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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 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):

May 4, 2023 (May 3, 2023)

 

 

 

XPAC ACQUISITION CORP.

(Exact Name of Registrant as Specified in its Charter)

 

 

 

Cayman Islands 001-40686 N/A
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)

 

55 West 46th Street, 30th Floor  
New York, New York 10036
(Address of Principal Executive Offices) (Zip Code)

 

(646) 664-0501

(Registrant’s telephone number, including area code)

 

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 (see General Instruction A.2. below):

 

¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  
xSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  
¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  
¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading
Symbol(s)
  Name of each exchange
on which registered
Units, each consisting of one Class A ordinary share and one-third of one redeemable warrant   XPAXU   The Nasdaq Stock Market LLC
Class A ordinary shares, par value $0.0001 per share   XPAX   The Nasdaq Stock Market LLC
Redeemable warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50   XPAXW   The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company  x

 

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 1.02 Termination of a Material Definitive Agreement.

 

As previously disclosed in the Current Report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on April 25, 2022, XPAC Acquisition Corp., an exempted company limited by shares incorporated under the laws of the Cayman Islands (“XPAC”) entered into a Business Combination Agreement on April 25, 2022 (the “Business Combination Agreement”) with (i) SUPERBAC PubCo Holdings Inc., an exempted company limited by shares incorporated under the laws of the Cayman Islands (“PubCo”); (ii) BAC1 Holdings Inc., an exempted company limited by shares incorporated under the laws of the Cayman Islands and a direct wholly owned subsidiary of PubCo (“Merger Sub 1”); (iii) BAC2 Holdings Inc., an exempted company limited by shares incorporated under the laws of the Cayman Islands and a direct wholly owned subsidiary of PubCo (“Merger Sub 2”); and (iv) SuperBac Biotechnology Solutions S.A., a corporation incorporated under the laws of Brazil (“SuperBac”) (the transactions contemplated thereby, the “Business Combination”). As contemplated by the Business Combination Agreement, on November 7, 2022, Newco BAC Holdings, Inc., an exempted company limited by shares incorporated under the laws of the Cayman Islands (“Newco”) became a party to the Business Combination Agreement by executing and delivering a joinder to the Business Combination Agreement.

 

As previously disclosed in the Current Report on Form 8-K filed with the SEC on December 2, 2022, XPAC, PubCo, Merger Sub 1, Merger Sub 2, Newco and SuperBac (the “Parties”) entered into the First Amendment Agreement to the Business Combination Agreement, pursuant to which the Parties amended the Business Combination Agreement to extend the date by which either XPAC or SuperBac can terminate the Business Combination Agreement if the transactions contemplated thereby have not been consummated by such date (the “Outside Date”) to January 31, 2023 (and if such date is not a business day, then the next following business day).

 

As previously disclosed in the Current Report on Form 8-K filed with the SEC on February 9, 2023, the Parties entered into the Second Amendment Agreement to the Business Combination Agreement, pursuant to which the Parties amended the Business Combination Agreement to extend the Outside Date to February 28, 2023 (and if such date is not a business day, then the next following business day).

 

Termination of the Business Combination Agreement 

 

On May 2, 2023, SuperBac informed XPAC that it had decided to terminate the Business Combination Agreement, which SuperBac is entitled to do pursuant to Section 10.1(i) of the Business Combination Agreement. SuperBac informed XPAC that it had based its decision to terminate the Business Combination Agreement on a number of factors including: (i) the prevailing unfavorable public market conditions and trends in the share price performance of companies that have completed de-SPAC transactions; (ii) a balancing of the benefits and drawbacks of becoming a publicly traded company under current circumstances, including heightened volatility and share price performance risks for companies operating businesses in challenging market conditions; and (iii) the fact that no PIPE investments had been entered into that would provide PubCo with proceeds from the issuance of ordinary shares, it being noted that the Modal PIPE Financing and the Yorkville PIPE Financing (each as defined in the Proxy Statement (as defined in the Business Combination Agreement)), if entered into and consummated, would have comprised the issuance of debt, warrants and convertible debentures raising gross proceeds at a level significantly lower than the Minimum Cash Condition (as defined in the Business Combination Agreement).

 

Effective as of May 3, 2023, the Parties mutually agreed to terminate the Business Combination Agreement pursuant to a Termination of the Business Combination Agreement dated May 3, 2023 by and between the Parties (the “Termination Agreement”). Pursuant to the Termination Agreement, among other provisions (i) XPAC acquits, releases and discharges each of the Company, PubCo, Merger Sub 1, Merger Sub 2 and Newco and its representatives from all XPAC Released Claims (as defined in the Termination Agreement); and (ii) each of the Company, PubCo, Merger Sub 1, Merger Sub 2 and Newco acquits, releases and discharges XPAC and its representatives from all Company Released Claims (as defined in the Termination Agreement), in each case with respect to the Business Combination Agreement, the other Transaction Documents (as defined in the Business Combination Agreement) and the transactions contemplated by the Business Combination Agreement and the other Transaction Documents, in each case except for any claims, if any, based upon a breach of the Termination Agreement or a breach of the NDA (as defined in the Business Combination Agreement). Upon the termination of the Business Combination Agreement, each of the (i) Sponsor Support Agreement, (ii) Voting and Support Agreement, (iii) Lock-up Agreements, and (iv) Investment Agreement (each as defined in the Business Combination Agreement) were automatically terminated in accordance with their respective terms.

