Document:

Exhibit 10.3

 

REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS AGREEMENT
(this “Agreement”), dated as of June 9, 2021, is made and entered into by and among Blue Safari Group Acquisition
Corp., a British Virgin Islands business company (the “Company”), BSG First Euro Investment Corp., a British
Virgin Islands business company (the “Sponsor”) and each additional undersigned party listed on the signature
page hereto, if any (each such party, together with the Sponsor and any person or entity who hereafter becomes a party to this Agreement
pursuant to Section 5.2 of this Agreement, a “Holder” and collectively the “Holders”).

 

RECITALS

 

WHEREAS,
the Company and the Sponsor have entered into those certain Securities Subscription Agreements (the “Founder Shares Purchase
Agreements”), dated as of February 23, 2021, 2021 and March 4, 2021, pursuant to which the Sponsor purchased an
aggregate of 1,437,500 (the “Founder Shares”) of the Company’s Class B ordinary shares, no par value
(the “Class B Ordinary Shares”);

 

WHEREAS,
the Founder Shares are convertible into the Company’s Class A ordinary shares, no par value (the “Ordinary
Shares”), on the terms and conditions provided in the Company’s amended and restated memorandum and articles of association;

 

WHEREAS,
on June 9, 2021, the Company entered into that certain Unit Subscription Agreement with the Sponsor, pursuant to which the Sponsor
agreed to purchase an aggregate of 270,000 units (or up to 292,500 units if the over-allotment option in connection with the Company’s
initial public offering (the “Offering”) is exercised in full) simultaneously with the closing of the Offering
(and the closing of the over-allotment option, if applicable) (the “Private Placement Units”) at a purchase
price of $10.00 per Private Placement Unit. Each Private Placement Unit is comprised of one Ordinary Share (the “Private
Placement Shares”) and one right to receive one-tenth of one Ordinary Share (the “Private Placement Rights”);
and

 

WHEREAS,
the Company and the Holders desire to enter into this Agreement, pursuant to which the Company shall grant the Holders certain registration
rights with respect to certain securities of the Company, as set forth in this Agreement.

 

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

DEFINITIONS

 

1.1            Definitions.
The terms defined in this Article I shall, for all purposes of this Agreement, have the respective meanings
set forth below:

 

“Adverse Disclosure”
shall mean any public disclosure of material non-public information, which disclosure, in the good faith judgment of the Chief
Financial Officer or principal financial officer of the Company, after consultation with counsel to the Company, (i) would be required
to be made in any Registration Statement or Prospectus in order for the applicable 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 case
of any prospectus and any preliminary prospectus, in the light of the circumstances under which they were made) not misleading, (ii) would
not be required to be made at such time if the Registration Statement were not being filed, and (iii) the Company has a bona fide
business purpose for not making such information public.

 

“Agreement”
shall have the meaning given in the Preamble.

 

“Board”
shall mean the Board of Directors of the Company.

 

“Business Combination”
shall mean any merger, share exchange, asset acquisition, share purchase, reorganization or other similar business combination with one
or more businesses, involving the Company.

 

“Commission”
shall mean the Securities and Exchange Commission.

 

“Company”
shall have the meaning given in the Preamble.

 

“Demand Registration”
shall have the meaning given in subsection 2.1.1.

 

“Demanding Holder”
shall have the meaning given in subsection 2.1.1.

 

“Exchange Act”
shall mean the Securities Exchange Act of 1934, as it may be amended from time to time.

 

“Form S-1”
shall have the meaning given in subsection 2.1.1.

 

“Form S-3”
shall have the meaning given in subsection 2.3.

 

“Founder Shares”
shall have the meaning given in the Recitals hereto and shall be deemed to include the Ordinary Shares issuable upon conversion thereof.

 

“Founder Shares Lock-up Period”
shall mean, with respect to the Founder Shares, the period ending on the earlier of (A) six months after the completion of the Company’s
initial Business Combination or (B) subsequent to the Business Combination, (x) if the last sale price of the Ordinary Shares
equals or exceeds $12.00 per share (as adjusted for share splits, share dividends, reorganizations, recapitalizations and the like) for
any 20 trading days within any 30-trading day period commencing after the Company’s initial Business Combination or (y) the
date on which the Company completes a liquidation, merger, share exchange, reorganization or other similar transaction that results in
all of the Company’s shareholders having the right to exchange their Ordinary Shares for cash, securities or other property.

 

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“Founder Shares
Purchase Agreement” shall have the meaning given in the Recitals hereto.

 

“Holders”
shall have the meaning given in the Preamble.

 

“Insider
Letter” shall mean that certain letter agreement, dated as of June 9, 2021, by and between the Company, the
Sponsor and each of the Company’s officers, directors and director nominees.

 

“Maximum Number
of Securities” shall have the meaning given in subsection 2.1.4.

 

“Misstatement”
shall mean an untrue statement of a material fact or an omission to state a material fact required to be stated in a Registration Statement
or Prospectus, or necessary to make the statements in a Registration Statement or Prospectus in the light of the circumstances under which
they were made not misleading.

 

“Ordinary Shares”
shall have the meaning given in the Recitals.

 

“Permitted Transferees”
shall have the same meaning given in the Company’s registration statement on Form S-1, No. 333- 255844 and shall also
include a person or entity to whom a Holder of Registrable Securities is permitted to transfer such Registrable Securities prior to the
expiration of the Founder Shares Lock-up Period or Private Placement Lock-up Period, as the case may be, under the
Insider Letter, this Agreement, and any other applicable agreement between such Holder and the Company, and to any transferee thereafter.

 

“Piggyback Registration”
shall have the meaning given in subsection 2.2.1.

 

“Private Placement Lock-up Period”
shall mean, with respect to Private Placement Units, including Private Placement Shares and Private Placement Rights included in the Private
Placement Units and Private Placement Rights that are held by the initial purchasers of such Private Placement Units or their Permitted
Transferees, the period ending 30 days after the completion of the Company’s initial Business Combination.

 

“Private Placement
Rights” shall have the meaning given in the Recitals hereto.

 

“Private Placement
Shares” shall have the meaning given in the Recitals hereto.

 

“Pro Rata”
shall have the meaning given in subsection 2.1.4.

 

“Prospectus”
shall mean the prospectus included in any Registration Statement, as supplemented by any and all prospectus supplements and as amended
by any and all post-effective amendments and including all material incorporated by reference in such prospectus.

 

“Prospectus Date”
shall mean the date of the final prospectus filed with the Commission and relating to the Company’s initial public offering.

 

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“Registrable Security”
shall mean (a) the Ordinary Shares issued or issuable upon the conversion of any Founder Shares, (b) the Private Placement Units,
(c) the Private Placement Rights (including any Ordinary Shares issued or issuable upon the conversion of any such Private Placement
Rights), (d) the Private Placement Shares, (e) any outstanding Ordinary Shares or any other equity security (including the Ordinary
Shares issued or issuable upon the exercise of any other equity security) of the Company held by a Holder as of the date of this Agreement,
(f) any equity securities (including the Ordinary Shares issued or issuable upon the exercise of any such equity security) of the
Company issuable upon conversion of any working capital loans in an amount up to $1,150,000 made to the Company by a Holder, and (g) any
other equity security of the Company issued or issuable with respect to any such Ordinary Shares by way of a share dividend or share split
or in connection with a combination of shares, recapitalization, merger, consolidation or reorganization; provided, however,
that, as to any particular Registrable Security, such securities shall cease to be Registrable Securities when: (A) a Registration
Statement with respect to the sale of such securities shall have become effective under the Securities Act and such securities shall have
been sold, transferred, disposed of or exchanged in accordance with such Registration Statement; (B) such securities shall have been
otherwise transferred, new certificates for such securities not bearing a legend restricting further transfer shall have been delivered
by the Company and subsequent public distribution of such securities shall not require registration under the Securities Act; (C) such
securities shall have ceased to be outstanding; (D) such securities may be sold without registration pursuant to Rule 144 promulgated
under the Securities Act (or any successor rule promulgated thereafter by the Commission) (but with no volume or other restrictions
or limitations); or (E) such securities have been sold to, or through, a broker, dealer or underwriter in a public distribution or
other public securities transaction.

 

“Registration”
shall mean a registration effected by preparing and filing a registration statement or similar document in compliance with the requirements
of the Securities Act, and the applicable rules and regulations promulgated thereunder, and such registration statement becoming
effective.

