Document:

Exhibit 10.1

 

Execution Version

 

ADMINISTRATIVE
SErVICES AGREEMENT

 

This Administrative
Services Agreement (“Agreement”) is effective as of January 1, 2021 (the “Effective Date”),
by and between Qell Acquisition Corp., a Cayman Islands exempted company (“Company”) and Qell Operational Holdings
LLC, a Delaware limited liability company (“Service Provider” and together with Company, the “Parties”
and each a “Party”).

 

1.             SERVICES.

 

Service Provider will
endeavor to provide certain services as set forth on Exhibit A attached hereto (the “Services”) in accordance
with and subject to the terms in the body of this Agreement.

 

2.             TERM & TERMINATION.

 

The term of this Agreement
(and the provision of Services hereunder) will commence on the Effective Date and continue until the earlier of (x) the consummation
by the Company of an initial business combination and (y) the Company’s liquidation (in each case, as described in the registration
statement for the initial public offering of the securities of the Company), unless terminated by either Party at any time, with
or without cause, upon thirty (30) days’ notice to the other Party. Upon any termination, all rights of Service Provider
and all obligations of Company shall terminate, except rights to payment accrued prior to termination, and Sections 4 and 5 shall
survive termination.

 

3.             COMPENSATION.

 

Company agrees to compensate Service Provider
for the Services in accordance with the rates and payment schedule set forth on Exhibit A attached hereto. All payments
to be made by Company to the Service Provider under this Agreement shall be in U.S. dollars.

 

4.             LIMITATION OF LIABILITY AND WARRANTY DISCLAIMER.

 

a.                  
Limitation of Liability EXCEPT FOR BODILY INJURY OF A PERSON, NOTWITHSTANDING ANYTHING ELSE IN THIS AGREEMENT OR
OTHERWISE, NEITHER PARTY WILL BE LIABLE TO THE OTHER PARTY WITH RESPECT TO ANY SUBJECT MATTER OF THIS AGREEMENT UNDER ANY CONTRACT,
NEGLIGENCE, STRICT LIABILITY OR OTHER LEGAL FORM OF ACTION OR EQUITABLE THEORY FOR (I) ANY AMOUNTS IN EXCESS, IN THE AGGREGATE,
OF THE FEES PAID TO SERVICE PROVIDER HEREUNDER DURING THE TWELVE-MONTH PERIOD PRIOR TO THE DATE THE CAUSE OF ACTION AROSE, (II)
ANY INDIRECT, EXEMPLARY, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES OR LOST DATA OR LOSS PROFITS OR FOR LOSS OR CORRUPTION OF
DATA OR INTERRUPTION OF USE, (III) COST OF PROCUREMENT OF SUBSTITUTE GOODS, TECHNOLOGY OR SERVICES, OR (IV) ANY MATTER BEYOND SUCH
PARTY’S REASONABLE CONTROL, EVEN IF SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH LOSS OR DAMAGE.

 

     

     

    

 

b.                  Warranty
Disclaimer. THE PARTIES HEREBY ACKNOWLEDGE AND AGREE THAT THE WORK PRODUCT AND SERVICES ARE PROVIDED “AS IS”
AND SERVICE PROVIDER AND COMPANY MAKE NO WARRANTIES TO ANY PERSON OR ENTITY WITH RESPECT TO THE WORK PRODUCT OR ANY
DERIVATIVES THEREOF OR ANY SERVICES OR LICENSES OR ANYTHING PROVIDED IN CONNECTION WITH THIS AGREEMENT AND DISCLAIM ALL
IMPLIED WARRANTIES, INCLUDING WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT.

 

5.             GENERAL

 

a.                  
Relationship of Parties. The Parties expressly understand and agree that Service Provider is an independent contractor
in the performance of each and every part of this Agreement (including the right to determine the manner and means by which the
Services and duties hereunder are to be provided) and is solely responsible for all of its employees and agents and its labor costs
and expenses arising in connection therewith and for any and all claims, liabilities, damages, taxes or debts of any type whatsoever
that may arise on account of Service Provider's activities, or those of its employees or agents, in connection with this Agreement.
Service Provider has no authority, right or ability to bind or commit Company in any way. This Agreement shall not create a partnership,
joint venture, or other similar type of legal arrangement.