 

The foregoing description of the Business Combination Agreement is qualified in its entirety by reference to the full text of such agreement which was filed as Exhibit 2.1 to the Current Report on Form 8-K filed by XPAC with the SEC on April 25, 2022 and which is incorporated herein by reference. The foregoing description of the Termination Agreement is qualified in its entirety by reference to the full text of such agreement which is attached as Exhibit 10.1 hereto and which is incorporated herein by reference.

 

 

Item 7.01 Regulation FD Disclosure.

 

The information in this Item 7.01 is furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to liabilities under that section, and shall not be deemed to be incorporated by reference into the filing of XPAC under the Securities Act of 1933, as amended (the “Securities Act”) or the Exchange Act, regardless of any general incorporation language in such filings.

 

The amended and restated memorandum and articles of association of XPAC (as amended and restated and amended from time to time, the “Memorandum and Articles”) currently provide that XPAC has until August 3, 2023 (the “Original Termination Date”) to complete its initial business combination and, if XPAC does not complete an initial business combination by the Original Termination Date, XPAC will (i) cease all operations, except for the purpose of winding up; (ii) as promptly as reasonably possible but not more than ten business days thereafter, complete the redemption of all issued and outstanding Class A Ordinary Shares, par value $0.0001 per share (“Class A Ordinary Shares”) issued in XPAC’s initial public offering (the “IPO”) (the “Public Shares”) originally offered together with redeemable warrants (“Public Warrants”) as units (the “Units”) in the IPO, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account established in connection with the IPO (the “Trust Account”), including interest earned on the funds held in the Trust Account and not previously released to XPAC (less taxes payable and up to $100,000 of interest to pay dissolution expenses and which interest shall be net of any taxes payable), divided by the number of the then-outstanding Public Shares, which redemption will completely extinguish the rights of the holders of Public Shares as shareholders (including the right to receive further liquidation distributions, if any); and (iii) as promptly as reasonably possible following such redemption and subject to the approval of XPAC’s then remaining shareholders and XPAC’s board of directors (the “XPAC Board”), liquidate and dissolve, subject in each case to XPAC’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law.

 

In connection with the termination of the Business Combination, on May 3, 2023, the XPAC Board held a video conference meeting that was also attended by XPAC’s management team. In that meeting, the XPAC Board: (i) resolved to approve the entry into of the Termination Agreement by XPAC; (ii) determined that it is very unlikely that XPAC would able to complete an initial business combination with a target other than SuperBac before the Original Termination Date; (iii) determined that it is in the best interests of XPAC and its shareholders to accelerate the Original Termination Date to a date to be determined in due course (the “Amended Termination Date”); and (iv) resolved that XPAC take all actions that are necessary and advisable in order to convene an extraordinary general meeting of XPAC’s shareholders (an “Extraordinary General Meeting”) in order to consider and vote upon, among other matters:

 

(a)a governing documents proposal to amend the Memorandum and Articles to accelerate the date by which XPAC must cease all operations, except for the purpose of winding up, if it fails to complete a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination involving XPAC with one or more businesses or entities, which we refer to as our initial business combination, from the Original Termination Date to the Amended Termination Date; and

 

(b)a trust amendment proposal to amend the Investment Management Trust Agreement, dated as of June 29, 2021 (the “Trust Agreement”), by and between XPAC and Continental Stock Transfer & Trust Company, a New York limited purpose trust company, as trustee (“Continental”), pursuant to an amendment to the Trust Agreement to accelerate the date on which Continental must commence liquidation of the Trust Account to the Amended Termination Date,

 

together, the “Accelerated Termination Shareholder Matters”.

 

If the Accelerated Termination Shareholder Matters are approved by XPAC’s shareholders in an Extraordinary General Meeting expected to be held in due course and are implemented, and because XPAC would not be able to complete an initial business combination by the Amended Termination Date, XPAC would (i) immediately after the Extraordinary General Meeting, cease all operations, except for the purpose of winding up; (ii) as promptly as reasonably possible, complete the redemption of the Public Shares held by shareholders who elect to redeem all or a portion of their Public Shares in exchange for their pro rata portion of the funds held in the Trust Account in connection with the approval of the Accelerated Termination Shareholder Matters (the “Voluntary Redemption”); (iii) as promptly as reasonably possible but not more than ten business days thereafter, complete the redemption of all remaining issued and outstanding Public Shares not redeemed in the Voluntary Redemption, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account (after taking into account the Voluntary Redemption), including interest earned on the funds held in the Trust Account and not previously released to XPAC (less taxes payable and up to $100,000 of interest to pay dissolution expenses and which interest shall be net of any taxes payable), divided by the number of the then-outstanding Public Shares (the “Post-Amendment Share Redemption”); and (iv) as promptly as reasonably possible following such redemption and subject to the approval of XPAC’s remaining shareholders after completion of the Post-Amendment Share Redemption and the XPAC Board, liquidate and dissolve, subject in each case to XPAC’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. In addition, if the Accelerated Termination Shareholder Matters are approved by XPAC’s shareholders in an Extraordinary General Meeting expected to be held in due course and are implemented, XPAC plans to voluntarily delist the Class A Ordinary Shares, Public Warrants and Units from the Nasdaq Capital Market (“Nasdaq”) as soon as practicable after completion of the redemption of all Public Shares, subject to the rules of Nasdaq and the Memorandum and Articles. As a result of the liquidation process, all Public Warrants and private placement warrants would expire worthless.

