Document:

EX-10.11

 Exhibit 10.11 

This Agreement is made on 29 October 2020 

Between: 
  

	(1)	 ARRIVAL, S.À R.L., a private limited liability company (société à
responsabilité limitée) governed by the laws of the Grand Duchy of Luxembourg, with registered office is at 1, rue Peternelchen, L-2370, Howald, Grand Duchy of Luxembourg and registered with
the Luxembourg Register of Commerce and Companies under number B200.789 (the “Company” or “Arrival”); and 

  

	(2)	 UNITED PARCEL SERVICE GENERAL SERVICES CO., a company incorporated in the State of Delaware, United
States, with registered address at 55 Glenlake Parkway, Atlanta, GA 30328, USA (“UPS” and together with the Company, the “Parties”). 

Whereas: 
  

	(A)	 On 29 January 2020, UPS adhered to the Subscription Agreement relating to the issue and subscription of
shares in the capital of the Company (the “Deed of Adherence”). 

  

	(B)	 Pursuant to clause 4 of the Deed of Adherence, the Parties agreed that, conditional on the Parties entering
into a further binding agreement for the provision of a further at least 10,000 electric vehicles, the Company would issue a warrant to UPS substantially in the form set out in schedule 1 to the Deed of Adherence. 

 

	(C)	 On 9 September 2020, the Company entered into the Letter of Intent in connection with the SPAC
Transaction. 

  

	(D)	 The Parties now wish to agree that, if the SPAC Transaction completes and SPAC HoldCo becomes the holding
company of the Arrival group, SPAC HoldCo shall, on the terms and conditions set out in this Agreement, have an obligation to issue a warrant to UPS substantially in the form set out in the Schedule. 

It is agreed as follows: 
  

	1	 Definitions and interpretation 

 

	1.1	 In this Agreement: 

“Commercial Agreement” means the Vehicle Sales Agreement between the Company and United Parcel Service Inc., an Ohio
corporation, effective as of 8 October 2020 for the purchase of certain electric vehicles designed and manufactured by the Company; 

“Letter of Intent” means the letter of intent between the Company and SPAC HoldCo dated 9 September 2020; 

“SPAC Completion” completion of the SPAC Transaction; 

“SPAC HoldCo” means the ultimate holding company of the Arrival group of companies upon SPAC Completion; 

“SPAC Transaction” means the business combination transaction contemplated by the Letter of Intent involving the Company and
SPAC HoldCo; and 
 “Subscription Agreement” means the subscription agreement dated 6 December 2019 between the
Company, Denis Sverdlov and, together, Hyundai Motor Company and Kia Motors Corporation, as amended on 30 December 2019. 

	1.2	 Unless the context requires otherwise, words and expressions defined in the Shareholders’ Agreement
shall have the same meanings when used in this Agreement. 

  

	2	 SPAC HoldCo Warrant 

 

	2.1	 The Company will ensure that, upon SPAC Completion, SPAC Holdco will enter into an agreement with UPS to
the effect that it will, subject to and conditional upon UPS (or an affiliate thereof) purchasing the Production Forecast (as defined in the Commercial Agreement) volume prior to the end of 2025, issue a warrant in the form set out in the Schedule.

  

	2.2	 Upon SPAC Completion (and subject to the Company’s compliance with Clause 2.1), this Agreement
shall replace clause 4 of the Deed of Adherence, and clause 4 of the Deed of Adherence shall cease to have effect and the Company shall be automatically released from its obligations thereunder. 

 

	3	 Term 

This Agreement shall terminate if SPAC Completion has not occurred by 31 December 2021, unless otherwise agreed by the Parties. 

 

	4	 Confidentiality 

 

	4.1	 No public announcement in connection with the existence or the subject matter of this Agreement shall be
made or issued by or on behalf of the Company or UPS without the prior written approval of the other. 

  

	4.2	 Subject to Clause 4.4, the Company shall treat as confidential and not disclose or use any information
received or obtained as a result of entering into this Agreement (or any agreement entered into pursuant to this Agreement) which relates to: 

  

	 	(i)	 the provisions of this Agreement and any agreement entered into pursuant to this Agreement;

  

	 	(ii)	 the negotiations relating to this Agreement (and such other agreements); or 

 

	 	(iii)	 the UPS business, financial or other affairs (including the business, financial or other affairs of UPS and its
subsidiaries and including, in each case, future plans and targets). 

  

	4.3	 Subject to Clause 4.4, UPS shall treat as confidential and not disclose or use any information received
or obtained as a result of entering into this Agreement (or any agreement entered into pursuant to this Agreement) which relates to: 

  

	 	(i)	 the provisions of this Agreement and any agreement entered into pursuant to this Agreement;

  

	 	(ii)	 the negotiations relating to this Agreement (and such other agreements); or 

 

	 	(iii)	 the Company’s business, financial or other affairs (including the business, financial or other affairs of
the Company, its subsidiaries and affiliates, and including, in each case, future plans and targets). 

  
 2 

	4.4	 Neither Clause 4.2 or 4.3 shall prohibit disclosure or use of any information if and to the extent:

  

	 	4.4.1	 the disclosure or use is required by law, any regulatory body or the rules and regulations of any
recognised stock exchange; 

  

	 	4.4.2	 the disclosure or use is required to vest the full benefit of this Agreement in the Company or UPS, as
the case may be; 

  

	 	4.4.3	 the disclosure or use is required for the purpose of any judicial proceedings arising out of this
Agreement or any other agreement entered into under or pursuant to this Agreement or the disclosure is reasonably required to be made to a taxation authority in connection with the taxation affairs of the disclosing party; 

 

	 	4.4.4	 the disclosure is made to professional advisers of the Company or UPS on terms that such professional
advisers undertake to comply with the provisions of Clause 4.2 or 4.3 in respect of such information as if they were a party to this Agreement; 

  

	 	4.4.5	 the information becomes publicly available (other than by breach of this Agreement); or

  

	 	4.4.6	 the other party has given prior written approval to the disclosure or use, 

provided that prior to disclosure or use of any information pursuant to Clause 4.4.1, 4.4.2, 4.4.3 or 4.4.4, the party concerned shall promptly
notify the other party of such requirement with a view to providing the other party with the opportunity to contest such disclosure or use or otherwise to agree the timing and content of such disclosure or use. 

 

	4.5	 Whole Agreement 

This Agreement contains the whole agreement between the Parties relating to the subject matter of this Agreement at the date hereof to the
exclusion of any terms implied by law which may be excluded by contract and supersedes any previous written or oral agreement between the Parties in relation to the matters dealt with in this Agreement. 

 

	5	 Successors and Assigns 

This Agreement is personal to the Parties to it. Accordingly, neither the Company nor UPS may, without the prior written consent of the other,
assign, hold on trust or otherwise transfer the benefit of all or any of the other’s obligations under this Agreement, or any benefit arising under or out of this Agreement; provided that UPS may assign, hold on trust or otherwise transfer the
benefit of all or any of its obligations under this Agreement, or any benefit arising under or out of this Agreement, to an affiliate of UPS without the prior written consent of the Company. 

 

	6	 Costs 

Each of the Parties shall bear the costs incurred by it in connection with this Agreement. 

 

	7	 Further assurances 

Each of the Parties to this Agreement agrees to perform (or procure the performance of) all further acts and things and execute and deliver (or
procure the execution and delivery of) such further documents as may be required by law or as any party may reasonably require to give full effect to this Agreement and to give any party the full benefit of this Agreement. 

  
 3 

	8	 Variation 

No variation of this Agreement shall be effective unless in writing and signed by or on behalf of each of the Parties. 

 

	9	 Invalidity 

If any provision in this Agreement shall be held to be illegal, invalid or unenforceable, in whole or in part, such provision or part shall to
that extent be deemed not to form part of this Agreement but the legality, validity or enforceability of the remainder of this Agreement shall not be affected. 
  

	10	 Contracts (Rights of Third Parties) Act 1999 

A person who is not a party to this Agreement shall have no rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term
of, or enjoy any benefit under, this Agreement. 
  

	11	 Counterparts 

This Agreement may be executed in any number of counterparts and by the Parties to it on separate counterparts, each of which shall be an
original but all of which together shall constitute one and the same instrument. 
  