 

b.                 
Assignment.Either Party shall have the right to assign and transfer any and all of its rights and this Agreement
and to delegate any and all of its obligations to another party without consent of the other Party. This Agreement shall be binding
on each of the Parties and their respective successors and assigns.

 

c.                  
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware
without regard to the conflicts of laws provisions thereof.

 

d.                 
Interpretation. Any singular term in this Agreement shall be deemed to include the plural, and any plural term the
singular. The word “or” shall be inclusive and not exclusive, unless the context otherwise requires. Whenever the words
 “include”, “includes” or “including” are used in this Agreement, they shall be deemed to be
followed by the words “without limitation,” whether or not they are in fact followed by those words or words of like
import.

 

e.                  
Counterparts. This Agreement may be executed in one or more counterparts, all of which will be considered one and
the same agreement and will become effective when one or more counterparts have been signed by each of the Parties and delivered
to the other Party, regardless of whether all of the Parties have executed the same counterpart. Counterparts may be delivered
via facsimile, electronic mail (including pdf and with an electronic or DocuSign signature) or other transmission method and any
counterpart so delivered will be deemed to have been duly and validly delivered and be valid and effective for all purposes.

 

     

     

    

 

f.                    Entire
Agreement; Amendment, Modification or Waiver; Notices. This Agreement (including any exhibits hereto and other documents
and instruments referenced herein and therein) sets forth the entire understanding of the Parties and supersedes all prior or
contemporaneous agreements, express or implied, oral or written, in each case, as to the subject matter of this Agreement.
This Agreement may not be amended or modified except in a writing executed by both Parties. Any purported waiver of any
provision of this Agreement by any Party will only be binding on such Party to the extent set forth in a written instrument
duly executed and delivered by such Party to the other Party. Any notices in connection with this Agreement will be in
writing and sent by first class US mail, or confirmed electronic mail or major commercial rapid delivery courier service.

 

g.                 
Severability. In the event that any provision of this Agreement shall be determined to be illegal or unenforceable,
that provision will be limited or eliminated to the minimum extent necessary so that this Agreement shall otherwise remain in full
force and effect and enforceable.

 

h.                 
Trust Account. Service Provider hereby (a) agrees that it does not have any right, title, interest or claim of any
kind (a “Claim”) in or to any monies that may be set aside in a trust account (the “Trust Account”)
established in connection with the initial public offering of the securities of the Company and (b) irrevocably waives any Claim
it presently has or may have in the future as a result of, or arising out of, any negotiations, contracts or agreements with the
Company and will not seek recourse, reimbursement, payment or satisfaction of any Claim against the Trust Account or any monies
or other assets in the Trust Account for any reason whatsoever.

 

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY
LEFT BLANK]

 

     

     

    

 

IN WITNESS WHEREOF,
the Parties, each acting under due and proper authority, have executed this Agreement as of the date first above written.

 

	QELL ACQUISITION CORP.
	 
	By:	/s/ Barry Engle	 
	 	Name:	Barry Engle	 
	 	Title:	 Chief Executive Officer	 

 

	Qell Operational Holdings LLC
	 
	By:	/s/ Sam Gabbita	 
	 	Name:	Sam Gabbita	 
	 	Title:	Chief Financial Officer	 

 

[Signature Page to Administrative Services Agreement]

 

     

     

    

 

EXHIBIT A

 

Services 

 

Rates and Payment Schedule:

 

Within five (5) Business Days following
the beginning of each calendar month, Company will pay Service Provider an amount equal to (x) $50,000 or (y) such other amount
as may be mutually agreed by the Company and Service Provider from time to time (so long as the aggregate amount paid to Service
Provider hereunder in any consecutive twelve (12) month period does not exceed $600,000 (the “Cap”)), in respect
of its estimated Costs for such calendar month (the sum of such payments on a calendar quarterly basis, the “Estimate”).
For purposes of this Agreement, the term “Costs” means total direct and indirect costs, including allocable
overhead costs. Within one (1) month following the end of each calendar quarter, Service Provider will provide Company with an
invoice for an amount equal to the difference between (a) the sum of (x) actual Costs incurred by Service Provider for such calendar
quarter and (y) seven percent (7%) of such Costs and (b) the Estimate (such difference, the “Differential,”
which for the avoidance of doubt may be a positive number or a negative number). Within ten (10) Business Days following delivery
of such invoice, (i) if the Differential is a positive number, then Company will pay an amount equal to the Differential to
Service Provider or (ii) if the Differential is a negative number, then Service Provider will pay an amount equal to the absolute
value of the Differential to Company. Notwithstanding anything herein to the contrary, the aggregate amount of Costs payable to
Service Provider under this Agreement in any consecutive twelve (12) month period shall not exceed the Cap.