 

 

If the Accelerated Termination Shareholder Matters are not approved by XPAC’s shareholders in an Extraordinary General Meeting expected to be held in due course or are not implemented, and a business combination is not completed on or before the Original Termination Date, then as contemplated by and in accordance with the Memorandum and Articles, XPAC would (i) on the Original Termination Date, cease all operations, except for the purpose of winding up; (ii) as promptly as reasonably possible but not more than ten business days thereafter, complete the redemption of all issued and outstanding 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 XPAC (less taxes payable and up to $100,000 of interest to pay dissolution expenses and which interest shall be net of any taxes payable), divided by the number of the then-outstanding Public Shares, which redemption will completely extinguish Public Shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any); and (iii) as promptly as reasonably possible following such redemption and subject to the approval of XPAC’s remaining shareholders after such redemption and the XPAC Board, liquidate and dissolve, subject in each case to XPAC’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law.

 

SuperBac and the private equity business of XP Inc. and its subsidiaries (“XP Private Equity”) currently intend to pursue a private investment into SuperBac in order to support SuperBac’s continued growth as a privately-held company. XPAC’s sponsor, XPAC Sponsor LLC (the “Sponsor”), is wholly-owned by XP Inc., and as such, XPAC and the Sponsor are affiliates of XP Private Equity. In addition, members of XPAC’s management team are also investment professionals within XP Private Equity and serve as investment managers for funds managed by XP Private Equity.

 

Additional Information and Where to Find It

 

The Accelerated Termination Shareholder Matters will be submitted to the shareholders of XPAC for their consideration. It is expected that XPAC will file a preliminary proxy statement with the SEC in due course and that a definitive proxy statement would be distributed to XPAC’s shareholders in connection with XPAC’s solicitation for proxies for the vote by XPAC’s shareholders in connection with the Accelerated Termination Shareholder Matters. In due course, XPAC expects to mail a definitive proxy statement and other relevant documents to its shareholders as of the record date to be established in due course for voting on the Accelerated Termination Shareholder Matters. XPAC’S SHAREHOLDERS AND OTHER INTERESTED PERSONS ARE URGED TO READ, ONCE AVAILABLE, THE PRELIMINARY PROXY STATEMENT AND ANY AMENDMENTS THERETO AND, ONCE AVAILABLE, THE DEFINITIVE PROXY STATEMENT IN CONNECTION WITH XPAC’S SOLICITATION OF PROXIES FOR ITS EXTRAORDINARY GENERAL MEETING TO BE HELD TO APPROVE, AMONG OTHER THINGS, THE ACCELERATED TERMINATION SHAREHOLDER MATTERS, BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT XPAC AND THE MATTERS REFERRED TO HEREIN. Shareholders may also obtain a copy of the preliminary or definitive proxy statement, once available, as well as other documents filed with the SEC regarding the Accelerated Termination Shareholder Matters and other documents filed with the SEC by XPAC, without charge, at the SEC’s website located at www.sec.gov or by written request sent to XPAC, 55 West 46th Street, 30th Floor, New York, NY 10036, United States.

 

 

INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

 

Participants in the Solicitation

 

XPAC and certain of its directors and executive officers may, under SEC rules, be deemed to be participants in the solicitations of proxies from XPAC’s shareholders in connection with the Accelerated Termination Shareholder Matters. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of XPAC’s shareholders in connection with the proposed business combination will be set forth in XPAC’s proxy statement when it is filed with the SEC. You can find more information about XPAC’s directors and executive officers and their respective interests in XPAC in XPAC’s final prospectus that forms a part of XPAC’s Registration Statement on Form S-1 (Reg No. 333-256097), filed with the SEC pursuant to Rule 424(b)(4) on August 2, 2021 (the “IPO Prospectus”), and each Annual Report on Form 10-K that XPAC files with the SEC from time to time. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests will be included in the proxy statement when it becomes available. Shareholders and other interested persons are urged to read the definitive proxy statement carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents from the sources indicated above.

 

No Offer or Solicitation

 

This communication is for informational purposes only. This communication shall not constitute a “solicitation” as defined in Section 14 of the Exchange Act. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote, proxy or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

 

This communication refers to a potential private investment into SuperBac. No securities may be offered or sold in the United States except pursuant to a registration under the Securities Act or an applicable exemption from the registration requirements of the Securities Act, including the private placement exemption from registration provided by Section 4(a)(2) of the Securities Act.

 

Forward-Looking Statements

 

The information in this communication includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995.

 

Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target”, “may”, “predict”, “should”, “would”, “potential”, “seem”, “future”, “outlook” or other similar expressions (or negative versions of such words or expressions) that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding XPAC’s ability to complete an initial business combination, the Extraordinary General Meeting proposed to be held, whether or not the Accelerated Termination Shareholder Matters will be approved by XPAC’s shareholders, whether or not the Public Shares will be redeemed, whether or not XPAC will liquidate and dissolve, whether or not the Class A Ordinary Shares, Public Warrants and the Units will be delisted from Nasdaq, and the timing of, and expectations in relation to, any of the foregoing matters. These statements are based on various assumptions, whether or not identified in this communication, and on the current expectations of XPAC’s management and are not predictions of actual events. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions, and such differences may be material. Many actual events and circumstances are beyond the control of XPAC. 

