Document:

Debt Settlement Agreement

  THE SECURITIES OFFERED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “SECURITIES ACT”), AND ARE PROPOSED TO BE ISSUED IN RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT PROVIDED BY REGULATION S PROMULGATED UNDER THE SECURITIES ACT. UPON ANY SALE, SUCH SECURITIES MAY NOT BE REOFFERED FOR SALE OR RESOLD OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO U.S. PERSONS EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S, PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS UNDER THE SECURITIES ACT AND IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS.  HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE SECURITIES ACT.
  
  
 DEBT SETTLEMENT AGREEMENT
  
 THIS AGREEMENT is made effective as of the 30 day of August, 2021.
  
 BETWEEN:
 IAN GEORGE THOMPSON, with an address of
 448 Wordsworth Street
 Ferndale, Michigan 48220. USA
 (the “Creditor”)
 OF THE FIRST PART
  
 AND:
 DUESENBERG TECHNOLOGIES INC., a British Columbia company with a corporate office at Suite 810, 789 West Pender Street, Vancouver, British Columbia, V6C 1H2
 (the “Company”)
 OF THE SECOND PART
  
 WHEREAS:
  
 A.As of the date of this Agreement, the Company was indebted to the Creditor in the amount of the Indebtedness for services provided by the Creditor; and 
  
 B.The Creditor and the Company have agreed to settle the Indebtedness by issuance to the Creditor of common shares of the Company at a price of USD$0.38 per share on the terms and conditions set out herein, 
  
  
 THE PARTIES HEREBY AGREE AS FOLLOWS:
  
 1.DEFINITIONS 
  
 1.1The following terms will have the following meanings for all purposes of this Agreement. 
  
 (a)“Agreement” means this Debt Settlement Agreement, and all schedules and amendments to in the Agreement; 
  
 (b)“Exchange Act” means the United States Securities Exchange Act of 1934, as amended; 
  
 (c)“Indebtedness” means the indebtedness of the Company to the Creditor in the amount of USD$50,322.58; 
 
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(d)“MI 51-105” means Multilateral Instrument 51-105 – Issuers Quoted in the U.S. Over-the-Counter Markets of the Canadian Securities Administrators, as amended; 
  
 (e)“NI 45-106” means National Instrument 45-106 – Prospectus and Registration Exemptions of the Canadian Securities Administrators, as amended; 
  
 (f)“Offered Securities” means the Shares; 
  
 (g)“Offering” means the offering of the Offered Securities being made by the Company pursuant to this Agreement; 
  
 (h)“Purchase Price” means the purchase price payable by the Creditor to the Company in consideration for the purchase and sale of the Shares in accordance with Section 2.1 of this Agreement; 
  
 (i)“SEC” means the United States Securities and Exchange Commission; 
  
 (j)“Securities Act” means the United States Securities Act of 1933, as amended; 
  
 (k)“Shares” means common shares of the Company. 
  
 1.2All dollar amounts referred to in this agreement are in United States funds, unless expressly stated otherwise. 
  
  
 2.PURCHASE AND SALE OF SHARES 
  
 2.1Subject to the terms and conditions of this Agreement, the Creditor hereby subscribes for and agrees to purchase from the Company 132,428 Shares at a price equal to USD$0.38 per Share (the “Purchase Price”).  Upon execution, the subscription by the Creditor for the Shares will be irrevocable. 
  
 2.2Notwithstanding any other provision of this Agreement, the Company’s obligation to issue Shares to the Creditor under the terms of this Agreement is conditional upon the Offering and the sale of the Shares to the Creditor complying with all securities laws and other applicable laws of the jurisdiction in which the Creditor is resident.  The Creditor agrees to deliver to the Company all other documentation, agreements, representations and requisite government forms required by the lawyers for the Company as required to comply with all securities laws and other applicable laws of the jurisdiction of the Creditor. 
  
 2.3The Creditor hereby authorizes and directs the Company to deliver the securities to be issued to such Creditor pursuant to this Agreement to the Creditor’s address indicated on the first page of this Agreement. 
  
  
 3.SETTLEMENT OF INDEBTEDNESS 
  
 3.1The Company and the Creditor agree to offset the full amount of the Purchase Price against the full amount of the Indebtedness. 
  
 3.2Forthwith upon the execution of this Agreement by the Creditor and the Company, the Company agrees to deliver to the Creditor a share certificate representing the Shares issuable under this Agreement. 
  
 3.3Upon the delivery by the Company of the share certificate representing the Shares issuable under this Agreement, the Creditor agrees to remise, release and forever discharge the Company and its  
 
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respective directors, officers, servants and agents (collectively the “Releasees”) from any and all debts, obligations, claims, demands, dues, actions and causes of action whatsoever, at law or in equity, and whether known or unknown, suspected or unsuspected which the Creditor has or may in the future have against the Releasees or any of them with respect to any matter relating to the Indebtedness, whether on account of principal, interest or otherwise.
  