 

“Registration
Expenses” shall mean the out-of-pocket expenses of a Registration, including, without limitation, the following:

 

(A) all registration
and filing fees (including fees with respect to filings required to be made with the Financial Industry Regulatory Authority, Inc.)
and any securities exchange on which the Ordinary Shares are then listed;

 

(B) fees and expenses
of compliance with securities or blue sky laws (including reasonable fees and disbursements of counsel for the Underwriters in connection
with blue sky qualifications of Registrable Securities);

 

(C) printing, messenger,
telephone and delivery expenses;

 

(D) reasonable fees and
disbursements of counsel for the Company;

 

(E) reasonable fees and
disbursements of all independent registered public accountants of the Company incurred specifically in connection with such Registration;
and

 

(F) reasonable fees and
expenses of one (1) legal counsel selected by the majority-in-interest of the Demanding Holders initiating a Demand Registration
to be registered for offer and sale in the applicable Registration.

 

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“Registration
Statement” shall mean any registration statement that covers the Registrable Securities pursuant to the provisions of this
Agreement, including the Prospectus included in such registration statement, amendments (including post-effective amendments) and supplements
to such registration statement, and all exhibits to and all material incorporated by reference in such registration statement.

 

“Requesting Holder”
shall have the meaning given in subsection 2.1.1.

 

“Securities Act”
shall mean the Securities Act of 1933, as amended from time to time.

 

“Sponsor”
shall have the meaning given in the Recitals hereto.

 

“Underwriter”
shall mean a securities dealer who purchases any Registrable Securities as principal in an Underwritten Offering and not as part of such
dealer’s market-making activities.

 

“Underwritten
Registration” or “Underwritten Offering” shall mean a Registration in which securities of the
Company are sold to an Underwriter in a firm commitment underwriting for distribution to the public.

 

“Working Capital
Units” means any units held by the Sponsor, officers or directors of the Company or their affiliates which may be issued
in payment of working capital loans made to the Company.

 

ARTICLE II

REGISTRATIONS

 

2.1            Demand
Registration.

 

2.1.1          Request
for Registration. Subject to the provisions of subsection 2.1.4 and Section 2.4 hereof, at any time and from
time to time on or after the date the Company consummates the Business Combination, the Holders of at least a majority in interest of
the then-outstanding number of Registrable Securities (the “Demanding Holders”) may make a written demand for
Registration under the Securities Act of all or part of their Registrable Securities, which written demand shall describe the amount and
type of securities to be included in such Registration and the intended method(s) of distribution thereof (such written demand a
 “Demand Registration”). The Company shall, within ten (10) days of the Company’s receipt of the Demand
Registration, notify, in writing, all other Holders of Registrable Securities of such demand, and each Holder of Registrable Securities
who thereafter wishes to include all or a portion of such Holder’s Registrable Securities in a Registration pursuant to a Demand
Registration (each such Holder that includes all or a portion of such Holder’s Registrable Securities in such Registration, a “Requesting
Holder”) shall so notify the Company, in writing, within five (5) days after the receipt by the Holder of the notice
from the Company. Upon receipt by the Company of any such written notification from a Requesting Holder(s) to the Company, such Requesting
Holder(s) shall be entitled to have their Registrable Securities included in a Registration pursuant to a Demand Registration and
the Company shall effect, as soon thereafter as practicable, but not more than forty five (45) days immediately after the Company’s
receipt of the Demand Registration, the Registration of all Registrable Securities requested by the Demanding Holders and Requesting Holders
pursuant to such Demand Registration. Under no circumstances shall the Company be obligated to effect more than an aggregate of three
(3) Registrations pursuant to a Demand Registration under this subsection 2.1.1 with respect to any or all Registrable
Securities; provided, however, that a Registration shall not be counted for such purposes unless a Form S-1 or
any similar long-form registration statement that may be available at such time (“Form S-1”) has become
effective and all of the Registrable Securities requested by the Requesting Holders to be registered on behalf of the Requesting Holders
in such Form S-1 Registration have been sold, in accordance with Section 3.1 of this Agreement.

 

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2.1.2          Effective
Registration. Notwithstanding the provisions of subsection 2.1.1 above or any other part of this Agreement, a Registration
pursuant to a Demand Registration shall not count as a Registration unless and until (i) the Registration Statement filed with the
Commission with respect to a Registration pursuant to a Demand Registration has been declared effective by the Commission and (ii) the
Company has complied with all of its obligations under this Agreement with respect thereto; provided, further,
that if, after such Registration Statement has been declared effective, an offering of Registrable Securities in a Registration pursuant
to a Demand Registration is subsequently interfered with by any stop order or injunction of the Commission, federal or state court or
any other governmental agency the Registration Statement with respect to such Registration shall be deemed not to have been declared effective,
unless and until, (i) such stop order or injunction is removed, rescinded or otherwise terminated, and (ii) a majority-in-interest of
the Demanding Holders initiating such Demand Registration thereafter affirmatively elect to continue with such Registration and accordingly
notify the Company in writing, but in no event later than five (5) days, of such election; and provided, further,
that the Company shall not be obligated or required to file another Registration Statement until the Registration Statement that has been
previously filed with respect to a Registration pursuant to a Demand Registration becomes effective or is subsequently terminated.

 

2.1.3          Underwritten
Offering. Subject to the provisions of subsection 2.1.4 and Section 2.4 hereof, if a majority-in-interest of
the Demanding Holders so advise the Company as part of their Demand Registration that the offering of the Registrable Securities pursuant
to such Demand Registration shall be in the form of an Underwritten Offering, then the right of such Demanding Holder or Requesting Holder
(if any) to include its Registrable Securities in such Registration shall be conditioned upon such Holder’s participation in such
Underwritten Offering and the inclusion of such Holder’s Registrable Securities in such Underwritten Offering to the extent provided
herein. All such Holders proposing to distribute their Registrable Securities through an Underwritten Offering under this subsection
2.1.3 shall enter into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten
Offering by the majority-in-interest of the Demanding Holders initiating the Demand Registration.

 

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2.1.4            Reduction
of Underwritten Offering. If the managing Underwriter or Underwriters in an Underwritten Registration pursuant to a Demand
Registration, in good faith, advises the Company, the Demanding Holders and the Requesting Holders (if any) in writing that the
dollar amount or number of Registrable Securities that the Demanding Holders and the Requesting Holders (if any) desire to sell,
taken together with all other Ordinary Shares or other equity securities that the Company desires to sell and the Ordinary Shares,
if any, as to which a Registration has been requested pursuant to separate written contractual piggy-back registration rights held
by any other shareholders who desire to sell, exceeds the maximum dollar amount or maximum number of equity securities that can be
sold in the Underwritten Offering without adversely affecting the proposed offering price, the timing, the distribution method, or
the probability of success of such offering (such maximum dollar amount or maximum number of such securities, as applicable, the
 “Maximum Number of Securities”), then the Company shall include in such Underwritten Offering, as follows:
(i) first, the Registrable Securities of the Demanding Holders and the Requesting Holders (if any) (pro rata based on the
respective number of Registrable Securities that each Demanding Holder and Requesting Holder (if any) has requested be included in
such Underwritten Registration and the aggregate number of Registrable Securities that the Demanding Holders and Requesting Holders
have requested be included in such Underwritten Registration (such proportion is referred to herein as “Pro
Rata”)) that can be sold without exceeding the Maximum Number of Securities; (ii) second, to the extent that the
Maximum Number of Securities has not been reached under the foregoing clause (i), the Registrable Securities of Holders (Pro Rata,
based on the respective number of Registrable Securities that each Holder has so requested) exercising their rights to register
their Registrable Securities pursuant to subsection 2.2.1 hereof, without exceeding the Maximum Number of
Securities; and (iii) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing
clauses (i) and (ii), the Ordinary Shares or other equity securities that the Company desires to sell or its designees, which
can be sold without exceeding the Maximum Number of Securities; and (iv) fourth, to the extent that the Maximum Number of
Securities has not been reached under the foregoing clauses (i), (ii) and (iii), the Ordinary Shares or other equity securities
of other persons or entities that the Company is obligated to register in a Registration pursuant to separate written contractual
arrangements with such persons and that can be sold without exceeding the Maximum Number of Securities.

 

2.1.5            Demand
Registration Withdrawal. A majority-in-interest of the Demanding Holders initiating a Demand Registration or a majority-in-interest of
the Requesting Holders (if any), pursuant to a Registration under subsection 2.1.1 shall have the right to withdraw
from a Registration pursuant to such Demand Registration for any or no reason whatsoever upon written notification to the Company and
the Underwriter or Underwriters (if any) of their intention to withdraw from such Registration prior to the effectiveness of the Registration
Statement filed with the Commission with respect to the Registration of their Registrable Securities pursuant to such Demand Registration.
Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in
connection with a Registration pursuant to a Demand Registration as provided in Section 3.3 prior to its withdrawal
under this subsection 2.1.5.

 

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2.2            Piggyback
Registration.

