EX-10.1




 Exhibit 10.1 
  


			
	Date:	  	November 15, 2021
		
	To:	  	Queen’s Gambit Growth Capital (“Counterparty”)
		
	Address:	  	55 Hudson Yards, 44th Floor
		  	New York, NY 10001
		
	From:	  	ACM ARRT VII B, LLC, a Delaware limited liability company (“Seller”)
		
	Re:	  	OTC Equity Prepaid Forward Transaction

 The purpose of this agreement (this “Confirmation”) is to confirm the terms and conditions of the transaction
(the “Transaction”) entered into between Seller and Counterparty on the Trade Date specified below. Certain terms of the Transaction shall be as set forth in this Confirmation, with additional terms as set forth in a Pricing Date
Notice (the “Pricing Date Notice”) in the form of Schedule A hereto. This Confirmation, together with the Pricing Date Notice, constitutes a “Confirmation” and the Transaction constitutes a separate “Transaction”
as referred to in the ISDA Form (as defined below). 
 This Confirmation, together with the Pricing Date Notice, evidences a complete binding agreement
between Seller and Counterparty as to the subject matter and terms of the Transaction to which this Confirmation relates and shall supersede all prior or contemporaneous written or oral communications with respect thereto. 

The 2006 ISDA Definitions (the “Swap Definitions”) and the 2002 ISDA Equity Derivatives Definitions (the “Equity
Definitions”, and with the Swap Definitions, the “Definitions”), each as published by the International Swaps and Derivatives Association, Inc., are incorporated into this Confirmation. If there is any inconsistency between
the Definitions and this Confirmation, this Confirmation governs. If, in relation to the Transaction to which this Confirmation relates, there is any inconsistency between the ISDA Form, this Confirmation (including the Pricing Date Notice), the
Swap Definitions and the Equity Definitions, the following will prevail for purposes of such Transaction in the order of precedence indicated: (i) this Confirmation (including the Pricing Date Notice); (ii) the Equity Definitions;
(iii) the Swap Definitions, and (iv) the ISDA Form. 
 This Confirmation, together with the Pricing Date Notice, shall supplement, form a part of,
and be subject to an agreement in the form of the 2002 ISDA Master Agreement (the “ISDA Form”) as if Seller and Counterparty had executed an agreement in such form (but without any Schedule except as set forth herein under
“Schedule Provisions”) on the Trade Date of the Transaction. 
 The terms of the particular Transaction to which this Confirmation relates
are as follows: 
 General Terms 
  

			
	Type of Transaction:	  	Share Forward Transaction
		
	Trade Date:	  	November 15, 2021
		
	Pricing Date:	  	As specified in the Pricing Date Notice
		
	Effective Date:	  	One (1) Settlement Cycle following the Pricing Date.
		
	Valuation Date:	  	The earlier to occur of (a) the second anniversary of the closing of the business combination (the “Business Combination”) between Counterparty and Swvl Inc. (the “Target”) pursuant to the
Business Combination Agreement by and among the Target, Counterparty, the Issuer (as defined below), Pivotal Merger Sub Company I and Pivotal Merger Sub Company II Limited, dated as of July 28, 2021 (the “Business Combination
Agreement”), as reported on the Form 8-K filed by Counterparty on July 28, 2021 (the “Signing 8-K”) and (b) upon the occurrence of a
Trigger Event, if any, such date as elected by the Seller pursuant to its acceleration right in connection therewith and as describe below.













			
	Trigger Event:	  	Seller shall have the right to accelerate the Valuation Date to the Exchange Business Day that the Relevant Price per Share is at or below $5.00 per Share for 20 out of the preceding 30 Exchange Business Days.
		
	Pricing Date Notice:	  	Seller shall deliver to Counterparty a Pricing Date Notice no later than one (1) Exchange Business Day prior to the closing of the Business Combination.
		
	Seller:	  	Seller
		
	Buyer:	  	Counterparty
		
	SPAC Shares:	  	The Class A ordinary shares, par value $0.0001 per share, of Counterparty, which, in connection with the closing of the Business Combination, shall be automatically cancelled, extinguished and converted into the right to
receive Shares.
		
	Shares:	  	The Class A ordinary shares, par value $0.0001 per share of Pivotal Holdings Corp, a British Virgin Islands business company limited by shares incorporated under the laws of the British Virgin Islands (the
“Issuer”), as described on Bloomberg screen “SWVL US <Equity> DES” (or any equivalent or successor screen thereto).
		
	Number of Shares:	  	As specified in the Pricing Date Notice; provided that the Number of Shares shall not exceed the greater of (x) the number of Subject Shares or the Maximum Number of Shares, whichever number is lower, and (y) the Minimum
Number of Shares and, provided further that the Number of Shares shall be equal to the Minimum Number of Shares if a Share Premium Event is applicable. The Number of Shares is subject to partial or full termination as described below under
“Early Settlement” or “Optional Early Termination”.
		
	Maximum Number of Shares:	  	10,000,000 Shares
		
	Minimum Number of Shares:	  	2,500,000 Shares upon a Share Premium Event (otherwise, zero Shares).
		
	Acquisition Price	  	The average price per SPAC Share paid by the Seller to acquire the SPAC Shares, including any brokerage commissions paid by the Seller in connection therewith.
		
	Excess	  	The difference between (i) the Acquisition Price minus (ii) the Redemption Price, which amount may be positive or negative.
		
	Forward Price:	  	The Redemption Price plus 50% of the Excess.
		
	Redemption Price:	  	The “Redemption Price” as defined in Article 168 of the Amended and Restated Articles of Association of Pivotal Holdings Corp, the form of which is included as Exhibit C to the Business Combination Agreement (the
“Counterparty Articles”).
		
	Share Premium Event:	  	If Seller is unable to acquire at least the Minimum Number of Shares before the completion of the Business Combination, Seller may, at its sole option upon not less than two Business Days notice prior to the closing of the Business
Combination, elect to acquire Shares from the Issuer by delivering a notice with the number of Shares that Issuer must deliver so that Seller will own the Minimum Number of Shares (the “Minimum Share Notice”), which number of Shares
may be reduced by subsequent notice to the extent that Seller acquires additional shares













			
	    	 	from shareholders of Counterparty or the Issuer who exercise redemption rights in connection with the Business Combination. Following the completion of the Business Combination and within ten (10) Exchange Business Days
following receipt of the Minimum Share Notice and subject to the due execution and delivery of the Private Placement Documentation (as defined below), Issuer shall deliver the relevant number of Shares (the “Minimum Shares”) to
Seller such that Seller will own the Minimum Number of Shares for the Transaction at a price per Share equal to the Redemption Price. Such delivery of the Minimum Number of Shares shall be pursuant to a private placement transaction not involving
any public offering within the meaning of the Securities Act of 1933, as amended (the “Securities Act”), which transaction shall occur pursuant to definitive documentation substantially consistent with the PIPE Subscription
Agreements described in the Signing 8-K, the form of which was included as Exhibit 99.1 thereto (the “Private Placement Documentation”).
		
