Amended and Restated Merger Agreement, dated as of April 14, 2022, by and among TCAC, Merger Sub and SpringBig
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ARTICLE 1 CERTAIN DEFINITIONS | | | A-6 | ||||||
| | | Section 1.01 | | | Definitions | | | A-6 |
| | | Section 1.02 | | | Construction | | | A-17 |
| | | Section 1.03 | | | Knowledge | | | A-18 |
ARTICLE 2 DOMESTICATION | | | A-18 | ||||||
| | | Section 2.01 | | | Domestication | | | A-18 |
| | | Section 2.02 | | | Bylaws of Tuatara | | | A-18 |
| | | Section 2.03 | | | Effects of the Domestication on the Capital Stock of Tuatara | | | A-18 |
ARTICLE 3 MERGER; CLOSING | | | A-19 | ||||||
| | | Section 3.01 | | | Merger | | | A-19 |
| | | Section 3.02 | | | Effects of the Merger | | | A-19 |
| | | Section 3.03 | | | Closing; Effective Time | | | A-19 |
| | | Section 3.04 | | | Certificate of Incorporation and Bylaws of the Surviving Corporation | | | A-19 |
| | | Section 3.05 | | | Directors and Officers of the Surviving Corporation | | | A-19 |
ARTICLE 4 EFFECTS OF THE MERGER ON THE CAPITAL STOCK; CLOSING DELIVERIES | | | A-19 | ||||||
| | | Section 4.01 | | | Conversion of Company Shares | | | A-19 |
| | | Section 4.02 | | | Treatment of Company Options | | | A-20 |
| | | Section 4.03 | | | Merger Sub Shares | | | A-20 |
| | | Section 4.04 | | | Earnout | | | A-20 |
| | | Section 4.05 | | | Sponsor Escrow Agreement | | | A-22 |
| | | Section 4.06 | | | Appraisal Shares | | | A-22 |
| | | Section 4.07 | | | Payment; Letter of Transmittal | | | A-23 |
| | | Section 4.08 | | | Closing Deliverables | | | A-24 |
| | | Section 4.09 | | | Exchange Agent | | | A-24 |
| | | Section 4.10 | | | No Liability; Withholding | | | A-24 |
ARTICLE 5 REPRESENTATIONS AND WARRANTIES OF THE COMPANY | | | A-25 | ||||||
| | | Section 5.01 | | | Corporate Organization of the Company | | | A-25 |
| | | Section 5.02 | | | Subsidiaries | | | A-25 |
| | | Section 5.03 | | | Due Authorization | | | A-25 |
| | | Section 5.04 | | | No Conflict | | | A-26 |
| | | Section 5.05 | | | Governmental Authorizations; Consents | | | A-26 |
| | | Section 5.06 | | | Capitalization | | | A-26 |
| | | Section 5.07 | | | Financial Statements. | | | A-27 |
| | | Section 5.08 | | | Undisclosed Liabilities | | | A-28 |
| | | Section 5.09 | | | Litigation and Proceedings | | | A-28 |
| | | Section 5.10 | | | Compliance with Laws; Permits | | | A-28 |
| | | Section 5.11 | | | Contracts; No Defaults | | | A-29 |
| | | Section 5.12 | | | Company Benefit Plans | | | A-30 |
| | | Section 5.13 | | | Labor Matters | | | A-32 |
| | | Section 5.14 | | | Taxes | | | A-33 |
| | | Section 5.15 | | | Brokers’ Fees | | | A-34 |
| | | Section 5.16 | | | Insurance | | | A-34 |
| | | Section 5.17 | | | Real Property; Assets | | | A-35 |
| | | Section 5.18 | | | Environmental Matters | | | A-35 |
| | | Section 5.19 | | | Absence of Changes | | | A-36 |
| | | Section 5.20 | | | Affiliate Transactions | | | A-36 |
| | | Section 5.21 | | | Intellectual Property | | | A-36 |
| | | Section 5.22 | | | Data Privacy and Security | | | A-38 |
| | | Section 5.23 | | | Customers and Vendors | | | A-38 |
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| | | Section 5.24 | | | Certain Business Practices; Anti-Corruption | | | A-38 |
| | | Section 5.25 | | | Registration Statement and Proxy Statement | | | A-39 |
| | | Section 5.26 | | | No Additional Representations and Warranties; No Outside Reliance | | | A-40 |
ARTICLE 6 REPRESENTATIONS AND WARRANTIES OF THE TUATARA PARTIES | | | A-40 | ||||||
| | | Section 6.01 | | | Corporate Organization | | | A-40 |