 

2.2.1           Piggyback
Rights. If, at any time on or after the date the Company consummates a Business Combination, the Company proposes to file a Registration
Statement under the Securities Act with respect to an offering of equity securities, or securities or other obligations exercisable or
exchangeable for, or convertible into equity securities, for its own account or for the account of shareholders of the Company (or by
the Company and by the shareholders of the Company including, without limitation, pursuant to Section 2.1 hereof),
other than a Registration Statement (i) filed in connection with any employee share option or other benefit plan, (ii) for an
exchange offer or offering of securities solely to the Company’s existing shareholders, (iii) for an offering of debt that
is convertible into equity securities of the Company or (iv) for a dividend reinvestment plan, then the Company shall give written
notice of such proposed filing to all of the Holders of Registrable Securities as soon as practicable but not less than ten (10) days
before the anticipated filing date of such Registration Statement, which notice shall (A) describe the amount and type of securities
to be included in such offering, the intended method(s) of distribution, and the name of the proposed managing Underwriter or Underwriters,
if any, in such offering, and (B) offer to all of the Holders of Registrable Securities the opportunity to register the sale of such
number of Registrable Securities as such Holders may request in writing within five (5) days after receipt of such written notice
(such Registration a “Piggyback Registration”). The Company shall, in good faith, cause such Registrable Securities
to be included in such Piggyback Registration and shall use its best efforts to cause the managing Underwriter or Underwriters of a proposed
Underwritten Offering to permit the Registrable Securities requested by the Holders pursuant to this subsection 2.2.1 to
be included in a Piggyback Registration on the same terms and conditions as any similar securities of the Company included in such Registration
and to permit the sale or other disposition of such Registrable Securities in accordance with the intended method(s) of distribution
thereof. All such Holders proposing to distribute their Registrable Securities through an Underwritten Offering under this subsection 2.2.1 shall
enter into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten Offering by the Company.

 

2.2.2            Reduction
of Piggyback Registration. If the managing Underwriter or Underwriters in an Underwritten Registration that is to be a Piggyback Registration,
in good faith, advises the Company and the Holders of Registrable Securities participating in the Piggyback Registration in writing that
the dollar amount or number of the Ordinary Shares that the Company desires to sell, taken together with (i) the Ordinary Shares,
if any, as to which Registration has been demanded pursuant to separate written contractual arrangements with persons or entities other
than the Holders of Registrable Securities hereunder (ii) the Registrable Securities as to which registration has been requested
pursuant to Section 2.2 hereof, and (iii) the Ordinary Shares, if any, as to which Registration has been requested
pursuant to separate written contractual piggy-back registration rights of other shareholders of the Company, exceeds the Maximum Number
of Securities, then:

 

(a)            If
the Registration is undertaken for the Company’s account, the Company shall include in any such Registration (A) first, the
Ordinary Shares or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of
Securities; (B) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (A),
the Registrable Securities of Holders exercising their rights to register their Registrable Securities pursuant to subsection 2.2.1 hereof,
Pro Rata, which can be sold without exceeding the Maximum Number of Securities; and (C) third, to the extent that the Maximum Number
of Securities has not been reached under the foregoing clauses (A) and (B), the Ordinary Shares, if any, as to which Registration
has been requested pursuant to written contractual piggy-back registration rights of other shareholders of the Company, which can be sold
without exceeding the Maximum Number of Securities;

 

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(b)            If
the Registration is pursuant to a request by persons or entities other than the Holders of Registrable Securities, then the Company shall
include in any such Registration (A) first, the Ordinary Shares or other equity securities, if any, of such requesting persons or
entities, other than the Holders of Registrable Securities, which can be sold without exceeding the Maximum Number of Securities; (B) second,
to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (A), the Registrable Securities of
Holders exercising their rights to register their Registrable Securities pursuant to subsection 2.2.1, pro rata based
on the number of Registrable Securities that each Holder has requested be included in such Underwritten Registration and the aggregate
number of Registrable Securities that the Holders have requested to be included in such Underwritten Registration, which can be sold without
exceeding the Maximum Number of Securities; (C) third, to the extent that the Maximum Number of Securities has not been reached under
the foregoing clauses (A) and (B), the Ordinary Shares or other equity securities that the Company desires to sell, which can be
sold without exceeding the Maximum Number of Securities; and (D) fourth, to the extent that the Maximum Number of Securities has
not been reached under the foregoing clauses (A), (B) and (C), the Ordinary Shares or other equity securities for the account
of other persons or entities that the Company is obligated to register pursuant to separate written contractual arrangements with such
persons or entities, which can be sold without exceeding the Maximum Number of Securities.

 

2.2.3          Piggyback
Registration Withdrawal. Any Holder of Registrable Securities shall have the right to withdraw from a Piggyback Registration for any
or no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters (if any) of his, her or its intention
to withdraw from such Piggyback Registration prior to the effectiveness of the Registration Statement filed with the Commission with respect
to such Piggyback Registration. The Company (whether on its own good faith determination or as the result of a request for withdrawal
by persons pursuant to separate written contractual obligations) may withdraw a Registration Statement filed with the Commission in connection
with a Piggyback Registration at any time prior to the effectiveness of such Registration Statement. Notwithstanding anything to the contrary
in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with the Piggyback Registration
as provided in Section 3.2 prior to its withdrawal under this subsection 2.2.3.

 

2.2.4           Unlimited
Piggyback Registration Rights. For purposes of clarity, any Registration effected pursuant to Section 2.2 hereof
shall not be counted as a Registration pursuant to a Demand Registration effected under Section 2.1 hereof.

 

2.3            Registrations
on Form S-3. The Holders of Registrable Securities may at any time, and from time to time, request in writing that the Company,
pursuant to Rule 415 under the Securities Act (or any successor rule promulgated thereafter by the Commission), register the
resale of any or all of their Registrable Securities on Form S-3 or any similar short form registration statement that
may be available at such time (“Form S-3”); provided, however, that the Company
shall not be obligated to effect such request through an Underwritten Offering. Within five (5) days of the Company’s receipt
of a written request from a Holder or Holders of Registrable Securities for a Registration on Form S-3, the Company shall
promptly give written notice of the proposed Registration on Form S-3 to all other Holders of Registrable Securities, and
each Holder of Registrable Securities who thereafter wishes to include all or a portion of such Holder’s Registrable Securities
in such Registration on Form S-3 shall so notify the Company, in writing, within ten (10) days after the receipt by
the Holder of the notice from the Company. As soon as practicable thereafter, but not more than twelve (12) days after the Company’s
initial receipt of such written request for a Registration on Form S-3, the Company shall register all or such portion
of such Holder’s Registrable Securities as are specified in such written request, together with all or such portion of Registrable
Securities of any other Holder or Holders joining in such request as are specified in the written notification given by such Holder or
Holders; provided, however, that the Company shall not be obligated to effect any such Registration pursuant to Section 2.3 hereof
if (i) a Form S-3 is not available for such offering; or (ii) the Holders of Registrable Securities, together
with the Holders of any other equity securities of the Company entitled to inclusion in such Registration, propose to sell the Registrable
Securities and such other equity securities (if any) at any aggregate price to the public of less than $10,000,000.

 

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2.4            Restrictions
on Registration Rights. If (A) during the period starting with the date sixty (60) days prior to the Company’s good
faith estimate of the date of the filing of, and ending on a date one hundred and twenty (120) days after the effective date of,
a Company initiated Registration and provided that the Company has delivered written notice to the Holders prior to receipt of a Demand
Registration pursuant to subsection 2.1.1 and it continues to actively employ, in good faith, all reasonable efforts
to cause the applicable Registration Statement to become effective; (B) the Holders have requested an Underwritten Registration and
the Company and the Holders are unable to obtain the commitment of underwriters to firmly underwrite the offer; or (C) in the good
faith judgment of the Board such Registration would be seriously detrimental to the Company and the Board concludes as a result that it
is essential to defer the filing of such Registration Statement at such time, then in each case the Company shall furnish to such Holders
a certificate signed by a Director of the Board stating that in the good faith judgment of the Board it would be seriously detrimental
to the Company for such Registration Statement to be filed in the near future and that it is therefore essential to defer the filing of
such Registration Statement. In such event, the Company shall have the right to defer such filing for a period of not more than thirty
(30) days.