 

Services provided by Qell Operational Holdings LLC to Qell
Acquisition Corp.:

 

Service Provider shall be
responsible for the oversight and coordination of the following Company functions:

		·	Accounting/Books and Records

		o	Accounts Payable

		o	Accounts Receivable

		o	General Ledger Accounting

		o	General Accounting

		·	Taxes

		·	Treasury

		·	Financial Statements / Periodic Reports if applicable

		·	SEC Filings and compliance with other regulatory
requirements

		·	Insurance

		·	Corporate Finance Services

		·	Corporate Communications

		·	Other services to be agreed upon from time to
time

 

     

     

    

 

For the avoidance of
doubt, the Parties hereby acknowledge and agree that (a) any and all costs of outside advisors (including legal, consulting
and accounting services) incurred on behalf of the Company (including by Service Provider on behalf of the Company) shall
remain the responsibility of Company and (b) Service Provider will be responsible for its own internal direct
costs of the following:

 

		·	Payroll and benefits for employees reasonably required to fulfill the duties hereunder

		·	Secretarial and administrative services 

		·	Target identification and evaluation, due diligence
services, and other activities related to transaction execution

		·	Property Management, Office Space and Furniture

		·	Human Resources

		o	Payroll

		o	Benefits

		o	Employee CommunicationsExhibit
10.2

 

AMENDED AND RESTATED LETTER AGREEMENT

 

January 28, 2021

 

Qell Acquisition Corp.

505 Montgomery Street, Suite 1100

San Francisco, CA 94111

 

Re:              Initial Public Offering

 

Ladies and Gentlemen:

 

This letter (this
 “Letter Agreement”) amends and restates in its entirety that certain letter agreement dated September
29, 2020 that was delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”),
dated as of September 29, 2020, by and among Qell Acquisition Corp., a Cayman Islands exempted company (the “Company”),
and J.P. Morgan Securities LLC and Barclays Capital Inc., as representatives (the “Representatives”)
of the several underwriters named therein (the “Underwriters”), relating to an underwritten initial public
offering (the “Public Offering”) of 37,950,000 of the Company’s units (including 4,950,000 units
that may be purchased pursuant to the Underwriters’ option to purchase additional units, the “Units”),
each comprised of one of the Company’s Class A ordinary shares, par value $0.0001 per share (the “Ordinary Shares”),
and one-third of one redeemable warrant (each whole warrant, a “Warrant”). Each Warrant entitles the
holder thereof to purchase one Ordinary Share at a price of $11.50 per share, subject to adjustment. The Units will be sold in
the Public Offering pursuant to a registration statement on Form S-1 and a prospectus (the “Prospectus”)
filed by the Company with the U.S. Securities and Exchange Commission (the “Commission”). Certain capitalized
terms used herein are defined in paragraph 1 hereof.

 

In order to induce
the Company and the Underwriters to enter into the Underwriting Agreement and to proceed with the Public Offering and for other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Qell Partners LLC (the “Sponsor”)
and each of the undersigned (each, an “Insider” and, collectively, the “Insiders”)
hereby agree with the Company as follows:

 

