Document:

Exhibit 10.6

 

NORTH ATLANTIC ACQUISITION CORPORATION 

121 South Church Street, Ugland House 

Grand Cayman; KY-1104 

Cayman Islands

 

January 21, 2021

 

	 	Re:	 	Forward Purchase Contract

 

Ladies and Gentlemen:

 

We are pleased to accept the offer of NAAC
Sponsor LP (or its designees) (the “Subscriber” or “you”) to purchase up to an aggregate
of 10,000,000 units (the “Units”) of North Atlantic Acquisition Corporation, a Cayman Islands exempted company
(the “Company”), each Unit comprising one Class A ordinary share of the Company, par value $0.0001 per
share (“Class A Ordinary Share”), and one-third of one warrant (“Warrant”). Each whole
Warrant is exercisable to purchase one Class A Ordinary Share at an exercise price of $11.50 per share during the period commencing
on the later of (i) twelve (12) months from the date of the closing of the Company’s initial public offering of units,
each unit comprising one Class A Ordinary Share and one-third of one Warrant (the “IPO”) and (ii) thirty
(30) days following the consummation of the Company’s initial Business Combination (as defined below) and expiring on the
five-year anniversary of the consummation of the Business Combination. The Units and the securities underlying the Units are hereinafter
collectively referred to as the “Securities.” The exact number of Units to be purchased by you shall be determined
by the mutual agreement between you and the Company, which may be based, among other things, on the capital needs of the Company
in connection with the Business Combination. The terms on which the Company is willing to sell the Securities to the Subscriber,
and the Company and the Subscriber’s agreements regarding such Securities, are set forth in this agreement (this “Agreement”)
and are as follows:

 

1. Purchase of the Securities.
The purchase price for the Securities (the “Purchase Price”) shall be $10.00 per Unit multiplied by the number
of Units being purchased hereunder, up to an aggregate purchase price of $100 million. In exchange for the Purchase Price, the
Company agrees to sell the Securities to the Subscriber, and the Subscriber hereby agrees to purchase the Securities from the Company
in a private placement, subject to the terms and conditions set forth in this Agreement.

 

2. Representations, Warranties and Agreements.

 

2.1. Subscriber’s Representations,
Warranties and Agreements. To induce the Company to issue the Securities to the Subscriber, the Subscriber hereby represents
and warrants to the Company and agrees with the Company as follows:

 

2.1.1. No Government Recommendation
or Approval. The Subscriber understands that no federal or state agency has passed upon or made any recommendation or endorsement
of the offering of the Securities.

 

2.1.2. No Conflicts. The execution,
delivery and performance of this Agreement and the consummation by the Subscriber of the transactions contemplated hereby do not
violate, conflict with or constitute a default under (i) the formation and governing documents of the Subscriber, (ii) any
agreement, indenture or instrument to which the Subscriber is a party, (iii) any law, statute, rule or regulation to
which the Subscriber is subject, or (iv) any agreement, order, judgment or decree to which the Subscriber is subject.

 

2.1.3. Organization, Authority,
and Enforceability. The Subscriber is a Delaware limited partnership. Subscriber possesses all requisite power and authority
necessary to carry out the transactions contemplated by this Agreement. Upon execution and delivery by Subscriber, this Agreement
is a legal, valid and binding agreement of Subscriber, enforceable against Subscriber in accordance with its terms, except as such
enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance or similar laws affecting the enforcement
of creditors’ rights generally and subject to general principles of equity (regardless of whether enforcement is sought in
a proceeding at law or in equity).

 

    

     

    

 

2.1.4. Experience, Financial Capability
and Suitability. Subscriber is: (i) sophisticated in financial matters and is able to evaluate the risks and benefits
of the investment in the Securities and protect its own interests and (ii) able to bear the economic risk of its investment
in the Securities for an indefinite period of time because the Securities have not been registered under the Securities Act of
1933, as amended (“Securities Act”), and therefore cannot be sold by Subscriber unless subsequently registered
under the Securities Act or an exemption from such registration is available. Subscriber is able to afford a complete loss of Subscriber’s
investment in the Securities.

