Exhibit 4.5


 


REGISTRATION RIGHTS AGREEMENT


 


THIS
AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (this “Agreement”),
dated as of September 13, 2021, is made and entered into by and among Lilium N.V., a Netherlands public limited liability company
(the “Company”), Qell Partners LLC, a Cayman Islands exempted limited liability company (the “Sponsor”)
and certain former stockholders of Lilium GmbH (a German limited liability company) (“Target”) set forth on
Schedule 1 hereto (such stockholders, the “Target Holders” and, collectively with the Sponsor and any
person or entity who hereafter becomes a party to this Agreement pursuant to Section 6.2 or Section 6.11 of this
Agreement, the “Holders” and each, a “Holder”).


 


RECITALS


 


WHEREAS,
the Company and the Sponsor are party to that certain Registration Rights Agreement, dated as of September 29, 2020 (the “Original
RRA”);


 


WHEREAS,
the Company has entered into that certain Business Combination Agreement, dated as of March 30, 2021 (as it may be amended, supplemented
or otherwise modified from time to time, the “Business Combination Agreement”), by and among the Company, Qell
Acquisition Corp, Queen Cayman Merger LLC, a Cayman exempted company and a direct, wholly owned subsidiary of the Company (“Merger
Sub”), and Target, pursuant to which Merger Sub merged with and into Qell (the “Merger”), with
Merger Sub continuing as the surviving corporation and becoming a direct, wholly owned subsidiary of the Company, and the Company acquired
Target, with Target becoming a direct, wholly owned subsidiary of the Company;


 


WHEREAS,
on the date hereof, pursuant to the Business Combination Agreement, the Target Holders received shares of the Company’s Ordinary
Shares, par value $10 per share;


 


WHEREAS,
pursuant to Section 6.6 of the Original RRA, the provisions, covenants and conditions set forth therein may be amended or modified
upon the written consent of the Company and the Holders (as defined in the Original RRA) of at least a majority in interest of the Registrable
Securities (as defined in the Original RRA) at the time in question, and the Sponsor is the Holder in the aggregate of at least a majority
in interest of the Registrable Securities as of the date hereof; and


 


WHEREAS,
the Company, the Sponsor and the Target Holders desire to amend and restate the Original RRA in its entirety and enter into this Agreement,
pursuant to which the Company shall grant the Target Holders certain registration rights with respect to certain securities of the Company,
as set forth in this Agreement.


 






     


     


    

 


NOW,
THEREFORE, in consideration of the representations, covenants and agreements contained herein, and certain other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby
agree as follows:


 


ARTICLE I


 


DEFINITIONS


 


1.1          Definitions.
The terms defined in this Article I shall, for all purposes of this Agreement, have the respective meanings set forth below:


 


“Additional
Holder” shall have the meaning given in Section 6.11.


 


“Additional
Holder Ordinary Shares” shall have the meaning given in Section 6.11.


 


“Adverse
Disclosure” shall mean any public disclosure of material non-public information, which disclosure, in the good faith judgment
of the Chief Executive Officer or the Chief Financial Officer of the Company, after consultation with counsel to the Company, (a) would
be required to be made in any Registration Statement or Prospectus in order for the applicable Registration Statement or Prospectus not
to contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein
(in the case of any prospectus and any preliminary prospectus, in the light of the circumstances under which they were made) not misleading,
(b) would not be required to be made at such time if the Registration Statement were not being filed, declared effective or used,
as the case may be, (c) the Company has a bona fide business purpose for not making such information public, and (d) such disclosure
(i) would be reasonably likely to have an adverse impact on the Company, (ii) could reasonably be expected to have a material
adverse effect on the Company’s ability to effect a material proposed acquisition, disposition, financing, reorganization, recapitalization
or similar transaction or (iii) relates to information the accuracy of which has yet to be determined by the Company or which is
the subject of an ongoing investigation or inquiry; provided that the Company takes all reasonable action as necessary to promptly make
such determination and conclude such investigation or inquiry.


 


“Agreement”
shall have the meaning given in the Preamble hereto.


 


“Block
Trade” shall have the meaning given in Section 2.4.1.


 


“Board”
shall mean the Board of Directors of the Company.


 


“Business
Combination Agreement” shall have the meaning given in the Recitals hereto.


 


“Closing”
shall have the meaning given in the Business Combination Agreement.


 


“Commission”
shall mean the Securities and Exchange Commission.


 


“Company”
shall have the meaning given in the Preamble hereto and includes the Company’s successors by recapitalization, merger, consolidation,
spin-off, reorganization or similar transaction.


 


“Demanding
Holder” shall have the meaning given in Section 2.1.4.


 


“Exchange
Act” shall mean the Securities Exchange Act of 1934, as it may be amended from time to time.


 






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“Final
Closing Date” shall have the meaning given in the Business Combination Agreement.


 


“Form F-1
Shelf” shall have the meaning given in Section 2.1.1.


 


“Form F-3
Shelf” shall have the meaning given in Section 2.1.1.


 


“Holdco Equity
Plans” shall have the meaning given in the Business Combination Agreement.


 


“Holder
Information” shall have the meaning given in Section 4.1.2.


 


“Holders”
shall have the meaning given in the Preamble hereto, for so long as such person or entity holds any Registrable Securities.


 


“Joinder”
shall have the meaning given in Section 6.11.


 


“Legacy Options”
shall have the meaning given in the Business Combination Agreement.


 


“Lock-up”
shall have the meaning given in Section 5.1.


 


“Lock-up Parties”
shall mean, as applicable, the Sponsor, the Target Holders and their respective Permitted Transferees.


 


“Lock-up
Period” shall mean:


 


(A)         with
respect to the Target Holders, the period beginning on the Final Closing Date and ending on the date that is 180 days after the Final
Closing Date; and


 


(B)          with
respect to the Sponsor, the period beginning on the Final Closing Date and ending on the earlier of (i) 360 days after the Final
Closing Date and (ii) (x) if the closing price of an Ordinary Share equals or exceeds $12.00 per share (as adjusted for share
sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day
period commencing at least 150 days after the Final Closing Date, or (y) the date on which the Company completes a liquidation, merger,
share exchange, reorganization or other similar transaction that results in all the Company’s stockholders having the right to exchange
their Ordinary Shares for cash, securities or other property.


 


“Lock-up Shares”
shall mean the Ordinary Shares and any other equity securities convertible into or exercisable or exchangeable for the Ordinary Shares
(including, without limitation, any Private Placement Warrants, Legacy Options and/or awards issued under the Holdco Equity Plans) held
by the Sponsor or Target Holders immediately following the Closing (other than the Sponsor EarnOut Shares, PIPE Shares or Ordinary Shares
acquired in the public market).


 


“Maximum
Number of Securities” shall have the meaning given in Section 2.1.5.


 


“Merger”
shall have the meaning given in the Recitals hereto.


 






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“Merger Sub”
shall have the meaning given in the Recitals hereto.


 


“Minimum
Takedown Threshold” shall have the meaning given in Section 2.1.4.


 


“Misstatement”
shall mean an untrue statement of a material fact or an omission to state a material fact required to be stated in a Registration Statement
or Prospectus or necessary to make the statements in a Registration Statement or Prospectus (in the case of a Prospectus, in the light
of the circumstances under which they were made) not misleading.


 


“Ordinary
Shares” means the Company’s Class A shares and the Company’s Class B shares.


 


“Other Coordinated
Offering” shall have the meaning given in Section 2.4.1.


 


“Permitted
Transferees” shall mean (a) with respect to the Target Holders and their respective Permitted Transferees, (i) prior
to the expiration of the Lock-up Period, any person or entity to whom such Holder is permitted to transfer such Registrable Securities
prior to the expiration of the Lock-up Period pursuant to Section 5.2 and (ii) after the expiration of the
Lock-up Period, any person or entity to whom such Holder is permitted to transfer such Registrable Securities, subject to and in accordance
with any applicable agreement between such Holder and/or their respective Permitted Transferees and the Company and any transferee thereafter,
and (b) with respect to all other Holders and their respective Permitted Transferees, any person or entity to whom a Holder of Registrable
Securities is permitted to transfer such Registrable Securities, including prior to the expiration of any lock-up period applicable to
such Registrable Securities, subject to and in accordance with any applicable agreement between such Holder and/or their respective Permitted
Transferees and the Company and any transferee thereafter.


 


“Piggyback
Registration” shall have the meaning given in Section 2.2.1.


 


“PIPE Shares”
shall mean the Ordinary Shares acquired by any Target Holder in connection with such Target Holder’s participation in the PIPE Financing
as defined in the Business Combination Agreement.


 


“Private Placement
Warrants” shall mean the warrants held by certain Holders, purchased by such Holders in the private placement that occurred
concurrently with the closing of the Company’s initial public offering, including any Ordinary Shares issued or issuable upon conversion
or exchange of such warrants.


 


“Prospectus”
shall mean the prospectus included in any Registration Statement, as supplemented by any and all prospectus supplements and as amended
by any and all post-effective amendments and including all material incorporated by reference in such prospectus.


