Document:

EX-10.5

 Exhibit 10.5 

RMG ACQUISITION CORP. V 
 50
West Street, Suite 40C 
 New York, New York 10006 
  

			
	RMG Sponsor V, LLC	  	February 17, 2021
	 50 West Street, Suite 40C
 New York, New York
10006
	  	

 RE: Securities Subscription Agreement 

Ladies and Gentlemen: 
 RMG Acquisition Corp. V,
a Cayman Islands exempted company (the “Company”), is pleased to accept the offer RMG Sponsor V, LLC, a Delaware limited liability company (the “Subscriber” or “you”), has made to subscribe for
12,218,750 of the Company’s Class B ordinary shares (the “Shares”), US$0.0001 par value per share (the “Class B Shares”), up to 1,593,750 of which are subject to forfeiture by you if the
underwriters of the Company’s initial public offering of its securities (“IPO”), if any, do not fully exercise their over-allotment option (the “Over-allotment Option”). For the purposes of this agreement (this
“Agreement”), references to “Ordinary Shares” are to, collectively, the Class B Shares and the Company’s Class A ordinary shares, US$0.0001 par value per share (the “Class A
Shares”). Upon certain terms and conditions, the Class B Shares will automatically convert into Class A Shares on a one-for-one basis, subject to
adjustment. Unless the context otherwise requires, as used herein “Shares” shall be deemed to include any Class A Shares issued upon conversion of the Class B Shares comprising the Shares. The terms on which the Company is
willing to issue the Shares to the Subscriber, and the Company and the Subscriber’s agreements regarding such Shares, are as follows: 
 1.
Subscription of Shares. 
 For the sum of US$25,000, which the Company acknowledges receiving in the form of a capital contribution,
the Company hereby issues the Shares to the Subscriber, and the Subscriber hereby subscribes for the Shares from the Company, subject to forfeiture, on the terms and subject to the conditions set forth in this Agreement. Concurrently with the
Subscriber’s execution of this Agreement, the Company shall register the Shares in the name of the Subscriber on the register of members of the Company and, at its option, deliver to the Subscriber a certificate registered in the
Subscriber’s name representing the Shares (the “Original Certificate”), or effect such delivery in book-entry form. All references in this Agreement to Shares being forfeited shall take effect as surrenders for no consideration
of such shares as a matter of Cayman Islands law. 
  

 2. Representations, Warranties and Agreements. 

2.1 Subscriber’s Representations, Warranties and Agreements. To induce the Company to issue the Shares to the Subscriber, the
Subscriber hereby represents and warrants to the Company and agrees with the Company as follows: 
 2.1.1 No Government Recommendation or
Approval. The Subscriber understands that no federal or state agency has passed upon or made any recommendation or endorsement of the offering of the Shares. 

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

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

2.1.4 Experience, Financial Capability and Suitability. The Subscriber is: (i) sophisticated in financial matters and is able to
evaluate the risks and benefits of the investment in the Shares and (ii) able to bear the economic risk of its investment in the Shares for an indefinite period of time because the Shares have not been registered under the Securities Act (as
defined below) and therefore cannot be sold unless such transaction is registered under the Securities Act or an exemption from such registration is available. The Subscriber is capable of evaluating the merits and risks of its investment in the
Company and has the capacity to protect its own interests. The Subscriber must bear the economic risk of this investment until the Shares are sold pursuant to: (i) an effective registration statement under the Securities Act or (ii) an
exemption from registration available with respect to such sale. The Subscriber is able to bear the economic risks of an investment in the Shares and to afford a complete loss of the Subscriber’s investment in the Shares. 

2.1.5 Access to Information; Independent Investigation. Prior to the execution of this Agreement, the Subscriber has had the opportunity
to ask questions of and receive answers from representatives of the Company concerning an investment in the Company, as well as the finances, operations, business and prospects of the Company, and the opportunity to obtain additional information to
verify the accuracy of all information so obtained. In determining whether to make this investment, the Subscriber has relied solely on the Subscriber’s own knowledge and understanding of the Company and its business based upon the
Subscriber’s own 

  
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 due diligence investigation and the information furnished pursuant to this paragraph. The Subscriber
understands that no person has been authorized to give any information or to make any representations which were not furnished pursuant to this Section 2 and the Subscriber has not relied on any other representations or information in making
its investment decision, whether written or oral, relating to the Company, its operations and/or its prospects. 
 2.1.6 Private
Placement. The Subscriber represents that it is an “accredited investor” as such term is defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”), and acknowledges the
sale contemplated hereby is being made in reliance on a private placement exemption applicable to “accredited investors” within the meaning of Section 501(a) of Regulation D under the Securities Act or similar exemptions under state
law. 
 2.1.7 Investment Purposes. The Subscriber is purchasing the Shares solely for investment purposes, for the Subscriber’s
own account and not for the account or benefit of any other person, and not with a view towards the distribution or dissemination thereof. The Subscriber did not decide to enter into this Agreement as a result of any general solicitation or general
advertising within the meaning of Rule 502 under the Securities Act. 
 2.1.8 Restrictions on Transfer; Shell Company. The Subscriber
understands the Shares are being offered in a transaction not involving a public offering within the meaning of the Securities Act. The Subscriber understands the Shares will be “restricted securities” within the meaning of Rule 144(a)(3)
under the Securities Act and the Subscriber understands that any certificates or book-entries representing the Shares will contain a legend in respect of such restrictions. If in the future the Subscriber decides to offer, resell, pledge or
otherwise transfer the Shares, such Shares may be offered, resold, pledged or otherwise transferred only pursuant to: (i) registration under the Securities Act, or (ii) an available exemption from registration. The Subscriber agrees that
if any transfer of its Shares or any interest therein is proposed to be made, as a condition precedent to any such transfer, the Subscriber may, at the Company’s option, be required to deliver to the Company an opinion of counsel satisfactory
to the Company. Absent registration or an exemption, the Subscriber agrees not to resell the Shares. The Subscriber further acknowledges that because the Company is a shell company, Rule 144 may not be available to the Subscriber for the resale of
the Shares until at least one year following consummation of the initial business combination of the Company (which may not occur), despite technical compliance with the requirements of Rule 144 and the release or waiver of any contractual transfer
restrictions. 
 2.1.9 No Governmental Consents. No governmental, administrative or other third party consents or approvals are
required, necessary or appropriate on the part of the Subscriber in connection with the transactions contemplated by this Agreement. 

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

2.2.1 Incorporation and Corporate Power. The Company is a Cayman Islands exempted company and is qualified to do business in every
jurisdiction in which the failure to so qualify would reasonably be expected to have a material adverse effect on the financial condition, operating results or assets of the Company. The Company possesses all requisite corporate power and authority
necessary to carry out the transactions contemplated by this Agreement. 
 2.2.2 No Conflicts. The execution, delivery and performance
of this Agreement and the consummation by the Company of the transactions contemplated hereby do not violate, conflict with or constitute a default under (i) the Company’s Memorandum and Articles of Association, as amended to the date
hereof (the “Memorandum and Articles”), (ii) any agreement, indenture or instrument to which the Company is a party or (iii) any law, statute, rule or regulation to which the Company is subject, or any agreement, order,
judgment or decree to which the Company is subject. 
 2.2.3 Title to Shares. Upon issuance in accordance with, and payment pursuant
to, the terms hereof and the Memorandum and Articles, and registration in the register of members of the Company, the Shares will be duly and validly issued as fully paid and nonassessable. Upon issuance in accordance with, and payment pursuant to,
the terms hereof and the Memorandum and Articles, the Subscriber will have or receive good title to the Shares, free and clear of all liens, claims and encumbrances of any kind, other than (a) transfer restrictions hereunder and under the other
agreements to which the Shares may be subject, (b) transfer restrictions under federal and state securities laws, and (c) liens, claims or encumbrances imposed due to the actions of the Subscriber. 

2.2.4 No Adverse Actions. There are no actions, suits, investigations or proceedings pending, threatened against or affecting the
Company which: (i) seek to restrain, enjoin, prevent the consummation of or otherwise affect the transactions contemplated by this Agreement or (ii) question the validity or legality of any transactions or seeks to recover damages or to
obtain other relief in connection with any transactions. 
 2.2.5 Authorization. The Class A Shares issuable upon conversion of
the Class B Shares have been duly authorized and reserved for issuance upon such conversion. 
 3. Forfeiture of Shares. 