		 	Within thirty (30) calendar days after the closing of the Business Combination, Issuer shall use its commercially reasonable efforts to file (at Issuer’s sole cost and expense) with the Securities Exchange Commission (the
“Commission”) a registration statement registering the resale of the Minimum Shares (the “Registration Statement”), and have the Registration Statement declared effective as soon as practicable after the filing
thereof, but no later than the earliest of (i) the 90th calendar day (or 135th calendar day if the Commission notifies the Issuer that it will “review” the Registration Statement) following such closing and (ii) the 10th Exchange
Business Day after the date the Issuer is notified (orally or in writing, whichever is earlier) by the Commission that such Registration Statement will not be “reviewed” or will not be subject to further review, subject to the
Issuer’s right to postpone and suspend the effectiveness or use of the Registration Statement on the terms set forth in the Private Placement Documentation. Upon notification by the Commission that the Registration Statement has been
declared effective by the Commission, within two (2) Exchange Business Days thereafter, the Issuer shall file the final prospectus under Rule 424 of the Securities Act. In no event shall Seller be identified as a statutory underwriter in the
Registration Statement unless requested by the Commission.
		
		 	If requested by Seller, the Issuer shall remove or instruct its transfer agent to remove any restrictive legend with respect to transfers under the Securities Act from the Minimum Shares if (1) the Registration Statement is and
continues to be effective under the Securities Act, (2) such Minimum Shares are sold or transferred pursuant to Rule 144 under the Securities Act (subject to all applicable requirements of Rule 144 being met), or (3) such Minimum Shares
are eligible for sale under Rule 144, without the requirement for the Issuer to be in compliance with the current public information required under Rule 144(c)(1) (or Rule 144(i)(2), if applicable) as to the Minimum Shares and without volume or manner-of-sale restrictions; provided that Seller shall have timely provided customary representations and other documentation reasonably acceptable to
the Issuer, its counsel and/or its transfer agent in connection therewith. Any fees (with respect to the transfer agent, Issuer’s counsel or otherwise) associated with the issuance of any legal opinion required by the Issuer’s transfer
agent or the removal of such legend shall be borne by the Issuer. If a legend is no longer required pursuant to the foregoing, the Issuer will, no later than five (5) Exchange Business Days following the delivery by Seller to the Issuer or the
transfer agent (with notice to the Issuer) of customary representations and other documentation reasonably acceptable to the Issuer, its counsel and/or its transfer agent, remove the restrictive legend related to the book entry account holding the
Minimum Shares and make a new, unlegended book entry for the Minimum Shares.













			
		  	For the avoidance of doubt, the Minimum Shares shall be included in the Number of Shares for this Share Forward Transaction and be subject to, and form part of, the Transaction in all material respects.
		
	Prepayment:	  	Applicable
		
	Prepayment Amount:	  	An amount equal to 100% of the Forward Price multiplied by the Number of Shares, which shall be paid out of the funds held in the Counterparty’s trust account as part of the flow of funds upon closing of the Business
Combination.
		
	Prepayment Date:	  	The closing date of the Business Combination
		
	Variable Obligation:	  	Not applicable
		
	Exchange(s):	  	Nasdaq Global Market
		
	Related Exchange(s):	  	All Exchanges
		
	Seller Payment Amounts:	  	Seller shall pay to Issuer an amount equal to 50% of the dividend paid to non-redeeming holders of SPAC shares in connection with closing the Business Combination; provided the Seller
Payment Amount shall not exceed $345,000 and provided further that the Seller Payment Amount shall not be payable if the closing price of the SPAC shares on the last Exchange Business Day prior to the Pricing Date exceeds $10.10 per
share.
		
	Counterparty Payment Amounts:	  	Counterparty shall pay to Seller (a) on each Payment Date, a structuring fee of $2,500 per Calculation Period (the “Structuring Fee”), provided that the Structuring Fee with respect to the first and final
Calculation Period shall be prorated to reflect the number of days in such Calculation Period relative to the number of days in the calendar quarter in which such Calculation Period falls and (b) on the Effective Date an amount equal to the
lesser of (x) the attorney fees and other reasonable expenses, including in connection with regulatory filings, related thereto incurred by Seller or its affiliates in connection with this Transaction and (y) $50,000 (“Professional
Fees”). Counterparty shall pay any accrued but unpaid Professional Fees on the next Payment Date.
		
	Payment Dates:	  	Counterparty shall pay to Seller the Counterparty Payment Amounts on the last day of each calendar quarter or, if such date is not a Local Business Day, the next following Local Business Day, except that the final Payment Date shall
be the Settlement Date. Seller shall pay to Issuer the Seller Payment Amount within 10 Local Business Days of the closing of the Business Combination.
		
	Calculation Period:	  	Notwithstanding anything to the contrary in Section 4.13 of the Swap Definitions, each period from, and including, one Period End Date to, but excluding, the next following applicable Period End Date during the term of the
Transaction, except that (a) the initial Calculation Period will commence on, and include, the date of the closing of the Business Combination and (b) the final Calculation Period will end on, but exclude the Settlement Date.
		
	Settlement Terms	  	
		
	Settlement Method Election:	  	Not Applicable
		
	Settlement Method:	  	Physical Settlement













			
	Settlement Currency:	  	USD
		
	Excess Dividend Amount	  	Ex Amount
		
	Settlement Amount:	  	On the Settlement Date, Seller will deliver to Counterparty the remaining Number of Shares and Counterparty shall pay to Seller an amount in cash to Seller equal to (i) the remaining Number of Shares multiplied by the Forward
Price minus (ii) the remaining Prepayment Amount, and Counterparty shall release its security interest in 100% of the Collateral.
		
	Settlement Date:	  	Unless Seller elects Optional Early Termination or if Early Settlement is applicable to the Transaction, two (2) Exchange Business Days following the Valuation Date.
		
	Relevant Price:	  	Solely for determining if Early Settlement is applicable, for any Exchange Business Day prior to the Valuation Date, the dollar volume weighted average price per Share for such day, as displayed under the heading “Bloomberg
VWAP” on the Bloomberg screen “SWVL <Equity> AQR” (or any equivalent or successor screen thereto) or, in the event such volume weighted average price per Share is unavailable, as reasonably determined by the Calculation Agent
using a volume weighted method..
		
	Market Disruption Events:	  	Section 6.3(a) of the Equity Definitions is hereby amended by deleting the words “during the one hour period that ends at the relevant Valuation Time, Latest Exercise Time, Knock-in
Valuation Time or Knock-out Valuation Time, as the case may be” in clause (ii) thereof.
		
		  	Section 6.3(d) of the Equity Definitions is hereby amended by deleting the remainder of the provision following the term “Scheduled Closing Time” in the fourth line thereof.
		
	Early Settlement:	  	On any Exchange Business Day prior to the Valuation Date (any such date, an “Early Settlement Date”), if the Relevant Price equals or exceeds:
		
		  	 a)  $12.00 per Share for at least 20 of 30 of the preceding Exchange Business Days
(such period, an “Early Settlement Determination Period”), Seller shall pay an amount of cash (an “Early Settlement Cash Amount”) to the Issuer equal to 25% of the Prepayment Amount and Counterparty shall release
its security interest in 25% of the Collateral, in each case, less any Prepayment Amount paid or Collateral previously released in connection with an Optional Early Termination, as described below;

		
		  	 b)  $14.00 per Share for any Early Settlement Determination Period, Seller shall pay
an Early Settlement Cash Amount to the Issuer equal to 50% of the Prepayment Amount and Counterparty shall release its security interest in 50% of the Collateral, in each case, less any Prepayment Amount paid or Collateral previously released in
connection with clause (a) above or an Optional Early Termination, as described below;

		
		  	 c)  $16.00 per Share for any Early Settlement Determination Period, Seller shall pay
an Early Settlement Cash Amount to the Issuer equal to 75% of the Prepayment Amount and Counterparty shall release its security interest in 75% of the Collateral, in each case, less any Prepayment Amount paid or Collateral previously released in
connection with clause (a) or (b) above or an Optional Early Termination, as described below; or














			
		  	 d)  $18.00 per Share for any Early Settlement Determination Period, Seller shall pay
an Early Settlement Cash Amount to the Issuer equal to the remainder of the Prepayment Amount and Counterparty shall release its security interest in the remainder of the Collateral.

