Document:

EX-10.2

 Exhibit 10.2 

Execution version 

MANAGEMENT EXCHANGE AND SUPPORT AGREEMENT 

This MANAGEMENT EXCHANGE AND SUPPORT AGREEMENT (this “Agreement”) is entered into as of November     , 2022, by and
among Zapp Electric Vehicles Group Limited, an exempted company incorporated with limited liability in the Cayman Islands (“PubCo”), Zapp Electric Vehicles Limited, a private company limited by shares registered in England and Wales
with registered number 10870546, and having its registered office at 5 Technology Park, Colindeep Lane, England, London NW9 6BX (the “Company”) and the Persons listed on Schedule A to this Agreement (each, a
“Shareholder” and the Shareholders together with PubCo and the Company, the “Parties”). 
 WHEREAS, each Shareholder is,
as of the date of this Agreement, the sole legal and beneficial owner of such number of fully-paid ordinary shares of GBP 0.00001 each in the Company (“Company Shares”) set forth opposite such Shareholder’s name on Schedule
A under the heading “Company Shares”; and 
 WHEREAS, PubCo, the Company, CIIG Capital Partners II, Inc., a Delaware corporation
(“SPAC”) and Zapp Electric Vehicles, Inc. are entering into an Agreement and Plan of Merger (the “Merger Agreement”) dated as of November     , 2022, providing for, inter alia, each
Shareholder’s transfer of its respective Company Shares to PubCo in exchange for newly issued ordinary shares, with $0.0001 par value per share, of PubCo (“PubCo Shares”) on the terms and subject to the conditions of this
Agreement; 
 NOW THEREFORE, intending to be legally bound, as a condition and inducement to the entry into and performance of the Merger Agreement, in
consideration of the mutual covenants and agreements herein contained, and for other good and valuable consideration, the Parties hereby agree as follows: 

1. DEFINITIONS; INTERPRETATION 
 Unless otherwise
expressly indicated, capitalized terms used but not defined in this Agreement have the meanings ascribed to such terms in the Merger Agreement, and this Agreement shall be interpreted and applied in accordance with the rules of construction
applicable to the Merger Agreement, mutatis mutandis. 
 2. SHARE EXCHANGE 

2.1 Acquisition. On the Closing Date (and immediately prior to the Effective Time), and upon the terms and conditions of this Agreement and the Merger
Agreement, the Shareholders shall sell and transfer to PubCo, and PubCo shall purchase from the Shareholders, all of the legal and beneficial title to the Company Shares set out in Schedule A with full title guarantee, free from all Liens and
together with all rights attaching to the Company Shares at the Closing (which for the avoidance of doubt, shall be immediately prior to the Effective Time of the Merger). 

2.2 Initial Consideration. Subject to Section 2.4, the aggregate consideration to be paid to each Shareholder in respect of the transfer of
its Company Shares to PubCo at the Closing shall be the due issuance and allotment to such Shareholder of that number of PubCo Shares, credited as fully paid, set out opposite such Shareholder’s name on Schedule A under the heading
“PubCo Shares”.  
 2.3 Exchange Deliveries. At the Closing, each Shareholder
shall deliver or procure the delivery to PubCo of: 
 (a) a duly executed stock transfer form in the form attached hereto as Exhibit A
in respect of its Company Shares to effect the transfer of its Company Shares to PubCo (a “STF”); and 

  

 (b) any and all share certificates representing its Company Shares; 

and the Company shall deliver to PubCo a copy of the executed resolution of the Company board of directors approving (x) the form of the STF and the
transfer of the Company Shares to PubCo, (y) PubCo’s entry in the register of members as the sole holder of all such Shareholder’s Company Shares (subject to the completion of any applicable UK stamp duty formalities), and
(z) the necessary filings and notifications in connection with the aforementioned matters. In the event that a Shareholder does not deliver share certificates in respect of its Company Shares to PubCo in accordance with this
Section 2.3, if and to the extent a share certificate has previously been issued by the Company, such Shareholder severally agrees to indemnify PubCo (to the extent permitted by law) and the Company from and against all
claims, actions, proceedings and demands which may be brought against PubCo and the Company and all losses, liabilities, charges, costs, damages and expenses which PubCo or the Company may suffer or reasonably incur, in each case as a result of
allowing the registration of the transfer of all or any part of such Shareholder’s Company Shares without the production of the original share certificates.  

2.4 Earnout. 
 (a) A Shareholder’s
right to receive Earnout Shares pursuant to this Section 2.4, if any, is subject to the closing price of PubCo Shares equaling or exceeding, for any 20 trading days during a 30 consecutive trading day period, (i) $12.00 per
share (the “First Earnout Condition”), (ii) $14.00 per share (the “Second Earnout Condition”) or (iii) $16.00 per share (the “Third Earnout Condition”; and each of the First, Second and Third
Earnout Conditions an “Earnout Condition”), as applicable, in each case as equitably adjusted for share splits, share dividends, reorganizations and recapitalisations. 

(b) As additional consideration for the transfer of Company Shares to PubCo pursuant to this Section 2, as promptly
as reasonably practicable (but in any event, within ten Business Days) after the satisfaction of an Earnout Condition, PubCo shall issue and allot or cause to be issued and allotted to each applicable Shareholder the applicable Earnout Shares. 

(c) In the event that an Earnout Condition is not satisfied prior to the fifth anniversary of the Closing, the contingent right and entitlement
of such Shareholders to the applicable Earnout Shares shall be forfeited and cease to exist. 
 (d) Any issuance of Earnout Shares shall be
treated as an adjustment to the consideration paid at the Closing, except to the extent otherwise required by Law, and an amount equal to the aggregate par value of the Earnout Shares so issued will be credited to the capital account of PubCo. 

(e) To the extent that, prior to the fifth anniversary of the Closing, there is a bona fide third party transaction that results in PubCo
Shares being converted into the right to receive cash or other consideration having a per share value (as adjusted for share splits, share dividends, reorganizations and recapitalisations, and in the case of any
non-cash consideration, as provided in the definitive transactions documents for such transaction, or if not so provided, determined by the board of directors of PubCo in good faith) (i) equal to or in
excess of any Earnout Condition that has not yet been satisfied, then the applicable Earnout Shares shall be issued to the relevant Shareholders effective as of immediately prior to the consummation of such transaction, or otherwise treated as so
issued in connection therewith, so as to ensure that the recipients of such Earnout Shares shall receive such Earnout Shares, and all proceeds thereof, in connection with such transaction, and (ii) less than any Earnout Condition that has not
yet been satisfied, then the contingent right and entitlement of such Shareholders to the applicable Earnout Shares shall be forfeited and cease to exist. 

  
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 (f) “Earnout Shares” means, as to a given Shareholder, the number of PubCo
Shares set forth opposite such Shareholder’s name on Schedule A under the headings (i) “First Earnout”, with respect to the First Earnout Condition, (ii) “Second Earnout”, with respect to the Second Earnout Condition,
and (iii) “Third Earnout”, with respect to the Third Earnout Condition, if any, in each case as equitably adjusted for share splits, share dividends, reorganizations and recapitalisations. 

3. PRE-CLOSING MATTERS 

Each Shareholder, severally and not jointly, hereby covenants and irrevocably undertakes to PubCo during the term of this Agreement as follows: 

3.1 Subject Shares. As to a Shareholder, the term “Subject Shares” means its respective Company Shares and any other equity securities
of the Company or any successor thereto by whatever name called, now owned or subsequently acquired by such Shareholder from time to time, howsoever acquired, or as to which such Shareholder has any right or power to vote or direct, cause or control
the voting. 
 3.2 Consent. Such Shareholder unconditionally and irrevocably agrees that, during the period from the date hereof through the date on
which this Agreement terminates in accordance with Section 6.7 (the “Expiration Time”), at any duly called meeting of the shareholders of the Company (or any adjournment or postponement thereof), and in any action by
written consent of the shareholders of the Company requested by the Company’s board of directors or undertaken as contemplated by the Transactions, such Shareholder shall, if a meeting is held, appear at the meeting, in person or by proxy, or
otherwise cause all of its Subject Shares to be counted as present thereat for purposes of establishing a quorum, and it shall vote or consent (or cause to be voted or consented), in person or by proxy, all of its Subject Shares in favor of the
Closing, the Company Exchange and the other Transactions, in each case as may be required to approve, implement and give effect to the Transactions at the Closing in accordance with the Merger Agreement. 

3.3 Additional Purchases. Each Shareholder agrees that any Subject Shares that it purchases or otherwise hereinafter acquires or with respect to which
it otherwise acquires sole or shared voting power after the execution of this Agreement and prior to the Expiration Time shall be subject to the terms and conditions of this Agreement to the same extent as if they constituted the Subject Shares set
forth on Schedule A attached hereto. 
 3.4 Waiver. Such Shareholder shall not apply to any Governmental Authority claiming that any
Transaction is oppressive or unfairly discriminatory to or otherwise prejudicial to, or undertaken without due regard to the interests of, any Person, or commence, join in, facilitate, assist or encourage any claim or action challenging the validity
of this Agreement or the Merger Agreement or alleging any breach of any Law or duty in connection with the Transactions. Such Shareholder hereby waives any and all pre-emption rights, rights of first refusal,
tag along, drag along and other rights which may have been conferred on it under the Company’s organizational documents, Law or otherwise as may affect the Transactions (other than its rights pursuant to this Agreement). 