 4.U.S. RESTRICTED SHARE AGREEMENTS OF THE CREDITOR 
  
 4.1The Creditor represents and warrants to the Company that the Creditor is not a “U.S. Person” as defined by Regulation S of the Securities Act and is not acquiring the Shares for the account or benefit of a U.S. Person.  A copy of the definition of a US Person as set out in Regulation S is attached as Schedule A to this Agreement. 
  
 4.2The Creditor acknowledges, represents and warrants to the Company that the Creditor was not in the United States both at the time the offer to purchase the Shares was received and at the time the Creditor’s decision to purchase the Shares was made. 
  
 4.3The Creditor acknowledges that the Shares are “restricted securities” within the meaning of the Securities Act and will be issued to the Creditor in accordance with Regulation S of the Securities Act. 
  
 4.4The Creditor agrees not to engage in hedging transactions with regard to the Shares unless in compliance with the Securities Act. 
  
 4.5The Creditor agrees to resell the Shares only in accordance with the provisions of Regulation S of the Securities Act, pursuant to an effective registration statement under the Securities Act or pursuant to an available exemption from the registration requirements of the Securities Act, and in each case in accordance with any applicable state securities laws.  The Creditor further agrees that the Company will refuse to register any transfer of the Shares not made in accordance with the provisions of Regulation S of the Securities Act, pursuant to an effective registration statement under the Securities Act or pursuant to an available exemption from the registration requirements of the Securities Act, and in each case in accordance with any applicable state securities laws. 
  
 4.6The Creditor acknowledges and agrees that all certificates representing the Shares will be endorsed with restrictive legends substantially similar to the following in accordance with Regulation S of the Securities Act and MI 51-105: 
  
 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “SECURITIES ACT”), AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT PROVIDED BY REGULATION S PROMULGATED UNDER THE SECURITIES ACT.   SUCH SECURITIES MAY NOT BE REOFFERED FOR SALE OR RESOLD OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S, PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, AND IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS.  HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE SECURITIES ACT.”
  
 “THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY IN OR FROM A JURISDICTION IN CANADA UNLESS THE CONDITIONS IN SECTION 13 OF MULTILATERAL INSTRUMENT 51-105 ISSUERS QUOTED IN THE U.S. OVER-THE-COUNTER MARKETS ARE MET.”
 
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5.ADDITIONAL AGREEMENTS, COVENANTS, REPRESENTATIONS AND WARRANTIES OF THE CREDITOR 
  
 The Creditor agrees, covenants, represents and warrants with and to the Company as follows, and acknowledges that the Company is relying upon such agreements, covenants, representations and warranties in connection with the sale of the Shares to such Creditor:
  
 5.1The Creditor is an “accredited investor” as that term is defined in NI 45-106 and the Creditor has completed, signed, and delivered with this Agreement, a copy of the Canadian Accredited Investor Certificate and Risk Acknowledgement Form attached as Schedules A and B to this Agreement. 
  
 5.2The Creditor acknowledges and agrees that (i) the Company is an “OTC reporting issuer” as that term is defined in MI 51-105, (ii) the Offered Securities may not be traded in or from a jurisdiction in Canada unless the following conditions have been met, (iii) the Creditor will comply with such conditions in making any trade of the Offered Securities in or from a jurisdiction in Canada and (iv) the Company will refuse to register any transfer of the Offered Securities made in connection with a trade of the Offered Securities in or from a jurisdiction in Canada and not made in accordance with the provisions of MI 51-105: 
  
 (a)A four month period has passed from the later of (i) the date that the Company distributed the Offered Securities, and (ii) the date the Offered Securities were distributed by a control person of the Company; 
  
 (b)If the person trading the Offered Securities is a control person of the Company, such person has held the Offered Securities for at least 6 months; 
  
 (c)The number of Offered Securities that the person proposes to trade, plus the number of securities of the same class that such person has traded in the preceding 12 months, does not exceed 5% of the Company’s outstanding securities of the same class; 
  
 (d)The trade is made through an investment dealer registered in a jurisdiction in Canada; 
  
 (e)The investment dealer executes the trade through any of the over-the-counter markets in the United States; 
  
 (f)There has been no unusual effort made to prepare the market or create a demand for the Offered Securities; 
  
 (g)No extraordinary commission or other consideration is paid to a person for the trade; 
  
 (h)If the person trading the Offered Securities is an insider of the Company, the person reasonably believes that the Company is not in default of securities legislation; and 
  
 (i)All certificates representing the Offered Securities bear the Canadian restrictive legend set out in Section 13(1) of MI 51-105. 
  
