Document:

Exhibit 10.1

 

Execution Version

 

SPONSOR LETTER AGREEMENT

 

THIS SPONSOR LETTER AGREEMENT
(this “Sponsor Agreement”) is dated as of November 15, 2022, by and among Chavant Capital Partners LLC, a Delaware
limited liability company (the “Sponsor”), the other persons set forth on Schedule I hereto (together with
the Sponsor, each, a “SPAC Holder Party” and, collectively, the “SPAC Holder Parties”), Chavant
Capital Acquisition Corp., a Cayman Islands exempted company (“SPAC”), and Mobix Labs, Inc., a Delaware corporation,
together with its subsidiaries, affiliates and divisions (the “Company”). Capitalized terms used but not defined herein
shall have the respective meanings ascribed to such terms in the Business Combination Agreement (as defined below).

 

RECITALS

 

WHEREAS,
as of the date hereof, the SPAC Holder Parties collectively are the holders of record and the “beneficial owners” (within
the meaning of Rule 13d-3 under the Exchange Act) of 1,706,031 shares of SPAC Ordinary Shares (such shares, the “Subject
Shares”) and 2,794,332 SPAC Warrants (such warrants, the “Subject Warrants”) in the aggregate as set forth
on Schedule I attached hereto;

 

WHEREAS,
concurrently with the execution and delivery of this Sponsor Agreement, the Company, SPAC and SPAC Merger Sub, Inc., a Delaware
corporation and a direct, wholly-owned Subsidiary of SPAC (“Merger Sub”), have entered into that certain Business
Combination Agreement (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Business
Combination Agreement”), dated as of the date hereof, pursuant to which, on the terms and conditions set forth therein, among
other transactions, Merger Sub will merge with and into the Company, with the Company surviving the Merger as a wholly-owned subsidiary
of SPAC; and

 

WHEREAS,
as an inducement to SPAC and the Company to enter into the Business Combination Agreement and to consummate the transactions contemplated
therein, the parties hereto desire to agree to certain matters as set forth herein.

 

NOW,
THEREFORE, in consideration of the representations, covenants and agreements contained herein, and certain other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby
agree as follows:

 

Article I

SPONSOR LETTER AGREEMENT; COVENANTS

 

1.1            Binding
Effect of Business Combination Agreement. Each SPAC Holder Party hereby acknowledges that he, she or it has read the Business Combination
Agreement and this Sponsor Agreement and has had the opportunity to consult with his, her or its tax and legal advisors. Each SPAC Holder
Party shall be bound by and comply with Section 7.04 (Access to Information; Confidentiality), Section 7.10 (Public
Announcements), Section 7.15 (Exclusivity), and Section 7.16 (Trust Account) of the Business Combination
Agreement (and any relevant definitions contained in any such Sections) as if (a) such SPAC Holder Party was an original signatory
to the Business Combination Agreement with respect to such provisions and (b) each reference to “SPAC” contained in
Section 7.04 (Access to Information; Confidentiality), Section 7.10 (Public Announcements), Section 7.15
(Exclusivity) and Section 7.16 (Trust Account) of the Business Combination Agreement also referred to each such SPAC
Holder Party.

 

     

     

    

 

1.2            No
Transfer.

 

(a)            During
the period commencing on the date hereof and ending on the earlier of (i) the Effective Time and (ii) such date and time as
the Business Combination Agreement shall be terminated in accordance with Section 9.01 thereof (the earlier of (i) and (ii),
the “Expiration Time”), each SPAC Holder Party shall not Transfer (as defined below), directly or indirectly, any
SPAC Interest (as defined below) or SPAC Warrants, in each case except pursuant to a Permitted Transfer (as defined below).

 

(b)            “Permitted
Transfer” means any Transfer of shares of SPAC Interests, SPAC Warrants or other equity securities of SPAC (i) for any
SPAC Holder Party that is an entity (A) to any Affiliate of such SPAC Holder Party or (B) to any other SPAC Holder Party or
any person to which such other SPAC Holder Party may make a Permitted Transfer or (ii) for a SPAC Holder Party who is an individual
(A) by gift to (x) a spouse, child, grandchild, parent, grandparent or sibling, including by adoption or in-law (each, a “Family
Member”) of such individual, (y) a trust, family foundation or other estate planning vehicle, the beneficiary or beneficiaries
of which are such individual or one or more of such individual’s Family Members or (z) a charitable organization or (B) by
virtue of Laws of descent and distribution upon death of such individual; provided, however, that, in the case of (i) and
(ii), any such transferee must enter into a written agreement with the Company agreeing to be bound by this Sponsor Agreement as a SPAC
Holder Party hereunder prior to the effectiveness of such Transfer.

 

(c)            “SPAC
Interest” means SPAC Ordinary Shares at any time prior to the Domestication Effective Time and SPAC Common Stock at any time
after the Domestication Effective Time.

 

(d)            “Transfer”
shall mean, with respect to any person, (i) the sale or assignment of (including by operation of law), offer to sell, contract or
agreement to sell, hypothecate or 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 or decrease of a call equivalent position within
the meaning of Section 16 of the Exchange Act, in each case with respect to any security owned, including ownership of record or
the power to vote (including, without limitation, by proxy or power of attorney), by such person; (ii) deposit any Subject Shares
into a voting trust, enter into a voting agreement or arrangement or grant any proxy or power of attorney with respect thereto that is
inconsistent with this Sponsor Agreement; (iii) the entry into any swap or other arrangement that transfers to another person, in
whole or in part, any of the economic consequences of ownership of any security owned by such person, whether any such transaction is
to be settled by delivery of such securities, in cash or otherwise; (iv) the public announcement of any intention to effect any
transaction specified in clause (i), (ii) or (iii); or (iv) directly or indirectly, file (or participate
in the filing of) a registration statement with the SEC (other than the Proxy Statement or the Registration Statement).

 

1.3            New
Shares. In the event that (a) any SPAC Interest, SPAC Warrants or other equity securities of SPAC are issued to a SPAC Holder
Party after the date of this Sponsor Agreement pursuant to any stock dividend or distribution, stock split, recapitalization, reclassification,
combination, conversion, exercise or exchange of SPAC Interests or SPAC Warrants of, on or affecting the SPAC Interests or SPAC Warrants
owned by such SPAC Holder Party or (b) a SPAC Holder Party purchases or otherwise acquires beneficial ownership of any SPAC Interest,
SPAC Warrants or other equity securities of SPAC after the date of this Sponsor Agreement and prior to the Closing (such SPAC Interests,
SPAC Warrants or other equity securities of SPAC, collectively the “New Securities”), then such New Securities acquired
or purchased by such SPAC Holder Party shall be subject to the terms of this Sponsor Agreement to the same extent as if they constituted
the SPAC Interests or SPAC Warrants owned by such SPAC Holder Party as of the date hereof.

 

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1.4            SPAC
Holder Party Agreements Voting Obligations. During the period commencing on the date hereof
and ending at the Expiration Time, at any meeting of the stockholders of SPAC, however called, or at any adjournment thereof, and in
any action by written consent of the stockholders of SPAC, or in any other circumstance in which the vote, consent or other approval
of the stockholders of SPAC is sought, each SPAC Holder Party shall (i) appear at each such meeting or otherwise cause all of its
SPAC Interests to be counted as present thereat for purposes of calculating a quorum and (ii) vote (or cause to be voted), or execute
and deliver a written consent (or cause a written consent to be executed and delivered) covering, all of its SPAC Interests (including
all of such SPAC Holder Party’s Subject Shares, to the extent applicable):

 

(i)             in
favor of, and to approve and adopt, the SPAC Proposals;

 

(ii)           against
any Business Combination Proposal or any proposal relating to a Business Combination Proposal, in each case, other than the Merger;

 

(iii)          against
any merger agreement, merger, consolidation, combination, sale of substantial assets, reorganization, recapitalization, dissolution,
liquidation or winding up of or by SPAC (other than the Business Combination Agreement or the Ancillary Agreements and the Transactions);

 

(iv)          against
any change in the business, management or board of directors of SPAC (other than in connection with the SPAC Proposals or pursuant to
the Business Combination Agreement or the Ancillary Agreements or the Transactions); and

 

(v)           against
any proposal, action or agreement that would reasonably be expected to (A) impede, frustrate, prevent or nullify any provision of
this Sponsor Agreement, the Business Combination Agreement or the Merger, (B) result in a breach or inaccuracy of any covenant,
representation, warranty or any other obligation or agreement of SPAC under the Business Combination Agreement, (C) result in a
breach or inaccuracy of any covenant, representation, warranty or any other obligation or agreement of any SPAC Holder Party under this
Sponsor Agreement, (D) result in any of the conditions set forth in Article VIII of the Business Combination Agreement not
being fulfilled or (E) change in any manner the dividend policy or capitalization of, including the voting rights of, any class
of capital stock or other securities of SPAC (other than, in the case of this clause (E), pursuant to the Business Combination Agreement
or the Ancillary Agreements and the Transactions).

 

During the period commencing on the date hereof
and ending upon the termination of this Sponsor Agreement in accordance with Section 3.1, each SPAC Holder Party hereby agrees
that it shall not commit, agree or publicly propose any intention to take any action inconsistent with the foregoing.

 

(b)            The
obligations of each SPAC Holder Party hereunder shall apply whether or not the SPAC Board recommends any of the SPAC Proposals and whether
or not the SPAC Board changes, withdraws, withholds, qualifies or modifies, or publicly proposes to change, withdraw, withhold, qualify
or modify, any such recommendation.

 

(c)            Waiver
of Redemption Rights. Each SPAC Holder Party irrevocably and unconditionally hereby agrees that such SPAC Holder Party shall not
elect to redeem or otherwise tender or submit for redemption any SPAC Interest (including all of such SPAC Holder Party’s Subject
Shares, to the extent applicable) it holds or may hereafter acquire prior to the Effective Time pursuant to or in connection with any
exercise of Redemption Rights or otherwise in connection with the Transactions.

 

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(d)            No
Sponsor Forfeiture. If immediately prior to the Closing, (i) the Minimum Cash Condition set forth in Section 8.03(g) of
the Business Combination Agreement is not expected to be satisfied and (ii) the Company waives, in its own discretion, the Minimum
Cash Condition in writing in accordance with the Business Combination Agreement (the “Minimum Cash Condition Waiver”),
the Company hereby agrees that it shall not condition the Minimum Cash Condition Waiver on any forfeiture or surrender of any SPAC Ordinary
Shares or SPAC Warrants owned by the Sponsor or the SPAC or any other financial or economic concession by the Sponsor or the SPAC. The
Company hereby indemnifies the Sponsor for any breach of this Section 1.4(d).

 

1.5            No
Challenges. During the period commencing on the date hereof and ending upon the termination of this Sponsor Agreement in accordance
with Section 3.1, each SPAC Holder Party agrees not to commence, join in, facilitate, assist or encourage, and agrees to
take all actions within its power necessary to opt out of any class in any class action with respect to, any claim, derivative or otherwise
against SPAC, Merger Sub, the Company, the Company’s affiliates or any of their respective successors, assigns or directors (except
in any case arising out of the fraud of any such parties) (a) challenging the validity of, or seeking to enjoin the operation of,
any provision of this Sponsor Agreement or the Business Combination Agreement or (b) alleging a breach of any fiduciary duty of
any person in connection with the evaluation, negotiation or entry into the Business Combination Agreement. Notwithstanding the foregoing,
nothing herein shall be deemed to prohibit such SPAC Holder Party from enforcing such SPAC Holder Party’s rights under this Sponsor
Agreement and the other agreements entered into by such SPAC Holder Party in connection herewith, or otherwise in connection with the
Merger or the other transactions contemplated by the Business Combination Agreement.

 

1.6            Further
Assurances. Each SPAC Holder Party shall execute and deliver, or cause to be executed and delivered, such additional documents, and
shall use commercially reasonable efforts to take, or cause to be taken, all such further actions and do, or cause to be done, all things
reasonably necessary or reasonably requested (including under applicable Laws) to effect the actions required to consummate the Merger
and the other transactions contemplated by this Sponsor Agreement and the Business Combination Agreement, in each case, on the terms
and subject to the conditions set forth therein and herein, as applicable.

 

1.7            No
Inconsistent Agreement. Each SPAC Holder Party hereby covenants and agrees that such SPAC Holder Party shall not (a) enter into
any voting agreement or voting trust with respect to any of the Subject Shares or Subject Warrants that is inconsistent with such SPAC
Holder Party’s obligations pursuant to this Sponsor Agreement, (b) grant a proxy or power of attorney with respect to any
of such SPAC Holder Party’s Subject Shares or Subject Warrants that is inconsistent with such SPAC Holder Party’s obligations
pursuant to this Sponsor Agreement and (c) enter into any agreement or undertaking that is otherwise inconsistent with, or would
restrict, limit or interfere with, the performance of such SPAC Holder Party’s obligations hereunder.

 

1.8            Consent
to Disclosure. Each SPAC Holder Party hereby consents to the publication and disclosure in any announcement or disclosure required
by applicable securities Laws, the SEC or any other securities authorities of such SPAC Holder Party’s identity and ownership of
the Subject Shares and Subject Warrants and the nature of such SPAC Holder Party’s obligations under this Sponsor Agreement; provided,
that, prior to any such publication or disclosure, the Company and SPAC have provided such SPAC Holder Party with an opportunity to review
and comment upon such announcement or disclosure, which comments the Company and SPAC will consider in good faith; provided, further,
that the foregoing proviso shall not apply to any such publication or disclosure the content of which concerning the foregoing does not
substantially differ from any prior such publication or disclosure. Each SPAC Holder Party shall promptly provide any information reasonably
requested by SPAC or the Company for any regulatory application or filing made or approval sought in connection with the transactions
contemplated by the Business

 

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Combination Agreement, which approval or filing is specifically set forth in the Business Combination Agreement
(including filings with the SEC), except for any information that is subject to attorney-client privilege or confidentiality obligations
(provided, that with respect to any confidentiality obligations, (a) such SPAC Holder Party shall use its commercially reasonable
efforts to obtain a waiver of any such confidentiality obligations and (b) such SPAC Holder Party, SPAC and the Company shall cooperate
in good faith to enable disclosure of such information to the maximum extent possible in a manner that complies with such confidentiality
obligation).

 

1.9            No
Agreement as Director or Officer. Notwithstanding any provision of this Sponsor Agreement to the contrary, each SPAC Holder Party
is signing this Sponsor Agreement solely in his, her or its capacity as a stockholder of SPAC. No SPAC Holder Party makes any agreement
or understanding in this Sponsor Agreement in such SPAC Holder Party’s capacity (or in the capacity of any Affiliate, partner,
manager, director, officer, member, equityholder or employee of such SPAC Holder Party) as a director, officer or employee of SPAC (if
applicable) or in any SPAC Holder Party’s capacity (or in the capacity of any Affiliate, partner, manager, director, officer, member,
equityholder or employee of such SPAC Holder Party) as a trustee or fiduciary of any employee benefit plan or trust. Nothing in this
Sponsor Agreement will be construed to prohibit, limit or restrict a SPAC Holder Party from exercising his or her fiduciary duties as
an officer or director to SPAC or its equityholders.

 

1.10          Closing
Date Deliverables. On the Closing Date, each SPAC Holder Party shall deliver to the SPAC and
the Company a duly executed copy of that certain Investor Registration Rights and Lock-Up Agreement, in substantially the form attached
as Exhibit B to the Business Combination Agreement.

 

Article II

REPRESENTATIONS AND WARRANTIES

 

2.1            Representations
and Warranties of the SPAC Holder Parties. Each SPAC Holder Party represents and warrants as of the date hereof to SPAC and the Company
(solely with respect to itself, himself or herself and not with respect to any other SPAC Holder Party) as follows:

 

(a)            Organization;
Due Authorization.