 






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“Registrable
Security” shall mean (a) any outstanding Ordinary Shares and any other equity security (including the Private Placement
Warrants and any other warrants to purchase Ordinary Shares and Ordinary Shares issued or issuable upon the exercise or conversion of
any other such equity security) of the Company held by a Holder immediately following the Closing (including any securities distributable
pursuant to the Business Combination Agreement), (b) any Additional Holder Ordinary Shares, and (c) any other equity security
of the Company or any of its subsidiaries issued or issuable with respect to any securities referenced in clause (a) or (b) above
by way of a stock dividend or stock split or in connection with a recapitalization, merger, consolidation, spin-off, reorganization or
similar transaction; provided, however, that, as to any particular Registrable Security, such securities shall cease to
be Registrable Securities upon the earliest to occur of: (A) a Registration Statement with respect to the sale of such securities
shall have become effective under the Securities Act and such securities shall have been sold, transferred, disposed of or exchanged in
accordance with such Registration Statement by the applicable Holder; (B) (i) such securities shall have been otherwise transferred
(other than to a Permitted Transferee), (ii) new certificates for such securities not bearing (or book entry positions not subject
to) a legend restricting further transfer shall have been delivered by the Company and (iii) subsequent public distribution of such
securities shall not require registration under the Securities Act; (C) such securities shall have ceased to be outstanding; (D) such
securities may be sold without registration pursuant to Rule 144 or any successor rule promulgated under the Securities Act
(but with no volume or other restrictions or limitations including as to manner or timing of sale or current public information requirements);
(E) such securities have been sold without registration pursuant to Section 4(a)(1) of the Securities Act or Rule 145
promulgated under the Securities Act or any successor rules promulgated under the Securities Act and (F)  such securities have
been sold to, or through, a broker, dealer or underwriter in a public distribution or other public securities transaction.


 


“Registration”
shall mean a registration, including any related Shelf Takedown, effected by preparing and filing a registration statement, Prospectus
or similar document in compliance with the requirements of the Securities Act, and the applicable rules and regulations promulgated
thereunder, and such registration statement becoming effective.


 


“Registration
Expenses” shall mean the documented, out-of-pocket expenses of a Registration, including, without limitation, the following:


 


(A)          all
registration and filing fees (including fees with respect to filings required to be made with the Financial Industry Regulatory Authority, Inc.)
and any national securities exchange on which the Ordinary Shares are then listed;


 


(B)           fees
and expenses of compliance with securities or blue sky laws (including reasonable fees and disbursements of outside counsel for the Underwriters
in connection with blue sky qualifications of Registrable Securities);


 


(C)           printing,
messenger, telephone and delivery expenses;


 


(D)           reasonable
fees and disbursements of counsel for the Company;


 


(E)           reasonable
fees and disbursements of all independent registered public accountants of the Company incurred specifically in connection with such Registration;
and


 


(F)           in
an Underwritten Offering, reasonable fees and expenses of one (1) legal counsel selected by the majority-in-interest of the Demanding
Holders (not to exceed $50,000 without the consent of the Company).


 






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“Registration
Statement” shall mean any registration statement that covers Registrable Securities pursuant to the provisions of this Agreement,
including the Prospectus included in such registration statement, amendments (including post-effective amendments) and supplements to
such registration statement, and all exhibits to and all material incorporated by reference in such registration statement.


 


“Requesting
Holders” shall have the meaning given in Section 2.1.5.


 


“Securities
Act” shall mean the Securities Act of 1933, as amended from time to time.


 


“Shelf”
shall mean the Form F-1 Shelf, the Form F-3 Shelf or any Subsequent Shelf Registration Statement, as the case may be.


 


“Shelf
Registration” shall mean a registration of securities pursuant to a registration statement filed with the Commission in
accordance with and pursuant to Rule 415 promulgated under the Securities Act (or any successor rule then in effect).


 


“Shelf
Takedown” shall mean an Underwritten Shelf Takedown or any proposed transfer or sale using a Registration Statement, including
a Piggyback Registration.


 


“Sponsor”
shall have the meaning given in the Preamble hereto.


 


“Sponsor EarnOut
Shares” shall have the meaning given to such term in the Sponsor Letter Agreement, between, among others, the Sponsor, Qell
Acquisition Corp., Target and the Company, dated March 30, 2021.


 


“Sponsor Member”
shall mean a member of Sponsor who becomes party to this Agreement as a Permitted Transferee of Sponsor.


 


“Subscription
Agreement” shall have the meaning given in the Business Combination Agreement.


 


“Subsequent
Shelf Registration Statement” shall have the meaning given in Section 2.1.2.


 


“Target”
shall have the meaning given in the Preamble hereto.


 


“Target
Holders” shall have the meaning given in the Preamble hereto.


 


“Transfer”
shall mean the (a) sale or assignment of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option
to purchase or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent
position or liquidation with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Exchange
Act with respect to, any security, (b) entry into any swap or other arrangement that transfers to another, in whole or in part, any
of the economic consequences of ownership of any security, whether any such transaction is to be settled by delivery of such securities,
in cash or otherwise, or (c) public announcement of any intention to effect any transaction specified in clause (a) or
(b).


 






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“Underwriter”
shall mean a securities dealer who purchases any Registrable Securities as principal in an Underwritten Offering and not as part of such
dealer’s market-making activities.


 


“Underwritten
Offering” shall mean a Registration in which securities of the Company are sold to an Underwriter in a firm commitment underwriting
for distribution to the public.


 


“Underwritten
Shelf Takedown” shall have the meaning given in Section 2.1.4.


 


“Withdrawal
Notice” shall have the meaning given in Section 2.1.6.


 


ARTICLE II


 


REGISTRATIONS
AND OFFERINGS


 


2.1          Shelf
Registration.


 


2.1.1        Filing.
Within thirty (30) calendar days following the Final Closing Date, the Company shall submit to or file with the Commission a Registration
Statement for a Shelf Registration on Form F-1 (the “Form F-1 Shelf”) or a Registration Statement
for a Shelf Registration on Form F-3 (the “Form F-3 Shelf”), if the Company is then eligible to use
a Form F-3 Shelf, in each case, covering the resale of all the Registrable Securities (determined as of two (2) business days
prior to such submission or filing) on a delayed or continuous basis and shall use its commercially reasonable efforts to have such Shelf
declared effective as soon as practicable after the filing thereof, but no later than the earlier of (a) the sixtieth (60th)
calendar day (or ninetieth (90th) calendar day if the Commission notifies the Company that it will “review” the
Registration Statement) following Closing and (b) the tenth (10th) business day after the date the Company is notified (orally or
in writing, whichever is earlier) by the Commission that the Registration Statement will not be “reviewed” or will not be
subject to further review (such earlier date, the “Effectiveness Deadline”); provided, however, that if such Effectiveness
Deadlines falls on a Saturday, Sunday or other day that the SEC is closed for business, the Effectiveness Deadlines shall be extended
to the business day on which the SEC is open for business. Such Shelf shall provide for the resale of the Registrable Securities included
therein pursuant to any method or combination of methods legally available to, and requested by, any Holder named therein. The Company
shall maintain a Shelf in accordance with the terms hereof, and shall prepare and file with the Commission such amendments, including
post-effective amendments, and supplements as may be necessary to keep a Shelf continuously effective, available for use to permit the
Holders named therein to sell their Registrable Securities included therein and in compliance with the provisions of the Securities Act
until such time as there are no longer any Registrable Securities. In the event the Company files a Form F-1 Shelf, the Company shall
use its commercially reasonable efforts to convert the Form F-1 Shelf (and any Subsequent Shelf Registration Statement) to a Form F-3
Shelf as soon as practicable after the Company is eligible to use a Form F-3 Shelf. The Company’s obligation under this Section 2.1.1,
shall, for the avoidance of doubt, be subject to Section 3.4.


 






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2.1.2        Subsequent
Shelf Registration. If any Shelf ceases to be effective under the Securities Act for any reason at any time while Registrable Securities
are still outstanding, the Company shall, subject to Section 3.4, use its commercially reasonable efforts to as promptly as
is reasonably practicable cause such Shelf to again become effective under the Securities Act (including using its commercially reasonable
efforts to obtain the prompt withdrawal of any order suspending the effectiveness of such Shelf), and shall use its commercially reasonable
efforts to as promptly as is reasonably practicable amend such Shelf in a manner reasonably expected to result in the withdrawal of any
order suspending the effectiveness of such Shelf or file an additional registration statement as a Shelf Registration (a “Subsequent
Shelf Registration Statement”) registering the resale of all Registrable Securities (determined as of two (2) business
days prior to such filing). If a Subsequent Shelf Registration Statement is filed, the Company shall use its commercially reasonable efforts
to (i) cause such Subsequent Shelf Registration Statement to become effective under the Securities Act as promptly as is reasonably
practicable after the filing thereof (it being agreed that the Subsequent Shelf Registration Statement shall be an automatic shelf registration
statement (as defined in Rule 405 promulgated under the Securities Act) if the Company is a well-known seasoned issuer at the time
of filing (as defined in Rule 405 promulgated under the Securities Act) at the most recent applicable eligibility determination date)
and (ii) keep such Subsequent Shelf Registration Statement continuously effective, available for use to permit the Holders named
therein to sell their Registrable Securities included therein and in compliance with the provisions of the Securities Act until such time
as there are no longer any Registrable Securities. Any such Subsequent Shelf Registration Statement shall be on Form F-3 to the extent
that the Company is eligible to use such form at the time of filing. Otherwise, such Subsequent Shelf Registration Statement shall be
on another appropriate form. The Company’s obligation under this Section 2.1.2, shall, for the avoidance of doubt, be
subject to Section 3.4.


 


2.1.3       Additional
Registrable Securities. Subject to Section 3.4, in the event that any Holder holds Registrable Securities that are not
registered for resale on a delayed or continuous basis, the Company, upon written request of such Holder, shall promptly use its commercially
reasonable efforts to cause the resale of such Registrable Securities to be covered by either, at the Company’s option, any then
available Shelf (including by means of a post-effective amendment) or by filing a Subsequent Shelf Registration Statement and cause the
same to become effective as soon as practicable after such filing and such Shelf or Subsequent Shelf Registration Statement shall be subject
to the terms hereof; provided, however, that the Company shall only be required to cause such additional Registrable Securities
to be so covered twice per calendar year for each of the Sponsor and the Target Holders.