	12	 Governing law and jurisdiction 

This Agreement and any non-contractual obligations arising out of or in connection with it shall be
governed by with the laws of England and Wales and each of the Parties to this Agreement hereby submits to the exclusive jurisdiction of the courts of England and Wales. 

  
 4 

 This Agreement is signed by duly authorised representatives of the parties: 

 

			
	SIGNED	  	)
	by ARRIVAL S.À R.L.	  	)
	acting by:	  	)
	Csaba Horvath	  	
	Manager	  	
		
		  	/s/ Csaba Horvath
		  	Manager
		
	SIGNED	  	)
	by UNITED PARCEL SERVICE GENERAL SERVICES CO.	  	)
	acting by:	  	)
	 Eric M. Fresh
	  	 /s/ Eric M. Fresh

	 Authorised Signatory
	  	 Authorised Signatory

  
 5 

 Schedule 

THIS WARRANT AND THE UNDERLYING SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”). THEY MAY NOT BE
SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO SUCH SECURITIES UNDER THE ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED. 

[COMPANY NAME] 
 WARRANT
TO PURCHASE ORDINARY SHARES 
  

			
	No. [●]	  	Issue Date: [●]

 THIS CERTIFIES THAT, for value received, UNITED PARCEL SERVICES GENERAL SERVICES CO. or its Permitted Affiliates
(“Holder”), is entitled to subscribe for and purchase at the Exercise Price (defined below) from [•]1 (the “Company”), a number of Ordinary Shares as
permitted by the terms of this Warrant to Purchase Ordinary Shares (this “Warrant”). 
 This Warrant is being issued to Holder pursuant to
the terms of an agreement, dated as of [•]2 and made between the Company and the Holder. 

Subject to the terms and conditions set forth herein, including a Change of Control (as defined below), this Warrant shall be exercisable during the period
(the “Exercise Period”) commencing on the first date on which Holder exercises its Purchase Option (as defined in the Purchase Agreement (as defined below)) to purchase one or more electric vehicles pursuant to the terms of the
Purchase Agreement and ending on the earlier to occur of the following: (a) 5:00 p.m., Atlanta, Georgia time, on the later of (i) the tenth (10th) anniversary of the issue date of this
Warrant and (ii) December 31, 2031. 
  

	1	 Definitions 

As used herein, the following terms shall have the following respective meanings: 

“Change of Control” means (i) any consolidation, merger, reorganization, or similar transaction involving the Company or
its subsidiaries in which the Company or its subsidiary, as applicable, is not the surviving entity or pursuant to which the Company’s equity holders immediately prior to such transaction own, immediately after such transaction, less than fifty
percent (50%) of the voting securities of the surviving entity, (ii) any transaction or series of related transactions in which a person, or a group of related persons, acquires from equity holders of the Company shares representing more than
fifty percent (50%) of the outstanding voting power of the Company (other than any internal reorganizations), or (iii) the sale, lease, exclusive license, or other transfer, in any transaction or series of related transactions, of all or
substantially all of the assets of the Company and its subsidiaries. 
 “Current Market Per Share Price” means the average
reported last sale price of the Ordinary Shares for the three (3) trading days immediately preceding the date that this Warrant is exercised by Holder from time to time. 
  

 

	1 	 The Company will be the successor entity to Arrival S.à r.l., a private limited liability company
governed by the laws of the Grand Duchy of Luxembourg. 

	2 	 To be populated once obligation captured in SPAC transaction documentation. It is expected that the Company
will assume the conditional obligation to issue the warrant upon SPAC Completion 

  
 6 

 “Exercise Price” shall mean EUR 0.01 per share. 

“Exercise Shares” shall mean the Ordinary Shares issued by the Company to Holder upon exercise of this Warrant. 

“Maximum Number of Ordinary Shares” shall be computed using the following formula: 

X = (0.03 * (A * B)) / C 
 Where:

  

	 	X =	 the maximum number of Ordinary Shares to be issued to Holder 

 

	 	A =	 the maximum number of electric vehicles that may be purchased as Purchase Options in accordance with the terms
of the Purchase Agreement (the “Maximum Number of Vehicles”) 

  

	 	B =	 the per vehicle purchase price set out in the Purchase Agreement 

 

	 	C =	 the Current Market Per Share Price 

“Notice of Exercise” means the notice in the form attached hereto issued by Holder to the Company setting out the number of
Ordinary Shares to be issued by the Company to Holder in accordance with the terms of this Warrant. 
 “Ordinary Shares”
means the ordinary shares of the Company [with nominal share capital of EUR 0.10]3. 

“Permitted Affiliates” means any affiliate of Holder at such time(s) as Holder exercises this Warrant to whom issuance of the
Exercise Shares would not constitute a violation of applicable law. 
 “Purchase Agreement” means the Vehicle Sales
Agreement between the Company and United Parcel Service Inc., an Ohio corporation, effective as of 8 October 2020. 
 “Purchase
Options” has the meaning given in the Purchase Agreement. 
  

	2	 Exercise of Warrant 

 

	2.1	 Partial Exercise 

The rights represented by this Warrant may be exercised in part on each occasion that Holder (or an affiliate thereof) has paid in full for
delivery of one or more electric vehicles pursuant to the Purchase Option under the Purchase Agreement (each a “Partial Exercise Event”), for the number of Ordinary Shares equal to (a) the quotient obtained by dividing the
Maximum Number of Ordinary Shares by the Maximum Number of Vehicles, multiplied by (b) the number of electric vehicles for which Holder (or an affiliate thereof) has paid in full for delivery as set out in the applicable Notice of
Exercise, provided that Holder may not, without the consent of the Company, issue a Notice of Exercise more than once in any three-month period during the Exercise Period. Any exercise pursuant to this Section 2.1 may, at Holder’s
discretion, be net exercised or cash settled. 
  

	3 	 To conform to the nominal value of the post-SPAC company, currently expected to be EUR 0.10.

  
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	2.2	 Full Exercise upon Exercise Event 

The rights represented by this Warrant may be exercised in full for the Maximum Number of Ordinary Shares immediately prior to and effective
upon the consummation of a Change of Control (an “Exercise Event”) at any time during the Exercise Period. Any exercise pursuant to this Section 2.2 may, at Holder’s discretion, be net exercised or cash settled. 

 

	2.3	 Delivery on Exercise 

Any exercise of the rights represented by this Warrant pursuant to Sections 2.1 or 2.2 shall be consummated by delivery by Holder of the
following to the Company at [•] (or at such other address as it may designate by notice in writing to Holder): 
  

	 	(a)	 an executed Notice of Exercise in the applicable form attached hereto; 

 

	 	(b)	 payment of the Exercise Price, if cash settlement as provided in Section 2.5 is so elected by Holder; and

  

	 	(c)	 if such exercise follows either an Exercise Event or a Partial Exercise Event where the number of Ordinary
Shares issued in aggregate by the Company to Holder across all Partial Exercise Events is equal to the Maximum Number of Ordinary Shares, this Warrant; provided that Holder shall not be required to deliver the original Warrant in order to effect an
exercise hereunder so long as Holder delivers an affidavit of loss to the Company in accordance with Section 8.4 below. 

Upon the exercise of the rights represented by this Warrant, the Company shall take all such action or procure that all such action is taken as
is necessary in order to issue the Exercise Shares to Holder, and shall issue and deliver to Holder or, if Holder so designates, its Permitted Affiliate, a certificate or certificates for the Exercise Shares so purchased, registered in the name of
Holder (or its Permitted Affiliate) and a certified true copy of the updated register of members of the Company evidencing Holder (or its Permitted Affiliate Transferee) as holder of the Exercise Shares, unless otherwise agreed upon in connection
with the Exercise Event or Partial Exercise Event (as applicable). 
 The person in whose name any certificate or certificates for Exercise
Shares are to be issued upon exercise of this Warrant shall be deemed to have become Holder of record of such shares on the date on which the register of members of the Company has been duly updated, irrespective of the date of delivery of such
certificate or certificates. 
  