 

(i)            If
such SPAC Holder Party is not an individual, it is duly organized, validly existing and in good standing under the Laws of the jurisdiction
of its formation or incorporation (as applicable), and has the requisite corporate, limited liability company or organizational power
and authority and all necessary governmental approvals to own, lease and operate its properties and to carry on its business as it is
now being conducted, and the execution, delivery and performance of this Sponsor Agreement and the consummation of the transactions contemplated
hereby have been duly and validly authorized by all necessary corporate, limited liability company or organizational action, and no other
corporate proceedings on the part of such SPAC Holder Party are necessary to authorize this Sponsor Agreement or to consummate the transactions
contemplated hereby. If such SPAC Holder Party is an individual, such SPAC Holder Party has full legal capacity, right and authority
to execute and deliver this Sponsor Agreement and to perform his or her obligations hereunder. This Sponsor Agreement has been duly executed
and delivered by such SPAC Holder Party and, assuming due authorization, execution and delivery by the other parties to this Sponsor
Agreement, this Sponsor Agreement constitutes a legally valid and binding obligation of such SPAC Holder Party, enforceable against such
SPAC Holder Party in accordance with the terms hereof, except as limited by Laws of general application affecting enforcement of creditors’
rights generally, by general equitable principles. If this Sponsor Agreement is being executed in a representative or fiduciary capacity,
the person signing this Sponsor Agreement has full power and authority to enter into this Sponsor Agreement on behalf of the applicable
SPAC Holder Party; and

 

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(ii)            Other
than any consent, approval, authorization, permit, filing or notification pursuant to, in compliance with or required to be made under
the Exchange Act or in connection with the Business Combination Agreement, no consents, approvals, authorization or permit of, or filing
with or notification are required to be obtained by such SPAC Holder Party from, or to be given by such SPAC Holder Party to, or be made
by such SPAC Holder Party with, any Governmental Authority in connection with the execution, delivery and performance by such SPAC Holder
Party of this Sponsor Agreement, the consummation of the transactions contemplated hereby or the Merger and the other transactions contemplated
by the Business Combination Agreement, as applicable.

 

(iii)           The
execution, delivery and performance by such SPAC Holder Party of this Sponsor Agreement and the consummation by such SPAC Holder Party
of the transactions contemplated by this Sponsor Agreement do not and will not (A) conflict with or violate, in any respect, any
Law applicable to such SPAC Holder Party by which any property or asset of such SPAC Holder Party is bound, (B) require any consent
or notice, or result in any violation or breach of, or conflict with, or constitute (with or without notice or lapse of time or both)
a default (or give rise to any right of purchase, termination, amendment, acceleration or cancellation) under, result in the loss of
any benefit under, or result in the triggering of any payments (including any right of acceleration of any royalties, fees, profit participations
or other payments to any Person) pursuant to, any of the terms, conditions or provisions of any contract by which any such SPAC Holder
Party’s properties or assets are bound or any order from any Governmental Authority or Law applicable to such SPAC Holder Party
or their properties or assets, or (C) result in the creation of a Lien on any property or asset of such SPAC Holder Party, except
in the case of clauses (A), (B) and (C) above as would not reasonably be expected, either individually or in the aggregate,
to impair in any material respect the ability of such SPAC Holder Party to timely perform its obligations hereunder or consummate the
transactions contemplated hereby.

 

(b)            Ownership.
Such SPAC Holder Party is the record and “beneficial owner” (within the meaning of Rule 13d-3 of the Exchange Act) of,
and has good, valid and marketable title to, all of such SPAC Holder Party’s Subject Shares and Subject Warrants, and there exist
no Liens or any other limitation or restriction (including any restriction on the right to vote, sell or otherwise dispose of such Subject
Shares or Subject Warrants (other than transfer restrictions under the Securities Act)) affecting any such Subject Shares or Subject
Warrants, other than Liens pursuant to (i) this Sponsor Agreement, (ii) the SPAC Organizational Documents, (iii) the Business
Combination Agreement or (iv) any applicable securities Laws. Such SPAC Holder Party’s Subject Shares and Subject Warrants
are the only equity securities of SPAC owned of record or beneficially by such SPAC Holder Party as of the date hereof, and none of such
SPAC Holder Party’s Subject Shares or Subject Warrants are subject to any proxy, voting trust or other agreement, arrangement or
undertaking that is inconsistent with, or would restrict, limit or interfere with, the performance of such SPAC Holder Party’s
obligations hereunder. Other than the Subject Warrants, such SPAC Holder Party does not hold or own any rights to acquire (directly or
indirectly) any equity securities of SPAC or any securities convertible into, or which can be exchanged for, equity securities of SPAC.

 

(c)            No
Conflicts. The execution and delivery of this Sponsor Agreement by such SPAC Holder Party does not, the performance by such SPAC
Holder Party of his, her or its obligations hereunder will not, and the consummation of the transactions contemplated hereby or the Merger
and the other transactions contemplated by the Business Combination Agreement will not, (i) if such SPAC Holder Party is not an
individual, conflict with or violate the organizational documents of such SPAC Holder Party, (ii) assuming that all consents, approvals,
authorizations and other actions described in Section 2.1(a)(ii) have been obtained and all filings and obligations
described in Section 2.1(a)(ii) have been made, conflict with or violate any Law, rule, regulation, order, judgment
or decree applicable to such SPAC Holder Party, or (iii) result in any breach of, or constitute a default (or an event which, with
notice or lapse of time or both, would become a default) under, or give to others any rights of termination, amendment, acceleration

 

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or cancellation of, or result in the creation of a Lien on any property or asset of such SPAC Holder Party pursuant to, any note, bond,
mortgage, indenture, contract, agreement, lease, license, permit, franchise or other instrument or obligation to which such SPAC Holder
Party is a party or by which such SPAC Holder Party or any of its properties or assets is bound or affected, in each case, to the extent
such consent, approval or other action would prevent, enjoin or materially delay the performance by such SPAC Holder Party of its, his
or her obligations under this Sponsor Agreement, except, in the case of clauses (ii) and (iii) directly above, for any such
breach, violation, termination, default, creation, acceleration, lien or change that would not, individually or in the aggregate, reasonably
be expected to prevent, enjoin or materially delay or impair such SPAC Holder Party’s ability to perform its obligations hereunder
or to consummate the transactions contemplated hereby, the consummation of the Merger or the other transactions contemplated by the Business
Combination Agreement.

 

(d)            Litigation.
There is no Action pending against such SPAC Holder Party or, to the knowledge of such SPAC Holder Party, threatened against such SPAC
Holder Party, or any property or asset of such SPAC Holder Party, before (or, in the case of threatened Actions, that would be before)
any Governmental Authority, which in any manner challenges or seeks to prevent, enjoin or materially delay the performance by such SPAC
Holder Party of its, his or her obligations under this Sponsor Agreement.

 

(e)            Brokerage
Fees. Except as set forth in Section 5.13 of the Business Combination Agreement, no broker, finder or investment banker is entitled
to any brokerage fee, finders’ fee or other fee or commission in connection with the transactions contemplated by the Business
Combination Agreement based upon arrangements made by such SPAC Holder Party, for which SPAC or any of its affiliates may become liable.

 

(f)            Acknowledgment.
Such SPAC Holder Party understands and acknowledges that each of SPAC and the Company is entering into the Business Combination Agreement
in reliance upon such SPAC Holder Party’s execution and delivery of this Sponsor Agreement and the representations, warranties,
covenants and other agreements of such SPAC Holder Party contained herein.

 

(g)            No
Other Representations or Warranties. Except for the representations and warranties made by each SPAC Holder Party (solely with respect
to itself, himself or herself and not with respect to any other SPAC Holder Party) in this Article II and in other Ancillary
Agreements, no SPAC Holder Party nor any other person makes any express or implied representation or warranty to SPAC or the Company
in connection with this Sponsor Agreement or the transactions contemplated by this Sponsor Agreement, and each SPAC Holder Party expressly
disclaims any such other representations or warranties.

 

Article III

MISCELLANEOUS

 

3.1            Termination.
This Sponsor Agreement and all of its provisions shall terminate and be of no further force or effect upon the earlier of (a) the
Expiration Time and (b) the written agreement of the Sponsor, SPAC and the Company to terminate this Sponsor Agreement; provided,
that if the Closing occurs, Section 1.5 (and this Article III) shall survive the Closing in accordance with its
terms. Upon such termination of this Sponsor Agreement, all obligations of the parties under this Sponsor Agreement will terminate, without
any liability or other obligation on the part of any party hereto to any person in respect hereof or the transactions contemplated hereby,
and no party hereto shall have any claim against another (and no person shall have any rights against such party), whether under contract,
tort or otherwise, pursuant to this Sponsor Agreement; provided, however, that the termination of this Sponsor Agreement
shall not relieve any party hereto from liability arising in respect of such party’s willful material breach of this Sponsor Agreement
occurring prior to such termination, provided, further, if the Closing occurs, Section 1.5 (and this Article III)
shall survive the Closing in accordance with its terms.

 

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3.2            Governing
Law; Arbitration; Specific Performance. Sections 10.06 and 10.10 of the Business Combination Agreement shall apply to this Sponsor
Agreement mutatis mutandis.

 

3.3            Assignment.
This Sponsor Agreement and all of the provisions hereof will be binding upon, inure to the benefit of and be enforceable by the parties
hereto and their respective heirs, successors and permitted assigns. Neither this Sponsor Agreement nor any of the rights, interests
or obligations hereunder shall be assigned by any of the parties hereto in whole or in part (whether by operation of Law or otherwise)
without the prior written consent of each of the other parties hereto, and any such assignment without such consent shall be null and
void.

 

3.4            Specific
Performance. Subject to Section 3.2, the parties hereto agree that irreparable damage would occur if any provision of
this Sponsor Agreement were not performed in accordance with the terms hereof, and, accordingly, that the parties hereto shall, to the
fullest extent permitted by applicable Law, be entitled to an injunction or injunctions to prevent breaches of this Sponsor Agreement
or to enforce specifically the performance of the terms and provisions hereof (including the parties’ obligation to consummate
the Merger), in addition to any other remedy to which they are entitled at law or in equity as expressly permitted in this Sponsor Agreement.

 

3.5            Amendment;
Waiver. This Sponsor Agreement may not be amended, supplemented or otherwise modified, and no provision of this Sponsor Agreement
may be waived, except upon the execution and delivery of a written agreement executed by SPAC, the Company and the Sponsor and, if such
amendment, supplement, modification or waiver adversely affects any other SPAC Holder Party, such SPAC Holder Party. No single or partial
exercise of any right, power or privilege hereunder will preclude any other or further exercise thereof or the exercise of any other
right, power or privilege. The rights and remedies of the parties hereto hereunder are cumulative and are not exclusive of any rights
or remedies which they would otherwise have hereunder.

 

3.6            Severability.
If any provision of this Sponsor Agreement is held invalid or unenforceable by any court of competent jurisdiction, the other provisions
of this Sponsor Agreement will remain in full force and effect. Any provision of this Sponsor Agreement held invalid or unenforceable
only in part or degree will remain in full force and effect to the extent not held invalid or unenforceable.

 

3.7            Notices.
All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given (and shall be deemed
to have been duly given upon receipt) by delivery in person, by email or by registered or certified mail (postage prepaid, return receipt
requested) to the respective parties at the following addresses (or at such other address for a party as shall be specified in a notice
given in accordance with this Section 3.7):

 

If
to SPAC or Sponsor prior to the Closing Date:

 

Chavant Capital Acquisition Corp.

445 Park Avenue

New York, NY 10022

Attention: Jiong Ma, Chief Executive
Officer

E-mail: [****]

 

with
a copy to (which shall not be deemed to be Notice):

 

Simpson Thacher & Bartlett LLP

425 Lexington Avenue

New York, NY 10017

 

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	Attention:	John C. Ericson
	 	Benjamin P. Schaye

E-mail: 
jericson@stblaw.com

E-mail:  ben.schaye@stblaw.com

 

If
to the Company:

 

Mobix Labs, Inc.

15420 Laguna Canyon Drive, Suite 100

Irvine, California 92618

Attention: Chief Executive Officer

E-mail:  legal@mobixlabs.com

 

with
a copy to (which shall not be deemed to be Notice):

 

Greenberg Traurig, LLP

18565 Jamboree Road, Suite 500

Irvine, California 92614

	Attention:	Raymond A. Lee
	 	Alan I. Annex

E-mail:  leer@gtlaw.com

E-mail:  annexa@gtlaw.com

 

If
to a SPAC Holder Party:

 

To such SPAC Holder Party’s address set forth in Schedule
I

with a copy (which will not constitute actual or constructive notice) to:

 

Simpson Thacher & Bartlett LLP

425 Lexington Avenue

New York, NY 10017

	Attention:	John C. Ericson
	 	Benjamin P. Schaye

E-mail:  jericson@stblaw.com

E-mail:  ben.schaye@stblaw.com

 

3.8            Counterparts.
This Sponsor Agreement may be executed in two or more counterparts (any of which may be delivered by electronic transmission), each of
which shall constitute an original, and all of which taken together shall constitute one and the same instrument.

 

3.9            Entire
Agreement. This Sponsor Agreement, the Business Combination Agreement, the Ancillary Agreements and the other agreements referenced
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 to the extent they relate in any way to the subject
matter hereof.

 

3.10          Contractual
Relationship. This Sponsor Agreement is intended to create, and creates a contractual relationship and is not intended to create,
and does not create, any agency, partnership, joint venture or any like relationship between the parties hereto.

 

    -9-

     

    

 

3.11          Interpretation
and Construction. Unless the context of this Sponsor Agreement otherwise requires, (i) words
of any gender include each other gender, (ii) words using the singular or plural number also include the plural or singular number,
respectively, (iii) the terms “hereof,” “herein,” “hereby,” “hereto” and derivative
or similar words refer to this entire Sponsor Agreement, (iv) the terms “Section” and “Schedule” refer to
the specified Section or Schedule of or to this Sponsor Agreement, (v) the word “including” means “including
without limitation,” (vi) the word “or” shall be disjunctive but not exclusive, (vii) references to agreements
and other documents shall be deemed to include all subsequent amendments and other modifications thereto, (viii) references to statutes
shall include all regulations promulgated thereunder and references to statutes or regulations shall be construed as including all statutory
and regulatory provisions consolidating, amending or replacing the statute or regulation, (ix) the word “extent” in
the phrase “to the extent” shall mean the degree to which a subject or other thing extends, and such phrase shall not mean
simply “if”, and (x) the word “shall” and the word “will” indicate a mandatory obligation. The
language used in this Sponsor Agreement shall be deemed to be the language chosen by the parties to express their mutual intent and no
rule of strict construction shall be applied against any party. Whenever this Sponsor Agreement refers to a number of days, such
number shall refer to calendar days unless Business Days are specified. If any action is to be taken or given on or by a particular calendar
day, and such calendar day is not a Business Day, then such action may be deferred until the next Business Day.

 

[Remainder of page intentionally left
blank]

 

    -10-

     

    

 

IN WITNESS WHEREOF, the SPAC
Holder Parties, SPAC and the Company have each caused this Sponsor Agreement to be duly executed as of the date first written above.

 

	 	SPONSOR:
	 	 
	 	CHAVANT CAPITAL PARTNERS LLC
	 	 
	 	By: Chavant Manager LLC, its Manager
	 	 
	 	 
	 	By: 	/s/ Jiong Ma
	 	Name:	Jiong Ma
	 	Title:	Manager
	 	 
	 	 
	 	DIRECTOR AND OFFICER HOLDERS:
	 	 
	 	 
	 	/s/ André -Jacques Auberton-Hervé
	 	André -Jacques Auberton-Hervé
	 	 
	 	 
	 	/s/ Patrick J. Ennis
	 	Patrick J. Ennis
	 	 
	 	 
	 	/s/ Karen Kerr
	 	Karen Kerr
	 	 
	 	 
	 	/s/ Michael Lee
	 	Michael Lee
	 	 
	 	 
	 	/s/ Jiong Ma
	 	Jiong Ma
	 	 
	 	 
	 	/s/ Bernhard Stapp
	 	Bernhard Stapp

 

[Signature Page to Sponsor Letter Agreement]

 

     

     

    

 

	 	SPAC:
	 	 	 
	 	CHAVANT CAPITAL ACQUISITION CORP.
	 	 	 
	 	 	 
	 	By:	/s/ Jiong Ma
	 	Name: 	Jiong Ma
	 	Title:	Chief Executive Officer

 

[Signature Page to Sponsor Letter Agreement]

 

     

     

    

 

	 	COMPANY:
	 	 	 
	 	MOBIX LABS, INC.
	 	 	 
	 	 	 
	 	By:	/s/ Keyvan Samini
	 	Name:	Keyvan Samini
	 	Title:	President and Chief Financial Officer

 

[Signature Page to Sponsor Letter Agreement]

 

     

     

    

 

Schedule I

SPAC Holder Party; SPAC Ordinary Shares and
SPAC Warrants

 

	SPAC Holder Party	 	SPAC Ordinary
 Shares	 	 	SPAC Warrants	 
	Chavant Capital Partners LLC 
c/o Chavant Capital Acquisition Corp. 
445 Park Avenue, 9th Floor, New York NY 10022	 	 	1,580,813	 	 	 	2,794,332	 
	Jiong Ma1
 c/o Chavant Capital Acquisition Corp.
 445 Park Avenue, 9th Floor, New York NY 10022
	 	 	1,580,813	 	 	 	2,794,332	 
	André-Jacques Auberton-Hervé 
c/o Chavant Capital Acquisition Corp. 
445 Park Avenue, 9th Floor, New York NY 10022	 	 	27,826	 	 	 	—	 
	Patrick Ennis 
c/o Chavant Capital Acquisition Corp. 
445 Park Avenue, 9th Floor, New York NY 10022	 	 	24,348	 	 	 	—	 
	Karen Kerr 
c/o Chavant Capital Acquisition Corp. 
445 Park Avenue, 9th Floor, New York NY 10022	 	 	24,348	 	 	 	—	 
	Michael Lee 
c/o Chavant Capital Acquisition Corp. 
445 Park Avenue, 9th Floor, New York NY 10022	 	 	24,348	 	 	 	—	 
	Bernhard Stapp 
c/o Chavant Capital Acquisition Corp. 
445 Park Avenue, 9th Floor, New York NY 10022	 	 	24,348	 	 	 	—	 
	Total	 	 	1,706,031	 	 	 	2,794,332	 

 

 

1
Jiong Ma is the manager of the Sponsor. Jiong Ma is the sole member of Chavant Capital Partners Manager LLC and has voting
and investment discretion with respect to the ordinary shares held of record by the Sponsor. Dr. Ma disclaims any beneficial ownership
of the securities held by the Sponsor, except to the extent of her pecuniary interest therein.Exhibit 10.2

 

Execution Copy

 

SUBSCRIPTION AGREEMENT

 

Chavant Capital Acquisition Corp.

445 Park Avenue, 9th Floor

New York, NY 10022

 

Ladies and Gentlemen:

 

In connection with the proposed business combination (the “Transaction”)
between Chavant Capital Acquisition Corp., an exempted company incorporated under the laws of the Cayman Islands (together with any successor
thereto, including after the Domestication (as defined below), the “Company”), and Mobix Labs, Inc., a Delaware
corporation (“Mobix”), ACE SO4 Holdings Limited, the undersigned subscriber (the “Subscriber”)
desires to subscribe for and purchase from the Company, and the Company desires to sell and issue to the Subscriber, that number of shares
of Class A common stock of the Company (after giving effect to the Domestication), par value $0.00001 per share (referred to herein
as the “Common Shares”), set forth on the signature page hereof for a purchase price of $10.00 per share (the
 “Per Share Price” and the aggregate of such Per Share Price for all Shares subscribed for by the Subscriber being
referred to herein as the “Purchase Price”), on the terms and subject to the conditions contained herein. In connection
with the Transaction, certain other “accredited investors” (as defined in Rule 501(a) under the Securities Act
of 1933, as amended (the “Securities Act”)) or “qualified institutional buyers” (as defined in Rule 144A
under the Securities Act) may enter into separate subscription agreements with the Company with terms no more favorable than the terms
of this Subscription Agreement (the “Other Subscription Agreements”), pursuant to which such investors (the “Other
Subscribers”), together with the Subscriber pursuant to this Subscription Agreement, would severally and not jointly, agree
to purchase on the closing date of the Transaction (the “Transaction Closing Date”) additional Common Shares at the
Per Share Price (the Subscriber, together with any Other Subscribers, are referred to herein collectively as the “Subscribers”).
In connection therewith, the Subscriber and the Company agree as follows:

 

1. Subscription; Additional Shares.

 

a. Subject to the terms and conditions set forth in this Subscription
Agreement, the Subscriber hereby subscribes for and agrees to purchase from the Company at the Subscription Closing (as defined herein),
and the Company agrees to issue and sell to the Subscriber, such number of Common Shares as is set forth on the signature page of
this Subscription Agreement (the “Shares”).

 

b. In the event that the Adjustment Period VWAP (as defined herein)
is less than $10.00 per Share (as adjusted for any stock split, reverse stock split or similar adjustment following the closing of the
Transaction), Subscriber (or its permitted assigns) shall be entitled to receive from the Company a number of additional newly issued
Common Shares equal to the product of (x) the number of Common Shares issued to Subscriber (or its permitted assigns) on the Transaction
Closing Date that Subscriber (or its permitted assigns) holds on the Measurement Date (as defined herein), multiplied by (y) a fraction,
(A) the numerator of which is $10.00 (as adjusted for any stock split, reverse stock split or similar adjustment following the closing
of the Transaction) minus the Adjustment Period VWAP, and (B) the denominator of which is the Adjustment Period VWAP (such additional
shares, the “Additional Shares”). Notwithstanding anything to the contrary herein, no fraction of a Common Share will
be issued pursuant to this Section 1(b), and if Subscriber (or its permitted assigns) would otherwise be entitled to a fraction
of a Common Share, the number of Additional Shares to be issued

 

     

     

    

 

to Subscriber (or its permitted assigns) will instead be rounded down
to the nearest whole Common Share, without payment in lieu of such fractional Common Share. The Subscriber acknowledges and agrees that,
as a result of the Domestication, the Additional Shares, if any, issued pursuant to this Section 1(b) shall be shares of common
stock in a Delaware corporation (and not shares in a Cayman Islands exempted company).

 

c. For purposes of this Subscription Agreement: (i) the “Adjustment
Period VWAP” means the higher of (x) the average of the VWAP of a Common Share, determined for each of the Trading Days
during the Adjustment Period (as defined herein), and (y) $7.00 (as adjusted for any stock split, reverse stock split or similar
adjustment following the closing of the Transaction); (ii) the “Adjustment Period” means the thirty (30) calendar
day period beginning on and including the date that is thirty (30) calendar days after the Resale Shelf Effectiveness Date; (iii) “business
day” means a day, other than a Saturday, Sunday or other day on which commercial banks in New York, New York or governmental
authorities in the Cayman Islands (for so long as Company remains domiciled in Cayman Islands) are authorized or required by law to close;
(iv) the “Measurement Date” means the last day of the Adjustment Period; (v) “Stock Exchange”
means the securities exchange or market, if any, on which the Common Shares are then listed; (vi) “Trading Day”
means any day on which (A) there is no VWAP Market Disruption Event and (B) trading in the Common Shares generally occurs on
the Stock Exchange; provided that, if the Common Shares are not so listed or traded on a Stock Exchange, then “Trading Day”
means a business day; (vii) “VWAP Market Disruption Event” means, with respect to any date, (A) the failure
by the Stock Exchange to open for trading during its regular trading session on such date or (B) the occurrence or existence, for
more than a one half-hour period in the aggregate, of any suspension or limitation imposed on trading (by reason of movements in price
exceeding limits permitted by the relevant exchange or otherwise) in the Common Shares or in any options contracts or futures contracts
relating to the Common Shares, and such suspension or limitation occurs or exists at any time before 1:00 p.m., New York City time, on
such date; (viii) “VWAP” means, for any Trading Day, the per share volume weighted average price of the Common
Shares as displayed under the heading “Bloomberg VWAP” on the applicable Bloomberg page (or, if such page is not
available, its equivalent successor page) in respect of the period from the scheduled open of trading until the scheduled close of trading
of the primary trading session on such Trading Day (or, if such volume weighted average price is unavailable, the market value of one
Common Share on such Trading Day, determined, using a volume weighted average price method, by a nationally recognized independent investment
banking firm selected by the Company); and (ix) “Resale Shelf Effectiveness Date” means the date on which the
Initial Registration Statement (as defined herein) is declared effective by the Commission (as defined below). The VWAP will be determined
without regard to after-hours trading or any other trading outside of the regular trading session.

 

2. Closing; Additional Closing.

 

a. The consummation of the sale of the Shares contemplated hereby
(the “Subscription Closing”) is contingent upon the substantially concurrent consummation of the Transaction (the
 “Transaction Closing”). The Subscription Closing shall occur on the date of, and immediately prior to, the Transaction
Closing, but after the Company’s de-registration as an exempted company in the Cayman Islands and domestication into the State
of Delaware pursuant to the applicable provisions of the Cayman Islands Companies Act (As Revised) and the Delaware General Corporation
Law, as amended (the “Domestication”). Not less than five business days prior to the scheduled Transaction Closing
Date, the Company shall provide written notice to the Subscriber (the “Closing Notice”) (i) setting forth the
scheduled Transaction Closing Date, (ii) stating that the Company reasonably

 

     

     

    

 

expects all conditions to the Transaction Closing to
be satisfied or waived, and (iii) including wire instructions for delivery of the Purchase Price to the Escrow Agent (as defined
below). Following delivery of the Closing Notice, and upon satisfaction or waiver of the conditions set forth in Section 2 and Section 3
below, the Subscriber shall deliver to a third-party escrow agent to be identified in the Closing Notice (the “Escrow Agent”),
at least two business days prior to the Transaction Closing Date specified in the Closing Notice, the Purchase Price, which shall be
held in a segregated escrow account for the benefit of the Subscriber (the “Escrow Account”) until the Subscription
Closing pursuant to the terms of a customary escrow agreement, to be entered into by the Company and the Escrow Agent (the “Escrow
Agreement”), by wire transfer of United States dollars in immediately available funds to the account specified by the Company
in the Closing Notice. On the Transaction Closing Date, the Company shall deliver to the Subscriber (i) the Shares in book-entry
form, or, if required by the Subscriber, certificated form, free and clear of any liens or other restrictions whatsoever (other than
those arising under state or federal securities laws as set forth herein), in the name of the Subscriber (or its nominee in accordance
with its delivery instructions) or to a custodian designated by the Subscriber, as applicable, and (ii) a copy of the records of
the Company’s transfer agent showing the Subscriber (or such nominee or custodian) as the owner of the Shares on and as of the
Transaction Closing Date. Upon delivery of the Shares to the Subscriber (or its nominee or custodian, if applicable), the Purchase Price
shall be released from the Escrow Account automatically and without further action by the Company or the Subscriber.

 

Notwithstanding the foregoing in this Section 2, if the Subscriber
informs the Company (1) that it is an investment company registered under the Investment Company Act of 1940, as amended (the “Investment
Company Act”), (2) that it is advised by an investment adviser subject to regulation under the Investment Advisers Act
of 1940, as amended (the “Investment Advisers Act”), or (3) that its internal compliance policies and procedures
so require it, then, in lieu of the settlement procedures provided above, the following shall apply: the Subscriber shall deliver as
soon as practicable prior to the Transaction Closing on the Transaction Closing Date, following receipt of evidence from the Company’s
transfer agent of the issuance to the Subscriber of the Shares, on and as of the Transaction Closing Date, the Purchase Price for the
Shares by wire transfer of United States dollars in immediately available funds to an account of the Company as specified by the Company
in the Closing Notice against delivery by the Company to the Subscriber of the Shares in book entry form, or if required by the Subscriber,
certificated form, free and clear of any liens or other restrictions (other than those arising under state or federal securities laws
as set forth herein), in the name of the Subscriber (or its nominee in accordance with its delivery instructions) and evidence from the
Company’s transfer agent of the issuance to the Subscriber of the Shares on and as of the Transaction Closing Date.

 

If the Transaction Closing does not occur within two business days
following the Subscription Closing, the Company shall promptly (but not later than two business days thereafter) cause the Purchase Price
to be returned to the Subscriber by wire transfer of U.S. dollars in immediately available funds to the account specified by the Subscriber,
and any book-entries or certificates representing the Shares shall be deemed repurchased and cancelled (and, in the case of certificated
shares, the Subscriber shall promptly return such certificates to the Company or, as directed by the Company, to the Company’s
representative or agent); provided that, unless this Subscription Agreement has been terminated pursuant to Section 8 hereof,
such return of funds shall not terminate this Subscription Agreement, and the Subscriber shall remain obliged to (i) redeliver funds
to the Escrow Agent or the Company, as applicable, in accordance with this Section 2 following the Company’s delivery to the
Subscriber of a new Closing Notice not less than two business days prior

 

     

     

    

 

to the new scheduled Transaction Closing Date and (ii) consummate
the Subscription Closing immediately prior to or substantially concurrently with the Transaction Closing.

 

If this Subscription Agreement terminates in accordance with Section 8
hereof following the delivery by the Subscriber of the Purchase Price for the Shares, the Company shall promptly (but not later than
two business days after such termination) cause the Purchase Price to be returned to the Subscriber by wire transfer of U.S. dollars
in immediately available funds to the account specified by the Subscriber.

 

b. If applicable, the issuance of the Additional Shares contemplated
hereby (the “Additional Closing” and together with the Subscription Closing, each, a “Closing”)
shall occur on the fifth (5th) business day following the Measurement Date (the “Additional Closing Date” and together
with the date of the Subscription Closing, each, a “Closing Date”). On the Additional Closing Date, the Company shall,
upon satisfaction (or, if applicable, waiver) of the conditions set forth in Section 3, issue the Additional Shares to Subscriber
and shall deliver (i) the Additional Shares in book entry form or, if required by the Subscriber, certificated form, free and clear
of any liens or other restrictions whatsoever (other than those arising under state or federal securities laws as set forth herein),
in the name of the Subscriber (or its nominee in accordance with its delivery instructions) or to a custodian designated by the Subscriber,
as applicable, and (ii) a copy of the records of the Company’s transfer agent showing the Subscriber (or such nominee or custodian)
as the owner of the Common Shares on and as of the Additional Closing Date.

 

3. Closing Conditions.

 

a. The obligations of the Company to consummate the transactions contemplated
hereunder are subject to the conditions that, at the applicable Closing Date:

 

	 	i.	all representations and warranties
    of the Subscriber contained in this Subscription Agreement shall be true and correct in all material respects (other than representations
    and warranties that are qualified as to materiality, which representations and warranties shall be true and correct in all respects)
    at and as of such Closing Date as though made on such Closing Date (except for those representations and warranties that speak as
    of a specific date, which shall be so true and correct in all material respects (other than representations and warranties that are
    qualified as to materiality, which representations and warranties shall be true and correct in all respects) as of such specified
    date) (collectively, the “Subscriber Bring-Down Condition”), and the Subscriber agrees that consummation of the
    transactions contemplated hereunder on such Closing Date shall constitute a certification by the Subscriber to the Company that the
    Subscriber Bring-Down Condition has been satisfied; and 
	 	 	 
	 	ii.	the Subscriber shall have performed
    or complied in all material respects with all agreements and covenants required by this Subscription Agreement to be performed or
    complied with by the Subscriber at or prior to such Closing Date.

 

b. The obligations of the Subscriber to consummate the transactions
contemplated hereunder are subject to the conditions that, at the applicable Closing Date:

 

     

     

    

 

	 	i.	all representations and warranties
    of the Company contained in this Subscription Agreement shall be true and correct in all material respects (other than representations
    and warranties that are qualified as to materiality or Material Adverse Effect (as defined herein), which representations and warranties
    shall be true and correct in all respects) at and as of such Closing Date as though made on such Closing Date (except for those representations
    and warranties that speak as of a specific date, which shall be so true and correct in all material respects (other than representations
    and warranties that are qualified as to materiality or Material Adverse Effect, which representations and warranties shall be true
    and correct in all respects) as of such specified date) (collectively, the “Company Bring-Down Condition”), and
    the Company agrees that consummation of the transactions contemplated hereunder on such Closing Date shall constitute a certification
    by the Company to the Subscriber that the Company Bring-Down Condition has been satisfied;
	 	 	 
	 	ii.	the Company shall have performed
    or complied in all material respects with all agreements and covenants required by this Subscription Agreement; 
	 	 	 
	 	iii.	no amendment, modification or waiver
    of any provision of the Transaction Agreement (as defined below and as the same exists on the date hereof) shall have occurred that
    reasonably would be expected to materially and adversely affect the economic benefits that the Subscriber reasonably would expect
    to receive under this Subscription Agreement, without having received the Subscriber’s prior written consent, which such prohibition,
    for the avoidance of doubt, shall not include the waiver of any minimum cash condition set forth in the Transaction Agreement by
    the Company and/or Mobix; 
	 	 	 
	 	iv.	no amendment, modification or waiver
    of one or more of the Other Subscription Agreements (including via a side letter or other agreement) shall be executed that materially
    benefits one or more Other Subscribers unless the Subscriber has been offered the same benefits; and 
	 	 	 
	 	v.	the Company shall have filed with
    the Nasdaq Stock Market LLC (“Nasdaq”), no later than fifteen calendar days prior to the Transaction Closing Date,
    a listing of additional shares notification for the listing of the Shares, in accordance with Nasdaq Listing rule 5250 (e)(2).
    

 

c. The obligations of each of the Company and the Subscriber to consummate
the transactions contemplated hereunder are subject to the conditions that, at the applicable Closing:

 

	 	i.	no governmental authority shall have
    enacted, issued, promulgated, enforced or entered any judgment, order, law, rule or regulation (whether temporary, preliminary
    or permanent) which is then in effect and has the effect of making consummation of the transactions contemplated hereby illegal or
    otherwise restraining or prohibiting consummation of the transactions contemplated hereby, and no governmental authority shall have
    instituted or threatened in writing a proceeding seeking to impose any such restraint or prohibition; 

 

     

     

    

 

	 	ii.	all consents, waivers, authorizations
    or orders of, any notice required to be made to, and any filing or registration with, any court or other federal, state, local or
    other governmental authority, self-regulatory organization or other person in connection with the execution, delivery and performance
    of this Subscription Agreement (including, without limitation, the issuance of the Shares) required to be made in connection with
    the issuance and sale of the Shares shall have been obtained or made, except where the failure to so obtain or make would not prevent
    the Company from consummating the transactions contemplated hereby, including the issuance and sale of the Shares; 
	 	 	 
	 	iii.	in the case of the Subscription Closing,
    all conditions precedent to the Transaction Closing set forth in the Transaction Agreement (as in effect on the date hereof), including
    the approval of the Company’s shareholders and regulatory approvals, if any, shall have been satisfied or waived as determined
    by the parties to the Transaction Agreement (other than those conditions which, by their nature, are to be satisfied by a party to
    the Transaction Agreement at the Transaction Closing, but subject to satisfaction or waiver by such party of such conditions as of
    the Transaction Closing), and the Transaction Closing shall have been or will be scheduled to occur substantially concurrently with
    the Subscription Closing; and 
	 	 	 
	 	iv.	no suspension of the qualification
    of the Shares for offering or trading in any jurisdiction, or initiation or written threats of any proceedings for any of such purposes,
    shall have occurred and be continuing. 
	 	 	 

	d.	The Subscriber agrees that upon the occurrence
    of each Closing, any condition to the Subscriber’s obligations to consummate the transactions hereunder set forth in Sections
    3(b) or 3(c) hereof that was not satisfied as of such Closing shall be deemed to have been waived by the Subscriber; provided,
    however, that such waiver shall only be deemed to be given if and to the extent the Subscriber has actual knowledge of the condition
    not being satisfied (with no obligation on the part of the Subscriber to make any inquiry as to the satisfaction of any such condition).
    
	 	 

	e.	Prior to or at each Closing Date, Subscriber
    shall deliver to the Company a duly completed and executed Internal Revenue Service Form W-9 or appropriate Form W-8.

 

4. Further Assurances. At each Closing Date, the parties hereto
shall execute and deliver or cause to be executed and delivered such additional documents and take such additional actions as the parties
reasonably may deem to be practical and necessary in order to consummate the subscription as contemplated by this Subscription Agreement.

 

5. Company Representations and Warranties. For purposes of
this Section 5, with respect to the Subscription Closing, the term “Company” shall refer to the Company as of the date
hereof and, for purposes of only the representations contained in paragraphs (h), (l), (p) and (q) of this Section 5,
the combined company after giving effect to the Transaction. For purposes of this Section 5, with respect to any Additional Closing,
the term “Company” shall refer to the combined company after giving effect to the Transaction, as applicable. The Company
represents and warrants to the Subscriber that:

 

     

     

    

 

a. The Company has been duly incorporated and is validly existing
and in good standing under the laws of the Cayman Islands, and, after giving effect to the Domestication,
the Company will be a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware.
The Company has the corporate power and authority to own, lease and operate its properties and conduct its business as presently conducted
and to enter into, deliver and perform its obligations under this Subscription Agreement. As of the date hereof, CLAY Merger Sub II, Inc.,
a Delaware corporation (the “Merger Sub”), is the only subsidiary of the Company, which Merger Sub is expected to
merge with and into Mobix, with Mobix surviving such merger. Except for the Merger Sub (or, after the completion of the Transaction,
Mobix), the Company does not directly or indirectly own any equity or similar interest in, or any interest convertible into or exchangeable
or exercisable for any equity or similar interest in, any corporation, partnership, joint venture or business association or other person.
There are no outstanding contractual obligations of the Company to provide funds to, or to make any investment (in the form of a loan,
capital contribution or otherwise) in, any other person.

 

b. The Shares have been duly authorized by the Company and, when issued
and delivered to the Subscriber against full payment therefor in accordance with the terms of this Subscription Agreement, the Shares
will be validly issued, fully paid and non-assessable, will be free and clear of any liens or other restrictions whatsoever (other than
those specified hereunder) and will not have been issued in violation of or subject to any preemptive or similar rights created under
the Company’s organizational documents (as in effect as of immediately prior to the Transaction Closing) or under the applicable
laws.

 

c. As of the date hereof, the authorized share capital of the Company
consists of (i) 200,000,000 ordinary shares, par value $0.0001, and (ii) 1,000,000 preference shares, par value $0.0001 per
share. As of the date hereof, (i) 2,953,033 ordinary shares, par value $0.0001 per share, were issued and outstanding (including
ordinary shares contained within the Company’s units), all of which are validly issued, fully paid and non-assessable and not subject
to any preemptive rights, (ii) no ordinary shares are held in the treasury of the Company, and (iii) 9,400,000 ordinary shares
are reserved for future issuance in respect of exercise of the Company’s outstanding warrants at an exercise price of $11.50 per
ordinary share. Except as described in the SEC Documents (as defined herein), there are no outstanding contractual obligations of the
Company to repurchase, redeem or otherwise acquire any equity securities of the Company. There are no securities or instruments issued
by or to which the Company is a party containing anti-dilution or similar provisions that will be triggered by the issuance of (i) the
Shares or the Additional Shares pursuant to this Subscription Agreement or (ii) the shares to be issued pursuant to any Other Subscription
Agreement, except such anti-dilution rights as may be triggered pursuant to Section 4.3.2 or 4.8 of the Warrant Agreement, dated
July 19, 2021, by and between the Company and Continental Stock Transfer & Trust Company. Except pursuant to this Subscription
Agreement, the Other Subscription Agreements, the Transaction Agreement, securities that may be issued by the Company pursuant to those
certain unsecured convertible promissory notes (or any similar unsecured convertible promissory notes) in the aggregate principal amount
up to $1,500,000 issued by the Company in exchange for working capital loans from the Company’s sponsor and other affiliates and
as described in the SEC Documents (and, following the consummation of the Transaction, as set forth in the Transaction Agreement and
the schedules thereto), there are no outstanding options, warrants, or other rights to subscribe for, purchase or acquire from the Company
any ordinary shares or, after giving effect to the Domestication, the Common Shares or any
other equity interests in the Company, or securities convertible into or exchangeable or exercisable for any such equity interests. There
are no shareholder agreements, voting trusts or other agreements or understandings to which the Company is a party or by which it is

 

     

     

    

 

bound relating to the voting of any securities of the Company other than as set forth in the SEC Documents, and as contemplated by the
Transaction Agreement or described in the schedules thereto (as in effect on the date hereof).

 

d. The Shares are not, and following the Transaction Closing and each
Closing Date will not be, subject to any Transfer Restriction. The term “Transfer Restriction” means any condition
to or restriction on the ability of the Subscriber to pledge, sell, assign or otherwise transfer the Shares under any organizational
document, policy or agreement of, by or with the Company, but excluding the restrictions on transfer described in paragraph 6(c) of
this Subscription Agreement with respect to the status of the Shares as “restricted securities” pending their registration
for resale or transfer under the Securities Act in accordance with the terms of this Subscription Agreement.

 

e. This Subscription Agreement and the Transaction Agreement have
been duly authorized, executed and delivered by the Company and, assuming the due authorization, execution and delivery of the same by
the Subscriber, are the legally binding obligations of the Company and are enforceable in accordance with their respective terms, except
as may be limited or otherwise affected by (i) bankruptcy, winding up, insolvency, fraudulent conveyance, reorganization, moratorium
or other laws relating to or affecting the rights of creditors generally, and (ii) principles of equity, whether considered at law
or equity.

 

f. The execution, delivery and performance of the Subscription Agreement,
the issuance and sale of the Shares and the compliance by the Company with all of the provisions of this Subscription Agreement and the
consummation of the transactions herein will not conflict with or result in a breach or violation of any of the terms or provisions of,
or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the property or
assets of the Company or its subsidiary pursuant to the terms of (i) any indenture, mortgage, deed of trust, loan or credit agreement,
guarantee, note, bond, permit, lease, license or other agreement or instrument to which the Company or its subsidiary is a party or by
which the Company or its subsidiary is bound or to which any of the property or assets of the Company is subject, which would, in any
case, reasonably be expected, individually or in the aggregate, to have a material adverse effect on the business, properties, financial
condition, shareholders’ equity or results of operations of the Company and its subsidiary, taken as a whole, and including the
combined company after giving effect to the Transaction, or prevent, materially impair, materially delay or materially impede the ability
of the Company to enter into and timely perform its obligations under this Subscription Agreement or the Transaction Agreement, or materially
affect the validity of the Shares or the legal authority or ability of the Company to comply in all material respects with the terms
of this Subscription Agreement (a “Material Adverse Effect”); (ii) result in any violation of the provisions
of the organizational documents of the Company; or (iii) result in any violation of any statute or any judgment, order, rule or
regulation of any court or governmental agency, taxing authority or regulatory body, domestic or foreign, having jurisdiction over the
Company or any of its properties that would reasonably be expected to have a Material Adverse Effect.

 

g. Assuming the accuracy of the representations and warranties of
the Subscriber set forth in Section 6 of this Subscription Agreement, the Company is not required to obtain any consent, waiver,
authorization or order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other
governmental authority, self-regulatory organization or other person in connection with the execution, delivery and performance of this
Subscription Agreement (including, without limitation, the issuance of the Shares), other than (i) filings with the Securities and
Exchange Commission (the “Commission”), (ii) filings required by applicable state securities

 

     

     

    

 

laws, (iii) filings
required by Nasdaq, including with respect to obtaining shareholder approval, (iv) filings required to consummate the Transaction
as provided under the definitive documents relating to the Transaction, (v) the filing of a notification under the Hart-Scott-Rodino
Antitrust Improvements Act of 1976, if applicable, and (vi) where the failure of which to obtain would not reasonably be expected
to have a Material Adverse Effect or have a material adverse effect on the Company’s ability to consummate the transactions contemplated
hereby, including the issuance and sale of the Shares.

 

h. The Company is in compliance with all applicable law, except where
such non-compliance would not reasonably be expected to have a Material Adverse Effect. The Company has not received any written communication
from a governmental entity that alleges that the Company is not in compliance with or is in default or violation of any applicable law,
except where such non-compliance, default or violation would not reasonably be expected to have a Material Adverse Effect.

 

i. As of the date hereof, the issued and outstanding ordinary shares
of the Company are registered pursuant to Section 12(b) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), and are listed for trading on Nasdaq under the symbol “CLAY” (it being understood that the trading symbol
will be changed in connection with the Transaction Closing). There is no suit, action, proceeding or investigation pending or, to the
knowledge of the Company, threatened against the Company by Nasdaq or the Commission, respectively, to prohibit or terminate the listing
of the ordinary shares or, after giving effect to the Domestication, the Common Shares on
Nasdaq, suspend trading of such shares on Nasdaq or to deregister such shares under the Exchange Act. The Company has taken no action
that is designed to terminate or expected to result in the termination of the registration of such shares under the Exchange Act. At
each Closing Date and upon consummation of the Transaction, the issued and outstanding Common Shares of the Company, including the Shares,
will be registered pursuant to Section 12(b) of the Exchange Act, and the Shares shall have been approved for listing on Nasdaq,
subject to official notice of issuance.

 

j. Assuming the accuracy of the Subscriber’s representations
and warranties set forth in Section 6 of this Subscription Agreement, no registration under the Securities Act is required for the
offer and sale of the Shares by the Company to the Subscriber or to any Other Subscriber pursuant to the Other Subscription Agreements.
The Shares offered hereby and pursuant to each Other Subscription Agreement (i) were not offered by any form of general solicitation
or general advertising (within the meaning of Regulation D of the Securities Act) and (ii) are not being offered in a manner involving
a public offering under, or in a distribution in violation of, the Securities Act, or any state securities laws.

 

k. A copy of each form, report, statement, schedule, prospectus, registration
statement and other document, if any, filed by the Company with the Commission since its initial registration of the ordinary shares
under the Exchange Act (the “SEC Documents”) is available to the Subscriber via the Commission’s EDGAR system,
which SEC Documents, as of their respective filing dates, complied in all material respects with the requirements of the Exchange Act
applicable to the SEC Documents and the rules and regulations of the Commission promulgated thereunder applicable to the SEC Documents.
None of the SEC Documents contained, when filed or, if amended, as of the date of such amendment with respect to those disclosures that
are amended, any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to
make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that with
respect to the information about the Company’s affiliates contained in the Registration Statement on Form S-4 and related
proxy statement (or other SEC document) to be filed

 

     

     

    

 

by the Company in connection with the Transaction, the representation and warranty
in this sentence is made to the Company’s knowledge. The Company has timely filed (giving effect to permissible extensions in accordance
with Rule 12b-25 under the Exchange Act) each report, statement, schedule, prospectus, and registration statement that the Company
was required to file with the Commission since its initial registration of the ordinary shares under the Exchange Act. The financial
statements of the Company included in the SEC Documents comply in all material respects with applicable accounting requirements and the
rules and regulations of the Commission with respect thereto as in effect at the time of filing and fairly present in all material
respects the financial position of the Company as of and for the dates thereof and the results of operations and cash flows for the periods
then ended, subject, in the case of unaudited statements, to normal, year-end audit adjustments. As of the date hereof and upon the Transaction
Closing Date, there are no material outstanding or unresolved comments in comment letters from the Staff with respect to any of the SEC
Documents.

 

l. Except for such matters as have not had and would not reasonably
be expected to have, individually or in the aggregate, a Material Adverse Effect, there is no (i) action, suit, claim or other proceeding,
in each case by or before any governmental authority pending, or, to the knowledge of the Company, threatened against the Company or
(ii) judgment, decree, injunction, ruling or order of any governmental entity or arbitrator outstanding against the Company.

 

m. Other than the Other Subscription Agreements that the Company may
enter into prior to the Subscription Closing, the Company has not entered into and will not enter into any agreement or side letter with
any Other Subscriber in connection with such Other Subscriber’s direct or indirect investment in the Company in connection with
the Subscription Closing, and such Other Subscription Agreements will not be amended in any material respect following the date of this
Subscription Agreement and will reflect the same Per Share Purchase Price and terms that are not more favorable to such Other Subscriber
thereunder than the terms of this Subscription Agreement. The Other Subscription Agreements will not, without the prior written consent
of the Subscriber, be amended in any material respect following the date of this Subscription Agreement.

 

n. Neither the Company, nor any person acting on its behalf has, directly
or indirectly, made any offers or sales of any Company security or solicited any offers to buy any Company security under circumstances
that would adversely affect reliance by the Company on Section 4(a)(2) of the Securities Act for the exemption from registration
of the offer and sale of the Shares or would require registration of the issuance of the Shares under the Securities Act.

 

o. Neither the Company, nor any person acting on its behalf has entered
into any agreement or arrangement entitling any agent, broker, investment banker, financial advisor or other person to any broker’s
or finder’s fee or any other commission or similar fee in connection with the transactions contemplated by this Subscription Agreement
for which the Subscriber could become liable. No person has been or will be paid (directly or indirectly) remuneration for solicitation
of purchasers in connection with the sale of any Shares.

 

p. The Company is not, and immediately after receipt of payment for
the Shares will not be, an “investment company” within the meaning of the Investment Company Act.

 

q. The Company is not in default or violation (and no event has occurred
which, with notice or the lapse of time or both, would constitute a default or violation) of any term, condition or provision of (i) the
Company’s organizational documents, (ii) any loan or credit agreement, note, bond, mortgage,

 

     

     

    

 

indenture, lease or other agreement,
permit, franchise or license to which the Company is now a party or by which the Company’s properties or assets are bound or (iii) any
statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction
over the Company or any of its properties, except, in the case of clauses (ii) and (iii), for defaults or violations that have not
had and would not be reasonably likely to have, individually or in the aggregate, a Material Adverse Effect.

 

r. None of the Company or any of its directors and officers is (i) a
person or entity named on the List of Specially Designated Nationals and Blocked Persons administered by the U.S. Treasury Department’s
Office of Foreign Assets Control (“OFAC”) or in any sanctions-related Executive Order issued by the President of the
United States and administered by OFAC (collectively, the “OFAC List”), or a person or entity prohibited by any OFAC
sanctions program, or (ii) a non-U.S. shell bank or providing banking services indirectly to a non-U.S. shell bank.

 

6. Subscriber Representations and Warranties. The Subscriber
represents and warrants to the Company that:

 

a. The Subscriber is (i) a “qualified institutional buyer”
(as defined under the Securities Act) or (ii) an “accredited investor” (within the meaning of Rule 501(a) under
the Securities Act), in each case, satisfying the requirements set forth on Schedule A, and is acquiring Common Shares only for
such Subscriber’s own account and not for the account of others, or if the Subscriber is acquiring the Shares as a fiduciary or
agent for one or more investor accounts, each owner of such account is a qualified institutional buyer or accredited investor, and the
Subscriber has full investment discretion with respect to each such account, and the full power and authority to make the acknowledgements,
representations and agreements herein on behalf of each owner of each such account, and not on behalf of any other account or person
or with a view to, or for offer or sale in connection with, any distribution thereof in violation of the Securities Act (and shall provide
the requested information on Schedule A following the signature page hereto).

 

b. The Subscriber (i) is a sophisticated investor, experienced
in investing in private equity transactions and capable of evaluating investment risks independently, both in general and with regard
to all transactions and investment strategies involving a security or securities and (ii) has exercised independent judgment in
evaluating its participation in the purchase of the Shares.

 

c. The Subscriber understands that the Shares (and any Additional
Shares) are being offered in a transaction not involving any public offering within the meaning of the Securities Act and that the Common
Shares have not been registered under the Securities Act. The Subscriber understands that the Shares (and any Additional Shares) may
not be resold, transferred, pledged or otherwise disposed of by the Subscriber absent an effective registration statement under the Securities
Act except (i) to the Company or a subsidiary thereof, (ii) to non-U.S. persons pursuant to offers and sales that occur outside
the United States within the meaning of Regulation S under the Securities Act or (iii) pursuant to another applicable exemption
from the registration requirements of the Securities Act (including, without limitation, a private resale or transfer pursuant to the
so-called “Section 4(a)(11⁄2)” exemption), and in each of cases (i) and (iii) in accordance with any
applicable securities laws of the states and other jurisdictions of the United States, and that any certificates or book-entry positions
representing the Shares (and any Additional Shares) shall contain a legend to such effect. The Subscriber acknowledges that the Shares
(and any Additional Shares) will not be immediately eligible for resale or transfer pursuant to Rule 144 promulgated under the Securities
Act, that Rule 144 will not be available until 12 months following the closing and, as a result, the Subscriber may

 

     

     

    

 

not be able
to readily resell or transfer the Shares (and any Additional Shares) and may be required to bear the financial risk of an investment
in the Shares for an indefinite period of time. The Subscriber understands that such Subscriber has been advised to consult legal counsel
prior to making any offer, resale, pledge or transfer of any of the Shares (and any Additional Shares).

 

d. The Subscriber understands and agrees that the Subscriber is purchasing
Common Shares directly from the Company. The Subscriber further acknowledges that there have been no representations, warranties, covenants
and agreements made to the Subscriber by the Company, its officers or directors, or any other party to the Transaction or person or entity,
expressly or by implication, other than those representations, warranties, covenants and agreements included in this Subscription Agreement.

 

e. Either (A) the Subscriber is not, and will not be acquiring
or holding any Common Shares with the assets of, (i) an employee benefit plan (described in Section 3(3) of the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”)), whether or not subject to ERISA, (ii) a plan described
in Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”) (including, without limitation,
an individual retirement account) that is subject to Section 4975 of the Code or to any other federal, state, local, non-U.S. or
other law or regulation that is similar to the fiduciary responsibility or prohibited transaction provisions of Title I of ERISA or Section 4975
of the Code (collectively, “Similar Laws”), (iii) a plan, fund or other similar program that is established or
maintained outside of the United States which provides for retirement income, a deferral of income in contemplation of retirement or
payments to be made upon termination of employment, or (iv) an entity whose assets constitute the assets of any of the foregoing
described in clauses (i), (ii) and (iii), pursuant to ERISA or otherwise or (B) the Subscriber’s acquisition and holding
of the Common Shares will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975
of the Code or a violation of any applicable Similar Law.

 

f. The Subscriber acknowledges and agrees that the Subscriber has
received and has had an adequate opportunity to review, such audited and unaudited financial information of the Company and Mobix and
such other information as the Subscriber deems necessary in order to make an investment decision with respect to the Shares and made
its own assessment and is satisfied concerning the relevant tax and other economic considerations relevant to the Subscriber’s
investment in the Shares. The Subscriber acknowledges that the financial information of Mobix supplied to the Subscriber prior to the
date hereof in respect of the fiscal year ended September 30, 2022 is unaudited and subject to change. Without limiting the generality
of the foregoing, the Subscriber acknowledges that such Subscriber has reviewed the risk factors provided to the Subscriber by the Company.
The Subscriber represents and agrees that the Subscriber and the Subscriber’s professional advisor(s), if any, have had the opportunity
to ask such questions, receive such answers and obtain such information as the Subscriber and such Subscriber’s professional advisor(s),
if any, have deemed necessary to make an investment decision with respect to the Shares.

 

g. The Subscriber became aware of this offering of the Common Shares
solely by means of direct contact between the Subscriber and the Company or a representative of the Company, and the Common Shares were
offered to the Subscriber solely by direct contact between the Subscriber and the Company or a representative of the Company. The Subscriber
did not become aware of this offering of the Common Shares, nor were the Common Shares offered to the Subscriber, by any other means.
The Subscriber acknowledges the Company’s representation and warranty that the Common Shares (i) were not offered by any form
of general solicitation or general advertising and

 

     

     

    

 

(ii) are not being offered to it in a manner involving a public offering under,
or in a distribution in violation of, the Securities Act, or any state securities laws.

 

h. The Subscriber acknowledges that such Subscriber is aware that
there are substantial risks incident to the purchase and ownership of the Shares (and any Additional Shares). The Subscriber is able
to fend for himself, herself or itself in the transactions completed herein, has such knowledge and experience in financial and business
matters as to be capable of evaluating the merits and risks of an investment in the Shares and has the ability to bear the economic risks
of such investment in the Shares and is able to sustain a complete loss of such investment. The Subscriber has sought such accounting,
legal and tax advice as the Subscriber has considered necessary to make an informed investment decision.

 

i. Alone, or together with any professional advisor(s), the Subscriber
has analyzed and considered the risks of an investment in the Shares and determined that the Shares are a suitable investment for the
Subscriber and that the Subscriber is able at this time and in the foreseeable future to bear the economic risk of a total loss of the
Subscriber’s investment in the Company. The Subscriber acknowledges specifically that a possibility of total loss exists.

 

j. In making its decision to purchase the Shares, the Subscriber has
relied solely upon independent investigation made by the Subscriber and the representations, warranties and covenants contained herein.
Subscriber acknowledges and agrees that Subscriber had access to, and an adequate opportunity to review, financial and other information
as Subscriber deems necessary in order to make an investment decision with respect to the Shares.

 

k. The Subscriber understands and agrees that no federal or state
agency has passed upon or endorsed the merits of the offering of the Shares or made any findings or determination as to the fairness
of this investment.

 

l. The Subscriber is validly existing in good standing under the laws
of its jurisdiction of incorporation or formation, with power and authority to enter into and perform its obligations under this Subscription
Agreement.

 

m. The execution, delivery and performance by the Subscriber of this
Subscription Agreement are within the powers of the Subscriber, have been duly authorized and will not constitute or result in a breach
or default under or conflict with any order, ruling or regulation of any court or other tribunal or of any governmental commission or
agency, or any agreement or other undertaking, to which the Subscriber is a party or by which the Subscriber is bound, and will not violate
any provisions of the Subscriber’s charter documents, including, without limitation, its incorporation or formation papers, bylaws,
indenture of trust or partnership or operating agreement, as may be applicable. The signature on this Subscription Agreement is genuine,
and the signatory has been duly authorized to execute the same, and assuming the due authorization, execution and delivery of the same
by the Company, this Subscription Agreement constitutes a legal, valid and binding obligation of the Subscriber, enforceable against
the Subscriber in accordance with its terms, except as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent
conveyance, reorganization, moratorium or other laws relating to or affecting the rights of creditors generally, and (ii) principles
of equity, whether considered at law or equity.

 

n. Neither the due diligence investigation conducted by the Subscriber
in connection with making its decision to acquire the Shares (and any Additional Shares) nor any representations and warranties

 

     

     

    

 

made
by the Subscriber herein shall modify, amend or affect the Subscriber’s right to rely on the truth, accuracy and completeness of
the Company’s representations and warranties contained herein.

 

o. The Subscriber, its affiliates, their agents, and any other persons
acting on their behalf is not (i) a person or entity named on the OFAC List, or a person or entity prohibited by any OFAC sanctions
program, (ii) is not owned, controlled, or acting on behalf of a person or entity prohibited by any OFAC sanctions program, (iii) located,
operating, or resident in any country or territory subject to comprehensive sanctions (currently, the Crimea, the so-called Donetsk People’s
Republic, and the so-called Luhansk People’s Republic regions of Ukraine, Cuba, Iran, North Korea and Syria), or (iv) a
non-U.S. shell bank or providing banking services indirectly to a non-U.S. shell bank. The Subscriber agrees to provide law enforcement
agencies, if requested thereby, such records as required by applicable law; provided that the Subscriber is permitted to do so
under applicable law. If the Subscriber is a financial institution subject to the Bank Secrecy Act (31 U.S.C. Section 5311 et seq.),
as amended by the USA PATRIOT Act of 2001, and its implementing regulations (collectively, the “BSA/PATRIOT Act”),
the Subscriber maintains policies and procedures reasonably designed to comply with applicable obligations under the BSA/PATRIOT Act.
To the extent required, the Subscriber maintains policies and procedures reasonably designed for the screening of its investors against
the OFAC sanctions programs, including the OFAC List. To the extent required, the Subscriber maintains policies and procedures reasonably
designed to ensure that the funds held by the Subscriber and used to purchase the Shares were legally derived. To the extent applicable,
the Subscriber further represents and warrants that the Subscriber: (x) has conducted thorough due diligence with respect to all
of its beneficial owners, (y) has established the identities of all beneficial owners and the source of each of the beneficial owners’
funds and (z) will retain evidence of any such identities, any such source of funds and any such due diligence. Pursuant to anti-money
laundering laws and regulations, including the BSA/Patriot Act, the Company may be required to collect documentation verifying the Subscriber’s
identity and the source of funds used to acquire an interest before, and from time to time after, acceptance by the Company of this Subscription
Agreement. The Subscriber further represents and warrants that the Subscriber does not know or have any reason to suspect that (I) the
monies used to fund the Subscriber’s investment herein have been or will be derived from or related to any illegal activities,
including but not limited to, money laundering activities, or (II) the proceeds from the Subscriber’s investment herein will
be used to finance any illegal activities.

 

p. Subscriber will have sufficient funds to pay the Purchase Price
at the Subscription Closing.

 

q. Notwithstanding the percentage of the outstanding Common Shares
represented by the Shares and any Additional Shares, Subscriber agrees that it shall not exercise voting rights relating to such Shares,
any Additional Shares or other Common Shares representing a 10% or greater voting interest in the Company on any matter subject to a
vote of holders of Common Shares, and agrees that it shall not obtain or exercise, as a result of its investment in the Company, (i) “Control,”
as such term is defined at 31 C.F.R. 800.208, of the Company or its subsidiaries, (ii) access to any “material non-public
technical information” within the meaning of 31 C.F.R. § 800.232 in the Company and its subsidiaries’ possession, (iii) the
right to appoint any board member or board observer to the board of directors of the Company or its subsidiaries or (iv) any involvement
in any “substantive decision-making” within the meaning of 31 C.F.R. § 800.245 related to the Company or its subsidiaries.