3.5 Power of Attorney. Such Shareholder hereby irrevocably and unconditionally grants to, and appoints the Company and any individual designated in
writing by the Company, and each of them individually, as such Shareholder’s lawful attorney and proxy (with full power of substitution), for and in the name, place and stead of such Shareholder, to vote such Shareholder’s Subject Shares,
grant a written consent or approval in respect of such Subject Shares, and agree or amend the form, terms and conditions of, certify and execute, deliver, take, perform, waive and terminate on each such Shareholder’s behalf and in the name of
such Shareholder, all deeds, instruments, agreements, documents, steps or actions necessary or desirable for giving effect to 

  
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Sections 2, 3 or 6 of this Agreement or the Transactions pursuant to the Merger Agreement. Such Shareholder acknowledges that the Merger Agreement is being made in reliance upon its
grant of such irrevocable power of attorney, and that such irrevocable power of attorney is given in connection with the Merger Agreement to secure the performance by such Shareholder under this Agreement, and is coupled with a proprietary interest
and may not be revoked under any circumstances. Such Shareholder hereby ratifies and confirms all that the attorney and proxy may lawfully do or cause to be done by virtue hereof. This power of attorney shall terminate immediately upon the earlier
of (i) when the PubCo is entered in the register of members of the Company as the holder of the Subject Shares; or (ii) the Expiration Time. 
 3.6
No Pre-Closing Transfer. Other than pursuant to this Agreement or as expressly contemplated by the Merger Agreement, from the date hereof and until the Expiration Time, such Shareholder shall not,
directly or indirectly: 
 (a) sell, transfer, tender, grant, lend, mortgage, pledge, charge, assign, sell options in respect of, or
otherwise dispose of (including by gift, tender or exchange offer, merger or operation of law), encumber, hedge, swap, convert or utilize a derivative to transfer the economic interest in (collectively, “Transfer”), or enter into
any Contract, option or other binding arrangement (including any profit sharing arrangement) with respect to the Transfer of, any Subject Shares (or any interest therein or in respect thereto) or any other securities exchangeable for or convertible
into, or substantially similar to, Subject Shares to any person or enter into any transaction with the same economic effect as, or agree to do, any of the foregoing; 

(b) grant or suffer to exist any proxies or enter or suffer to exist any voting arrangement, whether by proxy, voting agreement, voting trust,
voting deed or otherwise (including pursuant to any loan of Subject Shares) with respect to any Subject Shares, or enter into or suffer to exist any other Contract with respect to any Subject Shares that would prohibit or prevent the satisfaction of
its obligations pursuant to this Agreement; 
 (c) take any action that would make any representation or warranty of such Shareholder herein
untrue or incorrect, or have the effect of preventing or disabling such Shareholder from performing its obligations hereunder; 
 (d) commit,
agree or publicly announce any intention to take any of the foregoing actions. 
 Any action attempted to be taken in violation of the preceding sentence
shall be null and void. 
 4. POST-CLOSING LOCK-UP 

4.1 Definitions. As used in this Section 4: 

(a) “affiliate” has the meaning set forth in Rule 405 under the Securities Act. 

(b) “Applicable Period” means the period commencing on the Closing Date and ending: 

(i) with respect to the Lock-Up Securities listed on Schedule A under the heading “First
Release”, on the date falling 360 days after the Closing; 
 (ii) with respect to the Lock-Up
Securities listed on Schedule A under the heading “Second Release”, on the date falling 540 days after the Closing; and 

(iii) with respect to the Lock-Up Securities listed on Schedule A under the heading “Third
Release”, on the date falling 720 days after the Closing; 

  
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 (in each case as equitably adjusted for share splits, share dividends, reorganizations and recapitalisations)
or, if earlier, the date on which PubCo completes any amalgamation, merger, scheme of arrangement, business combination, consolidation, combination, sale of substantial assets, reorganization, recapitalization, dissolution, liquidation or winding up
or other similar transaction that results in all of PubCo’s shareholders having the right to exchange their PubCo Shares for cash, securities or other property following the Closing. 

(c) “Immediate Family” means, as to a natural person, such individual’s spouse, former spouse, domestic partner, child
(including by adoption), father, mother, brother or sister, and lineal descendant (including by adoption) of any of the foregoing persons. 

(d) “Lock-Up Securities” means, as to a Shareholder during the Applicable Period, 80%
of the PubCo Shares or other Equity Securities of PubCo held by a Shareholder (or which a Shareholder is entitled to receive by virtue of the Transactions) immediately after the Closing and shall include any other Equity Security of PubCo issued or
issuable to a Shareholder with respect to any securities referenced above by way of a share dividend or share split or in connection with a recapitalization, merger, consolidation, spin-off, reorganization or
similar transaction. Each Shareholder’s anticipated total number of Lock-Up Securities is listed opposite such Shareholder’s name on Schedule A under the heading
“Lock-Up Securities”. 
 (e) “Lock-Up
Transfer” means the (i) 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 Exchange Act and the rules and regulations of the Commission promulgated thereunder, with
respect to, any Lock-Up Security, (ii) 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 Lock-Up Security, whether or not any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (iii) public announcement of any intention to effect any transaction specified in
clause (i) or (ii). 
 4.2 Post-Closing Lock-Up. Subject to the consummation of the Closing, each
Shareholder covenants and agrees that it shall not, during the Applicable Period, without the prior written consent of the board of directors of PubCo, effect, undertake, enter into or publicly announce any
Lock-Up Transfer of any applicable Lock-Up Security. For avoidance of doubt, each Shareholder shall retain all of its rights as a shareholder of PubCo with respect to
all Lock-Up Securities during the Applicable Period, including the right to vote any Lock-Up Securities that are entitled to vote and the right to receive any dividends
or distributions in respect of such Lock-Up Securities. 
 4.3 Authorization. Each Shareholder hereby:
(a) authorizes PubCo to cause its transfer agent to decline to transfer, and to note stop transfer restrictions on the share register and other records relating to, applicable Lock-Up Securities for which
such Shareholder is the record holder; and (b) in the case of Lock-Up Securities for which such Shareholder is the beneficial but not the record holder, agrees to cause the record holder to cause the
relevant transfer agent to decline to transfer, and to note stop transfer restrictions on the share register and other records relating to, such Lock-Up Securities; in each case, if and to the extent such
transfer would constitute a Lock-Up Transfer in breach of this Agreement. PubCo agrees to instruct its transfer agent to remove any stop transfer restrictions on the share register and other records related to
applicable Lock-Up Securities within three Business Days of a request by a Shareholder after expiration of the Applicable Period. 

4.4 Legend. During the Applicable Period, each certificate, if any, evidencing applicable Lock-Up Securities
shall be stamped or otherwise imprinted with a legend in substantially the following form, in addition to any other applicable legends: 

  
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 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER
SET FORTH IN A MANAGEMENT EXCHANGE AND SUPPORT AGREEMENT, DATED AS OF [ ], 2022, BY AND AMONG ZAPP ELECTRIC VEHICLES GROUP LIMITED (“ISSUER”), THE HOLDER NAMED THEREIN AND THE OTHER PARTIES THERETO. A COPY OF SUCH AGREEMENT WILL BE
FURNISHED WITHOUT CHARGE BY ISSUER TO THE HOLDER HEREOF UPON WRITTEN REQUEST.” 
 4.5 Lock-Up Exceptions.
The provisions of Section 4.2 shall not apply to: 
 (a) Lock-Up Transfers to a
partnership, limited liability company or other entity of which such Shareholder is the legal and beneficial owner of all of the outstanding Equity Securities; 

(b) if such Shareholder is a natural person, Lock-Up Transfers (i) by bona fide gift to any member
of such Shareholder’s Immediate Family, (ii) to a family trust, established for the exclusive benefit of such Shareholder or any of their Immediate Family for estate planning purposes, (iii) by virtue of laws of descent and
distribution upon death of such Shareholder or (iv) pursuant to a court order or settlement agreement related to the distribution of assets in connection with the dissolution of marriage or civil union; 

(c) Lock-Up Transfers of PubCo Shares acquired in open market transactions after the Closing; 

(d) the exercise of share options or warrants to purchase PubCo Shares and any related transfer of PubCo Shares to PubCo in connection
therewith (i) deemed to occur upon the “cashless” or “net” exercise of any such options or warrants or (ii) for the purpose of paying the exercise price of such options or warrants or for paying taxes due as a result of
the exercise of such options or warrants, it being understood that all PubCo Shares received upon such exercise, settlement, vesting or transfer will remain subject to the restrictions of this Section 4 during the
Applicable Period; 
 (e) the entry, at any time after the Closing, into any trading plan meeting the requirements of Rule 10b5-1(c) under the Exchange Act, provided that such plan does not provide for, or permit, the sale of PubCo Shares during the Applicable Period and no public announcement or filing is voluntarily made or
required regarding such plan during the Applicable Period; 
 (f) Lock-Up Transfers in the event of
completion of a bona fide amalgamation, merger, scheme of arrangement, business combination, consolidation, combination sale of substantial assets, reorganization, recapitalization, dissolution, liquidation or winding up or other similar transaction
which results in all of holders having the right to exchange their PubCo Shares for cash, securities or other property; 
 (g) in the case of
an entity, a Lock-Up Transfer (i) to another entity that is an affiliate of such Shareholder, or to any investment fund or other entity controlling, controlled by, managing or managed by or under common
control with such Shareholder or affiliates of such Lock-Up Shareholder or who shares a common investment advisor with such Lock-Up Shareholder or (ii) as part of a
distribution to members, partners or shareholders of such Lock-Up Shareholder; 
 (h) in the case of
an entity, Lock-Up Transfers by virtue of the Laws of the jurisdiction of the entity’s organization and the entity’s Organizational Documents upon dissolution of the entity; and 

provided, however, that in the case of clauses (a), (b) and (g), prior to such Lock-Up Transfer, these
permitted transferees shall have entered into a written agreement, in substantially the same form of this Section 4, agreeing to be bound by these Lock-Up Transfer restrictions. 