3.1 Partial or No Exercise of the Over-allotment Option. In the event the Over- allotment Option granted to the underwriters of the IPO
is not exercised in full, the Subscriber acknowledges and agrees that it (or, if applicable, it and any transferees of Shares) shall forfeit at the time such Over-allotment Option expires (or earlier if the underwriters of the IPO waive their
ability to exercise such Over-allotment Option) any and all rights to such number of Shares (up to an aggregate of 1,593,750 Shares and pro rata based upon the percentage of the Over- allotment Option exercised) such that immediately following such
forfeiture, the number of Shares will equal 20% of the issued and outstanding Ordinary Shares immediately following the IPO (in each case, not including Class A Shares issuable upon exercise of any warrants). Such forfeiture shall take effect
as a surrender for no consideration as a matter of Cayman Islands law, and shall occur upon the expiration of the Over-allotment Option. 

  
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 3.2 Termination of Rights as Shareholder. If any of the Shares are forfeited in
accordance with this Section 3, then after such time the Subscriber (or successor in interest), shall no longer have any rights as a holder of such forfeited Shares, and the Company shall take such action as is appropriate to cancel such
forfeited Shares. 
 3.3 Share Certificates. In the event an adjustment to the Original Certificate, if any, is required pursuant to
this Section 3, then the Subscriber shall return such Original Certificate to the Company or its designated agent as soon as practicable upon its receipt of notice from the Company advising the Subscriber of such adjustment, following which a
new certificate (the “New Certificate”), if any, shall be issued in such amount representing the adjusted number of Shares held by the Subscriber. The New Certificate, if any, shall be returned to the Subscriber as soon as
practicable. Any such adjustment for any uncertificated securities held by the Subscriber shall be made in book-entry form or the register of members of the Company (as applicable). 

4. Waiver of Liquidation Distributions; Redemption Rights. In connection with the Shares purchased pursuant to this Agreement, the Subscriber hereby
waives any and all right, title, interest or claim of any kind in or to any distributions by the Company from the trust account which will be established for the benefit of the Company’s public shareholders and into which substantially all of
the proceeds of the IPO will be deposited (the “Trust Account”), in the event of a liquidation of the Company upon the Company’s failure to timely complete an initial business combination. For purposes of clarity, in the event
the Subscriber purchases securities in the IPO or in the aftermarket, any Class A Shares so purchased shall be eligible to receive any liquidating distributions by the Company. However, in no event will the Subscriber have the right to redeem
any Ordinary Shares held by it into funds held in the Trust Account upon the successful completion of an initial business combination. 
 5. Restrictions
on Transfer. 
 5.1 Securities Law Restrictions. In addition to any restrictions to be contained in that certain letter agreement
(commonly known as an “Insider Letter”) dated on or prior to the closing of the IPO by and among the Subscriber, the Company and the other parties thereto, the Subscriber agrees not to sell, transfer, pledge, hypothecate or
otherwise dispose of all or any part of the Shares unless, prior thereto (a) a registration statement on the appropriate form under the Securities Act and applicable state securities laws with respect to the Shares proposed to be transferred
shall then be effective or (b) the Company has received, if requested by the Company, an opinion from counsel reasonably satisfactory to the Company, that such registration is not required because such transaction is exempt from registration
under the Securities Act and the rules promulgated by the Securities and Exchange Commission thereunder and with all applicable state securities laws. 

5.2 Lock-up. The Subscriber acknowledges that the Shares will be subject to lock-up provisions (the “Lock-up”) contained in the Insider Letter. Pursuant to the Insider Letter, the Subscriber will agree (subject to certain customary
exceptions) not to sell, transfer, pledge, hypothecate or otherwise dispose of all or any part of the Shares until the earliest to occur of: (a) one year after the completion of the Company’s initial business combination; and
(b) subsequent to its initial business combination (x) if the last reported sale price of our Class A Shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share
dividends, rights 

  
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 issuances, consolidations, reorganizations, recapitalizations and the like) for any 20 trading days within
any 30-trading day period commencing at least 150 days after the Company’s initial business combination or (y) the date on which the Company completes a liquidation, merger, amalgamation, share
exchange, reorganization or other similar transaction that results in all of the Company’s public shareholders having the right to exchange their Shares for cash, securities or other property. 

5.3 Restrictive Legends. Any certificates representing the Shares shall have endorsed thereon legends substantially as follows: 

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

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A LOCKUP AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE
DISPOSED DURING THE TERM OF THE LOCKUP.” 
 5.4 Additional Shares or Substituted Securities. In the event of the declaration
of a share dividend, the declaration of an extraordinary dividend payable in a form other than Ordinary Shares, a spin-off, a share split, an adjustment in conversion ratio, a recapitalization or a similar
transaction affecting the Company’s outstanding Ordinary Shares without receipt of consideration, any new, substituted or additional securities or other property which are by reason of such transaction distributed with respect to any Shares
subject to this Section 5 or into which such Shares thereby become convertible shall immediately be subject to this Section 5 and Section 3. Appropriate adjustments to reflect the distribution of such securities or property shall be
made to the number and/or class of Ordinary Shares subject to this Section 5 and Section 3. 
 5.5 Registration Rights. The
Subscriber acknowledges that the Shares are being purchased pursuant to an exemption from the registration requirements of the Securities Act and will become freely tradable only after certain conditions are met or they are registered pursuant to a
registration rights agreement to be entered into with the Company prior to the closing of the IPO (the “Registration Rights Agreement”). 

6. Other Agreements. 
 6.1 Further
Assurances. The Subscriber agrees to execute such further instruments and to take such further action as may reasonably be necessary to carry out the intent of this Agreement. 

  
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 6.2 Notices. All notices, statements or other documents which are required or
contemplated by this Agreement shall be in writing and delivered (i) personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission to the address designated in writing,
(ii) by facsimile to the number most recently provided to such party or such other address or fax number as may be designated in writing by such party, or (iii) by electronic mail, to the electronic mail address most recently provided to such
party or such other electronic mail address as may be designated in writing by such party. Any notice or other communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the business day
following receipt of written confirmation, if sent by facsimile or electronic transmission, one (1) business day after delivery to an overnight courier service or five (5) days after mailing if sent by mail. 

6.3 Entire Agreement. This Agreement, together with that certain Insider Letter to be entered into between the Subscriber and the
Company and the Registration Rights Agreement, each substantially in the form to be filed as an exhibit to the Registration Statement, embodies the entire agreement and understanding between the Subscriber and the Company with respect to the subject
matter hereof and supersedes all prior oral or written agreements and understandings relating to the subject matter hereof. No statement, representation, warranty, covenant or agreement of any kind not expressly set forth in this Agreement shall
affect, or be used to interpret, change or restrict, the express terms and provisions of this Agreement. 
 6.4 Modifications and
Amendments. The terms and provisions of this Agreement may be modified or amended only by written agreement executed by all parties hereto. 

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

6.6 Assignment. The rights and obligations under this Agreement may not be assigned by either party hereto without the prior written
consent of the other party. 
 6.7 Benefit. All statements, representations, warranties, covenants and agreements in this Agreement
shall be binding on the parties hereto and shall inure to the benefit of the respective successors and permitted assigns of each party hereto. Nothing in this Agreement shall be construed to create any rights or obligations except among the parties
hereto, and no person or entity shall be regarded as a third-party beneficiary of this Agreement. 
 6.8 Governing Law. This Agreement
and the rights and obligations of the parties hereunder shall be construed in accordance with and governed by the laws of New York applicable to contracts wholly performed within the borders of such state. 

  
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 6.9 Severability. In the event that any court of competent jurisdiction shall
determine that any provision, or any portion thereof, contained in this Agreement shall be unreasonable or unenforceable in any respect, then such provision shall be deemed limited to the extent that such court deems it reasonable and enforceable,
and as so limited shall remain in full force and effect. In the event that such court shall deem any such provision, or portion thereof, wholly unenforceable, the remaining provisions of this Agreement shall nevertheless remain in full force and
effect. 
 6.10 No Waiver of Rights, Powers and Remedies. No failure or delay by a party hereto in exercising any right, power or
remedy under this Agreement, and no course of dealing between the parties hereto, shall operate as a waiver of any such right, power or remedy of such party. No single or partial exercise of any right, power or remedy under this Agreement by a party
hereto, nor any abandonment or discontinuance of steps to enforce any such right, power or remedy, shall preclude such party from any other or further exercise thereof or the exercise of any other right, power or remedy hereunder. The election of
any remedy by a party hereto shall not constitute a waiver of the right of such party to pursue other available remedies. No notice to or demand on a party not expressly required under this Agreement shall entitle the party receiving such notice or
demand to any other or further notice or demand in similar or other circumstances or constitute a waiver of the rights of the party giving such notice or demand to any other or further action in any circumstances without such notice or demand. 