 

     

     

    

 

7. Registration Rights.

 

a. The Company agrees that, within forty-five (45) calendar days after
the Transaction Closing (the “Filing Deadline”), the Company will file with the Commission (at the Company’s
sole cost and expense) a registration statement registering the resale or transfer of the Shares (the “Initial Registration
Statement”), and the Company shall use its commercially reasonable efforts to have the Initial Registration Statement declared
effective as soon as practicable after the filing thereof, but no later than the earlier of, (i) if the Commission notifies the
Company that it will “review” the Initial Registration Statement, the ninetieth calendar day following the earlier of (A) the
Filing Deadline and (B) the initial filing date of the Initial Registration Statement, and (ii) the tenth business day after
the date the Company is notified (orally or in writing, whichever is earlier) by the Commission that the Initial Registration Statement
will not be “reviewed” or will not be subject to further review. If not included in the Initial Registration Statement, in
the event that any Additional Shares issued to Subscriber pursuant to the terms of this Subscription Agreement are not permitted by the
Commission to be registered on the Initial Registration Statement, the Company agrees that, within thirty (30) business days following
the Additional Closing Date (the “Additional Filing Deadline” and, together with the initial Filing Deadline, each,
a “Filing Deadline”), the Company will submit to or file with the Commission a registration statement for a shelf
registration on Form S-1 or Form S-3 (if the Company is then eligible to use a Form S-3 shelf registration) (an “Additional
Registration Statement” and, together with the Initial Registration Statement, each, a “Registration Statement”),
in each case, covering the resale of the Additional Shares acquired by the Subscriber pursuant to this Subscription Agreement which are
eligible for registration (determined as of two business days prior to such submission or filing). The Company’s obligations to
include the Shares or Additional Shares, as applicable, in a Registration Statement are contingent upon the Subscriber furnishing in
writing to the Company such information regarding the Subscriber, the securities of the Company held by the Subscriber and the intended
method of disposition of the Shares or Additional Shares, as applicable as shall be reasonably requested in writing by the Company to
effect the registration of the Shares or the Additional Shares, and shall execute such documents in connection with such registration
as the Company may reasonably request that are customary of a selling stockholder in similar situations; provided, however,
that the Subscriber shall not in connection with the foregoing be required to execute any lock-up or similar agreement or otherwise be
subject to any contractual restriction on the ability to transfer the Shares or Additional Shares, as applicable. With respect to the
information to be provided by the Subscriber pursuant to this Section 7, the Company shall request such information prior to the
anticipated initial filing date of a Registration Statement. The Company will provide a draft of a Registration Statement to the Subscriber
for review at least two (2) business days in advance of its anticipated initial filing date. Notwithstanding the foregoing, if the
Commission prevents the Company from including in a Registration Statement any or all of the Shares or Additional Shares due to limitations
on the use of Rule 415 of the Securities Act for the resale or transfer of the Shares by the applicable stockholders or otherwise,
the Registration Statement shall register for resale or transfer such number of Common Shares which is equal to the maximum number of
Shares (and Additional Shares, as applicable) as is permitted by the Commission. In such event, the number of Shares (and Additional
Shares, as applicable) to be registered for each selling stockholder named in the Registration Statement shall be reduced pro rata among
all such selling stockholders, and as promptly as practicable after being permitted to register additional Shares (and Additional Shares,
as applicable) under Rule 415 under the Securities Act, the Company shall file a new Registration Statement to register such Shares
not included in a filed Registration Statement and cause such Registration Statement to become effective as promptly as practicable consistent
with the terms of this Section 7. If the Commission requests that the Subscriber be identified as a statutory underwriter in the
Registration Statement, the Subscriber will have an opportunity to withdraw from

 

     

     

    

 

the Registration Statement. The Company will use its
commercially reasonable efforts to maintain the continuous effectiveness of any Registration Statement, or another shelf registration
statement that includes the Shares (and Additional Shares, as applicable) to be sold pursuant to this Subscription Agreement, until the
earliest of (i) the date on which all such Shares, and any Additional Shares, issued to Subscriber have actually been sold, (ii) the
date which is three years after the relevant Registration Statement filed hereunder is declared effective and (iii) the date on
which the Shares (and Additional Shares, as applicable) may be resold without volume or manner of sale limitations pursuant to Rule 144
promulgated under the Securities Act. For purposes of clarification, any failure by the Company to file any Registration Statement by
a Filing Deadline or to effect such Registration Statement by date of effectiveness shall not otherwise relieve the Company of its obligations
to file or cause the effectiveness of any Registration Statement set forth in this Section 7. For purposes of this Section 7,
 “Shares” or “Additional Shares” shall mean, as of any date of determination, the Common Shares acquired by the
Subscriber pursuant to this Subscription Agreement and any other equity security issued or issuable with respect to such Shares by way
of stock split, dividend, distribution, recapitalization, merger, exchange, replacement or similar event, and “Subscriber”
shall include any affiliate of the Subscriber to which the rights under this Section 7 have been duly assigned.

 

b. Notwithstanding anything to the contrary in this Subscription Agreement,
the Company shall be entitled to delay or postpone the effectiveness of any Registration Statement, and from time to time to require
the Subscriber not to sell under any Registration Statement or to suspend the effectiveness thereof, if the filing, initial effectiveness
or continued use of any Registration Statement at any time would require the Company to make an Adverse Disclosure (as defined below)
or would require the inclusion in such Registration Statement of financial statements that are unavailable to the Company for reasons
beyond the Company’s control (each, a “Suspension Event”). In such case, the Company may, upon giving prompt
written notice of such action to the Subscriber, delay the filing or initial effectiveness of, or suspend use of, such Registration Statement
for the shortest period of time, but in no event more than two occasions or for more than ninety (90) consecutive days, or more than
one hundred and fifty (150) total calendar days, in each case during any twelve-month period, determined in good faith by the Company
to be necessary for such purpose. Upon receipt of any such written notice from the Company or upon written notice from the Company that
any Registration Statement or related prospectus contains a Misstatement (as defined below), the Subscriber agrees that (i) it will
immediately discontinue offers and sales of the Common Shares under such Registration Statement (excluding, for the avoidance of doubt,
sales conducted pursuant to Rule 144) until (A) the Subscriber receives copies of a supplemental or amended prospectus (it
being understood that the Company hereby covenants to prepare and file such supplement or amendment as soon as practicable after the
time of such notice) that corrects the Misstatement referred to above and receives notice that any post-effective amendment has become
effective or (B) is otherwise notified by the Company that it may resume such offers and sales, and (ii) it will maintain the
confidentiality of any information included in such written notice delivered by the Company unless otherwise required by law or subpoena.
The Company shall immediately notify the Holders of the expiration of any period during which it exercised its rights under this Section 7(b).
Notwithstanding anything to the contrary, the Company shall cause its transfer agent to deliver unlegended Common Shares to a transferee
of the Subscriber in connection with any sale of Shares (and Additional Shares, as applicable) with respect to which the Subscriber has
entered into a contract for sale prior to Subscriber’s receipt of the notice of a Suspension Event and which has not yet settled.
If so directed by the Company, the Subscriber will deliver to the Company or, in the Subscriber’s sole discretion destroy, all
copies of the prospectus covering the Shares (and Additional Shares, as applicable) in the Subscriber’s possession; provided,
however, that this obligation to deliver or destroy all copies of the prospectus covering the

 

     

     

    

 

Shares (and any Additional Shares)
shall not apply (i) to the extent the Subscriber is required to retain a copy of such prospectus (a) in order to comply with
applicable legal, regulatory, self-regulatory or professional requirements or (b) in accordance with a bona fide pre-existing document
retention policy or (ii) to copies stored electronically on archival servers as a result of automatic data back-up. “Adverse
Disclosure” shall mean any public disclosure of material non-public information, which disclosure, in the good faith judgment
of the Chief Executive Officer or principal financial officer of the Company or the Company’s board of directors, after consultation
with counsel to the Company, (x) would be required to be made in any Registration Statement or the related prospectus in order for
such Registration Statement or prospectus not to contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements contained therein, in the light of the circumstances under which they were made, not misleading, (y) would
not be required to be made at such time if any Registration Statement were not being filed, declared effective or used, as the case may
be, and (z) the Company has a bona fide business purpose for not making such information public. “Misstatement”
shall mean an untrue statement of a material fact or an omission to state a material fact necessary in order to make the statements made
in any Registration Statement or the related prospectus, in the light of the circumstances under which they were made, not misleading.

 

c. In the case of the registration, qualification, exemption or compliance
effected by the Company pursuant to this Subscription Agreement, the Company shall inform the Subscriber as to the status of such registration,
qualification, exemption and compliance. At its expense the Company shall:

 

	 	(i)	Advise the Subscriber as promptly
    as reasonably practicable: 
	 	 	 

	 	A.	when any Registration Statement or
    any amendment thereto has been filed with the Commission and when such Registration Statement or any post-effective amendment thereto
    has become effective; 
	 	 	 
	 	B.	of any request by the Commission
    for amendments or supplements to any Registration Statement or the prospectus included therein or for additional information; 
	 	 	 
	 	C.	of the issuance by the Commission
    of any stop order suspending the effectiveness of any Registration Statement or the initiation of any proceedings for such purpose;
    
	 	 	 
	 	D.	of the receipt by the Company of
    any notification with respect to the suspension of the qualification of the Shares (and Additional Shares, as applicable) included
    therein for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and 
	 	 	 
	 	E.	subject to the provisions in this
    Subscription Agreement, of the occurrence of any event that requires the making of any changes in any Registration Statement or prospectus
    so that, as of such date, the statements therein are not misleading and do not omit to state a material fact required to be stated
    therein or necessary to make the statements therein (in the case of a prospectus, in the light of the circumstances under which they
    were made) not misleading. 

 

     

     

    

 

	 	 	Notwithstanding anything to the contrary set forth herein, the Company shall
    not, when so advising the Subscriber of such events, provide the Subscriber with any material, nonpublic information regarding the
    Company other than to the extent that providing notice to the Subscriber of the occurrence of the events listed in (A) through
    (E) above constitutes material, nonpublic information regarding the Company and Subscriber is notified that such events are
    material, nonpublic information at the time of notification;

 

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

 

	 	(iii)	upon the occurrence of any Suspension
    Event, except for such times as the Company is permitted hereunder to suspend, and has suspended, the use of a prospectus forming
    part of any Registration Statement, the Company shall use its reasonable best efforts to as soon as reasonably practicable prepare
    a post-effective amendment to such Registration Statement or a supplement to the related prospectus, or file any other required document
    so that, as thereafter delivered to purchasers of the Shares (and Additional Shares, as applicable) included therein, such prospectus
    will not include any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein,
    in the light of the circumstances under which they were made, not misleading; and
	 	 	 
	 	(iv)	use its reasonable best efforts to
    cause all Shares (and any Additional Shares) to be listed on each securities exchange or market, if any, on which the Common Shares
    issued by the Company have been listed.

 

d. The Company will use commercially reasonable efforts to file in
a timely manner (giving effect to permissible extensions in accordance with Rule 12b-25 under the Exchange Act) all reports and
other documents under the Exchange Act necessary to enable the Subscriber to resell the Shares (and Additional Shares, as applicable),
pursuant to the Registration Statement. For as long as the Subscriber holds Shares (and Additional Shares, as applicable), the Company
will use commercially reasonable efforts to file in a timely manner (giving effect to permissible extensions in accordance with Rule 12b-25
under the Exchange Act) all reports and other documents under the Exchange Act necessary to enable the Subscriber to resell the Shares
(and Additional Shares, as applicable) pursuant to Rule 144. The Company shall, at its sole expense, upon appropriate notice from
the Subscriber stating that Shares (and Additional Shares, as applicable) have been sold or transferred pursuant to an effective Registration
Statement or Rule 144, timely prepare and deliver certificates or evidence of book-entry positions representing the Shares (and
Additional Shares, as applicable) to be delivered to a transferee pursuant to such Registration Statement, which certificates or book-entry
positions shall be free of any restrictive legends and in such denominations and registered in such names as the Subscriber may request.
Further, the Company, at its sole expense, and subject to applicable law, shall use commercially reasonable efforts to cause its legal
counsel to (a) issue to the transfer agent and maintain a “blanket” legal opinion instructing the transfer agent that,
in connection with a sale or transfer of “restricted securities” (i.e., securities issued pursuant to an exemption
from the registration requirements of Section 5 of the Securities Act), the resale or transfer of which restricted securities has
been registered pursuant to an effective Registration Statement by the holder thereof named in such Registration Statement, upon receipt
of an appropriate broker representation letter acceptable to the Company and its counsel and other such documentation as the Company
or the Company’s counsel deems necessary and appropriate and after confirming compliance with

 

     

     

    

 

relevant prospectus delivery requirements,
is authorized to remove any applicable restrictive legend in connection with such sale or transfer and (b) if the Shares (and any
Additional Shares) are not registered pursuant to an effective Registration Statement, issue to the transfer agent a legal opinion to
facilitate the sale or transfer of such Common Shares and removal of any restrictive legends pursuant to any exemption from the registration
requirements of Section 5 of the Securities Act that may be available to a requesting Subscriber; provided that in the case
of a request to remove such restrictive legends in connection with a sale or transfer of Shares (and Additional Shares, as applicable)
pursuant to clause (a) or (b) above, the Company shall use its commercially reasonable efforts to cause the Company’s
transfer agent to remove any such applicable restrictive legends in connection with such sale or transfer within five business days of
such request. The Company shall pay all transfer agent fees (including, without limitation, any fees required for same-day processing
of any instruction letter delivered by the Company and any exercise notice delivered by the Subscriber), stamp taxes and other taxes
and duties levied in connection with the delivery of any Shares (and Additional Shares, as applicable) to the Subscriber other than income
and capital gains taxes of the Subscriber that may be incurred in connection with the transactions contemplated hereby.

 

e. The Subscriber may deliver written notice (an “Opt-Out
Notice”) to the Company requesting that the Subscriber not receive notices from the Company otherwise required by this Section 7;
provided, however, that the Subscriber may later revoke any such Opt-Out Notice in writing. Following receipt of an Opt-Out
Notice from the Subscriber (unless subsequently revoked), (i) the Company shall not deliver any such notices to the Subscriber and
the Subscriber shall no longer be entitled to the rights associated with any such notice and (ii) each time prior to the Subscriber’s
intended use of an effective Registration Statement, the Subscriber will notify the Company in writing at least five business days in
advance of such intended use, and if a notice of a Suspension Event was previously delivered (or would have been delivered but for the
provisions of this Section 7(e)) and the related suspension period remains in effect, the Company will so notify the Subscriber,
within two business days of the Subscriber’s notification to the Company, by delivering to the Subscriber a copy of such previous
notice of Suspension Event, and thereafter will provide the Subscriber with the related notice of the conclusion of such Suspension Event
immediately upon its availability.

 

f. The Company shall, notwithstanding any termination of this Subscription
Agreement, indemnify, defend and hold harmless the Subscriber (if the Subscriber is named as a selling shareholder under any Registration
Statement), its officers, directors, employees, investment advisers and agents, each person who controls the Subscriber (within the meaning
of Section 15 of the Securities Act or Section 20 of the Exchange Act) to the fullest extent permitted by applicable law, from
and against any and all losses, claims, damages, liabilities, costs (including, without limitation, reasonable costs of preparation and
investigation and reasonable attorneys’ fees) and expenses (collectively, “Losses”), as incurred, that arise
out of or are based upon (i) any untrue or alleged untrue statement of a material fact contained in any Registration Statement,
any prospectus included in any Registration Statement or any form of prospectus or in any amendment or supplement thereto or in any preliminary
prospectus, or arising out of or relating to any omission or alleged omission to state a material fact required to be stated therein
or necessary to make the statements therein (in the case of any prospectus or form of prospectus or supplement thereto, in light of the
circumstances under which they were made) not misleading, or (ii) any violation or alleged violation by the Company of the Securities
Act, Exchange Act or any state securities law or any rule or regulation thereunder, in connection with the performance of its obligations
under this Section 7, except to the extent, but only to the extent, that such untrue statements, alleged untrue statements, omissions
or alleged omissions are based upon information regarding the Subscriber furnished in writing to the Company by the Subscriber expressly
for use therein or the Subscriber has omitted a material fact from such

 

     

     

    

 

information; provided, however, that the Company
shall not be liable for any Losses to the extent they arise out of or are based upon a violation which occurs (A) in reliance upon
and in conformity with written information furnished by a Subscriber, (B) in connection with any failure of such person to deliver
or cause to be delivered a prospectus made available by the Company in a timely manner, to the extent such person was required to deliver
or caused to be delivered such prospectus under applicable law, (C) as a result of offers or sales effected by or on behalf of any
person by means of a free writing prospectus (as defined in Rule 405 of the Securities Act) that was not authorized in writing by
the Company, or (D) in connection with any offers, sales or transfers effected by or on behalf of a Subscriber in violation of Section 7(d) hereof.
Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of an indemnified party and
shall survive the transfer of the Shares (and Additional Shares, as applicable) by the Subscriber.

 

g. The Subscriber shall, severally and not jointly with any Other
Subscriber, indemnify and hold harmless the Company, its directors, officers, agents and employees, and each person who controls the
Company (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), to the fullest extent
permitted by applicable law, from and against all Losses, as incurred, arising out of or are based upon any untrue or alleged untrue
statement of a material fact contained in any Registration Statement, any prospectus included in any Registration Statement, or any form
of prospectus, or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission
or alleged omission of a material fact required to be stated therein or necessary to make the statements therein (in the case of any
prospectus, or any form of prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading
to the extent, but only to the extent, that such untrue statements or omissions are based upon information regarding the Subscriber furnished
in writing to the Company by the Subscriber expressly for use therein. In no event shall the liability of any Subscriber be greater in
amount than the dollar amount of the net proceeds received by the Subscriber upon the sale of the Shares (and Additional Shares, as applicable)
giving rise to such indemnification obligation. Such indemnity shall remain in full force and effect regardless of any investigation
made by or on behalf of an indemnified party and shall survive the transfer of the Shares (and Additional Shares, as applicable) by the
Subscriber.