  
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 4.6 Effect of Section 4. If any Lock-Up
Transfer is made or attempted contrary to the provisions of this Section 4, such purported Lock-Up Transfer shall be null and void ab initio. 

5. REPRESENTATIONS AND WARRANTIES OF THE SHAREHOLDERS 

Each Shareholder, severally and not jointly, hereby represents and warrants to PubCo and the Company as of the date of this Agreement as follows: 

5.1 Organization. If such Shareholder is not a natural person, such Shareholder has been duly incorporated and is validly existing and in good standing
under the Laws of its jurisdiction of incorporation, has the requisite corporate power and authority to conduct its business as it is now being conducted, and is in good standing (to the extent such concept is applicable in such Shareholder’s
jurisdiction of organization), except where the failure to be so would not reasonably be expected to prevent or materially adversely affect the ability of such Shareholder to consummate the transactions contemplated by this Agreement. 

5.2 Authorization. 
 (a) Such Shareholder
has full legal capacity, right and authority to execute, deliver and perform its obligations under this Agreement. If such Shareholder is not a natural person, it has all requisite corporate power and authority to execute, deliver and perform its
obligations under this Agreement, and the same have been duly, fully and validly authorized and approved by such Shareholder in accordance with its respective organizational documents. 

 (b) This Agreement has been duly and validly executed and delivered by such Shareholder, and constitutes a legal, valid and binding
obligation of such Shareholder, enforceable against such Shareholder in accordance with its terms, subject only to the Enforceability Exceptions. 
 5.3
No Conflict. None of the execution, delivery or performance of this Agreement by such Shareholder or the consummation of the Transactions does or shall violate or conflict with, require any consent, waiver, exemption or further approval
under, or result in any breach, default, acceleration, termination, Lien or cancellation under, any organizational document, Law, Governmental Order or Contract binding upon such Shareholder. 

5.4 Company Shares. Such Shareholder is the sole legal and beneficial owner of the Company Shares set forth opposite such Shareholder’s name on
Schedule A, and has the sole right to vote such Company Shares. Such Company Shares are owned free and clear of all Liens, and such Shareholder does not own legally or beneficially any other Company Shares. Schedule B sets out a true,
complete and accurate table showing the entire issued share capital of the Company and the holders thereof as of the date of this Agreement. 
 5.5
Information; Merger Agreement. Such Shareholder is a sophisticated investor, has adequate information to make an informed decision regarding this Agreement and the Transactions and (independently and without reliance on any other Party
or any representation and warranty not expressly set forth in a Transaction Agreement) made its own analysis and decision to enter into this Agreement. Such Shareholder received a copy of the substantially finalized Merger Agreement on
    , 2022, is familiar with the provisions of the Merger Agreement, has consented to (and hereby consents to) the Company’s entry into the Merger Agreement, and understands and acknowledges that the Merger Agreement is
being made in reliance upon such Shareholder’s execution, delivery and performance of this Agreement. 

  
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 5.6 Restricted Securities. Such Shareholder understands that the PubCo Shares that it may receive in
connection with the Transactions may be “restricted securities” under applicable U.S. federal and state securities laws and, if such Shareholder is an affiliate of PubCo, “control securities” as such term is used under Rule 144
promulgated under the Securities Act, and that, pursuant to these laws, such Shareholder must hold such PubCo Shares indefinitely unless (a) they are registered with the SEC and qualified by state authorities, or (b) an exemption from such
registration and qualification requirements is available. 
 5.7 No Inconsistent Agreement. As of the date hereof, such Shareholder (a) has not
entered into any voting agreement, voting trust or similar agreement (other than this Agreement) with respect to any of the Subject Shares indicated on Schedule A hereto, (b) has not granted a proxy, consent or power of attorney with respect to
any such Subject Shares, and (c) has not taken any action that would reasonably be expected to constitute a breach hereof, make any of its representations or warranties contained herein untrue or incorrect or have the effect of preventing or
disabling it from performing any of its obligations under this Agreement. 
 5.8 Accredited Investor; Sophisticated Investor. Such Shareholder is:
(i) an “accredited investor” as such term is defined in Regulation D under the Securities Act; and/or (ii) not a “U.S. Person” as defined in Rule 902 of Regulation S of the Securities Act. Such Shareholder is a
sophisticated investor, able to fend for itself in the transactions contemplated by this Agreement, and has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of the transactions
contemplated by the Merger Agreement. Such Shareholder has a substantive preexisting personal or business relationship with the Company and certain of its officers, directors or controlling persons of a nature and duration that enables such
Shareholder to be aware of the character, business acumen and financial circumstances of such persons. 
 5.9 Litigation. As of the date of this
Agreement, there are no Actions pending or, to the knowledge of such Shareholder, threatened against such Shareholder, before any Governmental Authority that would prevent, impair or delay such Shareholder from performing their obligations
hereunder. 
 6. OTHER AGREEMENTS 
 6.1 Fractional
Shares. Notwithstanding anything to the contrary contained herein, no fraction of a PubCo Share or Earnout Share shall be issued by virtue of this Agreement. Each Person who would otherwise be entitled to a fraction of a PubCo Share or Earnout
Share (after aggregating all fractional PubCo Shares or Earnout Shares, as applicable, that would otherwise be received by such Person) shall instead have the number of PubCo Shares or Earnout Shares, respectively, issued to such Person rounded down
in the aggregate to the nearest whole PubCo Share or Earnout Share, respectively.  
  

	6.2	 Disclosure. 

(a) Each Shareholder shall be bound by and comply with Section 9.06 (Confidentiality; Publicity) of the Merger Agreement (including
any relevant defined terms used in such provisions) as if such Shareholder was an original signatory to the Merger Agreement with respect to such provisions. 

(b) Each Shareholder hereby authorizes PubCo and the Company to publish and disclose in any announcement or disclosure required by the SEC or
pursuant to any applicable Law such Shareholder’s identity and ownership of Subject Shares and Lock-Up Securities, the nature of such Shareholder’s obligations under this Agreement and (if deemed
appropriate by PubCo and the Company) a copy of this Agreement. Each Shareholder shall promptly provide any information reasonably requested by PubCo, the Company and SPAC for any regulatory application or filing made or approval sought in
connection with the Transactions. 

  
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 6.3 Resale F-1 Shelf Registration. Each Shareholder
acknowledges that PubCo intends to use its reasonable efforts to file within 45 calendar days following the Closing, and use reasonable efforts to cause to be declared effective as soon as practicable thereafter, a registration statement on Form F-1 (the “F-1 Registration Statement”) registering the resale of such Shareholder’s PubCo Shares on a delayed or continuous basis, provided,
however, that PubCo’s obligations to include such shares in the F-1 Registration Statement are contingent upon each Shareholder furnishing in writing to PubCo such information regarding such
Shareholder, the PubCo Shares beneficially owned by such Shareholder and the intended method of disposition of the PubCo Shares as shall be reasonably requested by PubCo to effect the registration of the PubCo Shares, and such Shareholder shall
execute such documents in connection with such registration as PubCo may reasonably request in writing that are customary of a selling shareholder in similar situations, including providing that PubCo shall be entitled to postpone and suspend the
effectiveness or use of the registration statement as permitted hereunder. 
 6.4 UK Employee Taxation. The following provisions shall apply to any
Shareholder that is a UK tax resident individual or who is subject to UK income tax on all or a proportion of their employment income and who is, was or will be an employee or director of PubCo, the Company or any of their subsidiaries (a
“UK Shareholder”): 
  

	 	(a)	 Each UK Shareholder shall and PubCo shall (or shall procure that the Company or its subsidiary, as applicable)
enter into an election pursuant ITEPA in the form prescribed by HMRC in relation to any PubCo Shares subscribed for or acquired by that Shareholder. Such election shall be made no later than 14 days after the subscription or acquisition of such
Shareholder’s PubCo Shares or such shorter or longer period as may be required by law or as HMRC may direct. 

  

	 	(b)	 Each UK Shareholder shall provide to the PubCo such information as it (or its subsidiaries) shall require for
the purpose of fulfilling its obligations as a responsible person within the meaning of Section 421L of ITEPA. 

  

	 	(c)	 In the event that PubCo, the Company or any of their subsidiaries or affiliates is obliged to account to any
tax authority in respect of income tax and/or employee national insurance contributions (or any equivalent or replacement tax, charge or levy in any jurisdiction) and/or related interest, penalties, fines, costs and expenses (together “employee
related tax liability”) as a result of or in respect of: 

  

	 	(i)	 the subscription for or acquisition of a UK Shareholder’s PubCo Shares; 

 

	 	(ii)	 the entering into of the election referred to in Section 6.4(a);

  

	 	(iii)	 the transfer of PubCo Shares by a UK Shareholder; or 

 

	 	(iv)	 any action, event or thing done following the subscription or acquisition of UK Shareholder’s PubCo Shares
which gives rise to an employee related tax liability, 

 then (except to the extent that such employee related tax
liability may not lawfully be demanded) the UK Shareholder concerned shall be liable on demand by PubCo or the Company, without right of reimbursement, to make payment to PubCo (or any subsidiary as PubCo directs) of such amount as on an after tax
basis will meet the employee related tax liability concerned and PubCo shall have a lien, as security for any such amount payable, over the shares concerned and over any proceeds of sale or other disposal thereof and (without limitation to the
foregoing) each UK Shareholder hereby irrevocably agrees that PubCo, the Company or any relevant subsidiary may recover the employee related tax liability via deductions from salary or any bonuses or other amounts otherwise payable to the UK
Shareholder for any relevant period. 

