidate for foreign or domestic political
office for the purpose of influencing any act or decision of such official, employee, or candidate to obtain or retain business or direct
business to any Person (in each case in violation of any Anti-Bribery Laws). Neither the Company nor any of its officers, directors, or
any of its respective Representatives acting on its behalf has directly
or indirectly and in violation of applicable Law offered, given, paid, promised to give or pay, or authorized the giving or payment of
anything of value to any customer, supplier, or other Person who is or may be in a position to assist or hinder the Company in connection
with any actual or proposed transaction for the purpose of influencing any act or decision of such customer, supplier, or other Person
to obtain or retain business or direct business to any Person. Neither the Company nor any of its officers, directors, or any of its respective
Representatives acting on its behalf has conducted or initiated any internal investigation or made a voluntary, directed, or involuntary
disclosure to any Governmental Authority with respect to any alleged act or omission relating to any noncompliance with any Anti-Bribery
Laws. Neither the Company nor any of its officers, directors, or any of its Representatives acting on its behalf has received any written
notice, request, or citation from any Governmental Authority for any actual or potential noncompliance with any Anti-Bribery Laws.
36
(b)
The operations of the Company are and have been conducted at all times in material compliance with any International Trade
Laws and Sanctions Laws of any jurisdiction in which the Company operates that are applicable to the Company, and no Legal Proceeding
between the Company and any Governmental Authority with respect to any of the foregoing is pending or, to the Knowledge of the Company,
threatened in writing.
(c)
Neither the Company nor any of its respective directors or officers, or, to the Knowledge of the Company, any other Representative
acting on behalf of the Company is or has been: (i) identified on any applicable sanctions-related list of designated or blocked persons
(including without limitation the Specially Designated Nationals and Blocked Persons List (“SDN List”) maintained by
the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”)); (ii) located, organized, or
resident in any country, region or territory that is the subject of comprehensive territorial sanctions administered by the United States
and any other jurisdiction in which the Company operates (as of the date of this Agreement, Cuba, Iran, North Korea, and the Crimea, so-called
Donetsk People’s Republic, and so-called Luhansk People’s Republic regions of Ukraine) (each a “Sanctioned Jurisdiction”);
or (iii) owned, directly or indirectly, individually or in the aggregate, fifty percent (50%) or more by any of the foregoing.
(d)
The Company has not directly or indirectly used any funds, or loaned, contributed or otherwise made available such funds
to any Subsidiary, joint venture partner or other Person, in connection with any sales or operations in a Sanctioned Jurisdiction or for
the purpose of financing the activities (i) of any Person currently identified on any applicable sanctions-related list of designated
or blocked persons maintained by OFAC, or (ii) in any other manner that would constitute a violation of any applicable U.S. sanctions
administered by the U.S. government.
Section
3.25 Investment
Company Act. The Company is not an “investment company” or a Person directly or indirectly “controlled” by
or acting on behalf of an “investment company” or required to register as an “investment company”, in each case
within the meaning of the Investment Company Act of 1940, as amended.
Section
3.26 Finders
and Brokers. Except as reflected on Section 3.26 of the Company Disclosure Letter, no broker, finder, investment banker or
other Person is entitled to, nor will be entitled to, either directly or indirectly, any brokerage fee, finders’ fee or other similar
commission, for which the Company would be liable in connection
with the Transactions based upon arrangements made by the Company or any of its Affiliates.
37
Section
3.27 Independent
Investigation. The Company has conducted its own independent investigation, review and analysis of the business, results of operations,
prospects, condition (financial or otherwise) and assets of the SPAC and acknowledges that it has been provided adequate access to the
personnel, properties, assets, premises, books and records and other documents and data of the SPAC for such purpose. The Company acknowledges
and agrees that: (a) in making its decision to enter into this Agreement and consummate the Transactions, it has relied solely upon its
own investigation and the express representations and warranties of the SPAC set forth in this Agreement and in any certificate delivered
to the Company pursuant hereto; and (b) neither the SPAC nor any of its Representatives has made any representation or warranty as to
the SPAC or this Agreement except as expressly set forth in Article V or in any certificate delivered to the Company pursuant to
this Agreement. The Company specifically disclaims that it is relying upon or has relied upon any such other representation or warranty
that may have been made by any Person and acknowledges and agrees that the SPAC has specifically disclaimed any such other representation
or warranty.
Section
3.28 Information
Supplied. None of the information relating to the Company supplied or to be supplied by the Company, or by any other Person acting
on behalf of the Company, in writing expressly for inclusion in the Proxy Statement/Registration Statement will, as of the date the Proxy
Statement/Registration Statement (or any amendment or supplement thereto) is first mailed to the SPAC Shareholders, contain any untrue
statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statement therein,
in light of the circumstances under which they are made, not misleading. Notwithstanding the foregoing, the Company makes no representation,
warranty or covenant with respect to any information supplied by or on behalf of the SPAC or its Affiliates.
Section
3.29 No
Additional Representations or Warranties. Except as provided in this Article III or in any certificate delivered to the SPAC
pursuant to this Agreement, neither the Company nor any of its Affiliates, nor any of their respective directors, managers, officers,
employees, equityholders, partners, members or representatives, has made or is making any representation or warranty whatsoever to the
SPAC, its Affiliates or any other Person, and no such party shall be liable in respect of the accuracy or completeness of any information
provided to the SPAC, its Affiliates or any other Person. The Company hereby expressly disclaims any other representation or warranty,
whether implied or made by the Company, any of its Affiliates or any of their respective directors, managers, officers, employees, equityholders,
partners, members or representatives.
38
Article
IV
REPRESENTATIONS AND WARRANTIES OF PUBCO AND THE MERGER SUBS
Each of the SPAC, Pubco and
the Merger Subs, jointly and severally, represents and warrants to the Company as follows:
Section
4.01 Organization and Standing. As of the date hereof, Pubco and SPAC Merger Sub are each duly incorporated, validly
existing and in good standing under the Laws of the State of Delaware and Company Merger Sub is a limited liability company duly organized,
validly existing and in good standing under the Laws of the State of Wyoming. Each of Pubco and the Merger Subs has all requisite corporate
or limited liability company power and authority, as applicable, to own, lease and operate its properties and to carry on its business
as now being conducted. Each of Pubco and the Merger Subs is duly qualified or licensed and in good standing to do business in each jurisdiction
in which the character of the property owned, leased or operated by it or the nature of the business conducted by it makes such qualification
or licensing necessary, except where the failure to be so qualified or licensed or in good standing can be cured without material cost
or expense. Pubco has heretofore made available to the SPAC and the Company accurate and complete copies of the Organizational Documents
of Pubco and the Merger Subs, each as currently in effect. Pubco and each Merger Sub is, and at all times has been, in compliance in
all material respects with the provisions of its Organizational Documents.
Section
4.02 Authorization;
Binding Agreement. Subject to the adoption of the Amended Pubco Charter, each of Pubco and the Merger Subs has all requisite power
and authority to execute and deliver this Agreement and each Ancillary Document to which it is or is required to be a party, to perform
its obligations hereunder and thereunder and to consummate the Transactions. The execution, delivery and performance of this Agreement
and each Ancillary Document to which Pubco or either Merger Sub is or is required to be a party and the consummation of the Transactions
(a) have been duly authorized and approved by the stockholder of Pubco, Pubco in its capacity as the sole stockholder of SPAC Merger Sub,
Pubco in its capacity as the sole member of Company Merger Sub, the boards of directors of Pubco and SPAC Merger Sub and the manager or
other applicable governing body of Company Merger Sub, as applicable, and (b) require no other corporate or limited liability company
proceedings, as applicable, on the part of Pubco or either Merger Sub. This Agreement has been, and each Ancillary Document to which Pubco
or either Merger Sub is or is required to be a party shall be when delivered, duly and validly executed and delivered by Pubco or such
Merger Sub, as applicable, and, assuming the due authorization, execution and delivery of this Agreement and each such Ancillary Document
by the other parties hereto and thereto, constitutes, or when delivered shall constitute, the valid and binding obligation of Pubco or
such Merger Sub, as applicable, enforceable against Pubco or such Merger Sub in accordance with its terms, subject to the Enforceability
Exceptions.
Section
4.03 Governmental
Approvals. No Consent of or with any Governmental Authority on the part of Pubco or either Merger Sub is required to be obtained or
made in connection with the execution, delivery or performance by Pubco or either Merger Sub of this Agreement and each Ancillary Document
to which it is a party or the consummation by Pubco or either Merger Sub of the Transactions, other than (a) pursuant to the HSR Act or
any other Antitrust Laws, (b) filing of the Certificates of Merger in accordance with the DGCL and WLLCA, as applicable, (c) any filings
required with the Applicable Exchange or the SEC with respect to the Transactions, (d) applicable requirements, if any, of the Securities
Act, the Exchange Act, and/or any state “blue sky” securities Laws, and the rules and regulations thereunder, and (e) where
the failure to obtain or make such Consents or to make such filings or notifications, would not reasonably be expected to be, individually
or in the aggregate, material to Pubco or either Merger Sub.
39
Section
4.04 Non-Contravention. The execution and delivery by Pubco and the Merger Subs of this Agreement and each Ancillary
Document to which it is a party, the consummation by Pubco and the Merger Subs of the Transactions, and compliance by Pubco and the Merger
Subs with any of the provisions hereof and thereof, do not and will not (a) subject to the adoption of the Amended Pubco Charter, conflict
with or violate any provision of their respective Organizational Documents, (b) subject to obtaining the Consents from Governmental Authorities
referred to in Section 4.03 hereof, and the waiting periods referred to therein having expired, and any condition precedent to
such Consent or waiver having been satisfied, conflict with or violate any Law, Order or Consent applicable to Pubco or either Merger
Sub or any of their respective properties or assets, (c) (i) violate, conflict with or result in a breach of, (ii) constitute a default
(or an event which, with notice or lapse of time or both, would constitute a default) under, (iii) result in the termination, withdrawal,
suspension, cancellation or modification of, (iv) accelerate the performance required by Pubco or either Merger Sub under, (v) result
in a right of termination or acceleration under, (vi) give rise to any obligation to make payments or provide compensation under, (vii)
give rise to any obligation to obtain any third party Consent or provide any notice to any Person or (viii) give any Person the right
to declare a default, exercise any remedy, claim a rebate, chargeback, penalty or change in delivery schedule, accelerate the maturity
or performance, cancel, terminate or modify any right, benefit, obligation or other term under, any of the terms, conditions or provisions
of, any material Contract to which Pubco or either Merger Sub is a party or by which Pubco or either Merger Sub or any of their respective
properties or assets is bound, or (d) result in the creation of any Lien upon any of the properties or assets (other than any Permitted
Liens) or capital stock or other equity interests of Pubco or either Merger Sub, except for any deviations from any of the foregoing
clauses (b), (c) or (d) that would not reasonably be expected to be, individually or in the aggregate, material to Pubco and the Merger
Subs.
Section
4.05 Capitalization.
As of the Closing Date, the SPAC directly owns 100% of the issued and outstanding capital stock of Pubco. Pubco directly owns 100% of
the issued and outstanding capital stock of SPAC Merger Sub and Pubco directly owns 100% of the issued and outstanding membership interests
of Company Merger Sub. Prior to giving effect to the transactions contemplated by this Agreement, other than the Merger Subs, Pubco does
not have any Subsidiaries or own any equity interests in any other Person. Prior to giving effect to the transactions contemplated by
this Agreement, the Merger Subs do not have any Subsidiaries or own any equity interests in any other Person.
Section
4.06 Ownership
of Pubco Common Stock. (a) All shares of Pubco Common Stock to be issued and delivered in accordance with Article I to
the Sellers shall be, upon issuance and delivery of such shares, duly authorized, validly issued, fully paid, non-assessable and free
and clear of all Liens, and (b) upon issuance and delivery of such shares to the Sellers, each Seller shall have good and valid title
to its portion of such shares, in each case of clauses (a) and (b), other than restrictions arising from applicable securities Laws, the
Ancillary Documents, the Amended Pubco Charter, the provisions of this Agreement and any Liens incurred by the Sellers, and (c) the issuance
and sale of such shares pursuant hereto will not be subject to or give rise to any preemptive rights or rights of first refusal.
Section
4.07 Pubco’s and Merger Subs’ Activities. Since their formation, Pubco and the Merger Subs have not engaged
in any business activities other than as contemplated by this Agreement, do not own directly or indirectly any ownership, equity, profits
or voting interest in any Person (other than Pubco’s one hundred percent (100%) ownership of the Merger Subs) and have no assets
or Liabilities except those incurred in connection with this Agreement and the Ancillary Documents to which they are a party and the
transactions contemplated by this Agreement, and, other than this Agreement and the Ancillary Documents to which they are a party, Pubco
and the Merger Subs are not parties to or bound by any Contract.
40
Article
V
REPRESENTATIONS AND WARRANTIES OF THE SPAC
Except as set forth in (i)
any SPAC SEC Reports that are available at least one (1) Business Day prior to the date of this Agreement on the SEC’s website through
EDGAR (excluding any disclosures in such SPAC SEC Reports under the headings “Risk Factors,” “Forward-Looking Statements”
or “Qualitative Disclosures About Market Risk,” and other disclosures that are predictive, cautionary or forward looking in
nature, and excluding, for the avoidance of doubt, any content of such SPAC SEC Reports that have been redacted or omitted pursuant to
applicable Law) (it being acknowledged that nothing disclosed in such SPAC SEC Report will be deemed to modify or qualify the representations
and warranties set forth in Section 5.01 (Organization and Standing), Section 5.02 (Authorization; Binding Agreement),
Section 5.05 (Capitalization), Section 5.12 (Taxes and Returns), Section 5.16 (Trust Account),
and Section 5.17 (Finders and Brokers)) and (ii) the disclosure letter delivered to the Company by the SPAC on the date
hereof (a “SPAC Disclosure Letter”) (each Section of which, subject to Section 9.16 (Disclosure Letters),
qualifies the correspondingly numbered and lettered representation in this Article V), the SPAC represents and warrants to the
Company, as of the date hereof and as of the Closing, as follows:
Section
5.01 Organization
and Standing. As of the date hereof, the SPAC is an exempted company duly incorporated, validly existing and in good standing under
the Laws of the Cayman Islands. The SPAC has all requisite corporate power and authority to carry on its business as now being conducted.
The SPAC is duly qualified or licensed and in good standing to do business in each jurisdiction in which the nature of the business conducted
by it makes such qualification or licensing necessary, except where the failure to be so qualified or licensed or in good standing can
be cured without material cost or expense. The SPAC has heretofore made available to the Company accurate and complete copies of the Cayman
SPAC Articles as currently in effect. The SPAC is, and at all times has been, in compliance in all material respects with the provisions
of the Cayman SPAC Articles.
Section
5.02 Authorization;
Binding Agreement. The SPAC has all requisite power and authority to execute and deliver this Agreement and each Ancillary Document
to which it is or is required to be a party, to perform its obligations hereunder and thereunder and to consummate the Transactions, subject
to obtaining the SPAC Shareholder Approval. The execution, delivery and performance of this Agreement and each Ancillary Document to which
the SPAC is or is required to be a party and the consummation of the Transactions (a) have been duly, validly and unanimously authorized
and approved by the board of directors of the SPAC and (b), other than the SPAC Shareholder Approval and the filing of the SPAC Certificate
of Merger, require no other corporate proceedings on the part of the SPAC. This Agreement has been, and each Ancillary Document to which
the SPAC is or is required to be a party shall be when delivered, duly and validly executed and delivered by the SPAC and, assuming the
due authorization, execution and delivery of this Agreement and each such Ancillary
Document by the other parties hereto and thereto, constitutes, or when delivered shall constitute, the valid and binding obligation of
the SPAC, enforceable against the SPAC in accordance with its terms, except to the extent that enforceability thereof may be limited by
applicable bankruptcy, insolvency, reorganization and moratorium laws and other laws of general application affecting the enforcement
of creditors’ rights generally or by any applicable statute of limitation or by any valid defense of set-off or counterclaim, and
the fact that equitable remedies or relief (including the remedy of specific performance) are subject to the discretion of the court from
which such relief may be sought (collectively, the “Enforceability Exceptions”).
41
Section
5.03 Governmental
Approvals. No Consent of or with any Governmental Authority, on the part of the SPAC is required to be obtained or made in connection
with the execution, delivery or performance by the SPAC of this Agreement and each Ancillary Document to which it is a party or the consummation
by the SPAC of the Transactions, other than (a) pursuant to the HSR Act or any other Antitrust Laws, (b) filing of the SPAC Certificate
of Merger in accordance with the DGCL, (c) any filings required with the Applicable Exchange or the SEC with respect to the Transactions,
(d) applicable requirements, if any, of the Securities Act, the Exchange Act, and/or any state “blue sky” securities Laws,
and the rules and regulations thereunder, and (e) where the failure to obtain or make such Consents or to make such filings or notifications,
would not reasonably be expected to be, individually or in the aggregate, material to the SPAC.
Section
5.04 Non-Contravention.
The execution and delivery by the SPAC of this Agreement and each Ancillary Document to which it is a party, the consummation by the SPAC
of the Transactions, and compliance by the SPAC with any of the provisions hereof and thereof, do not and will not (a) conflict with or
violate any provision of its Organizational Documents, (b) subject to obtaining the Consents from Governmental Authorities referred to
in Section 5.03 hereof, and the waiting periods referred to therein having expired, and any condition precedent to such Consent
or waiver having been satisfied, conflict with or violate any Law, Order or Consent applicable to the SPAC or any of its properties or
assets, (c) (i) violate, conflict with or result in a breach of, (ii) constitute a default (or an event which, with notice or lapse of
time or both, would constitute a default) under, (iii) result in the termination, withdrawal, suspension, cancellation or modification
of, (iv) accelerate the performance required by the SPAC under, (v) result in a right of termination or acceleration under, (vi) give
rise to any obligation to make payments or provide compensation under, (vii) give rise to any obligation to obtain any third party Consent
or provide any notice to any Person or (viii) give any Person the right to declare a default, exercise any remedy, claim a rebate, chargeback,
penalty or change in delivery schedule, accelerate the maturity or performance, cancel, terminate or modify any right, benefit, obligation
or other term under, any of the terms, conditions or provisions of, any material Contract to which the SPAC is a party or by which the
SPAC or any of its properties or assets is bound, or (d) result in the creation of any Lien upon any of the properties or assets (other
than any Permitted Liens) or capital stock or other equity interests of the SPAC, except for any deviations from any of the foregoing
clauses (b), (c) or (d) that would not reasonably be expected to be, individually or in the aggregate, material to the SPAC.
Section
5.05 Capitalization.
(a)
As of the date of this Agreement, the authorized share capital of the SPAC is $55,500 divided into (i) 500,000,000 SPAC
Class A Ordinary Shares, of which (A) 34,500,000 are issued and outstanding, (B) 5,333,333 shares
are reserved for issuance upon exercise of the SPAC Private Warrants and (C) 11,500,000 shares are reserved for issuance upon exercise
of the SPAC Public Warrants, (ii) 50,000,000 SPAC Class B Ordinary Shares, par value $0.0001 per share, of which 8,625,000 shares are
issued and outstanding and (iii) 5,000,000 preference shares of the SPAC, par value $0.0001 per share, of which no shares are issued and
outstanding. All of the issued and outstanding SPAC Ordinary Shares are duly authorized, validly issued, fully paid and non-assessable
and are not subject to or 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, Cayman SPAC Articles or any Contract to which the SPAC is a party.
None of the issued and outstanding SPAC Ordinary Shares have been issued in violation of any applicable securities Laws.
42
(b)
As of the date hereof, the Sponsor is the record holder of (i) 8,080,000 SPAC Class B Ordinary Shares and (ii) SPAC Private
Warrants to acquire 3,333,333 shares of SPAC Class A Ordinary Shares. Except as set forth above, neither the Sponsor nor any of its Affiliates
holds any SPAC Securities.
(c)
Subject to the terms and conditions of the Warrant Agreement, in connection with the Conversion, the SPAC Warrants will
be converted into Domesticated SPAC Public Warrants or Domesticated SPAC Private Warrants, as appliable, which will be exercisable after
giving effect to the Transactions for one (1) share of Pubco Common Stock at an exercise price of $11.50 per share. As of the date of
this Agreement, 16,833,333 SPAC Warrants, consisting of 11,500,000 SPAC Public Warrants and 5,333,333 SPAC Private Warrants are issued
and outstanding. All outstanding SPAC Warrants are duly authorized, validly issued, fully paid and non-assessable and are not subject
to or 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, Cayman SPAC Articles or any Contract to which the SPAC is a party. None of the outstanding
SPAC Warrants have been issued in violation of any applicable securities Laws.
(d)
As of the date hereof, other than (i) the SPAC Warrants, (ii) the SPAC Class B Ordinary Shares and (iii) the right of the
Sponsor or its Affiliates to receive private placement warrants of the SPAC pursuant to Section 6.03(b)(iv)(C), there are (A) no
subscriptions, calls, options, warrants, rights (including preemptive rights), puts or other securities convertible into or exchangeable
or exercisable for SPAC Ordinary Shares or any other capital share or equity interests of SPAC, or any other Contracts to which the SPAC
is a party or by which the SPAC is bound obligating the SPAC to issue or sell any shares of, or other equity interests in or debt securities
of, the SPAC, and (B) no equity equivalents, share appreciation rights, phantom share ownership interests or similar rights in the SPAC.
(e)
Other than the Redemption or as expressly set forth in this Agreement, there are no outstanding obligations of SPAC to repurchase,
redeem or otherwise acquire any shares of SPAC or to provide funds to make any investment (in the form of a loan, capital contribution
or otherwise) in any Person. There are no shareholders agreements, voting trusts or other agreements or understandings to which the SPAC
is a party with respect to the voting of any shares of SPAC.
43
(f)
No Indebtedness of the SPAC contains any restriction upon (i) the prepayment of any of such Indebtedness, (ii) the incurrence
of Indebtedness by the SPAC or (iii) the ability of the SPAC to grant any Lien on its properties or assets.
(g)
Since the date of formation of the SPAC, and except as contemplated by this Agreement, the SPAC has not declared or paid
any distribution or dividend in respect of its shares and has not repurchased, redeemed or otherwise acquired any of its shares, and the
SPAC’s board of directors has not authorized any of the foregoing.
(h)
SPAC has no Subsidiaries and does not own, directly or indirectly, any equity securities or other interests or investments,
whether equity or debt, in any Person. SPAC is not party to any Contract that obligates SPAC to invest money in, loan money to or make
any capital contribution to any other Person.
(i)
No dissenters’ or appraisal rights shall be available to holders of SPAC Securities with respect to the SPAC Merger
or the Transactions pursuant to Section 262 of the DGCL or any other applicable Law.
Section
5.06 SEC
Filings and SPAC Financials.
(a)
The SPAC has, since the IPO, filed all prospectuses, forms, reports, schedules, statements and other documents required
to be filed or furnished by the SPAC with the SEC under the Securities Act and/or the Exchange Act, together with any amendments, restatements
or supplements thereto (all of the foregoing filed prior to the date of this Agreement, the “SPAC SEC Reports”) and
will have filed all such forms, reports, schedules, statements and other documents (except for the Proxy Statement/Registration Statement
and any other forms, reports, schedules, statements and other documents filed or furnished with respect to the Transactions) required
to be filed on or subsequent to the date of this Agreement through the Closing Date (the “Additional SPAC SEC Reports”).
All of the SPAC SEC Reports, Additional SPAC SEC Reports, any correspondence from or to the SEC or the Applicable Exchange (other than
such correspondence in connection with the IPO of the SPAC) and all certifications and statements required by: (i) Rule 13a-14 or 15d-14
under the Exchange Act; or (ii) 18 U.S.C. §1350 (Section 906) of the Sarbanes-Oxley Act with respect to any of the foregoing (collectively,
the “Public Certifications”) are available on the SEC’s Electronic Data-Gathering, Analysis and Retrieval system
(EDGAR) in full without redaction.
(b)
The SPAC SEC Reports were, and the Additional SPAC SEC Reports will be, prepared 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, in all
material respects. The SPAC SEC Reports did not, and the Additional SPAC SEC Reports will not, at the time they were or are filed (or
if amended or superseded by a filing prior to the date of this Agreement or the Closing Date, then on the date of such filing), as the
case may be, with the SEC 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 light of the circumstances under which they were made, not misleading. Except
as disclosed in the SPAC SEC Reports, each director and executive officer of SPAC has filed with the SEC on a timely basis all statements
required with respect to SPAC by Section 16(a) of the Exchange Act and the rules and regulations thereunder. Each of the Public Certifications
is, or will be, true and correct as of their respective dates of filing. As used in this Section 5.06(b), 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 or the Applicable Exchange.
44
(c)
The financial statements and notes contained or incorporated by reference in the SPAC SEC Reports fairly present, and the
financial statements and notes to be contained in or to be incorporated by reference in the Additional SPAC SEC Reports will fairly present,
the financial condition and the results of operations, changes in shareholders’ equity and cash flows of the SPAC as of the respective
dates, and for the periods referred to, in such financial statements, all in accordance with: (i) GAAP; and (ii) Regulation S-X or Regulation
S-K, as applicable, subject, in the case of interim financial statements, to normal recurring year-end adjustments and the omission of
notes to the extent permitted by Regulation S-X or Regulation S-K, as applicable.
(d)
The SPAC has no off-balance sheet arrangements that are not disclosed in the SPAC SEC Reports. No financial statements other
than those of the SPAC are required by GAAP to be included in the financial statements of the SPAC.
(e)
The issued and outstanding SPAC Public Units are registered pursuant to Section 12(b) of the Exchange Act and are listed
for trading on Nasdaq under the symbol “MESHU.” The issued and outstanding SPAC Class A Ordinary Shares are registered pursuant
to Section 12(b) of the Exchange Act and are listed for trading on Nasdaq under the symbol “MESH.” The issued and outstanding
SPAC Public Warrants are registered pursuant to Section 12(b) of the Exchange Act and are listed for trading on Nasdaq under the symbol
“MESHW.” The SPAC is a listed company in good standing with Nasdaq. There is no action or proceeding pending or, to the Knowledge
of the SPAC, threatened against the SPAC by Nasdaq or the SEC with respect to any intention by such entity to deregister the SPAC Public
Units, the SPAC Class A Ordinary Shares or the SPAC Public Warrants or terminate the listing of the SPAC on Nasdaq. Except in connection
with the Transactions, neither the SPAC nor any of its Affiliates has taken any action in an attempt to terminate the registration of
the SPAC Public Units, the SPAC Class A Ordinary Shares or the SPAC Public Warrants under the Exchange Act.
(f)
Except as not required in reliance on exemptions from various reporting requirements by virtue of the SPAC’s status
as an “emerging growth company” within the meaning of the Securities Act, as modified by the Jumpstart Our Business Startups
Act of 2012 (“JOBS Act”), the SPAC has established and maintains disclosure controls and procedures (as defined in
Rule 13a-15 under the Exchange Act). Such disclosure controls and procedures are designed to ensure that material information relating
to the SPAC is made known to the SPAC’s principal executive officer and its principal financial officer by others within the entity,
particularly during the periods in which the periodic reports required under the Exchange Act are being prepared. Such disclosure controls
and procedures are effective in performing the functions for which they were established, including timely alerting the SPAC’s principal
executive officer and principal financial officer to material information required to be included in the SPAC’s periodic reports
required under the Exchange Act. Since the consummation of the IPO, the SPAC has established and maintained a system of internal controls
over financial reporting (as defined in Rule 13a-15 under the Exchange Act) sufficient to provide reasonable assurance regarding the reliability
of the SPAC’s financial reporting and the preparation
of the financial statements included in the SPAC SEC Reports for external purposes in accordance with GAAP.
45
(g)
As of the date hereof, neither SPAC (including any employee thereof) nor, to SPAC’s Knowledge, SPAC’s independent
auditors, has identified or been made aware of (i) any significant deficiency or material weakness in the system of internal accounting
controls utilized by SPAC or (ii) any fraud, whether or not material, that involves SPAC’s management or other employees who have
a role in the preparation of financial statements or the internal accounting controls utilized by SPAC.
(h)
Since the IPO, (i) SPAC has not received any complaint, allegation, assertion or claim regarding the accounting or auditing
practices, procedures, methodologies or methods of SPAC or its internal accounting controls, including any such complaint, allegation,
assertion or claim that SPAC has engaged in questionable accounting or auditing practices and (ii) there have been no internal unresolved,
material investigations regarding accounting or revenue recognition discussed with, reviewed by or initiated at the direction of the chief
executive officer, chief financial officer, the board of directors of SPAC or any committee thereof.
Section
5.07 Absence
of Certain Changes. As of the date of this Agreement, the SPAC has, since the date of its formation, (a) conducted no business other
than its formation, the public offering of its securities (and the related private offerings), public reporting, its search for an initial
Business Combination as described in the IPO Prospectus (including the investigation of the Company and the negotiation and execution
of this Agreement) and related activities that are administrative and immaterial in nature, (b) not been subject to a SPAC Material Adverse
Effect and (c) not taken any action that would require the consent of the Company if taken after the date of this Agreement and prior
to the Closing pursuant to Section 6.03.
Section
5.08 Undisclosed
Liabilities. There is no Liability, debt or obligation of or claim or judgment against the SPAC (whether direct or indirect, absolute
or contingent, accrued or unaccrued, known or unknown, liquidated or unliquidated, or due or to become due), except for Liabilities and
obligations (a) reflected or reserved for in the most recent balance sheet included in the SPAC SEC Reports or disclosed in the notes
thereto, (b) that have arisen since the date of the most recent balance sheet included in the SPAC SEC Reports in the ordinary course
of business of SPAC (none of which is a Liability for breach of contract, breach of warranty, tort, infringement or violation of Law),
(c) incurred in connection with the Transactions, (d) that constitute SPAC Transaction Costs or (e) which would not be, or would not reasonably
be expected to be, individually or in the aggregate, material to the SPAC.
Section
5.09 Compliance
with Laws. The SPAC is, and has since its formation been, in material compliance with all Laws applicable to it and the conduct of
its business. Since the date of incorporation of the SPAC, the SPAC has not received written notice alleging any material violation by
the SPAC of any applicable Law, Order or Permit, and, to the Knowledge of the SPAC, no charge, claim, assertion or Legal Proceeding alleging
any material violation by the SPAC of any applicable Law, Order or Permit is currently threatened in writing.
46
Section
5.10 Foreign Person Status. The SPAC is not a “foreign person” or a “foreign entity” and
is not controlled by a “foreign person,” as those terms are defined in the Defense Production Act of 1950, as amended
(“DPA”). The SPAC does not permit any foreign person affiliated with the SPAC, whether affiliated as a limited
partner or equivalent, to obtain through the SPAC as a result of that foreign person’s investment any of the following with
respect to the Company: (i) access to any “material nonpublic technical information” (as defined in the DPA) in the
possession of the Company; (ii) membership or observer rights on the Board of Directors or equivalent governing body of the Company
or the right to nominate an individual to a position on the Board of Directors or equivalent governing body of the Company; (iii)
any “involvement,” other than through the voting of shares, in the “substantive decisionmaking” of the
Company (as defined in the DPA) regarding (x) the use, development, acquisition, or release of any “critical technology”
(as defined in the DPA), (y) the use, development, acquisition, safekeeping, or release of “sensitive personal data” (as
defined in the DPA) of U.S. citizens maintained or collected by the Company, or (z) the management, operation, manufacture, or
supply of “covered investment critical infrastructure” (as defined in the DPA); or (iv) “control” of the
Company (as defined in the DPA).
Section
5.11 Legal
Proceedings; Orders; Permits. There is no pending, threatened in writing or, to the Knowledge of the SPAC, threatened verbally Legal
Proceeding to which the SPAC is subject which would reasonably be expected to have a SPAC Material Adverse Effect. There is no Legal Proceeding
that the SPAC has pending against any other Person. The SPAC is not subject to any Orders of any Governmental Authority, nor are any such
Orders pending. The SPAC holds all material Permits necessary to lawfully conduct its business as presently conducted, and to own, lease
and operate its assets and properties, all of which are in full force and effect, except where the failure to hold such Permit or for
such Permit to be in full force and effect would not reasonably be expected to have a SPAC Material Adverse Effect.
Section
5.12 Taxes
and Returns.
(a)
The SPAC (i) has filed, or caused to be filed, all income and other material Tax Returns required to be filed by it (taking
into account all valid extensions of time to file), and (ii) has paid, collected, withheld or remitted, or caused to be paid, collected,
withheld or remitted, all income and other material Taxes required to be paid, collected, withheld or remitted by it, whether or not such
Taxes are shown as due and payable on any Tax Return. The SPAC has complied in all material respects with all applicable Laws relating
to Tax.
(b)
There is no Legal Proceeding currently pending or, to the Knowledge of the SPAC, threatened against the SPAC by a Governmental
Authority in a jurisdiction where SPAC does not file any Tax Returns or a particular type of Tax Return or pays any Tax or a particular
type of Tax that it is or may be subject to such Tax or required to file such Tax Return in that jurisdiction.
(c)
The SPAC has not received a written notification of any claim, assessment, audit, examination, investigation or other Legal
Proceeding that is pending, or to the Knowledge of the SPAC, threatened against the SPAC in respect of any Tax, and the SPAC has not been
notified in writing of any proposed Tax claim, deficiency or assessment against the SPAC. The SPAC is not currently contesting any material
Tax Liability before any Governmental Authority.
47
(d)
There are no Liens with respect to any Taxes upon any of the SPAC’s assets, other than Permitted Liens.
(e)
The SPAC has not requested or consented to any waivers or extensions of any applicable statute of limitations for the collection
or assessment of any Taxes, which waiver or extension (or request thereof) is outstanding or pending, other than as the result of automatic
extensions of time to file Tax Returns requested in the ordinary course of business.
(f)
The SPAC will not be required to include any material item of income in, or exclude any material item of deduction from,
taxable income for any taxable period (or portion thereof) beginning after the Closing Date, as a result of: (i) an installment sale or
open transaction disposition that occurred on or prior to the Closing Date; (ii) any change in method of accounting made prior to the
Closing, including by reason of the application of Section 481 of the Code (or any analogous provision of state, local or foreign Law)
or the use of an improper method of accounting on or prior to the Closing Date; (iii) any prepaid amounts received or deferred revenue
realized or received prior to the Closing; (iv) any intercompany transaction described in Treasury Regulations under Section 1502
of the Code (or any corresponding or similar provision of state, local or foreign Law) entered into prior to Closing; or (v) any “closing
agreement” pursuant to Section 7121 of the Code or any other agreement or arrangement with a Governmental Authority relating to
Taxes entered into prior to Closing.
(g)
The SPAC has not participated in or been a party to, or sold, distributed or otherwise promoted, any “reportable transaction,”
as defined in Treasury Regulations Section 1.6011-4.
(h)
The SPAC has not been a member of an affiliated, combined, consolidated, unitary or other group for Tax purposes. The SPAC
does not have any Liability or potential Liability for the Taxes of another Person (i) pursuant to Treasury Regulations Section 1.1502-6
(or any similar or corresponding provision of U.S. state or local Tax Law) or under any other applicable Tax Law, (ii) as a transferee
or successor, or (iii) by Contract, indemnity or otherwise (excluding customary commercial Contracts entered into in the ordinary course
of business the primary purpose of which is not the sharing of Taxes). The SPAC is not a party to or bound by any Tax indemnity agreement,
Tax sharing agreement or Tax allocation agreements or similar agreement, arrangement or practice (excluding customary commercial Contracts
entered into in the ordinary course of business the primary purpose of which is not the sharing of Taxes) with respect to Taxes.
(i)
The SPAC has not requested, and is not the subject of or bound by, any private letter ruling, technical advice memorandum,
closing agreement or similar ruling, memorandum or agreement with any Governmental Authority with respect to any Taxes, nor is any such
request pending or outstanding.
(j)
The SPAC has not knowingly taken any action, nor is it aware of any fact or circumstance, that would reasonably be expected
to prevent the Mergers from qualifying for the Intended Tax Treatments.
48
Section
5.13 Properties. The SPAC does not own, license or otherwise have any right, title or interest in any material Intellectual
Property. The SPAC does not own or lease any real property or material Personal Property.
Section
5.14 Investment
Company Act; JOBS Act. The SPAC is not an “investment company” or a Person directly or indirectly “controlled”
by or acting on behalf of an “investment company” or required to register as an “investment company”, in each
case within the meaning of the Investment Company Act of 1940, as amended. The SPAC constitutes an “emerging growth company”
within the meaning of the JOBS Act.
Section
5.15 Contracts.
Except as set forth in the Cayman SPAC Articles or publicly filed with the SEC, the SPAC is not subject to any agreement, commitment,
exclusive license, judgment, injunction, order or decree that prohibits or materially impairs, or could reasonably be expected to prohibit
or materially impair, its business practices, acquisitions of property or conduct of business.
Section
5.16 Trust Account. As of the date of this Agreement, the SPAC has at least $345,000,000 in the Trust Account
(including an aggregate of approximately $14,700,000 of deferred underwriting commissions and other fees being held in the Trust
Account (the “Deferred Underwriting Commissions”)), such monies held in cash or invested in United States
government securities or money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act
pursuant to the Investment Management Trust Agreement (the “Trust Agreement”), dated as of December 9, 2025,
between SPAC and the Continental Stock Transfer & Trust Company (“Continental”), as trustee (the
“Trustee”). There are no separate Contracts, side letters or other arrangements or understandings (whether
written or unwritten, express or implied) that would cause the description of the Trust Agreement in the SPAC SEC Reports to be
inaccurate or that would entitle any Person (other than (a) SPAC Shareholders who shall have properly elected to redeem their SPAC
Class A Ordinary Shares issued in the SPAC’s IPO pursuant to the Cayman SPAC Articles and (b) the underwriters of the IPO with
respect to deferred underwriting commissions) to any portion of the proceeds in the Trust Account. The SPAC has not released any
money from the Trust Account, and prior to the Closing, none of the funds held in the Trust Account may be released other than to
pay Taxes and payments with respect to the Redemption of SPAC Class A Ordinary Shares properly submitted in connection with a SPAC
Shareholder vote to amend the Cayman SPAC Articles to (A) modify the substance or timing of its obligation to allow redemption in
connection with its initial business combination or to redeem 100% of its SPAC Class A Ordinary Shares if it has not consummated an
initial business combination within the prescribed window or (B) with respect to any other material provisions related to SPAC
Shareholder rights or pre-initial business combination activity. The Trust Agreement has not been amended or modified and is a valid
and binding obligation of SPAC and is in full force and effect and is enforceable in accordance with its terms, subject to the
Enforceability Exceptions. There are no claims or proceedings pending or, to the Knowledge of SPAC, threatened in writing with
respect to the Trust Account. SPAC has performed all material obligations required to be performed by it to date under, and is not
in default, breach or delinquent in performance or any other respect (claimed or actual) in connection with, the Trust Agreement,
and no event has occurred which, with due notice or lapse of time or both, would constitute such a default or breach thereunder. As
of the Closing, the obligations of SPAC to dissolve or liquidate pursuant to the Cayman SPAC Articles shall terminate, and as of the
Closing, SPAC shall have no obligation whatsoever pursuant to the Cayman SPAC Articles to dissolve and liquidate the assets of SPAC
by reason of the consummation of the Transactions. To the Knowledge of SPAC, as of the date hereof, following the Closing, no SPAC
Shareholder shall be entitled to receive any amount from the Trust Account except to the extent such SPAC Shareholder is exercising
their option to redeem SPAC Class A Ordinary Shares in connection with the Redemption. As of the date hereof, assuming the accuracy
of the representations and warranties of the Company contained herein and the compliance by the Company with its obligations
hereunder, SPAC does not have any reason to believe that any of the conditions to the use of funds in the Trust Account will not be
satisfied or funds available in the Trust Account will not be available to SPAC on the Closing Date.
49
Section
5.17 Finders
and Brokers. Except as set forth in Section 5.17 of the SPAC Disclosure Letter, no broker, finder, investment banker or other
Person is entitled to, nor will be entitled to, either directly or indirectly, any brokerage fee, finders’ fee or other similar
commission, including any deferred underwriting commissions, in connection with the Transactions based upon arrangements made by the SPAC
or any of its Affiliates.
Section
5.18 Certain
Business Practices.
(a)
Neither the SPAC nor, to the Knowledge of the SPAC, any of its Representatives acting on behalf of the SPAC has unlawfully
offered, given, paid, promised to give or pay, or authorized the giving or payment of anything of value to (i) an official or employee
of a foreign or domestic Governmental Authority; (ii) a foreign or domestic political party or an official of a foreign or domestic political
party; (iii) a candidate for foreign or domestic political office; or (iv) any Person, in any such case under circumstances in which the
SPAC or such Representative knew, or reasonably would have known after due and proper inquiry, that all or a portion of such thing of
value would be offered, given, paid or promised to an official or employee of a foreign or domestic Governmental Authority, a foreign
or domestic political party, an official of a foreign or domestic political party or a candidate for foreign or domestic political office,
in each case in violation of any Anti-Bribery Law. Neither the SPAC nor, to the Knowledge of the SPAC, any of its Representatives acting
on behalf of the SPAC has directly or indirectly, in violation of applicable Law, offered, given, paid, promised to give or pay, or authorized
the giving or payment of anything of value to any customer, supplier or other Person who is or may be in a position to assist or hinder
the SPAC in connection with any actual or proposed transaction for the purpose of influencing any act or decision of such customer, supplier
or other Person to obtain or retain business or direct business to any Person. To the Knowledge of the SPAC, neither the SPAC nor any
of its Representatives has conducted or initiated any internal investigation or made any voluntary, directed or involuntary disclosure
to any Governmental Authority with respect to any alleged act or omission relating to noncompliance with any Anti-Bribery Law or received
any written notice, request or citation from any Governmental Authority for any actual or potential noncompliance with any Anti-Bribery
Law. The SPAC has instituted and maintains policies and procedures reasonably designed to ensure compliance in all material respects with
the Anti-Bribery Laws.
(b)
The operations of the SPAC are and have been conducted at all times in material compliance with applicable Sanctions Laws,
International Trade Laws and money laundering Laws in all applicable jurisdictions, and no Legal Proceeding involving the SPAC with
respect to any of the foregoing is pending, threatened in writing or, to the Knowledge of the SPAC, threatened verbally.
50
(c)
Neither the SPAC nor any of its directors or officers nor, to the Knowledge of the SPAC, any other Representative acting
on behalf of the SPAC is or has been: (i) identified on any applicable sanctions-related list of designated or blocked persons (including
the SDN List maintained by OFAC); (ii) otherwise the subject or target of any U.S. sanctions administered by OFAC; (iii) located, organized
or resident in any Sanctioned Jurisdiction; or (iv) owned, directly or indirectly, individually or in the aggregate, fifty percent (50%)
or more by any of the foregoing.
(d)
The SPAC has maintained in place and implemented controls and systems designed to ensure compliance with economic sanctions
administered and maintained by the U.S. government.
(e)
The SPAC has not directly or indirectly used any funds, or loaned, contributed or otherwise made available such funds to
any Subsidiary, joint venture partner or other Person, in connection with any sales or operations in a Sanctioned Jurisdiction or for
the purpose of financing the activities (x) of any Person currently the subject or target of U.S. sanctions administered by the U.S. government
or (y) in any other manner that would constitute a violation of any U.S. sanctions administered by the U.S. government.
Section
5.19 Information
Supplied. None of the information relating to the SPAC supplied or to be supplied by the SPAC, or by any other Person acting on behalf
of the SPAC, in writing expressly for inclusion in the Proxy Statement/Registration Statement will, as of the date the Proxy Statement/Registration
Statement (or any amendment or supplement thereto) is first mailed to the SPAC Shareholders, contain any untrue statement of material
fact or omit to state any material fact required to be stated therein or necessary to make the statement therein, in light of the circumstances
under which they are made, not misleading. Notwithstanding the foregoing, the SPAC makes no representation, warranty or covenant with
respect to any information supplied by or on behalf of the Company or its Affiliates.
Section
5.20 Independent Investigation. The SPAC has conducted its own independent investigation, review and analysis of
the business, results of operations, prospects, condition (financial or otherwise) and assets of the Company and acknowledges that
it has been provided adequate access to the personnel, properties, assets, premises, books and records and other documents and data
of the Company for such purpose. The SPAC acknowledges and agrees that: (a) in making its decision to enter into this Agreement and
consummate the Transactions, it has relied solely upon its own investigation and the express representations and warranties of the
Company expressly set forth in Article III (including the related portions of the Company Disclosure Letter), any certificate
delivered to the SPAC pursuant hereto and the information provided by or on behalf of the Company for the Proxy
Statement/Registration Statement; and (b) neither the Company nor any of its Representatives has made any representation or warranty
as to the Company or this Agreement, including with respect to the accuracy or completeness of any information provided to the SPAC
in the electronic data room, in any projections or otherwise, except as expressly set forth in Article III (including the
related portions of the Company Disclosure Letter) or in any certificate delivered to the SPAC pursuant hereto. The SPAC
specifically disclaims that it is relying upon or has relied upon any such other representation or warranty that may have been made
by any Person and acknowledges and agrees that the Company has specifically disclaimed any such other representation or warranty.
Without limiting the foregoing, the SPAC acknowledges that it and its advisors have made their own investigation of the Company and,
except as expressly provided in Article III (including the related portions of the Company Disclosure Letter) or in any
certificate delivered to the SPAC pursuant hereto, are not relying on any (x) representation or warranty whatsoever as to the
condition, merchantability, suitability or fitness for a particular purpose or trade of any asset of the Company, the prospects
(financial or otherwise) or the viability or likelihood of success of the business of the Company as conducted after the Closing or
(y) representation or warranty contained in any materials provided by the Company or any of its Affiliates or any of their
respective directors, officers, employees, equityholders, partners, members or representatives or otherwise.
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Section
5.21 Material
Contracts.
(a)
Other than this Agreement, the Ancillary Documents to which the SPAC is a party as of the date of this Agreement or such
other Ancillary Documents that the SPAC shall execute after the date of this Agreement and which are attached as exhibits hereto, and
any Contract disclosed in the SPAC SEC Reports at least one (1) Business Day prior to the date of this Agreement on the SEC’s website
through EDGAR, Section 5.21(a) of the SPAC Disclosure Letter sets forth a true, correct and complete list of all Contracts to which
the SPAC is a party or by which any of its properties or assets may be bound, subject or affected, which (i) creates or imposes a Liability
greater than $100,000, (ii) may not be canceled by the SPAC on less than thirty (30) days’ prior notice without payment of a material
penalty or termination fee, (iii) prohibits, prevents, restricts or impairs in any material respect any business practice of the SPAC
as its business is currently conducted, any acquisition of material property by the SPAC, or restricts in any material respect the ability
of the SPAC from entering into this Agreement or any Ancillary Document or consummating the Mergers and the other Transactions or (iv)
is otherwise material to the SPAC with respect to any individual Contract (each such Contract, a “SPAC Material Contract”).
All SPAC Material Contracts have been made available to the Company.
(b)
With respect to each SPAC Material Contract: (i) the SPAC Material Contract was entered into at arms’ length and in
the ordinary course of business; (ii) such SPAC Material Contract is legal, valid, binding and enforceable in all material respects against
the SPAC and, to the Knowledge of the SPAC, the other parties thereto, and is in full force and effect (except, in each case, as such
enforcement may be limited by the Enforceability Exceptions); (iii) the SPAC is not in breach or default in any material respect, and
no event has occurred that with the passage of time or giving of notice or both would constitute such a breach or default in any material
respect by the SPAC, or permit termination or acceleration by the other party, under such SPAC Material Contract; (iv) no party to a SPAC
Material Contract has given written notice of, threatened in writing or, to the Knowledge of the SPAC, verbally threatened any potential
exercise of termination rights with respect to any SPAC Material Contract; and (v) to the Knowledge of the SPAC, no other party to any
SPAC Material Contract is in breach or default in any material respect, and no event has occurred that with the passage of time or giving
of notice or both would constitute such a breach or default by such other party, or permit termination or acceleration by the SPAC under
any SPAC Material Contract.
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(c)
Section 5.21(c) of the SPAC Disclosure Letter sets forth a true, correct and complete list of the Contracts and
arrangements that are in existence as of the date of this Agreement under which there are any existing or future Liabilities or obligations
between the SPAC and any (a) present or former director, officer, employee, direct equityholder or Affiliate of the SPAC or (b) record
or beneficial owner of more than five percent (5%) of outstanding SPAC Securities as of the date of this Agreement.
Section
5.22 No
Additional Representations or Warranties. Except as provided in this Article V, neither the SPAC nor any of its Affiliates
or any of their respective directors, managers, officers, employees, stockholders, partners, members or representatives has made, or is
making, any representation or warranty whatsoever to the Company or its Affiliates, and no such party shall be liable in respect of the
accuracy or completeness of any information provided to the Company or its Affiliates. The SPAC hereby expressly disclaims any other representations
or warranties, whether implied or made by the SPAC or any of its Affiliates or any of their respective directors, managers, officers,
employees, equityholders, partners, members or representatives.
Article
VI
COVENANTS
Section
6.01 Access
and Information; Cooperation.
(a)
During the period from the date of this Agreement and continuing until the earlier of the termination of this Agreement in
accordance with Section 8.01 or the Closing (the “Interim Period”), subject to Section 6.17 and
confidentiality obligations that may be applicable to information furnished to the Company or any of its Subsidiaries by third
parties that may be in the Company’s or any of its Subsidiaries’ possession from time to time, the Company shall give,
and shall cause its Representatives to give, the SPAC and its Representatives, at reasonable times during normal business hours,
upon reasonable intervals and reasonable advance notice, reasonable access to offices and other facilities and to officers,
managers, properties, Contracts, agreements, commitments and books and records of the Company, and shall use its and their
commercially reasonable efforts to furnish SPAC and its Representatives with financial and operating data and other information
concerning the affairs of the Company that are in the possession of the Company, in each case as the SPAC or its Representatives may
reasonably request at SPAC’s sole cost and expense; provided, however, that the SPAC and its Representatives
shall conduct any such activities in such a manner as not to unreasonably interfere with the business or operations of the Company.
