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):
December 5, 2023
RCF Acquisition Corp.
(Exact name of registrant as specified in its charter)
| Cayman Islands |
|
001-41039 |
|
N/A |
(State or other jurisdiction
of incorporation) |
|
(Commission File Number) |
|
(IRS Employer
Identification No.) |
3109 W. 50th Street, #207
Minneapolis, MN 55410
(Address
of principal executive offices, including zip code)
Registrant’s telephone number, including
area code: (952) 456-5300
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☒ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| |
|
| ☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| |
|
| ☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| |
|
| ☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
| Units, each consisting of one Class A ordinary share, $0.0001 par value, and one-half of one redeemable warrant |
|
RCFA.U |
|
The New York Stock Exchange |
| Class A ordinary shares, par value $0.0001 par value |
|
RCFA |
|
The New York Stock Exchange |
| Redeemable warrants, each warrant exercisable for one Class A ordinary share, each at an exercise price of $11.50 per share |
|
RCFA WS |
|
The New York Stock Exchange |
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
On December 5, 2023, RCF Acquisition
Corp., a Cayman Islands exempted company limited by shares which is in the process of being renamed as Perception Capital Corp. IV (“Perception”),
Blue Gold Limited, a Cayman Islands company limited by shares (“PubCo”), and Blue Gold Holdings Limited, a private
company limited by shares formed under the laws of England and Wales (“BGHL”), entered into a Business Combination
Agreement (as it may be amended and/or restated from time to time, the “Business Combination Agreement”) pursuant
to which, subject to the satisfaction or waiver of the conditions contained in the Business Combination Agreement, (i) BGHL and PubCo
shall consummate a share exchange (the “Exchange”) pursuant to which PubCo will purchase all of the issued and
outstanding shares of BGHL in exchange for PubCo Ordinary Shares; (ii) Perception and a to-be-formed subsidiary of PubCo (“Merger
Sub”) will merge (the “Merger”) with Perception surviving the merger as a wholly owned subsidiary
of PubCo. Capitalized terms used in this Current Report on Form 8-K but not otherwise defined herein have the meanings given to them in
the Business Combination Agreement, a copy of which is filed with this Current Report on Form 8-K as Exhibit 2.1 and is incorporated herein
by reference.
Structure of the Proposed Transactions
BGHL will be acquired by PubCo
by means of a share exchange in which all of the issued and outstanding ordinary shares of BGHL will be purchased by PubCo in exchange
for PubCo issuing an amount of PubCo ordinary shares with an aggregate value of $114.5 million. Upon consummation of the Exchange, BGHL
shall become a wholly owned subsidiary of PubCo. Immediately thereafter, the Merger will be consummated. As a result of the Merger, each
outstanding Perception ordinary share being cancelled holders will receive PubCo ordinary shares on a one-for-one basis. Each outstanding
warrant to purchase Perception ordinary shares will become a warrant to purchase PubCo ordinary shares on the same terms as prior to the
Merger. Immediately prior to the Merger, any outstanding Perception units will be automatically separated into their component securities
and converted into PubCo securities.
Operations Agreements
BGHL has agreed that by March
31, 2024, it will form a wholly owned subsidiary which will enter into agreements by which it will acquire all rights to leases for certain
mines located in Ghana. In connection with the transfers, it will also enter into a royalty agreement pursuant to which it will agree to
make payments to the former owner of the leases or affiliates thereof.
Stock Exchange Listing
The Parties have agreed to
use their respective reasonable best efforts to cause the PubCo Ordinary Shares and PubCo Warrants to be issued in connection with the
Business Combination to be approved for listing on the New York Stock Exchange (“NYSE”) or the Nasdaq Stock
Market LLC (“Nasdaq”) at Closing.
Closing
Unless the Business Combination
Agreement is earlier terminated, the Closing will occur on such date and time as the parties shall agree after satisfaction of the conditions
to Closing.
Representations and Warranties
The Business Combination Agreement
contains customary representations and warranties of the parties thereto with respect to, among other things, the following as applicable:
corporate organization and qualification; organizational documents; capitalization; authority relative to the Business Combination Agreement;
no conflicts; required filings and consents; permits; compliance; financial statements; absence of certain changes or events; absence
of litigation; employee benefit plans; labor and employment matters; real property; title to assets; intellectual property; taxes; environmental
matters; material contracts; insurance; board approval; vote required; certain business practices; interested party transactions; brokers’
fees; investigation and reliance; and Investment Company Act. The representations and warranties of the respective parties to the Business
Combination Agreement will not survive the Closing.
Covenants
The Business Combination Agreement
includes customary covenants of the parties with respect to the operation of their respective businesses prior to the Closing and efforts
to satisfy the conditions to closing. BGHL has agreed that it will conduct its business in the ordinary course of business and in a manner
consistent with past practice, and will use its commercially reasonable efforts to preserve substantially intact its current business
organization, keep available the services of its current officers, key employees and consultants, and preserve the existing relationships
with its customers, suppliers and other significant business relations. Perception has also agreed, subject to specified exceptions, to
refrain from taking certain actions such as changing its organizational documents, making distributions, or amending or changing its capital
structure and has agreed that it will conduct its business in the ordinary course of business consistent with past practice. The parties
have also agreed to take all such actions as necessary to prepare and file the Registration Statement and to obtain the requisite shareholder
approvals. The covenants of the respective parties to the Business Combination Agreement will not survive the Closing, except for those
covenants that by their terms expressly apply in whole or in part after the Closing.
Conditions to Closing
Unless waived by the parties,
under the Business Combination Agreement, the consummation of the Business Combination is subject to customary closing conditions, including:
Mutual Conditions
| ● | Shareholder Approvals. The requisite approval of the Perception shareholders and the BGHL shareholders
shall have been obtained; |
| ● | Antitrust Laws. Any waiting period (and any extension) applicable to the consummation of the Business
Combination under any antitrust laws shall have expired or been terminated. |
| ● | Requisite Regulatory Approvals. All consents required to be obtained from or made with any Governmental
authority in order to consummate the transactions contemplated by the Business Combination Agreement shall have been obtained or made. |
| ● | Requisite Consents. Any consents required to be obtained from or made with any third party (other
than a Governmental Authority) in order to consummate the transactions contemplated by the Business Combination Agreement shall have been
obtained. |
| ● | 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 the Business Combination Agreement illegal or which otherwise prevents or prohibits consummation
of the transactions contemplated by the Business Combination Agreement. |
| ● | Appointment to the Board. The members of PubCo’s board of directors shall have been elected
or appointed as of the Closing. |
| ● | Registration Statement. The Registration Statement to be filed in connection with the transactions
contemplated by the Business Combination Agreement shall have been declared effective by the SEC and shall remain effective as of the
Closing, and no stop order or similar order shall be in effect with respect to the Registration Statement. |
| ● | Exchange Listing. PubCo Ordinary Shares and PubCo Warrants to be issued in connection with the transactions
contemplated by the Business Combination Agreement shall have been approved for listing on NYSE or Nasdaq, or such other national exchange
as agreed between Perception and BGHL, subject to official notice of issuance. |
Additional Conditions to BGHL’s Obligation to Close
| ● | Certain specified representations (the “Perception Group Specified Representations”)
must be true and correct in all material aspects on and as of the execution date 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 accurate in all material aspects as of such date)); and |
| ● | All other representations of Perception other in than the Perception Group Specified Representations must
be true and correct on and as of the execution date and on and as of the Closing Date as if made on the Closing Date, except for (i) those
representations and warranties that address matters only as of a particular date (which representations and warranties shall have been
true and accurate as of such date), and (ii) any failures to be true and correct that (without giving effect to any qualifications or
limitations as to materiality or Material Adverse Effect) have not had and would not reasonably be expected to have a Material Adverse
Effect on, or with respect to, Perception, taken as a whole. |
| ● | Agreements and Covenants. Perception, PubCo and Merger Sub, each shall have performed in all material
respects all of their obligations and complied in all material respects with all of their agreements and covenants contained in the Business
Combination Agreement. |
| ● | No Material Adverse Effect. No Material Adverse Effect shall have occurred with respect to Perception
since the date of the Business Combination Agreement which is continuing and uncured. |
| ● | No Material PubCo or Merger Sub Adverse Effect. No Material Adverse Effect shall have occurred
with respect to PubCo or Merger Sub since the date of the Business Combination Agreement which is continuing and uncured. |
| ● | Closing Deliveries. Perception shall have delivered
certain customary closing documents. |
Additional Conditions
to Perception’s Obligation to Close
| ● | Certain specified representations of BGHL must be true and correct in all material aspects on and as of
the execution date 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 accurate in all material aspects as
of such date)); and |
| ● | All other representations of BGHL must be true and correct on and as of the execution date and on and
as of the Closing Date as if made on the Closing Date, except for (i) those representations and warranties that address matters only as
of a particular date (which representations and warranties shall have been true and accurate as of such date), and (ii) any failures to
be true and correct that (without giving effect to any qualifications or limitations as to materiality or Material Adverse Effect) have
not had and would not reasonably be expected to have a Material Adverse Effect on, or with respect to, BGHL, taken as a whole. |
| ● | Agreements and Covenants. BGHL 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 the Business Combination Agreement to be performed
or complied with by it on or before the Closing Date. |
| ● | No Material Target Company Adverse Effect. No Material Adverse Effect shall have occurred with
respect to the Target Companies taken as a whole since the date of the Business Combination Agreement which is continuing and uncured. |
| ● | Certain Ancillary Documents. The Lock-Up Agreement, the Exclusivity Agreement and the Registration
Rights Agreement shall be in full force and effect in accordance with the terms as of the Closing. |
| ● | Closing Deliveries. BGHL shall have delivered certain customary closing documents. |
| ● | Operations Agreements. The Operations Agreements shall have been fully executed and approved by
all applicable Governmental Authorities. |
| ● | Qualified Person Report. A satisfactory qualified person’s report prepared in accordance
with the requirements of the SEC’s Regulation S-K (Subpart 1300) shall have been delivered. |
Termination
The Business Combination Agreement
may be terminated under the following circumstances:
| ● | by mutual written consent of Perception or BGHL; |
| ● | by written notice by either Perception or BGHL to the other Parties, if any of the conditions to the Closing
have not been satisfied or waived by November 5, 2024 (the “Outside Date”); provided, however, the right
to terminate the Business Combination Agreement under this provision is only be available to a Party if the breach or violation by such Party or its Affiliates
of any representation, warranty, covenant or obligation under the Business Combination Agreement was the cause of, or resulted in, the failure of the Closing
to occur on or before the Outside Date; |
| ● | by written notice by either Perception or BGHL to the other Parties, if a Governmental authority of has
issued an order or taken any other action permanently restraining, enjoining or otherwise prohibiting the transactions contemplated by
the Business Combination Agreement including, without limitation, the effectiveness of the Operations Agreements, and such order or other action has become
final and non-appealable; provided, however, that the right to terminate in these circumstances is not be available to a Party
if the failure by such Party or its affiliates to comply with any provision of the Business Combination Agreement has been a substantial
cause of, or substantially resulted in, such action by such Governmental Authority; |
| ● | by written notice by BGHL to Perception (provided BGHL in not then in material breach of any provision
of the Business Combination Agreement), if (i) there has been a material breach by Perception of any of its representations, warranties,
covenants or agreements contained in the Business Combination Agreement, or if any representation or warranty of Perception shall have become untrue or inaccurate,
in any case, which would result in a failure of a condition set forth in the Business Combination Agreement to be satisfied (treating
the Closing Date for such purposes as the date of the Business Combination 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) twenty (20) days after written notice of such breach or inaccuracy
is provided to Perception or (B) the Outside Date; |
| ● | by written notice by Perception to BGHL (provided Perception is not then in material breach of any provisions
of the Business Combination Agreement), if (i) there has been a material breach by BGHL of any of its representations, warranties, covenants
or agreements contained in the Business Combination Agreement, or if any representation or warranty of such Parties shall have become untrue or inaccurate,
in any case, which would result in a failure of a condition set forth in the Business Combination Agreement to be satisfied (treating
the Closing Date for such purposes as the date of the Business Combination 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) twenty (20) days after written notice of such breach or inaccuracy
is provided to BGHL or (B) the Outside Date; by written notice by Perception to BGHL, if Perception Shareholders’ Meeting has been
held (including any adjournment or postponement) and has concluded, and the Perception Shareholders’ Approval was not obtained;
or |
| ● | by written notice by Perception to BGHL, if the Operations Agreements have not been entered into by the
Operations Date. |
Effect of Termination
If the Business Combination
Agreement is terminated, the Business Combination Agreement will become void, and there will be no liability under the Business Combination
Agreement on the part of any party thereto, except as set forth in the Business Combination Agreement or in the case of termination subsequent
to a willful material breach of the Business Combination Agreement by a party thereto.
A copy of the Business Combination
Agreement is filed with this Current Report on Form 8-K as Exhibit 2.1 and is incorporated herein by reference. The foregoing description
of the Business Combination Agreement is qualified in its entirety by reference to the full text of the Business Combination Agreement
filed with this Current Report on Form 8-K. The Business Combination Agreement is included to provide investors and security holders with
information regarding its terms. It is not intended to provide any other factual information about Perception, PubCo, BGHL or Merger Sub.
In particular, the assertions embodied in representations and warranties by the Parties contained in the Business Combination Agreement
were made as of a specific date, may be subject to a contractual standard of materiality different from what might be viewed as material
to investors, and are qualified by information in the disclosure schedules provided by the parties in connection with the signing of the
Business Combination Agreement. These disclosure schedules contain information that modifies, qualifies and creates exceptions to the
representations and warranties set forth in the Business Combination Agreement. Moreover, certain representations and warranties in the
Business Combination Agreement were used for the purpose of allocating risk between the parties, rather than establishing matters as facts.
Accordingly, investors and security holders should not rely on the representations and warranties in the Business Combination Agreement
as characterizations of the actual state of facts about the Parties and should only be read in conjunction with the other information
that the Parties make publicly available in reports, statements and other documents filed with the SEC.
Support Agreement
On December 5, 2023, Future
Global Resources Limited which holds all of the shares of BGHL via a trust deed entered into the Support Agreement, pursuant to which
it agreed, among other things, (a) to vote all shares of BGHL in favor of the Business Combination and all related matters and (b) not
to transfer any of the BGHL securities it owns.
The foregoing description
of the Support Agreement is qualified in its entirety by reference to the full text of the Support Agreement, a copy of which is included
as Exhibit 10.1 to this Current Report on Form 8-K, and incorporated herein by reference.
Sponsor Support and Lock-Up Agreement
On December 5, 2023, Perception
Capital Partners IV LLC, a Delaware limited liability company (the “Sponsor”) entered into the Sponsor Support
Agreement, pursuant to which the Sponsor agreed, among other things, to (a) vote all of its Perception ordinary shares in favor of the
Business Combination Agreement and the Business Combination, (b) abstain from exercising any redemption rights in connection with the
Business Combination, (c) not to transfer any of the Perception securities it owns during the pendency of the agreement, and (d) not solicit
any alternative transactions. The Sponsor agreed that post-Closing the PubCo shares it will receive in exchange for its Perception ordinary
shares will be subject to an 18-month lock up period.
The foregoing description
of the Sponsor Support and Lock-Up Agreement is qualified in its entirety by reference to the full text of the Sponsor Support and Lock-up
Agreement, a copy of which is included as Exhibit 10.2 to this Current Report on Form 8-K, and incorporated herein by reference.
Registration Rights Agreement
In connection with the Closing,
certain parties (the “Holders”) will enter into the Registration Rights Agreement at Closing.
Pursuant to the terms of the
Registration Rights Agreement, PubCo will be obligated to file a registration statement to register the resale of certain securities of
PubCo held by the Holders.. The Registration Rights Agreement will also provide the Holders with “piggy-back” registration
rights, subject to certain requirements and customary conditions.
The foregoing description of the Registration Rights Agreement is qualified in its entirety by reference to the full text of the form
of Registration Rights Agreement, a copy of which is included as Exhibit 10.3 to this Current Report on Form 8-K, and incorporated herein
by reference.
Forward-Looking Statements
This
Current Report on Form-8-K includes "forward-looking statements" within the meaning of the safe harbor for forward-looking statements
provided by Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995 including,
without limitation: statements related to the parties likelihood to enter into a binding or definitive agreement(s); statements related
to the parties’ ability to close the proposed Business Combination, including the ability of both companies to secure all required
regulatory, third-party and shareholder approvals for the proposed Business Combination; the anticipated benefits of the proposed Business
Combination, including the potential amount of cash that may be available to the combined company upon consummation of the Business Combination;
the anticipated enterprise value of the combined company following the Business Combination; sources and uses of cash from the Business
Combination; the anticipated timing to close the Business Combination; PubCo’s expectation that its ordinary shares will be accepted
for listing on The New York Stock Exchange following the closing of the Business Combination; the financial and business performance of
PubCo; and PubCo’s anticipated future operating results.
You
are cautioned not to place undue reliance on these forward-looking statements, which are current only as of the date of this press release.
Each of these forward-looking statements involves risks and uncertainties. Important factors that could cause actual results to differ
materially from those discussed or implied in the forward-looking statements include, but are not limited to: the risk that the Business
Combination may not be completed in a timely manner or at all; the failure to obtain requisite approval for the Business Combination or
meet other closing conditions; the occurrence of any event, change or other circumstances that could give rise to the termination of the
merger agreement in respect of the Business Combination; failure to achieve sufficient cash available (taking into account all available
financing sources) following any redemptions of Perception’s public stockholders; failure to obtain the requisite approval of Perception’s
and BGHL’s respective stockholders; failure to meet relevant listing standards in connection with the consummation of the Business
Combination; failure to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things,
competition, the ability of the combined entity to maintain relationships with customers and suppliers and strategic alliance third parties,
and to retain its management and key employees; potential litigation relating to the proposed Business Combination; changes to the proposed
structure of the Business Combination that may be required or appropriate as a result of the announcement and execution of the Business
Combination; unexpected costs and expenses related to the Business Combination; estimates of the combined company’s financial performance
being materially incorrect predictions; general economic or political conditions; negative economic conditions that could impact BGHL
and the gold industry in general; reduction in demand for BGHL’s products; changes in the markets that BGHL targets or that the
combined company intends to target; any change in laws applicable to Perception or BGHL or any regulatory or judicial interpretation thereof;
and other factors, risks and uncertainties, including those to be included under the heading “Risk Factors” in the proxy statement/prospectus
to be later filed with the SEC, and those disclosed in Perception's SEC filings, under the heading “Risk Factors,” including
its Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on March 7, 2023, Quarterly Report on Form 10-Q
for the quarter ended September 30, 2023 filed with the SEC on November 7, 2023 and any subsequent filings.
All
forward-looking statements are expressly qualified in their entirety by such factors. Perception does not undertake any duty to update
any forward-looking statement except as required by law.
Additional Information
and Where to Find It
In
connection with the Business Combination Agreement and the proposed business combination, Perception intends to file with the Securities
and Exchange Commission (the “SEC”) a registration statement on Form F-4 (the “Registration Statement”), which
will include a preliminary proxy statement/prospectus certain other related documents, which will be both the proxy statement to be distributed
to the shareholders of Perception in connection with Perception’s solicitation of proxies for the vote by its shareholders with
respect to the proposed Business Combination and other matters as may be described in the definitive proxy statement/prospectus, as well
as a prospectus relating to the offer and sale of the securities to be issued in the proposed Business Combination. Shareholders are encouraged
to read the Registration Statement, when available, as it will contain important information.
This
Form 8-K does not contain all of the information that should be considered by Perception’s or Blue Gold’s stockholders concerning
the proposed Business Combination and is not intended to constitute the basis of any voting or investment decision in respect of the
proposed Business Combination or the securities of the combined company. The respective stockholders of Perception and BGHL and other
interested persons are advised to read, when available, the preliminary proxy statement/prospectus and the amendments thereto and the
definitive proxy statement/prospectus and documents incorporated by reference therein filed in connection with the business combination,
as these materials will contain important information about Perception, BGHL, the Business Combination Agreement and the Business Combination.
When available, the definitive
proxy statement/prospectus and other relevant materials for the business combination will be mailed to shareholders of Perception as of
a record date to be established for voting on the business combination. Shareholders of Perception will also be able to obtain copies
of the Registration Statement, the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus and other documents
filed with the SEC, without charge, once available, at the SEC's web site at www.sec.gov or by directing a request to: RCF Acquisition
Corp., 3109 W. 50th Street, #207, Minneapolis, MN 55410, Attention: Investor Relations or by email at investors@perceptioncapitalpartners.com.
Participants in Solicitation
Perception,
Blue Gold, PubCo and their respective directors, executive officers, other members of management and employees may be deemed participants
in the solicitation of proxies from Perception's stockholders with respect to the proposed business combination. Investors and securityholders
may obtain more detailed information regarding the names and interests in the business combination of the directors and officers of each
of Perception and Blue Gold with respect to the proposed business combination in the proxy statement/prospectus for the proposed business
combination when available and in such company’s respective filings with the SEC.
No Offer or Solicitation
This
press release shall not constitute a solicitation of a proxy, consent, or authorization with respect to any securities or in respect of
the proposed business combination. This press release shall also not constitute an offer to sell or the solicitation of an offer to buy
any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation, or sale would
be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall
be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption
therefrom.
Item 5.03. Amendments to Articles of Incorporation or
Bylaws; Change in Fiscal Year.
On December 5, 2023, at the
Extraordinary General Meeting (the “Meeting”), shareholders approved an amendment to the Company’s Amended
and Restated Memorandum and Articles of Association (the “Memorandum”) extending the deadline by which the Company
must consummate an initial business combination. Shareholders also approved an amendment to change the name of the Company from RCF Acquisition
Co. to Perception Capital Corp. IV.
For more information on these
proposals, please refer to the Company’s proxy statement dated November 21, 2023 (the “Proxy Statement”).
The form of the resulting
amendment is filed as Exhibit 3.1 hereto and will be filed with the Cayman Islands Registrar of Companies but are effective upon the approval
by shareholders.
Item 5.07. Submission of Matters to a Vote of Security
Holders.
On December 5, 2023,
Perception held an Extraordinary General Meeting of Shareholders (the “Meeting”) to consider and vote upon three
proposals. The results of the voting on these proposals was as follows:
Proposal Number One –
a special resolution to amend the Company’s Amended and Restated Memorandum and Articles of Association to extend the date by which
the Company must consummate a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination
from May 15, 2024 to November 15, 2024 provided that the Company make a payment into the trust account established in connection with
the Company’s IPO for the first three-month extension (from December 15, 2023 through March 15, 2024) equal to the lesser of $150,000
or $0.045 per share of Class A Ordinary Shares entitled to redemption rights and thereafter, a payment of equal to the lesser of $50,000
or $0.015 per Public Share per month through November 15, 2024. This proposal was approved. The results of voting were as follows:
| For | | |
% of Shares
Present | | |
Against | | |
% of Shares
Present | | |
Abstain | | |
% of Shares
Present | | |
Broker
Non-Votes | |
| | 14,769,385 | | |
| 87.01 | % | |
| 2,205,725 | | |
| 12.99 | % | |
| 0 | | |
| 0 | % | |
| 0 | |
Proposal Number
Two — as a special resolution, to (i) change the name of the Company from RCF Acquisition Corp. to “Perception Capital
Corp. IV” and (ii) amend the Company’s Charter to change the name of the Company from RCF Acquisition Corp. to “Perception
Capital Corp. IV”. This proposal was approved. The results of voting were as follows:
| For | | |
% of Shares
Present | | |
Against | | |
% of Shares
Present | | |
Abstain | | |
% of Shares
Present | | |
Broker
Non-Votes | |
| | 16,076,218 | | |
| 94.70 | % | |
| 898,892 | | |
| 5.30 | % | |
| 0 | | |
| 0 | % | |
| 0 | |
Proposal Number
Three — as an ordinary resolution, to approve an adjournment of the Meeting if necessary to solicit additional proxies to
approve Proposals One and Two. As there were sufficient votes in person or by proxy to approve these matters, the adjournment proposal
was not called at the Meeting.
Item
8.01 Other Events.
In
connection with the extensions amendment proposal voted on at the Meeting, the Company was required to permit holders of its ordinary
shares that were sold as part of the units sold in its initial public offering (the “Public Shares”), the right
to seek redemption of their shares. Of the 13,214,431 Public Shares, 8,236,760 Public Shares were redeemed.
Item
9.01 Financial Statements and Exhibits.
(d) Exhibits
SIGNATURE
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
| Date: December 11, 2023 |
RCF ACQUISITION CORP. |
| |
|
|
| |
By: |
/s/ Rick Gaenzle |
| |
Name: |
Rick Gaenzle |
| |
Title: |
Chief Executive Officer |
9
Exhibit
2.1
Execution
Version
BUSINESS
COMBINATION AGREEMENT
among
RCF
Acquisition Corp.,
as
Perception,
Blue
Gold Limited,
as PubCo,
and
BLUE
GOLD HOLDINGS LIMITED,
as
BGHL
Dated
as of December 5, 2023
TABLE
OF CONTENTS
|
|
Page(s) |
| Article I Contemplated
Transactions |
2 |
| 1.1 |
Operations Agreements. |
2 |
| 1.2 |
Exchange. |
2 |
| 1.3 |
Merger. |
3 |
| 1.4 |
Taking of Necessary Action; Further Action. |
7 |
| Article II [RESERVED] |
8 |
| Article III
CLOSING |
8 |
| 3.1 |
Closing. |
8 |
| Article IV REPRESENTATIONS
AND WARRANTIES OF BGHL |
8 |
| 4.1 |
Organization and Standing. |
8 |
| 4.2 |
Authorization; Binding Agreement. |
8 |
| 4.3 |
Capitalization. |
9 |
| 4.4 |
Subsidiaries. |
10 |
| 4.5 |
Governmental Approvals; Consent. |
10 |
| 4.6 |
Non-Contravention. |
10 |
| 4.7 |
Financials. |
11 |
| 4.8 |
Absence of Certain Changes. |
12 |
| 4.9 |
Compliance with Laws. |
12 |
| 4.10 |
BGHL Permits. |
12 |
| 4.11 |
Litigation. |
12 |
| 4.12 |
Material Contracts. |
12 |
| 4.13 |
Intellectual Property. |
15 |
| 4.14 |
Taxes and Returns. |
17 |
| 4.15 |
Real Property. |
19 |
| 4.16 |
Personal Property. |
19 |
| 4.17 |
Title to and Sufficiency of Assets. |
20 |
| 4.18 |
Employee Matters. |
20 |
| 4.19 |
Benefit Plans. |
20 |
| 4.20 |
Environmental Matters. |
21 |
| 4.21 |
Transactions with Related Persons. |
21 |
| 4.22 |
Insurance. |
22 |
| 4.23 |
Books and Records. |
22 |
| 4.24 |
[Reserved]. |
23 |
| 4.25 |
Certain Business Practices. |
23 |
| 4.26 |
Investment Company Act. |
24 |
| 4.27 |
Finders and Brokers. |
24 |
| 4.28 |
Solvency. |
24 |
| 4.29 |
Registration Statement. |
24 |
| 4.30 |
Political Contributions; Foreign Activities Statement. |
25 |
| 4.31 |
Supplemental Schedules. |
25 |
| Article V REPRESENTATIONS
AND WARRANTIES OF PubCo AND MERGER SUB |
25 |
| 5.1 |
Organization and Standing. |
25 |
| 5.2 |
Authorization; Binding Agreement. |
26 |
| 5.3 |
Governmental Approvals. |
26 |
| 5.4 |
Non-Contravention. |
26 |
| 5.5 |
Capitalization. |
27 |
| 5.6 |
PubCo Activities. |
28 |
| 5.7 |
[Reserved]. |
28 |
| 5.8 |
Merger Sub Activities. |
28 |
| 5.9 |
Ownership of Merger Consideration. |
28 |
| 5.10 |
Registration Statement. |
28 |
| 5.11 |
Finders and Brokers. |
28 |
| Article VI REPRESENTATIONS
AND WARRANTIES OF PERCEPTION |
29 |
| 6.1 |
Organization and Standing. |
29 |
| 6.2 |
Governmental Approvals. |
29 |
| 6.3 |
Non-Contravention. |
30 |
| 6.4 |
Capitalization. |
30 |
| 6.5 |
SEC Filings and Perception Financials. |
31 |
| 6.6 |
Absence of Certain Changes. |
32 |
| 6.7 |
Compliance with Laws. |
32 |
| 6.8 |
Actions; Orders; Permits. |
32 |
| 6.9 |
Taxes and Returns. |
32 |
| 6.10 |
Employees and Employee Benefit Plans. |
32 |
| 6.11 |
Properties. |
32 |
| 6.12 |
Transactions with Affiliates. |
32 |
| 6.13 |
Investment Company Act. |
33 |
| 6.14 |
Finders and Brokers. |
33 |
| 6.15 |
Independent Investigation. |
33 |
| Article VII
COVENANTS |
33 |
| 7.1 |
Access and Information. |
33 |
| 7.2 |
Conduct of Business of BGHL. |
34 |
| 7.3 |
Conduct of Business of Perception. |
38 |
| 7.4 |
Financial Statements. |
40 |
| 7.5 |
Perception Public Filings. |
41 |
| 7.6 |
No Solicitation. |
41 |
| 7.7 |
No Trading. |
42 |
| 7.8 |
Notification of Certain Matters. |
42 |
| 7.9 |
Efforts. |
43 |
| 7.10 |
Tax Matters. |
44 |
| 7.11 |
Further Assurances. |
45 |
| 7.12 |
Preparation of Registration Statement; Perception Shareholders’
Meeting and Approvals; BGHL Shareholder Resolution and Approvals. |
46 |
| 7.13 |
Public Announcements. |
48 |
| 7.14 |
Confidential Information. |
49 |
| 7.15 |
Documents and Information. |
50 |
| 7.16 |
Post-Closing Board of Directors. |
50 |
| 7.17 |
Indemnification of Directors and Officers; Tail Insurance. |
50 |
| 7.18 |
Equity Incentive Plan. |
51 |
| 7.19 |
Trust Account Proceeds. |
51 |
| Article VIII
CLOSING CONDITIONS |
51 |
| 8.1 |
Conditions to Each Party’s Obligations. |
51 |
| 8.2 |
Conditions to Obligations of BGHL. |
52 |
| 8.3 |
Conditions to Obligations of Perception. |
54 |
| 8.4 |
Frustration of Conditions. |
55 |
| Article IX TERMINATION
AND EXPENSES |
56 |
| 9.1 |
Termination. |
56 |
| 9.2 |
Effect of Termination. |
57 |
| 9.3 |
Fees and Expenses. |
57 |
| Article X WAIVERS
AND RELEASES |
58 |
| 10.1 |
Waiver of Claims Against Trust. |
58 |
| Article XI MISCELLANEOUS |
59 |
| 11.1 |
Notices. |
59 |
| 11.2 |
Binding Effect; Assignment. |
59 |
| 11.3 |
Third Parties. |
59 |
| 11.4 |
Governing Law; Venue. |
60 |
| 11.5 |
WAIVER OF JURY TRIAL. |
60 |
| 11.6 |
Specific Performance. |
60 |
| 11.7 |
Severability. |
61 |
| 11.8 |
Amendment. |
61 |
| 11.9 |
Waiver. |
61 |
| 11.10 |
Entire Agreement. |
61 |
| 11.11 |
Interpretation. |
62 |
| 11.12 |
Counterparts. |
62 |
| 11.13 |
Non-Survival of Representations, Warranties. |
62 |
| Article XII
DEFINITIONS |
63 |
| 12.1 |
Certain Definitions. |
63 |
| Exhibits |
|
| Exhibit A – Form of Sponsor Support Agreement |
|
| Exhibit B – Form of FGR Support Agreement |
|
| Exhibit C – Form of Registration Rights Agreement |
|
| Exhibit D – Form of Lock-Up Agreement |
|
BUSINESS
COMBINATION AGREEMENT
This
Business Combination Agreement (this “Agreement”) among (i) Blue Gold Limited, a Cayman Islands exempted company
limited by shares (“PubCo”), (ii) RCF Acquisition Corp., a Cayman Islands exempted company limited
by shares whose name prior to Closing will be changed to “Perception Capital Corp. IV” (“Perception”),
(iii) Blue Gold Holdings Limited, a private company limited by shares formed under the laws of England and Wales (“BGHL”),
is dated December 5, 2023 (the “Signing Date”). PubCo, Perception, and BGHL, are sometimes referred to individually
as a “Party” and collectively, as the “Parties”.
RECITALS
A.
BGHL was created to enter into the business of developing, financing, licensing, and operating gold mines in Ghana and elsewhere.
B.
Future Global Resources Limited, a private limited liability company incorporated under the laws of England and Wales (“FGR”),
is the registered owner of all of the issued and outstanding shares of capital stock of BGHL as nominee and on trust (with no beneficial
interest) for beneficiaries pursuant to that certain Trust Agreement dated (the “FGR Trust Agreement”).
C.
Perception is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase,
reorganization, or similar business combination with one or more businesses and formed PubCo for the purposes of effecting a series of
business combination transactions (the contemplated transactions as described herein, collectively, the “Business Combination”).
D.
Following the Signing Date and before the date that the Exchange is effective (the “Exchange Effective Time”)
and the Merger Effective Time, PubCo shall create a wholly owned subsidiary (“Merger Sub”) for the purpose
of effecting the Merger.
E.
By March 31, 2024 (the “Operation Date”), BGHL will enter into the agreements (the “Operations
Agreements”) described on Schedule A (the “Operations Schedule”).
F.
On the Exchange Effective Date, BGHL and PubCo shall consummate the Exchange, under which PubCo will purchase all of the issued and outstanding
shares of BGHL in exchange for issuing to FGR a number of PubCo Ordinary Shares, following which BGHL shall continue as a wholly owned
subsidiary of PubCo.
G.
On the Merger Effective Date, Perception and Merger Sub shall consummate the Merger, under which Merger Sub shall be merged with and
into Perception, following which the separate corporate existence of Merger Sub shall cease and Perception shall continue as the surviving
entity and wholly owned subsidiary of PubCo.
H.
Each Party intends for U.S. federal income (and applicable U.S. state and local) Tax purposes, that (i) the Merger qualify as part
of an integrated transaction that, taken together, constitutes a tax-deferred reorganization within the meaning of Section
368(a)[(2)(E) of the Code (as defined below) (the “Reorganization Intended Tax Treatment”) and (ii) that
this Agreement constitute, and is adopted as, a “plan of reorganization” within the meaning of Treasury Regulations
Sections 1.368-2(g)(i) and (ii) (items (i)-(ii), collectively, the “Intended Tax Treatment”).
I.
The board of directors (or applicable governing body) of each Party has (i) determined that this Agreement and the Business Combination
are fair, advisable and in the best interest of such company and its shareholders, (ii) approved this Business Combination, upon the
terms and subject to the conditions set forth in this Agreement, and (iii) as applicable, determined to recommend to its shareholders
the approval and adoption of the Business Combination, this Agreement and the contemplated transactions.
J.
Certain capitalized terms used are defined in Article XII.
NOW,
THEREFORE, in consideration of the premises set forth above and the representations, warranties, covenants, and agreements contained
in this Agreement, the Parties agree as follows:
Article
I
Contemplated Transactions
1.1 Operations
Agreements. By the Operation Date, BGHL shall form a wholly owned subsidiary (“OpCo”) and cause OpCo
to enter into the Operations Agreements.