		
		  	; provided that (i) no Early Settlement Determination Period shall run concurrently with any other Early Settlement Determination Period and no more than 25% of the Prepayment Amount shall be paid to the Issuer and no
more than 25% of the Counterparty’s security interest in the Collateral shall be released pursuant to this provision with respect to each Early Settlement Determination Period, (ii) if the average daily trading volume in the Shares for the
30 Exchange Business Days prior to the Early Settlement Date is less than 1/10 of the applicable Share Reduction Amount (as defined below) per day, then Seller may elect to pay the Early Settlement Cash Amount over a period commencing two Exchange
Business Days after the Early Settlement Date and ending on the date that the Early Settlement Cash Amount has been paid to Issuer in full (the “Extended Settlement Period”) in installments in an amount on each Exchange Business Day
of the Extended Settlement Period equal to (x) 10% of such average daily trading volume times (y) the Trigger Price (not to exceed the Early Settlement Cash Amount in the aggregate), where “Trigger Price” means (I) with respect
to clause (a), $12.00 per Share, (II) with respect to clause (b), $14.00 per Share, (III) with respect to clause (c), $16.00 per Share and (IV) with respect to clause (d), $18.00 per Share; provided further that in the case of
each of (a)-(d) above, the Transaction shall be terminated in part, the effect of such termination shall be to reduce the Number of Shares for such Transaction by the number obtained by dividing the applicable Early Settlement Cash Amount by the
Forward Price (such number, the “Share Reduction Amount”), and the remainder of the Transaction, if any, shall continue in accordance with its terms.
		
	Optional Early Termination:	  	From time to time and on any Exchange Business Day following the date of the closing of the Business Combination (any such date, an “OET Settlement Date”), Seller may, in its absolute discretion, terminate the
Transaction in whole or in part upon no less than three (3) days prior written notice to Counterparty and Issuer (the “OET Notice”), the effect of such termination shall be to reduce the Number of Shares for such Transaction
(the reduction being “Terminated Shares”). Each OET Notice shall specify the OET Settlement Date and the number of Terminated Shares with respect to such termination. On each OET Settlement Date, Seller shall pay to Issuer an amount
equal to the product of (x) the number of Terminated Shares and (y) the Forward Price. The remainder of the Transaction, if any, shall continue in accordance with its terms; provided that if the OET Settlement Date is also the stated
Valuation Date, the remainder of the Transaction shall be settled in accordance with the other provisions of “Settlement Terms.”
		
	Share Adjustments:	  	
		
	Method of Adjustment:	  	Calculation Agent Adjustment
		
	Extraordinary Events:	  	
		
	Consequences of Merger Events:	  	
		
	Share-for-Share:	  	Calculation Agent Adjustment
		
	Share-for-Other:	  	Cancellation and Payment













			
	Share-for-Combined:	  	Component Adjustment
		
	Tender Offer:	  	Applicable; provided, however, that Section 12.1(d) of the Equity Definitions is hereby amended by adding “, or of the outstanding Shares,” before “of the Issuer” in the fourth line thereof and
replacing the reference to “10%” therein with “20%”. Sections 12.1(e) and 12.1(l)(ii) of the Equity Definitions are hereby amended by adding “or Shares, as applicable,” after “voting Shares”.
		
	Consequences of Tender Offers:	  	
		
	Share-for-Share:	  	Calculation Agent Adjustment
		
	Share-for-Other:	  	Calculation Agent Adjustment
		
	Share-for-Combined:	  	Calculation Agent Adjustment
		
	Composition of Combined Consideration:	  	Not Applicable
		
	Nationalization, Insolvency or Delisting:	  	Cancellation and Payment (Calculation Agent Determination); provided that in addition to the provisions of Section 12.6(a)(iii) of the Equity Definitions, it shall also constitute a Delisting if the Exchange is located in the
United States and the Shares are not immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, the
Nasdaq Global Select Market or the Nasdaq Global Market (or their respective successors) or such other exchange or quotation system which, in the determination of the Calculation Agent, has liquidity comparable to the aforementioned exchanges; if
the Shares are immediately re-listed, re-traded or re-quoted on any such exchange or quotation system, such exchange or quotation
system shall be deemed to be the Exchange.
		
	Business Combination Exclusion:	  	Notwithstanding the foregoing or any other provision herein, the parties agree that the Business Combination shall not constitute a Merger Event, Tender Offer, Delisting or any other Extraordinary Event hereunder.
		
	Additional Disruption Events:	  	
		
	 (a)   Change in Law:
	  	Applicable; provided that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by adding the words “(including, for the avoidance of doubt and without limitation, adoption or promulgation of new
regulations authorized or mandated by existing statute)” after the word “regulation” in the second line thereof.
		
	 (a)   Failure to Deliver:
	  	Not Applicable
		
	 (b)   Insolvency Filing:
	  	Applicable
		
	 (c)   Hedging Disruption:
	  	Not Applicable
		
	 (d)   Increased Cost of Hedging:
	  	Not Applicable
		
	 (e)   Loss of Stock Borrow:
	  	Not Applicable
		
	 (f)   Increased Cost of Stock Borrow:
	  	Not Applicable













			
	Determining Party:	  	For all applicable events, Seller, unless (i) an Event of Default, Potential Event of Default or Termination Event has occurred and is continuing with respect to Seller, or (ii) if Seller fails to perform its obligations
as Determining Party, in which case a Third Party Dealer (as defined below) in the relevant market selected by Counterparty will be the Determining Party. When making any determination or calculation as “Determining Party,” Seller shall be
bound by the same obligations relating to required acts of the Calculation Agent as set forth in Section 1.40 of the Equity Definitions and this Confirmation as if Determining Party were the Calculation Agent.
		
	Additional Provisions:	  	
		
	Calculation Agent:	  	Seller, unless (i) an Event of Default, Potential Event of Default or Termination Event has occurred and is continuing with respect to Seller, or (ii) if Seller fails to perform its obligations as Calculation Agent, in
which case an unaffiliated leading dealer in the relevant market selected by Counterparty will be the Calculation Agent.
		