Notwithstanding the foregoing, the Company shall not be required to provide, or cause to be provided, to SPAC or any of its
Representatives any information (i) if and to the extent doing so would (A) violate any Law to which the Company is subject, (B)
result in the disclosure of any Trade Secrets of third parties in breach of any Contract with such third party, (C) violate any
legally-binding obligation of the Company with respect to confidentiality, non-disclosure or privacy, (D) jeopardize protections
afforded to the Company under the attorney-client privilege or the attorney work product doctrine or (E) result in the disclosure of
any information that would cause, in the reasonable judgment of the Company, significant competitive harm to the Company or its
Subsidiaries if the Transactions are not consummated (provided that, in the case of each of clauses (A) through (C), the
Company shall use commercially reasonable efforts to (x) provide such access as can be provided (or otherwise convey such
information regarding the applicable matter as can be conveyed) without violating such Contract, obligation or Law and (y) provide
such information in a manner without violating such Contract, obligation or Law), (ii) if the Company, on the one hand, and SPAC or
any of its Representatives, on the other hand, are adverse parties in a litigation and such information is reasonably pertinent
thereto, or (iii) if such information relates to interactions with prospective buyers of the Company or the negotiation of this
Agreement or the Transactions, including with respect to the consideration or valuation of the Mergers or any financial or strategic
alternatives thereto. For the avoidance of doubt, the SPAC or any of its Representatives shall not be permitted to perform any
environmental sampling at the properties of the Company, including any invasive, intrusive or subsurface sampling or testing of any
media without the prior written consent of the Company. For the avoidance of doubt, neither the Company nor any of its
Representatives shall be required to create any new report, analysis or other material in response to a request under this Section
6.01. All information obtained by the SPAC or its Representatives pursuant to this Section 6.01 shall be subject to the
Confidentiality Agreement.
53
(b)
During the Interim Period, subject to Section 6.17, the SPAC shall give, and shall cause its Representatives to give,
the Company and its Representatives, at reasonable times during normal business hours and upon reasonable intervals and reasonable advance
notice, reasonable access to all offices and other facilities and to all officers, directors, properties, Contracts, agreements, commitments
and existing books and records of the SPAC or its Subsidiaries, and shall use its and their commercially reasonable efforts to furnish
the Company and its Representatives with all financial and operating data and other information concerning the affairs of the SPAC and
its Subsidiaries that are in the possession or control of the SPAC or its Subsidiaries, in each case as the Company or its Representatives
may reasonably request at the Company’s sole cost and expense; provided, however, that the Company and its Representatives
shall conduct any such activities in such a manner as not to unreasonably interfere with the business or operations of the SPAC or any
of its Subsidiaries. Notwithstanding the foregoing, the SPAC shall not be required to provide, or cause to be provided, to the Company
or any of its Representatives any information (i) if and to the extent doing so would (A) violate any Law to which the SPAC is subject,
(B) violate any legally-binding obligation of the SPAC with respect to confidentiality, non-disclosure or privacy or (C) jeopardize protections
afforded to the SPAC under the attorney-client privilege or the attorney work product doctrine (provided that, in the case of each
of clauses (A) through (B), the SPAC shall use commercially reasonable efforts to (x) provide such access as can be provided (or otherwise
convey such information regarding the applicable matter as can be conveyed) without violating such Contract, obligation or Law and (y)
provide such information in a manner without violating such Contract, obligation or Law), or (ii) if the SPAC, on the one hand, and the
Company or any of its Representatives, on the other hand, are adverse parties in a litigation and such information is reasonably pertinent
thereto. All information obtained by the Company or its Representatives pursuant to this Section 6.01 shall be subject to the Confidentiality
Agreement.
(c)
During the Interim Period, each of the Company, the SPAC and Pubco shall, and shall cause its respective Representatives to,
reasonably cooperate in a timely manner in connection with any financing arrangement the Parties mutually agree to seek in
connection with the Transactions (including in connection with any PIPE Financing), including (i) by providing such information and
assistance as the other Party may reasonably request, (ii) granting such access to the other Party and its Representatives as may be
reasonably necessary for their due diligence, and (iii) participating in a reasonable number of meetings, presentations, road shows,
drafting sessions, due diligence sessions with respect to such financing efforts (including direct contact between senior management
and other Representatives of the Company at reasonable times and locations). All such cooperation, assistance and access shall be
granted during normal business hours and shall be granted under conditions that shall not unreasonably interfere with the business
and operations of the Company, the SPAC or Pubco, or their respective Representatives.
54
Section
6.02 Conduct
of Business of the Company.
(a)
During the Interim Period, except as expressly contemplated by this Agreement or the Ancillary Documents (including any
Permitted Interim Actions), as required by applicable Law or any Governmental Authority, as set forth on Section 6.02(a) of the
Company Disclosure Letter or as consented to in writing by the SPAC (such consent not to be unreasonably withheld, conditioned or delayed),
the Company shall use commercially reasonable efforts to (i) conduct its business, in all material respects, in the Company Ordinary
Course, (ii) maintain the existing relations and goodwill of the Company with the Company’s customers, suppliers, distributors and
creditors, and (iii) preserve intact, in all material respects, its business; provided that no action nor omission by the Company
with respect to any matter specifically addressed by any provision of Section 6.02(b) shall be deemed to constitute a breach of
this Section 6.02(a) unless such action or omission would constitute a breach of such applicable provision of Section 6.02(b).
(b)
Without limiting the generality of Section 6.02(a) and except as contemplated by the terms of this Agreement or the
Ancillary Documents (including any Permitted Interim Actions), as required by applicable Law or any Governmental Authority, or as set
forth on Section 6.02(b) of the Company Disclosure Letter, during the Interim Period, without the prior written consent of the
SPAC (such consent not to be unreasonably withheld, conditioned or delayed), the Company shall not:
(i)
amend, waive or otherwise change, in any material respect, its Organizational Documents;
(ii)
authorize for issuance, issue, grant, sell, pledge, dispose of or propose to issue, grant, sell, pledge or dispose of any
of its equity securities or any options, warrants, commitments, subscriptions or rights of any kind to acquire or sell any of its equity
securities, or other securities, including any securities convertible into or exchangeable for any of its units or other equity securities
or securities of any class and any other equity-based awards, or engage in any hedging transaction with a third Person with respect to
such securities, except in compliance with existing Company Benefit Plans or any Contract (including any warrant, option, or profits interest
award) outstanding as of the date hereof or amended in compliance with this Section 6.02(b);
(iii)
split, combine, recapitalize or reclassify any of its Company Units or other equity interests or issue any other securities in
respect thereof or pay or set aside any dividend or other distribution (whether in cash, equity or property or any combination
thereof) in respect of its equity interests, or directly or indirectly redeem, purchase or otherwise acquire or offer to acquire any
of its securities, except as may be required or permitted (A) pursuant to the Company Operating Agreement or the Organizational
Documents of the Company, or (B) pursuant to the terms of any warrant, option or profits interest award outstanding as of the date
hereof;
55
(iv)
incur, create, assume or otherwise become liable for any additional Indebtedness (directly, contingently or otherwise) for
borrowed money in excess of $10,000,000 (in the aggregate);
(v)
except as otherwise required by Company Benefit Plans or award agreements thereunder in effect on the date hereof, (A) grant
any severance, retention, change in control or termination or similar pay or benefits, (B) terminate, adopt, enter into or materially
amend or modify any Company Benefit Plan or any plan, policy, practice, program, agreement or other arrangement that would be deemed a
Company Benefit Plan as of the date hereof except as contemplated by this Agreement, (C) increase the cash compensation or bonus opportunity
of any employee, officer, director or other individual service provider whose annual compensation exceeds $400,000, (D) take any action
to materially amend or waive any performance or vesting criteria or to accelerate the time of payment or vesting of any compensation or
benefit payable by the Company other than as provided under this Agreement, (E) hire or engage any new employee or individual or single-member
entity independent contractor if such new employee or individual or single-member entity independent contractor will receive annual base
wages or cash compensation in excess of $400,000, (F) terminate the employment or engagement of any employee or individual or single-member
entity independent contractor with an annual base cash compensation in excess of $400,000 other than for cause or due to permanent disability,
or (G) enter into any written waiver of any restrictive covenants applying to any current or former employee or individual or single-member
entity independent contractor;
(vi)
enter into or amend or extend any collective bargaining agreement or similar labor agreement, or recognize or certify any
labor union, labor organization, or group of employees of the Company as the bargaining representative for any employees of the Company;
(vii)
(A) make, change or rescind any material election relating to Taxes, (B) commence, settle or compromise any claim,
suit, litigation, proceeding, arbitration, investigation, audit, controversy or other Legal Proceeding relating to a material amount of
Taxes, (C) file any amended income Tax or other material Tax Return, (D) waive or extend any statute of limitations in respect of a period
within which an assessment or reassessment of income Taxes or other material Taxes may be issued or in respect of any income Taxes or
other material Tax attribute that would give rise to any claim or assessment of Taxes of or with respect to the Company, (E) enter into
any closing agreement as described in Section 7121 of the Code or any other agreement or arrangement with any Governmental Authority,
(F) enter into any Tax indemnity agreement, Tax sharing agreement or Tax allocation agreement or similar agreement, arrangement or practice
(excluding customary commercial Contracts entered into in the ordinary course of business the primary purpose of which is not the sharing
of Taxes) with respect to Taxes, or (G) fail to pay any material amount of Taxes when due;
56
(viii)
knowingly take any action, or knowingly fail to take any action, where such action or failure to act would reasonably be
expected to prevent the relevant portions of the Mergers from qualifying for the Intended Tax Treatments;
(ix)
transfer, sell, assign, 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 in or to any material Owned Intellectual Property,
or otherwise amend or modify, permit to lapse or fail to preserve any material Company Registered IP (except where the Company has reasonably
determined that a decision to not continue to prosecute an item of Company Registered IP is in the best interests of the Company), or
disclose, divulge, furnish to or make accessible to any Person who has not entered into a confidentiality agreement sufficiently protecting
the confidentiality thereof any Trade Secrets constituting Owned Intellectual Property;
(x)
terminate or assign any Company Material Contract or any material Company Real Property Lease or enter into any Contract
that would be a Company Material Contract or material Company Real Property Lease, in any case outside of the Company Ordinary Course;
(xi)
enter into any new line of business or establish any Subsidiary in connection therewith;
(xii)
fail to use commercially reasonable efforts to keep in force Insurance Policies or replacement or revised policies providing
insurance coverage with respect to its assets, operations and activities in such amount and scope of coverage substantially similar to
that which is currently in effect, or terminate without replacement or amend in a manner materially detrimental to the Company, any material
insurance policy insuring the Company;
(xiii)
make any material change in accounting methods, principles or practices, except to the extent required to comply with GAAP
or applicable Law or changes that are made in accordance with PCAOB standards;
(xiv)
waive, release, assign, settle or compromise any claim, action or proceeding (including any suit, action, claim, proceeding
or investigation relating to this Agreement or the Transactions), other than waivers, releases, assignments, settlements or compromises
that involve only the payment of monetary damages (and not the imposition of equitable relief on, or the admission of wrongdoing by, the
Company or its Affiliates) not in excess of $300,000 (individually or in the aggregate);
(xv)
effect any mass layoff or plant closing at any of its facilities that triggers the notice obligations under the Worker Adjustment
and Retraining Notification Act of 1988;
(xvi)
acquire, including by merger, consolidation, acquisition of equity interests or assets, or any other form of business combination,
any corporation, partnership, limited liability company, other business organization or any division thereof, or any material amount
of assets, in each case, outside the Company Ordinary Course, except pursuant to any Contract in existence as of the date hereof
which has been disclosed in writing or in the data room to the SPAC;
57
(xvii)
make any capital expenditures outside of the Company Ordinary Course in excess of $1,000,000 in the aggregate;
(xviii)
adopt a plan of complete or partial liquidation, dissolution, merger, consolidation, restructuring or other reorganization;
(xix)
sell, lease, license, transfer, exchange or swap, mortgage or otherwise pledge or encumber (including securitizations),
or otherwise dispose of any material portion of its tangible properties, assets or rights;
(xx)
enter into any written agreement, understanding or arrangement with respect to the voting of equity securities of the Company;
(xxi)
enter into, amend, waive or terminate (other than terminations in accordance with their terms) any transaction with any
Related Person (other than compensation and benefits and advancement of expenses, in each case, provided in the Company Ordinary Course);
(xxii)
(A) limit the right of the Company 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 of clause
(A) and (B), 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 business of the Company;
(xxiii)
enter into, amend, supplement, terminate, or consummate any agreement, arrangement, or transaction relating to the issuance,
sale, or placement of any debt or equity securities (including, for the avoidance of doubt, any PIPE financing, SAFE, convertible note,
or similar financing or investment arrangement), or otherwise obtain or agree to obtain any funding or financing; or
(xxiv)
authorize or agree to do any of the foregoing actions.
Notwithstanding the foregoing, nothing contained
in this Agreement will give the SPAC, directly or indirectly, rights to control or direct the business or operations of the Company prior
to the Closing. Prior to the Closing, the Company shall exercise, consistent with the terms and conditions of this Agreement and subject
to the SPAC’s rights set forth herein, complete control and supervision over its business, assets and operations.
(c)
Notwithstanding anything to the contrary in this Section 6.02, the Company may, without the prior written consent
of SPAC, take, authorize, negotiate, enter into, perform and consummate any Permitted Interim Action and any action reasonably necessary
or incidental thereto. No such action shall constitute a breach of this Section 6.02 or be deemed outside the Company Ordinary
Course.
58
Section
6.03 Conduct of Business of the SPAC.
(a)
During the Interim Period, except as expressly contemplated by this Agreement or the Ancillary Documents, as required by
applicable Law or any Governmental Authority, or as consented to in writing by the Company (such consent not to be unreasonably withheld,
conditioned or delayed), the SPAC, Pubco and each of the Merger Subs shall use their respective commercially reasonable efforts to (i)
conduct their respective businesses, in all material respects, in the ordinary course of business, and (ii) preserve intact, in all material
respects, their respective businesses. Notwithstanding anything to the contrary in this Section 6.03, the SPAC may extend, in accordance
with the Cayman SPAC Articles and the IPO Prospectus, the deadline by which it must complete its Business Combination (an “Extension”).
(b)
Without limiting the generality of Section 6.03(a) and except as contemplated by the terms of this Agreement or the
Ancillary Documents (including as contemplated by any PIPE Financing or the Mergers), as required by applicable Law or any Governmental
Authority, during the Interim Period, without the prior written consent of the Company (such consent not to be unreasonably withheld,
conditioned or delayed), the SPAC, Pubco and the Merger Subs, as applicable, shall not:
(i)
amend, modify or waive any provision of the respective Organizational Documents of the SPAC, Pubco or either Merger Sub,
except for amendments, modifications or waivers expressly contemplated by this Agreement, including the Conversion and the adoption of
the Amended Pubco Charter;
(ii)
authorize for issuance, issue, grant, sell, pledge, dispose of or propose to issue, grant, sell, pledge or dispose of any
of its equity securities or any options, warrants, commitments, subscriptions or rights of any kind to acquire or sell any of its equity
securities, or other securities, including any securities convertible into or exchangeable for any of its units or other equity securities
or securities of any class and any other equity-based awards, or engage in any hedging transaction with a third Person with respect to
such securities;
(iii)
split, combine, recapitalize or reclassify any of its shares or other equity interests or issue any other securities in
respect thereof or pay or set aside any dividend or other distribution (whether in cash, equity or property or any combination thereof)
in respect of its shares or other equity interests, or directly or indirectly redeem, purchase or otherwise acquire or offer to acquire
any of its securities;
(iv)
except for (A) loans made by the Sponsor or its Affiliates to SPAC for working capital expenses of SPAC in an aggregate principal
amount not to exceed $1,500,000, which loans shall, at the election of the Sponsor, be repaid at the Closing either (1) in cash or
(2) by converting the outstanding principal amount of such loans into private placement warrants of the SPAC issued to the Sponsor
or the applicable lending Affiliate, effective at the Closing, with each such warrant valued at $1.00 for purposes of such
conversion and otherwise having the same terms as the SPAC Warrants issued upon conversion of the SPAC Private Warrants, and (B)
indebtedness incurred in the ordinary course of business, incur any indebtedness for borrowed money or guarantee any such
indebtedness of another person or persons, issue or sell any debt securities or options, warrants, calls or other rights to acquire
any debt securities of the SPAC, as applicable, enter into any “keep well” or other agreement to maintain any financial
statement condition or enter into any arrangement having the economic effect of any of the foregoing;
59
(v)
(A) make, change or rescind any material election relating to Taxes, (B) commence, settle or compromise any claim,
suit, litigation, proceeding, arbitration, investigation, audit, controversy or other Legal Proceeding relating to a material amount of
Taxes, (C) file any amended income Tax or other material Tax Return, (D) surrender or allow to expire any right to claim a refund of a
material amount of Taxes, (E) waive or extend any statute of limitations in respect of a period within which an assessment or reassessment
of income Taxes or other material Taxes may be issued or in respect of any income Taxes or other material Tax attribute that would give
rise to any claim or assessment of Taxes of or with respect to the SPAC, (F) enter into any closing agreement as described in Section
7121 of the Code or any other agreement or arrangement with any Governmental Authority, (G) enter into any Tax indemnity agreement, Tax
sharing agreement or Tax allocation agreement or similar agreement, arrangement or practice (excluding customary commercial Contracts
entered into in the ordinary course of business the primary purpose of which is not the sharing of Taxes) with respect to Taxes, or (H)
fail to pay any material amount of Taxes when due;
(vi)
knowingly take any action, or knowingly fail to take any action, where such action or failure to act could reasonably be
expected to prevent the relevant portions of the Mergers from qualifying for their respective Intended Tax Treatments;
(vii)
amend, waive or otherwise change the Trust Agreement;
(viii)
terminate, waive or assign any material right under any material Contract or any Contract with any broker, finder, financial
advisor or investment banker, or make any discretionary payments under any such Contract;
(ix)
enter into, amend, waive or terminate (other than terminations in accordance with their terms) any transaction with any
Related Person;
(x)
establish any Subsidiary;
(xi)
engage in any activities or business, other than activities or business (A) currently conducted by the SPAC as of the
date of this Agreement, (B) in connection with or incident to the SPAC’s organization, incorporation, or continuing corporate existence,
or (C) that are administrative and immaterial in nature;
(xii)
fail to use commercially reasonable efforts to keep in force insurance policies or replacement or revised policies providing
insurance coverage with respect to its assets, operations and activities in such amount and scope of coverage substantially similar to
that which is currently in effect;
60
(xiii)
make any material change in accounting methods, principles or practices, except to the extent required to comply with GAAP,
applicable Law or PCAOB standards;
(xiv)
waive, release, assign, settle or compromise any claim, action or proceeding (including any suit, action, claim, proceeding
or investigation relating to this Agreement or the Transactions), other than waivers, releases, assignments, settlements or compromises
that involve only the payment of monetary damages (and not the imposition of equitable relief on, or the admission of wrongdoing by, the
SPAC or the SPAC Parties) not in excess of $300,000 (individually or in the aggregate);
(xv)
acquire or dispose, including by merger, consolidation, acquisition of equity interests or assets, or any other form of
business combination, any corporation, partnership, limited liability company, other business organization or any division thereof, or
any material amount of assets;
(xvi)
make capital expenditures (excluding for the avoidance of doubt, incurring any ordinary course administrative costs and
expenses);
(xvii)
adopt a plan of complete or partial liquidation, dissolution, merger, consolidation, restructuring, recapitalization or
other reorganization (other than with respect to the Transactions);
(xviii)
except for such Indebtedness as is necessary to amend the SPAC’s Organizational Documents to extend the period to
consummate an initial business combination of the SPAC set forth in the SPAC’s Organizational Documents and loans made by the Sponsor
or its Affiliates to SPAC for working capital expenses of the SPAC to the extent permitted pursuant to Section 6.03(b)(iv), voluntarily
incur any Liability or obligation (whether absolute, accrued, contingent or otherwise) in excess of $300,000 individually or $1,000,000
in the aggregate (excluding the incurrence of any ordinary course administrative costs and expenses incurred in connection with the consummation
of Transactions, including legal or accounting (including any PIPE Financing)) other than pursuant to the terms of a Contract in existence
as of the date of this Agreement or entered into in the ordinary course of business or in accordance with the terms of this Section
6.03 during the Interim Period;
(xix)
sell, lease, license, transfer, exchange or swap, mortgage or otherwise pledge or encumber (including securitizations),
or otherwise dispose of any material portion of its tangible properties, assets or rights;
(xx)
hire, grant or establish any form of compensation or benefits to any current or former employee, officer, director, individual
independent contractor or other individual service provider;
61
(xxi)
take any action, or fail to take any action, that would reasonably be expected to jeopardize or adversely affect the ability of the
SPAC to satisfy the continued listing requirements of the Applicable Exchange through the Closing or Pubco to satisfy the initial
listing requirements of the Applicable Exchange with respect to Pubco Common Stock and Pubco Warrants as of the Closing; or
(xxii)
authorize or agree to do any of the foregoing actions.
Notwithstanding the foregoing, nothing contained
in this Agreement will give the Company, directly or indirectly, rights to control or direct the business or operations of the SPAC prior
to the Closing. Prior to the Closing, the SPAC shall exercise, consistent with the terms and conditions of this Agreement and subject
to the Company’s rights set forth herein, complete control and supervision over its business, assets and operations.
Section
6.04 Annual
and Interim Financial Statements. The Company shall promptly deliver to the SPAC and Pubco the reviewed balance sheet and statements
of operations, comprehensive loss, members’ equity and cash flows of the Company as of and for the six-month period ended June 30,
2026, complying in all material respects with the applicable accounting requirements and the rules and regulations of the SEC, the Exchange
Act and the Securities Act applicable to a registrant and reviewed in accordance with GAAP and PCAOB standards (including pro forma financial
information (the “Interim Company Financials”)); provided that, upon delivery of the Interim Company Financials,
such financials shall become Company Financials and the representations and warranties set forth in Section 3.06 shall be deemed
to apply to the Interim Company Financials as if made as of the date of delivery thereof and as of the Closing Date, mutatis mutandis,
subject to the Company’s right to deliver, together with the Interim Company Financials, updates to the Company Disclosure Letter
with respect to matters first reflected in or arising from the preparation or review of the Interim Company Financials (the “CDL
Updates”). In addition, as promptly as practicable following the end of each subsequent or other applicable financial statement
quarter end, but in any event no later than 60 days after the end of any such fiscal quarter (or, with respect to the fourth fiscal quarter,
no later than 90 days after the end of such fiscal quarter), the Company shall deliver to the SPAC and Pubco any other balance sheet and
statements of operations, comprehensive loss, members’ equity and cash flows of the Company that are required by applicable Law
to be included in the Registration Statement (including pro forma financial information), which will also be considered “Interim
Company Financials” hereunder; provided that, upon delivery of such Interim Company Financials, such financials shall become
Company Financials and the representations and warranties set forth in Section 3.06 shall be deemed to apply to such Interim Company
Financials as if made as of the date of delivery thereof and as of the Closing Date, mutatis mutandis, subject to the Company’s
right to deliver, together with the Interim Company Financials, the CDL Updates. Notwithstanding anything to the contrary in this Agreement,
each CDL Update shall be deemed to amend and supplement the Company Disclosure Letter for all purposes of this Agreement (and, with respect
to any matter existing as of the date of this Agreement, shall be deemed effective as of the date of this Agreement), and any inaccuracy
in or breach of any representation or warranty of the Company, whether made as of the date of this Agreement, the date of delivery of
the Interim Company Financials or the Closing Date, resulting from or relating to any matter fairly disclosed in such CDL Update shall
be deemed cured for all purposes of this Agreement, including for purposes of determining whether the conditions set forth in Section
7.03(a) have been satisfied, and shall not constitute a basis for termination pursuant to Section 8.01(f).
62
Section
6.05 SPAC Public Filings. During the Interim Period, the SPAC will keep current all of its public filings with the SEC
(after giving effect to all applicable extension periods) and otherwise comply in all material respects with applicable securities Laws
and shall use its reasonable best efforts prior to the Closing (a) to maintain the listing of the SPAC Class A Ordinary Shares and the
SPAC Public Warrants on the Applicable Exchange, (b) to take all actions necessary to continue to qualify as an “emerging growth
company” within the meaning of the JOBS Act and (c) not take any action that would cause the SPAC to not qualify as an “emerging
growth company” within the meaning of the JOBS Act; provided, that the Parties acknowledge and agree that (i) if SPAC fails
to timely file any public filing with the SEC, such failure shall not be a breach of this Section 6.05 provided such public filing
is made before the effectiveness of the Registration Statement or the earlier termination of this Agreement pursuant to Section 8.01(d)
(even though such filing is late) and such late filing does not have a material adverse impact on the consummation of the Transactions
and (ii) from and after the Closing, the Parties intend to list on the Applicable Exchange only the Pubco Common Stock and the Pubco
Warrants.
Section
6.06 Warrant
Agreement Amendment. At or prior to the Closing, SPAC and Pubco shall take all actions necessary or advisable, including entering
into an assignment, assumption and amendment agreement to the Warrant Agreement with the warrant agent (“Warrant Agreement Amendment”),
to provide that, subject to the Conversion and from and after the SPAC Merger Effective Time, each SPAC Public Warrant that is outstanding
immediately prior to the SPAC Merger Effective Time shall cease to represent a warrant to acquire SPAC Class A Ordinary Shares and shall
instead represent a warrant to acquire shares of Pubco Common Stock on substantially the same terms and conditions as applied to such
SPAC Public Warrant immediately prior to the Conversion.
Section
6.07 No
Solicitation.
(a)
For purposes of this Agreement, (i) an “Acquisition Proposal” means any bona fide inquiry, proposal or
offer, or any bona fide indication of interest in making an offer or proposal (whether written or oral), from any Person or group at any
time relating to an Alternative Transaction, and (ii) an “Alternative Transaction” means (A) with respect to the
Company, a transaction or a series of transactions concerning the sale or disposition (whether directly or indirectly) of (x) twenty percent
(20%) or more of the business or assets of the Company, or (y) twenty percent (20%) or more of any class of Company Units or other equity
interests of the Company, in any case, whether such transaction takes the form of a sale of Company Units or other equity interests, assets,
merger, consolidation, management Contract, share exchange, business combination, reorganization, recapitalization, liquidation, dissolution
or other similar transaction (other than with respect to any purchases of equity securities by the Company from employees of the Company),
and (B) with respect to the SPAC, Pubco or the Merger Subs, a transaction (other than the Transactions) concerning a business combination;
provided, that “Alternative Transaction” shall not include any Permitted Interim Actions.
63
(b) During the Interim
Period, in order to induce the other Parties to continue to commit to expend management time and financial resources in furtherance
of the Transactions, each of the Company, Pubco, the Merger Subs and SPAC shall not, and shall cause its Representatives not to,
without the prior written consent of the SPAC, in case of the Company, or the Company, in case of the SPAC, directly or indirectly,
(i) solicit, knowingly assist, initiate, engage or knowingly facilitate the making, submission or announcement of, or intentionally
encourage, any Acquisition Proposal, (ii) furnish any non-public information regarding such Party or its Affiliates or their
respective businesses, operations, assets, Liabilities, financial condition, prospects or employees to any Person or group (other
than a Party to this Agreement or their respective Representatives) in connection with or in response to an Acquisition Proposal,
(iii) engage or participate in discussions or negotiations with any Person or group with respect to, or that would reasonably be
expected to lead to, an Acquisition Proposal, (iv) approve, endorse or recommend, or publicly propose to approve, endorse or
recommend, any Acquisition Proposal, or (v) negotiate or enter into any letter of intent, agreement in principle, acquisition
agreement or other similar agreement related to any Acquisition Proposal; provided that nothing in this Section 6.07
shall restrict the Company from conducting any Permitted Interim Actions.
(c)
Each of the Company and SPAC shall notify the other Parties as promptly as practicable (and in any event within two (2)
Business Days) in writing of the receipt by such Party or any of its Representatives of any bona fide Acquisition Proposal, specifying
in each case, the material terms and conditions thereof (including a copy thereof if in writing or a written summary thereof if oral)
and the identity of the party making such Acquisition Proposal. Each of the Company and SPAC shall keep the others promptly informed of
any material developments with respect to any such Acquisition Proposal. During the Interim Period, each of the Company and SPAC shall,
and shall cause its Representatives to, immediately cease and cause to be terminated any solicitations, discussions or negotiations with
any Person with respect to any Acquisition Proposal and shall, and shall direct its Representatives to, cease and terminate any such solicitations,
discussions or negotiations.
Section
6.08 No
Trading. The Company acknowledges and agrees that it is aware (and each of its Representatives, upon receipt of any material nonpublic
information of the SPAC, will be advised) of the restrictions imposed by U.S. federal securities laws and the rules and regulations of
the SEC and the Applicable Exchange promulgated thereunder or otherwise (the “Federal Securities Laws”) and other applicable
foreign and domestic Laws on a Person possessing material nonpublic information about a publicly traded company. The Company hereby agrees
that, while it is in possession of such material nonpublic information, it shall not, and it shall instruct each of its controlled Affiliates
and Representatives that have received such information not to, purchase or sell any securities of the SPAC or Pubco, as applicable (unless
otherwise explicitly contemplated in this Agreement), communicate such information to any third party (other than to Persons to whom disclosure
is reasonably necessary in connection with the Transactions, including for purposes of obtaining any required Consent, and who are subject
to confidentiality obligations in favor of the Company or as required by applicable Law), take any other action with respect to SPAC or
Pubco in violation of such Laws, or cause or encourage any third party to do any of the foregoing.
Section
6.09 Notification of Certain Matters. During the Interim Period, each Party shall give prompt notice to the other Parties if
such Party or any of its controlled Affiliates: (a) receives any notice or other communication in writing from any third party (including
any Governmental Authority) alleging: (i) that the Consent of such third party is or may be required in connection with the Transactions
or (ii) any material non-compliance with any Law by such Party or any its controlled Affiliates; (b) receives any notice or other communication
from any Governmental Authority in connection with the Transactions; (c) becomes aware of any event between the date of this Agreement
and the Closing (or the earlier termination of this Agreement in accordance with Article VIII), the occurrence, or non-occurrence
of which causes or would reasonably be expected to cause any of the conditions set forth in Article VII to fail; or (d) becomes
aware of the commencement or threat, in writing, of any Legal Proceeding against such Party or any of its controlled Affiliates, or any
of their respective properties or assets, or, to the Knowledge of such Party, any officer, director, partner, member or manager, in his,
her or its capacity as such, of such Party or of its controlled Affiliates, in each case, with respect to the consummation of the Transactions.
In addition, the SPAC shall provide the Company with reasonably prompt written notice upon becoming aware of (A) the actual or anticipated
level of Redemptions, (B) the status of any Redemption mitigation efforts, and (C) any other matter that could reasonably affect whether
the Minimum Cash Condition will be satisfied at Closing. No such notice shall constitute an acknowledgement or admission by the Party
providing the notice regarding whether or not any of the conditions to the Closing have been satisfied or for purposes of determining
whether or not any of the representations, warranties or covenants contained in this Agreement have been breached. In the event that
any litigation related to this Agreement, any Ancillary Documents or the Transactions is brought, or, to the Knowledge of the Parties,
respectively, threatened, against such Party, or the board of directors (or similar governing body) of such Party or its Subsidiaries,
respectively, by a third party prior to the Closing, such Party shall promptly notify the other Party of any such litigation and keep
the other Party reasonably informed with respect to the status thereof. Each Party shall control the defense of any such litigation brought
against it or its governing body. Each Party shall provide the other Party the opportunity to participate in (subject to a customary
joint defense agreement) at the other Party’s sole cost and expense, the defense of any such litigation, shall give due consideration
to the other Party’s advice with respect to such litigation and shall not settle or agree to settle any such litigation without
the prior written consent of the other Party, such consent not to be unreasonably withheld, conditioned or delayed.
64
Section
6.10 Efforts.
(a)
Subject to the terms and conditions of this Agreement, each Party shall use its reasonable best efforts, and shall cooperate fully with
the other Parties, to take, or cause to be taken, all actions and to do, or cause to be done, all things reasonably necessary, proper
or advisable under applicable Laws and regulations to consummate the Transactions (including the receipt of all applicable Consents of
Governmental Authorities) and to comply as promptly as practicable with all requirements of Governmental Authorities applicable to the
Transactions.
(b)
In furtherance and not in limitation of Section 6.10(a), to the extent required under the HSR Act or any other Laws that are designed
to prohibit, restrict or regulate actions having the purpose or effect of monopolization or restraint of trade or lessening of competition
through merger or acquisition (collectively, “Antitrust Laws”), each Party hereto agrees to make any required filing
or application under Antitrust Laws, as applicable, with any fees or other amounts charged by any Governmental Authorities relating to
such filings or applications by the Company or the SPAC will be borne fifty percent (50%) by the Company as Company Transaction Costs
and fifty percent (50%) by the SPAC as SPAC Transaction Costs, with respect to the Transactions as promptly as practicable (but in any
event, with respect to any filings required under the HSR Act, within fifteen (15) Business Days after the PIPE Notice Date), to supply
as promptly as reasonably practicable any additional information and documentary material that may be requested pursuant to Antitrust
Laws and to take all other actions reasonably necessary, proper or advisable to cause the expiration or termination of the applicable
waiting periods under Antitrust Laws as soon as practicable, including by requesting early termination of the waiting period provided
for under the HSR Act or any other Antitrust Laws and obtaining any approval required under any other Antitrust Laws; provided,
that neither Party shall extend any waiting period under the HSR Act or comparable period under any other Antitrust Laws or enter into
any agreement with any Governmental Authority to so extend such waiting period or comparable period without the prior written consent
of the other Parties, which consent shall not be unreasonably withheld, conditioned or delayed. Each Party shall, in connection with
its efforts to obtain all requisite approvals and authorizations for the Transactions under any Antitrust Law, use its reasonable best
efforts to: (i) cooperate in all respects with each other Party or its Affiliates in connection with any filing or submission and in
connection with any investigation or other inquiry, including any proceeding initiated by a private Person; (ii) keep the other Parties
reasonably informed of any material communication received by such Party or its Representatives from, or given by such Party or its Representatives
to, any Governmental Authority and of any communication received or given in connection with any proceeding by a private Person, in each
case regarding any of the Transactions; (iii) permit a Representative of the other Parties and their respective outside counsel to review
any material communication given by it to, and consult with each other in advance of any meeting or conference with, any Governmental
Authority or, in connection with any proceeding by a private Person, with any other Person, and unless prohibited by such Governmental
Authority or other Person, give a Representative or Representatives of the other Parties the opportunity to attend and participate in
such meetings and conferences; (iv) in the event a Party’s Representative is prohibited from participating in or attending any
meetings or conferences, the other Parties shall keep such Party promptly and reasonably apprised with respect thereto; and (v) use reasonable
best efforts to cooperate in the filing of any memoranda, white papers, filings, correspondence or other written communications explaining
or defending the Transactions, articulating any regulatory or competitive argument, and/or responding to requests or objections made
by any Governmental Authority. The Parties agree that any written materials of such Party (including without limitation any notification
and report forms filed under the HSR Act concerning the Transactions) may be redacted or disclosed for outside counsel only, as necessary
to comply with contractual arrangements and as necessary to address reasonable privilege or confidentiality concerns, in each event prior
to sharing such materials with another Party.
65
(c)
As soon as reasonably practicable following the date of this Agreement, the Parties shall reasonably cooperate with each other and use
(and shall direct their respective Affiliates to use) their respective reasonable best efforts to prepare and file with Governmental
Authorities any notices or requests for approval, to the extent required, of the Transactions and shall use their reasonable best efforts
to have such Governmental Authorities approve the Transactions, as applicable. Each Party shall give prompt written notice to the other
Parties if such Party or any of its Representatives receives any notice from such Governmental Authorities in connection with the Transactions
and shall promptly furnish the other Parties with a copy of such Governmental Authority notice. If any objections are asserted with respect
to the Transactions under any applicable Law, the Parties shall use their reasonable best efforts to resolve any such objections so as
to timely permit consummation of the Transactions on or before the Outside Date. Notwithstanding the foregoing, nothing in this Agreement,
including this Section 6.10, requires a Party or any of its Affiliates to (i) propose, negotiate, commit to or effect, by consent
decree, hold separate order, or otherwise, the sale, divestiture, license or other disposition of any assets or businesses of the SPAC,
the Company, or any of their respective Affiliates; (ii) otherwise take or commit to take any actions that after the Closing Date would
limit such Party’s or its Affiliates’ freedom of action with respect to, or its ability to retain, one or more of its businesses,
product lines or assets, or to avoid the entry of, or to effect the dissolution of, any injunction, temporary restraining order or other
legal requirement in any suit or other Legal Proceeding; (iii) propose, accept, agree to, or effect any requirements, restrictions
or limitations on the conduct of the business of the SPAC, the Company, or any of their respective Affiliates; or (iv) pursue, commence,
defend, or otherwise engage in any Legal Proceeding against any Governmental Authority or other Person.
(d)
Prior to the Closing, each Party shall use its reasonable best efforts to obtain any Consents of Governmental Authorities or other third
Persons as may be necessary for the consummation by such Party or its Affiliates of the Transactions or required as a result of the execution
or performance of, or consummation of the Transactions by such Party or its Affiliates, and the other Parties shall provide reasonable
cooperation in connection with such efforts.
Section
6.11 Trust Account. Upon satisfaction or waiver of the conditions set forth in Article VII and provision of notice thereof
to the Trustee (which notice SPAC shall provide to the Trustee in accordance with the terms of the Trust Agreement), (a) in accordance
with and pursuant to the Trust Agreement, SPAC (i) shall cause any documents, opinions and notices required to be delivered to the Trustee
pursuant to the Trust Agreement to be so delivered and (ii) shall use its reasonable best efforts to cause the Trustee to, and the Trustee
shall thereupon be obligated to (A) pay as and when due all amounts payable to the SPAC Shareholders pursuant to the Redemption, (B)
pay the amounts due to the underwriters of SPAC’s IPO for their deferred underwriting commissions as set forth in the Trust Agreement,
(C) pay the amounts due in respect of working capital loans or other unpaid SPAC Liabilities, (D) release all remaining amounts then
available in the Trust Account to SPAC, Pubco or their designees, for immediate use in connection
with the Closing, including the payment of SPAC Transaction Costs and Company Transaction Costs and
the funding of Pubco and its Subsidiaries following the Closing, and (E) pay all income tax or other tax obligations of SPAC prior
to the Closing, and (b) thereafter, the Trust Account shall terminate, except as expressly provided in the Trust Agreement. The SPAC
and Pubco shall structure the funds flow for the Closing so that, after giving effect to the Redemption, the release of funds from the
Trust Account, any PIPE Financing, the payment of SPAC Transaction Costs and CF Company Transaction Costs, and any other deductions expressly
agreed by SPAC and the Company, Available Closing Cash is not less than Forty Million Dollars ($40,000,000).
Section
6.12 Tax Matters.
(a)
The Parties hereby agree and acknowledge that, for U.S. federal, and applicable state and local, income Tax purposes, it is intended
that the relevant portions of the Mergers qualify for their respective Intended Tax Treatments, and that this Agreement constitutes,
and hereby is adopted as, a plan of reorganization within the meaning of Treasury Regulations Sections 1.368-2(g) and 1.368-3(a) for
purposes of Sections 354, 361 and 368 of the Code and the Treasury Regulations promulgated thereunder. No Party shall knowingly take
or knowingly cause to be taken, or knowingly fail to take or knowingly cause to be failed to be taken, any action, if such action or
failure to act, as the case may be, would reasonably be expected to prevent or impede the relevant portions of the Mergers from qualifying
for their respective Intended Tax Treatments. The Parties hereby agree to file all Tax Returns on a basis consistent with the Intended
Tax Treatments unless otherwise required pursuant to a determination within the meaning of Section 1313(a) of the Code or a change in
applicable Law. Each Party agrees to use reasonable best efforts to promptly notify all other Parties of any challenge to the qualification
of any relevant portion of the Transactions for its Intended Tax Treatment by any Governmental Authority.
66
(b)
Notwithstanding anything to the contrary herein, if the SEC requires that a Tax opinion be prepared and submitted in connection with
the Proxy Statement/Registration Statement and any other filings to be made with the SEC in connection with the Mergers, whether as an
exhibit to the Proxy Statement/Registration Statement or otherwise, and if such a Tax opinion is being provided by Tax counsel, the Parties
hereto shall, and shall cause their Affiliates to, (i) reasonably cooperate and use reasonable best efforts in order to facilitate the
issuance of any such Tax opinion and (ii) deliver to such counsel, to the extent requested by such counsel, a duly executed certificate
reasonably satisfactory to such Party and such counsel dated as of the date requested by such counsel, containing such customary representations,
warranties and covenants as shall be reasonably necessary or appropriate to enable such counsel to render any such opinion; provided,
that, notwithstanding anything herein to the contrary, nothing in this Agreement shall require (x) any counsel to the Company or its
advisors to provide an opinion with respect to any Tax matters relating to or affecting the SPAC or the SPAC Shareholders, including
that the relevant portions of the Mergers qualify for their respective Intended Tax Treatments, or (y) any counsel to the SPAC or its
advisors to provide an opinion with respect to any Tax matters relating to or affecting the Company or the holders or beneficial owners
of Company Securities, including that the relevant portions of the Mergers qualify for their respective Intended Tax Treatments; provided,
further, that neither this provision nor any other provision in this Agreement shall require the provision of a Tax opinion by any Party’s
counsel or advisors to be an express condition precedent to the Closing.
(c)
All transfer, documentary, sales, use, stamp, registration, excise, recording, value added and other such similar Taxes and fees (including
any penalties and interest) (the “Transfer Taxes”) that become payable in connection with or by reason of (i) the
Company Merger shall be borne and paid by the Company and (ii) the Conversion, SPAC Merger and Redemption (including, for the avoidance
of doubt, any Taxes pursuant to Section 4501 of the Code in connection with the Redemption) shall be borne and paid by the SPAC. The
Party responsible pursuant to the foregoing sentence shall, at its own expense, timely file all necessary Tax Returns or other documentation
with respect to such Transfer Taxes, and, if required by applicable Law, the other Parties shall join in the execution of any such Tax
Returns or other documentation.
(d)
Sellers shall have the right to control the conduct and settlement of any Legal Proceeding relating to income Taxes of the Company attributable
to any taxable period ending on or before the Closing Date; provided, however, without the prior written consent of the Pubco, which
consent shall not be unreasonably withheld, conditioned or delayed, the Sellers shall not compromise or settle any such Legal Proceeding
in such manner that would reasonably be expected to have a material adverse effect on Pubco.
(e)
The SPAC and the Company shall terminate or cause to be terminated any and all Tax sharing, allocation, indemnification or similar agreements,
arrangements or undertakings to which the Company or the SPAC, as applicable, are a party, are bound by or have an obligation thereunder
(other than customary commercial agreements entered into in the ordinary course of business the primary purpose of which is not the sharing
of Taxes) in effect, whether written or unwritten, on the Closing Date for any Tax liability of another Person, regardless of the period
in which such Tax liability arises, and there shall be no continuing obligation for the Company or the SPAC, as applicable, to make any
payments under any such agreements, arrangements or undertakings.
67
(f)
Following the Closing Date, Pubco shall reasonably cooperate with (i) the shareholders and other beneficial owners of the SPAC prior
to the Closing Date to make available to any such shareholder or other beneficial owner who so requests in writing information reasonably
necessary for such shareholder (or its direct or indirect owners) or other beneficial owner to compute any income or gain arising (A)
if applicable, as a result of the SPAC’s status as a “passive foreign investment company” within the meaning of Section
1297(a) of the Code or a “controlled foreign corporation” within the meaning of Section 957(a) of the Code for any taxable
period ending on or prior to the Closing Date, including timely (x) publicly posting a PFIC Annual Information Statement to enable such
holders to make a “Qualifying Electing Fund” election under Section 1295 of the Code for such taxable period, and (y) providing
information to enable applicable holders to report their allocable share of “subpart F” income under Section 951 of the Code
for such taxable period, and (B) under Section 367(b) of the Code and the Treasury Regulations promulgated thereunder as a result of
the Conversion or Mergers or other transactions contemplated by this Agreement, and (ii) the Sellers to furnish or cause to be furnished,
upon written request, as promptly as practicable, such information and cooperation relating to Taxes, including access to books and records,
as is reasonably necessary for the filing of all Tax Returns or the preparation for any audit by any Tax authority and the prosecution
or defense of any claim, suit or proceeding relating to any Tax.
(g)
At or prior to the Closing, if each Seller and holder or beneficial owner of Company Securities is a U.S. Person, each such Seller or
holder shall deliver to Pubco a duly executed IRS Form W-9.
(h)
None of the Parties shall take any action, or engage in any transaction, that would result in the liquidation of the SPAC for U.S. federal
income tax purposes in the taxable year including the Closing Date and the following two subsequent taxable years.
Section
6.13 Further Assurances. The Parties hereto shall further cooperate with each other and use their respective commercially reasonable
efforts to take or cause to be taken all actions, and do or cause to be done all things, necessary, proper or advisable on their part
under this Agreement and applicable Laws to consummate the Transactions as soon as reasonably practicable, including preparing and filing
as soon as practicable all documentation to effect all necessary notices, reports and other filings and to otherwise effect, consummate,
confirm or evidence the Transactions and carry out the purposes of this Agreement.
68
Section
6.14 The Preparation of Proxy Statement/Registration Statement; Shareholders’ Meeting and Approvals.
(a)
Registration Statement and Prospectus.
(i)
As promptly as practicable after the PIPE Notice Date, (A) the SPAC, Pubco and the Company shall jointly prepare mutually acceptable
materials (such agreement not to be unreasonably withheld, conditioned or delayed by the SPAC or the Company) that shall include the
proxy statement to be filed with the SEC as part of the Registration Statement and sent to the SPAC Shareholders relating to the SPAC
Shareholders’ Meeting (such proxy statement, together with any amendments or supplements thereto, the “Proxy Statement”),
and (B) Pubco shall prepare (with the reasonable cooperation of the SPAC, the Company and their respective Representatives) and file
with the SEC the Registration Statement, in which the Proxy Statement will be included as a prospectus (the “Proxy Statement/Registration
Statement”), in connection with the registration under the Securities Act of the shares of Pubco Common Stock and Pubco Warrants
issuable or assumed in connection with the Mergers and, if applicable, the shares of Pubco Common Stock issuable upon exercise of such
Pubco Warrants (collectively, the “Registration Statement Securities”). The filing fees payable to the SEC in connection
with the Proxy Statement/Registration Statement will be paid entirely by the SPAC as SPAC Transaction Costs. Each of the SPAC and the
Company shall use its reasonable best efforts to cause the Proxy Statement/Registration Statement to comply with the rules and regulations
promulgated by the SEC in all material respects, to have the Registration Statement declared effective under the Securities Act as promptly
as practicable after such filing and to keep the Registration Statement effective for so long as is necessary to consummate the Transactions.
Pubco, with the reasonable cooperation of the SPAC and the Company, also agrees to use its reasonable best efforts to obtain all necessary
state securities Law or “blue sky” permits and approvals required to carry out the Transactions, and the Company shall furnish
all information concerning the Company and any of its members as may be reasonably requested in connection with any such action. Each
of the SPAC, Pubco and the Company agrees to furnish to the other Parties all information concerning itself, its Subsidiaries, officers,
directors, managers, stockholders and other equityholders and information regarding such other matters as may be reasonably necessary
or advisable or as may be reasonably requested in connection with the Proxy Statement/Registration Statement, a current report on Form
8-K pursuant to the Exchange Act in connection with the Transactions or any other statement, filing, notice or application made by or
on behalf of the SPAC, Pubco or the Company to any regulatory authority (including the Applicable Exchange) in connection with the Transactions
(the “Offer Documents”). All documents that the Company is responsible for filing with the SEC in connection with
the Transactions shall comply as to form and substance in all material respects with the applicable requirements of the Securities Act
and the Exchange Act.
(ii)
To the extent not prohibited by Law, Pubco and the SPAC will advise the Company, reasonably promptly after Pubco or the SPAC receives
notice thereof, of the time when the Proxy Statement/Registration Statement has become effective or any supplement or amendment has been
filed, of the issuance of any stop order or the suspension of the qualification of the Pubco Common Stock or Pubco Warrants for offering
or sale in any jurisdiction, of the initiation or written threat of any proceeding for any such purpose, or of any request by the SEC
for the amendment or supplement of the Proxy Statement/Registration Statement or for additional information. To the extent not prohibited
by Law, the Company and its counsel shall be given a reasonable opportunity to review and comment on the Proxy Statement/Registration
Statement and any Offer Document each time before any such document is filed with the SEC, and Pubco and the SPAC shall give reasonable
and good faith consideration to any comments made by the Company and its counsel. To the extent not prohibited by Law, Pubco and the
SPAC shall provide the Company and its counsel with (i) any comments or other communications, whether written or oral, that Pubco, the
SPAC or their respective counsel may receive from time to time from the SEC or its staff with respect to the Proxy Statement/Registration
Statement or Offer Documents promptly after receipt of those comments or other communications and (ii) a reasonable opportunity to participate
in the response to those comments and to provide comments on that response (to which reasonable and good faith consideration shall be
given), including by participating together with the Company or its counsel in any discussions or meetings with the SEC.