 


2.1.4        Requests
for Underwritten Shelf Takedowns. Subject to Section 3.4, at any time and from time to time when an effective Shelf is
on file with the Commission, the Sponsor, or a Target Holder (any of the Sponsor or a Target Holder being in such case, a “Demanding
Holder”) may request to sell all or any portion of its Registrable Securities in an Underwritten Offering that is registered
pursuant to the Shelf (each, an “Underwritten Shelf Takedown”); provided that the Company shall only
be obligated to effect an Underwritten Shelf Takedown if such offering shall include Registrable Securities proposed to be sold by the
Demanding Holder, either individually or together with other Demanding Holders, with a total offering price of at least $10 million in
the aggregate (the “Minimum Takedown Threshold”); provided that, with respect to all remaining Registrable
Securities held by the Demanding Holder no Minimum Takedown Threshold shall apply. All requests for Underwritten Shelf Takedowns shall
be made by giving written notice to the Company, which shall specify the approximate number of Registrable Securities proposed to be sold
in the Underwritten Shelf Takedown. Subject to Section 2.4.4, a majority-in-interest of the Demanding Holders shall have the
right to select the Underwriters for such offering (which shall consist of one or more reputable nationally recognized investment banks),
subject to the Company’s prior approval (which shall not be unreasonably withheld, conditioned or delayed). The Sponsor and the
Target Holders may demand not more than two (2) Underwritten Shelf Takedowns pursuant to this Section 2.1.4 within any
six (6) month period. For the avoidance of doubt, the Company shall not be required to effect an aggregate of more than four (4) Underwritten
Shelf Takedowns pursuant to this Section 2.1.4 in any twelve (12) month period. Notwithstanding anything to the contrary in
this Agreement, the Company may effect any Underwritten Offering pursuant to any then effective Registration Statement, including a Form F-3,
that is then available for such offering.


 






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2.1.5        Reduction
of Underwritten Offering. If the managing Underwriter or Underwriters in an Underwritten Shelf Takedown, in good faith, advises the
Company, the Demanding Holders and the Holders requesting piggy back rights pursuant to this Agreement with respect to such Underwritten
Shelf Takedown (the “Requesting Holders”) (if any) in writing that the dollar amount or number of Registrable
Securities that the Demanding Holders and the Requesting Holders (if any) desire to sell, taken together with all other Ordinary Shares
or other equity securities that the Company desires to sell and all other Ordinary Shares or other equity securities, if any, that have
been requested to be sold in such Underwritten Offering pursuant to separate written contractual piggy-back registration rights held by
any other stockholders, exceeds the maximum dollar amount or maximum number of equity securities that can be sold in the Underwritten
Offering without adversely affecting the proposed offering price, the timing, the distribution method, or the probability of success of
such offering (such maximum dollar amount or maximum number of such securities, as applicable, the “Maximum Number of Securities”),
then the Company shall include in such Underwritten Offering, before including any Ordinary Shares or other equity securities proposed
to be sold by Company or by other holders of Ordinary Shares or other equity securities, the Registrable Securities of (i) first,
the Demanding Holders that can be sold without exceeding the Maximum Number of Securities (pro rata based on the respective number of
Registrable Securities that each Demanding Holder has requested be included in such Underwritten Shelf Takedown and the aggregate number
of Registrable Securities that all of the Demanding Holders have requested be included in such Underwritten Shelf Takedown) and (ii) second,
to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (i), the Requesting Holders (if
any) (pro rata based on the respective number of Registrable Securities that each Requesting Holder (if any) has requested be included
in such Underwritten Shelf Takedown and the aggregate number of Registrable Securities that all of the Requesting Holders have requested
be included in such Underwritten Shelf Takedown) that can be sold without exceeding the Maximum Number of Securities.


 






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2.1.6        Withdrawal.
Prior to the filing of the applicable “red herring” prospectus or prospectus supplement used for marketing such Underwritten
Shelf Takedown, a majority-in-interest of the Demanding Holders initiating an Underwritten Shelf Takedown shall have the right to withdraw
from such Underwritten Shelf Takedown for any or no reason whatsoever upon written notification (a “Withdrawal Notice”)
to the Company and the Underwriter or Underwriters (if any) of their intention to withdraw from such Underwritten Shelf Takedown; provided
that the Sponsor or a Target Holder may elect to have the Company continue an Underwritten Shelf Takedown if the Minimum Takedown Threshold
would still be satisfied by the Registrable Securities proposed to be sold in the Underwritten Shelf Takedown by the Sponsor the Target
Holders or any of their respective Permitted Transferees, as applicable. If withdrawn, a demand for an Underwritten Shelf Takedown shall
constitute a demand for an Underwritten Shelf Takedown by the withdrawing Demanding Holder for purposes of Section 2.1.4,
unless such Demanding Holder reimburses the Company for all Registration Expenses with respect to such Underwritten Shelf Takedown (or,
if there is more than one Demanding Holder, a pro rata portion of such Registration Expenses based on the respective number of Registrable
Securities that each Demanding Holder has requested be included in such Underwritten Shelf Takedown); provided that, if the Sponsor
or a Target Holder elects to continue an Underwritten Shelf Takedown pursuant to the proviso in the immediately preceding sentence, such
Underwritten Shelf Takedown shall instead count as an Underwritten Shelf Takedown demanded by the Sponsor or such Target Holder, as applicable,
for purposes of Section 2.1.4. Following the receipt of any Withdrawal Notice, the Company shall promptly forward such Withdrawal
Notice to any other Holders that had elected to participate in such Shelf Takedown. Notwithstanding anything to the contrary in this Agreement,
the Company shall be responsible for the Registration Expenses incurred in connection with a Shelf Takedown prior to its withdrawal under
this Section 2.1.6, other than if a Demanding Holder elects to pay such Registration Expenses pursuant to clause (ii) of
the second sentence of this Section 2.1.6.


 


2.2          Piggyback
Registration.


 


2.2.1        Piggyback
Rights. Subject to Section 2.4.3, if the Company or any Holder proposes to conduct a registered offering of, or if the
Company proposes to file a Registration Statement under the Securities Act with respect to the Registration of, equity securities, or
securities or other obligations exercisable or exchangeable for, or convertible into equity securities, for its own account or for the
account of stockholders of the Company (or by the Company and by the stockholders of the Company including, without limitation, an Underwritten
Shelf Takedown pursuant to Section 2.1), other than a Registration Statement (or any registered offering with respect thereto)
(i) filed in connection with any employee stock option or other benefit plan, (ii) pursuant to a Registration Statement on Form S-4
(or similar form that relates to a transaction subject to Rule 145 under the Securities Act or any successor rule thereto),
(iii) for an offering of debt that is convertible into equity securities of the Company, (iv) for a dividend reinvestment plan,
or (v) a Block Trade or an Other Coordinated Offering (which shall be subject to Section 2.4), then the Company shall
give written notice of such proposed offering to all of the Holders of Registrable Securities as soon as practicable but not less than
ten (10) days before the anticipated filing date of such Registration Statement or, in the case of an Underwritten Offering pursuant
to a Shelf Registration, the applicable “red herring” prospectus or prospectus supplement used for marketing such offering,
which notice shall (A) describe the amount and type of securities to be included in such offering, the intended method(s) of
distribution, and the name of the proposed managing Underwriter or Underwriters, if any, in such offering, and (B) offer to all of
the Holders of Registrable Securities the opportunity to include in such registered offering such number of Registrable Securities as
such Holders may request in writing within five (5) days after receipt of such written notice (such registered offering, a “Piggyback
Registration”). Except with respect to an Underwritten Shelf Takedown under Section 2.1.4, the rights provided
under this Section 2.2.1 shall not be available to any Holder at such time as there is an effective Shelf available for the
resale of the Registrable Securities pursuant to Section 2.1. Subject to Section 2.2.2, the Company shall, in
good faith, cause such Registrable Securities to be included in such Piggyback Registration and, if applicable, shall use its commercially
reasonable efforts to cause the managing Underwriter or Underwriters of such Piggyback Registration to permit the Registrable Securities
requested by the Holders pursuant to this Section 2.2.1 to be included therein on the same terms and conditions as any similar
securities of the Company included in such registered offering and to permit the sale or other disposition of such Registrable Securities
in accordance with the intended method(s) of distribution thereof. The inclusion of any Holder’s Registrable Securities in
a Piggyback Registration shall be subject to such Holder’s agreement to enter into an underwriting agreement in customary form with
the Underwriter(s) selected for such Underwritten Offering.


 






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2.2.2      Reduction
of Piggyback Registration. If the managing Underwriter or Underwriters in an Underwritten Offering that is to be a Piggyback Registration,
in good faith, advises the Company and the Holders of Registrable Securities participating in the Piggyback Registration in writing that
the dollar amount or number of Ordinary Shares or other equity securities that the Company desires to sell, taken together with (i) Ordinary
Shares or other equity securities, if any, as to which Registration or a registered offering has been demanded pursuant to separate written
contractual arrangements with persons or entities other than the Holders of Registrable Securities hereunder, (ii) the Registrable
Securities as to which registration has been requested pursuant to Section 2.2 hereof, and (iii) Ordinary Shares or other
equity securities, if any, as to which Registration or a registered offering has been requested pursuant to separate written contractual
piggy-back registration rights of persons or entities other than the Holders of Registrable Securities hereunder, exceeds the Maximum
Number of Securities, then:


 


(a)           if
the Registration or registered offering is undertaken for the Company’s account, the Company shall include in any such Registration
or registered offering (A) first, Ordinary Shares or other equity securities that the Company desires to sell, which can be sold
without exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not been
reached under the foregoing clause (A), the Registrable Securities of Holders exercising their rights to register their Registrable
Securities pursuant to Section 2.2.1, pro rata, based on the respective number of Registrable Securities that each Holder
has requested be included in such Underwritten Offering and the aggregate number of Registrable Securities that the Holders have requested
to be included in such Underwritten Offering, which can be sold without exceeding the Maximum Number of Securities; and (C) third,
to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (A) and (B), the Ordinary
Shares or other equity securities, if any, as to which Registration or a registered offering has been requested pursuant to separate written
contractual piggy-back registration rights of persons or entities other than the Holders of Registrable Securities hereunder, which can
be sold without exceeding the Maximum Number of Securities;