  
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 6.5 UK Stamp Duty. Any UK stamp duty or stamp duty reserve tax arising in respect of the transactions
contemplated by this Agreement shall be payable by PubCo and PubCo shall be responsible for completing and submitting any relevant returns and other filings relating to UK stamp duty or stamp duty reserve tax to HMRC within the applicable time
limits prescribed by law. 
 6.6 General Waiver and Release. Each Shareholder does hereby, on behalf of itself and its Affiliates, successors and
assigns and any other Person or entity claiming by, through or under any of the foregoing (collectively, the “Releasing Parties”), effective as of, and contingent upon, the Closing, unconditionally and irrevocably release, waive and
forever discharge the Company, PubCo, SPAC, each of their predecessors and successors and each of their respective past, present and future directors, officers, employees, agents, assigns, stockholders, partners, Subsidiaries and Affiliates
(collectively, the “Company Parties”) from any and all claims, demands, judgments, causes of action and liabilities of any nature whatsoever, whether or not known, suspected or claimed, arising directly or indirectly from such Releasing
Party’s actual or purported ownership of Company Shares or the Transactions including arising from such Shareholder’s status on or prior to the Closing of the Transactions as a stockholder, equity interest holder, investor, lender, debtor,
representative or Affiliate of the Company, including, without limitation, in connection with the adoption by the board of directors of the Company and the shareholders thereof of the Merger Agreement (the “Released Claims”), provided in
no event shall the Released Claims be deemed to include a release or discharge of (a) any of such Releasing Party’s rights expressly set forth in this Agreement, the Merger Agreement or the exhibits thereto, or the Transaction Agreements,
(b) any rights to indemnification, exculpation, reimbursement, contribution, payment or advancement of expenses, or hold harmless and liability exculpation covenants, agreements and obligations of the Company or any of its Subsidiaries that
such Shareholder may have as a director, officer or employee of the Company or any of its Subsidiaries, or any of their respective successors under or pursuant to (i) any contract of insurance covering directors and officers of the Company or
its Subsidiaries prior to the Closing, or in the case of such Affiliate’s capacity as a director or officer of the Company or its Subsidiaries prior to the Closing, under the indemnification provisions of the Company (or any such
Subsidiary’s) certificate of incorporation or bylaws, (ii) under applicable Law or (iii) as otherwise set forth in the Merger Agreement, or (c) any rights to receive unpaid compensation or benefits as an employee of any Company
Party. Each Shareholder represents and warrants that (x) there are no liens, or claims of lien, or assignments in law or equity or otherwise of or against any of the claims or causes of action released herein, (y) such Shareholder has not
transferred or otherwise alienated any such claims or causes of action, and (z) such Shareholder is fully authorized and entitled to give the releases specified herein. 

6.7 Effectiveness; Termination. This Agreement shall have effect from the date first written above and shall terminate upon the earliest of (i) the
Closing (provided, however, that upon such termination, each of Sections 3.4, 3.5 and 4 shall survive in accordance with its terms, and this Section 6 shall survive indefinitely) and
(ii) the termination of the Merger Agreement in accordance with its terms, and upon such termination, no party shall have any liability hereunder other than for its willful and material breach of this Agreement prior to such termination. 

6.8 Further Assurances. Each Shareholder shall, from time to time, (a) execute and deliver, or cause to be executed and delivered, such additional
or further consents, documents and other instruments as PubCo or the Company may reasonably request for the purpose of effectively carrying out the transactions contemplated by this Agreement, the Merger Agreement and the other Transaction
Agreements and (b) refrain from exercising any right under the Company’s organizational documents or Law which would materially impede, disrupt, prevent or otherwise adversely affect the consummation of any Transaction. 

  
 10 

  

 6.9 Adjustment of Schedule A. If any Shareholder has reason to believe that its record or
beneficial ownership of Subject Shares differs from the number of Company Shares set forth on Schedule A, such Shareholder shall promptly notify PubCo and the Company, and Schedule A shall be updated to reflect the same. Each Party
acknowledges and agrees that, at any time prior to the Closing, the Company may equitably adjust the figures in Schedule A either upward or downward to correct any manifest error or account for certain issuances and conversions of
Company equity securities in accordance with the Merger Agreement; provided that the Company provides notice of such adjustments and a copy of the adjusted schedule to each affected Shareholder in advance of the Closing. For the avoidance of
doubt, no such adjustment pursuant to this Section 6.9 shall increase the Closing Transaction Consideration, as adjusted in accordance with the terms thereof. 

6.10 Shareholder Parties. Each Shareholder signs this Agreement solely in such Shareholder’s capacity as a shareholder of the Company, and not in
any other capacity. No Shareholder shall be liable or responsible for any breach, default, or violation of any representation, warranty, covenant or agreement hereunder by any other Shareholder that is also a Party and each Shareholder shall solely
be required to perform its obligations hereunder in its individual capacity.  
 6.11
Notice. All notices and other communications hereunder shall be in writing and shall be deemed given if delivered to PubCo or the Company in accordance with Section 12.02 of the Merger Agreement and to each Shareholder at its address set
forth on its respective signature page to this Agreement (or at such other address for a party as shall be specified by like notice). 
 6.12
Miscellaneous. The provisions of Section 9.07 and Article XII of the Merger Agreement are incorporated herein by reference, mutatis mutandis, as if set forth in full herein. 

[Signature Pages Follow] 

  
 11 

 IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be duly executed as of the date first
indicated above. 
  

			
	SHAREHOLDER:	 	Address for Notices:
	(if an entity)	 	
		
	Entity Name:
                                         
                   	 	
		
	By:
                                         
                                   	 	
	Name:	 	
	Title:	 	
		
	SHAREHOLDER:	 	Address for Notices:
	(if an individual)	 	
		
	
                          
                                         
                 
 Name:
	 	

 [Signature Page to Management Exchange and Support Agreement] 

 ZAPP ELECTRIC VEHICLES GROUP LIMITED
                                Address for Notices: 

			
		
	By:	 	  

	Name:	 	
	Title:	 	

 [Signature Page to Management Exchange and Support Agreement] 

 ZAPP ELECTRIC VEHICLES LIMITED
                                         
       Address for Notices: 

			
		
	By:	 	  

	Name:	 	
	Title:	 	

 [Signature Page to Management Exchange and Support Agreement] 

 SCHEDULE A 

MANAGEMENT SHAREHOLDERS AND SECURITIES 

(see attached) 
 Schedule A to
Management Exchange and Support Agreement 

 SCHEDULE B 

COMPANY CAPITALIZATION TABLE 

(see attached) 
 Schedule B to
Management Exchange and Support Agreement 

 EXHIBIT A 

FORM OF STF 
 (see attached)

 Exhibit A to Management Exchange and Support AgreementEX-10.3

 Exhibit 10.3 

Execution Version 
 November 22,
2022 
 CIIG Capital Partners II, Inc. 
 40 West 57th Street

 29th Floor 
 New York, New York 10019 

Re: Initial Public Offering and Merger Agreement 

Gentlemen: 
 This letter (this
“Letter Agreement”) is being delivered to you in accordance with the Agreement and Plan of Merger (together with the exhibits and schedules thereto, as amended, supplemented or otherwise modified from time to time, the
“Merger Agreement”) dated as of the date hereof, by and among CIIG Capital Partners II, Inc., a Delaware corporation (“SPAC”), Zapp Electric Vehicles Limited, a private company limited by shares
registered in England and Wales with registered number 10870546, and having its registered office at 5 Technology Park, Colindeep Lane, England, London NW9 6BX (the “Company”), Zapp Electric Vehicles Group Limited, an
exempted company incorporated with limited liability under the laws of the Cayman Islands (“Pubco”) and Zapp Electric Vehicles, Inc., a Delaware corporation and direct, wholly owned subsidiary of Pubco (“Merger
Sub”), and hereby amends and restates in its entirety that certain letter agreement, dated as of September 14, 2021 from CIIG Management II LLC (the “Sponsor”), and each of the undersigned Persons (each such
other undersigned Person, an “Insider” and collectively, the “Insiders”; provided, that, the Anchor Investors shall not be considered Insiders pursuant to the terms of this Letter Agreement) to
SPAC (the “Prior Letter Agreement”). Certain capitalized terms used herein are defined in paragraph 10 hereof. Capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed to such
terms in the Merger Agreement. 
 In order to induce SPAC, the Company, Pubco and Merger Sub to enter into the Merger Agreement and for
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Sponsor and each of the Insiders, hereby severally (and not jointly and severally) agrees with SPAC, and at all times prior to any valid termination
of the Merger Agreement, the Company, Pubco and Merger Sub, as follows: 
 1. Approval of Transactions. The
Sponsor and each Insider hereby unconditionally and irrevocably agrees: (i) that at any duly called meeting of the stockholders of SPAC (or any adjournment or postponement thereof), and in any action by written consent or approval of the
stockholders of SPAC requested by the SPAC’s board of directors or to be undertaken as contemplated by or in connection with the Transactions, the Sponsor and each such Insider shall, if a meeting is held, appear at the meeting, in person or by
proxy, or otherwise cause all of its Shares to be counted as present thereat for purposes of establishing a quorum, and it shall vote or consent (or cause to be voted or consented), in person, in writing or by proxy, all of its Shares (a) in
favor of the adoption of the Merger Agreement and approval of the Transactions and all other SPAC Stockholder Matters (and any actions required in furtherance thereof), (b) against any action, proposal, transaction or agreement that would result in
a breach of any representation, warranty, covenant, obligation or agreement of SPAC contained in the Merger Agreement, (c) in favor of any other proposals set forth in SPAC’s proxy statement to be filed by the SPAC with the U.S. Securities
and Exchange Commission (the “Commission”) relating to the Transactions (including any proxy supplements thereto, the “Proxy Statement”), (d) for any proposal to adjourn or postpone the applicable
stockholder meeting to a later date if (and only if) there are not 