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

6.12 No Broker or Finder. Each of the parties hereto represents and warrants to the other that no broker, finder or other financial
consultant has acted on its behalf in connection with this Agreement or the transactions contemplated hereby in such a way as to create any liability on the other. Each of the parties hereto agrees to indemnify and save the other harmless from any
claim or demand for commission or other compensation by any broker, finder, financial consultant or similar agent claiming to have been employed by or on behalf of such party and to bear the cost of legal expenses incurred in defending against any
such claim. 
 6.13 Headings and Captions. The headings and captions of the various subdivisions of this Agreement are for convenience
of reference only and shall in no way modify or affect the meaning or construction of any of the terms or provisions hereof. 
 6.14
Counterparts. This Agreement may be executed in one or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and
delivered to the other party, it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or any other form of electronic delivery, such signature shall create a
valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such signature page were an original thereof. 

  
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 6.15 Construction. The parties hereto have participated jointly in the negotiation
and drafting of this Agreement. If an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto and no presumption or burden of proof will arise favoring or disfavoring any
party hereto because of the authorship of any provision of this Agreement. The words “include,” “includes,” and “including” will be deemed to be followed by “without limitation.” Pronouns in masculine,
feminine, and neuter genders will be construed to include any other gender, and words in the singular form will be construed to include the plural and vice versa, unless the context otherwise requires. The words “this Agreement,”
“herein,” “hereof,” “hereby,” “hereunder,” and words of similar import refer to this Agreement as a whole and not to any particular subdivision unless expressly so limited. The parties hereto intend that each
representation, warranty, and covenant contained herein will have independent significance. If any party hereto has breached any representation, warranty, or covenant contained herein in any respect, the fact that there exists another
representation, warranty or covenant relating to the same subject matter (regardless of the relative levels of specificity) which such party hereto has not breached will not detract from or mitigate the fact that such party hereto is in breach of
the first representation, warranty, or covenant. 
 6.16 Mutual Drafting. This Agreement is the joint product of the Subscriber and
the Company and each provision hereof has been subject to the mutual consultation, negotiation and agreement of such parties and shall not be construed for or against any party hereto. 

6.17 Surrender of Class A Ordinary Share. The Subscriber hereby surrenders to the Company for cancellation and for
nil consideration one Class A ordinary share of a par value US$0.0001 standing in its name in the register of members of the Company. 
 7. Voting
and Tender of Shares. The Subscriber agrees to vote the Shares in favor of an initial business combination that the Company negotiates and submits for approval to the Company’s shareholders and shall not seek redemption with respect to any
of the Shares in connection with an initial business combination or any amendment to the Company’s Memorandum and Articles of Association, as amended, prior to an initial business combination. Additionally, the Subscriber agrees not to tender
any Shares in connection with a tender offer presented to the Company’s shareholders in connection with an initial business combination negotiated by the Company. 

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

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

					
		 	Very truly yours,
		
		 	RMG ACQUISITION CORP. V
		
	By:	 	 /s/ Philip Kassin

		 	Name:	 	Philip Kassin
		 	 Title:
	 	President

  

					
	RMG SPONSOR V, LLC
			
		 	By:	 	 /s/ Philip Kassin

		 		 	Name: Philip Kassin
		 		 	Title: President and Chief Operating Officer

  

  
 [Signature Page to
Securities Subscription Agreement]EX-4.8

 Exhibit 4.8 

DESCRIPTION OF CAPITAL STOCK 
 General

 The following description summarizes certain important terms of the capital stock of Palantir Technologies Inc. (“we,” “us,”
“our” or the “Company”). Because it is only a summary, it does not contain all the information that may be important to you. For a complete description of the matters set forth in this exhibit titled “Description of
Capital Stock,” you should refer to our amended and restated certificate of incorporation, amended and restated bylaws, amended and restated investors’ rights agreement, and the Founder Voting Agreement (as defined below), each
previously filed with the Securities and Exchange Commission and incorporated by reference as an exhibit to the Annual Report on Form 10-K of which this Exhibit 4.8 is a part, and to the applicable provisions of Delaware law. Our authorized capital
stock consists of 24,701,005,000 shares of capital stock, par value $0.001 per share, of which: 
  

	 	•	 	 20,000,000,000 shares are designated as Class A common stock; 

 

	 	•	 	 2,700,000,000 shares are designated as Class B common stock; 

 

	 	•	 	 1,005,000 shares are designated as Class F common stock; and 

 

	 	•	 	 2,000,000,000 shares are designated as preferred stock. 

Common Stock 
 Our amended and restated certificate of
incorporation includes a number of provisions that in certain circumstances and in combination with agreements adopted in connection with our governance structure, provide that Alexander Karp, Stephen Cohen, and Peter Thiel (the
“Founders”) have effective control over all matters submitted to our stockholders for approval, including the election and removal of directors and significant corporate transactions such as a merger or other sale of our Company. These and
other provisions in our amended and restated certificate of incorporation discussed in this section could deter takeovers or delay or prevent changes in control of our Company, as well as changes in our Board of Directors (the “Board”) or
management team. While the Board retains the power to hire and remove members of our management, which currently includes two of our Founders, the Founders would continue to beneficially own shares of Class F common stock and Class B
common stock and be able to exercise control over matters submitted to a vote of our stockholders so long as our Founders who are then party to that certain Founder Voting Agreement (the “Founder Voting Agreement”), dated as of
September 22, 2020, among the Founders and Wilmington Trust, National Association, as the grantee of the proxies and powers of attorney to be delivered thereunder (the “Grantee”), and certain of their affiliates collectively meet a
minimum ownership threshold (initially, 100 million of our Corporation Equity Securities (as defined in our amended and restated certificate of incorporation), subject to reduction if a Founder withdraws from the Founder Voting Agreement, as
explained in more detail below) on the applicable record date for a vote of the stockholders, which minimum threshold is defined in the amended and restated certificate of incorporation as the “Ownership Threshold,” even if one or more of
our Founders resigns from the Company or is terminated. 
 Multi-Class Common Stock 

Our amended and restated certificate of incorporation provides for a multi-class common stock structure pursuant to which: 

 

	 	•	 	 Class A common stock has one (1) vote per share; 

 

	 	•	 	 Class B common stock has ten (10) votes per share; and 

 

	 	•	 	 Class F common stock has a variable number of votes per share, as described in more detail below.

 This novel capital structure differs significantly from those of other companies that have dual or multiple
class capital structures. Each of these classes of common stock has the same economic rights as the other two classes. For example, dividends or other distributions paid to the holders of shares of our common stock will be paid on an equal priority
and ratably on a per share basis, unless different treatment of any such class is approved by an affirmative vote of the holders of a majority of the outstanding shares of Class A common stock, Class B common stock and Class F common
stock, each voting separately as a class. 
 Shares of Class F common stock have ten (10) votes per share on any matter that is submitted to a
vote of our stockholders if, as of the applicable record date, our Founders who are then party to the Founder Voting Agreement, together with any affiliates of such Founders that have been approved by our Secretary or Treasurer (the “Approved
Affiliates”), in the aggregate hold or own, directly or indirectly, on a fully diluted and as converted basis, less than the Ownership Threshold. 
 In
the event that any Founder is no longer a party to the Founder Voting Agreement, the Ownership Threshold will be reduced on a pro rata basis by a number equal to 100 million (as equitably adjusted for any stock dividend, stock split,
combination of shares, reorganization, recapitalization, reclassification or other similar event) multiplied by a fraction, the numerator of which is the number of Corporation Equity Securities (which excludes Designated Founders’ Excluded
Shares, as defined in our amended and restated certificate of incorporation) held or owned, directly or indirectly, on August 10, 2020, by such Founder and his Approved Affiliates, on a fully diluted and as converted basis, and the denominator
of which is the total number of Corporation Equity Securities (which excludes Designated Founders’ Excluded Shares) held or owned, directly or indirectly, on August 10, 2020, by all of our Founders and their Approved Affiliates, on a fully
diluted and as converted basis. As of August 10, 2020, our Founders and their Approved Affiliates held or owned, directly or indirectly, in the aggregate, approximately 502.4 million Corporation Equity Securities on a fully diluted and as
converted basis. We expect that the Ownership Threshold would be reduced by approximately 57 million Corporation Equity Securities upon the withdrawal or removal from the Founder Voting Agreement of Alexander Karp, approximately 12 million
Corporation Equity Securities upon the withdrawal or removal of Stephen Cohen and approximately 31 million Corporation Equity Securities upon the withdrawal or removal of Peter Thiel. 