 


(b)          if
the Registration or registered offering is pursuant to a demand by persons or entities other than the Holders of Registrable Securities,
then the Company shall include in any such Registration or registered offering (A) first, the Ordinary Shares or other equity securities,
if any, of such requesting persons or entities, other than the Holders of Registrable Securities, which can be sold without exceeding
the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not been reached under the
foregoing clause (A), the Registrable Securities of Holders exercising their rights to register their Registrable Securities pursuant
to Section 2.2.1, pro rata, based on the respective number of Registrable Securities that each Holder has requested be included
in such Underwritten Offering and the aggregate number of Registrable Securities that the Holders have requested to be included in such
Underwritten Offering, which can be sold without exceeding the Maximum Number of Securities; (C) third, to the extent that the Maximum
Number of Securities has not been reached under the foregoing clauses (A) and (B), the Ordinary Shares or other equity securities
that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities; and (D) fourth, to the extent
that the Maximum Number of Securities has not been reached under the foregoing clauses (A), (B) and (C), the Ordinary Shares
or other equity securities, if any, as to which Registration or a registered offering has been requested pursuant to separate written
contractual piggy-back registration rights of persons or entities other than the Holders of Registrable Securities hereunder, which can
be sold without exceeding the Maximum Number of Securities; and


 






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(c)          if
the Registration or registered offering and Underwritten Shelf Takedown is pursuant to a request by Holder(s) of Registrable Securities
pursuant to Section 2.1 hereof, then the Company shall include in any such Registration or registered offering securities
in the priority set forth in Section 2.1.5.


 


2.2.3       Piggyback
Registration Withdrawal. Any Holder of Registrable Securities (other than a Demanding Holder, whose right to withdraw from an Underwritten
Shelf Takedown, and related obligations, shall be governed by Section 2.1.6) shall have the right to withdraw from a Piggyback
Registration for any or no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters (if any) of
his, her or its intention to withdraw from such Piggyback Registration prior to the effectiveness of the Registration Statement filed
with the Commission with respect to such Piggyback Registration or, in the case of a Piggyback Registration pursuant to a Shelf Registration,
the filing of the applicable “red herring” prospectus or prospectus supplement with respect to such Piggyback Registration
used for marketing such transaction. The Company (whether on its own good faith determination or as the result of a request for withdrawal
by persons or entities pursuant to separate written contractual obligations) may withdraw a Registration Statement filed with the Commission
in connection with a Piggyback Registration (which, in no circumstance, shall include a Shelf) at any time prior to the effectiveness
of such Registration Statement. Notwithstanding anything to the contrary in this Agreement (other than Section 2.1.6), the
Company shall be responsible for the Registration Expenses incurred in connection with the Piggyback Registration prior to its withdrawal
under this Section 2.2.3.


 


2.2.4      Unlimited
Piggyback Registration Rights. For purposes of clarity, subject to Section 2.1.6, any Piggyback Registration effected
pursuant to Section 2.2 hereof shall not be counted as a demand for an Underwritten Shelf Takedown under Section 2.1.4
hereof.


 


2.3         Market
Stand-off. In connection with any Underwritten Offering of equity securities of the Company (other than a Block Trade or Other Coordinated
Offering), if requested by the managing Underwriters, each Holder that is an executive officer or director or Holder (i) in excess
of five percent (5%) of the outstanding shares (and for which it is customary for such Holder to agree to a lock-up) or (ii) who
is participating in the Underwritten Offering, agrees that it shall not Transfer any Ordinary Shares or other equity securities of the
Company (other than those included in such offering pursuant to this Agreement), without the prior written consent of the Company, during
the sixty (60)-day period (or such shorter time agreed to by the managing Underwriters) beginning on the date of pricing of such offering,
except as expressly permitted by such lock-up agreement or in the event the managing Underwriters otherwise agree by written consent.
Each such Holder agrees to execute a customary lock-up agreement in favor of the Underwriters to such effect (in each case on substantially
the same terms and conditions as all such Holders).


 






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2.4          Block
Trades; Other Coordinated Offerings.


 


2.4.1       Notwithstanding
any other provision of this Article II, but subject to Section 3.4, at any time and from time to time when an
effective Shelf is on file with the Commission, if a Demanding Holder wishes to engage in (a) an underwritten registered offering
not involving a “roadshow,” an offer commonly known as a “block trade” (a “Block Trade”),
or (b) an “at the market” or similar registered offering through a broker, sales agent or distribution agent, whether
as agent or principal (an “Other Coordinated Offering”), in each case, (x) with a total offering price
of at least $10 million in the aggregate or (y) with respect to all remaining Registrable Securities held by the Demanding
Holder, then such Demanding Holder only needs to notify the Company of the Block Trade or Other Coordinated Offering at least five (5) business
days prior to the day such offering is to commence and the Company shall use its commercially reasonable efforts to facilitate such Block
Trade or Other Coordinated Offering; provided that the Demanding Holders representing a majority of the Registrable Securities
wishing to engage in the Block Trade or Other Coordinated Offering shall use commercially reasonable efforts to work with the Company
and any Underwriters, brokers, sales agents or placement agents prior to making such request in order to facilitate preparation of the
registration statement, prospectus and other offering documentation related to the Block Trade or Other Coordinated Offering.


 


2.4.2       Prior
to the filing of the applicable “red herring” prospectus or prospectus supplement used in connection with a Block Trade or
Other Coordinated Offering, a majority-in-interest of the Demanding Holders initiating such Block Trade or Other Coordinated Offering
shall have the right to submit a Withdrawal Notice to the Company, the Underwriter or Underwriters (if any) and any brokers, sales agents
or placement agents (if any) of their intention to withdraw from such Block Trade or Other Coordinated Offering. Notwithstanding anything
to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with a Block
Trade or Other Coordinated Offering prior to its withdrawal under this Section 2.4.2.


 


2.4.3       Notwithstanding
anything to the contrary in this Agreement, Section 2.2 shall not apply to a Block Trade or Other Coordinated Offering initiated
by a Demanding Holder pursuant to this Agreement.


 


2.4.4       The
Demanding Holder in a Block Trade or Other Coordinated Offering shall have the right to select the Underwriters and any brokers, sales
agents or placement agents (if any) for such Block Trade or Other Coordinated Offering (in each case, which shall consist of one or more
reputable nationally recognized investment banks).


 


2.4.5        A
Demanding Holder in the aggregate may demand no more than (i) one (1) Block Trade pursuant to this Section 2.4 within
any six (6) month period or (ii) two (2) Block Trades or Other Coordinated Offerings pursuant to this Section 2.4
in any twelve (12) month period. For the avoidance of doubt, any Block Trade or Other Coordinated Offering effected pursuant to this Section 2.4
shall not be counted as a demand for an Underwritten Shelf Takedown pursuant to Section 2.1.4 hereof.


 






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ARTICLE III


 


COMPANY
PROCEDURES


 


3.1         General
Procedures. In connection with any Shelf and/or Shelf Takedown, the Company shall use its commercially reasonable efforts to effect
such Registration to permit the sale of such Registrable Securities in accordance with the intended plan of distribution thereof, and
pursuant thereto the Company shall:


 


3.1.1        prepare
and file with the Commission as soon as practicable a Registration Statement with respect to such Registrable Securities and use its commercially
reasonable efforts to cause such Registration Statement to become effective and remain effective until all Registrable Securities covered
by such Registration Statement are sold in accordance with the intended plan of distribution set forth in such Registration Statement
or have ceased to be Registrable Securities;


 


3.1.2        prepare
and file with the Commission such amendments and post-effective amendments to the Registration Statement, and such supplements to the
Prospectus, as may be reasonably requested by any Holder that holds at least one percent (1%) of the Registrable Securities registered
on such Registration Statement or any Underwriter of Registrable Securities or as may be required by the rules, regulations or instructions
applicable to the registration form used by the Company or by the Securities Act or rules and regulations thereunder to keep the
Registration Statement effective until all Registrable Securities covered by such Registration Statement are sold in accordance with the
intended plan of distribution set forth in such Registration Statement or supplement to the Prospectus or have ceased to be Registrable
Securities;


 


3.1.3       prior
to filing a Registration Statement or Prospectus, or any amendment or supplement thereto, furnish without charge to the Underwriters,
if any, and the Holders of Registrable Securities included in such Registration, and such Holders’ legal counsel, copies of such
Registration Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in each case including all
exhibits thereto and documents incorporated by reference therein), the Prospectus included in such Registration Statement (including each
preliminary Prospectus), and such other documents as the Underwriters and the Holders of Registrable Securities included in such Registration
or the legal counsel for any such Holders may reasonably request in order to facilitate the disposition of the Registrable Securities
owned by such Holders; provided that the Company shall have no obligation to furnish any documents publicly filed or furnished
with the Commission pursuant to the Electronic Data Gathering, Analysis and Retrieval System (“EDGAR”);


 


3.1.4       prior
to any public offering of Registrable Securities, use its commercially reasonable efforts to (i) register or qualify the Registrable
Securities covered by the Registration Statement under such securities or “blue sky” laws of such jurisdictions in the United
States as the Holders of Registrable Securities included in such Registration Statement (in light of their intended plan of distribution)
may request (or provide evidence satisfactory to such Holders that the Registrable Securities are exempt from such registration or qualification)
and (ii) take such action necessary to cause such Registrable Securities covered by the Registration Statement to be registered with
or approved by such other governmental authorities as may be necessary by virtue of the business and operations of the Company and do
any and all other acts and things that may be necessary or advisable to enable the Holders of Registrable Securities included in such
Registration Statement to consummate the disposition of such Registrable Securities in such jurisdictions; provided, however,
that the Company shall not be required to qualify generally to do business in any jurisdiction where it would not otherwise be required
to qualify or take any action to which it would be subject to general service of process or taxation in any such jurisdiction where it
is not then otherwise so subject;