 

 

These forward-looking statements are subject to a number of risks and uncertainties, including those factors discussed in (i) the IPO Prospectus; (ii) XPAC’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, which was filed with the SEC on March 30, 2022, as amended by an amendment filed with the SEC on September 9, 2022; (iii) XPAC’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2022, which was filed with the SEC on May 13, 2022; and (iv) XPAC’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2022, which was filed with the SEC on August 22, 2022, in each case, under the heading “Risk Factors,” and other documents that XPAC has filed, or will file, with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual events or results could differ materially from the events or results implied by these forward-looking statements. There may be additional risks that XPAC does not presently know or that XPAC does not currently believe are immaterial that could also cause actual events or results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect XPAC’s plans or forecasts of future events and views as of the date of this communication. XPAC anticipates that subsequent events and developments may cause XPAC’s assessments to change. However, while XPAC may elect to update these forward-looking statements at some point in the future, except to the extent required by applicable law, XPAC specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing XPAC’s assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon the forward-looking statements.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit
No. Description of Exhibits
10.1 Termination of the Business Combination Agreement, dated as of May 3, 2023, by and among XPAC, PubCo, Merger Sub 1, Merger Sub 2, Newco and SuperBac.
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date:May 4, 2023

 

XPAC ACQUISITION CORP.  
     
By: /s/ Chu Chiu Kong  
  Chu Chiu Kong  
  Chief Executive Officer and Chairman of the Board of Directors  

 

 

Exhibit 10.1

 

TERMINATION OF the business combination AGREEMENT

 

This Termination of the Business Combination Agreement, dated as ofMay 3, 2023 (this "Termination Agreement"), is entered into by and among (i) SUPERBAC PubCo Holdings Inc., an exempted company limited by shares incorporated under the laws of the Cayman Islands ("PubCo"), (ii) XPAC Acquisition Corp., an exempted company limited by shares incorporated under the laws of the Cayman Islands ("XPAC"), (iii) BAC1 Holdings Inc., an exempted company limited by shares incorporated under the laws of the Cayman Islands and a direct wholly owned subsidiary of PubCo ("Merger Sub 1"), (iv) BAC2 Holdings Inc., an exempted company limited by shares incorporated under the laws of the Cayman Islands and a direct wholly owned subsidiary of PubCo ("Merger Sub 2"), (v) Newco BAC Holdings, Inc., an exempted company limited by shares incorporated under the laws of the Cayman Islands ("Newco"), and (vi) SuperBac Biotechnology Solutions S.A., a corporation incorporated under the laws of the Brazil (the "Company").

 

Capitalized terms used but not defined in this Termination Agreement shall have the respective meanings ascribed to them in the Business Combination Agreement (as defined below). In this Termination Agreement, PubCo, XPAC, Merger Sub 1, Merger Sub 2, Newco, and the Company are collectively referred to as the "Parties" and each as a "Party".

 

RECITALS

 

WHEREAS, PubCo, XPAC, Merger Sub 1, Merger Sub 2, and the Company entered into the Business Combination Agreement on April 25, 2022, as amended by the Parties on December 2, 2022, and as subsequently amended by the Parties on February 9, 2023 (as so amended, the "Business Combination Agreement");

 

WHEREAS, on November 7, 2022, Newco entered into a joiner agreement whereby Newco agreed to be bound by the provisions of the Business Combination Agreement applicable to Newco;

 

WHEREAS, pursuant to the First Amendment Agreement, dated as of December 2, 2022, to the Business Combination Agreement, the Parties amended the Business Combination Agreement to extend the Outside Date to January 31, 2023 (and if such date is not a Business Day, then the next following Business Day);

 

WHEREAS, pursuant to the Second Amendment Agreement, dated as of February 9, 2023, to the Business Combination Agreement, the Parties amended the Business Combination Agreement to extend the Outside Date to February 28, 2023 (and if such date is not a Business Day, then the next following Business Day);

 

WHEREAS, as of the date of this Termination Agreement, pursuant to the terms of Section 10.1(i) of the Business Combination Agreement, the Business Combination Agreement can be terminated by XPAC or SuperBac at any time;

 

WHEREAS, on May 2, 2023, SuperBac informed XPAC that it had decided to terminate the Business Combination Agreement, which SuperBac is entitled to do pursuant to Section 10.1(i) of the Business Combination Agreement. SuperBac informed XPAC that it had based its decision to terminate the Business Combination Agreement on a number of factors including: (i) the prevailing unfavorable public market conditions and trends in the share price performance of companies that have completed de-SPAC transactions; (ii) a balancing of the benefits and drawbacks of becoming a publicly traded company under current circumstances, including heightened volatility and share price performance risks for companies operating businesses in challenging market conditions; and (iii) the fact that no PIPE Investments had been entered into that would provide PubCo with proceeds from the issuance of ordinary shares, it being noted that the Modal PIPE Financing and the Yorkville PIPE Financing (each as defined in the Proxy/Registration Statement), if entered into and consummated, would have comprised the issuance of debt, warrants and convertible debentures raising gross proceeds at a level significantly lower than the Minimum Cash Condition; and

 

WHEREAS, the Parties wish to enter into this Termination Agreement in order to provide for the terms relating to the termination of the Business Combination Agreement, including provisions relating to public disclosures and mutual releases.

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties hereby agree as follows:

 

Article 1

 

Termination of the Business Combination and of the Transaction Documents

 

Section 1.1            The Business Combination Agreement is hereby terminated, effective immediately, pursuant to Section 10.1(a) of the Business Combination Agreement.

 

Section 1.2            The effect of the termination of the Business Combination Agreement shall be as set forth in Section 10.2 of the Business Combination Agreement; provided that, subject to the terms of this Termination Agreement, the Parties hereby irrevocably, absolutely, forever and fully waive and relinquish any and all rights and benefits they may otherwise have or be entitled to under the provisions set forth in Section 10.2 of the Business Combination Agreement that would survive the termination of the Business Combination Agreement, such that upon execution of this Termination Agreement, no Party shall have any continuing liability under the Business Combination Agreement.