 

2.1.5. Access to Information; Independent
Investigation. Prior to the execution of this Agreement, Subscriber has had the opportunity to ask questions of and receive
answers from representatives of the Company concerning an investment in the Company, as well as the finances, operations, business
and prospects of the Company, and the opportunity to obtain additional information to verify the accuracy of all information so
obtained. In determining whether to make this investment, Subscriber has relied solely on Subscriber’s own knowledge and
understanding of the Company and its business based upon Subscriber’s own due diligence investigation and the information
furnished pursuant to this paragraph. Subscriber understands that no person has been authorized to give any information or to make
any representations which were not furnished pursuant to this Agreement and Subscriber has not relied on any other representations
or information in making its investment decision, whether written or oral, relating to the Company, its operations and/or its prospects.

 

2.1.6. Regulation D Offering.
Subscriber represents that it is an “accredited investor” as such term is defined in Rule 501(a) of Regulation
D under the Securities Act and acknowledges the sale contemplated hereby is being made in reliance on a private placement exemption
to “accredited investors” within the meaning of Section 501(a) of Regulation D under the Securities Act or
similar exemptions under federal or state law.

 

2.1.7. Investment Purposes.
The Subscriber is purchasing the Securities solely for investment purposes and not with a view towards the further distribution
or dissemination thereof. The Subscriber did not decide to enter into this Agreement as a result of any general solicitation or
general advertising within the meaning of Rule 502 under the Securities Act.

 

2.1.8. Restrictions on Transfer;
Shell Company. Subscriber understands the Securities are being offered in a transaction not involving a public offering within
the meaning of the Securities Act. Subscriber understands the Securities will be “restricted securities” within the
meaning of Rule 144(a)(3) under the Securities Act and Subscriber understands that any certificates representing the
Securities will contain a legend in respect of such restrictions. If in the future the Subscriber decides to offer, resell, pledge
or otherwise transfer the Securities, such securities may be offered, resold, pledged or otherwise transferred only pursuant to:
(i) registration under the Securities Act, or (ii) an available exemption from registration. Subscriber agrees that if
any transfer of its Securities or any interest therein is proposed to be made, as a condition precedent to any such transfer, Subscriber
may be required to deliver to the Company an opinion of counsel satisfactory to the Company. Absent registration or an exemption,
the Subscriber agrees not to resell the Securities. Subscriber further acknowledges that because the Company is a shell company,
Rule 144 may not be available to the Subscriber for the resale of the Securities until one (1) year following consummation
of the Business Combination, despite technical compliance with the requirements of Rule 144 and the release or waiver of any
contractual transfer restrictions.

 

2.1.9. No Governmental Consents.
No governmental, administrative or other third party consents or approvals are required, necessary or appropriate on the part of
Subscriber in connection with the transactions contemplated by this Agreement.

 

2.2. Company’s Representations,
Warranties and Agreements. To induce the Subscriber to purchase the Securities, the Company hereby represents and warrants
to the Subscriber and agrees with the Subscriber as follows:

 

    

     

    

 

2.2.1. Organization, Corporate Power
and Enforceability. The Company is a Cayman Islands exempted company. The Company possesses all requisite corporate power and
authority necessary to carry out the transactions contemplated by this Agreement. Upon execution and delivery by the Company of
this Agreement, the Agreement will constitute a legal, valid and binding agreement of the Company, enforceable against the Company
in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance
or similar laws affecting the enforcement of creditors’ rights generally and subject to general principles of equity (regardless
of whether enforcement is sought in a proceeding at law or in equity).

 

2.2.2. No Conflicts. The execution,
delivery and performance of this Agreement and the consummation by the Company of the transactions contemplated hereby do not violate,
conflict with or constitute a default under (i) the charter documents of the Company, (ii) any agreement, indenture or
instrument to which the Company is a party, (iii) any law, statute, rule or regulation to which the Company is subject,
or (iv) any agreement, order, judgment or decree to which the Company is subject.

 

2.2.3. Title to Securities.
Upon issuance in accordance with, and payment pursuant to, the terms hereof, and registration in the register of members of the
Company, the Securities will be duly and validly issued, fully paid and non-assessable. Upon issuance in accordance with, and payment
pursuant to, the terms hereof the Subscriber will have or receive good title to the Securities, free and clear of all liens, claims
and encumbrances of any kind, other than (i) transfer restrictions under federal and state securities laws, and (ii) liens,
claims or encumbrances imposed due to the actions of the Subscriber.