1.             Definitions.
As used herein, (i) “Business Combination” shall mean a merger, share exchange, asset acquisition,
share purchase, reorganization or similar business combination involving the Company and one or more businesses or entities;
(ii) “Founder Shares” shall mean the 9,487,500 Class B ordinary shares of the Company, par value
$0.0001 per share, outstanding prior to the consummation of the Public Offering; (iii) “Private Placement
Warrants” shall mean the warrants that will be acquired by the Sponsor for an aggregate purchase price of
$9,600,000 (or up to $10,590,000 if the Underwriters exercise their option to purchase additional units in full) in a private
placement that shall close simultaneously with the consummation of the Public Offering (including the Ordinary Shares
issuable upon exercise of such Private Placement Warrants thereof); (iv) “Public Shareholders”
shall mean the holders of Ordinary Shares included in the Units issued in the Public Offering; (v) “Public
Shares” shall mean the Ordinary Shares included in the Units issued in the Public Offering; (vi)
 “Trust Account” shall mean the trust account into which a portion of the net proceeds of the Public
Offering and the sale of the Private Placement Warrants shall be deposited; (vii) “Transfer” shall
mean the (a) sale of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase or
otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent
position or liquidation with respect to or decrease of a call equivalent position within the meaning of Section 16 of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the rules and regulations of
the Commission promulgated thereunder with respect to, any security, (b) entry into any swap or other arrangement that
transfers to another, in whole or in part, any of the economic consequences of ownership of any security, whether any such
transaction is to be settled by delivery of such securities, in cash or otherwise, or (c) public announcement of any
intention to effect any transaction specified in clause (a) or (b); and (viii) “Charter” shall mean
the Company’s Amended and Restated Memorandum and Articles of Association, as the same may be further amended from time
to time.

 

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		2.	Representations and Warranties.

 

(a)          The Sponsor and each Insider, with respect to itself, herself or himself, represent and warrant to the Company that it,
she or he has the full right and power, without violating any agreement to which it, she or he is bound (including, without limitation,
any non-competition or non-solicitation agreement with any employer or former employer), to enter into this Letter Agreement, and,
as applicable, to serve as an officer of the Company and/or a director on the Company’s Board of Directors (the “Board”),
as applicable, and each Insider hereby consents to being named in the Prospectus, road show and any other materials as an officer
and/or director of the Company, as applicable.

 

(b)        
Each Insider represents and warrants, with respect to herself or himself, that such Insider’s biographical information
furnished to the Company (including any such information included in the Prospectus) is true and accurate in all material respects
and does not omit any material information with respect to such Insider’s background. The Insider’s questionnaire furnished
to the Company is true and accurate in all material respects. Each Insider represents and warrants that such Insider is not subject
to or a respondent in any legal action for, any injunction, cease-and-desist order or order or stipulation to desist or refrain
from any act or practice relating to the offering of securities in any jurisdiction; such Insider has never been convicted of,
or pleaded guilty to, any crime (i) involving fraud, (ii) relating to any financial transaction or handling of funds of another
person, or (iii) pertaining to any dealings in any securities and such Insider is not currently a defendant in any such criminal
proceeding; and such Insider has never been suspended or expelled from membership in any securities or commodities exchange or
association or had a securities or commodities license or registration denied, suspended or revoked.

 

3.             
Business Combination Vote. It is acknowledged and agreed that the Company shall not enter into a definitive agreement
regarding a proposed Business Combination without the prior consent of the Sponsor. The Sponsor and each Insider, with respect
to itself or herself or himself, agrees that if the Company seeks shareholder approval of a proposed initial Business Combination,
then in connection with such proposed initial Business Combination, it, she or he, as applicable, shall vote all Founder Shares
and any Public Shares held by it, her or him, as applicable, in favor of such proposed initial Business Combination (including
any proposals recommended by the Board in connection with such Business Combination) and not redeem any Public Shares held by it,
her or him, as applicable, in connection with such shareholder approval.

 

		4.	Failure to Consummate a Business Combination; Trust Account Waiver.

 

(a)           The
Sponsor and each Insider hereby agree, with respect to itself, herself or himself, that in the event that the Company fails to
consummate its initial Business Combination within the time period set forth in the Charter, the Sponsor and each Insider shall
take all reasonable steps to cause the Company to (i) cease all operations except for the purpose of winding up; (ii) as promptly
as reasonably possible but not more than 10 business days thereafter, redeem 100% of the Public Shares, at a per-share price,
payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held
in the Trust Account and not previously released to the Company to pay income taxes (less up to $100,000 of interest to pay dissolution
expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish Public Shareholders’
rights as shareholders (including the right to receive further liquidation distributions, if any); and (iii) as promptly as reasonably
possible following such redemption, subject to the approval of the Company’s remaining shareholders and the Board, liquidate
and dissolve, subject in the case of clauses (ii) and (iii) to the Company’s obligations under Cayman Islands law to provide
for claims of creditors and in all cases subject to the other requirements of applicable law. The Sponsor and each Insider agree
not to propose any amendment to the Charter (i) that would modify the substance or timing of the Company’s obligation to
provide holders of the Public Shares the right to have their shares redeemed in connection with an initial Business Combination
or to redeem 100% of the Public Shares if the Company does not complete an initial Business Combination within the required time
period set forth in the Charter or (ii) with respect to any provision relating to the rights of holders of Public Shares unless
the Company provides its Public Shareholders with the opportunity to redeem their Public Shares upon approval of any such amendment
at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest
earned on the funds held in the Trust Account and not previously released to the Company to pay income taxes, if any, divided
by the number of then-outstanding Public Shares.