 






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3.1.5        cause
all such Registrable Securities to be listed on each national securities exchange on which similar securities issued by the Company are
then listed;


 


3.1.6        provide
a transfer agent or warrant agent, as applicable, and registrar for all such Registrable Securities no later than the effective date of
such Registration Statement;


 


3.1.7        advise
each seller of such Registrable Securities, promptly after it shall receive notice or obtain knowledge thereof, of the issuance of any
stop order by the Commission suspending the effectiveness of such Registration Statement or the initiation or threatening of any proceeding
for such purpose and promptly use its commercially reasonable efforts to prevent the issuance of any stop order or to obtain its withdrawal
if such stop order should be issued;


 


3.1.8        at
least five (5) days prior to the filing of any Registration Statement or Prospectus or any amendment or supplement to such Registration
Statement or Prospectus (or such shorter period of time as may be (a) necessary in order to comply with the Securities Act, the Exchange
Act, and the rules and regulations promulgated under the Securities Act or Exchange Act, as applicable or (b) advisable in order
to reduce the number of days that sales are suspended pursuant to Section 3.4), furnish a copy thereof to each seller of such
Registrable Securities or its counsel (excluding any exhibits thereto and any filing made under the Exchange Act that is to be incorporated
by reference therein);


 


3.1.9        notify
the Holders at any time when a Prospectus relating to such Registration Statement is required to be delivered under the Securities Act,
of the happening of any event as a result of which the Prospectus included in such Registration Statement, as then in effect, includes
a Misstatement, and then to correct such Misstatement as set forth in Section 3.4;


 


3.1.10      in
the event of an Underwritten Offering, a Block Trade, an Other Coordinated Offering, or sale by a broker, placement agent or sales agent
pursuant to such Registration, in each of the following cases to the extent customary for a transaction of its type, permit a representative
of the Holders, the Underwriters or other financial institutions facilitating such Underwritten Offering, Block Trade, Other Coordinated
Offering or other sale pursuant to such Registration, if any, and any attorney, consultant or accountant retained by such Holders or Underwriter
to participate, at each such person’s or entity’s own expense, in the preparation of the Registration Statement, and cause
the Company’s officers, directors and employees to supply all information reasonably requested by any such representative, Underwriter,
financial institution, attorney, consultant or accountant in connection with the Registration; provided, however, that such
representatives, Underwriters or financial institutions agree to confidentiality arrangements in form and substance reasonably satisfactory
to the Company, prior to the release or disclosure of any such information;


 






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3.1.11           obtain
a “comfort” letter from the Company’s independent registered public accountants in the event of an Underwritten Offering,
a Block Trade, an Other Coordinated Offering or sale by a broker, placement agent or sales agent pursuant to such Registration (subject
to such broker, placement agent or sales agent providing such certification or representation reasonably requested by the Company’s
independent registered public accountants and the Company’s counsel) in customary form and covering such matters of the type customarily
covered by “cold comfort” letters for a transaction of its type as the managing Underwriter may reasonably request, and reasonably
satisfactory to a majority-in-interest of the participating Holders;


 


3.1.12            in
the event of an Underwritten Offering, a Block Trade, an Other Coordinated Offering or sale by a broker, placement agent or sales agent
pursuant to such Registration, on the date the Registrable Securities are delivered for sale pursuant to such Registration, to the extent
customary for a transaction of its type, obtain an opinion, dated such date, of counsel representing the Company for the purposes of such
Registration, addressed to the participating Holders, the broker, placement agents or sales agent, if any, and the Underwriters, if any,
covering such legal matters with respect to the Registration in respect of which such opinion is being given as the participating Holders,
broker, placement agent, sales agent or Underwriter may reasonably request and as are customarily included in such opinions and negative
assurance letters;


 


3.1.13            in
the event of any Underwritten Offering, a Block Trade, an Other Coordinated Offering or sale by a broker, placement agent or sales agent
pursuant to such Registration, enter into and perform its obligations under an underwriting or other purchase or sales agreement, in usual
and customary form, with the managing Underwriter or the broker, placement agent or sales agent of such offering or sale;


 


3.1.14            make
available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve (12)
months beginning with the first day of the Company’s first full calendar quarter after the effective date of the Registration Statement
which satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any successor rule then
in effect);


 


3.1.15            with
respect to an Underwritten Offering pursuant to Section 2.1.4, use its commercially reasonable efforts to make available senior
executives of the Company to participate in customary “road show” presentations that may be reasonably requested by the Underwriter
in such Underwritten Offering; and


 


3.1.16           otherwise,
in good faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by the participating Holders,
consistent with the terms of this Agreement, in connection with such Registration.


 


Notwithstanding the foregoing, the Company shall
not be required to provide any documents or information to an Underwriter, broker, sales agent or placement agent if such Underwriter,
broker, sales agent or placement agent has not then been named with respect to the applicable Underwritten Offering or other offering
involving a registration as an Underwriter, broker, sales agent or placement agent, as applicable.


 






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3.2          Registration
Expenses. The Registration Expenses of all Registrations shall be borne by the Company. It is acknowledged by the Holders that the
Holders shall bear all incremental selling expenses relating to the sale of Registrable Securities, such as Underwriters’ commissions
and discounts, brokerage fees, Underwriter marketing costs and, other than as set forth in the definition of “Registration Expenses,”
all reasonable fees and expenses of any legal counsel representing the Holders.


 


3.3            Requirements
for Participation in Registration Statement in Offerings. Notwithstanding anything in this Agreement to the contrary, if any Holder
does not provide the Company with its requested Holder Information, the Company may exclude such Holder’s Registrable Securities
from the applicable Registration Statement or Prospectus if the Company determines, based on the advice of counsel, that it is necessary
or advisable to include such information in the applicable Registration Statement or Prospectus and such Holder continues thereafter to
withhold such information. In addition, no person or entity may participate in any Underwritten Offering or other offering for equity
securities of the Company pursuant to a Registration initiated by the Company hereunder unless such person or entity (i) agrees to
sell such person’s or entity’s securities on the basis provided in any underwriting, sales, distribution or placement arrangements
approved by the Company and (ii) completes and executes all customary questionnaires, powers of attorney, indemnities, lock-up agreements,
underwriting or other agreements and other customary documents as may be reasonably required under the terms of such underwriting, sales,
distribution or placement arrangements. For the avoidance of doubt, the exclusion of a Holder’s Registrable Securities as a result
of this Section 3.3 shall not affect the registration of the other Registrable Securities to be included in such Registration.


 


3.4           Suspension
of Sales; Adverse Disclosure; Restrictions on Registration Rights.


 


3.4.1            Upon
receipt of written notice from the Company that: (a) a Registration Statement or Prospectus contains a Misstatement; (b) any
request by the Commission for any amendment or supplement to any Registration Statement or Prospectus or for additional information or
of the occurrence of an event requiring the preparation of a supplement or amendment to such Prospectus so that, as thereafter delivered
to the purchasers of the securities covered by such Registration Statement or Prospectus, such Registration Statement or Prospectus will
not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make
the statements therein not misleading; or (c) upon any suspension by the Company, pursuant to a written insider trading compliance
program adopted by the Board, of the ability of all “insiders” covered by such program to transact in the Company’s
securities because of the existence of material non-public information, each of the Holders shall forthwith discontinue disposition of
Registrable Securities pursuant to such Registration Statement covering such Registrable Securities until (x) in the case of (a) or
(b), it has received copies of a supplemented or amended Prospectus (it being understood that the Company hereby covenants to prepare
and file such supplement or amendment as soon as reasonably practicable after the time of such notice), or until it is advised in writing
by the Company that the use of the Prospectus may be resumed, or (y) in the case of (c), until the restriction on the ability of
 “insiders” to transact in the Company’s securities is removed, and, if so directed by the Company, each such Holder
will deliver to the Company all copies, other than permanent file copies then in such Holder’s possession, of the most recent Prospectus
covering such Registrable Securities at the time of receipt of such notice.


 






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3.4.2            Subject
to Section 3.4.4, if the filing, initial effectiveness or continued use of a Registration Statement in respect of any Registration
at any time would (a) require the Company to make an Adverse Disclosure, (b) require the inclusion in such Registration Statement
of financial statements that are unavailable to the Company for reasons beyond the Company’s control, or (c) in the good faith
judgment of the majority of the Board such Registration, be detrimental to the Company and the majority of the Board concludes as a result
that it is advisable to defer such filing, initial effectiveness or continued use at such time, the Company may, upon giving prompt written
notice of such action to the Holders (which notice shall not specify the nature of the event giving rise to such delay or suspension),
delay the filing or initial effectiveness of, or suspend use of, such Registration Statement for the shortest period of time determined
in good faith by the Company to be necessary for such purpose. In the event the Company exercises its rights under this Section 3.4.2,
the Holders agree to suspend, immediately upon their receipt of the notice referred to above, their use of the Prospectus relating to
any Registration in connection with any sale or offer to sell Registrable Securities until such Holder receives written notice from the
Company that such sales or offers of Registrable Securities may be resumed, and in each case maintain the confidentiality of such notice
and its contents.


 


3.4.3            Subject
to Section 3.4.4, (a) during the period starting with the date sixty (60) days prior to the Company’s good faith
estimate of the date of the filing of, and ending on a date one hundred and twenty (120) days after the effective date of, a Company-initiated
Registration and provided that the Company continues to actively employ, in good faith, all commercially reasonable efforts to maintain
the effectiveness of the applicable Shelf Registration, or (b) if, pursuant to Section 2.1.4, Holders have
requested an Underwritten Shelf Takedown and the Company and Holders are unable to obtain the commitment of underwriters to firmly underwrite
such offering, the Company may, upon giving prompt written notice of such action to the Holders, delay any other registered offering pursuant
to Section 2.1.4 or 2.4.