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(iii)
Each of the SPAC, Pubco and the Company shall use reasonable best efforts to ensure that none of the information supplied by or on its
behalf for inclusion or incorporation by reference in (A) the Proxy Statement/Registration Statement will, at the time the Proxy Statement/Registration
Statement is filed with the SEC, at each time at which it is amended and at the time it becomes effective under the Securities Act, contain
any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements
therein, not misleading or (B) the Proxy Statement will, at the date it is first mailed to the SPAC Shareholders and at the time of the
SPAC Shareholders’ Meeting, contain any untrue statement of a material fact or omit to state any material fact required to be stated
therein or necessary in order to make the statements therein, in light of the circumstances under which they are made, not misleading.
(iv)
If at any time prior to the Closing any information relating to the Company, the SPAC or any of their respective Subsidiaries, Affiliates,
directors or officers is discovered by the Company or the SPAC, which is required to be set forth in an amendment or supplement to the
Proxy Statement or the Proxy Statement/Registration Statement, so that neither of such documents would include any misstatement of a
material fact or omit to state any material fact necessary to make the statements therein, with respect to the Proxy Statement, in light
of the circumstances under which they were made, not misleading, the Party which discovers such information shall promptly notify the
other Parties and an appropriate amendment or supplement describing such information shall be promptly filed with the SEC by Pubco and,
to the extent required by Law, disseminated to the SPAC Shareholders by the SPAC.
(b)
SPAC Shareholder Approval. As promptly as practicable after the Proxy Statement/Registration Statement is declared effective under
the Securities Act, the SPAC shall (i) cause the Proxy Statement to be disseminated to the SPAC Shareholders in compliance with applicable
Law, (ii) duly give notice of, convene and hold an extraordinary general meeting of the SPAC Shareholders (the “SPAC Shareholders’
Meeting”) in accordance with the Cayman SPAC Articles and applicable Law for a date no later than thirty (30) Business Days
after the Registration Statement is declared effective, (iii) solicit proxies from the holders of SPAC Ordinary Shares to vote in favor
of each Transaction Proposal and (iv) provide its public shareholders with the opportunity to elect to effect a Redemption. The SPAC
shall, through its board of directors, recommend to the SPAC Shareholders (A) the adoption and approval of this Agreement and the Transactions,
including the Mergers, (B) the approval of the Conversion and the Organizational Documents of the SPAC to become effective in connection
with the Conversion, the Amended Pubco Charter and any separate or unbundled advisory proposals required to implement the foregoing,
(C) the approval of the issuance of Pubco Common Stock and Pubco Warrants, including any shares of Pubco Common Stock issuable upon exercise
of Pubco Warrants, as may be required by Nasdaq Listing Rule 5635 or Section 312.03 of the NYSE Listed Company Manual, as applicable,
(D) the approval of the adoption by Pubco of the Pubco Equity Incentive Plan and, if applicable, the Pubco ESPP, (E) the adoption and
approval of any other proposal that either the SEC or the Applicable Exchange or its staff indicates is necessary in comments to the
Registration Statement or related correspondence, (F) the adoption and approval of any other proposal reasonably agreed by the SPAC and
the Company to be necessary or appropriate in connection with the Transactions, (G) the adjournment of the SPAC Shareholders’ Meeting
to a later date or dates, if necessary or convenient, to permit further solicitation and voting of proxies in the event there are insufficient
votes for any of the foregoing, and (H) any other approval, proposal or matter reasonably necessary to be approved by the SPAC Shareholders
in connection with the Transactions under applicable Law, the Cayman SPAC Articles, and the SPAC’s other Governing Documents (the
proposals described in clauses (A) through (H), collectively, the “Transaction Proposals”), and shall include such
recommendation in the Proxy Statement. The board of directors of the SPAC shall not withdraw, amend, qualify or modify its recommendation
to the SPAC Shareholders that they vote in favor of the Transaction Proposals (together with any withdrawal, amendment, qualification
or modification of the SPAC Board Recommendation, a “Modification in Recommendation”). To the fullest extent permitted
by applicable Law, (x) the SPAC’s obligations to establish a record date for, duly call, give notice of, convene and hold the SPAC
Shareholders’ Meeting shall not be affected by any Modification in Recommendation, (y) the SPAC shall establish a record date for,
duly call, give notice of, convene and hold the SPAC Shareholders’ Meeting and submit the Transaction Proposals for approval and
(z) if the SPAC Shareholder Approval is not obtained at any SPAC Shareholders’ Meeting, the SPAC shall promptly continue to take
all necessary actions, including the actions required by this Section 6.14(b), and hold additional SPAC Shareholders’ Meetings
to obtain the SPAC Shareholder Approval; provided that, without the consent of the Company, which consent may not be unreasonably
withheld, conditioned or delayed, the SPAC Shareholders’ Meeting may not be adjourned to a date more than fifteen (15) days after
the date for which the SPAC Shareholders’ Meeting was originally scheduled (excluding any adjournment required by applicable Law).
(c)
Company Member Approval. The Company shall take all actions reasonably necessary under applicable Law and its Organizational Documents
to obtain the Company Member Approval prior to the Closing, whether by written consent or at a meeting of the holders of Company Units.
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Section
6.15 Employee Matters.
(a)
Pubco shall adopt an equity incentive plan that provides for grants of cash and equity-based incentive awards to eligible service providers
of Pubco and its Subsidiaries (including the Company following the Closing) (the “Pubco Equity Incentive Plan”) and
an employee stock purchase plan (the “Pubco ESPP”), subject, in each case, to the review and approval of the Company
(such review and approval not to be unreasonably withheld, conditioned or delayed). Pubco shall, prior to the Closing Date, adopt the
Pubco Equity Incentive Plan and, if applicable, the Pubco ESPP, and shall submit such plan(s) for approval of the SPAC Shareholders at
the SPAC Shareholders’ Meeting. The Pubco Equity Incentive Plan shall have an initial share reserve equal to ten percent (10%)
of the total number of shares of Pubco Common Stock issued and outstanding as of immediately following the Closing, and the Pubco ESPP
shall have an initial share reserve equal to two percent (2%) of the total number of shares of Pubco Common Stock issued and outstanding
as of immediately following the Closing, in each case, determined on a fully diluted basis. The Pubco Equity Incentive Plan and the Pubco
ESPP shall be administered by the board of directors and the Compensation Committee of Pubco, as applicable, which shall have the authority
to determine the terms and conditions of all awards granted under the Pubco Equity Incentive Plan and the Pubco ESPP. Within two (2)
Business Days following the expiration of the sixty (60)-day period following the date on which Pubco has filed current Form 10 information
with the SEC reflecting its status as an entity that is not a shell company (or such longer period as may be required by rule or regulation
of the SEC), Pubco shall file an effective registration statement on Form S-8 (or other applicable form) with respect to the shares of
Pubco Common Stock issuable under the Pubco Equity Incentive Plan and the Pubco ESPP, and Pubco shall use commercially reasonable efforts
to maintain the effectiveness of such registration statement(s) (and maintain the current status of the prospectus or prospectuses contained
therein) for so long as awards granted pursuant to the Pubco Equity Incentive Plan and the Pubco ESPP remain outstanding.
(b)
Notwithstanding anything herein to the contrary, each of the Parties to this Agreement acknowledges and agrees that all provisions contained
in this Section 6.15 are included for the sole benefit of Pubco and the Company, and that nothing in this Agreement, whether express
or implied, (i) shall be construed to establish, amend, or modify any employee benefit plan, program, agreement or arrangement, (ii)
shall limit the right of Pubco, the Company or their respective Affiliates to amend, terminate or otherwise modify any Company Benefit
Plan or other employee benefit plan, agreement or other arrangement following the Closing Date, or (iii) shall confer upon any Person
who is not a party to this Agreement (including any equityholder, any current or former director, manager, officer, employee or independent
contractor of the Company, or any participant in any Company Benefit Plan or other employee benefit plan, agreement or other arrangement
(or any dependent or beneficiary thereof)), any right to continued or resumed employment or recall, any right to compensation or benefits,
or any third-party beneficiary or other right of any kind or nature whatsoever.
Section
6.16 Public Announcements.
(a)
The Parties agree that during the Interim Period no public release, filing or announcement concerning this Agreement or the Ancillary
Documents or the Transactions contemplated thereby shall be issued by any Party or any of its Affiliates without the prior written consent
of the SPAC and the Company (which consent shall not be unreasonably withheld, conditioned or delayed), except as such release or announcement
may be required by applicable Law, or the rules or regulations of any securities exchange, in which case the applicable Party shall use
commercially reasonable efforts to allow the SPAC, Pubco and the Company reasonable time to comment on, and arrange for any required
filing with respect to, such release or announcement in advance of such issuance.
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(b)
The SPAC and the Company shall mutually agree upon and, as promptly as practicable after the execution of this Agreement, issue a press
release announcing the execution of this Agreement (the “Signing Press Release”). Promptly after the issuance of the
Signing Press Release (but in any event within four (4) Business Days after the execution of this Agreement), the SPAC shall file a current
report on Form 8-K (the “Signing Filing”) with the Signing Press Release and a description of this Agreement as required
by Federal Securities Laws, which the Company shall review, comment upon and approve (such approval not to be unreasonably withheld,
conditioned or delayed) prior to filing. The Company, the SPAC and Pubco shall mutually agree upon and, as promptly as practicable after
the Closing, issue a press release announcing the consummation of the Transactions (the “Closing Press Release”).
Promptly after the issuance of the Closing Press Release (but in any event within four (4) Business Days after the Closing), Pubco shall
file a current report on Form 8-K (the “Closing Filing”) with the Closing Press Release and a description of the Closing
as required by Federal Securities Laws, which the Company and the SPAC shall review, comment upon and approve (such approval not to be
unreasonably withheld, conditioned or delayed) prior to filing. In connection with the preparation of the Signing Press Release, the
Signing Filing, the Closing Filing, the Closing Press Release or any other report, statement, filing, notice or application made by or
on behalf of a Party to any Governmental Authority or other third party in connection with the Transactions, each Party shall, upon request
by any other Party, furnish the other Parties with all information concerning itself, its directors, officers and equityholders and such
other matters as may be reasonably necessary or advisable in connection with the Transactions or any such report, statement, filing,
notice or application.
Section
6.17 Confidential Information.
(a)
The Company hereby agrees that during the Interim Period and, in the event that this Agreement is terminated in accordance with Article
VIII, for a period of two (2) years after such termination, it shall, and shall cause its Affiliates and its and their respective
Representatives to, except to the extent otherwise consented to by the SPAC (i) treat and hold in strict confidence any SPAC Confidential
Information, and will not use for any purpose (except in connection with the consummation of the Transactions, performing their obligations
hereunder or thereunder, enforcing their rights hereunder or thereunder, or in furtherance of their authorized duties on behalf of the
SPAC, Pubco and the Merger Subs or any of their respective Affiliates), nor directly or indirectly disclose, distribute, publish, disseminate
or otherwise make available to any third party any of the SPAC Confidential Information without the SPAC’s prior written consent,
and (ii) in the event that the Company or any of its Affiliates or its or their respective Representatives, during the Interim Period
or, in the event that this Agreement is terminated in accordance with Article VIII, for a period of two (2) years after such termination,
becomes legally obligated to disclose any SPAC Confidential Information, (A) provide the SPAC, to the extent legally permitted, with
prompt written notice of such requirement so that the SPAC or an Affiliate thereof may seek, at the SPAC’s sole cost and expense,
a protective Order or other remedy or waive compliance with this Section 6.17(a) and (B) in the event that such protective Order
or other remedy is not obtained, or the SPAC waives compliance with this Section 6.17(a), furnish only that portion of such SPAC
Confidential Information which is legally required to be provided as advised in writing by outside counsel and exercise commercially
reasonable efforts to obtain assurances that confidential treatment will be accorded such SPAC Confidential Information; provided
that, with respect to SPAC Confidential Information constituting trade secrets under applicable Law and that has been identified
as such to the Company in writing prior to or promptly after its disclosure to the Company or its Representatives, such covenants shall
apply for as long as such SPAC Confidential Information constitutes a trade secret under applicable Law and continues to constitute SPAC
Confidential Information under this Agreement. In the event that this Agreement is terminated and the Transactions are not consummated,
the Company shall, and shall cause its Representatives to, promptly deliver to the SPAC or destroy (at the SPAC’s election) any
and all copies (in whatever form or medium) of SPAC Confidential Information and destroy all notes, memoranda, summaries, analyses, compilations
and other writings related thereto or based thereon; provided, however, that the Company, its Affiliates and their respective
Representatives shall be entitled to keep any records required by (w) applicable Law, (x) legal, fiduciary or professional obligation,
(y) in accordance with written document retention policies and procedures and/or (z) contained in any electronic file created pursuant
to bona fide backup storage or archival processes in the ordinary course of business; and provided, further, that any SPAC Confidential
Information that is not returned or destroyed shall remain subject to the confidentiality obligations set forth in this Agreement. Notwithstanding
the foregoing, (I) the Company and its Representatives shall be permitted to disclose any and all SPAC Confidential Information to the
extent required by the Federal Securities Laws, and (II) no notice or further action shall be required in respect of disclosure of the
SPAC Confidential Information (or provision of access thereto) to regulatory authorities or self-regulatory organizations having authority
over the Company or its Representatives in connection with routine regulatory examinations or pursuant to statutory requirements that
are not targeted at the SPAC, Pubco, the Merger Subs, the Transactions or the SPAC Confidential Information.
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(b)
The SPAC, Pubco and the Merger Subs hereby agree that during the Interim Period and, in the event that this Agreement is terminated in
accordance with Article VIII, for a period of two (2) years after such termination, each of them shall, and shall cause their
respective Affiliates and their Representatives to, except to the extent otherwise consented to by the Company: (i) treat and hold in
strict confidence any Company Confidential Information, and will not use for any purpose (except in connection with the consummation
of the Transactions, performing its obligations hereunder or thereunder or enforcing its rights hereunder or thereunder), nor directly
or indirectly disclose, distribute, publish, disseminate or otherwise make available to any third party any of the Company Confidential
Information without the Company’s prior written consent; and (ii) in the event that the SPAC, Pubco, either Merger Sub or any of
their respective Representatives, during the Interim Period or, in the event that this Agreement is terminated in accordance with Article
VIII, for a period of two (2) years after such termination, becomes legally obligated to disclose the Company Confidential Information,
(A) provide the Company, to the extent legally permitted, with prompt written notice of such requirement so that the Company may seek,
at the Company’s sole cost and expense, a protective Order or other remedy or waive compliance with this Section 6.17(b)
and (B) in the event that such protective Order or other remedy is not obtained, or the Company waives compliance with this Section
6.17(b), furnish only that portion of such Company Confidential Information which is legally required to be provided as advised in
writing by outside counsel and exercise commercially reasonable efforts to obtain assurances that confidential treatment will be accorded
such Company Confidential Information; provided that, with respect to Company Confidential Information constituting trade secrets
under applicable Law and that has been identified as such to the SPAC, Pubco or the Merger Subs in writing prior to or promptly after
its disclosure to the SPAC, Pubco, the Merger Subs or their Representatives, such covenants shall apply for as long as such Company Confidential
Information constitutes a trade secret under applicable Law and continues to constitute Company Confidential Information under this Agreement.
In the event that this Agreement is terminated and the Transactions are not consummated, the SPAC, Pubco and the Merger Subs shall, and
shall cause their respective Representatives to, promptly deliver to the Company or destroy (at the Company’s election) any and
all copies (in whatever form or medium) of Company Confidential Information and destroy all notes, memoranda, summaries, analyses, compilations
and other writings related thereto or based thereon; provided, however, that the SPAC, Pubco, the Merger Subs and their
respective Affiliates and Representatives shall be entitled to keep any records required by applicable Law or legal, fiduciary or professional
obligation, in accordance with written document retention policies and procedures and/or contained in any electronic file created pursuant
to bona fide backup storage or archival processes in the ordinary course of business; and provided, further, that any Company
Confidential Information that is not returned or destroyed shall remain subject to the confidentiality obligations set forth in this
Agreement. Notwithstanding the foregoing, (I) the SPAC, Pubco, the Merger Subs and their respective Representatives shall be permitted
to disclose any and all Company Confidential Information to the extent required by the Federal Securities Laws, and (II) no notice or
further action shall be required in respect of disclosure of the Company Confidential Information (or provision of access thereto) to
regulatory authorities or self-regulatory organizations having authority over the SPAC, Pubco, the Merger Subs or their respective Representatives
in connection with routine regulatory examinations or pursuant to statutory requirements that are not targeted at the Company, the Transactions
or the Company Confidential Information.
Section
6.18 Post-Closing Pubco Board of Directors and Executive Officers.
(a)
The Parties shall take all necessary action, including causing the directors of Pubco to resign, so that effective as of the Closing,
Pubco’s board of directors (the “Post-Closing Pubco Board”) will consist of seven (7) individuals designated
and appointed as follows: (i) three (3) persons designated by the Company prior to the Closing, (ii) three (3) persons designated by
the Sponsor, subject to the Company’s prior approval (not to be unreasonably conditioned or withheld), and (iii) the Chief Executive
Officer of the Company immediately prior to the Closing. Four of the individuals designated pursuant to clauses (i) and (ii) above shall
be required to qualify as an independent director under the rules and regulations of the Applicable Exchange. Notwithstanding the foregoing,
the Sponsor shall be entitled to recommend independent director candidates for the Company’s consideration. At or prior to the
Closing, Pubco will provide each member of the Post-Closing Pubco Board with a customary director indemnification agreement, in form
and substance reasonably acceptable to the Post-Closing Pubco Board.
(b)
The Parties shall take all action necessary, including causing the directors and executive officers of Pubco to resign and the appointment
of the individuals designated pursuant to Section 6.18(a), so that (i) the individuals serving as the chief executive officer
and chief financial officer, respectively, of Pubco immediately after the Closing will be the same individuals (in the same office) as
that of the Company immediately prior to the Closing (unless, at its sole discretion, the Company desires to appoint another qualified
person to either such role, in which case, such other person(s) identified by the Company shall serve in such role or roles) and (ii)
the Post-Closing Pubco Board is constituted as set forth above as of the Closing.
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(c)
The composition of the Post-Closing Pubco Board shall satisfy the independence requirements under applicable Law and the relevant rules
and regulations of the Applicable Exchange such that a majority of the members of the Post-Closing Pubco Board will be independent under
applicable Law and the relevant rules and regulations of the Applicable Exchange and other requirements of the Applicable Exchange or
any other applicable U.S. national securities exchange on which Pubco’s securities are listed.
(d)
The composition of the audit committee, the compensation committee and the corporate governance committee of Pubco as of immediately
following the Closing shall be determined by the Company in consultation with SPAC prior to the Closing, subject to applicable Law and
the relevant rules and regulations of the Applicable Exchange.
Section
6.19 Indemnification of Directors and Officers; Tail Insurance.
(a)
The Parties agree that all rights to exculpation, indemnification and advancement of expenses existing in favor of any individual who,
at or prior to the Closing, was a director, manager, officer, employee or agent of the SPAC or the Company, or who, at the request of
the SPAC or the Company, served as a director, officer, manager, member, trustee, employee, agent or fiduciary of another corporation,
partnership, joint venture, limited liability company, trust, pension or other employee benefit plan or enterprise (each, together with
such Person’s heirs, executors and administrators, a “D&O Indemnified Party”), as provided in the respective
Organizational Documents of the SPAC or the Company or under any indemnification, employment or other similar agreement between any D&O
Indemnified Party and the SPAC, Pubco, either Merger Sub or the Company, in each case as in effect immediately prior to the Closing,
shall survive the Closing and continue in full force and effect in accordance with their respective terms to the extent permitted by
applicable Law. For a period of six (6) years after the Effective Time, Pubco shall cause the Organizational Documents of Pubco and the
Surviving Subsidiaries to contain provisions no less favorable with respect to exculpation and indemnification of and advancement of
expenses to the D&O Indemnified Parties than are set forth as of the date of this Agreement in the respective Organizational Documents
of the SPAC and the Company, as applicable, to the extent permitted by applicable Law; provided, however, that all rights
to indemnification or advancement of expenses in respect of any Legal Proceeding pending or asserted or any claim made within such period
shall continue until the disposition of such Legal Proceeding or resolution of such claim.
(b)
At or prior to the Effective Time, the Company shall obtain and fully pay the premium for a non-cancellable “tail” management
liability insurance policy that provides coverage for a period of six (6) years from and after the Effective Time for events occurring
prior to the Effective Time for each director, manager or officer of the Company currently covered by a management liability insurance
policy of the Company (the “Company D&O Tail Insurance”), which policy shall be substantially equivalent to and
in any event not less favorable in the aggregate than the Company’s existing policy.
(c)
At or prior to the Effective Time, the SPAC shall obtain and fully pay the premium for a non-cancellable “tail” management
liability insurance policy that provides coverage for a period of six (6) years from and after the Effective Time for events occurring
prior to the Effective Time for each director or officer of the SPAC currently covered by a management liability insurance policy of
the SPAC (the “SPAC D&O Tail Insurance”), which policy shall be substantially equivalent to and in any event not
less favorable in the aggregate than the SPAC’s existing policy. From and after the Effective Time, Pubco shall, and shall cause
the Surviving Subsidiaries to, maintain the Company D&O Tail Insurance and the SPAC D&O Tail Insurance in full force and effect
and continue to honor the obligations thereunder.
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(d)
The rights of each D&O Indemnified Party hereunder shall be in addition to, and not in limitation of, any other rights such Person
may have under the Organizational Documents of the SPAC, Pubco, the Company, SPAC Surviving Subsidiary, Company Surviving Subsidiary
or any of their respective Subsidiaries, any other indemnification arrangement, any Law or otherwise. No right or remedy herein conferred
by this Section 6.19 is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative
and in addition to every other right and remedy given hereunder or now or hereafter existing at Law or in equity, under contract or otherwise.
The assertion of any right or remedy under this Section 6.19, or otherwise, shall not prevent the concurrent or subsequent assertion
of any other right or remedy. The SPAC, Pubco, each Merger Sub and the Company each acknowledge that the D&O Indemnified Parties
have or may, in the future, have certain rights to indemnification, advancement of expenses and/or insurance provided by other Persons
(collectively, “Other Indemnitors”). The SPAC, Pubco, each Merger Sub and the Company each agree that, with respect
to any advancement or indemnification obligation owed, at any time, to a D&O Indemnified Party by the SPAC, Pubco, the Company or
any Other Indemnitor, whether pursuant to any Organizational Document or other document or agreement and/or pursuant to this Section
6.19 (any of the foregoing, an “Indemnification Obligation”), and, after the Closing, Pubco shall, and shall cause
the SPAC and the Company to, in all cases subject to the terms and limitations of the relevant Indemnification Obligation, (i) be the
indemnitors of first resort (i.e., the SPAC’s and the Company’s obligations to a D&O Indemnified Party shall be primary
and any obligation of the Other Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred
by any D&O Indemnified Party shall be secondary) and (ii) advance, all reasonable expenses to the extent legally permitted and as
required by the terms of the relevant Indemnification Obligations, without regard to any rights that a D&O Indemnified Party may
have against the Other Indemnitors. Furthermore, the SPAC, Pubco and the Company irrevocably waive, relinquish and release the Other
Indemnitors from any and all claims (x) against the Other Indemnitors for contribution, subrogation, indemnification or any other recovery
of any kind in respect thereof and (y) that the D&O Indemnified Parties must seek expense advancement, reimbursement or indemnification
from any Other Indemnitor before the Company, Pubco or SPAC must perform its expense advancement, reimbursement and Indemnification Obligations
under this Agreement. Pubco hereby further agrees that no advancement, indemnification or other payment by the Other Indemnitors on behalf
of a D&O Indemnified Party with respect to any claim for which a D&O Indemnified Party has sought indemnification from the SPAC,
Pubco or the Company shall affect the foregoing, and the Other Indemnitors shall have a right of contribution and/or be subrogated to
the extent of such advancement, indemnification or other payment to all of the rights of recovery of such D&O Indemnified Party against
the SPAC, Pubco or the Company, and the SPAC, Pubco and the Company shall jointly and severally indemnify and hold harmless against such
amounts actually paid by the Other Indemnitors to or on behalf of such D&O Indemnified Party to the extent such amounts would have
otherwise been payable by the Pubco, the SPAC Surviving Subsidiary or the Company Surviving Subsidiary under any Indemnification Obligation.
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(e)
The obligations of the SPAC, Pubco, the Company, the SPAC Surviving Subsidiary and the Company Surviving Subsidiary under this Section
6.19(e) shall not be terminated or modified after the Closing in such a manner as to adversely affect any D&O Indemnified Party
without the consent of such D&O Indemnified Party. The provisions of this Section 6.19 shall survive the Closing and expressly
are intended to benefit, and are enforceable by, each of the D&O Indemnified Parties, each of whom is an intended third-party beneficiary
of this Section 6.19.
(f)
If the SPAC Surviving Subsidiary, Pubco, the Company Surviving Subsidiary, or any of their respective successors or assigns: (i) consolidates
with or merges into any other Person and shall not be the continuing or surviving entity of such consolidation or merger; or (ii) transfers
or conveys all or substantially all of its properties and assets to any Person, then, in each such case, proper provision shall be made
so that the successors and assigns of the SPAC, Pubco or the Company, as applicable, assume the obligations set forth in this Section
6.19.
Section
6.20 PIPE Financing. During the Interim Period, the SPAC shall use its reasonable best efforts to arrange and obtain, and the
Company shall use its reasonable best efforts to cooperate with and assist SPAC in arranging and obtaining, the PIPE Financing on terms
and conditions mutually agreeable to the SPAC and the Company, that will result in the receipt of PIPE Proceeds, with the consummation
of the PIPE Financing to occur immediately prior to, and subject to, the consummation of the Mergers. The SPAC shall notify the Company
in writing within one (1) Business Day after the execution of PIPE Subscription Agreements that, assuming the funding thereof in accordance
with their terms, would result in the receipt of the PIPE Proceeds (such notice, “PIPE Notice”), and shall concurrently
deliver to the Company complete and correct copies of such executed PIPE Subscription Agreements. Each of Pubco and the Company shall
be a party to, and shall have the right to directly enforce, each PIPE Subscription Agreement. Each of the SPAC and Pubco shall use its
reasonable best efforts to satisfy or cause to be satisfied the conditions to the closing obligations contained in the PIPE Subscription
Agreements and consummate the transactions contemplated thereby, including by using its reasonable best efforts to enforce its rights
under the PIPE Subscription Agreements to cause the other parties thereto to pay to (or as directed by) Pubco the applicable purchase
price in accordance with their terms. None of the SPAC, Pubco or the Company shall, following execution of any PIPE Subscription Agreement,
amend, modify, supplement, waive or terminate, or agree or consent to amend, modify, supplement, waive or terminate, any provision or
remedy under, or replace, such PIPE Subscription Agreement without the prior written consent of the other Parties (such consent not to
be unreasonably withheld, conditioned or delayed), other than any assignment or transfer contemplated by or expressly permitted under
such PIPE Subscription Agreement without any further amendment, modification or waiver of the applicable assignment or transfer provision.
Each of the SPAC, Pubco and the Company, as applicable, shall give the other Parties prompt written notice: (a) of receipt of any request
from another party to a PIPE Subscription Agreement for an amendment, modification, supplement, waiver or termination; (b) of any breach
or default to the Knowledge of such Party (or any event or circumstance that, to the Knowledge of such Party, with or without notice,
lapse of time or both, would give rise to a breach or default) by any party to a PIPE Subscription Agreement; (c) of receipt by such
Party of any written notice or other written communication with respect to any actual, potential or threatened expiration, lapse, withdrawal,
breach, default, termination or repudiation of a PIPE Subscription Agreement by another party thereto; and (d) if such Party does not
expect to receive all or any portion of the applicable purchase price under a PIPE Subscription Agreement in accordance with its terms.
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Section
6.21 Applicable Exchange.
(a)
During the Interim Period, the SPAC shall use its reasonable best efforts (and, to the extent necessary, take all actions required) to
cause the SPAC to satisfy all applicable continued listing requirements of the Applicable Exchange with respect to the SPAC Class A Ordinary
Shares and SPAC Public Warrants through the Closing. Pubco shall use its reasonable best efforts, and the SPAC and the Company shall
cooperate with Pubco, to obtain approval for the listing of the Pubco Common Stock and Pubco Warrants on the Applicable Exchange, subject
only to official notice of issuance, as of the Closing.
(b)
Without limiting the foregoing, each of the SPAC, the Company and Pubco shall take, or cause to be taken, all actions necessary or advisable
to satisfy such requirements, including with respect to minimum stockholders’ equity, public float, round lot holders, corporate
governance and any other quantitative or qualitative standards; provided that neither the SPAC nor Pubco shall effect, or agree
to effect, any financing, strategic transaction, Redemption mitigation measure, equity issuance, reverse stock split, sponsor support
arrangement, warrant amendment or assumption, or other transaction or arrangement intended to satisfy such listing requirements without
the Company’s prior written consent. Neither the SPAC nor Pubco shall take any action, or fail to take any action, that would reasonably
be expected to prevent or materially delay obtaining such approval.
(c)
Each of the SPAC and Pubco shall keep the Company reasonably informed of all material communications with the Applicable Exchange and
shall provide the Company a reasonable opportunity to review and comment on substantive submissions to the Applicable Exchange.
Section
6.22 Redemption.
(a)
In connection with the SPAC Shareholders’ Meeting, the SPAC shall provide the holders of SPAC Class A Ordinary Shares issued in
the SPAC’s IPO with the opportunity, until at least two (2) Business Days prior to the SPAC Shareholders’ Meeting or such
later time as may be required by applicable Law, to elect to have such SPAC Class A Ordinary Shares redeemed for cash in accordance with
the Cayman SPAC Articles and the Trust Agreement. Subject to receipt of the SPAC Shareholder Approval, the SPAC shall carry out the Redemption
immediately prior to or substantially concurrently with the Closing and, in any event, prior to the SPAC Merger Effective Time, by using
the proceeds then held in the Trust Account to redeem the SPAC Class A Ordinary Shares of holders who have properly exercised their redemption
rights in accordance with the Cayman SPAC Articles and the Trust Agreement.
(b)
During the Interim Period, the SPAC shall use commercially reasonable efforts to minimize the number and aggregate dollar amount of the
Redemption elections, including by pursuing Redemption mitigation measures reasonably acceptable to the Company. The SPAC shall keep
the Company reasonably informed of Redemption levels and mitigation efforts and shall provide the Company with reasonably prompt written
notice upon becoming aware that the Redemption elections have exceeded or are reasonably likely to exceed a level that would prevent
satisfaction of the Minimum Cash Condition.
77
Section
6.23 CEO Employment Agreements. Concurrently with the execution and delivery of this Agreement, the individual identified on
Section 6.23 of the Company Disclosure Letter as the Company’s chief executive officer shall execute and deliver (i) an
offer letter with Pubco and (ii) a proprietary information and inventions and restrictive covenants agreement with Pubco, in each case,
in form and substance mutually acceptable to the Company, Pubco, the SPAC and such individual (such individual, the “CEO”,
and such documents, collectively, the “CEO Employment Documents”), and such CEO Employment Documents shall become
effective at, and shall be conditioned upon, the Closing. In addition to the CEO Employment Documents, Pubco shall adopt an executive
severance plan in form and substance mutually acceptable to the Company, Pubco, the SPAC and the CEO (the “Pubco Severance Plan”),
and such Pubco Severance Plan shall become effective at, and shall be conditioned upon, the Closing.
Section
6.24 Transaction Support Agreement; Company Member Approval; Lock-Up Agreement.
(a)
Concurrently with the execution and delivery of this Agreement, the Company shall deliver, or cause to be delivered, to the SPAC and
Pubco the Transaction Support Agreements duly executed by the Supporting Company Members.
(b)
As promptly as reasonably practicable after the Proxy Statement/Registration Statement is declared effective under the Securities Act,
the managers of the Company shall (i) obtain the Company Member Approval by written consent of the Company Members or, if required by
the Company’s Organizational Documents or the WLLCA, at a meeting of the Company Members, in each case in accordance with the Company’s
Organizational Documents and the WLLCA, and (ii) deliver evidence of such approval to the SPAC. The Company shall, through its managers,
recommend to the Company Members the adoption and approval of this Agreement in accordance with the Company’s Organizational Documents
and applicable Law (the “Company Member Recommendation”). The managers of the Company shall not change, withdraw,
withhold, qualify or modify, or publicly propose to change, withdraw, withhold, qualify or modify, the Company Member Recommendation
(each, a “Company Member Recommendation Change”) for any reason.
(c)
The Company shall use reasonable best efforts to cause each Required Company Lock-Up Holder that has not executed and delivered the Lock-Up
Agreement as of the date hereof to execute and deliver to Pubco and the SPAC a Joinder to the Lock-Up Agreement promptly following the
date hereof and in any event prior to the Closing.
(d)
The SPAC shall use reasonable best efforts to cause each Required SPAC Lock-Up Holder that has not executed and delivered the Lock-Up
Agreement as of the date hereof to execute and deliver to the Company a Joinder to the Lock-Up Agreement promptly following the date
hereof and in any event prior to the Closing.
78
Article
VII
CLOSING
CONDITIONS
Section
7.01 Conditions to Each Party’s Obligations. The obligations of each Party to consummate the Transactions shall be subject
to the satisfaction or written waiver (where permissible) by the Company and the SPAC of the following conditions:
(a)
Required SPAC Shareholder and Company Member Approval. The SPAC Shareholder Approval and the Company Member Approval shall have
been obtained.
(b)
No Adverse Law or Order. No Governmental Authority shall have enacted, issued, promulgated, enforced or entered any Law (whether
temporary, preliminary or permanent) or Order that is then in effect and which has the effect of making the Transactions or agreements
contemplated by this Agreement illegal or which otherwise prevents or prohibits consummation of the Transactions.
(c)
Registration Statement. The Registration Statement shall have been declared effective under the Securities Act by the SEC and
shall remain effective as of the Closing, and no stop order or similar order suspending the effectiveness of the Registration Statement
shall have been issued and be in effect with respect to the Registration Statement and no proceedings for that purpose shall have been
initiated or threatened by the SEC and not withdrawn.
(d)
Applicable Exchange Listing. The shares of Pubco Common Stock to be issued in connection with the Transactions shall be conditionally
approved for listing upon the Closing on the Applicable Exchange, subject to any requirement to have a sufficient number of round lot
holders of Pubco Common Stock.
(e)
HSR Act and other Antitrust Laws Approvals. The applicable waiting period (and any extensions thereof) under the HSR Act and any
other Antitrust Laws shall have expired or have been terminated and any approval required under any other Antitrust Laws shall have been
obtained.
Section
7.02 Conditions to Obligations of the Company. In addition to the conditions specified in Section 7.01, the obligations
of the Company to consummate the Transactions shall be subject to the satisfaction or written waiver (where permissible) by the Company
of the following conditions:
(a)
Representations and Warranties.
(i)
The representations and warranties set forth in Section 5.01 (Organization and Standing) and Section 5.02 (Authorization;
Binding Agreement) shall be true and correct in all material respects on and as of the date of this Agreement and on and as of the
Closing Date as if made on the Closing Date;
(ii)
The representations and warranties set forth in Section 5.05 (Capitalization) shall be true and correct on and as of the
date of this Agreement and on and as of the Closing Date as if made on the Closing Date, except for de minimis inaccuracies;
79
(iii)
The representations and warranties of Pubco and each of the Merger Subs set forth in Article IV and in any certificate delivered
by or on behalf of Pubco or either Merger Sub pursuant hereto shall be true and correct in all material respects on and as of the date
of this Agreement and on and as of the Closing Date as if made on the Closing Date, except for those representations and warranties that
address matters only as of a particular date, which representations and warranties shall have been true and correct in all material respects
as of such date; and
(iv)
All other representations and warranties of the SPAC set forth in this Agreement and in any certificate delivered by or on behalf of
the SPAC pursuant hereto shall be true and correct on and as of the date of this Agreement and on and as of the Closing Date as if made
on the Closing Date, except for (A) those representations and warranties that address matters only as of a particular date (which representations
and warranties shall have been accurate as of such date), and (B) any failures to be true and correct that (without giving effect
to any qualifications or limitations as to materiality or SPAC Material Adverse Effect), individually or in the aggregate, have not had
and would not reasonably be expected to have a SPAC Material Adverse Effect.
(b)
Agreements and Covenants. The SPAC and the SPAC Parties shall have performed in all material respects all of their respective
obligations and complied in all material respects with all of their respective agreements and covenants under this Agreement to be performed
or complied with by them on or prior to the Closing Date.
(c)
No SPAC Material Adverse Effect. No SPAC Material Adverse Effect shall have occurred since the date of this Agreement that is
continuing.
(d)
Trust Account. The SPAC shall have made appropriate arrangements to have the net proceeds remaining in the Trust Account (after
giving effect to the Redemption) available to SPAC at the Closing.
(e)
Minimum Cash; PIPE Proceeds. As of the Closing, (i) the Available Closing Cash shall not be less than $40,000,000 (the “Minimum
Cash Condition”) and (ii) Pubco shall have received the PIPE Proceeds.
(f)
Applicable Exchange. Immediately following the Closing, Pubco shall satisfy any applicable initial and continuing listing requirements
of the Applicable Exchange with respect to Pubco Common Stock and shall not have received any notice of non-compliance therewith that
has not been cured or would not be cured at or immediately following Closing.
(g)
D&O Resignations. The specified directors and officers of the SPAC and Pubco shall have resigned, effective as of the Closing,
except for any such individuals continuing in roles approved in writing by the Company.
80
(h)
Board Appointments. All action shall have been taken such that the board of directors of Pubco as of immediately following the
Closing shall be constituted of the directors contemplated by Section 6.18.
(i)
SPAC Conversion. The Conversion shall have been consummated in accordance with Section 1.01.
(j)
Pubco Charter Amendment. Prior to the Closing, Pubco shall have amended and restated its certificate of incorporation in a form
satisfactory to SPAC and the Company (the “Amended Pubco Charter”).
(k)
Closing Deliveries.
(i)
Officer Certificate. The SPAC shall have delivered to the Company a certificate, dated the Closing Date, signed by an executive
officer of the SPAC in such capacity, certifying as to the satisfaction of the conditions specified in Sections 7.02(a), 7.02(b),
7.02(c) and 7.02(e).
(ii)
Secretary Certificate. The SPAC shall have delivered to the Company a certificate from its secretary or other executive officer
certifying as to, and attaching, (A) copies of the SPAC’s Organizational Documents as in effect as of the Closing Date and (B)
the resolutions of the SPAC’s board of directors authorizing and approving the execution, delivery and performance of this Agreement
and each of the Ancillary Documents to which it is a party or by which it is bound, and the consummation of the Transactions.
(l)
Ancillary Documents. The following conditions with respect to the Ancillary Documents shall have been satisfied:
(i)
The SPAC and Pubco shall have delivered, or caused to be delivered, to the Company a copy of the Registration Rights Agreement, duly
executed by the SPAC, Pubco, the Sponsor and the other parties to the Original Registration Rights Agreement;
(ii)
The Lock-Up Agreement shall remain in full force and effect and shall not have been terminated, rescinded or repudiated by the SPAC,
Pubco, or the Sponsor as of the Closing and the SPAC and Pubco shall have delivered, or caused to be delivered, to the Company, Joinders
to the Lock-Up Agreement, duly executed by each Required SPAC Lock-Up Holder that did not execute the Lock-Up Agreement as of the date
hereof;
(iii)
The Sponsor Support Agreement shall remain in full force and effect and shall not have been terminated, rescinded or repudiated by any
party thereto (other than the Company) as of the Closing;
(iv)
The employment agreement pursuant to Section 6.23 shall remain in full force and effect and shall not have been terminated, rescinded
or repudiated by any party thereto (other than the individual identified on Section 6.23 of the Company Disclosure Letter as the
Company’s chief executive officer) as of the Closing; and
81
(v)
The SPAC and Pubco shall have delivered, or caused to be delivered, to the Company a copy of the Warrant Agreement Amendment, duly executed
by the SPAC, Pubco and the warrant agent, providing for the assumption or conversion, as applicable, of the SPAC Public Warrants and
the SPAC Private Warrants into the corresponding Pubco Warrants.
Section
7.03 Conditions to Obligations of the SPAC and the SPAC Parties. In addition to the conditions specified in Section 7.01,
the obligations of the SPAC and the SPAC Parties to consummate the Mergers are subject to the satisfaction or written waiver (where available)
of the following conditions:
(a)
Representations and Warranties.
(i)
The representations and warranties set forth in Section 3.01 (Organization and Standing), solely with respect to the Company’s
due organization, valid existence, good standing and requisite power and authority, Section 3.02 (Authorization; Binding Agreement),
and Section 3.26 (Finders and Brokers) shall be true and correct in all respects on and as of the date of this Agreement
and on and as of the Closing Date as if made on the Closing Date;
(ii)
The representations and warranties set forth in Section 3.03 (Capitalization) shall be true and correct on and as of the
date of this Agreement and on and as of the Closing Date as if made on the Closing Date, except for de minimis inaccuracies; and
(iii)
All other representations and warranties of the Company set forth in this Agreement or in any such certificate shall be true and correct
on and as of the date of this Agreement and on and as of the Closing Date as if made on the Closing Date, without giving effect to any
qualifications or limitations as to materiality or Company Material Adverse Effect, except for (A) those representations and warranties
that address matters only as of a particular date (which representations and warranties shall have been accurate as of such date), and
(B) any failures to be true and correct that (without giving effect to any qualifications or limitations as to materiality or Company
Material Adverse Effect), individually or in the aggregate, have not had and would not reasonably be expected to have a Company Material
Adverse Effect.
(b)
Agreements and Covenants. The Company shall have performed in all material respects all of its obligations and complied in all
material respects with all of its agreements and covenants under this Agreement to be performed or complied with by it on or prior to
the Closing Date.
(c)
No Company Material Adverse Effect. No Company Material Adverse Effect shall have occurred since the date of this Agreement that
is continuing.
82
(d)
Closing Deliveries.
(i)
Officer Certificate. The SPAC and Pubco shall have received a certificate from the Company, dated as of the Closing Date, signed
by an executive officer of the Company in such capacity, certifying as to the satisfaction of the conditions specified in Section
7.03(a), Section 7.03(b) and Section 7.03(c).
(ii)
Secretary Certificate. The Company shall have delivered to the SPAC and Pubco a certificate executed by the Company’s secretary
or other authorized officer certifying as to the validity and effectiveness of, and attaching, (A) copies of the Company’s
Organizational Documents as in effect as of the Closing Date (immediately prior to the Closing) and (B) the requisite resolutions or
written consents of the Company’s manager(s) or other applicable governing body and its members, as applicable, authorizing and
approving the execution, delivery and performance of this Agreement and each Ancillary Document to which the Company is or is required
to be a party or bound, and the consummation of the Transactions.
(e)
Ancillary Documents. The following conditions with respect to the Ancillary Documents shall have been satisfied:
(i)
The Company shall have delivered, or caused to be delivered, to the SPAC and Pubco: a copy of the Registration Rights Agreement, duly
executed by the specified holders of Company Units that receive shares of Pubco Common Stock in the Company Merger that are party thereto;
(ii)
The Lock-Up Agreement shall remain in full force and effect and shall not have been terminated, rescinded or repudiated by the Company
as of the Closing and the Company shall have delivered, or caused to be delivered, to the SPAC and Pubco, Joinders to the Lock-Up Agreement,
duly executed by each Required Company Lock-Up Holder that did not execute the Lock-Up Agreement as of the date hereof;
(iii)
The Transaction Support Agreements shall remain in full force and effect and shall not have been terminated, rescinded or repudiated
by any party thereto (other than Pubco or the SPAC) as of the Closing;
(iv)
The Company shall have delivered, or caused to be delivered, to the SPAC and Pubco a certificate of good standing for the Company, dated
no earlier than thirty (30) days prior to the Closing Date; and
(v)
The employment agreement pursuant to Section 6.23 shall remain in full force and effect and shall not have been terminated, rescinded
or repudiated by the individual identified on Section 6.23 of the Company Disclosure Letter as the Company’s chief executive
officer as of the Closing.
Section
7.04 Frustration of Conditions. Notwithstanding anything contained herein to the contrary, no Party may rely on the failure
of any condition set forth in this Article VII to be satisfied if such failure was caused by such Party’s or its Affiliates’
failure to comply with or perform any covenant or obligation set forth in this Agreement.
83
Article
VIII
TERMINATION
AND EXPENSES
Section
8.01 Termination. This Agreement may be terminated and the Transactions may be abandoned at any time prior to the Closing as
follows:
(a)
by mutual written consent of the SPAC and the Company;
(b)
by the Company if there has been a Modification in Recommendation or by the SPAC if there has been a Company Member Recommendation Change;
(c)
by written notice by the SPAC or the Company if any of the conditions to the Closing set forth in Article VII have not been satisfied
or waived by the date that is the nine (9) month anniversary of the date of this Agreement (the “Outside Date”); provided,
however, the right to terminate this Agreement under this Section 8.01(c) shall not be available to a Party if the breach
or violation by such Party or its Affiliates of any representation, warranty, covenant or obligation under this Agreement was the cause
of, or resulted in, the failure of the Closing to occur on or before the Outside Date.
(d)
by written notice by either the SPAC or the Company if a Governmental Authority of competent jurisdiction shall have (i) enacted or promulgated
any Law permanently making the consummation of the Transactions illegal or otherwise prohibiting the Transactions or (ii) issued an Order
or taken any other action permanently restraining, enjoining or otherwise prohibiting the Transactions, and, in the case of clause (ii),
such Order or other action has become final and non-appealable; provided, however, that the right to terminate this Agreement
pursuant to this Section 8.01(d) shall not be available to a Party 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 Governmental Authority;
(e)
by written notice by the Company to the SPAC, if (i) there has been a breach by the SPAC, Pubco or either Merger Sub of any of its
representations, warranties, covenants or agreements contained in this Agreement, or if any representation or warranty of the SPAC,
Pubco or either Merger Sub shall have become untrue or inaccurate, in any case, which would result in a failure of a condition set
forth in Section 7.02(a) or Section 7.02(b) to be
satisfied (treating the Closing Date for such purposes as the date of this Agreement or, if later, the date of such breach), and
(ii) the breach or inaccuracy is incapable of being cured or is not cured within the earlier of (A) thirty (30) days after written
notice of such breach or inaccuracy is provided to the SPAC or (B) the Outside Date; provided, that the Company shall not
have the right to terminate this Agreement pursuant to this Section 8.01(e) if at such time the Company is in material
uncured breach of this Agreement;
(f) by written
notice by the SPAC to the Company, if (i) there has been a breach by the Company of any of its representations, warranties, covenants
or agreements contained in this Agreement, or if any representation or warranty of the Company shall have become untrue or inaccurate,
in any case, which would result in a failure of a condition set forth in Section 7.03(a) or Section 7.03(b) to be satisfied
(treating the Closing Date for such purposes as the date of this Agreement or, if later, the date of such breach), and (ii) the breach
or inaccuracy is incapable of being cured or is not cured within the earlier of (A) thirty (30) days after written notice of such breach
or inaccuracy is provided to the Company or (B) the Outside Date; provided,
that the SPAC shall not have the right to terminate this Agreement pursuant to this Section 8.01(f) if at such time the SPAC,
Pubco or either Merger Sub is in material uncured breach of this Agreement;
84
(g)
by written notice by either the SPAC or the Company, if the SPAC Shareholders’ Meeting has been held (including any adjournment
or postponement thereof), has concluded, the SPAC Shareholders have duly voted, and the SPAC Shareholder Approval was not obtained;
(h)
by written notice by the SPAC to the Company, if (i) all the conditions set forth in Section 7.01 and Section 7.02 have
been, and continue to be, satisfied or waived (other than those conditions that by their nature are to be satisfied at the Closing, each
of which shall be capable of being satisfied if the Closing Date were the date of such termination), (ii) the Company fails to consummate
the Transactions on or prior to the day when the Closing is required to occur pursuant to Section 2.01, (iii) the SPAC shall have
irrevocably confirmed in writing to the Company that the SPAC, Pubco and the Merger Subs are ready, willing and able to consummate the
Closing and (iv) the Company fails to effect the Closing within ten (10) Business Days following delivery of such confirmation;
(i)
by written notice by the Company to the SPAC, if (i) all the conditions set forth in Section 7.01 and Section 7.03 have
been, and continue to be, satisfied or waived (other than those conditions that by their nature are to be satisfied at the Closing, each
of which shall be capable of being satisfied if the Closing Date were the date of such termination), (ii) the SPAC, Pubco or either Merger
Sub fails to consummate the Transactions on or prior to the day when the Closing is required to occur pursuant to Section 2.01,
(iii) the Company shall have irrevocably confirmed in writing to the SPAC that it is ready, willing and able to consummate the Closing
and (iv) the SPAC, Pubco and the Merger Subs fail to effect the Closing within ten (10) Business Days following delivery of such confirmation;
or
(j)
by written notice from the Company to the SPAC, if (i) the PIPE Notice Date has not occurred on or prior to the PIPE Outside Date, or
(ii) following the PIPE Notice Date, an event described in clauses (a) through (d) of Section 6.20 occurs such that the PIPE Financing
would no longer reasonably be expected to result in the receipt of the PIPE Proceeds at Closing, and the SPAC fails to obtain replacement
commitments, on terms and conditions reasonably acceptable to the Company, sufficient to result in the receipt of the PIPE Proceeds at
Closing within thirty (30) days after the Company receives written notice of such event pursuant to Section 6.20.