1.2
Exchange.
(a)
Upon the terms and subject to the conditions set forth in this Agreement, prior to the Merger, FGR shall deliver to the Exchange
Agent a Share Exchange Agreement duly executed by FGR, surrender all of its original certificates for the BGHL Ordinary Shares, and
deliver such other documents reasonably requested by Perception and in exchange (the “Exchange”) PubCo
shall issue and cause the Exchange Agent to deliver to FGR the amount of PubCo Ordinary Shares with an aggregate value equal to in
the aggregate One Hundred Fourteen Million Five Hundred Thousand Dollars ($114,500,000.00) (the “Exchange
Consideration”), in accordance with the Companies Act (as revised) of the Cayman Islands (the “Cayman
Act”) and the Companies Act of the United Kingdom (the “UK Act”). As of the Effective Time,
upon receiving the Exchange Consideration, FGR shall cease to have any other rights in and to BGHL, and FGR shall be a shareholder
of PubCo and BGHL shall continue as a wholly owned Subsidiary of PubCo.
(b) No
Fractional Shares. Notwithstanding anything to the contrary contained herein, no fraction of an PubCo Ordinary Share will be
issued by virtue of the Exchange or the other Transactions, and each Person who would otherwise be entitled to a fraction of an
PubCo Ordinary Shares (after aggregating all fractional PubCo Ordinary Shares that otherwise would be received by such holder) shall
instead have the number of PubCo Ordinary Shares issued to such Person rounded down in the aggregate to the nearest whole PubCo
Ordinary Share.
(c) Share
Exchange Procedures
(i)
At least two (2) Business Days prior to the Closing, BGHL shall pass a resolution of the BGHL Board approving (subject to stamping) the
registration of the transfer of the shares from FGR to PubCo pursuant to the Exchange.
(ii) At or before the Effective Time, PubCo shall issue, and caused reflected on the books and records of PubCo, to FGR the number of PubCo
Ordinary Shares comprising the Exchange Consideration.
(d)
Pursuant to the FGR Trust Agreement, within 30 days following the Exchange Effective Time, FGR will transfer legal title of its
PubCo Ordinary Shares to the beneficiaries under the FGR Trust Agreement pursuant to and in accordance with that certain Trust Deed
dated as of the Signing Date. If such conditions are not met, the legal title to such PubCo Ordinary Shares shall not transfer and
FGR will, pursuant to the Trust Deed, continue to hold such PubCo Ordinary Shares in trust for six (6) months following the Exchange
Effective Time.
1.3 Merger. Prior to the Merger Effective Time, PubCo will form Merger Sub for the purpose of effecting the Merger. Subject to completion
or waiver of the closing conditions in accordance with Article IX, on the Merger Effective Date, Perception and Merger Sub shall,
in accordance with Cayman Act, this Agreement, and the Plan of Merger, consummate the Merger, under which Merger Sub shall be merged
with and into Perception, following which the separate corporate existence of Merger Sub shall cease and Perception shall continue as
the surviving entity and wholly owned subsidiary of PubCo (“New Perception”).
(a) Merger
Consideration. As consideration for the Merger, each Perception Ordinary Share will be exchanged for one PubCo Ordinary Share on
a one for one basis (the “Merger Consideration”).
(b) Merger
Effective Time. On the Merger Effective Date, Perception and Merger Sub shall execute and cause to be filed with the Registrar
of Companies of the Cayman Islands the plan of merger in a form to be agreed upon by the Parties (which shall, without limitation,
include the particulars required under the Cayman Act) (“Plan of Merger”) and such other documents as may
be required in accordance with the applicable provisions of the Cayman Act or by any other applicable Law to make the Merger
effective. The Merger shall become effective at the time when the Plan of Merger has been registered with the Registrar of Companies
of the Cayman Islands or at such later time as specified in the Plan of Merger and permitted by the Cayman Act as may be agreed by
Merger Sub and Perception in writing with the prior written consent of BGHL and specified in the Plan of Merger (such time, the
“Merger Effective Time”).
(c) Effect
of the Merger. At and after the Merger Effective Time, the effect of the Merger shall be as provided in this Agreement, the Plan
of Merger and the applicable provisions of the Cayman Act. Without limiting the generality of the foregoing, at the Merger Effective
Time, all the property, rights, privileges, agreements, powers and franchises, debts, Liabilities, duties and obligations of
Perception and Merger Sub shall vest in and become the property, rights, privileges, agreements, powers and franchises, debts,
Liabilities, duties and obligations of Perception as New Perception (including all rights and obligations with respect to the Trust
Account), which shall include the assumption by New Perception of any and all agreements, covenants, duties and obligations of
Perception and Merger Sub set forth in this Agreement, and any Ancillary Documents to which Perception or Merger Sub is a party, to
be performed after the Merger Effective Time.
(d)
Memorandum and Articles of Association. At the Merger Effective Time, the memorandum and articles of association of Perception,
as in effect immediately before the Merger Effective Time, shall be amended and restated substantially in a form to be agreed upon by
the Parties (the “A&R Articles of New Perception”) and, as so amended and restated, shall be the memorandum
and articles of association of the New Perception on and from the Merger Effective Time until amended in accordance with its provisions
and the Cayman Act.
(e)
Directors and Officers of New Perception. At the Merger Effective Time, the board of directors and executive officers of Perception
shall cease to hold office, and the board of directors and officers of New Perception shall be as determined by Perception, PubCo, and
BGHL and specified in the Plan of Merger, each to hold office in accordance with the A&R Articles of New Perception until their respective
successors are duly elected or appointed and qualified or their earlier death, resignation, or removal.
(f)
Effect of Merger on Merger Sub and Perception Securities. At the Merger Effective Time, by virtue of and in consideration for
the Merger and without any action (save as set out in this subsection (f)) on the part of any Party or the holders of securities
of Perception or Merger Sub:
(i)
Perception Ordinary Shares. Subject to subsections (a), (e)(ii), and (e)(iv), each (A) Perception Ordinary
Share issued and outstanding immediately before the Merger Effective Time shall be converted into the right to receive, one (1) newly
issued PubCo Ordinary Share and (B) each Perception Class B Ordinary Share issued and outstanding immediately before the Merger Effective
Time shall be converted into the right to receive, one (1) newly issued PubCo Ordinary Share. Following the steps described in the foregoing
subsection (A) and (B), all Perception Ordinary Shares shall cease to be outstanding and shall automatically be cancelled and shall cease
to exist. As of the Merger Effective Time, each Perception Shareholder shall cease to have any other rights in and to Perception except
as provided in this Agreement or by Law.
(ii)
Treasury Shares. Notwithstanding subsection (e)(i) or any other provision of this Agreement to the contrary, at the Merger
Effective Time, if there are any Perception Ordinary Shares that are owned by Perception as treasury shares or any Perception Ordinary
Shares owned by any direct or indirect Subsidiary of Perception immediately before the Merger Effective Time, such Perception Ordinary
Shares shall be cancelled and shall cease to exist without any conversion or payment.
(iii) Merger
Sub Share. Each Merger Sub Ordinary Share issued and outstanding immediately before the Merger Effective Time shall
automatically be converted into one (1) New Perception Ordinary Share, with the rights, powers and privileges given to such share by
the A&R Articles of New Perception and the Cayman Act and such New Perception Ordinary Share shall constitute the only
outstanding share of New Perception immediately following the Merger Effective Time. Immediately following the Merger Effective
Time, PubCo shall be the sole and exclusive owner of all shares of New Perception and the register of members of New Perception
shall be updated at the Merger Effective Time to reflect the foregoing.
(iv)
Perception Units. Each Unit consisting of one Perception Ordinary Share and one-half of one Perception Warrant shall, as of immediately
prior to the Merger Effective Time, automatically separate into its component securities and be converted into PubCo Ordinary Shares
or Warrants to purchase PubCo Ordinary Shares; provided, however, no fractional Warrants to purchase PubCo Ordinary Shares will
be issued and any fraction that remains after issuance of whole Warrants will expire worthless.
(v)
Exchange of Perception Warrants. Each whole Perception Warrant outstanding immediately before the Merger Effective Time shall
cease to be a warrant with respect to Perception Ordinary Shares and will be assumed by PubCo and converted into a PubCo Warrant. Each
PubCo Warrant shall continue to have and be subject to substantially the same terms and conditions as were applicable to such Perception
Warrant immediately before the Merger Effective Time (including any repurchase rights and cashless exercise provisions).
(g)
[RESERVED]
(h)
Surrender of Perception Securities and Disbursement of the Merger Consideration.
(i)
Before the Merger Effective Time, PubCo shall appoint the Exchange Agent, for the purpose of exchanging the Perception Ordinary Shares
(“Perception Certificates”). At or before the Merger Effective Time, PubCo shall deposit, or cause to be deposited,
with the Exchange Agent the sum of all PubCo Ordinary Shares receivable by Perception Shareholders under subsection (e) and the
ledger evidencing such PubCo Ordinary Share. At or before the Merger Effective Time, PubCo shall send, or shall cause the Exchange Agent
to send, to each Perception Shareholder, a letter of instruction or transmittal for use in such exchange, in the form collectively agreed
to by PubCo and Perception (which shall specify that the Merger Consideration shall only be delivered upon proper delivery of the Merger
Transmittal Documents (as defined below).
(ii)
Each Perception Shareholder shall be entitled to receive its portion of the Merger Consideration in respect of the Perception
Ordinary Shares represented by appropriate entries in respect of that Perception Shareholder on Perception's register of members as
in effect immediately before the Merger Effective Time and the Perception Certificate(s), as soon as reasonably practicable after
the Merger Effective Time, but subject to the delivery to the Exchange Agent of the following items (collectively, the
“Merger Transmittal Documents”): (i) the certificate(s) for its Perception Ordinary Shares (or a Lost
Certificate Affidavit), together with a properly completed and duly executed Letter of Transmittal and (ii) such other documents as
may be reasonably requested by the Exchange Agent or PubCo. Until so surrendered, each Perception Certificate shall represent after
the Merger Effective Time for all purposes only the right to receive such portion of the Merger Consideration attributable to the
Perception Ordinary Shares specified in such Perception Certificate and the corresponding entries on Perception’s register of
members as in effect immediately before the Merger Effective Time. Notwithstanding any other provision of this subsection
(h), any obligation on PubCo under this Agreement to issue PubCo Ordinary Shares to Perception Shareholders entitled to receive
PubCo Ordinary Shares shall be satisfied by PubCo issuing such PubCo Ordinary Shares to DTC or to such other clearing service or
issuer of depositary receipts (or their nominees, in either case) as may be necessary or expedient, and each Perception Shareholder
shall hold such PubCo Ordinary Shares in book-entry form or through a holding of depositary receipts and the DTC or its nominee or
the relevant clearing service or issuer of depositary receipts (or their nominees, as the case may be), will be the holder of record
of such PubCo Ordinary Shares.
(iii)
If any portion of the Merger Consideration is to be delivered or issued to a Person other than the Person in whose name the
surrendered Perception Certificate is issued immediately before the Merger Effective Time, it shall be a condition to such delivery
that (A) the transfer of such Perception Ordinary Shares shall have been permitted in accordance with the terms of
Perception’s Organizational Documents and any shareholders’ agreement with respect to Perception, each as in effect
immediately before the Merger Effective Time, (B) such Perception Certificate shall be properly endorsed or shall otherwise be in
proper form for transfer and, (C) the recipient of such portion of the Merger Consideration, or the Person in whose name such
portion of the Merger Consideration is delivered or issued, shall have already executed and delivered, if applicable, counterparts
to a Lock-Up Agreement (as defined below), and such other Merger Transmittal Documents as are reasonably deemed necessary by the
Exchange Agent or PubCo and (D) the Person requesting such delivery shall pay to the Exchange Agent any transfer or other Taxes
required as a result of such delivery to a Person other than the registered holder of the applicable Perception Ordinary Shares or
establish to the satisfaction of the Exchange Agent that such Tax has been paid or is not payable.
(iv)
Notwithstanding anything to the contrary, if any Perception Certificate shall have been lost, stolen or destroyed, in lieu of delivery
of a Perception Certificate to the Exchange Agent, the Perception Shareholder may instead deliver to the Exchange Agent a Lost Certificate
Affidavit, which at the reasonable discretion of PubCo may include a requirement that the owner of such lost, stolen or destroyed Perception
Certificate deliver a bond in such sum as it may reasonably direct as indemnity against any claim that may be made against PubCo or New
Perception with respect to the Perception Certificates alleged to have been lost, stolen or destroyed. Any Lost Certificate Affidavit
properly delivered in accordance with this subsection (h) shall be treated as a Perception Certificate for all purposes of this
Agreement.
(v)
After the Merger Effective Time, there shall be no further registration of transfers of Perception Ordinary Shares. If, after the
Merger Effective Time, Perception Certificates are presented to New Perception or the Exchange Agent, they shall be cancelled and
exchanged for the applicable portion of the Merger Consideration provided for, and in accordance with the procedures set forth in
this subsection (h)(v). No dividends or other distributions declared or made after the date of this Agreement with respect to
PubCo Ordinary Shares with a record date after the Merger Effective Time will be paid to the holders of any Perception Certificates
that have not yet been surrendered with respect to PubCo Ordinary Shares to be issued upon surrender until the holders of record of
such Perception Certificates shall surrender such certificates (or provide a Lost Certificate Affidavit), if applicable, and provide
the other Merger Transmittal Documents. Subject to applicable Law, following surrender of any such Perception Certificates (or
delivery of a Lost Certificate Affidavit), if applicable, and delivery of the other Merger Transmittal Documents, PubCo shall
promptly deliver to the record holders, without interest, the certificates representing PubCo Ordinary Shares issued in exchange and
the amount of any such dividends or other distributions with a record date after the Merger Effective Time paid with respect to such
PubCo Ordinary Shares.
(vi)
All securities issued in exchange of Perception Ordinary Shares and the surrender of Perception Certificates in accordance with the terms
shall be deemed to have been issued in full satisfaction of all rights pertaining to such Perception Ordinary Shares. Any portion of
the Merger Consideration made available to the Exchange Agent under subsection (h)(i) that remains unclaimed by Perception Shareholders
two (2) years after the Merger Effective Time shall be returned to PubCo, upon demand, and any such Perception Shareholder who has not
claimed its applicable portion of the Merger Consideration in accordance with this Section before that time shall look only to
PubCo for such portion of the Merger Consideration without any interest (but with any paid dividends). Notwithstanding the foregoing,
none of New Perception or any Party shall be liable to any Person for any amount properly paid to a public official under any applicable
abandoned property, escheat or similar law.
(vii)
Notwithstanding anything to the contrary, no fraction of a PubCo Ordinary Share will be issued by virtue of the Merger or the contemplated
transactions, and each Person who would otherwise be entitled to a fraction of a PubCo Ordinary Share (after aggregating all fractional
PubCo Ordinary Shares that otherwise would be received by such holder) shall instead have the number of PubCo Ordinary Shares issued
to such Person rounded down in the aggregate to the nearest whole number of PubCo Ordinary Shares.
(i)
Taking of Necessary Action; Further Action. If, at any time after the Merger Effective Time, any further action is necessary or
desirable to carry out the transactions contemplated by this Agreement and to vest New Perception with full right, title and possession
to all assets, property, rights, privileges, powers and franchises of Merger Sub and Perception, the officers and directors of the Merger
Sub and Perception are fully authorized in the name of their respective corporations or otherwise to take, and will take, all such lawful
and necessary action, so long as such action is not inconsistent with this Agreement, its Organizational Documents or any applicable
Law.
1.4 Taking
of Necessary Action; Further Action. If, at any time after the Exchange Effective Time or Merger Effective Time, any further
action is necessary or desirable to carry out the purposes of this Agreement, the officers and directors of the BGHL, Perception,
and PubCo are fully authorized in the name of their respective corporations or otherwise to take, and will take, all such lawful and
necessary action, so long as such action is not inconsistent with this Agreement.
Article
II
[RESERVED]
Article
III
CLOSING
3.1
Closing. Subject to the satisfaction or waiver of the conditions set forth in Article VIII, the consummation of the Contemplated
Transactions (the “Closing”) shall take place at such place (including remotely) and time to be agreed upon
by BGHL and Perception (such time, the “Closing Date”).
Article
IV
REPRESENTATIONS AND WARRANTIES OF BGHL
Except
as required by this Agreement or as set forth in the disclosure schedules delivered by BGHL to Perception on the date of this Agreement
(as supplemented by the Supplemental Schedules, the “BGHL Disclosure Schedules”), the section numbers of which
are numbered to correspond to the section numbers of this agreement to which they refer, BGHL represents and warrants to Perception,
as of the Signing Date and as of the closing, as follows:
4.1
Organization and Standing. BGHL is a company limited by shares duly incorporated, validly existing and in good standing under
the laws of England and Wales and has all requisite corporate power and authority to own, lease and operate its properties and to carry
on its business as now being conducted. BGHL has provided to Perception accurate and complete copies of its Organizational Documents
and the Organizational Documents of BGHL, as amended to date and as currently in effect. A correct and complete list of the directors
and officers of BGHL is set forth on Schedule 4.1. Except as set forth in Schedule 4.1, no Person has any right to designate
any director or officer of BGHL. No Target Company is in violation of any material provision of its Organizational Documents.
4.2 Authorization;
Binding Agreement. BGHL has all requisite corporate 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 BGHL’s obligations and to consummate the Contemplated
Transactions, subject to obtaining the BGHL Shareholders’ Approval. The execution and delivery of this Agreement and each
Ancillary Document to which BGHL is or is required to be a party and the consummation of the Contemplated Transactions, (a) have
been duly and validly authorized by BGHL’s board of directors in accordance with BGHL’s Organizational Documents,
applicable Law or any Contract to which BGHL or any of BGHL Shareholders is a party or by which it or its securities are bound and
(b) other than the BGHL Shareholders’ Approval no other corporate proceedings on the part of BGHL are necessary to authorize
the execution and delivery of this Agreement and each Ancillary Document to which it is a party or to consummate the Contemplated
Transactions. This Agreement and each Ancillary Document to which BGHL is or is required to be a party, when delivered, duly and
validly executed and delivered by BGHL and assuming the due authorization, execution and delivery of this Agreement and any such
Ancillary Document by the other parties constitutes, or when delivered will constitute, the legal, valid and binding obligation of
BGHL, enforceable against BGHL in accordance with its terms, except to the extent that enforceability may be limited by applicable
bankruptcy, insolvency, reorganization and moratorium laws and other laws of general application affecting the enforcement of
creditors’ rights generally and subject, as to enforceability, to general principles of equity (collectively, the
“Enforceability Exceptions”).
4.3
Capitalization. As of the Signing Date:
(a)
BGHL’s share capital is $100 divided into 100,000,000 shares, each with a nominal value of $0.00000000001. Besides the foregoing,
there are no other series or class of BGHL Stock (including preferred stock), or other warrants, options or rights entitling any other
Person to BGHL Stock. Before giving effect to the transactions contemplated by this Agreement, all of the issued and outstanding BGHL
Stock and other equity interests of BGHL are set forth on Schedule 4.3(a), along with the record owners, all of which shares and other
equity interests are owned free and clear of any Liens other than those imposed under the BGHL Charter. All of the outstanding shares
and other equity interests of BGHL have been duly authorized, are fully paid and non-assessable and not in violation of any purchase
option, right of first refusal or first offer, preemptive right, subscription right or any similar right under any provision of applicable
Law, BGHL’s Organizational Documents or any Contract to which BGHL is a party or by which it or its securities are bound. BGHL
holds no shares or other equity interests of BGHL in its treasury. None of the outstanding shares or other equity interests of BGHL were
issued in violation of any applicable securities Laws.
(b)
There are no BGHL Convertible Securities, or preemptive rights or rights of first refusal or first offer, nor are there any Contracts,
commitments, arrangements or restrictions to which BGHL or, to the Knowledge of BGHL, any of its Shareholders is a party or bound relating
to any equity securities of BGHL, whether or not outstanding. There are no outstanding or authorized equity appreciation, phantom equity
or similar rights with respect to BGHL. Except as set forth on Schedule 4.3(b), there are no voting trusts, proxies, shareholder
agreements or any other agreements or understandings with respect to the voting of BGHL’s equity interests. Except as set forth
in BGHL’s Organizational Documents, there are no outstanding contractual obligations of BGHL to repurchase, redeem or otherwise
acquire any equity interests or securities of BGHL, nor has BGHL granted any registration rights to any Person with respect to BGHL’s
equity securities. All of BGHL’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 BGHL are issuable and
no rights in connection with any interests, warrants, rights, options or other securities of BGHL accelerate or otherwise become triggered
(whether as to vesting, exercisability, convertibility or otherwise).
(c)
Since its formation, BGHL has not declared or paid any distribution or dividend in respect of its equity interests and has not repurchased,
redeemed or otherwise acquired any equity interests of BGHL, and the board of directors of BGHL has not authorized any of the foregoing.
4.4
Subsidiaries. Schedule 4.4 sets forth the name of each Subsidiary of BGHL, and with respect to each Subsidiary of BGHL
(a) its jurisdiction of organization, (b) its authorized shares or other equity interests (if applicable), (c) the number of issued and
outstanding shares or other equity interests and the record holders and beneficial owners, (d) its Tax classification for U.S. federal
income and other applicable Tax laws, if any, and (e) any limitation on the ability of BGHL to exercise voting control of its Subsidiary,
if any. All of the outstanding equity securities of each Subsidiary of BGHL are duly authorized and validly issued, fully paid and non-assessable
(if applicable), and were offered, sold and delivered in compliance with all applicable securities Laws, and are owned by BGHL free and
clear of all Liens. There are no Contracts to which BGHL or any of its Affiliates is a party or bound with respect to the voting (including
voting trusts or proxies) of the equity interests of any Subsidiary of BGHL other than the Organizational Documents of any such Subsidiary,
and consummating the transactions contemplated by this Agreement will not result in a change in control or otherwise give rights to any
equity holder in any BGHL’s Subsidiary. There are no outstanding or authorized options, warrants, rights, agreements, subscriptions,
convertible securities or commitments to which any Subsidiary of BGHL is a party, or which are binding upon any Subsidiary of BGHL providing
for the issuance or redemption of any equity interests of any Subsidiary of BGHL. BGHL owns all of the outstanding equity securities
of its Subsidiaries directly free and clear of all Liens. There is no outstanding equity appreciation, phantom equity, profit participation
or similar rights granted by any Subsidiary of BGHL. No Subsidiary of BGHL has any limitation, whether by Contract, Order or applicable
Law, on its ability to make any distributions or dividends to its equity holders or repay any debt owed to another Target Company. Except
for the equity interests of BGHL’s Subsidiaries listed on Schedule 4.4, no Target Company owns or has the right to acquire,
directly or indirectly, any equity interests of, or otherwise Control, any Person. Except as set forth on Schedule 4.4, neither
BGHL nor its Subsidiaries is a participant in any joint venture, partnership or similar arrangement. There are no outstanding contractual
obligations of BGHL or its Subsidiaries to provide funds to, or make any investment (in the form of a loan, capital contribution or otherwise)
in, any other Person.
4.5
Governmental Approvals; Consent. Except as otherwise described in Schedule 4.5, no Consent of or with any Governmental
Authority or any other notice, approval, consent, waiver or authorization from any Governmental Authority on the part of any Target Company
is required to be obtained or made, nor are any novation agreements required to be entered into with any Governmental Authority relating
to any material government contract or otherwise, in connection with the execution, delivery or performance by BGHL of this Agreement
or any Ancillary Documents or the consummation by BGHL of the contemplated transactions other than such filings as are expressly contemplated
by this Agreement.
4.6 Non-Contravention.
The execution and delivery by BGHL (or any other Target Company, as applicable) of this Agreement and each Ancillary Document to
which any Target Company is or is required to be a party or otherwise bound, and the consummation by any Target Company of the
transactions contemplated transactions and compliance by any Target Company, will not (a) conflict with or violate any provision of
any Target Company’s Organizational Documents, (b) conflict with or violate any Law, Order or Consent applicable to any Target
Company or any of its properties or assets, or (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 any Target Company 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) result in the creation of any Lien upon any of the properties or assets of any Target Company under, (viii) give rise
to any obligation to obtain any third party Consent or provide any notice to any Person or (ix) 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 BGHL Material Contract. BGHL has no reason to believe that all required consents will not be obtained in a timely
manner and as described on Schedule 4.6.
4.7
Financials.
(a)
All the financial books and records of the Target Companies are complete and accurate in all material respects and have been maintained
in the ordinary course consistent with past practice and in accordance with applicable Laws. No Target Company has been subject to or
involved in any material fraud that involves management or other employees who have a significant role in the internal controls over
financial reporting of any Target Company. No Target Company or any of its Representatives has ever received any written complaint or
claim regarding the accounting or auditing practices, procedures, methodologies or methods of any Target Company or its internal accounting
controls, including any material written complaint or claim that any Target Company has engaged in questionable accounting or auditing
practices.
(b)
The Target Companies do not have any Indebtedness other than the Indebtedness set forth on Schedule 4.7(c), which schedule sets
forth the amounts (including principal and any accrued but unpaid interest or other obligations) and maturity date with respect to such
Indebtedness. Except as disclosed on Schedule 4.7(c), no Indebtedness of any Target Company contains any restriction upon (i)
the prepayment of any of such Indebtedness, (ii) the incurrence of Indebtedness by any Target Company, or (iii) the ability of the Target
Companies to grant any Lien on their respective properties or assets.
(c)
All financial projections with respect to the Target Companies that were delivered by or on behalf of BGHL to PubCo or its Representatives
were prepared in good faith using assumptions that BGHL believes to be reasonable.
(d)
None of the members of BGHL’s management or board of directors has been made aware in writing of (i) any fraud that involves BGHL’s
management who have a role in the preparation of financial statements or the internal accounting controls utilized by BGHL or (ii) any
allegation, assertion or claim that BGHL has engaged in any material questionable accounting or auditing practices which violate applicable
Law. Since January 1, 2023, no attorney representing BGHL, whether or not employed by BGHL, has reported evidence of a material violation
of securities Laws, breach of fiduciary duty or similar material violation by BGHL to BGHL Board or any committee or to any director
or officer of BGHL.
4.8
Absence of Certain Changes. Except as set forth on Schedule 4.8, since formation, each Target Company has (a) conducted
its business only in the ordinary course of business consistent with past practice and (b) not been subject to a Material Adverse Effect.
4.9
Compliance with Laws. No Target Company is or has been in material conflict or material non-compliance with, or in material default
or violation of, nor has any Target Company received, since January 1, 2023 any written of any material conflict or non-compliance with,
or material default or violation of, any applicable Laws by which it or any of its properties, assets, officers or directors, employees
or consultants, business or operations are or were bound or affected.
4.10
BGHL Permits. Each of the Target Companies holds all Permits necessary to lawfully conduct in all material respects its business
as presently conducted and as currently contemplated to be conducted, and to own, lease and operate its businesses, assets, properties
and perform its obligations (collectively, the “BGHL Permits”). All of BGHL Permits are in full force and effect.
There are no Actions pending that would result in the revocation, cancellation, limitation, restriction or termination of, or the imposition
of any material fine, material penalty or other material sanction for violation of any legal or regulatory requirements relating to,
any BGHL Permit. Each of the Target Companies is in compliance with all applicable BGHL Permits. None of the Target Companies is in violation
in any material respect of the terms of any BGHL Permit, and none of the Target Companies has received any written notice of any Actions
relating to the non-compliance, revocation, modification, cancellation, or termination of any BGHL Permit.
4.11
Litigation. There is no (a) Action of any nature currently pending or, to the Knowledge of BGHL, nor is there any reasonable basis
for any Action to be made (and no such Action has been brought in the past three (3) years); or (b) Order now pending or outstanding
or that was rendered by a Governmental Authority in the past three (3) years, in either case of (a) or (b) by, against or otherwise involving
any Target Company, its current or former directors, officers or securities holders (provided, that any litigation involving the directors,
officers or securities holders of a Target Company must be related to the Target Company’s business, securities or assets), its
business, securities or assets. In the past three (3) years, none of the current or former officers, senior management or directors of
any Target Company have been charged with, indicted for, arrested for, or convicted of any felony or any crime or been assessed any administrative
fines following an investigation by a Governmental Authority.
4.12
Material Contracts.
(a)
Schedule 4.12(a) sets forth a true, correct and complete list of, and BGHL has made available to Perception true, correct and
complete copies of, each Contract to which any Target Company is a party or by which any Target Company, or any of its properties or
assets are bound or affected (each Contract required to be set forth on Schedule 4.12(a), a “BGHL Material Contract”)
that:
(i)
contains covenants that limit the ability of any Target Company (A) to compete in any line of business or with any Person or
in any geographic area or to sell, or provide any service or product or solicit any Person, including any non-competition
covenants, employee and customer non-solicit covenants, exclusivity restrictions, rights of first refusal or most-favored pricing
clauses or (B) to purchase or acquire an interest in any other Person;
(ii)
involves any joint venture, strategic partnership, profit-sharing, partnership, limited liability BGHL or other similar agreement or
arrangement relating to the formation, creation, operation, management or control of any partnership or joint venture;
(iii)
involves any agreement relating to the supply of products or services to, the purchase of products or service for, or the performance
of services by or to any Target Company, in each instance, which are material to the business and operations of BGHL and Target Companies,
taken as a whole;
(iv)
involves any exchange traded, over the counter or other swap, cap, floor, collar, futures contract, forward contract, option or other
derivative financial instrument or Contract, based on any commodity, security, instrument, asset, rate or index of any kind or nature
whatsoever, whether tangible or intangible, including currencies, interest rates, foreign currency and indices;
(v)
under which BGHL or any of its Subsidiaries has (A) created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee)
Indebtedness, (B) granted a Lien on its assets, whether tangible or intangible, to secure any Indebtedness or (C) extended credit to
any Person (other than intercompany loans and advances and customer payment terms in the ordinary course of business), in each case in
the foregoing clauses (A) through (C), in an amount in excess of $100,000 of committed credit;
(vi)
involves the acquisition or disposition, directly or indirectly (by merger or otherwise), completed or ongoing, of any business, division,
properties, securities, interests, or assets with an aggregate value in excess of $250,000;
(vii)
to any merger, consolidation or other business combination with any other Person or the acquisition or disposition of any other entity
or its business or material assets or the sale of any Target Company, its business or material assets;
(viii)
by its terms, individually or with all related Contracts, calls for aggregate payments or receipts by the Target Companies under such
Contract or Contracts of at least $100,000 per year or $250,000 in the aggregate (including, but not limited to, engineering, procurement
and construction contracts, development, operation and maintenance agreements and other similar agreements);
(ix)
obligates the Target Company to provide continuing indemnification or a guarantee of obligations of a third party after the date in excess
of $100,000;
(x)
is between any Target Company and any directors, officers or employees of a Target Company (other than at-will employment
arrangements with employees entered into in the ordinary course of business consistent with past practice), including all
non-competition, severance and indemnification agreements, or any Related Person (as defined below);
(xi)
obligates the Target Company to make any capital commitment or expenditure or expected to generate revenue for the Target Company in
excess of $100,000 (including pursuant to any joint venture);
(xii)
relates to a material settlement entered into within three (3) years before the date of this Agreement or under which any Target Company
has outstanding obligations (other than customary confidentiality obligations);
(xiii)
with any Governmental Authority;
(xiv)
between any Target Company, on the one hand, and any of BGHL Shareholders, on the other hand;
(xv)
provides another Person (other than another Target Company or any manager, director or officer of any Target Company) with a power of
attorney;
(xvi)
relates to the development, ownership, licensing or use of any Intellectual Property by, to or from any Target Company;
(xvii)
that grants to any Person a right of first refusal, first offer, call option right, put option right, drag along right, pre-emptive right,
participation right, tag along right or similar preferential right to purchase or acquire equity interests in, or assets owned or otherwise
used by, any Target Company;
(xviii)
establishes any joint venture, profit-sharing, partnership, limited liability BGHL, strategic alliance or other similar agreement (including
any stockholders’ agreement), arrangement or collaboration, in each case, that is material to the business of any Target Company;
(xix)
that will be required to be filed with the Registration Statement under applicable SEC requirements or would otherwise be required to
be filed pursuant to Items 601(b)(1), (2), (4), (9) or (10) of Regulation S-K under the Securities Act as if BGHL was the registrant;
or
(xx)
is otherwise material to any Target Company and not described in clauses 5.12(a)(i) through 5.12(a)(xxi).
(b)
Except as disclosed in Schedule 4.12(b), with respect to each BGHL Material Contract: (i) such BGHL Material Contract is
valid and binding and enforceable in all respects against the Target Company party and is in full force and effect (except, in each
case, as such enforcement may be limited by the Enforceability Exceptions); (ii) the execution and delivery of this Agreement or the
consummation of the transactions contemplated by this Agreement will not affect the validity or enforceability of any BGHL Material
Contract, violate any provision of any BGHL Material Contract or require the Consent of any other party to any BGHL Material
Contract; (iii) no Target Company is in breach or default, and no event has occurred that with the passage of time or giving of
notice or both would constitute a breach or default by any Target Company, or permit termination or acceleration by the other party,
under such BGHL Material Contract; (iv) to the Knowledge of BGHL, no other party to such BGHL Material Contract is in breach or
default, 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 any Target Company, under such BGHL Material Contract; (v)
no Target Company has received any written claim of breach of or default under any BGHL Material Contract; (vi) no Target Company
has received written notice of an intention by any party to any such BGHL Material Contract to terminate or not renew such BGHL
Material Contract or amend the terms (other than modifications in the ordinary course of business); and (vii) no Target Company has
waived any rights under any such BGHL Material Contract.
4.13
Intellectual Property.
(a)
No Target Company has any: (i) U.S. and foreign registered Patents, Trademarks, Copyrights and Internet Assets and applications owned
or licensed by a Target Company or otherwise used or held for use by a Target Company in which a Target Company is the owner, applicant
or assignee (“BGHL Registered IP”), and (ii) unregistered Trademarks and Software owned or purported to be
owned by a Target Company. No Target Company is a party or subject to any Intellectual Property licenses, sublicenses and other agreements
or permissions (“BGHL IP Licenses”) (other than “shrink wrap,” “click wrap,” and “off
the shelf” software agreements and other agreements for Software commercially available on reasonable terms to the public generally
(collectively, “Off-the-Shelf Software”), which are not required to be listed, although such licenses are “BGHL
IP Licenses” as that term is used), under which a Target Company is a licensee or otherwise is authorized to use or practice any
Intellectual Property. Each Target Company owns, free and clear of all Liens (other than Permitted Liens), has valid and enforceable
rights in, and has the unrestricted right to use, sell, license, transfer or assign, all Intellectual Property currently used, licensed
or held for use by such Target Company, except for the Intellectual Property that is the subject of BGHL IP Licenses.
(b)
Each Target Company has a written license to use all Intellectual Property that is the subject of BGHL IP Licenses applicable to
such Target Company. BGHL IP Licenses include all of the licenses, sublicenses and other agreements or permissions necessary to
operate the Target Companies as presently conducted. Each Target Company has performed all material obligations imposed on it in
BGHL IP Licenses, has made all payments required to date, and such Target Company is not, nor, to the Knowledge of BGHL, is any
other party in breach or default, nor has any event occurred that with notice or lapse of time or both would constitute a default.