 

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(b)         
The Sponsor and each Insider, with respect to itself, herself or himself, acknowledges that it, she or he has no right,
title, interest or claim of any kind in or to any monies held in the Trust Account or any other asset of the Company as a result
of any liquidation of the Company with respect to the Founder Shares held by it, her or him, if any. The Sponsor and each Insider
hereby further waives, with respect to any Founder Shares and Public Shares held by it, her or him, as applicable, any redemption
rights it, she or he may have in connection with (x) the completion of the Company’s initial Business Combination, and (y)
a shareholder vote to approve an amendment to the Charter (i) that would modify the substance or timing of the Company’s
obligation to provide holders of the Public Shares the right to have their shares redeemed in connection with an initial Business
Combination or to redeem 100% of the Public Shares if the Company has not consummated an initial Business Combination within the
time period set forth in the Charter or (ii) with respect to any provision relating to the rights of holders of Public Shares (although
the Sponsor and the Insiders shall be entitled to liquidation rights with respect to any Public Shares they hold if the Company
fails to consummate a Business Combination within the required time period set forth in the Charter).

 

5.             
Fairness Opinion. The undersigned acknowledges and agrees that prior to entering into a definitive agreement for
a Business Combination with a target business that is affiliated with the undersigned or any other Insiders of the Company or their
affiliates, such transaction must be approved by a majority of the Company’s disinterested independent directors and the
Company must obtain an opinion from an independent investment banking firm or an independent accounting firm that such Business
Combination is fair to the Company from a financial point of view.

 

6.             
Lock-up; Transfer Restrictions.

 

(a)          The
Sponsor and the Insiders agree that they shall not Transfer any Founder Shares (the “Founder Shares Lock-up”)
until the earliest of (A) one year after the completion of the Company’s initial Business Combination and (B) the
date following the completion of an initial Business Combination on which the Company completes a liquidation, merger, share exchange,
reorganization or other similar transaction that results in all of the Public Shareholders having the right to exchange their Ordinary
Shares for cash, securities or other property (the “Founder Shares Lock-up Period”). Notwithstanding
the foregoing, if, subsequent to a Business Combination, the closing price of the Ordinary Shares equals or exceeds $12.00 per
share (as adjusted for share splits, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading
days within any 30-trading day period commencing at least 150 days after the Company’s initial Business Combination, the
Founder Shares shall be released from the Founder Shares Lock-up.

 

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(b)          Subject
to the provisions set forth in paragraph 5(c), the Sponsor and Insiders agree that they shall not effectuate any Transfer
of Private Placement Warrants or the Ordinary Shares underlying such Private Placement Warrants until 30 days after the completion
of an initial Business Combination.

 

(c)          Notwithstanding
the provisions set forth in paragraphs 5(a) and (b), Transfers of the Founder Shares, Private Placement
Warrants or Ordinary Shares underlying the Private Placement Warrants are permitted (a) to the Company’s officers or
directors, any affiliates or family members of any of the Company’s officers or directors, any members or partners of the
Sponsor or their affiliates, any affiliates of the Sponsor, or any employees of such affiliates; (b) in the case of an individual,
by gift to a member of one of the individual’s immediate family or to a trust, the beneficiary of which is a member of the
individual’s immediate family, an affiliate of such individual or to a charitable organization; (c) in the case of an
individual, by virtue of laws of descent and distribution upon death of the individual; (d) in the case of an individual,
pursuant to a qualified domestic relations order; (e) by private sales or transfers made in connection with the consummation
of a Business Combination at prices no greater than the price at which the Founder Shares, Private Placement Warrants or Ordinary
Shares, as applicable, were originally purchased; (f) by virtue of the Sponsor’s organizational documents upon liquidation
or dissolution of the Sponsor; (g) to the Company for no value for cancellation in connection with the consummation of its
initial Business Combination, (h) in the event of the Company’s liquidation prior to the completion of its initial Business
Combination; or (i) in the event of completion of a liquidation, merger, share exchange or other similar transaction which
results in all of the Company’s Public Shareholders having the right to exchange their Ordinary Shares for cash, securities
or other property subsequent to the completion of an initial Business Combination; provided, however, that
in the case of clauses (a) through (f) these permitted transferees must enter into a written agreement with the Company
agreeing to be bound by these transfer restrictions.