Section
8.02 Effect of Termination. This Agreement may only be terminated in the circumstances described in Section 8.01
and pursuant to a written notice delivered by the applicable Party to the other applicable Parties, which sets forth the basis for
such termination, including the provision of Section 8.01 under which such termination is made. In the event of the valid
termination of this Agreement pursuant to Section 8.01, this Agreement shall forthwith become void, and there shall be no
Liability on the part of any Party or any of their respective Representatives, and all rights and obligations of each Party shall
cease, except: (i) the Confidentiality Agreement, Section 6.16, Section 6.17, Article IX, and this Section
8.02 shall survive the termination of this Agreement, and (ii) nothing herein shall relieve any Party from Liability for
any Willful Breach or any Fraud Claim against such Party, in either case, prior to termination of this Agreement. Without limiting
the foregoing, and except as provided in Section 9.18 and this Section 8.02 (but subject to the right to seek
injunctions, specific performance or other equitable relief in accordance with Section 9.08), the Parties’ sole right
prior to the Closing with respect to any breach of any representation, warranty, covenant or other agreement contained in this
Agreement by another Party or with respect to the Transactions contemplated by this Agreement shall be the right, if applicable, to
terminate this Agreement pursuant to Section 8.01.
85
Article
IX
MISCELLANEOUS
Section
9.01 No Survival. Except in the case of a Fraud Claim against a Person, none of the representations, warranties, covenants,
obligations or other agreements in this Agreement or in any certificate, statement or instrument delivered pursuant to this Agreement,
including any rights arising out of any breach of such representations, warranties, covenants, obligations, agreements and other provisions,
shall survive the Closing (and there shall be no Liability after the Closing in respect thereof); provided that covenants and
agreements contained herein that by their terms expressly apply in whole or in part at or after the Closing shall survive the Closing
solely in accordance with their terms and only with respect to any breaches occurring at or after the Closing.
Section
9.02 Notices. All notices, consents, waivers and other communications hereunder shall be in writing and shall be deemed to
have been duly given (a) when delivered in person, (b) when delivered by DocuSign or other electronic means (including email), unless
the sender receives an automated undeliverable notice from the intended recipient, (c) one (1) Business Day after being sent, if sent
by reputable, nationally recognized overnight courier service or (d) three (3) Business Days after being mailed, if sent by registered
or certified mail, pre-paid and return receipt requested, in each case to the applicable Party at the following addresses (or at such
other address for a Party as shall be specified by like notice). Actual notice is effective notice for all purposes hereunder.
If
to the SPAC or any SPAC Party:
with
a copy (which will not constitute notice) to:
Meshflow
Acquisition Corp.
406
N. Sangamon Street
Chicago,
IL 60642
Attn:
Bartosz Lipiński
Ashurst
Perkins Coie US LLP
1155
Avenue of the Americas 22nd Floor
New
York, NY 10036
Attn:
Elliott Smith
Email:
elliottsmith@perkinscoie.com
If
to the Company, to:
with
a copy (which will not constitute notice) to:
HGP
Intelligent Energy, LLC
7701
Lemmon Ave, #260-211D
Dallas,
TX 75209
Attn:
Gregory Forero
Pillsbury
Winthrop Shaw Pittman LLP
2400
Hanover Street
Palo
Alto, CA 94304
Attn:
Davina Kaile; Brandon Eckford
Email:
dkaile@pillsburylaw.com
Brandon.Eckford@pillsburylaw.com
86
Section
9.03 Binding Effect; Assignment. This Agreement and all of the provisions hereof shall be binding upon and inure to the benefit
of the Parties and their respective successors and permitted assigns. This Agreement shall not be assigned by operation of Law or otherwise
without the prior written consent of the Parties, and any assignment without such consent shall be null and void; provided that
no such assignment shall relieve the assigning Party of its obligations hereunder.
Section
9.04 Third Parties. Except as otherwise expressly provided in Section 6.19 or Section 9.14, this Agreement is
for the sole benefit of the Parties and their permitted successors and assigns and nothing herein, express or implied, is intended to
or shall confer upon any other Person any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of
this Agreement.
Section
9.05 Governing Law. This Agreement, and all claims or causes of action based upon, arising out of, or related to this Agreement
or the Transactions, shall be governed by, and construed in accordance with, the Laws of the State of Delaware, 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
9.06 Jurisdiction. Any proceeding or Legal Proceeding based upon, arising out of or related to this Agreement or the Transactions
must be brought in the Court of Chancery of the State of Delaware (or, to the extent such court does not have jurisdiction, in the United
States District Court for the District of Delaware and to the extent such court does not have subject matter jurisdiction, the Superior
Court of the State of Delaware), and each of the Parties irrevocably (a) submits to the exclusive jurisdiction of each such court in
any such proceeding or Legal Proceeding, (b) waives any objection it may now or hereafter have to personal jurisdiction, venue or to
convenience of forum, (c) agrees that all claims in respect of the proceeding or Legal Proceeding shall be heard and determined only
in any such court, and (d) agrees not to bring any proceeding or Legal Proceeding arising out of or relating to this Agreement or the
Transactions 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 Legal Proceeding, suit or proceeding brought pursuant to this Section 9.06.
Section
9.07 WAIVER OF JURY TRIAL. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT AND
THE TRANSACTIONS 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.
87
Section
9.08 Specific Performance. Each Party
acknowledges that the rights of each Party to consummate the Transactions are unique, recognizes and affirms that in the event of a
breach of this Agreement by any Party, money damages may be inadequate and the non-breaching Parties may have not adequate remedy at
law, and agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed by
an applicable Party in accordance with their specific terms or were otherwise breached. Accordingly, each Party shall be entitled to
seek an injunction or restraining order to prevent breaches of this Agreement and to seek to enforce specifically the terms and
provisions hereof, without the requirement to post any bond or other security or to prove that money damages would be inadequate,
this being in addition to any other right or remedy to which such Party may be entitled under this Agreement, at law or in
equity.
Section
9.09 Severability. In case any provision in this Agreement shall be held invalid, illegal or unenforceable in a jurisdiction,
such provision shall be modified or deleted, as to the jurisdiction involved, only to the extent necessary to render the same valid,
legal and enforceable, and the validity, legality and enforceability of the remaining provisions hereof shall not in any way be affected
or impaired thereby nor shall the validity, legality or enforceability of such provision be affected thereby in any other jurisdiction.
Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties will substitute
for any invalid, illegal or unenforceable provision a suitable and equitable provision that carries out, so far as may be valid, legal
and enforceable, the intent and purpose of such invalid, illegal or unenforceable provision.
Section
9.10 Amendment; Waiver. This Agreement may be amended, supplemented or modified only by execution of a written instrument signed
by the SPAC, Pubco and the Company. Any Party to this Agreement may, at any time prior to the Closing, by action taken by its board of
directors or managers or other equivalent body or other officers or Persons thereunto duly authorized, (a) extend the time for the performance
of the obligations or acts of the other Parties hereto, (b) waive any inaccuracies in the representations and warranties (of another
Party hereto) that are contained in this Agreement or (c) waive compliance by the other Parties hereto with any of the agreements or
conditions contained in this Agreement, but such extension or waiver shall be valid only if set forth in an instrument in writing signed
by the Party granting such extension or waiver. Any waiver of any term or condition shall not be construed as a waiver of any subsequent
breach or a subsequent waiver of the same term or condition, or a waiver of any other term or condition of this Agreement. The failure
of any Party to assert any of its rights hereunder shall not constitute a waiver of such rights.
Section
9.11 Entire Agreement. This Agreement and the documents or instruments referred to herein, including any exhibits and schedules
attached hereto, which exhibits and schedules are incorporated herein by reference, together with the Ancillary Documents, embody the
entire agreement and understanding of the Parties hereto in respect of the subject matter contained herein. There are no restrictions,
promises, representations, warranties, covenants or undertakings, other than those expressly set forth or referred to herein or the documents
or instruments referred to herein, which collectively supersede all prior agreements and the understandings among the Parties with respect
to the subject matter contained herein.
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Section
9.12 Interpretation. The table of
contents and the Article and Section headings contained in this Agreement are solely for the purpose of reference, are not part of
the agreement of the Parties and shall not in any way affect the meaning or interpretation of this Agreement. In this Agreement,
unless the context otherwise requires: (a) any pronoun used shall include the corresponding masculine, feminine or neuter forms, and
words in the singular, including any defined terms, include the plural and vice versa; (b) reference to any Person includes such
Person’s successors and assigns but, if applicable, only if such successors and assigns are permitted by this Agreement, and
reference to a Person in a particular capacity excludes such Person in any other capacity; (c) any accounting term used and not
otherwise defined in this Agreement or any Ancillary Document has the meaning assigned to such term in accordance with GAAP; (d)
“including” (and with correlative meaning “include”) means including without limiting the generality of any
description preceding or succeeding such term and shall be deemed in each case to be followed by the words “without
limitation”; (e) the words “herein,” “hereto,” and “hereby” and other words of similar
import shall be deemed in each case to refer to this Agreement as a whole and not to any particular Section or other subdivision of
this Agreement; (f) the word “if” and other words of similar import when used herein shall be deemed in each case to be
followed by the phrase “and only if”; (g) the term “or” means “and/or”; (h) any reference to the
ordinary course of business of the Company or any of its Subsidiaries means the Company Ordinary Course, and otherwise any reference
to the term “ordinary course” or “ordinary course of business” shall be deemed in each case to be followed
by the words “consistent with past practice”; (i) any agreement, instrument, insurance policy, Law or Order defined or
referred to herein or in any agreement or instrument that is referred to herein means such agreement, instrument, insurance policy,
Law or Order as from time to time amended, modified or supplemented, including (in the case of agreements or instruments) by waiver
or consent and (in the case of statutes, regulations, rules or orders) by succession of comparable successor statutes, regulations,
rules or orders and references to all attachments thereto and instruments incorporated therein; (j) except as otherwise indicated,
all references in this Agreement to the words “Section,” “Article”, “Schedule” and
“Exhibit” are intended to refer to Sections, Articles, Schedules and Exhibits to this Agreement; and (k) the term
“Dollars” or “$” means United States dollars. Any reference in this Agreement to a Person’s directors
shall include any member of such Person’s governing body and any reference in this Agreement to a Person’s officers
shall include any Person filling a substantially similar position for such Person. Any reference in this Agreement or any Ancillary
Document to a Person’s shareholders or stockholders shall include any applicable owners of the equity interests of such
Person, in whatever form, including with respect to the SPAC, its shareholders under the Cayman Companies Act or DGCL, as then
applicable, or its Organizational Documents. The Parties have participated jointly in the negotiation and drafting of this
Agreement. Consequently, in the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed
as if drafted jointly by the Parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any Party by
virtue of the authorship of any provision of this Agreement. To the extent that any Contract or document is represented and
warranted by the Company to be given, delivered, provided or made available by the Company, in order for such Contract or document
to have been deemed to have been given, delivered, provided and made available to the SPAC or its Representatives, such Contract or
document shall have been posted to the electronic data site maintained on behalf of the Company for the benefit of the SPAC and its
Representatives and the SPAC and its Representatives have been given access to the electronic folders containing such
information.
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Section
9.13 Counterparts. This Agreement and
each Ancillary Document may be executed and delivered (including by DocuSign or other electronic transmission) in counterparts, and
by the different Parties hereto in separate counterparts, each of which when executed shall be deemed to be an original but all of
which taken together shall constitute one and the same agreement.
Section
9.14 Legal Representation.
(a)
The SPAC, Pubco and the Company, on behalf of themselves and their respective successors and assigns (including the Surviving Subsidiaries
after the Closing), hereby agree that, in the event a dispute with respect to this Agreement or the Transactions arises after the Closing
between or among (A) the Sponsor, the stockholders, shareholders or holders of other equity interests of the SPAC or the Sponsor and/or
any of their respective directors, members, partners, officers, employees or Affiliates (collectively, the “Meshflow Group”),
on the one hand, and (B) Pubco, either of the Surviving Subsidiaries and/or any member of the HGP Group, on the other hand, any legal
counsel, including Ashurst Perkins Coie (“APC”), that represented the SPAC and/or the Sponsor prior to the Closing
may represent the Sponsor and/or any other member of the Meshflow Group in such dispute even though the interests of such Persons may
be directly adverse to Pubco, either of the Surviving Subsidiaries or any of their respective Affiliates, and even though such counsel
may have represented the SPAC in a matter substantially related to such dispute or may be handling ongoing matters for the SPAC and/or
the Sponsor. The SPAC, Pubco and the Company, on behalf of themselves and their respective successors and assigns (including the Surviving
Subsidiaries after the Closing), 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 Legal Proceeding arising out of or relating
to, this Agreement, any Ancillary Document or the Transactions) between or among the SPAC, the Sponsor and/or any other member of the
Meshflow Group, on the one hand, and APC, on the other hand, the attorney/client privilege and the expectation of client confidence shall
survive the Transactions and belong to the Meshflow Group after the Closing, and shall not pass to or be claimed or controlled by Pubco
or either of the Surviving Subsidiaries. For the avoidance of doubt, any privileged communications or information shared by the Company
or any member of the HGP Group prior to the Closing with the SPAC or the Sponsor under a common interest agreement/arrangement or otherwise
a common interest basis, shall remain the privileged communications or information of the Company or such member of the HGP Group, as
applicable.
(b)
The Company, on behalf of themselves and their respective successors and assigns (including the Surviving Subsidiaries after the
Closing), hereby agree that, in the event of a dispute with respect to this Agreement or the Transactions arises after the Closing
between or among (A) the stockholders, shareholders or holders of other equity interests of the Company and/or any of their
respective directors, members, partners, officers, employees or Affiliates (collectively, the “HGP Group”), on
the one hand, and (B) Pubco, either of the Surviving Subsidiaries and/or any member of the Meshflow Group, on the other hand, any
legal counsel, including Pillsbury Winthrop Shaw Pittman LLP (“PWSP”), that represented the Company prior to the
Closing may represent any member of the HGP Group in such dispute even though the interests of such Persons may be directly adverse
to Pubco, either of the Surviving Subsidiaries or any of their respective Affiliates, and even though such counsel may have
represented the Company in a matter substantially related to such dispute or may be handling ongoing matters for Pubco or
either of the Surviving Subsidiaries. The SPAC, Pubco, and the Company, on behalf of themselves and t successors and assigns
(including the Surviving Subsidiaries after the Closing), 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
Legal Proceeding arising out of or relating to, this Agreement, any Ancillary Document or the Transactions) between or among the
Company and/or any member of the HGP Group, on the one hand, and PWSP, on the other hand, the attorney/client privilege and the
expectation of client confidence shall survive the Transactions and belong to the HGP Group after the Closing, and shall not pass to
or be claimed or controlled by Pubco or either of the Surviving Subsidiaries. For the avoidance of doubt, any privileged
communications or information shared by the SPAC or any member of the Meshflow Group prior to the Closing with the Company under a
common interest agreement/arrangement or otherwise on a common interest basis, shall remain the privileged communications or
information of the SPAC or such member of the Meshflow Group.
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(c)
PWSP has represented the HGP Group and the Company with respect to the Transactions. All Parties recognize the commonality of interest
that exists and will continue to exist until the Closing, and the Parties agree that such commonality of interest should continue to
be recognized after the Closing. Specifically, the Meshflow Group, Pubco and the Surviving Subsidiaries agree that they shall not, and
shall cause their Affiliates not to, seek to have PWSP be disqualified from representing (a) any member of the HGP Group in connection
with any dispute that may arise between such parties and the Meshflow Group, Pubco or either of the Surviving Subsidiaries or (b) Pubco
or either of the Surviving Subsidiaries in connection with any dispute that may arise between such parties and the members of the HGP
Group.
(d)
To the extent that any conflict of interest arises or develops that would conflict with the Parties’ intent as reflected in Section
9.14(a) through Section 9.14(c), the Parties hereby waive any such conflicts to the maximum extent permissible under any applicable
rules of professional responsibility.
Section
9.15 Waiver of Claims Against Trust. The Company acknowledges that the SPAC is a special purpose acquisition company with
the powers and privileges to effect a Business Combination. The Company further acknowledges that, as described in the IPO
Prospectus, substantially all of the SPAC’s assets consist of the cash proceeds of the SPAC’s IPO and private placements
of its securities and substantially all of those proceeds have been deposited in the Trust Account for the benefit of the SPAC, its
public shareholders and the underwriters of the SPAC’s IPO. The Company acknowledges that it has been advised by the SPAC
that, except with respect to interest earned on the funds held in the Trust Account that may be released to the SPAC to pay its
franchise Taxes, income Taxes and similar obligations, the Trust Agreement provides that cash in the Trust Account may be disbursed
only: (a) if the SPAC completes a Business Combination, to the Persons and in the amounts described in the IPO Prospectus; (b) if
the SPAC fails to complete a Business Combination within the allotted time period and liquidates, subject to the terms of the Trust
Agreement, to the SPAC in limited amounts to permit the SPAC to pay the costs and expenses of its liquidation and dissolution and
then to the SPAC Shareholders; or (c) if the SPAC holds a shareholder vote to amend the Cayman SPAC Articles to modify the substance
or timing of the obligation to redeem 100% of the SPAC Class A Ordinary Shares if the SPAC fails to complete a Business Combination
within the allotted time period or otherwise modify any other material provision of the Cayman SPAC Articles relating to its
shareholders’ rights or its pre-initial Business Combination activity, for the redemption of any SPAC Ordinary Shares properly
tendered in connection with such vote. For and in consideration of the SPAC entering into this Agreement, the receipt and
sufficiency of which are hereby acknowledged, the Company, on behalf of itself, its Affiliates and its and their respective
Representatives, hereby irrevocably waives any right, title, interest or claim of any kind that it has or may have in the future in
or to any monies in the Trust Account and agrees not to seek recourse against the Trust Account or any funds distributed therefrom
to the SPAC’s public shareholders for any reason whatsoever; provided that (i) nothing herein shall limit or prohibit
the Company’s right to pursue any legal or equitable claim against the SPAC or the Sponsor for legal or equitable relief
against monies or other assets held outside the Trust Account, for specific performance or other equitable relief in connection with
consummation of the Transactions (including a claim for the SPAC to specifically perform its obligations under this Agreement and
cause the disbursement of the balance of cash remaining in the Trust Account after giving effect to the Redemption in accordance
with this Agreement and the Trust Agreement), so long as such claim would not affect the SPAC’s ability to fulfill its
obligation to effectuate the Redemption, (ii) nothing herein shall limit or prohibit any claim that the Company may have in the
future against assets or funds of the SPAC or the Sponsor that are not held in the Trust Account (including funds released from the
Trust Account other than to the SPAC’s public shareholders in respect of their Redemption rights or upon the SPAC’s
liquidation, and any assets purchased or acquired with such funds) and (iii) nothing herein shall limit or prohibit any Fraud Claim
or any claim for knowing, willful, or intentional violations of law.
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Section
9.16 Disclosure Letters. The Company Disclosure Letter and the SPAC Disclosure Letter (including any section thereof) referenced
herein (collectively, the “Disclosure Letters” and each, a “Disclosure Letter”) are part of this
Agreement as if fully set forth herein. All references herein to a Disclosure Letter (including any section thereof) shall be deemed
references to such parts of this Agreement, unless the context otherwise requires. Any disclosure made by a Party in its applicable Disclosure
Letter, or any section thereof, with reference to any section of this Agreement or section of such Disclosure Letter shall be deemed
a disclosure with respect to any other applicable section of this Agreement or section of such Disclosure Letter if it is reasonably
apparent on the face of such disclosure that such disclosure is responsive to such other section. A Disclosure Letter may expressly provide
exceptions to a particular Section of Article III or Article V, as applicable, notwithstanding that such Section does not
state “except as set forth on Section [●] of the Company Disclosure Letter” or “except as set forth on Section
[●] of the SPAC Disclosure Letter” or words of similar effect. Certain information set forth in the Disclosure Letters is
included solely for informational purposes and may not be required to be disclosed pursuant to this Agreement. The disclosure of any
information shall not be deemed to constitute an acknowledgment that such information is required to be disclosed in connection with
the representations and warranties made in this Agreement, nor shall such information be deemed to establish a standard of materiality.
No disclosure in a Disclosure Letter shall be deemed to expand the scope of any representation or warranty beyond its express terms.
Section
9.17 Transferred Information.
(a)
Each Party acknowledges and confirms that the personal information disclosed or conveyed from one Party to the other (the
“Transferred Information”) is necessary for the purposes of determining if the Parties hereto will proceed
with the Transactions, and that the disclosure of Transferred Information relates solely to the completion of the Transactions.
(b)
In addition to its other obligations hereunder, the recipient of personal information covenants and agrees to:
(i)
prior to the completion of the Transactions, collect, use and disclose the Transferred Information solely for the purpose of reviewing
and completing the Transactions, including for the purpose of determining to complete the Transactions;
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(ii)
after the completion of the Transactions, collect, use and disclose the Transferred Information only for those purposes for which the
Transferred Information was initially collected from or in respect of the individual to which such Transferred Information relates or
for the completion of the Transactions unless (i) the recipient of the personal information has first notified such individual of such
additional purpose, and where required by applicable Law, obtained the consent of such individual to such additional purpose, or (ii)
such use or disclosure is permitted or authorized by applicable Law, without notice to, or consent from, such individual; and
(iii)
where required by applicable Law, promptly notify the individuals to whom the Transferred Information relates that the Transactions have
taken place and that the Transferred Information has been disclosed to the recipient of the personal information.
Section
9.18 Transaction Expenses. Except as otherwise set forth in this Agreement, each Party shall be responsible for and pay its
own Company Transaction Costs or SPAC Transaction Costs, as applicable; provided, however, that if the Closing shall occur,
Pubco shall pay or cause to be paid the Company Transaction Costs and the SPAC Transaction Costs, in each case in accordance with Section
2.03.
Article
X
DEFINITIONS
Section
10.01 Certain Definitions. For purposes of this Agreement, the following capitalized terms have the following meanings:
“Acquisition
Proposal” has the meaning specified in Section 6.07(a).
“Additional
SPAC SEC Reports” has the meaning specified in Section 5.06(a).
“Affiliate”
means, with respect to any specified Person, any Person that, directly or indirectly, controls, is controlled by, or is under common
control with, such specified Person, whether through one or more intermediaries or otherwise. The term “control” (including
the terms “controlling”, “controlled by” and “under common control with”) means the possession, directly
or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership
of voting securities, by Contract or otherwise.
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“Agreement”
has the meaning specified in the Preamble.
“Alternative
Transaction” has the meaning specified in Section 6.07(a).
“Amended
Pubco Charter” has the meaning specified in Section 7.02(j).
“Ancillary
Documents” means each of the agreements and instruments contemplated by this Agreement or otherwise related to the Transactions,
in each case to be executed and delivered on the date hereof or on or prior to the Closing Date, including this Agreement (together with
the Company Disclosure Letter), the Transaction Support Agreements, the Lock-Up Agreement, the Registration Rights Agreement, the Sponsor
Support Agreement, the Amended Pubco Charter, the PIPE Subscription Agreements, the Amended and Restated Articles of Organization of
Company Surviving Subsidiary, the Amended and Restated Operating Agreement of Company Surviving Subsidiary and the Company SAFE Conversion
Agreement.
“Anti-Bribery
Law” means the U.S. Foreign Corrupt Practices Act of 1977, as amended; the UK Bribery Act 2010, and any rules or regulations
promulgated thereunder; the Organisation for Economic Co-operation and Development Convention on Combating Bribery of Foreign
Public Officials in International Business Transactions and related implementing legislation; and any other applicable Laws relating
to bribery or corruption in any governing jurisdiction.
“Antitrust
Laws” has the meaning specified in Section 6.10(b).
“APC”
has the meaning specified in Section 9.14(a)(i).
“Applicable
Exchange” means Nasdaq or the NYSE, as applicable.
“Audited
Company Financials” has the meaning specified in Section 3.06(a).
“Available
Closing Cash” means, without duplication, an amount of Cash equal to (a) all amounts in the Trust Account as of immediately
prior to the Closing, after reduction for (i) the aggregate amount of payments required to be made in connection with the Redemption,
(ii) any excise Tax payable by the SPAC pursuant to Section 6.11 and (iii) the Deferred Underwriting Commissions payable by the
SPAC, plus (b) the gross proceeds of any PIPE Financing received by the SPAC, Pubco or the Company at or prior to the Closing, plus (c)
the gross proceeds of any other financing, investment or cash funding received by the SPAC, Pubco or the Company at the Closing, other
than the Trust Account and the PIPE Financing, minus (d) the CF Company Transaction Costs, minus (e) the SPAC Transaction Costs and minus
(f) any other expressly agreed deductions.
“Business
Combination” has the meaning specified in Article 1.1 of the Cayman SPAC Articles as in effect on the date hereof.
“Business
Day” means a day other than a Saturday, Sunday or other day on which commercial banks in New York, New York or, for so long
as the SPAC remains domiciled in Cayman Islands, Governmental Authorities in the Cayman Islands that are authorized or required by Law
to close.
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“CARES
Act” means the Coronavirus Aid, Relief, and Economic Security Act, Pub. L. 116-136 (116th Cong.) (Mar. 27, 2020), and any amendment
thereof, successor law, or executive order, executive memorandum, administrative or other guidance or legislation published with respect
thereto by any Governmental Authority.
“Cash”
means cash and cash equivalents, including checks, money orders, marketable securities, short-term instruments, negotiable instruments,
funds in time and demand deposits or similar accounts on hand, in lock boxes, in financial institutions or elsewhere, together with all
accrued but unpaid interest thereon, and all bank, brokerage or other similar accounts, excluding amounts subject to outstanding checks
or wires and any amounts held in escrow, in each case calculated in accordance with GAAP.
“Cayman
Companies Act” has the meaning specified in the Recitals.
“Cayman
SPAC Articles” means the memorandum and articles of association of the SPAC, as then currently in effect.
“CDL
Updates” has the meaning specified in Section 6.04.
“CEO”
has the meaning specified in Section 6.23.
“CEO
Employment Documents” has the meaning specified in Section 6.23.
“Certificate”
means any certificate, if applicable, representing Company Units.
“Closing”
has the meaning specified in Section 2.01.
“Closing
Date” has the meaning specified in Section 2.01.
“Closing
Filing” has the meaning specified in Section 6.16(b).
“Closing
Press Release” has the meaning specified in Section 6.16(b).
“Code”
means the U.S. Internal Revenue Code of 1986, as amended, and any successor statute thereto, as amended.
“Company”
has the meaning specified in the Preamble.
“Company
Benefit Plan” means any and all compensation, deferred compensation, incentive compensation, commission, equity purchase
or other equity-based compensation plan, retention, severance or termination, holiday, vacation or other paid time off or bonus plan
or practice, hospitalization or other medical, life or other insurance, supplemental unemployment benefits, profit sharing, pension,
or retirement plan, program, policy, agreement, commitment or arrangement, including each “employee benefit plan” as
such term is defined under Section 3(3) of ERISA, whether or not subject to ERISA, whether or not set forth in writing, and
whether or not funded, (i) that is sponsored, maintained, participated in, or contributed to (or required to be sponsored,
maintained, participated in, or contributed to) by the Company or any ERISA Affiliate for the benefit of any current or former
employee, officer, director, individual consultant, individual or single-member entity independent contractor, or other
individual service provider of or to the Company or (ii) with respect to which the Company has any actual or contingent
liability.
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“Company
Certificate of Merger” has the meaning specified in Section 1.04.
“Company
Class A Units” means the issued and outstanding Class A Units of the Company pursuant to the Company Operating Agreement.
“Company
Class B Units” means the issued and outstanding Class B Units of the Company pursuant to the Company Operating Agreement.
“Company
Class C Units” means the issued and outstanding Class C Units of the Company pursuant to the Company Operating Agreement.
“Company
Closing Certificate” has the meaning specified in Section 2.02(b).
“Company
Confidential Information” means all confidential or proprietary documents and information concerning the Company or any of
its Affiliates or their respective Representatives, furnished in connection with this Agreement or the Transactions by or on behalf of
the Company or any of its Representatives to SPAC, Pubco, the Merger Subs or any of their respective Representatives; provided, however,
that Company Confidential Information shall not include any information which, (a) at the time of disclosure by the Company or its
Representatives, is generally available publicly and was not disclosed in breach of this Agreement or the Confidentiality Agreement or
(b) at the time of the disclosure by the Company or its Representatives to the SPAC, Pubco, the Merger Subs or any of their respective
Representatives was previously known by such receiving party without violation of Law or any confidentiality obligation by the Person
receiving such Company Confidential Information.
“Company
Convertible Securities” means, collectively, any options, warrants or rights to subscribe for or purchase any equity securities
of the Company or securities convertible into or exchangeable for, or that otherwise confer on the holder any right to acquire any equity
securities of the Company (but excluding any Company Units).
“Company
D&O Tail Insurance” has the meaning specified in Section 6.19(b).
“Company
Disclosure Letter” has the meaning specified in the Preamble to Article III.
“Company
Financials” has the meaning specified in Section 3.06(a).
“Company
IP” means all Owned Intellectual Property and all other Intellectual Property that is licensed or purported to be licensed,
used or held for use by the Company, or otherwise reasonably necessary to operate the Company’s business.
“Company
IP Licenses” means any and all Inbound Licenses and Outbound Licenses, sublicenses and other agreements or permissions that
the Company is party to or is otherwise authorized to use or practice any Intellectual Property under.
“Company
Leased Real Properties” has the meaning specified in Section 3.16(b).
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“Company Material
Adverse Effect” means any change, event or circumstance (collectively, “Events”), that (i) has had,
individually or in the aggregate, a material adverse effect on the business, assets, results of operations or financial condition of the
Company or (ii) does or would reasonably be expected to, individually or in the aggregate, prevent, materially delay or materially
impair the ability of the Company to consummate the Transactions; provided, however, that in no event would any of the following,
alone or in combination, be deemed to constitute, or be taken into account in determining whether there has been or will be, a “Company
Material Adverse Effect”: (a) changes or proposed changes in applicable Law, regulations or any enforcement, implementation or interpretations
thereof or decisions by courts or any Governmental Authority after the date of this Agreement, (b) changes or proposed changes in
GAAP (or any interpretation thereof) after the date of this Agreement, (c) any changes in interest rates or in general economic,
political, business or banking conditions, including changes in the credit, debt, securities, financial, capital or reinsurance markets
(including changes in interest or exchange rates, prices of any security or market index or commodity or any disruption of such markets),
in each case, in the United States or anywhere else in the world, (d) the taking of any action or the omission of any action required
by this Agreement or any Ancillary Document, (e) any natural disaster (including hurricanes, storms, tornados, flooding, earthquakes,
volcanic eruptions or similar occurrences), pandemic or change in climate or the escalation or worsening of the foregoing, (f) any
acts of terrorism or war, including sabotage or cyberterrorism, the outbreak or escalation of hostilities, geopolitical conditions, local,
national or international political conditions or the escalation or worsening of the foregoing, (g) any failure of the Company to
meet any projections, forecasts or revenue or earnings predictions (provided that clause (g) shall not prevent a determination
that any Event not otherwise excluded from this definition of Company Material Adverse Effect underlying such failure to meet projections
or forecasts has resulted in a Company Material Adverse Effect), (h) any Events generally applicable to the industries or markets in which
the Company operates (including increases in the cost of products, supplies, materials or other goods purchased from third party suppliers),
(i) the announcement of this Agreement and consummation of the Transactions, including any termination of, reduction in or similar adverse
impact (but in each case only to the extent attributable to such announcement or consummation) on relationships, contractual or otherwise,
with any landlords, customers, suppliers, distributors, partners or employees of the Company, (j) any matter set forth on the Company
Disclosure Letter, (k) any action taken or omitted to be taken by the Company at the written request of, or with the prior written
consent of, the SPAC or (l) any Permitted Interim Actions; provided, further, that any Event referred to in clauses
(a), (b), (c), (e), (f) or (h) above may be taken into account in determining if a Company Material Adverse Effect has occurred to
the extent it has a disproportionate and adverse effect on the business, assets, results of operations or condition (financial or otherwise)
of the Company, relative to similarly situated companies in the industry in which the Company conducts its operations, but only to the
extent of the incremental disproportionate effect on the Company, relative to similarly situated companies in the industry in which the
Company conducts its operations.
“Company PIU Award”
shall mean an award of Company Class B Units that are intended to be treated as a “profits interest” within the meaning of
IRS Revenue Procedure 93-27, 1993-2 C.B. 343, as clarified by IRS Revenue Procedure 2001-43, 2001-2 C.B. 191, and that are subject to
certain vesting, transfer restriction and forfeiture provisions as set forth in the Company Operating Agreement and the applicable award
agreement by and between the Company and the recipient thereof.
97
“Company Material
Contract” has the meaning specified in Section 3.13(a).
“Company Member”
means any holder of Company Units as of any determination time prior to the Effective Time, and “Company Members” means all
such holders collectively.
“Company Member Approval”
means the affirmative vote (or written consent) of the holders of a majority of the outstanding Company Class A Units and a majority of
the outstanding Company Class C Units, each voting as a separate class.
“Company Member Recommendation”
has the meaning specified in Section 6.24(b).
“Company Member Recommendation
Change” has the meaning specified in Section 6.24(b).
“Company Merger”
has the meaning specified in the Recitals.
“Company Merger Consideration”
has the meaning specified in Section 1.08.
“Company Merger Effective
Time” has the meaning specified in Section 1.04.
“Company Merger Sub”
has the meaning specified in the Preamble.
“Company Operating
Agreement” means that certain Amended & Restated Company Agreement of the Company, dated as of December 8, 2025, as may
be amended, modified or supplemented from time to time.
“Company Ordinary
Course” means, with respect to the Company and its Subsidiaries, the conduct of their business in all material respects in accordance
with the business plan and budget of the Company and its Subsidiaries made available to the SPAC within fifteen (15) Business Days following
the execution and delivery of this Agreement, including actions reasonably necessary, appropriate or incidental to implement such business
plan and budget, without regard to whether such conduct is consistent with the historical practices of the Company or its Subsidiaries;
provided that immaterial deviations from such business plan or budget shall not, in and of themselves, cause any action to be deemed
outside the Company Ordinary Course.
“Company Permits”
has the meaning specified in Section 3.11.
“Company Real Property
Leases” has the meaning specified in Section 3.16(b).
“Company Registered
IP” has the meaning specified in Section 3.14(a).
“Company SAFE Conversion
Agreement” has the meaning specified in Section 1.11(d).
“Company SAFEs”
means, collectively, all Simple Agreements for Future Equity (SAFEs) issued by the Company and outstanding immediately prior to the Effective
Time.
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“Company Securities”
means, collectively, the Company Units, the Company SAFEs, the Company Convertible Securities and any other equity securities of the Company.
“Company Software”
means any and all Software which the Company owns or purports to own, in whole or in part.
“Company Surviving
Subsidiary” has the meaning specified in Section 1.03.
“Company Transaction
Costs” means all fees, costs and expenses of the Company, in each case, incurred prior to and through the Closing Date in connection
with the negotiation, preparation and execution of this Agreement, the other Ancillary Documents and the consummation of the Transactions
and remaining unpaid as of immediately prior to the Closing, including: (a) all change of control bonus payments, retention or similar
payments payable solely as a result of the consummation of the Transactions pursuant to arrangements entered into by the Company prior
to the Closing Date and the employer portion of payroll Taxes payable as a result of the foregoing amounts; (b) all severance payments
or similar payments or success fees payable pursuant to arrangements entered into by the Company prior to the Closing Date and which are
payable solely as a result of the consummation of the Transactions or an action expressly contemplated by this Agreement and taken prior
to the Closing (excluding any “double-trigger payments”), and the employer portion of payroll Taxes payable as a result of
the foregoing amounts; (c) all reasonable and documented professional or transaction, deal, brokerage, legal, accounting, financial
advisory or any similar fees payable in connection with the consummation of the Transactions, including
any financial advisory fee payable by the Company to Cantor Fitzgerald & Co. or its Affiliates in connection with the Transaction
(such fee payable by the Company to Cantor Fitzgerald & Co. or its Affiliates in connection with the Transaction, the “CF
Company Transaction Costs”); (d) Transfer Taxes that are the responsibility of the Company pursuant to Section 6.12(c);
and (e) 50% of any fees or other amounts charged by any Governmental Authorities relating to any required filing or application by
the Company or the SPAC under Antitrust Laws pursuant to Section 6.10(b); provided, that Company Transaction Costs shall
not include any fees, costs or expenses of SPAC, Pubco, either Merger Sub, the Sponsor or any of their respective Affiliates, including
SPAC Transaction Costs, except to the extent expressly agreed in writing by the Company.
“Company Units”
means, collectively, the Company Class A Units, the Company Class B Units, and the Company Class C Units.
“Confidentiality
Agreement” means the Nondisclosure Agreement, dated as of June 22, 2026, between SPAC and the Company.
“Consent”
means any consent, approval, waiver, clearance, authorization, action, non-action, or Permit of, or notice to or declaration or filing
with, any Governmental Authority or any other Person.
“Continental”
has the meaning specified in Section 5.16.
“Contracts”
means all legally binding contracts, agreements, binding arrangements, bonds, notes, indentures, mortgages, debt instruments, purchase
orders, licenses (including all Company IP Licenses and other contracts, agreements or binding arrangements concerning Intellectual Property),
franchises, leases and other instruments or obligations of any kind, whether written or oral (including any amendments or other modifications
thereto).
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“Conversion”
has the meaning specified in Section 1.01.
“Copyleft Terms”
has the meaning specified in Section 3.14(e).
“Copyrights”
has the meaning set forth in the definition of “Intellectual Property”.
“D&O Indemnified
Party” has the meaning specified in Section 6.19(a).
“Data Protection
Law” means all applicable Laws, regulations, directives or binding guidance, as amended, from time to time, contractual obligations,
self-regulatory standards, written policies, notices related to privacy, security, data breach notification, consumer protection, data
protection or Processing of Personal Data (including Laws of jurisdictions where Personal Data was collected or Processed), including,
but not limited to, the Federal Trade Commission Act, The Controlling the Assault of Non-Solicited Pornography And Marketing
Act of 2003 (CAN-SPAM Act), California Consumer Privacy Act (CCPA) and similar Law, the Telephone Consumer Protection Act (TCPA),
the Telemarketing and Consumer Fraud and Abuse Prevention Act, the Computer Fraud and Abuse Act, the Gramm Leach Bliley Act, the Electronic
Communications Privacy Act, the Fair Credit Reporting Act, the Fair and Accurate Credit Transaction Act, the EU General Data Protection
Regulation (GDPR), Federal Data Protection Act of 19 June 1992 (Switzerland), the GDPR as amended and incorporated into UK Law under
the UK European Union (Withdrawal) Act 2018 (UK GDPR) and Data Protection Act 2018, and EU or EU Member state Laws, state data security
Laws, unfair or deceptive trade practices Laws, biometric, State Social security number protection Laws, data breach notification Laws,
the rules, regulations, bylaws, standards, policies, and procedures of payment card associations, including with respect to the processing
of payment card information, the Payment Card Industry Data Security Standards and the Payment Application Data Security Standards, and
any Law concerning requirements for website and mobile applications, privacy policies and practices, data or web scraping, cybersecurity
disclosures, call or electronic monitoring or recording or any outbound communications (including, outbound calling and text messaging,
telemarketing, and email marketing).
“DGCL”
has the meaning specified in the Recitals.
“Disclosure Letter”
means either the Company Disclosure Letter or the SPAC Disclosure Letter, as applicable, and “Disclosure Letters” means both
of them collectively.
“Domesticated SPAC
Class B Common Stock” means, following the Conversion, Class B common stock of the SPAC, par value $0.0001 per share.
“Domesticated SPAC
Common Stock” means, following the Conversion, common stock of the SPAC, par value $0.0001 per share.
“Domesticated SPAC
Private Warrant” has the meaning specified in Section 1.01(b).
“Domesticated SPAC
Public Unit” has the meaning specified in Section 1.01(b).
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“Domesticated SPAC
Public Warrant” has the meaning specified in Section 1.01(b).
“DPA” has
the meaning specified in Section 5.10.
“DTC” means
The Depository Trust Company.
“Effective Time”
has the meaning specified in Section 1.04.
“Enforceability Exceptions”
has the meaning specified in Section 5.02.
“Environmental Law”
means any Law in any way relating to (a) the protection of human health and safety, (b) the environment, (c) natural resources
(including air, water vapor, surface water, groundwater, drinking water supply, surface land, subsurface land, plant and animal life or
any other natural resource), (d) pollution (or the cleanup thereof), or (e) Hazardous Materials, including, without limitation, the
Comprehensive Environmental Response, Compensation and Liability Act, 42 USC §9601 et seq., the Resource Conservation and Recovery
Act, 42 USC §6901 et seq., the Toxic Substances Control Act, 15 USC §2601 et seq., the Federal Water Pollution Control Act,
33 USC §1251 et seq., the Clean Air Act, 42 USC §7401 et seq., the Federal Insecticide, Fungicide and Rodenticide Act,
7 USC §136 et seq., the Emergency Planning and Community Right-to-Know Act of 1986, 42 U.S.C. §§ 11001 et seq., the Occupational
Safety and Health Act, 29 USC §651 et seq. (to the extent it relates to exposure to Hazardous Materials), the Asbestos Hazard Emergency
Response Act, 15 USC §2641 et seq., the Safe Drinking Water Act, 42 USC §300f et seq., the Oil Pollution Act of 1990, 33 USC
§2701 et seq., and analogous state acts.
“Environmental Liabilities”
means, in respect of any Person, all Liabilities, obligations, responsibilities, Remedial Legal Proceedings, losses, damages, costs, and
expenses (including all reasonable fees, disbursements, and expenses of counsel, experts, and consultants and costs of investigation and
feasibility studies), fines, penalties, sanctions, and interest incurred as a result of any claim or demand by any other Person or in
response to any violation of Environmental Law, whether known or unknown, accrued or contingent, whether based in contract, tort, implied
or express warranty, strict liability, criminal or civil statute, to the extent based upon, related to, or arising under or pursuant to
any Environmental Law, Environmental Permit, Order, or Contract with any Governmental Authority or other Person, that relates to any environmental,
health or safety condition, violation of Environmental Law, or a Release of Hazardous Materials.
“Environmental Permits”
has the meaning specified in Section 3.20(a).
“ERISA”
means the U.S. Employee Retirement Income Security Act of 1974, as amended.
“ERISA Affiliate”
means each corporation, trade or business (whether or not incorporated), and each other “person” (as defined in Section 3(9)
of ERISA) which, together with the Company, is, or would be, deemed to be a “single employer” within the meaning of Section 414(b),
(c), (m) or (o) of the Code or Sections 4001(a)(14) or 4001(b) of ERISA.
“Exchange Act”
means the U.S. Securities Exchange Act of 1934, as amended.
“Exchange Agent”
has the meaning specified in Section 1.13(a).
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“Extension”
has the meaning specified in Section 6.03(a).
“FAR” has
the meaning specified in Section 3.10.
“Federal Securities
Law” has the meaning specified in Section 6.08.
“FLSA”
has the meaning specified in Section 3.18(c).
“Fraud Claim”
means any claim for deliberate fraud as defined under the common law of the State of Delaware by a Party to this Agreement, in the making
of a statement of material fact in the express representations and warranties set forth in Article III, Article IV or Article
V of this Agreement, as applicable, and not with respect to any other matter and will only be found to exist if such Party is finally
determined, by a court of competent jurisdiction, to have committed deliberate fraud with the specific intent to deceive another Party
and finds that such Party made: (a) a false representation of material fact; (b) with actual Knowledge (as opposed to constructive,
imputed or implied knowledge) that such representation is false; (c) with a specific intention to induce the Party to whom such representation
is made to act or refrain from acting in reliance upon it; (d) causing that Party, in justifiable reliance upon such false representation,
to take or refrain from taking action; and (e) causing such Party to suffer damage by reason of such reliance. For the avoidance
of doubt, a Fraud Claim does not and shall not include any constructive fraud, equitable fraud, promissory fraud, unfair dealings fraud
or any tort (including fraud) based on recklessness or negligence. A Fraud Claim by a Person shall not be imputed to any other Person.
“GAAP”
means generally accepted accounting principles as in effect in the United States of America.
“Generative AI Tools”
has the meaning specified in Section 3.14(l).
“Government Bid”
means any outstanding or pending quotation, bid, offer, or proposal made by the Company, which, if accepted or awarded, would result in
a Government Contract.
“Government Contract”
means any Contract (including any prime contract, subcontract, grant, cooperative agreement, teaming agreement or arrangement, joint venture,
basic ordering agreement, letter contract, purchase order, delivery order, change order or other arrangement of any kind in writing) entered
into by the Company with any Governmental Authority or with any prime contractor or upper-tier subcontractor relating to a Contract where
any Governmental Authority is a party thereto by which the Company has agreed to provide goods or services (including one or more licenses)
to such Governmental Authority, prime contractor, or upper-tier subcontractor or to any third party (including the public) on behalf of
such Governmental Authority, prime contractor or upper-tier subcontractor.
“Governmental Authority”
means any federal, state, municipal, local or other foreign or domestic governmental, quasi-governmental, or administrative body, instrumentality,
department or agency, any court, tribunal, administrative hearing body, arbitrator or arbitration panel, commission, or other similar
dispute-resolving panel or body, or any government-owned entity.
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“Hazardous
Material” means any contaminant, compound, chemical, pollutant, mixture, waste, solid, gas, liquid or other substance or
material that is defined, listed, classified or designated as a “hazardous substance”, “hazardous material”,
“pollutant”, “contaminant”, “hazardous waste”, “solid waste”, “regulated
substance”, “hazardous chemical”, “toxic chemical”, “toxic substance”, “toxic
waste”, or “waste” (or any similar term) under any Environmental Law, or any other material regulated, or that
could result in the imposition of Liability or responsibility, under any Environmental Law, including oil, petroleum, petroleum
products and by-products, petroleum breakdown products, asbestos, radioactive materials, polychlorinated biphenyls, radon,
mold, urea formaldehyde insulation and per- and polyfluoroalkyl substances.
“Health Plan”
has the meaning specified in Section 3.19(j).
“HGP Group”
has the meaning specified in Section 9.14(a)(ii).
“HSR Act”
means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the rules and regulations promulgated thereunder.
“Inbound License”
means any Contract pursuant to which any third Person has granted the Company a license or covenant not to sue under any such third Person’s
Intellectual Property.
“Indebtedness”
of any Person means, without duplication, (a) all indebtedness of such Person for borrowed money (including the outstanding principal
and accrued but unpaid interest), (b) all obligations for the deferred purchase price of property or services (other than trade payables
incurred in the ordinary course of business), (c) any other indebtedness of such Person that is evidenced by a note, bond, debenture,
credit agreement or similar instrument, (d) all obligations of such Person under leases that should be classified as capital leases
in accordance with GAAP (other than real estate leases and any other leases that would be required to be capitalized only upon adoption
of ASC 842), (e) all obligations of such Person for the reimbursement of any obligor on any line or letter of credit, banker’s
acceptance, guarantee or similar credit transaction, in each case, that has been drawn or claimed against, (f) all interest rate
and currency swaps, caps, collars and similar agreements or hedging devices under which payments are obligated to be made by such Person,
whether periodically or upon the happening of a contingency, (g) all obligations secured by a Lien securing debt for borrowed money
on any property of such Person (other than Permitted Liens), (h) any premiums, prepayment fees or other penalties, fees, costs or expenses
associated with the prepayment of any Indebtedness of such Person, (i) all accrued employer obligations under any pension, defined contribution,
deferred compensation or similar plans, including, but not limited to, employer contributions made but not yet remitted to any such plans
(including all Social Security, Medicare, and other similar employer payroll Taxes with respect to such amounts), (j) all earned or accrued
but unpaid obligations pursuant to any severance, bonus, commission, paid time off, or any other incentive or similar compensation or
leave arrangement (including all Social Security, Medicare, and other similar employer payroll Taxes with respect to such amounts), and
(k) all obligations described in clauses (a) through (j) above of any other Person which is directly or indirectly guaranteed
by such Person or which such Person has agreed (contingently or otherwise) to purchase or otherwise acquire or in respect of which such
Person has otherwise assured a creditor against loss.
“Indemnification
Obligation” has the meaning specified in Section 6.19(d).
“Insurance Policies”
has the meaning specified in Section 3.22(a).
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“Intellectual
Property” means any and all intellectual or proprietary property and all rights, title, and interest therein or thereto
arising anywhere in the world, including all United States, international and foreign: (a) patents and patent applications,
patent improvements, disclosures and inventions (whether patentable or unpatentable and whether or not reduced to practice),
including any continuations, divisions, continuations in part, renewals, divisionals, extensions, substitutions, reexaminations,
reissues or foreign counterparts of any of the foregoing (“Patents”); (b) all trade names, trade dress,
trademarks, service marks, slogans, logos, and any other similar identifiers of source of origin, including all goodwill associated
therewith, together with all registrations and applications relating thereto (“Trademarks”); (c) all internet
domain name registrations; (d) all social media usernames, handles, and accounts (“Social Media Accounts”);
(e) copyrights (whether registered or unregistered), original works of authorship, copyrightable works and subject matter, together
with all registrations and applications relating thereto (“Copyrights”); (f) all proprietary databases and data;
(g) all industrial designs and any registrations and applications therefor throughout the world; (h) Trade Secrets;
(i) Software and data, databases, compilations, and any other electronic data files, including any and all collections of data,
whether machine readable or otherwise; (j) moral rights, rights of publicity or privacy; (k) rights to sue or recover and
retain damages and costs and attorneys’ fees for the past, present or future infringement, dilution, misappropriation, or
other violation of any of the foregoing anywhere in the world; (l) any and all other intellectual or industrial property rights
protectable by applicable Law in any jurisdiction; and (m) all issuances, renewals, registrations and applications of or for
any of the foregoing.
“Intended Tax Treatment”
and “Intended Tax Treatments” have the meanings specified in the Recitals.
“Interim Company
Financials” has the meaning specified in Section 6.04.
“Interim Period”
has the meaning specified in Section 6.01(a).