 

2.2.4. No Adverse Actions. There
are no actions, suits, investigations or proceedings pending, threatened against or affecting the Company which: (i) seek
to restrain, enjoin, prevent the consummation of or otherwise affect the transactions contemplated by this Agreement or (ii) question
the validity or legality of any transactions or seeks to recover damages or to obtain other relief in connection with any transactions.

 

2.2.5. No Governmental Consents.
No governmental, administrative or other third party consents or approvals are required, necessary or appropriate on the part of
the Company in connection with the transactions contemplated by this Agreement, other than the filing of a Form D with the
Securities and Exchange Commission and such state Blue Sky, FINRA and NASDAQ consents and approvals as may be required.

 

2.2.6. No General Solicitation.
No form of general solicitation or general advertising within the meaning of Regulation D of the Securities Act (including, but
not limited to, advertisements, articles, notices or other communications published in any newspaper, magazine or similar medium
or broadcast over television or radio, or any seminar or meeting whose attendees have been invited by any general solicitation
or general advertising) was used by the Company or any of its representatives in connection with the offer and sale of the Securities.

 

2.2.7. No Brokers. No broker,
finder or similar intermediary has acted for or on behalf of the Company or any of its affiliates in connection with this Agreement
or the transactions contemplated hereby and no broker, finder, agent or similar intermediary is entitled to any broker’s,
finder’s or similar fee or other commission in connection therewith.

 

3. Settlement Date and Delivery.

 

3.1. Closing of Purchase of Securities.
The consummation and settlement of the contingent forward purchase contract for the purchase and sale of the Securities hereunder
(the “Closing”) shall be held at the same date and immediately prior to the closing of the Business Combination
(the date of the Closing being referred to as the “Closing Date”). No later than two business days prior to
the Closing, the Company and the Subscriber will use their reasonable efforts to agree as to the exact number of Units the Subscriber
will be obligated to purchase hereunder (subject to a maximum of 10 million Units). In the absence of an agreement within such
time period, the Subscriber shall not be obligated to purchase any Units. At the Closing, the Company will issue to the Subscriber
the Units being purchased hereunder, each registered in the name of the Subscriber (or its designees), against delivery of the
Purchase Price in cash via wire transfer to an account specified in writing by the Company no later than two business days prior
to the Closing Date.

 

    

     

    

 

3.2. Conditions to Closing of the
Company. The Company’s obligations to sell and issue the Securities at the Closing are subject to the fulfillment of
the following conditions:

 

3.2.1. Representations and Warranties
Correct. The representations and warranties made by the Subscriber in Section 2.1 hereof shall be true and correct in
all material respects when made and shall be true and correct in all material respects on and as of the Closing Date and closing
of the Company’s initial public offering (“IPO”), as the case may be (unless they specifically speak as
of another date in which case they shall be true and correct in all material respects as of such date) with the same force and
effect as if they had been made on and as of said date.

 

3.2.2. Covenants. All covenants,
agreements and conditions contained in this Agreement to be performed by the Subscriber on or prior to the Closing Date shall have
been performed or complied with in all material respects.

 

3.2.3. Blue Sky. The Company
shall have obtained all necessary Blue Sky law permits and qualifications, or secured an exemption therefrom, required by any state
for the offer and sale of the Securities.

 

3.2.4. Ancillary Agreements.
All Ancillary Agreements (defined below) to be signed by Subscriber pursuant hereto shall have been executed by Subscriber.

 

3.3. Conditions to Closing of the
Subscriber. The Subscriber’s obligation to purchase the Securities at the Closing is subject to the fulfillment on or
prior to the Closing Date of each of the following conditions:

 

3.3.1. Representations and Warranties
Correct. The representations and warranties made by the Company in Section 2.2 hereof shall be true and correct in all
material respects when made and shall be true and correct in all material respects on and as of the Closing Date and closing of
the IPO, as the case may be (unless they specifically speak as of another date in which case they shall be true and correct in
all material respects as of such date), with the same force and effect as if they had been made on and as of said date.

 

3.3.2. Covenants. All covenants,
agreements and conditions contained in this Agreement to be performed by the Company on or prior to the Closing Date shall have
been performed or complied with in all material respects.

 

3.3.3. Blue Sky. The Company
shall have obtained all necessary Blue Sky law permits and qualifications, or secured an exemption therefrom, required by any state
for the offer and sale of the Securities.