 
sufficient votes for approval of the Merger Agreement and any other proposals related thereto, as set forth in the Proxy Statement, on the dates on which such meetings are held and
(e) against the following actions or proposals: (1) any Business Combination Proposal or any other proposal in opposition to approval of the Merger Agreement or in competition with the Merger Agreement; and (2) (A) any change in the
present capitalization of SPAC or any amendment of SPAC’s Charter (as defined below), except to the extent expressly contemplated by the Merger Agreement, (B) any liquidation, dissolution or other change in SPAC’s corporate structure
or business, (C) any action, proposal, transaction or agreement that would result in a breach in any material respect of any covenant, representation or warranty or other obligation or agreement of the Sponsor or such Insider under this Letter
Agreement, and (D) any other action or proposal involving SPAC that is intended or would reasonably be expected to prevent, delay or impede the timely consummation of the Transactions and (ii) not to redeem, elect to redeem or tender or
submit for redemption, or knowingly cause any other Person to do any such thing on its behalf, any Shares or other equity securities of SPAC owned by it in connection with such stockholder approval or proposed Business Combination, or in connection
with any vote to amend SPAC’s Charter or otherwise in connection with the Transactions. Prior to any valid termination of the Merger Agreement, the Sponsor and each Insider shall be bound by and comply with Sections 9.06 (Exclusivity) and
9.08(b) (Confidentiality; Publicity) of the Merger Agreement (and any relevant definitions contained in any such Sections), which Sections apply mutatis mutandis, as if such Person were a signatory to the Merger Agreement with respect to such
provisions. The Sponsor additionally agrees to fund ordinary course working capital expenses of SPAC in the period prior to the Closing (or the earlier valid termination of the Merger Agreement.) The obligations of the Sponsor and the Insiders
specified in this paragraph 1 shall apply whether or not the Transactions or any action described above is recommended by SPAC’s board of directors or any such recommendation changes while this Letter Agreement remains in force. 

2. Inability to Timely Complete Business Combination. 

(a) Agreement to Extend. The Sponsor and the Company shall discuss in good faith a mutually beneficial alternative arrangement to
incentivize the Public Shareholders to extend the SPAC’s period of time to consummate a Business Combination. If, as of ten (10) Business Days prior the date that is 18 months from the closing of the Public Offering (as defined below), the
Closing has not yet occurred, the Merger Agreement has not been duly terminated and the Sponsor and the Company shall not have otherwise mutually agreed in writing pursuant to the preceding sentence, to a mutually beneficial alternative arrangement,
then the Sponsor shall duly request SPAC to, and SPAC shall (i) duly extend the SPAC’s period of time to consummate a Business Combination until the date falling 24 months from the closing of the Public Offering and (ii) comply with
all requirements of the Charter (as defined below) and the trust agreement with respect to the Trust Account in connection therewith, including without limitation the requirement to deliver an extension letter and to deposit into the Trust Account
$2,875,000 on or prior to the date of the deadline for such extension. 
 (b) Winding Up. The Sponsor and each Insider hereby agrees
that in the event that the Company fails to consummate a Business Combination by the date that is 18 months from the closing of the Public Offering, or by such later date as may be extended in accordance with SPAC’s amended and restated
certificate of incorporation, as it may be amended from time to time (the “Charter”), the Sponsor and each Insider shall take all reasonable steps to cause SPAC 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, subject to lawfully available funds therefor, redeem 100% of the Class A Common Stock sold as part of the Units in SPAC’s initial
public offering (the “Public Offering”) (the “Offering Shares”), at a per-share price, payable in cash, equal to the aggregate amount then on
deposit in the Trust Account (as defined below), including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its taxes (less up to $100,000 of 

  
 2 

 
interest to pay dissolution expenses), divided by the number of then outstanding Offering Shares, which redemption will completely extinguish all Public Stockholders’ rights as stockholders
(including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of SPAC’s remaining stockholders and
SPAC’s board of directors, dissolve and liquidate, subject in the case of clauses (ii) and (iii) to SPAC’s obligations under Delaware law to provide for claims of creditors and other requirements of applicable law. The Sponsor and
each Insider agrees not to propose any amendment to the Charter that would modify the substance or timing of SPAC’s obligation to redeem 100% of the Offering Shares if SPAC does not complete a Business Combination within such time set forth in
the Charter or, with respect to any other material provisions relating to stockholders’ rights or pre-initial Business Combination activity, unless SPAC provides its Public Stockholders with the
opportunity to redeem their shares of Class A Common Stock 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 SPAC to pay its taxes, divided by the number of then outstanding Offering Shares. 

(c) Waiver and Acknowledgement. The Sponsor and each Insider agrees and acknowledges that, with respect to the Founder Shares held by
it, it has no right, title, interest or claim of any kind in or to any monies held in the Trust Account or any other asset of SPAC as a result of any liquidation of SPAC. The Sponsor and each Insider hereby further waives, with respect to any shares
of Class A Common Stock or other equity securities of SPAC held by it, any redemption rights, if any, it may have in connection with the consummation of a Business Combination or amendments to the Charter prior thereto, including, without
limitation, any such rights available in the context of a stockholder vote to approve such Business Combination or a stockholder vote to approve an amendment to the Charter to modify (i) (A) the substance or timing of SPAC’s obligation to
redeem 100% of the Offering Shares if SPAC has not consummated a Business Combination within 18 months from the closing of the Public Offering or such later date as may be extended in accordance with the Charter by a deposit of proceeds of
additional loans by the Sponsor into the Trust Account or (B) any other provisions relating to stockholders’ rights or pre-initial Business Combination activity or (ii) in the context of a
tender offer made by the Company to purchase shares of Class A Common Stock (although the Sponsor, the Insiders and their respective Affiliates shall be entitled to redemption and liquidation rights with respect to any Offering Shares it or
they hold if SPAC fails to consummate a Business Combination within the time period set forth in the Charter). The parties, representing in the aggregate a majority of the issued and outstanding Founder Shares, hereby further irrevocably and
unconditionally waive any anti-dilution rights pursuant to the SPAC Organizational Documents, including Section 4.3(b)(ii) of the SPAC certificate of incorporation, and this waiver shall be deemed to be the written consent contemplated by
Section 4.3(b)(iii) of the SPAC certificate of incorporation and Sponsor shall provide notice of this action taken by written consent to SPAC and to any holders of Founder Shares who have not consented to this waiver in writing and who, if the
action had been taken at a meeting, would have been entitled to notice of the meeting if the record date for notice of such meeting had been the date that written consents signed by a sufficient number of holders of Founder Shares to take the action
were delivered to SPAC in accordance with Section 4.3(b)(iii) of the SPAC certificate of incorporation; provided, that, the last sentence of this paragraph 2(c) shall be of no further force or effect following any valid termination of the
Merger Agreement pursuant to the terms thereof. 

  
 3 

 (d) Sponsor Indemnification of SPAC. In the event of the liquidation of the Trust
Account, the Sponsor (which for purposes of clarification shall not extend to any other shareholders, members or managers of the Sponsor or any other Insider) agrees to indemnify and hold harmless SPAC 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, or any claim whatsoever) to which
SPAC may become subject as a result of any claim by (a) any third party (other than SPAC’s independent accountants) for services rendered or products sold to SPAC or (b) a prospective target business with which SPAC has entered into a
letter of intent, confidentiality or other similar agreement for a Business Combination agreement (a “Target”); provided, however, that such indemnification of SPAC by the Sponsor shall apply only to the extent necessary to
ensure that such claims by a third party for services rendered (other than the SPAC’s independent public accountants) or a Target do not reduce the amount of funds in the Trust Account to below (x) $10.15 per Offering Share or (y) such
lesser amount per Offering Share held in the Trust Account as of the date of the liquidation of the Trust Account, due to reductions in the value of the trust assets, in each case, net of the amount of interest earned on the property in the Trust
Account which may be withdrawn to pay taxes, except as to any claims by a third party (including a Target) who executed a waiver of any and all rights to seek access to the Trust Account (whether or not such waiver is enforceable) and except as to
any claims under the SPAC’s indemnity of UBS Securities LLC and Barclays Capital Inc., as representatives of the several underwriters (each, an “Underwriter” and collectively, the “Underwriters”)
named in the underwriting agreement between SPAC and the Underwriters dated as of September 14, 2021, against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities
Act”). In the event that any such executed waiver is deemed to be unenforceable against such third party, the Sponsor shall not be responsible to the extent of any liability for such third party claims. The Sponsor shall have the right
to defend against any such claim with counsel of its choice reasonably satisfactory to SPAC if, within 15 days following written receipt of notice of the claim to the Sponsor, the Sponsor notifies SPAC in writing that it shall undertake such
defense. For the avoidance of doubt, none of SPAC’s officers or directors will indemnify SPAC for claims by third parties, including without limitation claims by third party vendors and Targets. 

3. Remedies. The Sponsor and each Insider hereby agrees and acknowledges that: (a) the Underwriters, SPAC,
and, prior to any valid termination of the Merger Agreement, the Company, Pubco and Merger Sub, would be irreparably injured in the event of a breach by such Sponsor or an Insider of its obligations under this Letter Agreement (with respect to the
Underwriters, only such provisions as were contained in the Prior Letter Agreement), (b) monetary damages may not be an adequate remedy for such breach and (c) 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. Each of the parties hereby further waives (a) any defense in any action for specific performance that a remedy at law
would be adequate and (b) any requirement under any Law to post security or a bond as a prerequisite to obtaining equitable relief. 