Our Founders are free to transfer or otherwise dispose of their shares of Class A common stock and Class B common stock without diminishing their
voting power so long as our Founders who are then party to the Founder Voting Agreement and certain of their affiliates collectively meet the Ownership Threshold on the applicable record date. 89,007,617 shares held by our Founders and their
affiliates were permitted to be sold immediately under the lock-up agreements and were registered for resale pursuant to the registration statement relating to our direct listing on the NYSE. Following the
expiration of their lock-up agreements, our Founders are now free to sell all of their remaining shares pursuant to Rule 144 of the Securities Act of 1933, as amended (the “Securities Act”) (subject
to volume limitations) at such times and in such amounts as they determine. The total voting power that will be exercised in accordance with the decision of a majority in number of the Founders who are then party to the Founder Voting Agreement will
not be diminished as a result of these sales, so long as such Founders and certain of their affiliates collectively meet the Ownership Threshold on the applicable record date. 

In addition, shares of Class F common stock have ten (10) votes per share when holders of the Class F common stock vote separately as a class.
Upon a discretionary or compulsory withdrawal of a Founder as a beneficiary of that certain Founder Voting Trust Agreement, dated as of September 22, 2020, among the Founders as beneficiaries and Wilmington Trust, National Association as the
initial trustee (the “Founder Voting Trust Agreement”), the Trustee will instruct our transfer agent and us to convert the withdrawing Founder’s pro rata portion of the shares of Class F common stock held in the Founder Voting
Trust at the time of the withdrawal into shares of Class B common stock in accordance with our amended and restated certificate of incorporation. 
 In
all other instances, shares of Class F common stock will have a number of votes per share (which shall not be less than zero and which shall be rounded down to the nearest whole number) on any matter that is submitted to a vote of the
stockholders of the Company that would cause the total votes of all shares of Class F common stock, together with (i) all Corporation Equity Securities entitled to vote on such matter held or owned, directly or indirectly, by our Founders
who are then party to the Founder Voting Agreement to which the Grantee has a proxy and power of attorney granted pursuant to the Founder Voting Agreement to vote such shares in the same manner as the shares of Class F common

  
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stock will be voted by the Trustee (as defined below), (ii) any other Corporation Equity Securities entitled to vote on such matter to which the Grantee has a proxy and power of attorney granted
pursuant to the Founder Voting Agreement to vote such shares in the same manner as the shares of Class F common stock will be voted by the Trustee, and (iii) all securities entitled to vote on such matter that a Founder who is then party
to the Founder Voting Agreement has from time to time specifically designated in writing, accompanied by a signed acknowledgment by each other Founder who is then party to the Founder Voting Agreement, to be excluded from the definition of
“Corporation Equity Securities” (which excluded securities are defined in our amended and restated certificate of incorporation as Designated Founders’ Excluded Shares), to equal 49.999999% of the voting power of all of our
outstanding shares of capital stock, including in the case of the election of directors (or, if the applicable voting standard is “a majority of the shares present in person or represented by proxy and entitled to vote on such matter,”
49.999999% of the voting power of our shares of capital stock present in person or represented by proxy and entitled to vote on such matter). See “—Founder Voting Agreement.” 

Mr. Thiel has identified a portion of the shares of Class B common stock and Class A common stock beneficially owned by him and his affiliates
as Designated Founders’ Excluded Shares, which will not be subject to the Founder Voting Agreement. Such Designated Founders’ Excluded Shares would reduce the total voting power that will be exercised in accordance with the decision of a
majority in number of the Founders who are then party to the Founder Voting Agreement, and would be voted or not voted by Mr. Thiel or his affiliates in their discretion. Depending on certain circumstances, such Designated Founders’
Excluded Shares may have significant voting power. For example, if persons and entities that hold the shares identified by Mr. Thiel as Designated Founders’ Excluded Shares beneficially owned shares representing approximately 10.0% of the
voting power of our outstanding capital stock as of a given date, the 49.999999% voting power that would have been represented by the shares of Class F common stock and the shares of our Class A common stock and Class B common stock
subject to the Founder Voting Agreement would be reduced to approximately 39.999999% of the voting power of our shares of capital stock in the aggregate as of such date. As a result, if Mr. Thiel and his affiliates voted all of such Designated
Founders’ Excluded Shares in a manner different than the shares of Class F common stock were voted pursuant to the Founder Voting Trust Agreement and the shares were voted by the Grantee pursuant to the proxy and power of attorney granted
under the Founder Voting Agreement, 10.0% of the voting power of our outstanding capital stock as of such date would be voted according to the instructions of Mr. Thiel and his affiliates, and approximately 39.999999% would be voted in the
manner that the shares of Class F common stock were voted pursuant to the Founder Voting Trust Agreement and the shares of Class A common stock and Class B common stock were voted by the Grantee pursuant to the proxy and power of
attorney granted under the Founder Voting Agreement, regardless of whether Mr. Thiel beneficially owned shares representing greater than 10.0% of the voting power of our outstanding capital stock as of such date. 

Our amended and restated certificate of incorporation requires that, with respect to each matter that is submitted to a vote of our stockholders, each of our
Founders who is then party to the Founder Voting Agreement will, no later than a date set forth in our amended and restated certificate of incorporation (the “Instruction Date”), deliver to our Secretary, the trustee (the
“Trustee”) under the Founder Voting Trust Agreement and each other such Founder who is then party to the Founder Voting Agreement an instruction identifying how such Founder desires votes corresponding to the Class F common stock to
be cast (including a vote of “withhold” or “abstain” that may not constitute a “vote” under the applicable voting standard required to approve the matter or elect the director nominee), or consents corresponding to the
Class F common stock to be delivered or not delivered, as applicable, in each case with respect to such matter. Pursuant to the Founder Voting Trust Agreement, the Trustee will then vote, or deliver or not deliver consent corresponding to, the
shares of Class F common stock held in the Founder Voting Trust in accordance with these instructions, subject to the procedures set forth in our amended and restated certificate of incorporation. See “—Founder Voting Trust
Agreement.” 
 Specifically, if there are two or three Founders who are then party to the Founder Voting Agreement as of the applicable Instruction
Date, to the extent that at least two Founder instructions contain the same instruction as to how the votes corresponding to the Class F common stock shall be cast in respect of such matter (including a vote of “withhold” or
“abstain” that may not constitute a “vote” under the applicable voting standard required to approve the matter or elect the director nominee), or consents corresponding to the Class F common stock shall be delivered or not
delivered, as applicable, with respect to such matter, the shares of Class F common stock held in the Founder Voting Trust will be 