 

(d)          During
the period commencing on the effective date of the Underwriting Agreement and ending 180 days after such date, the Sponsor and
each Insider shall not, without the prior written consent of the Representatives, Transfer any Units, Ordinary Shares, Warrants
or any other securities convertible into, or exercisable or exchangeable for, Ordinary Shares held by it, her or him, as applicable,
subject to certain exceptions enumerated in Section 4(h) of the Underwriting Agreement.

 

7.             
Remedies. The Sponsor and each of the Insiders hereby agree and acknowledge that (i) each of the Underwriters and
the Company would be irreparably injured in the event of a breach by the Sponsor or such Insider of its, her or his obligations,
as applicable under paragraphs 3, 4, 5, 7, 10 and 11, (ii) monetary damages may not be
an adequate remedy for such breach and (iii) the non-breaching party shall be entitled to injunctive relief, in addition to any
other remedy that such party may have in law or in equity, in the event of such breach.

 

8.            
Payments by the Company. Except as disclosed in the Prospectus, neither the Sponsor nor any affiliate of the Sponsor
nor any director or officer of the Company nor any affiliate of the directors and officers shall receive from the Company any finder’s
fee, reimbursement, consulting fee, monies in respect of any payment of a loan or other compensation prior to, or in connection
with any services rendered in order to effectuate the consummation of the Company’s initial Business Combination (regardless
of the type of transaction that it is).

 

9.             
Director and Officer Liability Insurance. The Company will maintain an insurance policy or policies providing directors’
and officers’ liability insurance, and the Insiders shall be covered by such policy or policies, in accordance with its or
their terms, to the maximum extent of the coverage available for any of the Company’s directors or officers.

 

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10.         
 Termination. This Letter Agreement shall terminate on the earlier of (i) the expiration of the Founder Shares Lock-up
Period and (ii) the liquidation of the Company; provided, however, that this Letter Agreement shall terminate in
the event that the Public Offering is not consummated and closed by December 31, 2020; provided further that paragraph
10 of this Letter Agreement shall survive such liquidation.

 

11.           
Indemnification. In the event of the liquidation of the Trust Account upon the failure of the Company to consummate
its initial Business Combination within the time period set forth in the Charter, the Sponsor (the “Indemnitor”)
agrees to indemnify and hold harmless the Company against any and all loss, liability, claim, damage and expense whatsoever (including,
but not limited to, any and all legal or other expenses reasonably incurred in investigating, preparing or defending against any
litigation, whether pending or threatened) to which the Company may become subject as a result of any claim by (i) any third party
for services rendered or products sold to the Company (except for the Company’s independent auditors) or (ii) any prospective
target business with which the Company has discussed entering into a transaction agreement (a “Target”);
provided, however, that such indemnification of the Company by the Indemnitor (x) shall apply only to the extent
necessary to ensure that such claims by a third party for services rendered or products sold to the Company or a Target do not
reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per Public Share and (ii) the actual amount per
Public Share held in the Trust Account as of the date of the liquidation of the Trust Account if less than $10.00 per Public Share
due to reductions in the value of the trust assets, in each case net of interest that may be withdrawn to pay the Company’s
tax obligations, (y) shall not apply to any claims by a third party or Target that executed a waiver of any and all rights to the
monies held in the Trust Account (whether or not such waiver is enforceable) and (z) shall not apply to any claims under the Company’s
indemnity of the Underwriters against certain liabilities, including liabilities under the Securities Act of 1933, as amended.
The Indemnitor shall have the right to defend against any such claim with counsel of its choice reasonably satisfactory to the
Company if, within 15 days following written receipt of notice of the claim to the Indemnitor, the Indemnitor notifies the Company
in writing that it shall undertake such defense.