“International Trade
Laws” means any Laws or regulations governing the import, export, reexport, release, brokering or transfer of goods, software,
technology, technical data or services, including the U.S. export control Laws and regulations administered and enforced by the U.S. Departments
of Commerce and State and the import and customs Laws administered and enforced by the U.S. Departments of Homeland Security and Commerce
and U.S. Customs and Border Protection. For the avoidance of doubt, “International Trade Laws” include anti-boycott Laws,
to the extent applicable, the Export Control Reform Act, the Export Administration Regulations, the Arms Export Control Act, the International
Traffic in Arms Regulations, the International Emergency Economic Powers Act, the Trading with the Enemy Act, U.S. customs Laws and regulations,
regulations administered by OFAC and other applicable Laws regulating the development, commercialization or export of technology.
“IPO” means
the initial public offering of SPAC Public Units pursuant to the IPO Prospectus.
“IPO Prospectus”
means the final prospectus of the SPAC, dated as of November 19, 2025 (File No. 333- 290175).
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“IRS” means
the U.S. Internal Revenue Service (or any successor Governmental Authority).
“IT
Assets” means technology, devices, computers, hardware, Software (including firmware and middleware), systems, sites,
servers, networks, workstations, routers, hubs, circuits, switches, interfaces, websites, platforms, data communications lines,
automated networks and control systems, cloud computing arrangements and all other information or operational technology,
telecommunications or data processing assets, facilities, systems, services or equipment, and all data stored therein or processed
thereby and all associated documentation, in each case owned or leased by, licensed to or used by the Company in the conduct of its
business.
“JOBS Act”
has the meaning specified in Section 5.06(f).
“Joinder”
means a joinder to the Lock-Up Agreement, substantially in the form attached thereto.
“Knowledge”
means, with respect to (a) the Company, the actual knowledge, after reasonable inquiry, of Gregory Forero and (b) the SPAC,
the actual knowledge, after reasonable inquiry, of Bartosz Lipiński and Alex Dolesky.
“Law” means
any federal, state, local, municipal, foreign or other law, statute, legislation, principle of common law, ordinance, code, edict, decree,
proclamation, treaty, convention, rule, regulation, directive, requirement, writ, injunction, settlement, Order or Consent that is or
has been issued, enacted, adopted, passed, approved, promulgated, made, implemented or otherwise put into effect by or under the authority
of any Governmental Authority.
“Legal Proceeding”
means any notice of noncompliance or violation, or any claim, demand, charge, action, suit, litigation, audit, settlement, complaint,
stipulation, assessment or arbitration, or examination, or any request (including any request for information), inquiry, hearing, proceeding
or investigation, by or before any Governmental Authority.
“Liabilities”
means any and all liabilities, Indebtedness, Legal Proceedings or obligations of any nature (whether absolute, accrued, contingent or
otherwise, whether known or unknown, whether direct or indirect, whether matured or unmatured, whether due or to become due).
“Lien”
means any mortgage, deed of trust, pledge, security interest, attachment, right of first refusal, right of first offer, option, proxy,
voting trust, license, encumbrance, easement, covenant, lien or charge of any kind (including any conditional sale or other title retention
agreement or lease in the nature thereof), restriction (whether on voting, sale, transfer, disposition or otherwise), any subordination
arrangement in favor of another Person, or any filing or agreement to file a financing statement as debtor under the Uniform Commercial
Code or any similar Law.
“Lock-Up Agreement”
has the meaning specified in the Recitals.
“Material Current
Government Contract” has the meaning specified in Section 3.10.
“Merger”
has the meaning specified in the Recitals.
“Merger Sub”
has the meaning specified in the Preamble.
“Merger Subs”
has the meaning specified in the Preamble.
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“Mergers”
has the meaning specified in the Recitals.
“Meshflow Group”
has the meaning specified in Section 9.14(a)(i).
“Minimum Cash Condition”
has the meaning specified in Section 7.02(e).
“Modification in
Recommendation” has the meaning specified in Section 6.14(b).
“Nasdaq”
means the Nasdaq Stock Market LLC.
“NYSE”
means the New York Stock Exchange.
“OFAC”
has the meaning specified in Section 3.24(b).
“Off-the-Shelf Software”
means “shrink wrap,” “click wrap,” and “off the shelf” software agreements and other agreements for
Software commercially available to the public on standard terms and conditions with an annual cost of less than $100,000 per year.
“Offer Documents”
has the meaning specified in Section 6.14(a)(i).
“Open Source Software”
means any code or software governed by 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 any substantially similar license, including any license
approved by the Open Source Initiative or any Creative Commons License.
“Order”
means any order, decree, ruling, judgment, injunction, writ, determination, binding decision, verdict, judicial award or other action
that is or has been made, entered, rendered, or otherwise put into effect by or under the authority of any Governmental Authority.
“Organizational Documents”
means, with respect to any Person that is an entity, its certificate of incorporation or formation, bylaws, operating agreement, memorandum
and articles of association or similar organizational documents, in each case, as amended.
“Original Registration
Rights Agreement” means the Registration Rights Agreement, dated as of December 9, 2025, by and among the SPAC, the Sponsor
and the other parties thereto.
“Other Indemnitors”
has the meaning specified in Section 6.19(d).
“Outbound License”
means any Contract to which the Company is a party or by which any of its properties or assets may be bound, subject or affected, which
grants any third Person a license or covenant not to sue under any of the Owned Intellectual Property.
“Outside Date”
has the meaning specified in Section 8.01(c).
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“Owned Intellectual
Property” means any and all Intellectual Property which the Company owns (or purports to own), in whole or in part, and includes
the Company Software and all Company Registered IP.
“Party(ies)”
has the meaning specified in the Preamble.
“Patents”
has the meaning specified in the definition of “Intellectual Property”.
“PCAOB”
means the U.S. Public Company Accounting Oversight Board (or any successor thereto).
“Percentage Merger
Consideration” means a number of shares of Pubco Common Stock equal to (a) 80,000,000, multiplied by (b) the percentage set
forth opposite such Seller’s name on Schedule 1.08, to be delivered or made available to the SPAC within five (5) Business
Days prior to Closing.
“Permits”
means all federal, state, local or foreign or other third-party permits, grants, easements, consents, approvals, authorizations, exemptions,
licenses, franchises, concessions, ratifications, permissions, clearances, confirmations, endorsements, waivers, certifications, designations,
ratings, registrations, qualifications or orders of any Governmental Authority or any other Person.
“Permitted Interim
Actions” means any action taken by the Company during the Interim Period in connection with (a) any bona fide equity capital
financing by the Company for up to Ten Million Dollars ($10,000,000) in the aggregate or any related amendment to the Company’s
Organizational Documents, (b) the conversion, cancellation, settlement or other treatment of Company SAFEs or other Company Convertible
Securities, any equity cleanup or other pre-Closing capitalization step, or any related amendment to the Company’s Organizational
Documents, in each case in connection with the Transactions, (c) the preparation, filing, prosecution, maintenance, renewal, protection,
perfection or recordation of the Company’s Intellectual Property, including patent, trademark, copyright or other applications or
registrations, continuations, divisionals, responses to office actions or similar filings, and assignments to the Company or its Subsidiaries,
confirmatory assignments, invention assignment agreements or other instruments to evidence, perfect or confirm the Company’s or
any of its Subsidiaries’ ownership of such Intellectual Property, (d) any non-exclusive Intellectual Property license, development
agreement, joint development agreement or similar commercial or technology arrangement, (e) any U.S. Department of Energy grant or permit
application, site application, regulatory filing, grant activity or similar governmental or grant-related activity, (f) any strategic
partnership, project development arrangement, commercial collaboration, customer, supplier, vendor, pilot, demonstration project or similar
arrangement, (g) any hiring or engagement of any new employee or individual or single-member entity independent contractor if such new
employee or individual or single-member entity independent contractor will receive annual base wages or cash compensation below $400,000,
(h) any promise to grant or making a statement of eligibility to receive any equity or equity-based incentive awards under the Pubco Equity
Incentive Plan and/or the Pubco ESPP in accordance with Section 6.15 and (i) any transfer of Company Units by a Company Member
that is permitted by, and effected in accordance with, the Company’s Organizational Documents without the consent of the Company’s
board of managers, including any transfer to an Affiliate of such Company Member or for bona fide estate planning purposes, so long as,
in each case, such transfer is not part of a transaction or series of transactions that would otherwise constitute an Alternative Transaction;
provided that, such action does not involve a sale of control of the Company or a sale or disposition of a material portion of
the business or assets of the Company.
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“Permitted Liens”
means (a) Liens for Taxes or assessments and similar governmental charges or levies, which either are (i) not yet due and payable
or (ii) being contested in good faith and by appropriate proceedings, and adequate reserves have been established with respect thereto
in accordance with GAAP; (b) mechanics’, materialmen’s, carriers’, workers’, repairers’ and other similar
liens arising or incurred in the ordinary course of business relating to obligations as to which there is no material default on the part
of the Company or the validity of which are being contested in good faith by appropriate proceedings and for which adequate reserves have
been established in accordance with GAAP; (c) zoning, entitlement, environmental or conservation restrictions and other land use
and environmental regulations imposed by Governmental Authorities which, to the Knowledge of the Company, are not violated in any material
respect; (d) non-monetary Liens of record, so long as such matters do not materially interfere with or detract from the
Company’s ability to conduct its business at such property; (e) all matters that would be disclosed on an accurate survey of
the Company’s real property; (f) Liens incurred or deposits made in the ordinary course of business in connection with social
security; (g) Liens on goods in transit incurred pursuant to documentary letters of credit, in each case arising in the ordinary
course of business; (h) Liens arising under this Agreement or any Ancillary Document; (i) non-exclusive licenses of
Owned Intellectual Property granted to customers, vendors or service providers in the ordinary course of business; (j) ordinary course
purchase money Liens and Liens securing rental payments under operating or capital lease arrangements for amounts not yet due or payable,
or (k) Liens disclosed in Section 3.03(b) of the Company Disclosure Letter.
“Person”
means an individual, corporation, company, partnership (including a general partnership, limited partnership or limited liability partnership),
limited liability company, association, trust or other entity or organization, including a government, domestic or foreign, or political
subdivision thereof, or an agency or instrumentality thereof.
“Personal Data”
means any data or information relating to an identified or identifiable natural individual or household, including, but not limited to,
name, address, phone number, job title, employee identification numbers, email address, Social Security number or other government identification
number (including state identification number, tax identification number, driver’s license number, or passport number), geolocation
and location information, biometric data, medical or health information, birthdates, financial information, unique identifiers, and web
or mobile browsing or usage information that is linked to the foregoing MAC addresses, IP addresses, unique device identifiers, serial
numbers, account or authentication credentials, passwords, and any other data or information that is otherwise considered personally identifiable
information, personal information, health data, sensitive data, personal data, or a similar term under Data Protection Law.
“Personal Property”
means any machinery, equipment, tools, vehicles, furniture, leasehold improvements, office equipment, plant, parts and other tangible
personal property.
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“PIPE Financing”
means the financing for the SPAC in the form of private placement of shares of Pubco Common Stock at a purchase price of $10.00 per share
pursuant to one or more PIPE Subscription Agreements, in form and substance reasonably acceptable to the Company and the SPAC, unless
otherwise agreed to or waived in writing in advance by the Company.
“PIPE Notice”
has the meaning specified in Section 6.20.
“PIPE Notice Date”
means the date on which the SPAC delivers the PIPE Notice to the Company in accordance with Section 6.20.
“PIPE Outside Date”
means 5:00 p.m. Eastern Time, on March 8, 2027.
“PIPE Proceeds”
means net unrestricted cash proceeds of at least $40,000,000 from the PIPE Financing, after giving effect to all fees, commissions, discounts,
expenses, and any and all other amounts paid or payable or deducted or deductible in connection with the PIPE Financing, which cash proceeds
shall be immediately available to Pubco at the Closing free and clear of any escrow, holdback, reserve, lien, repayment or redemption
obligation, or other restriction or obligation affecting Pubco’s unrestricted use thereof.
“PIPE Subscription
Agreements” has the meaning specified in the Recitals.
“Post-Closing Pubco
Board” has the meaning specified in Section 6.18(a).
“Process”,
“Processed” or “Processing” means any operation or set of operations which is performed on Personal
Data or on sets of Personal Data, whether or not by automated means, such as the receipt, access, acquisition, collection, recording,
organization, compilation, structuring, storage, adaptation or alteration, retrieval, consultation, use, disclosure by transfer, transmission,
dissemination or otherwise making available, alignment or combination, restriction, disposal, erasure or destruction.
“Proxy Statement”
has the meaning specified in Section 6.14(a)(i).
“Proxy Statement/Registration
Statement” has the meaning specified in Section 6.14(a)(i).
“Pubco”
has the meaning specified in the Preamble.
“Pubco Common Stock”
means the shares of common stock of Pubco, par value $0.0001 per share, along with any equity securities paid as dividends or distributions
after the Closing with respect to such shares or into which such shares are exchanged or converted after the Closing.
“Pubco Equity Incentive
Plan” has the meaning specified in Section 6.15(a).
“Pubco ESPP”
has the meaning specified in Section 6.15(a).
“Pubco Private Warrants”
means one whole warrant entitling the holder thereof to purchase one (1) share of Pubco Common Stock at a price of $11.50 per share.
“Pubco Public Warrants”
means one whole warrant entitling the holder thereof to purchase one (1) share of Pubco Common Stock at a price of $11.50 per share.
109
“Pubco Restricted
Shares” has the meaning specified in Section 1.11(e)(ii).
“Pubco Severance
Plan” has the meaning specified in Section 6.23.
“Pubco Warrants”
means Pubco Private Warrants and Pubco Public Warrants, collectively.
“Public Certifications”
has the meaning specified in Section 5.06(a).
“PWSP”
has the meaning specified in Section 9.14(a)(ii).
“Redemption”
has the meaning specified in the Recitals.
“Registration Rights
Agreement” has the meaning specified in the Recitals.
“Registration Statement”
means the registration statement on Form S-4, or another appropriate form, including any pre-effective or post-effective amendments or
supplements thereto, to be filed with the SEC by Pubco under the Securities Act with respect to the Registration Statement Securities.
“Registration Statement
Securities” has the meaning specified in Section 6.14(a)(i).
“Related Person”
means any officer, director, manager, employee, trustee or beneficiary of the Company or any of its Affiliates and any immediate family
member of any of the foregoing.
“Release”
or “Released” means any actual or threatened release, spill, emission, leaking, pumping, pouring, emptying, injection,
deposit, dumping, disposal, discharge, dispersal, escaping, migrating or leaching into the indoor or outdoor environment, or into or out
of any property.
“Remedial Legal Proceeding”
means all actions to (a) investigate, clean up, remove, treat, or in any other way address any Hazardous Material, (b) prevent
the Release of any Hazardous Material so it does not endanger or threaten to endanger public health or welfare or the indoor or outdoor
environment, (c) perform pre-remedial studies and investigations or post-remedial monitoring and care, or (d) correct
or otherwise respond to a condition of noncompliance with Environmental Laws.
“Required Company
Lock-Up Holder” means the Supporting Company Members and each other Seller set forth on Section 6.24(c) of the Company
Disclosure Letter.
“Required SPAC Lock-Up
Holder” means the Sponsor and those Persons set forth on Section 6.24(d) of the SPAC Disclosure Letter.
“Representatives”
means, as to any Person, such Person’s Affiliates and the respective managers, directors, officers, employees, independent contractors,
consultants, advisors (including financial advisors, counsel and accountants), agents and other legal representatives of such Person or
its Affiliates.
110
“Sanctioned Jurisdiction”
has the meaning specified in Section 3.24(b).
“Sanctions
Laws” means applicable trade, economic and financial sanctions Laws, regulations, embargoes, and restrictive measures
administered or enforced by (a) the United States (including without limitation the U.S. Department of the Treasury’s
Office of Foreign Assets Control, the U.S. Department of State, and the U.S. Department of Commerce), (b) the European Union and
enforced by its member states, (c) the United Nations, (d) His Majesty’s Treasury, or (e) any country in which
the SPAC, Pubco, the Merger Subs, or the Company or any agent acting on behalf of the foregoing is performing activities.
“SDN List”
has the meaning specified in Section 3.24(b).
“SEC” means
the U.S. Securities and Exchange Commission (or any successor Governmental Authority).
“Securities Act”
means the Securities Act of 1933, as amended.
“Security Incident”
means any unauthorized or unlawful access to or use, disclosure, or other Processing of Company data, including any ransomware attacks,
successful phishing incidents, or other incidents that are “personal data breaches,” “security incidents,” or
similar terms as defined by Data Protection Law.
“Sellers”
has the meaning specified in Section 1.08.
“Signing Filing”
has the meaning specified in Section 6.16(b).
“Signing Press Release”
has the meaning specified in Section 6.16(b).
“Software”
means any and all software, algorithms, artificial intelligence and machine learning models, trained models, model weights, prompts, training
and validation datasets, embedded software, operational technology software, compilers and assemblers, firmware and computer programs
and applications, including any and all source code, descriptions, schematics, specifications, flow charts, object code, middleware, utilities,
computer programs, application programming interfaces, algorithms, plugins, libraries, subroutines, tools, drivers, microcode, scripts,
batch files, instruction sets and macros, models, methodologies and other work product used in design, plan, organize and develop any
of the foregoing, in each case of the foregoing whether in source code, executable or object code form, documentation related thereto
including user manuals, user documentation, and training materials, files, records and other work product related to any of the foregoing
and all software modules, tools and databases and collections of data.
“SPAC”
has the meaning specified in the Preamble.
“SPAC Board Recommendation”
has the meaning specified in the Recitals.
“SPAC Certificate
of Merger” has the meaning specified in Section 1.04.
“SPAC Class A Ordinary
Shares” means the Class A ordinary shares, par value $0.0001 per share, of SPAC prior to consummation of the Conversion.
111
“SPAC Class B Ordinary
Shares” means the Class B ordinary shares, par value $0.0001 per share, of SPAC prior to consummation of the Conversion.
“SPAC Common Stock”
means the shares of common stock, par value $0.0001 per share, of the SPAC following the consummation of the Conversion.
“SPAC/Pubco Closing
Certificate” has the meaning specified in Section 2.02(a).
“SPAC Confidential
Information” means all confidential or proprietary documents and information concerning the SPAC or any of its Representatives; provided, however,
that SPAC Confidential Information shall not include any information which, (a) at the time of disclosure by a SPAC Party or any
of its Representatives, is generally available publicly and was not disclosed in breach of this Agreement or (b) at the time of the
disclosure by the SPAC or its Representatives to the Company or any of its Representatives, was previously known by such receiving party
without violation of Law or any confidentiality obligation by the Person receiving such SPAC Confidential Information. For the avoidance
of doubt, from and after the Closing, SPAC Confidential Information will include the confidential or proprietary information of the Company.
“SPAC D&O Tail
Insurance” has the meaning specified in Section 6.19(c).
“SPAC Disclosure
Letter” has the meaning specified in Article V.
“SPAC Material Adverse
Effect” means any Event, that, individually or when aggregated with other changes, events, or occurrences, (i) has had a materially
adverse effect on the business, assets, financial condition or results of operations of the SPAC, Pubco, or the Merger Subs; (ii) does
or would reasonably be expected to, individually or in the aggregate, prevent, materially delay, or materially impair the ability of
the SPAC, Pubco and the Merger Subs to consummate the Transactions; or (iii) would reasonably be expected to result in the SPAC, Pubco
or either Merger Sub failing to satisfy the Minimum Cash Condition or Applicable Exchange listing requirements; provided, however,
solely for purposes of clause (i), that no change or effect related to any of the following, alone or in combination, shall be taken
into account in determining whether a SPAC Material Adverse Effect has occurred: (a) the announcement of this Agreement and consummation
of the Transactions, including any termination of, reduction in or similar adverse impact (but in each case only to the extent attributable
to such announcement or consummation) on relationships, contractual or otherwise, with any landlords, customers, suppliers, distributors,
partners or employees of the SPAC, Pubco or the Merger Subs; (b) the taking of any action required by this Agreement or any Ancillary
Document; (c) any natural disaster (including hurricanes, storms, tornados, flooding, earthquakes, volcanic eruptions or similar
occurrences), pandemic or change in climate or the escalation or worsening of the foregoing; (d) any acts of terrorism or war, including
sabotage or cyberterrorism, the outbreak or escalation of hostilities, geopolitical conditions, local, national or international political
conditions, or the escalation or worsening of the foregoing; (e) any breach of any covenants, agreements or obligations of any investor
in any PIPE Financing or under any agreement related to financing the Company, SPAC or Pubco (including any breach of such Person’s
obligations to fund any amounts thereunder when required, but excluding any agreements entered into by Sponsor or its Affiliates); (f)
changes or proposed changes in applicable Law, regulations or any enforcement, implementation or interpretations thereof or decisions
by courts or any Governmental Authority after the date of this Agreement; (g) changes or proposed changes in GAAP (or any interpretation
thereof) after the date of this Agreement; or (h) any downturn in general economic conditions, including changes in the credit,
debt, securities, financial, capital or reinsurance markets (including changes in interest or exchange rates, prices of any security
or market index or commodity or any disruption of such markets), in each case, in the United States or anywhere else in the world.
112
“SPAC Material Contracts”
has the meaning specified in Section 5.21(a).
“SPAC Merger”
has the meaning specified in the Recitals.
“SPAC Merger Effective
Time” has the meaning specified in Section 1.04.
“SPAC Merger Sub”
has the meaning specified in the Preamble.
“SPAC Ordinary Shares”
means SPAC Class A Ordinary Shares and SPAC Class B Ordinary Shares, collectively.
“SPAC Parties”
has the meaning specified in the Preamble.
“SPAC Private Warrants”
means the warrants issued to the Sponsor in a private placement that closed simultaneously with the IPO, with each whole warrant entitling
the holder thereof, immediately prior to the Conversion, to purchase one (1) SPAC Class A Ordinary Share at a purchase price of $11.50
per share and, from and after the Conversion, to purchase one (1) share of SPAC Common Stock at such purchase price, in each case subject
to the terms of the Warrant Agreement.
“SPAC Public Units”
means the units of the SPAC sold in the IPO, consisting of one (1) SPAC Class A Ordinary Share and one-third (1/3) of one
SPAC Public Warrant.
“SPAC Public Warrant”
means a warrant included in the SPAC Public Units sold in the IPO, with each whole warrant entitling the holder thereof, immediately prior
to the Conversion, to purchase one (1) SPAC Class A Ordinary Share at a purchase price of $11.50 per share and, from and after the Conversion,
to purchase one (1) share of SPAC Common Stock at such purchase price, in each case subject to the terms of the Warrant Agreement.
“SPAC SEC Reports”
has the meaning specified in Section 5.06(a).
“SPAC Securities”
means, collectively, the SPAC Public Units, the SPAC Ordinary Shares, the SPAC Common Stock and the SPAC Warrants.
“SPAC
Shareholder Approval” means the approval of (a) those Transaction Proposals identified in clauses (B) and (C) of Section
6.14(b), in each case, by special resolution under Cayman Islands Law, being an affirmative vote of the holders of a majority of
at least two-thirds (2/3) of the outstanding SPAC Ordinary Shares entitled to vote, who attend and vote thereupon (as
determined in accordance with the Cayman SPAC Articles) at the SPAC Shareholders’ Meeting, (b) those Transaction
Proposals identified in clauses (A), (D), (F) and (G) of Section 6.14(b), in each case, by an ordinary resolution under
Cayman Islands Law, being an affirmative vote of the holders of at least a majority of the outstanding SPAC Ordinary Shares entitled
to vote, who attend and vote thereupon (as determined in accordance with the Cayman SPAC Articles), and (c) with respect to any
other proposal proposed to the SPAC Shareholders, the requisite approval required under the Cayman SPAC Articles, the Cayman
Companies Act or any other applicable Law, in each case, at a SPAC Shareholders’ Meeting.
113
“SPAC Shareholders”
means the holders of SPAC Ordinary Shares prior to the Conversion and the holders of SPAC Common Stock from and after the Conversion,
as applicable.
“SPAC Shareholders’ Meeting”
has the meaning specified in Section 6.14(b).
“SPAC Surviving Subsidiary”
has the meaning specified in Section 1.01.
“SPAC Transaction
Costs” means (a) all fees, costs and expenses of the SPAC incurred prior to and through the Closing Date in connection with
the negotiation, preparation, execution and performance of this Agreement, the other Ancillary Documents and the consummation of the Transactions
and the Extension, whether paid or unpaid prior to the Closing, including any and all reasonable and documented professional or transaction
related costs, fees and expenses of legal, accounting and financial advisors, consultants, auditors, accountants and brokers, including
the cost and expense incurred in connection with the procurement of any directors’ and officers’ liability insurance or “tail”
policy contemplated by Section 6.19 and any financial advisory fee payable by the SPAC or Sponsor
to Cantor Fitzgerald & Co. or its Affiliates in connection with the Transaction; (b) all filing fees payable to the SEC in
connection with the Proxy Statement/Registration Statement pursuant to Section 6.14(a)(i); (c) Transfer Taxes that are the responsibility
of the SPAC pursuant to Section 6.12(c); and (d) 50% of any fees or other amounts charged by any Governmental Authorities relating
to any required filing or application by the Company or the SPAC under Antitrust Laws pursuant to Section 6.10(b).
“SPAC Warrants”
means SPAC Private Warrants and SPAC Public Warrants, collectively.
“Sponsor”
means Meshflow Acquisition Sponsor LLC, a Delaware limited liability company.
“Sponsor Support
Agreement” has the meaning specified in the Recitals.
“Standard Inbound
Licenses” means the following types of Inbound Licenses: (a) licenses to Software or other materials under an Open Source Software
license; (b) nonexclusive licenses to generally commercially available “off-the-shelf” third-party Software or hosted services
that have been licensed to or procured by the Company; (c) Inbound Licenses under Contracts that do not materially deviate from one of
the Company’s standard form agreements; (d) non-exclusive Inbound Licenses to Intellectual Property entered into by the Company
in the ordinary course of business; and (e) non-exclusive Inbound Licenses that are not reasonably expected to be material to the Company’s
business, taken as a whole.
“Standard
Outbound Licenses” means the following types of Outbound Licenses: (a) rights to use confidential information in
nondisclosure agreements entered into in the ordinary course of business; (b) non-exclusive Outbound Licenses granted to customers
and research collaborators of the Company in the ordinary course of business; (c) Outbound Licenses in Contracts with independent
contractors and vendors under which Owned Intellectual Property is non-exclusively licensed to the vendor or contractor in
connection with the vendor’s or contractor’s performance of services for the Company; (d) Outbound Licenses in Contracts
that do not materially deviate from the Company’s standard form agreements; and (e) non-exclusive Outbound Licenses of Owned
Intellectual Property granted by the Company in the ordinary course of business that are not material to the Company’s
operation of its business as currently conducted and are incidental to the transaction contemplated in the applicable Contract.
114
“Subsidiary”
means, with respect to any Person, any corporation, partnership, association or other business entity of which (a) if a corporation,
a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the
election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by that Person or one
or more of the other Subsidiaries of that Person or a combination thereof, or (b) if a partnership, association or other business
entity, a majority of the partnership or other similar ownership interests thereof is at the time owned or controlled, directly or indirectly,
by any Person or one or more Subsidiaries of that Person or a combination thereof. For purposes hereof, a Person or Persons will be deemed
to have a majority ownership interest in a partnership, association or other business entity if such Person or Persons will be allocated
a majority of partnership, association or other business entity gains or losses or will be or control the managing director, managing
member, general partner or other managing Person of such partnership, association or other business entity. A Subsidiary of a Person will
also include any variable interest entity which is consolidated with such Person under applicable accounting rules.
“Supporting Company
Members” means, collectively, the holders of Company Units representing the requisite approval necessary to constitute the Company
Member Approval under the Company’s Organizational Documents and applicable Law that have duly executed and delivered Transaction
Support Agreements.
“Surviving Subsidiaries”
has the meaning specified in Section 1.03.
“Tax Return”
means any return, form, declaration, election, disclosure, report, claim for refund, information return or other documents (including
any related or supporting schedules, statements or information) filed or required to be filed (or provided to a payee) in connection with
the determination, assessment or collection of any Taxes or the administration of any Laws or administrative requirements relating to
any Taxes.
“Taxes”
means all direct or indirect federal, state, local, foreign and other net income, gross income, gross receipts, sales, use, value-added,
ad valorem, transfer, franchise, profits, license, lease, service, service use, withholding, payroll, employment, social security and
related contributions due in relation to the payment of compensation to employees, excise, severance, escheat or unclaimed property, stamp,
occupation, premium, property, windfall profits, alternative minimum, estimated, customs, duties or other taxes, fees, assessments or
charges in the nature of a tax, together with any interest and any penalties, additions to tax or additional amounts with respect thereto
imposed by a Governmental Authority.
“Top Customers”
has the meaning specified in Section 3.23(a).
“Top Suppliers”
has the meaning specified in Section 3.23(b).
“Trade
Secrets” means any trade secrets, confidential business information, concepts, ideas, designs, research or development
information, processes, procedures, techniques, technical information, specifications, operating and maintenance manuals,
engineering drawings, methods, know-how, data, mask works, discoveries, inventions, modifications, extensions,
improvements, and other proprietary rights (whether or not patentable or subject to Copyright, Trademark, or trade secret
protection).
115
“Trademarks”
has the meaning set forth in the definition of “Intellectual Property”.
“Transaction Proposals”
has the meaning specified in Section 6.14(b).
“Transaction Support
Agreement” means that certain Transaction Support Agreement, dated as of the date hereof (as it may be amended or supplemented
from time to time), by and between the SPAC, the Company and the Supporting Company Member party thereto.
“Transactions”
has the meaning specified in the Recitals.
“Transfer Taxes”
has the meaning specified in Section 6.12(c).
“Transferred Information”
has the meaning specified in Section 9.17.
“Treasury Regulations”
means the regulations (including temporary regulations) promulgated by the United States Department of the Treasury pursuant to and in
respect of provisions of the Code. All references herein to sections of the Treasury Regulations shall include any corresponding provisions
or provisions of succeeding, similar or substitute, temporary or final Treasury Regulations.
“Trust Account”
means that certain trust account established pursuant to the Trust Agreement.
“Trust Agreement”
has the meaning specified in Section 5.16.
“Trustee”
has the meaning specified in Section 5.16.
“Unvested Company
PIU” has the meaning specified in Section 1.11(e)(ii).
“Vested Company PIU”
has the meaning specified in Section 1.11(e)(i).
“WARN Act”
has the meaning specified in Section 3.18(g).
“Warrant Agreement”
means that certain Warrant Agreement, dated as of December 9, 2025, by and between the SPAC and Continental, as warrant agent.
“Warrant Agreement
Amendment” has the meaning specified in Section 6.06.
“Willful Breach”
means a material breach that is a consequence of an act undertaken or a failure to act by the breaching party with the actual knowledge
of the Person that the taking of such act or failure to act would constitute or result in a material breach of this Agreement.
“WLLCA”
has the meaning specified in the Recitals.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK;
SIGNATURE PAGES FOLLOW]
116
IN WITNESS WHEREOF, each Party
hereto has caused this Business Combination Agreement to be signed and delivered as of the date first written above.
THE SPAC:
MESHFLOW ACQUISITION CORP.
By:
/s/ Bartosz Lipiński
Name:
Bartosz Lipiński
Title:
Chief Executive Officer, Chief Financial Officer and Chairman
PUBCO:
LEYTE PARENT, INC.
By:
/s/ Bartosz Lipiński
Name:
Bartosz Lipiński
Title:
Chief Executive Officer and President
[Signature Page to Business Combination Agreement]
IN WITNESS WHEREOF, each Party
hereto has caused this Business Combination Agreement to be signed and delivered as of the date first written above.
THE COMPANY:
HGP INTELLIGENT ENERGY, LLC
By:
/s/ Gregory Forero
Name:
Gregory Forero
Title:
Chief Executive Officer
SPAC MERGER SUB:
LEYTE MERGER SUB I, INC.
By:
/s/ Bartosz Lipiński
Name:
Bartosz Lipiński
Title:
Chief Executive Officer and President
COMPANY MERGER SUB:
LEYTE MERGER SUB II, LLC
By:
/s/ Bartosz Lipiński
Name:
Bartosz Lipiński
Title:
Chief Executive Officer and President
[Signature Page to Business Combination Agreement]
Exhibit
A
Form
of Transaction Support Agreement
[filed separately.]
[Exhibit A to Business Combination Agreement]
A-1
Exhibit
B
Form
of Lock-Up Agreement
[filed separately.]
[Exhibit B to Business Combination Agreement]
B-1
Exhibit
C
Sponsor
Support Agreement
[filed separately.]
[Exhibit C to Business Combination Agreement]
C-1
Exhibit
D
Company
SAFE Conversion Agreement
D-1
Final Form
HGP INTELLIGENT ENERGY, LLC
SAFE CONVERSION AGREEMENT
This SAFE Conversion Agreement
(this “Agreement”) is made and entered into as of [●], 2026 by and between HGP Intelligent Energy, LLC, a Wyoming
limited liability company (the “Company”), and the undersigned holder (the “Holder”) of the SAFE
(as defined below). Capitalized terms used but not defined herein shall have the respective meanings ascribed to such terms in the Business
Combination Agreement (as defined below).
WHEREAS, the Company issued
a Simple Agreement for Future Equity to the Holder on such date and for such Purchase Amount as set forth on Exhibit A hereto (the
“SAFE”);
WHEREAS, the Company, Meshflow
Acquisition Corp., a Cayman Islands exempted company with limited liability (“SPAC”), Leyte Parent, Inc., a Delaware
corporation and wholly-owned subsidiary of SPAC (“Pubco”), Leyte Merger Sub I, Inc., a Delaware corporation and wholly-owned
subsidiary of Pubco (“SPAC Merger Sub”), Leyte Merger Sub II, LLC, a Wyoming limited liability company and a wholly-owned
subsidiary of Pubco (“Company Merger Sub”), have entered into a Business Combination Agreement dated September 5, 2026
(the “Business Combination Agreement”), pursuant to which, among other things, (i) the SPAC Merger Sub will merge with
and into the SPAC, with the SPAC continuing as the surviving corporation (the “SPAC Merger”), as a result of which
each issued and outstanding security of the SPAC immediately prior to the Effective Time shall no longer be outstanding and shall automatically
be canceled in exchange for substantially equivalent securities of Pubco, and (ii) substantially concurrently with the SPAC Merger, Company
Merger Sub will merge with and into the Company, with the Company continuing as the surviving limited liability company (the “Company
Merger”, and together with the SPAC Merger, the “Mergers”), as a result of which each issued and outstanding
Company Unit immediately prior to the Effective Time shall no longer be outstanding and shall automatically be canceled in exchange for
shares of Pubco Common Stock, and (iii) as a result of the Mergers, the SPAC and the Company will become wholly owned subsidiaries of
Pubco and Pubco will become a publicly traded company;
WHEREAS, pursuant to the terms
of the SAFE, in the event of the Mergers, the Holder will, at its option, either (i) receive a cash payment equal to the Purchase Amount
(as defined in the SAFE) subject to the terms of Section 3.2(a) of the SAFE or (ii) receive from the Company a number of shares of the
Company’s Class C Units (the “Class C Units”) equal to the Purchase Amount divided by the lesser of the Conversion
Price (as defined in the SAFE) or $320.625 subject to the terms of Section 3.2(b) of the SAFE;
WHEREAS, the Holder desires
to convert the entire Purchase Amount of the SAFE into the aggregate number of shares of Class C Units set forth on Exhibit A hereto
(the “Conversion Shares”), and the Company desires to issue the Conversion Shares in full satisfaction of its obligations
under the SAFE, effective immediately prior to the consummation of the Mergers (the “Conversion”); and
WHEREAS, each of the Conversion
Shares will be canceled at the Company Merger Effective Time and, upon the terms and subject to the conditions set forth in the Business
Combination Agreement, automatically converted into the right to receive, on the terms and subject to the conditions set forth in the
Business Combination Agreement that are applicable to shares of Class C Units, the applicable portion of the Company Merger Consideration
described in Section 1.11(a) of the Business Combination Agreement.
NOW, THEREFORE, in consideration
of the terms and provisions of this Agreement and for other good and valuable consideration, the receipt and sufficiency of which are
acknowledged by the execution and delivery hereof, the parties hereto, constituting the parties necessary to take the actions contemplated
herein, agree as follows:
1.
Conversion of SAFE.
(a) The Holder and the Company
hereby elect and agree to the Conversion and further agree that, notwithstanding anything to the contrary in the SAFE, the entire Purchase
Amount shall convert into the number of Conversion Shares as set forth on Exhibit A.
(b)
The Holder and the Company hereby acknowledge and agree that the Conversion shall occur immediately prior to the Company Merger Effective
Time and that the SAFE shall expire, terminate and be canceled in its entirety and be of no further force or effect upon the Conversion.
D-2
(c)
By entering into this Agreement and agreeing to the Conversion, the Holder hereby acknowledges and agrees that the terms of the SAFE are
hereby amended (if and to the extent necessary) to permit the Conversion and to effect the conversion of the SAFE in accordance with the
terms of this Agreement. In addition, the Holder irrevocably agrees that this Agreement satisfies any notice requirements under the SAFE
and hereby waives any other notice or procedural requirements of the Company under the SAFE in connection with the Conversion and the
Mergers.
2.
Acknowledgment. The Holder acknowledges that its receipt of the Conversion Shares in accordance with this Agreement shall
fully satisfy any and all of the Company’s obligations to the Holder pursuant and with respect to the SAFE and any other agreements
and commitments (written or oral) to issue capital stock or other convertible securities to the Holder, and that neither the Company,
SPAC, Pubco nor any other Subsidiary or Affiliate of the Company, SPAC or Pubco shall have any further obligation with respect to the
SAFE other than the issuance of the Conversion Shares. The Holder further acknowledges and waives any and all breaches and events of default
that may have occurred under the SAFE or any other agreement to which the Holder and the Company are party. The Holder understands that
the Conversion Shares will be issued in reliance on specific exemptions from the registration requirements of the United States federal
and state securities laws and that for the purposes thereof, the Company is relying upon the truth and accuracy of the representations
made by the Holder in the SAFE.
3.
Release.
(a) The Holder, on its, his
or her own behalf and on behalf of each of its, his or her Affiliates (other than the Company or any of its Subsidiaries) and each of
its, his, her and their successors, assigns, heirs and executors (each, a “Company Releasor”), effective as of the
Closing, shall be deemed to have, and hereby does, irrevocably, unconditionally, knowingly and voluntarily release, waive, relinquish
and forever discharge Pubco, the SPAC, the Company, their respective Subsidiaries and each of their respective successors, assigns, heirs,
executors, officers, directors, partners, managers and employees (in each case, in their capacity as such) (each, a “Company
Releasee”) from (x) any and all obligations or duties that Pubco, the SPAC, the Company or any of their respective Subsidiaries
has prior to or as of the Closing to such Company Releasor and (y) all claims, demands, Liabilities, defenses, affirmative defenses, setoffs,
counterclaims, actions and causes of action of whatever kind or nature, whether known or unknown, which any Company Releasor has prior
to or as of the Closing against any Company Releasee arising out of, based upon or resulting from any Contract, transaction, event, circumstance,
action, failure to act or occurrence of any sort or type, whether known or unknown, and which occurred, existed, was taken, permitted
or begun prior to the Closing.
(b) Notwithstanding the foregoing,
nothing in this Section 3 shall release, waive, relinquish, discharge or otherwise affect the rights or obligations of any Person
(i) arising under this Agreement, the Business Combination Agreement, any other Ancillary Document or the Organizational Documents of
the Company or Pubco, including the right to receive shares of Pubco Common Stock at the Effective Time and any amounts owed pursuant
to the terms set forth therein, (ii) for indemnification, exculpation, advancement or contribution, in any Company Releasor’s capacity
as an officer, director or manager of the Company, (iii) arising under any then-existing insurance policy of the Company, including any
director and officer tail insurance policy, (iv) pursuant to any Contract or policy of the Company, to reimbursement for reasonable and
documented out-of-pocket business expenses incurred prior to the Closing, provided that such expenses shall be paid at the Closing and
shall constitute Company Transaction Costs, (v) in respect of any accrued but unpaid compensation or benefits owed to such Company Releasor
in his, her or its capacity as an employee or other service provider of the Company or any of its Subsidiaries, or (vi) for any claim
for Fraud.
(c) Each Company Releasor acknowledges
that it, he or she has been advised by legal counsel and is familiar with the provisions of California Civil Code Section 1542, which
provides as follows: “A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT
TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE THAT, IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR
HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY.” Each Company Releasor hereby expressly, knowingly and voluntarily waives and
relinquishes any and all rights and benefits that it, he or she may have under, and any and all provisions, rights and benefits conferred
by, California Civil Code Section 1542 and any Law of any other jurisdiction, or principle of common law, that is similar, comparable
or equivalent in effect to California Civil Code Section 1542, in each case with respect to the matters released pursuant to this Section
3. Each Company Releasor acknowledges that it, he or she may hereafter discover facts in addition to, or different from, those that
it, he or she now knows or believes to be true with respect to the matters released herein, and nevertheless intends the release set forth
in this Section 3 to be, and to remain, a full and complete release notwithstanding the discovery or existence of any such additional
or different facts.
4.
Entire Agreement. This Agreement contains the sole and entire understanding of the parties with respect to the subject matter
hereof and supersedes all prior negotiations, commitments, agreements and understandings heretofore had among any of them with respect
thereto.
5.
Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original
and which, together, shall constitute one and the same instrument. Any such counterpart may contain one or more signature pages. This
Agreement may be executed by facsimile or electronic signatures.
6.
Governing Law. This Agreement will be governed by and construed and enforced in accordance with the laws of the State of
Delaware without regard to principles of conflicts of Law.
[Signature
Pages Follow]
D-3
IN WITNESS WHEREOF, the parties have executed this
SAFE Conversion Agreement as of the date first written above.
HGP INTELLIGENT ENERGY, LLC
By:
Name:
Gregory Forero
Title:
Chief Executive Officer
[SIGNATURE
PAGE TO SAFE CONVERSION AGREEMENT]
IN WITNESS WHEREOF, the parties have executed this
SAFE Conversion Agreement as of the date first written above.
HOLDER:
(PRINT HOLDER NAME)
By:
Name:
Title:
[SIGNATURE
PAGE TO SAFE CONVERSION AGREEMENT]
Exhibit A
Name of Holder
SAFE Issuance Date
SAFE Purchase Amount
Conversion Shares
EX-10.1 — SPONSOR SUPPORT AGREEMENT, DATED SEPTEMBER 5, 2026, BY AND AMONG MESHFLOW ACQUISITION CORP., MESHFLOW ACQUISITION SPONSOR LLC, CERTAIN SHAREHOLDERS OF MESHFLOW ACQUISITION CORP. PARTY THERETO, HGP INTELLIGENT ENERGY, LLC, AND LEYTE PARENT, INC
EX-10.1
Filename: ea030475901ex10-1.htm · Sequence: 3
Exhibit 10.1
Execution Version
SPONSOR SUPPORT AGREEMENT
This Sponsor Support Agreement
(this “Agreement”) is entered into on September 5, 2026, by and among Meshflow Acquisition Sponsor LLC, a Delaware
limited liability company (the “Sponsor”), Meshflow Acquisition Corp., a Cayman Islands exempted company (“Meshflow”),
certain shareholders of Meshflow set forth on Schedule A hereto (together with the Sponsor, collectively, the “SPAC Insiders”),
Leyte Parent, Inc., a Delaware corporation (“Pubco”), and HGP Intelligent Energy, LLC, a Wyoming limited liability
company (“HGP”). The SPAC Insiders, Meshflow, Pubco and HGP are sometimes collectively referred to herein as the “Parties,”
and each of them is sometimes individually referred to herein as a “Party.” Certain terms used in this Agreement have
the applicable meanings ascribed to them in Section 3.1.
RECITALS
WHEREAS, contemporaneously with
the Parties’ execution and delivery of this Agreement, Meshflow, Pubco, HGP, Leyte Merger Sub I, Inc., a Delaware corporation and
wholly-owned subsidiary of Pubco, and Leyte Merger Sub II, LLC, a Wyoming limited liability company and wholly-owned subsidiary of Pubco,
have entered into a Business Combination Agreement, dated as of the date hereof (as amended, restated, supplemented or otherwise modified
from time to time, the “Business Combination Agreement”). Capitalized terms used but not otherwise defined in this
Agreement shall have the meanings ascribed thereto in the Business Combination Agreement;
WHEREAS, as of the date hereof,
each SPAC Insider is, the sole beneficial and legal owner (other than with respect to the Owned Securities (as defined below) of Sponsor,
of which the individuals specified in the note to Schedule A may be deemed to have shared beneficial ownership) of (a) the number
of Class B ordinary shares, par value $0.0001 per share, of the SPAC (“SPAC Class B Ordinary Shares”), and (b) the
number of warrants to purchase Class A ordinary shares, par value $0.0001 per share, of the SPAC (“SPAC Class A Ordinary Shares”),
issued in a private placement concurrently with the closing of Meshflow’s initial public offering (the “Private Placement
Warrants”), in each case, set forth opposite such SPAC Insider’s name on Schedule A hereto (all such securities
set forth in clauses (a) and (b), being collectively referred to herein as the “Owned Securities” of such SPAC Insider;
and the Owned Securities and any other ordinary shares of Meshflow (or any securities convertible into or exercisable or exchangeable
for ordinary shares of Meshflow) acquired by such SPAC Insider after the date of this Agreement and during the term of this Agreement,
being collectively referred to herein as the “Subject Securities” of such SPAC Insider); and
WHEREAS, as an inducement to
the willingness of Meshflow and HGP to enter into the Business Combination Agreement and to consummate the transactions contemplated thereby,
the Parties desire to agree to certain matters as set forth herein.
AGREEMENT
NOW, THEREFORE, in consideration
of the foregoing and the representations, warranties, covenants and agreements set forth herein, the Parties, intending to be legally
bound, hereby agree as follows:
Article
1
COVENANTS AND AGREEMENTS
Section 1.1 Restrictions
on Transfer.
(a) From
the date hereof until the earlier of (i) the Closing and (ii) the valid termination of this Agreement pursuant to Section 3.2,
each of the SPAC Insiders (and any other Person to which any Subject Security is Transferred (as defined below)) agrees that it shall
not, directly or indirectly, (1) ( sell, offer to sell, contract or agree to sell, hypothecate, pledge, encumber, assign, convert, grant
any option to purchase or otherwise transfer, dispose of or agree to transfer or dispose of, directly or indirectly, by operation of law
or otherwise, or establish or increase a put equivalent position or liquidate with respect to or decrease a call equivalent position within
the meaning of Section 16 of the Exchange Act, and the rules and regulations of the SEC promulgated thereunder, with respect to any Subject
Securities, (ii) enter into any swap, derivative or other arrangement that transfers to another, in whole or in part, any of the economic
consequences and/or voting rights of ownership of any Subject Securities, whether any such transaction is to be settled by delivery of
such securities, in cash or otherwise, or (iii) publicly announce any intention to effect any transaction specified in clause (i) or (ii)
(the actions specified in clauses (i) to (iii), collectively, “Transfer”), in each case, with respect to any Subject Securities
legally or beneficially owned by it, other than (A) in accordance with Section 1.2, (B) as required by the Business Combination
Agreement or any other Ancillary Documents or in furtherance of the transactions contemplated thereby or (C) upon the consent of Meshflow
and HGP; (2) grant any proxies or powers of attorney or enter into any voting arrangement, whether by proxy, voting agreement, voting
trust, voting deed or otherwise (including pursuant to any loan of Subject Securities) with respect to any Subject Securities, in each
case, other than as set forth in this Agreement or the Business Combination Agreement; (3) take any action that would reasonably be expected
to make any representation or warranty of such SPAC Insider herein untrue or incorrect, or would reasonably be expected to have the effect
of preventing or disabling such SPAC Insider from performing its obligations hereunder; or (4) commit or agree to take any of the foregoing
actions.
(b) The
Parties acknowledge and agree that (i) notwithstanding anything to the contrary herein, all Subject Securities beneficially owned by the
SPAC Insiders (or any Person to which any Subject Security is Transferred) will remain subject to any applicable restrictions on Transfer
under applicable securities laws and the rules and regulations promulgated thereunder, and (ii) any purported Transfer of any Subject
Security in violation of this Agreement will be null and void ab initio.
Section 1.2 Exceptions to
Restrictions on Transfer. Notwithstanding anything to the contrary in Section 1.1(a), any holder of a Subject Security will
be permitted to Transfer all or any part of such holder’s Subject Securities:
(a) to
any of Meshflow’s officers, directors, advisors or consultants, any affiliate or family member of any of Meshflow’s officers,
directors, advisors or consultants, any members of the Sponsor or their affiliates, and funds and accounts advised by such members, any
affiliates of the Sponsor, or any employees of such affiliates;
2
(b) as
a bona fide gift or gifts, including to any charitable organization, or in the case where such holder is an individual, to 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 where such holder is an individual, (i) by will or other testamentary document or device or (ii) by operation of applicable Law,
including applicable Laws of intestacy or descent or pursuant to a qualified domestic relations order, divorce settlement, divorce decree,
separation agreement or related court order;
(d) for
bona fide estate planning purposes;
(e) by
virtue of the laws of the Cayman Islands, the State of Delaware or the Sponsor’s limited liability company agreement, in each case,
upon dissolution of the Sponsor;
(f) if
such holder is a Person other than an individual, to any Person of which all the outstanding equity interests are legally and beneficially
owned by such holder, or, if such holder is an individual, then to one or more members of the immediate family or former spouse of such
holder;
(g) if
such holder is a Person other than an individual, then (i) to any shareholder, partner or member of such holder in redemption of such
shareholder’s, partner’s or member’s interest in such holder or (ii) upon such holder’s bona fide liquidation
or dissolution, to the shareholders, partners or members of such holder in accordance with its Organizational Documents; or
(h) to a nominee or
custodian of any Person to which a Transfer would be permissible under any of the preceding clauses (a) through (g); provided, however,
that in the case of any of the foregoing clauses (a) through (h), these permitted Transferees must sign a counterpart to this
Agreement becoming bound by all the terms and conditions set forth herein.