		  	In the event that a party (the “Disputing Party”) does not agree with any determination made (or the failure to make any determination) by the Calculation Agent, the Disputing Party shall have the right to require
that the Calculation Agent have such determination reviewed by a disinterested third party that is a dealer in derivatives of the type that is the subject of the dispute and that is not an Affiliate of either party (a “Third Party
Dealer”). Such Third Party Dealer shall be jointly selected by the parties within one Business Day after the Disputing Party’s exercise of its rights hereunder (once selected, such Third Party Dealer shall be the “Substitute
Calculation Agent”). If the parties are unable to agree on a Substitute Calculation Agent within the prescribed time, each of the parties shall elect a Third Party Dealer and such two dealers shall agree on a third Party Dealer by the end
of the subsequent Business Day. Such third Party Dealer shall be deemed to be the Substitute Calculation Agent. Any exercise by the Disputing Party of its rights hereunder must be in writing and shall be delivered to the Calculation Agent not later
than the third Business Day following the Business Day on which the Calculation Agent notifies the Disputing Party of any determination made (or of the failure to make any determination). Any determination by the Substitute Calculation Agent shall
be binding in the absence of manifest error and shall be made as soon as possible but no later than the second Business Day following the Substitute Calculation Agent’s appointment. The costs of such Substitute Calculation Agent shall be borne
by (a) the Disputing Party if the Substitute Calculation Agent substantially agrees with the Calculation Agent or (b) the non-Disputing Party if the Substitute Calculation Agent does not
substantially agree with the Calculation Agent. If, after following the procedures and within the specified time frames set forth above, a binding determination is not achieved, the original determination of the Calculation Agent shall
apply.
		
		  	Following any adjustment, determination or calculation by the Calculation Agent hereunder, upon a written request by Counterparty (which may be by email), the Calculation Agent will promptly (but in any event within five Exchange
Business Days) provide to Counterparty by email to the email address provided by Counterparty in such written request a report (in a commonly used file format for the storage and manipulation of financial data) displaying in reasonable detail the
basis for such adjustment, determination or calculation (including any quotations, market data or information from internal or external sources, and any assumptions used in making such adjustment, determination or calculation), it being understood
that in no event will the Calculation Agent be obligated to share with Counterparty any proprietary or confidential data or information or any proprietary or confidential models used by it in making such adjustment, determination or calculation or
any information that is subject to an obligation not to disclose such information.













			
		  	All calculations and determinations by the Calculation Agent shall be made in good faith and in a commercially reasonable manner.
		
	Non-Reliance:	  	Applicable
		
	Agreements and	  	
	Acknowledgements Regarding	  	
	Hedging Activities:	  	Applicable
		
	Additional Acknowledgements:	  	Applicable
		
	Collateral Provisions:	  	
		
	Grant of Security Interest:	  	Seller hereby grants a security interest in the Collateral to Counterparty to secure the payment or performance of all of Seller’s present and future obligations to Counterparty with respect to this Transaction.
		
	Collateral:	  	All of the following personal property of Seller, wherever located, and now owned, held or existing, or hereafter acquired or arising:
		
		  	(i) all cash proceeds of the sale, transfer or other disposition of SPAC Shares standing to the credit of the Securities Account;
		
		  	(ii) the deposit account of Seller at First Republic Bank in which such cash proceeds will be deposited; and
		
		  	(iii) to the extent not listed above as original collateral, proceeds and products of the foregoing.
		
	Securities Account:	  	The securities account opened or to be opened in the name of Seller and maintained at the Securities Intermediary, and any renumbering of that account and any permitted account in replacement thereof. Seller will immediately upon
establishment of the Securities Account furnish to Counterparty information identifying the Securities Account. Seller will instruct the Securities Intermediary to deposit all cash proceeds of any sale or other disposition of the SPAC Shares into a
deposit account in the name of Seller at First Republic Bank.
		
	Securities Intermediary:	  	Cantor Fitzgerald, a nationally recognized “securities intermediary” (as defined in Article 8 of the UCC) that will maintain the Securities Account.
		
	Perfection:	  	Seller authorizes Counterparty to file one or more financing statements, in the standard form for a UCC-1 filing or other appropriate form, describing the Collateral to perfect the security
interest created hereby and otherwise make it effective against third parties. Seller hereby authorizes Counterparty at any time and from time to time to amend any financing statements naming Seller as “debtor” to include the Collateral.
In addition, Seller, Counterparty and First Republic Bank shall enter into a customary deposit account control agreement in form and substance acceptable to such Bank, Seller, Issuer and Counterparty.
		
	Schedule Provisions:	  	
		
	Specified Entity:	  	In relation to both Seller and Counterparty for the purpose of:













			
		  	Section 5(a)(v), Not Applicable
		  	Section 5(a)(vi), Not Applicable
		  	Section 5(a)(vii), Not Applicable
		  	Section 5(b)(v), Not Applicable
		
	Cross-Default	  	The “Cross-Default” provisions of Section 5(a)(vi) of the ISDA Form will not apply to either party.
		
	Credit Event Upon Merger	  	The “Credit Event Upon Merger” provisions of Section 5(b)(v) of the ISDA Form will not apply to either party.
		
	Automatic Early Termination:	  	The “Automatic Early Termination” of Section 6(a) of the ISDA Form will not apply to either party.
		
	Termination Currency:	  	United States Dollars
		
	Additional Termination Event:	  	Will apply to Seller and will apply to Counterparty. The occurrence of either of the following events shall constitute an Additional Termination Event in respect of which Seller and Counterparty shall both be Affected
Parties:
		
		  	(a) The Business Combination fails to close on or before the “Outside Date” as defined in the Business Combination Agreement (as such Outside Date may be amended or extended from time to time).
		
		  	(b) The Business Combination Agreement is terminated prior to the closing of the Business Combination.
		
		  	If this Transaction terminates due to the occurrence of the foregoing Additional Termination Event, then, subject to the immediately following sentence, no further payments or deliveries shall be due by either Seller to Counterparty
or Counterparty to Seller in respect of the Transaction, including without limitation in respect of any settlement amount, breakage costs or any amounts representing the future value of the Transaction, and neither party shall have any further
obligation under the Transaction and, for the avoidance of doubt and without limitation, no payments will have accrued or be due under Sections 2, 6 or 11 of the ISDA Form. Notwithstanding the foregoing, Counterparty’s obligations set forth
under the captions, “‘Payment Amounts”, “Representations, Warranties and Covenants – (h) Waiver by Counterparty” and “Other Provisions — (d) Indemnification” shall survive any termination due to the
occurrence of the foregoing Additional Termination Event.
		
	Governing Law:	  	New York law (without reference to choice of law doctrine)
		
	Credit Support Document:	  	With respect to Seller, each of (i) the undertakings of Seller set forth under Collateral Provisions above, (ii) the obligations of Seller set forth under “Representations, Warranties and Covenants – (f)
Perfected Security Interest; Other Agreements” below; and (iii) the deposit account control agreement referred to under “Perfection” above. With respect to Counterparty, None.
		
	Credit Support Provider:	  	With respect to Seller and Counterparty, None.
		
	Local Business Days:	  	Seller specifies the following places for the purposes of the definition of Local Business Day as it applies to it: New York.
		
		  	Counterparty specifies the following places for the purposes of the definition of Local Business Day as it applies to it: New York.












 Representations, Warranties and Covenants 

Each of Counterparty and Seller represents and warrants to, and covenants and agrees with, the other as of the date on which it enters into the Transaction
that (in the absence of any written agreement between the parties that expressly imposes affirmative obligations to the contrary for the Transaction): 
  

	(a)	 Non-Reliance. It is acting for its own account,
and it has made its own independent decisions to enter into the Transaction and as to whether the Transaction is appropriate or proper for it based upon its own judgment and upon advice from such advisers as it has deemed necessary. It is not
relying on any communication (written or oral) of the other party as investment advice or as a recommendation to enter into the Transaction, it being understood that information and explanations related to the terms and conditions of the Transaction
will not be considered investment advice or a recommendation to enter into the Transaction. No communication (written or oral) received from the other party will be deemed to be an assurance or guarantee as to the expected results of the
Transaction. 