4. Transfers Restrictions. 

(a) During the period commencing on the date hereof and ending on the earlier of (x) the valid termination of the Merger Agreement
pursuant to the terms thereof or (y) the Closing, the Sponsor and each Insider shall not, without the prior written consent of SPAC, Transfer or (without limitation) grant any proxy over or enter into any voting agreement with respect to any
Units, Shares, warrants to purchase shares of Class A Common Stock (“Warrants”) or any securities convertible into, or exercisable, or exchangeable for, shares of Class A Common Stock owned by it or commit, agree to
or announce any intention to do any of the foregoing. In the event that (i) any shares of Class A Common Stock, Warrants or other equity securities of SPAC are issued to the Sponsor or any Insider after the date hereof pursuant to any
stock dividend, stock split, recapitalization, reclassification, 

  
 4 

 
combination or exchange of Shares or Warrants, on or affecting the Shares or Warrants owned by the Sponsor or any Insider or otherwise, (ii) the Sponsor or any Insider purchases or otherwise
acquires beneficial ownership of any Shares, Warrants or other equity securities of SPAC after the date hereof or (iii) the Sponsor or any Insider acquires the right to vote, direct the voting of or share in the voting of any Shares, Warrants
or other equity securities of SPAC after the date hereof (such Shares, Warrants or other equity securities of SPAC described in clauses (i), (ii) and (iii), the “New Shares”), then such New Shares acquired or purchased by the
Sponsor or any Insider shall be subject to the terms of this paragraph 4(a) and paragraph 1 hereof to the same extent as if they constituted the Shares or Warrants owned by the Sponsor or any Insider as of the date hereof. 

(b) In the event that the Closing does not occur for any reason (including, without limitation, as a result of the valid termination of the
Merger Agreement pursuant to the terms thereof), the Sponsor and each Insider agrees that it shall not Transfer any Founder Shares (or shares of Class A Common Stock issuable upon conversion thereof) until the earlier of (A) one year after
the completion of SPAC’s initial Business Combination or (B) subsequent to the completion of SPAC’s initial Business Combination, (x) if the last sale price of the Class A Common Stock equals or exceeds $12.00 per share (as
adjusted for stock splits, stock dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing at least 150 days after the consummation of the
Company’s initial Business Combination, or (y) the date on which the Company completes a liquidation, merger, capital stock exchange, reorganization or other similar transaction that results in all of SPAC’s stockholders having the
right to exchange their shares of Class A Common Stock for cash, securities or other property (the “Standalone Founder Shares Lock-up Period”). 

(c) In the event that the Closing does occur, the Sponsor, the Anchor Investors and each Insider (each a “holder” for
purposes of this paragraph 4) agrees that it shall not Transfer, or knowingly cause any other Person to Transfer, on its behalf, the Pubco Shares listed on Schedule 1 that it owns or otherwise has a beneficial interest in or controls as at
the time immediately following the Closing and ending: 
 (i) with respect to the Pubco Shares listed on Schedule 1 under the
heading “First Release”, upon Pubco issuing its first quarterly earnings release that occurs at least 60 days after the Closing; 

(ii) with respect to the Pubco Shares listed on Schedule 1 under the heading “Second Release”, upon Pubco issuing its second
such quarterly earnings release after the Closing; and 
 (iii) with respect to the Pubco Shares listed on Schedule 1 under the
heading “Third Release”, upon Pubco issuing its third such quarterly earnings release after the Closing; 
 (in each case as equitably adjusted
for share splits, share dividends, reorganizations and recapitalizations) or, if earlier, the date on which Pubco completes any amalgamation, merger, scheme of arrangement, business combination, consolidation, combination, sale of substantial
assets, reorganization, recapitalization, dissolution, liquidation or winding up or other similar transaction that results in all of Pubco’s shareholders having the right to exchange their Pubco Shares for cash, securities or other property
following the Closing (such periods, the “Merger Agreement Lock-Up Periods” and, together with the Standalone Founder Shares Lock-Up Period, the
“Lock-Up Periods”). 
 (d) The provisions of paragraph 4(c) shall not
apply to: 
 (i) Transfers to a partnership, limited liability company or other entity of which such holder is the legal and beneficial
owner of all of the outstanding equity securities; 

  
 5 

 (ii) if such holder is a natural person, Transfers (A) by bona fide gift to any member
of such holders Immediate Family, (B) to a family trust, established for the exclusive benefit of such holders or any of their Immediate Family for estate planning purposes, (C) by virtue of laws of descent and distribution upon death of
such holder or (D) pursuant to a court order or settlement agreement related to the distribution of assets in connection with the dissolution of marriage or civil union; 

(iii) Transfers of Pubco Shares acquired in open market transactions after the Closing; 

(iv) the entry, at any time after the Closing, into any trading plan meeting the requirements of Rule
10b5-1(c) under the Exchange Act, provided that such plan does not provide for, or permit, the sale of Pubco Shares during the Merger Agreement Lock-Up Periods and no
public announcement or filing is voluntarily made or required regarding such plan during the Merger Agreement Lock-Up Periods; 

(v) Transfers in the event of completion of a bona fide amalgamation, merger, scheme of arrangement, business combination, consolidation,
combination sale of substantial assets, reorganization, recapitalization, dissolution, liquidation or winding up or other similar transaction which results in all of holders having the right to exchange their Pubco Shares for cash, securities or
other property; 
 (vi) in the case of an entity, a Transfer (i) to another entity that is an Affiliate of such holder, or to any
investment fund or other entity controlling, controlled by, managing or managed by or under common control with such holder or affiliates of such holder or who shares a common investment advisor with such holder or (ii) as part of a
distribution to members, partners or shareholders of such holder; and 
 (vii) in the case of an entity, Transfers by virtue of the Laws of
the jurisdiction of the entity’s organization and the entity’s organizational documents upon dissolution of the entity; 
 provided,
however, that in the case of clauses (i), (ii), (vi) and (vii), prior to such Transfer, these permitted transferees shall have entered into a written agreement, in substantially the same form of this paragraph 4, agreeing to be bound
by the Merger Agreement Lock-Up Periods. 
 (e) Notwithstanding anything to the contrary in this
Section 4, upon the valid termination of the Merger Agreement, the following Transfers of the Founder Shares and Private Placement Warrants and shares of Common Stock issued or issuable upon the exercise or conversion of
the Founder Shares that are held by the Sponsor, any Insider or any of their permitted transferees (that have complied with this paragraph 4(d)), are permitted (i) to SPAC’s officers or directors, any affiliates or family members of
any of SPAC’s officers or directors, any affiliates of the Sponsor or the Anchor Investors, any members of the Sponsor or the Anchor Investors, or any of their affiliates, officers, directors, direct and indirect equityholders; (ii) in the
case of an individual, transfers by gift to a member of the individual’s Immediate Family, to a trust, the beneficiary of which is a member of the individual’s Immediate Family or an affiliate of such person, or to a charitable
organization; (iii) in the case of an individual, transfers by virtue of laws of descent and distribution upon death of the individual; (iv) in the case of an individual, transfers pursuant to a qualified domestic relations order;
(v) transfers 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 securities were originally purchased; (vi) transfers in the event of
SPAC’s liquidation prior to the completion of an initial Business Combination; 

  
 6 

 
(vii) transfers by virtue of the laws of the State of Delaware or the Sponsor’s limited liability company agreement upon dissolution of the Sponsor, (viii) in the case of the Anchor
Investors, transfers to the Anchor Investors’ affiliates, or any investment fund or other entity controlled or managed by the Anchor Investors, or to any investment manager or investment advisor of the Anchor Investors or an affiliate of any
such investment manager or investment advisor or (ix) to a nominee or custodian of a person or entity to whom a disposition or transfer would be permissible under clauses (i) through (viii) above; provided, however, that in the case of
clauses (i) through (v) and (viii), these permitted transferees must enter into a written agreement agreeing to be bound by the restrictions herein. 

(f) The shares of Class A Common Stock issuable upon exercise of the Private Placement Warrants will not be transferable, assignable or
salable until the date the Private Placement Warrants are exercisable, so long as a registration statement covering such shares of Class A Common Stock is effective or an exemption from registration exists. 

(g) Vesting Provisions. The Sponsor agrees that, as of the Closing, all of the Pubco Shares listed on Schedule 2 under the
heading “Vesting Shares” shall be unvested and shall be subject to the vesting, forfeiture and dividend waiver provisions set forth in this paragraph 4(g). The Sponsor agrees that it shall not (and will cause its Affiliates not to)
Transfer any unvested Pubco Shares prior to the later of (x) the expiration of the Merger Agreement Lock-up Period and (y) the date such Pubco Shares become vested pursuant to this paragraph
4(g). For the avoidance of doubt, it is acknowledged and agreed that any Pubco Shares that are not listed on Schedule 2 as being “Vesting Shares” shall not be subject to the provisions of this paragraph 4(g). If and to
the extent requested by any Company Party prior to the Closing, the Sponsor, Insiders and Pubco shall discuss and work together in good faith and exercise their respective commercially reasonable efforts to implement an escrow arrangement or other
reasonable arrangement to give effect to this paragraph 4(g) and implement and safeguard the rights and interests of Pubco in such Vested Shares. 

(i) Vesting of Shares. 

