FORWARD PURCHASE AGREEMENT Confirmation AMENDMENT
FORWARD PURCHASE AGREEMENT Confirmation AMENDMENT
THIS FORWARD PURCHASE AGREEMENT CONFIRMATION AMENDMENT, dated as of January 30, 2024 (this “Amendment”), is entered into by and among (i) Meteora Capital Partners, LP (“MCP”) (ii) Meteora Select Trading Opportunities Master, LP (“MSTO”) and (iii) Meteora Strategic Capital, LLC (“MSC”) (with MCP, MSTO and MSC collectively as “Seller”) and (iv) Roadzen, Inc., a Delaware corporation (formerly defined as “Target”) and Roadzen Inc., a BVI business company formerly known before the Business Combination as Vahanna Tech Edge Acquisition I Corp. (formerly defined and/or referred to as “VHNA”, “Pubco” (Ticker: “RDZN”), “Counterparty”).
Reference is hereby made to the OTC Equity Prepaid Forward Transaction, dated as of August 25, 2023 (as may be amended from time to time, the “Confirmation”), by and between Seller, VHNA, Target and RDZN. Capitalized terms not defined herein shall have the meanings assigned to such terms in the Confirmation.
On September 20, 2023, Target and VHNA completed the Business Combination, and accordingly, the Seller delivered a Pricing Date Notice to commence the Transaction.
a. The Section titled “Prepayment Shortfall” shall be deleted in its entirety and replaced with the following:
Prepayment Shortfall: |
An amount in USD equal to one-half percent (0.50%) of the product of (i) the Recycled Shares multiplied by (ii) the Initial Price; paid by Seller to Counterparty on the Prepayment Date (which amount shall be netted from the Prepayment Amount). Additionally, Counterparty shall have the option, at its sole discretion, at any time up to forty-five (45) calendar days prior to the Valuation Date, to request up to $5,000,000 of Prepayment Shortfall via ten (10) distinct written requests to Seller in the amount of $500,000 (each an “Additional Shortfall Request”), provided Counterparty shall only be able to make an Additional Shortfall Request provided the (i) Seller has recovered 117% of the prior Additional Shortfall Request, if any, via Shortfall Sales as further described in the Section titled “Prepayment Shortfall Consideration” and (ii) the VWAP Price over the ten (10) trading days prior to an Additional Shortfall Request multiplied by the then current Number of Shares less Shortfall Sale Shares held by Seller be at least seven (7) times greater than the Additional Shortfall Request. |
e. The Section titled “Prepayment Shortfall Consideration” shall be deleted in its entirety and replaced with the following:
Prepayment Shortfall Consideration: |
Seller in its sole discretion may sell Recycled Shares at any time and at any sales price, without payment by Seller of any Early Termination Obligation (as defined below) until such time as the proceeds from such sales equal 117% of the Prepayment Shortfall (as set forth under Shortfall Sales below) (such sales, “Shortfall Sales,” and such Shares, “Shortfall Sale Shares”). A sale of Shares is only (a) a “Shortfall Sale,” subject to the terms and conditions herein applicable to Shortfall Sale Shares, when a Shortfall Sale Notice is delivered hereunder, and (b) an Optional Early Termination, subject to the terms and conditions herein applicable to Terminated Shares, when an OET Notice (as defined below) is delivered hereunder, in each case the delivery of such notice in the sole discretion of the Seller. For the avoidance of doubt and notwithstanding anything to the contrary herein, Seller shall not be liable for any Settlement Amount payment with respect to the Shortfall Sale Shares. |
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed and delivered by their duly authorized officers as of the date first above written.
METEORA STRATEGIC CAPITAL, LLC;
METEORA SELECT TRADING OPPORTUNITIES MASTER, LP; AND
METEORA CAPITAL PARTNERS, LP
By: /s/ Xxx Xxxxxx
Name: Xxx Xxxxxx
Title: Managing Member
ROADZEN, INC.
By: /s/ Xxxxx Xxxxxxxx______________
Name: Xxxxx Xxxxxxxx
Title: CEO
ROADZEN INC., formerly known as
Vahanna Tech Edge Acquisition I Corp
By: /s/ Xxxxx Xxxxxxxx____________
Name: Xxxxx Xxxxxxxx
Title: CEO