LOCK-UP AGREEMENT
Exhibit 99.6
THIS LOCK-UP AGREEMENT (this “Agreement”) is dated as of April 13, 2023, by and among the undersigned (the “Holder”) and Bitdeer Technologies
Group, an exempted company with limited liability incorporated under the laws of the Cayman Islands (“PubCo”). Capitalized terms used and not otherwise defined herein shall have the meanings given such terms in the A&R Merger Agreement (as
defined below).
BACKGROUND
A. Blue Safari Group Acquisition Corp., a British Virgin Islands business company (“SPAC”), Blue Safari Mini Corp., an exempted company with limited liability
incorporated under the laws of the Cayman Islands and a wholly owned subsidiary of SPAC (the “SPAC Sub”), Bitdeer Technologies Holding Company, an exempted company with limited liability incorporated under the laws of the Cayman Islands (the “Company”),
PubCo and certain other parties entered into an Amended and Restated Agreement and Plan of Merger dated as of December 15, 2021 (the “A&R Merger Agreement”).
B. Pursuant to the A&R Merger Agreement, the Company will become a wholly owned subsidiary of PubCo.
C. The Holder is the record and/or beneficial owner of shares of the Company, which will be exchanged for PubCo Class A Ordinary Shares or PubCo Class V Ordinary Shares
pursuant to the A&R Merger Agreement.
D. As a condition of, and as a material inducement for SPAC, PubCo and the Company to enter into and consummate the transactions contemplated by the A&R Merger
Agreement, the Holder has agreed to execute and deliver this Agreement.
NOW, THEREFORE, for and in consideration of the mutual covenants and agreements set forth herein, and other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties, intending to be legally bound, agree as follows:
AGREEMENT
1. Lock-Up.
(a) During the Lock-up Period (as defined below), the Holder irrevocably agrees that it, he or she will not offer, sell, contract to sell, pledge or otherwise dispose
of, directly or indirectly, any of the Lock-up Shares (as defined below), enter into a transaction that would have the same effect, or enter into any swap, hedge or other arrangement that transfers, in whole or in part, any of the economic
consequences of ownership of such Lock-up Shares, whether any of these transactions are to be settled by delivery of any such Lock-up Shares, in cash or otherwise, publicly disclose the intention to make any offer, sale, pledge or disposition, or to
enter into any transaction, swap, hedge or other arrangement, or engage in any Short Sales (as defined below) with respect to any security of PubCo.
(b) In furtherance of the foregoing, PubCo will (i) place an irrevocable stop order on all Lock-up Shares, including those which may be covered by a registration
statement, and (ii) notify PubCo’s transfer agent in writing of the stop order and the restrictions on such Lock-up Shares under this Agreement and direct PubCo’s transfer agent not to process any attempts by the Holder to resell or transfer any
Lock-up Shares, except in compliance with this Agreement.
(c) For purposes hereof, “Short Sales” include, without limitation, all “short sales” as defined in Rule 200 promulgated under Regulation SHO under the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), and all types of direct and indirect stock pledges, forward sale contracts, options, puts, calls, swaps and similar arrangements (including on a total return basis), and sales
and other transactions through non-US broker dealers or foreign regulated brokers.
(d) For purpose of this Agreement, the “Lock-up Period” means the period commencing on the Closing Date and ending on the date that is 180 days thereafter.
The restrictions set forth herein shall not apply to: (1) in the case of a corporation, limited liability company, partnership, trust or other entity,
transfers or distributions to the Holder’s current general or limited partners, managers or members, stockholders, other equityholders or direct or indirect affiliates (within the meaning of Rule 405 under the Securities Act of 1933, as amended); (2)
transfers by bona fide gift to a charity or to member of the Holder’s immediate family (for purposes of this Agreement, “immediate family” shall mean with respect to any natural person, any of the following: the spouse, the siblings, and the direct
descendants and ascendants (including adopted and step children and parents), in each case, of such person) or to a trust, the beneficiary of which is the Holder or a member of the Holder’s immediate family; (3) by virtue of the laws of descent and
distribution upon death of the Holder; or (4) pursuant to a qualified domestic relations order, provided that in each case (i) such transferee, distributee or devisee shall agree to be bound in writing by the terms of this Agreement prior to such
transfer or disposition; (ii) such transfer or disposition shall not involve a disposition for value; (iii) any required public report or filing (including filings under the Exchange Act) shall disclose the nature of such transfer or disposition and
that the Lock-Up Shares remain subject to the lock-up restrictions herein; and (iv) there shall be no voluntary public disclosure or other announcement of such transfer or disposition.