| | | Section 6.02 | | | Due Authorization | | | A-40 |
| | | Section 6.03 | | | No Conflict | | | A-41 |
| | | Section 6.04 | | | Litigation and Proceedings | | | A-41 |
| | | Section 6.05 | | | Governmental Authorities; Consents | | | A-41 |
| | | Section 6.06 | | | Tuatara Capitalization | | | A-42 |
| | | Section 6.07 | | | Undisclosed Liabilities | | | A-42 |
| | | Section 6.08 | | | Tuatara SEC Documents; Controls | | | A-42 |
| | | Section 6.09 | | | Listing | | | A-43 |
| | | Section 6.10 | | | Registration Statement and Proxy Statement | | | A-43 |
| | | Section 6.11 | | | Brokers’ Fees | | | A-43 |
| | | Section 6.12 | | | Trust Account | | | A-43 |
| | | Section 6.13 | | | Compliance with Laws; Permits | | | A-44 |
| | | Section 6.14 | | | Absence of Certain Changes | | | A-44 |
| | | Section 6.15 | | | Employees and Employee Benefits Plans | | | A-44 |
| | | Section 6.16 | | | Properties | | | A-45 |
| | | Section 6.17 | | | Contracts | | | A-45 |
| | | Section 6.18 | | | Affiliate Transactions | | | A-45 |
| | | Section 6.19 | | | Taxes | | | A-45 |
| | | Section 6.20 | | | Certain Business Practices; Anti-Corruption | | | A-46 |
| | | Section 6.21 | | | PIPE Investment | | | A-47 |
| | | Section 6.22 | | | Independent Investigation | | | A-48 |
| | | Section 6.23 | | | No Additional Representations and Warranties; No Outside Reliance | | | A-48 |
ARTICLE 7 COVENANTS OF THE COMPANY | | | A-48 | ||||||
| | | Section 7.01 | | | Conduct of Business | | | A-48 |
| | | Section 7.02 | | | Inspection | | | A-50 |
| | | Section 7.03 | | | Termination of Certain Agreements | | | A-51 |
| | | Section 7.04 | | | Trust Account Waiver | | | A-51 |
| | | Section 7.05 | | | Company Stockholder Approval; Information Statement | | | A-51 |
| | | Section 7.06 | | | [Intentionally Omitted] | | | A-51 |
| | | Section 7.07 | | | Pre-Closing Actions | | | A-51 |
| | | Section 7.08 | | | Section 280G Matters | | | A-52 |
ARTICLE 8 COVENANTS OF TUATARA | | | A-52 | ||||||
| | | Section 8.01 | | | Conduct of Business | | | A-52 |
| | | Section 8.02 | | | Nasdaq Listing | | | A-53 |
| | | Section 8.03 | | | PIPE Subscription Agreements | | | A-53 |
| | | Section 8.04 | | | Section 16 of the Exchange Act | | | A-53 |
| | | Section 8.05 | | | Issuance of Surviving Pubco Common Stock to Non-Redeeming Share Holders | | | A-53 |
ARTICLE 9 JOINT COVENANTS | | | A-53 | ||||||
| | | Section 9.01 | | | Efforts to Consummate | | | A-53 |
| | | Section 9.02 | | | Indemnification and Insurance | | | A-54 |
| | | Section 9.03 | | | Tax Matters | | | A-55 |
| | | Section 9.04 | | | Proxy Statement; Registration Statement | | | A-56 |
| | | Section 9.05 | | | Tuatara Shareholder Approval | | | A-57 |
| | | Section 9.06 | | | Surviving Pubco Board of Directors | | | A-58 |
| | | Section 9.07 | | | Trust Account | | | A-58 |
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| | | Section 9.08 | | | Form 8-K Filings | | | A-58 |
| | | Section 9.09 | | | Incentive Equity Plan | | | A-58 |
| | | Section 9.10 | | | No Shop | | | A-58 |
| | | Section 9.11 | | | Notification of Certain Matters | | | A-59 |
ARTICLE 10 CONDITIONS TO OBLIGATIONS | | | A-59 | ||||||
| | | Section 10.01 | | | Conditions to Obligations of the Tuatara Parties and the Company | | | A-59 |
| | | Section 10.02 | | | Conditions to Obligations of the Tuatara Parties | | | A-60 |
| | | Section 10.03 | | | Conditions to the Obligations of the Company | | | A-60 |
| | | Section 10.04 | | | Satisfaction of Conditions | | | A-61 |
ARTICLE 11 TERMINATION/EFFECTIVENESS | | | A-61 | ||||||
| | | Section 11.01 | | | Termination | | | A-61 |