  

	(b)	 Assessment and Understanding. It is capable of assessing the merits of and understanding
(on its own behalf or through independent professional advice), and understands and accepts, the terms, conditions and risks of the Transaction. It is also capable of assuming, and assumes, the risks of the Transaction. 



 

	(c)	 Non-Public Information. It is in compliance with
Section 10(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). 


  

	(d)	 Eligible Contract Participant. It is an “eligible contract participant” under,
and as defined in, the Commodity Exchange Act (7 U.S.C. § 1a(18)) and CFTC regulations (17 CFR § 1.3). 


  

	(e)	 Tax Characterization. It shall treat the Transaction as a derivative financial contract for U.S.
federal income tax purposes, and it shall not take any action or tax return filing position contrary to this characterization. 


  

	(f)	 Private Placement. It (i) is an “accredited investor” as such term is defined in
Regulation D as promulgated under the Securities Act, (ii) is entering into the Transaction for its own account without a view to the distribution or resale thereof and (iii) understands that the assignment, transfer or other disposition
of the Transaction has not been and will not be registered under the Securities Act. 


  

	(g)	 Investment Company Act. It is not and, after giving effect to the Transaction, will not be
required to register as an “investment company” under, and as such term is defined in, the Investment Company Act of 1940, as amended. 


  

	(h)	 Authorization. The Transaction has been entered into pursuant to authority granted by its
board of directors or other governing authority. It has no internal policy, whether written or oral, that would prohibit it from entering into any aspect of the Transaction, including, but not limited to, the purchase of Shares to be made in
connection therewith. 


 Counterparty represents and warrants to, and covenants and agrees with Seller as of the date on which it enters
into the Transaction that (in the absence of any written agreement between the parties that expressly imposes affirmative obligations to the contrary for the Transaction): 
  

	(a)	 Total Assets. It has total assets of at least USD 50,000,000 as of the date hereof.



  

	(b)	 Non-Reliance. Without limiting the generality of
Section 13.1 of the Equity Definitions, Counterparty acknowledges that Seller is not making any representations or warranties or taking any position or expressing any view with respect to the treatment of the Transaction under any accounting
standards. 














	(c)	 Solvency. Counterparty is, and shall be as of the date of any payment or delivery by Counterparty
under the Transaction, solvent and able to pay its debts as they come due, with assets having a fair value greater than liabilities and with capital sufficient to carry on the businesses in which it engages. Counterparty: (i) has not engaged in
and will not engage in any business or transaction after which the property remaining with it will be unreasonably small in relation to its business, (ii) has not incurred and does not intend to incur debts beyond its ability to pay as they
mature, and (iii) as a result of entering into and performing its obligations under the Transaction, (a) it has not violated and will not violate any relevant state law provision applicable to the acquisition or redemption by an issuer of
its own securities and (b) it would not be nor would it be rendered “insolvent” (as such term is defined under Section 101(32) of the Bankruptcy Code). If on any Exchange Business Day Counterparty has liquidity, including cash
and amounts available for borrowing under any applicable credit facility, of less than $20 million, Counterparty shall promptly provide written notice of such condition to Seller. 



 

	(d)	 Public Reports. As of the Trade Date, Counterparty is in compliance with its reporting
obligations under the Exchange Act, and all reports and other documents filed by Counterparty with the Securities and Exchange Commission pursuant to the Exchange Act, when considered as a whole (with the most recent such reports and documents
deemed to amend inconsistent statements contained in any earlier such reports and documents), do not contain any untrue statement of a material fact or any omission of a material fact required to be stated therein or necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading. 


  

	(e)	 No Distribution. Counterparty is not entering into the Transaction to facilitate a distribution
of the Shares (or any security that may be converted into or exercised or exchanged for Shares, or whose value under its terms may in whole or in significant part be determined by the value of the Shares) or in connection with any future issuance of
securities. 


  

	(f)	 Form 8-K. The Counterparty will not file with the
Securities and Exchange Commission any Form 8-K or other document that includes any disclosure regarding this Confirmation or the Transaction without consulting with and reasonably considering any comments
received from Seller, provided that, no consultation shall be required with respect to any subsequent disclosures that are substantially similar to prior disclosures by Counterparty that were reviewed by Seller. 



 

	(g)	 No Affiliation. Counterparty, to the best of its knowledge, and each other person that is
directly or indirectly through one or more intermediates controlling or controlled by or under common control with Counterparty is not to be considered and shall not become or be considered an “affiliate” (as defined in Rule 144 under the
Securities Act) of Seller at any time during the term of the Transaction. 


  

	(h)	 Waiver by Counterparty. Counterparty shall (i) provide any consent of its board of directors
required under Article 169 of the Queens Gambit Growth Capital Amended and Restated Articles of Association adopted by special resolution dated January 2021 (the “QG Articles”) (or Article 168 of the Counterparty Articles, if
applicable) in order to enable the Seller to exercise its redemption rights with respect to all of the SPAC Shares held thereby if (a) the Business Combination fails to close on or before the “Outside Date” as defined in the Business
Combination Agreement (as such Outside Date may be amended or extended from time to time) or (b) the Business Combination Agreement is terminated at any time prior to the closing of the Business Combination, and (ii) use commercially
reasonable efforts to provide any consent, waiver or amendment reasonably requested by the Seller with respect to any other rights that may prohibit or materially restrict or limit Seller from entering into or maintaining the Transaction or
transactions contemplated herein. 


 Seller represents and warrants to, and covenants and agrees with Counterparty as of the date on which
it enters into the Transaction and each other date specified that (in the absence of any written agreement between the parties that expressly imposes affirmative obligations to the contrary for the Transaction): 

 

	(a)	 Regulatory Filings. It together with each other person in the Seller Group (as defined in
“Other Provisions” below) is in compliance with all material regulatory filings relating to the Issuer and the Transaction. Counterparty covenants that it will make all regulatory filings that it is required by law or regulation to make
with respect to the Transaction including, without limitation, as may be required by Section 13 or Section 16 under the Exchange Act and, assuming the accuracy of Counterparty’s Repurchase Notices (as described under “Repurchase
Notices” below) any sales of SPAC Shares will be in compliance therewith. 














	(b)	 Net Long Position. During the term of this Transaction it together with each other person
in the Seller Group will maintain on an aggregated basis a net long position at least equal to the Number of Shares then subject to this Transaction. In computing the net long position it shall aggregate all cash transactions in the Shares as well
as the notional amount of all derivatives or other instruments that directly or indirectly give economic exposure to the Shares. 


  

	(c)	 Compliance with SPV Provisions. During the term of this Transaction it will comply with
all provisions of Section 7 and Section 9(d) of the Limited Liability Company Agreement of Seller and shall not amend or permit the amendment of such provisions without the written consent of Counterparty. Failure to comply with the
foregoing covenant shall constitute an Event of Default hereunder. 


  

	(d)	 No Affiliation. Seller and each other person that is directly or indirectly through one or more
intermediates controlling or controlled by or under common control with Seller is not to be considered and shall not become or be considered an “affiliate” (as defined in Rule 144 under the Securities Act) of Counterparty at any time
during the term of the Transaction. 