 

h. Any person entitled to indemnification pursuant to this Section 7
shall (1) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided
that the failure to give prompt notice shall not impair any person’s right to indemnification hereunder to the extent such
failure has not prejudiced the indemnifying party) and (2) permit such indemnifying party to assume the defense of such claim with
counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to
any liability for any settlement made by the indemnified party without its consent (which consent shall not be unreasonably withheld,
conditioned or delayed). An indemnifying party who elects not to assume the defense of a claim shall not be obligated to pay the fees
and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the
reasonable judgment of legal counsel to any indemnified party a conflict of interest exists between such indemnified party and any other
of such indemnified parties with respect to such claim. No indemnifying party shall, without the consent of the indemnified party, consent
to the entry of any judgment or enter into any settlement which cannot be settled in all respects by the payment of money (and such money
is so paid by the indemnifying party pursuant to the terms of such settlement) or which settlement does not include as an unconditional
term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim
or litigation.

 

     

     

    

 

i. If the indemnification provided under this Section 7 from
the indemnifying party is unavailable or insufficient to hold harmless an indemnified party in respect of any Losses, in lieu of indemnifying
the indemnified party, the indemnifying party shall contribute to the amount paid or payable by the indemnified party as a result of
such Losses in such proportion as is appropriate to reflect the relative fault of the indemnifying party and the indemnified party, as
well as any other relevant equitable considerations. The relative fault of the indemnifying party and indemnified party shall be determined
by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact
or omission or alleged omission to state a material fact, was made by, or relates to information supplied by, such indemnifying party
or indemnified party, and the indemnifying party’s and indemnified party’s relative intent, knowledge, access to information
and opportunity to correct or prevent such action. The amount paid or payable by a party as a result of the losses or other liabilities
referred to above shall be deemed to include, subject to the limitations set forth in this Section 7, any legal or other fees, charges
or expenses reasonably incurred by such party in connection with any investigation or proceeding. No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution pursuant to this Section 7
from any person who was not guilty of such fraudulent misrepresentation. Each indemnifying party’s obligation to make a contribution
pursuant to this Section 7(i) shall be individual, not joint and several, and in no event shall the liability of the Subscriber
hereunder be greater in amount than the dollar amount of the net proceeds received by the Subscriber upon the sale of the Shares (and
any Additional Shares) giving rise to such indemnification obligation.

 

8. Termination. This Subscription Agreement shall terminate
and be void and of no further force and effect, and all rights and obligations of the parties hereunder shall terminate without any further
liability on the part of any party in respect thereof, upon the earliest to occur of (a) following the execution of a definitive
agreement among the Company, Merger Sub and Mobix with respect to the Transaction (together with the exhibits and schedules thereto and
ancillary agreements specifically referenced therein, the “Transaction Agreement”), such date and time as such Transaction
Agreement is terminated in accordance with its terms without the Transaction being consummated, (b) upon the mutual written agreement
of each of the parties hereto to terminate this Subscription Agreement, (c) if any of the conditions to the Subscription Closing
set forth in Section 3 of this Subscription Agreement are not satisfied or waived upon or prior to the Subscription Closing and,
as a result thereof, the transactions contemplated by this Subscription Agreement are not consummated at the Subscription Closing, or
(d) at the election of the Subscriber, if the Transaction Closing shall not have occurred by the Outside Date (as defined in the
Transaction Agreement); provided that nothing herein will relieve any party from liability for any willful breach hereof prior
to the time of termination, and each party will be entitled to any remedies at law or in equity to recover losses, liabilities or damages
arising from such breach. The Company shall promptly notify the Subscriber of the termination of the Transaction Agreement after the
termination of such agreement. For the avoidance of doubt, if any termination hereof occurs after the delivery by the Subscriber of the
Purchase Price for the Shares, the Company shall promptly (but not later than one business day thereafter) return the Purchase Price
to the Subscriber without any deduction for or on account of any tax, withholding, charges or set-off.

 

9. Trust Account Waiver. The Subscriber acknowledges that the
Company is a special purpose acquisition company with the powers and privileges to effect a merger, asset acquisition, reorganization
or similar business combination involving the Company and one or more businesses or assets. The Subscriber further acknowledges that,
as described in the Company’s prospectus relating to its initial public offering dated July 19, 2021 and filed with the Commission
on July 21,

 

     

     

    

 

2021 and available at www.sec.gov, substantially all of the Company’s assets consist of the cash proceeds of the
Company’s initial public offering and private placements of its securities, and substantially all of those proceeds have been deposited
in a trust account (the “Trust Account”) for the benefit of the Company, its public shareholders and the underwriters
of the Company’s initial public offering, in their capacity as advisors pursuant to the Business Combination Marketing Agreement,
dated July 19, 2021, between the Company, Roth Capital Partners, LLC and Craig-Hallum Capital Group LLC. For and in consideration
of the Company entering into this Subscription Agreement, the receipt and sufficiency of which are hereby acknowledged, the Subscriber
hereby irrevocably waives any and all right, title and interest, or any claim of any kind it has or may have in the future, in or to
any monies held in the Trust Account, and agrees not to seek recourse against the Trust Account, in each case, as a result of, or arising
out of, this Subscription Agreement; provided that nothing in this Section 9 shall be deemed to limit the Subscriber’s
right, title, interest or claim to the Trust Account by virtue of the Subscriber’s record or beneficial ownership of Common Shares
of the Company acquired by any means other than pursuant to this Subscription Agreement.

 

10. No Short Sales. The Subscriber hereby agrees that, from
the date of this Agreement until any Additional Closing, that it will not, nor will any person acting at the Subscriber’s direction
or pursuant to any understanding with the Subscriber (including the Subscriber’s controlled affiliates), directly or indirectly,
offer, sell, pledge, contract to sell, sell any option in, or engage in hedging activities or execute any “short sales” (as
defined in Rule 200 of Regulation SHO under the Exchange Act) with respect to, any shares or any securities of the Company or any
instrument exchangeable for or convertible into any shares or any securities of the Company until the consummation of the Transaction
(or such earlier termination of this Subscription Agreement in accordance with its terms). Notwithstanding anything to the contrary contained
herein, the restrictions in this Section 10 shall not apply to (i) any sale (including the exercise of any redemption right)
of securities of the Company (A) held by the Subscriber, its controlled affiliates or any person or entity acting on behalf of the
Subscriber or any of its controlled affiliates prior to the execution of this Subscription Agreement or (B) purchased by the Subscriber,
its controlled affiliates or any person or entity acting on behalf of the Subscriber or any of its controlled affiliates in open market
transactions after the execution of this Subscription Agreement, or (ii) ordinary course hedging transactions so long as the sales
or borrowings relating to such hedging transactions are not settled with the Shares and any Additional Shares subscribed for hereunder
and the number of securities sold in such transactions does not exceed the number of securities owned or subscribed for at the time of
such transactions. Notwithstanding the foregoing, (i) nothing herein shall prohibit any entities under common management with the
Subscriber that have no knowledge of this Subscription Agreement or of the Subscriber’s participation in the transactions contemplated
hereby (including the Subscriber’s affiliates) from entering into any short sales; (ii) in the case that the Subscriber is
a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of the Subscriber’s assets and
the portfolio managers have no knowledge of the investment decisions made by the portfolio managers managing other portions of the Subscriber’s
assets, this Section 10 shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment
decision to purchase the Shares (and Additional Shares, as applicable) covered by this Subscription Agreement.

 

11. Miscellaneous.

 

a. The Company shall, no later than 9:00 a.m., New York City time,
on the first business day immediately following the date of this Subscription Agreement, issue one or more press releases or file with
the Commission a Current Report on Form 8-K (collectively, the “Disclosure Document”)

 

     

     

    

 

disclosing all material
terms of the transactions contemplated hereby, the Transaction and any other material, nonpublic information that the Company, Mobix
or any of their respective officers, directors, employees or agents has provided to the Subscriber or any of the Subscriber’s affiliates,
attorneys, agents or representatives at any time prior to the filing of the Disclosure Document, except for any material, nonpublic information
that is the subject to a non-disclosure agreement between the Company, Mobix and Subscriber (such information, “Excluded MNPI”).
From and after the issuance of the Disclosure Document, the Subscriber and the Subscriber’s affiliates, attorneys, agents or representatives
shall not be in possession of any material, non-public information received from the Company, Mobix or any of their respective officers,
directors, employees or agents, except for Excluded MNPI, and the Subscriber shall no longer be subject to any confidentiality or similar
obligations under any current agreement, whether written or oral with the Company, Mobix, or any of their respective affiliates, except
for any agreement related to Excluded MNPI. Except with the express written consent of the Subscriber and unless prior thereto, the Subscriber
shall have executed a written agreement regarding the confidentiality and use of such information, the Company shall not, and shall cause
its officers, directors, employees and agents, not to, provide Subscriber with any material, non-public information regarding the Company
or the Transaction from and after the filing of the Disclosure Document, other than to the extent that providing notice to the Subscriber
of the occurrence of the events listed in (A) through (E) of Section 7(c)(i) herewith constitutes material, nonpublic
information regarding the Company. Notwithstanding anything in this Subscription Agreement to the contrary, the Company shall not (and
shall cause its officers, directors, employees or agents not to), without the prior written consent of the Subscriber, publicly disclose
the name of the Subscriber, its investment adviser or any of their respective affiliates or advisers, or include the name of the Subscriber,
its investment adviser or any of their respective affiliates or advisers (i) in any press release, marketing materials, media or
similar circumstances or (ii) in any filing with the SEC or any regulatory agency or trading market, other than the Registration
Statement, the filing of this agreement with a Current Report on Form 8-K of the Company upon the public announcement of the Transaction
and any related description in such Form 8-K (if deemed necessary or advisable by counsel to the Company) and except (A) as
required by the federal securities law or pursuant to other routine proceedings of regulatory authorities or (B) to the extent such
disclosure is required by law, at the request of the staff of the SEC or regulatory agency or under the regulations of any national securities
exchange on which the Company’s securities are listed for trading, provided that in the case of this clause (ii), the Company
shall provide the Subscriber with prior written notice (including by e-mail) of such permitted disclosure, and shall reasonably consult
with the Subscriber regarding such disclosure.

 

b. Neither this Subscription Agreement nor any rights that may accrue
to the Subscriber hereunder (other than the Shares or Additional Shares acquired hereunder, if any) may be transferred or assigned without
the prior written consent of the other party hereto, except that this Subscription Agreement and any of the Subscriber’s rights
and obligations hereunder may be assigned to any limited partner or other investor in the Subscriber or any fund or other account managed
by the same investment manager as the Subscriber or by an affiliate (as defined in Rule 12b-2 under the Exchange Act) of such investment
manager without the prior consent of the Company; provided that the Subscriber gives prior written notice to the Company, and
such assignee or transferee agrees in writing to be bound by and subject to the terms and conditions of this Subscription Agreement,
makes the representations and warranties in Section 6 hereof and completes Schedule A hereto.

 

c. The Company may request from the Subscriber such additional information
as the Company may deem necessary to evaluate the eligibility of the Subscriber to acquire the Shares (and any Additional Shares), and
the Subscriber promptly shall provide such information as may reasonably be requested,

 

     

     

    

 

to the extent readily available and to the extent
consistent with its internal policies and procedures, provided that the Company agrees to keep confidential any such information
to the extent such information is not in the public domain, was not provided lawfully to the Company by another source not under a duty
of confidentiality and except to the extent disclosure of such information by the Company is compelled by law, court order or a self-regulatory
organization such as Nasdaq or The Financial Industry Regulatory Authority (FINRA) or required to be included in the Registration Statement,
in which case, the Company shall provide the Subscriber with prior written notice of any disclosure of such information if reasonably
practicable and legally permitted.

 

d. The Subscriber acknowledges that the Company may rely on the acknowledgments,
understandings, agreements, representations and warranties of the Subscriber contained in this Subscription Agreement. The Company acknowledges
that the Subscriber will rely on the acknowledgements, understandings, agreements, representations and warranties of the Company contained
in this Subscription Agreement. Prior to any Additional Closing, each party hereto agrees to promptly notify the other party if any of
their respective acknowledgments, understandings, agreements, representations and warranties set forth in Section 5 or Section 6,
as applicable, above are no longer accurate in any material respect (other than those acknowledgments, understandings, agreements, representations
and warranties qualified by materiality, in which case such party shall notify the other party if they are no longer accurate in any
respect).

 

e. The Company and the Subscriber are entitled to rely upon this Subscription
Agreement, and each of the Company and the Subscriber is irrevocably authorized to produce this Subscription Agreement or a copy hereof
when required by law, governmental authority or self-regulatory organization to do so in any administrative or legal proceeding or official
inquiry with respect to the matters covered hereby.

 

f. All of the agreements, representations and warranties made by each
party to this Subscription Agreement shall survive the Subscription Closing.

 

g. This Subscription Agreement may not be modified, waived or terminated
(other than pursuant to the terms of Section 8 hereof) except by an instrument in writing, signed by the party against whom enforcement
of such modification, waiver, or termination is sought; provided that any rights (but not obligations) of a party under this Subscription
Agreement may be waived, in whole or in part, by such party on its own behalf without the prior consent of any other party. No failure
or delay of any party in exercising any right or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial
exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such right or power, or any course of conduct,
preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the parties hereunder
are cumulative and are not exclusive of any rights or remedies that they would otherwise have hereunder.

 

h. This Subscription Agreement constitutes the entire agreement, and
supersedes all other prior agreements, understandings, representations and warranties, both written and oral, among the parties, with
respect to the subject matter hereof. Except as otherwise expressly set forth in Section 7 and in subsection (b) of this Section 11,
this Subscription Agreement shall not confer any rights or remedies upon any person other than the parties hereto, and their respective
successor and assigns.

 

i. Except as otherwise provided herein, this Subscription Agreement
shall be binding upon, and inure to the benefit of the parties hereto and their heirs, executors, administrators, successors, legal

 

     

     

    

 

representatives
and permitted assigns, and the agreements, representations, warranties, covenants and acknowledgments contained herein shall be deemed
to be made by, and be binding upon, such heirs, executors, administrators, successors, legal representatives and permitted assigns.

 

j. If any provision of this Subscription Agreement shall be invalid,
illegal or unenforceable, the validity, legality or enforceability of the remaining provisions of this Subscription Agreement shall not
in any way be affected or impaired thereby and shall continue in full force and effect.

 

k. This Subscription Agreement may be executed in one or more counterparts
(including by electronic signature or email of a .pdf) and by different parties in separate counterparts, with the same effect as if
all parties hereto had signed the same document. All counterparts so executed and delivered shall be construed together and shall constitute
one and the same agreement.

 

l. The parties hereto agree that irreparable damage would occur in
the event that any of the provisions of this Subscription Agreement were not performed in accordance with their specific terms or were
otherwise breached. It is accordingly agreed that the parties shall be entitled to an injunction or injunctions to prevent breaches of
this Subscription Agreement and to enforce specifically the terms and provisions of this Subscription Agreement, this being in addition
to any other remedy to which such party is entitled at law, in equity, in contract, in tort or otherwise.

 

m. Any notice, request, claim, demand, waiver, consent, approval or
other communication which is required or permitted hereunder shall be in writing and shall be deemed given (a) when delivered by
hand (with written confirmation of receipt), (b) when received by the addressee if sent by a nationally recognized overnight courier
postage prepaid (receipt requested), (c) on the date sent by email (with no “bounceback” or notice of non-delivery),
or (d) on the third business day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid.
Such communications must be sent to the respective parties at the following addresses (or at such other address for a party as shall
be specified in a notice given in accordance with this Section 11(m)):

 

	 	i.	if to the Subscriber,
    to such address or addresses set forth on the Subscriber’s signature page hereto; 
	 	 	 
	 	ii.	if to the Company prior
    to the Transaction Closing, to: 

 

Chavant Capital Acquisition Corp.

445 Park Avenue, 9th Floor

New York, NY 10022

Attention: Jiong Ma

Email: [****]

 

With a required copy to (which shall not constitute notice):

 

Simpson Thacher & Bartlett LLP

425 Lexington Avenue

New York, NY 10017

Attention: John C. Ericson; Mark Brod

Email: jericson@stblaw.com; mbrod@stblaw.com

 

     

     

    

 

	 	iii.	If to Mobix prior to the Transaction
    Closing, to: 

 

Mobix Labs, Inc.