 

1

 

Section 1.3            Each of the Transaction Documents that have been entered into prior to the date of this Termination Agreement (other than the NDA) shall be automatically terminated without further action on the part of the parties thereto and none of the provisions thereof shall be of any further force or effect, including provisions thereof, as the case may be, that by their terms would otherwise have survived such termination.

 

Article 2

 

PUBLIC DISCLOSURES

 

Section 2.1            Promptly following the execution of this Termination Agreement:

 

(i)            XPAC shall file with the SEC a Form 8-K in the form set forth in Exhibit A hereto; and

 

(ii)           PubCo shall file with the SEC a Rule 477 withdrawal request (EDGAR filing code RW) in the form set forth in Exhibit B hereto.

 

Section 2.2     Subject to Sections 2.1 and 2.3, each of the Parties hereby agrees not to, and to cause its Affiliates and Representatives (as defined below) not to make any press release, public announcement, disclosure or communication (a "Disclosure") relating to this Termination Agreement or the other Transaction Documents unless the Party making such Disclosure (i) provides the other Parties with an opportunity to review and comment on such Disclosure, and (ii) considers in good faith any comments that are provided by the other Parties no later than twenty-four hours after such Disclosure is provided to such other Parties.

 

Section 2.3            The provisions of Section 2.2 shall not apply:

 

(i)            to any Disclosure required by applicable Law or stock exchange rule, or in response to any request by any Governmental Authority, Government Official or Governmental Order, provided that, prior to any Disclosure required by applicable Law or stock exchange rule or in response to a request by a Governmental Authority, Government Official or Governmental Order, each Party, as applicable, shall (a) use its reasonable best efforts to consult with the other Parties before making any such Disclosure, and (b) to the fullest extent permitted by applicable Law (i) provide the other Parties with an opportunity to review and comment on such Disclosure, and (ii) consider in good faith any comments that are provided by the other Parties no later than twenty-four hours after such Disclosure is provided to such other Parties;

 

(ii)           to the extent such Disclosure contains only information previously disclosed in any Disclosure that was made at any time otherwise than in breach of this Termination Agreement or in breach of any other confidentiality obligation to which any Party or person is subject; and

 

(iii)          to any Disclosure that is filed or furnished by XPAC with or to the SEC relating to the business of XPAC or the Sponsor conducted after the date of this Termination Agreement, except insofar as such Disclosure relates to any member of the SuperBac Group, the Business Combination Agreement or any other Transaction Document.

 

Section 2.4             The Parties shall use their respective reasonable best efforts to ensure that any information that is disclosed under this Article 2 is accurate, complete and not misleading.

 

Article 3

 

MUTUAL RELEASE

 

Section 3.1            Notwithstanding anything to the contrary in the Business Combination Agreement or any other Transaction Document, XPAC, for itself, and on behalf of its Representatives, hereby unconditionally, irrevocably, absolutely, forever and fully acquits, releases and discharges each of the Company, PubCo, Merger Sub 1, Merger Sub 2 and Newco and its Representatives from all claims, contentions, rights, debts, interest, liabilities, demands, allegations, assertions, complaints, controversies, accounts, reckonings, obligations, duties, charges, grievances, promises, commitments, guarantees, endorsements, costs, expenses (including, without limitation, attorneys' fees and costs incurred), liens, indemnification rights, damages, punitive damages, losses, suits, liabilities, actions and causes of action, of any kind whatsoever, whether due or owing in the past, present or future, whether based upon breach of contract, fraud, willful breach, tort, statute or any other legal or equitable theory of recovery, whether direct or indirect, known or unknown, disclosed or undisclosed, suspected or unsuspected, asserted or unasserted, fixed or contingent, express or implied, matured or unmatured, accrued or unaccrued, and whether vicarious, derivative, joint, several or secondary, with respect to, pertaining to, based on, arising under or out of, resulting from or relating to the Business Combination Agreement, the other Transaction Documents and the transactions contemplated by the Business Combination Agreement and the other Transaction Documents, including but not limited to the negotiation, execution, performance or non-performance of the Business Combination Agreement or the other Transaction Documents (the "XPAC Released Claims").

 

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As used in this Termination Agreement, the "Representatives" of a Party shall mean such Party's affiliates and present and former, direct and indirect equity holders, investors, partners, joint venturers, lenders, administrators, representatives, shareholders, members, parent entities and/or individuals, subsidiaries, officers, directors, attorneys, legal counsel, principals, advisors, consultants, agents, employees, managers, legatees, devisees, executors, trustees, beneficiaries, insurers, predecessors, successors, heirs and assigns.

 

Section 3.2            Notwithstanding anything to the contrary in the Business Combination Agreement or any other Transaction Document, each of the Company, PubCo, Merger Sub 1, Merger Sub 2 and Newco for itself, and on behalf of its Representatives, hereby unconditionally, irrevocably, absolutely, forever and fully acquits, releases and discharges XPAC and its Representatives from all claims, contentions, rights, debts, interest, liabilities, demands, allegations, assertions, complaints, controversies, accounts, reckonings, obligations, duties, charges, grievances, promises, commitments, guarantees, endorsements, costs, expenses (including, without limitation, attorneys' fees and costs incurred), liens, indemnification rights, damages, punitive damages, losses, suits, liabilities, actions and causes of action, of any kind whatsoever, whether due or owing in the past, present or future, whether based upon breach of contract, fraud, willful breach, tort, statute or any other legal or equitable theory of recovery, whether direct or indirect, known or unknown, disclosed or undisclosed, suspected or unsuspected, asserted or unasserted, fixed or contingent, express or implied, matured or unmatured, accrued or unaccrued, and whether vicarious, derivative, joint, several or secondary, with respect to, pertaining to, based on, arising under or out of, resulting from or relating to the Business Combination Agreement, the other Transaction Documents and the transactions contemplated by the Business Combination Agreement and the other Transaction Documents, including but not limited to the negotiation, execution, performance or non-performance of the Business Combination Agreement or the other Transaction Documents (the "Company Released Claims", and together with the XPAC Released Claims, the "Released Claims").