 5.3The Creditor represents and warrants that it is a resident of the jurisdiction specified in the Creditor’s address as set out in the first page to this Agreement and that it does not presently intend to trade any of the Offered Securities in or from a jurisdiction in Canada.  If the Creditor does, in the future, intend to trade the Offered Securities in or from a jurisdiction in Canada, it will, in addition to complying with the provisions of Section 4.2, re-submit all certificates representing the Offered Securities to the Company for purposes of having the legend set out in Section 13(1) of MI 51-105 endorsed on such certificates. 
  
 5.4The Creditor acknowledges that an investment in the Company is highly speculative, and involves a high degree of risk as the Company is in the early stages of developing its business, and may  
 
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require substantial funds in addition to the proceeds of this private placement, and that only creditors who can afford the loss of their entire investment should consider investing in the Company.  The Creditor is an investor in securities of businesses in the development stage and acknowledges that the Creditor is able to fend for himself/herself/itself, can bear the economic risk of the Creditor's investment, and has such knowledge and experience in financial or business matters such that the Creditor is capable of evaluating the merits and risks of an investment in the Company’s securities as contemplated in this Agreement.
  
 5.5If the Creditor is not an individual, was not organized for the purpose of acquiring the Offered Securities. 
  
 5.6The Creditor has had full opportunity to review the Company’s periodic filings with the SEC pursuant to the Exchange Act, and the Company’s filings on the Canadian System for Electronic Document Analysis and Retrieval (SEDAR), including, but not limited to, the Company’s annual reports, quarterly reports, current reports and additional information regarding the business and financial condition of the Company.  The Creditor has had full opportunity to ask questions and receive answers from the Company regarding this information, and to review and discuss this information with the Creditor's legal and financial advisors.  The Creditor believes he/she/it has received all the information he/she/it considers necessary or appropriate for deciding whether to purchase the Shares and that the Creditor has had full opportunity to discuss this information with the Creditor’s legal and financial advisors prior to executing this Agreement. 
  
 5.7The Creditor acknowledges that the offering of the Offered Securities by the Company has not been reviewed by the SEC or any other securities commission or regulatory body, and that the Offered Securities are being issued by the Company pursuant to an exemption from registration under the Securities Act and an exemption from the prospectus requirements under applicable Canadian securities laws. 
  
 5.8The Creditor understands that the Offered Securities will be characterized as “restricted securities” under the Securities Act as they are being acquired from the Company in a transaction not involving a public offering and that, under the Securities Act and the regulations promulgated thereunder, such securities may be resold without registration under the Securities Act only in certain limited circumstances. The Creditor represents that the Creditor is familiar with SEC Rule 144, as presently in effect, and understands the resale limitations imposed thereby and by the Securities Act. 
  
 5.9The Offered Securities will be acquired by the Creditor for investment for the Creditor's own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and that the Creditor has no present intention of selling, granting any participation in, or otherwise distributing the same.  The Creditor does not have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participations to such person or to any third person, with respect to any of the Offered Securities. 
  
 5.10The Creditor is not aware of any advertisement or general solicitation regarding the offer or sale of the Company’s securities. 
  
 5.11This Agreement has been duly authorized, validly executed and delivered by the Creditor. 
  
 5.12The Creditor acknowledges that this Agreement and the Schedules hereto require the Creditor to provide certain personal information to the Company.  Such information is being collected by the Company for the purposes of completing the Offering, which includes, without limitation, determining the Creditor's eligibility to purchase the Offered Securities and any other securities issuable hereunder under applicable securities laws, or preparing and registering certificates representing the Offered Securities to be issued to the Creditor, as the case may be, and completing filings required by any stock exchange or securities regulatory authority. The Creditor's personal information may be disclosed by the Company to stock exchanges or securities  
 
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or other regulatory authorities, and any of the other parties involved in the Offering, including the Company’s legal counsel, and may be included in record books in connection with the Offering. By executing this Agreement, the Creditor is deemed to be consenting to the foregoing collection, use and disclosure of the Creditor's personal information. The Creditor also consents to the filing of copies or originals of any of the Creditor's documents described herein as may be required to be filed with any stock exchange or securities or other regulatory authority in connection with the transactions contemplated hereby.
  
 5.13The Creditor has satisfied himself/herself/itself as to the full observance of the laws of the Creditor's jurisdiction in connection with any invitation to subscribe for the Offered Securities or any use of this Agreement, including (i) the legal requirements within the Creditor's jurisdiction for the purchase of the Offered Securities; (ii) any foreign exchange restrictions applicable to such purchase; (iii) any governmental or other consents that may need to be obtained; (iv) the income tax and other tax consequences, if any, that may be relevant to an investment in the Offered Securities; and (v) any restrictions on transfer applicable to any disposition of the Offered Securities imposed by the jurisdiction in which the Creditor is resident. 
  