 


3.4.4            The
right to delay or suspend any filing, initial effectiveness or continued use of a Registration Statement pursuant to Section 3.4.2
or a registered offering pursuant to Section 3.4.3 shall be exercised by the Company, in the aggregate, for not more than
sixty (60) consecutive calendar days and not more than twice for not more than one hundred and twenty (120) total calendar days, during
any twelve (12)-month period.


 


3.5         Reporting
Obligations. As long as any Holder shall own Registrable Securities, the Company, at all times while it shall be a reporting company
under the Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable grace period)
all reports required to be filed by the Company after the date hereof pursuant to Sections 13(a) or 15(d) of the Exchange Act
and to promptly furnish the Holders with true and complete copies of all such filings; provided that any documents publicly filed
or furnished with the Commission pursuant to EDGAR shall be deemed to have been furnished or delivered to the Holders pursuant to this
Section 3.5. The Company further covenants that it shall take such further action as any Holder may reasonably request, all
to the extent required from time to time to enable such Holder to sell shares of Ordinary Shares held by such Holder without registration
under the Securities Act within the limitation of the exemptions provided by Rule 144 promulgated under the Securities Act (or any
successor rule then in effect). Upon the request of any Holder, the Company shall deliver to such Holder a written certification
of a duly authorized officer as to whether it has complied with such requirements.


 






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ARTICLE IV


 


INDEMNIFICATION
AND CONTRIBUTION


  


4.1           Indemnification.


 


4.1.1            The
Company agrees to indemnify, to the extent permitted by law, each Holder of Registrable Securities, its officers, directors and agents
and each person or entity who controls such Holder (within the meaning of the Securities Act), against all losses, claims, damages, liabilities
and out-of-pocket expenses (including, without limitation, reasonable and documented outside attorneys’ fees) resulting from any
untrue or alleged untrue statement of material fact contained in or incorporated by reference in any Registration Statement, Prospectus
or preliminary Prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required
to be stated therein or necessary to make the statements therein not misleading, except insofar as the same are caused by or contained
in any information or affidavit so furnished in writing to the Company by such Holder expressly for use therein. The Company shall indemnify
the Underwriters, their officers and directors and each person or entity who controls such Underwriters (within the meaning of the Securities
Act) to the same extent as provided in the foregoing with respect to the indemnification of the Holder.


 


4.1.2            In
connection with any Registration Statement in which a Holder of Registrable Securities is participating, such Holder shall furnish (or
cause to be furnished) to the Company in writing such information and affidavits as the Company reasonably requests for use in connection
with any such Registration Statement or Prospectus (the “Holder Information”) and, to the extent permitted by
law, shall indemnify the Company, its directors, officers and agents and each person or entity who controls the Company (within the meaning
of the Securities Act) against all losses, claims, damages, liabilities and out-of-pocket expenses (including, without limitation, reasonable
and documented outside attorneys’ fees) resulting from any untrue or alleged untrue statement of material fact contained or incorporated
by reference in any Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any
omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading,
but only to the extent that such untrue statement is contained in (or not contained in, in the case of an omission) any information or
affidavit so furnished in writing by or on behalf of such Holder expressly for use therein; provided, however, that the
obligation to indemnify shall be several, not joint and several, among such Holders of Registrable Securities, and the liability of each
such Holder of Registrable Securities shall be in proportion to and limited to the net proceeds received by such Holder from the sale
of Registrable Securities pursuant to such Registration Statement. The Holders of Registrable Securities shall indemnify the Underwriters,
their officers, directors and each person or entity who controls such Underwriters (within the meaning of the Securities Act) to the same
extent as provided in the foregoing with respect to indemnification of the Company.


 


4.1.3            Any
person or entity entitled to indemnification herein shall (i) give prompt written notice to the indemnifying party of any claim with
respect to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any person’s or entity’s
right to indemnification hereunder to the extent such failure has not materially prejudiced the indemnifying party) and (ii) unless
in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist
with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to
the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement made
by the indemnified party without its consent (but such consent shall not be unreasonably withheld). An indemnifying party who is not entitled
to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel for all
parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party
a conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect to such claim.
No indemnifying party shall, without the consent of the indemnified party, consent to the entry of any judgment or enter into any settlement
which cannot be settled in all respects by the payment of money (and such money is so paid by the indemnifying party pursuant to the terms
of such settlement) or which settlement includes a statement or admission of fault and culpability on the part of such indemnified party
or which settlement does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party
of a release from all liability in respect to such claim or litigation.


 






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4.1.4            The
indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made by or on
behalf of the indemnified party or any officer, director or controlling person or entity of such indemnified party and shall survive the
transfer of securities. The Company and each Holder of Registrable Securities participating in an offering also agrees to make such provisions
as are reasonably requested by any indemnified party for contribution to such party in the event the Company’s or such Holder’s
indemnification is unavailable for any reason.


 


4.1.5            If
the indemnification provided under Section 4.1 from the indemnifying party is unavailable or insufficient to hold harmless
an indemnified party in respect of any losses, claims, damages, liabilities and out-of-pocket expenses referred to herein, then the indemnifying
party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified party as a result
of such losses, claims, damages, liabilities and out-of-pocket expenses in such proportion as is appropriate to reflect the relative fault
of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations. The relative fault of the
indemnifying party and indemnified party shall be determined by reference to, among other things, whether any action in question, including
any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, was made by (or not
made by, in the case of an omission), or relates to information supplied by (or not supplied by in the case of an omission), such indemnifying
party or indemnified party, and the indemnifying party’s and indemnified party’s relative intent, knowledge, access to information
and opportunity to correct or prevent such action; provided, however, that the liability of any Holder under this Section 4.1.5
shall be limited to the amount of the net proceeds received by such Holder in such offering giving rise to such liability. The amount
paid or payable by a party as a result of the losses or other liabilities referred to above shall be deemed to include, subject to the
limitations set forth in Sections 4.1.1, 4.1.2 and 4.1.3 above, any legal or other fees, charges or out-of-pocket
expenses reasonably incurred by such party in connection with any investigation or proceeding. The parties hereto agree that it would
not be just and equitable if contribution pursuant to this Section 4.1.5 were determined by pro rata allocation or by any
other method of allocation, which does not take account of the equitable considerations referred to in this Section 4.1.5.
No person or entity guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall
be entitled to contribution pursuant to this Section 4.1.5 from any person or entity who was not guilty of such fraudulent
misrepresentation.


 






    20


     


    

 


ARTICLE V


 


LOCK-UP


 


5.1           Lock-Up.
Subject to Section 5.2 and Section 5.3, each Lock-up Party agrees that it shall not Transfer any Lock-up Shares
prior to the end of, in respect of such Lock-up Party, the applicable Lock-up Period (the “Lock-up”).


 


5.2           Permitted
Transferees.


 


5.2.1            Notwithstanding
the provisions set forth in Section 5.1, each Lock-up Party may Transfer the Lock-up Shares during the Lock-up Period (a) to
(i) the Company’s officers or directors, (ii) any affiliates or family members of the Company’s officers or directors,
(iii) any Target Holder Affiliate, (iv) any direct or indirect partners, members or equity holders of such Lock-up Party, or
any related investment funds or vehicles controlled or managed by such persons or entities or their respective affiliates, or (v) any
other Lock-up Party or any direct or indirect partners, members or equity holders of such other Lock-up Party, any affiliates of such
other Lock-up Party or any related investment funds or vehicles controlled or managed by such persons or entities or their respective
affiliates, (b) in the case of an individual, by gift to a member of the individual’s immediate family or to a trust, the beneficiary
of which is a member of the individual’s immediate family or an affiliate of such person or entity, or to a charitable organization,
(c) in the case of an individual, by virtue of laws of descent and distribution upon death of the individual, (d) in the case
of an individual, pursuant to a qualified domestic relations order, (e) in the case of a trust, by distribution to one or more of
the permissible beneficiaries of such trust, (f) to the partners, members or equity holders of such Lock-up Party by virtue of the
Lock-up Party’s organizational documents, as amended, upon dissolution of the Lock-up Party, (g) in connection with any bona
fide mortgage, encumbrance or pledge to a financial institution in connection with any bona fide loan or debt transaction or enforcement
thereunder, (h) to the Company, or (i) in connection with a liquidation, merger, stock exchange, reorganization, tender offer
approved by the Board or a duly authorized committee thereof or other similar transaction which results in all of the Company’s
stockholders having the right to exchange their Ordinary Shares for cash, securities or other property subsequent to the Final Closing
Date. The parties acknowledge and agree that any Permitted Transferee of a Lock-up Party shall be subject to the transfer restrictions
set forth in this ARTICLE V with respect to the Lock-Up Shares upon and after acquiring such Lock-Up Shares.


 


5.3            Except
as otherwise agreed to by the Company and the Sponsor, if any Lock-up Party is granted a release or waiver from the Lock-up provided in
this Article V (such party a “Triggering Holder”), then each other Lock-up Party shall also be granted
an early release from its obligations hereunder or under any contractual lock-up agreement with the Company on the same terms and on a
pro-rata basis with respect to such number of Lock-up Shares rounded down to the nearest whole security equal to the product of (i) the
total percentage of Lock-up Shares held by the Triggering Holder immediately following the Closing that are being released from the Lock-up
agreement multiplied by (ii) the total number of Lock-up Shares held by such other Lock-up Party immediately following the Closing
..