 

ARTICLE III

COMPANY PROCEDURES

 

3.1            General
Procedures. If at any time on or after the date the Company consummates a Business Combination the Company is required to effect the
Registration of Registrable Securities, the Company shall use its best efforts to effect such Registration to permit the sale of such
Registrable Securities in accordance with the intended plan of distribution thereof, and pursuant thereto the Company shall, as expeditiously
as possible:

 

3.1.1            prepare
and file with the Commission as soon as practicable a Registration Statement with respect to such Registrable Securities and use its reasonable
best efforts to cause such Registration Statement to become effective and remain effective until all Registrable Securities covered by
such Registration Statement have been sold;

 

3.1.2            prepare
and file with the Commission such amendments and post-effective amendments to the Registration Statement, and such supplements to the
Prospectus, as may be requested by the Holders or any Underwriter of Registrable Securities or as may be required by the rules, regulations
or instructions applicable to the registration form used by the Company or by the Securities Act or rules and regulations thereunder
to keep the Registration Statement effective until all Registrable Securities covered by such Registration Statement are sold in accordance
with the intended plan of distribution set forth in such Registration Statement or supplement to the Prospectus;

 

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3.1.3             prior
to filing a Registration Statement or prospectus, or any amendment or supplement thereto, furnish without charge to the Underwriters,
if any, and the Holders of Registrable Securities included in such Registration, and such Holders’ legal counsel, copies of such
Registration Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in each case including all
exhibits thereto and documents incorporated by reference therein), the Prospectus included in such Registration Statement (including each
preliminary Prospectus), and such other documents as the Underwriters and the Holders of Registrable Securities included in such Registration
or the legal counsel for any such Holders may request in order to facilitate the disposition of the Registrable Securities owned by such
Holders;

 

3.1.4             prior
to any public offering of Registrable Securities, use its best efforts to (i) register or qualify the Registrable Securities covered
by the Registration Statement under such securities or “blue sky” laws of such jurisdictions in the United States as the
Holders of Registrable Securities included in such Registration Statement (in light of their intended plan of distribution) may request
and (ii) take such action necessary to cause such Registrable Securities covered by the Registration Statement to be registered
with or approved by such other governmental authorities as may be necessary by virtue of the business and operations of the Company and
do any and all other acts and things that may be necessary or advisable to enable the Holders of Registrable Securities included in such
Registration Statement to consummate the disposition of such Registrable Securities in such jurisdictions; provided, however,
that the Company shall not be required to qualify generally to do business in any jurisdiction where it would not otherwise be required
to qualify or take any action to which it would be subject to general service of process or taxation in any such jurisdiction where it
is not then otherwise so subject;

 

3.1.5            cause
all such Registrable Securities included in any registration to be listed on such exchanges or otherwise designated for trading in the
same manner as similar securities issued by the Company are then listed or designated or, if no such similar securities are then listed
or designated, in a manner satisfactory to the holders of a majority-in-interest of the Registrable Securities included in such registration;

 

3.1.6             provide
a transfer agent, as applicable, and registrar for all such Registrable Securities no later than the effective date of such Registration
Statement;

 

3.1.7            advise
each seller of such Registrable Securities, promptly after it shall receive notice or obtain knowledge thereof, of the issuance of any
stop order by the Commission suspending the effectiveness of such Registration Statement or the initiation or threatening of any proceeding
for such purpose and promptly use its reasonable best efforts to prevent the issuance of any stop order or to obtain its withdrawal if
such stop order should be issued;

 

3.1.8            at
least five (5) days prior to the filing of any Registration Statement or Prospectus or any amendment or supplement to such Registration
Statement or Prospectus or any document that is to be incorporated by reference into such Registration Statement or Prospectus, furnish
a copy thereof to each seller of such Registrable Securities or its counsel;

 

    11 

     

    

 

3.1.9            notify
the Holders at any time when a Prospectus relating to such Registration Statement is required to be delivered under the Securities Act,
of the happening of any event as a result of which the Prospectus included in such Registration Statement, as then in effect, includes
a Misstatement, and then to correct such Misstatement as set forth in Section 3.4 hereof;

 

3.1.10         permit
a representative of the Holders (such representative to be selected by a majority of the participating Holders), the Underwriters,
if any, and any attorney or accountant retained by such Holders or Underwriter to participate, at each such person’s own
expense, in the preparation of the Registration Statement, and cause the Company’s officers, directors and employees to supply
all information reasonably requested by any such representative, Underwriter, attorney or accountant in connection with the
Registration; provided, however, that such representatives or Underwriters enter into a confidentiality
agreement, in form and substance reasonably satisfactory to the Company, prior to the release or disclosure of any such
information;

 

3.1.11          obtain
a “cold comfort” letter from the Company’s independent registered public accountants in the event of an Underwritten
Registration which the participating Holders may rely on, in customary form and covering such matters of the type customarily covered
by “cold comfort” letters as the managing Underwriter may reasonably request, and reasonably satisfactory to a majority-in-interest of
the participating Holders;

 

3.1.12          on
the date the Registrable Securities are delivered for sale pursuant to such Registration, obtain an opinion, dated such date, of counsel
representing the Company for the purposes of such Registration, addressed to the Holders, the placement agent or sales agent, if any,
and the Underwriters, if any, covering such legal matters with respect to the Registration in respect of which such opinion is being
given as the Holders, placement agent, sales agent, or Underwriter may reasonably request and as are customarily included in such opinions
and negative assurance letters, and reasonably satisfactory to a majority in interest of the participating Holders;

 

3.1.13          in
the event of any Underwritten Offering, enter into and perform its obligations under an underwriting agreement, in usual and customary
form, with the managing Underwriter of such offering;

 

3.1.14          make
available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve (12) months
beginning with the first day of the Company’s first full calendar quarter after the effective date of the Registration Statement
which satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any successor
rule promulgated thereafter by the Commission);

 

3.1.15           if
the Registration involves the Registration of Registrable Securities involving gross proceeds in excess of $50,000,000, use its reasonable
efforts to make available senior executives of the Company to participate in customary “road show” presentations that may
be reasonably requested by the Underwriter in any Underwritten Offering; and

 

3.1.16          otherwise,
in good faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by the Holders, in connection
with such Registration.

 

    12 

     

    

 

3.2            Registration
Expenses. The Registration Expenses of all Registrations shall be borne by the Company. It is acknowledged by the Holders that the
Holders shall bear all incremental selling expenses relating to the sale of Registrable Securities, such as Underwriters’ commissions
and discounts, brokerage fees, Underwriter marketing costs and, other than as set forth in the definition of “Registration Expenses,”
all reasonable fees and expenses of any legal counsel representing the Holders.

 

3.3            Requirements
for Participation in Underwritten Offerings. No person may participate in any Underwritten Offering for equity securities of the Company
pursuant to a Registration initiated by the Company hereunder unless such person (i) agrees to sell such person’s securities
on the basis provided in any underwriting arrangements approved by the Company and (ii) completes and executes all customary questionnaires,
powers of attorney, indemnities, lock-up agreements, underwriting agreements and other customary documents as may be reasonably
required under the terms of such underwriting arrangements.

 

3.4            Suspension
of Sales; Adverse Disclosure. Upon receipt of written notice from the Company that a Registration Statement or Prospectus contains
a Misstatement, each of the Holders shall forthwith discontinue disposition of Registrable Securities until it has received copies of
a supplemented or amended Prospectus correcting the Misstatement (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), or until it is advised in writing by the Company
that the use of the Prospectus may be resumed. If the filing, initial effectiveness or continued use of a Registration Statement in respect
of any Registration at any time would require the Company to make an Adverse Disclosure 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, the Company may,
upon giving prompt written notice of such action to the Holders, 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 thirty (30) days, determined in good faith by the
Company to be necessary for such purpose. In the event the Company exercises its rights under the preceding sentence, the Holders agree
to suspend, immediately upon their receipt of the notice referred to above, their use of the Prospectus relating to any Registration in
connection with any sale or offer to sell Registrable Securities. The Company shall immediately notify the Holders of the expiration of
any period during which it exercised its rights under this Section 3.4.

 

3.5           Reporting
Obligations. As long as any Holder shall own Registrable Securities, the Company, at all times while it shall be a reporting company
under the Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable grace period)
all reports required to be filed by the Company after the date hereof pursuant to Sections 13(a) or 15(d) of
the Exchange Act and to promptly furnish the Holders with true and complete copies of all such filings. The Company further covenants
that it shall take such further action as any Holder may reasonably request, all to the extent required from time to time to enable such
Holder to sell shares of the Ordinary Shares held by such Holder without registration under the Securities Act within the limitation of
the exemptions provided by Rule 144 promulgated under the Securities Act (or any successor rule promulgated thereafter by the
Commission), including providing any legal opinions. Upon the request of any Holder, the Company shall deliver to such Holder a written
certification of a duly authorized officer as to whether it has complied with such requirements.