The continued use by the Target Companies of the Intellectual Property that is the subject of BGHL IP Licenses in the same manner
that it is currently being used is not restricted by any applicable license of any Target Company. All registrations for Copyrights,
Patents, Trademarks and Internet Assets that are owned by any Target Company are valid, in force and in good standing with all
required fees and maintenance fees having been paid with no Actions pending, and all applications to register any Copyrights,
Patents and Trademarks are pending and in good standing, all without challenge of any kind. No Target Company is party to any
Contract that requires a Target Company to assign to any Person all of its rights in any Intellectual Property developed by a Target
Company under such Contract.
(c)
No Target Company is a party to any licenses, sublicenses and other agreements or permissions under which a Target Company is the licensor
of Intellectual Property.
(d)
No Action is pending against a Target Company that challenges the validity, enforceability, ownership, or right to use, sell, license
or sublicense, or that otherwise relates to, any Intellectual Property currently owned, licensed, used or held for use by the Target
Companies, nor, to the Knowledge of BGHL, is there any reasonable basis for any such Action. No Target Company has received any written
notice or claim asserting or suggesting 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 any Target
Company, nor to the Knowledge of BGHL is there a reasonable basis. There are no Orders to which any Target Company is a party or its
otherwise bound that (i) restrict the rights of a Target Company to use, transfer, license or enforce any Intellectual Property owned
by a Target Company, (ii) restrict the conduct of the business of a Target Company in order to accommodate a third Person’s Intellectual
Property, or (iii) other than the Outbound IP Licenses, grant any third Person any right with respect to any Intellectual Property owned
by a Target Company. To the knowledge of BGHL, no Target Company is currently infringing, or has, in the past, infringed, misappropriated
or violated any Intellectual Property of any other Person in any material respect in connection with the ownership, use or license of
any Intellectual Property owned or purported to be owned by a Target Company or, to the Knowledge of BGHL, otherwise in connection with
the conduct of the respective businesses of the Target Companies. To BGHL’s Knowledge, no third party is currently, infringing
upon, misappropriating or otherwise violating any Intellectual Property owned, licensed by, licensed to, or otherwise used or held for
use by any Target Company (“BGHL IP”) in any material respect.
(e)
No current or former officers, employees or independent contractors of a Target Company have claimed any ownership interest in any Intellectual
Property owned by a Target Company. To the Knowledge of BGHL, there has been no violation of a Target Company’s policies or practices
related to protection of BGHL IP or any confidentiality or nondisclosure Contract relating to the Intellectual Property owned by a Target
Company. BGHL has made available to Perception true and complete copies of all written Contracts referenced in subsections under which
employees and independent contractors assigned their Intellectual Property to a Target Company. To BGHL’s Knowledge, none of the
employees of any Target Company is obligated under any Contract, or subject to any Order, that would materially interfere with the use
of such employee’s best efforts to promote the interests of the Target Companies, or that would materially conflict with the business
of any Target Company as presently conducted or contemplated to be conducted. Each Target Company has taken reasonable security measures
in its industry to protect the secrecy, confidentiality and value of the material BGHL IP.
(f)
To the Knowledge of BGHL, no Person has obtained unauthorized access to third party information and data (including personally
identifiable information) in the possession of a Target Company, nor has there been any other material compromise of the security,
confidentiality or integrity of such information or data, and no written complaint relating to an improper use or disclosure of, or
a breach in the security of, any such information or data has been received by a Target Company. Each Target Company has complied in
all material respects with all applicable Laws and Contract requirements relating to privacy, personal data protection, and the
collection, processing and use of personal information and its own privacy policies and guidelines. The operation of the business of
the Target Companies has not and does not violate any right to privacy or publicity of any third person, or constitute unfair
competition or trade practices under applicable Law.
(g)
Except as set forth in Schedule 4.13(g), the consummation of any of the transactions contemplated by this Agreement will not result
in the material breach, material modification, cancellation, termination, suspension of, or acceleration of any payments with respect
to, or release of source code because of (i) any Contract providing for the license or other use of Intellectual Property owned by a
Target Company, or (ii) any BGHL IP License. Following the Closing, BGHL shall be permitted to exercise, directly or indirectly through
its Subsidiaries, all of the Target Companies’ rights under such Contracts or BGHL IP Licenses to the same extent that the Target
Companies would have been able to exercise had the transactions contemplated by this Agreement not occurred, without the payment of any
additional amounts or consideration other than ongoing fees, royalties or payments which the Target Companies would otherwise be required
to pay in the absence of such transactions.
4.14
Taxes and Returns.
(a)
Each Target Company has timely filed, or caused to be timely filed, all Tax Returns required to be filed by it (taking into account all
available extensions), which Tax Returns are true, accurate, correct and complete in all material respects, and has paid, collected or
withheld, or caused to be paid, collected or withheld, all Taxes required to be paid, collected or withheld, regardless of whether shown
on a Tax Return. Each Target Company has complied with all applicable Laws relating to Tax.
(b)
There is no Action currently pending against a Target Company by a Governmental Authority in a jurisdiction where the Target Company
does not file Tax Returns that it is or may be subject to taxation by that jurisdiction.
(c)
No Target Company is being audited by any Governmental Authority or has been notified in writing by any Governmental Authority that any
such audit is contemplated or pending. There are no claims, assessments, audits, examinations, investigations or other Actions pending
against a Target Company in respect of any Tax, and no Target Company has been notified in writing of any proposed Tax claims or assessments
against it.
(d)
There are no Liens with respect to any Taxes upon any Target Company’s assets, other than Permitted Liens.
(e)
Each Target Company has collected or withheld all Taxes currently required to be collected or withheld by it, and all such Taxes have
been paid to the appropriate Governmental Authorities or set aside in appropriate accounts for future payment when due.
(f)
No Target Company has any outstanding waivers or extensions of any applicable statute of limitations to assess any amount of Taxes.
There are no outstanding requests by a Target Company for any extension of time within which to file any Tax Return or within which to
pay any Taxes shown to be due on any Tax Return.
(g)
No Target Company has made any change in accounting method (except as required by a change in Law) or received a ruling from, or signed
an agreement with, any Governmental Authority that would reasonably be expected to have a material impact on its Taxes following the
Closing.
(h)
No Target Company has participated in, or sold, distributed or otherwise promoted, any “reportable transaction,” as defined
in U.S. Treasury Regulation Section 1.6011-4.
(i)
No Target Company has any Liability or potential Liability for the Taxes of another Person (other than another Target Company) that are
not adequately reflected in BGHL Financials (i) under any applicable Tax law, (ii) as a transferee or successor, or (iii) by contract,
indemnity or otherwise (excluding commercial agreements entered into in the ordinary course of business the primary purpose of which
is not the sharing of Taxes). No Target Company is a party to or bound by any Tax indemnity agreement, Tax sharing agreement or Tax allocation
agreement or similar agreement, arrangement or practice (excluding commercial agreements entered into in the ordinary course of business
the primary purpose of which is not the sharing of Taxes) with respect to Taxes (including advance pricing agreement, closing agreement
or other agreement relating to Taxes with any Governmental Authority) that will be binding on any Target Company with respect to any
period following the Closing Date.
(j)
No Target Company has requested, or is 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 outstanding.
(k)
No Target Company has within the last two (2) years distributed stock of another person, or had its stock distributed by another person,
in a transaction that was purported or intended to be governed in whole or in part by Section 355 or Section 361 of the Code.
(l)
No Target Company will 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) ending after the Closing Date as a result of any (i) change in method of
accounting for a taxable period or portion ending on or before the Closing Date under Section 481(c) of the Code (or any
corresponding or similar provision of state, local or non-U.S. income Tax law), (ii) “closing agreement” as described in
Section 7121 of the Code (or any corresponding or similar provision of U.S. state or local or non-U.S. income Tax law) executed on
or before the Closing Date, (iii) installment sale or open transaction disposition made on or before the Closing Date, (iv) prepaid
amount received or deferred revenue accrued on or before the Closing Date, (v) intercompany transaction or excess loss account
described in Treasury Regulations under Section 1502 of the Code (or any corresponding or similar provision of state, local or
non-U.S. income Tax law) in existence on or before the Closing Date, (vi) any use of an improper method of accounting use for any
tax period or portion ending or ended on or before the Closing Date, or (vii) income arising or accruing before the Closing and
includable after the Closing under Subchapter K, Section 951, 951A or 956 of the Code. Each Target Company is not and shall not be
required to include any amount in income or pay any installment of any “net tax liability” or other Tax pursuant to
Section 965 of the Code. No Target Company has deferred the payment of any payroll Taxes under any applicable Laws the due date for
the original payment of which was at or before the Closing Date to a date after the Closing Date.
(m)
No Target Company has taken or agreed to take any action not contemplated by this Agreement or any Ancillary Document that would reasonably
be expected to prevent the Business Combination from qualifying for the Intended Tax Treatment.
4.15
Real Property. Schedule 4.15 contains a complete and accurate list of all premises, if any, currently leased or subleased
or otherwise used or occupied by a Target Company for the operation of the business of a Target Company, and of all current leases, lease
guarantees, agreements and related documents, including all amendments, terminations and modifications or waivers (collectively, the
“BGHL Real Property Leases”). BGHL has provided to Perception a true and complete copy of each of BGHL Real
Property Leases. BGHL Real Property Leases are valid, binding and enforceable in accordance with their terms and are in full force and
effect. To the Knowledge of BGHL, no event has occurred which (whether with or without notice, lapse of time or both or the happening
or occurrence of any other event) would constitute a default on the part of a Target Company or any other party under any of BGHL Real
Property Leases, and no Target Company has received notice of any such condition.
4.16
Personal Property. Each item of Personal Property which is currently owned, used or leased by a Target Company with a book value
or fair market value of greater than Two Hundred Fifty Thousand Dollars ($250,000) is set forth on Schedule 4.16, along with,
to the extent applicable, a list of lease agreements, lease guarantees, security agreements and other agreements related, including all
amendments, terminations and modifications or waivers (“BGHL Personal Property Leases”). Except as set forth
in Schedule 4.16, all such items of Personal Property are in good operating condition and repair (reasonable wear and tear excepted
consistent with the age of such items), and are suitable for their intended use in the business of the Target Companies. The operation
of each Target Company’s business as it is now conducted or presently proposed to be conducted is not dependent upon the right
to use the Personal Property of Persons other than a Target Company, except for such Personal Property that is owned, leased or licensed
by or otherwise contracted to a Target Company. BGHL has provided to PubCo a true and complete copy of each of BGHL Personal Property
Leases, and in the case of any oral BGHL Personal Property Lease, a written summary of the material terms of such BGHL Personal Property
Lease. BGHL Personal Property Leases are valid, binding and enforceable in accordance with their terms and are in full force and effect.
To the Knowledge of BGHL, no event has occurred which (whether with or without notice, lapse of time or both or the happening or occurrence
of any other event) would constitute a default on the part of a Target Company or any other party under any of BGHL Personal Property
Leases, and no Target Company has received notice of any such condition.
4.17
Title to and Sufficiency of Assets. Each Target Company has good and marketable title to, or a valid leasehold interest in or
right to use, all of its assets (whether tangible or intangible), free and clear of all Liens other than (a) Permitted Liens, (b) the
rights of lessors under leasehold interests, (c) Liens specifically identified on the balance sheet as of the Interim Balance Sheet Date
included in BGHL Financials and (d) Liens set forth on Schedule 4.17. The assets (including Intellectual Property rights and contractual
rights) of the Target Companies constitute all of the assets, rights and properties that are used in the operation of the businesses
of the Target Companies as it is now conducted.
4.18
Employee Matters.
(a)
Except as set forth in Schedule 4.18(a), no Target Company is a party to any collective bargaining agreement or other Contract
covering any group of employees, labor organization or other representative of any of the employees of any Target Company, and BGHL has
no Knowledge of any activities or proceedings of any labor union or other party to organize or represent such employees. Schedule
4.18(a) sets forth all unresolved labor controversies (including unresolved grievances and age or other discrimination claims), if
any, that are pending between any Target Company and Persons employed by or providing services as independent contractors to a Target
Company in the past three (3) years. No current officer or employee of a Target Company has provided any Target Company written notice
of his or her plan to terminate his or her employment with any Target Company or go on leave of absence.
(b)
Except as set forth in Schedule 4.18(b), each Target Company (i) is and has been in compliance in all material respects with all
applicable Laws respecting employment and employment practices, terms and conditions of employment, health and safety and wages and hours,
and other Laws relating labor relations, classification and payment of employees and independent contractors, hours of work, payment
of wages and overtime wages, pay equity, workers compensation, working conditions, employee scheduling, occupational safety and health,
family and medical leave, and employee terminations, and has not received written notice that there is any pending Action involving unfair
labor practices against a Target Company, and (ii) is not liable for any material payment to any Governmental Authority with respect
to unemployment compensation benefits, social security or other benefits or obligations for employees, independent contractors or consultants
(other than routine payments to be made in the ordinary course of business and consistent with past practice) for the past three (3)
years. There are no Actions pending against a Target Company brought by or on behalf of any applicant for employment, any current or
former employee, any Person alleging to be a current or former employee, or any Governmental Authority, relating to any such Law or regulation,
or alleging breach of any express or implied contract of employment, wrongful termination of employment, or alleging any other discriminatory,
wrongful or tortious conduct in connection with the employment relationship.
4.19
Benefit Plans.
(a)
No Target Company maintains any Benefit Plan.
(b)
Except as set forth in Schedule 4.19(h), the consummation of the transactions contemplated by this Agreement and the Ancillary
Documents will not: (i) entitle any individual to severance pay, unemployment compensation or other benefits or compensation; (ii) accelerate
the time of payment or vesting, or increase the amount of any compensation due, or in respect of, any individual; or (iii) result in
or satisfy a condition to the payment of compensation that would, in combination with any other payment, result in an “excess parachute
payment” within the meaning of Section 280G of the Code.
4.20
Environmental Matters. Except as set forth in Schedule 4.20:
(a)
Each Target Company is and has been in compliance in all material respects with all applicable Environmental Laws, including obtaining,
maintaining in good standing, and complying in all material respects with all Permits required for its business and operations by Environmental
Laws (“Environmental Permits”), no Action is pending to revoke, modify, or terminate any such Environmental
Permit, and, to BGHL’s Knowledge, no facts, circumstances, or conditions currently exist that could adversely affect such continued
compliance with Environmental Laws and Environmental Permits or require capital expenditures to achieve or maintain such continued compliance
with Environmental Laws and Environmental Permits.
(b)
No Target Company is the subject of any outstanding Order or Contract with any Governmental Authority or other Person in respect of any
(i) Environmental Laws, (ii) Remedial Action, or (iii) Release of a Hazardous Material. No Target Company has assumed, contractually
or by operation of Law, any Liabilities or obligations under any Environmental Laws.
(c)
No Action has been made or is pending against any Target Company or any assets of a Target Company alleging either or both that a Target
Company may be in material violation of any Environmental Law or Environmental Permit or may have any material Liability under any Environmental
Law.
(d)
There is no investigation of the business, operations, or currently owned, operated, or leased property of a Target Company or, to BGHL’s
Knowledge, previously owned, operated, or leased property of a Target Company pending that could lead to the imposition of any Liens
under any Environmental Law or Environmental Liabilities.
(e)
BGHL has provided to Perception all environmentally related site assessments, audits, studies, reports, analysis and results of investigations
that have been performed in respect of the currently or previously owned, leased, or operated properties of any Target Company and any
Project.
4.21 Transactions
with Related Persons. Except as set forth on Schedule 4.21, no Target Company nor any of its Affiliates, nor any officer,
director, or beneficial owner of 5% or more of the equity interests of a Target Company, manager, employee, trustee or beneficiary
of a Target Company or any of its Affiliates, nor any immediate family member of any of the foregoing (whether directly or
indirectly through an Affiliate of such Person) (each of the foregoing, a “Related Person”) is presently a
party to any transaction with a Target Company, including any Contract or other arrangement (a) providing for the furnishing of
services by (other than as officers, directors or employees of the Target Company), (b) providing for the rental of real property or
Personal Property or the license of Intellectual Property from, (c) granting or receiving any right or interest in any asset of a
Target Company to or from, or (d) otherwise requiring payments to (other than for services or expenses as directors, officers or
employees of the Target Company in the ordinary course of business consistent with past practice) any Related Person or any Person
in which any Related Person has an interest as an owner, officer, manager, director, trustee or partner or in which any Related
Person has any direct or indirect interest (other than the ownership of securities representing no more than two percent (2%) of the
outstanding voting power or economic interest of a publicly traded BGHL). Except as set forth on Schedule 4.21, no Target
Company has outstanding any Contract or other arrangement or commitment with any Related Person, and no Related Person owns any real
property or Personal Property, or right, tangible or intangible (including Intellectual Property) which is used in the business of
any Target Company. The assets of the Target Companies do not include any receivable or other obligation from a Related Person, and
the liabilities of the Target Companies do not include any payable or other obligation or commitment to any Related
Person.
4.22
Insurance.
(a)
Schedule 4.22(a) lists all insurance policies (except insurance policies underlying any BGHL Benefit Plan) held by a Target Company
relating to a Target Company or its business, properties, assets, directors, officers and employees, copies of which have been provided
to Perception. All premiums due and payable under all such insurance policies have been timely paid and the Target Companies are otherwise
in material compliance with the terms of such insurance policies. Each such insurance policy (i) is legal, valid, binding, enforceable
and in full force and effect and (ii) will continue to be legal, valid, binding, enforceable, and in full force and effect on identical
terms following the Closing. No Target Company has any self-insurance or co-insurance programs. In the past three (3) years, no Target
Company has received any notice from, or on behalf of, any insurance carrier relating to or involving any adverse change or any change
other than in the ordinary course of business, in the conditions of insurance, any refusal to issue an insurance policy or non-renewal
of a policy.
(b)
Schedule 4.22(b) identifies each individual insurance claim in excess of $100,000 (except claims under any BGHL Benefit Plan)
made by a Target Company in the past three (3) years. Each Target Company has reported to its insurers all claims and pending circumstances
that would reasonably be expected to result in a claim, except where such failure to report such a claim would not be reasonably likely
to be material to the Target Companies. To the Knowledge of BGHL, 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. No Target Company has made any claim against an insurance policy as to which the insurer is denying coverage.
4.23
Books and Records. All of the financial books and records of the Target Companies are complete and accurate in all material respects
and have been maintained in the ordinary course consistent with past practice and in accordance with applicable Laws.
4.24
[Reserved].
4.25
Certain Business Practices.
(a)
No Target Company, nor any of their respective Representatives acting on their behalf has (i) used any funds for unlawful contributions,
gifts, entertainment or other unlawful expenses relating to political activity, (ii) made any unlawful payment to foreign or domestic
government officials or employees, to foreign or domestic political parties or campaigns or violated any provision of the U.S. Foreign
Corrupt Practices Act of 1977 or any other local or foreign anti-corruption or bribery Law or (iii) made any other unlawful payment.
No Target Company, nor any of their respective Representatives acting on their behalf has directly or indirectly, given or agreed to
give any unlawful gift or similar benefit in any material amount to any customer, supplier, governmental employee or other Person who
is or may be in a position to help or hinder any Target Company or assist any Target Company in connection with any actual or proposed
transaction.
(b)
The operations of each Target Company are and have been conducted at all times in compliance with money laundering statutes in all applicable
jurisdictions, the rules and regulations and any related or similar rules, regulations or guidelines, issued, administered or enforced
by any Governmental Authority, and no Action involving a Target Company with respect to any of the foregoing is pending.
(c)
No Target Company or any of their respective directors or officers, or, to the Knowledge of BGHL, any other Representative acting on
behalf of a Target Company is currently identified on the specially designated nationals or other blocked person, organization or entity
list currently subject to any U.S. sanctions administered by OFAC, identified by the Consolidated Screening List of the U.S. International
Trade Administration (“ITA”) or identified on the Denied Persons List, the Entity List, Unverified List, or
the Military End User List of the U.S. Department of Commerce Bureau of Industry and Security (“BIS”) and no
Target Company has in the last five (5) fiscal years, directly or indirectly, used any funds, or loaned, contributed or otherwise made
available such funds to any Subsidiary, joint venture partner, agent, or other Person, in connection with any sales or operations in
Cuba, Iran, Syria, Sudan, Myanmar or any other country sanctioned by OFAC, BIS, ITA, the U.S. Department of Treasury or U.S. Department
of Justice or for the purpose of financing the activities of any Person currently subject to, or otherwise in violation of any U.S. sanctions,
Law or regulation.
(d)
Each Target Company and of their respective directors or officers, or, to the Knowledge of BGHL, any other Representative acting on
behalf of a Target Company, their Affiliates, and their respective Representative and distributors in their capacity as such, have
complied in all material respects at all times and are in compliance in all respects with all applicable export trade control Laws,
including but not limited to (i) each of the Target Companies and Affiliates (A) who or which has not directly or indirectly,
exported, re-exported, sold, disclosed or otherwise transferred to (including transfers to foreign nationals located in the United
States) any goods, equipment, materials, software, technology, technical data or services in violation of such trade control Laws;
and (B) has not unlawfully engaged in any other transactions or disclosures, with any person with whom U.S. persons are prohibited
from dealing under U.S trade Laws; (ii) there is no charge, proceeding or, to the Knowledge of BGHL, investigation by any
Governmental Authority with respect to a violation of any applicable trade compliance Laws that is now pending with respect to BGHL
or its Affiliates; and (iii) BGHL or Affiliates have not made, nor need to make a voluntary self-disclosure with respect to a
possible violation of any trade compliance Laws to any Governmental Authority.
4.26
Investment Company Act. No Target Company is 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” under the
Investment Company Act of 1940.
4.27
Finders and Brokers. No Target Company has incurred or will incur any Liability for any brokerage, finder’s or other fee
or commission in connection with the Contemplated Transactions.
4.28
Solvency. As of the Closing: No Target Company is insolvent or unable to pay its Indebtedness, including its future and prospective
Indebtedness incurred in the ordinary course, or is in liquidation under the law of the jurisdiction in which it is incorporated or other
applicable Laws. No petition has been presented, application made, proceedings commenced, resolution passed or meeting convened for the
termination, liquidation, bankruptcy or dissolution of any Target Company nor any process been commenced where the business of any Target
Company is terminated and the assets of any Target Company are distributed amongst the creditors or shareholders or other contributories
of the Target Company or where the affairs, business or assets of any Target Company are managed by a person appointed for the purpose
by a court, governmental agency or similar body or by any creditor or the Target itself, nor has any such order or relief been granted
or appointment made, and there are no cases or proceedings under any applicable Laws with respect to insolvency, reorganization, or related
matters in any jurisdiction concerning any Target Company, and to the Knowledge of BGHL, no events have occurred which, under the law
of the jurisdiction in which it is incorporated or other applicable Laws, would justify any such cases or proceedings. No liquidator,
trustee, supervisor, nominee, custodian or similar official and no liquidation committee or similar body have been appointed in respect
of the whole or any part of the business or assets of any Target Company nor has any step been taken for or with a view to the appointment
of such a person or body nor has any event taken place or is likely to take place as a consequence of which such an appointment might
be made. No ruling declaring the insolvency of any Target Company has been made and no public announcement in respect of the same has
been pronounced by a court of the jurisdiction in which it is incorporated.
4.29
Registration Statement. The information supplied by BGHL in writing specifically for inclusion in the Registration Statement shall
not, at (a) the time the Registration Statement is declared effective, (b) the time the Registration Statement (or any amendment or supplement)
is first mailed to (i) the Perception Shareholders and the BGHL Shareholders and (c) the time of the (i) Perception Shareholders’
Meeting and the (ii) BGHL Shareholder Resolution, contain any untrue statement of a material fact or omit to state any material fact
required to be stated or necessary in order to make the statements, in light of the circumstances under which they were made, not misleading.
4.30
Political Contributions; Foreign Activities Statement. No Target Company or any director, officer or employee of a Target Company,
nor any other Person acting on behalf of a Target Company, has, directly or indirectly, since formation, (a) given or agreed to
give any gift or similar benefit to any client, supplier, governmental official or employee, representative of a political party, or
other Person who is or may be in a position to help or hinder a Target Company (or assist a Target Company in connection with any actual
or proposed transaction) which is (i) in violation of any applicable Law, (ii) for any of the purposes described in Section 162(c) of
the Foreign Corrupt Practices Act (FCPA), or (iii) for establishment or maintenance of any concealed fund or concealed bank account,
or (b) violated any applicable Law pertaining to the export or import of technical data, restrictive trade practices or boycotts.
4.31
Supplemental Schedules. The Operations Schedule includes pro forma annotations to the Disclosure Schedules as if the Operations
Agreements were signed and effective as of the Signing Date (collectively, the “Supplemental Schedules”). To
BGHL’s Knowledge, (a) the Supplemental Schedules are true and correct in all material respects, and (b) other than the Supplemental
Schedules, there are no other material disclosures related to the Operations Agreements and the obligations thereunder that would be
required to be disclosed in the Disclosure Schedules if the Operations Agreements were signed and effective as of the Signing Date.
Article
V
REPRESENTATIONS AND WARRANTIES OF PubCo AND MERGER SUB
Except
as otherwise explicitly contemplated by this Agreement and the disclosure schedules delivered by PubCo to Perception and BGHL on the
Signing Date, the section numbers of which are numbered to correspond to the Section numbers of this Agreement to which they refer, PubCo
and Merger Sub (each in respect of itself only) represent and warrants to Perception and BGHL, as of the Closing, as follows:
5.1
Organization and Standing. Each of PubCo and Merger Sub is a company duly incorporated, validly existing and in good standing
under the Laws of its jurisdiction of incorporation. PubCo and Merger Sub were incorporated with the express purposes of completing the
Contemplated Transactions and have not conducted any other business (other than as contemplated by this Agreement) since their incorporation.
PubCo and Merger Sub have all requisite corporate power and authority to own, lease and operate its properties and to carry on its business
as now being conducted. PubCo and Merger Sub are each 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. PubCo and Merger Sub have made available to Perception and BGHL accurate and complete copies of PubCo’s
and Merger Sub’s Organizational Documents, as currently in effect. Neither PubCo nor Merger Sub are in violation of any provision
of their applicable Organizational Documents in any material respect.
5.2 Authorization;
Binding Agreement. Each of PubCo and Merger Sub has all requisite corporate power and authority to execute and deliver this
Agreement and each Ancillary Document to which they are a party, to perform their obligations and to consummate the Contemplated
Transactions. The execution and delivery of this Agreement and each Ancillary Document to which they are a party and the
consummation of the Contemplated Transactions have been duly and validly authorized by the board of directors of PubCo and Merger
Sub, no other corporate proceedings, other than as set forth elsewhere in this Agreement, are necessary to authorize the execution
and delivery of this Agreement and each Ancillary Document to which it is a party or to consummate the contemplated transactions.
This Agreement has been, and each Ancillary Document to which PubCo and/or Merger Sub is a party shall be when delivered, duly and
validly executed and delivered by PubCo and/or Merger Sub (as applicable) and, assuming the due authorization, execution and
delivery of this Agreement and such Ancillary Documents by the other parties and t, constitutes, or when delivered shall constitute,
the valid and binding obligation of PubCo and/or Merger Sub (as applicable), enforceable against PubCo and/or Merger Sub (as
applicable) in accordance with its terms, except to the extent that enforceability may be limited by the Enforceability
Exceptions.
5.3
Governmental Approvals. Except as otherwise described in Schedule 5.3, no Consent of or with any Governmental Authority,
on the part of PubCo, and/or Merger Sub is required to be obtained or made in connection with the execution, delivery or performance by
PubCo and/or Merger Sub of this Agreement and each Ancillary Document to which they are a party or the consummation by PubCo and/or Merger
Sub of the Contemplated Transactions, other than (a) such filings as contemplated by this Agreement, (c) any filings required by the Companies
Act, the Cayman Act, NYSE or the SEC with respect to the transactions contemplated by this Agreement and (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.
5.4
Non-Contravention. Except as otherwise described in Schedule 5.4, the execution and delivery by PubCo and Merger
Sub of this Agreement and each Ancillary Document to which they are a party, the consummation by PubCo and Merger Sub of the contemplated
transactions, and compliance by PubCo and Merger Sub, will not (a) conflict with or violate any provision of PubCo’s and Merger
Sub’s Organizational Documents, (b) conflict with or violate any Law, Order or Consent applicable to PubCo and Merger Sub or any
of their properties or assets, or (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 and 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) result in the creation of any Lien upon
any of the properties or assets of PubCo and Merger Sub under, (viii) give rise to any obligation to obtain any third party Consent or
provide any notice to any Person or (ix) 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 contract of PubCo or Merger Sub.
5.5
Capitalization.
(a) Before giving effect
to the Exchange or the Merger, PubCo is authorized to issue an unlimited number of PubCo Ordinary Shares. The issued PubCo Ordinary
Shares as of the date of this Agreement are set forth on Schedule 5.5(a). All of the issued PubCo Ordinary Shares is capable
of being validly issued, fully paid and non-assessable and not subject to or will be issued in violation of any purchase option,
right of first refusal, preemptive right, subscription right or any similar right under any provision of PubCo’s
Organizational Documents or any Contract to which PubCo is a party. None of the PubCo Ordinary Shares has been issued in violation
of any applicable securities Laws. Before giving effect to the transactions contemplated by this Agreement, other than Merger Sub,
PubCo does not have any Subsidiaries or own any equity interests in any other Person.
(b)
Before giving effect to the Merger, Merger Sub is authorized to issue 50,000 Merger Sub Ordinary Shares, of which one (1) Merger
Sub Ordinary Share is issued and outstanding, and which is owned by PubCo. There are no (i) outstanding options, warrants, puts, calls,
convertible securities, preemptive or similar rights, (ii) bonds, debentures, notes or other Indebtedness having general voting rights
or that are convertible or exchangeable into securities having such rights or (iii) subscriptions or other rights, agreements, arrangements,
Contracts or commitments of any character (other than those contemplated by or expressly provided for in this Agreement and the Ancillary
Documents), (A) relating to the issued or outstanding unissued shares of Merger Sub or (B) obligating Merger Sub to issue, transfer, deliver
or sell or cause to be issued, transferred, delivered, sold or repurchased any options or shares or securities convertible into or exchangeable
for such shares, or (C) obligating Merger Sub to grant, extend or enter into any such option, warrant, call, subscription or other right,
agreement, arrangement or commitment for such capital shares. There are no outstanding obligations of Merger Sub to repurchase, redeem
or otherwise acquire any shares of Merger Sub 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 Merger
Sub is a party with respect to the voting of any shares of Merger Sub.
(c)
Except as set forth in Schedule 5.5(a) and as otherwise provided in this Agreement there are no (i) outstanding options,
warrants, puts, calls, convertible securities, preemptive or similar rights, (ii) bonds, debentures, notes or other Indebtedness having
general voting rights or that are convertible or exchangeable into securities having such rights or (iii) subscriptions or other rights,
agreements, arrangements, Contracts or commitments of any character (other than this Agreement and the Ancillary Documents), (A) relating
to the issued or unissued shares of PubCo or Merger Sub (B) obligating PubCo or Merger Sub to issue, transfer, deliver or sell or cause
to be issued, transferred, delivered, sold or repurchased any options or shares or securities convertible into or exchangeable for such
shares, or (C) obligating PubCo or Merger Sub to grant, extend or enter into any such option, warrant, call, subscription or other right,
agreement, arrangement or commitment for such capital shares. Except as otherwise provided in this Agreement, there are no outstanding
obligations of PubCo or Merger Sub to repurchase, redeem or otherwise acquire any shares of PubCo or Merger Sub or to provide funds to
make any investment (in the form of a loan, capital contribution or otherwise) in any Person. Except as set forth in Schedule 6.5(c),
there are no shareholders agreements, voting trusts or other agreements or understandings to which PubCo or Merger Sub is a party with
respect to the voting of any shares of PubCo or Merger Sub.
(d) All Indebtedness of
PubCo and Merger Sub as of the date of this Agreement is disclosed on Schedule 5.5(d). No Indebtedness of PubCo or Merger Sub
contains any restriction upon (i) the prepayment of any of such Indebtedness, (ii) the incurrence of Indebtedness by PubCo or Merger
Sub; or (iii) the ability of PubCo or Merger Sub to grant any Lien on its properties or assets.
(e)
Since their formation, and except as contemplated by this Agreement, neither PubCo nor Merger Sub has 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 PubCo’s and
Merger Sub’s board of directors have not authorized any of the foregoing.
5.6
PubCo Activities. Other than in connection with the Contemplated Transactions, since its formation, PubCo has not engaged
in any business activities other than as contemplated by this Agreement, does not own directly or indirectly any ownership, equity, profits
or voting interest in any Person (other than its shareholding in Merger Sub) and has no assets or Liabilities except those incurred in
connection with this Agreement and the Ancillary Documents to which it is a party and, other than this Agreement and the Ancillary Documents
to which it is a party, PubCo is not party to or bound by any Contract.
5.7
[Reserved].
5.8
Merger Sub Activities. Since its incorporation, Merger Sub has not engaged in any business activities other than as contemplated
by this Agreement, does not own directly or indirectly any ownership, equity, profits or voting interest in any Person and has no assets
or Liabilities except those incurred in connection with this Agreement and the Ancillary Documents to which it is a party, Merger Sub
is not party to or bound by any Contract.
5.9
Ownership of Merger Consideration. All PubCo Ordinary Shares to be issued and delivered to the Perception Shareholders and
BGHL Shareholders as Merger Consideration and Exchange Consideration in accordance with Article I shall be, upon issuance and delivery
of such PubCo Ordinary Shares, fully paid and non-assessable, free and clear of all Liens imposed by PubCo, other than restrictions arising
from applicable securities Laws, any applicable Registration Rights Agreement, and the issuance and sale of such PubCo Ordinary Shares
under this Agreement will not be subject to or give rise to any preemptive rights or rights of first refusal.
5.10
Registration Statement. The information supplied by PubCo and Merger Sub, in writing specifically for inclusion in the Registration
Statement shall not, at (a) the time the Registration Statement is declared effective, (b) the time the Registration Statement (or any
amendment or supplement) is first mailed to the Perception Shareholders, and (c) the time of the Perception Shareholders’ Meeting
(as defined below) contain any untrue statement of a material fact or omit to state any material fact required to be stated or necessary
in order to make the statements , in light of the circumstances under which they were made, not misleading.
5.11
Finders and Brokers. Neither PubCo nor Merger Sub has incurred or will incur any Liability for any brokerage, finder’s
or other fee or commission in connection with the Contemplated Transactions.
Article
VI
REPRESENTATIONS AND WARRANTIES OF PERCEPTION
Except as set forth in (a)
the SEC Reports (as defined below) filed or submitted on or before the Signing Date (excluding any disclosures in any risk factors section
that do not constitute statements of fact or factual matters, disclosures in any forward-looking statements disclaimer and other disclosures
that are generally cautionary, predictive or forward-looking in nature), (b) as otherwise explicitly contemplated by this Agreement and
(c) the disclosure schedules delivered by Perception to BGHL on the Signing Date (the “Perception Disclosure Schedules”),
the section numbers of which are numbered to correspond to the section numbers of this Agreement to which they refer, Perception represents
and warrants to BGHL, as of the Signing Date and as of the Closing, as follows:
6.1
Organization and Standing. Perception is an exempted company limited by shares, duly incorporated, validly existing and
in good standing under the Laws of the Cayman Islands being its jurisdiction of incorporation. Perception has all requisite corporate
power and authority to own, lease and operate its properties and to carry on its business as now being conducted. Perception 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 would not reasonably be expected to have a Material Adverse Effect on Perception. Perception
has made available to BGHL accurate and complete copies of Perception’s Organizational Documents, as currently in effect. Perception
is not in violation of any provision of its Organizational Documents in any material respect.