Section 1.3 Support Agreement.
(a) Subject
to the earlier termination of this Agreement in accordance with Section 3.2, each of the SPAC Insiders, solely in its, his or her
capacity as a shareholder of Meshflow, hereby irrevocably and unconditionally agrees in respect of all of the Subject Securities, that,
at any meeting of the shareholders of Meshflow (whether annual or extraordinary meeting, however called and including any adjournment
or postponement thereof), and in connection with any written consent of shareholders of Meshflow, each SPAC Insider will:
(i) when
such meeting is held, appear at such meeting or otherwise cause the Subject Securities to be counted as present thereat for purposes of
establishing a quorum;
3
(ii) vote
(or validly execute and return an action by written consent), or cause to be voted at such meeting (or validly execute and return and
cause such consent to be granted with respect to), all of the Subject Securities owned as of the record date for such meeting (or, as
applicable, the date that any written consent is executed by the SPAC Insider) in favor of each of the Transaction Proposals; and
(iii) vote
(or validly execute and return an action by written consent, if applicable), or cause to be voted at such meeting (or validly execute
and return and cause such consent to be granted with respect to, if applicable), all of such SPAC Insider’s voting Subject Securities
owned as of the record date for such meeting (or, as applicable, the date that any written consent) against (A) any Alternative Transaction
with respect to Meshflow, (B) any other proposal, action or agreement that would reasonably be expected to (1) materially impede, frustrate,
hinder, interfere with, delay, postpone, prevent, nullify or adversely affect any of the Transaction Proposals or the timely consummation
of any of the transactions contemplated by the Business Combination Agreement, (2) to the knowledge of such SPAC Insider, result in a
breach of any covenant, representation or warranty or other obligation or agreement of Meshflow under the Business Combination Agreement
or any Ancillary Document to which Meshflow is a party (3) result in a breach of any covenant, representation or warranty or other obligation
or agreement of the SPAC Insiders contained in any Ancillary Document to which such SPAC Insider is a party (including this Agreement),
(4) result in any of the conditions to the Closing set forth in the Business Combination Agreement not being fulfilled, (5) change in
any manner the dividend policy or capitalization of, including the voting rights of any class of share capital or capital stock of, Meshflow;
and (C) any material change in the business of Meshflow or any change in the management or board of directors of Meshflow (other than,
in each case, pursuant to the Business Combination Agreement or the other Ancillary Documents and the transactions contemplated thereby).
The obligations of the SPAC Insiders specified
in this Section 1.3(a) shall apply whether or not any of the Transaction Proposals is recommended by Meshflow’s board of
directors (the “Meshflow Board”) and whether or not the Meshflow Board has previously recommended any of the Transaction
Proposals but changed such recommendation.
(b) From
the date hereof until the earlier of (i) the Closing and (ii) the valid termination of this Agreement pursuant to Section 3.2,
each of the SPAC Insiders will comply with and fully perform all of its covenants and agreements set forth in the Insider Letter Agreement,
and the SPAC Insiders shall not amend, restate, supplement or otherwise modify, or cause Meshflow to amend, restate, supplement or otherwise
modify or waive, any provision of the Insider Letter Agreement without the prior written consent of HGP other than as expressly provided
herein.
(c) Subject
to the earlier termination of this Agreement in accordance with Section 3.2, each of the SPAC Insiders hereby irrevocably and unconditionally
agrees not to redeem or elect to redeem any SPAC Class A Ordinary Shares or other Subject Securities held by it, him or her in the Redemption
or otherwise (other than as expressly required under the Business Combination Agreement).
4
(d) Solely
to the extent that a SPAC Insider fails to take any of the actions set forth in Section 1.3(a), such SPAC Insider hereby unconditionally
and irrevocably grants to, and appoints, HGP and any individual designated in writing by HGP, and each of them individually, as such SPAC
Insider’s proxy and attorney-in-fact (with full power of substitution), for and in the name, place and stead of such SPAC Insider,
to vote the Subject Securities, or grant a written consent or approval in respect of the Subject Securities, in a manner consistent with
Section 1.3(a). Each SPAC Insider understands and acknowledges HGP is entering into the Business Combination Agreement in reliance
upon such SPAC Insider’s execution and delivery of this Agreement. Each SPAC Insider hereby affirms that the irrevocable proxy and
power of attorney set forth in this Section 1.3(d) are given in connection with the execution of the Business Combination Agreement,
and that such irrevocable proxy and power of attorney are given to secure a proprietary interest and may under no circumstances be revoked.
Each SPAC Insider hereby ratifies and confirms that such irrevocable proxy and power of attorney may lawfully do or cause to be done by
virtue hereof. SUCH IRREVOCABLE PROXY AND POWER OF ATTORNEY IS EXECUTED AND INTENDED TO BE IRREVOCABLE IN ACCORDANCE WITH THE LAWS OF
THE CAYMAN ISLANDS AND THE STATE OF DELAWARE.
Section 1.4 No Inconsistent
Agreement. Each of the SPAC Insiders hereby represents and covenants that such SPAC Insider has not entered into, and, subject to
the earlier termination of this Agreement in accordance with Section 3.2, will not enter into, any agreement that would restrict,
limit or interfere with the performance of such SPAC Insider’s obligations hereunder.
Section 1.5 Binding Effect
of Business Combination Agreement. Each of the SPAC Insiders hereby acknowledges that he, she or it has read the Business Combination
Agreement and this Agreement and has had the opportunity to consult with his, her or its tax and legal advisors. Each of the SPAC Insiders
shall be bound by and comply with Sections 6.07 (No Solicitation), 6.16 (Public Announcements) and 6.17 (Confidential Information) of
the Business Combination Agreement (and any relevant definitions contained in any such Sections) as if such SPAC Insider was an original
signatory to the Business Combination Agreement with respect to such provisions.
Section 1.6 Notwithstanding
anything in this Agreement to the contrary, (x) none of the SPAC Insiders shall be responsible for the actions of Meshflow or the Meshflow
Board (or any committee thereof), any Subsidiary of Meshflow, or any officers, directors (in their capacity as such), employees and professional
advisors of any of the foregoing (collectively, the “Meshflow Related Parties”), (y) none of the SPAC Insiders make any representations
or warranties with respect to the actions of any of the Meshflow Related Parties and (z) any breach by Meshflow of its obligations under
Section 6.07 of the Business Combination Agreement shall not in itself be considered a breach of this Section 1.6 (it being understood
that, for the avoidance of doubt, the SPAC Insiders shall remain responsible for their breach of this Section 1.6).
5
Section 1.7 Waivers.
(a) Each
of the SPAC Insiders hereby irrevocably waives (for itself and for its successors and assigns), to the fullest extent permitted by applicable
Law and the Organizational Documents of Meshflow, and agrees not to assert or perfect, any rights to adjustment, anti-dilution or other
protection or right with respect to the SPAC Class B Ordinary Shares that would result in the SPAC Class B Ordinary Shares converting
into any other SPAC Class A Ordinary Share in connection with the Transactions (including the Domestication and the Mergers) at a ratio
greater than one-for-one (including the provisions of Article 17 of Meshflow’s Amended and Restated Memorandum and Articles of Association,
effective December 9, 2025). The waiver specified in this Section 1.7(a) will be applicable only in connection with the transactions
contemplated by the Business Combination Agreement (or any issuance of equity interests of Meshflow issued in connection with the transactions
contemplated by the Business Combination Agreement) and will be void and of no force and effect if the Business Combination Agreement
is validly terminated for any reason prior to the Closing.
(b) Each
of the SPAC Insiders hereby irrevocably waives (for itself, himself or herself and for its, his or her successors and assigns), to the
fullest extent permitted by applicable Law and the Organizational Documents of Meshflow, and agrees not to assert, perfect or exercise,
any appraisal rights, dissenters’ rights or rights of objection to, or rights to obtain payment of the fair value of any Subject
Securities in connection with, the Transactions (including the Domestication and the Mergers), whether arising under Section 238 of the
Cayman Companies Act, Section 262 of the DGCL, the WLLCA or any other applicable Law.
Section 1.8 Closing Date
Deliverables. On or prior to the Closing Date, Sponsor shall deliver to HGP a duly executed counterpart of each Ancillary Document
to which it is a party.
Section 1.9 No Challenges.
From the date hereof until the earlier of (i) the Closing and (ii) the valid termination of this Agreement pursuant to Section 3.2,
each of the SPAC Insiders agrees not to commence, join in, facilitate, assist or encourage, and agrees to use its, his or her reasonable
best efforts to opt out of any class in any class action with respect to, any claim, derivative or otherwise, against Meshflow, Pubco,
either Merger Sub, HGP or any of their respective successors or directors (a) challenging the validity of, or seeking to enjoin the operation
of, any provision of this Agreement or (b) alleging a breach of any fiduciary duty of any Person in connection with the evaluation, negotiation
or entry this Agreement, the Business Combination Agreement or the Transactions. Notwithstanding the foregoing, nothing in this Section
1.8 shall be deemed to prohibit any SPAC Insider from enforcing its, his or her rights under this Agreement, the Business Combination
Agreement or any other Ancillary Document.
Section 1.10 Further Assurances.
Each SPAC Insider shall take, or cause to be taken, all actions and do, or cause to be done, all things reasonably necessary under applicable
Laws, or as reasonably requested by Meshflow or HGP to effect the actions set forth herein and to consummate the transactions contemplated
hereby on the terms and subject to the conditions set forth herein and the Transactions on the terms and subject to the conditions set
forth in the Business Combination Agreement and the Ancillary Documents.
Section 1.11 Consent to
Disclosure. Each SPAC Insider hereby consents to the publication and disclosure in the Proxy Statement/Registration Statement (and,
as and to the extent otherwise required by applicable securities Laws or the SEC or any other securities authorities, any documents or
communications provided by Meshflow, Pubco or HGP to any Governmental Authority or to the SPAC Shareholders) of such SPAC Insider’s
identity and beneficial ownership of the Subject Securities and the nature of such SPAC Insider’s commitments, arrangements and
understandings under and relating to this Agreement and, if deemed appropriate by Meshflow, Pubco and HGP, a copy of this Agreement.
Each SPAC Insider will promptly provide any information reasonably requested by Meshflow, Pubco or HGP that is reasonably necessary for
any regulatory application or filing made or approval sought in connection with the Transactions (including filings with the SEC).
6
Article
2
REPRESENTATIONS AND WARRANTIES
Section 2.1 Representations
and Warranties of the SPAC Insiders. Each of the SPAC Insiders represents and warrants to Meshflow and HGP as follows:
(a) Organization;
Due Authorization. Such SPAC Insider, if an entity, is duly organized, validly existing and in good standing under the Laws of the
jurisdiction in which it is incorporated, formed, organized or constituted, and the execution, delivery and performance of this Agreement
and the consummation of the transactions contemplated hereby are within such SPAC Insider’s corporate or other organizational powers
and have been duly authorized by all necessary corporate or other organizational actions on the part of the SPAC Insider. This Agreement
has been duly executed and delivered by the SPAC Insider and, assuming due authorization, execution and delivery by the other Parties,
this Agreement constitutes a legally valid and binding obligation of the SPAC Insider, enforceable against such SPAC Insider 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).
(b) Ownership.
Except as provided in this Agreement, such SPAC Insider is the sole holder of record and beneficial owner (within the meaning of Rule
13d-3 promulgated under the Exchange Act) of, and has good title to, the Owned Securities on Schedule A hereto. Except as provided
in this Agreement, none of the SPAC Insiders owns of record or beneficially (or have any right, option or warrant to acquire) any equity
interests of Meshflow (or any indebtedness convertible into or exercisable or exchangeable for any equity interests of Meshflow), other
than the Owned Securities. Except as provided in this Agreement, the Organizational Documents of Meshflow, the Business Combination Agreement,
the Insider Letter Agreement or applicable securities Laws, each SPAC Insider has full voting power, full power of disposition and full
power to issue instructions with respect to the matters set forth herein with respect to the Subject Securities. None of the SPAC Insiders
has entered into any voting agreement or voting trust with respect to any of the Subject Securities that is inconsistent with such SPAC
Insider’s obligations pursuant to this Agreement, has not granted a proxy or power of attorney with respect to any of the Subject
Securities that is inconsistent with such SPAC Insider’s obligations pursuant to this Agreement, and has not entered into any agreement
or undertaking that is otherwise inconsistent with, or would interfere with, or prohibit or prevent it from satisfying, its obligations
pursuant to this Agreement.
(c) No
Conflicts. The execution and delivery of this Agreement by the SPAC Insiders does not, and the performance by the SPAC Insiders of
their obligations hereunder will not, (i) with respect to a SPAC Insider that is an entity, conflict with or result in a violation of
the organizational documents of such SPAC Insider, (ii) require any consent, waiver or approval of any Person, in each case the absence
of which would reasonably be expected to prevent or materially delay or materially impair the performance by such SPAC Insider of its
obligations under this Agreement, or (iii) constitute or result in the creation of any Lien on the Subject Securities, except for any
Lien under applicable securities Laws, this Agreement, the Business Combination Agreement, the Organizational Documents of Meshflow, the
Insider Letter Agreement or the Registration Rights Agreement, dated December 9, 2025, by and among Meshflow, the Sponsor and the other
parties thereto.
7
(d) Litigation.
There is no Legal Proceeding pending against such SPAC Insider or, to the knowledge of such SPAC Insider, threatened against the SPAC
Insider, and such SPAC Insider is not a party to or subject to the provisions of any government order, in each case, that challenges all
or any part of this Agreement or any of the transactions contemplated hereby, or that seeks to, or would reasonably be expected to, prevent,
enjoin or materially delay the performance by such SPAC Insider of its, his or her obligations under this Agreement.
(e) Brokerage
Fees. Except as disclosed in Section 5.17 of the SPAC Disclosure Letter, no financial advisor, investment banker, broker, finder or
other similar intermediary is entitled to any fee or commission in connection with the Business Combination Agreement, this Agreement
or any other Transaction Document, or any of the transactions contemplated hereby or thereby, in each case, based upon any agreement or
arrangement made by, or, to the knowledge of such SPAC Insider, on behalf of, such SPAC Insider for which Meshflow, HGP or Pubco would
have any obligation.
(f) Affiliate
Arrangements. Except for any Contract listed in a form, report, schedule, statement or other document publicly filed or furnished
by Meshflow with the SEC, neither the SPAC Insiders nor, to such SPAC Insider’s knowledge, if such SPAC Insider is an entity, any
of its affiliates (i) is party to, or has any rights with respect to or arising from, any material Contract with Meshflow or any of its
Subsidiaries, (ii) is (or will be) entitled to receive from Meshflow, HGP or any of their respective Subsidiaries any finder’s fee,
reimbursement, consulting fee, monies or consideration in the form of equity in respect of any repayment of a loan or other compensation
prior to, or in connection with, any services rendered in order to effectuate the consummation of Meshflow’s “initial business
combination” (regardless of the type or form of such transaction, but including, for the avoidance of doubt, the Transactions),
(iii) owns any interest in any material asset or property used in the business of Meshflow or (iv) possesses, directly or indirectly,
any material financial interest in, or is a director or executive officer of, any Person that is a material client, supplier, vendor,
partner, customer or lessor, or other material business relation, of Meshflow.
(g) Acknowledgment.
Each SPAC Insider has read this Agreement and has had the opportunity to consult with its tax, legal and other advisors regarding this
Agreement and the transactions contemplated hereby. Each SPAC Insider understands and acknowledges that each of HGP and Pubco is entering
into the Business Combination Agreement in reliance upon such SPAC Insider’s execution and delivery of this Agreement and the representations,
warranties, covenants and other agreements of such SPAC Insider contained herein.
(h) Adequate
Information. Such SPAC Insider has adequate information concerning the business and financial condition of Meshflow, Pubco and HGP
to make an informed decision regarding this Agreement and the transactions contemplated hereby and has independently, and without reliance
upon Meshflow, Pubco or HGP, and based on such information as such SPAC Insider has deemed appropriate, made its, his or her own analysis
and decision to enter into this Agreement. Each SPAC Insider acknowledges that none of Meshflow, Pubco or HGP has made or makes any representation
or warranty to such SPAC Insider, whether express or implied, of any kind or character, except as expressly set forth in this Agreement.
Such SPAC Insider acknowledges that the agreements contained herein with respect to the Subject Securities held by such Supporting Member
are irrevocable and result in the waiver of any right of the undersigned to demand appraisal or redemption in connection with the Transactions
under applicable Law.
8
Article
3
MISCELLANEOUS
Section 3.1 Definitions.
(a) Capitalized
terms used and not otherwise defined herein shall have the respective meanings ascribed to such terms in the Business Combination Agreement.
(b) As
used in this Agreement, the following terms shall have the following meanings:
“Agreement”
has the meaning set forth in the preamble hereto.
“Business Combination
Agreement” has the meaning set forth in the recitals hereto.
“HGP” has
the meaning set forth in the preamble hereto.
“immediate family”
has the meaning ascribed to such term in Rule 16a-1 promulgated under the Exchange Act.
“Insider Letter Agreement”
means the agreement entered into among the Meshflow, its executive officers, its directors and the Sponsor, dated as of December 9, 2025,
entered into in connection with Meshflow’s initial public offering.
“Owned Securities”
has the meaning set forth in the recitals hereto.
“Parties”
and “Party” have the meaning set forth in the preamble hereto.
“Private Placement
Warrants” has the meaning set forth in the recitals hereto.
“Pubco” has
the meaning set forth in the preamble hereto.
“SPAC Class A Ordinary
Shares” has the meaning set forth in the recitals hereto.
“SPAC Class B Ordinary
Shares” has the meaning set forth in the recitals hereto.
“SPAC Insiders”
has the meaning set forth in the preamble hereto.
“Sponsor”
has the meaning set forth in the preamble hereto.
“Subject Securities”
has the meaning set forth in the recitals hereto.
“Transfer”
has the meaning set forth in Section 1.1 hereto.
9
Section 3.2 Termination.
This Agreement and all of its provisions shall automatically terminate, without any notice or other action by any Party, and be of no
further force or effect upon the earlier of (a) the Closing, (b) the termination of the Business Combination Agreement in accordance
with its terms, and (c) as mutually agreed in writing by the Parties in accordance with Section 3.4. Upon any valid termination
of this Agreement, all rights and obligations of the Parties hereunder shall terminate, without any liability or other obligation on
the part of any Party to any Person in respect of this Agreement or the transactions contemplated hereby, and no Person shall have any
claim or right against any Party, whether in contract, tort or otherwise, with respect to the subject matter hereof; provided,
however, that the termination of this Agreement in accordance with clauses (b) or (c) of this Section 3.2 shall not relieve
any Party from any liability arising in respect of any breach of this Agreement prior to such termination or any fraud. This Article
III shall survive the termination of this Agreement.
Section 3.3 Assignment.
No Party may assign or delegate all or any part of this Agreement or any of the rights, benefits, obligations or liabilities hereunder
(including by operation of Law) without the prior written consent of the other Parties. Any such assignment without such consent shall
be null and void. This Agreement shall be binding upon, inure to the benefit of and be enforceable by the Parties and their respective
heirs, successors and permitted assigns.
Section 3.4 Amendment.
Subject to Section 3.2, this Agreement may not be amended, restated, supplemented or otherwise modified, except upon the execution
and delivery of a written agreement by the Parties.
Section 3.5 Waiver.
No failure or delay by any Party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any
single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege.
The rights and remedies of the Parties hereunder are cumulative and are not exclusive of any rights or remedies otherwise available to
the Parties. No waiver of any right, power or privilege hereunder shall be valid unless it is set forth in a written instrument executed
and delivered by the Party to be charged with such waiver.
Section 3.6 No Third-Party
Beneficiaries. Nothing expressed or implied in this Agreement is intended or shall be construed to confer upon or give any Person,
other than the Parties and their respective heirs, successors and permitted assigns, any right or remedy under or by reason of this Agreement.
Section 3.7 Miscellaneous.
Sections 9.02 (Notices) (provided that notices to any SPAC Insider shall be to SPAC’s address as set forth in Section 9.02
of the Business Combination Agreement), 9.05 (Governing Law), 9.06 (Jurisdiction), 9.07 (Waiver of Jury Trial),
9.09 (Severability), 9.11 (Entire Agreement), 9.12 (Interpretation), 9.13 (Counterparts) and 9.15 (Waiver
of Claims Against Trust) of the Business Combination Agreement are each hereby incorporated into this Agreement (including any relevant
definitions contained in any such Sections), mutatis mutandis.
10
Section 3.8 Capacity as
a Shareholder. Notwithstanding anything in this Agreement to the contrary, (a) each SPAC Insider makes no agreement or understanding
herein in any capacity other than solely in its capacity as a record holder and beneficial owner of the Owned Securities and (b) nothing
herein will be construed to limit or affect any action or inaction by any SPAC Insider in his, her or its capacity as a member of the
board of directors (or other similar governing body) of Meshflow or any of its Affiliates or any other Person or as an officer, employee,
agent, designee, representative or fiduciary of Meshflow or any of its Affiliates or any other Person, in each case, acting in such person’s
capacity as a director (or member of such other similar governing body), officer, employee, agent, designee, representative or fiduciary
of Meshflow or such Affiliate or such other Person.
Section 3.9 Release.
(a) Each
of the SPAC Insiders, on its, his or her own behalf and on behalf of each of its, his or her Affiliates (other than Meshflow or any of
its Subsidiaries) and each of its, his, her and their successors, assigns, heirs and executors (each, a “Sponsor Releasor”),
effective as of the Closing, shall be deemed to have, and hereby does, irrevocably, unconditionally, knowingly and voluntarily release,
waive, relinquish and forever discharge Pubco, HGP, Meshflow, their respective Subsidiaries and each of their respective successors, assigns,
heirs, executors, officers, directors, partners, managers and employees (in each case, in their capacity as such) (each, a “Sponsor
Releasee”) from (x) any and all obligations or duties that Pubco, HGP, Meshflow or any of their respective Subsidiaries has prior
to or as of the Closing to such Sponsor Releasor and (y) all claims, demands, Liabilities, defenses, affirmative defenses, setoffs, counterclaims,
actions and causes of action of whatever kind or nature, whether known or unknown, which any Sponsor Releasor has prior to or as of the
Closing against any Sponsor Releasee arising out of, based upon or resulting from any Contract, transaction, event, circumstance, action,
failure to act or occurrence of any sort or type, whether known or unknown, and which occurred, existed, was taken, permitted or begun
prior to the Closing.
(b) Notwithstanding
the foregoing, nothing in this Section 3.9 shall release, waive, relinquish, discharge or otherwise affect the rights or obligations of
any Person (i) arising under this Agreement, the Business Combination Agreement, any other Ancillary Document or the Organizational Documents
of Meshflow or Pubco, including the right to receive shares of Pubco Common Stock at the Effective Time and any amounts owed pursuant
to the terms set forth therein, (ii) for indemnification, exculpation, advancement or contribution, in any Sponsor Releasor’s capacity
as an officer or director of Meshflow, (iii) arising under any then-existing insurance policy of Meshflow, including the SPAC D&O
Tail Insurance, (iv) pursuant to any Contract or policy of Meshflow, to reimbursement for reasonable and documented out-of-pocket business
expenses incurred prior to the Closing, provided that such expenses shall be paid at the Closing and shall constitute SPAC Transaction
Costs, (v) in respect of any working capital loan or other extension of credit made by the Sponsor to Meshflow prior to the Closing, in
each case solely to the extent such loan or extension of credit was made in compliance with the IPO Prospectus and the other documents
entered into in connection with Meshflow’s initial public offering and, if made on or after the date of the Business Combination
Agreement, was permitted by Section 6.01(h)(iv) of the Business Combination Agreement, and is repaid or converted in accordance with its
terms at the Closing, or (vi) for any claim for Fraud.
(c) Each
Sponsor Releasor acknowledges that it, he or she has been advised by legal counsel and is familiar with the provisions of California Civil
Code Section 1542, which provides as follows: “A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY
DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE THAT, IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY
AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY.” Each Sponsor Releasor hereby expressly, knowingly and voluntarily
waives and relinquishes any and all rights and benefits that it, he or she may have under, and any and all provisions, rights and benefits
conferred by, California Civil Code Section 1542 and any Law of any other jurisdiction, or principle of common law, that is similar, comparable
or equivalent in effect to California Civil Code Section 1542, in each case with respect to the matters released pursuant to this Section
3.9. Each Sponsor Releasor acknowledges that it, he or she may hereafter discover facts in addition to, or different from, those that
it, he or she now knows or believes to be true with respect to the matters released herein, and nevertheless intends the release set forth
in this Section 3.9 to be, and to remain, a full and complete release notwithstanding the discovery or existence of any such additional
or different facts.
[Remainder of page intentionally left blank.]
11
IN WITNESS WHEREOF, each of
the Parties has caused this Agreement to be duly executed as of the date first written above.
MESHFLOW:
Meshflow Acquisition Corp.
By:
/s/ Bartosz Lipiński
Name:
Bartosz Lipiński
Title:
Chief Executive Officer, Chief Financial Officer and Chairman
[Signature Page of Sponsor Support Agreement]
HGP:
HGP Intelligent Energy, LLC
By:
/s/ Gregory Forero
Name:
Gregory Forero
Title:
Chief Executive Officer
Pubco:
Leyte Parent, Inc.
By:
/s/ Bartosz Lipiński
Name:
Bartosz Lipiński
Title:
Chief Executive Officer and President
[Signature Page of Sponsor Support Agreement]
Sponsor:
Meshflow Acquisition Sponsor LLC
By:
/s/ Bartosz Lipiński
Name:
Bartosz Lipiński
Title:
Managing Member
SPAC Insiders:
/s/ Alex Dymala-Dolesky
Alex Dymala-Dolesky
/s/ Patrick Daugherty
Patrick Daugherty
/s/ Renata Szkoda
Renata Szkoda
/s/ Ryan Shea
Ryan Shea
/s/ Tal Broda
Tal Broda
/s/ David Gomberg
David Gomberg
[Signature Page of Sponsor Support Agreement]
SCHEDULE A
SPAC INSIDERS
SPAC Insider
SPAC Class B Ordinary Shares
Private Placement Warrants
Meshflow Acquisition Sponsor LLC*
8,080,000
3,333,333
Bartosz Lipinski*
8,080,000
3,333,333
Alex Dymala-Dolesky
300,000
—
Patrick Daugherty
30,000
—
Renata Szkoda
30,000
—
Ryan Shea
30,000
—
Tal Broda
30,000
—
David Gomberg
125,000
—
* Bartosz Lipinski is the managing member of Meshflow Acquisition
Sponsor LLC and has voting and investment discretion with respect to the securities held of record by Meshflow Acquisition Sponsor LLC.
[Schedule A to Sponsor Support Agreement]
EX-10.2 — TRANSACTION SUPPORT AGREEMENT, DATED SEPTEMBER 5, 2026, BY AND AMONG MESHFLOW ACQUISITION CORP., LEYTE PARENT, INC., HGP INTELLIGENT ENERGY, LLC, AND CERTAIN MEMBERS OF HGP INTELLIGENT ENERGY, LLC PARTY THERETO
EX-10.2
Filename: ea030475901ex10-2.htm · Sequence: 4
Exhibit 10.2
Final Form
Form
of Transaction SUPPORT AGREEMENT
This Transaction
SUPPORT AGREEMENT (this “Agreement”), is dated as of September 5, 2026, by and among Meshflow Acquisition Corp.,
a Cayman Islands exempted company with limited liability (which shall domesticate as a Delaware corporation prior to the Closing) (the
“SPAC”), Leyte Parent, Inc., a Delaware corporation (“Pubco”), HGP Intelligent Energy, LLC, a Wyoming
limited liability company (the “Company”) and the Persons set forth on Schedule I hereto (the “Supporting
Members”). Capitalized terms used but not defined herein shall have the respective meanings ascribed to such terms in the Business
Combination Agreement (as defined below).
WHEREAS, as of the date hereof,
the Supporting Members are the holders of such number and type of Company Securities as are indicated opposite each of their names on
Schedule I attached hereto (collectively, and together with any Company Securities issuable upon conversion, exchange, vesting
or otherwise in respect of such Company Securities, the “Subject Securities”);
WHEREAS, contemporaneously
with the execution and delivery of this Agreement, Pubco, the SPAC, the Company, Leyte Merger Sub I, Inc., a Delaware corporation and
direct wholly owned subsidiary of Pubco, and Leyte Merger Sub II, LLC, a Wyoming limited liability company and direct wholly owned subsidiary
of Pubco, are entering into the Business Combination Agreement (as it may be amended, supplemented, restated or otherwise modified from
time to time in accordance with its terms, the “Business Combination Agreement”), dated as of the date hereof, pursuant
to which, among other transactions, Pubco, the SPAC and the Company intend to consummate a business combination; and
WHEREAS, as an inducement
to Pubco, the SPAC and the Company to enter into the Business Combination Agreement and to consummate the Transactions, 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 for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto, each intending to be legally bound hereby, hereby agree as follows:
Article
I.
Voting and SUPPORT AGREEMENT; COVENANTS
Section
1.01 Binding Effect of Business Combination Agreement. Each of the Supporting Members hereby acknowledges that he, she or it
has read the Business Combination Agreement and this Agreement and has had the opportunity to consult with his, her or its tax and legal
advisors. Each of the Supporting Members shall be bound by and comply with Sections 6.07 (No Solicitation), 6.16 (Public Announcements)
and 6.17 (Confidential Information) of the Business Combination Agreement (and any relevant definitions contained in any such Sections)
as if such Supporting Member was an original signatory to the Business Combination Agreement with respect to such provisions.
Section
1.02 New Shares. In the event that (a) any Company Units or other equity securities of the Company are issued to a Supporting
Member after the date of this Agreement pursuant to any dividend, split, recapitalization, reclassification, combination or exchange of,
on or affecting the Company Securities owned by such Supporting Member or otherwise, (b) a Supporting Member purchases or otherwise acquires
beneficial ownership of any Company Securities after the date of this Agreement, or (c) a Supporting Member acquires the right to vote
or share in the voting of any Company Units or other equity securities of the Company after the date of this Agreement (such Company Units
or other equity securities of the Company, collectively, the “New Securities”), then such New Securities acquired or
purchased by such Supporting Member shall be subject to the terms of this Agreement to the same extent as if they constituted the Subject
Securities owned by such Supporting Member as of the date hereof.
Section 1.03 Restrictions
on Transfer.
(a) From
the date hereof until the earlier of (i) the Closing and (ii) the valid termination of this Agreement pursuant to Section 3.01,
each of the Supporting Members (and any other Person to which any Subject Security is Transferred (as defined below)) agrees that it shall
not, directly or indirectly, (A)(1) sell, offer to sell, contract or agree to sell, hypothecate, pledge, encumber, assign, convert, grant
any option to purchase or otherwise transfer, dispose of or agree to transfer or dispose of, directly or indirectly, by operation of law
or otherwise, or establish or increase a put equivalent position or liquidate with respect to or decrease a call equivalent position within
the meaning of Section 16 of the Exchange Act, and the rules and regulations of the SEC promulgated thereunder, with respect to any Subject
Securities, (2) enter into any swap, derivative or other arrangement that transfers to another, in whole or in part, any of the economic
consequences and/or voting rights of ownership of any Subject Securities, whether any such transaction is to be settled by delivery of
such securities, in cash or otherwise, or (3) publicly announce any intention to effect any transaction specified in clause (1) or (2)
(the actions specified in clauses (1) to (3), collectively, “Transfer”), in each case, with respect to any Subject
Securities legally or beneficially owned by it, other than (x) in accordance with Section 1.04, (y) as required by the Business
Combination Agreement or any other Ancillary Documents or in furtherance of the transactions contemplated thereby or (z) upon the consent
of SPAC and the Company; (B) grant any proxies or powers of attorney or enter into any voting arrangement, whether by proxy, voting agreement,
voting trust, voting deed or otherwise (including pursuant to any loan of Subject Securities) with respect to any Subject Securities,
in each case, other than as set forth in this Agreement or the Business Combination Agreement; (C) take any action that would reasonably
be expected to make any representation or warranty of such Supporting Member herein untrue or incorrect, or would reasonably be expected
to have the effect of preventing or disabling such Supporting Member from performing its obligations hereunder; or (D) commit or agree
to take any of the foregoing actions.
(b) The
Parties acknowledge and agree that (i) notwithstanding anything to the contrary herein, all Subject Securities beneficially owned by the
Supporting Members (or any Person to which any Subject Security is Transferred) will remain subject to any applicable restrictions on
Transfer under applicable securities laws and the rules and regulations promulgated thereunder, and (ii) any purported Transfer of any
Subject Security in violation of this Agreement will be null and void ab initio.
Section
1.04 Exceptions to Restrictions on Transfer. Notwithstanding anything to the contrary in Section 1.03(a), any holder
of a Subject Security will be permitted to Transfer all or any part of such holder’s Subject Securities:
(a) to
any of the Company’s officers, directors, advisors or consultants, any affiliate or family member of any of the Company’s
officers, directors, advisors or consultants, any members of the Company or their affiliates, and funds and accounts advised by such members,
any affiliates of the Company, or any employees of such affiliates;
2
(b) as
a bona fide gift or gifts, including to any charitable organization, or in the case where such holder is an individual, to 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 where such holder is an individual, (i) by will or other testamentary document or device or (ii) by operation of applicable Law,
including applicable Laws of intestacy or descent or pursuant to a qualified domestic relations order, divorce settlement, divorce decree,
separation agreement or related court order;
(d) for
bona fide estate planning purposes;
(e) by
virtue of the laws of the State of Wyoming or the Company’s limited liability company agreement, in each case, upon dissolution
of the Company;
(f) if
such Supporting Member is a Person other than an individual, to any Person of which all the outstanding equity interests are legally and
beneficially owned by such Supporting Member, or, if such Supporting Member is an individual, then to one or more members of the immediate
family or former spouse of such Supporting Member;
(g) if
such Supporting Member is a Person other than an individual, then (i) to any shareholder, partner or member of such Supporting Member
in redemption of such shareholder’s, partner’s or member’s interest in such Supporting Member or (ii) upon such Supporting
Member’s bona fide liquidation or dissolution, to the shareholders, partners or members of such Supporting Member in accordance
with its Organizational Documents; or
(h) to
a nominee or custodian of any Person to which a Transfer would be permissible under any of the preceding clauses (a) through (g);
provided,
however, that in the case of any of the foregoing clauses (a) through (h), these permitted Transferees must sign a counterpart
to this Agreement becoming bound by all the terms and conditions set forth herein.
Section
1.05 Supporting Member Agreements.
(a) At
any meeting of the members of the Company, however called, or at any adjournment thereof, or in any other circumstance in which the vote,
consent or other approval of the members of the Company is sought, each of the Supporting Members shall appear at each such meeting or
otherwise cause all of its Subject Securities, which are entitled to vote, to be counted as present thereat for purposes of calculating
a quorum and vote (or cause to be voted), or execute and deliver a written consent (or cause a written consent to be executed and delivered)
covering, all of its Subject Securities, which are entitled to vote:
(i) to the extent any approval or adoption is required or sought, to approve
and adopt the Business Combination Agreement and the consummation of the Transactions;
(ii) against any Alternative Transaction or any proposal relating to an Alternative
Transaction;
(iii) against any change in managers of the Company (other than pursuant to
the Business Combination Agreement or the Ancillary Documents); and
3
(iv) against any proposal, action or agreement that would (A) impede, interfere,
frustrate, prevent or nullify any provision of this Agreement, the Business Combination Agreement or the Transactions, (B) to the knowledge
of such Supporting Member, result in a breach in any respect of any covenant, representation, warranty or any other obligation or agreement
of the Company under the Business Combination Agreement, (C) result in any of the conditions set forth in Article VII (Closing Conditions)
of the Business Combination Agreement not being fulfilled, (D) result in a breach of any covenant, representation or warranty or other
obligation or agreement of such Supporting Member contained in this Agreement or (E) change in any manner the dividend policy or capitalization
of, including the voting rights of any class or series of membership interests of, the Company.
Each Supporting Member hereby
agrees that he, she or it shall not commit or agree to take any action inconsistent with the foregoing.
(b) Solely
to the extent that a Supporting Member fails to take any of the actions set forth in Section 1.05(a), such Supporting Member hereby
unconditionally and irrevocably grants to, and appoints, SPAC and any individual designated in writing by SPAC, and each of them individually,
as such Supporting Member’s proxy and attorney-in-fact (with full power of substitution), for and in the name, place and stead of
such Supporting Member, to vote the Subject Securities, or grant a written consent or approval in respect of the Subject Securities, in
a manner consistent with Section 1.05(a). Each Supporting Member hereby affirms that the irrevocable proxy and power of attorney
set forth in this Section 1.05(b) are given in connection with the execution of the Business Combination Agreement, and that such
irrevocable proxy and power of attorney are given to secure a proprietary interest and may under no circumstances be revoked. Each Supporting
Member hereby ratifies and confirms that such irrevocable proxy and power of attorney may lawfully do or cause to be done by virtue hereof.
SUCH IRREVOCABLE PROXY AND POWER OF ATTORNEY IS EXECUTED AND INTENDED TO BE IRREVOCABLE IN ACCORDANCE WITH THE LAWS OF THE CAYMAN ISLANDS
AND THE STATE OF DELAWARE.
Section
1.06 No Challenges. Each Supporting Member 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 Purchaser,
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 (b) alleging a breach of any fiduciary duty of any person in connection with the evaluation, negotiation
or entry into this Agreement, the Business Combination Agreement or the Transactions.
Section
1.07 Further Assurances. Each Supporting Member shall take, or cause to be taken, all actions and do, or cause to be done, all
things reasonably necessary under applicable Laws, or as reasonably requested by the SPAC or the Company, to effect the actions set forth
herein and to consummate the transactions contemplated hereby on the terms and subject to the conditions set forth herein and the Transactions
on the terms and subject to the conditions set forth in the Business Combination Agreement and the Ancillary Documents.
Section
1.08 No Inconsistent Agreement. Each Supporting Member hereby represents and covenants that such Supporting Member has not entered
into, and shall not enter into, any agreement that would restrict, limit, or interfere with the performance of such Supporting Member’s
obligations hereunder.
4
Section
1.09 Appraisal Rights. Each Supporting Member hereby waives and agrees not to exercise any rights of appraisal or rights to
dissent from the Transactions that he, she or it may have with respect to the Subject Securities under applicable Law.
Section
1.10 Consent to Disclosure. Each Supporting Member hereby consents to the publication and disclosure in the Proxy Statement/Registration
Statement (and, as and to the extent otherwise required by applicable securities Laws or the SEC or any other securities authorities,
any documents or communications provided by the SPAC or the Company to any Governmental Authority and to SPAC Shareholders) of such Supporting
Member’s identity and beneficial ownership of the Subject Securities and the nature of such Supporting Member’s commitments,
arrangements and understandings under and relating to this Agreement and, if deemed appropriate by the SPAC and the Company, a copy of
this Agreement. Each Supporting Member will promptly provide any information reasonably requested by the SPAC or the Company that is reasonably
necessary for any regulatory application or filing made or approval sought in connection with the Transactions (including filings with
the SEC).
Article II.
REPRESENTATIONS AND WARRANTIES
Section
2.01 Representations and Warranties of the Supporting Members. Each Supporting Member, severally and not jointly, represents
and warrants as of the date hereof to Pubco, the SPAC and the Company, in each case, only with respect to itself, as follows:
(a) Organization;
Due Authorization. (i) If the Supporting Member is a natural person, he or she has all the requisite power and authority and has taken
all action necessary in order to execute and deliver this Agreement, to perform his or her obligations hereunder and to consummate the
transactions contemplated hereby, and (ii) if the Supporting Member is not a natural person, it is duly organized, validly existing and
in good standing under the Laws of the jurisdiction in which it is incorporated, formed, organized or constituted, and the execution,
delivery and performance of this Agreement and the consummation of the transactions contemplated hereby are within such Supporting Member’s
corporate, limited liability company or similar organizational powers and have been duly authorized by all necessary corporate, limited
liability company, or similar organizational actions on the part of such Supporting Member. This Agreement has been duly executed and
delivered by such Supporting Member and, assuming due authorization, execution and delivery by the other parties hereto, this Agreement
constitutes a legally valid and binding obligation of such Supporting Member, enforceable against such Supporting Member 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 such Supporting Member.
5
(b) Ownership.
Such Supporting Member is the record and beneficial owner (as defined in Rule 13d-3 of the Exchange Act) of, and has good 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) the Company’s Organizational Documents, (iii) the
Business Combination Agreement, (iv) if the Supporting Member is not a natural person, the Supporting Member’s Organizational Documents
or (v) any applicable securities Laws. Such Supporting Member’s Subject Securities are the only securities of the Company owned
of record or beneficially by such Supporting Member on the date of this Agreement, and none of such 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 Company’s Organizational Documents. Other than the Subject Securities, such Supporting Member does not hold or own
any rights to acquire (directly or indirectly) any securities of the Company or any securities convertible into, or which can be exchanged
for, securities of the Company.
(c) No
Conflicts. The execution and delivery of this Agreement by such Supporting Member does not, and the performance by such Supporting
Member of its obligations hereunder will not, (i) conflict with or result in a violation of the Organizational Documents of such Supporting
Member, or (ii) require any consent or approval that has not been given or other action that has not been taken by any third party (including
under any Contract binding upon such Supporting Member or such Supporting Member’s Subject Securities), in each case, to the extent
such consent, approval or other action would prevent, enjoin or materially delay the performance by such Supporting Member of its obligations
under this Agreement.
(d) Adequate
Information. Such Supporting Member has been furnished or given access to adequate information concerning the business and financial
condition of the SPAC and the Company to make an informed decision regarding this Agreement and the Transactions and has independently
and without reliance upon the SPAC or the Company and based on such information as such Supporting Member has deemed appropriate, made
its own analysis and decision to enter into this Agreement. Such Supporting Member acknowledges that the SPAC and the Company have not
made and do not make any representation or warranty, whether express or implied, of any kind or character except as expressly set forth
in this Agreement. Such Supporting Member acknowledges that the agreements contained herein with respect to the Subject Securities held
by such Supporting Member are irrevocable and result in the waiver of any right of the undersigned to demand appraisal in connection with
the Transactions under applicable Law.
(e) Litigation.
There are no Legal Proceedings pending against such Supporting Member or, to the knowledge of such Supporting Member, threatened against
such Supporting Member, before (or, in the case of threatened Legal Proceedings, that would be before) any arbitrator or any Governmental
Authority, which in any manner challenges or seeks to prevent, enjoin or materially delay the performance by such Supporting Member of
its obligations under this Agreement.
(f) Brokerage
Fees. Except as disclosed in Section 3.26 of the Company Disclosure Letter, no broker, finder, investment banker or other Person is
entitled to any brokerage fee, finders’ fee or other commission in connection with the Transactions based upon arrangements made
by such Supporting Member in his, her or its capacity as a member of the Company, for which the Company or any of its Affiliates may become
liable.
(g) Acknowledgement.
Such Supporting Member understands and acknowledges that each of Pubco, the SPAC and the Company is entering into the Business Combination
Agreement in reliance upon the Supporting Members’ execution and delivery of this Agreement.
6
Article III.
MISCELLANEOUS
Section
3.01 Termination. This Agreement and all of its provisions shall terminate and be of no further force or effect upon the earliest
of (a) the Closing, (b) the termination of the Business Combination Agreement in accordance with its terms, and (c) the written agreement
of the Supporting Members, Pubco, the SPAC, 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
3.02 Assignment. This Agreement and all of the provisions hereof will be binding upon and inure to the benefit of the parties
hereto and their respective heirs, successors and permitted assigns. Neither this Agreement nor any of the rights, interests or obligations
hereunder will be assigned (including by operation of law) without the prior written consent of the parties hereto.
Section
3.03 Specific Performance. The parties hereto agree that irreparable damage may occur in the event that any of the provisions
of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that
the parties hereto shall be entitled to seek an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically
the terms and provisions of this Agreement in the chancery court or any other state or federal court within the State of Delaware, this
being in addition to any other remedy to which such 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
3.04 Amendment. This Agreement may not be amended, changed, supplemented, waived or otherwise modified or terminated, except
upon the execution and delivery of a written agreement executed by Pubco, the SPAC, the Company and the Supporting Members.
Section
3.05 Miscellaneous. Sections 9.02 (Notices) (provided that notices to any Supporting Member shall be to such Supporting
Member’s address as set forth in the Company’s books and records), 9.05 (Governing Law), 9.06 (Jurisdiction),
9.07 (Waiver of Jury Trial), 9.09 (Severability), 9.11 (Entire Agreement), 9.12 (Interpretation), 9.13 (Counterparts)
and 9.15 (Waiver of Claims Against Trust) of the Business Combination Agreement are each hereby incorporated into this Agreement
(including any relevant definitions contained in any such Sections), mutatis mutandis.
7
Section
3.06 Release.
(a) Each
Supporting Member, on its, his or her own behalf and on behalf of each of its, his or her Affiliates (other than the Company or any of
its Subsidiaries) and each of its, his, her and their successors, assigns, heirs and executors (each, a “Company Releasor”),
effective as of the Closing, shall be deemed to have, and hereby does, irrevocably, unconditionally, knowingly and voluntarily release,
waive, relinquish and forever discharge Pubco, the SPAC, the Company, their respective Subsidiaries and each of their respective successors,
assigns, heirs, executors, officers, directors, partners, managers and employees (in each case, in their capacity as such) (each, a “Company
Releasee”) from (x) any and all obligations or duties that Pubco, the SPAC, the Company or any of their respective Subsidiaries
has prior to or as of the Closing to such Company Releasor and (y) all claims, demands, Liabilities, defenses, affirmative defenses, setoffs,
counterclaims, actions and causes of action of whatever kind or nature, whether known or unknown, which any Company Releasor has prior
to or as of the Closing against any Company Releasee arising out of, based upon or resulting from any Contract, transaction, event, circumstance,
action, failure to act or occurrence of any sort or type, whether known or unknown, and which occurred, existed, was taken, permitted
or begun prior to the Closing.
(b) Notwithstanding
the foregoing, nothing in this Section 3.06 shall release, waive, relinquish, discharge or otherwise affect the rights or obligations
of any Person (i) arising under this Agreement, the Business Combination Agreement, any other Ancillary Document or the Organizational
Documents of the Company or Pubco, including the right to receive shares of Pubco Common Stock at the Effective Time and any amounts owed
pursuant to the terms set forth therein, (ii) for indemnification, exculpation, advancement or contribution, in any Company Releasor’s
capacity as an officer, director or manager of the Company, (iii) arising under any then-existing insurance policy of the Company, including
any director and officer tail insurance policy, (iv) pursuant to any Contract or policy of the Company, to reimbursement for reasonable
and documented out-of-pocket business expenses incurred prior to the Closing, provided that such expenses shall be paid at the Closing
and shall constitute Company Transaction Costs, (v) in respect of any accrued but unpaid compensation or benefits owed to such Company
Releasor in his, her or its capacity as an employee or other service provider of the Company or any of its Subsidiaries, or (vi) for any
claim for Fraud.
(c) Each
Company Releasor acknowledges that it, he or she has been advised by legal counsel and is familiar with the provisions of California Civil
Code Section 1542, which provides as follows: “A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY
DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE THAT, IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY
AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY.” Each Company Releasor hereby expressly, knowingly and voluntarily
waives and relinquishes any and all rights and benefits that it, he or she may have under, and any and all provisions, rights and benefits
conferred by, California Civil Code Section 1542 and any Law of any other jurisdiction, or principle of common law, that is similar, comparable
or equivalent in effect to California Civil Code Section 1542, in each case with respect to the matters released pursuant to this Section
3.06. Each Company Releasor acknowledges that it, he or she may hereafter discover facts in addition to, or different from, those
that it, he or she now knows or believes to be true with respect to the matters released herein, and nevertheless intends the release
set forth in this Section 3.06 to be, and to remain, a full and complete release notwithstanding the discovery or existence of
any such additional or different facts.
[THE REMAINDER OF THIS PAGE IS INTENTIONALLY
BLANK]
8
IN WITNESS WHEREOF, each of the parties
has caused this Agreement to be duly executed on its behalf as of the day and year first above written.
Pubco:
Leyte Parent,
Inc.
By:
/s/ Bartosz Lipiński
Name:
Bartosz Lipiński
Title:
Chief Executive Officer and President
SPAC:
Meshflow Acquisition Corp.
By:
/s/ Bartosz
Lipiński
Name:
Bartosz Lipiński
Title:
Chief Executive Officer, Chief Financial Officer and Chairman
Company:
HGP Intelligent Energy, LLC
By:
/s/ Gregory Forero
Name:
Gregory Forero
Title:
Chief Executive Officer
[Signature Page to Transaction Support Agreement]
Supporting Member:
Gregory Alvaro Forero Irrevocable
Trust
By:
/s/ Gregory Forero
Name:
Gregory Forero
Title:
Trustee
[Signature Page to Transaction Support Agreement]
Supporting Member:
Knutz Holding LP
By: Jonathan Knutz, its general partner
By:
/s/ Jonathan Knutz
Name:
Jonathan Knutz
Title:
Manager
[Schedule I to Transaction
Support Agreement]
SCHEDULE I
Supporting Members
[Omitted.]