  
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voted, consented or not consented, as a whole, by the Trustee in the manner contained in such matching instructions with respect to such matter. Conversely, if there are two or three Founders who
are then party to the Founder Voting Agreement as of the applicable Instruction Date and no two voting or consent instructions are the same with respect to a matter, the shares of Class F common stock held in the Founder Voting Trust will
(i) in the case of director elections, be voted, as a whole, by the Trustee as “withhold” or, if “withhold” is not an available option based on the applicable voting standard, “abstain”, (ii) in the case of a vote
on the frequency of the “say-on-pay” vote, be voted, as a whole, by the Trustee as “abstain”, (iii) in the case of all other matters subject to a
vote of the stockholders at a meeting, be voted, as a whole, by the Trustee as “abstain” or “withhold”, so long as the effect thereof would be a vote against such matter, otherwise, as “against”, and (iv) in the
case of a proposed stockholder action by written consent, the Trustee will not deliver consents in respect of the shares of Class F common stock held in the Founder Voting Trust (such instructions described in clauses (i)–(iv), the
“No Majority Instruction”). If there is only one Founder who is then party to the Founder Voting Agreement, the shares of Class F common stock held in the Founder Voting Trust will be voted, consented or not consented, as a whole, by
the Trustee in accordance with the voting or consent instruction of such Founder (unless he fails to timely provide an instruction, in which case shares of Class F common stock held in the Founder Voting Trust will be voted, consented or not
consented, as a whole, by the Trustee in accordance with the No Majority Instruction). 
 The Founder Voting Agreement provides that all shares in respect
of which the Founders or certain of their affiliates have granted a proxy and power of attorney in connection with such agreement will be voted, consented or not consented, as a whole, in the same manner as the shares of Class F common stock
held in the Founder Voting Trust will be voted, consented or not consented by the Trustee, as notified to the Grantee by the Trustee. See “—Founder Voting Agreement.” As a result, votes representing up to 49.999999% of the
voting power of shares of our capital stock will be voted in a manner determined by the voting or consent instructions of our Founders who are then party to the Founder Voting Agreement. These voting rights will not be reduced even if such Founders
sell shares of our capital stock, so long as the Ownership Threshold is satisfied as of the applicable record date. Conversely, these voting rights will not be increased even if one or more of our Founders who are then party to the Founder Voting
Agreement acquire additional shares of our Class A common stock or Class B common stock. So long as such acquired shares are not designated as Designated Founders’ Excluded Shares (which is described further herein), such acquired
shares would become subject to the proxy and power of attorney granted by the acquiring Founder pursuant to the Founder Voting Agreement and thus subject to the voting structure set forth in the Founder Voting Agreement. As a result, the acquisition
of such additional shares would not increase the voting power that will be exercised in accordance with the decision of a majority in number of the Founders who are then party to the Founder Voting Agreement above 49.999999% of our total voting
power (unless such Founders hold in excess of 49.999999% of our total voting power without giving effect to the voting power of the Class F common stock), but rather, due to the variable number of votes per share of the Class F common
stock, would reduce the voting power of the Class F common stock. Further, even if such additional shares were designated as Designated Founders’ Excluded Shares, which designation must be in writing accompanied by a signed acknowledgment
from each other Founder who is then party to the Founder Voting Agreement, such additional shares would not increase the voting power of the Founders who are then party to the Founder Voting Agreement above 49.999999% of our total voting power
(unless such Founders hold in excess of 49.999999% of our total voting power without giving effect to the voting power of the Class F common stock), but would also reduce the voting power of the Class F common stock due to its variable
number of votes per share. In addition, the voting power of the Founders could exceed 49.999999% in certain limited circumstances; for example, if the Founders hold shares other than the Class F common stock that in the aggregate have voting
power than exceeds 49.999999% of the voting power of shares of our capital stock (in which case the shares of Class F common stock would have zero votes per share). 

As a result of the voting rights and related agreements contemplated herein, for the foreseeable future, so long as the Ownership Threshold is satisfied as of
the applicable record date and shares of Class F common stock are outstanding, our Founders will be able to effectively control all matters submitted to the stockholders for approval, including the election and removal of directors and
significant corporate transactions such as a merger or other sale of the Company. The effective control described above could also delay, defer or prevent a change of control, merger, consolidation, takeover or other business combination involving
the Company that other stockholders may support, and could discourage a potential acquiror from initiating such a transaction. Upon the withdrawal or removal of any of our 

  
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Founders from the Founder Voting Agreement, including upon their death or disability, the remaining Founders or Founder, as the case may be, will determine the manner in which the shares of our
Class F common stock as well as the shares subject to the Founder Voting Agreement are voted. In such cases, the voting power of our outstanding capital stock will be further concentrated among the remaining Founders, which may be as few as
one. Further, if there are only two Founders who are party to the Founder Voting Agreement, one Founder will be able to effectively defeat any shareholder action, except for the election of directors under a plurality standard, if his instruction to
vote the shares of Class F common stock differs from the other Founder. 
 Our amended and restated certificate of incorporation provides our Founders
who are then parties to the Founder Voting Agreement certain rights to review and object to the calculation of the voting power of the shares of Class F common stock prior to the certification of any vote or effectiveness of any action of our
stockholders. Our amended and restated certificate of incorporation also contains certain obligations applicable to our Founders and the Grantee to provide information with respect to certain matters related to the calculation of the voting power of
the shares of Class F common stock. 
 Dividend Rights 

Subject to preferences that may apply to any shares of preferred stock outstanding at the time, the holders of our common stock are entitled to receive
dividends out of funds legally available if our Board of Directors, in its discretion, determines to issue dividends and then only at the times and in the amounts that our Board of Directors may determine. 

Voting Rights 
 Except as otherwise expressly
provided in our amended and restated certificate of incorporation or required by applicable law, the Class A common stock, Class B common stock and Class F common stock will vote together as one class on all matters submitted to a
vote of our stockholders. 
 Pursuant to the terms of our amended and restated certificate of incorporation, except as otherwise required by applicable law,
holders of Class A common stock, Class B common stock and Class F common stock, are not entitled to vote on any amendment to our amended and restated certificate of incorporation that relates solely to one or more outstanding series
of preferred stock if the holders of such affected series are entitled, either separately or together with the holders of one or more other such series, to vote thereon pursuant to the terms of our amended and restated certificate of incorporation
or pursuant to applicable law; provided that, prior to the Final Class F Conversion Date (as defined therein), any such amendment that affects the number of shares of Preferred Stock, or the designation, powers, preferences, and relative,
participating, optional or other special rights of the shares of each such series and any qualifications, limitations or restrictions thereof, shall also require the affirmative vote of the holders of a majority of the outstanding shares of
Class F Common Stock, voting as a separate class. 
 Furthermore, pursuant to our amended and restated certificate of incorporation, prior to the Final
Class F Conversion Date, any action required or permitted to be taken by our stockholders may be taken without a meeting, but only if the action receives the affirmative consent of a majority of the outstanding shares of the Class F common
stock, acting as a separate class, in addition to any other consent required before such action may be effected. 
 No Preemptive or Similar Rights

 Our common stock is not entitled to preemptive rights, and is not subject to conversion, redemption, or sinking fund provisions. 

  
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 Right to Receive Liquidation Distributions 

If we become subject to a liquidation, dissolution, or winding-up, the assets legally available for distribution to our
stockholders would be distributable ratably among the holders of our common stock and any participating preferred stock outstanding at that time, subject to prior satisfaction of all outstanding debt and liabilities and the preferential rights of
and the payment of liquidation preferences, if any, on any outstanding shares of preferred stock. 
 Conversion of Class F Common Stock

 Each outstanding share of Class F common stock will automatically convert into one (1) fully paid and nonassessable share of
Class B common stock on the “Final Class F Conversion Date”, which shall be the earlier of: (i) the effective date of the termination of the Founder Voting Trust, other than any termination that occurs in connection with
certain reorganizations or redomiciliations thereof and (ii) the effective date of the termination of the Founder Voting Agreement. See “—Founder Voting Trust Agreement” and “—Founder Voting
Agreement.” 
 Our amended and restated certificate of incorporation also provides that each outstanding share of Class F common stock is
convertible at any time at the option of the holder into one (1) fully paid and nonassessable share of Class B common stock. Shares of Class F common stock and legal and beneficial interests therein may not be transferred.
Transactions to effect certain reorganizations or redomiciliations of the Founder Voting Trust will not constitute transfers. For the avoidance of doubt, the following actions will not constitute transfers: (i) the granting of a revocable proxy
to our officers or directors at the request of our Board of Directors in connection with actions to be taken at an annual or special meeting of our stockholders or (ii) entering into, amending, extending, renewing, restating, supplementing or
otherwise modifying the Founder Voting Agreement, the Founder Voting Trust Agreement or any agreement, arrangement or understanding contemplated by the terms of the Founder Voting Agreement or Founder Voting Trust Agreement, or taking any actions
contemplated thereby, including (a) the granting of a proxy, whether or not irrevocable, to any person and the exercise of such proxy by such person and (b) the transfer of shares of Class B common stock to the Founder Voting Trust or
to one or more beneficiaries of the Founder Voting Trust. 
 Conversion of Class B Common Stock 