6.2
Governmental Approvals. Except as otherwise described in Schedule 6.2 of the Perception Disclosure Schedules, no
Consent of or with any Governmental Authority, on the part of Perception is required to be obtained or made in connection with the execution,
delivery or performance by Perception of this Agreement and each Ancillary Document to which it is a party or the consummation by Perception
of the contemplated transactions, other than (a) pursuant to Antitrust Laws, (b) such filings as contemplated by this Agreement, (c) any
filings required with NYSE or the SEC with respect to the transactions contemplated by this Agreement, (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,
and (e) where the failure to obtain or make such Consents or to make such filings or notifications, would not reasonably be expected to
have a Material Adverse Effect on Perception.
6.3 Non-Contravention.
Except as otherwise described in Schedule 6.3 of the of the Perception Disclosure Schedules, the execution and delivery by
Perception of this Agreement and each Ancillary Document to which it is a party, the consummation by Perception of the contemplated
transactions, and compliance by Perception with any of the provisions of this Agreement, will not (a) conflict with or violate any
provision of Perception’s Organizational Documents, (b) subject to obtaining the Consents from Governmental Authorities
referred to in Section 6.3, and the waiting periods referred to 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 Perception or any of its
properties or assets, or (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 Perception 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) result in the creation
of any Lien upon any of the properties or assets of Perception under, (viii) give rise to any obligation to obtain any third party
Consent or provide any notice to any Person or (ix) 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 of Perception,
except for any deviations from any of the foregoing clauses (a), (b) or (c) that would not reasonably be expected to have a Material
Adverse Effect on Perception.
6.4
Capitalization.
(a)
Perception is authorized to issue (i) 200,000,000 Perception Ordinary Shares, (ii) 20,000,000 Perception Class B Ordinary Shares,
and (iii) 1,000,000 preference shares of a par value of US$0.0001 each. The number and class or series of the issued and outstanding Perception
Securities as of September 30 are set forth in the SEC Reports. All outstanding Perception Securities 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 applicable Law, Perception’s Organizational Documents or any
Contract to which Perception is a party. None of the outstanding Perception Securities have been issued in violation of any applicable
securities Laws. Before giving effect to the transactions contemplated by this Agreement, Perception does not have any Subsidiaries or
own any equity interests in any other Person.
(b)
Except as set forth in Schedule 6.4(b) of the Perception Disclosure Schedules, there are no (i) outstanding options, warrants,
puts, calls, convertible securities, preemptive or similar rights, (ii) bonds, debentures, notes or other Indebtedness having general
voting rights or that are convertible or exchangeable into securities having such rights or (iii) subscriptions or other rights, agreements,
arrangements, Contracts or commitments of any character (other than this Agreement and the Ancillary Documents), (A) relating to the issued
or unissued shares of Perception or (B) obligating Perception to issue, transfer, deliver or sell or cause to be issued, transferred,
delivered, sold or repurchased any options or shares or securities convertible into or exchangeable for such shares, or (C) obligating
Perception to grant, extend or enter into any such option, warrant, call, subscription or other right, agreement, arrangement or commitment
for such capital shares. Other than the Perception Share Redemption or as expressly set forth in this Agreement, there are no outstanding
obligations of Perception to repurchase, redeem or otherwise acquire any shares of Perception or to provide funds to make any investment
(in the form of a loan, capital contribution or otherwise) in any Person. Except as set forth in Schedule 6.5(b)) of the Perception
Disclosure Schedules, there are no shareholders agreements, voting trusts or other agreements or understandings to which Perception is
a party with respect to the voting of any shares of Perception.
(c)
Except as set forth in Schedule 6.4(c) of the Perception Disclosure Schedules, as of the Signing Date, Perception does
not have any obligations with respect to or under any Indebtedness.
6.5
SEC Filings and Perception Financials.
(a)
Except as set forth in Schedule 6.5 of the Perception Disclosure Schedules, Perception, since the IPO, has filed all forms,
reports, schedules, statements, registration statements, prospectuses and other documents required to be filed or furnished by Perception
before the date of this Agreement with the SEC under the Securities Act and/or the Exchange Act (collectively, and together with any exhibits
and schedules and other information incorporated , and as they have been supplemented, modified or amended since the time of filing, the
“SEC Reports”). Each of the SEC Reports, as of the respective date of its filing, and as of the date of any
amendment, complied in all material respects with the requirements of the Securities Act, the Exchange Act or the Sarbanes-Oxley Act applicable
to such SEC Reports. As of the respective date of its filing (or if amended or superseded by a filing before the date of this Agreement
or the Closing Date, then on the date of such filing), the SEC Reports did not contain any untrue statement of a material fact or omit
to state any material fact required to be stated or necessary in order to make the statements made , in light of the circumstances under
which they were made, not misleading. Except as disclosed in Schedule 6.5 of the Perception Disclosure Schedules, as of the date
of this Agreement, (A) the Perception Ordinary Shares are listed on NYSE, (B) Perception has not received any written deficiency notice
from NYSE relating to the continued listing requirements of the Perception Ordinary Shares, (C) there are no Actions pending or, to the
Knowledge of Perception, threatened against Perception by the Financial Industry Regulatory Authority with respect to any intention by
such entity to suspend, prohibit or terminate the quoting of the Perception Ordinary Shares on NYSE and (D) Perception is in compliance
with all of the applicable corporate governance rules of NYSE.
(b)
The financial statements and notes of Perception contained or incorporated by reference in the SEC Reports (the “Perception
Financials”), fairly present in all material respects the financial position and the results of operations, changes in shareholders’
equity, and cash flows of Perception at the respective dates of and for the periods referred to in such financial statements, all in accordance
with (i) GAAP methodologies applied on a consistent basis throughout the periods involved and (ii) Regulation S-X or Regulation S-K, as
applicable (except as may be indicated in the notes t and for the omission of notes and audit adjustments in the case of unaudited quarterly
financial statements to the extent permitted by Regulation S-X or Regulation S-K, as applicable).
(c)
Except as and to the extent reflected or reserved against in Perception Financials, Perception has not incurred any Liabilities
or obligations of the type required to be reflected on a balance sheet in accordance with GAAP that are not adequately reflected or reserved
on or provided for in Perception Financials, other than Liabilities of the type required to be reflected on a balance sheet in accordance
with GAAP that have been incurred since December 31, 2022 (the “Perception Accounts Date”) in the ordinary course
of business.
6.6
Absence of Certain Changes. As of the date of this Agreement, except as set forth in Schedule 6.6 of the Perception
Disclosure Schedules, Perception has, since the Perception Accounts Date (a) to the Knowledge of Perception, operated its business in
the ordinary course and (b) not been subject to a Material Adverse Effect.
6.7
Compliance with Laws. Perception is, and has since its incorporation been, in compliance with all Laws applicable to it
and the conduct of its business except for such noncompliance which would not reasonably be expected to have a Material Adverse Effect
on Perception, and Perception has not received written notice alleging any violation of applicable Law in any material respect by Perception.
6.8
Actions; Orders; Permits. There is no pending or, to the Knowledge of Perception, threatened material Action to which Perception
is subject which would reasonably be expected to have a Material Adverse Effect on Perception. There is no material Action that Perception
has pending against any other Person. Perception is not subject to any material Orders of any Governmental Authority, nor are any such
Orders pending. Perception 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 Consent or for
such Consent to be in full force and effect would not reasonably be expected to have a Material Adverse Effect on Perception.
6.9
Taxes and Returns. Perception has timely filed, or caused to be timely filed, all material Tax Returns required to be filed
by it, which such Tax Returns are accurate and complete in all material respects, and has paid, collected or withheld, or caused to be
paid, collected or withheld, all material Taxes required to be paid, collected or withheld, other than such Taxes for which adequate reserves
in Perception Financials have been established in accordance with GAAP. There are no audits, examinations, investigations or other proceedings
pending against Perception in respect of any Tax, and Perception has not been notified in writing of any proposed Tax claims or assessments
against Perception (other than, in each case, claims or assessments for which adequate reserves in Perception Financials have been established
in accordance with GAAP or are immaterial in amount). There are no Liens with respect to any Taxes upon any of Perception’s assets,
other than Permitted Liens. Perception has no outstanding waivers or extensions of any applicable statute of limitations to assess any
material amount of Taxes. There are no outstanding requests by Perception for any extension of time within which to file any Tax Return
or within which to pay any Taxes shown to be due on any Tax Return.
6.10
Employees and Employee Benefit Plans. Perception does not maintain, sponsor, contribute to or otherwise have any Liability
under, any Benefit Plans.
6.11
Properties. Perception does not own, license or otherwise have any right, title or interest in any material Intellectual
Property. Perception does not own or lease any material real property or material Personal Property.
6.12 Transactions with Affiliates.
Except as set forth in Schedule 6.12 of the Perception Disclosure Schedules, Perception has not engaged in any transaction
with (a) any of its director, officer or employee or Affiliate or (b) record or beneficial owner of more than five percent (5%) of its
outstanding shares that would be required to be disclosed in the Registration Statement.
6.13
Investment Company Act. Perception 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.
6.14
Finders and Brokers. Except as set forth on Schedule 6.14 of the Perception Disclosure Schedules, no broker, finder
or investment banker is entitled to any brokerage, finder’s or other fee or commission in connection with the contemplated transactions
based upon arrangements made by or on behalf of Perception or any of its Affiliates.
6.15
Independent Investigation. Perception has conducted its own independent investigation, review and analysis of the business,
results of operations, prospects, condition (financial or otherwise) or assets of the Target Companies 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 Target
Companies for such purpose. Perception acknowledges and agrees that: (a) in making its decision to enter into this Agreement and to consummate
the contemplated transactions, it has relied solely upon its own investigation and the express representations and warranties of BGHL
set forth in this Agreement (including the related portions of BGHL Disclosure Schedules) and in any certificate delivered to Perception
pursuant to this Agreement, and the information provided by or on behalf of BGHL for the Registration Statement; and (b) none of BGHL
nor its respective Representatives have made any representation or warranty as to the Target Companies, or this Agreement, except as expressly
set forth in this Agreement (including the related portions of BGHL Disclosure Schedules) or in any certificate delivered to Perception,
or with respect to the information provided by or on behalf of BGHL for the Registration Statement.
Article
VII
COVENANTS
7.1
Access and Information.
(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 8.1
or the Closing (the “Interim Period”), subject to Section 7.14, BGHL shall give, and shall cause its
Representatives to give, Perception, at reasonable times during normal business hours and upon reasonable intervals and notice, reasonable
access to all offices and other facilities and to all employees, properties, Contracts, agreements, commitments, books and records, financial
and operating data and other information (including Tax Returns, internal working papers, client files, client Contracts and director
service agreements), of or pertaining to the Target Companies, as Perception may reasonably request regarding the Target Companies and
their respective businesses, assets, Liabilities, financial condition, prospects, operations, management, employees and other aspects
(including unaudited quarterly financial statements, including a consolidated quarterly balance sheet and income statement, a copy of
each material report, schedule and other document filed with or received by a Governmental Authority pursuant to the requirements of
applicable securities Laws, and independent public accountants’ work papers (subject to the consent or any other conditions required
by such accountants, if any)) and cause each of BGHL’s Representatives to reasonably cooperate with Perception in its investigation;
provided, however, that Perception shall conduct any such activities in such a manner as not to unreasonably interfere with the business
or operations of the Target Companies. No information or knowledge obtained by Perception in any investigation conducted pursuant to
the access contemplated by this Section 7.1 shall affect or be deemed to modify any representation or warranty of BGHL set forth
in this Agreement or otherwise impair the rights and remedies available to Perception.
(b)
During the Interim Period, subject to Section 7.14, Perception shall give, and shall cause its Representatives to give,
BGHL and its Representatives, at reasonable times during normal business hours and upon reasonable intervals and notice, reasonable access
to all offices and other facilities and to all employees, properties, Contracts, agreements, commitments, books and records, financial
and operating data and other information (including Tax Returns, internal working papers, client files, client Contracts and director
service agreements), of or pertaining to Perception, as BGHL or its Representatives may reasonably request regarding Perception and its
businesses, assets, Liabilities, financial condition, prospects, operations, management, employees and other aspects (including unaudited
quarterly financial statements, including a consolidated quarterly balance sheet and income statement, a copy of each material report,
schedule and other document filed with or received by a Governmental Authority pursuant to the requirements of applicable securities Laws,
and independent public accountants’ work papers (subject to the consent or any other conditions required by such accountants, if
any) and cause each of Perception’s Representatives to reasonably cooperate with BGHL and its Representatives in their investigation;
provided, however, that BGHL and its Representatives shall conduct any such activities in such a manner as not to unreasonably interfere
with the business or operations of Perception. No information or knowledge obtained by BGHL in any investigation conducted pursuant to
the access contemplated by this Section 7.1 shall affect or be deemed to modify any representation or warranty of Perception set
forth in this Agreement or otherwise impair the rights and remedies available to BGHL.
7.2
Conduct of Business of BGHL.
(a)
Unless Perception shall otherwise consent in writing (such consent not to be unreasonably withheld, conditioned or delayed), during
the Interim Period, except as expressly contemplated by this Agreement or the Ancillary Documents or as set forth on Schedule 7.2,
BGHL shall, and shall cause its Subsidiaries to, (i) conduct their respective businesses, in all material respects, in the ordinary course
of business consistent with past practice, (ii) comply with all Laws applicable to the Target Companies and their respective businesses,
assets and employees, and (iii) take all commercially reasonable measures necessary or appropriate to preserve intact, in all material
respects, their respective business organizations, to keep available the services of their respective managers, directors, officers, employees
and consultants, and to preserve the possession, control and condition of their respective material assets, all as consistent with past
practice.
(b)
Without limiting the generality of Section 7.2(a) and except as contemplated by the terms of this Agreement or the Ancillary
Documents as set forth on Schedule 7.2, during the Interim Period, without the prior written consent of Perception (such consent
not to be unreasonably withheld, conditioned or delayed), BGHL shall not, and shall cause its Subsidiaries to not:
(i)
amend, waive or otherwise change, in any 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 shares 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 or pay or
set aside any dividend or other distribution (whether in cash, equity or property or any combination) in respect of its equity interests,
or directly or indirectly redeem, purchase or otherwise acquire or offer to acquire any of its securities;
(iv)
incur, create, assume, prepay or otherwise become liable for any Indebtedness (directly, contingently or otherwise) in excess of
$100,000 individually or $250,000 in the aggregate, make a loan or advance to or investment in any third party (other than advancement
of expenses to employees in the ordinary course of business), or guarantee or endorse any Indebtedness, Liability or obligation of any
Person in excess of $100,000 individually or $250,000 in the aggregate;
(v)
increase the wages, salaries or compensation of its employees other than in the ordinary course of business, consistent with past
practice, and in any event not in the aggregate by more than five percent (5%), or make or commit to make any bonus payment (whether in
cash, property or securities) to any employee, or materially increase other benefits of employees generally, or enter into, establish,
materially amend or terminate any BGHL Benefit Plan with, for or in respect of any current consultant, officer, manager director or employee,
in each case other than as required by applicable Law, pursuant to the terms of any BGHL Benefit Plans or in the ordinary course of business
consistent with past practice;
(vi)
make or rescind any material election relating to Taxes, settle any claim, action, suit, litigation, proceeding, arbitration, investigation,
audit or controversy relating to Taxes, file any amended Tax Return or claim for refund, or make any material
change in its accounting or Tax policies or procedures, in each case except as required by applicable;
(vii)
transfer or license to any Person or otherwise extend, materially amend or modify, permit to lapse or fail to preserve any material
BGHL Registered IP, IP licensed by BGHL or other BGHL IP (excluding non-exclusive licenses of BGHL IP to Target Company customers in the
ordinary course of business consistent with past practice), or disclose to any Person who has not entered into a confidentiality agreement
any Trade Secrets;
(viii)
terminate, or waive or assign any material right under, any BGHL Material Contract or enter into any Contract that would be a BGHL
Material Contract, in any case outside of the ordinary course of business consistent with past practice;
(ix)
fail to maintain its books, accounts and records in all material respects in the ordinary course of business consistent with past
practice;
(x)
establish any Subsidiary or enter into any new line of business;
(xi)
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;
(xii)
revalue any of its material assets or make any material change in accounting methods, principles or practices, except to the extent
required to comply with IFRS and after consulting with BGHL’s outside auditors;
(xiii)
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 contemplated 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, a Target Company or its Affiliates) not in excess of $100,000 (individually or in the aggregate), or otherwise pay, discharge or satisfy
any Actions, Liabilities or obligations, unless such amount has been reserved in BGHL Financials;
(xiv)
close or materially reduce its activities, or effect any layoff or other personnel reduction or change, at any of its facilities;
(xv)
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, or any material amount of
assets outside the ordinary course of business consistent with past practice;
(xvi)
make capital expenditures in excess of $100,000 (individually for any project (or set of related projects)) or $250,000 in the
aggregate;
(xvii)
adopt a plan of complete or partial liquidation, dissolution, merger, consolidation, restructuring, recapitalization or other reorganization;
(xviii)
voluntarily incur any Liability or obligation (whether absolute, accrued, contingent or otherwise) in excess of $100,000 individually
or $250,000 in the aggregate other than pursuant to the terms of a BGHL Material Contract or BGHL Benefit Plan;
(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 properties, assets or rights;
(xx)
enter into any agreement, understanding or arrangement with respect to the voting of equity securities of BGHL;
(xxi)
take any action that would reasonably be expected to significantly delay or impair the obtaining of any Consents of any Governmental
Authority to be obtained in connection with this Agreement;
(xxii)
accelerate the collection of any trade receivables or delay the payment of trade payables or any other liabilities other than in
the ordinary course of business consistent with past practice;
(xxiii)
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 ordinary course of business consistent
with past practice);
(xxiv)
maintain the existing relations and goodwill of the Target Companies with customers, suppliers, distributors and creditors of the
Target Companies and use commercially reasonable efforts to maintain all insurance policies of the Target Companies or equivalent substitutes;
or
(xxv) authorize
or agree to do any of the foregoing actions.
(c)
Notwithstanding the foregoing, Perception expressly consents to BGHL’s entering into or otherwise fulfilling obligations
under agreements contemplated by this Agreement, including but not limited to (i) the Operations Agreements and (ii) the FGR Trust Agreement,
and waives any violations of the restrictions set forth in Sections 7.2(a) and Section 7.2(b) in connection therewith.
(d)
BGHL shall have signed the Operation Agreements no later than the Operations Date.
7.3
Conduct of Business of Perception.
(a)
Unless BGHL shall otherwise consent in writing (such consent not to be unreasonably withheld, conditioned or delayed), during the
Interim Period, except as expressly contemplated by this Agreement or the Ancillary Documents or as set forth on Schedule 8.3,
Perception shall, (i) conduct business, in all material respects, in the ordinary course of business consistent with past practice, (ii)
comply with all Laws applicable to Perception in all material respects, and (iii) take all commercially reasonable measures necessary
or appropriate to preserve intact, in all material respects, their respective business organizations, to keep available the services of
their respective managers, directors, officers, employees and consultants, and to preserve the possession, control and condition of their
respective material assets, all as consistent with past practice.
(b)
Without limiting the generality of Section 7.3(a) and except as contemplated by the terms of this Agreement or the Ancillary
Documents or as set forth on Schedule 7.3, during the Interim Period, without the prior written consent of BGHL (such consent not
to be unreasonably withheld, conditioned or delayed), Perception shall not:
(i)
amend, waive or otherwise change, in any 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 equity securities or other security interests
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
or pay or set aside any dividend or other distribution (whether in cash, equity or property or any combination) 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)
incur, create, assume, prepay or otherwise become liable for any Indebtedness (directly, contingently or otherwise) in excess
of $100,000 individually or $250,000 in the aggregate, make a loan or advance to or investment in any third party, or guarantee or endorse
any Indebtedness, Liability or obligation of any Person (provided, that this Section 7.3(b)(iv) shall not prevent Perception from
borrowing funds necessary to finance its ordinary course administrative costs and expenses incurred in connection with the consummation
of the Business Combination and the other transactions contemplated by this Agreement, up to aggregate additional Indebtedness during
the Interim Period of $5,000,000);
(v)
make or rescind any material election relating to Taxes, settle any claim, action, suit, litigation, proceeding, arbitration, investigation,
audit or controversy relating to Taxes, file any amended Tax Return or claim for refund, or make any material change in its accounting
or Tax policies or procedures, in each case except as required by applicable Law;
(vi)
amend, waive or otherwise change the Trust Agreement in any manner materially adverse to Perception;
(vii)
terminate, waive or assign any material right under any material contract of Perception;
(viii)
fail to maintain its books, accounts and records in all material respects in the ordinary course of business consistent with past
practice;
(ix)
establish any Subsidiary or enter into any new line of business;
(x)
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;
(xi)
revalue any of its material assets or make any material change in accounting methods, principles or practices, except to the extent
required to comply with GAAP and after consulting Perception’s outside auditors;
(xii) 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 contemplated 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, Perception)
not in excess of $100,000 (individually or in the aggregate), or otherwise pay, discharge or satisfy any Actions, Liabilities or obligations,
unless such amount has been reserved in Perception Financials;
(xiii)
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, or any material amount of
assets outside the ordinary course of business;
(xiv)
make capital expenditures in excess of $100,000 individually for any project (or set of related projects) or $250,000 in the aggregate
(excluding for the avoidance of doubt, incurring any Expenses);
(xv)
adopt a plan of complete or partial liquidation, dissolution, merger, consolidation, restructuring, recapitalization or other reorganization
(other than with respect to the Business Combination);
(xvi)
voluntarily incur any Liability or obligation (whether absolute, accrued, contingent or otherwise) in excess of $100,000 individually
or $250,000 in the aggregate (excluding the incurrence of any Expenses) 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 8.3
during the Interim Period;
(xvii)
sell, lease, license, transfer, exchange or swap, mortgage or otherwise pledge or encumber (including securitizations), or otherwise
dispose of any material portion of its properties, assets or rights;
(xviii)
enter into any agreement, understanding or arrangement with respect to the voting of Perception Securities;
(xix)
take any action that would reasonably be expected to significantly delay or impair the obtaining of any Consents of any Governmental
Authority to be obtained in connection with this Agreement; or
(xx)
authorize or agree to do any of the foregoing actions.
7.4
Financial Statements.
(a) By March 31, 2024, BGHL
shall deliver to Perception the audited PCAOB-compliant financial statements of FGR for the calendar year ended December 31, 2023 and
any other audited and unaudited consolidated balance sheets and the related audited or unaudited consolidated accounts of FGR that are
required to be included in the Registration Statement. BGL shall use its best efforts (i) to prepare in a timely manner any other financial
information or statements (including customary pro forma financial statements) that are required to be included in the Registration Statement
and any other filings to be made by BGHL with the SEC in connection with the Business Combination and (ii) to obtain the consents of
their auditors as may be required by applicable Law or requested by the SEC.
(b)
During the Interim Period, within thirty (30) days following the end of each month, each three-month quarterly period and each
fiscal year (or such earlier date as such financial statements need to be available for inclusion in the Registration Statement), BGHL
shall deliver to Perception unaudited consolidated financial statements, including an income statement an unaudited consolidated balance
sheet, changes in shareholders’ equity, and consolidated statement of cash flows of FGR for the period from the Interim Balance
Sheet Date through the end of such calendar month, quarterly period or fiscal year and the applicable comparative period in the preceding
fiscal year, in each case accompanied by a certificate of the Chief Financial Officer of FGR to the effect that all such financial statements
fairly present the consolidated financial position and results of operations of the Target Companies as of the date or for the periods
indicated, subject to year-end audit adjustments and excluding footnotes. From the Signing Date through the Closing Date, BGHL will also
promptly deliver to Perception copies of any audited consolidated financial statements of FGR that FGR certified public accountants may
issue.
7.5
Perception Public Filings. During the Interim Period, Perception will keep current and timely file all of its public filings
with the SEC and otherwise comply in all material respects with applicable securities Laws and shall use its commercially reasonable efforts
before the Closing to maintain the listing of the Perception Ordinary Shares, on NYSE.
7.6
No Solicitation.
(a)
For purposes of this Agreement, (i) an “Acquisition Proposal” means any inquiry, proposal or offer, or
any indication of interest in making an offer or proposal, from any Person or group at any time relating to an Alternative Transaction,
and (ii) an “Alternative Transaction” means (A) with respect to BGHL and its Affiliates, a transaction (other
than the transactions contemplated by this Agreement) concerning the sale of (x) all or any material part of the business or assets of
the Target Companies (other than in the ordinary course of business consistent with past practice) or (y) any of the shares or other equity
interests or profits of the Target Companies, in any case, whether such transaction takes the form of a sale of shares or other equity
interests, assets, merger, consolidation, issuance of debt securities, management Contract, joint venture or partnership, or otherwise
(including without limitation any initial public offering or direct listing of the capital stock of any Target Company) and (B) with respect
to Perception and its Affiliates, a transaction (other than the transactions contemplated by this Agreement) concerning a Business Combination
involving Perception.
(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 contemplated
transactions, each Party shall not, and shall cause its Representatives to not, without the prior written consent of BGHL and Perception,
directly or indirectly, (i) solicit, assist, initiate or 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 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, (v) negotiate
or enter into any letter of intent, agreement in principle, acquisition agreement or other similar agreement related to any Acquisition
Proposal, or (vi) release any third Person from, or waive any provision of, any confidentiality agreement to which such Party is a party.
(c)
Each Party shall notify the others as promptly as practicable (and in any event within 48 hours) in writing of the receipt by such
Party or any of its Representatives of (i) any bona fide inquiries, proposals or offers, requests for information or requests for discussions
or negotiations regarding or constituting any Acquisition Proposal or any bona fide inquiries, proposals or offers, requests for information
or requests for discussions or negotiations that could be expected to result in an Acquisition Proposal, and (ii) any request for non-public
information relating to such Party or its Affiliates in connection with any Acquisition Proposal, specifying in each case, the material
terms and conditions (including a copy if in writing or a written summary if oral) and the identity of the party making such inquiry,
proposal, offer or request for information. Each Party shall keep the others promptly informed of the status of any such inquiries, proposals,
offers or requests for information. During the Interim Period, each Party 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.
7.7
No Trading. BGHL and PubCo acknowledge and agree that they are aware (and each of their respective Representatives is aware
or, upon receipt of any material nonpublic information of Perception, will be advised) of the restrictions imposed by U.S. federal securities
laws and the rules and regulations of the SEC and the stock exchanges (the “Federal Securities Laws”) and other
applicable Laws on a Person possessing material nonpublic information about a publicly traded company. BGHL and PubCo agree that, while
each is in possession of such material nonpublic information, each shall not purchase or sell any securities of Perception (other than
to engage in the Business Combination in accordance), communicate such information to any third party, take any other action with respect
to Perception in violation of such Laws, or cause or encourage any third party to do any of the foregoing.
7.8 Notification of Certain
Matters. During the Interim Period, each Party shall give prompt notice to the other Parties if such Party or its Affiliates: (a)
fails to comply with or satisfy any covenant, condition or agreement to be complied with or satisfied by it or its Affiliates in any
material respect; (b) 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 contemplated by this Agreement
or (ii) any non-compliance with any Law by such Party or its Affiliates; (c) receives any notice or other communication from any Governmental
Authority in connection with the transactions contemplated by this Agreement; (d) discovers any fact or circumstance that, or becomes
aware of the occurrence or non-occurrence of any event the occurrence or non-occurrence of which, would reasonably be expected to cause
or result in any of the conditions to the Closing set forth in Article IX not being satisfied or the satisfaction of those conditions
being materially delayed; or (e) becomes aware of the commencement or threat, in writing, of any Action against such Party or any
of its 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 Affiliates with respect to the consummation of the transactions
contemplated by this Agreement. 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 in determining whether or not any of the representations,
warranties or covenants contained in this Agreement have been breached.
7.9
Efforts.
(a)
Subject to the terms and conditions of this Agreement, each Party shall use its commercially reasonable 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 contemplated by this Agreement (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 contemplated by this Agreement.
(b) In furtherance and not
in limitation of Section 7.9(a), to the extent required under any Laws that are designed to prohibit, restrict or regulate actions
having the purpose or effect of monopolization or restraint of trade (“Antitrust Laws”), each Party agrees
to make any required filing or application under Antitrust Laws, as applicable, at such Party’s sole cost and expense, with respect
to the contemplated transactions as promptly as practicable, to supply as promptly as reasonably practicable any additional information
and documentary material that may be reasonably 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 Antitrust Laws. Each Party shall, in connection
with its efforts to obtain all requisite approvals and authorizations for the transactions contemplated by this Agreement under any Antitrust
Law, use its commercially reasonable 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 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 contemplated by this Agreement; (iii) permit a Representative
of the other Parties and their respective outside counsel to review any 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 to the extent permitted 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; and (v) use commercially reasonable efforts to cooperate in the filing of any memoranda, white papers, filings, correspondence
or other written communications explaining or defending the contemplated transactions, articulating any regulatory or competitive argument,
and/or responding to requests or objections made by any Governmental Authority.
(c)
As soon as reasonably practicable following the date of this Agreement, the Parties shall reasonably cooperate with each other
and use (and shall cause their respective Affiliates to use) their respective commercially reasonable efforts to prepare and file with
Governmental Authorities requests for approval of the transactions contemplated by this Agreement and shall use all commercially reasonable
efforts to have such Governmental Authorities approve the transactions contemplated by this Agreement. 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 contemplated by this Agreement and shall promptly furnish the other Parties with a copy of such Governmental Authority
notice. If any Governmental Authority requires that a hearing or meeting be held in connection with its approval of the contemplated transactions,
whether before the Closing or after the Closing, each Party shall arrange for Representatives of such Party to be present for such hearing
or meeting. If any objections are asserted with respect to the transactions contemplated by this Agreement under any applicable Law or
if any Action is instituted (or threatened to be instituted) by any applicable Governmental Authority or any private Person challenging
any of the transactions contemplated by this Agreement or any Ancillary Document as violative of any applicable Law or which would otherwise
prevent, materially impede or materially delay the consummation of the contemplated transactions, the Parties shall use their commercially
reasonable efforts to resolve any such objections or Actions so as to timely permit consummation of the transactions contemplated by this
Agreement and the Ancillary Documents, including in order to resolve such objections or Actions which, in any case if not resolved, could
reasonably be expected to prevent, materially impede or materially delay the consummation of the contemplated transactions. In the event
any Action is instituted (or threatened to be instituted) by a Governmental Authority or private Person challenging the transactions contemplated
by this Agreement, or any Ancillary Document, the Parties shall, and shall cause their respective Representatives to, reasonably cooperate
with each other and use their respective commercially reasonable efforts to contest and resist any such Action and to have vacated, lifted,
reversed or overturned any Order, whether temporary, preliminary or permanent, that is in effect and that prohibits, prevents or restricts
consummation of the transactions contemplated by this Agreement or the Ancillary Documents.
(d)
Before the Closing, each Party shall use its commercially reasonable 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 contemplated by this
Agreement or required as a result of the execution or performance of, or consummation of the transactions contemplated by, this Agreement
by such Party or its Affiliates, and the other Parties shall provide reasonable cooperation in connection with such efforts.
7.10
Tax Matters.
(a) Each Party shall file
all Tax Returns consistent with, and take no position inconsistent with, the Intended Tax Treatment (whether in audits, Tax Returns or
otherwise) unless required by applicable Law. From and after the date of this Agreement, none of the Parties shall, nor shall they permit
any of their Affiliates to, knowingly take any action, cause any action to be taken or omit to take any action which could cause the
transactions to fail to qualify for, or fail to be reported in a manner consistent with, the Intended Tax Treatment.
(b)
If, in connection with the preparation and filing of the Registration Statement, the SEC requests or requires that a Tax opinion
be prepared and submitted in connection with such, Perception, BGHL and/or PubCo shall deliver to Nelson Mullins Riley & Scarborough
LLP (or other nationally recognized Tax counsel described in this Section 7.10(b)), respectively, customary Tax representation
letters satisfactory to its Tax counsel, dated and executed as of the date the Registration Statement shall have been declared effective
by the SEC and such other date(s) as determined reasonably necessary by such Tax counsel in connection with the preparation and filing
of the Registration Statement. If required by the SEC in connection with the filing of the Registration Statement, ( BGHL shall cause
Nelson Mullins Riley & Scarborough LLP (or such other nationally recognized Tax counsel to the Company reasonably satisfactory to
Perception) to furnish an opinion, subject to customary assumptions and limitations, to the effect that the Exchange Intended Tax Treatment
should apply to the transactions contemplated by this Agreement.
(c)
Before the Closing Date (i) each Target Company organized outside of the United States shall determine whether it is an “expatriated
entity” as defined in Section 7874(a)(2)(A) of the Code, a “surrogate foreign corporation” as defined in Section 7874(a)(2)(B)
of the Code or a domestic corporation as a result of the application of Section 7874(b) of the Code, in each case, as defined in the Code
and the U.S. Treasury Regulations and (ii) each Target Company shall determine whether it is a “passive foreign investment company”
as defined in Section 1297(a) of the Code (a “PFIC”).
(d)
Within ninety (90) days after the end of each taxable year of PubCo, PubCo shall use commercially reasonably efforts to (i) determine
its status as a PFIC, (ii) determine the PFIC status of each of its Subsidiaries, (iii) make such PFIC status determinations available
to the shareholders of PubCo electronically and (iv) provide a PFIC Annual Information Statement to enable shareholders of PubCo (or their
direct or indirect beneficial owners) to make a “Qualifying Electing Fund” election under Section 1295 of the Code and the
U.S. Treasury Regulations with respect to their ownership of PubCo.
7.11
Further Assurances. The Parties 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, and assist and cooperate with the other Parties in doing,
all things, necessary, proper or advisable on their part under this Agreement and applicable Laws to consummate and make effective, in
the most expeditious manner practicable, the transactions contemplated by this Agreement, including preparing and filing as soon as practicable
all documentation to effect all necessary notices, reports and other filings.
7.12
Preparation of Registration Statement; Perception Shareholders’ Meeting and Approvals; BGHL Shareholder Resolution and
Approvals.
(a)
Preparation of Registration Statement.
(i)
As promptly as practicable after the Signing Date, Perception, BGHL, PubCo, Merger Sub shall prepare, and PubCo shall file with
the SEC, a registration statement on Form F-4 (as amended or supplemented from time to time, and including the Proxy Statement, the “Registration
Statement”), which Registration Statement will also contain a notice of extraordinary general meeting and proxy statement
(as amended, the “Proxy Statement”), relating to the Perception Shareholders’ Meeting (as defined below)
to approve and adopt: (a) this Agreement, the Ancillary Documents and the Business Combination, (b) the adoption and approval of the Plan
of Merger, the Merger and the A&R Articles of PubCo, (c) such other matters as Perception, BGHL, PubCo, Merger Sub shall collectively
determine to be necessary or appropriate in order to effect the Business Combination and the other transactions contemplated by this Agreement,
the Ancillary Documents or as may be required by applicable law, (d) any other proposals as the SEC (or staff member) may indicate are
necessary in its comments to the Registration Statement or correspondence, and (e) the adjournment of Perception Shareholders’ Meeting,
if necessary or desirable in the reasonable determination of Perception (the proposals described in foregoing clauses (a) through (e),
collectively, the “Transaction Proposals”).