| | | Section 11.02 | | | Effect of Termination | | | A-62 |
ARTICLE 12 MISCELLANEOUS | | | A-62 | ||||||
| | | Section 12.01 | | | Non-Survival of Representations, Warranties and Covenants | | | A-62 |
| | | Section 12.02 | | | Waiver | | | A-62 |
| | | Section 12.03 | | | Notices | | | A-62 |
| | | Section 12.04 | | | Assignment | | | A-63 |
| | | Section 12.05 | | | Rights of Third Parties | | | A-63 |
| | | Section 12.06 | | | Expenses | | | A-64 |
| | | Section 12.07 | | | Governing Law | | | A-64 |
| | | Section 12.08 | | | Captions; Counterparts | | | A-64 |
| | | Section 12.09 | | | Entire Agreement | | | A-64 |
| | | Section 12.10 | | | Amendments | | | A-64 |
| | | Section 12.11 | | | Publicity | | | A-64 |
| | | Section 12.12 | | | Severability | | | A-64 |
| | | Section 12.13 | | | Jurisdiction; WAIVER OF TRIAL BY JURY | | | A-64 |
| | | Section 12.14 | | | Enforcement | | | A-65 |
| | | Section 12.15 | | | Non-Recourse | | | A-65 |
| | | Section 12.16 | | | Legal Representation | | | A-65 |
Annex A – Form of Surviving Pubco Certificate of Incorporation |
Annex B – Form of Surviving Pubco Bylaws |
Annex C – Voting and Support Agreement |
Annex D – Sponsor Letter Agreement |
Annex E – Form of Amended and Restated Registration Rights Agreement |
Annex F – Form of Certificate of Merger |
Annex G – Incentive Equity Plan |
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(i) | | | If to any Tuatara Party, to: | | | | | | | ||||||
| | | | | | | | | | | | | | ||
| | | Tuatara Capital Acquisition Corporation | | | | | ||||||||
| | | 655 Third Avenue, 8th Floor | | | | | ||||||||
| | | New York, NY 10017 | | | | | ||||||||
| | | Attention: | | | Albert Foreman | | | | | |||||
| | | | | | Sergey Sherman | | | | | |||||
| | | Email: | | | ***@*** | | | | | |||||
| | | | | | ***@*** | | ||||||||
| | | | | | | | | | | | | |
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with copies (which shall not constitute notice) to: | | |||||||||||
| | | | | | | | | | | ||
| | | Davis Polk & Wardwell LLP | | | | ||||||
| | | 450 Lexington Avenue | | | | ||||||
| | | New York, NY 10017 | | | | ||||||
| | | Attention: | | | Derek Dostal | | |||||
| | | | | | Leonard Kreynin | | |||||
| | | Email: | | | ***@*** | | |||||
| | | | | | ***@*** | | |||||
| | | | | | | | | | | ||
(ii) | | | If to the Company, to: | | ||||||||
| | | | | | | | | | | ||
| | | SpringBig, Inc. | | | | ||||||
| | | 621 NW 53rd Street, Ste. 250, | | | | ||||||
| | | Boca Raton, Florida 33487 | | | | ||||||
| | | Attention: | | | Paul Sykes | | |||||
| | | Email: | | | ***@*** | | |||||
| | | | | | | | |||||
with copies (which shall not constitute notice) to: | | | | |||||||||
| | | | | | | | | | | ||
| | | Benesch Friedlander Coplan & Aronoff LLP | | | | ||||||
| | | 71 South Wacker Drive, Suite 1600 | | | | ||||||
| | | Chicago, IL 60606 | | | | ||||||
| | | Attention: | | | William E. Doran | | |||||
| | | | | | Sarah Hesse | | |||||
| | | Email: | | | ***@*** | | |||||
| | | | | | ***@*** | | |||||
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| | | TUATARA CAPITAL ACQUISITION CORPORATION | | |||||
| | | | | | | | ||
| | | By: | | | /s/ Albert Foreman | | ||
| | | | | | Name: Albert Foreman | |||
| | | | | | Title: Chief Executive Officer |
| | | HIGHJUMP MERGER SUB, INC. | | |||||
| | | | | | | | ||
| | | By: | | | /s/ Albert Foreman | | ||
| | | | | | Name: Albert Foreman | |||
| | | | | | Title: Chief Executive Officer |
| | | SPRINGBIG, INC. | | |||||
| | | | | | | | ||
| | | By: | | | /s/ Jeff Harris | | ||
| | | | | | Name: Jeff Harris | |||
| | | | | | Title: CEO |