Our amended and restated certificate of incorporation provides that each outstanding share of Class B common stock is convertible at any time at the
option of the holder into one (1) fully paid and nonassessable share of Class A common stock. 
 In addition, each share of Class B common
stock will convert automatically into one (1) share of fully paid and nonassessable Class A common stock upon any transfer, whether or not for value, that occurs after our listing on the NYSE, except for those to which our Board of
Directors or an officer designated by our Board of Directors has previously approved or consented or concurrently or subsequently approves or consents, and except for certain permitted transfers described in our amended and restated certificate of
incorporation. These permitted transfers described in our amended and restated certificate of incorporation include transfers to trusts solely for the benefit of the stockholder and certain related entities, transfers to partnerships, corporations
and other entities exclusively owned by the stockholder or certain related entities, and transfers between certain stockholders, but only if all permitted transfers of a holder of Class B common stock (whether then held or acquired in the
future) taken together do not result in shares of Class B common stock being “held of record” (as defined in Rule 12g5-1 promulgated under the Securities Exchange Act of 1934, as amended) by a
larger number of stockholders of the Company following such transfer and any such permitted transfer results in the transfer of all of such holder’s shares of Class B common stock then held by such holder to such transferee, and such
holder or such holder’s legal representative (including a guardian or conservator) agrees that any shares of Class B common stock acquired by such holder or such holder’s estate or beneficiary after the date of such transfer will be
automatically transferred, without further action by such holder or such legal representative, to the same transferee such that neither the transfer nor any subsequent acquisition of Class B common stock results in any shares of Class B
common stock being “held of record” (as defined in Rule 12g5-1 promulgated under the Securities Exchange Act of 1934, as amended) by a larger number of stockholders of the Company following such
transfer or subsequent acquisition. Moreover, transfers will not include certain actions with respect to the Founder Voting Agreement, the Founder Voting Trust Agreement or any agreement, arrangement or understanding contemplated by their terms, or
any actions contemplated thereby. 

  
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 Preferred Stock 

No shares of our preferred stock are currently outstanding. Pursuant to our amended and restated certificate of incorporation, our Board of Directors has the
authority, subject to limitations prescribed by Delaware law, to issue preferred stock in one or more series, to establish from time to time the number of shares to be included in each series and to fix the designation, powers, preferences and
rights of the shares of each series and any of its qualifications, limitations or restrictions, in each case without further vote or action by our stockholders, except that the designation or issuance of preferred stock must receive the affirmative
vote of a majority of our outstanding Class F common stock. Our Board of Directors can also increase or decrease the number of shares of any series of preferred stock, but not below the number of shares of that series then outstanding, without
any further vote or action by our stockholders. Certain amendments to our amended and restated certificate of incorporation that relate solely to our preferred stock must receive the affirmative vote of a majority of outstanding Class F common
stock (and also the affected preferred stock). Our Board of Directors may authorize the issuance of preferred stock with voting or conversion rights that could adversely affect the voting power or other rights of the holders of our Class A
common stock. The issuance of preferred stock, while providing flexibility in connection with possible acquisitions and other corporate purposes, could, among other things, have the effect of delaying, deferring or preventing a change in control of
our company and might adversely affect the trading price of our Class A common stock and the voting and other rights of the holders of our Class A common stock. We have no current plan to issue any shares of preferred stock. 

Registration Rights 
 Certain holders of our common stock
are entitled to rights with respect to the registration of their shares under the Securities Act. These registration rights are contained in our Amended and Restated Investors’ Rights Agreement dated August 24, 2020 (the “IRA”).
We and certain holders of our convertible preferred stock, redeemable convertible preferred stock, and common stock are parties to our IRA. The registration rights set forth in the IRA will expire (i) with respect to any particular stockholder,
when such stockholder is able to sell all of its shares pursuant to Rule 144 of the Securities Act during any 90-day period or (ii) after the consummation of a liquidation event (as defined in our current
certificate of incorporation). We will pay the registration expenses (other than underwriting discounts and commissions) of the holders of the shares registered pursuant to the registrations described below. In an underwritten offering, the managing
underwriter, if any, has the right, subject to specified conditions, to limit the number of shares such holders may include. 
 Demand Registration
Rights 
 Certain holders of our common stock are entitled to demand registration rights. At any time beginning six months after the effectiveness of
the registration statement relating to our direct listing on the NYSE, the holders of at least 50% of the shares registrable under the IRA can request that we register the offer and sale of their shares. Such request for registration must cover
securities with an anticipated aggregate offering price of at least $25 million. We are obligated to effect only two such registrations. If we determine that it would be seriously detrimental to us and our stockholders to effect such a demand
registration, we have the right to defer such registration, not more than twice in any twelve-month period, for a period of up to 120 days. Additionally, we will not be required to effect a demand registration during the period beginning 60 days
prior to the public filing of a registration statement, and ending on a date 180 days following the effectiveness of a registration statement. 

  
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 Piggyback Registration Rights 

If we propose to register the offer and sale of our Class A common stock or any other securities under the Securities Act, in connection with the public
offering of such Class A common stock or any other securities, certain holders of our common stock will be entitled to “piggyback” registration rights allowing the holders to include their shares in such registration, subject to
certain marketing and other limitations. As a result, whenever we propose to file a registration statement under the Securities Act, other than with respect to (i) a demand registration, (ii) a registration related to any employee benefit
plan or a corporate reorganization or other transaction covered by Rule 145 promulgated under the Securities Act, (iii) a registration on any registration form which does not include substantially the same information as would be required to be
included in a registration statement covering the sale of the shares registrable under the IRA or (iv) a registration in which the only Class A common stock being registered is Class A common stock issuable upon conversion of debt
securities that are also being registered, the holders of these shares are entitled to notice of the registration and have the right, subject to certain limitations, to include their shares in the registration. 

S-3 Registration Rights 

Certain holders of our common stock will be entitled to certain Form S-3 registration rights. The holders of at least
30% of these shares may make a written request that we register the offer and sale of their shares on a registration statement on Form S-3 if we are eligible to file a registration statement on Form S-3 so long as the request covers securities with an anticipated aggregate public offering price of at least $1 million. These stockholders may make an unlimited number of requests for registration on Form S-3; however, we will not be required to effect a registration on Form S-3 if we have effected such a registration within the twelve-month period preceding the date of the
request. Additionally, if we determine that it would be seriously detrimental to us and our stockholders to effect such a registration, we have the right to defer such registration, not more than twice in any twelve-month period, for a period of up
to 120 days. 
 Anti-Takeover Provisions 
 Certain
provisions of our amended and restated certificate of incorporation and our amended and restated bylaws, which are summarized below, may have the effect of delaying, deferring or discouraging another person from acquiring control of us. They are
also designed, in part, to encourage persons seeking to acquire control of us to negotiate first with our Board of Directors. Our multi-class common stock structure, which provides our Founders and their affiliates with the ability to effectively
control the outcome of matters requiring stockholder approval, even if they own significantly less than a majority of the shares of our outstanding common stock, so long as our Founders who are then party to the Founder Voting Agreement and certain
of their affiliates collectively meet the Ownership Threshold on the applicable record date, may make the acquisition of us more difficult. If one or two Founders withdraw from the Founder Voting Agreement, but vote in the same manner as the shares
of Class F common stock are voted pursuant to the Founder Voting Trust Agreement, the total voting power of the Founders and their affiliates exercised in the same manner would exceed 49.999999% of the voting power of our outstanding common
stock in the aggregate so long as our Founders who are then party to the Founder Voting Agreement and certain of their affiliates collectively meet the Ownership Threshold on the applicable record date and could permit them to control the outcome of
any vote of the stockholders on a potential acquisition of the Company. We believe that the benefits of increased protection of our potential ability to negotiate with an unfriendly or unsolicited acquirer outweigh the disadvantages of discouraging
a proposal to acquire us because negotiation of these proposals could result in an improvement of their terms. 
 Delaware Law 

We will not be governed by the provisions of Section 203 of the Delaware General Corporation Law (“Section 203”). In general,
Section 203 prohibits a public Delaware corporation from engaging in a “business combination” with an “interested stockholder” for a period of three years after the date of the transaction in which the person became an
interested stockholder, except under certain circumstances. Such provision will not apply to us. 