 6.REPRESENTATIONS BY THE COMPANY 
  
 6.1The Company represents and warrants to the Creditor that: 
  
 (a)The Company is a corporation duly organized, existing and in good standing under the laws of the Province of British Columbia and has the corporate power to conduct the business which it conducts and proposes to conduct. 
  
 (b)The Shares, when issued in accordance with the terms and conditions of this Agreement, will be duly and validly issued, fully paid and non-assessable common shares in the capital of the Company. 
  
 7.MISCELLANEOUS 
  
 7.1Any notice or other communication given hereunder shall be deemed sufficient if in writing and sent by registered or certified mail, return receipt requested, addressed to the Company, at its corporate office at Suite 810, 789 West Pender Street, Vancouver, British Columbia V6C 1H2, and to the Creditor at his/her/its address indicated on the last page of this Agreement. Notices shall be deemed to have been given on the date of mailing, except notices of change of address, which shall be deemed to have been given when received. 
  
 7.2The parties agree to execute and deliver all such further documents, agreements and instruments and take such other and further action as may be necessary or appropriate to carry out the purposes and intent of this Agreement. 
  
 7.3The Creditor agrees that the representations, warranties and covenants of the Creditor herein will be true and correct both as of the execution of this Agreement and as of the date of this Agreement will survive the closing of the transactions contemplated in this Agreement.  The representations, warranties and covenants of the Creditor herein are made with the intent that they be relied upon by the Company in determining the eligibility of a purchaser of Offered Securities and the Creditor agrees to indemnify the Company and its respective trustees, affiliates, shareholders, directors, officers, partners, employees, advisors and agents against all losses, claims, costs, expenses and damages or liabilities which any of them may suffer or incur which are caused or arise from a breach thereof.  The Creditor undertakes to immediately notify the Company at the address set out above of any change in any statement or other information relating to the Creditor set forth herein. 
  
 7.4Time shall be of the essence hereof. 
 
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7.5This Agreement represents the entire agreement of the parties hereto relating to the subject matter hereof and there are no representations, covenants or other agreements relating to the subject matter hereof except as stated or referred to herein. 
  
 7.6The terms and provisions of this Agreement shall be binding upon and enure to the benefit of the Creditor and the Company and their respective heirs, executors, administrators, successors and assigns; provided that, except for the assignment by a Creditor who is acting as nominee or agent to the beneficial owner and as otherwise herein provided, this Agreement shall not be assignable by any party without prior written consent of the other parties. 
  
 7.7The Creditor, on his/her/its own behalf and, if applicable, on behalf of others for whom he/she/it is contracting hereunder, agrees that this subscription is made for valuable consideration and may not be withdrawn, cancelled, terminated or revoked by the Creditor, on his/her/its own behalf and, if applicable, on behalf of others for whom he/she/it is contracting hereunder. 
  
 7.8Neither this Agreement nor any provision hereof shall be modified, changed, discharged or terminated except by an instrument in writing signed by the party against whom any waiver, change, discharge or termination is sought. 
  
 7.9The invalidity, illegality or unenforceability of any provision of this Agreement shall not affect the validity, legality or enforceability of any other provision hereof. 
  
 7.10The headings used in this Agreement have been inserted for convenience of reference only and shall not affect the meaning or interpretation of this Agreement or any provision hereof. 
  
 7.11Notwithstanding the place where this Agreement may be executed by any of the parties hereto, the parties expressly agree that all the terms and provisions hereof shall be construed in accordance with and governed by the laws of the province of British Columbia. 
  
 7.12This Agreement may be executed in one or more counterparts, all of which will be considered one and the same agreement and will become effective when one or more counterparts have been signed by each party and delivered to the other party, it being understood that all parties need not sign the same counterpart. 
  
  
  
  
  
  
  
 
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 IN WITNESS WHEREOF, this Agreement is executed as of the day and year first written above.
  
  
 by Creditor:
  
 /s/ Ian George Thompson
 Name: Ian George Thompson
 Passport No: [redacted]
  
  
 DUESENBERG TECHNOLOGIES INC.
 by its authorized signatory:
  
 /s/ Lim Hun Beng
 Name: Lim Hun Beng
 Title: Executive Chairman/President
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
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 SCHEDULE A
  
 U.S. ACCREDITED INVESTOR CONFIRMATION
  
 TO: Duesenberg Technologies Inc.
  