	2.4	 Net Exercise 

On delivery by Holder of a properly endorsed Notice of Exercise, Holder shall, if it has elected to net exercise, receive that number of
Ordinary Shares equal to the value (as determined below) of this Warrant, in which event the Company shall issue to Holder, a number of Ordinary Shares computed using the following formula: 

 
 

 
 Where: 
  

	 	X =	 the number of Ordinary Shares to be issued to Holder 

 

	 	Y =	 the number of Ordinary Shares purchasable under the Warrant or, in the event of a Partial Exercise Event, the
number of Ordinary Shares issuable in respect of the portion of the Warrant being exercised (at the date of such calculation) 

  
 8 

	 	A =	 the Current Market Per Share Price 

 

	 	B =	 the Exercise Price (as adjusted to the date of such calculation) 

For purposes of the above calculation, in the event this Warrant is exercised in connection with a Change of Control, the Current Market Per
Share Price of the Ordinary Shares shall be the value of the consideration to be received pursuant to such Change of Control for an Ordinary Share as set forth in the acquisition agreement. 

 

	2.5	 Cash Settled 

On delivery by Holder of a properly endorsed Notice of Exercise, Holder shall, if it has elected to cash settle, make payment to the account
specified in advance by the Company to Holder of an amount of cash in Euros equal to: 
 Y * B 

Where: 
  

	 	Y =	 the number of Ordinary Shares purchasable under the Warrant or, in the event of a Partial Exercise Event, the
number of Ordinary Shares issuable in respect of the portion of the Warrant being canceled (at the date of such calculation) 

  

	 	B =	 the Exercise Price (as adjusted to the date of such calculation) 

 

	3	 Covenants of the Company 

 

	3.1	 Covenants as to Exercise Shares 

The Company covenants and agrees that all Exercise Shares that may be issued upon the exercise of the rights represented by this Warrant will,
upon issuance, be validly issued and outstanding, fully paid and nonassessable, and free from all taxes, liens and charges with respect to the issuance thereof. The Company further covenants and agrees that the Company will have authorized and
reserved, free from preemptive or similar rights, a sufficient number of Ordinary Shares to provide for the exercise of the rights represented by this Warrant prior to an Exercise Event or Partial Exercise Event (as applicable). If the number of
authorized but unissued Ordinary Shares shall not be sufficient to permit exercise of this Warrant in connection with an Exercise Event or Partial Exercise Event (as applicable), the Company will take such corporate action as may, in the opinion of
its counsel, be necessary to increase its share capital to allow for the issuance of such number of Ordinary Shares as shall be sufficient for such purposes. 
  

	3.2	 Notices 

In the event of (a) any taking by the Company of a record of holders of any class of securities for the purpose of determining holders
thereof who are entitled to receive any dividend (other than a cash dividend which is the same as cash dividends paid in previous quarters) or other distribution; (b) any reclassification of the capital stock of the Company, capital
reorganization of the Company, consolidation or merger involving the Company or sale or conveyance of all or substantially all of its assets that does not constitute a Change of Control; or (c) any voluntary or involuntary dissolution,
liquidation or winding-up of the Company, the Company shall mail to Holder, at least ten (10) days prior to the date specified herein, a notice specifying the date on which any such action is to be taken.
In the event of an Exercise Event, the Company shall mail to Holder, at least thirty (30) business days prior to the date specified herein, a notice specifying the date on which the Exercise Event is expected to occur. 

  
 9 

	4	 Representations and Warranties 

 

	4.1	 Representations and Warranties of the Company 

This Warrant is issued and delivered by the Company and accepted by the Holder on the basis of the following representations, warranties and
covenants made by the Company: 
  

	 	4.1.1	 The Company has all necessary authority to issue, execute and deliver this Warrant and to perform its
obligations hereunder. This Warrant has been duly authorized issued, executed and delivered by the Company and is the valid and binding obligation of the Company, enforceable in accordance with its terms. 

 

	 	4.1.2	 The Ordinary Shares issuable upon the exercise of this Warrant will have been duly authorized and
reserved for issuance by the Company and, when issued in accordance with the terms hereof, will be validly issued, fully paid and nonassessable. 

  

	 	4.1.3	 The issuance, execution and delivery of this Warrant do not, and the issuance of the Ordinary Shares
upon the exercise of this Warrant in accordance with the terms hereof will not, (i) violate or contravene the Company’s constitutional documents, or any law, statute, regulation, rule, judgment or order applicable to the Company,
(ii) violate, contravene or result in a breach or default under any contract, agreement or instrument to which the Company is a party or by which the Company or any of its assets are bound or (iii) require the consent or approval of or the
filing of any notice or registration with any person or entity. 

  

	4.2	 Accredited Investor Status 

By accepting this Warrant, Holder represents and warrants that it: (i) is acquiring this Warrant for investment and not with a view to, or
for sale in connection with, any distribution or public offering thereof within the meaning of the Securities Act, (ii) understands that this Warrant and the Warrant Shares subject to this Warrant have not been registered under the Securities
Act by reason of their issuance in a transaction exempt from the registration and prospectus delivery requirements of the Securities Act pursuant to Section 4(a)(2) thereof, and (iii) is an “accredited investor” as such term is
defined in Rule 501 of Regulation D under the Securities Act. Holder acknowledges that it is not relying upon any representation or warranty of the Company or any other person, either express or implied, that is not expressly set forth in writing in
the Transaction Documents. Each party further acknowledges that it has had an opportunity to consult with its own counsel, financial and tax advisers and other professional advisers as it believes is sufficient for purposes of the transactions
contemplated by the Transaction Documents. For purposes of this Warrant, the term “Transaction Documents” refers collectively to this Warrant, the Purchase Agreement and any other agreement entered into by and among the parties
and/or their respective subsidiaries on the date hereof in connection with the transactions contemplated hereby or thereby, in each case, as amended, modified or supplemented from time to time in accordance with their respective terms. 

  
 10 

	5	 Adjustment of Exercise Price 

In the event of changes in the outstanding share capital of the Company by reason of stock dividends,
split-ups, recapitalizations, reclassifications, combinations or exchanges of shares, separations, reorganizations, liquidations, or the like, the number and class of shares available under the Warrant in the
aggregate and the Exercise Price shall be correspondingly adjusted to give Holder of the Warrant, on exercise for the same aggregate Exercise Price, the total number, class, and kind of shares as Holder would have owned had the Warrant been
exercised prior to the event and had Holder continued to hold such shares until after the event requiring adjustment. The form of this Warrant need not be changed because of any adjustment in the number of Exercise Shares subject to this Warrant. In
the event any such adjustment is made, as herein provided, the Company shall promptly deliver to Holder a certificate from an officer of the Company setting forth the Exercise Price after such adjustment and setting forth a brief statement of the
facts requiring such adjustment. 
  

	6	 Fractional Shares 

No fractional shares shall be issued upon the exercise of this Warrant as a consequence of any adjustment pursuant hereto. All Exercise Shares
(including fractions) issuable upon exercise of this Warrant may be aggregated for purposes of determining whether the exercise would result in the issuance of any fractional share. If, after aggregation, the exercise would result in the issuance of
a fractional share, the Company shall, in lieu of issuance of any fractional share, pay Holder otherwise entitled to such fraction a sum in cash equal to the product resulting from multiplying the then current fair market value of an Exercise Share
by such fraction. 
  

	7	 Miscellaneous 

 

	7.1	 No Stockholder Rights 

This Warrant in and of itself shall not entitle Holder to any voting rights or other rights as a stockholder of the Company. 

 

	7.2	 Amendments and Waivers 

No failure or delay by either party in exercising any right, power or privilege shall operate as a waiver thereof, nor will a partial exercise
of any right, power or privilege preclude any other or further exercise thereof. The terms of this Warrant and the obligations of the parties hereunder may only be amended, modified or waived by written agreement between the Company and Holder. 

 

	7.3	 Transfer of Warrant 

Subject to applicable laws, the restriction on transfer set forth on the first page of this Warrant and the execution by any transferee of an
investment letter in form and substance satisfactory to the Company, this Warrant and all rights hereunder are transferable, by the Holder in person or by duly authorized attorney, upon delivery of this Warrant and the form of assignment attached
hereto. The transferee shall sign an investment letter in form and substance satisfactory to the Company. Any assignment of this Warrant in violation of this Section 8.3 shall be void ab initio. 