  
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 Amended and Restated Certificate of Incorporation and Amended and Restated Bylaw Provisions

 Our amended and restated certificate of incorporation and our amended and restated bylaws include a number of provisions that could deter hostile
takeovers or delay or prevent changes in control of our Board of Directors or management team, including the following: 
 Board of Directors Vacancies

 Our amended and restated certificate of incorporation and amended and restated bylaws authorize only our Board of Directors to fill vacant
directorships and newly created directorships. In addition, the number of directors constituting our Board of Directors is permitted to be set only by a resolution adopted by a majority vote of our Board of Directors. 

Stockholder Action by Written Consent; Special Meeting of Stockholders. 

Prior to the Final Class F Conversion Date, our amended and restated certificate of incorporation provides that any action required or permitted to be
taken by our stockholders may be taken without a meeting, but only if the action receives the affirmative consent of a majority of the outstanding shares of the Class F common stock, acting as a separate class, in addition to any other consent
required before such action may be effected. From and after the Final Class F Conversion Date, our amended and restated certificate of incorporation provides that any action required or permitted to be taken by our stockholders must be taken at
a meeting. Our amended and restated certificate of incorporation further provides that special meetings of our stockholders may be called only by a majority of our entire Board of Directors, the chairperson of our Board of Directors, our Chief
Executive Officer or our President, thus prohibiting a stockholder from calling a special meeting. 
 Advance Notice Requirement 

Our amended and restated bylaws provide for advance notice procedures for our stockholders seeking to bring business before our annual meeting of our
stockholders or to nominate candidates for election as directors at our annual meeting of our stockholders. Our amended and restated bylaws also specify certain requirements regarding the form and content of a stockholder’s notice. 

No Cumulative Voting 
 The Delaware General Corporation
Law provides that stockholders are not entitled to cumulate votes in the election of directors unless a corporation’s certificate of incorporation provides otherwise. Our amended and restated certificate of incorporation does not provide for
cumulative voting. 
 Issuance of Undesignated Preferred Stock 

Our Board of Directors has the authority, without further action by our stockholders, to issue shares of undesignated preferred stock with rights and
preferences, including voting rights, designated from time to time by our Board of Directors. The existence of authorized but unissued shares of preferred stock would enable our Board of Directors to render more difficult or to discourage an attempt
to obtain control of us by means of a merger, tender offer, proxy contest, or other means. However, prior to the Final Class F Conversion Date, we may not designate or issue shares of preferred stock, or make certain amendments to our amended
and restated certificate of incorporation that relate solely to one or more series of preferred stock, without an affirmative vote of a majority of the outstanding shares of the Class F common stock, voting as a separate class. 

Board of Directors Permitted to Amend Bylaws 
 Our amended
and restated certificate of incorporation and our amended and restated bylaws authorize our Board of Directors to adopt, amend or repeal the bylaws, provided, however, that our amended and restated bylaws require that a bylaw amendment adopted by
our stockholders which specifies the votes that shall be necessary for the election of directors shall not be further amended or repealed by the Board of Directors. 

  
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 Classified Board of Directors 

Our amended and restated certificate of incorporation provides for a classified board of directors consisting of three classes of approximately equal size,
each serving staggered three-year terms, from and after the Final Class F Conversion Date. Our directors will be assigned by the then current board of directors among the three classes when that event occurs. Prior to the Final Class F
Conversion Date, directors will be elected annually. 
 Director Removal 

Our amended and restated certificate of incorporation provides that a director may only be removed from office by the stockholders as provided in the Delaware
General Corporation Law. 
 Exclusive Forum 
 Our
amended and restated bylaws provide that, unless we consent in writing to the selection of an alternative forum, the sole and exclusive forum for (1) any derivative action or proceeding brought on our behalf, (2) any action or proceeding
asserting a claim of breach of a fiduciary duty owed by any of our current or former directors, stockholders, officers, or other employees to us or our stockholders, (3) any action or proceeding asserting a claim arising pursuant to, or seeking
to enforce any right, obligation or remedy under, any provision of the Delaware General Corporation Law or our certificate of incorporation or bylaws (as amended from time to time), (4) any action or proceeding as to which the Delaware General
Corporation Law confers jurisdiction on the Court of Chancery of the State of Delaware or (5) any other action or proceeding asserting a claim that is governed by the internal affairs doctrine shall be the Court of Chancery of the State of
Delaware (or, if the Court of Chancery of the State of Delaware does not have jurisdiction, another State court in Delaware, or if no State court has jurisdiction, the federal district court for the District of Delaware) and any appellate court
therefrom, in all cases subject to the court having jurisdiction over indispensable parties named as defendants. 
 Our amended and restated bylaws also
provide that the federal district courts of the United States will be the exclusive forum for resolving any complaint asserting a cause of action arising under the Securities Act. 

Founder Voting Agreement 
 Our Founders have entered into
the Founder Voting Agreement with Wilmington Trust, National Association, as the grantee of certain proxies and powers of attorney contemplated therein. The Founder Voting Agreement became effective substantially concurrently with the filing and
acceptance of our amended and restated certificate of incorporation with the Secretary of State of the State of Delaware. 
 Pursuant to the terms of the
Founder Voting Agreement, on the day the agreement was executed and delivered, each Founder who was then party to the Founder Voting Agreement granted, and Peter Thiel caused certain of his affiliates to grant, a proxy and power of attorney to the
Grantee to vote, or to deliver or not deliver consents, as applicable, with respect to (1) any Corporation Equity Securities entitled to vote on a matter submitted to a vote of our stockholders (other than shares of Class F common stock)
that are held or owned, directly or indirectly, by such Founder or such affiliate, if applicable, and for which such Founder or such affiliate either has (a) sole voting power or (b) shared voting power and, in the case of this clause (b),
the power and authority to grant, or to cause to be granted, a proxy and power of attorney with respect to such Corporation Equity Securities and (2) any other shares of our capital stock entitled to vote on a matter submitted to a vote of our
stockholders (other than shares of Class F common stock) as volunteered by such Founder or such affiliate. As described above under “—Multi-Class Common Stock”, the number of such shares will affect the calculation of the
voting power of the shares of Class F common stock. The Founder Voting Agreement provides that, so long as a Founder is then party to the Founder Voting Agreement, his controlled affiliates may be required to grant to the Grantee a proxy and
power of attorney with respect to certain Corporation Equity Securities that such controlled affiliate owns or acquires, as more fully set forth in the Founder Voting Agreement. The Founder Voting Agreement will not restrict the ability of our
Founders or any of their affiliates to transfer any Corporation Equity Securities that they hold or own, directly or indirectly, although certain controlled affiliates of our Founders that become transferees will be required to execute substantially
similar proxy and power of attorney arrangements. 