  

	(e)	 Compliance with Law. Seller with comply with applicable law in all material respects in
connection with its purchases or sales of any SPAC Shares or Shares in connection with the Transaction. 


  

	(f)	 Perfected Security Interest; Other Agreements. (i) Counterparty shall have a first and prior
perfected security interest in the Deposit Account during the term of this Transaction. (ii) Without limiting the foregoing, Seller shall not (a) transfer any cash from the Deposit Account except as contemplated by this Confirmation,
(b) pledge or otherwise grant a security interest in the Deposit Account in favor of any third party or (c) incur any indebtedness or other obligations other than as are incidental to Seller’s performance of its obligations under this
Confirmation. 


 Transactions by Seller in the Shares 

 

	(a)	 Seller hereby waives the redemption rights (“Redemption Rights”) set forth in Article 168 of
the Counterparty Articles and Article 169 of the QG Articles, in connection with the Business Combination with respect to Shares or SPAC Shares, respectively, it acquires from holders thereof other than Counterparty or its affiliates (each, a
“Third Party Shareholder”) who have exercised, or indicate an interest in exercising, their redemption rights in connection with the Business Combination pursuant to the Redemption Rights during the period (the “Hedging
Period”) beginning on the date of execution of this Agreement and ending at the time reversals of redemptions in connection with the Business Combination are no longer permitted (the “Subject Shares”). Following such date,
Seller shall notify Counterparty of the Number of Shares. For the avoidance of doubt, Seller may sell or otherwise transfer or dispose of any of the Shares, Shares or any other shares or securities of the Issuer or Counterparty in one or more public
or private transactions at any time; provided that if such SPAC Shares or Shares are transferred prior to the Closing of the Business Combination, such transferee also agrees to waive Redemption Rights with respect to such SPAC Shares or Shares, as
applicable (in each case with Counterparty as the third party beneficiary of such waiver) and provided, further, that upon the sale of any Shares Seller shall immediately be deemed to have delivered an OET Notice with respect thereto specifying the
settlement date of such sale as the OET Settlement Date. Any Shares sold by Seller during the term of the Transaction will cease to be Shares for purposes of the Transaction. 



 

	(b)	 Within five (5) Local Business Days of receipt of a written request from Counterparty or the Issuer,
Seller will provide the Counterparty or the Issuer, as applicable, with a written report of the sale of Shares by Seller during the period preceding the date of such written request, such report to include the date of the sale and the number of
Shares sold. 


 No Arrangements 

Seller and Counterparty each acknowledge and agree that: (i) there are no voting, hedging or settlement arrangements between Seller and Counterparty with
respect to any Shares or the Issuer, other than those set forth herein; (ii) although Seller may hedge its risk under the Transaction in any way Seller determines, Seller has no obligation to hedge with the purchase or maintenance of any Shares
or otherwise; (iii) Counterparty will not be entitled to any voting rights in respect of any of the Shares underlying the Transaction; and (iv) Counterparty will not seek to influence Seller with respect to the voting of any Hedge
Positions of Seller consisting of Shares. 











 Wall Street Transparency and Accountability Act 

In connection with Section 739 of the Wall Street Transparency and Accountability Act of 2010 (“WSTAA”), the parties hereby agree that
neither the enactment of WSTAA or any regulation under WSTAA, nor any requirement under WSTAA or an amendment made by WSTAA, nor any similar legal certainty provision in any legislation enacted, or rule or regulation promulgated, on or after the
date of this Confirmation, shall limit or otherwise impair either party’s otherwise applicable rights to terminate, renegotiate, modify, amend or supplement this Confirmation or the ISDA Form, as applicable, arising from a termination event,
force majeure, illegality, increased costs, regulatory change or similar event under this Confirmation, the Equity Definitions incorporated herein, or the ISDA Form. 

Address for Notices 
 Notice to Seller: 

ACM ARRT VII B, LLC 
 c/o Atalaya Capital Management LP 

One Rockefeller Center 32nd Floor 
 New York, NY 10020 

Notice to Counterparty: 
 Queens Gambit Growth Capital 

55 Hudson Yards 44th Floor 

New York, NY 10001 
 Following the Closing of the Business
Combination: 
 Swvl Holdings Corp 
 The Offices 4, One Central

 Dubai World Trade Centre 
 Dubai, United Arab Emirates 

Account Details 
 Account details for Seller: To be
advised. 
 Account details for Counterparty: To be advised. 

Other Provisions. 
  

	(a)	 Rule 10b5-1. 



 

	 	(i)	 Counterparty represents and warrants to Seller that Counterparty is not entering into the Transaction to create
actual or apparent trading activity in the Shares (or any security convertible into or exchangeable for the Shares) or to raise or depress or otherwise manipulate the price of the Shares (or any security convertible into or exchangeable for the
Shares) for the purpose of inducing the purchase or sale of such securities or otherwise in violation of the Exchange Act, and Counterparty represents and warrants to Seller that Counterparty has not entered into or altered, and agrees that
Counterparty will not enter into or alter, any corresponding or hedging transaction or position with respect to the Shares. Counterparty acknowledges that it is the intent of the parties that the Transaction comply with the requirements of
paragraphs (c)(1)(i)(A) and (B) of Rule 10b5-1 under the Exchange Act (“Rule 10b5-1”) and the Transaction shall be interpreted to comply with the
requirements of Rule 10b5-1(c). 














	 	(ii)	 Counterparty agrees that it will not seek to control or influence Seller’s decision to make any
“purchases or sales” (within the meaning of Rule 10b5-1(c)(1)(i)(B)(3)) under the Transaction, including, without limitation, Seller’s decision to enter into any hedging transactions.
Counterparty represents and warrants that it has consulted with its own advisors as to the legal aspects of its adoption and implementation of this Confirmation and the Transaction under Rule 10b5-1.



  

	 	(iii)	 Counterparty acknowledges and agrees that any amendment, modification, waiver or termination of this
Confirmation must be effected in accordance with the requirements for the amendment or termination of a “plan” as defined in Rule 10b5-1(c). Without limiting the generality of the foregoing,
Counterparty acknowledges and agrees that any such amendment, modification, waiver or termination shall be made in good faith and not as part of a plan or scheme to evade the prohibitions of Rule 10b-5, and no
such amendment, modification or waiver shall be made at any time at which Counterparty or any officer, director, manager or similar person of Counterparty is aware of any material non-public information
regarding Counterparty or the Shares. 