 

12.           
Forfeiture of Founder Shares. To the extent that the Underwriters do not exercise their option to purchase additional
Units within 45 days from the date of the Prospectus in full (as further described in the Prospectus), the Sponsor agrees to automatically
surrender to the Company for no consideration, for cancellation at no cost, an aggregate number of Founder Shares so that the number
of Founder Shares will equal of 20% of the sum of the total number of Ordinary Shares and Founder Shares outstanding at such time.
The Sponsor and Insiders further agree that to the extent that the size of the Public Offering is increased or decreased, the Company
will effect a share capitalization or a share repurchase, as applicable, with respect to the Founder Shares immediately prior to
the consummation of the Public Offering in such amount as to maintain the number of Founder Shares at 20% of the sum of the total
number of Ordinary Shares and Founder Shares outstanding at such time.

 

13.           
Entire Agreement. This Letter Agreement constitutes the entire agreement and understanding of the parties hereto
in respect of the subject matter hereof and supersedes all prior understandings, agreements, or representations by or among the
parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof or the transactions contemplated
hereby. This Letter Agreement may not be changed, amended, modified or waived (other than to correct a typographical error) as
to any particular provision, except by a written instrument executed by (1) each Insider that is the subject of any such change,
amendment, modification or waiver and (2) the Sponsor.

 

14.            Assignment.
No party hereto may assign either this Letter Agreement or any of its rights, interests, or obligations hereunder without the
prior written consent of the other parties. Any purported assignment in violation of this paragraph shall be void and
ineffectual and shall not operate to transfer or assign any interest or title to the purported assignee. This Letter
Agreement shall be binding on the Sponsor, each of the Insiders and each of their respective successors, heirs, personal
representatives and assigns and permitted transferees.

 

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15.           
No Third-Party Beneficiaries. Nothing in this Letter Agreement shall be construed to confer upon, or give to, any
person or corporation other than the parties hereto any right, remedy or claim under or by reason of this Letter Agreement or of
any covenant, condition, stipulation, promise or agreement hereof. All covenants, conditions, stipulations, promises and agreements
contained in this Letter Agreement shall be for the sole and exclusive benefit of the parties hereto and their successors, heirs,
personal representatives and assigns and permitted transferees.

 

16.           
Counterparts. This Letter Agreement may be executed in any number of original, facsimile or other electronic counterparts,
and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute
but one and the same instrument.

 

17.           
Effect of Headings. The paragraph headings herein are for convenience only and are not part of this Letter Agreement
and shall not affect the interpretation thereof.

 

18.           
Severability. This Letter Agreement shall be deemed severable, and the invalidity or unenforceability of any term
or provision hereof shall not affect the validity or enforceability of this Letter Agreement or of any other term or provision
hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall
be added as a part of this Letter Agreement a provision as similar in terms to such invalid or unenforceable provision as may be
possible and be valid and enforceable.

 

19.          
Governing Law. This Letter Agreement shall be governed by and construed and enforced in accordance with the laws
of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive
laws of another jurisdiction. The parties hereto (i) all agree that any action, proceeding, claim or dispute arising out of, or
relating in any way to, this Letter Agreement shall be brought and enforced in the courts of New York City, in the State of New
York, and irrevocably submit to such jurisdiction and venue, which jurisdiction and venue shall be exclusive, and (ii) waive any
objection to such exclusive jurisdiction and venue or that such courts represent an inconvenient forum.

 

20.           
Notices. Any notice, consent or request to be given in connection with any of the terms or provisions of this Letter
Agreement shall be in writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt
requested), by hand delivery or facsimile or other electronic transmission.

 

[Signature Page Follows]

 

    6

     

    

 

	 	Sincerely,
	 	 
	 	Qell
    Partners LLC
	 	 
	 	By:
    	/s/
    Barry Engle
	 	Name:
    Barry Engle
	 	Title:
    Manager

 

Acknowledge and Agreed:

 

Qell Acquisition Corp.

 

	By: 	/s/ Barry Engle	 

Name: Barry Engle

Title: Chief Executive Officer

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