 

Section 3.3            Notwithstanding anything to the contrary in this Termination Agreement, it is the express intention of the Parties that the Released Claims described in Section 3.1 and Section 3.2 do not include claims, if any, based upon a breach of this Termination Agreement or a breach of the NDA.

 

Section 3.4            Each Party acknowledges, understands and agrees that Section 3.2 and Section 3.3 are a full and final release covering the respective Released Claims of the Parties relating, directly or indirectly, to the Business Combination Agreement and the other Transaction Documents and the transactions contemplated thereby. Each of the Parties expressly waives any rights it may have under law, in equity, in contract, in tort or based on any other theory under which a general release does not extend to respective Released Claims that such Party does not know or suspect to exist in its favor at the time of executing the release in this Termination Agreement, which if known by such Party would have affected such Party’s agreement with the other Parties. In connection with such waiver and relinquishment, each Party acknowledges that such Party or such Party’s Representatives may hereafter discover claims or facts in addition to or different from those which they now know or believe to exist with respect to the Released Claims, and which, if known on the date of the execution of this Termination Agreement, might have materially affected such Party’s decision to enter into and execute this Termination Agreement, but that it is their respective intention hereby fully, finally and forever to settle and release all of their respective Released Claims. In furtherance of such intention, the respective releases given by the Parties pursuant to this Termination Agreement shall be and remain in effect as full and complete releases with regard to their respective Released Claims notwithstanding the discovery or existence of any such additional or different claim or fact. Each Party further agrees that by reason of the releases contained in this Termination Agreement, such Party is expressly assuming the risk of such unknown Released Claims and agrees that this Termination Agreement applies thereto.

 

Article 4

 

COVENANT NOT TO SUE

 

Section 4.1            Each Party, on its own behalf, and on behalf of its Representatives, hereby covenants that neither it nor any of its Representatives will at any time hereafter, directly or indirectly, initiate, assert, maintain or prosecute, or in any way knowingly aid encourage, solicit, voluntarily, assist, or participate in any way, in the filing, initiation, reporting, assertion, maintenance or prosecution of, any Released Claim against any of the other Parties or any of their respective Representatives.

 

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Section 4.2            In the event that any Party, or any Representative of a Party, initiates, asserts, maintains or prosecutes any lawsuit, action, claim or other proceeding that constitutes a Released Claim against (i) any other Party or Parties (the "Non-Litigating Party" or "Non-Litigating Parties", as the case may be), or (ii) any Representative(s) of the Non-Litigating Party or Parties (a "Proceeding"), then the Party who commenced a Proceeding or whose Representative has commenced a Proceeding (the "Litigating Party") shall indemnify and hold harmless the Non-Litigating Party or Parties and its or their Representatives, and shall reimburse the Non-Litigating Party or Parties and its or their Representatives, for any loss, liability, damage or expense (including reasonable attorneys' fees and other expenses related to the defense of such Proceeding) arising from or in connection therewith.

 

Section 4.3            In the event that the Litigating Party or Parties, or any Representative of the Litigating Party or Parties, commences any Proceeding against the Non-Litigating Party or Parties and/or its or their Representatives, the Non-Litigating Party or Parties and/or its or their Representatives may bring any counter-claim, counter-action or other proceeding, or raise any claim in defense of such Proceeding, against the Litigating Party and/or its Representatives and the Non-Litigating Party or Parties shall not be required to indemnify the Litigating Party or its Representatives for their expenses pursuant to this Article 4.

 

Section 4.4            Nothing in this Article 4 shall: (i) apply to any action by any Party to enforce its respective rights or obligations pursuant to this Termination Agreement; or (ii) apply to any action by any party thereto to enforce its respective rights or obligations pursuant to the NDA.

 

Section 4.5            The covenants contained in this Article 4 shall survive the execution and delivery of this Termination Agreement indefinitely regardless of any statute of limitations.

 

Article 5

 

REPRESENTATIONS OF THE PARTIES

 

Section 5.1            Each Party represents and warrants to the other Parties as follows:

 

(i)            This Termination Agreement constitutes a valid and binding obligation of such Party, enforceable against such Party in accordance with its terms, except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other applicable Laws now or hereafter in effect of general application affecting enforcement of creditors' rights generally, and (b) as limited by applicable Laws relating to the availability of specific performance, injunctive relief, or other equitable remedies.

 

(ii)           Such Party has full power and authority to execute, deliver and perform its obligations under this Termination Agreement. The execution, delivery and performance by such Party of this Termination Agreement have been duly and validly authorized by all necessary corporate or other action on the part of such Party.

 

(iii)          The execution and delivery of this Termination Agreement by such Party does not, and the performance by such Party of the transactions contemplated by this Termination Agreement does not: (i) conflict with or violate the Organizational Documents of such Party, (ii) conflict with or violate any Law applicable to such Party or by which any property or asset of such Party is bound or affected, or (iii) result in any breach of or constitute a default (or an event which, with notice or lapse of time or both, would become a default) under, or give to others any right of termination, amendment, acceleration or cancellation of, or result in the creation of a Security Interest on any property or asset of such Party pursuant to, any contract to which such Party is bound.