15420 Laguna Canyon Rd., suite 100

Irvine, CA 92618

Attention: Keyvan Samini

Email: legal@mobixlabs.com

 

With a required copy to (which shall not constitute notice):

 

Greenberg Traurig, LLP

One Vanderbilt Avenue

New York, New York 10022

Attention: Alan I. Annex; Kevin Friedmann; Laurie Green

Email: Annexa@gtlaw.com; FriedmannK@gtlaw.com; GreenL@gtlaw.com

 

	 	iv.	If to the Company after the Transaction
    Closing, to:

 

Mobix Labs, Inc.

15420 Laguna Canyon Rd., suite 100

Irvine, CA 92618

Attention: Keyvan Samini

Email: legal@mobixlabs.com

 

With a required copy to (which shall not constitute notice):

 

Greenberg Traurig, LLP

One Vanderbilt Avenue

New York, New York 10022

Attention: Alan I. Annex; Kevin Friedmann; Laurie Green

Email: Annexa@gtlaw.com; FriedmannK@gtlaw.com; GreenL@gtlaw.com

 

n. THIS SUBSCRIPTION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS THAT WOULD OTHERWISE REQUIRE
THE APPLICATION OF THE LAW OF ANY OTHER STATE.

 

SOLELY IN RESPECT OF THE INTERPRETATION AND ENFORCEMENT OF THE PROVISIONS
OF THIS SUBSCRIPTION AGREEMENT AND THE DOCUMENTS REFERRED TO IN THIS SUBSCRIPTION AGREEMENT AND IN RESPECT OF THE TRANSACTIONS CONTEMPLATED
HEREBY, THE PARTIES HERETO IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE Court of Chancery
of the State of Delaware; provided that if jurisdiction is not then available in the Court of Chancery of the State of Delaware,
then any ACTION, SUIT OR PROCEEDING hereunder may be brought in any federal court located in the State of Delaware or any other Delaware
state court. THE PARTIES HERETO HEREBY WAIVE, AND AGREE NOT TO ASSERT, AS A DEFENSE IN ANY ACTION, SUIT OR PROCEEDING FOR INTERPRETATION
OR ENFORCEMENT HEREOF OR ANY SUCH DOCUMENT THAT SUCH PARTY IS NOT SUBJECT TO SUCH JURISDICTION OR THAT SUCH ACTION, SUIT OR PROCEEDING
MAY NOT BE BROUGHT OR IS NOT MAINTAINABLE IN SAID COURTS OR THAT VENUE THEREOF

 

     

     

    

 

MAY NOT BE APPROPRIATE OR THAT THIS SUBSCRIPTION
AGREEMENT OR ANY SUCH DOCUMENT MAY NOT BE ENFORCED IN OR BY SUCH COURTS, AND THE PARTIES HERETO IRREVOCABLY AGREE THAT ALL CLAIMS
WITH RESPECT TO SUCH ACTION, SUIT OR PROCEEDING SHALL BE HEARD AND DETERMINED BY SUCH A DELAWARE STATE OR FEDERAL COURT. THE PARTIES
HEREBY CONSENT TO AND GRANT ANY SUCH COURT JURISDICTION OVER THE PERSON OF SUCH PARTIES AND OVER THE SUBJECT MATTER OF SUCH DISPUTE AND
AGREE THAT MAILING OF PROCESS OR OTHER PAPERS IN CONNECTION WITH SUCH ACTION, SUIT OR PROCEEDING IN THE MANNER PROVIDED IN SECTION 11(m) OR
IN SUCH OTHER MANNER AS MAY BE PERMITTED BY LAW SHALL BE VALID AND SUFFICIENT SERVICE THEREOF.

 

EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE
UNDER THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND
THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT
OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY
THIS SUBSCRIPTION AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY
HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING
WAIVER; (II) SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THE FOREGOING WAIVER; (III) SUCH PARTY MAKES THE
FOREGOING WAIVER VOLUNTARILY AND (IV) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS SUBSCRIPTION AGREEMENT BY, AMONG OTHER THINGS,
THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS SECTION 11(n).

 

12. Separate Obligations. For the avoidance of doubt, all obligations
of the Subscriber hereunder are separate and several from the obligations of any Other Subscriber. The decision of the Subscriber to
purchase the Shares pursuant to this Subscription Agreement has been made by Subscriber independently of any Other Subscriber or any
other investor and independently of any information, materials, statements or opinions as to the business, financial condition or results
of operations of the Company, Mobix, or any of their respective subsidiaries which may have been made or given by any Other Subscriber
or by any agent or employee of any Other Subscriber, and neither the Subscriber nor any of its agents or employees shall have any liability
to any Other Subscriber (or any other person) relating to or arising from any such information, materials, statements or opinions. Nothing
contained herein or in any Other Subscription Agreement, and no action taken by the Subscriber or Other Subscribers pursuant hereto or
thereto, shall be deemed to constitute the Subscriber and Other Subscriber as a partnership, an association, a joint venture or any other
kind of entity, or create a presumption that the Subscriber and the Other Subscribers are in any way acting in concert or as a group
with respect to such obligations or the transactions contemplated by this Subscription Agreement and the Other Subscription Agreements.
The Subscriber acknowledges that no Other Subscriber has acted as agent for the Subscriber in connection with making its investment hereunder
and no Other Subscriber will be acting as agent of the Subscriber in connection with monitoring its investment in the Shares or enforcing
its rights under this Subscription Agreement. The Subscriber shall be entitled to independently protect and enforce its rights, including,
without limitation, the

 

     

     

    

 

rights arising out of this Subscription Agreement, and it shall not be necessary for any Other Subscriber to
be joined as an additional party in any proceeding for such purpose.

 

[SIGNATURE PAGES FOLLOW]

 

     

     

    

 

IN WITNESS WHEREOF, the Subscriber has executed or caused this
Subscription Agreement to be executed by its duly authorized representative as of the date set forth below.

 

	Name of Subscriber: ACE
    SO4 HOLDINGS LIMITED.	State/Country of Formation
    or Domicile: British Virgin Islands

 

	By: 	/s/ Tik Yang Denis Tse    
           	 	 

 

Name: Tik Yang
Denis Tse            

 

Title: Director
         

 

	Name in which shares are to be registered

    (if different):
	 	Date:	November 15, 2022
	 	 	 	 
	Subscriber’s EIN:
    [****]	 	 	 
	 	 	 
	Business Address-Street:
    Palm Grove House, P.O. Box 438, Road Town, Tortola	 	Mailing Address-Street
    (if different): [****]
	 	 	 
	City, State, Zip: British
    Virgin Islands	 	City, State, Zip: [****]
	 	 	 	 
	Attn:	Tik Yang Denis Tse            	 	Attn:	 Tik Yang Denis
    Tse
	 	 	 
	Telephone No.: [****]	 	Telephone No.: [****]
	 	 	 
	Email Address: [****]	 	Email Address: [****]
	 	 	 	 
	Number of Shares subscribed
    for: 3,000,000	 	 	 
	 	 	 	 
	Aggregate Subscription
    Amount: $30,000,000	 	Price Per Share: $10.00

 

The above Subscriber agrees that it shall pay the Purchase Price by
wire transfer of United States dollars in immediately available funds to the account specified by the Company in the Closing Notice and
in accordance with the terms of the Subscription Agreement.

 

[Signature Page to Subscription Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, Chavant Capital Acquisition Corp. has accepted
this Subscription Agreement as of the date set forth below.

 

	 	CHAVANT CAPITAL ACQUISITION CORP.   

	 	 	 
	 	By:	/s/ Jiong Ma
	 	 	 
	 	Name: 	Jiong Ma
	 	Title:	Chief Executive Officer

 

Date: November 15, 2022

 

[Signature Page to Subscription Agreement]

 

     

     

    

 

SCHEDULE A

ELIGIBILITY REPRESENTATIONS OF THE SUBSCRIBER

 

	A.	QUALIFIED INSTITUTIONAL BUYER STATUS 

(Please check the applicable subparagraphs):

 

	 	1.	 ̈ We are
    a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act (a “QIB”)).

 

	 	2.	 ̈ We are
    subscribing for the Shares as a fiduciary or agent for one or more investor accounts, and each owner of such account is a QIB.

 

	B.	ACCREDITED INVESTOR STATUS 

(Please check the applicable subparagraphs):

 

	 	1.	 ̈ We are
    an “accredited investor” (within the meaning of Rule 501(a) under the Securities Act or an entity in which
    all of the equity holders are accredited investors within the meaning of Rule 501(a) under the Securities Act), and have marked
    and initialed the appropriate box on the following pages indicating the provision under which we qualify as an “accredited
    investor.”
	 	 	 
	 	2.	 ̈ We are
    not a natural person.

 

	C.	AFFILIATE STATUS 

(Please check the applicable box)

 

THE SUBSCRIBER:

 

	 	 ̈	is: 

 

	 	 ̈	is not: 

 

an “affiliate” (as defined in Rule 144 under the
Securities Act) of the Company or acting on behalf of an affiliate of the Company.

 

This page and the following pages on Schedule A should
be completed by the Subscriber and constitutes a part of the Subscription Agreement.

 

     

     

    

 

Rule 501(a), in relevant part, states
that an “accredited investor” shall mean any person who comes within any of the below listed categories, or who the Company
reasonably believes comes within any of the below listed categories, at the time of the sale of the Shares to that person. Subscriber
has indicated, by marking and initialing the appropriate box below, the provision(s) below which apply to Subscriber and under which
Subscriber accordingly qualifies as an “accredited investor.”

 

 ̈ Any
bank, as defined in Section 3(a)(2) of the Securities Act or any savings and loan association or other institution as defined
in Section 3(a)(5)(A) of the Securities Act, whether acting in an individual or a fiduciary capacity;

 

 ̈ Any
broker or dealer registered under Section 15 of the Exchange Act;

 

 ̈ Any
investment adviser registered pursuant to Section 203 of the Investment Advisers Act of 1940 or registered pursuant to the laws
of a state;

 

 ̈ Any
investment adviser relying on the exemption from registering with the Commission under Section 203(l) or (m) of the Investment
Advisers Act of 1940;

 

 ̈ Any
insurance company, as defined in Section 2(a)(13) of the Securities Act;

 

 ̈ Any
investment company registered under the Investment Company Act of 1940 or a business development company, as defined in Section 2(a)(48)
of that act;

 

 ̈ Any
small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the
Small Business Investment Act of 1958;

 

 ̈ Any
Rural Business Investment Company as defined in Section 384A of the Consolidated Farm and Rural Development Act;

 

 ̈ Any
plan established and maintained by a state, its political subdivisions or any agency or instrumentality of a state or its political subdivisions
for the benefit of its employees, if the plan has total assets in excess of $5 million;

 

 ̈ Any
employee benefit plan within the meaning of Title I of the Employee Retirement Income Security Act of 1974, if the investment decision
is being made by a plan fiduciary, as defined in Section 3(21) of such act, and the plan fiduciary is either a bank, a savings and
loan association, an insurance company, or a registered investment adviser, or if the employee benefit plan has total assets in excess
of $5 million, or if the employee benefit plan is a self-directed plan in which investment decisions are made solely by persons that
are accredited investors;

 

 ̈ Any
private business development company, as defined in Section 202(a)(22) of the Investment Advisers Act of 1940;

 

 ̈ Any
corporation, Massachusetts or similar business trust, partnership, or limited liability company or an organization described in Section 501(c)(3) of
the Internal Revenue Code of 1986, as amended, that was not formed for the specific purpose of acquiring the Shares, and that has total
assets in excess of $5 million;

 

 ̈ Any
trust with total assets in excess of $5 million not formed for the specific purpose of acquiring the Shares, whose purchase is directed
by a sophisticated person as described in Rule 506(b)(2)(ii) under the Securities Act;

 

 ̈ Any
entity in which all of the equity owners (whether entities themselves or natural persons) are accredited investors and meet the criteria
listed herein;

 

     

     

    

 

 ̈ Any
entity of a type not listed above, that is not formed for the specific purpose of acquiring the Shares and owns investments in excess
of $5 million. For purposes of this test, “investments” means investments as defined in Rule 2a51-1(b) under the
Investment Company Act of 1940;

 

 ̈ Any
family office, as defined in Rule 202(a)(11)(G)-1 under the Investment Advisers Act of 1940, that (i) has assets under management
in excess of $5 million; (ii) is not formed for the specific purpose of acquiring the Shares and (iii) has a person directing
the prospective investment who has such knowledge and experience in financial and business matters so that the family office is capable
of evaluating the merits and risks of the prospective investment;

 

 ̈ Any
family client, as defined in Rule 202(a)(11)(G)-1 under the Investment Advisers Act of 1940, of a family office meeting the requirements
of the test immediately above and whose prospective investment in the issuer is directed by that family office pursuant to clause (iii) immediately
above;

 

 ̈ Any
natural person whose individual net worth, or joint net worth with my spouse or spousal equivalent, exceeds $1,000,000;1

 

 ̈ Any
natural person who had individual income exceeding $200,000 in each of the last two calendar years and has a reasonable expectation of
reaching the same income level in the current calendar year;2

 

 ̈ Any
natural person who had joint income with spouse or spousal equivalent exceeding $300,000 in each of the last two calendar years and has
a reasonable expectation of reaching the same income level in the current calendar year, as defined above;

 

 ̈ Any
director, executive officer, or general partner of the issuer of the Shares or sold, or any director, executive officer, or general partner
of a general partner of that issuer; or

 

 

1
For purposes of this test, “net worth” means the excess of total assets at fair market value (including personal and real
property, but excluding the estimated fair market value of a person’s primary home) over total liabilities. “Total liabilities”
excludes any mortgage on the primary home in an amount of up to the home's estimated fair market value as long as the mortgage was incurred
more than 60 days before the Shares are purchased, but includes (i) any mortgage amount in excess of the home’s fair market value
and (ii) any mortgage amount that was borrowed during the 60-day period before the closing date for the sale of Shares for the purpose
of investing in the Shares. “Spousal equivalent” means a cohabitant occupying a relationship generally equivalent to that
of a spouse. “Joint net worth” can be the aggregate net worth of a person and spouse or spousal equivalent; assets do not
need to be held jointly to be included in the calculation.

2
For purposes of this test, “income” means adjusted gross income, as reported for federal income tax purposes,
increased by the following amounts: (a) the amount of any tax exempt interest income received, (b) the amount of losses claimed
as a limited partner in a limited partnership, (c)  any deduction claimed for depletion under Section 611 et seq. of the Internal
Revenue Code, (d) amounts contributed to an IRA or Keogh retirement plan, (e) alimony paid, and (f) any amounts by which
income from long-term capital gains has been reduced in arriving at adjusted gross income pursuant to the provisions of Section 1202
of the Internal Revenue Code.

 

     

     

    

 

 ̈ Any
natural person who holds in good standing one or more professional certifications or designations or credentials from an accredited educational
institution that the Commission has designated as qualifying an individual for accredited investor status.3

 

 

3
In determining whether to designate a professional certification or designation or credential from an accredited educational
institution for purposes hereof, the Commission will consider, among others, the following attributes: (a) the certification, designation,
or credential arises out of an examination or series of examinations administered by a self-regulatory organization or other industry
body or is issued by an accredited educational institution; (b) the examination or series of examinations is designed to reliably
and validly demonstrate an individual’s comprehension and sophistication in the areas of securities and investing; (c) persons
obtaining such certification, designation, or credential can reasonably be expected to have sufficient knowledge and experience in financial
and business matters to evaluate the merits and risks of a prospective investment; and (d) an indication that an individual holds
the certification or designation is either made publicly available by the relevant self-regulatory organization or other industry body
or is otherwise independently verifiable. As of the date hereof, the Commission has designated three certifications and designations
administered by the Financial Industry Regulatory Authority, Inc. as qualifying for accredited investor status: (i) Licensed General
Securities Representative (Series 7); (ii) Licensed Investment Adviser Representative (Series 65); and (iii) Licensed Private
Securities Offerings Representative (Series 82).

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