2. Early Release. If the closing price of the PubCo Ordinary Shares on the Nasdaq Capital Market after Closing Date equals or exceeds $15.00 per share (as adjusted for share splits, share capitalization,
subdivisions, reorganization, recapitalization and other similar arrangements) for any 20 trading days within any 30-trading day period, 5% of the Lock-up Shares shall be released from this Agreement and no longer be subject to the restrictions set
forth herein.
3. Representations and Warranties. Each of the parties hereto, by their respective execution and delivery of this Agreement, hereby represents and warrants to the other party to this Agreement that (a)
such party has the full right, capacity and authority to enter into, deliver and perform its respective obligations under this Agreement, (b) this Agreement has been duly executed and delivered by such party and is the binding and enforceable
obligation of such party, enforceable against such party in accordance with the terms of this Agreement, and (c) the execution, delivery and performance of such party’s obligations under this Agreement will not conflict with or breach the terms of
any other agreement, contract, commitment or understanding to which such party is a party or to which the assets or securities of such party are bound.
4. Beneficial Ownership. The Holder hereby represents and warrants that, immediately prior to the Closing Date, it does not beneficially own, directly or through its nominees (as determined in accordance
with Section 13(d) of the Exchange Act, and the rules and regulations promulgated thereunder), any shares of capital stock of PubCo or the Company, or any economic interest in or derivative of such stock, other than those shares of the Company
specified on the signature page hereto. For purposes of this Agreement, “Lock-up Shares” means any ordinary shares of PubCo, any ordinary shares received or issuable upon settlement of restricted share units or the exercise of options to
purchase any ordinary shares of PubCo, or any securities convertible into or exercisable or exchangeable for any ordinary shares of PubCo, in each case, directly or indirectly held by, or beneficially owned by, the Holder immediately after the
Closing Date.
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5. No Additional Fees/Payment. Other than the consideration specifically referenced herein, the parties hereto agree that no fee, payment or additional consideration in any form has been or will be paid
to the Holder in connection with this Agreement.
6. Effectiveness. This Agreement shall be effective and binding upon Holder upon Xxxxxx’s execution and delivery of this Agreement. Notwithstanding anything to the contrary contained herein, in the event
that the A&R Merger Agreement is terminated, this Agreement and all rights and obligations of the parties hereunder shall automatically terminate and be of no further force or effect.
7. Entire Agreement; Amendment. This Agreement, the A&R Merger Agreement, the Additional Agreements and the other agreements contemplated hereby and thereby, constitute the entire agreement among the
parties with respect to the subject matter hereof and thereof and supersede all prior agreements and undertakings, both written and oral, among the parties, or any of them, with respect to the subject matter hereof. Any provisions of this Agreement
may not be amended, not may any right hereof be waived, except by an instrument in writing which refers to this Agreement and is signed by each of the parties hereto in the case of an amendment or modification or the party granting the waiver in the
case of a waive.
8. Notices. Any notices required or permitted to be sent hereunder shall be sent in writing, addressed as specified below, and shall be deemed given: (a) if by hand or recognized courier service, by
5:00PM on a business day, addressee’s day and time, on the date of delivery, and otherwise on the first business day after such delivery; (b) if email, on the date that transmission is confirmed electronically, if by 5:00PM on a business day,
addressee’s day and time, and otherwise on the first business day after the date of such confirmation; or (c) five days (seven days for overseas mailing) after mailing by certified or registered mail, return receipt requested. Notices shall be
addressed to the respective parties as follows (excluding telephone numbers, which are for convenience only), or to such other address as a party shall specify to the others in accordance with these notice provisions:
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If to PubCo:
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Prior to the Closing Date, to:
Xxxxxxx Xxxxx Xxxxxxx, Attorneys at Law
Harbour Place, 2nd Floor
PO Box 472
000 Xxxxx Xxxxxx Xxxxxx
Grand Cayman, KY1-1106, Cayman Islands Email: xxxxxx@xxxxxxxxxxxxxxxxxxx.xxx Attention: Xxxxxxx Xxxxx
with a copy (which shall not constitute notice) to: Xxxxxx LLP
55 Xxxxxx Yards
Email: xxxx@xxxxxx.xxx
with a copy (which shall not constitute notice) to:
Xxxxx Xxxx & Xxxxxxxx LLP
000 Xxxxxxxxx Xxxxxx
3
New York, NY 10017
Attn: Xxxxxx Xxxxx
Email: xxxxxx.xxxxx@xxxxxxxxx.xxx
After the Closing Date, to:
Bitdeer Technologies Holding Company
08 Kallang Avenue
Aperia tower 1, #09-03/04
Singapore 339509
Attn: Linghui Kong
Email: xxxxxxx.xxxx@xxxxxxx.xxx
with a copy to (which shall not constitute notice):
Xxxxxx LLP
55 Xxxxxx Yards
Attn: Xxxx X. Xxx
Email: xxxx@xxxxxx.xxx
(b) If to the Holder, to the address set forth on the Holder’s signature page hereto, or to such other address as any party may have furnished to the others in writing
in accordance herewith.