[Schedule I to Transaction Support Agreement]
EX-10.3 — LOCK-UP AGREEMENT, DATED SEPTEMBER 5, 2026, BY AND AMONG MESHFLOW ACQUISITION CORP., LEYTE PARENT, INC., HGP INTELLIGENT ENERGY, LLC, CERTAIN MEMBERS OF HGP INTELLIGENT ENERGY, LLC PARTY THERETO AND CERTAIN SHAREHOLDERS OF MESHFLOW ACQUISITION CORP. PARTY
EX-10.3
Filename: ea030475901ex10-3.htm · Sequence: 5
Exhibit 10.3
Final Form
LOCK-UP
AGREEMENT
THIS LOCK-UP AGREEMENT (this
“Agreement”) is made and entered into as of September 5, 2026, by and among Meshflow Acquisition Sponsor LLC,
a Delaware limited liability company (the “Sponsor”), Meshflow Acquisition Corp., a Cayman Islands exempted
company with limited liability (the “SPAC”), Leyte Parent, Inc., a Delaware corporation (“Pubco”),
each of the Persons set forth on Schedule 1 hereto (the “Pubco Holders”), each of the Persons set forth
on Schedule 2 hereto (the “Independent Holders”) and each of the Persons set forth on Schedule 3 hereto (the
“SPAC Insiders”). The Sponsor, the Pubco Holders, the Independent Holders, the SPAC Insiders and any Person
who hereafter becomes a party to this Agreement pursuant to Section 2 are referred to herein, individually, as a “Holder”
and, collectively, as the “Holders.”
WHEREAS, capitalized
terms used but not otherwise defined in this Agreement shall have the meanings ascribed to such terms in that certain Business Combination
Agreement, dated as of September 5, 2026 (as it may be amended or supplemented from time to time, the “Business Combination
Agreement”), by and among Pubco, the SPAC, Leyte Merger Sub I, Inc., a Delaware corporation, Leyte Merger Sub II, LLC, a
Wyoming limited liability company, and HGP Intelligent Energy, LLC, a Wyoming limited liability company; and
WHEREAS, in connection
with the transactions contemplated by the Business Combination Agreement, and in view of the valuable consideration to be received by
the parties thereunder, Pubco, the SPAC and each of the Holders desire to enter into this Agreement, pursuant to which the Holders’
Lock-Up Securities shall become subject to limitations on Transfer as set forth herein.
NOW, THEREFORE, in
consideration of the premises set forth above, which are incorporated in this Agreement as if fully set forth below, and intending to
be legally bound hereby, the parties agree as follows:
1. Definitions. The terms defined in this Section 1 shall, for all purposes
of this Agreement, have the respective meanings set forth below:
(a) “Lock-Up
Period” shall mean either the Pubco Holders Lock-Up Period or the Sponsor Lock-Up Period, as applicable.
(b) “Lock-Up
Securities” shall mean the Pubco Common Stock, including any Pubco Restricted Shares issued under the Pubco Equity Incentive
Plan.
(c) “Permitted
Transferee” shall mean any Person to whom a Holder is permitted to Transfer Lock-Up Securities prior to the expiration
of the Lock-Up Period pursuant to Section 2(b).
(d) “Pubco
Holders Lock-Up Period” shall mean, with respect to the Pubco Holders, the Independent Holders and their respective Permitted
Transferees, the period beginning on the Closing Date and ending the earliest of (i) the date that is one hundred eighty (180) days
after the Closing Date and (ii) the date on which Pubco completes a liquidation, merger, amalgamation, capital stock exchange, reorganization
or other similar transaction that results in all of Pubco’s public stockholders having the right to exchange their Pubco Common
Stock for cash, securities or other property.
(e) “Short
Sales” means all “short sales” as defined in Rule 200 promulgated under Regulation SHO under the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), and all types of direct and indirect stock pledges, forward
sale contracts, options, puts, calls, swaps and similar arrangements (including on a total return basis), and sales and other transactions
through non-US broker dealers or foreign regulated brokers.
(f) “Sponsor
Lock-Up Period” shall mean, with respect to the Sponsor, the SPAC Insiders, and each of their respective Permitted Transferees,
the period beginning on the Closing Date and ending on the earliest of (i) the date that is one hundred eighty (180) days after the
Closing Date, (ii) the date on which the Trading Price of the Pubco Common Stock equals or exceeds $12.00 per share and (iii) the date
on which Pubco completes a liquidation, merger, amalgamation, capital stock exchange, reorganization or other similar transaction that
results in all of Pubco’s public stockholders having the right to exchange their Pubco Common Stock for cash, securities or other
property.
(g) “Trading
Price” shall mean the daily closing price of the Pubco Common Stock (as adjusted for share splits, share dividends, reorganizations,
recapitalizations and the like) for any ten (10) trading days within a period of thirty (30) consecutive trading days beginning immediately
after the Closing Date.
(h) “Transfer”
shall mean the (i) sale or assignment of, offer to sell, contract or agreement to sell, hypothecation, pledge, grant of any option to
purchase or other disposal of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position
or liquidation or decrease of a call equivalent position within the meaning of Section 16 of the Exchange Act with respect to, any
security, (ii) entry into any swap or other arrangement that transfers to another Person, in whole or in part, any of the economic consequences
of ownership of any security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or engagement
in any Short Sales, or (iii) public announcement of any intention to effect any transaction specified in clause (i) or (ii).
2. Lock-Up Provisions.
(a) Subject
to Section 2(b), each Holder agrees that it shall not Transfer any Lock-Up Securities until the end of the Lock-Up Period
applicable to such Holder.
(b) Notwithstanding
the provisions set forth in Section 2(a), each Holder or its respective Permitted Transferees may Transfer the Lock-Up Securities
during the Lock-Up Period (i) to (A) any direct or indirect partners, members or equity holders (or holders of similar equity interests)
of the Sponsor, any affiliates of the Sponsor or any related investment funds or vehicles controlled or managed by such Persons or their
respective affiliates or (B) the Pubco Holders or any direct or indirect partners, members or equity holders (or holders of similar equity
interests) of the Pubco Holders, any affiliates of the Pubco Holders or any related investment funds or vehicles controlled or managed
by such Persons or their respective affiliates; (ii) in the case of an individual, by gift to a member of such individual’s immediate
family or to a trust, the beneficiary of which is such individual or a member of such individual’s immediate family or an affiliate
of such Person, or to a charitable organization; (iii) in the case of an individual, by virtue of laws of descent and distribution upon
death of such individual; (iv) in the case of an individual, pursuant to a qualified domestic relations order, divorce settlement, divorce
decree or separation agreement; (v) to a nominee or custodian of a Person to whom a Transfer would be permitted under clauses
(i) through (iv) above; (vi) to Pubco (including, without limitation, in connection with net exercise of equity
instruments or share withholding to satisfy exercise price or tax obligations); (vii) in connection with a liquidation, merger, share
exchange, reorganization, tender offer approved by the board of directors of Pubco (the “Pubco Board”) or a
duly authorized committee thereof or other similar transaction which results in all of Pubco’s stockholders having the right to
exchange their Pubco Common Stock for cash, securities or other property subsequent to the Closing Date; (viii) in connection with
any legal, regulatory or other order; or (ix) in the case of an entity, in connection with the sale or other bona fide disposition of
all or substantially all of the Holder’s capital stock, partnership interests, membership interests or other similar equity interests,
as the case may be, or all or substantially all of the Holder’s assets, in any such case not undertaken for the purpose of avoiding
the restrictions imposed by this Agreement; provided, however, that in the case of clauses (i) through (v)
and clause (ix), such Permitted Transferees must enter into a duly executed joinder to this Agreement in the form of Exhibit
A hereto; provided, further, that no filing by any Holder under the Exchange Act or other public announcement shall
be made (including voluntarily) in connection with such Transfer except as otherwise compelled or required to comply with applicable law
or legal process or any request by a Governmental Authority or the rules of any securities exchange, foreign securities exchange, futures
exchange, commodities exchange or contract market; provided, further, that any Transfer pursuant to clauses (i) through
(iii) and clause (v), shall not involve a disposition for value.
2
(c) In
order to enforce this Section 2, Pubco may impose stop-transfer instructions with respect to the Lock-Up Securities until
the end of the Lock-Up Period; provided that such instructions permit the transfers contemplated by clause (b) above.
(d) For
the avoidance of doubt, each Holder shall retain all of its rights as a securityholder of Pubco with respect to the Lock-Up Securities
during the Lock-Up Period, including the right to vote any Lock-Up Security that such Holder is entitled to vote, as applicable.
(e) Notwithstanding
anything herein to the contrary, nothing herein shall prevent a Holder from entering into one or more written trading plans in compliance
with Rule 10b5-1 under the Exchange Act during the Lock-Up Period (each, a “10b5-1 Plan”); provided,
however, that (i) no sales, Transfers or other dispositions of Lock-Up Securities may be effected pursuant to any such 10b5-1 Plan
during the Lock-Up Period except to the extent such securities have been released from the lock-up restrictions pursuant to the terms
of this Agreement, (ii) any public announcement or filing regarding the establishment of such 10b5-1 Plan shall disclose that no sales
may occur thereunder unless and until permitted by this Agreement, and (iii) such 10b5-1 Plan shall otherwise comply with Rule 10b5-1.
For the avoidance of doubt, the entry into, modification or termination of any 10b5-1 Plan in compliance with this provision shall not,
in and of itself, constitute a violation of this Agreement.
(f) Notwithstanding
anything in this Agreement to the contrary, the Pubco Board shall be entitled to release any Holder from any or all of its obligations
hereunder on behalf of Pubco; provided, however, that if one Holder is released, the other Holders shall also be similarly released
to the same relative extent as the released Holder.
(g) The
lock-up provisions in this Section 2 shall, with respect to any Holder, supersede the lock-up provisions contained
in Section 7(a) of that certain letter agreement, dated as of December 9, 2025, by and among the Sponsor, the SPAC and each of the
directors and executive officers of the SPAC (the “Prior Agreement”) with respect to such Holder and such provision
of the Prior Agreement shall be of no further force or effect with respect to such Holder.
3. Validity of Transfers. If any Transfer is made or attempted contrary to the provisions of this
Agreement, such purported Transfer shall be null and void ab initio, and Pubco shall refuse to recognize any such purported transferee
of the applicable Lock-Up Securities as one of its equity holders for any purpose.
4. Effectiveness; Termination.
(a) This
Agreement shall be effective upon consummation of the transactions contemplated by the Business Combination Agreement.
(b) This
Agreement shall terminate automatically (i) upon the termination of the Business Combination Agreement in accordance with its terms prior
to the Closing, or (ii) with respect to any Holder, on the date on which such Holder no longer holds any Lock-Up Securities.
5. Miscellaneous.
(a) Governing
Law. This Agreement, and all claims or causes of action (whether in contract or tort) that may be based upon, arise out of or relate
to this Agreement or the negotiation, execution or performance of this Agreement (including any claim or cause of action based upon, arising
out of or related to any representation or warranty made in or in connection with this Agreement) will be governed by and construed in
accordance with the internal laws of the State of Delaware applicable to agreements executed and performed entirely within such State.
3
(b) Consent
to Jurisdiction and Service of Process. ANY PROCEEDING OR ACTION BASED UPON, ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY MUST BE BROUGHT IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE (OR, ONLY TO THE EXTENT SUCH COURT DOES NOT HAVE
SUBJECT MATTER JURISDICTION, THE SUPERIOR COURT OF THE STATE OF DELAWARE OR, IF IT HAS OR CAN ACQUIRE JURISDICTION, IN THE UNITED STATES
DISTRICT COURT FOR THE DISTRICT OF DELAWARE), AND EACH OF THE PARTIES IRREVOCABLY AND UNCONDITIONALLY (I) CONSENTS AND 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 SUCH 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. SERVICE OF PROCESS WITH RESPECT THERETO MAY BE MADE UPON
ANY PARTY TO THIS AGREEMENT BY MAILING A COPY THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO SUCH PARTY AT ITS ADDRESS AS
PROVIDED IN SECTION 5(h), WITHOUT LIMITING THE RIGHT OF A PARTY TO SERVE PROCESS IN ANY OTHER MATTER PERMITTED BY APPLICABLE
LAWS.
(c) Waiver
of Jury Trial. EACH PARTY HERETO HEREBY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY
TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH
PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR
THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY
OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE
THE FOREGOING WAIVER, (II) EACH SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (III) EACH SUCH PARTY
MAKES THIS WAIVER VOLUNTARILY, AND (IV) EACH SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE
MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 5(c).
(d) Assignment;
Third Parties. This Agreement and all of the provisions hereof will be binding upon and inure to the benefit of the parties hereto
and their respective heirs, successors and permitted assigns. This Agreement and all obligations of a Holder are personal to such Holder
and may not be transferred or delegated at any time. Nothing contained in this Agreement shall be construed to confer upon any person
who is not a signatory hereto any rights or benefits, as a third party beneficiary or otherwise.
(e) Specific
Performance. Each Holder acknowledges that its obligations under this Agreement are unique, recognizes and affirms that in the event
of a breach of this Agreement by such Holder, money damages will be inadequate and Pubco will have no adequate remedy at law, and agrees
that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed by such Holder in accordance
with their specific terms or were otherwise breached. Accordingly, Pubco shall be entitled to an injunction or restraining order to prevent
breaches of this Agreement by a Holder and to enforce specifically the terms and provisions hereof, without the requirement to post any
bond or other security or to prove that money damages would be inadequate, this being in addition to any other right or remedy to which
such party may be entitled under this Agreement, at law or in equity.
(f) Amendment;
Waiver. This Agreement may be amended by the parties hereto at any time by execution of an instrument in writing signed by (i) Pubco
and (ii) Holders holding a majority of the Pubco Common Stock that are then subject to this Agreement; provided, however,
that any amendment hereto or waiver hereof that materially and adversely affects a Holder, solely in its capacity as a holder of Lock-Up
Securities, shall also require the consent of the Holder so affected. No course of dealing between any Holder or Pubco and any other party
hereto or any failure or delay on the part of a Holder or Pubco in exercising any rights or remedies under this Agreement shall operate
as a waiver of any rights or remedies of any Holder or Pubco. No single or partial exercise of any rights or remedies under this Agreement
by a party shall operate as a waiver or preclude the exercise of any other rights or remedies hereunder or thereunder by such party.
4
(g) Interpretation.
The titles and subtitles used in this Agreement are for convenience only and are not to be considered in construing or interpreting this
Agreement. In this Agreement, unless the context otherwise requires: (i) any pronoun used in this Agreement shall include the corresponding
masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa; (ii)
“including” (and with correlative meaning “include”) means including without limiting the generality of any description
preceding or succeeding such term and shall be deemed in each case to be followed by the words “without limitation”; (iii)
the words “herein,” “hereto,” and “hereby” and other words of similar import in this Agreement shall
be deemed in each case to refer to this Agreement as a whole and not to any particular section or other subdivision of this Agreement;
and (iv) the term “or” means “and/or”. The parties have participated jointly in the negotiation and drafting of
this Agreement. Consequently, in the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed
as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue
of the authorship of any provision of this Agreement.
(h) Notices.
All notices and other communications among the parties hereto shall be in writing and shall be deemed to have been duly given (i) when
delivered in person, (ii) when delivered after posting in the United States mail having been sent registered or certified mail
return receipt requested, postage prepaid or (iii) when delivered by FedEx or other nationally recognized overnight delivery service,
addressed, if to Pubco, to:
c/o Leyte Parent, Inc.
7701 Lemmon Ave, #260-211D
Dallas, TX 75209
Attn: Gregory Forero
if to any Holder, at such Holder’s
address or email address as set forth in Pubco’s books and records.
(i) Severability.
If any provision of this Agreement is held invalid or unenforceable by any court of competent jurisdiction, the other provisions of this
Agreement will remain in full force and effect. Any provision of this Agreement held invalid or unenforceable only in part or degree will
remain in full force and effect to the extent not held invalid or unenforceable.
(j) Entire
Agreement. This Agreement constitutes the full and entire understanding and agreement among the parties with respect to the subject
matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the parties is expressly
canceled. Notwithstanding the foregoing, nothing in this Agreement (other than Section 2(g)) shall limit any of the rights,
remedies or obligations of Pubco, the SPAC or any of the Holders under any other agreement between any of the Holders and Pubco or the
SPAC, and nothing in any other agreement, certificate or instrument shall limit any of the rights, remedies or obligations of any of the
Holders, the SPAC or Pubco under this Agreement.
(k) Several
Liability. The liability of any Holder hereunder is several (and not joint). Notwithstanding any other provision of this Agreement,
in no event will any Holder be liable for any other Holder’s breach of such other Holder’s obligations under this Agreement.
(l) Counterparts.
The undersigned hereby consents to receipt of this Agreement in electronic form and understands and agrees that this Agreement may be
signed electronically. In the event that any signature is delivered by facsimile transmission, electronic mail or otherwise by electronic
transmission evidencing an intent to sign this Agreement, such facsimile transmission, electronic mail or other electronic transmission
shall create a valid and binding obligation of the undersigned with the same force and effect as if such signature were an original. Execution
and delivery of this Agreement by facsimile transmission, electronic mail or other electronic transmission is legal, valid and binding
for all purposes.
[Remainder of Page Intentionally Left Blank;
Signature Pages Follow]
5
IN WITNESS WHEREOF, the parties
have executed this Lock-Up Agreement as of the date first written above.
Pubco:
Leyte Parent, Inc.
By:
/s/ Bartosz Lipiński
Name:
Bartosz Lipiński
Title:
Chief Executive Officer and President
SPAC:
Meshflow Acquisition Corp.
By:
/s/ Bartosz Lipiński
Name:
Bartosz Lipiński
Title:
Chief Executive Officer, Chief Financial
Officer and Chairman
[Signature Page to Lock-Up Agreement]
IN WITNESS WHEREOF, the parties
have executed this Lock-Up Agreement as of the date first written above.
HOLDER:
Meshflow Acquisition Sponsor LLC
By:
/s/ Bartosz Lipiński
Name:
Bartosz Lipiński
Title:
Managing Member
[Signature Page to Lock-Up Agreement]
IN WITNESS WHEREOF, the parties
have executed this Lock-Up Agreement as of the date first written above.
HOLDER:
Gregory Alvaro Forero Irrevocable Trust
By:
/s/ Gregory Forero
Name:
Gregory Forero
Title:
Trustee
HOLDER:
Knutz Holdings LP
By: Jonathan Knutz, its general partner
By:
/s/ Jonathan Knutz
Name:
Jonathan Knutz
Title:
Manager
[Signature Page to Lock-Up Agreement]
IN WITNESS WHEREOF, the parties
have executed this Lock-Up Agreement as of the date first written above.
SPAC Insiders:
/s/ Alex Dymala-Dolesky
Alex Dymala-Dolesky
/s/ Patrick Daugherty
Patrick Daugherty
/s/ Renata Szkoda
Renata Szkoda
/s/ Ryan Shea
Ryan Shea
/s/ Tal Broda
Tal Broda
/s/ David Gomberg
David Gomberg
[Signature Page to Lock-Up Agreement]
SCHEDULE 1
PUBCO HOLDERS
1. Gregory Alvaro Forero Irrevocable Trust
[Schedule 1 to Lock-Up Agreement]
SCHEDULE 2
INDEPENDENT HOLDERS
1. Knutz Holding LP
[Schedule 2 to Lock-Up Agreement]
SCHEDULE 3
SPAC Insiders
1.
Alex Dymala-Dolesky
2.
Patrick Daugherty
3.
Renata Szkoda
4.
Ryan Shea
5.
Tal Broda
6.
David Gomberg
[Schedule 3 to Lock-Up Agreement]
EXHIBIT A
FORM OF JOINDER TO LOCKUP AGREEMENT
Reference is made to that
certain Lockup Agreement, dated as of September 5, 2026, by and among Meshflow Acquisition Corp., a Cayman Islands exempted company with
limited liability (the “SPAC”), Leyte Parent, Inc., a Delaware corporation (“Pubco”),
Meshflow Acquisition Sponsor LLC, a Delaware limited liability company (the “Sponsor”), the Independent Holders
(as defined therein), the Pubco Holders (as defined therein) and such other Persons who from time to time become a party thereto (as amended
from time to time, the “Lockup Agreement”). Capitalized terms used but not otherwise defined herein shall have
the meanings ascribed to such terms in the Lockup Agreement.
Pubco and each undersigned
holder of Pubco Common Stock (each, a “New Shareholder Party”) agrees that this Joinder to the Lockup Agreement
(this “Joinder”), dated as of [●], is being executed and delivered for good and valuable consideration.
Each undersigned New Shareholder
Party hereby agrees to and does become party to the Lockup Agreement as a Shareholder Party. This Joinder shall serve as a counterpart
signature page to the Lockup Agreement and by executing below each undersigned New Shareholder Party is deemed to have executed the
Lockup Agreement with the same force and effect as if originally named a party thereto.
This Joinder may be executed
in multiple counterparts, including by means of facsimile or electronic signature, each of which shall be deemed an original, but all
of which together shall constitute the same instrument.
[Remainder of Page Intentionally Left Blank.]
[Exhibit A to Lock-Up Agreement]
IN WITNESS WHEREOF, the undersigned
have duly executed this Joinder as of the date first set forth above.
NEW STOCKHOLDER PARTY:
[●]
By:
Name:
Title:
Pubco:
Leyte Parent, Inc.
By:
Name:
Title:
[Exhibit A to Lock-Up Agreement]
EX-99.1 — PRESS RELEASE, DATED SEPTEMBER 8, 2026
EX-99.1
Filename: ea030475901ex99-1.htm · Sequence: 6
Exhibit 99.1
September
8, 2026
DALLAS,
Texas and CHICAGO, Illinois, September 8, 2026. HGP Intelligent Energy, LLC, whose digital twin software and variable-speed reactor coolant
pumps are designed to give nuclear reactors the ability to follow load in real time, and Meshflow Acquisition Corp. (Nasdaq: MESH), a
publicly traded special purpose acquisition company, today announced that they have entered into a definitive business combination agreement
(the “Business Combination Agreement” and the transactions contemplated by the Business Combination Agreement, the “Transaction”)
that will result in HGP becoming a publicly traded company.
● HGP
Intelligent Energy, LLC (“HGP” or the “Company”) has entered into
a definitive business combination agreement with Meshflow Acquisition Corp. (“Meshflow”).
● HGP
has developed a control layer for nuclear reactors, combining its NthSim digital twin software
with its variable-speed reactor coolant pump hardware, that is designed to let a reactor
follow load in real time. The system is designed to adjust coolant flow rather than moving
control rods, recalculating the fastest safe power change roughly ten times per second, which
allows a plant to track the minute-to-minute swings of an artificial intelligence data center
while operating inside safety limits.
● The
substantial majority of reactors operating or announced today cannot follow load while islanded
from the grid. HGP’s control layer is designed to work with both the existing pressurized
water fleet and announced small modular and advanced designs, as new-build hardware, as a
retrofit package, or as a factory-integrated module, against a global base of more than 600
reactors operating or under construction.
● HGP’s
patent pending portfolio covers variable-speed reactor coolant pump architecture, thermal
margin and pump-speed control, digital twin monitoring and predictive control, and related
pump hydraulics, spanning large pressurized water reactors, small modular reactors, microreactors,
and sodium fast reactors.
● In
July 2026, HGP was selected as a consortium partner on Prometheus, the AI-for-nuclear effort
under the Department of Energy’s Genesis Mission, led by Idaho National Laboratory,
along with Argonne, Oak Ridge, and Sandia and other commercial partners. The U.S. government
has contributed $60 million to the consortium against more than $200 million of industry
cost-share.
● HGP
is separately developing the Integrated Naval Nuclear Energy Campus, which would place proven
naval-derived reactors on federal sites to serve islanded, grid-connected data center load
under long-term power agreements.
● HGP
is led by Founder and Chief Executive Officer Gregory Forero, who owned and operated HGP
Storage, developer of a first-of-a-kind battery energy storage project in ERCOT, and who
previously served as a Vice President at Constellation. He has managed more than 22 gigawatts
of generation assets over his career.
● Jeffrey
Frase has joined HGP’s board of directors. He led global oil trading at Lehman Brothers and
JPMorgan, spent 17 years at Goldman Sachs in commodities, and served as co-Chief Executive
Officer of Noble Group.
● All
existing HGP equity holders will roll 100 percent of their holdings into the combined company,
and HGP’s management team, HGP’s principal equity holders, and Meshflow’s
sponsor have committed to a customary lockup with respect to their shares in the combined
company post-closing.
Transaction
Overview
Under
the terms of the Business Combination Agreement, HGP and Meshflow will combine under a newly formed Delaware holding company, Leyte Parent,
Inc., which will become the public company. The Transaction values HGP at a pre-money equity value of $800 million and implies a pro
forma enterprise value of approximately $921 million and a pro forma equity value of approximately $1.2 billion, in each case assuming
no redemptions. The Transaction is expected to provide approximately $345 million of gross proceeds, which includes cash held in Meshflow’s
trust account before giving effect to potential redemptions. Proceeds are expected to be used for qualification and manufacturing of
the variable-speed reactor coolant pump, continued development and validation of the digital twin, site development and licensing work
for the Integrated Naval Nuclear Energy Campus, working capital, and transaction expenses.
Advisors
Cantor
Fitzgerald & Co. (“Cantor”) is acting as exclusive financial advisor to HGP. DLA Piper LLP (US) is acting as legal advisor
to Cantor. Pillsbury Winthrop Shaw Pittman LLP is acting as legal advisor to HGP. Ashurst Perkins Coie US LLP is acting as legal advisor
to Meshflow.
About
HGP Intelligent Energy
HGP
Intelligent Energy, LLC, headquartered in Dallas, Texas, develops load-following technology for nuclear power plants. Its control layer
pairs the NthSim digital twin, which models reactor state and thermal margin in real time, with variable-speed reactor coolant pumps
that allow a reactor to change power through coolant flow rather than control rod movement, enabling islanded operation alongside artificial
intelligence data centers and other variable loads. HGP holds a patent pending portfolio spanning pump architecture and control, digital
twin monitoring and predictive control, and balance-of-plant systems across large pressurized water reactors, small modular reactors,
microreactors, and sodium fast reactors, and is working with Argonne National Laboratory on validation of its pump and digital twin technologies.
HGP is separately developing the Integrated Naval Nuclear Energy Campus, which would repurpose proven naval-derived reactor technology
for civilian power generation on federal sites. More information is available at www.hgpenergy.com. The content of HGP’s website
is not incorporated into this press release.
2
About
Meshflow Acquisition Corp.
Meshflow
Acquisition Corp. is a blank check company organized as a Cayman Islands exempted company and formed for the purpose of effecting a merger,
share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. Chairman,
CEO and CFO Bartosz Lipinski is a serial entrepreneur with experience at Citadel and Solana and the co-founder of Cube Exchange. Chief
Strategy Officer Alex Dymala-Dolesky founded Uranium Digital, a trading-infrastructure company for uranium markets. Meshflow raised $345
million in its December 2025 IPO, led by Cantor. Meshflow’s units, Class A ordinary shares and warrants trade on Nasdaq as MESHU,
MESH and MESHW, respectively. More information is available at www.meshflow.com. The content of Meshflow’s website is not incorporated
into this press release.
Additional
Information About the Proposed Transaction and Where to Find It
In
connection with the proposed business combination, Leyte Parent, Inc., a subsidiary of Meshflow (“Pubco”), intends to file
with the U.S. Securities and Exchange Commission (the “SEC”) a registration statement on Form S-4 (the “Registration
Statement”), which will include a preliminary proxy statement of Meshflow and a preliminary prospectus of Pubco. After the
Registration Statement is declared effective by the SEC, Meshflow will mail the definitive proxy statement/prospectus relating to the
Business Combination to its shareholders as of a record date to be established for voting at the extraordinary general meeting of its
shareholders (the “Extraordinary General Meeting”). The Registration Statement, including the proxy statement/prospectus
contained therein, will contain important information about the proposed business combination and the other matters to be voted upon
at the Extraordinary General Meeting. This communication does not contain all the information that should be considered concerning the
Business Combination and is not intended to provide the basis for any investment decision or any other decision in respect of such matters.
Meshflow and Pubco may also file other documents with the SEC regarding the Business Combination. Meshflow’s shareholders and other
interested persons are advised to read, when available, the Registration Statement, including the preliminary proxy statement/prospectus
contained therein, the amendments thereto and the definitive proxy statement/prospectus and other documents filed in connection with
the Business Combination, as these materials will contain important information about Meshflow, HGP, Pubco and the Business Combination.
Shareholders may obtain copies of the Registration Statement, including the preliminary or definitive proxy statement/prospectus contained
therein, and the other documents filed or that will be filed by Meshflow and Pubco with the SEC, once available, without charge, at the
SEC’s website located at www.sec.gov.
NEITHER
THE TRANSACTION NOR ANY INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAVE BEEN APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY
AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE TRANSACTION OR THE ACCURACY OR ADEQUACY OF THE INFORMATION
CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
3
Cautionary
Statement Regarding Forward-Looking Statements
All statements in this
press release which are not statements of historical fact are “forward-looking statements” within the meaning of the federal
securities laws. These forward-looking statements may be identified by terms such as “allow,” “anticipate,” “expect,”
“suggests,” “plan,” “believe,” “predict,” “potential,” “possible,”
“seek,” “future,” “propose,” “continue,” “can,” “designed to,”
“enable,” “extend,” “intend,” “might,” “opportunity,” “outlook,”
“position,” “estimates,” “targets,” “projects,” “should,” “could,”
“would,” “may,” “will,” “forecast” or the negative or variation of these terms or similar
terminology, although the absence of these terms does not mean that a statement is not forward-looking.
Forward-looking statements in this press release
include, but are not limited to, statements regarding the following: the potential impact of the Transaction on HGP and the combined company,
including allowing HGP to commercialize its load-following technology; the anticipated benefits, structure, valuation, proceeds, financing,
terms, and timing of the Transaction; the listing of Pubco’s securities on a national securities exchange; the expected performance
and capabilities of HGP’s digital twin and variable-speed reactor coolant pump technology and its applicability to operating and
announced reactor designs; the ability of HGP’s control layer to enable islanded load-following for nuclear reactors; the design,
development, and commercialization of HGP’s products and technology and the anticipated features, benefits, and timing thereof;
HGP’s patent pending portfolio and research relationships; HGP’s addressable market, industry trends, expected revenue sources;
the development, siting, licensing, timing, and economics of the Integrated Naval Nuclear Energy Campus; the anticipated use of proceeds
from the Transaction; expected demand for firm carbon-free electricity from data centers and other customers; competition; estimated implied
pro forma enterprise value and cash position of the public company post-closing; and Meshflow and HGP’s ability to consummate the
Transaction. Statements regarding Meshflow’s, HGP’s, or the combined company’s expectations, plans, or future financial
performance are also forward-looking statements.
These forward-looking
statements are subject to risks and uncertainties, some of which are beyond Meshflow’s or HGP’s control, that could cause
actual results to differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties
include, but are not limited to: (1) events or other circumstances that could give rise to the termination of the Business Combination
Agreement; (2) the initiation or outcome of legal proceedings that may be instituted against Meshflow, Pubco, HGP or others following
the Transaction announcement; (3) the amount of redemptions by Meshflow public shareholders and the inability to complete the Transaction
due to the failure to obtain required shareholder, regulatory, or other approvals or satisfy other closing conditions, including the minimum
cash condition, required financing, HSR and other antitrust clearances, and stock exchange listing approval; (4) changes to the Transaction
structure required by law, regulation, or as a regulatory approval condition; (5) maintaining stock exchange listing compliance post-closing;
(6) the impact of the Transaction or the announcement thereof on HGP’s business or the stock price of Meshflow’s securities;
(7) the ability to recognize the anticipated benefits of the Transaction, which may be affected by HGP’s ability to manage growth,
maintain commercial and customer relationships, and retain key personnel; (8) Transaction-related costs; (9) changes in applicable laws,
government policies, or regulations; (10) technological change or competition; (11) HGP’s or the combined company’s financial
performance and liquidity position; (12) HGP’s strategies; (13) demand for and market acceptance of HGP’s products, technology,
and services; (14) general economic, market, and political conditions; (15) the ability to obtain financing to complete the Transaction
or fund the combined company’s operations; (16) the availability of capital required to develop HGP’s technology and execute
its business strategies; (17) the ability to complete qualification, testing, and manufacturing of the variable-speed reactor coolant
pump and validate the digital twin on the expected schedule; (18) reactor owners’, operators’, and developers’ willingness
to adopt or retrofit HGP’s control layer and timing of required regulatory approvals; (19) the timing and outcome of licensing,
permitting, and site selection processes for the Integrated Naval Nuclear Energy Campus; (20) the availability and cost of nuclear fuel,
long-lead components, fabrication capacity, and qualified workforce; (21) HGP’s ability to secure interconnection and long-term
offtake agreements; (22) risks related to intellectual property and the ability to obtain required regulatory approvals in connection
with future products and technology; (23) federal programs and research relationships; and (24) assumptions underlying the foregoing.
4
You should also carefully
consider the risks and uncertainties described in the “Risk Factors” section of Meshflow’s SEC filings, the Registration
Statement to be filed by Pubco, and other documents filed by Meshflow and Pubco from time to time with the SEC. The risks identified in
these filings, as well as additional risks presently unknown or currently believed to be immaterial, could cause actual results to differ
materially from those contained in the forward-looking statements. These forward-looking statements do not constitute a guarantee or prediction
as to actual results. Undue reliance should not be placed upon the forward-looking statements. Forward-looking statements reflect Meshflow’s
and HGP’s assumptions, estimates, expectations, and plans as of the date of this communication. Each of Meshflow, HGP and Pubco
assume no obligation and do not intend to update these forward-looking statements, whether as a result of new information or otherwise,
except as required by law.
Participants
in the Solicitation
Meshflow,
HGP, Pubco and their respective directors, executive officers, other members of management, and employees, under SEC rules, may be deemed
to be participants in the solicitation of proxies from Meshflow’s shareholders in connection with the Transactions. A list of the
names of the directors, executive officers, other members of management and employees of Meshflow and HGP, as well as information regarding
their interests in the Transactions, will be contained in the Registration Statement to be filed with the SEC by Pubco. You can also
find more information about Meshflow’s directors and executive officers in Meshflow’s Annual Report on Form 10-K for the
period ended December 31, 2025, filed with the SEC on March 17, 2026. Additional information regarding the interests of such potential
participants in the solicitation process may also be included in other relevant documents when they are filed with the SEC. You may obtain
free copies of these documents from the sources indicated above.
No
Offer or Solicitation
This
communication is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect
of the Transaction, and does not constitute an offer to sell or the solicitation of an offer to buy any securities of Meshflow, HGP or
Pubco or a solicitation of any vote or approval, nor shall there be any offer or sale of securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended.
Contacts
HGP
Intelligent Energy
Chris
Stillwell, Vice President, Strategic Finance and Capital Markets
cstillwell@hgpenergy.com
Meshflow
Acquisition Corp.
Alex
Dymala-Dolesky, Chief Strategy Officer
alex@meshflow.com
5
EX-99.2 — INVESTOR PRESENTATION
EX-99.2
Filename: ea030475901ex99-2.htm · Sequence: 7
Exhibit
99.2
1 Private & Confidential HGP Intelligent Energy HGP Intelligent Energy The Heart of Nuclear Investor Presentation September 2026 Private & Confidential – Not for Distribution
2 Private & Confidential Disclaimer Basis of Presentation. This confidential presentation (together with oral statements made in connection herewith, the "Presentation Materials") are provided for informational purposes only and have been prepared to assist interested parties in making their own evaluation with respect to a potential business combination (the "Potential Business Combination") between HGP Intelligent Energy ("HGP Intelligent Energy," "HGP," or "we") and Meshflow Acquisition Corp. ("Meshflow"). These Presentation Materials and the information contained herein constitutes confidential information and is provided to you on the condition that you agree that you will hold it in strictest confidence and not reproduce, disclose, forward or otherwise distribute it in whole or in part without the express prior written consent of HGP Intelligent Energy and Meshflow, and it is intended for the recipient hereof only. By accepting, reviewing or reading these Presentation Materials, you will be deemed to have agreed to the obligations and restrictions set out below. In addition, these Presentation Materials are intended solely for potential investors that are, and by proceeding to receive these Presentation Materials you confirm that you are, "qualified institutional buyers" or "accredited investors" (as such terms are defined under the rules of the Securities and Exchange Commission (the "SEC")). These Presentation Materials supersede and replace all previous oral or written communications relating to the subject matter hereof. By your acceptance or reading of these Presentation Materials, you acknowledge that applicable securities laws restrict a person who has received material non-public information concerning a company from purchasing or selling securities of such company and from communicating such information to any other person under circumstances in which it is reasonably foreseeable that such person is likely to purchase or sell such securities. You further acknowledge that (i) you will be solely responsible for your own assessment of the market and the market position of HGP Intelligent Energy, Meshflow, and the combined company following the Potential Business Combination (the "Combined Company"), (ii) you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of HGP Intelligent Energy's business, and (iii) you have the knowledge and experience in financial, business and international investment matters as is required to evaluate the merits and risks of the Potential Business Combination and that you are not relying on HGP Intelligent Energy or Meshflow in connection with your legal, tax, regulatory or accounting advice. These Presentation Materials speak solely as of the date hereof unless otherwise indicated. Neither the delivery of these Presentation Materials nor any further discussions of HGP Intelligent Energy or Meshflow with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of either company or any affiliate thereof since such date. Certain information included herein describes or assumes the terms that may or will be included in the agreements between the parties to the Potential Business Combination. Such agreements and terms are subject to change. The consummation of the Potential Business Combination is subject to other various risks and contingencies, including customary closing conditions. There can be no assurance that the Potential Business Combination will be entered into or consummated on the terms summarized herein or otherwise or at all. As such, the subject matter of these Presentation Materials is evolving and is subject to further change by HGP Intelligent Energy and Meshflow in their joint and absolute discretion. No Offer or Solicitation. These Presentation Materials do 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 Potential Business Combination or any related transactions, 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. These Presentation Materials do 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 of 1933, as amended (the "Securities Act") or an exemption therefrom. No Representations and Warranties. No representations or warranties, express, implied or statutory are given in, or in respect of, these Presentation Materials, and no person may rely on the information contained in these Presentation Materials. Any data on past performance or modeling contained herein is not an indication as to future performance. This data is subject to change. Each recipient agrees and acknowledges that these Presentation Materials are not intended to form the basis of any investment decision by such recipient and do not constitute investment, tax or legal advice. Recipients of these Presentation Materials are not to construe its contents, or any prior or subsequent communications from or with HGP Intelligent Energy or Meshflow or any of their respective representatives as investment, legal or tax advice. Each recipient should seek independent third party legal, regulatory, accounting and/or tax advice regarding these Presentation Materials. In addition, these Presentation Materials do not purport to be all-inclusive or to contain all of the information that may be required to make a full analysis of the Potential Business Combination. Recipients of these Presentation Materials should each make their own evaluation of HGP Intelligent Energy and Meshflow, and of the relevance and adequacy of the information and should make such other investigations as they deem necessary. Information disclosed in these Presentation Materials is current as of the date of publication, and neither HGP Intelligent Energy nor Meshflow assume any obligation to update the information in these Presentation Materials. Each recipient also acknowledges and agrees that the information contained in these Presentation Materials (i) is preliminary in nature and is subject to change, and any such changes may be material and (ii) should be considered in the context of the circumstances prevailing at the time and has not been, and will not be, updated to reflect material developments which may occur after the date of these Presentation Materials. To the fullest extent permitted by law, in no circumstances will HGP Intelligent Energy or Meshflow or any of their respective subsidiaries, stockholders, affiliates, representatives, partners, directors, officers, employees, advisers or agents be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from the use of these Presentation Materials, its contents, its omissions, reliance on the information contained within it or on opinions communicated in relation thereto or otherwise arising in connection therewith. These Presentation Materials discuss trends and markets that HGP Intelligent Energy's and Meshflow's leadership team believes will impact the development and success of HGP Intelligent Energy and the Combined Company based on its current understanding of the marketplace and each recipient acknowledges this information is preliminary in nature and subject to change. Neither the SEC nor any securities commission of any other U.S. or non-U.S. jurisdiction has approved or disapproved of the Potential Business Combination described herein or determined that these Presentation Materials are truthful or complete. Forward-Looking Statements. Certain statements included in these Presentation Materials are not historical facts but are forward-looking statements, including 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," "target," 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 financial, performance and operational metrics and projections of market opportunity or addressable markets; (2) references with respect to the anticipated benefits of the Potential Business Combination and the projected future financial and operational performance of the Combined Company following the Potential Business Combination, which may be affected by, among other things, competition, the ability of the Combined Company to grow and manage growth profitably, maintain relationships and retain its management and key employees; (3) the sources and uses of cash of the Potential Business Combination; (4) the anticipated capitalization and enterprise value of the Combined Company following the consummation of the Potential Business Combination; (5) statements regarding the Combined Company's operations following the Potential Business Combination; (6) the amount of redemption requests made by Meshflow's public shareholders; (7) current and future potential commercial relationships; (8) plans, intentions or future operations of the Combined Company; (9) the ability of Meshflow, HGP Intelligent Energy and/or the Combined Company to issue equity or equity-linked securities in the future; (10) the outcome of any legal proceedings that may be instituted against HGP Intelligent Energy, Meshflow or the Combined Company; (11) changes to the proposed structure of the Potential Business Combination that may be required or appropriate as a result of applicable laws or regulations; (12) the ability of the Combined Company to meet stock exchange listing standards following the Potential Business Combination; (13) the risk that the Potential Business Combination disrupts current plans and operations of HGP Intelligent Energy; (14) risks related to governmental regulation, compliance obligations and enforcement by federal, state, and non-U.S. governmental authorities, as well as regulatory trends generally; (15) expectations as to the industry trends and demands and the ability of HGP Intelligent Energy to address the nuclear supply and demand imbalance; (16) the anticipated scope, aspects, and benefits of HGP Intelligent Energy's solution and IP portfolio; (17) expectations regarding the Naval Nuclear Energy Campus, including with respect to revenue and ancillary capabilities; (18) commercialization plan and anticipated timeline; (19) illustrative economics; and (20) expectations related to the terms and timing of the Potential Business Combination and the ability of the parties to successfully consummate the Potential Business Combination. These statements are based on various assumptions, whether or not identified in these Presentation Materials, and on the current expectations of management of HGP Intelligent Energy and Meshflow 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 HGP Intelligent Energy and Meshflow. These forward-looking statements are subject to a number of risks and uncertainties, as set forth in the slide entitled "Risk Factors Appendix" to these Presentation Materials and those set forth in the section entitled "Risk Factors" and in Meshflow's final prospectus related to its initial public offering filed with the U.S. Securities and Exchange Commission (the "SEC") on December 11, 2025 (the "IPO Prospectus"), and in those other documents that Meshflow 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 HGP Intelligent Energy nor Meshflow presently know or that they 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 HGP Intelligent Energy's and Meshflow's relevant expectations, plans or forecasts of future events and views as of the date of these Presentation Materials. Each of HGP Intelligent Energy and Meshflow anticipates that subsequent events and developments will cause those assessments to change. However, while HGP Intelligent Energy and Meshflow may elect to update these forward-looking statements at some point in the future, each of them specifically disclaims any obligation to do so, except to the extent required by law. These forward-looking statements should not be relied upon as representing HGP Intelligent Energy's or Meshflow's assessments as of any date subsequent to the date of these Presentation Materials. Accordingly, undue reliance should not be placed upon the forward-looking statements. Illustrative Information. Any illustrative economics, financial information, or other forward-looking data contained in these Presentation Materials are for informational purposes only and should not be relied upon as being necessarily indicative of future results. The assumptions and estimates underlying any such illustrative information are inherently uncertain and are subject to a wide variety of significant business, economic, and competitive risks and uncertainties, including those referenced above and herein, that could cause actual results to differ materially from those expressed or implied herein. Illustrative results are not necessarily indicative of future performance of HGP Intelligent Energy, Meshflow, or the Combined Company after the Potential Business Combination, and actual results may differ materially from those presented herein. Inclusion of any illustrative information in these Presentation Materials should not be regarded as a representation by any person that the results reflected therein will be achieved. Important Information and Where to Find It. In connection with the Potential Business Combination, Meshflow and HGP Intelligent Energy are expected to prepare a registration statement on Form S-4 (the "Registration Statement") to be filed with the SEC, which will include preliminary and definitive proxy statements to be distributed to Meshflow's shareholders in connection with Meshflow's solicitation for proxies for the vote by Meshflow's shareholders in connection with the Potential Business Combination and other matters as described in the Registration Statement, as well as the prospectus relating to the offer of the securities of the Combined Company in connection with the completion of the Potential Business Combination. After the Registration Statement has been filed and declared effective, Meshflow will mail a definitive proxy statement and other relevant documents to its shareholders as of the record date to be established for voting on the Potential Business Combination. Meshflow's shareholders and other interested persons are advised to read, once available, the preliminary proxy statement/prospectus and any amendments thereto, and the definitive proxy statement/prospectus, in connection with Meshflow's solicitation of proxies for its extraordinary general meeting of shareholders to be held to approve, among other things, the Potential Business Combination, because these documents will contain important information about Meshflow, HGP Intelligent Energy, and the Potential Business Combination. Shareholders may also obtain a copy of the preliminary or definitive proxy statement, once available, as well as other documents filed with the SEC regarding the Potential Business Combination and other documents filed with the SEC by Meshflow, without charge, at the SEC's website located at www.sec.gov or by directing a request to Meshflow Acquisition Corp., at 406 N. Sangamon Street, Chicago, Illinois 60642. Participants in the Solicitation. Meshflow, HGP Intelligent Energy, and their respective directors and executive officers, under SEC rules, may be deemed to be participants in the solicitation of proxies of Meshflow's shareholders in connection with the Potential Business Combination. Investors and security holders may obtain more detailed information regarding Meshflow's directors and executive officers in Meshflow's filings with the SEC, including Meshflow's IPO Prospectus and the other documents filed by Meshflow with the SEC. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to Meshflow's shareholders in connection with the Potential Business Combination, including a description of their direct and indirect interests, which may, in some cases, be different than those of Meshflow's shareholders generally, will be set forth in the Registration Statement. Shareholders, potential investors and other interested persons should read the Registration Statement and any other documents filed in connection with the Potential Business Combination carefully when they become available before making any voting or investment decisions. Trademarks. These Presentation Materials contain trademarks, service marks, trade names and copyrights of third parties, which are the property of their respective owners. The use or display of third parties' trademarks, service marks, trade names or products in these Presentation Materials are not intended to, and do not imply, a relationship with either HGP Intelligent Energy or Meshflow, an endorsement or sponsorship by or of HGP Intelligent Energy or Meshflow, or a guarantee that HGP Intelligent Energy or Meshflow will work or will continue to work with such third parties. Solely for convenience, the trademarks, service marks, trade names and copyrights referred to in these Presentation Materials may appear without the TM, SM, ® or © symbols, but such references are not intended to indicate, in any way, that HGP Intelligent Energy or Meshflow or any third party will not assert, to the fullest extent under applicable law, their rights or the right of the applicable licensor to these trademarks, service marks, trade names and copyrights. Industry and Market Data. Industry and market data used in these Presentation Materials has been obtained from third-party industry publications and sources as well as from research reports prepared for other purposes. Neither Meshflow nor HGP Intelligent Energy has independently verified the data obtained from these sources and cannot assure you of the reasonableness of any assumptions used by these sources or the data's accuracy or completeness. No Incorporation by Reference. The contents of any websites or other citations referenced in these Presentation Materials is not incorporated by reference herein. Risk Factors. For a non-exhaustive description of the risks relating to an investment in a private placement in connection with the Potential Business Combination, please review the Risk Factors Appendix to these Presentation Materials. STRICTLY CONFIDENTIAL AND NOT FOR DISTRIBUTION
3 Private & Confidential SPAC SPONSOR Meet the Meshflow Team Bartosz Lipinski Chairman, CEO & CFO Chairman, CEO and CFO of Meshflow since August 2025; entrepreneur and senior technologist with 15+ years building low-latency trading systems, blockchain infrastructure, and high-availability front-office platforms. Previously led equities application development at Citadel and held engineering roles at BNP Paribas and JPMorgan. At the Solana Foundation he co-launched Metaplex, the leading NFT protocol on Solana. CEO and co-founder of Cube Exchange, a financial infrastructure platform seeking to scale institutional custody, settlement, and exchange infrastructure. Alex Dymala-Dolesky Chief Strategy Officer Chief Strategy Officer since September 2025. Investment Advisor at Canaccord Genuity (2018 to 2021) focused on portfolio construction and capital markets strategy, then Managing Director at Capital Y Management (2021 to 2023). Founded Uranium Digital in 2024, a software company building trading infrastructure and benchmark solutions for the uranium and nuclear fuel markets, where he serves as CEO. Board member and compensation committee member of Takara Ventures Ltd. since 2024. STRICTLY CONFIDENTIAL AND NOT FOR DISTRIBUTION
4 Private & Confidential Meet the HGP Team COMPANY MANAGEMENT Gregory Forero Founder & CEO Founded HGP in September 2025; 25+ years in energy as an operator and founder (Highgate Power and HGP Storage). Managed 22+ GW of generation assets over his career. Energy Derivatives Director at UBS, VP at Constellation, and ERCOT Portfolio Manager at TXU Energy. Chris Stillwell VP, Strategic Finance & Capital Markets Investment Banker at Bank of America in Natural Resources and Energy Transition. Associate at Kearney focused on M&A integration and strategy consulting. Served as a Military Intelligence Officer in the U.S. Army. Arvind Kumar Chief Scientific Officer Modeling and Simulation Engineer at NASA Johnson Space Center; built the lunar lander simulator for SpaceX. 30+ years across control systems, quantitative finance, aerospace engineering, and real-time software. Thomas Donnelly Nuclear Technology Manager U.S. Navy Nuclear Electronics Technician aboard USS Theodore Roosevelt; led 86 sailors in the Reactor Controls Division for 8+ years. Graduate of the Naval Nuclear Power School and Prototype program. Joseph Furco Strategic Advisor Captain in the U.S. Navy, serving as a Commanding Officer aboard the USS Nimitz for 8 years. Executive MBA from the Naval Postgraduate School (2008). STRICTLY CONFIDENTIAL AND NOT FOR DISTRIBUTION
5 Private & Confidential WHY NOW The Critical Need for Nuclear Power U.S. electricity demand vs. nuclear supply (indexed, 2010 = 100) 90 100 110 120 130 140 150 160 2010 '13 '16 '19 '22 '25 '28E '31E Electricity demand Nuclear generation E = illustrative forward path. Sources: Energy Institute Statistical Review of World Energy 2026; EIA. +2.2% U.S. residential retail electricity demand growth in 2025, versus a 0.25% average over the prior decade. Demand is re-accelerating.(1) ~Flat U.S. nuclear generation has been broadly stable for years, holding near 10% of total energy supply. (1) Nuclear Buildout Gap China has 33+ reactors under construction in the near term while the U.S. is starting zero per year. (2) Data centers are the new load demand, which requires around-the-clock power that we believe only large-scale, carbon free solutions can provide. U.S. capacity has not kept pace relative to the rest of the world STRICTLY CONFIDENTIAL AND NOT FOR DISTRIBUTION 1) Energy Institute Statistical Review of World Energy 2026; EIA 2) World Nuclear Association Reactor Database (Updated Jan 2026); IAEA PRIS (pris.iaea.org)
6 Private & Confidential HGP Addresses supply-side shortfalls in load following capabilities and reactor technology that the market demands Solving the Full Spectrum of Nuclear's Supply and Demand Imbalance THE OPPORTUNITY The Load Following Problem How to Meet Demand for Balanced Energy? The Technology Problem How to Meet Demand for Advanced Nuclear Power? 0h 3h 6h 9h 12h 15h 18h 21h Grid demand Net load (after solar) While demand for Nuclear power is growing, we believe next generation solutions such as SMRs are still years away from commercial readiness. Navy Nuclear Future SMR Critical Supply Gap HGP's solution is designed to address this gap with variable speed reactor pump hardware and the digital twin software that helps better align supply and demand for energy. The twin continuously models the reactor's actual state and calculates the fastest safe power change ~10x/second, letting the reactor follow the data center's swings all day within every safety limit. HGP's Naval Nuclear Campus, through repurposing proven U.S. Navy Nuclear Reactor Technology, uses a derisked, military spec solution to meet nuclear demand. We expect to deploy Naval-derived reactors on U.S. DOE land to power islanded, grid-connected data centers and expect to utilize relationships with Engineering, Procurement and Construction (EPCs) and hyper-scalers for development and offtake. The Digital Twin and Variable Pump Solution The Navy Nuclear Solution STRICTLY CONFIDENTIAL AND NOT FOR DISTRIBUTION Source: https://www.caiso.com/todays-outlook
7 Private & Confidential THE SYSTEM What is Load Following, and Why Does it Matter (1/2) Load following is a reactor's ability to raise and lower its output in real time. Connected to the grid, the reactor has to stay in rhythm with it, like a heartbeat; swing too much and the system goes arrhythmic. Islanded, it has no grid to lean on and must follow the site's load on its own, which our solutions enable. Steady rhythm = healthy Erratic spikes = a problem How HGP Keeps the Rhythm Steady: Software and Hardware, Working Together Just Like the Human Body Digital Twin Dynamic Control Navy Reactor Core Output Variable Pump Controls Flow Brain Dynamic Control Heart Core Output Lungs Controls Flow Dynamic Systems that operate in unison STRICTLY CONFIDENTIAL AND NOT FOR DISTRIBUTION (Illustrative)
8 Private & Confidential THE SYSTEM What is Load Following, and Why Does it Matter (2/2) STRICTLY CONFIDENTIAL AND NOT FOR DISTRIBUTION Design Benefit Rods designed to stay parked You are not expected to shed load No expected frequency / voltage trips No expected reliance on the grid Generally intended to avoid VOLL What it Means The reactor is designed to follow load by pump speed, not by moving control rods Demand swings are expected to be absorbed by flow, not by dropping customers The reactor is intended to ease to the new point without tripping protections The site can run as an island on its own generation VOLL = value of lost load: what an outage actually costs you Why it Matters to You Generally, less wear, simpler operation, and headroom kept for safety, not spent on daily load-follow AI training jobs and racks generally stay powered through the swing You generally avoid nuisance trips that cost uptime and stress equipment Designed to significantly reduce your exposure to grid outages, curtailment or interconnect queues For an AI datacenter that can be $10k–$100k+ per MWh unserved Dynamic load following offers tangible economic and commercial benefits
9 Private & Confidential MANUFACTURER — REACTOR / DESIGN ISLANDED LOAD-FOLLOW, AS SHIPPED WITH HGP CONTROL LAYER Westinghouse — AP1000 (large PWR) ✕ ✓ Westinghouse — eVinci (microreactor)(3) ✕ ✓ NuScale Power — VOYGR / NPM (iPWR) ✕ ✓ GE Hitachi (GE Vernova) — BWRX-300 ✕ ✓ Holtec International — SMR-300 (PWR) ✕ ✓ Oklo — Aurora Powerhouse(3) ✕ ✓ TerraPower — Natrium ✓ ✓ X-energy — Xe-100 (HTGR) ✓ ✓ Kairos Power — KP-FHR / Hermes ✕ ✓ BWX Technologies — Pele / BANR (micro) ✕ ✓ Nano Nuclear Energy — ZEUS / KRONOS ✕ ✓ Aalo Atomics — Aalo-1 (micro) ✕ ✓ Radiant — Kaleidos (micro)(3) ✕ ✓ Antares — heat-pipe micro(3) ✕ ✓ Last Energy — PWR-20 ✕ ✓ Rolls-Royce SMR — UK (PWR) ✕ ✓ EDF — Nuward SMR (France) ✕ ✓ KHNP / KEPCO — APR1400 & i-SMR (Korea) ✕ ✓ Mitsubishi Heavy Ind. — SRZ-1200 (Japan) ✕ ✓ Doosan Enerbility — SMR RCPs / forgings (Korea) ✕ ✓ CNNC — ACP100 "Linglong One" (China)(1) ✕ ✓ Rosatom — RITM-200 / floating (Russia)(2) ✕ ✓ AtkinsRéalis — CANDU MONARK (Canada) ✕ ✓ Across Today's Operating Fleet and Future Designs, HGP's Control Layer Solution enables variable islanded load A Large and Growing Addressable Market MARKET Key Benefits of HGP's Control Layer Digital Twin Live Ability to Model Reactor Performance. Variable Flow Pump Hardware with Load Following Capabilities. Universal Applicability Compatible with New & Old Reactor Designs. 1) Commerce entity list, DoW 1260H. 2) OFAC-sanctioned. 3) Buffer Requirement STRICTLY CONFIDENTIAL AND NOT FOR DISTRIBUTION Sources: IAEA Advanced Reactors Information System (ARIS, aris.iaea.org) design descriptions plus vendor published design specs for as-shipped load-follow capability; Company analysis based on publicly available design documentation.