  

	(b)	 Repurchase Notices. Counterparty shall, on any day on which Counterparty effects any repurchase
of Shares, promptly give Seller a written notice of such repurchase (a “Repurchase Notice”) on such day if following such repurchase, the number of outstanding Shares as determined on such day is (i) less than the number of
Shares outstanding that would result in the percentage of total Shares outstanding represented by the number of Shares underlying the Transaction increasing by 0.50% (in the case of the first such notice) or (ii) thereafter more than the number
of Shares that would need to be repurchased to result in the percentage of total Shares outstanding represented by the number of Shares underlying the Transaction increasing by a further 0.50% less than the number of Shares included in the
immediately preceding Repurchase Notice. Counterparty agrees to indemnify and hold harmless Seller and its affiliates and their respective officers, directors, employees, affiliates, advisors, agents and controlling persons (each, an
“Indemnified Person”) from and against any and all losses (including losses relating to Seller’s hedging activities as a consequence of remaining or becoming a Section 16 “insider” following the closing of the
Business Combination, including without limitation, any forbearance from hedging activities or cessation of hedging activities and any losses in connection therewith with respect to the Transaction), claims, damages, judgments, liabilities and
expenses (including reasonable attorney’s fees), joint or several, which an Indemnified Person may become subject to, as a result of Counterparty’s failure to provide Seller with a Repurchase Notice on the day and in the manner specified
in this paragraph, and to reimburse, within thirty (30) days, upon written request, each of such Indemnified Persons for any reasonable legal or other expenses incurred in connection with investigating, preparing for, providing testimony or
other evidence in connection with or defending any of the foregoing; provided, however, for the avoidance of doubt, Counterparty has no indemnification or other obligations with respect to Seller becoming a Section 16 “insider” prior
to the closing of the Business Combination or as a result of Seller’s purchases of Shares in excess of the Number of Shares. If any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand shall be
brought or asserted against the Indemnified Person as a result of Counterparty’s failure to provide Seller with a Repurchase Notice in accordance with this paragraph, such Indemnified Person shall promptly notify Counterparty in writing, and
Counterparty, upon request of the Indemnified Person, shall retain counsel reasonably satisfactory to the Indemnified Person to represent the Indemnified Person and any others Counterparty may designate in such proceeding and shall pay the fees and
expenses of such counsel related to such proceeding. Counterparty shall not be liable for any settlement of any proceeding contemplated by this paragraph that is effected without its written consent, but if settled with such consent or if there be a
final judgment for the plaintiff, Counterparty agrees to indemnify any Indemnified Person from and against any loss or liability by reason of such settlement or judgment. Counterparty shall not, without the prior written consent of the Indemnified
Person, effect any settlement of any pending or threatened proceeding contemplated by this paragraph that is in respect of which any Indemnified Person is or could have been a party and indemnity could have been sought hereunder by such Indemnified
Person, unless such settlement includes an unconditional release of such Indemnified Person from all liability on claims that are the subject matter of such proceeding on terms reasonably satisfactory to such Indemnified Person. If the
indemnification provided for in this paragraph is unavailable to an Indemnified Person or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then Counterparty hereunder, in lieu of indemnifying such
Indemnified Person thereunder, shall contribute to the amount paid or payable by such Indemnified Person as a result of such losses, claims, damages or liabilities. The remedies provided for in this paragraph are not exclusive and shall not limit
any rights or remedies which may otherwise be available to any Indemnified Person at law or in equity. The indemnity and contribution agreements contained in this paragraph shall remain operative and in full force and effect regardless of the
termination of the Transaction. 














	(c)	 Transfer or Assignment. The rights and duties under this Confirmation may not be transferred or
assigned by any party hereto without the prior written consent of the other party, such consent not to be unreasonably withheld. If at any time following the closing of the Business Combination at which (A) the Section 16 Percentage
exceeds 9.9%, or (B) the Share Amount exceeds the Applicable Share Limit (if any applies) (any such condition described in clause (A) or (B), an “Excess Ownership Position”), Seller is unable after using its commercially
reasonable efforts to effect a transfer or assignment of a portion of the Transaction to a third party on pricing terms reasonably acceptable to Seller and within a time period reasonably acceptable to Seller such that no Excess Ownership Position
exists, then Seller may designate any Exchange Business Day as an Early Termination Date with respect to a portion of the Transaction (the “Terminated Portion”), such that following such partial termination no Excess Ownership
Position exists. In the event that Seller so designates an Early Termination Date with respect to a portion of the Transaction, a portion of the Shares with respect to the Transaction shall be delivered to Counterparty as if the Early Termination
Date was the Valuation Date in respect of a Transaction having terms identical to the Transaction and a Number of Shares equal to the number of Shares underlying the Terminated Portion. The “Section 16 Percentage”
as of any day is the fraction, expressed as a percentage, as determined by Seller, (A) the numerator of which is the number of Shares that Seller and each person subject to aggregation of Shares with Seller under Section 13 or
Section 16 of the Exchange Act and rules promulgated thereunder and all persons who may form a “group” (within the meaning of Rule 13d-5(b)(1) of the Exchange Act) with Seller directly or
indirectly beneficially own (as defined under Section 13 or Section 16 of the Exchange Act and rules promulgated thereunder) (the “Seller Group” ) and (B) the denominator of which is the number of Shares outstanding.



 The “Share Amount” as of any day is the number of Shares that Seller and any person whose ownership position would be
aggregated with that of Seller and any group (however designated) of which Seller is a member (Seller or any such person or group, a “Seller Person”) under any law, rule, regulation, regulatory order or organizational documents or
contracts of Counterparty that are, in each case, applicable to ownership of Shares (“Applicable Restrictions”), owns, beneficially owns, constructively owns, controls, holds the power to vote or otherwise meets a relevant
definition of ownership under any Applicable Restriction, as determined by Seller in its sole discretion. 
 The “Applicable Share Limit”
means a number of Shares equal to (A) the minimum number of Shares that could give rise to reporting or registration obligations or other requirements (including obtaining prior approval from any person or entity) of a Seller Person, or could
result in an adverse effect on a Seller Person, under any Applicable Restriction, as determined by Seller in its sole discretion, minus (B) 0.1% of the number of Shares outstanding. 

 

	(d)	 Indemnification. Counterparty agrees to indemnify and hold harmless Seller, its affiliates and
its assignees and their respective directors, officers, employees, agents and controlling persons (each such person being an “Indemnified Party”) from and against any and all losses (but not including financial losses to an
Indemnified Party relating to the economic terms of the Transaction provided that Counterparty performs its obligations under this Confirmation in accordance with its terms), claims, damages and liabilities (or actions in respect thereof), joint or
several, incurred by or asserted against such Indemnified Party arising out of, in connection with, or relating to, the execution or delivery of this Confirmation, the performance by the parties hereto of their respective obligations under the
Transaction, any breach of any covenant or representation made by Counterparty in this Confirmation or the ISDA Form or the consummation of the transactions contemplated hereby; provided, however, Counterparty has no indemnification obligations with
respect to any loss, claim, damage, liability or expense related to the manner in which Seller sells the SPAC Shares or any other Shares owned by Seller. Counterparty will not be liable under the foregoing indemnification provision to the extent
that any loss, claim, damage, liability or expense is found in a nonappealable judgment by a court of competent jurisdiction to have resulted from Seller’s material breach of any covenant, representation or other obligation in this Confirmation
or the ISDA Form or from Seller’s willful misconduct, gross negligence or bad faith in performing the services that are subject of the Transaction. If for any reason the foregoing indemnification is unavailable to any Indemnified Party or
insufficient to hold harmless any Indemnified Party, then Counterparty shall contribute, to the maximum extent permitted by law, to the amount paid or payable by the Indemnified Party as a result of such loss, claim, damage or liability. In addition
(and in addition to any other reimbursement      














	 	
of legal fees and expenses contemplated by this Confirmation), Counterparty will reimburse any Indemnified Party for all expenses (including reasonable counsel fees and expenses) as they are
incurred in connection with the investigation of, preparation for or defense or settlement of any pending or threatened claim or any action, suit or proceeding arising therefrom, whether or not such Indemnified Party is a party thereto and whether
or not such claim, action, suit or proceeding is initiated or brought by or on behalf of Counterparty. Counterparty also agrees that no Indemnified Party shall have any liability to Counterparty or any person asserting claims on behalf of or in
right of Counterparty in connection with or as a result of any matter referred to in this Confirmation except to the extent that any losses, claims, damages, liabilities or expenses incurred by Counterparty result from such Indemnified Party’s
breach of any covenant, representation or other obligation in this Confirmation or the ISDA Form or from the gross negligence, willful misconduct or bad faith of the Indemnified Party. The provisions of this paragraph shall survive the completion of
the Transaction contemplated by this Confirmation and any assignment and/or delegation of the Transaction made pursuant to the ISDA Form or this Confirmation shall inure to the benefit of any permitted assignee of Seller. 