9. Headings. The headings contained in this Agreement are for convenience of reference only
and shall not control or affect the meaning or construction of any of the provisions of this Agreement.
10. Counterparts. This Agreement may be executed and delivered (including by e-mail of PDF or scanned versions or facsimile transmission) in one or more counterparts, and by the different parties hereto in
separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement.
11. Successors and Assigns. This Agreement and the terms, covenants, provisions and conditions hereof shall be binding upon, and shall inure to the benefit of, the respective heirs, successors and assigns
of the parties hereto.
12. Severability. If any provision of this Agreement is held to be invalid or unenforceable for any reason, such provision will be conformed to prevailing law rather than voided, if possible, in order to
achieve the intent of the parties and, in any event, the remaining provisions of this Agreement shall remain in full force and effect and shall be binding upon the parties hereto.
13. Further Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other agreements, certificates,
instruments and documents, as any other party may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.
14. No Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rules of strict construction will be applied
against any party.
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15. Jurisdiction. Any Action based upon, arising out of or related to this Agreement may be brought in federal and state courts located in the City of New York, Borough of
Manhattan, and each of the parties irrevocably submits to the exclusive jurisdiction of each such court in any such Action, waives any objection it may now or hereafter have to personal jurisdiction, venue or to convenience of forum, agrees that all
claims in respect of the Action shall be heard and determined only in any such court, and agrees not to bring any Action arising out of or relating to this Agreement in any other court. Nothing herein contained shall be deemed to affect the right of
any party to serve process in any manner permitted by law or to commence legal proceedings or otherwise proceed against any other party in any other jurisdiction, in each case, to enforce judgments obtained in any Action brought pursuant to this
Section 15.
16. Waive of Jury Trial.
(i) TO THE MAXIMUM EXTENT PERMITTED BY LAW, THE PARTIES TO THIS AGREEMENT HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVE ANY RIGHT SUCH PARTY MAY HAVE
TO TRIAL BY JURY IN ANY ACTION OF ANY KIND OR NATURE, IN ANY COURT IN WHICH AN ACTION MAY BE COMMENCED, ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT, OR BY REASON OF ANY OTHER CAUSE OR DISPUTE WHATSOEVER BETWEEN OR AMONG ANY OF THE PARTIES TO
THIS AGREEMENT OF ANY KIND OR NATURE.
(b) Each of the parties to this Agreement acknowledge that each has been represented in connection with the signing of this waiver by independent legal
counsel selected by the respective party and that such party has discussed the legal consequences and import of this waiver with legal counsel. Each of the parties to this Agreement further acknowledge that each has read and understands the meaning
of this waiver and grants this waiver knowingly, voluntarily, without duress and only after consideration of the consequences of this waiver with legal counsel.
18. Governing Law. The terms and provisions of this Agreement shall be construed in accordance with the laws of the State of New York, without giving effect to the conflict of laws principles thereof.
19. Controlling Agreement. To the extent the terms of this Agreement (as amended, supplemented, restated or otherwise modified from time to time) directly conflicts with a provision in the A&R Merger
Agreement, the terms of this Agreement shall control.
[Signature Page Follows]
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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.
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Bitdeer Technologies Group
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By:
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/s/ Xxxxx Xx
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Name:
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Xxxxx Xx |
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| Title: | Director |
Signature Page to Lock-up Agreement
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.
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HOLDER
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By:
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/s/ Xxxxxxxx Xxxx
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Name:
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Xxxxxxxx Xxxx 赵肇丰
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Title:
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Director
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Xxxxxxxx Xxxx 赵肇丰
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By:
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/s/ Xxxxxxxx Xxxx
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Name:
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Xxxxxxxx Xxxx 赵肇丰
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Address:
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Vistra Corporate Services Centre, Wickhams Cay XX, Xxxx Xxxx, Xxxxxxx, XX0000, Xxxxxx Xxxxxxx (British)
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Attn:
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Xxxxxxxx Xxxx 赵肇丰
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Email:
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xxx@xxxxxxx.xxx
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NUMBER AND TYPE OF SHARES OF THE COMPANY HELD BY THE HOLDER IMMEDIATELY PRIOR TO THE CLOSING:
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1,785,637,010 Class A Ordinary Shares
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Signature Page to Lock-up Agreement