 






    21


     


    

 


5.4           For
the purposes of this Agreement:


 


“Control”
means, in relation to any Person, (i) direct, indirect or beneficial ownership of the majority of the voting rights and/or capital
interests in such Person, (ii) the power, directly or indirectly, to designate, nominate or remove more than half of the members
of the board of directors, management board, supervisory board or similar corporate body of such Person, and/or (iii) the power,
directly or indirectly, whether by contract or otherwise, to direct or cause the direction of the management, the affairs, the policies
and/or investment decisions of such Person and the terms “Controlled” and “Controlling” have meanings correlative
thereto.


 


“Person”
means an individual, partnership, corporation, limited liability company, joint stock company, unincorporated organization or association,
trust, joint venture, investment fund, foundation or other similar entity, whether or not a legal entity.


 


“Target
Holder Affiliate” means any Person who directly or indirectly, through one or more intermediaries, Controls, is Controlled
by, or is under common Control with, the Target Holder, or in case of an investment fund, its investment manager and/or advisor or an
investment fund that is managed and/or advised by an entity that is under common Control with one of the foregoing.


 


ARTICLE VI


 


MISCELLANEOUS


 


6.1           Notices.
Any notice or communication under this Agreement must be in writing and given by (i) recorded mail, addressed to the party to be
notified, postage prepaid and registered or certified with return receipt requested, (ii) delivery in person or by courier service
providing evidence of delivery, or (iii) transmission by hand delivery, or electronic mail. Each notice or communication that is
mailed, delivered, or transmitted in the manner described above shall be deemed sufficiently given, served, sent, and received, in the
case of mailed notices, on the third business day following the date on which it is mailed and, in the case of notices delivered by courier
service, hand delivery or electronic mail, at such time as it is delivered to the addressee (with the delivery receipt or the affidavit
of messenger) or at such time as delivery is refused by the addressee upon presentation. Any notice or communication under this Agreement
until completion of closing of the transaction contemplated by the Business Combination Agreement must be addressed, if to the Company,
to: Rhijnspoorplein 10, 1018TX Amsterdam, the Netherlands, Attention: Sam Kiran Gabbita or by email: sam.gabbita@qellpartners.com, and,
after completion of closing of the transaction contemplated by the Business Combination Agreement must be addressed, if to the Company,
to: Lilium N.V., Claude-Dornier Str. 1, Bldg. 335, 82234 Wessling, Germany, Office of the Chief Financial Officer, Attention: Michael
Andersen, or email: michael.andersen@lilium.com, and, if to any Holder, at such Holder’s address, electronic mail address as set
forth in the Company’s books and records. Any party may change its address for notice at any time and from time to time by written
notice to the other parties hereto, and such change of address shall become effective thirty (30) days after delivery of such notice as
provided in this Section 6.1.


 






    22


     


    

 


6.2           Assignment;
No Third Party Beneficiaries.


 


6.2.1           This
Agreement and the rights, duties and obligations of the Company hereunder may not be assigned or delegated by the Company in whole or
in part.


 


6.2.2            Subject
to Section 6.2.4 and Section 6.2.5, this Agreement and the rights, duties and obligations of a Holder hereunder
may be assigned in whole or in part to such Holder’s Permitted Transferees to which it transfers Registrable Securities; provided
that with respect to the Sponsor and the Target Holders, the rights hereunder that are personal to such Holders may not be assigned or
delegated in whole or in part, except that (i) the Sponsor shall be permitted to transfer its rights hereunder as the Sponsor to
one or more affiliates or any direct or indirect partners, members or equity holders of the Sponsor (including Sponsor Members), which,
for the avoidance of doubt, shall include a transfer of its rights in connection with a distribution of any Registrable Securities held
by Sponsor to Sponsor Members (it being understood that no such transfer shall reduce or multiply any rights of the Sponsor or such transferees),
and (ii) each of the Target Holders shall be permitted to transfer its rights hereunder as the Target Holders to one or more Target
Holder Affiliates or any direct or indirect partners, members or equity holders of such Target Holder (it being understood that no such
transfer shall reduce or multiply any rights of such Target Holder or such transferees) . Upon a transfer by the Sponsor pursuant
to subsection (i) to Sponsor Members, the rights that are personal to the Sponsor shall be exercised by the Sponsor Members only
with the consent of the Sponsor’s board of managers in accordance with the Sponsor’s operating agreement.


 


6.2.3            This
Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties and its successors and
the permitted assigns of the Holders, which shall include Permitted Transferees.


 


6.2.4           This
Agreement shall not confer any rights or benefits on any persons or entities that are not parties hereto, other than as expressly set
forth in this Agreement and Section 6.2.


 


6.2.5           No
assignment by any party hereto of such party’s rights, duties and obligations hereunder shall be binding upon or obligate the Company
unless and until the Company shall have received (i) written notice of such assignment as provided in Section 6.1 hereof
and (ii) the written agreement of the assignee, in a form reasonably satisfactory to the Company, to be bound by the terms and provisions
of this Agreement (which may be accomplished by an addendum or certificate of joinder to this Agreement, including the joinder in the
form of Exhibit A attached hereto). Any transfer or assignment made other than as provided in this Section 6.2
shall be null and void.


 


6.3           Counterparts.
This Agreement may be executed in multiple counterparts (including PDF counterparts), each of which shall be deemed an original, and all
of which together shall constitute the same instrument, but only one of which need be produced.


 






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6.4           Governing
Law; Venue. NOTWITHSTANDING THE PLACE WHERE THIS AGREEMENT MAY BE EXECUTED BY ANY OF THE PARTIES HERETO, THE PARTIES EXPRESSLY
AGREE THAT (1) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE OF NEW YORK AND (2) THE VENUE FOR
ANY ACTION TAKEN WITH RESPECT TO THIS AGREEMENT SHALL BE ANY STATE OR FEDERAL COURT IN NEW YORK COUNTY IN THE STATE OF NEW YORK


 


6.5           Waiver
of Jury Trial. THE PARTIES EACH HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND,
ACTION OR CAUSE OF ACTION (I) ARISING UNDER THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, IN EACH CASE, WHETHER NOW
EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY, OR OTHERWISE. THE PARTIES EACH HEREBY AGREES AND CONSENTS THAT ANY
SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND THAT THE PARTIES MAY FILE AN ORIGINAL
COUNTERPART OF A COPY OF THIS AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF
THEIR RIGHT TO TRIAL BY JURY. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (a) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY
HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING
WAIVER, (b) EACH SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (c) EACH SUCH PARTY MAKES THIS WAIVER
VOLUNTARILY AND (d) EACH SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION 6.5.


 


6.6           Arbitration.
Each of the parties irrevocably and unconditionally agrees that any proceeding based upon, arising out of or related to this Agreement
or any of the transactions contemplated hereby (each, a “Related Proceeding”) shall be finally settled by binding arbitration
in accordance with the Rules of Arbitration of the International Chamber of Commerce by three arbitrators. Any Related Proceeding
shall be decided by a panel of three (3) arbitrators seated in New York, New York. Each arbitrator must be (a) an attorney with
significant experience in negotiating complex commercial transactions, or a judge seated on, or retired from, a U.S. federal court sitting
in the Southern District of New York and (b) neutral and independent of each Party. The parties agree, pursuant to Article 30(2)(b) of
the Rules of Arbitration of the International Chamber of Commerce, that the Expedited Procedure Rules shall apply irrespective
of the amount in dispute. The arbitrators may enter a default decision against any Party who fails to participate in the arbitration proceedings
with respect to any Related Proceeding. The language of the proceeding shall be English. The decision of the arbitrators on the points
in dispute will be final, unappealable and binding, and judgment on the award may be entered in any court having jurisdiction thereof.
The parties and the arbitrators will keep confidential, and will not disclose to any person, except the parties’ respective representatives
(who shall keep any such information confidential as provided in this sentence), or as may be required by applicable Law or any order
of a governmental entity of competent jurisdiction, the existence of any Related Proceeding under this Section 6.6, the referral
of any such Related Proceeding to arbitration or the status or resolution thereof. The initiation of any Related Proceeding pursuant to
this Section 6.6 will toll the applicable statute of limitations for the duration of any such Related Proceeding.


 






    24


     


    

 


6.7           Amendments
and Modifications. Upon the written consent of (a) the Company and (b) the Holders of a majority of the total Registrable
Securities, compliance with any of the provisions, covenants and conditions set forth in this Agreement may be waived, or any of such
provisions, covenants or conditions may be amended or modified; provided, however, that notwithstanding the foregoing, any
amendment hereto or waiver hereof shall also require the written consent of the Sponsor so long as the Sponsor and its affiliates hold,
in the aggregate, at least one percent (1%) of the outstanding Ordinary Shares; provided, further, that notwithstanding
the foregoing, any amendment hereto or waiver hereof shall also require the written consent of each Target Holder so long as such Target
Holder and its respective Target Holder Affiliates hold, in the aggregate, at least one percent (1%) of the outstanding Ordinary Shares;
and provided, further, that any amendment hereto or waiver hereof that adversely affects one Holder, solely in its capacity
as a holder of the shares of capital stock of the Company, in a manner that is materially different from the other Holders (in such capacity)
shall require the consent of the Holder so affected. No course of dealing between any Holder or the Company and any other party hereto
or any failure or delay on the part of a Holder or the Company in exercising any rights or remedies under this Agreement shall operate
as a waiver of any rights or remedies of any Holder or the Company. No single or partial exercise of any rights or remedies under this
Agreement by a party shall operate as a waiver or preclude the exercise of any other rights or remedies hereunder or thereunder by such
party.