 

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ARTICLE IV

INDEMNIFICATION AND CONTRIBUTION

 

4.1            Indemnification.

 

4.1.1            The
Company agrees to indemnify, to the extent permitted by law, each Holder of Registrable Securities, its officers and directors and each
person who controls such Holder (within the meaning of the Securities Act) against all losses, claims, damages, liabilities and expenses
(including attorneys’ fees) caused by any untrue statement of material fact contained in any Registration Statement, Prospectus
or preliminary Prospectus or any amendment thereof or supplement thereto or any omission of a material fact required to be stated therein
or necessary to make the statements therein not misleading, except insofar as the same are caused by or contained in any information furnished
in writing to the Company by such Holder expressly for use therein. The Company shall indemnify the Underwriters, their officers and directors
and each person who controls such Underwriters (within the meaning of the Securities Act) to the same extent as provided in the foregoing
with respect to the indemnification of the Holder.

 

4.1.2           In
connection with any Registration Statement in which a Holder of Registrable Securities is participating, such Holder shall furnish to
the Company in writing such information and affidavits as the Company reasonably requests for use in connection with any such Registration
Statement or Prospectus and, to the extent permitted by law, shall indemnify the Company, its directors and officers and agents and each
person who controls the Company (within the meaning of the Securities Act) against any losses, claims, damages, liabilities and expenses
(including without limitation reasonable attorneys’ fees) resulting from any untrue statement of material fact contained in the
Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission of a material
fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue
statement or omission is contained in any information or affidavit so furnished in writing by such Holder expressly for use therein; provided, however,
that the obligation to indemnify shall be several, not joint and several, among such Holders of Registrable Securities, and the liability
of each such Holder of Registrable Securities shall be in proportion to and limited to the net proceeds received by such Holder from the
sale of Registrable Securities pursuant to such Registration Statement. The Holders of Registrable Securities shall indemnify the Underwriters,
their officers, directors and each person who controls such Underwriters (within the meaning of the Securities Act) to the same extent
as provided in the foregoing with respect to indemnification of the Company.

 

4.1.3           Any
person entitled to indemnification herein shall (i) 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 materially prejudiced the indemnifying party) and (ii) unless in such indemnified party’s
reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim, 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 (but such consent shall not be unreasonably withheld). An indemnifying party who is not entitled to, or 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 any indemnified party a conflict of interest may exist
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.

 

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4.1.4            The
indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made by or on
behalf of the indemnified party or any officer, director or controlling person of such indemnified party and shall survive the transfer
of securities. The Company and each Holder of Registrable Securities participating in an offering also agrees to make such provisions
as are reasonably requested by any indemnified party for contribution to such party in the event the Company’s or such Holder’s
indemnification is unavailable for any reason.

 

4.1.5         If
the indemnification provided under Section 4.1 hereof from the indemnifying party is unavailable or insufficient
to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the
indemnifying party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified party
as a result of such losses, claims, damages, liabilities and expenses 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 statement of a material fact or 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; provided, however, that the liability
of any Holder under this subsection 4.1.5 shall be limited to the amount of the net proceeds received by such Holder
in such offering giving rise to such liability. 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 subsections 4.1.1, 4.1.2 and 4.1.3 above,
any legal or other fees, charges or expenses reasonably incurred by such party in connection with any investigation or proceeding. The
parties hereto agree that it would not be just and equitable if contribution pursuant to this subsection 4.1.5 were determined
by pro rata allocation or by any other method of allocation, which does not take account of the equitable considerations referred to in
this subsection 4.1.5. 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 subsection 4.1.5 from any person who was not guilty
of such fraudulent misrepresentation.

 

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ARTICLE V

MISCELLANEOUS

 

5.1           Notices.
Any notice or communication under this Agreement must be in writing and given by (i) deposit in the United States mail, addressed
to the party to be notified, postage prepaid and registered or certified with return receipt requested, (ii) delivery in person or
by courier service providing evidence of delivery, or (iii) transmission by hand delivery, electronic mail, telecopy, telegram or
facsimile. Each notice or communication that is mailed, delivered, or transmitted in the manner described above shall be deemed sufficiently
given, served, sent, and received, in the case of mailed notices, on the third business day following the date on which it is mailed and,
in the case of notices delivered by courier service, hand delivery, electronic mail, telecopy, telegram or facsimile, at such time as
it is delivered to the addressee (with the delivery receipt or the affidavit of messenger) or at such time as delivery is refused by the
addressee upon presentation. Any notice or communication under this Agreement must be addressed, if to the Company, to: Cheung Kong Center,
58 Floor, Unit 5801, 2 Queens Road Central, Central, Hong Kong, and, if to any Holder, at such Holder’s address or facsimile
number as set forth in the Company’s books and records. Any party may change its address for notice at any time and from time to
time by written notice to the other parties hereto, and such change of address shall become effective thirty (30) days after delivery
of such notice as provided in this Section 5.1.

 

5.2             Assignment;
No Third Party Beneficiaries.

 

5.2.1            This
Agreement and the rights, duties and obligations of the Company hereunder may not be assigned or delegated by the Company in whole or
in part.

 

5.2.2            Prior
to the expiration of the Founder Shares Lock-up Period or the Private Placement Lock-up Period, as the case may be,
no Holder may assign or delegate such Holder’s rights, duties or obligations under this Agreement, in whole or in part, except in
connection with a transfer of Registrable Securities by such Holder to a Permitted Transferee but only if such Permitted Transferee agrees
to become bound by the transfer restrictions set forth in this Agreement.

 

5.2.3            This
Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties and its successors and
the permitted assigns of the Holders, which shall include Permitted Transferees.

 

5.2.4            This
Agreement shall not confer any rights or benefits on any persons that are not parties hereto, other than as expressly set forth in this
Agreement and Section 5.2 hereof.

 

5.2.5            No
assignment by any party hereto of such party’s rights, duties and obligations hereunder shall be binding upon or obligate the Company
unless and until the Company shall have received (i) written notice of such assignment as provided in Section 5.1 hereof
and (ii) the written agreement of the assignee, in a form reasonably satisfactory to the Company, to be bound by the terms and provisions
of this Agreement (which may be accomplished by an addendum or certificate of joinder to this Agreement). Any transfer or assignment made
other than as provided in this Section 5.2 shall be null and void.

 

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5.3            Counterparts.
This Agreement may be executed in multiple counterparts (including facsimile or PDF counterparts), each of which shall be deemed an original,
and all of which together shall constitute the same instrument, but only one of which need be produced.

 

5.4            Governing
Law; Venue. NOTWITHSTANDING THE PLACE WHERE THIS AGREEMENT MAY BE EXECUTED BY ANY OF THE PARTIES HERETO, THE PARTIES EXPRESSLY
AGREE THAT (I) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE OF NEW YORK AS APPLIED TO AGREEMENTS
AMONG NEW YORK RESIDENTS ENTERED INTO AND TO BE PERFORMED ENTIRELY WITHIN NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAW PROVISIONS OF
SUCH JURISDICTION AND (II) THE VENUE FOR ANY ACTION TAKEN WITH RESPECT TO THIS AGREEMENT SHALL BE ANY STATE OR FEDERAL COURT IN NEW
YORK COUNTY IN THE STATE OF NEW YORK.

 

5.5          Amendments
and Modifications. Upon the written consent of the Company and the Holders of at least a majority in interest of the Registrable Securities
at the time in question, compliance with any of the provisions, covenants and conditions set forth in this Agreement may be waived, or
any of such provisions, covenants or conditions may be amended or modified; provided, however, that notwithstanding
the foregoing, any amendment hereto or waiver hereof that adversely affects one Holder, solely in its capacity as a holder of the shares
of the Company, in a manner that is materially different from the other Holders (in such capacity) shall require the consent of the Holder
so affected. No course of dealing between any Holder or the Company and any other party hereto or any failure or delay on the part of
a Holder or the Company in exercising any rights or remedies under this Agreement shall operate as a waiver of any rights or remedies
of any Holder or the Company. No single or partial exercise of any rights or remedies under this Agreement by a party shall operate as
a waiver or preclude the exercise of any other rights or remedies hereunder or thereunder by such party.

 

5.6            Other
Registration Rights. The Company represents and warrants that no person, other than a Holder of Registrable Securities, has any right
to require the Company to register any securities of the Company for sale or to include such securities of the Company in any Registration
filed by the Company for the sale of securities for its own account or for the account of any other person. Further, the Company represents
and warrants that this Agreement supersedes any other registration rights agreement or agreement with similar terms and conditions and
in the event of a conflict between any such agreement or agreements and this Agreement, the terms of this Agreement shall prevail.

 

5.7            Term.
This Agreement shall terminate upon the earlier of (i) the tenth anniversary of the date of this Agreement or (ii) the date
as of which (A) all of the Registrable Securities have been sold pursuant to a Registration Statement (but in no event prior to the
applicable period referred to in Section 4(a)(3) of the Securities Act and Rule 174 thereunder (or any successor rule promulgated
thereafter by the Commission)) or (B) the Holders of all Registrable Securities are permitted to sell the Registrable Securities
under Rule 144 (or any similar provision) under the Securities Act without limitation on the amount of securities sold or the manner
of sale. The provisions of Section 3.5 and Article IV shall survive any termination.