10 Private & Confidential IP Focus Class Type Status Large PWR / AP1000 – VFD-RCP LOAD-FOLLOWING Integrated coolant-flow distribution & RCP control for annular fuel (PARENT) PWR / general Non-Prov. Utility On File Variable-speed RCP architecture, ASME III Cl-1 metallurgy PWR Continuation On File Thermal-hydraulic safety-margin pump-speed control PWR Continuation On File Load-following pump-speed control w/ passive flow-split PWR Continuation On File VFD-RCP retrofit & OE for operating PWR fleet, bounded-authority AP1000 / W-CE-B&W fleet CIP of -001 On File Variable-primary-flow rod-parked load-following (parent + R1–R3) PWR / Islanded Non-Prov. + Div. Pkg. Built SMR – PUMPED IPWR & MODULAR FLEET SMR coolant-pump system w/ integrated flow distribution SMR (iPWR) Continuation Filing-Ready Factory-modular reactor pump & fuel assembly SMR / Modular Divisional Filing-Ready Multi-module plant dispatch optimization SMR Fleet Divisional Filing-Ready Pumped-SMR embodiment of fleet load-following (R4) SMR (Pumped) Cont./Div. Pkg. Built MICROREACTOR – DRUM-REFLECTOR, PUMP-LESS Load-following control for pump-less drum/reflector microreactor Micro (Drum) Prov. + Non-Prov. On File Sizing & dispatch of non-battery inertial bridge to ramp deficit Micro / General Provisional Filing-Ready Islanded load-following of heat-pipe closed-Brayton microreactor Micro (Heat-Pipe) Provisional Filing-Ready LMR / SODIUM FAST – MAGNETIC-DRIVE COOLANT PUMP Power-demand-responsive predictive control of mag-drive sodium RCP LMR / Sodium Prov. (Standalone) On File Actively-controlled predictive coastdown (sodium) — companion LMR / Sodium Provisional Referenced CROSS-CUTTING – PUMP HYDRAULICS, DIGITAL TWIN, BALANCE-OF-PLANT Annular-fuel flow-split; adaptive throttle ring; dual-channel cooling PWR Continuation Filing-Ready Flywheel-hydraulic coupling; hydraulic optimization for annular fuel PWR / Pump Divisional Filing-Ready Digital-twin T-H monitoring & predictive control General / DT Divisional Filing-Ready Construction-to-operations digital-twin handoff General / DT Non-Provisional Filing-Ready AI-prioritized bus-bar sectionalizing system Grid / Substation Non-Provisional Filing-Ready Leading Patent Portfolio Along with Critical Tech Partnerships TECHNOLOGY Partnership with DOE Labs Through Project Prometheus Project Prometheus is a collaboration between the Idaho National Laboratory and NVIDIA using AI and digital twins to accelerate nuclear energy deployment and commercialize HGP's technology. HGP is the technical lead with Argonne National Lab on the Digital Twin development and Variable Speed Reactor Coolant Pump, where both technologies will be verified and validated by the DOE National Laboratories. Recent Idaho National Lab regulatory approvals are accelerating DOE directives to modernize and commercialize regulation for advanced nuclear energy. STRICTLY CONFIDENTIAL AND NOT FOR DISTRIBUTION Sources: Project Prometheus consortium agreement / DOE Genesis Mission program documentation (HGP technical-lead role with Argonne)
11 Private & Confidential Power Offtakes HGP is in discussion with leading hyper-scalers around potential PPAs and other commercial partnerships. Integrated Naval Nuclear Energy Campus (INEC) Revenue Sources and Ancillary Capabilities(2) ▪ Primary Revenue (Years 1-12): Long-term commercialization agreements provide contracted, predictable cash flows per reactor. ▪ Post-PPA Revenue (Years 13+): Transition to merchant power sales, introducing market-based pricing upside. ▪ Ancillary Revenue (Per Reactor): Capacity payments and BESS revenues supplement core generation income. ▪ Tertiary Revenue Stream: Co-60 isotope production for A1B and S1B reactors adds incremental, high-margin revenue. Reactor Sourcing BWXT and US Navy Fleet provide readily accessible source of reactors. DOE Selection HGP enables the DOE's Nuclear prioritization by bringing a track record of credible execution abilities and strong supply chain ties. DOE Locations Paducah(1) and Oak Ridge are already part of the AI Data Center Federal Lands Initiative, creating strong alignment for co- locating Nuclear power. Construction Partners HGP has existing relationships with premier EPCs to ensure a timely build-out. The Integrated Naval Nuclear Energy Campus provides islanded power, with potential grid connections for data centers that align with government regulatory tailwinds The Naval Nuclear Energy Campus PLATFORM UPSIDE STRICTLY CONFIDENTIAL AND NOT FOR DISTRIBUTION 1) The DOE recently awarded a portion of the land at Paducah to a joint development site supported by Brookfield and NextEra Energy. 2) Represents current estimates or expectations based solely on HGP management's current beliefs as of July 14, 2026. Timelines are subject to change and are not indicative of, and should not be relied upon with respect to, actual timing or results. (Illustrative)
12 Private & Confidential Hypothetical Commercialization Overview(1) UNIT ECONOMICS Commercialization in 2029 Commercialization in 2031 Core licensing fee $2.0M per reactor ~$130.0 – 150.0 PPA per MWH(2) Additional Options: ▪ Dispatch optimization $0.3M ▪ Power uprate analysis $0.3M ▪ Behind-the-meter optimization $0.5M Additional S1B Revenue: ▪ Capacity Payments $13.5M per year ▪ BESS Revenue $20.0M per year ▪ Co-60 Isotope $11.9M per year Recurring Revenue: ▪ $1.0M in Aftermarket / Spares / Services ▪ $5.5M in Passive Flow Hardware $27.5M for new reactors $14.0M for existing reactors for retrofit Digital Twin RCP Pumps Naval Nuclear Campus $10.0M for SMRs There are 640 reactors currently operating or being constructed in the near term around the globe and there is an expected demand for 48 GW of nuclear power for over the next ten years(4) ~500MW – 1 GW(3) STRICTLY CONFIDENTIAL AND NOT FOR DISTRIBUTION 1) Reflects anticipated timelines and amounts based solely on HGP management's current beliefs or expectations as of July 14, 2026. This information is subject to change and is not indicative of, and should not be relied upon with respect to, actual timing or results. 2) Observed data-center nuclear PPA comps; Management estimate informed by recent nuclear PPA announcements and Lazard LCOE+ 3) Company engineering and site planning 4) Deloitte Data Center Report
13 Private & Confidential The Regulatory Environment is Turning in HGP's Favor REGULATORY Federal Mandate to Build A Faster Legal Path Federal Land for Power Federal R&D Validation Bipartisan Support Large-Load Interconnection Reform DOE and the Department of War are directed to pursue federal nuclear mandates, with a focus on cutting licensing, cost, and regulatory barriers. Repurposing proven naval reactors under DOE's existing Section 110 authority targets power in the near term, versus 10+ years for a new-build SMR. DOE's AI Data Center Federal Lands Initiative opens sites such as Paducah and Oak Ridge for co-located nuclear; HGP has filed for both. HGP is a named partner in the INL-led Project Prometheus consortium under DOE's Genesis Mission, alongside Microsoft, NVIDIA, Oklo, and TerraPower. Engaged across the House Energy & Commerce Committee and the Senate, anchored in the districts that hold HGP's lead sites. New rules such as Texas SB6 plus dockets EL25-49 and RM26-4 create a clear process for co-locating data centers with dedicated, on-site generation. Federal policy is actively clearing the path that HGP is built to use STRICTLY CONFIDENTIAL AND NOT FOR DISTRIBUTION
14 Private & Confidential 1) Transaction expenses ranges from $34.7 – 16.6M based on a 0 – 100% redemption rate. 2) Pro forma ownership excludes all warrants. Transaction Overview VALUATION Assumptions Sources & Uses Pro Forma Valuation Pro Forma Ownership(2) SPAC Assumptions: ▪ SPAC Share Price: $10.00 ▪ Public Shares at Closing (M): 34.5 ▪ SPAC Redemption Rate: 0.0% ▪ Sponsor Shares (M): 8.6 Deal Assumptions: ▪ HGP Pre-Money Equity Value ($M): $800.0 ▪ Equity PIPE ($M): $60.0 ▪ Estimated Transaction Expenses ($M): $34.7 ▪ Minimum Cash Condition ($M): $40.0 Uses ($ in M) HGP Rollover $800.0 HGP Rollover $800.0 SPAC Cash in Trust $345.0 Cash to Balance Sheet $370.3 Equity PIPE Proceeds $60.0 Transaction Expenses(1) $34.7 Total Sources $1,205.0 Total Uses $1,205.0 Sources ($ in M) Pro Forma Valuation Summary Total Shares 129.1 Price per Share $10.00 Equity Value (in M) 1,291.3 (-) Cash (370.3) (+) Debt 0.0 Pro Forma Enterprise Value (in M) 921.0 Cap Table # % Company Shares 80.0 62.0% Public SPAC Shares 34.5 26.7% Sponsor Shares 8.6 6.7% Equity PIPE 6.0 4.6% Total Shares 129.1 100.0% STRICTLY CONFIDENTIAL AND NOT FOR DISTRIBUTION
15 Appendix Private & Confidential STRICTLY CONFIDENTIAL AND NOT FOR DISTRIBUTION
16 Private & Confidential Digital Twin UNIT ECONOMICS Attractive, asset-light software economics driven by uprate potential Overview Core revenue (per reactor): the digital twin core licensing fee drives recurring, high-margin software revenue. Add-on modules: dispatch optimization, power uprate analysis, and behind-the-meter optimization provide modular, upsell-driven expansion. Strategic upside: potential DoW mandates (via Argonne and Project Prometheus) represent additional, non-core opportunities. Illustrative Annual Unit Economics ($M)(1) Revenue Streams Management Case ($M) Digital Twin Core Licensing Fee $2.0 Dispatch Optimization $0.3 Power Uprate Analysis $0.3 Behind-the-Meter Optimization $0.5 Total Revenue per Reactor $3.1 Illustrative Annual Total Revenue Calculation(1) Total Reactor Addressable Market 640 x Reactor Market Share 10.0% = Number of Reactors 64 x Reactor Unit Revenue $3.1 = Total Annual Revenue $198.4 STRICTLY CONFIDENTIAL AND NOT FOR DISTRIBUTION 1) Reflects illustrative potential economics only – not intended as, and should not be relied upon as, an indication of future performance or actual results.
17 Private & Confidential Reactor Coolant Pump UNIT ECONOMICS A mix of one-time hardware sales and recurring aftermarket revenue Overview Core hardware revenue: initial sales of the VFD RCP system (a new pump) drive upfront, per-unit revenue. Installation-linked revenue: one-time retrofit packages and factory-built modular SMR integrations add to revenue per install. Aftermarket tail (Year 2+): passive flow hardware, spares, and services generate recurring, long-tail revenue. Strategic upside: potential DoW mandates (via Argonne and Project Prometheus) provide non-core upside. Illustrative Total Revenue Calculation, 10 Years(1) Illustrative Annual Unit Economics ($M)(1) Revenue Streams Management Case ($M) VFD RCP System(1) $27.5 Passive Flow Hardware(2) $5.5 Retrofit Package(1) $14.0 Factory Modular SMR Package(1) $10.0 Aftermarket / Spares / Services(2) $1.0 Total Reactor Addressable Market 640 x Reactor Market Share 10.0% = Number of Reactors 64 x Reactor Unit Revenue $17.2(4) = Total Installation Revenue $1,100.8(2) Total Reactor Addressable Market 640 x Reactor Market Share 10.0% = Number of Reactors 64 x Reactor Unit Revenue $6.5 = Total 10 Year Revenue $416.0(3) 1) Reflects illustrative potential economics only – not intended as, and should not be relied upon as, an indication of future performance or actual results. 2) One-time installation revenue. 3) Recurring revenue over 10 years. 4) Assumes 1/3 VFD, 1/3 Retrofit, and 1/3 Factory Modular SMR STRICTLY CONFIDENTIAL AND NOT FOR DISTRIBUTION
18 Private & Confidential Integrated Naval Nuclear Energy Campus UNIT ECONOMICS PPA offtake commercialization agreements supported by uprate opportunities Overview Primary revenue (Years 1 to 12): long-term commercialization agreements provide contracted, predictable cash flows per reactor Post-PPA revenue (Year 13+): transition to merchant power sales, adding market-based pricing upside Ancillary revenue (per reactor): capacity payments and BESS revenues supplement core generation income Tertiary revenue: Co-60 isotope production on A1B and S1B reactors adds incremental, high-margin revenue Illustrative Annual Total Revenue Calculation(1) Illustrative Annual Unit Economics ($M)(1) Reactor Type MWe per Reactor Total Rev / Reactor ($M) Expected Market Share Total Annual Revenue ($M) A4W ~170.0 $293.4 1.0% $1,877.8 A1B ~265.0 $479.1 3.0% $9,196.8 S1B ~90.0 $155.5 3.0% $2,983.7 Total $14,058.3 Revenue Streams A4W / Reactor A1B / Reactor S1B / Reactor PPA $207.9 $324.1 $110.1 Capacity Payments $25.5 $39.8 $13.5 BESS Revenue $60.0 $60.0 $20.0 Co-60 Isotope Revenue -- $55.2 $11.9 Total Revenue per Reactor $293.4 $479.1 $155.5 STRICTLY CONFIDENTIAL AND NOT FOR DISTRIBUTION 1) Reflects illustrative potential economics only – not intended as, and should not be relied upon as, an indication of future performance or actual results.
19 Private & Confidential HGP Intelligent Energy Joins DOE's $230 Million Nuclear AI Moonshot, Targeting Reactors That Follow Data Center Load PRESS RELEASE HGP's digital twin and variable-speed reactor coolant pumps target reactors that follow AI data center load without taxing the public grid DALLAS, TX, UNITED STATES, July 22, 2026 /EINPresswire.com/ -- HGP Intelligent Energy Named a Commercial Partner in Prometheus, the Department of Energy's AI Moonshot for Nuclear Power Dallas company joins Microsoft, Amazon Web Services, NVIDIA and Westinghouse among the commercial partners in the largest project selected under the Genesis Mission HGP Intelligent Energy LLC (HGP) today announced that it has been named a contributing commercial partner in Prometheus, the Idaho National Laboratory-led program selected by the U.S. Department of Energy under its Genesis Mission to make nuclear energy faster, safer and cheaper. Prometheus, which its winning application calls "America's artificial intelligence moonshot" for nuclear power, unites four DOE national laboratories, Idaho, Oak Ridge, Argonne and Sandia, four research universities, and twenty-five commercial partners including Microsoft, Amazon Web Services, NVIDIA, Westinghouse, GE Vernova, TerraPower, Oklo, X-energy, Aalo Atomics and HGP behind one objective: using artificial intelligence to cut nuclear deployment timelines in half and reduce operating costs by 50 percent. The award directs $60 million in federal funding over three years to the participating national laboratories and universities, matched by more than $250 million committed by the commercial partners. Announced by Secretary of Energy Chris Wright at the Genesis Mission Summit in Washington, Prometheus is the largest of the 278 projects the Department selected, and the only Phase II award. Idaho National Laboratory names HGP among the Prometheus partners. HGP is participating in the AI for Nuclear Energy Consortium, the commercial coalition organized under the program, and is working directly alongside Argonne National Laboratory to validate and verify its technology. HGP contributes two commercialization technologies to the program. NTH-Sim, the company's AI-powered digital twin, delivers real-time core monitoring and predictive safety analytics, with solvers validated to date across pressurized water, sodium fast and microreactor classes. HGP's variable-frequency-drive reactor coolant pumps enable continuous variable-speed operation, allowing proven reactor designs to load-follow and track minute-to-minute demand without moving control rods. Together they address the program's stated gap that reactor operations remain labor-intensive and manually driven. Taken together, these technologies are aimed at a commercialization problem that has become central to the AI buildout: how to power data centers without loading their demand onto the public grid. A digital twin that supports reduced operating staff, paired with coolant pumps that let a reactor follow a data center's load in real time, is intended to make dedicated on-site nuclear generation commercially practical. Under that architecture, a data center is served by its own generation under private contract rather than drawing on shared transmission and distribution infrastructure, so the cost of serving it is not socialized across utility ratepayers. HGP's technologies are designed to enable that model; the company is not today operating a facility under it. "Prometheus is the first program to treat artificial intelligence as the critical path for nuclear rather than a science project bolted onto it," said Gregory A. Forero, CEO of HGP Intelligent Energy. "The targets the Department just set were unachievable five years ago: ten times faster design and licensing, three times faster manufacturing, half the operating staff. Our digital twin and our variable-speed pumps exist to close that gap. They are what make it realistic to put a reactor next to a data center and have it follow that load minute by minute, so the largest new electricity demand in a generation gets served by its own dedicated generation instead of being pushed onto the public grid and onto ratepayers. We have built and operated power generation assets in ERCOT since 2013 and managed multi-gigawatt fleets since 1998. That is the problem this coalition was assembled to solve, and Texas manufacturing is where we intend to build the answer." The United States needs an estimated 300 gigawatts of new nuclear capacity by 2050. Over the last eight years the cost of building it has escalated from under $10,000 per kilowatt to over $21,000 per kilowatt, driven by late-stage licensing and constructability surprises that surface after the money is spent. Prometheus attacks that curve directly, targeting a tenfold reduction in design and licensing workflow time, a threefold reduction in manufacturing cycle time, and a 50 percent reduction in operational staffing, each benchmarked against documented non-AI baselines. The program also aims to demonstrate at least seven continuous days of autonomous operation of a commercial microreactor at half the required staff. About HGP Intelligent Energy. HGP Intelligent Energy LLC, headquartered in Dallas, Texas, develops AI and advanced control technologies that make nuclear generation commercially deployable at the scale and speed the AI economy requires, including the NTH-Sim digital twin and variable-speed reactor coolant pumps. The company applies these technologies to proven naval-derived pressurized water reactor designs, with fabrication anchored by Texas manufacturing partners. HGP's team brings three decades of power sector experience, including a First of a Kind (FOAK) battery energy storage resource approved by ERCOT in 2019 and in operation since. HGP holds a portfolio of pending patent applications spanning variable-speed reactor coolant pumps, AI-powered digital twin systems, and extended fuel life technology. STRICTLY CONFIDENTIAL AND NOT FOR DISTRIBUTION "President Trump called on American industry to win the AI race. That race runs on electricity. We are working with the national labs and industry leaders to bring nuclear into the AI-driven future." — Gregory A. Forero AI for Nuclear HGP Load Following System EIN PRESSWIRE July 22, 2026; HGP Intelligent Energy Joins DOE's $230 Million Nuclear AI Moonshot, Targeting Reactors That Follow Data Center Load
20 Private & Confidential Risk Factors The following is a summary of certain material risks relating to the Potential Business Combination. This summary is not intended to be exhaustive, and additional risks and uncertainties may be included in the Registration Statement and other filings with the SEC, if and when filed. Risks Related to the Potential Business Combination • The structure or terms of the Potential Business Combination may change and the Potential Business Combination may not be completed on the anticipated terms, timeline, or at all. • The Potential Business Combination is subject to closing conditions, including stock exchange listing requirements and shareholder approval requirements, which may not be satisfied or waived. • Required governmental, regulatory, or third-party approvals may not be obtained or may delay closing of the Potential Business Combination. • Litigation or governmental investigations could delay or prevent the Potential Business Combination. • Significant transaction costs may be incurred regardless of whether the Potential Business Combination is completed. • Redemptions by Meshflow's public shareholders may significantly reduce cash available at closing. • The minimum cash condition may not be satisfied and/or additional financing may be required to close. • The PIPE financing may not be completed on the anticipated terms or at all. • The anticipated benefits of the Potential Business Combination may not be realized in a timely manner or at all. • The announcement or pendency of the Potential Business Combination may disrupt HGP's operations, customer relationships, or ability to retain employees. • Changes in applicable law, regulations, or accounting standards could adversely affect the Potential Business Combination. • The Combined Company may not satisfy stock exchange continued listing requirements following closing. Risks Related to HGP and the Combined Company General • HGP has a limited operating history and no significant revenue, making it difficult to evaluate its prospects. • HGP may not successfully execute its business strategy or achieve commercialization as or when anticipated or at all. • The Combined Company may incur significant operating losses for an extended period, including indefinitely, which may result in going concern considerations. • Significant additional capital will be required to execute HGP's business plan, and future financing may not be available on acceptable terms and may be materially dilutive to investors. • The Combined Company may not successfully manage anticipated growth. • Implementing internal controls and complying with public company requirements will require significant time and resources. • Macroeconomic conditions, inflation, interest rates, geopolitical events, or industry trends may adversely affect the Combined Company. Technology, Development, Competition, and Intellectual Property Risks • HGP's digital twin platform and variable speed reactor coolant pump technology are unproven at commercial scale and may not perform as anticipated under real-world operating conditions. • Achieving reliable reactor load-following capabilities under commercial conditions will require additional engineering, testing, and regulatory validation, which may take longer or cost more than anticipated. • Product development delays, defects, or failures could materially impair commercialization of HGP's software, hardware, or integrated platform offerings. • Existing reactor operators may choose not to adopt HGP's technologies, preferring incumbent systems or competing solutions from SMR developers or other advanced nuclear technology providers. • Alternative energy sources, competing nuclear technologies, or emerging grid-scale solutions could reduce demand for HGP's offerings. • HGP's patent applications may not result in issued patents, and issued patents may not provide meaningful protection or may be challenged, narrowed, or invalidated. • HGP may be unable to adequately protect its trade secrets, proprietary technology, or other confidential information. • Third-party intellectual property claims could materially affect HGP's technology development and commercialization opportunities. • Enforcing or defending intellectual property rights may require substantial resources and distract management. Government, Regulatory, and Industry Risks • The nuclear industry is subject to extensive and evolving federal, state, and international regulation, and compliance will require significant resources. • Required DOE, FERC, NRC, or other governmental licenses, permits, and approvals may not be obtained on anticipated timelines or at all. • Regulatory pathways for advanced nuclear technologies continue to evolve, and existing DOE authorities may not support HGP's anticipated commercialization strategy. • Environmental review requirements and nuclear safety, security, and compliance obligations may delay projects or increase costs. • Public perception of nuclear energy, including concerns about safety or waste, could adversely affect customer demand or regulatory support. • Export controls, national security restrictions, or foreign investment regulations may limit commercial opportunities or require government approvals for certain transactions. • Changes in government policies, procurement priorities, or funding for nuclear energy, clean energy, or AI infrastructure could materially impact HGP's business prospects. Customer, Commercial, and Revenue Risks • HGP's strategy depends in part on continued collaboration with DOE national laboratories and government agencies, which may not result in commercial opportunities. • DOE validation activities, including Project Prometheus, may not result in successful technology commercialization. • Anticipated economics and revenue opportunities from the Naval Nuclear Campus may not materialize as projected. • HGP may be unable to execute anticipated commercial agreements, including power purchase agreements, on favorable terms or at all. • Discussions with hyperscale data center customers and other potential counterparties may not result in binding commercial relationships, and long sales cycles may delay revenue generation. • Revenue may depend upon a limited number of strategic customers, and the loss or delay of any key relationship could materially impact financial performance. • Anticipated software licensing, hardware sales, and aftermarket service revenues may not materialize as projected. • Capacity payments, ancillary services, and isotope production revenues associated with the Naval Nuclear Campus may not be realized as anticipated. • Market size, opportunities, and penetration assumptions may prove inaccurate. STRICTLY CONFIDENTIAL AND NOT FOR DISTRIBUTION Supply Chain, Manufacturing, and Construction Risks • Successful commercialization will depend on third-party manufacturers and suppliers, including specialized nuclear component providers such as BWX Technologies. • Supply chain disruptions, including shortages of specialized materials or components, may adversely affect development, manufacturing, and commercialization. • EPC contractors may not perform as anticipated, and construction costs may exceed projections due to inflation, tariffs, or other factors. Personnel and Operational Risks • HGP depends on its senior management and key technical personnel, and competition for qualified nuclear industry professionals is intense. • Cybersecurity incidents, data breaches, or failures in information technology systems could disrupt operations or expose sensitive information. • Insurance coverage for nuclear-related activities may be unavailable, limited, or prohibitively expensive. Risks Related to the Combined Company's Securities • The market price of the Combined Company's securities may be volatile, and an active trading market may not develop or be sustained. • The Combined Company will likely require additional financing, which may be dilutive to investors or impose restrictive financial and operating covenants on the Combined Company. • Future sales of securities by existing securityholders, or the perception such sales may occur, as well as the issuance or exercise of convertible securities, may result in substantial additional dilution and negatively impact the stock price of the Combined Company. • If the Combined Company fails to meet market analysts' or investors' expectations as to business or financial performance, including any milestones or financial projections, it would likely have a material adverse effect on the Combined Company's stock price, which in turn could result in shareholder litigation and divert management's time and resources. • The Combined Company may not pay dividends for the foreseeable future. • Limited or unfavorable securities analyst coverage could negatively impact the stock price. • The Combined Company may face securities litigation, including claims arising from stock price volatility.
EX-99.3 — SUPPLEMENTAL INFORMATION REGARDING THE PROPOSED BUSINESS COMBINATION, DATED SEPTEMBER 8, 2026
EX-99.3
Filename: ea030475901ex99-3.htm · Sequence: 8
Exhibit 99.3
SUPPLEMENTAL INFORMATION REGARDING THE PROPOSED
BUSINESS COMBINATION
September 8, 2026
On September 8, 2026, HGP Intelligent Energy,
LLC (“HGP”) whose digital twin software and variable-speed reactor coolant pumps are designed to give nuclear reactors the
ability to follow load in real time, and Meshflow Acquisition Corp. (Nasdaq: MESH), a publicly traded special purpose acquisition company,
announced that they had entered into a definitive business combination agreement (the “Business Combination Agreement”). The
transactions contemplated by the Business Combination Agreement are referred to herein as the “Transaction.” Under the terms
of the Business Combination Agreement, HGP and Meshflow will combine under a newly formed Delaware holding company which, upon completion
of the Transaction, will become the publicly traded parent of the combined business (the “Combined Company”). HGP expects
the available cash proceeds from the Transaction, after giving effect to redemptions by Meshflow shareholders and the payment of transaction
expenses, to be used, among other things, to commercialize its load-following technology for nuclear power plants, pairing digital twin
software with variable-speed reactor coolant pumps so a reactor can track the real-time power swings of the grid or of islanded large
loads.
This document has been jointly prepared by HGP
and Meshflow and provides supplemental background regarding HGP’s business, addressable market, and certain aspects of the proposed
Transaction. It should be read together with the joint press release issued by HGP and Meshflow on September 8, 2026 and the other important
information described under “Additional Information About the Proposed Transaction and Where to Find It” below. This document
does not purport to contain all information concerning HGP, Meshflow, the Combined Company, or the proposed Transaction.
The Load Following Problem
Artificial intelligence data centers generally
do not draw power at a constant rate. Training and inference workloads can swing sharply and quickly, and the grids those facilities connect
to are absorbing the same volatility from the demand side while adding intermittent solar and wind on the supply side. The result is a
growing need for generation that can move with load rather than run flat.
Nuclear plants have historically not done that.
A conventional pressurized water reactor changes power by moving control rods, which introduces wear, consumes operating margin, and is
generally reserved for planned maneuvers rather than continuous response. As a result, most reactors operating today, and most small modular
and advanced designs announced to date, cannot follow load while islanded from the grid. For a data center operator, that means the reactor
cannot be the sole source of power for the site without either shedding load or leaning on a grid connection.
The economic consequence is concentrated in unserved
load. For an artificial intelligence data center, the value of lost load is commonly estimated in the range of $10,000 to more than $100,000
per megawatt-hour, which makes the ability to ride through a demand swing without tripping protections a significant commercial feature
rather than a technical nicety.
1
The Solution: HGP’s Control Layer: Digital
Twin and Variable-Speed Pumps
HGP’s response is a control layer that pairs
software with hardware. NthSim, the Company’s digital twin, maintains a continuously updated model of the reactor’s actual
state. It is designed to produce a real-time, spatially resolved estimate of thermal margin across the core, refreshed roughly ten times
per second, by combining a physics-based subchannel analysis engine, online state estimation calibrated against plant sensors, and a machine
learning module trained on high-fidelity computational fluid dynamics results. Based on this model, NthSim calculates the fastest power
change the reactor can safely make at that moment, and it runs look-ahead simulations of plant transients, which allows operators to see
margin predictively rather than after the fact.
HGP’s hardware solution is a variable-frequency-drive
reactor coolant pump, which allows the primary coolant loop to run continuously at variable speed. Conventional practice runs reactor
coolant pumps at full speed to preserve bounding-case margin, which makes the coolant pumps one of the largest parasitic loads in the
plant. Because the digital twin estimates actual margin in real time, pump speed can be varied within a bounded authority, and reactor
power follows coolant flow.
The operating consequence of this technology is
that the reactor follows load through flow rather than through control rod movement. Control rods stay parked, demand swings are designed
to be absorbed by the pumps, the plant eases to a new operating point without tripping protections, and the site can run as an island
on its own generation. Less of the plant’s safety margin would be spent on daily load-following, and more of it would stay available
as margin.
A Large and Growing Addressable Market
Because the control layer works on the reactor’s
coolant flow and instrumentation rather than on its core design, HGP intends to sell it across the industry rather than only into its
own projects. HGP has designed the system for three delivery paths: new-build hardware for plants under construction, a retrofit package
for the operating pressurized water fleet, and a factory-integrated package for modular reactors built in a shop rather than on site.
HGP’s review of published third-party design documentation indicates that the substantial majority of reactor designs now operating
or announced, across large pressurized water reactors, small modular reactors, and microreactors, cannot perform islanded load-following
as shipped, but could do so with HGP’s control layer.
The potential installed and announced base is
large. More than 600 reactors are operating or under construction worldwide, and industry forecasts point to roughly 48 gigawatts of additional
nuclear demand over the next decade. Revenue to the combined company is expected to come from one-time hardware and installation sales
followed by a recurring tail of passive flow hardware, spares, and services, together with licensing of the digital twin and its dispatch
optimization and power uprate applications.
2
Intellectual Property and Federal Validation
HGP’s patent pending portfolio spans variable-speed
reactor coolant pump architecture and metallurgy, thermal hydraulic safety margin and pump-speed control, variable-primary-flow load-following
with control rods parked, retrofit and operating-experience packages for the existing fleet, pump and dispatch architecture for modular
reactor fleets, load-following control for pump-less microreactor designs, predictive control of magnetic-drive sodium coolant pumps,
and digital twin monitoring, predictive control, and construction-to-operations handoff.
HGP is working with Argonne National Laboratory
on the development and validation of both the digital twin and the variable-speed reactor coolant pump, under which both technologies
are expected to be verified and validated with Department of Energy national laboratory support. HGP is also a member of the AI for Nuclear
Energy Consortium formed under Project Prometheus, a national laboratory-led initiative selected under the Department of Energy’s
Genesis Mission, whose objective is to use artificial intelligence to cut nuclear deployment timelines in half and materially reduce operating
costs.
The Integrated Naval Nuclear Energy Campus
Alongside the control layer, HGP is developing
the Integrated Naval Nuclear Energy Campus, which would repurpose proven United States naval reactor technology for civilian power generation
on federal sites made available for co-located data centers. Because the reactor lineage already exists and has an extensive operating
record, HGP expects to pursue this path under the Department of Energy’s existing statutory authority rather than through a commercial
licensing process, which is the basis for its view that the campus can deliver power on a materially shorter schedule than a new-build
small modular reactor. Campuses are expected to be sized in the range of roughly 500 megawatts to one gigawatt, would serve islanded load
with optional grid connection, and would be contracted under long-term power agreements with data center and industrial hosts, supplemented
by capacity payments, storage revenue, and isotope production. HGP is in discussion with leading hyperscale operators regarding power
agreements and holds established relationships with engineering, procurement, and construction partners for the build-out.
Leadership
Gregory Forero, HGP’s Founder and Chief
Executive Officer, has spent his career on the operating side of the power business. He owned and operated HGP Storage, which developed
a first-of-a-kind battery energy storage project in ERCOT, and he previously served as a Vice President at Constellation, as an energy
derivatives director at UBS, and as an ERCOT portfolio manager at TXU Energy. Across those roles he has managed more than 22 gigawatts
of generation assets. The broader team and founder group bring decades of experience across power generation, commodities, land development,
transmission, engineering, finance, trading, and risk management.
HGP has appointed Jeffrey Frase to its board of
directors. Frase spent 17 years at Goldman Sachs, rising to Managing Director for global crude oil and derivatives, and went on to lead
global oil trading at Lehman Brothers and then at JPMorgan. He later served as co-Chief Executive Officer and a director of Noble Group,
one of the world’s largest listed commodities firms. He holds a BS in finance from Lehigh University. Having led global energy businesses
through several market cycles, Frase adds commercial and capital markets perspective to the board as HGP moves toward commercial operations.
Management Commentary
Gregory Forero, Founder and Chief Executive Officer
of HGP Intelligent Energy, said: “The constraint on powering artificial intelligence with nuclear energy is not how much electricity
a reactor makes, it is how quickly the reactor can change what it makes. Our digital twin knows the reactor’s real margin ten times
a second, and our pumps turn that knowledge into flow, so the plant moves with the load instead of asking the customer to hold still.
That capability can be added to reactors that already exist and to the designs being built now, which is why we think of it as a control
layer for the industry rather than a feature of one plant. Becoming a public company funds the qualification and manufacturing work that
gets it into service. We are excited to partner with Meshflow due to their experience in building the first digital market for uranium
and their deep understanding of the nuclear energy space.”
Bartosz Lipinski, Chairman and Chief Executive
Officer of Meshflow Acquisition Corp., said: “At Meshflow, we wanted to invest in American critical infrastructure. With AI driving
a generational increase in demand for reliable power, we believe nuclear power will be essential to meeting that demand. HGP is focused
on a critical part of that opportunity: technology that can make both existing and next-generation nuclear reactors more flexible and
valuable to the grid. We believe this transaction gives HGP the resources to commercialize its technology at scale and gives Meshflow
shareholders exposure to a key enabling layer of America’s AI-driven energy build-out.”
3
Additional Transaction Information
HGP’s existing management team will continue
to lead the combined company following closing. All HGP equity holders will roll 100 percent of their holdings into the combined company.
HGP’s management team, HGP’s principal equity holders, Meshflow’s sponsor, and certain affiliates of Meshflow’s
sponsor have committed to customary lock-ups.
The Transaction was unanimously approved by the
board of managers of HGP and the board of directors of Meshflow. Completion of the Transaction is anticipated as early as the end of the
year, subject to approval by Meshflow’s shareholders, approval by HGP’s equity holders, the effectiveness of the registration
statement described below, expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, approval
of the combined company’s common stock for listing on Nasdaq, satisfaction of a minimum cash condition, other regulatory approvals,
and other customary closing conditions.
Additional Information
About the Proposed Transaction and Where to Find It
In connection with the
proposed business combination, Leyte Parent, Inc., a subsidiary of Meshflow (“Pubco”), intends to file with the U.S. Securities
and Exchange Commission (the “SEC”) a registration statement on Form S-4 (the “Registration Statement”), which
will include a preliminary proxy statement of Meshflow and a preliminary prospectus of Pubco, and after the Registration Statement is
declared effective by the SEC, Meshflow will mail the definitive proxy statement/prospectus relating to the Business Combination to its
shareholders as of a record date to be established for voting at the extraordinary general meeting of its shareholders (the “Extraordinary
General Meeting”). The Registration Statement, including the proxy statement/prospectus contained therein, will contain important
information about the proposed business combination and the other matters to be voted upon at the Extraordinary General Meeting. This
communication does not contain all the information that should be considered concerning the Business Combination and is not intended to
provide the basis for any investment decision or any other decision in respect of such matters. Meshflow and Pubco may also file other
documents with the SEC regarding the Business Combination. Meshflow’s shareholders and other interested persons are advised to read,
when available, the Registration Statement, including the preliminary proxy statement/prospectus contained therein, the amendments thereto
and the definitive proxy statement/prospectus and other documents filed in connection with the Business Combination, as these materials
will contain important information about Meshflow, HGP, Pubco and the Business Combination. Shareholders may obtain copies of the Registration
Statement, including the preliminary or definitive proxy statement/prospectus contained therein, and the other documents filed or that
will be filed by Meshflow and Pubco with the SEC, once available, without charge, at the SEC’s website located at www.sec.gov.
NEITHER THE TRANSACTION
NOR ANY INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAVE BEEN APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY AUTHORITY NOR
HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE TRANSACTION OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN.
ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
Cautionary Statement
Regarding Forward-Looking Statements
All statements in this
communication which are not statements of historical fact are “forward-looking statements” within the meaning of the federal
securities laws. These forward-looking statements may be identified by terms such as “allow,” “anticipate,” “expect,”
“suggests,” “plan,” “believe,” “predict,” “potential,” “possible,”
“seek,” “future,” “propose,” “continue,” “can,” “designed to,”
“enable,” “extend,” “intend,” “might,” “opportunity,” “outlook,”
“position,” “estimates,” “targets,” “projects,” “should,” “could,”
“would,” “may,” “will,” “forecast” or the negative or variation of these terms or similar
terminology, although the absence of these terms does not mean that a statement is not forward-looking.
4
Forward-looking statements in this communication
include, but are not limited to, statements regarding the following: the potential impact of the Transaction on HGP and the combined company,
including allowing HGP to commercialize its load-following technology; the anticipated benefits, structure, valuation, proceeds, financing,
terms, and timing of the Transaction; the listing of Pubco’s securities on a national securities exchange; the expected performance
and capabilities of HGP’s digital twin and variable-speed reactor coolant pump technology and its applicability to operating and
announced reactor designs; the ability of HGP’s control layer to enable islanded load-following for nuclear reactors; the design,
development, and commercialization of HGP’s products and technology and the anticipated features, benefits, and timing thereof;
HGP’s patent pending portfolio and research relationships; HGP’s addressable market, industry trends, expected revenue sources;
the development, siting, licensing, timing, and economics of the Integrated Naval Nuclear Energy Campus; the anticipated use of proceeds
from the Transaction; expected demand for firm carbon-free electricity from data centers and other customers; competition; estimated implied
pro forma enterprise value and cash position of the public company post-closing; and Meshflow and HGP’s ability to consummate the
Transaction. Statements regarding Meshflow’s, HGP’s, or the combined company’s expectations, plans, or future financial
performance are also forward-looking statements.
These forward-looking
statements are subject to risks and uncertainties, some of which are beyond Meshflow’s or HGP’s control, that could cause
actual results to differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties
include, but are not limited to: (1) events or other circumstances that could give rise to the termination of the Business Combination
Agreement; (2) the initiation or outcome of legal proceedings that may be instituted against Meshflow, Pubco, HGP or others following
the Transaction announcement; (3) the amount of redemptions by Meshflow public shareholders and the inability to complete the Transaction
due to the failure to obtain required shareholder, regulatory, or other approvals or satisfy other closing conditions, including the minimum
cash condition, required financing, HSR and other antitrust clearances, and stock exchange listing approval; (4) changes to the Transaction
structure required by law, regulation, or as a regulatory approval condition; (5) maintaining stock exchange listing compliance post-closing;
(6) the impact of the Transaction or the announcement thereof on HGP’s business or the stock price of Meshflow’s securities;
(7) the ability to recognize the anticipated benefits of the Transaction, which may be affected by HGP’s ability to manage growth,
maintain commercial and customer relationships, and retain key personnel; (8) Transaction-related costs; (9) changes in applicable laws,
government policies, or regulations; (10) technological change or competition; (11) HGP’s or the combined company’s financial
performance and liquidity position; (12) HGP’s strategies; (13) demand for and market acceptance of HGP’s products, technology,
and services; (14) general economic, market, and political conditions; (15) the ability to obtain financing to complete the Transaction
or fund the combined company’s operations; (16) the availability of capital required to develop HGP’s technology and execute
its business strategies; (17) the ability to complete qualification, testing, and manufacturing of the variable-speed reactor coolant
pump and validate the digital twin on the expected schedule; (18) reactor owners’, operators’, and developers’ willingness
to adopt or retrofit HGP’s control layer and timing of required regulatory approvals; (19) the timing and outcome of licensing,
permitting, and site selection processes for the Integrated Naval Nuclear Energy Campus; (20) the availability and cost of nuclear fuel,
long-lead components, fabrication capacity, and qualified workforce; (21) HGP’s ability to secure interconnection and long-term
offtake agreements; (22) risks related to intellectual property and the ability to obtain required regulatory approvals in connection
with future products and technology; (23) federal programs and research relationships; and (24) assumptions underlying the foregoing.
5
You should also carefully
consider the risks and uncertainties described in the “Risk Factors” section of Meshflow’s SEC filings, the Registration
Statement to be filed by Pubco, and other documents filed by Meshflow and Pubco from time to time with the SEC. The risks identified in
these filings, as well as additional risks presently unknown or currently believed to be immaterial, could cause actual results to differ
materially from those contained in the forward-looking statements. These forward-looking statements do not constitute a guarantee or prediction
as to actual results. Undue reliance should not be placed upon the forward-looking statements. Forward-looking statements reflect Meshflow’s
and HGP’s assumptions, estimates, expectations, and plans as of the date of this communication. Each of Meshflow, HGP, and Pubco
assume no obligation and do not intend to update these forward-looking statements, whether as a result of new information or otherwise,
except as required by law.
Participants in the
Solicitation
Meshflow, HGP, Pubco
and their respective directors, executive officers, other members of management, and employees, under SEC rules, may be deemed to be participants
in the solicitation of proxies from Meshflow’s shareholders in connection with the Transactions. A list of the names of the directors,
executive officers, other members of management and employees of Meshflow and HGP, as well as information regarding their interests in
the Transactions, will be contained in the Registration Statement to be filed with the SEC by Pubco. You can also find more information
about Meshflow’s directors and executive officers in Meshflow’s Annual Report on Form 10-K for the period ended December 31,
2025, filed with the SEC on March 17, 2026. Additional information regarding the interests of such potential participants in the solicitation
process may also be included in other relevant documents when they are filed with the SEC. You may obtain free copies of these documents
from the sources indicated above.
No Offer or Solicitation
This communication is
not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Transaction,
and does not constitute an offer to sell or the solicitation of an offer to buy any securities of Meshflow, HGP or Pubco or a solicitation
of any vote or approval, nor shall there be any offer or sale of securities in any jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall
be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended.
6
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Name of the City or Town
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Code for the postal or zip code
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Name of the state or province.
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- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
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- Definition
Indicate if registrant meets the emerging growth company criteria.
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Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
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- Definition
Indicate if an emerging growth company has elected not to use the extended transition period for complying with any new or revised financial accounting standards.
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Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 7A
-Section B
-Subsection 2
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- Definition
Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
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No definition available.
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- Definition
Two-character EDGAR code representing the state or country of incorporation.
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No definition available.
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- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
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Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
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The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
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Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
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- Definition
Local phone number for entity.
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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.
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Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.
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Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Section 14d
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Title of a 12(b) registered security.
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-Name Exchange Act
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Name of the Exchange on which a security is registered.
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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.
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Trading symbol of an instrument as listed on an exchange.
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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
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-Section 425
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