  
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	7.4	 Lost, Stolen, Mutilated or Destroyed Warrant 

If this Warrant is lost, stolen, mutilated or destroyed, the Company may, on such terms as to indemnity or otherwise as it may reasonably
impose (which shall, in the case of a mutilated Warrant, include the surrender thereof), issue a new Warrant of like denomination and tenor as the Warrant so lost, stolen, mutilated or destroyed. Any such new Warrant shall constitute an original
contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated or destroyed Warrant shall be at any time enforceable by anyone. 
  

	7.5	 Notices, etc. 

All notices required or permitted hereunder shall be in writing and shall be deemed effectively given: (i) upon personal delivery to the
party to be notified, (ii) when sent by confirmed telex or facsimile if sent during normal business hours of the recipient, if not, then on the next business day, (iii) five (5) days after having been sent by registered or certified mail,
return receipt requested, postage prepaid, or (iv) one (1) day after deposit with UPS Next Day Air®, with written verification of receipt. All communications shall be sent to the Company
at the address listed on the signature page and to Holder at the address on record with the Company or at such other address as the Company or Holder may designate by ten (10) days advance written notice to the other parties hereto. 

 

	7.6	 Acceptance 

Receipt of this Warrant by Holder shall constitute acceptance of and agreement to all of the terms and conditions contained herein. 

 

	7.7	 Governing Law; Severability; Jurisdiction and Venue; Waiver of Jury Trial 

 

	 	7.7.1	 This Warrant will be governed by and construed under the laws of the State of New York.

  

	 	7.7.2	 If any Section or provision of this Warrant is found or held to be illegal, invalid, or unenforceable,
the remainder of this Warrant will be valid and enforceable and the parties in good faith will negotiate a substitute, valid, and enforceable provision that most nearly effects the parties’ intent in entering into this Warrant.

  

	 	7.7.3	 Each of the parties hereto: (i) irrevocably consent to the jurisdiction and venue of the state or
federal courts located in the borough of Manhattan, New York, in the event any dispute (whether in contract, tort or otherwise) arises out of this Warrant or the transactions contemplated hereby, (ii) agrees that it shall not attempt to deny or
defeat such personal jurisdiction by motion or other request for leave from any such court and waives any claim of lack of personal jurisdiction or improper venue and any claims that such courts are an inconvenient forum, and (iii) agrees that
it shall not bring any claim, action or proceeding relating to this Warrant or the transactions contemplated hereby in any court other than the courts referenced in the preceding clause (i). Each party agrees that service of process upon such party
in any such claim, action or proceeding shall be effective if notice is given in accordance with the provisions of this Warrant. 

  

	 	7.7.4	 EACH 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 WARRANT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

  
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	7.8	 Counterparts 

This Warrant may be executed in any number of counterparts, each of which will be deemed to be an original copy of this Warrant and all of
which, when taken together, will be deemed to constitute one and the same agreement. This Warrant may be signed and delivered by electronic mail in “.pdf” form, or any other electronic transmission, and shall be treated in all manner and
respects as an original contract and shall be considered to have the same binding legal effects as if it were the original signed version thereof delivered in person. 

[Remainder of page left intentionally blank] 

  
 13 

 Draft Linklaters LLP/24/09/2020 
  

 In witness whereof, each of the parties has caused this Warrant to be executed as of the date
first written above. 
 COMPANY: 
 [•] 

 

			
	By:	 	
                 

		
	Name:	 	  

		
	Title:	 	  

 HOLDER: 
 UNITED
PARCEL SERVICES GENERAL SERVICES CO. 
  

			
	By:	 	
                     

		
	Name:	 	  

		
	Title:	 	  

  
 14 

 Draft Linklaters LLP/24/09/2020 
  

 NOTICE OF EXERCISE – PARTIAL EXERCISE EVENT 

 

	TO:	 [•] (the “Company”) 

 

	A.	 The undersigned, having paid in full the purchase price for
                         vehicle(s) in accordance with the terms of the Purchase Agreement, hereby elects to purchase
                     Ordinary Shares pursuant to the terms of4 [the net exercise
provisions set forth in Section 2.4 of the Warrant] OR [the cash settlement provisions set forth in Section 2.5 of the Warrant]. 

  

	B.	 Please issue a certificate or certificates representing said Ordinary Shares in the name of the
undersigned or in such other name as is specified below: 

  

					
	                                      
              	 	  
 (Name)
	 	                                      
          
			
		 	  
	 	
			
		 	  
 (Address)
	 	

  

					
	  
 (Date)
	 	    	  	  
 (Signature)

			
		 		  	  
 (Print name)

  
  

	4 	 Holder to select whether it will net exercise or cash settle. 

  
 15 

 Draft Linklaters LLP/24/09/2020 
  

 NOTICE OF EXERCISE – EXERCISE EVENT 

 

	TO:	 [•] (the “Company”) 

 

	C.	 The undersigned hereby elects to purchase
                     Ordinary Shares, which is all of the Ordinary Shares exercisable under the Warrant, pursuant to the terms of5 [the net exercise provisions set forth in Section 2.4 of the Warrant] OR [the cash settlement provisions set forth in Section 2.5 of the Warrant], effective as of immediately prior
to the Change of Control. 

  

	D.	 Please issue a certificate or certificates representing said Ordinary Shares in the name of the
undersigned or in such other name as is specified below: 

  

					
	                                      
              	 	  
 (Name)
	 	                                      
          
			
		 	  

 
	 	
			
		 	  
 (Address)
	 	

  

					
	  
 (Date)
	 	    	  	  
 (Signature)

			
		 		  	  
 (Print name)

  
  

	5 	 Holder to select whether it will net exercise or cash settle. 

  
 16 

 Draft Linklaters LLP/24/09/2020 
  

 ASSIGNMENT FORM 

(To assign the foregoing Warrant, execute this form and supply required information. 

Do not use this form to purchase shares.) 

FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to: 

 

			
	Name:	  	
                     
    

		  	(Please Print)
		
	Address:	  	  

		  	(Please Print)
		
	Dated:	  	                                      
                                         
                 
		
	Holder’s	  	
	Signature:	  	                                      
                                         
                 
		
	Holder’s	  	
	Address:	  	                                      
                                         
                 

 NOTE: The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant,
without alteration or enlargement or any change whatever. Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Warrant. 

  
 17EX-10.12

 Exhibit 10.121 

Private and confidential 
 3rd January 2019 
  

 DATED 

3rd January 2019 

EMPLOYMENT CONTRACT 

between 

ARRIVAL LTD 

And 
 Avinash Rugoobur 

 
  

	1 	 Certain portions of this exhibit have been redacted in accordance with Item 601(a)(6) of Regulation S-K. This
information is not material and disclosure of such information would constitute an unwarranted invasion of personal privacy. “[*]” indicates that information has been redacted. 

 Private and confidential 

3rd January 2019 

 

 THIS AGREEMENT is made on 3rd January 2019 

PARTIES 
  

	(1)	 Arrival Limited incorporated and registered in England and Wales with company number 09475811 whose registered
office is Beaumont House, Kensington Village, London. W14 8TS (the “Company”). 

  

	(2)	 Avinash Rugoobur (the “Employee” or “you”) of [*]. 

Agreed terms 
  

	1.	 INTERPRETATION 

 

	1.1	 The definitions and rules of interpretation in this clause 1 apply in this agreement. 

“Appointment” means your employment by the Company on the terms of this agreement. 

“Capacity” means as agent, consultant, director, employee, owner, partner, shareholder or in any other capacity. 

“Commencement Date” means TBC. 

“Confidential Information” means information (whether or not recorded in documentary form, or stored on any magnetic or
optical disk or memory) relating to the business, products, affairs and finances of the Company/any Group Company for the time being confidential to the Company/any Group Company and trade secrets including, without limitation, technical data and know-how relating to the business of the Company/any Group Company or any such company’s business contacts, including in particular (by way of illustration only and without limitation): 

 

	 	◾	 details of the requirements of contractors (whether they be clients, suppliers, consultants or other
contractors) of the Company/any Group Company, including the fees and commissions charged to or by them and the terms of business with them; 

  

	 	◾	 any information or document relating to the Company’s or any Group Company’s expansion plans,
business strategy and marketing plans; 

  

	 	◾	 the Company’s or any Group Company’s financial information, results and forecasts;

  

	 	◾	 the Company’s or any Group Company’s employees and officers and of the remuneration and other
benefits paid to them; 

  
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	 	◾	 any incident or investigation relating to the Company’s or any Group Company’s operations and
business; 

  

	 	◾	 information relating to pitches and tenders contemplated, offered or undertaken by the Company or any Group
Company; 

  

	 	◾	 confidential reports or research commissioned by or provided to the Company or any Group Company;

  

	 	◾	 any trade secrets of the Company or any Group Company including
know-how and confidential transactions; 

  

	 	◾	 details of any project on software development or any information relating to any type of replicated digital
data medium including magnetic media tape, CD ROM or data designed to be circulated on the internet or any information relating to the production methods, tools, and techniques used by the Company or any Group Company in the course of its business;

  

	 	◾	 information relating to the research activities, inventions, secret processes, designs formulae and product
lines undertaken by or on behalf of the Company or any Group Company; and 

  

	 	◾	 any information which you are told is confidential and any information which has been given to the Company or
any Group Company in confidence by clients, suppliers or other persons. 

 “Employment Inventions” means
any Invention made wholly or partially by you at any time during the course of your Appointment with the Company (whether or not during working hours or using Company premises or resources, and whether or not recorded in material form). 

“Employment IPRs” means Intellectual Property Rights created wholly or partially by you in the course of your Appointment with
the Company (whether or not during working hours or using Company premises or resources and whether or not recorded in material form). 

“Group Company” means the Company, its Subsidiaries or Holding Companies from time to time and any Subsidiary of any Holding
Company from time to time. 
 “Incapacity” means any sickness, injury or other medical disorder or condition which prevents
you from carrying out your duties. 
 “Intellectual Property Rights” means patents, rights to Inventions, copyright and
related rights, trademarks, trade names and domain names, rights in get-up, goodwill and the right to sue for passing off. unfair competition rights, rights in designs, rights in computer software, database
rights, topography rights, rights to use and preserve the confidentiality 

  
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of information (including know-how and trade secrets) and any other intellectual property rights, in each case whether registered or unregistered and
including all applications (or rights to apply) for and be granted, renewals or extensions of, and rights to claim priority from, such rights and all similar or equivalent rights or forms of protection which subsist or will subsist now or in the
future in any part of the world. 
 “Invention” means any invention, idea, discovery, development, improvement or
innovation, whether or not patentable or capable of registration, and whether or not recorded in any medium. 
 “Policies and
Procedures” means the Company’s policies and procedures as amended from time to time. 
 “Restricted Customer”
means any firm, company or person who, during the 12 month(s) before Termination, was a customer or prospective customer of or was in the habit of dealing with the Company (including any Original Equipment Manufacturer (OEM) who was in contact with
the Company regarding the licensing, development or manufacture of any range extended electric vehicle (REEV) powertrain) with whom you had contact or about whom you became aware or were informed of in the course of your employment (which for the
avoidance of doubt includes KAMAZ – the Russian truck manufacturing company and its Subsidiaries and Holding Companies). 

“Restricted Person” means anyone employed by the Company (but not including any employee who carried out a purely
administrative support role) and with whom you dealt with in the 12 month(s) before Termination in the course of your employment”. 

“Restricted Supplier” means any business concern who supplies the Company with specific parts for the REEV powertrain and/or
supplies the Company with specific parts to incorporate the REEV powertrain into any vehicle the Company is manufacturing, selling or licensing, including: Magtec Systems Technology and Integral Powertrain Ltd. 

“Termination” means the termination of your employment with the Company however caused. 

 

	1.2	 The headings in this agreement are inserted for convenience only and shall not affect its construction.

  

	1.3	 A reference to a particular law is a reference to it as it is in force for the time being taking account of any
amendment, extension, or re-enactment and includes any subordinate legislation for the time being in force made under it. 

 

	1.4	 Unless the context otherwise requires, words in the singular include the plural and in the plural include the
singular. 

  
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	1.5	 References to clauses are to clauses of this agreement. 

 

	1.6	 This agreement is executed as a deed by the parties to it with the intention that it should take effect as a
deed. 

  

	2.	 TERM OF APPOINTMENT 

 

	2.1	 Your Appointment shall commence on the Commencement Date and shall continue, subject to the remaining terms of
this agreement, until terminated by either party giving the other not less than six month’s prior notice in writing. 

  

	2.2	 No employment with a previous employer counts towards your period of continuous employment with the Company.

  

	2.3	 You consent to the transfer of your Appointment from the Company to any Group Company and from one Group
Company to another Group Company under this agreement at any time during your Appointment. In the case of any such transfer any reference to the Company in this agreement shall be deemed to be to the relevant Group Company. 

 

	3.	 EMPLOYEE WARRANTIES 

 

	3.1	 You represent and warrant to the Company that, by entering into this agreement or performing any of your
obligations under it, you will not be in breach of any court order or any express or implied terms of any contract or other obligation binding on you and undertake to indemnify the Company against any claims, costs, damages, liabilities or expenses
which the Company may incur as a result if you are in breach of any such obligations. 

  

	3.2	 You warrant that you are entitled to work in the United Kingdom without any additional approvals and that you
will notify the Company immediately if you cease to be so entitled during the Appointment. 

  

	4.	 DUTIES 

 

	4.1	 You shall serve the Company as Chief of Strategy or such other role as the Company considers appropriate. You
undertake to work to the best of your ability and to use your best endeavours to promote, develop and extend the Company’s business and interests. The Company requires the highest standards from you in your performance of your work and your
general conduct. 

  
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	4.2	 During the Appointment you shall: 

 

	 	(a)	 be diligent, honest and ethical in the performance of your duties and during working hours devote the whole of
your time, attention and abilities to the Company unless prevented by incapacity; 

  

	 	(b)	 diligently exercise such powers and perform such duties as may from time to time be assigned to you by the
Company together with such person or persons as the Company may appoint to act jointly with you; 

  

	 	(c)	 comply with all reasonable and lawful directions given to you by the Company; 

 

	 	(d)	 promptly make such reports to your line manager as appropriate in connection with the affairs of the Company on
such matters and at such times as are reasonably required; 

  

	 	(e)	 report any wrongdoing or proposed wrongdoing by you or of any other employee or director of the Company to your
line manager or Talent Manager as appropriate, immediately on becoming aware of it; 

  

	 	(f)	 use your best endeavours to promote, protect, develop and extend the business of the Company; and

  

	 	(g)	 consent to the Company monitoring and recording any use that you make of the Company’s electronic
communications systems for the purpose of ensuring that the Company’s rules are being complied with and for legitimate business purposes. 

  

	4.3	 You shall comply with the Policies and Procedures to be made available to you electronically as amended from
time to time. To the extent that there is any conflict between the terms of this agreement and the Policies and Procedures this agreement shall prevail. 

  

	4.4	 All documents, manuals, hardware and software provided for your use by the Company, and any data or documents
(including copies) produced, maintained or stored on the Company’s computer systems or other electronic equipment (including mobile phones), remain the property of the Company. 

 

	5.	 PLACE OF WORK 

 

	5.1	 Your normal place of work shall be at Beaumont House, Kensington Village, London, W14 8TS or such other place
within a reasonable area which the Company may reasonably require the proper performance and exercise of your duties. 

  
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	5.2	 You agree to travel on the Company’s business (both within the United Kingdom and abroad) as may be
required for the proper performance of your duties under the Appointment. 

  

	6.	 HOURS OF WORK 

Your normal working hours shall be 9.00am to 5.30pm on Mondays to Fridays but you will be expected to work such additional hours as the demands
of the business require and for the proper performance of your duties. No additional payment will be made for such hours. 
  

	7.	 SALARY 

 

	7.1	 You shall be paid a salary of £330,000 per annum. 

 

	7.2	 Your salary shall accrue from day to day and be payable monthly on or about the last day of each month
representing the work for that month directly into your bank or building society. 

  

	7.3	 In addition to your salary, you will be able to expense up to £1,000 per calendar month for a personal
car allowance. 

  

	7.4	 In addition to your salary, you will be provided with a relocation allowance of up to £50,000.

  

	7.5	 The Company may on occasion review your pay. There is no contractual entitlement to any pay increase. There
will be no review of the salary after notice has been given by either party to terminate the Appointment. 

  

	7.6	 The Company may deduct from the salary, or any other sums owed to you, any money owed to the Company by you.

  

	8.	 EXPENSES 

 

	8.1	 The Company shall reimburse (or procure the reimbursement of) all reasonable expenses wholly, properly and
necessarily incurred by you in the course of the Appointment, subject to the agreement of any expenses in advance in writing from your line manager and the production of VAT receipts or other appropriate evidence of payment. You shall abide by the
Company’s policies on expenses as communicated and agreed by your line manager and as outlined in the Company’s expenses policy which may be updated from time to time. 

  
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	8.2	 Any credit card supplied to you by the Company shall be used only for expenses agreed in writing in advance by
your line manager in the course of your Appointment. 

  

	9.	 HOLIDAYS 

 

	9.1	 You shall be entitled to 23 working days paid holiday in each holiday year and up to 8 statutory bank holidays.
The exact dates of the relevant public holidays will be notified to you each year. The office will be closed between Christmas and New Year and this period will be in addition to your annual leave. If for any reason you should be required to work
any of the days during the period between Christmas and New Year you will be entitled to the same number of days worked to be taken as holiday in lieu. The Company’s holiday year runs between 1 January to 31 December each year. If the
Appointment commences or terminates part way through a holiday year, your entitlement during that holiday year shall be calculated on a pro rata basis rounded up to the nearest half day. 

 

	9.2	 You will, if required by the Company, work on any public (or bank) holiday (except for Christmas Day and Easter
Day). If you work on a public holiday, you will be entitled to a day’s holiday in lieu. 

  

	9.3	 Holiday shall be taken at such time or times as shall be approved in advance by your line manager. You will not
without prior written consent from your line manager, be entitled to carry forward any accrued holiday entitlement from one holiday year to the next. 

  

	9.4	 Pay in lieu of holiday not taken will not be made except (where appropriate) on Termination (except for
termination for one of the reasons given as detailed in clause 14 under termination or if the Company exercises its option to require you to stay at home). 

  

	9.5	 In the event of Termination, you consent to a deduction being made from your salary equivalent to any holiday
taken in excess of accrued entitlement. If your final salary payment is insufficient to allow for the whole of any such deduction, you will be required to repay the outstanding amount due to the Company within one month of Termination.

  

	9.6	 If either party has served notice to terminate your Appointment, the Company may require you to take any
accrued but unused holiday entitlement during the notice period. 

  
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	10.	 INCAPACITY 

 

	10.1	 You shall notify your manager at the earliest opportunity if you are unable to perform your duties due to
sickness or injury and in any event by 10.00am on the first day of absence. For periods of absence totalling 7 days or more, you will be required to produce a medical certificate from your doctor stating the reasons for your absence, and subsequent
medical certificates for the total duration of your period of absence. You may also be required to produce a medical certificate confirming your fitness to return to work. 

 

	10.2	 Subject to your compliance with this agreement and the Company’s sickness absence Policies and Procedures
(as amended from time to time), you shall continue to receive your full salary and contractual benefits during any period of absence due to Incapacity for up to an aggregate of 15 working days per annum for the period which runs from 1 January
to 31 December. Such payment shall be inclusive of any statutory sick pay due in accordance with applicable legislation. 

  

	10.3	 You agree to consent to medical examinations (at the Company’s expense) by a doctor nominated by the
Company should the Company so require. You agree that any report produced in connection with any such examination may be disclosed to the Company and the Company may then discuss the contents of the report with the relevant doctor.

  

	10.4	 Any statement made by you or made on your behalf, and/or any document produced by you or on your behalf
relating to your absence from work due to sickness or injury which the Company reasonably believes to be untrue and/or misleading or to have been falsified will be treated as gross misconduct and may result in your summary dismissal. You will
forfeit your entitlement to sick pay for reasons, including but not limited to, (i) if you refuse to take a medical examination; (ii) you fail to comply with the notification and certification requirements imposed by the Company from time
to time. You; (iii) you make or produce any misleading or untrue statement or document as provided above; or (iv) disciplinary proceedings are pending against you. 

 

	11.	 CONFIDENTIAL INFORMATION 

 

	11.1	 You acknowledge that in the course of the Appointment you will have access to Confidential Information. You
therefore agree to accept the restrictions in this clause 11. 

  

	11.2	 You shall observe strict secrecy as to the affairs and dealings of the Company and not (except in the proper
course of your duties), either during your Appointment or at any time after Termination, use or disclose to any person, Company or other organisation whatsoever (and shall use your best endeavours to prevent the publication or disclosure of) any
Confidential Information. This shall not apply to: 

  
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	 	(a)	 any use or disclosure authorised in writing by the Company or required by law; 

 

	 	(b)	 any information which is already in, or comes into, the public domain other than through your unauthorised
disclosure; or 

  

	 	(c)	 any protected disclosure within the meaning of section 43A of the Employment Rights Act 1996.

  

	11.3	 You must not publish any literature, deliver any lecture or make any communication to the media (including the
press, radio, television or the internet) relating to the Company’s business or to any matters to which the Company may be concerned without the prior written authority of a Director. 

 

	12.	 INTELLECTUAL PROPERTY 

 

	12.1	 You acknowledge that all Employment IPRs, Employment Inventions and all materials embodying them shall
automatically belong to the Company to the fullest extent permitted by law. To the extent that they do not vest in the Company automatically, you agree to hold them on trust for the Company without payment by the Company and shall transfer them
promptly upon a request by the Company. 

  

	12.2	 You acknowledge that, because of the nature of your duties and the particular responsibilities arising from the
nature of your duties, you have, and you shall have at all times whilst you are employed by the Company, a special obligation to further the interests of the Company. 

 

	12.3	 To the extent that legal title in any Employment IPRs or Employment Inventions does not vest in the Company by
virtue of clause 12.1, you agree, immediately on creation of such rights and Inventions, to offer to the Company in writing a right of first refusal to acquire them on arm’s length terms to be agreed between the parties. If the parties cannot
agree on such terms within 30 days of the Company receiving the offer (or requesting the offer from you), the Company shall refer the dispute for determination to an expert who shall be appointed by such independent body as the Company may
determine. The expert’s decisions shall be final and binding on the parties in the absence of manifest error, and the costs of arbitration shall be borne equally by the parties. The parties will be entitled to make submissions to the expert and
will provide (or procure that others provide) the expert with such assistance and documents as the expert reasonably requires for the purpose of reaching a decision. You agree that the provisions of this clause 12 shall apply to all Employment IPRs
and Employment Inventions to which this clause 12.3 is applicable until such time as the Company has agreed in writing that you may offer them for sale to a third party. 

  
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	12.4	 You agree: 

  

	 	(a)	 to give the Company full written details of all Employment IPRs and Employment Inventions which relate to or
are capable of being used in the business of the Company promptly on their creation; 

  

	 	(b)	 at the Company’s request and in any event on Termination to give to the Company all originals and copies
of correspondence, documents, papers and records on all media which record or relate to any of the Employment IPRs and Employment Inventions; 

  

	 	(c)	 not to attempt to register any Employment IPR nor patent any Employment Invention unless requested to do so by
the Company; and 

  

	 	(d)	 to keep confidential each Employment Invention and Employment IPR unless the Company has consented in writing
to its disclosure by you. 

  

	12.5	 You waive all your present and future moral rights which arise under the Copyright Designs and Patents Act
1988, and all similar rights in other jurisdictions relating to any copyright which forms part of the Employment IPRs, and agree not to support, maintain or permit any claim for infringement of moral rights in such copyright works.

  

	12.6	 You acknowledge that, except as provided by law, no further remuneration or compensation other than that
provided for in this agreement is or may become due to you in respect of your compliance with this clause. This clause is without prejudice to your rights under the Patents Act 1977. 

 

	12.7	 You undertake to use your best endeavours to execute all documents and do all acts both during and after your
Appointment by the Company as may, in the opinion of the Company, be necessary or desirable to vest the Employment IPRs in the Company, to register them in the name of the Company and to protect and maintain the Employment IPRs and the Employment
Inventions. Such documents may, at the Company’s request, include waivers of all and any statutory moral rights relating to any copyright works which form part of the Employment IPRs. The Company agrees to reimburse your reasonable expenses of
complying with this clause 12.7. 

  

	12.8	 You agree to give all necessary assistance to the Company to enable it to enforce its Intellectual Property
Rights against third parties, to defend claims for infringement of third party Intellectual Property Rights and to apply for registration of Intellectual Property Rights, where appropriate throughout the world, and for the full term of those rights.

  
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	12.9	 You hereby irrevocably appoint the Company to be your attorney in your name and on your behalf to execute
documents, use your name and do all things which are necessary or desirable for the Company to obtain for itself or its nominee the full benefit of this clause. This power of attorney is given by you as security for your obligations under this
Clause 12. You acknowledge that a certificate in writing, signed by any director or the secretary of the Company, that any instrument or act falls within the authority conferred by this agreement shall be conclusive evidence that such is the case so
far as any third party is concerned. 

  

	13.	 PAYMENT IN LIEU OF NOTICE

  

	13.1	 Notwithstanding clause 2, the Company may, in its sole and absolute discretion, terminate the Appointment at
any time and with immediate effect by notifying you that the Company is exercising its right under this clause 13 and that it will make within 28 days a payment in lieu of notice (Payment in Lieu. This Payment in Lieu will be equal to the
basic salary (as at the date of termination) which you would have been entitled to receive under this agreement during the notice period referred to at clause 2 (or, if notice has already been given, during the remainder of the notice period) less
income tax and National Insurance contributions. For the avoidance of doubt, the Payment in Lieu shall not include any element in relation to: 

  

	 	(a)	 any payment in respect of benefits which you would have been entitled to receive during the period for which
the Payment in Lieu is made; and 

  

	 	(b)	 any payment in respect of any holiday entitlement that would have accrued during the period for which the
Payment in Lieu is made. 

  

	13.2	 You shall have no right to receive a Payment in Lieu unless the Company has exercised its discretion in clause
13.1. Nothing in this clause 13 shall prevent the Company from terminating the Appointment in breach. 

  

	13.3	 Notwithstanding clause 13.1 you shall not be entitled to any Payment in Lieu if the Company would otherwise
have been entitled to terminate the Appointment without notice in accordance with clause 14. In that case the Company shall also be entitled to recover from you any Payment in Lieu already made. 

 

	14.	 TERMINATION WITHOUT NOTICE 

 

	14.1	 The Company may terminate your Appointment with immediate effect without notice and with no liability to make
any further payment to you (other than in respect of amounts accrued due at the date of termination) if you: 

  
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	 	(a)	 are guilty of any gross misconduct affecting the business of the Company; 

 

	 	(b)	 commit any serious or repeated breach or non-observance of any of the
provisions of this agreement or refuse or neglect to comply with any reasonable and lawful directions of the Company; 

  

	 	(c)	 are in the reasonable opinion of the Company, negligent and incompetent in the performance of your duties;

  

	 	(d)	 are declared bankrupt or make any arrangement with or for the benefit of your creditors or have a county court
administration order made against you under the County Court Act 1984; 

  

	 	(e)	 are convicted of any criminal offence (other than an offence under any road traffic legislation in the United
Kingdom or elsewhere for which a fine or non-custodial penalty is imposed) or any offence under any regulation or legislation relating to insider dealing; 

 

	 	(f)	 cease to be eligible to work in the United Kingdom; 

 

	 	(g)	 are guilty of any fraud or dishonesty or act in any manner which in the opinion of the Company brings or is
likely to bring you or the Company into disrepute or is materially adverse to the interests of the Company. 

  

	 	(h)	 are in breach of the Company’s anti-corruption and bribery policy and related procedures; or

  

	 	(i)	 are guilty of a serious breach of any rules issued by the Company from time to time regarding its electronic
communications systems. 

  

	14.2	 The rights of the Company under clause 14.1 are without prejudice to any other rights that it might have at law
to terminate your Appointment or to accept any breach of this agreement by you as having brought the agreement to an end. Any delay by the Company in exercising its rights to terminate shall not constitute a waiver thereof. 

 

	14.3	 On the termination of this agreement the provisions of Clauses 1, 11, 12, 15 to 17 and 22 to 29 (inclusive)
shall continue in full force and effect and any accrued claims or rights of any party at the time of termination shall not be affected by such termination but otherwise the provisions of this agreement shall cease to be effective.

  
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	15.	 GARDEN LEAVE 

 

	15.1	 Following service of notice to terminate the Appointment by either party, or if you terminate the Appointment
in breach of contract, the Company may by written notice place you on Garden Leave for the whole or part of the remainder of the Appointment. 

  

	15.2	 During any period of Garden Leave: 

 

	 	(a)	 The Company shall be under no obligation to provide any work to you and may revoke any powers you hold on
behalf of the Company; 

  

	 	(b)	 The Company may require you to carry out alternative duties or to only perform such specific duties as are
expressly assigned to you, at such location (including your home) as the Company may decide; 

  

	 	(c)	 You shall continue to receive your basic salary and all contractual benefits in the usual way and subject to
the terms of any benefit arrangement; 

  

	 	(d)	 You shall remain an employee of the Company and bound by the terms of this agreement (including any implied
duties of good faith and fidelity); 

  

	 	(e)	 You shall ensure that the Managing Director or HR Manager know where you will be and how you can be contacted
during each working day (except during any periods taken as holiday in the usual way); 

  

	 	(f)	 The Company may exclude you from any premises of the Company and 

 

	 	(g)	 The Company may require you not to contact or deal with (or attempt to contact or deal with) any officer,
employee, consultant, client, customer, supplier, agent, distributor, shareholder, adviser or other business contact of the Company. 

  

	 	(h)	 The Company may require you to immediately return all Company property (as detailed in clause 16.1(a)).

  

	16.	 OBLIGATIONS ON TERMINATION 

 

	16.1	 On Termination you shall: 

  
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	 	(a)	 immediately deliver to the Company all documents, books, materials, records, correspondence, papers and
information (on whatever media and wherever located) relating to the business or affairs of the Company/any Group Company or its business contacts, any keys, credit card and any other property of the Company/any Group Company including any car
provided to you, which is in your possession or under your control; 

  

	 	(b)	 Irretrievably delete any information relating to the business of the Company stored on any magnetic or optical
disk or memory and all matter derived from such sources which is in your possession or under your control outside the Company’s premises; and 

  

	 	(c)	 provide a signed statement that you have complied fully with your obligations under this clause 16.1 together
with such reasonable evidence of compliance as the Company may request. 

  

	17.	 POST-TERMINATION RESTRICTIONS 

 

	17.1	 The Company is a new research and development business in the process of developing (i) an innovative
(range extended electric vehicle or REEV) powertrain to be used in commercial vehicles and (ii) trucks and buses which will incorporate such powertrain. The Company intends to (i) manufacture and then sell or lease buses or trucks which
have been fitted with the REEV powertrain and (ii) to license this technology to original equipment manufacturers (OEMS) and other companies in the transport sector. Once development is completed, the Company aims to one of the first businesses
to bring this REEV powertrain buses/trucks/LGVs/HGV’s fitted with the REEV powertrain to the market. As part of this role you will have access to Confidential Information (including technical information on the (REEV) powertrain and other
aspects of the Company’s buses and trucks and ROBORACE), trade secrets and business connections of the Company which would be highly valuable to competitors of the Company (companies who research, develop, sell, license, produce or market a
REEV powertrain and companies who research, develop, sell, license, produce or market buses/trucks/ LGV’s/ HGV’s fitted with a REEV powertrain or Restricted Suppliers and would jeopardise ongoing developments of the Company and its
position as a market leader for this (REEV) powertrain and the manufacture and development of buses/trucks/ LGV’s/HGV’s fitted with this REEV powertrain. 