 

3.3.4. Registration Rights Agreement.
The Company and Subscriber shall have entered into a registration rights agreement (the “Registration Rights Agreement”)
in a form customary for transactions of the type contemplated hereby, with the other holders of the Company’s securities
issued prior to the IPO. The rights granted to Subscriber pursuant to the Registration Rights Agreement shall be no less favorable
to Subscriber than the other parties to the Registration Rights Agreement.

 

3.3.5. IPO Closing. The Company
shall have consummated the IPO.

 

3.3.6. Business Combination.
The Company’s proposed initial merger, share exchange, asset acquisition, share purchase, reorganization or similar business
combination with one or more businesses or entities (the “Business Combination”) shall have been approved by
unanimous vote of the Board of Directors of the Company and the conditions to the closing of the Business Combination, including
the approval of the Company’s stockholders, if applicable, shall have been satisfied or waived.

 

3.3.7. Subscriber Consent. The Subscriber
shall have the right, in its sole discretion (in its capacity as a party to this agreement and not as a director or existing stockholder),
to determine whether to purchase none, all or any portion of the Securities pursuant hereto in connection with any Business Combination
that is approved by the Board of the Company. The Subscriber shall provide notice of such determination to the Company no later
than five (5) days after receipt of notification from the Company that the Board of the Company has met and agreed to enter
into a definitive transaction agreement for the Business Combination; provided, that if the Subscriber fails to deliver such notice
to the Company within such five (5) day period, the Subscriber will be deemed to have determined to not purchase any of the
Securities pursuant hereto in connection with such Business Combination, unless otherwise expressly agreed in writing by the Subscriber
and the Company. In the event the Subscriber determines to purchase any, all or some of the Securities, its obligation will be
further conditional on the Business Combination being consummated concurrently with the Closing, but only on substantially the
terms set forth in the definitive transaction agreement (unless otherwise agreed in writing by the Subscriber), and without any
waiver of any failure to satisfy a condition to close the Business Combination, except for waivers of conditions to the closing
of the Business Combination, the failure of which, in the aggregate, are reasonably deemed to be immaterial (or as otherwise agreed
to in writing by the Subscriber).

 

    

     

    

 

4. Restrictions on Transfer.
Subscriber hereby agrees not to sell, transfer, pledge, hypothecate or otherwise dispose of all or any part of the Securities unless,
prior thereto (a) a registration statement on the appropriate form under the Securities Act and applicable state securities
laws with respect to the Securities proposed to be transferred shall then be effective or (b) the Company has received an
opinion of counsel for the Company that such registration is not required because such transaction is exempt from registration
under the Securities Act and the rules promulgated by the Securities and Exchange Commission thereunder and under all applicable
state securities laws. All certificates representing the Securities shall have endorsed thereon a legend substantially as follows:

 

“THE SECURITIES REPRESENTED HEREBY HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND NEITHER THE SECURITIES NOR ANY INTEREST
THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER SUCH ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL, IS
AVAILABLE.”

 

The Company agrees to cause its counsel to deliver an opinion
to the Company’s transfer agent directing the removal of the foregoing legends once able to do so pursuant to applicable
securities laws.

 

5. Other Agreements.

 

5.1. Further Assurances. Each
of the Company and the Subscriber agrees to execute such further instruments and to take such further action as may reasonably
be necessary to carry out the intent of this Agreement.

 

5.2. Notices. All notices, statements
or other documents which are required or contemplated by this Agreement shall be: (i) in writing and delivered personally
or sent by first class registered or certified mail or overnight courier service, (ii) by facsimile and (iii) by electronic
mail, in each case to the address, facsimile number or email address as set forth on the signature page hereto. Any notice
or other communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the
business day following receipt of written confirmation, if sent by facsimile or electronic transmission, one (1) business
day after delivery to an overnight courier service or five (5) days after mailing if sent by mail.