  
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 For any matter subject to a vote of the holders of one or more classes of our capital stock, at a meeting of
our stockholders, the Founder Voting Agreement provides that the Grantee will vote (including a vote of “withhold” or “abstain” that may not constitute a “vote” under the applicable voting standard required to approve
the matter or elect the director nominee) all shares of our capital stock entitled to vote thereon for which the Grantee has been granted a proxy and power of attorney in accordance with the Founder Voting Agreement, and will take all necessary and
appropriate action in order to ensure that all such shares are voted, as a whole, in the same manner as the shares of Class F common stock held in the Founder Voting Trust will be voted by the Trustee (even if the shares of Class F common
stock have zero votes per share with respect to the particular matter), as notified to the Grantee by the Trustee. For any matter subject to an action by written consent by holders of one or more classes or series of our capital stock, the Founder
Voting Agreement provides that the Grantee will deliver consent or not deliver consent, as the case may be, to such action with respect to all shares of our capital stock entitled to vote thereon for which the Grantee has been granted a proxy and
power of attorney in accordance with the Founder Voting Agreement, as a whole, in the same manner as the consents will be delivered or not delivered by the Trustee with respect to the shares of Class F common stock held in the Founder Voting
Trust (even if the shares of Class F common stock have zero votes per share with respect to the particular matter), as notified to the Grantee by the Trustee. Pursuant to the Founder Voting Trust Agreement, the Trustee will notify the Grantee
of how the Trustee is voting, or delivering consents or not delivering consents, as the case may be, with respect to, the shares of Class F common stock held in the Founder Voting Trust. The Trustee will notify the Grantee even if the shares of
Class F common stock are entitled to zero votes per share. The Founder Voting Agreement provides that, if the Grantee has not received such notification from the Trustee, the Grantee will not vote or deliver a consent for any shares of our
capital stock over which it has been granted a proxy and power of attorney in accordance with such agreement. For further discussion of the Trustee’s role in voting the Class F common stock, see “— Founder Voting Trust
Agreement.” 
 The proxies and powers of attorney granted in accordance with the Founder Voting Agreement will be irrevocable until the earliest of
(1) the Expiration Date (as defined below) and (2) such time as (A) the grantor has transferred the shares covered by such proxy and power of attorney to a person that is not required to execute and deliver a proxy and power of
attorney pursuant to the Founder Voting Agreement or, if so required, such proxy and power of attorney has been so delivered, (B) in the case of a grantor that is a controlled affiliate of a Founder on the date it grants a proxy and power of
attorney, the date such grantor ceases to be a controlled affiliate of a Founder and (C) in the case of a grantor that was a Founder on the date the Founder Voting Agreement was executed, the date such Founder ceases to be a party to the
Founder Voting Agreement, in each case in accordance with the terms of the Founder Voting Agreement, and in each case upon which date such proxy and power of attorney with respect to such shares shall be automatically revoked without further action
by any Person, as defined in the Founder Voting Agreement. 
 Pursuant to the terms of the Founder Voting Agreement, any Founder may withdraw from the
agreement at any time, with or without the prior consent of any other party thereto, by concurrently (1) delivering an irrevocable written notice of withdrawal from the Founder Voting Agreement to us, the Grantee, the Trustee and each other
Founder then party to the Founder Voting Agreement and (2) delivering an irrevocable written notice of withdrawal from the Founder Voting Trust Agreement to us, the Grantee, the Trustee and each other Founder then party to the Founder Voting
Agreement pursuant to and in accordance with its terms. Upon the delivery of such notices, the withdrawing Founder will immediately cease to be a party to the Founder Voting Agreement, and the proxy and power of attorney granted by such Founder and,
if applicable, his affiliates, pursuant to the Founder Voting Agreement will be automatically revoked. In addition, a Founder will immediately cease to be a party to the Founder Voting Agreement, and the proxy and power of attorney granted by such
Founder and, if applicable, his affiliates, will be automatically revoked (1) upon his death, (2) upon the determination, in a final non-appealable order of a court of competent jurisdiction, that he
is permanently and totally disabled or (3) upon the proper delivery of a written notice of withdrawal from the Founder Voting Trust Agreement with respect to such Founder in accordance with the Founder Voting Trust Agreement. If, for a period
of six months, a Founder who is then party to the Founder Voting Agreement fails to hold or own, directly or indirectly, together with his Approved Affiliates, a certain number of our Corporation Equity Securities, and the Founders who are

  
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then party to the Founder Voting Agreement, together with their Approved Affiliates, in the aggregate do not hold or own, directly or indirectly, a number of Corporation Equity Securities at
least equal to the Ownership Threshold, the other Founders who are then party to the Founder Voting Agreement will be entitled, in their sole discretion and by their unanimous decision, to require such Founder to withdraw from the Founder Voting
Agreement and the Founder Voting Trust Agreement. Upon a discretionary or compulsory withdrawal of a Founder as a beneficiary of the Founder Voting Trust Agreement, the Trustee will instruct our transfer agent and us to convert the withdrawing
Founder’s pro rata portion of the shares of Class F common stock held in the Founder Voting Trust at the time of the withdrawal into shares of Class B common stock in accordance with our amended and restated certificate of
incorporation. 
 The Founder Voting Agreement will terminate on the date that is the earlier to occur of (1) the termination of the Founder Voting
Trust (other than any termination that occurs in connection with certain reorganizations or redomiciliations thereof) and (2) the business day following the death of the last Founder party thereto (such earlier date, the “Expiration
Date”). 
 The terms of the Founder Voting Agreement can be amended at any time and from time to time with the consent of each of the Founders then
party thereto, except that any amendment or modification that would have an adverse effect on the rights or obligations of the Grantee would require the affirmative consent of the Grantee. We are an express, intended third-party beneficiary of the
Founder Voting Agreement but will not have a general consent right with respect to amendments thereto. 
 Founder Voting Trust Agreement 

Our Founders have entered into the Founder Voting Trust Agreement, which became effective substantially concurrently with the filing and acceptance of our
amended and restated certificate of incorporation with the Secretary of State of the State of Delaware, and pursuant to which each Founder has deposited 335,000 shares of Class B common stock in the Founder Voting Trust, under which Wilmington
Trust, National Association, as Trustee, will act on behalf of the Founders. The Founders were issued trust units, which represent the shares of our Company deposited with the Trustee. 

Substantially concurrently with the filing and acceptance of our amended and restated certificate of incorporation with the Secretary of State of the State of
Delaware, all shares of Class B common stock held in the Founder Voting Trust were exchanged, pursuant to an Exchange Agreement between us and the Trustee, for an equivalent number of shares of Class F common stock, which we issued
directly to the Trustee to be held in the Founder Voting Trust. As a result of the Founder Voting Trust Agreement, the Trustee is the record owner of the shares of Class F common stock held in the Founder Voting Trust, which constitutes all of
the issued and outstanding shares of Class F common stock. 
 Pursuant to the terms of the Founder Voting Trust Agreement, the Trustee will vote the
shares of Class F common stock held in the Founder Voting Trust, or deliver or not deliver consents in respect of such shares, as a whole, in the manner determined by the instructions of our Founders who are then party to the Founder Voting
Agreement (even if the shares of Class F common stock have zero votes per share with respect to the particular matter), as further described above under “—Multi-Class Common Stock.” The Trustee will not exercise any voting
discretion over the shares of Class F common stock held in the Founder Voting Trust. 
 Pursuant to the terms of the Founder Voting Trust Agreement, a
Founder may withdraw as a beneficiary of the Founder Voting Trust Agreement at the Founder’s discretion at any time. In addition, each Founder will be deemed to have withdrawn as a beneficiary of the Founder Voting Trust Agreement immediately
upon his death or upon the determination, in a final non-appealable order of a court of competent jurisdiction, that he is permanently and totally disabled. Upon such a discretionary or compulsory withdrawal,
the Trustee will instruct our transfer agent and us to convert the withdrawing Founder’s pro rata portion of the shares of Class F common stock held in the Founder Voting Trust at the time of the withdrawal into shares of Class B
common stock in accordance with our amended and restated certificate of incorporation. Following such conversion, the Trustee will, among other actions, distribute such shares of Class B common stock to the withdrawing Founder and cancel the
withdrawing Founder’s trust units. After these actions, the withdrawing Founder will cease to be a beneficiary within the meaning of the Founder Voting Trust Agreement. 

  
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 The Founder Voting Trust Agreement contains certain covenants that, among other things, prohibit each of our
Founders from transferring his trust units and prohibit the Trustee from transferring or converting shares of Class F common stock held in the Founder Voting Trust, except in connection with a discretionary or compulsory withdrawal effected in
accordance with the terms of the Founder Voting Trust Agreement or as otherwise required by applicable law. 
 The Founder Voting Trust Agreement will
terminate upon the business day following the earliest to occur of (1) the Founder Voting Trust ceasing to hold any shares of Class B common stock or Class F common stock (as a result of transfers effected in accordance with the terms
of the Founder Voting Trust Agreement), (2) at any time there are no beneficiaries of the Founder Voting Trust and (3) upon the written approval of such termination by each of the Founders then a beneficiary of the Founder Voting Trust
Agreement. 
 The terms of the Founder Voting Trust Agreement can be amended at any time and from time to time with the consent of each of the Founders then
party thereto, except that any amendment or modification that would have an adverse effect on the rights or obligations of the Trustee would require the affirmative consent of the Trustee. We are an express, intended third-party beneficiary of the
Founder Voting Trust Agreement, but will not have a general consent right with respect to amendments thereto. The beneficiaries of the Founder Voting Trust will be required to give notice to us of certain changes in the Trustee. 

Transfer Agent and Registrar 
 The transfer agent and
registrar for our Class A common stock is Computershare Trust Company, N.A. The transfer agent and registrar’s address is 250 Royall Street, Canton, Massachusetts 02021. 

Listing 
 Our Class A common stock is listed on the
NYSE under the symbol “PLTR.” 

  
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