 The undersigned hereby certifies that undersigned is an “accredited investor” (an “Accredited Investor”) as that term is defined in Rule 501(a) of Regulation D of the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) as a result of satisfying the requirements of the paragraphs below to which the undersigned has affixed his or her initials.  ALL REFERENCES TO DOLLAR AMOUNTS IN THIS CERTIFICATE ARE TO THE LAWFUL CURRENCY OF THE UNITED STATES.
  
 	 Initial where
 appropriate
	 Category
	 Description

	  
	 Category 1.
	 A bank, as defined in Section 3(a)(2) of the U.S. Securities Act, whether acting in its individual or fiduciary capacity; or

	  
	 Category 2.
	 A savings and loan association or other institution as defined in Section 3(a)(5)(A) of the U.S. Securities Act, whether acting in its individual or fiduciary capacity; or

	  
	 Category 3.
	 A broker or dealer registered pursuant to Section 15 of the United States Securities Exchange Act of 1934, as amended; or

	  
	 Category 4.
	 An insurance company as defined in Section 2(13) of the U.S. Securities Act; or

	  
	 Category 5.
	 An investment company registered under the United States Investment Company Act of 1940, as amended; or

	  
	 Category 6.
	 A business development company as defined in Section 2(a)(48) of the United States Investment Company Act of 1940, as amended; or

	  
	 Category 7.
	 A small business investment company licensed by the U.S. Small Business Administration under Section 301 (c) or (d) of the United States Small Business Investment Act of 1958, as amended; or

	  
	 Category 8.
	 A plan established and maintained by a state, its political subdivisions or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, with total assets in excess of $5,000,000; or

	  
	 Category 9.
	 An employee benefit plan within the meaning of the United States Employee Retirement Income Security Act of 1974, as amended, in which the investment decision is made by a plan fiduciary, as defined in Section 3(21) of such Act, which is either a bank, savings and loan association, insurance company or registered investment adviser, or an employee benefit plan with total assets in excess of $5,000,000 or, if a self-directed plan, with investment decisions made solely by persons who are accredited investors; or

	  
	 Category 10.
	 A private business development company as defined in Section 202(a)(22) of the United States Investment Advisers Act of 1940, as amended; or

	  
	 Category 11.
	 An organization described in Section 501(c)(3) of the United States Internal Revenue Code of 1986, as amended, a corporation, a Massachusetts or similar business trust, or a partnership, not formed for the specific purpose of acquiring the securities offered, with total assets in excess of $5,000,000; or

	  
	 Category 12.
	 Any director or executive officer of the Company; or

 
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	 Category 13.
	 A natural person whose individual net worth, or joint net worth with that person’s spouse excluding the value of his or her primary residence, net of any mortgage obligation secured by such property, at the date hereof exceeds $1,000,000 (for purposes of this section, if the mortgage or other indebtedness secured by primary residence  exceeds its value, and the mortgagee or other lender has recourse to the undersigned personally for any deficiency, the amount must be deducted from net worth); or

	  
	 Category 14.
	 A natural person who had an individual income in excess of $200,000 in each of the two most recent years or joint income with that person’s spouse in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year; or

	  
	 Category 15.
	 A trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the securities offered, whose purchase is directed by a sophisticated person as described in Rule 506(b)(2)(ii) under the U.S. Securities Act; or

	  
	 Category 16.
	 Any entity in which all of the equity owners meet the requirements of at least one of the above categories.

	  
	 Category 13A
 or 14A.
	 An Individual Retirement Account (or ‘IRA’), the beneficial owner of which is an Accredited Investor under paragraph(s) _____________ [insert one or both of Category 13 or 14].

	  
	 Category 15A.
	 A revocable trust which does not satisfy Category 15, which may be revoked or amended at any time by its settlors (grantors) and each of its settlors is an Accredited Investor under Category 13.

 
 
  
 All capitalized terms not defined herein shall have the meaning assigned to them in the Declaration to which this Appendix “A” is attached.
  
 Dated:  30th August, 2021
  
  
 /s/ Ian George Thompson
 Signature of Subscriber
 (or authorized signatory of Subscriber if not a natural person)
  
  
 Ian George Thompson
 Name of Subscriber
  
 _______________________________
 Name and Title of Authorized Signatory (if not a natural person)
  
  
  
  
 
 Page 10 of 10Exhibit 4.5

 

ASSIGNMENT,
ASSUMPTION AND AMENDMENT AGREEMENT 

(WARRANT AGREEMENT)

 

This Assignment, Assumption
and Amendment Agreement (this “Agreement”) is made as of [_________], 2021, by and among Broadstone Acquisition Corp.,
a Cayman Islands exempted company (the “Company”), Vertical Aerospace Ltd., a Cayman Islands exempted company (“Pubco”),
and Continental Stock Transfer & Trust Company, a New York corporation (the “Warrant Agent”).