(ii)
Perception, BGHL, PubCo, Merger Sub shall each use its commercially reasonable efforts to (a) cause the Registration Statement
when filed each with the SEC to comply in all material respects with all Laws applicable t and rules and regulations promulgated by the
SEC, (b) respond as promptly as reasonably practicable to and resolve all comments received from the SEC concerning the Registration Statement,
(c) cause the Registration Statement to be declared effective under the Securities Act as promptly as practicable and (d) keep the Registration
Statement effective as long as is necessary to consummate the Business Combination. Before the effective date of the Registration Statement,
BGHL, Perception and PubCo shall take all or any action required under any applicable federal or state securities Laws in connection with
the issuance of PubCo Ordinary Shares and PubCo Warrants pursuant to this Agreement. Each of BGHL, Perception and PubCo also agrees to
use its commercially reasonable efforts to obtain all necessary state securities law or “Blue Sky” permits and approvals required
to carry out the Business Combination, and BGHL and Perception shall furnish all information concerning BGHL and its Subsidiaries (in
the case of BGHL) or Perception (in the case of Perception) and any of their respective members or shareholders as may be reasonably requested
in connection with any such action. As promptly as practicable after finalization and effectiveness of the Registration Statement, Perception
shall mail (or cause to be mailed) the Registration Statement to the Perception Shareholders. Each of Perception, PubCo and BGHL shall
furnish to the other Parties all information concerning itself, its Subsidiaries, officers, directors, managers, shareholders, and other
equityholders and information regarding such other matters as may be reasonably necessary or advisable or as may be reasonably requested
in connection with the Registration Statement, or any other statement, filing, notice or application made by or on behalf of Perception,
PubCo, BGHL or their respective Affiliates to any regulatory authority in connection with the Business Combination.
(b)
Perception Shareholders Approval
(i) Before or as
promptly as practicable after the Registration Statement is declared effective under the Securities Act, Perception shall establish
a record date for, duly call, and convene and hold an extraordinary general meeting of the Perception Shareholders (including any
adjournment or postponement, the “Perception Shareholders’ Meeting”) in accordance with its
Organizational Documents to be held as promptly as reasonably practicable following the date on which the Registration Statement is
declared effective under the Securities Act for the purpose of voting on the Transaction Proposals and obtaining the vote of the
holders of Perception Ordinary Shares required to approve the Transaction Proposals in accordance with the requirements of the
Cayman Act, Perception’s Organizational Documents, all applicable SEC, NYSE requirements and all other applicable Laws (the
“Perception Shareholders’ Approval”) (including any adjournment or postponement of such meeting for
the purpose of soliciting additional proxies in favor of the adoption of this Agreement); provided, however, that Perception may
adjourn or postpone the Perception Shareholders’ Meeting (1) to the extent necessary to ensure that any supplement or
amendment to the Registration Statement that Perception determines in its sole discretion is necessary to comply with applicable
Laws is provided to the Perception Shareholders in advance of a vote on the adoption of the Transaction Proposals, (2) if, as of the
time that the Perception Shareholders’ Meeting is originally scheduled, there are insufficient Perception Ordinary Shares
represented at such meeting (either in person or by proxy) to constitute a quorum necessary to conduct the business of the
Perception Shareholders’ Meeting, (3) if, as of the time that the Perception Shareholders’ Meeting is originally
scheduled, adjournment or postponement of the Perception Shareholders’ Meeting is necessary to enable Perception to solicit
additional proxies required to obtain Perception Shareholders’ Approval, or (4) to comply with applicable Law.
(ii)
Subject to Section 7.6, the Registration Statement shall include a statement to the effect that the board of directors of
Perception (the “Perception Board”) has recommended that the Perception Shareholders vote in favor of the Transaction
Proposals at the Perception Shareholders’ Meeting (such statement, the “Perception Board Recommendation”),
and neither the Perception Board nor any committee shall withhold, withdraw, qualify, amend or modify, or publicly propose or resolve
to withhold, withdraw, qualify, amend or modify, the Perception Board Recommendation (any such action, a “Change in Recommendation”);
provided that the Perception Board may make any Change in Recommendation before receipt of the Perception Shareholders’ Approval
if it determines in good faith that it is required to do so in order to comply with the directors’ fiduciary duties under applicable
Laws.
(c)
BGHL Shareholder Approval. No earlier than one day before the Perception Shareholders’ Meeting BGHL shall pass a written
resolution by FGR as sole recordholder of the BGHL Stock pursuant to the FGR Trust Agreement (the “BGHL Shareholder Resolution”)
as promptly as reasonably practicable following the date that the Registration Statement is declared effective under the Securities Act
for the purpose of obtaining the approval of FGR (as trustee and recordholder)to the extent required to approve the Business Combination
and such other matters as may be mutually agreed by Perception and BGHL (the “BGHL Shareholder Approval”), and
BGHL shall use its reasonable best efforts, to take all other actions necessary or advisable to secure BGHL Shareholder Approval.
7.13
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 contemplated
transactions shall be issued by any Party or any of their Affiliates without the prior written consent of Perception and BGHL (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 other Parties reasonable time to comment on, and arrange for any required filing with respect to, such release or announcement
in advance of such issuance.
(b)
The Parties shall collectively 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 execution
of this Agreement (but in any event within four (4) Business Days), Perception 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
BGHL shall review, comment upon and approve (which approval shall not be unreasonably withheld, conditioned or delayed) before filing
(with BGHL reviewing, commenting upon and approving such Signing Filing in any event no later than the third (3rd) Business
Day after the execution of this Agreement). The Parties shall collectively agree upon and, as promptly as practicable after the Closing
(but in any event within four (4) Business Days), issue a press release announcing the consummation of the transactions contemplated by
this Agreement (the “Closing Press Release”). Promptly after the issuance of the Closing Press Release, Perception
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 BGHL shall review, comment upon and approve (which approval shall not be unreasonably
withheld, conditioned or delayed) before 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 contemplated transactions, each Party shall, upon request
by any other Party, furnish the Parties with all information concerning themselves, their respective directors, officers and equity holders,
and such other matters as may be reasonably necessary or advisable in connection with the contemplated transactions, or any other report,
statement, filing, notice or application made by or on behalf of a Party to any third party and/ or any Governmental Authority in connection
with the contemplated transactions.
7.14
Confidential Information.
(a) BGHL agrees that
during the Interim Period and, if this Agreement is terminated in accordance with Article X, for a period of two (2) years
after such termination, they shall, and shall cause their respective Representatives to: (i) treat and hold in strict confidence any
Perception Confidential Information, and will not use for any purpose (except in connection with the consummation of the
transactions contemplated by this Agreement or the Ancillary Documents, performing their obligations, enforcing their rights, or in
furtherance of their authorized duties on behalf of Perception), nor directly or indirectly disclose, distribute, publish,
disseminate or otherwise make available to any third party any of Perception Confidential Information without Perception’s
prior written consent; and (ii) if BGHL, during the Interim Period or, if this Agreement is terminated in accordance with Article
X, for a period of two (2) years after such termination, becomes legally compelled to disclose any Perception Confidential
Information, (A) provide Perception to the extent legally permitted with prompt written notice of such requirement so that
Perception or an Affiliate may seek, at Perception’s cost, a protective Order or other remedy or waive compliance with this Section
8.14(a), and (B) if such protective Order or other remedy is not obtained, or Perception waives compliance with this Section
8.14(a), furnish only that portion of such Perception Confidential Information which is legally required to be provided as
advised in writing by outside counsel and to exercise its commercially reasonable efforts to obtain assurances that confidential
treatment will be accorded such Perception Confidential Information. If this Agreement is terminated and the contemplated
transactions are not consummated, BGHL shall, and shall cause their respective Representatives to, promptly deliver to Perception or
destroy (at Perception’s election) any and all copies (in whatever form or medium) of Perception Confidential Information and
destroy all notes, memoranda, summaries, analyses, compilations and other writings; provided, however, that BGHL shall be entitled
to keep any records required by applicable Law or bona fide record retention policies; and provided, further, that any Perception
Confidential Information that is not returned or destroyed shall remain subject to the confidentiality obligations set forth in this
Agreement.
(b)
Perception agrees that during the Interim Period and, if this Agreement is terminated in accordance with Article IX, for
a period of two (2) years after such termination, it shall, and shall cause its Representatives to: (i) treat and hold in strict confidence
any BGHL Confidential Information, and will not use for any purpose (except in connection with the consummation of the transactions contemplated
by this Agreement or the Ancillary Documents, performing its obligations or enforcing its rights), nor directly or indirectly disclose,
distribute, publish, disseminate or otherwise make available to any third party any of BGHL Confidential Information without BGHL’s
prior written consent; and (ii) if Perception or any of its Representatives, during the Interim Period or, if this Agreement is terminated
in accordance with Article IX, for a period of two (2) years after such termination, becomes legally compelled to disclose any
BGHL Confidential Information, (A) provide BGHL to the extent legally permitted with prompt written notice of such requirement so that
BGHL may seek, at BGHL’s sole expense, a protective Order or other remedy or waive compliance with this Section 7.14(b) and
(B) if such protective Order or other remedy is not obtained, or BGHL waives compliance with this Section 7.14(b), furnish only
that portion of such BGHL Confidential Information which is legally required to be provided as advised in writing by outside counsel and
to exercise its commercially reasonable efforts to obtain assurances that confidential treatment will be accorded such BGHL Confidential
Information. In the event that this Agreement is terminated and the contemplated transactions are not consummated, Perception shall, and
shall cause its Representatives to, promptly deliver to BGHL or destroy (at Perception’s election) any and all copies (in whatever
form or medium) of BGHL Confidential Information and destroy all notes, memoranda, summaries, analyses, compilations and other writings;
provided, however, that Perception and its Representatives shall be entitled to keep any records required by applicable Law or bona fide
record retention policies; and provided, further, that any BGHL Confidential Information that is not returned or destroyed shall remain
subject to the confidentiality obligations set forth in this Agreement. Notwithstanding the foregoing, Perception and its Representatives
shall be permitted to disclose any and all BGHL Confidential Information to the extent required by the Federal Securities Laws.
7.15
Documents and Information. After the Closing Date, PubCo shall, and shall cause their respective Subsidiaries to, until
the seventh (7th) anniversary of the Closing Date, retain all books, records and other documents pertaining to the business
of the Target Companies in existence on the Closing Date.
7.16
Post-Closing Board of Directors. During the Interim Period, PubCo shall take (and BGHL and Perception shall take, as applicable)
all actions necessary or appropriate to cause the number of members of the board of the directors of PubCo (effective as of the Closing)
to be at least seven (7), including at least one (1) director designated by Perception or the Sponsor, one (1) independent director designated
by PubCo, and one (1) additional director designated by BGHL.
7.17
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 the current
or former directors and officers of the PubCo, Perception, Merger Sub, and BGHL and each Person who served as a director, officer, member,
trustee or fiduciary of another corporation, partnership, joint venture, trust, pension or other employee benefit plan or enterprise at
the request of the PubCo, Perception, Merger Sub, and BGHL (the “D&O Indemnified Persons”) as provided in
their respective Organizational Documents or under any indemnification, employment or other similar agreements between any D&O Indemnified
Person and PubCo, Perception, or BGHL in each case as in effect on the date of this Agreement, 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 Exchange Effective Time, PubCo shall cause the Organizational Documents of PubCo to contain provisions no less favorable
with respect to exculpation and indemnification of and advancement of expenses to D&O Indemnified Persons than are set forth as of
the Signing Date in the Organizational Documents of PubCo to the extent permitted by applicable Law. The provisions of this Section
7.17 shall survive the consummation of the Contemplated transactions and are intended to be for the benefit of, and shall be enforceable
by, each of the D&O Indemnified Persons and their respective heirs and representatives, each of whom shall be a third party beneficiary
of the provisions of this Section 7.17.
(b) For a period of six years
from the Closing, PubCo shall, and shall cause its Subsidiaries to, maintain in effect directors’ and officers’ liability
insurance covering those Persons who are currently covered by PubCo’s, BGHL’s, Perception’s or Merger Sub’s,
respectively, directors’ and officers’ liability insurance policies (including, in any event, the D&O Indemnified Persons)
on terms not less favorable than the terms of such current insurance coverage, except that in no event shall PubCo and its Subsidiaries
be required to pay an aggregate premium for such insurance in excess of 300% of the aggregate annual premium payable by BGHL, Perception,
or Merger Sub, respectively, for such insurance policy as of the date of this Agreement; provided, however, that (i) each of PubCo, Perception,
and BGHL may cause coverage to be extended under the current directors’ and officers’ liability insurance by obtaining a
six-year “tail” policy with respect to claims existing or occurring at or before the Closing and if and to the extent such
policies have been obtained before the Closing with respect to any such Persons, PubCo, Perception, and BGHL, respectively, shall maintain
such policies in effect and continue to honor the obligations, and (ii) if any claim is asserted or made within such six-year period,
any insurance required to be maintained under this Section 7.17 shall be continued in respect of such claim until the final disposition.
7.18
Equity Incentive Plan. The Parties agree that at Closing, PubCo shall adopt an incentive plan in a form to be agreed upon
by the Parties.
7.19
Trust Account Proceeds. The Parties agree that after the Closing, the funds in the Trust Account, after taking into account
payments for the Perception Share Redemption shall first be used to pay (in the following order) (i) Perception Transaction Expenses,
(ii) BGHL Transaction Expenses (iii) any loans owed by Perception to any financing party, including the Sponsor for any Perception Transaction
Expenses and any administrative costs and expenses incurred by or on behalf of Perception, (iv) any other Liabilities of Perception as
of the Closing. Such amounts described in (i) – (iv) of the preceding sentence will be paid at the Closing. Any remaining cash will
be used for working capital and general corporate purposes of PubCo.
Article
VIII
CLOSING CONDITIONS
8.1
Conditions to Each Party’s Obligations. The obligations of each Party to consummate the Business Combination and the
other transactions described shall be subject to the satisfaction or written waiver (where permissible) by BGHL and Perception of the
following conditions:
(a)
Shareholder Approvals. The Perception Shareholders’ Approval and the BGHL Shareholders’ Approval shall have
been obtained.
(b)
Antitrust Laws. Any waiting period (and any extension) applicable to the consummation of this Agreement under any Antitrust
Laws shall have expired or been terminated.
(c)
Requisite Regulatory Approvals. All Consents required to be obtained from or made with any Governmental Authority in order
to consummate the transactions contemplated by this Agreement shall have been obtained or made.
(d)
Requisite Consents. The Consents required to be obtained from or made with any third Person (other than a Governmental Authority)
in order to consummate the transactions contemplated by this Agreement.
(e)
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 contemplated by this
Agreement.
(f)
Appointment to the Board. The members of PubCo’s board of directors shall have been elected or appointed as of the
Closing consistent with the requirements of Section 8.16.
(g)
Registration Statement. The Registration Statement shall have been declared effective by the SEC and shall remain effective
as of the Closing, and no stop order or similar order shall be in effect with respect to the Registration Statement.
(h)
NYSE Listing. PubCo Ordinary Shares and PubCo Warrants to be issued in connection with this Agreement shall have been approved
for listing on NYSE or Nasdaq, or such other national exchange as agreed between Perception and BGHL, subject to official notice of issuance.
8.2
Conditions to Obligations of BGHL. In addition to the conditions specified in Section 8.1, the obligations of BGHL
to consummate the Business Combination and the other transactions contemplated by this Agreement are subject to the satisfaction or written
waiver (by BGHL) of the following conditions:
(a)
Representations and Warranties.
(i)
Each of the representations and warranties of (A) Perception contained in Section 6.1 (Organization and Standing), Section
6.4 (Capitalization) and Section 6.14 (Finders and Brokers), and (B) of PubCo and Merger Sub contained in Section 5.1
(Organization and Standing), Section 5.2 (Authorization; Binding Agreement), Section 5.5 (Capitalization), Section 5.8
(Ownership of Merger Consideration) and Section 5.10 (Finders and Brokers) (clauses (A) and (B) together, the “Perception
Group Specified Representations”) in each case shall be true and correct in all material aspects on and as of the Signing
Date 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 accurate in all material aspects as of such date));
and
(ii)
Each of the representations and warranties of Perception contained in this Agreement (other than the Perception Group Specified
Representations) shall be true and correct on and as of the Signing Date and on and as of the Closing Date as if made on the Closing Date,
except for (i) those representations and warranties that address matters only as of a particular date (which representations and warranties
shall have been true and accurate as of such date), and (ii) any failures to be true and correct that (without giving effect to any qualifications
or limitations as to materiality or Material Adverse Effect) have not had and would not reasonably be expected to have a Material Adverse
Effect on, or with respect to, Perception, taken as a whole.
(b) Agreements and Covenants.
Perception, PubCo and Merger Sub, each shall have performed in all material respects all of their obligations and complied in all material
respects with all of their agreements and covenants under this Agreement to be performed or complied with by it on or before the Closing
Date.
(c)
No Material Adverse Effect. No Material Adverse Effect shall have occurred with respect to Perception since the date of
this Agreement which is continuing and uncured.
(d)
No Material PubCo, Merger Sub, or Merger Sub Adverse Effect. No Material Adverse Effect shall have occurred with respect
to PubCo or Merger Sub since the date of this Agreement which is continuing and uncured.
(e)
Closing Deliveries.
(i)
Officer Certificate. (A) Perception shall have delivered to BGHL a certificate, dated a date no earlier than the date before
the Merger Effective Date, signed by a respective executive officer of Perception in such capacity, certifying as to the satisfaction
of the conditions specified in Sections 8.2(a), 8.2(b), and 8.2(c) (B) each of PubCo and Merger Sub shall have delivered
to BGHL a certificate, dated a date no earlier than the date before the Merger Effective Date, signed by a respective executive officer
of PubCo and Merger Sub in such capacity, certifying as to the satisfaction of the conditions specified in Sections 8.2(a), 8.2(b),
and 8.2(c).
(ii)
Secretary or Director Certificate. Perception, PubCo and Merger Sub, shall each have delivered to BGHL a certificate from
its secretary, a director or other executive officer certifying as to, and attaching, (A) copies of Organizational Documents as in effect
before the Merger Effective Time, (B) the resolutions of the respective 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 contemplated transactions, and (C) evidence that the required shareholder approval has been obtained.
(iii)
Good Standing. Perception, PubCo and Merger Sub, shall each have delivered to BGHL a good standing certificate (or similar
documents applicable for such jurisdictions) for each entity certified as of a date no earlier than thirty (30) days before the Closing
Date from the proper Governmental Authority of such entity’s jurisdiction of organization and from each other jurisdiction in which
such entity is qualified to do business as a foreign entity as of the Closing, in each case to the extent that good standing certificates
or similar documents are generally available in such jurisdictions.
(iv)
Registration Rights Agreement. BGHL shall have received an executed copy of the registration rights agreement (the “Registration
Rights Agreement”) substantially in form attached as Exhibit D, duly executed by Perception, PubCo, and the Sponsor.
(v)
Lock-Up Agreement. BGHL shall have received an executed copy of one or more lock-up agreements (the “Lock-Up
Agreement”) substantially in form attached as Exhibit D, duly executed by Perception, PubCo, and the Sponsor.
(vi)
Sponsor Support Agreement. BGHL shall have received an executed copy of the sponsor support agreement substantially in form
attached as Exhibit A duly executed by Sponsor and PubCo (the “Sponsor Support Agreement”).
8.3
Conditions to Obligations of Perception. In addition to the conditions specified in Section 8.1, the obligations
of Perception, to consummate the Business Combination and the other transactions contemplated by this Agreement are subject to the satisfaction
or written waiver (by Perception) of the following conditions:
(a)
Representations and Warranties.
(i)
Each of the representations and warranties of BGHL contained in Section 4.1 (Organization and Standing), Section 4.2
(Authorization; Binding Agreement), Section 4.3 (Capitalization) and Section 4.27 (Finders and Brokers), in each case shall
be true and correct in all material aspects on and as of the Signing Date 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 accurate in all material aspects as of such date)); and
(ii)
Each of the representations and warranties of BGHL, contained in this Agreement, shall be true and correct on and as of the Signing
Date and on and as of the Closing Date as if made on the Closing Date, except for (i) those representations and warranties that address
matters only as of a particular date (which representations and warranties shall have been true and accurate as of such date), and (ii)
any failures to be true and correct that (without giving effect to any qualifications or limitations as to materiality or Material Adverse
Effect) have not had and would not reasonably be expected to have a Material Adverse Effect on, or with respect to, the Target Companies,
taken as a whole.
(b)
Agreements and Covenants. BGHL 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 before the
Closing Date.
(c)
No Material Target Company Adverse Effect. No Material Adverse Effect shall have occurred with respect to the Target Companies
taken as a whole since the date of this Agreement which is continuing and uncured.
(d)
Certain Ancillary Documents. The Lock-Up Agreement, the Exclusivity Agreement and the Registration Rights Agreement shall
be in full force and effect in accordance with the terms as of the Closing.
(e)
Closing Deliveries.
(i)
Officer or Director Certificate. Perception shall have received a certificate from BGHL dated as the Closing Date, signed
by a respective executive director or officer of BGHL in such capacity, certifying as to the satisfaction of the conditions specified
in Sections 8.3(a)-8.3(d).
(ii)
Secretary Certificate. BGHL shall have delivered to Perception a certificate executed by their respective secretary certifying
as to the validity and effectiveness of, and attaching, (A) copies of their Organizational Documents as in effect with respect to BGHL,
immediately before the Exchange Effective Time and (B) the requisite resolutions of BGHL’s board of directors authorizing and approving
the execution, delivery, and performance of this Agreement and each Ancillary Document to which it is required to be a party or bound,
and the consummation of the Business Combination and the other contemplated transactions.
(iii)
Good Standing. BGHL shall have delivered to Perception a good standing certificate (or similar documents applicable for
such jurisdictions) issued as of a date no earlier than thirty (30) days before the Closing Date from the proper Governmental Authority
of each entity’s jurisdiction of organization and from each other jurisdiction in which each entity is qualified to do business
as a foreign corporation or other entity as of the Closing to the extent that good standing certificates or similar documents are generally
available in such jurisdictions.
(iv)
Registration Rights Agreement. Perception shall have received an executed copy of the Registration Rights Agreement, duly
executed by BGHL and the BGHL Holders (as defined in the Registration Rights Agreement).
(v)
Lock-Up Agreement. Perception shall have received the executed copy of the Lock-Up Agreement, duly executed by BGHL and
FGR.
(vi)
FGR Support Agreement. Perception shall have received an executed copy of a support agreement substantially in form attached
as Exhibit B duly executed by BGHL and FGR (the “FGR Support Agreement”).
(vii)
Agreements. The Operations Agreements shall have been fully executed and approved by all applicable Governmental Authorities.
(viii)
Qualified Person Report. A satisfactory qualified person’s report prepared in accordance with the requirements of
the SEC’s Regulation S-K (Subpart 1300) shall have been delivered.
8.4
Frustration of Conditions. Notwithstanding anything to the contrary, no Party may rely on the failure of any condition set
forth in this Article VIII to be satisfied if such failure was caused by the failure of such Party or its Affiliates (or with respect
to BGHL, any Target Company or BGHL Shareholder) failure to comply with or perform any of its covenants or obligations set forth in this
Agreement.
Article
IX
TERMINATION AND EXPENSES
9.1
Termination. This Agreement may be terminated, and the contemplated transactions may be abandoned, at any time before the
Closing as follows:
(a)
by mutual written consent of Perception or BGHL;
(b)
by written notice by either Perception or BGHL to the other Parties, if any of the conditions to the Closing set forth in Article
IX have not been satisfied or waived by November 5, 2024 (the “Outside Date”); provided, however,
the right to terminate this Agreement under this Section 9.1(b) 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;
(c) by written notice by
either Perception or BGHL to the other Parties, if a Governmental Authority of competent jurisdiction shall have issued an Order or
taken any other action permanently restraining, enjoining or otherwise prohibiting the transactions contemplated by this Agreement
including, without limitation, the effectiveness of the Operations Agreements, and such Order or other action has become final and
non-appealable; provided, however, that the right to terminate this Agreement under this Section 9.1(c) 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;
(d) by written notice by BGHL to Perception, if (i) there has been a material breach by Perception of any of its representations, warranties,
covenants or agreements contained in this Agreement, or if any representation or warranty of Perception shall have become untrue or inaccurate,
in any case, which would result in a failure of a condition set forth in Section 8.2(a) or Section 8.2(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) twenty (20) days after written notice of such breach
or inaccuracy is provided to Perception or (B) the Outside Date; provided, that BGHL shall not have the right to terminate this Agreement
pursuant to this Section 9.1(d) if at such time BGHL is in material uncured breach of this Agreement;
(e) by written notice by Perception to BGHL, if (i) there has been a material breach by BGHL of any of its representations, warranties,
covenants or agreements contained in this Agreement, or if any representation or warranty of such Parties shall have become untrue or
inaccurate, in any case, which would result in a failure of a condition set forth in Section 8.3(a) or Section 8.3(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) twenty (20) days after written notice of
such breach or inaccuracy is provided to BGHL or (B) the Outside Date; provided, that Perception shall not have the right to terminate
this Agreement pursuant to this Section 9.1(e) if at such time Perception is in material uncured breach of this Agreement;
(f) by written notice by Perception to BGHL, if Perception Shareholders’ Meeting has been held (including any adjournment or
postponement) and has concluded, and the Perception Shareholders’ Approval was not obtained; or
(g) by written notice by Perception to BGHL, if the Operations Agreements have not been entered into by the Operations Date.
9.2
Effect of Termination. This Agreement may only be terminated in the circumstances described in Section 9.1 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 9.1 under which such termination is made. In the event of the valid termination of this Agreement
pursuant to Section 9.1, this Agreement shall 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) Sections 7.13(a), 7.14,
9.3, 10.1, Article XI and this Section 9.2 shall survive the termination of this Agreement, and (ii) nothing
shall relieve any Party from Liability for any willful breach of any representation, warranty, covenant or obligation under this Agreement
or any Fraud Claim against such Party, in either case, before termination of this Agreement (in each case of clauses (i) and (ii) above,
subject to Section 10.1). Without limiting the foregoing, and except as provided in Sections 9.3 and this Section 9.2
(but subject to Section 10.1) and subject to the right to seek injunctions, specific performance or other equitable relief in accordance
with Section 11.6, the Parties’ sole right before 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 9.1.
9.3
Fees and Expenses. Subject to Sections 7.18 and 10.1, BGHL Transaction Expenses and Perception Transaction
Expenses incurred in connection with this Agreement and the Contemplated Transactions shall be paid by the Party incurring such expenses;
provided, however, that if the Closing occurs, all remaining BGHL Transaction Expenses and Perception Transaction Expenses shall be paid
from the capital of Perception upon release of funds from the Trust Account. There shall be an aggregate fee cap of up to Eight Million
and 00/100 Dollars ($8,000,000.00) encompassing all such fees and expenses described above.
Article
X
WAIVERS AND RELEASES
10.1 Waiver of Claims
Against Trust. Reference is made to the IPO Prospectus. BGHL and PubCo each represents and warrants that it has read the IPO
Prospectus and understands that Perception has established the Trust Account containing the proceeds of the IPO and the
overallotment shares acquired by Perception’s underwriters and from certain private placements occurring simultaneously with
the IPO (including interest accrued from time to time) for the benefit of Perception’s public Shareholders (including
overallotment shares acquired by Perception’s underwriters) (the “Public Shareholders”) and that,
except as otherwise described in the IPO Prospectus, Perception may disburse monies from the Trust Account only: (a) to the Public
Shareholders in the event they elect to redeem their Perception Ordinary Shares in connection with the consummation of its initial
business combination (as such term is used in the IPO Prospectus) or in connection with an amendment to Perception’s
Organizational Documents to extend Perception’s deadline to consummate a Business Combination, (b) to the Public Shareholders
if Perception fails to consummate a Business Combination within 18 months after the closing of the IPO, subject to extension by
amendment to Perception’s Organizational Documents, (c) with respect to any interest earned on the amounts held in the Trust
Account, amounts necessary to pay for any Taxes and up to $100,000 in dissolution expenses, and (d) to Perception after or
concurrently with the consummation of a Business Combination. In consideration of Perception entering into this Agreement BGHL and
PubCo agrees on behalf of itself and its Affiliates that neither BGHL nor PubCo nor any of their respective Affiliates do now or
shall at any future time have any right, title, interest or claim of any kind in or to any monies in the Trust Account or
distributions, or make any claim against the Trust Account (including any distributions), regardless of whether such claim arises as
a result of, in connection with or relating in any way to, this Agreement or any proposed or actual business relationship between
Perception or any of its Representatives, on the one hand, and BGHL and PubCo or any of their respective Representatives, on the
other hand, or any other matter, and regardless of whether such claim arises based on contract, tort, equity or any other theory of
legal liability (collectively, the “Released Claims”). Each of BGHL and PubCo on behalf of itself and its
Affiliates irrevocably waives any Released Claims that any such Party or any of its Affiliates may have against the Trust Account
(including any distributions) now or in the future and will not seek recourse against the Trust Account (including any
distributions) for any reason whatsoever (including for an alleged breach of this Agreement or any other agreement with Perception
or its Affiliates). BGHL and PubCo each agrees and acknowledges that such irrevocable waiver is material to this Agreement and
specifically relied upon by Perception and its Affiliates to induce Perception to enter in this Agreement, and each of BGHL and
PubCo further intends and understands such waiver to be valid, binding and enforceable against such Party and each of its Affiliates
under applicable Law. To the extent that BGHL and PubCo or any of their respective Affiliates commences any Action based upon, in
connection with, relating to or arising out of any matter relating to Perception or its Representatives, which proceeding seeks, in
whole or in part, monetary relief against Perception or its Representatives, each of BGHL and PubCo acknowledges and agrees that its
and its Affiliates’ sole remedy shall be against funds held outside of the Trust Account and that such claim shall not permit
such Party or any of its Affiliates (or any Person claiming on behalf or in lieu of any of them) to have any claim against the Trust
Account (including any distributions) or any amounts. This Section 10.1 shall survive termination of this Agreement.
Article
XI
MISCELLANEOUS
11.1
Notices. All notices, consents, waivers and other communications shall be in writing and shall be deemed to have been duly
given when delivered (i) in person, (ii) by email, (iii) one Business Day after being sent, if sent by reputable, nationally recognized
overnight courier service or (iv) 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):
|
If to Perception, to:
Attn: Richard W. Gaenzle, Jr.
3109 W. 50th Street, #207
Minneapolis, MN 55410
Email: info@perceptioncapitalpartners.com
|
with a copy (which will not constitute notice) to:
Loeb & Loeb LLP
345 Park Avenue
New York, NY 10154
Attn: Giovanni Caruso
Email: gcaruso@loeb.com
|
|
If to PubCo, to:
Attn: Richard W. Gaenzle, Jr.
3109 W. 50th Street, #207
Minneapolis, MN 55410
Email: info@perceptioncapitalpartners.com
|
with a copy (which will not constitute notice) to:
Loeb & Loeb LLP
345 Park Avenue
New York, NY 10154
Attn: Giovanni Caruso
Email: gcaruso@loeb.com
|
|
If to BGHL, to:
Andrew Cavaghan
4 Queen Street
Bath
BA1 1HE
United Kingdom
Email: adec@bcmp.com
|
with a copy (which will not constitute notice) to:
Nelson Mullins Riley & Scarborough LLP
101 Constitution Avenue, NW Suite 900
Washington, D.C. 20001
Attn: Andrew M. Tucker
Facsimile No.: (202) 689-2860
Telephone No.: (202) 689-2987
Email: Andy.Tucker@nelsonmullins.com
|
11.2
Binding Effect; Assignment. This Agreement and all of the provisions 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 Perception and BGHL (and after the Closing, PubCo), and any assignment without such consent shall be null
and void; provided that no such assignment shall relieve the assigning Party of its obligations.
11.3
Third Parties. Except as set forth in Section 7.17, nothing contained in this Agreement or in any instrument or document
executed by any party in connection with the contemplated transactions shall create any rights in, or be deemed to have been executed
for the benefit of, any Person that is not a Party or a successor or permitted assign of such a Party.
11.4 Governing Law;
Venue. This Agreement shall be governed by, construed and enforced in accordance with the Laws of the State of New York without
regard to the conflict of laws principles provided that matters that as a matter of the Laws of the Cayman Islands are
required to be governed by the Law of the Cayman Islands (including, without limitation, the effects of the Merger and the fiduciary
duties that may apply to the directors and officers of the Parties) shall be governed by, and construed in accordance with, the Laws
of the Cayman Islands, without regard to Laws that may be applicable under conflicts of laws principles that would cause the
application of the Laws of any jurisdiction other than the Cayman Islands. Subject to the previous sentence, all Actions arising out
of or relating to this Agreement shall be heard and determined exclusively in any state or federal court located in New York County,
State of New York (or in any appellate court) (the “Specified Courts”). Each Party (a) submits to the
exclusive jurisdiction of any Specified Court for the purpose of any Action arising out of or relating to this Agreement brought by
any Party and (b) irrevocably waives, and agrees not to assert by way of motion, defense or otherwise, in any such Action, any
claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from
attachment or execution, that the Action is brought in an inconvenient forum, that the venue of the Action is improper, or that this
Agreement or the contemplated transactions may not be enforced in or by any Specified Court. Each Party agrees that a final judgment
in any Action shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided
by Law. Each Party irrevocably consents to the service of the summons and complaint and any other process in any other Action
relating to the transactions contemplated by this Agreement, on behalf of itself, or its property, by personal delivery of copies of
such process to such Party at the applicable address set forth in Section 11.1. Nothing in this Section 11.4 shall
affect the right of any Party to serve legal process in any other manner permitted by Law.
11.5
WAIVER OF JURY TRIAL. EACH PARTY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO
A TRIAL BY JURY WITH RESPECT TO ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE CONTEMPLATED
TRANSACTIONS. EACH PARTY (A) CERTIFIES THAT NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH
OTHER PARTY WOULD NOT, IN THE EVENT OF ANY ACTION, SEEK TO ENFORCE THAT FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER
PARTIES HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION
11.5.
11.6
Specific Performance. Each Party acknowledges that the rights of each Party to consummate the Contemplated 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 if 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, 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.
11.7
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 shall not in any way be affected or impaired
nor shall the validity, legality or enforceability of such provision be affected 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.
11.8
Amendment. This Agreement may be amended, supplemented or modified only by execution of a written instrument signed by Perception
and BGHL.
11.9
Waiver. Perception on behalf of itself and its Affiliates and BGHL on behalf of itself and its Affiliates may in its sole
discretion (i) extend the time for the performance of any obligation or other act of any other non-Affiliated Party, (ii) waive any
inaccuracy in the representations and warranties by such other non-Affiliated Party contained or in any document delivered pursuant to
this Agreement and (iii) waive compliance by such other non-Affiliated Party with any covenant or condition contained . Any such extension
or waiver shall be valid only if set forth in an instrument in writing signed by the Party or Parties to be bound (including by the Sponsor
in lieu of such Party to the extent provided in this Agreement). Notwithstanding the foregoing, no failure or delay by a Party in exercising
any right shall operate as a waiver nor shall any single or partial exercise preclude any other or further exercise of any other right.