(1) 100% of the Pubco Shares owned by Sponsor as of the Closing and listed on Schedule 2 under the heading “Vesting Shares” shall
vest at such time as the closing price of Pubco Shares equals or exceeds, for any 20 trading days during a 30 consecutive trading day period, $14.00 per share, equitably adjusted for share splits, share dividends, reorganizations and
recapitalizations. 
 (2) Pubco Shares listed on Schedule 2 under the heading “Vesting Shares” that do not vest in
accordance with this paragraph 4(g)(i) on or before the date that is five years after the Closing Date will be forfeited immediately following the five-year anniversary of the Closing Date. In connection with such forfeiture, Sponsor shall
promptly, at Pubco’s election, irrevocably surrender or transfer all applicable Vesting Shares for nil consideration to Pubco (or to a trust or other third party designated by Pubco) for the purposes of Pubco equity compensation arrangements.

 (ii) Acceleration of Vesting upon a Sale. To the extent that, prior to the fifth anniversary of the Closing, there is a bona fide
third party transaction that results in the Pubco Shares being converted into the right to receive cash or other consideration having a per share value (as adjusted for share splits, share dividends, reorganizations and recapitalizations, and in the
case of any non-cash consideration, as provided in the definitive transactions documents for such transaction, or if not so provided, determined by the board of directors of Pubco in good faith) equal to or in
excess of $14.00, then the Pubco Shares shall vest as of immediately prior to the consummation of such transaction, or otherwise treated as so vested in connection therewith, so as to ensure that the recipients of such of the Pubco Shares listed on
Schedule 2 under the heading “Vesting Shares” shall receive all proceeds thereof, in connection with such transaction. 

  
 7 

 (iii) Voting. Holders of Pubco Shares subject to the restrictions of paragraph
4(g)(i) shall be entitled to vote such Pubco Shares and receive dividends and other distributions with respect to such Pubco Shares prior to vesting; provided that dividends and other distributions with respect to Pubco Shares that are subject
to vesting pursuant to paragraph 4(g)(i) shall be set aside by Pubco and shall only be paid to such holders upon the vesting of such Pubco Shares and the holders of such Pubco Shares hereby irrevocably waive their right and entitlement to
receive dividends and other distributions with respect to such Pubco Shares except in accordance with this paragraph 4(g)(iii); for the avoidance of doubt, (i) such dividends and other distributions shall be paid only on the portion of the
unvested Pubco Shares that vest and (ii) if any dividends or other distributions with respect to Pubco Shares that are subject to vesting pursuant to paragraph 4(g)(i) are set aside and such Pubco Shares are subsequently forfeited and
surrendered, such set aside dividends or distributions shall become the property of Pubco and the holder of such Pubco Shares will be deemed to have irrevocably waived all rights and entitlement to dividends and other distributions declared and paid
on such Pubco Shares from the date of issue of such Pubco Shares until the date of their forfeiture and surrender; provided, further, that (x) the amount of any dividends and other distributions with respect to the unvested Pubco Shares
and set aside by Pubco pursuant to this paragraph 4(g)(iii) shall not be reported as taxable income (on IRS Form 1099 or otherwise) to the holders of Pubco Shares unless and until such dividends are paid in cash or in kind (which, for the
avoidance of doubt, for purposes of this Letter Agreement, shall not include any transaction subject to paragraph 7(j) hereof), as the case may be and (ii) the parties to this Letter Agreement shall not take any position inconsistent
with such reporting except to the extent otherwise required by a “determination” as defined in Section 1313 of the Code. References in this paragraph 4(g)(iii) to the Code shall include references to any similar or analogous
provisions of state or local law. 
 (h) Each holder acknowledges and agrees that each certificate evidencing any securities subject to
restrictions on Transfer pursuant to this paragraph 4 shall, during the applicable period of such restrictions, be stamped or otherwise imprinted with a legend in substantially the following form, in addition to any other applicable legends:

 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER SET FORTH IN A LETTER AGREEMENT, DATED AS OF
NOVEMBER 22, 2022, BY AND AMONG CIIG CAPITAL PARTNERS II, INC., CIIG MANAGEMENT II LLC AND THE OTHER PARTIES THERETO. A COPY OF SUCH AGREEMENT WILL BE FURNISHED WITHOUT CHARGE BY ISSUER TO THE HOLDER HEREOF UPON WRITTEN REQUEST.” 

(i) Any action attempted to be taken in violation of this paragraph 4 shall be null and void. 

5. Representations, Warranties and Confirmations. 

(a) The Sponsor and each Insider represents and warrants that it 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. Each Insider represents that such Insider’s biographical information furnished to SPAC (including any such information
included in the Prospectus) is true and accurate in all respects and does not omit any material information with respect to the Insider’s background. The Sponsor and each Insider’s questionnaire furnished to SPAC is true and accurate in
all respects. The Sponsor and each Insider represents and warrants that: it 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; it has never been convicted of, or pleaded guilty to, any crime (a) involving fraud, (b) relating to
any financial transaction or handling of funds of another person, or (c) pertaining to any dealings in any securities and it, he or she is not currently a defendant in any such criminal proceeding. 

  
 8 

 (b) Except as disclosed on Schedule 6.08 (Brokers’ Fees) of the Merger Agreement,
neither the Sponsor nor any Insider nor any Affiliate of the Sponsor or any Insider, nor any director or officer of SPAC, shall receive from SPAC any finder’s fee, reimbursement, consulting fee, monies in respect of any repayment of a loan or
other compensation prior to, or in connection with any services rendered in order to effectuate the consummation of SPAC’s initial Business Combination (regardless of the type of transaction that it is), other than the following, none of which
will be made from the proceeds held in the Trust Account prior to the completion of the initial Business Combination: repayment of a loan and advances up to an aggregate of $300,000 made to SPAC by the Sponsor; payment to the Sponsor for office
space, utilities and secretarial and administrative support for a total of $10,000 per month; reimbursement for any out-of-pocket expenses related to identifying,
investigating and consummating an initial Business Combination; repayment of loans made by the Sponsor (or its designees) to extend SPAC’s existence from 18 months to 24 months, if any, as described in the Charter, provided, that, if SPAC does
not consummate an initial Business Combination, a portion of the working capital held outside the Trust Account may be used by SPAC to repay such loaned amounts so long as no proceeds from the Trust Account are used for such repayment and further
provided that such loans may be convertible into warrants at a price of $1.00 per warrant at the option of the lender, which warrants would be identical to the Private Placement Warrants, including as to exercise price, exercisability and exercise
period; and repayment of loans, if any, and on such terms as to be determined by SPAC from time to time, made by the Sponsor or any of the SPAC’s officers or directors to finance transaction costs in connection with an intended initial Business
Combination, provided, that, if SPAC does not consummate an initial Business Combination, a portion of the working capital held outside the Trust Account may be used by SPAC to repay such loaned amounts so long as no proceeds from the Trust Account
are used for such repayment. Up to $1,500,000 of such loans may be convertible into warrants at a price of $1.00 per warrant at the option of the lender. Such warrants would be identical to the Private Placement Warrants, including as to exercise
price, exercisability and exercise period. 
 (c) The Sponsor and each Insider has full legal capacity, right power and organizational
authority, without violating any agreement to which it is bound (including, without limitation, any non-competition or non-solicitation agreement) or any documents
pursuant to which it is organized, to enter into and perform its obligations under this Letter Agreement. 
 6. Certain
Definitions. As used herein, the following terms shall have the respective meanings set forth below: 

“Affiliate” shall mean, with respect to any specified Person, any Person that, directly or indirectly, controls, is
controlled by, or is under common control with, such specified Person, through one or more intermediaries or otherwise. 

“Anchor Investors” shall mean each of BlackRock Credit Alpha Master Fund L.P. and HC NCBR Fund; 

“Business Combination” shall mean a merger, capital stock exchange, asset acquisition, stock purchase, reorganization
or similar business combination, involving SPAC and one or more businesses; 
 “Class A Common
Stock” shall mean the Class A common stock of SPAC, par value $0.0001 per share; 
 “Founder
Shares” shall mean the 7,187,500 shares of SPAC’s Class B common stock, par value $0.0001 per share, held by the Sponsor; 

  
 9 

 “Governmental Authority” shall mean any federal, state, provincial,
municipal, local or foreign government, governmental authority, regulatory or administrative agency, governmental commission, department, board, bureau, agency or instrumentality, court or tribunal; 

“Governmental Order” shall mean any order, judgment, injunction, decree, writ, stipulation, determination or award, in
each case, entered by or with any Governmental Authority; 
 “Immediate Family” shall mean, as to a natural person,
such individual’s spouse, former spouse, domestic partner, child (including by adoption), father, mother, brother or sister, and lineal descendant (including by adoption) of any of the foregoing persons; 

“Law” shall mean any statute, law, ordinance, rule, treaty, code, directive, regulation or Governmental Order, in each
case, of any Governmental Authority; 
 “Lien” shall mean any mortgage, deed of trust, pledge, hypothecation,
encumbrance, easement, license, option, right of first refusal, security interest or other lien of any kind; 
 “Private
Placement Warrants” shall mean the warrants to purchase up to an aggregate 12,062,500 shares of Class A Common Stock held by the Sponsor and the Anchor Investors; 

“Person” shall mean any individual, firm, corporation, partnership, limited liability company, incorporated or
unincorporated association, joint venture, joint stock company, governmental agency or instrumentality or other entity of any kind; 

“Pubco Shares” shall mean the ordinary shares, with $0.0001 par value per share, of Pubco. 