 

WHEREAS,
the Company and the Warrant Agent are parties to that certain Warrant Agreement, dated as of September 10, 2020 and filed with the
United States Securities and Exchange Commission on September 16, 2020 (the “Existing Warrant Agreement”);

 

WHEREAS,
the terms of the Warrants (as defined in the Existing Warrant Agreement) are governed by the Existing Warrant Agreement and capitalized
terms used herein, but not otherwise defined, shall have the meanings given to such terms in the Existing Warrant Agreement;

 

WHEREAS,
on June 10, 2021, the Company, Pubco, Broadstone Sponsor LLP, Vertical Aerospace Group Ltd. (“Vertical”), Vertical
Merger Sub Ltd. (“Merger Sub”), Vincent Casey and the Company Shareholders (as defined in the Business Combination
Agreement) party thereto, entered into a Business Combination Agreement (as amended from time to time, the “Business Combination
Agreement”);

 

WHEREAS,
pursuant to the Business Combination Agreement, among other things, Merger Sub will merge with and into the Company (the “Merger”),
as a result of which the separate corporate existence of Merger Sub shall cease and the Company shall continue as the surviving company
and a wholly-owned subsidiary of Pubco, and each issued and outstanding security of the Company shall no longer be outstanding and shall
automatically be cancelled, in exchange for the right of the holder thereof to receive a substantially equivalent security of Pubco;

 

WHEREAS,
upon consummation of the Merger, as provided in Section 4.4 of the Existing Warrant Agreement, the Warrants will no longer be exercisable
for Class A ordinary shares of the Company, par value $0.0001 per share, but instead will be exercisable (subject to the terms and
conditions of the Existing Warrant Agreement as amended hereby) for a like number of ordinary shares of Pubco, par value $0.0001 per share
(“Pubco Ordinary Shares”);

 

WHEREAS,
the consummation of the transactions contemplated by the Business Combination Agreement will constitute a Business Combination (as defined
in the Existing Warrant Agreement);

 

WHEREAS,
in connection with the Merger, the Company desires to assign all of its right, title and interest in the Existing Warrant Agreement to
Pubco; and

 

WHEREAS,
Section 9.8 of the Existing Warrant Agreement provides that the Company and the Warrant Agent may amend the Existing Warrant Agreement
without the consent of any Registered Holders (as defined in the Existing Warrant Agreement) for the purpose of (i) curing any ambiguity,
or curing, correcting or supplementing any defective provision contained therein, or (ii) adding or changing any other provisions
with respect to matters or questions arising under the Existing Warrant Agreement as the Company and the Warrant Agent may deem necessary
or desirable and that the Company and the Warrant Agent deem shall not adversely affect the interest of the registered holders under the
Existing Warrant Agreement.

 

     

     

    

 

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

 

1.             Assignment
and Assumption; Consent.

 

1.1           Assignment
and Assumption. The Company hereby assigns to Pubco all of the Company’s right, title and interest in and to the Existing Warrant
Agreement (as amended hereby) as of the Merger Effective Time (as defined in the Business Combination Agreement). Pubco hereby assumes,
and agrees to pay, perform, satisfy and discharge in full, as the same become due, all of the Company’s liabilities and obligations
under the Existing Warrant Agreement (as amended hereby) arising from and after the Merger Effective Time.

 

1.2           Consent.
The Warrant Agent hereby consents to the assignment of the Existing Warrant Agreement by the Company to Pubco pursuant to Section 1.1
hereof effective as of the Merger Effective Time, and the assumption of the Existing Warrant Agreement by Pubco from the Company pursuant
to Section 1.1 hereof effective as of the Merger Effective Time, and to the continuation of the Existing Warrant Agreement
in full force and effect from and after the Merger Effective Time, subject at all times to the Existing Warrant Agreement (as amended
hereby) and to all of the provisions, covenants, agreements, terms and conditions of the Existing Warrant Agreement and this Agreement.

 

2.             Amendment
of Existing Warrant Agreement. The Company and the Warrant Agent hereby amend the Existing Warrant Agreement as provided in this
Section 2, effective as of the Merger Effective Time, and acknowledge and agree that the amendments to the Existing Warrant
Agreement set forth in this Section 2 are necessary or desirable and that such amendments do not adversely affect the interests
of the registered holders under the Existing Warrant Agreement:

 

2.1           Preamble.
The preamble on page one of the Existing Warrant Agreement is hereby amended by deleting “Broadstone Acquisition Corp.”
and replacing it with “Vertical Aerospace Ltd.” As a result thereof, all references to the “Company” in the Existing
Warrant Agreement shall be references to Vertical Aerospace Ltd. rather than Broadstone Acquisition Corp.