Notwithstanding the foregoing, any waiver of any provision of this Agreement after the Closing shall also require the prior written consent
of the Sponsor.
11.10
Entire Agreement. This Agreement and the documents or instruments referred to, including any attached exhibits and schedules,
which exhibits and schedules are incorporated by reference, together with the Ancillary Documents, embody the entire agreement and understanding
of the Parties with respect to the subject matter. There are no restrictions, promises, representations, warranties, covenants or undertakings,
other than those expressly set forth or referred to, or the documents or instrument set forth or referred to, which collectively supersede
all prior agreements and the understandings among the Parties with respect to the subject matter contained.
11.11 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)
“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”; (d) the word “if” and other words of similar import when used shall be deemed in each case to be
followed by the phrase “and only if”; (e) the term “or” means “and/or”; (f) 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”; (g) any agreement, instrument, insurance policy, Law or Order defined or referred
to or in any agreement or instrument that is referred to 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; (h) 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 (i) 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 Shareholders
shall include any applicable owners of the equity interests of such Person, in whatever form, including with respect to Perception
its Shareholders under applicable Law, 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, 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,
document, certificate or instrument is represented and warranted to by BGHL to be given, delivered, provided or made available by
BGHL, in order for such Contract, document, certificate or instrument to have been deemed to have been given, delivered, provided
and made available to Perception or its Representatives, such Contract, document, certificate or instrument shall have been posted
to the electronic data site maintained on behalf of BGHL for the benefit of Perception and its Representatives and Perception and
its Representatives have been given access to the electronic folders containing such.
11.12
Counterparts. This Agreement and each Ancillary Document may be executed and delivered (including electronic transmission)
in one or more counterparts, and by the different Parties 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.
11.13
Non-Survival of Representations, Warranties. The representations and warranties of the Parties contained in this Agreement
or in any certificate or instrument delivered by or on their respective behalf pursuant to this Agreement shall not, unless otherwise
provided in this Agreement, survive the Closing, and from and after the Closing, the Parties and their respective Representatives shall
not have any further obligations, nor shall any claim be asserted or action be brought against any other Party or their respective Representatives.
The covenants and agreements made by the Parties in this Agreement or in any certificate or instrument delivered pursuant to this Agreement,
including any rights arising out of any breach of such covenants or agreements, shall not survive the Closing, except for those covenants
and agreements contained and that by their terms apply or are to be performed in whole or in part after the Closing (which such covenants
shall survive the Closing and continue until fully performed in accordance with their terms).
Article
XII
DEFINITIONS
12.1
Certain Definitions. For purpose of this Agreement, the following capitalized terms have the following meanings:
“Accounts Receivable”
shall have the meaning set forth in Section 4.7(f).
“Action”
means any notice of noncompliance or violation, or any claim, demand, charge, action, suit, litigation, audit, settlement, complaint,
stipulation, assessment or arbitration, or any request (including any request for information), inquiry, hearing, proceeding or investigation,
by or before any Governmental Authority.
“Affiliate”
means, with respect to any Person, any other Person directly or indirectly Controlling, Controlled by, or under common Control with such
Person. For the avoidance of doubt, the Sponsor shall be deemed to be an Affiliate of Perception before the Closing.
“Alternative Transaction”
shall have the meaning set forth in Section 7.6(a).
“Ancillary
Documents” means each agreement, instrument or document attached as an Exhibit, and the other agreements, certificates and
instruments to be executed or delivered by any of the Parties in connection with or pursuant to this Agreement.
“Antitrust Laws”
shall have the meaning set forth in Section 7.9(b).
“A&R Articles
of New BGHL” shall have the meaning set forth in Section 1.6(c).
“A&R Articles
of New Perception” shall have the meaning set forth in Section 1.7(d).
“Benefit
Plans” of any Person means any and all deferred compensation, executive compensation, incentive compensation, equity purchase
or other equity-based compensation plan, employment or consulting, severance or termination pay, holiday, vacation or other bonus plan
or practice, hospitalization or other medical, life or other insurance, supplemental unemployment benefits, profit sharing, pension, or
retirement plan, program, agreement, commitment or arrangement, and each other employee benefit plan, program, agreement or arrangement,
including each “employee benefit plan” as such term is defined under Section 3(3) of ERISA, maintained or contributed to or
required to be contributed to by a Person for the benefit of any employee or terminated employee of such Person, or with respect to which
such Person has any Liability, whether direct or indirect, actual or contingent, whether formal or informal, and whether legally binding
or not.
“FGR”
shall have the meaning set forth in the recitals.
“BGHL”
shall have the meaning set forth in the recitals.
“BGHL
Benefit Plans” means all contracts, plans, agreements, programs, arrangements, employee benefit plans, compensation arrangements
and other benefit arrangements, whether written or unwritten and whether or not providing cash- or equity-based incentives (e.g., restricted
stock, stock option, stock appreciation right, phantom stock, etc.), health, medical, dental, disability, accident or life insurance benefits,
change in control or retention payments, vacation, severance, salary continuation, or other termination pay, bonus, commissions or other
variable compensation, vacation, paid-time-off, sick leave, fringe benefit, retirement, deferred compensation, retirement, pension or
savings benefits, that are sponsored, maintained or contributed to by a Target Company for the benefit of any current or former employees,
offices, directors, or consultants of a Target Company or under which a Target Company has any liability and all employment or other agreements
(other than at will offer letters that do not provide for any severance or termination benefits) providing compensation, vacation, severance
or other benefits to any officer, employee, consultant or former employee of a Target Company to which a Target Company is a party.
“BGHL
Board” means the board or similar governing body of BGHL.
“BGHL Certificates”
shall have the meaning set forth in Section 1.6(a).
“BGHL
Charter” means BGHL’s organizational documents before the Exchange Effective Time.
“BGHL
Confidential Information” means all confidential or proprietary documents and information concerning the Target Companies
or any of their respective Representatives, furnished in connection with this Agreement or the contemplated transactions; provided,
however, that BGHL Confidential Information shall not include any information which, (i) at the time of disclosure by a disclosing
party or their Representatives, is generally available publicly and was not disclosed in breach of this Agreement or (ii) at the time
of the disclosure by a disclosing party or its Representatives was previously known by such receiving party without violation of Law or
any confidentiality obligation by the Person receiving such BGHL Confidential Information.
“BGHL
Convertible Securities” means, collectively, any options, warrants or rights to subscribe for or purchase any capital stock
of BGHL or securities convertible into or exchangeable for, or that otherwise confer on the holder any right to acquire any capital stock
of BGHL.
“BGHL Financials”
shall have the meaning set forth in Section 4.7(a).
“BGHL IP”
shall have the meaning set forth in Section 4.13(d).
“BGHL IP Licenses”
shall have the meaning set forth in Section 4.13(b).
“BGHL
IT Systems” means all computer systems, computer software and hardware, communication systems, servers, network equipment
and related documentation, in each case, owned, licensed or leased by a Target Company.
“BGHL Material Contract”
shall have the meaning set forth in Section 4.12(a).
“BGHL Plan of Merger”
shall have the meaning set forth in Section 1.6(a).
“BGHL Real Property
Leases” shall have the meaning set forth in Section 4.15.
“BGHL Registered
IP” shall have the meaning set forth in Section 4.13(a).
“BGHL
Shareholders” means, collectively, FGR as the registered owner of all of the issued and outstanding shares of BGHL Stock
prior to Closing pursuant to the FGR Trust Agreement.
“BGHL Shareholder
Approval” shall have the meaning set forth in Section 7.12(c).
“BGHL Shareholders’
Meeting shall have the meaning set forth in Section 7.12(c).
“BGHL
Stock” means the Ordinary Shares of BGHL, each with a nominal value of $0.00000000001.
“BGHL Transaction
Expenses” means all fees and expenses of any of the Target Companies incurred or payable as of the Closing and not paid
before the Closing (i) in connection with the consummation of the contemplated transactions, including any amounts payable to professionals
(including investment bankers, brokers, finders, attorneys, accountants and other consultants and advisors) retained by or on behalf of
any Target Company, (ii) any change in control bonus, accrued but unpaid salary, transaction bonus, retention bonus, termination or severance
payment or payment relating to terminated options, warrants or other equity appreciation, phantom equity, profit participation or similar
rights, in any case, to be made to any current or former employee, independent contractor, director or officer of any Target Company at
or after the Closing pursuant to any agreement to which any Target Company is a party before the Closing which become payable (including
if subject to continued employment) as a result of the execution of this Agreement or the consummation of the contemplated transactions,
and (iii) any sales, use, real property transfer, stamp, stock transfer or other similar transfer Taxes imposed on Target Company in connection
with the Business Combination or the other transactions contemplated by this Agreement.
“BIS”
shall have the meaning set forth in Section 4.25(c).
“Bond”
shall have the meaning set forth in Section 1.4.
“Business
Combination” has the meaning set forth in the recitals.
“Business
Day” means any day other than a Saturday, Sunday or a legal holiday on which commercial banking institutions in
London, England, the Cayman Islands, and Ghana are authorized to close for business, excluding as a result of “stay at
home”, “shelter-in-place”, “non-essential employee” or any other similar orders or restrictions or the
closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer
systems, including for wire transfers, of commercial banking institutions in such jurisdictions are generally open for use by
customers on such day.
“Cayman Act”
shall have the meaning set forth in Section 1.5.
“Change in Recommendation”
shall have the meaning set forth in Section 7.12(b).
“Closing”
shall have the meaning set forth in Section 3.1.
“Closing Date”
shall have the meaning set forth in Section 3.1.
“Closing Filing”
shall have the meaning set forth in Section 7.13(b).
“Closing Press Release”
shall have the meaning set forth in Section 7.13(b).
“Code”
means the Internal Revenue Code of 1986, as amended, and any successor statute t, as amended. Reference to a specific section of the Code
shall include such section and any valid promulgated treasury regulation.
“Consent”
means any consent, approval, waiver, authorization or Permit of, or notice to or declaration or filing with any Governmental Authority
or any other Person.
“Contracts”
means all contracts, agreements, binding arrangements, bonds, notes, indentures, mortgages, debt instruments, purchase order, licenses
(and all other contracts, agreements or binding arrangements concerning Intellectual Property), franchises, leases and other instruments
or obligations of any kind, written or oral (including any amendments and other modifications).
“Control”
of a Person means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies
of such Person, whether through the ownership of voting securities, by contract, or otherwise. “Controlled”, “Controlling”
and “under common Control with” have correlative meanings. Without limiting the foregoing a Person (the “Controlled
Person”) shall be deemed Controlled by (a) any other Person (i) owning beneficially, as meant in Rule 13d-3 under the Exchange
Act, securities entitling such Person to cast ten percent (10%) or more of the votes for election of directors or equivalent governing
authority of the Controlled Person or (ii) entitled to be allocated or receive ten percent (10%) or more of the profits, losses, or distributions
of the Controlled Person; (b) an officer, director, general partner, partner (other than a limited partner), manager, or member (other
than a member having no management authority that is not a Person described in clause (a) above) of the Controlled Person; or (c) a spouse,
parent, lineal descendant, sibling, aunt, uncle, niece, nephew, mother-in-law, father-in-law, sister-in-law, or brother-in-law of an Affiliate
of the Controlled Person or a trust for the benefit of an Affiliate of the Controlled Person or of which an Affiliate of the Controlled
Person is a trustee.
“Copyrights”
means any works of authorship, mask works and all copyrights, including all renewals and extensions, copyright registrations and applications
for registration and renewal, and non-registered copyrights.
“Dissenting Perception
Shareholders” shall have the meaning set forth in Section 1.7(k).
“Dissenting
Perception Shares” shall have the meaning set forth in Section 1.7(k).
“D&O Indemnified
Person” shall have the meaning set forth in Section 7.17(a).
“DTC”
shall have the meaning set forth in Section 1.6(h).
“Enforceability
Exceptions” shall have the meaning set forth in Section 4.2.
“Environmental
Law” means any Law in any way relating to (a) the protection of human health and safety, (b) the protection, preservation
or restoration of the environment and 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), or (c) the exposure to, or the use, storage, recycling,
treatment, generation, transportation, processing, handling, labeling, production, release or disposal of Hazardous Materials, including
without limitation the Comprehensive Environmental Response, Compensation and Liability Act, 42 USC. Section 9601 et. seq., the Resource
Conservation and Recovery Act, 42 USC. Section 6901 et. seq., the Toxic Substances Control Act, 15 USC. Section 2601 et. seq., the Federal
Water Pollution Control Act, 33 USC. Section 1151 et seq., the Clean Air Act, 42 USC. Section 7401 et seq., the Federal Insecticide, Fungicide
and Rodenticide Act, 7 USC. Section 111 et. seq., Occupational Safety and Health Act, 29 USC. Section 651 et. seq. (to the extent it relates
to exposure to Hazardous Substances), the Asbestos Hazard Emergency Response Act, 15 USC. Section 2601 et. seq., the Safe Drinking Water
Act, 42 USC. Section 300f et. seq., the Oil Pollution Act of 1990 and analogous state acts; and Environment (Protection) Act, 1986, Wild
Life (Conservation) Act, 1972, Air (Prevention and Control of Pollution) Act, 1981, Water (Prevention and Control of Pollution) Act, 1974,
Hazardous and Other Wastes (Management and Transboundary Movement) Rules, 2016, Forest (Conservation) Act, 1980 and the state laws applicable
in Ghana.
“Environmental
Liabilities” means, in respect of any Person, all Liabilities, obligations, responsibilities, Remedial Actions, 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 or threatened Release of Hazardous Materials.
“Environmental Permits”
shall have the meaning set forth in Section 4.20(a).
“ERISA”
means the U.S. Employee Retirement Income Security Act of 1974, as amended.
“Exchange
Act” means the U.S. Securities Exchange Act of 1934.
“Exchange Consideration”
shall have the meaning set forth in Section 1.6(h).
“Exchange Effective
Time” shall have the meaning set forth in Section 1.6(a).
“Exchange Transmittal
Documents” shall have the meaning set forth in Section 1.6(h).
“Federal Securities
Law” shall have the meaning set forth in Section 7.7.
“FGR Support Agreement”
shall have the meaning set forth in Section 8.3(e).
“Fraud
Claim” means any claim based in whole or in part upon fraud, willful misconduct or intentional misrepresentation.
“Governmental
Authority” means any federal, state, local, foreign or other governmental, quasi-governmental or administrative body, instrumentality,
department or agency or any court, tribunal, administrative hearing body, arbitration panel, commission, or other similar dispute-resolving
panel or body (including any such authority in the jurisdiction relevant for conducting the business
in relation to the Projects).
“Hazardous
Material” means any waste, gas, liquid or other substance or material that is defined, listed or designated as a “hazardous
substance”, “pollutant”, “contaminant”, “hazardous waste”, “regulated substance”,
“hazardous chemical”, or “toxic chemical” (or by 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 petroleum and
its by-products, asbestos, polychlorinated biphenyls, radon, mold, and urea formaldehyde insulation.
“Indebtedness”
of any Person means, without duplication, any debts, liabilities and obligations (including Taxes), whether accrued or fixed,
absolute or contingent, matured or unmatured, deferred or actual, determined or determinable, known or unknown, including without
limitation (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 IASB, (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 obligations of such Person in respect of acceptances issued or created, (g) 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, (h) all obligations secured by an Lien on any property of such Person, (i) any premiums, prepayment
fees or other penalties, fees, costs or expenses associated with payment of any Indebtedness of such Person and (j) all obligation
described in clauses (a) through (i) 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 it has otherwise assured
a creditor against loss.
“Intellectual
Property” means all of the following as they exist in any jurisdiction throughout the world: Patents, Trademarks, Copyrights,
Trade Secrets, Internet Assets, Software and other intellectual property, and all licenses, sublicenses and other agreements or permissions
related to the preceding property.
“Interim Balance
Sheet Date” shall have the meaning set forth in Section 4.7(a).
“Interim Period”
shall have the meaning set forth in Section 7.1.
“Internet
Assets” means any and all domain name registrations, web sites and web addresses and related rights, items and related documentation,
and applications for registration.
“IPO”
means the initial public offering by Perception pursuant to the IPO Prospectus.
“IPO
Prospectus” means the final prospectus of Perception filed with the SEC on November 12, 2021.
“IRS”
means the U.S. Internal Revenue Service (or any successor Governmental Authority).
“ITA”
shall have the meaning set forth in Section 4.25(c).
“Knowledge”
means, with respect to (i) BGHL, the actual knowledge of the officers or directors of any Target Company, after reasonable inquiry or
(ii) Perception, the actual knowledge of the officers or directors of Perception, after reasonable inquiry.
“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.
“Liabilities”
means any and all liabilities, Indebtedness, Actions 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
and whether or not required to be recorded or reflected on a balance sheet under IFRS or other applicable accounting standards),
including Tax liabilities due or to become due.
“Lien”
means any mortgage, pledge, security interest, attachment, right of first refusal, option, proxy, voting trust, encumbrance, hypothecation,
assignment, title retention, adverse claim, security interest, lien or charge of any kind (including any conditional sale or other title
retention agreement or lease), 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.
“Lockup Agreement”
shall have the meaning set forth in Section 8.2(e).
“Material
Adverse Effect” means, with respect to any specified Person, any fact, event, occurrence, change or effect that has had,
or would reasonably be expected to have, individually or in the aggregate, a material adverse effect upon (a) the business, assets, Liabilities,
results of operations, prospects or condition (financial or otherwise) of such Person and its Subsidiaries, taken as a whole, or (b) the
ability of such Person or any of its Subsidiaries on a timely basis to consummate the transactions contemplated by this Agreement or the
Ancillary Documents to which it is a party or bound or to perform its obligations; provided, however, that for purposes of clause
(a) above, any changes or effects directly or indirectly attributable to, resulting from, relating to or arising out of the following
(by themselves or when aggregated with any other, changes or effects) shall not be deemed to be, constitute, or be taken into account
when determining whether there has or may, would or could have occurred a Material Adverse Effect: (i) general changes in the financial
or securities markets or general economic or political conditions in the country or region in which such Person or any of its Subsidiaries
do business; (ii) changes, conditions or effects that generally affect the industries in which such Person or any of its Subsidiaries
principally operate; (iii) changes in IFRS or other applicable accounting principles or mandatory changes in the regulatory accounting
requirements applicable to any industry in which such Person and its Subsidiaries principally operate; (iv) conditions caused by acts
of God, terrorism, war (whether or not declared) or natural disaster; (v) any failure in and of itself by such Person and its Subsidiaries
to meet any internal or published budgets, projections, forecasts or predictions of financial performance for any period (provided that
the underlying cause of any such failure may be considered in determining whether a Material Adverse Effect has occurred or would reasonably
be expected to occur to the extent not excluded by another exception ) and (vi) with respect to Perception, the consummation and effects
of the Perception Share Redemption; provided further, however, that any event, occurrence, fact, condition, or change referred
to in clauses (i) - (iv) immediately above shall be taken into account in determining whether a Material Adverse Effect has occurred or
could reasonably be expected to occur to the extent that such event, occurrence, fact, condition, or change has a disproportionate effect
on such Person or any of its Subsidiaries compared to other participants in the industries in which such Person or any of its Subsidiaries
primarily conducts its businesses. Notwithstanding the foregoing, with respect to Perception, the amount of the Perception Share Redemption
or the failure to obtain the Perception Shareholders’ Approval shall not be deemed to be a Material Adverse Effect on or with respect
to Perception.
“Merger
Sub” shall have the meaning set forth in the recitals.
“Merger
Sub Ordinary Shares” means the ordinary shares, par value $1.00 each, of Merger Sub.
“New Perception”
shall have the meaning set forth in Section 1.7.
“NYSE”
means the New York Stock Exchange.
“Off-the-Shelf Software”
shall have the meaning set forth in Section 4.13(b).
“OpCo”
shall have the meaning set forth in Section 1.1.
“OpCo Working Capital
Funding” shall have the meaning set forth in Section 1.3.
“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 and/or restated.
“Outbound IP License”
shall have the meaning set forth in Section 4.13(c).
“Outside Date”
shall have the meaning set forth in Section 9.1(b).
“Patents”
means any patents, patent applications and the inventions, designs and improvements described and claimed, patentable inventions, and
other patent rights (including any divisionals, provisionals, continuations, continuations-in-part, substitutions, or reissues, whether
or not patents are issued on any such applications and whether or not any such applications are amended, modified, withdrawn, or refiled).
“PCAOB”
means the U.S. Public Company Accounting Oversight Board (or any successor).
“Per
Share Price” means Ten and No/100 Dollars ($10.00).
“Perception”
shall have the meaning set forth in the recitals.
“Perception Accounts
Date” shall have the meaning set forth in Section 6.5(a).
“Perception Board”
shall have the meaning set forth in Section 7.12(b).
“Perception Board
Change in Recommendation” shall have the meaning set forth in Section 7.12(b).
“Perception Certificates”
shall have the meaning set forth in Section 1.7(i).
“Perception
Ordinary Shares” means the Class A ordinary shares, par value $0.0001 per share, of Perception.
“Perception
Class B Ordinary Shares” means the Class B ordinary shares, par value $0.0001 per share, of Perception.
“Perception
Confidential Information” means all confidential or proprietary documents and information concerning Perception or any of
its respective Representatives, furnished in connection with this Agreement or the contemplated transactions; provided, however,
that Perception Confidential Information shall not include any information which, (i) at the time of disclosure by a disclosing party
or its Representatives, is generally available publicly and was not disclosed in breach of this Agreement or (ii) at the time of the disclosure
by a disclosing party or its Representatives was previously known by such receiving party without violation of Law or any confidentiality
obligation by the Person receiving such Perception Confidential Information.
“Perception Disclosure
Schedules” shall have the meaning set forth in Section 6.1.
“Perception Group
Specified Representations” shall have the meaning set forth in Section 8.2(a).
“Merger Effective
Time” shall have the meaning set forth in Section 1.7(b).
“Merger Transmittal
Documents” shall have the meaning set forth in Section 1.7(i).
“Perception
Ordinary Shares” means, collectively, Perception Ordinary Shares and Perception Class B Ordinary Shares.
“Perception Securities”
means, collectively, the Perception Ordinary Shares and the Perception Warrants.
“Perception Share
Redemption” means the redemption occurring in connection with the Transaction Proposals and in accordance with Perception’s
Organizational Documents of Perception Ordinary Shares held by eligible (as determined in accordance with Perception’s Organizational
Documents) holders of Perception Ordinary Shares at a per-share price equal to a pro rata share of the aggregate amount on deposit in
the Trust Account, including interest earned on the Trust Account (net of taxes payable) and not previously released to Perception to
pay its taxes, payable in cash (it being understood that such redemption shall occur before the Merger Effective Time but that any such
payment shall be made following the Closing only after all of the conditions to Closing have been satisfied (or waived) in accordance
with Article IX).
“Perception
Shareholder” means any holder of any Perception Ordinary Share.
“Perception Shareholders’
Approval” shall have the meaning set forth in Section 7.12(b).
“Perception Shareholder’s
Meeting” shall have the meaning set forth in Section 7.12(b).
“Perception
Transaction Expenses” means all out-of-pocket expenses (including all fees and expenses of counsel, accountants, investment
bankers, financial advisors, financing sources, experts and consultants to Perception or any of its Affiliates) incurred or payable as
of the Closing and not paid before the Closing by Perception or on its behalf in connection with or related to the authorization, preparation,
negotiation, execution or performance of this Agreement or any Ancillary Document related and all other matters related to the consummation
of this Agreement, including any and all deferred expenses (including fees or commissions payable to the underwriters and any legal fees)
contingent upon consummation of a Business Combination, and any fees and expenses to any Governmental Authorities in connection with the
Business Combination.
“Perception Warrants”
means all outstanding and unexercised warrants to acquire Perception Ordinary Shares.
“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
Liens” means (a) Liens for Taxes or assessments and similar governmental charges or levies, which either are (i) not delinquent
or (ii) being contested in good faith and by appropriate proceedings, and adequate reserves have been established, (b) other Liens imposed
by operation of Law arising in the ordinary course of business for amounts which are not due and payable and as would not in the aggregate
materially adversely affect the value of, or materially adversely interfere with the use of, the property subject t, (c) Liens incurred
or deposits made in the ordinary course of business in connection with social security, (d) Liens on goods in transit incurred pursuant
to documentary letters of credit, in each case arising in the ordinary course of business, or (v) Liens arising under this Agreement or
any Ancillary Document.
“Person”
means an individual, corporation, partnership (including a general partnership, limited partnership or limited liability partnership),
limited liability company, association, trust or other entity or organization, including a government or political subdivision, or an
agency or instrumentality.
“Personal
Property” means any machinery, equipment, tools, vehicles, furniture, leasehold improvements, office equipment, plant, parts
and other tangible personal property.
“PFIC”
shall have the meaning set forth in Section 7.10(b).
“Plan of Merger”
shall have the meaning set forth in Section 1.7(b).
“Pre-Closing
Perception Holders” means the holders of Perception Securities at any time before the Merger Effective Time.
“Proxy Statement”
shall have the meaning set forth in Section 7.12(a).
“PubCo”
shall have the meaning set forth in the recitals.
“PubCo
Ordinary Shares” means the ordinary shares of par value $0.0001 per share each in the capital of PubCo.
“PubCo Option”
shall have the meaning set forth in Section 1.6(g).
“PubCo Warrant”
shall have the meaning set forth in Section 1.6(f).
“Public Shareholders”
shall have the meaning set forth in Section 10.1.
“Registration Rights
Agreement” shall have the meaning set forth in Section 8.2(e).
“Registration Statement”
shall have the meaning set forth in Section 7.12(a).
“Related Persons”
shall have the meaning set forth in Section 4.21.
“Release”
means any release, spill, emission, leaking, pumping, injection, deposit, disposal, discharge, dispersal, or leaching into the indoor
or outdoor environment, or into or out of any property.
“Released Claims”
shall have the meaning set forth in Section 10.1
“Remedial
Action” means all actions to (i) clean up, remove, treat, or in any other way address any Hazardous Material, (ii) 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, (iii) perform pre-remedial studies and investigations or post-remedial monitoring and care, or (iv) correct a condition of
noncompliance with Environmental Laws.
“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.
“SEC”
means the U.S. Securities and Exchange Commission (or any successor Governmental Authority).
“Securities
Act” means the Securities Act of 1933, as amended.
“Signing
Date” shall have the meaning set forth in the recitals.
“Signing Filing”
shall have the meaning set forth in Section 7.13(b).
“Signing Press Release”
shall have the meaning set forth in Section 7.13(b).
“Software”
means any computer software programs, including all source code, object code, and documentation related t and all software modules, tools
and databases.
“Specified Courts”
shall have the meaning set forth in Section 11.4.
“Sponsor”
means Perception Holdings LLC, a Cayman Islands limited liability company.
“Sponsor Support
Agreement” shall have the meaning set forth in Section 8.2(e).
“Subsidiary”
means, with respect to any Person, any corporation, company, exempted company, partnership, association or other business entity of which
(i) if a corporation, company or exempted company, a majority of the total voting power of shares of stock or equivalent equity interests
entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees 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,
or (ii) if a partnership, association or other business entity, a majority of the partnership or other similar ownership interests is
at the time owned or controlled, directly or indirectly, by any Person or one or more Subsidiaries of that Person or a combination. For
purposes, 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.
“Target
Company” means BGHL and OpCo.
“Tax
Return” means any return, declaration, report, claim for refund, information return or other documents (including any related
or supporting schedules, statements or information) filed or required to be filed 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 (a) all direct or indirect U.S. federal, state and local and non-U.S. net income, gross income, gross receipts, sales, use,
value-added, ad valorem, transfer, franchise, profits, license, lease, service, service use, withholding, imputed underpayment
amount, payroll employment, social security and related contributions due in relation to the payment of compensation to employees,
excise, severance, stamp, occupation, premium, property, windfall profits, alternative minimum, estimated, customs, duties or other
taxes, fees, assessments or charges of any kind whatsoever, together with any interest and any penalties, additions to tax or
additional amounts, (b) any Liability for payment of amounts described in clause (a) whether as a result of being a member of an
affiliated, consolidated, combined or unitary group for any period or otherwise through operation of law and (c) any Liability for
the payment of amounts described in clauses (a) or (b) as a result of any tax sharing, tax group, tax indemnity or tax allocation
agreement with, or any other express or implied agreement to indemnify, any other Person.
“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).
“Trademarks”
means any trademarks, service marks, trade dress, trade names, brand names, internet domain names, designs, logos, or corporate names
(including, in each case, the associated goodwill), whether registered or unregistered, and all registrations and applications for registration
and renewal.
“Trading
Day” means any day on which the PubCo Ordinary Shares are actually traded on the principal securities exchange or securities
market on which the PubCo Ordinary Shares are then traded.
“Transaction Proposals”
shall have the meaning set forth in Section 7.12(a).
“Trust
Account” means the trust account established by Perception with the proceeds from the IPO pursuant to the Trust Agreement
in accordance with the IPO Prospectus.
“Trust
Agreement” means that certain Investment Management Trust Agreement, dated as of November 9, 2021 (as amended from time
to time) by and between Perception and Continental Stock Transfer & Trust Company, as well as any other agreements entered into related
to or governing the Trust Account.
[Remainder
of page left blank intentionally]
Each Party has caused this
Agreement to be executed as of the date above.
| BGHL: |
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| BLUE GOLD HOLDINGS LIMITED |
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| PubCo: |
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| BLUE GOLD LIMITED |
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| By: |
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| Name: |
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| Title: |
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| Perception: |
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| PERCEPTION CAPITAL CORP. IV |
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| Name: |
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Exhibit 3.1
PROPOSED AMENDMENTS TO THE
AMENDED AND RESTATED MEMORANDUM AND ARTICLES OF ASSOCIATION
OF
RCF ACQUISITION CORP.
RCF Acquisition Corp.
(the “Company”)
RESOLUTIONS OF THE SHAREHOLDERS OF THE COMPANY
RESOLVED, as a special resolution THAT, effective
immediately, the Amended and Restated Memorandum and Articles of Association of the Company be amended by:
| (a) | the deletion of the existing Article 51.7 and Article 51.8
in their entirety and the insertion of the following language as a new Article 51.7 and 51.8: |
| “51.7 | In the event that the Company does not (i) consummate
a Business Combination on or before November 15, 2024; (or such earlier date as determined by the board of Directors and included in
a public announcement), or such later time as the Members may approve in accordance with the Articles, or (ii) beginning on December
15, 2023, and thereafter for the first three-month extension (from December 15, 2023 through March 15, 2024) equal to the lesser of $150,000
or $0.045 per Public Shares and thereafter, a payment of equal to the lesser of $50,000 or $0.015 per Public Share per month through
November 15, 2024 on the first day of each month (or if such first day is not a business day, on the business day immediately preceding
such first day): |
(a) cease all operations except for the purpose of winding
up;
(b) as promptly as reasonably possible but not more than ten
business days thereafter, redeem the Public Shares, at a per-Share price, payable in cash, equal to the aggregate amount then on deposit
in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company (less
taxes payable and up to US$100,000 of interest to pay dissolution expenses), divided by the number of then Public Shares in issue, which
redemption will completely extinguish public Members’ rights as Members (including the right to receive further liquidation distributions,
if any); and
(c) as promptly as reasonably possible following such
redemption, subject to the approval of the Company’s remaining Members and the Directors, liquidate and dissolve, subject in
each case to its obligations under Cayman Islands law to provide for claims of creditors and other requirements of Applicable
Law.
| 51.8 | In the event that any amendment is made to the Articles: |
(a) to modify the substance or timing of the Company’s
obligation to allow redemption in connection with a Business Combination or redeem 100 per cent of the Public Shares if the Company does
not consummate a Business Combination on or before November 15, 2024 (or such earlier date as determined by the board of Directors and
included in a public announcement), or such later time as the Members may approve in accordance with the Articles; or
(b) with respect to any other provision relating to
Members’ rights or pre-Business Combination activity, each holder of Public Shares who is not the Sponsor, a Founder, Officer
or Director shall be provided with the opportunity to redeem their Public Shares upon the approval or effectiveness of any such
amendment at a per-Share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including
interest earned on the funds held in the Trust Account and not previously released to the Company to pay its taxes, divided by the
number of then outstanding Public Shares.”
| (b) | the deletion of all references to “RCF Acquisition
Corp.” and the replacement of such references with “Perception Capital Corp. IV.” |
Exhibit 10.1
SUPPORT AGREEMENT
This SUPPORT AGREEMENT
(this “Agreement”) among (i) Future Global Resources Limited f/k/a Blue Gold International Limited (“FGRL”)
solely in its capacity as nominee and on trust under that certain declaration of deed dated December 5, 2023 for Blue Gold Holdings
Limited, a private company limited by shares incorporated under the laws of England and Wales (“BGHL”),
(ii) Blue Gold Limited, a Cayman Islands exempted company limited by shares (“PubCo”), and (iii) RCF
Acquisition Corp. to be renamed as Perception Capital Corp. IV, a Cayman Islands exempted company limited by shares (“Perception”)
is dated [_____________], 2023.
Background
| A. | BGHL, Perception, and PubCo, have entered into that certain Business Combination Agreement dated December
[5], 2023 (the “Business Combination Agreement”) under which, among other things, PubCo will purchase all of
the issued and outstanding shares of BGHL and Perception will merge into a to-be-formed subsidiary of PubCo with Perception surviving
the Business Combination as a subsidiary of PubCo (the “Business Combination”). |
| B. | FGRL is the nominated trustee of the issued and outstanding equity securities of BGHL (the “Securities”)
under that certain declaration of deed dated December 5, 2023 (the “Trust Deed”). |
| C. | In order to induce BGHL, Perception, and PubCo to enter the Business Combination Agreement, FGRL is executing
and delivering this Agreement to Perception and PubCo. |
| D. | In consideration of the foregoing and of the mutual covenants and agreements contained in this Agreement,
the parties agree as follows: |
1. Definitions.
Capitalized terms used but not otherwise defined in this Agreement will have the meaning ascribed to such term in the Business Combination
Agreement.
2. Agreements
to Vote.
(a) Agreement
to Vote in Favor of Transactions. At any meeting of the shareholders of BGHL called to seek the shareholder approval, or at any adjournment
or postponement, or in connection with any written consent of the shareholders of BGHL or in any other circumstances upon which a vote,
consent, waiver or other approval with respect to the Business Combination Agreement or any other Ancillary Document is sought or required,
FGRL shall:
(i) if
a meeting is held, appear at such meeting (in person or, where proxies are permitted, by proxy) or otherwise cause their shares to be
counted as present at such meeting for purposes of establishing a quorum;
(ii) vote
or cause to be voted (including by class vote and/or written consent, if applicable) their shares in favor of granting the shareholder
approval, or, if there are insufficient votes in favor of granting the shareholder approval, in favor of the adjournment or postponement
of such meeting of the shareholders of BGHL to a later date; and
(iii) in
other circumstances in which a vote, consent or approval is required or sought under the organizational documents or any contract of BGHL
or otherwise, in respect of any Transaction, so vote, consent, elect, or approve including with respect to the Subject Shares.