 

5.3. Entire Agreement. This Agreement,
together with those certain agreements to be entered into between the Subscriber (and/or its affiliates) and the Company in connection
with the IPO, including but not limited to an insider letter, a subscription agreement governing the purchase of shares and warrants
of the Company prior to and simultaneously with the closing of the IPO and the Registration Rights Agreement (collectively, the
 “Ancillary Agreements”), each substantially in the form to be filed as an exhibit to the registration statement
relating to the IPO (“Registration Statement”), embodies the entire agreement and understanding between the
Subscriber and the Company with respect to the subject matter hereof and supersedes all prior oral or written agreements and understandings
relating to the subject matter hereof. No statement, representation, warranty, covenant or agreement of any kind not expressly
set forth in this Agreement shall affect, or be used to interpret, change or restrict, the express terms and provisions of this
Agreement.

 

    

     

    

 

5.4. Modifications and Amendments.
The terms and provisions of this Agreement may be modified or amended only by written agreement executed by all parties hereto.

 

5.5. Waivers and Consents. The
terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted, only by written document
executed by the party entitled to the benefits of such terms or provisions. No such waiver or consent shall be deemed to be or
shall constitute a waiver or consent with respect to any other terms or provisions of this Agreement, whether or not similar. Each
such waiver or consent shall be effective only in the specific instance and for the purpose for which it was given, and shall not
constitute a continuing waiver or consent.

 

5.6. Assignment. The rights and
obligations under this Agreement may not be assigned by any of the parties hereto without the prior written consent of the other
parties; provided that Subscriber may assign its rights and obligations to an affiliate without the prior consent of the other
parties.

 

5.7. Benefit. All statements,
representations, warranties, covenants and agreements in this Agreement shall be binding on the parties hereto and shall inure
to the benefit of the respective successors and permitted assigns of each party hereto. Nothing in this Agreement shall be construed
to create any rights or obligations except among the parties hereto, and no person or entity shall be regarded as a third-party
beneficiary of this Agreement.

 

5.8. Governing Law. This Agreement
and the rights and obligations of the parties hereunder shall be construed in accordance with and governed by the laws of New York
applicable to contracts wholly performed within the borders of such state, without giving effect to the conflict of law principles
thereof.

 

5.9. Severability. In the event
that any court of competent jurisdiction shall determine that any provision, or any portion thereof, contained in this Agreement
shall be unreasonable or unenforceable in any respect, then such provision shall be deemed limited to the extent that such court
deems it reasonable and enforceable, and as so limited shall remain in full force and effect. In the event that such court shall
deem any such provision, or portion thereof, wholly unenforceable, the remaining provisions of this Agreement shall nevertheless
remain in full force and effect.

 

5.10. No Waiver of Rights, Powers
and Remedies. No failure or delay by a party hereto in exercising any right, power or remedy under this Agreement, and no course
of dealing between the parties hereto, shall operate as a waiver of any such right, power or remedy of such party. No single or
partial exercise of any right, power or remedy under this Agreement by a party hereto, nor any abandonment or discontinuance of
steps to enforce any such right, power or remedy, shall preclude such party from any other or further exercise thereof or the exercise
of any other right, power or remedy hereunder. The election of any remedy by a party hereto shall not constitute a waiver of the
right of such party to pursue other available remedies. No notice to or demand on a party not expressly required under this Agreement
shall entitle the party receiving such notice or demand to any other or further notice or demand in similar or other circumstances
or constitute a waiver of the rights of the party giving such notice or demand to any other or further action in any circumstances
without such notice or demand.

 

5.11. Survival of Representations
and Warranties. All representations and warranties made by the parties hereto in this Agreement or in any other agreement,
certificate or instrument provided for or contemplated hereby, shall survive the execution and delivery hereof and any investigations
made by or on behalf of the parties.

 

5.12. Headings and Captions. The
headings and captions of the various subdivisions of this Agreement are for convenience of reference only and shall in no way modify
or affect the meaning or construction of any of the terms or provisions hereof.

 

5.13. Counterparts. This Agreement
may be executed in one or more counterparts, all of which when taken together shall be considered one and the same agreement and
shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood that
both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or any
other form of electronic delivery, such signature shall create a valid and binding obligation of the party executing (or on whose
behalf such signature is executed) with the same force and effect as if such signature page were an original thereof.

 

    

     

    

 

5.14. Construction. The words
 “include,” “includes,” and “including” will be deemed to be followed by
 “without limitation.” Pronouns in masculine, feminine, and neuter genders will be construed to include any other
gender, and words in the singular form will be construed to include the plural and vice versa, unless the context otherwise requires.
The words “this Agreement,” “herein,” “hereof,” “hereby,”
 “hereunder,” and words of similar import refer to this Agreement as a whole and not to any particular subdivision
unless expressly so limited. The parties hereto intend that each representation, warranty, and covenant contained herein will have
independent significance. If any party hereto has breached any representation, warranty, or covenant contained herein in any respect,
the fact that there exists another representation, warranty or covenant relating to the same subject matter (regardless of the
relative levels of specificity) which such party hereto has not breached will not detract from or mitigate the fact that such party
hereto is in breach of the first representation, warranty, or covenant.

 

5.15. Mutual Drafting. This Agreement
is the joint product of the Subscriber and the Company and each provision hereof has been subject to the mutual consultation, negotiation
and agreement of such parties and shall not be construed for or against any party hereto.

 

6. Indemnification. Each party
shall indemnify the other against any reasonable loss, cost or damages (including reasonable attorney’s fees and expenses)
incurred as a result of such party’s breach of any representation, warranty, covenant or agreement in this Agreement.

 

7. Term. The Subscriber’s
obligation to acquire the Securities hereunder, and the Company’s obligation to sell the Securities hereunder, shall be in
effect until the earlier of (i) the consummation of the Business Combination within the time frame permitted by the Company’s
charter documents (as may be amended, the “Charter”), which, as of the date hereof, is expected to be 24 months
from the consummation of the IPO, including any extensions beyond such term effected pursuant to the terms of the Charter, and
(ii) the liquidation of the Company in the event that the Company is unable to consummate the Business Combination within
the time frame permitted by the Charter (including any extensions).

 

8. Disclosure. The Subscriber
hereby acknowledges that (i) the terms of this Agreement will be disclosed in the Registration Statement, (ii) this Agreement
will be filed with the Securities and Exchange Commission as an exhibit to the Registration Statement and (iii) the Company
will disclose the terms of this Agreement to potential IPO investors and to potential Business Combination targets.

 

9. Waiver of Claims Against Trust.
The Subscriber hereby acknowledges that it is aware that the Company will establish a trust account (the “Trust Account”)
for the benefit of its public stockholders upon the closing of the IPO. The Subscriber, for itself and its affiliates, hereby agrees
that it has no right, title, interest or claim of any kind in or to any monies held in the Trust Account, or any other asset of
the Company as a result of any liquidation of the Company, except for redemption and liquidation rights, if any, the Subscriber
may have in respect of any shares issued as part of the units sold in the IPO (“Public Shares”) held by the
Subscriber. The Subscriber hereby agrees that it shall have no right of set-off or any right, title, interest or claim of any kind
(“Claim”) to, or to any monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to any
monies in, the Trust Account that it may have now or in the future, except for redemption and liquidation rights, if any, the Subscriber
may have in respect of any Public Shares held by the Subscriber; provided, however, that the foregoing shall not restrict Subscriber
from bringing any claim Subscriber may have against the Company against the Company (or any successor entity) following consummation
of a Business Combination or against any funds held by the Company outside of the Trust Account prior to the consummation of a
Business Combination.

 

[Signature Page Follows]

 

    

     

    

 

If the foregoing accurately sets forth our
understanding and agreement, please sign the enclosed copy of this Agreement and return it to us.

 

	 	NORTH ATLANTIC ACQUISITION CORPORATION
	 	 
	 	 
	 	By:	/s/ Gary Quin
	 	 	Name:	Gary Quin
	 	 	Title:	Chief Executive Officer
	 	 
	 	Address:	                          
	 	 
	 	 	 	 
	 	 
	 	Email:	 
	 	 
	Accepted and agreed this 21st day of January 1, 2021.	 
	 	 
	 	 
	NAAC SPONSOR LP	 
	 	 
	By: NAAC Sponsor GP LLC, General Partner	 
	By: North Ocean Investment Company Limited, its managing member	 
	 	 
	By: 	/s/ Mark Keating	 
	 	Name:	 Mark Keating	 
	 	Title:	Chief Financial Officer	 
	 	 	 	 	 	 
	Address:	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	Email:	 	 	 	 
	 	 	 	 	 	 

[Signature Page to Forward Purchase Agreement]slb-ex41_56.htm

Exhibit 4.1

 

DESCRIPTION OF COMMON STOCK

General

We may issue an aggregate of 4,500,000,000 shares of common stock, par value $0.01 per share.  We may also issue an aggregate of 200,000,000 shares of preferred stock, par value $0.01 per share.  No shares of preferred stock have been issued.

The principal United States market for our common stock is the New York Stock Exchange, where it is traded under the symbol “SLB.”  Our common stock is also listed for trading on the Euronext Paris.  

The following description of our common stock is not complete and is qualified in its entirety by reference to our Articles of Incorporation and Amended and Restated By-Laws, each as amended to date and filed as exhibits to our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.

Dividend Rights

All outstanding shares of common stock (i.e., shares not held by us) are entitled to participate equally and receive dividends that may be paid out of available profits of the preceding fiscal year or years or distributions out of contributed surplus capital reserves.  All accumulated and unpaid dividends payable on preferred stock (if issued and outstanding) must be paid prior to the payment of any dividends on the common stock.  The amount of dividends payable with respect to any fiscal year is determined by Schlumberger stockholders at the annual general meeting following such fiscal year, except that our board of directors may allocate such part of the earnings to the retained earnings reserves as it deems fit and may declare interim dividends and may declare and make distributions out of retained earnings reserves or out of contributed surplus capital reserves.  Any such distribution can only occur if, at the time of distribution, our “equity” (i.e., our net asset value) at least equals the nominal capital (i.e., the aggregate par value of our outstanding shares) and as a result of the distribution will not fall below the nominal capital.

Voting Rights

Entitlement to Vote.  Each holder of common stock and each holder of preferred stock (if issued and outstanding) is entitled to one vote for each share registered in that holder’s name.  Voting rights may be exercised in person or by proxy.

Quorum.  No action may be taken at any general meeting of Schlumberger stockholders unless a quorum consisting of the holders of at least one-half of the outstanding shares entitling the holders thereof to vote at such meeting are present at such meeting in person or by proxy.  If a quorum is not present in person or by proxy at any general meeting of Schlumberger stockholders, a second general meeting will be called in the same manner as the original meeting of stockholders, to be held within two months, at which second meeting, regardless of the number of shares represented (subject to certain limitations in the event of a disposition of our assets or our liquidation or the amendment of our Articles of Incorporation), valid resolutions may be adopted with respect to any matter stated in the notice of the original meeting and also in the notice of the second meeting or which by law is required to be brought before Schlumberger stockholders despite the absence of a quorum.

Required Vote.  In general, any action requiring the approval of Schlumberger stockholders may be authorized by a majority of the votes cast (excluding any abstentions) at any meeting at which a quorum is present (subject to the quorum exception described above).

No action to amend our Articles of Incorporation or to dissolve us can be taken, however, unless such action is approved by the holders of at least a majority of the shares outstanding and entitled to vote.  In addition, holders of preferred stock (if issued and outstanding) would have additional rights to vote as a class on certain amendments to our Articles of Incorporation that would adversely affect the preferred stock.

The sale or disposition of all or substantially all of our assets must be approved by the holders of at least a majority of the shares outstanding and entitled to vote, except that under our Articles of Incorporation this 

 

 

requirement does not apply to a reorganization or rearrangement of us or any of our subsidiaries or any of our assets in any transaction that does not result in any diminution of the beneficial interest of Schlumberger stockholders in our assets.

Under our Articles of Incorporation, our board of directors may move our corporate seat to, or convert us into a legal entity under the laws of, another jurisdiction, and may change our corporate domicile from Curaçao to another jurisdiction to the extent allowed by applicable law.  In certain cases, stockholder approval of such action may not be required under applicable law. 

Preemptive and Other Rights

The shares of common stock do not carry any preferential, preemptive or conversion rights, and there are no redemption provisions with respect to the common stock.  The shares of preferred stock (if issued and outstanding) would not carry any preemptive rights, but our board of directors could specify conversion rights, redemption provisions and (within limits) liquidation preferences with respect to one or more series of preferred stock.  The board of directors may grant contract rights to acquire shares of our capital stock.

Rights upon Liquidation

In the event of liquidation, each share of common stock is entitled to equal rights after satisfaction of any preferred stock liquidation preference.

Repurchases of Common Stock

We may for our own account purchase shares of common stock so long as one share of common stock remains outstanding and our equity before and after such a purchase at least equals its nominal capital.

Governance Provisions and Anti-Takeover Effects

Available but Unissued Preferred Stock

The board of directors has the authority to issue shares of preferred stock in one or more series with such terms as the board determines, provided that they satisfy the provisions set forth in our Articles of Incorporation, including that the preferred stock: (1) may be issued for not less than par value and not less than fair value taking into account the terms and conditions of such preferred stock, (2) would be subject to maximum and minimum dividend rates, (3) would be entitled to one vote per share, (4) would be entitled to receive certain liquidation preferences, (5) may contain provisions allowing it to be converted into common stock or certain other securities, and (6) may contain optional or mandatory redemption provisions. 

Election and Removal of Directors

Directors are elected at a general meeting of stockholders by a majority of votes cast by stockholders entitled to vote, except that directors are to be elected by a plurality of voting power in certain elections where the number of nominees exceeds the number of directors to be elected.  The number of directors constituting the whole board of directors may not be fewer than five nor more than 24, as fixed from time to time by the board of directors, subject to approval of stockholders of the Company.  The maximum number of persons constituting the whole board of directors will, until changed at any succeeding general meeting of stockholders, be the number so fixed.  If the number of directors elected by stockholders is smaller than the maximum number of directors as fixed by the board of directors in accordance with our Articles of Incorporation, the board of directors may be authorized, but not obligated, to appoint additional directors such that the total number of directors does not exceed the maximum number of directors as fixed by the board of directors and approved by our stockholders, any such appointment to be effective until the next annual general meeting of stockholders.  Directors may be suspended or dismissed at any general meeting of stockholders.  A suspension automatically terminates if the person concerned has not been dismissed within two months after the day of suspension.

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Stockholder Meetings

In accordance with applicable law, all general meetings of Schlumberger stockholders must be held in Curaçao.  The annual general meeting of Schlumberger stockholders is held on a date determined from year to year by the board of directors, for the purpose of electing directors, reporting on the course of business during the preceding fiscal year, approving of the balance sheet and the profit and loss account for the preceding fiscal year and for any other purposes required by law or as may be stated in the notice of such meeting.  Special general meetings of Schlumberger stockholders may be called at any time upon the direction of the Chairman, the Vice Chairman, the Chief Executive Officer, the President or the board of directors.  Special general meetings of stockholders may also be called (i) by one or more Schlumberger stockholders representing at least 10% of the votes that can be cast on the topics they wish to be addressed at such meeting and that have a reasonable interest in having such meeting convened, (ii) by one or more holders of shares representing in the aggregate a majority of shares then outstanding and (iii) in certain circumstances if all of the directors are prevented from or incapable of serving, by any person or persons holding in the aggregate at least 5% of the outstanding shares of common stock for the purpose of electing a board of directors.

Stockholder Action by Written Consent

Under Curaçao law, stockholders may not act by written consent without a meeting, unless all directors and all stockholders entitled to vote on the matter have consented to the taking of such action by the general meeting of stockholders by written consent.

Notice Requirements for Stockholder Business and Nominations

For stockholder proposals to be introduced for consideration at an annual general meeting of stockholders other than pursuant to Securities Exchange Act Rule 14a-8 and for stockholder candidates to be nominated for election as directors other than pursuant to our proxy access bylaw provisions, notice generally must be delivered to the Secretary of Schlumberger at our executive offices not later than 120 days nor earlier than 150 days before the first anniversary of the date of the preceding year’s annual general meeting of stockholders.  Any such notice must otherwise satisfy the requirements of our Restated By-Laws.

Amendments to the Restated By-Laws

The Restated By-Laws may be amended only by the vote of a majority of the board of directors.

Buy-Out

Under our Articles of Incorporation, any one person, or any two or more legal entities belonging to the same group, holding shares representing at least 90% of our equity can require the remaining stockholders to transfer their shares as provided by and in accordance with the provisions of Curaçao law.  This provision is somewhat similar to statutes that exist in Delaware and most U.S. states, which typically allow the owner or owners of 90% of a company’s outstanding equity to effect a “short-form” merger.  In order to effect a compulsory share transfer, the owner or owners of 90% of our outstanding equity would have to institute an action in a Curaçao court and pay the transferring stockholders the value of the shares to be transferred as determined by the judge (based on the advice of one or three experts).  A judge can deny a request for a compulsory share transfer if a stockholder would suffer serious material damage through the transfer.

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