 

2.2           Recitals.
The recitals on pages one and two of the Existing Warrant Agreement are hereby deleted and replaced in their entirety as follows:

 

“WHEREAS,
on September 10, 2020, Broadstone Acquisition Corp. (“Broadstone”) entered into that certain Private Placement
Warrants Purchase Agreement with Broadstone Sponsor LLP, a United Kingdom limited liability partnership (the “Sponsor”),
pursuant to which the Sponsor purchased, including via the subsequent over-allotment option, 8,106,060 warrants in the aggregate, each
bearing the legend set forth in Exhibit B hereto (the “Private Placement Warrants”) at a purchase price
of $1.00 per Private Placement Warrant;

 

     

     

    

 

WHEREAS, on September 15,
2020, Broadstone consummated its initial public offering (the “Offering”) of units of Broadstone’s equity
securities, each such unit comprised of one Class A ordinary share of the Company, par value $0.0001 per share (“Broadstone
Ordinary Shares”), and one-half of one redeemable Public Warrant (as defined below) (the “Units”)
and, in connection therewith, including via the subsequent over-allotment option, issued and delivered 15,265,150 warrants (the “Public
Warrants”) to public investors in the Offering;

 

WHEREAS, in connection
with the Offering, Broadstone filed with the U.S. Securities and Exchange Commission (the “Commission”) a registration
statement on Form S-1, File No. 333-245663 (the “Registration Statement”) and prospectus (the “Prospectus”)
for the registration, under the Securities Act of 1933, as amended (the “Securities Act”) of the Units, the
Public Warrants and the Broadstone Ordinary Shares included in the Units;

 

WHEREAS, in order
to finance Broadstone’s transaction costs in connection with a Business Combination (as defined below), the Sponsor or an affiliate
of the Sponsor or the Company’s officers and directors may, but are not obligated to, loan to the Company funds as the Company may
require, of which up to $1,500,000 of such loans may be convertible into up to an additional 1,500,000 warrants at a price of $1.00 per
warrant, which will be identical to the Private Placement Warrants (the “Working Capital Warrants,” and, together
with the Private Placement Warrants and the Public Warrants, the “Warrants”);

 

WHEREAS, on June 10,
2021, Broadstone, the Company, the Sponsor, Vertical Aerospace Group Ltd. (“Vertical”), Vertical Merger Sub
Ltd. (“Merger Sub”), Vincent Casey and the Company Shareholders (as defined in the Business Combination Agreement)
party thereto, entered into a Business Combination Agreement (as amended from time to time, the “Business Combination Agreement”),
which provides for, among other things, the merger of Merger Sub into Broadstone and each issued and outstanding security of the Vertical
shall no longer be outstanding and shall automatically be cancelled, in exchange for the right of the holder thereof to receive a substantially
equivalent security of the Company such that each issued and outstanding Broadstone Ordinary Share will be automatically converted into
one newly issued ordinary share of the Company, par value $0.0001 per share (the “Ordinary Shares”);

 

WHEREAS, on [__________],
2021, the Company, Broadstone and the Warrant Agent entered into an Assignment, Assumption and Amendment Agreement (the “Warrant
Assumption Agreement”), pursuant to which Broadstone assigned all of Broadstone’s right, title and interest in and
to this Agreement to the Company, and the Company assumed all of Broadstone’s liabilities and obligations under this Agreement;

 

WHEREAS, pursuant
to the Business Combination Agreement, the Warrant Assumption Agreement and Section 4.4 of this Agreement, each Public Warrant and
each Private Placement Warrant has been converted into the right to purchase one Ordinary Share rather than one Broadstone Ordinary Share;

 

     

     

    

 

WHEREAS, the Company
desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance,
registration, transfer, exchange, redemption and exercise of the Warrants;

 

WHEREAS, the Company
desires to provide for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised, and the respective
rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; and

 

WHEREAS, all acts
and things have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company and countersigned
by or on behalf of the Warrant Agent, as provided herein, the valid, binding and legal obligations of the Company, and to authorize the
execution and delivery of this Agreement.

 

NOW, THEREFORE,
in consideration of the mutual agreements herein contained, the parties hereto agree as follows:”

 

2.3           Detachability
of Warrants. Section 2.4 of the Existing Warrant Agreement is hereby deleted and replaced with the following:

 

“[INTENTIONALLY OMITTED.]”