 


6.8           Other
Registration Rights. Other than the certain Holders and third-party investor stockholders who each have registration rights pursuant
to (i) their respective Subscription Agreements and (ii) as provided in the Warrant Agreement, dated as of 29 September 2020,
between the Company and Continental Stock Transfer & Trust Company, the Company represents and warrants that no person or entity,
other than a Holder of Registrable Securities, has any right to require the Company to register any securities of the Company for sale
or to include such securities of the Company in any Registration Statement filed by the Company for the sale of securities for its own
account or for the account of any other person or entity. The Company hereby agrees and covenants that it will not grant rights to register
any Ordinary Shares (or securities convertible into or exchangeable for Ordinary Shares) pursuant to the Securities Act that are more
favorable, pari passu or senior to those granted to the Holders hereunder without (a) the prior written consent of (i) the Sponsor,
for so long as the Sponsor and its affiliates hold, in the aggregate, Registrable Securities representing at least one percent (1%) of
the outstanding Ordinary Shares, and (ii) a Target Holder, for so long as such Target Holder and Target Holder Affiliates hold, in
the aggregate, Registrable Securities representing at least one percent (1%) of the outstanding Ordinary Shares, or (b) granting
economically and legally equivalent rights to the Holders hereunder such that the Holders shall receive the benefit of such more favorable
or senior terms and/or conditions. Further, the Company represents and warrants that this Agreement supersedes any other registration
rights agreement or agreement with similar terms and conditions and in the event of a conflict between any such agreement or agreements
and this Agreement, the terms of this Agreement shall prevail.


 






    25


     


    

 


6.9           Term.
This Agreement shall terminate with respect to any Holder, on the date that such Holder no longer holds any Registrable Securities. The
provisions of Section 3.5 and Article IV shall survive any termination.


  


6.10         Holder
Information. Each Holder agrees, if requested in writing, to represent to the Company the total number of Registrable Securities held
by such Holder in order for the Company to make determinations hereunder.


 


6.11         Additional
Holders; Joinder. In addition to persons or entities who may become Holders pursuant to Section 6.2 hereof, subject to
the prior written consent of each of the Sponsor (so long as the Sponsor and its affiliates hold, in the aggregate, Registrable Securities
representing at least one percent (1%) of the outstanding Ordinary Shares) and each Target Holder (in each case, so long as such Target
Holder and Target Holder Affiliates hold, in the aggregate, Registrable Securities representing at least one percent (1%) of the outstanding
Ordinary Shares), the Company may make any person or entity who acquires Ordinary Shares or rights to acquire Ordinary Shares after the
date hereof a party to this Agreement (each such person or entity, an “Additional Holder”) by obtaining an executed
joinder to this Agreement from such Additional Holder in the form of Exhibit A attached hereto (a “Joinder”).
Such Joinder shall specify the rights and obligations of the applicable Additional Holder under this Agreement. Upon the execution and
delivery and subject to the terms of a Joinder by such Additional Holder, the Ordinary Shares then owned, or underlying any rights then
owned, by such Additional Holder (the “Additional Holder Ordinary Shares”) shall be Registrable Securities to
the extent provided herein and therein and such Additional Holder shall be a Holder under this Agreement with respect to such Additional
Holder Ordinary Shares.


 


6.12         Severability.
It is the desire and intent of the parties that the provisions of this Agreement be enforced to the fullest extent permissible under the
laws and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, if any particular provision of this
Agreement shall be adjudicated by a court of competent jurisdiction to be invalid, prohibited or unenforceable for any reason, such provision,
as to such jurisdiction, shall be ineffective, without invalidating the remaining provisions of this Agreement or affecting the validity
or enforceability of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction. Notwithstanding
the foregoing, if such provision could be more narrowly drawn so as not to be invalid, prohibited or unenforceable in such jurisdiction,
it shall, as to such jurisdiction, be so narrowly drawn, without invalidating the remaining provisions of this Agreement or affecting
the validity or enforceability of such provision in any other jurisdiction.


 


6.13         Entire
Agreement. This Agreement constitutes the full and entire agreement and understanding between the parties with respect to the subject
matter hereof and supersedes all prior agreements and understandings relating to such subject matter. Upon the Closing, the Original RRA
shall no longer be of any force or effect.


 






    26


     


    

 


6.14         Adjustments.
If, and as often as, there are any changes in the Registrable Securities by way of stock split, stock dividend, combination or reclassification,
or through merger, consolidation, reorganization, recapitalization or sale, or by any other means, appropriate adjustment shall be made
in the provisions of this Agreement, as may be required, so that the rights, privileges, duties and obligations hereunder shall continue
with respect to the Registrable Securities as so changed.


  


[SIGNATURE PAGES FOLLOW]


 






    27


     


    

 



 


IN WITNESS WHEREOF, the undersigned
have caused this Agreement to be executed as of the date first written above.


 


	 	COMPANY:
	 	 
	 	Lilium N.V. 

    a Netherlands public limited liability company
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:




 


[Signature
Page to Registration Rights Agreement]


 






     


     


    







 


	 	SPONSOR
	 	 
	 	Qell Partners LLC
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:




 


[Signature Page to Registration Rights Agreement]


 






     


     


    







 


	 	HOLDERS:
	 	 
	 	Tencent Mobility (Luxembourg)
    S.à r.l
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:




 


[Signature Page to Registration Rights Agreement]


 






     


     


    







 


	 	Matthias Meiner
	 	 
	 	 
	 	By:	 
	 	 	Name: Dr. Christoph Rödter
	 	 	Title: Authorized Signatory (under power of attorney)
	 	 
	 	Sebastian Born
	 	 
	 	 
	 	By:	 
	 	 	Name: Dr. Christoph Rödter
	 	 	Title: Authorized Signatory (under power of attorney)
	 	 
	 	Patrick Nathen
	 	 
	 	 
	 	By:	 
	 	 	Name: Dr. Christoph Rödter
	 	 	Title: Authorized Signatory (under power of attorney)
	 	 
	 	Daniel Wiegand
	 	 
	 	 
	 	By:	 
	 	 	Name:Dr. Christoph Rödter
	 	 	Title: Authorized Signatory (under power of attorney)




 


[Signature Page to Registration Rights Agreement]


 






     


     


    

 


	 	LGT Global Invest Limited
	 	 
	 	 
	 	By:	 
	 	 	Name: Dr. Christoph Rödter
	 	 	Title: Authorized Signatory (under power of attorney)
	 	 
	 	Lightrock Growth Fund I S.A.,
    SICAV-RAIF (f/k/a Lightstone Fund S.A.)
	 	 
	 	 
	 	By:	 
	 	 	Name: Dr. Christoph Rödter
	 	 	Title: Authorized Signatory (under power of attorney)
	 	 
	 	Atomico IV L.P.
	 	 
	 	 
	 	By:	 
	 	 	Name: Dr. Christoph Rödter
	 	 	Title: Authorized Signatory (under power of attorney)
	 	 
	 	Atomico IV (Guernsey) L.P.
	 	 
	 	 
	 	By:	 
	 	 	Name: Dr. Christoph Rödter
	 	 	Title: Authorized Signatory (under power of attorney)




 


[Signature Page to Registration Rights Agreement]


 






     


     


    

 



 


	 	e42 II GmbH
	 	 
	 	 
	 	By:	 	 
	 	 	Name:	Dr. Christoph Rödter
	 	 	Title:	Authorized Signatory (under power of attorney)
	 	 	 	 
	 	 	 	 
	 	Alexander Makram George Asseily
	 	 
	 	 
	 	By:	 	 
	 	 	Name:	Dr. Christoph Rödter
	 	 	Title:	Authorized Signatory (under power of attorney)
	 	 	 	 
	 	 	 	 
	 	Obvious Ventures II L.P.
	 	 
	 	 
	 	By:	 	 
	 	 	Name:	Dr. Christoph Rödter
	 	 	Title:	Authorized Signatory (under power of attorney)
	 	 	 	 
	 	 	 	 
	 	Scottish Mortgage Investment Trust PLC
	 	 
	 	 
	 	By:	 	 
	 	 	Name:	Dr. Christoph Rödter
	 	 	Title:	Authorized Signatory (under power of attorney)



 


[Signature
Page to Registration Rights Agreement]


 







     


     


    

 


	 	Lilium Beteiligungs UG (haftungsbeschränkt) & Co.KG
	 	 
	 	 
	 	By:	 	 
	 	 	Name:	Dr. Christoph Rödter
	 	 	Title:	Authorized Signatory (under power of attorney)
	 	 	 	 
	 	 	 	 
	 	Stichting Evtol Investment
	 	 
	 	 
	 	By:	 	 
	 	 	Name:	Dr. Christoph Rödter
	 	 	Title:	Authorized Signatory (under power of attorney)



 


[Signature
Page to Registration Rights Agreement]


 






     


     


    

 


Schedule 1


 


Target Holders







 






     


     


    

 


Exhibit A


 


REGISTRATION RIGHTS AGREEMENT JOINDER


 


The
undersigned is executing and delivering this joinder (this “Joinder”) pursuant to the Registration Rights
Agreement, dated as of [●], 2021 (as the same may hereafter be amended, the “Registration Rights Agreement”),
among Lilium N.V., a Netherlands public limited liability company (the “Company”), and the other persons or
entities named as parties therein. Capitalized terms used but not otherwise defined herein shall have the meanings provided in the Registration
Rights Agreement.


 


By executing and delivering
this Joinder to the Company, and upon acceptance hereof by the Company upon the execution of a counterpart hereof, the undersigned hereby
agrees to become a party to, to be bound by, and to comply with the Registration Rights Agreement as a Holder of Registrable Securities
in the same manner as if the undersigned were an original signatory to the Registration Rights Agreement, and the undersigned’s
Ordinary Shares shall be included as Registrable Securities under the Registration Rights Agreement to the extent provided therein.


 


Accordingly, the undersigned
has executed and delivered this Joinder as of the __________ day of __________, 20__.


 


	 	 
	 	Signature of Stockholder
	 	 
	 	 
	 	Print Name of Stockholder
	 	Its:
	 	 
	 	Address :	 
	 	 
	 	 



 


	Agreed and Accepted as of	 
	____________, 20__	 
	 	 
	Lilium N.V.	 
	 	 



 


	By:	 	 
	Name:	 
	Its: