Document:

Exhibit 10.20

 

Date: 29 October 2021         

 

VERTICAL AEROSPACE LTD.

 

VIRGIN ATLANTIC WARRANT INSTRUMENT

  

 

  99 Bishopsgate
 London EC2M 3XF
 United Kingdom
 Tel: +44.20.7710.1000

 

www.lw.com  
  

 

     

     

    

 

TABLE OF CONTENTS

 

Page

 

		1.	DEFINITIONS AND INTERPRETATION	1

 

		2.	EFFECTIVENESS AND CONDITIONS	6

 

		3.	ISSUE OF THE WARRANTS	6

 

		4.	EXERCISE OF SUBSCRIPTION RIGHTS	7

 

		5.	REGISTRATION RIGHTS	8

 

		6.	ADJUSTMENTS	13

 

		7.	NO RIGHTS AS A SHAREHOLDER UNTIL EXERCISE	15

 

		8.	WARRANTIES	15

 

		9.	UNDERTAKINGS	15

 

		10.	LIQUIDATION	17

 

		11.	VARIATION OF RIGHTS	17

 

		12.	TRANSFER	17

 

		13.	TERMINATION	17

 

		14.	CONFIDENTIALITY	18

 

		15.	NOTICES	19

 

		16.	electronic execution	19

 

		17.	INVALIDITY	19

 

		18.	REMEDIES AND WAIVERS	19

 

		19.	PROCESS AGENT	19

 

		20.	GOVERNING LAW AND JURISDICTION	20

 

		21.	THIRD PARTY RIGHTS	20

 

	Schedule 1 FORM OF CERTIFICATE AND NOTICE OF EXERCISE	21
	 	 
	Schedule 2 REGISTER AND NOTICES	24
	 	 
	Schedule 3 FORM OF LOCK-UP AGREEMENT	26

 

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This instrument (the “Deed”) is made on 29 October
2021

   

BETWEEN:

   

		A.	VERTICAL AEROSPACE LTD., a Cayman Islands exempted company incorporated with limited liability,
with its registered office at PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands (the “Company”); and

 

		B.	VIRGIN ATLANTIC LIMITED, a private limited company incorporated in England and Wales, with registered
number 08867781 and its registered office at The VHQ, Fleming Way, Crawley, West Sussex, United Kingdom, RH10 9DF (“VAL”).

 

WHEREAS

 

		C.	(1) the Company; (2) Broadstone Acquisition Corp., a Cayman Islands exempted company (“Purchaser”);
(3) Broadstone Sponsor LLP, a United Kingdom limited liability partnership, solely in its capacity as the Purchaser Representative; (4)
Vertical Merger Sub Ltd., a Cayman Islands exempted company incorporated with limited liability (“Merger Sub”); (5)
Vertical Aerospace Group Ltd., a company limited by shares incorporated in England under registration number 12590994 (“Target”);
(6) Vincent Casey; and (7) the Company Shareholders (as defined in the BCA) entered into a business combination agreement (the “BCA”)
on 10 June 2021, pursuant to which, among other things, (a) Purchaser will merge with and into Merger Sub (the “Merger”),
as a result of which (i) the separate corporate existence of Merger Sub shall cease and Purchaser shall continue as the surviving company
and (ii) each issued and outstanding security of Purchaser immediately prior to the Merger Effective Time (as defined in the BCA) 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, and (b) Purchaser will acquire all of the issued and outstanding securities of Target in exchange
for the right of the holders thereof to receive a substantially equivalent security of the Company (the “Share Acquisition”
and together with the Merger and the other transactions contemplated by the BCA, the “Transactions”).

 

		D.	VAL and Target entered into an Advanced Air Mobility Partnership Memorandum of Understanding, dated 8
June 2021 and are to enter into an aircraft purchase agreement (the “Aircraft Purchase Agreement”), in connection
with which, among other things, Target agreed to issue certain equity warrants to VAL.

 

		E.	In connection with the Transactions, the Company has, by resolution of the Directors passed on or around
the date hereof, resolved to create and issue the Warrants to the Warrantholder to subscribe for the Warrant Shares on the terms set out
in this Deed.

 

		F.	The requisite number of Shareholders have irrevocably waived all pre-emption rights conferred on them
(whether by the Act, the Articles or otherwise) in relation to the Company’s issue of the Warrants to the Warrantholder to subscribe
for the Warrant Shares and the Company’s Shareholder(s) have given the Directors authority to allot the Warrant Shares, in each
case on the terms set out in this Deed.

 

IT IS AGREED THAT

 

		1.	DEFINITIONS AND INTERPRETATION

 

		1.1	In this Deed, unless the context otherwise requires, each of the following words and expressions shall
have the following meanings:

 

“Act” means the Companies
Act (as revised) of the Cayman Island;

 

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“Affiliate” means,
with respect to any Person, any other Person directly or indirectly Controlling, Controlled by, or under common Control with such Person
(including Delta Air Lines, Inc. and Virgin Management Limited in the case of VAL);

 

“Agreed Lock-Up Schedule”
means a lock-up schedule in a lock-up agreement pursuant to which the lock-up restrictions with respect to all shares (A) issuable pursuant
to warrants and (B) restricted by such lock-up agreement expire: (i) with respect to 10% of such shares, immediately; (ii) with respect
to 30% of such shares, one (1) year from Completion; (iii) with respect to 30% of such shares, two (2) years from Completion; and (iv)
with respect to 30% of such shares, three (3) years from Completion;

 

“Aircraft” means
any VA-X4 aircraft, VA-X8 aircraft or derivative, successor aircraft or other aircraft developed by the Company Group;

 

“Aircraft Purchase Agreement”
has the meaning set forth in Recital D above;

 

“Articles” means
the articles of association of the Company (as amended from time to time);

 

“Beneficially Own”
and “Beneficial Owner” have the meaning given to such terms in Rule 13d-3 under the Exchange Act;

 

“Binding Commitment”
means a firm, legally-binding commitment pursuant to which VAL or any of its Affiliates has placed a firm order for twenty-five (25) Aircraft,
or any combination of such commitments that results in an order, without duplication, for twenty-five (25) Aircraft, in each case pursuant
to the terms and conditions of any aircraft purchase agreement between any member of the Company Group (including any Affiliate thereof)
and VAL or any of its Affiliates;

 

“Binding Commitment Notice”
has the meaning ascribed to such term in Clause 3.3;

 

“Business Day” means
a day on which the English clearing banks are ordinarily open for the transaction of normal banking business in the City of London and
New York City, U.S.A. (other than a Saturday or Sunday or public holiday in such cities);

 

“Certificate” means
a certificate evidencing a Warrantholder’s entitlement to Warrant A, Warrant B, Warrant C or Warrant D (as applicable) (together
with the Subscription Rights and all additional rights attached thereto) in the form, or substantially in the form, set out in Part
1 of Schedule 1;

 

“Change of Control”
means the occurrence of any of the following: (a) the Company becomes aware (by way of a report or any other filing pursuant to Section
13(d) of the Exchange Act, proxy, vote, written notice or otherwise) of any person or Group, becoming in a single transaction or a series
of transactions, by way of merger, consolidation or other business combination, purchase or otherwise, the Beneficial Owner of more than
50.0% of the voting power of all of the Company’s then-outstanding capital stock; or (b) the consummation of (1) any sale, lease
or other transfer, in one transaction or a series of transactions, of all or substantially all of the assets of the Company and its subsidiaries,
taken as a whole, to any person or Group or (2) any transaction or series of related transactions in connection with which (whether by
means of merger, consolidation, share exchange, combination, reclassification, recapitalization, acquisition, liquidation or otherwise)
all of the Shares is exchanged for, converted into, acquired for or constitutes solely the right to receive, other securities, cash or
other property; provided, however, that any transaction in which the Company or any direct or indirect parent entity of the Company becomes
a subsidiary of another person, or any transaction described in clause (b)(2) above, will not constitute a Change of Control if the persons
beneficially owning all of the voting power of the common equity of the Company or such parent entity immediately prior to such transaction
Beneficially Own, directly or indirectly through one or more intermediaries, more than 50.0% of all voting power of the common equity
of the Company or such parent entity or the surviving, continuing or acquiring company or other transferee, as applicable, immediately
following the consummation of such transaction, in substantially the same proportions vis-à-vis each other immediately before
such transaction (other than changes to such proportions solely as a result of the exercise of stock and/or cash elections in any
merger or combination providing for elections), provided that, any transaction or event described in both clause (a) and in clause (b)(1)
or (b)(2) of this definition will be deemed to occur solely pursuant to clause (b);

 

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“Commercial Warrant”
means each of Warrant B, Warrant C and Warrant D;

 

“Commission” means
the U.S. Securities and Exchange Commission;

 

“Company Group” means
the Company and each of its subsidiaries from time to time;

 

“Completion” means
completion of the Share Acquisition Closing pursuant to the BCA;

 

“Control” of the
relevant entity means the power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to: (i) cast, or control
the casting of, more than one-half of the maximum number of votes that might be cast at a general meeting of the relevant entity; (ii)
appoint or remove all, or the majority, of the directors or other equivalent officers of the relevant entity; or (iii) give directions
with respect to the operating and financial policies of the relevant entity with which the directors or other equivalent officers of such
relevant entity are obliged to comply;

 

“Delta Air Lines, Inc.”
means Delta Air Lines, Inc., a Delaware corporation, with its principal office at 1030 Delta Boulevard, Atlanta, GA 30354, United States;

 

“Directors” means
the duly appointed directors of the Company from time to time;

 

“Earn Out Shares”
means 35,000,000 Ordinary Shares issued at the Share Acquisition Closing to certain shareholders of the Target, which will be held subject
to restrictions and will be subject to forfeiture until the Company satisfies certain milestones;

 

“Encumbrance” means
a mortgage, charge, pledge, lien, option, restriction, right of first refusal, right of pre-emption, third party right or interest, other
encumbrance or security interest of any kind, or another type of preferential arrangement (including a title transfer or retention arrangement)
having similar effect;

 

“Exchange Act” means
the Securities Exchange Act of 1934, as amended;

 

“Fair Market Value”
of any asset as of any date of determination means the purchase price that a willing buyer having all relevant knowledge would pay a willing
seller for such asset in an arm’s length transaction;

 

“Group” shall mean
any group of one or more persons if such group would be deemed a “group” as such term is used in Section 13(d)(3) or Section
14(d)(2) of the Exchange Act;

 

“Holder” means the
holder of a Registrable Security;

 

“Indemnity” means,
where a Certificate has been mutilated, defaced, lost, stolen or destroyed, an indemnity in the place thereof in a form as the Directors
may decide (in their sole discretion) against all losses which may be suffered or incurred directly or indirectly in connection with the
mutilation, defacement, loss, theft or destruction of such Certificate;

 

“Initial Registrable Securities”
has the meaning ascribed to such term in Clause 5.1;

 

“Notice of Exercise”
means a notice in the form set out in Part 2 of Schedule 1;

 

“Ordinary Shares”
means the ordinary shares, with $0.0001 par value, in the capital of the Company from time to time having the rights set out in the Articles;

 

“Outstanding Options”
means, at the relevant time, all outstanding options, warrants or other outstanding rights (whether or not conditional or contingent and
assuming full performance of any performance linked rights), to subscribe for equity shares of the Company or securities which are convertible
into equity shares of the Company, including any agreement or commitment of the Company to issue or grant any such options, warrants or
right;

 

“Person” means
an individual, company, corporation, partnership (including a general partnership, limited partnership or limited liability
partnership), limited liability company, association, trust or other entity or organisation, including a government, domestic or
foreign, or political subdivision thereof, or an agency or instrumentality thereof;

 

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“Register” means
the register of the Warrants maintained by the Company at its Registered Office;

 

“Registered Office”
means the registered office of the Company from time to time;

 

“Registrable Security”
shall mean the Warrant Shares (including any shares of capital stock or other securities of the Company issued as a dividend or other
distribution with respect to or in exchange for or in replacement of such Warrant Shares); provided, however, that, as to
any particular Registrable Security, such securities shall cease to be Registrable Securities when: (i) 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; (ii) such securities shall have been otherwise
transferred, new certificates for such securities not bearing a legend restricting further transfer shall have been delivered by the Company
and subsequent public distribution of such securities shall not require registration under the Securities Act; (iii) such securities
shall have ceased to be outstanding; or (iv) such securities have been sold to, or through, a broker, dealer or Underwriter in a
public distribution or other public securities transaction;

 

“Registration Expenses”
shall mean the out-of-pocket expenses relating to 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 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 counsel for the Underwriters, if any, 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)	reasonable fees and expenses of one (1) legal counsel selected by the Warrantholder initiating a
demand registration to be registered for offer and sale in the applicable Registration;

 

		g)	transfer agents’ and registrars’ fees and expenses;

 

		h)	expenses relating to any analyst or investor presentations or any “road shows” undertaken
by the Company in connection with the registration, marketing or selling of the Registrable Securities; and

 

		i)	all out of pocket costs and expenses incurred by the Company or its appropriate officers.

 

“Shareholder(s)”
means all of the registered holders of the Shares from time to time;

 

“Shares” means the
issued share capital of the Company from time to time;

 

“Share Acquisition Closing”
has the meaning ascribed to such term in the BCA;

 

“Subsequent Registrable Securities”
has the meaning ascribed to such term in Clause 5.5;

 

“Subscription Price”
means a price per Warrant Share of $10.00 subject to any adjustments pursuant to Clause 6.1;

 

“Subscription
Rights” means, in the case of: (i) Warrant A, the right to subscribe in cash at the Subscription Price for the Warrant A
Shares; (ii) Warrant B, the right to subscribe in cash at the Subscription Price for the Warrant B Shares; (iii) Warrant C, the
right to subscribe in cash at the Subscription Price for the Warrant C Shares; and (iv) Warrant D, the right to subscribe in
cash at the Subscription Price for the Warrant D Shares;

 

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“Type Certification”
means type certification by the UK Civil Aviation Authority for the Aircraft as a small category (up to nine (9) passengers and a MTOW
of 3,175 kilograms/7,000 pounds) vertical take-off and landing aircraft powered by an electric propulsion system;

 

“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 Registration”
or “Underwritten Offering” shall mean a Registration in which securities of the Company are sold to one or more Underwriters
in a firm commitment underwriting for distribution to the public;

 

“Virgin Management Limited”
means Virgin Management Limited, a private limited company incorporated in England and Wales, with registered number 01568894 and its
registered office at The Battleship Building, 179 Harrow Road, London, W2 6NB;

 

“Warrant A” means
the warrant issued by the Company in accordance with this Deed and all rights conferred by it, including the Subscription Rights, in respect
of the Warrant A Shares;

 

“Warrant A Shares”
means 2,625,000 Ordinary Shares;

 

“Warrant B” means
the warrant issued by the Company in accordance with this Deed and all rights conferred by it, including the Subscription Rights, in respect
of the Warrant B Shares;

 

“Warrant B Shares”
means 1,312,500 Ordinary Shares;

 

“Warrant C” means
the warrant issued by the Company in accordance with this Deed and all rights conferred by it, including the Subscription Rights, in respect
of the Warrant C Shares;

 

“Warrant C Shares”
means 656,250 Ordinary Shares;

 

“Warrant D” means
the warrant issued by the Company in accordance with this Deed and all rights conferred by it, including the Subscription Rights, in respect
of the Warrant D Shares;

 

“Warrant D Shares”
means 656,250 Ordinary Shares;

 

“Warrant Shares”
means, in the case of: (i) Warrant A, the Warrant A Shares; (ii) Warrant B, the Warrant B Shares; (iii) Warrant C, the Warrant C Shares;
and (iv) Warrant D, the Warrant D Shares;

 

“Warrantholder(s)”
means the relevant person(s) whose name(s) appear(s) in the Register as the respective holder(s) of the Warrants (as applicable) and,
for any period during which the Warrants are not issued and outstanding under this Deed, means VAL; and

 

“Warrants” means
Warrant A, Warrant B, Warrant C and Warrant D.

 

		1.2	In this Deed, unless the context otherwise requires:

 

		(a)	references to:

 

		(i)	statutes or statutory provisions include references to any orders or regulations made thereunder and references
to any statute, provision, order or regulation include references to that statute, provision, order or regulation as amended, modified,
re-enacted or replaced from time to time whether before or after the date hereof (subject as otherwise expressly provided herein) and
to any previous statute, statutory provision, order or regulation amended, modified, re-enacted or replaced by such statute, provision,
order or regulation;

 

		(ii)	“dollars” or “$” are references to the lawful currency from time to time of the
United States of America;

 

		(iii)	clauses and schedules are references to clauses of, and the schedules to, this Deed;

 

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		(iv)	writing shall include any modes of reproducing words in a legible and non-transitory form; and

 

		(v)	this Deed include this Deed as amended or varied in accordance with its terms;

 

		(b)	the index to and the headings to clauses and paragraphs of this Deed are for information only and shall
not form part of the operative provisions of, and shall be ignored in construing, this Deed;

 

		(c)	words denoting the singular shall include the plural and vice versa, words denoting any gender shall include
all genders and words denoting persons shall include bodies corporate and unincorporated, associations, partnerships and individuals;

 

		(d)	the schedules form part of the operative provisions of this Deed and references to this Deed shall include
references to the schedules;

 

		(e)	words introduced by the word “other” shall not be given a restrictive meaning because they
are preceded by words referring to a particular class of acts, matters or things; and

 

		(f)	general words shall not be given a restrictive meaning because they are followed by words which are particular
examples of the acts, matters or things covered by the general words and the words “includes” and “including”
shall be construed without limitation.

 

		2.	EFFECTIVENESS AND CONDITIONS

 

		2.1	The issuance of the Warrants and the Warrantholders’ right to exercise the Subscription Rights shall
be subject to the terms and conditions of this Deed and shall be fully conditional on (i) Completion and (ii) VAL delivering an executed
counterpart to a lock-up agreement in respect of certain Warrant A Shares substantially in the form attached hereto as Schedule 3
(the “Lock-Up Agreement”). If Completion does not occur, the Warrantholder shall have no rights under this Deed and
the Company shall have no obligations hereunder. The parties hereto expressly agree that Company shall have no liabilities whatsoever
pursuant to this Deed if Completion does not occur prior to September 15, 2022.

 

		2.2	When issued, the Warrants are subject to the Articles and the terms and conditions of this Deed, which
are binding upon the Company and the Warrantholders. In the event of a conflict between the terms and conditions of this Deed and the
Articles, this Deed shall prevail.

 

		3.	ISSUE OF THE WARRANTS

 

Warrant A

 

		3.1	Subject to Clause 2.1, immediately after Completion, the Company shall:

 

		(a)	issue Warrant A to VAL, in each case with the Subscription Rights attached thereto;

 

		(b)	provide VAL with a copy of the Articles and copies of Director and Shareholder resolutions and consents
regarding:

 

		(i)	the Shareholders’ waiver of all pre-emption rights in relation to the Company’s issue of Warrant
A, Warrant B, C and D; and

 

		(ii)	the Directors’ authority to issue Warrant A and Warrant B, C and D at the relevant time;

 

		(c)	enter the name of VAL in the Register as the holder of Warrant A; and

 

		(d)	within five (5) Business Days of entering the name of VAL in the Register: (i) deliver to VAL a copy of
the Register; and (ii) issue to VAL, without charge, a Certificate which shall be evidence of the entitlement to all rights attaching
to Warrant A.

 

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Warrant B, C, and D

 

		3.2	Issuance of each of Warrant B, C and D (as applicable) is conditional on entry into a Binding Commitment(s)
by VAL or any of its Affiliates according to the following milestones;

 

	Binding Commitment(s) for Aircraft	Warrants Issued
	At least 50 Aircraft	Warrant B 
	At least 75 Aircraft	Warrant B and Warrant C 
	At least 100 Aircraft	Warrant B, Warrant C and Warrant D

 

 

		3.3	Within ten (10) Business Days of a Binding Commitment being entered into for at least such number of aircraft
as set forth in the table in Clause 3.2 above, VAL shall send to the Company notice specifying the date on which the Binding Commitment
was entered into with proof of the Binding Commitment (the “Binding Commitment Notice”). Failure to send the Company
the Binding Commitment Notice within such 10 Business Day period shall not cause VAL to lose the right to receive any portion of Warrant
B, C or D (as applicable).

 

		3.4	Within five (5) Business Days of receipt of the Binding Commitment Notice, the Company shall:

 

		(a)	issue the relevant Commercial Warrant (B, C or D, as applicable) to VAL with the Subscription Rights attached
thereto.

 

		(b)	enter the name of VAL in the Register as the holder of the relevant Commercial Warrant; and

 

		(c)	(i) deliver to VAL a copy of the Register; and (ii) issue to VAL, without charge, a Certificate which
shall be evidence of the entitlement to all rights attaching to the Commercial Warrant.

 

		4.	EXERCISE OF SUBSCRIPTION RIGHTS

 

		4.1	The Subscription Rights in respect of each Warrant, shall become exercisable immediately upon receipt
of the relevant Certificate in respect of such Warrant pursuant to Clause 3.

 

		4.2	The Warrantholder shall be entitled to exercise the Subscription Rights in respect of Warrant A (as applicable)
at any time that the Warrantholder decides to prior to the date that is twelve (12) months after the date on which Type Certification
is received. If and to the extent unexercised, the Subscription Rights in respect of Warrant A shall automatically be deemed to lapse
on the date that is twelve (12) months after the date of Type Certification provided that the Warrantholders have not taken any of the
steps in Clause 4.5 by such date, and Warrant A shall automatically be deemed to be cancelled upon termination of this Deed.

 

		4.3	The Warrantholder agrees that it shall be entitled to exercise the Subscription Rights that become exercisable
pursuant to Clause 3 in respect of each of the Commercial Warrants (as applicable) within the later of (i) the date falling six
(6) months after the end of the Company’s accounting period in which the Subscription Rights in respect of such Commercial Warrant
become exercisable and (ii) the date falling twelve (12) months after Type Certification. The Warrantholder further agrees that
should the Warrantholder fail to exercise the Subscription Rights with respect to a Commercial Warrant in accordance with this Clause
4.3, the Subscription Rights in respect of such Commercial Warrant shall lapse.

 

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		4.4	If and to the extent unexercised, the Subscription Rights in respect of the Commercial Warrants shall
automatically be deemed to lapse on the date that is five (5) years after the date of Type Certification provided that the Warrantholders
have not taken any of the steps in Clause 4.5 by such date, and the Commercial Warrants shall automatically be deemed to be cancelled
upon termination of this Deed.

 

		4.5	Subject to the terms of this Deed, the Warrantholders may exercise the Subscription Rights in respect
of a Warrant by:

 

		(a)	delivering to the Registered Office: (i) a duly completed and irrevocable Notice of Exercise in order
to exercise the Subscription Rights in respect of the Warrants (as applicable); and (ii) its Certificate, or, as the case may be, an Indemnity
in respect thereof; and

 

		(b)	paying the Subscription Price payable for the Warrant Shares in cash to the Company by such mode as the
Company and the Warrantholder shall have previously agreed (including, but not limited to, wire transfer),

 

the delivery and payment of which is
irrevocable.

 

		4.6	Within five (5) Business Days of receipt of the Notice of Exercise, the Company shall instruct the transfer
agent for the Shares (the “Transfer Agent”) to record the issuance of the Warrant Shares subscribed for pursuant to
the Notice of Exercise to the Warrantholder in book-entry form pursuant to the Transfer Agent’s regular procedures. The Warrant
Shares will be deemed to have been issued, and the Warrantholder will be deemed to have become a holder of record of such shares for all
purposes, as of the date the Transfer Agent records such issuance.

 

		5.	REGISTRATION RIGHTS

 

		5.1	The Company agrees that, within thirty (30) calendar days after Completion (the “Filing Date”),
the Company will file with the Commission (at the Company’s sole cost and expense) a registration statement (the “Registration
Statement”) registering the resale of the Warrant A Shares (the “Initial Registrable Securities”), and the
Company shall use its commercially reasonable efforts to have the Registration Statement declared effective as soon as practicable after
the filing thereof, but not later than the earlier of: (i) sixty (60) calendar days following the consummation of the Transactions; and
(ii) ninety (90) calendar days following the consummation of the Transactions if the Commission notifies the Company that it will “review”
the Registration Statement (such date, the “Effectiveness Date”); provided, however, that the Company’s
obligations to include the Initial Registrable Securities in the Registration Statement are contingent upon the holders of the Warrant
A Shares (the “Warrant A Shareholders”) furnishing a completed and executed selling shareholders questionnaire in customary
form to the Company that contains the information required by Commission rules for a Registration Statement regarding the Warrant A Shareholders,
the securities of the Company held by the Warrant A Shareholders, and the intended method of disposition of the Initial Registrable Securities
to effect the registration of the Initial Registrable Securities, and the Warrant A Shareholders shall execute such documents in connection
with such registration as the Company may reasonably request that are customary of a selling shareholder in similar situations, including
providing that the Company shall be entitled to postpone and suspend the effectiveness or use of the Registration Statement as permitted
hereunder; provided that Warrant A Shareholders shall not, in connection with the foregoing, be required to execute any lock-up or similar
agreement or otherwise be subject to any contractual restriction on the ability to transfer the Initial Registrable Securities, except
that certain of the Warrant A Shares shall be subject to a lockup period. Any
failure by the Company to file the Registration Statement by the Filing Date or to effect such Registration Statement by the Effectiveness
Date shall not otherwise relieve the Company of its obligations to file or effect the Registration Statement as set forth above in this
Clause 5. Unless required under applicable laws and Commission rules, in no event shall the Warrant A Shareholders be identified
as a statutory underwriter in the Registration Statement; provided, that if the Warrant A Shareholders are required to be so identified
as a statutory underwriter in the Registration Statement, each Warrant A Shareholder will have an opportunity to withdraw its Initial
Registrable Securities from the Registration Statement.

 

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		5.2	In the case of registration effected by the Company pursuant to this Deed, the Company shall, upon reasonable
request, inform the Warrant A Shareholders as to the status of such registration. At its expense, the Company shall:

 

		(a)	except for such times as the Company is permitted hereunder to suspend the use of the prospectus forming
part of a Registration Statement, use its commercially reasonable efforts to keep such registration, and any qualification, exemption,
or compliance under state securities laws which the Company determines to obtain, continuously effective with respect to the Warrant A
Shareholders, and to keep the applicable Registration Statement or any subsequent shelf registration statement free of any material misstatements
or omissions, until the earlier of the following: (i) each Warrant A Shareholder ceases to hold any Initial Registrable Securities; (ii)
the date all Initial Registrable Securities held by each Warrant A Shareholder may be sold without restriction under Rule 144, including
without limitation, any volume and manner of sale restrictions which may be applicable to affiliates under Rule 144 and without the requirement
for the Company to be in compliance with the current public information required under Rule 144(c)(1) (or Rule 144(i)(2), if applicable)
and (iii) two (2) years from the end of the Lock-Up Period (as defined in the Lock-Up Agreement);

 

		(b)	advise each Warrant A Shareholder as promptly as practicable, but in any event within five (5) Business
Days:

 

		(i)	when a Registration Statement or any post-effective amendment thereto has become effective;

 

		(ii)	after it shall receive notice or obtain knowledge thereof, of the issuance by the Commission of any stop
order suspending the effectiveness of any Registration Statement or the initiation of any proceedings for such purpose;

 

		(iii)	of the receipt by the Company of any notification with respect to the suspension of the qualification
of the Initial Registrable Securities included therein for sale in any jurisdiction or the initiation or threatening of any proceeding
for such purpose; and

 

		(iv)	subject to the provisions in this Deed, of the occurrence of any event that requires the making of any
changes in any Registration Statement or prospectus so that, as of such date, the statements therein are not misleading and do not omit
to state a material fact required to be stated therein or necessary to make the statements therein (in the case of a prospectus, in the
light of the circumstances under which they were made) not misleading.

 

Notwithstanding
anything to the contrary set forth herein, the Company shall not, when so advising the Warrant A Shareholders of such events,
provide the Warrant A Shareholders with any material, nonpublic information regarding the Company other than to the extent that
providing notice to the Warrant A Shareholders of the occurrence of the events listed in (i) through (iv) above may constitute
material, nonpublic information regarding the Company; the Warrant A Shareholders hereby consent to receipt of any material,
non-public information with respect to the occurrence of the events listed in (i) through (iv) of this Clause 5.2(b);

 

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		(c)	use its commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness
of any Registration Statement as soon as reasonably practicable;

 

		(d)	upon the occurrence of any event contemplated in Clause 5.2(b), except for such times as the Company
is permitted hereunder to suspend, and has suspended, the use of a prospectus forming part of a Registration Statement, the Company shall
use its commercially reasonable efforts to as soon as reasonably practicable prepare a post-effective amendment to such Registration Statement
or a supplement to the related prospectus, or file any other required document, so that, as thereafter delivered to purchasers of the
Initial Registrable Securities included therein, such prospectus will not include any untrue statement of a material fact or omit to state
any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading;

 

		(e)	use its commercially reasonable efforts to cause all Shares to be listed on each securities exchange or
market, if any, on which the Company’s Ordinary Shares are then listed;

 

		(f)	use its commercially reasonable efforts to allow any Warrant A Shareholder to review disclosure regarding
such Warrant A Shareholder in the Registration Statement and consider in good faith proposed revisions from such Warrant A Shareholder
(provided, that the use of such revisions in the Registration Statement shall always remain at the sole discretion of the Company); and

 

		(g)	use its commercially reasonable efforts to (x) take all other steps reasonably necessary to effect the
registration of the Initial Registrable Securities contemplated herein and (y) take such further action as any Warrant A Shareholder may
reasonably request, all to the extent required from time to time to enable such Warrant A Shareholder to sell Ordinary Shares held by
such Warrant A Shareholder 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 promulgated thereafter by the Commission, to the extent that such rule or
such successor rule is available to the Company).

 

		5.3	Notwithstanding anything to the contrary in this Deed, if the Commission prevents the Company from including
in the Registration Statement any or all of the Shares due to limitations on the use of Rule 415 of the Securities Act for the resale
of the Shares by the Warrant A Shareholders, the Registration Statement shall register for resale such number of Shares which is equal
to the maximum number of Shares as is permitted by the Commission. In such event, the number of Shares to be registered for each selling
shareholder named in the Registration Statement shall be reduced pro rata among all such selling shareholders and as promptly as practicable
after being permitted to register additional Shares under Rule 415 under the Securities Act, the Company shall use commercially reasonable
efforts to amend the Registration Statement or file a new Registration Statement to register such Shares not included in the initial Registration
Statement.

 

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		5.4	Notwithstanding anything to the contrary in this Deed, the Company shall be entitled to delay or postpone
the effectiveness of the Registration Statement, and from time to time to require the Warrant A Shareholders not to sell under the Registration
Statement or to suspend the effectiveness thereof, (i) if it determines that in order for the Registration Statement to not contain any
untrue statement of a material fact or omission of a material fact necessary to make the statements contained therein not misleading,
an amendment thereto would be needed to include information that would at
that time not otherwise be required in a current, quarterly, or annual report under the Exchange Act and is materially prejudicial or
onerous for the Company to include, (ii) if the negotiation or consummation of a transaction by the Company or its subsidiaries is pending
or an event has occurred (which negotiation, consummation or event the Company’s board of directors reasonably believes, upon the
advice of legal counsel (which may be in-house counsel), would require additional disclosure by the Company in the Registration Statement
of material information) that the Company has a bona fide business purpose for keeping confidential and the non-disclosure of which
in the Registration Statement would be expected, in the reasonable determination of the Company’s board of directors, upon the advice
of legal counsel (which may be in-house counsel), to cause the Registration Statement to fail to comply with applicable disclosure requirements
or (iii) in the good faith judgment of the majority of the Company’s board of directors, such filing or effectiveness or use of
such Registration Statement, would be seriously detrimental to the Company and the majority of the Company’s board of directors
conclude as a result that it is essential to defer such filing because it would (x) materially interfere with a significant acquisition,
corporate reorganization, or other similar transaction involving the Company; (y) require premature disclosure of material information
that the Company has a bona fide business purpose for preserving as confidential, or (z) render the Company unable to comply with
requirements under the Securities Act or Exchange Act (each such circumstance in subclauses (i) – (iii), a “Suspension
Event”); provided, however, that the Company may not delay or suspend the Registration Statement on more
than three (3) occasions or for more than ninety (90) consecutive calendar days or more than one hundred and twenty (120) total calendar
days, in each case during any twelve (12) month period. Upon receipt of any written notice from the Company of the happening of any Suspension
Event during the period that the Registration Statement is effective or if as a result of a Suspension Event the Registration Statement
or related prospectus contains any untrue statement of a material fact or omits to state any material fact required to be stated therein
or necessary to make the statements therein, in light of the circumstances under which they were made (in the case of the prospectus)
not misleading, each Warrant A Shareholder agrees that (a) it will immediately discontinue offers and sales of the Shares under the Registration
Statement until such Warrant A Shareholder receives copies of a supplemental or amended prospectus (which the Company agrees to promptly
prepare) that corrects the misstatement(s) or omission(s) referred to above and receives notice that any post-effective amendment has
become effective or unless otherwise notified by the Company that it may resume such offers and sales, and (b) it will maintain the confidentiality
of any information included in such written notice delivered by the Company, except for disclosure to any Warrant A Shareholder’s
employees, agents and professional advisors who need to know such information and are obligated to keep it confidential, unless otherwise
required by law or court order. If so directed by the Company, each Warrant A Shareholder will deliver to the Company or, in such Warrant
A Shareholder’s sole discretion destroy, all copies of the prospectus covering the Shares in such Warrant A Shareholder’s
possession; provided, however, that this obligation to deliver or destroy all copies of the prospectus covering the
Shares shall not apply (1) to the extent such Warrant A Shareholder is required to retain a copy of such prospectus (A) in order to comply
with applicable legal, regulatory, self-regulatory, or professional requirements, or (B) in accordance with a bona fide pre-existing document
retention policy, or (2) to copies stored electronically on archival servers as a result of automatic data back-up.

  

		5.5	The Company agrees that, within thirty (30) calendar days after each issuance of Warrant Shares
                                                             underlying the Commercial Warrants (the “Subsequent Registrable Securities”) in accordance with this Deed, the
                                                             Company will file with the Commission a registration statement registering the resale of such Warrant Shares in accordance with the
                                                             provisions of Clauses 5.1 - 5.4 of this Deed (except that all references in such clauses to “Initial Registrable
                                                             Securities” shall be to “Subsequent Registrable Securities”, all references in such clauses to “Warrant A
                                                             Shares” shall be to “Warrant Shares” and all references in such clauses to “Warrant A Shareholders”
                                                             shall be to “the holders of such Warrant Shares”). Notwithstanding the foregoing, the Company shall have the option, at
                                                             its sole discretion, to register any such Subsequent Registrable Securities on a registration
statement (including a registration statement on Form F-3, provided that such form is available) prior to the issuance of such Subsequent
Registrable Securities in lieu of registration pursuant to the foregoing sentence.

 

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		5.6	The Company shall use its commercially reasonable efforts to cooperate in a timely manner with any reasonable
request of a Warrantholder in respect of any underwritten public offering, block trade, hedging transaction or other transaction that
is registered pursuant to the Registration Statement, including entering into customary agreements with respect to such transaction (and
providing customary representations, warranties, covenants and indemnities in such agreements) as well as providing other reasonable assistance
in respect of such transaction of the type applicable to a public offering, to the extent customary for such transaction, and shall bear
all Registration Expenses in connection with any such transaction, whether or not completed.

 

		5.7	Indemnification.

 

		(a)	The Company agrees to indemnify and hold harmless, to the extent permitted by law, the Warrantholder,
its directors, officers, employees, advisers and agents, and each person who controls the Warrantholder (within the meaning of the Securities
Act or the Exchange Act) and each affiliate of the Warrantholder (within the meaning of Rule 405 under the Securities Act) from and against
any and all losses, claims, damages, liabilities and expenses (including, without limitation, any reasonable attorneys’ fees and
expenses incurred in connection with defending or investigating any such action or claim) caused by any untrue or alleged untrue statement
of material fact contained in any Registration Statement, prospectus included in any Registration Statement 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 contained in any information furnished in writing
to the Company by or on behalf of the Warrantholder expressly for use therein.

 

		(b)	The Warrantholder agrees, severally and not jointly with any other selling shareholder under the Registration
Statement, to indemnify and hold harmless the Company, its directors and officers and agents and each person who controls the Company
(within the meaning of the Securities Act) against any losses, claims, damages, liabilities and expenses (including, without limitation,
reasonable attorneys’ fees) resulting from any untrue statement of material fact contained in the Registration Statement, prospectus
or preliminary prospectus or any amendment thereof or supplement thereto or any 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 or omission is contained
in any information or affidavit so furnished in writing by the Warrantholder expressly for use therein. In no event shall the liability
of the Warrantholder be greater in amount than the dollar amount of the net proceeds received by the Warrantholder upon the sale of the
Shares giving rise to such indemnification obligation.

 

		(c)	Any person entitled to indemnification herein shall (a) 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 right to indemnification hereunder to the extent such failure has not prejudiced the
                                                                   indemnifying party) and (b) 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. An indemnifying party who 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 legal counsel
to any indemnified party a conflict of interest exists 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 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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		(d)	The indemnification provided for under this Deed shall remain in full force and effect regardless of any
investigation made by or on behalf of the indemnified party or any officer, director, employee, agent, affiliate or controlling person
of such indemnified party and shall survive the transfer of the Shares received pursuant to this Deed.

 

		(e)	If the indemnification provided under this Clause 5.5 from the indemnifying party is unavailable
or insufficient to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities and 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 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 relates to information supplied by, 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. 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 this Clause 5.5, any legal or other fees, charges or expenses reasonably incurred by such party in connection with
any investigation or proceeding. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities
Act) shall be entitled to contribution pursuant to this Clause 5.7(e) from any person who was not guilty of such fraudulent misrepresentation.
In no event shall the liability of the Warrantholder (together with any indemnification obligation under this Clause 5.5) be greater
in amount than the dollar amount of the net proceeds received by the Warrantholder upon the sale of the Shares giving rise to such contribution
obligation.

 

		6.	ADJUSTMENTS

 

		6.1	Stock Dividends, Subdivision, Combinations and Consolidations. If the Company, at any time on or
after the date of this Deed: (i) pays a stock dividend or makes a distribution on the Shares in the form of Shares, (ii) subdivides outstanding
Shares into a larger number of shares, or (iii) combines or consolidates (including, without limitation, by reverse stock split) outstanding
Shares into a smaller number of shares, then, in each case, the number of Shares issuable after such event upon exercise of the Subscription
Rights in respect of the Warrants will be equal to the number of Shares issuable upon exercise of the Subscription Rights in respect of
the Warrants prior to such event multiplied by a fraction of which the numerator will be the number of Shares outstanding immediately
after such event and of which the denominator will be the number of Shares outstanding immediately before such event, and the Subscription
Price will be proportionately adjusted such that the aggregate Subscription Price of the Warrant Shares will remain unchanged. Any adjustment
made pursuant to this Clause 6.1 shall be certified in writing by the Company’s auditors
(at the Company’s expense) and the Warrantholders and will become effective immediately after the record date for the determination
of shareholders entitled to receive such dividend or distribution and will become effective immediately after the effective date in the
case of a subdivision, combination or consolidation. The Company shall procure that the Register is updated accordingly within ten (10)
Business Days of the date on which the adjustment became effective.

 

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	6.2	The Company shall procure that its auditors carry out the certification referred to in Clause 6.1
and that in carrying out the certification: (i) the Company’s auditors shall act as an expert and not an arbitrator; (ii) the costs
of the Company’s auditors shall be borne by the Company; and (iii) the certification of the Company’s auditors shall, except
in the case of manifest error, be final and binding on the Company and the Warrantholders.

 

	6.3	Reclassifications, Reorganizations, Consolidations and Mergers. In the event of (i) any capital
reorganization of the Company, (ii) any reclassification or recapitalization of the stock of the Company (other than (A) a change in par
value or from par value to no par value or from no par value to par value or (B) as a result of a stock dividend, subdivision, combination
or consolidation of shares as to which Clause 6.1 will apply), or (iii) any Change of Control, consolidation or merger of the Company
with or into another Person (where the Company is not the surviving corporation or where there is a change in or distribution with respect
to the Shares then issuable upon exercise of the Subscription Rights in respect of the Warrants), the Warrants will, after such reorganization,
reclassification, recapitalization, Change of Control, consolidation or merger, be exercisable for the kind and number of shares of stock
or other securities or property (“Alternate Consideration”) of the Company or of the successor corporation resulting
from such consolidation or surviving such merger, if any (and/or the issuer of the Alternate Consideration, as applicable) to which the
holder of the number of Shares underlying the Warrants (at the time of such reorganization, reclassification, recapitalization, consolidation
or merger) would have been entitled upon such reorganization, reclassification, recapitalization, Change of Control, consolidation or
merger. In such event, the aggregate Subscription Price otherwise payable for the Shares issuable upon exercise of the Subscription Rights
in respect of the Warrants will be allocated among the Alternate Consideration receivable as a result of such reorganization, reclassification,
recapitalization, Change of Control, consolidation, or merger in proportion to the respective Fair Market Value of such Alternate Consideration,
but in a manner in which the aggregate Subscription Price of the Warrant Shares will remain materially unchanged. If and to the extent
that the holders of Shares have the right to elect the kind or amount of consideration receivable upon consummation of such reorganization,
reclassification, recapitalization, Change of Control, consolidation or merger, then the consideration that the Warrantholders will be
entitled to receive upon exercise will be specified by each Warrantholder, which specification will be made by the Warrantholders by the
later of (A) ten (10) Business Days after the Warrantholders are provided with a final version of all material information concerning
such choice as is provided to the holders of Shares and (B) the last time at which the holders of Shares are permitted to make their specifications
known to the Company; provided, however, that if a Warrantholder fails to make any specification within such time period, such Warrantholder’s
choice will be deemed to be whatever choice is made by a plurality of all holders of Shares that are not affiliated with the Company (or,
in the case of a consolidation or merger, any other party thereto) and affirmatively make an election (or of all such holders if none
of them makes an election). From and after any such reorganization, reclassification, recapitalization, Change of Control, consolidation
or merger, all references to “Warrant Shares” and similar references herein will be deemed to refer to the Alternate Consideration
to which the Warrantholders are entitled pursuant to this Clause 6.3. In the event of any Change of Control, consolidation or merger
in which the Company is not the continuing or surviving corporation or entity (or is not the issuer of the Alternate Consideration), proper
provision will be made so that such continuing or surviving corporation or entity (and/or the issuer of the Alternate Consideration) will
agree to carry out and observe the obligations of the Company under the Warrants such that the provisions of this Clause 6.3
will similarly apply with respect to the Alternate Consideration and similarly apply to successive reorganizations, reclassifications,
recapitalizations, Change of Control, consolidations, or mergers.

 

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	6.4	Calculations. All calculations under this Clause 6 will be made to the nearest cent or the
nearest 1/100th of a Share, as the case may be. For the purposes of this Clause 6, the number of Shares deemed to be issued and
outstanding as of a given date will be the sum of the number of Shares (excluding treasury shares, if any) issued and outstanding on such
date.

 

	6.5	Notice of adjustment. The Company shall send the Warrantholders notice of any adjustment made pursuant
to Clause 6.1 as soon as practicable (and in any event within thirty (30) calendar days) following the relevant resolution of the
Directors giving effect to or sanctioning the adjustment.

 

	7.	NO RIGHTS AS A SHAREHOLDER UNTIL EXERCISE

 

Except as expressly
set forth in this Deed, the Warrants do not entitle the Warrantholders to any voting rights, dividends or other rights as a shareholder
of the Company prior to the exercise of the Subscription Rights in respect of the Warrants as set forth in Clause 4.

 

	8.	WARRANTIES

 

	8.1	The Company warrants to the Warrantholder that, as at the date of this Deed:

 

		(a)	the Company is validly incorporated, in existence and duly registered under the laws of the Cayman Islands;

 

		(b)	the Company’s board of directors has authorised the execution of this Deed and has obtained the
requisite authority, pursuant to the Act and the Articles, to issue the Warrants and to allot and issue the Warrant Shares as fully paid
in accordance with its terms and, pursuant to that authorisation, the Company’s board of directors may allot and issue the Warrant
Shares as fully paid and free from pre-emption rights and any other Encumbrance (other than in relation to the Lock-Up Agreement in respect
of certain of the Warrant A Shares) upon exercise of the Subscription Rights;

 

		(c)	the execution and delivery of, and the performance by the Company of its obligations under, this Deed
does not violate applicable law or any contract;

 

		(d)	the Company is resident in the United Kingdom for United Kingdom tax purposes;

 

		(e)	the Company belongs in the UK for value added tax purposes;

 

		(f)	all other lock-up agreements with respect to warrants of the Company executed in connection with the Transactions
contain lock-up schedules on the same schedule as the Agreed Lock-Up Schedule;

 

		(g)	the Warrant Shares equal 3% of the total amount of shares in the Company that are issuable in exchange
for all of the equity interests of the Target (for the avoidance of doubt, excluding the Earn Out Shares); and

 

		(h)	the copies of the Articles provided to the Warrantholders are true, accurate and complete.

 

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	9.	UNDERTAKINGS

 

	9.1	For so long as the Subscription Rights have not lapsed, the Company undertakes to:

 

		(a)	comply with the terms and conditions of this Deed and specifically, but without limitation, to do all
such things and execute all such documents so far as it is lawfully able to the extent legally required in order to give effect to the
Subscription Rights in accordance with the terms of this Deed;

 

		(b)	ensure that the Company has all necessary authorisations and approvals as will enable the Subscription
Rights of the Warrantholders to be satisfied in full at any time;

 

		(c)	ensure that the Company’s board of directors have the requisite authority from time to time to allot,
free from pre-emption rights and any other Encumbrance or Outstanding Options such number of Shares from time to time required in order
to satisfy the exercise of all outstanding Subscription Rights in respect of the Warrants in full;

 

		(d)	maintain the Register in accordance with the provisions of Schedule 2;

 

		(e)	replace, without charge, a Certificate at the request of a Warrantholder if it is mutilated, defaced,
lost, stolen or destroyed, provided that:

 

		(i)	the Warrantholder provides the Company with such evidence in respect of the mutilation, defacement, loss,
theft or destruction as the Company may reasonably require;

 

		(ii)	the mutilated or defaced Certificate in respect of which a replacement is being sought is surrendered;
and

 

		(iii)	the Warrantholder shall indemnify the Company on demand through the delivery of an Indemnity;

 

		(f)	not modify the Articles or the rights attached to any Warrant Shares or Shares, in each case in a way
which could reasonably be expected to have a material adverse effect on the rights of the Warrantholders relative to the rights of the
other Shareholders or the value of the Warrants or of the Warrant Shares;

 

		(g)	notify the Warrantholders prior to allotting, issuing or granting any right to subscribe for, or to convert
securities into, equity share capital of the Company not less than five (5) Business Days prior to such date;

 

		(h)	notify the Warrantholders prior to passing an effective resolution for liquidating, winding up or dissolving
the Company not less than five (5) Business Days prior to such date;

 

		(i)	not purchase, and procure that no member of the Company Group will purchase, Warrants unless an offer
to purchase is made pro rata to all Warrantholders; and

 

		(j)	promptly following a Binding Commitment being entered into, the Company shall publicly disclose the material
terms of such Binding Commitment. Such public disclosure shall be made either by press release or by filing a Current Report on Form 6-K
with the Commission.

 

	9.2	The parties undertake to use all reasonable endeavours to agree the Fair Market Value of each Warrant
on the date that it is issued based on third party professional advice (the costs of which shall be borne equally between the parties),
and each party undertakes that it will use that agreed valuations for all applicable tax purposes.

 

	9.3	If the issue of the Warrants by the Company to VAL constitutes for value added tax purposes the consideration
for any taxable supply of goods or services made by VAL to the Company or any member of the Company Group, then
the Company shall or shall procure that its Affiliate shall (as relevant) pay to VAL the amount of value added tax charged on that supply
on receipt of a valid invoice for such value added tax issued to the Target.

 

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	10.	LIQUIDATION

 

If, prior to the
exercise of the Subscription Rights, an effective resolution is passed for winding up or dissolution of the Company, then the Warrantholders:
(i) will be treated as if, immediately before the date of such order or resolution, the Warrantholders had exercised all the Subscription
Rights; and (ii) shall be entitled to receive out of the assets, which would otherwise be available in the liquidation, such sum (if any)
as the Warrantholders would have received had the exercise in full of the Subscription Rights entitled the Warrantholders to subscribe
for Warrant Shares, after deducting from such sum an amount equal to the Subscription Price which would have been payable upon such exercise.

 

	11.	VARIATION OF RIGHTS

 

	11.1	Subject to Clause 11.2, none of the rights attached to the Warrants (including the Subscription
Rights) nor any other provision of this Deed may (whether or not the Company is being wound up) be altered or abrogated without the prior
written consent of the Company and the Warrantholders. An agreed alteration may be effected by an instrument by way of deed executed by
the Company and expressed to be supplemental to this Deed.

 

	11.2	Modifications to this Deed which are of a purely formal, minor or technical nature which do not prejudice
in any way the rights of the Warrantholders, may be made by deed and signed as a deed by the Company, and a copy of such deed shall be
provided to the Warrantholders within five (5) Business Days of the date of its execution.

 

	12.	TRANSFER

 

	12.1	Upon prior written notice to the Company, the Warrantholder may sell, assign, transfer, pledge or dispose
of all or any portion of any Warrant hereunder: (i) to any Affiliate of the Warrantholder; (ii) for the purposes of granting a pledge
or as security or collateral in connection with any borrowing or the incurrence of any indebtedness by the Warrantholder; or (iii) to
any assignee of the Warrantholder (or its Affiliate) under any written aircraft purchase agreement entered into between any member of
the Company Group and VAL or any of its Affiliates.

 

	12.2	Upon the prior written consent of the Company, which such consent shall not be unreasonably withheld,
conditioned or delayed, the Warrantholder may sell, assign, transfer, pledge or dispose of all or any portion of any Warrant hereunder
to a bona fide business partner of the Warrantholder.

 

	13.	TERMINATION

 

	13.1	Subject to Clause 13.2 below, this Deed shall cease and terminate immediately upon the earlier
of:

 

		(a)	September 15, 2022, if Completion has not occurred prior to that date;

 

		(b)	the date that is five (5) years after the date of Type Certification;

 

		(c)	the date the Subscription Rights lapse and/or the Warrants are cancelled pursuant to the terms of this
Deed or as otherwise agreed in writing by the Company and the Warrantholders; or

 

		(d)	the date the Warrantholders receive the sum (if any) it would be entitled to pursuant to Clause 10
or notice that such sum is nil.

 

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	13.2	Notwithstanding anything to the contrary contained herein, in the event that the Business Combination
Agreement is terminated in accordance with its terms prior to Completion, this Agreement and all rights and obligations of the Parties
hereunder shall automatically terminate and be of no further force or effect.

 

	13.3	Any cessation and determination pursuant to Clause 13.1 shall:

 

		(a)	be without prejudice to the rights, obligations or liabilities of any party which shall have accrued or
arisen prior to such cessation and determination; and

 

		(b)	not affect the rights and obligations of the Company or the Warrantholders under Clauses 1, 13,
14, 15, 18, 20, and 21.

 

	14.	CONFIDENTIALITY

 

	14.1	The Warrantholders shall not use any confidential information relating to the Company for any purpose
other than to perform its obligations, or to exercise their rights, under this Deed.

 

	14.2	The Warrantholders shall keep confidential any information received by them in their capacity as Warrantholders
which is of a confidential nature, including the existence of or contents of this Deed, or any confidential information relating to the
business, affairs, customers, clients or suppliers of the Company or the Group except:

 

		(a)	to their Affiliates;

 

		(b)	to the extent the information is in the public domain through no fault of the Warrantholders;

 

		(c)	as shall be required by law or by any regulatory authority to which the Warrantholders are subject or
by the rules of any stock exchange upon which the Warrantholders’ securities are listed or traded;

 

		(d)	to the beneficiaries of any trust or nominee arrangement on whose behalf the Warrants may be held; and

 

		(e)	as shall be required by:

 

		(i)	any lender to the Company;

 

		(ii)	the Company’s auditors and/or any other professional advisers of the Company; and

 

		(iii)	the Warrantholders’ professional advisers and to the professional advisers of any person to whom
the Warrantholders are entitled to disclose information pursuant to this Deed,

 

provided that the
recipient is subject to an obligation to keep the information confidential on the same basis as is required by the Warrantholders pursuant
to this Deed.

 

    18

     

    

 

	14.3	The Company shall keep confidential any information received by it in connection with this Deed, or any
confidential information relating to a Warrantholder except:

 

		(a)	as shall be required by law or by any regulatory authority to which the Company is subject or by the rules
of any stock exchange upon which the Company’s securities are listed or traded; and

 

		(b)	as shall be required by:

 

		(i)	any lender to the Company;

 

		(ii)	the Company’s auditors and/or any other professional advisers of the Company; and

 

		(iii)	the professional advisers of any person to whom the Company is entitled to disclose information pursuant
to this Deed,

 

provided that the
recipient is subject to an obligation to keep the information confidential on the same basis as is required by the Company pursuant to
this Deed.

 

	15.	NOTICES

 

Any notice to be
given to or by a party for the purposes of this Deed shall be given in accordance with the provisions of Schedule 2.

 

	16.	electronic execution

 

This Deed and any
Certificate issued hereunder may be executed by way of third party internationally recognised electronic signature software programs,
such as DocuSign.

 

	17.	INVALIDITY

 

If, at any time,
any provision of this Deed is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, then such
provision shall be deemed to be severed from this Deed and, if possible, replaced with a lawful provision which, as closely as possible,
gives effect to the intention of the Company and the Warrantholders and, where permissible, that shall not affect or impair the legality,
validity or enforceability in that, or any other, jurisdiction of any other provision of this Deed.

 

	18.	REMEDIES AND WAIVERS

 

Except as otherwise
provided under this Deed, no failure to exercise, nor any delay in exercising, on the part of any party, any right or remedy under this
Deed shall operate as a waiver of any such right or remedy or constitute an election to affirm this Deed. No election to affirm this Deed
on the part of any party shall be effective unless it is in writing. No single or partial exercise of any right or remedy shall prevent
any further or other exercise or the exercise of any other right or remedy. The rights and remedies provided in this Deed are cumulative
and not exclusive of any rights or remedies provided by law.

 

	19.	PROCESS AGENT

 

	19.1	Without prejudice to any other permitted mode of service, the parties agree that service of any claim
form, notice or other document for the purpose of or in connection with any action or proceeding in England or Wales arising out of or
in any way relating to this Deed shall be duly served upon:

 

		(a)	the Company if it is delivered personally or sent by recorded or special delivery post (or any substantially
similar form of mail) to Vertical Aerospace Group Ltd., 140-142 Kensington Church Street, London, England W8 4BN, marked for the attention
of Legal Department or such other person
and address in England or Wales as such party shall notify the Warrantholders in writing from time to time; and

 

		(b)	a Warrantholder if it is delivered personally or sent by recorded or special delivery post (or any substantially
similar form of mail) to the Warrantholder Process Agent (as defined in Schedule 2 attached hereto) of such Warrantholder entered
into the Register or such other person and address in England or Wales as such party shall notify the Company in writing from time to
time,

 

in each case whether or not such claim
form, notice or other document is forwarded to the relevant party or received by such party.

 

    19

     

    

 

	20.	GOVERNING LAW AND JURISDICTION

 

This Deed and any
non-contractual rights or obligations arising out of or in connection with it shall be governed by and construed in accordance with the
laws of England and Wales. The parties irrevocably agree that the courts of England and Wales shall have exclusive jurisdiction to settle
any Disputes, and waive any objection to proceedings before such courts on the grounds of venue or on the grounds that such proceedings
have been brought in an inappropriate forum. For the purposes of this Clause 20, “Dispute” means any dispute,
controversy, claim or difference of whatever nature arising out of, relating to, or having any connection with this Deed, including a
dispute regarding the existence, formation, validity, interpretation, performance or termination of this Deed or the consequences of its
nullity and also including any dispute relating to any non-contractual rights or obligations arising out of, relating to, or having any
connection with this Deed.

 

	21.	THIRD PARTY RIGHTS

 

Save for the Warrantholders,
a person who is not a party to this Deed has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this
Deed except and to the extent (if any) that this Deed expressly provides for such act to apply to any of its terms.

 

    20

     

    

 

Schedule
1

FORM OF CERTIFICATE
AND NOTICE OF EXERCISE

 

Part 1 

 

FORM
OF CERTIFICATE

 

VERTICAL AEROSPACE LTD.

 

(the “Company”)

 

WARRANT CERTIFICATE

 

WARRANT [A][B][C][D]

 

Warrant Certificate Number ____

 

This is to certify that the person named below
is the Warrantholder for the purpose of the warrant instrument issued by the Company on _______________ 2021 (the “Warrant Instrument”)
and has the right to subscribe in cash at the Subscription Price for [ l ] Warrant A, B, C, and D Shares on the terms set out
in the Warrant Instrument. This Warrant A, B, C, and D is issued with the benefit of, and subject to, the provisions contained in the
Warrant Instrument. Unless the context otherwise requires, terms defined in the Warrant Instrument shall have the same meanings in this
certificate.

 

Warrantholder in respect of Warrant A, B, C,
and D:

 

Name: 

 

Virgin Atlantic Limited

 

Address: 

 

[The VHQ, Fleming Way, Crawley, West Sussex, United
Kingdom, RH10 9DF]

 

Date of Issue:     _______________
2021

 

	EXECUTED and DELIVERED as a DEED by 

VERTICAL AEROSPACE LTD., acting by two directors:	 	 
	 	 	 
	 	 	 
	[ l ]	 	[ l ]
	Director	 	Director

 

Notes:

 

(1)       The
Subscription Rights are not transferable except in accordance with the Warrant Instrument.

 

(2)       A
copy of the Warrant Instrument may be obtained on request from Vertical Aerospace Ltd. at the Registered Office.

 

    21

     

    

 

(3)       THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933 (THE “SECURITIES
ACT”) OR ANY U.S. STATE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH
REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, REPRESENTS, ACKNOWLEDGES
AND AGREES FOR THE BENEFIT OF THE COMPANY THAT: (I) IT HAS ACQUIRED A “RESTRICTED” SECURITY WHICH HAS NOT BEEN
REGISTERED UNDER THE SECURITIES ACT; (II) IT WILL OFFER, SELL OR OTHERWISE TRANSFER THIS SECURITY ONLY (A) TO THE COMPANY OR ANY OF
ITS SUBSIDIARIES, (B) OUTSIDE OF THE UNITED STATES IN AN OFFSHORE TRANSACTION (AS DEFINED IN RULE 902 UNDER THE SECURITIES ACT)
MEETING THE REQUIREMENTS OF RULE 904 OF THE SECURITIES ACT, (C) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144 UNDER THE
SECURITIES ACT, (D) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR (E) PURSUANT TO
AN EFFECTIVE REGISTRATION STATEMENT AND, IN EACH CASE, IN ACCORDANCE WITH THE APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED
STATES OR ANY OTHER APPLICABLE JURISDICTION; AND (III) IT WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER FROM
IT OF THIS SECURITY OF THE RESALE RESTRICTIONS SET FORTH IN (II) ABOVE. EACH OFFER, SALE OR OTHER DISPOSITION PURSUANT TO THE
FOREGOING CLAUSES (II) (B), (C) AND (D) IS SUBJECT TO THE RIGHT OF THE COMPANY TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL,
CERTIFICATIONS OR OTHER INFORMATION REASONABLY ACCEPTABLE TO IT IN FORM AND SUBSTANCE.

 

    22

     

    

 

Part 2

 

FORM
OF EXERCISE NOTICE

 

NOTICE OF EXERCISE

 

To:    The Directors

 

VERTICAL AEROSPACE LTD.

 

140-142 Kensington Church Street, London, England
W8 4BN

 

Capitalised terms used but not defined in this
Notice of Exercise shall have the meaning given to them in the warrant instrument issued by the Company on _______________
2021.

 

We hereby exercise the Subscription Rights in
respect of the Warrant [A][B][C][D] Shares represented by the Certificate (or an indemnity in the place thereof in a form as the Directors
may decide (in their sole discretion)) appended hereto and attach [insert method of payment agreed by the Company] for [$] being the aggregate
Subscription Price payable in respect of the Subscription Rights we are exercising. We agree that the Warrant [A][B][C][D] Shares are
accepted subject to the Articles.

 

We direct the Company to allot to us the ordinary
shares to be issued pursuant to this exercise in the following numbers:

 

	No of Ordinary Shares	Name of Warrantholder	Address of Warrantholder
	 	Virgin Atlantic Limited	[The VHQ, Fleming Way, Crawley, West Sussex, United Kingdom, RH10 9DF]

 

[We request that a Certificate for any balance
of our Warrants be sent to [address], marked for the attention of [name].]

 

 

 

	Signed	 	 	 
	 	 	 	 
	Print
    Name	 	 	 
	 	 	 	 
	Address	 	 	 
	 	 	 	 
	 	 	 	 

 

    23

     

    

 

Schedule
2

REGISTER AND NOTICES

 

	1.	REGISTER

 

	1.1	The Company shall keep the Register at the Registered Office, or such other location as it may in its
absolute discretion determine, and enter in the Register:

 

		(a)	the names, addresses and email addresses of the Warrantholder;

 

		(b)	the name and address of the Warrantholder’s process agent located in England or Wales (a “Warrantholder
Process Agent”) as notified to the Company in writing prior to receipt of a Certificate, which shall be used for the service
of any claim form, order, judgment or other document relating to or in connection with any proceeding, suit or action arising out of or
in connection with this Deed;

 

		(c)	the number of the Warrants held by the Warrantholder;

 

		(d)	the number of Warrant Shares to which the Warrantholder is entitled if the Subscription Rights were exercised
as adjusted in accordance with this Deed from time to time;

 

		(e)	the date on which the name of the Warrantholder is entered in the Register in respect of the Warrants
(as applicable);

 

		(f)	the date on which the Warrantholder exercises the Subscription Rights; and

 

		(g)	any transfer of the Warrants duly made in accordance with this Deed (as applicable).

 

	1.2	Any change in the name or address of the Warrantholder shall be notified as soon as practicable to the
Company, which shall cause the Register to be altered accordingly. The Warrantholder or any person authorised by the Warrantholder shall
be at liberty at all reasonable times during office hours and upon five (5) Business Days’ notice to inspect the Register and to
take copies of it.

 

	1.3	The Company shall be entitled to treat the persons whose names are shown in the Register as the absolute
owners of the Warrants (as applicable) and, accordingly, shall not, except as ordered by a court of competent jurisdiction or as required
by law, be bound to recognise any equitable or other claim to, or interest in, the Warrants (as applicable) on the part of any other person
whether or not it shall have express or other notice thereof.

 

	1.4	The Warrantholder shall be recognised by the Company as entitled to his/her Warrants free from any equity,
set off or cross claim on the part of the Company against the original or any intermediate holder of such Warrants.

 

	2.	NOTICES

 

	2.1	Any notice to be given under this Deed shall be in writing, in English and shall be delivered by hand,
by courier or by e-mail to:

 

		(a)	if within the United Kingdom, by first class pre-paid post, in which case it shall be deemed to have been
given two (2) Business Days after the date of posting;

 

		(b)	if from or to any place outside the United Kingdom, by air courier, in which case it shall be deemed to
have been given two (2) Business Days after its delivery to a representative of the courier; and

 

		(c)	by e-mail, in which case it shall be deemed to have been given when despatched subject to confirmation
of delivery by a delivery receipt,

 

provided that in the case of any notice
despatched other than on a Business Day between the hours of 9:30 a.m. to 5:30 p.m. London time shall be deemed to have been given at
9:30 a.m. on the next Business Day.

 

    24

     

    

 

	2.2	Notices under this Deed shall be sent for the attention of the person and to the address, or e-mail address,
subject to paragraph 2.3 of this Schedule 2, as set out below:

 

		(a)	in the case of the Company:

 

Name:                              [ l ]

 

For the attention
of:         [ l ]

 

Address:                           [ l ]

 

E-mail address:                [ l ]

 

		(b)	in the case of the Warrantholder, to the address of the Warrantholder shown in the Register or, if no
address is shown in the Register, to their last known place of business or residence.

 

	2.3	The Company may notify the Warrantholder, and the Warrantholder may notify the Company, of any change
to their address or other details specified in this paragraph 2 of Schedule 2 provided that such notification shall only be effective
on the date specified in such notice or five (5) Business Days after the notice is given, whichever is later.

 

	2.4	If no address has been notified to the Company by the Warrantholder, any notice, demand or other communication
given or made under or in connection with the matters contemplated by this Deed may be given to the Warrantholder by the Company by exhibiting
it for three (3) Business Days at the Registered Office.

 

	2.5	Any person who becomes entitled to the Warrants (as applicable) (whether by operation of law, transfer
or otherwise) shall be bound by every notice given in respect of the Warrants before its name and address is entered on the Register.

 

    25

     

    

 

Schedule
3

FORM OF LOCK-UP AGREEMENT

 

See attached.

 

    26

     

    

 

This document has been executed as a deed and is delivered and takes
effect on the date stated at the beginning of it.

 

	EXECUTED and DELIVERED as a DEED by

 VERTICAL AEROSPACE LTD., acting by Vinny Casey, a director	 	 
	 	 	 
	/s/ Vinny Casey	 	/s/ Steve Ackroyd
	Vinny Casey	 	Name of Witness: Steve Ackroyd
	Director	 	 

 

(Signature page to the Virgin Atlantic Warrant Instrument)

 

     

     

    

 

	EXECUTED and
    DELIVERED as a DEED by	)	 	 
	VIRGIN ATLANTIC LIMITED	)	 	/s/
    Shai Weiss
	acting
    by two directors or	)	 	Director
	one
    director and the Company Secretary	)	 	 
	 	)	 	 
	 	)	 	/s/ Oliver Byers
	 	
)	 	Director/Company
    Secretary

 

(Signature page to the
Virgin Atlantic Warrant Instrument)Exhibit 10.21

 

Dated 22 October 2021

 

 

 

Vertical
Aerospace Group Ltd.

(as Borrower)

 

 

and

 

 

Stephen
Fitzpatrick

(as Lender)

 

 

 

 

 

 

 

Loan Agreement

 

 

 

 

 

 

 

 

99 Bishopsgate

London EC2M 3XF

United Kingdom

Tel: +44.20.7710.1000

www.lw.com

 

    

     

    

 

THIS
LOAN AGREEMENT (the “Agreement”) is made on 22
October 2021

 

BETWEEN

 

		(1)	STEPHEN
                                            FITZPATRICK, a citizen of England (the “Lender”); and

 

		(2)	VERTICAL
                                            AEROSPACE GROUP LTD., a private limited company incorporated in England and Wales with
                                            registered number 12590994 and having its registered office at 140-142 Kensington Church
                                            Street, London, England W8 4BN (the “Borrower”),

 

each a “Party”
and together the “Parties”.

 

WHEREAS,
the Lender wishes to make a loan in the aggregate amount of $5,000,000.00 available to the Borrower on the terms set out in this Agreement.

 

NOW
THEREFORE, in consideration of the mutual conditions and agreements set forth in this Agreement
and for good and valuable consideration, the receipt of which is hereby acknowledged, the Parties hereto agree as follows:

 

		1.	DEFINITIONS
                                            AND INTERPRETATION

 

		1.1	In this
                                            Agreement, unless the context otherwise requires:

 

“Advance”
means the advance of an aggregate principal amount of $5,000,000.00 (or its equivalent in pounds sterling, using the prevailing exchange
rate on the Business Day immediately prior to the date of the Advance) to be made by the Lender to the Borrower;

 

“Affiliate”
means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under common control with such
Person;

 

“Business
Day” means a day (other than a Saturday or Sunday) on which banks are open for ordinary banking business in London, United
Kingdom;

 

“Maturity
Date” means 31 December 2022;

 

“Person”
means an individual, company, corporation, partnership (including a general partnership, limited partnership or limited liability partnership),
limited liability company, association, trust or other entity or organisation, including a government, domestic or foreign, or political
subdivision thereof, or an agency or instrumentality thereof; and

 

“Vertical
Aerospace Ltd.” means Vertical Aerospace Ltd., a Cayman Islands exempted company incorporated with limited liability and having
its registered office at PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands.

 

		1.2	In this
                                            Agreement, unless the context otherwise requires:

 

		(a)	references
                                            to the singular shall include the plural and vice versa and references to one gender include
                                            any other gender;

 

		(b)	references
                                            to “sterling”, “pounds sterling” or “£” are references
                                            to the lawful currency from time to time of the United Kingdom;

 

		(c)	references
                                            to “$” are references to the lawful currency from time to time of the United
                                            States of America;

 

		(d)	references
                                            to times of the day are to London time unless otherwise stated;

 

    1

     

    

 

		(e)	references
                                            to writing shall include any modes of reproducing words in a legible and non-transitory form;

 

		(f)	words introduced
                                            by the word “other” shall not be given a restrictive meaning because they are
                                            preceded by words referring to a particular class of acts, matters or things; and

 

		(g)	general
                                            words shall not be given a restrictive meaning because they are followed by words which are
                                            particular examples of the acts, matters or things covered by the general words and the words
                                            “includes” and “including” shall be construed without limitation.

 

		1.3	The headings
                                            and sub-headings in this Agreement are inserted for convenience only and shall not affect
                                            the construction of this Agreement.

 

		2.	THE
                                            ADVANCE

 

On the
date hereof the Lender shall make the Advance to the Borrower.

 

		3.	PURPOSE

 

The Advance
shall be used for the general corporate purposes of the Borrower and the Borrower undertakes to the Lender that it will apply the Advance
toward such purposes. The Lender shall not be bound to monitor or verify the application of the Advance.

 

		4.	INTEREST

 

		4.1	No interest
                                            is payable on the Advance.

 

		5.	REPAYMENT

 

		5.1	The Advance
                                            may be repaid by the Borrower in one or several instalments, at the Borrower’s discretion
                                            and without any early repayment penalty or interest, but in any event shall be repaid in
                                            full on or prior to the Maturity Date.

 

		5.2	The Borrower
                                            shall cause the Advance to be repaid to the Lender and this obligation may include procuring
                                            Vertical Aerospace Ltd. to pay the Lender (on behalf of the Borrower) any such amount which
                                            equals the whole or part of the Advance from time to time, including through the issuance
                                            of ordinary shares, par value $0.0001, in the capital of Vertical Aerospace Ltd. at a price
                                            of $10.00 per ordinary share (and following any repayment through the issuance of ordinary
                                            shares, par value $0.0001, in the capital of Vertical Aerospace Ltd the Advance shall be
                                            deemed repaid at the rate of $10.00 per ordinary share issued).

 

		6.	PAYMENTS
                                            AND SET OFF

 

		6.1	Subject
                                            to Clause 6.2, all payments made by any Party under this Agreement are free from any set-off,
                                            counterclaim or other deduction or withholding of any nature whatsoever, except for deductions
                                            or withholdings required to be made by law. If any deductions or withholdings are required
                                            by law to be made from any such payments, the amount of the payment shall be increased by
                                            such amount as will, after the deduction or withholding has been made, leave the recipient
                                            of the payment with the same amount as it would have been entitled to receive in the absence
                                            of any such requirement to make a deduction or withholding.

 

		6.2	If any sums
                                            would otherwise become due for payment under this Agreement on a day which is not a Business
                                            Day that sum shall become due on the following Business Day of the same calendar month or,
                                            if none, on the immediately preceding Business Day.

 

		6.3	The Borrower
                                            shall pay or reimburse the Lender for any stamp duty, stamp duty reserve tax or other duties
                                            or taxes payable in connection with the execution, constitution and original issue, completion
                                            and initial delivery of this Agreement, subject to the Lender having delivered to the Borrower
                                            a written statement detailing such amounts.

 

    2

     

    

 

		6.4	The Parties
                                            may at any time by agreement in writing set off any obligation of the Borrower (or any Affiliate
                                            of the Borrower) to the Lender against any obligation of the Lender (or any Affiliate
                                            of the Lender) to the Borrower (or any Affiliate of the Borrower), whether either
                                            obligation is present or future, and whether or not either liability arises under this Agreement.
                                            If the obligations to be set off are expressed in different currencies or in assets other
                                            than currencies, the Lender may convert either obligation at an official exchange rate of
                                            xe.com for the purpose of set-off or according to any reasonable appropriate rate.

 

		7.	Confidentiality

 

		7.1	Unless otherwise
                                            authorised by the other Party, neither Party shall disclose to third parties any information
                                            that it obtained from the other Party on a confidential basis. The Parties shall take all
                                            reasonable precautions to protect such information from unauthorised disclosure.

 

		7.2	Each of
                                            the Parties shall treat as strictly confidential and not disclose or use any information
                                            received or obtained as a result of entering into this Agreement, except if required by law
                                            or to a tax authority in connection with the tax affairs of the disclosing party.

 

		8.	FURTHER
                                            ASSURANCE

 

Each
Party shall, at its own cost, promptly execute and deliver all such documents, and do all such things, as the other Party may from time
to time reasonably require for the purpose of giving full effect to the provisions of this Agreement and to secure for the other Party
the full benefit of the rights, powers and remedies conferred upon it under this Agreement.

 

		9.	ENTIRE
                                            AGREEMENT AND REMEDIES

 

This
Agreement sets out the entire agreement between the Parties relating to the subject matter contained herein and, save to the extent expressly
set out in this Agreement, supersedes and extinguishes any prior drafts, agreements, undertakings, representations, warranties, promises,
assurances and arrangements of any nature whatsoever, whether or not in writing, relating thereto. This Clause 9 shall not exclude any
liability for or remedy in respect of fraudulent misrepresentation.

 

		10.	WAIVER
                                            AND VARIATION

 

		10.1	A failure
                                            or delay by a Party to exercise any right or remedy provided under this Agreement or by law,
                                            whether by conduct or otherwise, shall not constitute a waiver of that or any other right
                                            or remedy, nor shall it preclude or restrict any further exercise of that or any other right
                                            or remedy. No single or partial exercise of any right or remedy provided under this Agreement
                                            or by law, whether by conduct or otherwise, shall preclude or restrict the further exercise
                                            of that or any other right or remedy.

 

		10.2	A waiver
                                            of any right or remedy under this Agreement shall only be effective if given in writing and
                                            shall not be deemed a waiver of any subsequent breach or default.

 

		10.3	No variation
                                            or amendment of this Agreement shall be valid unless it is in writing and duly executed by
                                            or on behalf of all of the Parties to this Agreement. Unless expressly agreed, no variation
                                            or amendment shall constitute a general waiver of any provision of this Agreement, nor shall
                                            it affect any rights or obligations under or pursuant to this Agreement which have already
                                            accrued up to the date of variation or amendment and the rights and obligations under or
                                            pursuant to this Agreement shall remain in full force and effect except and only to the extent
                                            that they are varied or amended.

 

    3

     

    

 

		11.	INVALIDITY

 

Where
any provision of this Agreement is or becomes illegal, invalid or unenforceable in any respect under the laws of any jurisdiction then
such provision shall be deemed to be severed from this Agreement and, if possible, replaced with a lawful provision which, as closely
as possible, gives effect to the intention of the Parties under this Agreement and, where permissible, that shall not affect or impair
the legality, validity or enforceability in that, or any other, jurisdiction of any other provision of this Agreement.

 

		12.	ASSIGNMENT

 

Except
as the Parties specifically agree in writing, no Person shall assign, transfer, charge or otherwise deal with all or any of its rights
under this Agreement nor grant, declare, create or dispose of any right or interest in it.

 

		13.	NOTICES

 

		13.1	Any notice
                                            or other communication given under this Agreement or in connection with the matters contemplated
                                            herein shall, except where otherwise specifically provided, be sent to the address and e-mail
                                            address below (provided that a notice sent to the e-mail address shall not constitute notice):

 

	 	For the Borrower:	 
	 	 	 
	 	Name:	Vertical Aerospace Group Ltd.
	 	Address:	140-142 Kensington Church Street
	 	 	London, W8 4BN
	 	 	United Kingdom
	 	E-mail address:	#####.#####@vertical-aerospace.com
	 	 	 
	 	For the Lender:	 
	 	Name:	Stephen Fitzpatrick
	 	Address:	140-142 Kensington Church Street
	 	 	London, W8 4BN
	 	 	United Kingdom
	 	E-mail address:	######.###########@vertical-aerospace.com

 

		13.2	Any Party
                                            to this Agreement may notify the other Party of any change to its address or other details
                                            specified in Clause 13.1 provided that such notification shall only be effective on the date
                                            specified in such notice or five Business Days after the notice is given, whichever is later.

 

		14.	RIGHTS
                                            OF THIRD PARTIES

 

A person
who is not a party to this Agreement shall have no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any of its
terms.

 

		15.	COUNTERPARTS

 

This
Agreement may be executed in any number of counterparts. Each counterpart shall constitute an original of this Agreement but all the
counterparts together shall constitute but one and the same instrument.

 

		16.	GOVERNING
                                            LAW AND JURISDICTION

 

		16.1	This Agreement
                                            and any non-contractual rights or obligations arising out of or in connection with it shall
                                            be governed by and construed in accordance with English law.

 

    4

     

    

 

		16.2	The Parties
                                            irrevocably agree that the courts of England shall have exclusive jurisdiction to settle
                                            any Disputes, and waive any objection to proceedings before such courts on the grounds of
                                            venue or on the grounds that such proceedings have been brought in an inappropriate forum.
                                            For the purposes of this Clause, “Dispute” means any dispute, controversy,
                                            claim or difference of whatever nature arising out of, relating to, or having any connection
                                            with this Agreement, including a dispute regarding the existence, formation, validity, interpretation,
                                            performance or termination of this Agreement or the consequences of its nullity and also
                                            including any dispute relating to any non-contractual rights or obligations arising out of,
                                            relating to, or having any connection with this Agreement.

 

[Remainder of
page intentionally left blank]

 

    5

     

    

 

This Agreement
has been entered into on the date stated at the beginning of it.

 

	 	LENDER	 
	 	 	 
	 	By:	/s/ Stephen Fitzpatrick
	 	Name:	Stephen Fitzpatrick
	 	 	 
	 	 	 
	 	 	 
	 	BORROWER
	 	 	 
	 	VERTICAL AEROSPACE GROUP LTD.
	 	 	 
	 	By:	/s/ Vincent Casey
	 	Name:	Vincent Casey
	 	Title:	Chief Financial Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00335-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00335-of-00352.parquet"}]]