 

	(e)	 Amendments to Equity Definitions. 



 

	 	(i)	 Section 11.2(a) of the Equity Definitions is hereby amended by (i) replacing the words “a
diluting or concentrative” with the word “an” and adding the phrase “or such Transaction” at the end thereof; 


  

	 	(ii)	 The first sentence of Section 11.2(c) of the Equity Definitions, prior to clause (A) thereof, is
hereby amended to read as follows: ‘(c) If “Calculation Agent Adjustment” is specified as the Method of Adjustment in the related Confirmation of a Share Option Transaction or Share Forward Transaction, then, following the
announcement or occurrence of any Potential Adjustment Event, the Calculation Agent will determine whether such Potential Adjustment Event has an economic effect on the Transaction and, if so, will (i) make appropriate adjustment(s), if any, to
any one or more of:’ and the portion of such sentence immediately preceding clause (ii) thereof is hereby amended by deleting the words “diluting or concentrative”. 



 

	 	(iii)	 Section 11.2(e)(vii) of the Equity Definitions is hereby amended by (i) replacing the words “a
diluting or concentrative” with the word “an” and (ii) adding the phrase “or the relevant Transaction” at the end thereof; 


  

	 	(iv)	 Section 12.6(a)(ii) of the Equity Definitions is hereby amended by (i) deleting from the fourth line
thereof the word “or” after the word “official” and inserting a comma therefor, and (ii) deleting the semi-colon at the end of subsection (B) thereof and inserting the following words therefor “or (C) the
occurrence of any of the events specified in Section 5(a)(vii)(1) through (9) of the ISDA Form with respect to that Issuer.”; 


  

	 	(v)	 Section 12.6(c)(ii) of the Equity Definitions is hereby amended by replacing the words “the
Transaction will be cancelled,” in the first line with the words “Seller will have the right, which it must exercise or refrain from exercising, as applicable, in good faith acting in a commercially reasonable manner, to cancel the
Transaction,”; and 


  

	 	(vi)	 Section 12.9(b)(i) of the Equity Definitions is hereby amended by (i) replacing “either party
may elect” with “Seller may elect” and (ii) replacing “notice to the other party” with “notice to Counterparty” in the first sentence of such section. 



 

	(f)	 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 in respect of any suit, action or proceeding relating to the Transaction. Each party (i) certifies that no representative, agent or attorney of either party has represented, expressly or otherwise, that such
other party would not, in the event of such a suit, action or proceeding, seek to enforce the foregoing waiver and (ii) acknowledges that it and the other party have been induced to enter into the Transaction, as applicable, by, among other
things, the mutual waivers and certifications provided herein. 


  

	(g)	 Tax Disclosure. Effective from the date of commencement of discussions concerning the
Transaction, Counterparty and each of its employees, representatives, or other agents may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the Transaction and all materials of any kind
(including opinions or other tax analyses) that are provided to Counterparty relating to such tax treatment and tax structure. 














	(h)	 Securities Contract; Swap Agreement. The parties hereto intend for (i) the Transaction to be
(a) a “securities contract” as defined in the Bankruptcy Code, in which case each payment and delivery made pursuant to the Transaction is a “termination value,” “payment amount” or “other transfer
obligation” within the meaning of Section 362 of the Bankruptcy Code and a “settlement payment,” within the meaning of Section 546 of the Bankruptcy Code, and (b) a “swap agreement” as defined in the
Bankruptcy Code, with respect to which each payment and delivery hereunder or in connection herewith is a “termination value,” “payment amount” or “other transfer obligation” within the meaning of Section 362 of
the Bankruptcy Code and a “transfer,” as such term is defined in Section 101(54) of the Bankruptcy Code and a “payment or other transfer of property” within the meaning of Sections 362 and 546 of the Bankruptcy Code, and the
parties hereto to be entitled to the protections afforded by, among other Sections, Sections 362(b)(6), 362(b)(17), 546(e), 546(g), 555 and 560 of the Bankruptcy Code, (ii) a party’s right to liquidate, terminate and accelerate the
Transaction and to exercise any other remedies upon the occurrence of any Event of Default under the ISDA Form with respect to the other party to constitute a “contractual right” as described in the Bankruptcy Code, and (iii) each
payment and delivery of cash, securities or other property hereunder to otherwise constitute a “margin payment” or “settlement payment” and a “transfer” as defined in the Bankruptcy Code. 



 

	(i)	 Process Agent. For the purposes of Section 13(c) of the ISDA Form: 



Seller appoints as its Process Agent: None 
 Counterparty
appoints as its Process Agent: None. 
  

	(j)	 Requisite Approvals. Notwithstanding anything herein to the contrary, this Confirmation shall not
become effective until each of the parties (other than the Target or Counterparty, as applicable) to each Company Transaction Support Agreement and each SPAC Shareholder Support Agreement (each as defined in the Business Combination Agreement) shall
have entered into one or more agreements that approve, consent to or otherwise waive any rights in connection with, or would provide for the approval of, consent to or waiver of any rights in connection with, the Transaction contemplated by this
Confirmation 


 [Signature page follows] 











 Please confirm that the foregoing correctly sets forth the terms of our agreement by executing a copy of
this Confirmation and returning it to us at your earliest convenience. 
  

			
	Very truly yours,
	
	ACM ARRT VII B, LLC
		
	By:	 	 /s/ Ivan Q. Zinn

	Name:	 	Ivan Q. Zinn
	Title:	 	Authorized Signatory


  

			
	Agreed and accepted by:
	
	QUEENS GAMBIT GROWTH CAPITAL
		
	By:	 	 /s/ Victoria Grace

	Name:	 	Victoria Grace
	Title:	 	Chief Executive Officer












 SCHEDULE A 

FORM OF PRICING DATE NOTICE 
  

	Date:	 [ ], 20[_] 


  

	To:	         Queens Gambit Growth Capital (“Counterparty”)



  

	Address:	      55 Hudson Yards, 44th
Floor 


   New York, NY 10001 

 

	Phone:	          (917) 907-4618



  

	From:	          ACM ARRT VII B, LLC, a Delaware limited liability company
(“Seller”) 


  

	Re:	           OTC Equity Prepaid Forward Transaction



 1. This Pricing Date Notice supplements, forms part of, and is subject to the Confirmation Re: OTC Equity Prepaid Forward Transaction
dated as of November 15, 2021 (the “Confirmation”) between Counterparty and Seller, as amended and supplemented from time to time. All provisions contained in the Confirmation govern this Pricing Date Notice except as expressly
modified below. 
 2. The purpose of this Pricing Date Notice is to confirm certain terms and conditions of the Transaction entered into between Seller and
Counterparty pursuant to the Confirmation. 
 Pricing
Date:                             [_________], 20[_] 

Number of Shares:                    [10,000,000]