 

    17 

     

    

 

5.8          Forfeiture.
In the event the over-allotment option granted to the Underwriter of the Offering is not exercised in full, the Holder acknowledges and
agrees that it (and, if applicable, any transferee of any of the Class B Ordinary Shares purchased and issued to the Holder hereunder)
shall forfeit any and all rights to such number of the Class B Ordinary Shares purchased and issued to the Holder hereunder (up to
an aggregate of all of the 187,500 Class B Ordinary Shares so purchased and issued and pro rata based upon the percentage of the
over-allotment option exercised) such that immediately following such forfeiture, the Holder (and any such transferees of the Holder)
will own, in total, an aggregate number of the ordinary shares (not including the ordinary shares underlying any private placement units
(whether comprised in any such units or standing alone) that may be issued to the Holder upon exercise of any securities or rights purchased
by the Holder in the Offering or in the aftermarket) equal to 20% of the issued and outstanding ordinary shares of the Company immediately
following the Offering. If any of the Class B Ordinary Shares are forfeited in accordance with this clause 5.8, then after such time
the Holder (or any successor in interest), shall no longer have any rights as a holder of such forfeited Class B Ordinary Shares,
and the Company shall take such action as is appropriate to redeem and cancel such forfeited Class B Ordinary Shares, which may include
by way of the compulsory redemption and cancellation of such Class B Ordinary Shares for nil consideration. In addition, the Holder
hereby irrevocably grants the Company a limited power of attorney for the purpose of effectuating the foregoing and agrees to take any
and all action reasonably requested by the Company necessary to effect any adjustment in this clause 5.8 (including any such redemption
as is referred to herein above).

 

[SIGNATURE PAGES FOLLOW]

 

    18 

     

    

 

IN
WITNESS WHEREOF, the undersigned have caused this Agreement to be executed as of the date first written above.

 

	COMPANY:	 
	 	 
	
    BLUE SAFARI GROUP ACQUISITION CORP.

    a British Virgin Islands business company
	 
	 	 
	By:	/s/ Naphat Sirimongkolkasem	 
	 	Name:   Naphat Sirimongkolkasem	 
	 	Title:     Chief Financial Officer	 
	 	 	 
	
    BSG FIRST EURO INVESTMENT CORP.

    a British Virgin Islands business company
	 
	 	 
	By:	/s/ Serena Shie	 
	 	Name:   Serena Shie	 
	 	Title:     Authorized Signatory	 

 

[Signature Page to Registration Rights Agreement]Exhibit 10.4

 

UNIT SUBSCRIPTION AGREEMENT

 

This UNIT SUBSCRIPTION AGREEMENT
(this “Agreement”) is made as of this June 9th, 2021, by and between Blue Safari Group Acquisition Corp.,
a British Virgin Islands business company (the “Company”), having its principal place of business at Cheung
Kong Center, 58 Floor, Unit 5801, 2 Queens Road Central, Central, Hong Kong, and BSG First Euro Investment Corp., a British Virgin Islands
business company (the “Purchaser”).

 

WHEREAS, the Company desires
to sell on a private placement basis (the “Offering”) an aggregate of up to 270,000 units (the “Initial
Units”) of the Company, and up to an additional 22,500 Units (“Additional Units” and together
with the Initial Units, the “Units”) of the Company in the event that the underwriters’ 45-day over-allotment
option (“Over-Allotment Option”) in the Offering is exercised in full or part, each Unit comprised of one Class A
ordinary share of the Company, no par value (the “Ordinary Shares”) and one right (the “Right”),
for a purchase price of $10.00 per Unit. Each Right entitles the holder thereof to receive one-tenth (1/10) of one Class A Ordinary
Share (the “Right Shares”) to be governed by the Rights Agreement (defined herein).

 

WHEREAS, the Purchaser desires
to purchase the 270,000 Initial Units and up to 22,500 Additional Units and the Company wishes to accept such subscription.

 

NOW, THEREFORE, in consideration
of the promises and the mutual covenants hereinafter set forth and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Company and the Purchaser hereby agree as follows:

 

1.             Agreement
to Subscribe

 

1.1           Purchase
and Issuance of the Units. For the aggregate sum of $2,700,000 (the “Initial Purchase Price”), upon the
terms and subject to the conditions of this Agreement, the Purchaser hereby agrees to purchase from the Company, and the Company hereby
agrees to sell to the Purchaser, on the Closing Date (as defined in Section 1.2) 270,000 Initial Units at $10.00 per Initial Unit.

 

In addition to the foregoing,
the Purchaser hereby agrees to purchase up to an additional 22,500 Additional Units at $10.00 per Additional Unit for a purchase price
of up to $225,000 (the “Additional Purchase Price” and together with the Initial Purchase Price, the “Purchase
Price”). The purchase and issuance of the Additional Units shall occur only in the event that the Over-Allotment Option
is exercised in full or part. The total number of Additional Units to be purchased hereunder shall be in the same proportion as the amount
of the Over-Allotment Option that is exercised. Each purchase of Additional Units shall occur simultaneously with the consummation of
any portion of the Over-Allotment Option.

 

1.2           Closing.
The closing of the purchase and sale of the Initial Units shall take place at the offices of Schiff Hardin LLP, 901 K Street NW, Suite 700,
Washington, DC, 20001 simultaneously with the consummation of the Company’s initial public offering (“IPO”)
of 5,000,000 units consisting of Ordinary Shares and Rights and the purchase and sale of the Additional Units shall take place upon the
consummation of the exercise of all or any portion of the Over-Allotment Option (each a “Closing Date”).

 

     

     

    

 

1.3           Delivery
of the Purchase Price. The Initial Purchase Price is currently held in an account at Continental Stock Transfer & Trust Company,
LLC (“CST”). At least one business day prior to the effective date of the Company’s registration statement
relating to the IPO (“Registration Statement”), or the date of the exercise of the Over-Allotment Option, if
any, the Purchaser agrees to deliver the Initial Purchase Price or Additional Purchase Price, as the case may be, by certified bank check
or wire transfer of immediately available funds denominated in United States Dollars to CST, which is hereby irrevocably authorized to
deposit such funds on the applicable Closing Date to the trust account which will be established for the benefit of the Company’s
public shareholders, managed pursuant to that certain Investment Management Trust Agreement to be entered into by and between the Company
and CST and into which substantially all of the proceeds of the IPO will be deposited (the “Trust Account”).
If the IPO is not consummated within 14 days of the date the Initial Purchase Price is delivered to CST, the Initial Purchase Price shall
be returned to the Purchaser by certified bank check or wire transfer of immediately available funds denominated in United States Dollars,
without interest or deduction.

 

1.4           Delivery
of Unit Certificate. Upon the applicable Closing Date after delivery of the Purchase Price in accordance with Section 1.3, the
Purchaser shall become irrevocably entitled to receive a unit certificate representing the Units purchased hereunder.

 

2.             Representations
and Warranties of the Purchaser

 

The Purchaser represents and
warrants to the Company that:

 

2.1           No
Government Recommendation or Approval. It understands that no United States federal or state agency or similar agency of any other
country has passed upon or made any recommendation or endorsement of the Company, the Offering, the Units, the Rights, the Right Shares
or the Ordinary Shares underlying the Units (excluding the Right Shares, the “Unit Shares” and, collectively
with the Units, and the Right Shares, the “Securities”).

 

2.2           Organization. 
It is a business company, validly existing and in good standing under the laws of the British Virgin Islands and possesses all requisite
power and authority necessary to carry out the transactions contemplated by this Agreement.

 

2.3           Private
Offering. It is an “accredited investor” as such term is defined in Rule 501(a) of Regulation D under the Securities
Act of 1933, as amended (the “Securities Act”) or it is not a “U.S. Person” as defined in Rule 902
of Regulation S (“Regulation S”) under the Securities Act. It acknowledges that the sale contemplated hereby
is being made in reliance on a private placement exemption to “Accredited Investors” within the meaning of Section 501(a) of
Regulation D under the Securities Act and similar exemptions under state law or a non-U.S. Person under Regulation S.

 

2.4           Authority.
This Agreement has been validly authorized, executed and delivered by the Purchaser and is a valid and binding agreement enforceable in
accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance or
similar laws affecting the enforcement of creditors’ rights generally and subject to general principles of equity (regardless of
whether enforcement is sought in a proceeding at law or in equity).