“Public Stockholders” shall mean the holders of securities issued in the Public Offering; 

“Shares” shall mean, collectively, the Class A Common Stock and the Founder Shares; 

“Transfer” shall mean the (a) sale or assignment of, offer to sell, contract or agreement to sell, hypothecate,
pledge, grant of any option to purchase or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or liquidation with respect to or decrease of a call equivalent position
within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended (“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); 
 “Trust
Account” shall mean the trust fund into which a portion of the net proceeds of the Public Offering and the sale of the Private Placement Warrants (and, if applicable, any extension loans, as described in the Charter) shall be deposited;
and 
 “Units” shall have the meaning given in the Prior Letter Agreement. 

  
 10 

 7. Other Agreements. 

(a) This Letter Agreement and the other agreements referred to herein constitute the entire agreement and understanding of the parties hereto
in respect of the subject matter hereof and supersede 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, including, without limitation, the Prior Letter Agreement. 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 all parties hereto, the Company, Pubco and Merger Sub, it being acknowledged and agreed that the Company’s, Pubco’s and Merger Sub’s execution of an instrument will not be required after any valid termination of
the Merger Agreement prior to the Closing thereunder. 
 (b) Except as otherwise provided herein, 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, the Company, Pubco and Merger Sub (except that, following any valid termination of the Merger Agreement, no consent
from the Company, Pubco and Merger shall be required). 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 SPAC, the Sponsor and each Insider and their respective successors, heirs and assigns and permitted transferees. 

(c) Nothing in this Letter Agreement shall be construed to confer upon, or give to, any Person other than the parties hereto, the Company,
Pubco and Merger Sub 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, prior to any valid termination of the Merger Agreement, the Company, Pubco and Merger Sub) and their successors, heirs, personal representatives and assigns and
permitted transferees. Notwithstanding anything herein to the contrary, each of the SPAC, the Sponsor and each Insider acknowledges and agrees that, until the valid termination of the Merger Agreement, the Company, Pubco and Merger Sub is each an
express third party beneficiary of this Letter Agreement and may directly enforce (including by an action for specific performance, injunctive relief or other equitable relief) each of the provisions set forth in this Letter Agreement as though
directly party hereto. The Sponsor and each Insider understands and acknowledges that the Company, Pubco and Merger Sub are entering into the Merger Agreement in reliance upon such Sponsor’s and Insiders’ execution, delivery and
performance of this Letter Agreement. 
 (d) This Letter Agreement may be executed in any number of original or facsimile 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. 

(e) 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. 

(f) This Letter Agreement and all claims or causes of action based upon, arising out of, or related to this Letter Agreement or the
transactions contemplated hereby, shall be governed by, and construed in accordance with, the Laws of the State of Delaware, without giving effect to principles or rules of conflict of laws to the extent such principles or rules would require or
permit the application of Laws of another jurisdiction. Any Action based upon, arising out of or related to this Agreement or the transactions contemplated hereby may be brought in federal and state courts located

  
 11 

 
in the State of Delaware, and each of the parties hereto irrevocably submits to the exclusive jurisdiction of each such court in any such Action, waives any objection it may now or hereafter have
to personal jurisdiction, venue or to convenience of forum, agrees that all claims in respect of the Action shall be heard and determined only in any such court, and agrees not to bring any Action arising out of or relating to this Agreement or the
transactions contemplated hereby in any other court. Nothing herein contained shall be deemed to affect the right of any party hereto to serve process in any manner permitted by Law or to commence legal proceedings or otherwise proceed against any
other party hereto in any other jurisdiction, in each case, to enforce judgments obtained in any Action brought pursuant to this paragraph 7(f). EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY
ACTION BASED UPON, ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 (g) 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 email transmission to the receiving party’s address or email address set forth above or on the receiving party’s signature page hereto; provided, that any such notice, consent or request to be given to the SPAC, the Company,
Pubco or Merger Sub at any time prior to the valid termination of the Merger Agreement shall be given in accordance with the terms of Section 12.02 (Notices) of the Merger Agreement. 

(h) This Letter Agreement shall terminate and be void and of no further force or effect on the earlier of (i) the latest of (x) the
expiration of the applicable Lock-up Period and (y) the vesting in full and delivery of all, or forfeiture and cancellation of all, Vesting Shares, or (ii) the liquidation of SPAC; provided, however,
that paragraph 3 hereof shall survive such liquidation for a period of six years; provided, further, that no such termination shall relieve the Sponsor, any Insider or SPAC from any liability resulting from a breach of this
Letter Agreement occurring prior to such termination. 
 (i) Each party hereto that is also a party to that certain Registration Rights
Agreement, dated as of September 14, 2021, by and among SPAC, the Sponsor and the other parties signatory thereto (the “Existing Registration Rights Agreement”) hereby agrees to terminate the Existing Registration Rights
Agreement effective as of the Closing. On or about the date hereof, the Sponsor and each Insider contemplated to become a party to the Registration Rights Agreement shall deliver to SPAC such agreement, duly executed by such Person, in the form
attached to the Merger Agreement. 
 (j) If, and as often as, there are any changes in SPAC (or any successor or surviving entity), the
shares of Class A Common Stock, the Founder Shares or the Private Placement Warrants by way of stock split, stock dividend, combination or reclassification, or through merger, consolidation, reorganization, recapitalization or business
combination, or by any other means, equitable adjustment shall be made to the provisions of this Letter Agreement as may be required so that the rights, privileges, duties and obligations hereunder shall continue with respect to SPAC, SPAC’s
successor or the surviving entity of such transaction, the shares of Class A Common Stock, the Founder Shares or the Private Placement Warrants, each as so changed. For the avoidance of doubt, such equitable adjustment shall be made to the
criteria set forth in paragraph 4(g). 

  
 12 

 (k) Each of the parties hereto agrees to promptly execute and deliver hereafter any further
document, agreement or instrument of assignment, transfer or conveyance as may be necessary or desirable to effectuate the purposes hereof and as may be reasonably requested in writing by another party hereto, the Company, Pubco or Merger Sub. 

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

(m) Each agreement in effect between SPAC (on the one hand) and Sponsor, its Affiliates or any Insider (on the other hand) in effect as of
immediately prior to the Closing under the Merger Agreement, (other than this Letter Agreement, any other Transaction Agreement, and any reasonable and customary agreement with respect to the indemnification SPAC’s directors and officers) shall
be terminated as of such Closing and shall be of no further force or effect, without any further action by any party. With effect from such Closing, each party, on behalf of itself and its Affiliates, hereby releases in full any and all claims with
respect thereto with effect on and from such Closing. Each party hereto hereby grants to each other party, Pubco and the Company the release and waiver provided in Section 12.16(b) of the Merger Agreement, mutatis mutandis, as if set
forth in this Letter Agreement. 
 (n) Each party hereto shall, from time to time, execute and deliver, or cause to be executed and
delivered, such additional or further consents, documents and other instruments as the other parties, Pubco or the Company may reasonably request for the purpose of effectively carrying out the transactions contemplated by this Letter Agreement, the
Merger Agreement and the other Transaction Agreements. 
 [Signature Page Follows] 

  
 13 

 
			
	CIIG MANAGEMENT II LLC
		
	By:	 	 /s/ Gavin Cuneo

	Name:	 	Gavin Cuneo
	Title:	 	Managing Member
	
	BLACKROCK CREDIT ALPHA MASTER FUND L.P.
		
	By:	 	BlackRock Financial Management, Inc., in its capacity as investment advisor
		
	By:	 	 /s/ Christopher Biasotti

	Name:	 	Christopher Biasotti
	Title:	 	Authorized Signatory
	
	HC NCBR FUND
		
	By:	 	BlackRock Financial Management, Inc., in its capacity as investment advisor
		
	By:	 	 /s/ Christopher Biasotti

	Name:	 	Christopher Biasotti
	Title:	 	Authorized Signatory
	
	 /s/ F. Peter Cuneo

	F. Peter Cuneo
	
	 /s/ Gavin Cuneo

	Gavin Cuneo
	
	 /s/ Michael Minnick

	Michael Minnick
	
	 /s/ David Flowers

	David Flowers
	
	 /s/ Kenneth West

	Kenneth West
	
	 /s/ Patricia Wilber

	Patricia Wilber
	
	 /s/ Chris Rogers

	Chris Rogers

 and Agreed: 
 CIIG
CAPITAL PARTNERS II, INC. 
  

			
	By:	 	 /s/ Gavin Cuneo

	Name:	 	Gavin Cuneo
	Title:	 	Co-Chief Executive Officer

 [Signature Page to Letter Agreement] 

 SCHEDULE 1 

MERGER AGREEMENT LOCK-UP PERIODS 

 

																	
	 	  	LOCK-UP	 
	Party	  	Lock-Up
Shares	 	  	First
Release	 	  	Second
Release	 	  	Third
Release	 
	 1. CIIG Management II LLC
	  	 	5,175,000	 	  	 	1,725,000	 	  	 	1,725,000	 	  	 	1,725,000	 
	 2. BlackRock Credit Alpha Master Fund L.P.
	  	 	414,000	 	  	 	138,000	 	  	 	138,000	 	  	 	138,000	 
	 3. HC NCBR Fund
	  	 	161,001	 	  	 	53,667	 	  	 	53,667	 	  	 	53,667	 
	 TOTAL:1
	  	 	5,750,001	 	  	 	1,916,667	 	  	 	1,916,667	 	  	 	1,916,667	 

  
  

	1 	 Note: All numbers set forth in this Schedule 1 are subject to pro rata reduction in the event of redemptions by
certain institutional investors of their Class A Common Stock as further described in Sponsor’s organizational documents and certain other agreements entered into by Sponsor and the Anchor Investors. 

 SCHEDULE 2 

VESTING SHARES 
  

					
	 PARTY
	  	VESTING SHARES	 
	 CIIG Management II LLC
	  	 	754,607

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