(b) Agreement
to Vote Against Other Matters. At any meeting of shareholders of BGHL or at any adjournment or postponement, or in connection with
any written consent of the shareholders of BGHL or in any other circumstances upon which a vote, consent or other approval is sought,
FGRL shall vote the shares against:
(i) any
business combination agreement, merger agreement or amalgamation, merger, scheme of arrangement, business combination, consolidation,
combination, sale of substantial assets, reorganization, recapitalization, dissolution, liquidation or winding up of or by BGHL; and
(ii) any
amendment of BGHL’s governing documents or contracts, or, which amendment would be reasonably likely to, in any such case materially
impede, interfere with, delay or attempt to discourage, frustrate the purposes of, result in a breach by BGHL or BGHL of, prevent or nullify
any provision of the Business Combination Agreement or any other Ancillary Document or change in any manner the voting rights of any class
of BGHL’s share capital.
3. No
Transfer of Securities. Except as may be required by or permitted in the Business Combination Agreement or the Trust Deed, FGRL agrees
that it shall not, directly or indirectly, (a) sell, assign, transfer (including by operation of law), lien, pledge, dispose of or otherwise
encumber any of the Securities or otherwise agree to do any of the foregoing (unless the transferee agrees in writing to be bound by this
Agreement), (b) deposit any Securities into a voting trust or enter into a voting agreement or arrangement or grant any proxy or power
of attorney with respect that is inconsistent with this Agreement, (c) enter into any contract, option or other arrangement or undertaking
with respect to the direct or indirect acquisition or sale, assignment, transfer (including by operation of law) or other disposition
of any Securities (unless the transferee agrees in writing to be bound by this Agreement), or (d) take any action that would have the
effect of preventing or disabling FGRL from performing its obligations.
4. Representations
and Warranties. FGRL represents and warrants for and on behalf of itself to Perception and PubCo as follows:
(a) FGRL
has all requisite corporate power and authority to (a) execute and deliver this Agreement and the contemplated documents, and (b) consummate
the contemplated transactions and perform all obligations to be performed by it. The execution and delivery of this Agreement and the
contemplated documents and the consummation of the contemplated transactions have been duly and validly authorized and approved by the
board of directors (or an equivalent body) and no other proceeding on the part FGRL is necessary to authorize this Agreement and the contemplated
documents. This Agreement has been duly and validly executed and delivered by FGRL, and this Agreement constitutes a legal, valid and
binding obligation of the FGRL, enforceable against the FGRL in accordance with its terms, subject to applicable bankruptcy, insolvency,
fraudulent conveyance, reorganization, moratorium and similar Laws affecting creditors’ rights generally and subject, as to enforceability,
to general principles of equity.
(b) The
execution, delivery and performance by FGRL of this Agreement and the consummation by FGRL of the transactions contemplated do
not and will not (i) conflict with or violate any Law or order applicable to FGRL, (ii) require any consent, approval or authorization
of, declaration, filing or registration with, or notice to, any person or entity, (iii) result in the creation of any lien on any Securities
(other than pursuant to this Agreement, the Business Combination Agreement or the Ancillary Documents), or (iv) conflict with or result
in a breach of or constitute a default under any provision of the Trust Deed.
(c) FGRL
is the Trustee of the Subject Shares free and clear of any Lien (other than under this Agreement or transfer restrictions under applicable
securities Laws or the trust deed) and has the sole power (as currently in effect) to vote and the full right, power and authority to
sell, transfer and deliver such Securities.
(d) There
are no pending legal proceedings against FGRL.
(e) The
execution and delivery of this Agreement by the FGRL and the other contemplated documents by FGRL and the consummation of the contemplated
transactions do not and will not:
(i) violate
or conflict with any provision of, or result in the breach of or default under the governing documents of the FGRL;
(ii) violate
or conflict with any provision of, or result in the breach of, or default under, or require any consent, waiver, exemption or approval
under, any applicable Law or governmental order applicable to FGRL;
(iii) violate
or conflict with any provision of, or result in the breach of, result in the loss of any right or benefit, require any consent, cause
acceleration, or constitute (with or without due notice or lapse of time or both) a default (or give rise to any right of termination,
amendment, cancellation or acceleration) under any contract to which FGRL is a party or by which the FGRL may be bound; or
(iv) result
in the creation of any lien upon any of the properties or assets of FGRL.
(f) FGRL
has adequate information concerning the business and financial condition of BGHL, Perception, and PubCo to make an informed decision regarding
this Agreement and the transactions contemplated by the Business Combination Agreement and has independently and without reliance BGHL,
Perception, and PubCo and based on such information as FGRL has deemed appropriate, made its own analysis and decision to enter into this
Agreement. FGRL acknowledges that BGHL, Perception, and PubCo have not made and do not make any representation or warranty to FGRL, whether
express or implied, of any kind or character except as expressly set forth in this Agreement or the other Ancillary Documents.
5. Termination.
This Agreement and the obligations of the FGRL under this Agreement shall automatically terminate upon the earliest of (a) the Effective
Time; (b) the termination of the Business Combination Agreement in accordance with its terms; or (c) the mutual written agreement
of BGHL, Perception, and PubCo. Upon termination or expiration of this Agreement, no party shall have any further obligations or liabilities
under this Agreement; provided, however, such termination or expiration shall not relieve any party from liability for any
willful breach of this Agreement occurring prior to its termination.
6. Miscellaneous.
(a) Except
as otherwise provided in this Agreement or in the Business Combination Agreement or any Ancillary Agreement, all costs and expenses incurred
in connection with this Agreement and the contemplated transactions shall be paid by the party incurring such costs and expenses, whether
or not the Contemplated Transactions are consummated.
(b) All
notices, requests, claims, demands and other communications shall be in writing and shall be given (and shall be deemed to have been duly
given upon receipt) by delivery in person, by telecopy or e-mail, or by registered or certified mail (postage prepaid, return receipt
requested) to the respective parties at the following addresses (or at such other address for a party as shall be specified in a notice
given in accordance with this Section 6(b)):
If to FGRL, to:
4 Queen Street
Bath
BA1 1HE
United Kingdom
Attn: Andrew Cavaghan
Email: adec@bcmp.com
with a copy (which will not constitute notice) to:
Nelson Mullins Riley & Scarborough
LLP
101 Constitution Ave, NW, Suite 900
Washington, DC 20001
Attn: Andy Tucker
E-mail: andy.tucker@nelsonmullins.com
If to the Perception, to:
3109 W. 50th Street, #207
Minneapolis, MN 55410
Attn: Richard W. Gaenzle, Jr.
Email: info@perceptioncapitalpartners.com
with a copy (which
will not constitute notice) to:
Loeb & Loeb LLP
345 Park Avenue
New York, NY 10154
Attn: Giovanni Caruso
Email: gcaruso@loeb.com
If to the PubCo, to:
3109 W. 50th Street, #207
Minneapolis, MN 55410
Attn: Richard W. Gaenzle, Jr.
Email: info@perceptioncapitalpartners.com
(c) If
any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of law, or public policy,
all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal
substance of the contemplated transactions is not affected in any manner materially adverse to any party. Upon such determination that
any term or other provision is invalid, illegal or incapable of being enforced, the parties shall negotiate in good faith to modify this
Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the
contemplated transactions be consummated as originally contemplated to the fullest extent possible.
(d) This
Agreement, the Business Combination Agreement and the Ancillary Documents constitute the entire agreement among the parties with respect
to the subject matter, and supersede all prior agreements and undertakings, both written and oral, among the parties, or any of them,
with respect to the subject matter. This Agreement shall not be assigned (whether pursuant to a merger, by operation of law or otherwise)
without the prior written consent of the parties, and any attempt to do so without such consent shall be void ab initio.
(e) This
Agreement shall be binding upon and inure solely to the benefit of each party, and nothing in this Agreement, express or implied, is intended
to or shall confer upon any other person any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.
(f) This
Agreement is intended to create, and creates a contractual relationship and is not intended to create, and does not create, any agency,
partnership, joint venture or any like relationship between the parties.
(g) The
parties agree that irreparable damage may occur in the event any provision of this Agreement is not performed in accordance with the terms
and that the parties shall be entitled to seek specific performance of the terms, in addition to any other remedy at law or in equity.
Each of the parties agrees that it shall not oppose the granting of an injunction, specific performance or other equitable relief when
expressly available pursuant to the terms of this Agreement on the basis that the other parties have an adequate remedy at law or that
an award of specific performance is not an appropriate remedy for any reason at law or equity. Any party seeking an injunction or injunctions
to prevent breaches or threatened breaches of, or to enforce compliance with, this Agreement, when expressly available pursuant to the
terms of this Agreement, shall not be required to provide any bond or other security in connection with any such Order.
(h) This
Agreement shall be governed by, construed and enforced in accordance with the Laws of the State of New York, without regard to its conflict
of laws principles. All actions, suits or proceedings (each an “Action”, and, collectively, “Actions”),
arising out of or relating to this Agreement shall be heard and determined exclusively in any state or federal court located in New York
County, State of New York (or in any appellate court) (the “Specified Courts”). Each party (a) submits
to the exclusive jurisdiction of any Specified Court for the purpose of any Action arising out of or relating to this Agreement brought
by any party and (b) irrevocably waives, and agrees not to assert by way of motion, defense or otherwise, in any such Action, any
claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment
or execution, that the Action is brought in an inconvenient forum, that the venue of the Action is improper, or that this Agreement or
the Contemplated Transactions may not be enforced in or by any Specified Court. Each party agrees that a final judgment in any Action
shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Law. Each party
irrevocably consents to the service of the summons and complaint and any other process in any other Action relating to the transactions
contemplated by this Agreement, on behalf of itself, or its property, by personal delivery of copies of such process to such party at
the applicable address set forth in Section 6(b). Nothing in this Section 6(h) shall affect the right of any party to serve
legal process in any other manner permitted by Law.
(i) EACH
OF THE PARTIES WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY ACTION
DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE CONTEMPLATED TRANSACTIONS. EACH PARTY (A) CERTIFIES
THAT NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF ANY
ACTION, SEEK TO ENFORCE THAT FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HAVE BEEN INDUCED TO ENTER INTO THIS
AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 6(i).
(j) This
Agreement may be executed and delivered (including by electronic transmission) in one or more counterparts, and by the different parties
in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute
one and the same agreement.
(k) Without
further consideration, each party shall use commercially reasonable efforts to execute and deliver or cause to be executed and delivered
such additional documents and instruments and take all such further action as may be reasonably necessary or desirable to consummate the
transactions contemplated by this Agreement.
(l) If,
there are any changes in BGHL or the Securities by way of equity split, dividend, combination or reclassification, or through merger,
consolidation, reorganization, recapitalization or business combination, or by any other means, equitable adjustment shall be made to
the provisions of this Agreement as may be required so that the rights, privileges, duties and obligations shall continue with respect
to FGRL and the Securities as so changed.
(m) FGRL
signs this Agreement solely in such as trustee of securities of BGHL, and not in any other capacity, and if applicable.
[Signature pages follow]
The parties have executed this
Agreement as of the date first written above.
The parties have executed this
Agreement as of the date first written above.
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Perception: |
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By: |
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Name: |
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Title: |
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The parties have executed this
Agreement as of the date first written above.
Exhibit 10.2
FORM OF SPONSOR SUPPORT AND LOCK-UP AGREEMENT
This SPONSOR SUPPORT AND
LOCKUP AGREEMENT (this “Agreement”) among (i) Blue Gold Holdings Limited, a private company limited
by shares incorporated under the laws of England and Wales (“BGHL”), (ii) Blue Gold Limited, a Cayman
Islands exempted company limited by shares (“PubCo”), (iii) RCF Acquisition Corp. to be renamed as Perception
Capital Corp. IV, a Cayman Islands exempted company limited by shares (“Perception”), and Perception
Capital Partners IV LLC, a Delaware limited liability company (“Sponsor”) is dated [____________], 2023.
Background
| A. | BGHL, Perception, and PubCo, have entered into that certain Business Combination Agreement dated the date
hereof (the “Business Combination Agreement”) under which, among other things, PubCo will purchase all of the
issued and outstanding shares of BGHL and Perception will merge into a to-be-formed subsidiary of PubCo with Perception surviving the
Business Combination as a subsidiary of PubCo (the “Business Combination”). |
| B. | As of the date of this Agreement, Sponsor is sole legal owner of such number of Perception Class A ordinary
shares, par value $0.0001 set forth opposite Sponsor’s name on Schedule A (such Perception Shares, together with
any Perception Shares (a) issued or otherwise distributed to Sponsor under any stock dividend or distribution, (b) resulting from any
change in any of the Perception Shares by reason of any share split, recapitalization, combination, exchange of shares or the like, (c)
the legal ownership of which is acquired by Sponsor, including by exchange or conversion of any other security, or (d) as to which Sponsor
acquires the right to vote or share in the voting, in each case after the date of this Agreement and during the term of this Agreement
being collectively referred to as the “Subject Shares”). |
| C. | As a condition of their willingness to enter into the Business Combination Agreement, the BGHL that Sponsor
enter into this Agreement. |
| D. | In consideration of the foregoing and of the mutual covenants and agreements contained in this Agreement,
the parties agree as follows: |
| 1. | DEFINITIONS; INTERPRETATION |
1.1 Definitions.
Capitalized terms used but not defined in this Agreement shall have the meaning ascribed to such terms in the Business Combination Agreement.
1.2 Effective
Date. This Agreement shall become effective on the date of the Business Combination Agreement.
| 2. | REPRESENTATIONS AND WARRANTIES OF SPONSOR |
Sponsor represents and warrants
to Perception and BGHL, as of the date of this Agreement as follows:
2.01 Organization.
Sponsor has been duly organized and is validly existing and in good standing as limited liability company under the laws of the state
of Delaware and has the requisite company power and authority to own, lease or operate all of its properties and assets and to conduct
its business as it is now being conducted. Sponsor is duly licensed or qualified and in good standing as a foreign corporation or company
in all jurisdictions in which its ownership of property or the character of its activities is such as to require it to be so licensed
or qualified or in good standing, as applicable, except where the failure to be so licensed or qualified or in good standing would not
reasonably be expected to, individually or in the aggregate, prevent or materially adversely affect the ability of the Sponsor to consummate
the contemplated transactions.
2.02 Due
Authorization. Sponsor has the requisite corporate power and authority to (a) execute and deliver this Agreement, and perform
all obligations of it to be performed hereunder. The execution and delivery of this Agreement and the consummation of the transactions
hereunder and have been duly and validly authorized and approved by the Board of Directors and/or members of Sponsor. No other company
proceeding on the part of Sponsor is necessary to authorize this Agreement and the contemplated documents. This Agreement has been duly
and validly executed and delivered by Sponsor, and this Agreement constitutes a legal, valid and binding obligation of Sponsor, enforceable
against Sponsor in accordance with its terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium
and similar Laws affecting creditors’ rights generally and subject, as to enforceability, to general principles of equity.
2.03 No
Conflict. The execution and delivery of this Agreement by Sponsor and the other contemplated documents by Sponsor and the consummation
of the contemplated transactions and do not and will not:
(a) violate
or conflict with any provision of, or result in the breach of or default under the organizational documents of Sponsor;
(b) violate
or conflict with any provision of, or result in the breach of, or default under, or require any consent, waiver, exemption or approval
under, any applicable Law or Governmental Order applicable to Sponsor;
(c) violate
or conflict with any provision of, or result in the breach of, result in the loss of any right or benefit, require any consent, cause
acceleration, or constitute (with or without due notice or lapse of time or both) a default (or give rise to any right of termination,
amendment, cancellation or acceleration) under any Contract to which Sponsor is a party or by which Sponsor may be bound, or terminate
or result in the termination of any such Contract; or
(d) result
in the creation of any Lien upon any of the properties or assets of Sponsor; except, in the case of clauses (b) through (d), to the extent
that the occurrence of the foregoing would not reasonably be expected to, individually or in the aggregate, prevent or materially adversely
affect the ability of the Sponsor to consummate the Contemplated Transactions.
2.04 Perception
Securities. Sponsor is the sole legal and beneficial owner of the Subject Shares set forth opposite Sponsor’s name on Schedule
A , and all such Subject Shares are owned by Sponsor free and clear of all Liens, other than any forward purchase agreement or
similar arrangements in existence as of the date of this Agreement and the material terms of which have been disclosed to BGHL or its
counsel or Liens under Perception’s organizational documents, or restrictions under any applicable securities laws. Sponsor does
not own legally or beneficially any shares or warrants of Perception other than the Subject Shares set forth opposite Sponsor’s
name on Schedule A. Sponsor has the sole right to vote the Subject Shares, and none of the Subject Shares is subject to
any voting trust or other agreement, arrangement or restriction with respect to the voting of the Subject Shares, except as contemplated
by this Agreement or the organizational documents of Perception.
2.05 Business
Combination Agreement. Sponsor understands and acknowledges that Perception and BGHL are entering into the Business Combination Agreement
in reliance upon Sponsor’s execution and delivery of this Agreement. Sponsor has received a copy of the Business Combination Agreement.
2.06 Litigation
and Proceedings.
(a) There
are no pending or, to the knowledge of the Sponsor, threatened, legal proceedings against the Sponsor or its properties or assets; and
(b) there
is no outstanding Governmental Order imposed upon the Sponsor; nor are any properties or assets of the Sponsor or its businesses bound
or subject to any Governmental Order;
| 3. | SUPPORT FOR BUSINESS COMBINATION |
Sponsor covenants and undertakes
to BGHL and Perception during the term of this Agreement as follows:
3.01 Agreement
to Vote in Favor of Transactions. At any meeting of the shareholders of Perception called to seek the Perception Shareholder Approval,
or at any adjournment or postponement, or in connection with any written consent of the shareholders of Perception or in any other circumstances
upon which a vote, consent, waiver or other approval with respect to the Business Combination Agreement or any other Ancillary Document
is sought or required, Sponsor shall:
(a) if
a meeting is held, appear at such meeting (in person or, where proxies are permitted, by proxy) or otherwise cause the Subject Shares
to be counted as present at such meeting for purposes of establishing a quorum;
(b) vote
or cause to be voted (including by class vote and/or written consent, if applicable) the Subject Shares in favor of granting the Perception
Shareholder Approval, or, if there are insufficient votes in favor of granting the Perception Shareholder Approval, in favor of the adjournment
or postponement of such meeting of the shareholders of Perception to a later date; and
(c) in
other circumstances in which a vote, consent or approval is required or sought under the organizational documents or any contract of Perception
or otherwise, in respect of any Transaction, so vote, consent, elect, or approve including with respect to the Subject Shares.
3.02 Agreement
to Vote Against Other Matters. At any meeting of shareholders of Perception or at any adjournment or postponement, or in connection
with any written consent of the shareholders of Perception or in any other circumstances upon which Sponsor’s vote, consent or other
approval is sought, Sponsor shall vote (or cause to be voted) the Subject Shares (including by withholding class vote and/or written consent,
if applicable) against:
(a) any
business combination agreement, merger agreement or amalgamation, merger, scheme of arrangement, business combination, consolidation,
combination, sale of substantial assets, reorganization, recapitalization, dissolution, liquidation or winding up of or by Perception
or any public offering of Equity Securities of Perception (in each case, other than in connection with the Business Combination Agreement,
the Merger and the other Transactions);
(b) any
Perception Acquisition Proposal (other than in connection with the Business Combination Agreement and the other Transactions); and
(c) any
amendment of Perception’s governing documents or contracts, or other proposal or transaction involving Perception, which amendment
or other proposal or transaction would be reasonably likely to, in any such case materially impede, interfere with, delay or attempt to
discourage, frustrate the purposes of, result in a breach by BGHL or Perception of, prevent or nullify any provision of the Business Combination
Agreement or any other Ancillary Document or change in any manner the voting rights of any class of Perception’s share capital.
3.03 Reserved.
3.04 Reserved.
3.05 No
Pre-Closing Transfer. Other than pursuant to this Agreement or as expressly contemplated by the Business Combination Agreement, from
the date of this Agreement and until the Closing or, if earlier, termination of this Agreement, Sponsor shall not:
(a) directly
or indirectly, (i) sell, transfer, tender, grant, pledge, assign or otherwise dispose of (including by gift, tender or exchange offer,
merger or operation of law), encumber, hedge, swap, convert or utilize a derivative to transfer the economic interest in (collectively,
“Transfer”), or (ii) enter into any Contract, option or other binding arrangement (including any profit sharing
arrangement) with respect to the Transfer of, any Subject Shares to any person;
(b) grant
any proxies or enter into any voting arrangement, whether by proxy, voting agreement, voting trust, voting deed or otherwise (including
under any loan of Subject Shares) with respect to any Subject Shares, or enter into any other Contract with respect to any Subject Shares
that would prohibit or prevent the satisfaction of its obligations under this Agreement;
(c) take
any action that would make any representation or warranty of Sponsor untrue or incorrect, or have the effect of preventing or disabling
Sponsor from performing its obligations;
(d) commit
or agree to take any of the foregoing actions or take any other action or enter into any Contract that would reasonably be expected to
make any of its representations or warranties contained in this Agreement untrue or incorrect or would have the effect of preventing or
delaying Sponsor from performing any of its obligations; or
(e) publicly
announce any intention to effect any such transaction specified in this sentence.
Any action attempted to be taken
in violation of the preceding sentence will be null and void. Sponsor agrees with, and covenants to, Perception and BGHL (or any of its
directors, secretaries or authorized representatives) that Sponsor shall not request that Perception register the Transfer (by book-entry
or otherwise) of any certificated or uncertificated interest representing any of the Subject Shares.
3.06 No
Redemption. Sponsor irrevocably and unconditionally agrees that, from the date of this Agreement and until the termination of this
Agreement, Sponsor shall not elect to cause Perception to redeem any Subject Shares now or at any time legally or beneficially owned by
Sponsor, or submit or surrender any of its Subject Shares for redemption, in connection with the transactions contemplated by the Business
Combination Agreement or otherwise.
3.07 No
Solicitation by Sponsor. From the date of this Agreement until the Closing Date under the Business Combination Agreement or, if earlier,
the termination of the Business Combination Agreement, Sponsor shall not, and shall cause its Subsidiaries and direct its Representatives
not to, directly or indirectly:
(a) solicit,
initiate, or pursue any inquiry, indication of interest, proposal or offer relating to a Perception Acquisition Proposal;
(b) participate
in or continue any discussions or negotiations with any third-party with respect to, or furnish or make available, any information concerning
Perception to any third party relating to a Perception Acquisition Proposal, or provide to any third-party access to the businesses, properties,
assets or personnel of Perception, in each case for the purpose of encouraging or facilitating a Perception Acquisition Proposal;
(c) enter
into any binding understanding, binding arrangement, acquisition agreement, merger agreement or similar definitive agreement, or any letter
of intent, memorandum of understanding or agreement in principle, or any other agreement with respect to an Perception Acquisition Proposal;
or
(d) grant
any waiver, amendment or release under any confidentiality agreement or otherwise knowingly facilitate any such inquiries, proposals,
discussions, or negotiations or any effort or attempt by any Person to make, a Perception Acquisition Proposal.
From and after the date of this
Agreement, Sponsor shall, and shall instruct its officers and directors to, and Sponsor shall instruct and cause its Representatives to,
immediately cease and terminate all discussions and negotiations with any Persons (other than BGHL and its Representatives) with respect
to a Perception Acquisition Proposal.
| 4. | POST-CLOSING LOCK-UP ARRANGEMENT |
4.01 Lock-Up
Provisions.
(a) Sponsor
agrees not to, during the period (the “Lock-Up Period”) commencing from the Closing and ending on the earlier
of (x) the eighteen (18) month anniversary of the Closing or (y) the date after the Closing on which PubCo or its shareholders consummate
a third-party tender offer, stock, sale, liquidation, merger, share exchange, reorganization or other similar transaction with an unaffiliated
third party that results in holders of at least a majority of PubCo Common Stock having the right to exchange their equity holdings in
PubCo for cash, securities or other property; (i) lend, offer, assign, sell, contract to sell, sell any option or contract to purchase,
purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly
or indirectly, any Restricted Securities (as defined below), (ii) enter into any swap or other arrangement that transfers to another,
in whole or in part, any of the economic consequences of ownership of the Restricted Securities, or (iii) publicly announce the intention
to do any of the foregoing, whether any such transaction described in clauses (i), (ii) or (iii) above is to be settled by delivery of
Restricted Securities or other securities, in cash or otherwise (any of the foregoing described in clauses (i), (ii) or (iii), a “Prohibited
Transfer”). The foregoing sentence shall not apply to the transfer of any or all of the Restricted Securities owned by Sponsor
(I) to any Permitted Transferee (as defined below), (II) to PubCo in accordance with the requirements of the Business Combination Agreement,
or (III) required by virtue of the laws of New York; provided, however, that in the of cases of clauses (I) it shall be a condition to
such transfer that the transferee executes and delivers to PubCo an agreement stating that the transferee is receiving and holding the
Restricted Securities subject to the provisions of this Agreement applicable to Sponsor, and there shall be no further transfer of such
Restricted Securities except in accordance with this Agreement. As used in this Agreement, the term “Permitted Transferee”
shall mean: a distribution to limited partners, shareholders, members of, or owners of similar equity interests in Sponsor. Sponsor further
agrees to execute such agreements as may be reasonably requested by PubCo that are consistent with the foregoing. As used in this Agreement,
the term “Restricted Securities” shall mean the shares of PubCo Common Stock received by Sponsor in connection
with the Business Combination Agreement.
(b) If
any Prohibited Transfer is made or attempted contrary to the provisions of this Agreement, such purported Prohibited Transfer shall be
null and void ab initio, and PubCo shall refuse to recognize any such purported transferee of the Restricted Securities as one of its
equity holders for any purpose. In order to enforce this Section, PubCo may impose stop-transfer instructions with respect to the Restricted
Securities of Sponsor (and Permitted Transferees and assigns) until the end of the Lock-Up Period.
(c) During
the Lock-Up Period, each certificate or book entry evidencing any Restricted Securities shall be stamped or otherwise imprinted with a
legend in substantially the following form, in addition to any other applicable legends:
“THE SECURITIES
REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER SET FORTH IN A LOCK-UP AGREEMENT, DATED AS OF DECEMBER [5], 2023,
BY AND AMONG THE ISSUER OF SUCH SECURITIES (THE “ISSUER”), AND THE ISSUER’S SECURITY HOLDER. A COPY OF SUCH LOCK-UP
AGREEMENT WILL BE FURNISHED WITHOUT CHARGE BY THE ISSUER TO THE HOLDER UPON WRITTEN REQUEST.”
(d) For
the avoidance of any doubt, Sponsor shall retain all of its rights as a shareholder of PubCo with respect to the Restricted Securities
during the Lock-Up Period, including the right to vote any Restricted Securities, but subject to the obligations under the Business Combination
Agreement.
5.01 Termination.
This Agreement shall have effect from the date first written above. This Agreement shall terminate upon the termination of the Business
Combination Agreement in accordance with its terms, and upon such termination, no party shall have any liability other than for its willful
and material breach of this Agreement before such termination.
5.02 Notice.
All notices, requests, claims, demands and other communications shall be in writing and shall be given (and shall be deemed to have been
duly given upon receipt) by delivery in person, by telecopy or e-mail, or by registered or certified mail (postage prepaid, return receipt
requested) to the respective parties at the following addresses or at such other address for a party as shall be specified in a notice
given in accordance with this Section:
If to BGHL, to:
4 Queen Street
Bath
BA1 1HE
United Kingdom
Attn: Andrew Cavaghan
Email: adec@bcmp.com
with a copy (which
will not constitute notice) to:
Nelson Mullins Riley
& Scarborough LLP
101 Constitution Ave, NW,
Suite 900
Washington, DC 20001
Attn: Andy Tucker
E-mail: andy.tucker@nelsonmullins.com
If to the Perception,
to:
3109 W. 50th Street, #207
Minneapolis, MN 55410
Attn: Richard W. Gaenzle, Jr.
Email: info@perceptioncapitalpartners.com
with a copy (which
will not constitute notice) to:
Loeb & Loeb LLP
345 Park Avenue
New York, NY 10154
Attn: Giovanni Caruso
Email: gcaruso@loeb.com
If to the PubCo,
to:
3109 W. 50th Street, #207
Minneapolis, MN 55410
Attn: Richard W. Gaenzle, Jr.
Email: info@perceptioncapitalpartners.com
If to Sponsor at its address
set forth on Schedule A (or at such other address for a party as shall be specified by like notice).
5.03 Miscellaneous.
(a) If
any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of law, or public policy,
all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal
substance of the contemplated transactions is not affected in any manner materially adverse to any party. Upon such determination that
any term or other provision is invalid, illegal or incapable of being enforced, the parties shall negotiate in good faith to modify this
Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the
contemplated transactions be consummated as originally contemplated to the fullest extent possible.
(b) This
Agreement shall be binding upon and inure solely to the benefit of each party, and nothing in this Agreement, express or implied, is intended
to or shall confer upon any other person any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.
(c) This
Agreement is intended to create, and creates a contractual relationship and is not intended to create, and does not create, any agency,
partnership, joint venture or any like relationship between the parties.
(d) The
parties agree that irreparable damage may occur in the event any provision of this Agreement is not performed in accordance with the terms
and that the parties shall be entitled to seek specific performance of the terms, in addition to any other remedy at law or in equity.
Each of the parties agrees that it shall not oppose the granting of an injunction, specific performance or other equitable relief when
expressly available pursuant to the terms of this Agreement on the basis that the other parties have an adequate remedy at law or that
an award of specific performance is not an appropriate remedy for any reason at law or equity. Any party seeking an injunction or injunctions
to prevent breaches or threatened breaches of, or to enforce compliance with, this Agreement, when expressly available pursuant to the
terms of this Agreement, shall not be required to provide any bond or other security in connection with any such Order.
(e) This
Agreement shall be governed by, construed and enforced in accordance with the Laws of the State of New York, without regard to its conflict
of laws principles. All actions, suits or proceedings (each an “Action,” and, collectively, “Actions”),
arising out of or relating to this Agreement shall be heard and determined exclusively in any state or federal court located in New York
County, State of New York (or in any appellate court) (the “Specified Courts”). Each party (a) submits to the
exclusive jurisdiction of any Specified Court for the purpose of any Action arising out of or relating to this Agreement brought by any
party and (b) irrevocably waives, and agrees not to assert by way of motion, defense or otherwise, in any such Action, any claim that
it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution,
that the Action is brought in an inconvenient forum, that the venue of the Action is improper, or that this Agreement or the Contemplated
Transactions may not be enforced in or by any Specified Court. Each party agrees that a final judgment in any Action shall be conclusive
and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Law. Each party irrevocably consents
to the service of the summons and complaint and any other process in any other Action relating to the transactions contemplated by this
Agreement, on behalf of itself, or its property, by personal delivery of copies of such process to such party at the applicable address
set forth in Section 5.02. Nothing in this Section shall affect the right of any party to serve legal process in any other manner
permitted by Law.
(f) EACH
OF THE PARTIES WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY ACTION
DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE CONTEMPLATED TRANSACTIONS. EACH PARTY (A) CERTIFIES
THAT NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF ANY
ACTION, SEEK TO ENFORCE THAT FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HAVE BEEN INDUCED TO ENTER INTO THIS
AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.
(g) This
Agreement may be executed and delivered (including by electronic transmission) in one or more counterparts, and by the different parties
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.
(h) Without
further consideration, each party shall use commercially reasonable efforts to execute and deliver or cause to be executed and delivered
such additional documents and instruments and take all such further action as may be reasonably necessary or desirable to consummate the
transactions contemplated by this Agreement.
(i) If,
and as often as, there are any changes in Perception or the Perception securities by way of equity split, dividend, combination or reclassification,
or through merger, consolidation, reorganization, recapitalization or business combination, or by any other means, equitable adjustment
shall be made to the provisions of this Agreement as may be required so that the rights, privileges, duties and obligations shall continue
with respect to the Sponsor and its securities as so changed.
[Signature pages follow]
The parties have executed
this Agreement as of the date first written above.
[Signature Page to Sponsor Support Agreement]
The parties have executed
this Agreement as of the date first written above.
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Perception: |
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By: |
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Name: |
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Title: |
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[Signature Page to Sponsor Support Agreement]
The parties have executed
this Agreement as of the date first written above.
[Signature Page to Sponsor Support Agreement]
The parties have executed
this Agreement as of the date first written above.
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Sponsor: |
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By: |
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Name: |
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Title: |
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[Signature Page to Sponsor Support Agreement]
SCHEDULE A
Name and Address of
Sponsor:
Total Perception Class A Ordinary Shares:
Total Perception Class B Ordinary Shares:
Exhibit 10.3
REGISTRATION
RIGHTS AGREEMENT
This
REGISTRATION RIGHTS AGREEMENT (this “Agreement”), among (i) Blue Gold Holdings Limited, a private
company limited by shares incorporated under the laws of England and Wales (“BGHL”), (ii) Blue Gold Limited,
a Cayman Islands exempted company limited by shares (“PubCo”), (iii) RCF Acquisition Corp. to be renamed
as Perception Capital Corp. IV, a Cayman Islands exempted company limited by shares (“Perception”),
(iv) Perception Holdings LLC, a Cayman Islands limited liability company (“Sponsor”), and (v) undersigned
parties listed on the signature page (each a “Holder” and collectively the “Holders”)
is dated [__], 2023. Any capitalized term used but not defined in this Agreement will have the meaning ascribed to such term in the Business
Combination Agreement.
BACKGROUND:
| A. | BGHL,
Perception, and PubCo, have entered into that certain Business Combination Agreement dated
December [5], 2023 (the “Business Combination Agreement”) under
which, among other things, PubCo will purchase all of the issued and outstanding shares of
BGHL and Perception will merge into a to-be-formed subsidiary of PubCo with Perception surviving
the Business Combination as a subsidiary of PubCo (the “Business Combination”). |
| B. | In
connection with the Closing, the parties desire to enter into this Agreement in order to
provide the Holders with registration rights. |
| C. | In
consideration of the foregoing and of the mutual covenants and agreements contained in this
Agreement, the parties agree as follows: |
Article
I
DEFINITIONS
1.1
Definitions. The terms defined in this Article I shall, for all purposes of this Agreement, have the respective
meanings set forth below:
“Adverse Disclosure”
shall mean any public disclosure of material non-public information, which disclosure, in the good faith judgment of the chief executive
officer or principal financial officer of PubCo, after consultation with counsel to PubCo, (i) would be required to be made in any Registration
Statement or Prospectus in order for the applicable Registration Statement or Prospectus not to contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements (in the case of any prospectus and any preliminary prospectus,
in the light of the circumstances under which they were made) not misleading, (ii) would not be required to be made at such time if the
Registration Statement were not being filed, and (iii) PubCo has a bona fide business purpose for not making such information public.
“Agreement”
shall have the meaning given in the preamble.
“BGHL”
shall have the meaning given in the Preamble, and includes the BGHL’s successors by recapitalization,
merger, consolidation, spin-off, reorganization or similar transaction.
“Business
Combination Agreement” shall have the meaning given in the recitals.
“Closing
Date” shall have the meaning given in the recitals.
“Commission”
shall mean the Securities and Exchange Commission.
“Directors”
shall mean the Directors of PubCo.
“Effectiveness
Deadline” shall have the meaning given in Section 2.1.1.
“Exchange Act”
shall mean the Securities Exchange Act of 1934, as it may be amended from time to time.
“Filing
Deadline” shall have the meaning given in Section 2.1.1.