 

    2

     

    

 

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

 

2.6           No
Legal Advice from Company. It acknowledges it has had the opportunity to review this Agreement and the transactions contemplated by
this Agreement and the other agreements entered into between the parties hereto with its own legal counsel and investment and tax advisors.
Except for any statements or representations of the Company made in this Agreement and the other agreements entered into between the parties
hereto, it is relying solely on such counsel and advisors and not on any statements or representations of the Company or any of its representatives
or agents for legal, tax or investment advice with respect to this investment, the transactions contemplated by this Agreement or the
securities laws of any jurisdiction.

 

2.7           Access
to Information; Independent Investigation. Prior to the execution of this Agreement, it has had the opportunity to ask questions of
and receive answers from representatives of the Company concerning an investment in the Company, as well as the finances, operations,
business and prospects of the Company, and the opportunity to obtain additional information to verify the accuracy of all information
so obtained. In determining whether to make this investment, it has relied solely on its own knowledge and understanding of the Company
and its business based upon its own due diligence investigation and the information furnished pursuant to this paragraph. It understands
that no person has been authorized to give any information or to make any representations which were not furnished pursuant to this Section 2
and it has not relied on any other representations or information in making its investment decision, whether written or oral, relating
to the Company, its operations and/or its prospects.

 

2.8           Reliance
on Representations and Warranties. It understands the Units are being offered and sold to it in reliance on exemptions from the registration
requirements under the Securities Act, and analogous provisions in the laws and regulations of various states, and that the Company is
relying upon the truth and accuracy of the representations, warranties, agreements, acknowledgments and understandings of the Purchaser
set forth in this Agreement in order to determine the applicability of such provisions.

 

2.9           No
Advertisements. It is not subscribing for the Units as a result of or subsequent to any advertisement, article, notice or other communication
published in any newspaper, magazine, or similar media or broadcast over television or radio, or presented at any seminar or meeting.

 

2.10         Legend.
It acknowledges and agrees the certificates evidencing the Units, the Shares and the Rights shall bear a restrictive legend (the “Legend”),
in form and substance as set forth in Section 4 hereof, prohibiting the offer, sale, pledge or transfer of the securities, except
(i) pursuant to an effective registration statement covering these securities under the Securities Act or (ii) pursuant to
any other exemptions from the registration requirements under the Securities Act and such laws which, in the opinion of counsel for the
Company, is available.

 

    3

     

    

 

2.11         Experience,
Financial Capability and Suitability. It is (i) sophisticated in financial matters and is able to evaluate the risks and benefits
of the investment in the Securities and (ii) able to bear the economic risk of his investment in the Securities for an indefinite
period of time because the Securities have not been registered under the Securities Act and therefore cannot be sold unless subsequently
registered under the Securities Act or an exemption from such registration is available. It has substantial experience in evaluating
and investing in transactions of securities in companies similar to the Company so that it is capable of evaluating the merits and risks
of its investment in the Company and has the capacity to protect its own interests. It has substantial experience in evaluating and investing
in transactions of securities in companies similar to the Company so that it is capable of evaluating the merits and risks of its investment
in the Company and has the capacity to protect its own interests.

 

2.12         Investment
Purposes. It is purchasing the Securities solely for investment purposes, for its own account and not for the account or benefit
of any other person, and not with a view towards the distribution or dissemination thereof and it has no present arrangement to sell
the interest in the Securities to or through any person or entity.

 

2.13         Restrictions
on Transfer. It acknowledges and understands the Units are being offered in a transaction not involving a public offering in the United
States within the meaning of the Securities Act. The Securities have not been registered under the Securities Act, and, if in the future,
it decides to offer, resell, pledge or otherwise transfer the Securities, such Securities may be offered, resold, pledged or otherwise
transferred only (A) pursuant to an effective registration statement filed under the Securities Act, (B) pursuant to an exemption
from registration under Rule 144 promulgated under the Securities Act (“Rule 144”), if available,
or (C) pursuant to any other available exemption from the registration requirements of the Securities Act, and in each case in accordance
with any applicable securities laws of any state or any other jurisdiction. It agrees that if any transfer of its Securities or any interest
therein is proposed to be made, as a condition precedent to any such transfer, it may be required to deliver to the Company an opinion
of counsel satisfactory to the Company. Absent registration or another available exemption from registration, it agrees it will not resell
the Securities. It further acknowledges that because the Company is a shell company, Rule 144 may not be available to it for the
resale of the Securities until the one year anniversary following consummation of the initial Business Combination (defined below) of
the Company, despite technical compliance with the requirements of Rule 144 and the release or waiver of any contractual transfer
restrictions.

 

3.             Representations
and Warranties of the Company

 

The Company represents and
warrants to the Purchaser that:

 

3.1           Valid
Issuance of Share Capital. The total number of all classes of share capital which the Company has authority to issue is (i) 100,000,000
Class A Ordinary Shares, (ii) 10,000,000 Class B ordinary shares, and (iii) 1,000,000 undesignated preference shares.
As of the date hereof, the Company has issued 1,437,500 Class B ordinary shares (of which up to 187,500 Class B ordinary shares
are subject to forfeiture as described in the Registration Statement related to the IPO) and has not issued any preference shares. All
of the issued share capital of the Company has been duly authorized, validly issued, and are fully paid and non-assessable.

 

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3.2           Title
to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof, the rights agreement
to be entered into with CST on or prior to the closing of the IPO (the “Rights Agreement”) and the Amended and
Restated Memorandum and Articles of Association of the Company, as the case may be, each of the Rights and the Ordinary Shares will be
duly and validly issued, fully paid and non-assessable. On the date of issuance of the Units, the Right Shares shall have been reserved
for issuance. Upon issuance in accordance with the terms hereof, the Amended and Restated Memorandum and Articles of Association of the
Company, the Purchaser will have or receive good title to the Rights Agreement and the Amended and Restated Memorandum and Articles of
Association of the Company, the Purchaser will have or receive good title to the Right Shares, free and clear of all liens, claims and
encumbrances of any kind other than (i) transfer restrictions hereunder and pursuant to the registration rights agreement to be entered
into on or prior to the closing of the IPO (the “Registration Rights Agreement”) and (ii) transfer restrictions
under federal and state securities laws.

 

3.3           Organization
and Qualification. The Company has been duly incorporated and is validly existing as a British Virgin Islands business company and
has the requisite corporate power to own its properties and assets and to carry on its business as now being conducted.

 

3.4           Authorization;
Enforcement. (i) The Company has the requisite corporate power and authority to enter into and perform its obligations under
this Agreement and to issue the Securities in accordance with the terms hereof, (ii) the execution, delivery and performance of this
Agreement by the Company and the consummation by it of the transactions contemplated hereby have been duly authorized by all necessary
corporate action, and (iii) this Agreement constitutes, and upon the execution and delivery thereof, the Rights and Rights Agreement,
will constitute, valid and binding obligations of the Company enforceable against the Company in accordance with their respective terms,
except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance, moratorium, reorganization,
or similar laws relating to, or affecting generally the enforcement of, creditors’ rights and remedies or by equitable principles
of general application and except as enforcement of rights to indemnity and contribution may be limited by federal and state securities
laws or principles of public policy.

 

3.5           No
Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Company of the transactions contemplated
hereby do not (i) result in a violation of the Company’s Memorandum and Articles of Association, (ii) conflict with, or
constitute a default under any agreement, indenture or instrument to which the Company is a party or (iii) conflict with any law
statute, rule or regulation to which the Company is subject or any agreement, order, judgment or decree to which the Company is subject.
Other than any federal, state or foreign securities filings which may be required to be made by the Company subsequent to the Closing,
and any registration statement which may be filed pursuant thereto, the Company is not required under federal, state or local law, rule or
regulation to obtain any consent, authorization or order of, or make any filing or registration with, any court or governmental agency
or self-regulatory entity in order for it to perform any of its obligations under this Agreement or issue the Units, the Rights, or the
Ordinary Shares underlying the Units or Rights in accordance with the terms hereof.

 

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4.             Legends

 

4.1           Legend.
The Company will issue the Units, the Rights and the Unit Shares, and when issued, and the Right Shares, purchased by the Purchaser, in
the name of the Purchaser. The Securities will bear the following Legend and appropriate “stop transfer” instructions:

 

THESE SECURITIES (i) HAVE
NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THESE SECURITIES
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT FILED
UNDER THE SECURITIES ACT, (B) TO A NON-U.S. PERSON IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION
S UNDER THE SECURITIES ACT, (C) PURSUANT TO THE RESALE LIMITATIONS SET FORTH IN RULE 905 OF REGULATION S UNDER THE SECURITIES ACT,
(D) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE) OR (E) PURSUANT
TO ANY OTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER JURISDICTION. HEDGING TRANSACTIONS INVOLVING THESE SECURITIES MAY NOT BE CONDUCTED
UNLESS IN COMPLIANCE WITH THE SECURITIES ACT.