 

	17.2	 You therefore covenant with the Company that you shall not: 

  
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	 	(a)	 for 6 months after Termination solicit or endeavour to entice away from the Company the business or custom of a
Restricted Customer with a view to providing goods or services to that Restricted Customer in competition with the Company; or 

  

	 	(b)	 for 6 months after Termination, offer to employ or engage or otherwise endeavour to entice away from the
Company any Restricted Person; or 

  

	 	(c)	 for 6 months after Termination, employ or engage or otherwise facilitate the employment or engagement of any
Restricted Person, whether or not such person would be in breach of contract as a result of such employment or engagement; or 

  

	 	(d)	 for 6 months after Termination, be involved in any Capacity with any business concern which is (or intends to
be) in competition with the Company or any business concern which is a Restricted Supplier; or 

  

	 	(e)	 for 6 months after Termination, be involved with the provision of goods or services to (or otherwise have any
business dealings with) any Restricted Customer in the course of any business concern which is in competition with the Company; or 

  

	 	(f)	 at any time after Termination, represent yourself as connected with the Company in any Capacity, other than as
a former employee, or use any registered business names or trading names associated with the Company. 

  

	17.3	 None of the restrictions in clause 17 shall prevent you from: 

 

	 	(a)	 holding an investment by way of shares or other securities of not more than 5% of the total issued share
capital of any company for investment purposes only, whether or not it is listed or dealt in on a recognised stock exchange; or 

  

	 	(b)	 being engaged or concerned in any business concern insofar as your duties of work shall relate solely to
geographical areas where the business concerned is not in competition with the Company. 

  

	17.4	 The restrictions imposed on you by this clause 17 apply to you acting directly or indirectly; and on your own
behalf or on behalf of, or in conjunction with, any firm, company or person. 

  
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	17.5	 The periods for which the restrictions in clause 17 apply shall be reduced by any period that you spend on
Garden Leave immediately before Termination. 

  

	17.6	 If you receive an offer to be involved in a business concern in any Capacity during the Appointment, or before
the expiry of the last of the covenants in this clause 17, you shall give the person making the offer a copy of this clause 17. 

  

	17.7	 Each of the restrictions in this clause 17 is intended to be separate and severable. If any of the restrictions
shall be held to be void but would be valid if part of their wording were deleted, such restriction shall apply with such deletion as may be necessary to make it valid or effective. 

 

	18.	 DISCIPLINARY AND GRIEVANCE PROCEDURES

  

	18.1	 The Company’s disciplinary procedure which does not form part of your employment contract is set out in
the Company Policies and Procedures, which is available electronically and your manager will advise you on how to access these documents. The Company reserves the right to suspend you at any time, with pay, whilst investigating any disciplinary
matter or for a health and safety reason and/or to suspend you without pay as a disciplinary matter. 

 The Employer’s
grievance procedure which does not form part of your employment contract is set out in the Company Policies and Procedures which is available electronically. The purpose of the grievance procedure is to enable you to resolve any problems you may
have about any aspect of your Appointment. You should first discuss any such problem with your immediate line manager and only if you are unable to resolve the matter should you then take the steps set out in the grievance procedure. 

 

	19.	 PENSION AND LIFE ASSURANCE

  

	19.1	 The Company will contribute an amount equal to 4% of your annual basic salary, pro rata, to a pension on a
monthly basis. Details of this scheme will follow shortly. 

  

	19.2	 The Company will offer you a life assurance scheme of four times your salary (subject to the terms of the
scheme) which shall apply to you during your Appointment. 

  

	20.	 COLLECTIVE AGREEMENTS 

There is no collective agreement which directly affects the Appointment. 

  
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	21.	 RECONSTRUCTION AND AMALGAMATION 

If your Appointment is terminated at any time by reason of any reconstruction or amalgamation of the Company, whether by winding up or
otherwise, and you are offered employment with any concern or undertaking involved in or resulting from the reconstruction or amalgamation on terms which (considered in their entirety) are no less favourable to any material extent than the terms of
this agreement, you shall have no claim against the Company or any such undertaking arising out of or connected with the termination. 
  

	22.	 NOTICES 

  

	22.1	 A notice given to a party under this agreement shall be in writing in the English language and signed by or on
behalf of the party giving it. It shall be delivered by hand or sent to the party at the address given in this agreement or as otherwise notified in writing to the other party. 

 

	22.2	 Any such notice shall be deemed to have been received: 

 

	 	(a)	 if delivered by hand, at the time the notice is left at the address or given to the addressee;

  

	 	(b)	 in the case of pre-paid first class UK post or other next working day
delivery service, at 9.00 am on the second business day after posting or at the time recorded by the delivery service; or 

  

	 	(c)	 in the case of pre-paid airmail, 9.00 am on the fifth business day
after posting or at the time recorded by the delivery service; or 

  

	 	(d)	 in the case of email, at the time of transmission. 

 

	22.3	 A notice shall have effect from the earlier of its actual or deemed receipt by the addressee. For the purpose
of calculating deemed receipt: 

  

	 	(a)	 all references to time are to local time in the place of deemed receipt; and 

 

	 	(b)	 if deemed receipt would occur on a Saturday or Sunday or a public holiday when banks are not open for business,
deemed receipt is at 9.00 am on the next business day. 

  

	22.4	 This clause does not apply to the service of any proceedings or other documents in any legal action.

  
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	23.	 ENTIRE AGREEMENT 

 

	23.1	 This agreement and any document referred to in it constitutes the entire agreement between the parties and
supersedes and extinguishes all previous agreements, promises, assurances, warranties, representations and understandings between them, whether written or oral, relating to its subject matter. 

 

	23.2	 Each party acknowledges that in entering into this agreement it does not rely on, and shall have no remedies in
respect of, any statement, representation, assurance or warranty (whether made innocently or negligently) that is not set out in this agreement. 

  

	23.3	 Each party agrees that it shall have no claim for innocent or negligent misrepresentation or negligent
misstatement based on any statement in this agreement. 

  

	23.4	 Nothing in this clause shall limit or exclude any liability for fraud. 

 

	24.	 VARIATION 

No variation or agreed termination of this agreement shall be effective unless it is in writing and signed by the parties (or their authorised
representatives). 
  

	25.	 COUNTERPARTS 

 

	25.1	 This agreement may be executed in any number of counterparts, each of which when executed and delivered shall
constitute a duplicate original, but all the counterparts shall together constitute the one agreement. 

  

	25.2	 No counterpart shall be effective until each party has executed and delivered at least one counterpart.

  

	26.	 THIRD PARTY RIGHTS 

No one other than a party to this agreement shall have any right to enforce any of its terms. 

 

	27.	 GOVERNING LAW 

This agreement and any dispute or claim arising out of or in connection with it or its subject matter or formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with the law of England and Wales. 

  
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	28.	 JURISDICTION 

Each party irrevocably agrees that the courts of England and Wales shall have exclusive jurisdiction to settle any dispute or claim arising out
of or in connection with this agreement or its subject matter or formation (including non-contractual disputes or claims). 
  

	29.	 DATA PROTECTION 

The Company collects and processes personal data relating to your employment in accordance with our Employee Privacy Policy. This policy
describes how we collect and use personal information about you during and after your working relationship with us in accordance with the General Data Protection Regulation (GDPR). It is important that you read and familiarise yourself with this
policy, you are also required to sign this document to confirm that you have received, read and understood this policy. 

  
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 Executed and delivered as a deed by each of the parties on the date first set out above. 

Executed and delivered as a deed 
 for and on behalf of Arrival
Ltd 
  

					
	by	  	 /s/ Joe Griston
	  	(Chief of Talent)

 Accepted and Agreed 
  

			
	 Signed and delivered as a deed by Avinash Rugoobur
	 	 /s/ Avinash Rugoobur

		 	 Signature

  

	
	 in the presence of:

	
	 /s/ Priyanka Sahai

	
	 Name

	
	 Priyanka Sahai

	
	 Address

	
	 [*]

  
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