“Form
F-1” shall have the meaning given in Section 2.1.1.
“Form
F-3 Shelf” shall have the meaning given in Section 2.1.1.
“Holder
Information” shall have the meaning given in Section 4.1.2.
“Holders”
shall have the meaning given in the Preamble.
“Maximum Number of Securities”
the maximum dollar amount or maximum number of equity securities that can be sold in the Underwritten Offering without adversely affecting
the proposed offering price, the timing, the distribution method, or the probability of success of such offering.
“Misstatement”
shall mean an untrue statement of a material fact or an omission to state a material fact required to be stated in a Registration Statement
or Prospectus, or necessary to make the statements in a Registration Statement or Prospectus (in the light of the circumstances under
which they were made) not misleading.
“Piggyback Registration”
shall have the meaning given in Section 2.2.1.
“Prospectus”
shall mean the prospectus included in any Registration Statement, as supplemented by any and all prospectus supplements and as amended
by any and all post-effective amendments and including all material incorporated by reference in such prospectus.
“Registrable Securities”
shall mean (a) any outstanding PubCo Securities or any other equity security (including warrants to purchase PubCo Securities and PubCo
Securities issued or issuable upon the exercise of any other equity security) of PubCo held by a Holder immediately following the Closing
(including any securities distributable under the Business Combination Agreement), (b) any outstanding PubCo Securities or any other
equity security (including warrants to purchase PubCo Securities and PubCo Securities issued or issuable upon the exercise of any other
equity security) of BGHL acquired by a Holder following the date of this Agreement to the extent that such securities are “restricted
securities” (as defined in Rule 144) or are otherwise held by an “affiliate” (as defined in Rule 144) of BGHL, and
(c) any other equity security of BGHL or any of its subsidiaries issued or issuable with respect to any securities referenced in clause
(a) or (b) above by way of a stock dividend or stock split or in connection with a recapitalization, merger, consolidation, spin-off,
reorganization or similar transaction; provided, however, that, as to any particular Registrable Security, such securities
shall cease to be Registrable Securities upon the earliest to occur of: (A) a Registration Statement with respect to the sale of such
securities shall have become effective under the Securities Act and such securities shall have been sold, transferred, disposed of or
exchanged in accordance with such Registration Statement by the applicable Holder; (B) such securities shall have been otherwise transferred,
new certificates for such securities not bearing a legend restricting further transfer shall have been delivered by BGHL and subsequent
public distribution of such securities shall not require registration under the Securities Act; (C) such securities shall have ceased
to be outstanding; (D) such securities (i) may be sold without registration under Rule 144 or any successor rule promulgated under the
Securities Act (but with no volume or other restrictions or limitations including as to manner or timing of sale) and (ii) the holder
of such securities has beneficial ownership of less than 5% of the outstanding PubCo Securities; and (E) such securities have been sold
to, or through, a broker, dealer or underwriter in a public distribution or other public securities transaction. For the purposes of
the immediately preceding sentence, “beneficial ownership” shall be determined in accordance with Section 13(d) of the Exchange
Act and Rule 13d-3.
“Registration”
shall mean a registration, effected by preparing and filing a registration statement, prospectus or similar document in compliance with
the requirements of the Securities Act, and the applicable rules and regulations, and such registration statement becoming effective.
“Registration Expenses”
shall mean the out-of-pocket expenses of a Registration, including, without limitation, the following:
(A)
all registration and filing fees (including fees with respect to filings required to be made with the Financial
Industry Regulatory Authority, Inc.) and any securities exchange on which the PubCo Securities are then listed;
(B)
fees and expenses of compliance with securities or blue sky laws (including reasonable fees and disbursements
of counsel for the Underwriters in connection with blue sky qualifications of Registrable Securities);
(C)
printing, messenger, telephone and delivery expenses;
(D)
reasonable fees and disbursements of counsel for BGHL;
(E)
reasonable fees and disbursements of all independent registered public accountants of BGHL incurred specifically
in connection with such Registration; and
“Registration Statement”
shall mean any registration statement under the Securities Act that covers the Registrable Securities under the provisions of this Agreement,
including the Prospectus included in such registration statement, amendments (including post-effective amendments) and supplements to
such registration statement, and all exhibits to and all material incorporated by reference in such registration statement.
“Rule
144” shall mean Rule 144 promulgated under the Securities Act (or any successor rule then in effect).
“Securities Act”
shall mean the Securities Act of 1933, as amended from time to time.
“Shelf
Registration” shall mean a registration of securities under a registration statement filed with the Commission in accordance
with and under Rule 415 promulgated under the Securities Act (or any successor rule then in effect).
“Subsequent
Shelf Registration” shall have the meaning given in Section 2.1.2.
“Transfer”
shall mean the (a) sale of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase or otherwise
dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or liquidation
with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Exchange Act with respect to, any security,
(b) entry into any swap or other arrangement that transfers to another, 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 (c) public announcement
of any intention to effect any transaction specified in clause (a) or (b).
“Underwriter”
shall mean a securities dealer who purchases any Registrable Securities as principal in an Underwritten Offering and not as part of such
dealer’s market-making activities.
“Underwritten
Registration” or “Underwritten Offering” shall mean a Registration in which securities of PubCo
are sold to an Underwriter in a firm commitment underwriting for distribution to the public.
Article
II
REGISTRATIONS
2.1
Shelf Registration.
2.1.1
Filing. PubCo shall use commercially reasonable efforts to file within thirty (30) days after the Closing Date, but in any event
within sixty (60) days after the Closing Date (the “Filing Deadline”), a Registration Statement on Form F-1
(the “Shelf Registration) or, if PubCo is eligible to use a Form F-3 Shelf, a Registration Statement for a Shelf
Registration on Form F-3 (the “Form F-3 Shelf” with the applicable registration statement on either Form F-1
or Form F-3 Shelf being the “Shelf Registration”), in each case, covering the resale of all the Registrable
Securities (determined as of two business days before such filing). PubCo shall use commercially reasonable efforts to cause such Shelf
Registration to be declared effective as soon as possible after filing, but in no event later than the earlier of (i) sixty (60) days
following the Filing Deadline and (ii) three (3) business days after the Commission notifies PubCo that it will not review such Shelf
Registration, if applicable (the “Effectiveness Deadline”); provided, that, if such Shelf Registration filed
under this Section 2.1.1 is reviewed by, and PubCo receives comments from, the Commission with respect to such Shelf Registration,
the Effectiveness Deadline shall be extended to ninety (90) days following the Filing Deadline. Such Shelf Registration shall provide
for the resale of the Registrable Securities under to any method or combination of methods legally available to, and requested by, any
Holder named. PubCo shall maintain a Shelf Registration, and shall prepare and file with the Commission such amendments, including post-effective
amendments, and supplements as may be necessary to keep a Shelf Registration continuously effective, available for use and in compliance
with the provisions of the Securities Act until such time as there are no longer any Registrable Securities. If PubCo files a Form F-1,
PubCo shall use its commercially reasonable efforts to convert the Form F-1 (and any Subsequent Shelf Registration) to a Form F-3 Shelf
as soon as practicable after PubCo is eligible to use Form F-3.
2.1.2
Subsequent Shelf Registration. If any Shelf Registration ceases to be effective under the Securities Act for any reason at any
time while Registrable Securities are still outstanding, PubCo shall, subject to Section 3.4, use its commercially reasonable
efforts to promptly cause such Shelf Registration to again become effective under the Securities Act (including obtaining the prompt
withdrawal of any order suspending the effectiveness of such Shelf Registration), and shall use its commercially reasonable efforts to
promptly amend such Shelf Registration in a manner reasonably expected to result in the withdrawal of any order suspending the effectiveness
of such Shelf Registration or file an additional registration statement as a Shelf Registration (a “Subsequent Shelf Registration”)
registering the resale of all Registrable Securities (determined as of two business days before such filing), and under any method or
combination of methods legally available to, and requested by, any Holder named. If a Subsequent Shelf Registration is filed, PubCo shall
use its commercially reasonable efforts to (i) cause such Subsequent Shelf Registration to become effective under the Securities Act
as promptly as is reasonably practicable after the filing (it being agreed that the Subsequent Shelf Registration shall be an automatic
shelf registration statement (as defined in Rule 405 promulgated under the Securities Act) if PubCo is a well-known seasoned issuer (as
defined in Rule 405 promulgated under the Securities Act) at the most recent applicable eligibility determination date) and (ii) keep
such Subsequent Shelf Registration continuously effective, available for use and in compliance with the provisions of the Securities
Act until such time as there are no longer any Registrable Securities. Any such Subsequent Shelf Registration shall be on Form F-3 to
the extent that PubCo is eligible to use such form. Otherwise, such Subsequent Shelf Registration shall be on another appropriate form.
2.1.3
Reserved.
2.1.4
Reserved.
2.1.5
Reserved.
2.2
Piggyback Registration.
2.2.1
Piggyback Rights. Subject to Section 2.4.3, if PubCo or any Holder proposes to conduct a registered offering of, or
if PubCo proposes to file a Registration Statement under the Securities Act with respect to the Registration of, equity securities, or
securities or other obligations exercisable or exchangeable for, or convertible into equity securities, for its own account or for the
account of shareholders of PubCo (or by PubCo and by the shareholders of PubCo), other than a Registration Statement (or any registered
offering) (i) filed in connection with any employee stock option or other benefit plan, (ii) under a Registration Statement on Form F-4
(or similar form that relates to a transaction subject to Rule 145 under the Securities Act or any successor rule), (iii) for an offering
of debt that is convertible into equity securities of PubCo or (iv) for a dividend reinvestment plan, then PubCo shall give written notice
of such proposed offering to all of the Holders of Registrable Securities as soon as practicable but not less than ten (10) days before
the anticipated filing date of such Registration Statement or, in the case of an Underwritten Offering under a Shelf Registration, the
applicable “red herring” prospectus or prospectus supplement used for marketing such offering, which notice shall (A) describe
the amount and type of securities to be included in such offering, the intended method(s) of distribution, and the name of the proposed
managing Underwriter or Underwriters, if any, in such offering, and (B) offer to all of the Holders of Registrable Securities the opportunity
to include in such registered offering such number of Registrable Securities as such Holders may request in writing within five (5) days
after receipt of such written notice (such registered offering, a “Piggyback Registration”). Subject to Section 2.2.2,
PubCo shall, in good faith, cause such Registrable Securities to be included in such Piggyback Registration and, if applicable, shall
use its commercially reasonable efforts to cause the managing Underwriter or Underwriters of such Piggyback Registration to permit the
Registrable Securities requested by the Holders under this Section 2.2.1 to be included on the same terms and conditions
as any similar securities of PubCo included in such registered offering and to permit the sale or other disposition of such Registrable
Securities in accordance with the intended method(s) of distribution. The inclusion of any Holder’s Registrable Securities in a
Piggyback Registration shall be subject to such Holder agreement to enter into an underwriting agreement in customary form with the Underwriter(s)
selected for such Underwritten Offering.
2.2.2
Reduction of Piggyback Registration. If the managing Underwriter or Underwriters in an Underwritten Offering that is to be a Piggyback
Registration, in good faith, advises PubCo and the Holders of Registrable Securities participating in the Piggyback Registration in writing
that the dollar amount or number of PubCo Securities or other equity securities that PubCo desires to sell, taken together with (i) the
PubCo Securities or other equity securities, if any, as to which Registration or a registered offering has been demanded under separate
written contractual arrangements with persons or entities other than the Holders of Registrable Securities, (ii) the Registrable Securities
as to which registration has been requested under Section 2.2, and (iii) the PubCo Securities or other equity securities,
if any, as to which Registration or a registered offering has been requested under separate written contractual piggy-back registration
rights of other shareholders of PubCo, exceeds the Maximum Number of Securities, then:
(a)
If the Registration or registered offering is undertaken for PubCo’s account, PubCo shall include
in any such Registration or registered offering: (A) first, the PubCo Securities or other equity securities that PubCo desires to sell,
which can be sold without exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities
has not been reached under the foregoing clause (A), the Registrable Securities of Holders exercising their rights to register their
Registrable Securities under Section 2.2.1, pro rata, based on the respective number of Registrable Securities that each
Holder has requested be included in such Underwritten Offering and the aggregate number of Registrable Securities that the Holders have
requested to be included in such Underwritten Offering, which can be sold without exceeding the Maximum Number of Securities; and (C)
third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (A) and (B), the PubCo Securities
or other equity securities, if any, as to which Registration or a registered offering has been requested under written contractual piggy-back
registration rights of other shareholders of PubCo, which can be sold without exceeding the Maximum Number of Securities;
(b)
If the Registration or registered offering is under a request by persons or entities other than the Holders
of Registrable Securities, then PubCo shall include in any such Registration or registered offering (A) first, the PubCo Securities or
other equity securities, if any, of such requesting persons or entities, other than the Holders of Registrable Securities, which can
be sold without exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not been
reached under the foregoing clause (A), the Registrable Securities of Holders exercising their rights to register their Registrable Securities
under Section 2.2.1, pro rata, based on the respective number of Registrable Securities that each Holder has requested be
included in such Underwritten Offering and the aggregate number of Registrable Securities that the Holders have requested to be included
in such Underwritten Offering, which can be sold without exceeding the Maximum Number of Securities; (C) third, to the extent that the
Maximum Number of Securities has not been reached under the foregoing clauses (A) and (B), the PubCo Securities or other equity securities
that PubCo desires to sell, which can be sold without exceeding the Maximum Number of Securities; and (D) fourth, to the extent that
the Maximum Number of Securities has not been reached under the foregoing clauses (A), (B) and (C), the PubCo Securities or other equity
securities for the account of other persons or entities that PubCo is obligated to register under separate written contractual arrangements
with such persons or entities, which can be sold without exceeding the Maximum Number of Securities; and
(c)
If the Registration or registered offering is under a request by Holder(s) of Registrable Securities under
Section 2.1, then PubCo shall include in any such Registration or registered offering securities under Section 2.1.5.
2.2.3
Piggyback Registration Withdrawal. Any Holder of Registrable Securities shall have the right to withdraw from a Piggyback Registration
for any or no reason whatsoever upon written notification to PubCo and the Underwriter or Underwriters (if any) of his, her or its intention
to withdraw from such Piggyback Registration before the effectiveness of the Registration Statement filed with the Commission with respect
to such Piggyback Registration or, in the case of a Piggyback Registration under a Shelf Registration, the filing of the applicable “red
herring” prospectus or prospectus supplement with respect to such Piggyback Registration used for marketing such transaction. PubCo
(whether on its own good faith determination or as the result of a request for withdrawal by persons under separate written contractual
obligations) may withdraw a Registration Statement filed with the Commission in connection with a Piggyback Registration (which, in no
circumstance, shall include the Shelf Registration) at any time before the effectiveness of such Registration Statement. Notwithstanding
anything to the contrary in this Agreement (other than Section 2.1.5), PubCo shall be responsible for the Registration Expenses
incurred in connection with the Piggyback Registration before its withdrawal under this Section 2.2.3.
2.2.4
Reserved.
2.3
Market Stand-off. In connection with any Underwritten Offering of equity securities of PubCo, each Holder of Registrable Securities
agrees that it shall not Transfer any PubCo Securities or other equity securities of PubCo (other than those included in such offering
under this Agreement), without the prior written consent of PubCo, during the sixty (60)-day period (or such shorter time agreed to by
the managing Underwriter(s)) beginning on the date of pricing of such offering, except if the Underwriters managing the offering otherwise
agree by written consent. Each Holder of Registrable Securities agrees to execute a customary lock-up agreement in favor of the Underwriters
to such effect (in each case on substantially the same terms and conditions as all such Holders). For the sake of clarity, no Holder
shall be obligated under the provisions of this Section 2.3 to the extent such Holder no longer owns Registrable Securities.
2.4
Reserved.
Article
III
COMPANY PROCEDURES
3.1
General Procedures. If PubCo is required to effect the Registration of Registrable Securities, PubCo shall use its commercially
reasonable efforts to effect such Registration to permit the sale of such Registrable Securities in accordance with the intended plan
of distribution, and PubCo shall, as expeditiously as possible:
3.1.1
prepare and file with the Commission as soon as practicable a Registration Statement with respect to such Registrable Securities and
use its commercially reasonable efforts to cause such Registration Statement to become effective and remain effective until all Registrable
Securities covered by such Registration Statement have been sold;
3.1.2
prepare and file with the Commission such amendments and post-effective amendments to the Registration Statement, and such supplements
to the Prospectus, as may be requested by any Holder or any Underwriter of Registrable Securities or as may be required by the rules,
regulations or instructions applicable to the registration form used by PubCo or by the Securities Act or rules and regulations to keep
the Registration Statement effective until all Registrable Securities covered by such Registration Statement are sold in accordance with
the intended plan of distribution set forth in such Registration Statement or supplement to the Prospectus or are no longer outstanding;
3.1.3
before filing a Registration Statement or Prospectus, or any amendment or supplement, furnish without charge to the Underwriters, if
any, and each Holder of Registrable Securities included in such Registration, and each such Holder’s legal counsel, copies of such
Registration Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in each case including
all exhibits and documents incorporated by reference), the Prospectus included in such Registration Statement (including each preliminary
Prospectus), and such other documents as the Underwriters and each Holder of Registrable Securities included in such Registration or
the legal counsel for any such Holders may request in order to facilitate the disposition of the Registrable Securities owned by such
Holders;
3.1.4
before any public offering of Registrable Securities, use its commercially reasonable efforts to (i) register or qualify the Registrable
Securities covered by the Registration Statement under such securities or “blue sky” laws of such jurisdictions in the United
States as any Holder of Registrable Securities included in such Registration Statement (in light of their intended plan of distribution)
may request and (ii) take such action necessary to cause such Registrable Securities covered by the Registration Statement to be registered
with or approved by such other governmental authorities as may be necessary by virtue of the business and operations of PubCo and do
any and all other acts and things that may be necessary or advisable to enable the Holders of Registrable Securities included in such
Registration Statement to consummate the disposition of such Registrable Securities in such jurisdictions; provided, however,
that PubCo shall not be required to qualify generally to do business in any jurisdiction where it would not otherwise be required to
qualify or take any action to which it would be subject to general service of process or taxation in any such jurisdiction where it is
not then otherwise so subject;
3.1.5
cause all such Registrable Securities to be listed on each securities exchange or automated quotation system on which similar securities
issued by PubCo are then listed;
3.1.6
provide a transfer agent or warrant agent, as applicable, and registrar for all such Registrable Securities no later than the effective
date of such Registration Statement;
3.1.7
advise each seller of such Registrable Securities, promptly after it shall receive notice or obtain knowledge, of the issuance of any
stop order by the Commission suspending the effectiveness of such Registration Statement or the initiation or threatening of any proceeding
for such purpose and promptly use its commercially reasonable efforts to prevent the issuance of any stop order or to obtain its withdrawal
if such stop order should be issued;
3.1.8
at least five (5) days before the filing of any Registration Statement or Prospectus or any amendment or supplement to such Registration
Statement or Prospectus or any document that is to be incorporated by reference into such Registration Statement or Prospectus, furnish
a copy to each seller of such Registrable Securities and its counsel, including, without limitation, providing copies promptly upon receipt
of any comment letters received with respect to any such Registration Statement or Prospectus;
3.1.9
notify the Holders at any time when a Prospectus relating to such Registration Statement is required to be delivered under the Securities
Act, of the happening of any event as a result of which the Prospectus included in such Registration Statement, as then in effect, includes
a Misstatement, and then to correct such Misstatement as set forth in Section 3.4 ;
3.1.10
permit a representative of the Holders, the Underwriters, if any, and any attorney or accountant retained by such Holders or Underwriter
to participate, at each such person’s own expense, in the preparation of the Registration Statement, and cause PubCo’s officers,
directors and employees to supply all information reasonably requested by any such representative, Underwriter, attorney or accountant
in connection with the Registration; provided, however, that such representatives or Underwriters agree to confidentiality
arrangements reasonably satisfactory to PubCo, before the release or disclosure of any such information;
3.1.11
obtain a “cold comfort” letter from PubCo’s independent registered public accountants if of an Underwritten Registration
which the participating Holders may rely on, in customary form and covering such matters of the type customarily covered by “cold
comfort” letters as the managing Underwriter may reasonably request, and reasonably satisfactory to a majority-in-interest of the
participating Holders;
3.1.12
on the date the Registrable Securities are delivered for sale under such Registration, obtain an opinion, dated such date, of counsel
representing PubCo for the purposes of such Registration, addressed to the Holders, the placement agent or sales agent, if any, and the
Underwriters, if any, covering such legal matters with respect to the Registration in respect of which such opinion is being given as
the Holders, placement agent, sales agent, or Underwriter may reasonably request and as are customarily included in such opinions and
negative assurance letters, and reasonably satisfactory to a majority in interest of the participating Holders;
3.1.13
if of any Underwritten Offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form,
with the managing Underwriter of such offering;
3.1.14
make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve
(12) months beginning with the first day of PubCo’s first full calendar quarter after the effective date of the Registration Statement
which satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 (or any successor rule promulgated
by the Commission);
3.1.15
with respect to an Underwritten Offering under Section 2.1.4, use its commercially reasonable efforts to make available senior
executives of PubCo to participate in customary “road show” presentations that may be reasonably requested by the Underwriter
in such Underwritten Offering; and
3.1.16
otherwise, in good faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by the Holders, in
connection with such Registration.
Notwithstanding
the foregoing, PubCo shall not be required to provide any documents or information to an Underwriter if such Underwriter has not then
been named with respect to the applicable Underwritten Offering.
3.2
Registration Expenses. The Registration Expenses of all Registrations shall be borne by PubCo. It is acknowledged by the Holders
that the Holders shall bear all incremental selling expenses relating to the sale of Registrable Securities, such as Underwriters’
commissions and discounts, brokerage fees, Underwriter marketing costs and, other than as set forth in the definition of “Registration
Expenses,” all reasonable fees and expenses of any legal counsel representing the Holders.
3.3
Requirements for Participation in Underwritten Offerings. Notwithstanding anything in this Agreement to the contrary, if any Holder
does not provide PubCo with its requested Holder Information (as defined below), PubCo may exclude such Holder’s Registrable Securities
from the applicable Registration Statement or Prospectus if PubCo determines, based on the advice of counsel, that such information is
necessary to effect the registration and such Holder continues to withhold such information. No person may participate in any Underwritten
Offering for equity securities of PubCo under a Registration initiated by PubCo unless such person (i) agrees to sell such person’s
securities on the basis provided in any underwriting arrangements approved by PubCo and (ii) completes and executes all customary questionnaires,
powers of attorney, indemnities, lock-up agreements, underwriting agreements and other customary documents as may be reasonably required
under the terms of such underwriting arrangements. The exclusion of a Holder’s Registrable Securities as a result of this Section
3.3 shall not affect the registration of the other Registrable Securities to be included in such Registration.
3.4
Suspension of Sales; Adverse Disclosure.
3.4.1
Upon receipt of written notice from PubCo that a Registration Statement or Prospectus contains a Misstatement, each of the Holders shall
forthwith discontinue disposition of Registrable Securities until it has received copies of a supplemented or amended Prospectus correcting
the Misstatement (it being understood that PubCo covenants to prepare and file such supplement or amendment as soon as practicable after
the time of such notice), or until it is advised in writing by PubCo that the use of the Prospectus may be resumed.
3.4.2
Subject to Section 3.4.4, if the filing, initial effectiveness or continued use of a Registration Statement in respect of any
Registration at any time would (a) require PubCo to make an Adverse Disclosure, (b) require the inclusion in such Registration Statement
of financial statements that are unavailable to PubCo for reasons beyond PubCo’s control, or (c) in the good faith judgment of
the majority of the Directors, be detrimental to PubCo and the majority of the Directors concludes as a result that it is advisable to
defer such filing, initial effectiveness or continued use at such time, PubCo may, upon giving prompt written notice of such action to
the Holders, delay the filing or initial effectiveness of, or suspend use of, such Registration Statement for the shortest period of
time determined in good faith by PubCo to be necessary for such purpose. If PubCo exercises its rights under this Section 3.4.2,
the Holders agree to suspend, immediately upon their receipt of the notice referred to above, their use of the Prospectus relating to
any Registration in connection with any sale or offer to sell Registrable Securities.
3.4.3
Reserved.
3.4.4
The right to delay or suspend any filing, initial effectiveness or continued use of a Registration Statement under Section 3.4.2
or a registered offering under Section 3.4.3 shall be exercised by PubCo, in the aggregate, not more than three (3) times in any
twelve-month period, and any such delay or suspension shall last for no more than sixty (60) days.
3.4.5
PubCo shall as promptly as commercially practicable notify the Holders of the expiration of any period during which it exercised its
rights under this Section 3.4.
3.5
Reporting Obligations. As long as any Holder shall own Registrable Securities, PubCo, at all times while it shall be a reporting
company under the Exchange Act, covenants to file timely (or obtain extensions and file within the applicable grace period) all reports
required to be filed by PubCo after the date of this Agreement under Sections 13(a) or 15(d) of the Exchange Act.
PubCo further covenants that it shall take such further action as any Holder may reasonably request, all to the extent required from
time to time to enable such Holder to sell PubCo securities held by such Holder without registration under the Securities Act within
the limitation of the exemptions provided by Rule 144 (or any successor rule promulgated by the Commission), including providing any
legal opinions. Upon the request of any Holder, PubCo shall deliver to such Holder a written certification of a duly authorized officer
as to whether it has complied with such requirements.
Article
IV
INDEMNIFICATION AND CONTRIBUTION
4.1
Indemnification.
4.1.1
PubCo agrees to indemnify, to the extent permitted by law, each Holder of Registrable Securities, its officers, members, and managers,
and directors (if applicable) and each person who controls such Holder (within the meaning of the Securities Act) against all losses,
claims, damages, liabilities and expenses (including reasonable attorneys’ fees) caused by any untrue or alleged untrue statement
of material fact contained in any Registration Statement, Prospectus or preliminary Prospectus or any amendment or supplement or any
omission or alleged omission of a material fact required to be stated or necessary to make the statements, in light of the circumstances
in which they were made, not misleading, except insofar as the same are caused by or contained in any information furnished in writing
to PubCo by such Holder expressly for use. PubCo shall indemnify the Underwriters, their officers and directors and each person who controls
such Underwriters (within the meaning of the Securities Act) to the same extent as provided in the foregoing with respect to the indemnification
of the Holder.
4.1.2
In connection with any Registration Statement for a Registration in which a Holder of Registrable Securities is participating, such Holder
shall furnish to PubCo in writing such customary information and affidavits as PubCo reasonably requests for use in connection with any
such Registration Statement or Prospectus (the “Holder Information”)
and, to the extent permitted by law, shall indemnify PubCo, its directors and officers and agents and each person who controls
PubCo (within the meaning of the Securities Act) against any losses, claims, damages, liabilities and expenses (including without limitation
reasonable attorneys’ fees) resulting from any untrue statement of material fact contained in the Registration Statement, Prospectus
or preliminary Prospectus or any amendment or supplement or any omission of a material fact required to be stated or necessary to make
the statements not misleading, but only to the extent that such untrue statement or omission is contained in any information or affidavit
so furnished in writing by such Holder expressly for use; provided, however, that the obligation to indemnify
shall be several, not joint and several, among such Holders of Registrable Securities, and the liability of each such Holder of Registrable
Securities shall be in proportion to and limited to the net proceeds received by such Holder from the sale of Registrable Securities
under such Registration Statement. The Holders of Registrable Securities shall indemnify the Underwriters, their officers, directors
and each person who controls such Underwriters (within the meaning of the Securities Act) to the same extent as provided in the foregoing
with respect to indemnification of PubCo.
4.1.3
Any person entitled to indemnification shall (i) give prompt written notice to the indemnifying party of any claim with respect to which
it seeks indemnification (provided that the failure to give prompt notice shall not impair any person’s right to indemnification
to the extent such failure has not materially prejudiced the indemnifying party) and (ii) unless in such indemnified party’s reasonable
judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying
party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed,
the indemnifying party shall not be subject to any liability for any settlement made by the indemnified party without its consent (but
such consent shall not be unreasonably withheld). An indemnifying party who is not entitled to, or elects not to, assume the defense
of a claim shall not be obligated to pay the fees and expenses of more than one counsel (plus local counsel) for all parties indemnified
by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest
may exist between such indemnified party and any other of such indemnified parties with respect to such claim. No indemnifying party
shall, without the consent of the indemnified party, consent to the entry of any judgment or enter into any settlement which cannot be
settled in all respects by the payment of money (and such money is so paid by the indemnifying party under the terms of such settlement)
or which settlement does not include as an unconditional term the giving by the claimant or plaintiff to such indemnified party of a
release from all liability in respect to such claim or litigation.
4.1.4
The indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made by or
on behalf of the indemnified party or any officer, director or controlling person of such indemnified party and shall survive the transfer
of securities. PubCo and each Holder of Registrable Securities participating in an offering also agrees to make such provisions as are
reasonably requested by any indemnified party for contribution to such party if PubCo’s or such Holder’s indemnification
is unavailable for any reason.
4.1.5
If the indemnification provided under Section 4.1 from the indemnifying party is held by a court of competent
jurisdiction to be unavailable or insufficient to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities
and expenses referred to, then the indemnifying party, in lieu of indemnifying the indemnified party, shall to the extent permitted by
law contribute to the amount paid or payable by the indemnified party as a result of such losses, claims, damages, liabilities and expenses
in such proportion as is appropriate to reflect the relative fault of the indemnifying party and the indemnified party, as well as any
other relevant equitable considerations. The relative fault of the indemnifying party and indemnified party shall be determined by a
court of law by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of
a material fact or omission or alleged omission to state a material fact, was made by, or relates to information supplied by, such indemnifying
party or indemnified party, and the indemnifying party’s and indemnified party’s relative intent, knowledge, access to information
and opportunity to correct or prevent such action; provided, however, that the liability of any Holder under
this Section 4.1.5 shall be limited to the amount of the net proceeds received by such Holder in such offering
giving rise to such liability. The amount paid or payable by a party as a result of the losses or other liabilities referred to above
shall be deemed to include, subject to the limitations set forth in Sections 4.1.1, 4.1.2 and 4.1.3 above,
any legal or other fees, charges or expenses reasonably incurred by such party in connection with any investigation or proceeding. The
parties agree that it would not be just and equitable if contribution under this Section 4.1.5 were determined
by pro rata allocation or by any other method of allocation, which does not take account of the equitable considerations referred to
in this Section 4.1.5. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) shall be entitled to contribution under this Section 4.1.5 from any person who was not guilty
of such fraudulent misrepresentation.
Article
V
MISCELLANEOUS
5.1
Notices. All notices, consents, waivers and other communications shall be in writing and shall be deemed to have been duly given
when delivered (i) in person, (ii) by facsimile or other electronic means, with affirmative confirmation of receipt, (iii) two (2) business
days after being sent, if sent by reputable, internationally recognized overnight courier service or (iv) four (4) 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). Any notice or communication under
this Agreement must be addressed, if to PubCo, to: 109 W. 50th Street, #207 Minneapolis, MN 55410 Attn: Richard W. Gaenzle, Jr. and,
if to any Holder, at such Holder’s address or contact information as set forth in PubCo’s books and records. Any party may
change its address for notice at any time and from time to time by written notice to the other parties, and such change of address shall
become effective thirty (30) days after delivery of such notice as provided in this Section 5.1.
5.2
Assignment; No Third Party Beneficiaries.
5.2.1
This Agreement and the rights, duties and obligations of PubCo may not be assigned or delegated by PubCo in whole or in part.
5.2.2
This Agreement and the provisions shall be binding upon and shall inure to the benefit of each of the parties and its successors and
the permitted assigns of the Holders.
5.2.3
This Agreement shall not confer any rights or benefits on any persons that are not parties, other than as expressly set forth in this
Agreement and Section 5.2.
5.2.4
No assignment by any party of such party’s rights, duties and obligations shall be binding upon or obligate PubCo unless and until
PubCo shall have received (i) written notice of such assignment as provided in Section 5.1 and (ii) the written
agreement of the assignee, in a form reasonably satisfactory to PubCo, to be bound by the terms and provisions of this Agreement (which
may be accomplished by an addendum or certificate of joinder to this Agreement). Any transfer or assignment made other than as provided
in this Section 5.2 shall be null and void.
5.3
Counterparts. This Agreement may be executed in multiple counterparts and delivered electronically (including counterparts), each
of which shall be deemed an original, and all of which together shall constitute the same instrument, but only one of which need be produced.
5.4
Governing Law; Jurisdiction; Venue. This Agreement shall be governed by, construed and enforced in accordance with the Laws of
the State of New York, without regard to its conflict of laws principles. All actions, suits or proceedings (each an “Action”,
and, collectively, “Actions”), arising out of or relating to this Agreement shall be heard and determined exclusively
in any state or federal court located in New York County, State of New York (or in any appellate court) (the “Specified Courts”).
Each party (a) submits to the exclusive jurisdiction of any Specified Court for the purpose of any Action arising out of or relating
to this Agreement brought by any party and (b) irrevocably waives, and agrees not to assert by way of motion, defense or otherwise,
in any such Action, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt
or immune from attachment or execution, that the Action is brought in an inconvenient forum, that the venue of the Action is improper,
or that this Agreement or the contemplated transactions may not be enforced in or by any Specified Court. Each party agrees that a final
judgment in any Action shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner
provided by Law. Each party irrevocably consents to the service of the summons and complaint and any other process in any other Action
relating to the transactions contemplated by this Agreement, on behalf of itself, or its property, by personal delivery of copies of
such process to such party at the applicable address. Nothing in this Section shall affect the right of any party to serve legal
process in any other manner permitted by Law.
5.5
Jury Trial. EACH OF THE PARTIES WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY
WITH RESPECT TO ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE CONTEMPLATED TRANSACTIONS.
EACH PARTY (A) CERTIFIES THAT NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD
NOT, IN THE EVENT OF ANY ACTION, SEEK TO ENFORCE THAT FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HAVE BEEN INDUCED
TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.
5.6
Amendments and Modifications. Upon the written consent of PubCo and the Holders of at least a majority in interest of the Registrable
Securities at the time in question, compliance with any of the provisions, covenants and conditions set forth in this Agreement may be
waived, or any of such provisions, covenants or conditions may be amended or modified; provided, however, that
notwithstanding the foregoing, any amendment or waiver that adversely affects one Holder, solely in its capacity as a holder of the shares
of capital stock of PubCo, in a manner that is materially different from the other Holders (in such capacity) shall require the consent
of the Holder so affected. No course of dealing between any Holder or PubCo and any other party 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 by such party.
5.7
Term. This Agreement shall terminate with respect to any Holder upon the earlier of (i) the tenth anniversary of the date of this
Agreement and (ii) the date that such Holder no longer holds any Registrable Securities. The provisions of Section 3.5 and
Article IV shall survive any termination.
5.8
Holder Information. Each Holder agrees, if requested in writing, to represent to PubCo the total number of Registrable Securities
held by such Holder in order for PubCo to make determinations.
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The
parties have executed this Agreement as of the date first written above.
[Signature
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The
parties have executed this Agreement as of the date first written above.
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[Signature
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The
parties have executed this Agreement as of the date first written above.
[Signature
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The
parties have executed this Agreement as of the date first written above.
[Signature
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The
parties have executed this Agreement as of the date first written above.
[Signature
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