 

“THE SECURITIES REPRESENTED
BY THIS CERTIFICATE ARE SUBJECT TO AN AGREEMENT BETWEEN BLUE SAFARI GROUP ACQUISITION CORP. AND BSG FIRST EURO INVESTMENT CORP. AND MAY ONLY
BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED DURING THE TERM OF THE LOCKUP PURSUANT TO THE TERMS SET FORTH THEREIN.”

 

4.2           Purchaser’s
Compliance. Nothing in this Section 4 shall affect in any way the Purchaser’s obligations and agreements to comply with
all applicable securities laws upon resale of the Securities.

 

4.3           Company’s
Refusal to Register Transfer of the Securities. The Company shall refuse to register any transfer of the Securities, if in the sole
judgment of the Company such purported transfer would not be made (i) pursuant to an effective registration statement filed under
the Securities Act, or (ii) pursuant to an available exemption from the registration requirements of the Securities Act.

 

4.4           Registration
Rights. The Purchaser will be entitled to certain registration rights which will be governed by a registration rights agreement (“Registration
Rights Agreement”) to be entered into with the Company on or prior to the closing of the IPO.

 

5.             Lockup

 

The Purchaser acknowledges
and agrees that the Units, the Rights, the Unit Shares and the Right Shares shall not be transferable, saleable or assignable until
thirty (30) days after the consummation of an acquisition, share exchange, purchase of all or substantially all of the assets of, or any
other similar business combination with one or more businesses or entities (a “Business Combination”), except
to permitted transferees (as defined in the Registration Rights Agreement).

 

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6.             Securities
Laws Restrictions

 

The Purchaser agrees not to
sell, transfer, pledge, hypothecate or otherwise dispose of all or any part of the Securities unless, prior thereto (a) a registration
statement on the appropriate form under the Securities Act and applicable state securities laws with respect to the Securities proposed
to be transferred shall then be effective or (b) the Company shall have received an opinion from counsel reasonably satisfactory
to the Company, that such registration is not required because such transaction complies with the Securities Act and the rules promulgated
by the Securities and Exchange Commission thereunder and with all applicable state securities laws.

 

7.             Waiver
of Distributions from Trust Account

 

In connection with the Securities
purchased pursuant to this Agreement, the Purchaser hereby waives any and all right, title, interest or claim of any kind in or to any
distributions from the Trust Account.

 

8.             Rescission
Right Waiver and Indemnification

 

8.1           Rescission
Waiver. The Purchaser understands and acknowledges that an exemption from the registration requirements of the Securities Act requires
there be no general solicitation of purchasers of the Units. In this regard, if the Offering were deemed to be a general solicitation
with respect to the Units, the offer and sale of such Units may not be exempt from registration and, if not, the Purchaser may have a
right to rescind its purchase of the Units. In order to facilitate the completion of the Offering and in order to protect the Company,
its shareholders and the Trust Account from claims that may adversely affect the Company or the interests of its shareholders, the Purchaser
hereby agrees to waive, to the maximum extent permitted by applicable law, any claims, right to sue or rights in law or arbitration, as
the case may be, to seek rescission of its purchase of the Units as a result of the issuance of the Units being deemed to be in violation
of Section 5 of the Securities Act. The Purchaser acknowledges and agrees this waiver is being made in order to induce the Company
to sell the Units to the Purchaser. The Purchaser agrees the foregoing waiver of rescission rights shall apply to any and all known or
unknown actions, causes of action, suits, claims or proceedings (collectively, “Claims”) and related losses,
costs, penalties, fees, liabilities and damages, whether compensatory, consequential or exemplary, and expenses in connection therewith,
including reasonable attorneys’ and expert witness fees and disbursements and all other expenses reasonably incurred in investigating,
preparing or defending against any Claims, whether pending or threatened, in connection with any present or future actual or asserted
right to rescind the purchase of the Units hereunder or relating to the purchase of the Units and the transactions contemplated hereby.

 

8.2           No
Recourse Against Trust Account. The Purchaser agrees not to seek recourse against the Trust Account for any reason whatsoever in connection
with its purchase of the Units or any Claim that may arise now or in the future.

 

8.3           Section 8
Waiver. The Purchaser agrees that to the extent any waiver of rights under this Section 8 is ineffective as a matter of law,
the Purchaser has offered such waiver for the benefit of the Company as an equitable right that shall survive any statutory disqualification
or bar that applies to a legal right. The Purchaser acknowledges the receipt and sufficiency of consideration received from the Company
hereunder in this regard.

 

    7

     

    

 

9.            Terms
of the Unit

 

The Units shall be substantially
identical to the Units offered in the IPO as set forth in the Underwriting Agreement, except the Units: (i) will be subject to the
transfer restrictions described herein, and (ii) are being purchased pursuant to an exemption from the registration requirements
of the Securities Act and will become freely tradable only after certain conditions are met or the resale of the Units is registered under
the Securities Act.

 

10.           Governing
Law; Jurisdiction; Waiver of Jury Trial

 

This Agreement shall be governed
by and construed in accordance with the laws of the State of New York for agreements made and to be wholly performed within such territory.
The parties hereto hereby waive any right to a jury trial in connection with any litigation pursuant to this Agreement and the transactions
contemplated hereby.

 

11.           Assignment;
Entire Agreement; Amendment

 

11.1         Assignment.
Neither this Agreement nor any rights hereunder may be assigned by any party to any other person other than by the Purchaser, without
the prior consent of the Company, to one or more persons agreeing to be bound by the terms hereof. Upon such assignment by a Purchaser,
the assignee(s) shall become Purchaser hereunder and have the rights and obligations provided for herein to the extent of such assignment.

 

11.2         Entire
Agreement. This Agreement sets forth the entire agreement and understanding between the parties as to the subject matter hereof
and supersedes any and all prior discussions, agreements and understandings of any and every nature.

 

11.3         Amendment.
Except as expressly provided in this Agreement, neither this Agreement nor any term hereof may be amended, waived, discharged or terminated
other than by a written instrument signed by the party against whom enforcement of any such amendment, waiver, discharge or termination
is sought.

 

11.4         Binding
upon Successors. This Agreement shall be binding upon and inure to the benefit of the parties hereto and to their respective heirs,
legal representatives, successors and permitted assigns.

 

12.           Notices;
Indemnity

 

12.1         Notices.
All notices, requests, consents and other communications hereunder shall be in writing, shall be addressed to the receiving party’s
address set forth herein or to such other address as a party may designate by notice hereunder, and shall be either (a) delivered
by hand, (b) sent by overnight courier, or (c) sent by certified mail, return receipt requested, postage prepaid. All notices,
requests, consents and other communications hereunder shall be deemed to have been given either (i) if by hand, at the time of the
delivery thereof to the receiving party at the address of such party set forth above, (ii) if sent by overnight courier, on the
next business day following the day such notice is delivered to the courier service, or (iii) if sent by certified mail, on the
fifth business day following the day such mailing is made.

 

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12.2         Indemnification.
Except as set forth in Section 8, each party shall indemnify the other party against any loss, cost or damages (including reasonable
attorney’s fees and expenses) incurred as a result of such party’s breach of any representation, warranty, covenant or agreement
set forth in this Agreement.

 

13.          Counterparts

 

This Agreement may be executed
in one or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective
when counterparts have been signed by each party and delivered to the other party, it being understood that both parties need not sign
the same counterpart.  In the event that any signature is delivered by facsimile transmission or any other form of electronic delivery,
such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with
the same force and effect as if such signature page were an original thereof.

 

14.           Survival;
Severability

 

14.1         Survival.
The representations, warranties, covenants and agreements of the parties hereto shall survive the Closing until one (1) year following
the consummation of an initial Business Combination.

 

14.2         Severability.
In the event that any provision of this Agreement becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable
or void, this Agreement shall continue in full force and effect without said provision; provided that no such severability
shall be effective if it materially changes the economic benefit of this Agreement to any party.

 

15.           Headings

 

The titles and subtitles used
in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.

 

16.           Construction

 

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

 

[remainder of page intentionally left blank]

 

    9

     

    

 

This subscription is accepted by the Company as of the date first written
above.

 

	By:	/s/ Naphat Sirimongkolkasem	 
	Name:	Naphat Sirimongkolkasem	 
	Title:	Chief Financial Officer	 

 

 

Accepted and agreed this

 

9th day of June, 2021

 

BSG FIRST EURO INVESTMENT CORP.

 

	By:	/s/ Serena Shie	 
	Name:	Serena Shie	 
	Title:	Authorized Signatory	 

 

[Signature Page for Unit Subscription Agreement]

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