 

(iv)        There is no Action pending or, to the knowledge of such Party, threatened in writing against or affecting any of the Released Claims, and (b) there is no judgment or award unsatisfied against or affecting any of the Released Claims, nor is there any Governmental Order in effect and binding on or affecting any of the Released Claims.

 

(v)         Such Party has not assigned or transferred, or purported to assign or transfer, to any Person any Released Claim or cause of action released pursuant to Section 3.1 and Section 3.2 applicable to such Party. There are no liens or claims of lien, or assignments in law or equity or otherwise, of or against any Released Claim or cause of action released pursuant to Section 3.1 and Section 3.2 applicable to such Party.

 

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(vi)          In executing this Termination Agreement, such Party has placed no reliance whatsoever on any statement, representation, or promise of any other Party or any other person or entity, or upon the failure of any other Party or any other person or entity to make any statement, representation or disclosure of anything whatsoever, except for such statements, representations, or promises as expressly set forth in this Termination Agreement. Such Party has read the Termination Agreement carefully, knows and understands the contents of this Termination Agreement, and has made such investigation of the facts pertaining to the settlement and this Termination Agreement and of all matters pertaining to this Termination Agreement as such Party deems necessary or desirable. Such Party received prior independent legal advice from legal counsel of such Party’s choice with respect to the advisability of entering into this Termination Agreement.

 

Article 6

 

MISCELLANEOUS PROVISIONS

 

Section 6.1            Except as otherwise provided in Article 3, the Parties hereby acknowledge and agree that the relevant Parties continue to be bound by the NDA, and that all information obtained pursuant to the Business Combination Agreement shall be kept confidential in accordance with the NDA.

 

Section 6.2            If any term or other provision of this Termination Agreement is held to be invalid, illegal or incapable of being enforced by any rule of law, or public policy, all other conditions and provisions of this Termination Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated by this Termination Agreement are 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 Termination Agreement so as to effect the original intent of the Parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated by this Termination Agreement be consummated as originally contemplated to the fullest extent possible.

 

Section 6.3            No Party shall assign this Termination Agreement or any part hereof without the prior written consent of the other Parties and any such transfer without prior written consent shall be void. Subject to the foregoing, this Termination Agreement shall be binding upon and inure to the benefit of the Parties and their respective permitted successors and assigns.

 

Section 6.4            Nothing expressed or implied in this Termination Agreement is intended or shall be construed to confer upon or give any Person, other than the Parties, any right or remedies under or by reason of this Termination Agreement.

 

Section 6.5            This Termination Agreement, and any claim or cause of action hereunder based upon, arising under or out of, or related to, this Termination Agreement (whether based on law, in equity, in contract, in tort or any other theory) or the negotiation, execution, performance or enforcement of this Termination Agreement, shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to the principles of conflicts of laws that would otherwise require the application of the law of any other state.

 

Section 6.6            THE PARTIES IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE COURT OF CHANCERY OF THE STATE OF DELAWARE (OR, TO THE EXTENT SUCH COURT DOES NOT HAVE SUBJECT MATTER JURISDICTION, THE SUPERIOR COURT OF THE STATE OF DELAWARE, OR THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE) SOLELY IN RESPECT OF THE INTERPRETATION AND ENFORCEMENT OF THE PROVISIONS OF THIS TERMINATION AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY, AND HEREBY WAIVE, AND AGREE NOT TO ASSERT, AS A DEFENSE IN ANY ACTION, SUIT OR PROCEEDING FOR INTERPRETATION OR ENFORCEMENT OF THIS TERMINATION AGREEMENT THAT SUCH ACTION, SUIT OR PROCEEDING MAY NOT BE BROUGHT OR IS NOT MAINTAINABLE IN SAID COURTS OR THAT VENUE THEREOF MAY NOT BE APPROPRIATE OR THAT THIS TERMINATION AGREEMENT MAY NOT BE ENFORCED IN OR BY SUCH COURTS, AND THE PARTIES IRREVOCABLY AGREE THAT ALL CLAIMS WITH RESPECT TO SUCH ACTION, SUIT OR PROCEEDING SHALL BE HEARD AND DETERMINED BY SUCH A DELAWARE STATE OR FEDERAL COURT. THE PARTIES HEREBY CONSENT TO AND GRANT ANY SUCH COURT JURISDICTION OVER THE PERSON OF SUCH PARTIES AND OVER THE SUBJECT MATTER OF SUCH DISPUTE AND AGREE THAT MAILING OF PROCESS OR OTHER PAPERS IN CONNECTION WITH SUCH ACTION, SUIT OR PROCEEDING AS MAY BE PERMITTED BY LAW SHALL BE VALID AND SUFFICIENT SERVICE THEREOF. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS TERMINATION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING UNDER OR OUT OF OR RELATING TO THIS TERMINATION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS TERMINATION AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (II) SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THE FOREGOING WAIVER; (III) SUCH PARTY MAKES THE FOREGOING WAIVER VOLUNTARILY, AND (IV) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS TERMINATION AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS SECTION 6.6.

 

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Section 6.7            The headings in this Termination Agreement are for convenience only and shall not be considered a part of or affect the construction or interpretation of any provision of this Termination Agreement. This Termination Agreement may be executed in two or more counterparts, and by different Parties in separate counterparts, with the same effect as if all Parties had signed the same document, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable Law, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

 

Section 6.8            No modification, amendment, or waiver of any of the provisions contained in this Termination Agreement shall be binding upon any Party unless made in writing and signed by the Parties.