 

2.4           Duration
of Warrants. The first sentence of Section 3.2 of the Existing Warrant Agreement is hereby deleted and replaced with the following:

 

“A
Warrant may be exercised only during the period (the “Exercise Period”) (A) commencing on [__________], 2021,
and (B) terminating at the earliest to occur of (x) 5:00 p.m., New York City time on [__________],
2026, and (y) other than with respect to the Private Placement Warrants and the Working Capital
Warrants then held by the Sponsor or its Permitted Transferees with respect to a redemption pursuant to Section 6.1 hereof or, if
the Reference Value equals or exceeds $18.00 per share (subject to adjustment in compliance with Section 4 hereof), Section 6.2
hereof, 5:00 p.m., New York City time on the Redemption Date (as defined below) as provided in Section 6.3 hereof (the “Expiration
Date”); provided, however, that the exercise of any Warrant shall be subject to the satisfaction of any applicable conditions, as
set forth in subsection 3.3.2 below, with respect to an effective registration statement.”

 

2.5           Notices.
Section 9.2 of the Existing Warrant Agreement is hereby deleted and replaced with the following:

 

“Any notice, statement or demand
authorized by this Agreement to be given or made by the Warrant Agent or by the holder of any Warrant to or on the Company shall be sufficiently
given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five (5) days
after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Company with the Warrant Agent),
as follows:

 

Vertical
Aerospace Ltd.

140-142 Kensington Church Street, London, W8 4BN, United Kingdom

Email: #####.#####@########-#########.###

 

     

     

    

 

Any notice, statement or demand authorized
by this Agreement to be given or made by the holder of any Warrant or by the Company to or on the Warrant Agent shall be sufficiently
given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five (5) days
after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Warrant Agent with the Company),
as follows

 

Continental Stock Transfer & Trust Company

One State Street, 30th Floor

New York, NY 10004

Attention: Compliance Department

 

in each case, with copies to

 

Latham &
Watkins (London) LLP

99 Bishopsgate, London, EC2M 3XF, United Kingdom

Attn: David Stewart and Robbie McLaren

Email: j.david.stewart@lw.com and robbie.mclaren@lw.com

 

and

 

Citigroup Global Markets Inc.

c/o Broadridge Financial Solutions

1155 Long Island Avenue

Edgewood, New York 11717

Telephone: (800) 831-9146 Citi

 

and

 

Davis Polk &Wardwell LLP

450 Lexington Avenue

New York, New York 10017

Attn: Derek J. Dostal, Esq.

Email: derek.dostal@davispolk.com”

 

2.6           Applicable
Law. Section 9.3 of the Existing Warrant Agreement is hereby amended by adding the following after the last sentence:

 

“The foregoing provisions of this Section 9.3
will not apply to suits brought to enforce any liability or duty created by the Exchange Act or any other claim for which the federal
district courts of the United States of America are the sole and exclusive forum. Section 27 of the Exchange Act creates exclusive
federal jurisdiction over all suits brought to enforce any duty or liability created by the Exchange Act or the rules and regulations
thereunder.”

 

     

     

    

 

3.
             Miscellaneous
Provisions.

 

3.1            Effectiveness.
Each of the parties hereto acknowledges and agrees that the effectiveness of this Agreement shall be expressly subject to the occurrence
of the Merger and shall automatically be terminated and shall be null and void if the Business Combination Agreement shall be terminated
for any reason.

 

3.2            Successors.
All the covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure to
the benefit of their permitted respective successors and assigns.

 

3.3            Severability.
This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the
validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable
term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision as similar in terms to
such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

3.4            Applicable
Law. The validity, interpretation and performance of this Agreement shall be governed in all respects by the laws of the State of
New York, without giving effect to conflict of laws. The parties hereby agree that any action, proceeding or claim against it arising
out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States
District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive.
Each of the parties hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum.

 

3.5            Counterparts.
This Agreement may be executed in any number of counterparts, and by facsimile or portable document format (pdf) transmission, and each
of such counterparts shall for all purposes be deemed to be an original and all such counterparts shall together constitute but one and
the same instrument.

 

3.6            Effect
of Headings. The Section headings herein are for convenience only and are not part of this Agreement and shall not affect the
interpretation thereof.

 

3.7            Entire
Agreement. The Existing Warrant Agreement, as modified by this Agreement, constitutes the entire understanding of the parties and
supersedes all prior agreements, understandings, arrangements, promises and commitments, whether written or oral, express or implied,
relating to the subject matter hereof, and all such prior agreements, understandings, arrangements, promises and commitments are hereby
canceled and terminated.

 

[Remainder of page intentionally left blank.]

 

     

     

    

 

IN
WITNESS WHEREOF, each of the parties has caused this Agreement to be duly executed as of the date first above written.

 

	 	
    BROADSTONE ACQUISITION CORP. 

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

	 	
    VERTICAL AEROSPACE LTD.

    

 

	 	By:	 
	 	Name:	Vincent Casey
	 	Title:	Director

 

	 	
    CONTINENTAL STOCK TRANSFER & TRUST COMPANY

    

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

 

[Signature
Page to Assignment, Assumption and Amendment Agreement]

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