 

Section 6.9            This Termination Agreement constitutes the entire agreement among the Parties with respect to the subject matter of this Termination Agreement and supersedes any other agreements, whether written or oral, that may have been made or entered into by or among any of the Parties with respect to the subject matter of this Termination Agreement. No representations, warranties, covenants, understandings, agreements, oral or otherwise, relating to this Termination Agreement exist between the Parties except as expressly set forth in this Termination Agreement.

 

Section 6.10          The Parties agree that irreparable damage would occur in the event that any of the provisions of this Termination Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the Parties shall be entitled to an injunction or injunctions to prevent breaches of this Termination Agreement and to specific enforcement of the terms and provisions of this Termination Agreement, in addition to any other remedy to which any party is entitled at law or in equity. In the event that any lawsuit, action, claim or other proceeding shall be brought in equity to enforce the provisions of this Termination Agreement, no Party shall allege, and each Party hereby waives the defense, that there is an adequate remedy at law, and each Party agrees to waiver any requirement for the securing or posting of any bond in connection therewith.

 

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Section 6.11          All general notices, demands or other communications required or permitted to be given or made under this Termination Agreement shall be in writing and delivered personally or sent by courier or sent by registered post or sent by electronic mail to the intended recipient thereof at its address or at its email address set out below (or to such other address or email address as a Party may from time to time notify the other Parties). Any such notice, demand or communication shall be deemed to have been duly served (i) if given personally or sent by courier, upon delivery during normal business hours at the location of delivery or, if later, then on the next Business Day after the day of delivery; (ii) if sent by electronic mail during normal business hours at the location of delivery, immediately, or, if later, then on the next Business Day after the day of delivery; (iii) the third Business Day following the day sent by reputable international overnight courier (with written confirmation of receipt), and (iv) if sent by registered post, five days after posting. The initial addresses and email addresses of the Parties for the purpose of this Agreement are:

 

If to XPAC, to:

 

XPAC Acquisition Corp.
55 West 46th Street, 30th floor
New York, NY 10036
Email: xpac@xpi.com.br
Attn: Chu Chiu Kong

 

with a copy (which shall not constitute notice) to:

 

Shearman & Sterling LLP
Av. Brigadeiro Faria Lima, 3400, 17th Floor
São Paulo, SP 04538-132
Email: Roberta.Cherman@Shearman.com; Jonathan.Lewis@Shearman.com
Attention: Roberta Cherman; Jonathan Lewis

 

If to the Company, PubCo, Merger Sub 1, Merger Sub 2 and Newco, to:

 

Superbac Biotechnology Solutions S.A.
Rua Arizona, 481, Cidade Monções/Brooklin Novo, 8th Floor, Room 82
São Paulo, SP 04567-001
Email: chacon@superbac.com.br / juridico@superbac.com.br
Attention: Luiz Augusto de Freitas Chacon

 

with a copy (which shall not constitute notice) to:

 

Skadden, Arps, Slate, Meagher & Flom LLP
Av. Brigadeiro Faria Lima, 3311, 7th Floor
São Paulo, SP 04538-133
Email: Filipe.Areno@skadden.com

Attention: Filipe B. Areno

 

[Signature Pages Follow]

 

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IN WITNESS WHEREOF, the undersigned Parties have executed this Termination Agreement as of the date written above.

 

  XPAC ACQUISITION CORP.
   
   
  By: /s/ Chu Chiu Kong
  Name: Chu Chiu Kong
  Title: Chief Executive Officer and Chairman of the Board of Directors

 

[Signature Page to Termination Agreement]

 

 

IN WITNESS WHEREOF, the undersigned Parties have executed this Termination Agreement as of the date written above.

 

  SUPERBAC PUBCO HOLDINGS INC.
   
   
  By:   /s/ Wilson Ernesto da Silva
  Name: Wilson Ernesto da Silva
  Title: Director

 

[Signature Page to Termination Agreement]

 

 

IN WITNESS WHEREOF, the undersigned Parties have executed this Termination Agreement as of the date written above.

 

  BAC1 HOLDINGS INC.
   
   
  By: /s/ Wilson Ernesto da Silva
  Name: Wilson Ernesto da Silva
  Title: Director

 

[Signature Page to Termination Agreement]

 

 

IN WITNESS WHEREOF, the undersigned Parties have executed this Termination Agreement as of the date written above.

 

  BAC2 HOLDINGS INC.
   
   
  By: /s/ Wilson Ernesto da Silva
  Name: Wilson Ernesto da Silva
  Title: Director

 

[Signature Page to Termination Agreement]

 

 

IN WITNESS WHEREOF, the undersigned Parties have executed this Termination Agreement as of the date written above.

 

  NEWCO BAC HOLDINGS, INC.
   
   
  By: /s/ Wilson Ernesto da Silva
  Name: Wilson Ernesto da Silva
  Title: Director

 

[Signature Page to Termination Agreement]

 

 

IN WITNESS WHEREOF, the undersigned Parties have executed this Termination Agreement as of the date written above.

 

  SUPERBAC BIOTECHNOLOGY SOLUTIONS S.A.
   
   
  By: /s/ Luiz Augusto Chacon de Freitas Filho
  Name: Luiz Augusto Chacon de Freitas Filho
  Title: Chief Executive Officer

 

[Signature Page to Termination Agreement]

 

 

Exhibit A

 

Form 8-K

 

 

Exhibit B

 

Rule 477 RW Filing