Document:

Exhibit 10.3

 

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This Investment Management Trust Agreement (this
 “Agreement”) is made effective as of October 21, 2021 by and between Pegasus Digital Mobility Acquisition
Corp., a Cayman Islands exempted company (the “Company”), and Continental Stock Transfer &
Trust Company, a New York corporation (the “Trustee”).

 

WHEREAS, the Company’s registration statement
on Form S-1, File No. 333-259860 (the “Registration Statement”), including the prospectus
contained therein (the “Prospectus”), for the initial public offering of the Company’s units (the “Units”),
each of which consists of one Class A ordinary share, par value $0.0001 per share (the “Ordinary Share”), and one-half of
one redeemable warrant, with each whole warrant entitling the holder thereof to purchase one Ordinary Share (such initial public offering
hereinafter referred to as the “Offering”), has been declared effective as of the date hereof by the U.S. Securities
and Exchange Commission; and

 

WHEREAS, the Company has entered into an Underwriting
Agreement (the “Underwriting Agreement”) with Barclays Capital Inc., as the representative (the “Representative”)
of the several underwriters (the “Underwriters”) named therein; and

 

WHEREAS, as described in the Prospectus, $202,000,000
of the gross proceeds of the Offering and sale of the Private Placement Warrants (as defined in the Underwriting Agreement) (or $232,300,000
if the Underwriters’ over-allotment option is exercised in full) will be delivered to the Trustee to be deposited and held in a
segregated trust account located at all times in the United States (the “Trust Account”) for the benefit of
the Company and the holders of the Ordinary Shares included in the Units issued in the Offering as hereinafter provided (the amount to
be delivered to the Trustee (and any interest subsequently earned thereon) is referred to herein as the “Property,” the
shareholders for whose benefit the Trustee shall hold the Property are referred to herein as the “Public Shareholders,” and
the Public Shareholders and the Company are referred to herein, collectively, as the “Beneficiaries”);

 

WHEREAS, pursuant to the Underwriting Agreement,
a portion of the Property equal to $7,000,000 (or $8,050,000 if the Underwriters’ over-allotment option is exercised in full) is
attributable to deferred underwriting discounts and commissions that will be payable by the Company to the Underwriters upon and concurrently
with the consummation of the Business Combination (as defined below) (the “Deferred Discount”); and

 

WHEREAS, the Company and the Trustee desire to
enter into this Agreement to set forth the terms and conditions pursuant to which the Trustee shall hold the Property.

 

NOW THEREFORE, IT IS AGREED:

 

1.    Agreements and
Covenants of Trustee. The Trustee hereby agrees and covenants to:

 

(a) Hold the Property in trust for the Beneficiaries
in accordance with the terms of this Agreement in the Trust Account established by the Trustee located in the United States at J.P. Morgan
Chase Bank, N.A. (or at another U.S. chartered commercial bank with consolidated assets of $100 billion or more) and at a brokerage
institution selected by the Trustee that is reasonably satisfactory to the Company;

 

(b) Manage, supervise and administer the
Trust Account subject to the terms and conditions set forth herein;

 

(c) In a timely manner, upon the written
instruction of the Company, invest and reinvest the Property solely in United States government securities within the meaning of Section 2(a)(16)
of the Investment Company Act of 1940, as amended, having a maturity of 185 days or less, or in money market funds meeting the conditions
of paragraphs (d)(1), (d)(2), (d)(3) and (d)(4) of Rule 2a-7 promulgated under the Investment Company Act of 1940,
as amended (or any successor rule), which invest only in direct U.S. government treasury obligations, as determined by the Company; the
Trustee may not invest in any other securities or assets, it being understood that the Trust Account will earn no interest while account
funds are uninvested awaiting the Company’s instructions hereunder; while the account funds are invested or uninvested, the Trustee
may earn bank credits or other consideration;

 

    

     

    

 

(d) Collect and receive, when due, all interest
or other income arising from the Property, which shall become part of the “Property,” as such term is used herein;

 

(e) As soon as practicable, notify the Company
and the Representative of all communications received by the Trustee with respect to any Property requiring action by the Company;

 

(f) Supply any necessary information or documents
as may be requested by the Company (or its authorized agents) in connection with the Company’s preparation of tax returns relating
to assets held in the Trust Account or in connection with the preparation or completion of the audit of the Company’s financial
statements by the Company’s auditors;

 

(g) Participate in any plan or proceeding
for protecting or enforcing any right or interest arising from the Property if, as and when instructed by the Company to do so;

 

(h) Render to the Company monthly written
statements of the activities of, and amounts in, the Trust Account reflecting all receipts and disbursements of the Trust Account;

 

(i) Commence liquidation of the Trust Account
only after and promptly after (x) receipt of, and only in accordance with, the terms of a letter from the Company (“Termination
Letter”) in a form substantially similar to that attached hereto as either Exhibit A or Exhibit B,
as applicable, signed on behalf of the Company by its Chief Executive Officer, Chief Financial Officer, President, Chief Operating Officer,
General Counsel, Secretary or Chairman of the board of directors of the Company (the “Board”) or
other authorized officer of the Company, and complete the liquidation of the Trust Account and distribute the Property in the Trust Account,
including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its taxes (less up
to $100,000 of interest that may be released to the Company to pay dissolution expenses and which interest shall be net of any taxes payable,
it being understood that the Trustee has no obligation to monitor or question the Company’s position that an allocation has been
made for taxes payable), only as directed in the Termination Letter and the other documents referred to therein; provided that,
in the case a Termination Letter in the form of Exhibit A is received, or (y) upon the date which is, the later of (1) the
date set forth in the Company’s Amended and Restated Memorandum and Articles of Association, as it may be amended from time to time
(the “Articles”), and (2) such later date as may be approved by the Company’s shareholders in accordance
with the Articles if a Termination Letter has not been received by the Trustee prior to such date, in which case the Trust Account shall
be liquidated in accordance with the procedures set forth in the Termination Letter attached as Exhibit B and the
Property in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company
to pay its taxes (less up to $100,000 of interest that may be released to the Company to pay dissolution expenses and which interest shall
be net of any taxes payable), shall be distributed to the Public Shareholders of record as of such date;

 

(j) Upon written request from the Company,
which may be given from time to time in a form substantially similar to that attached hereto as Exhibit C (a “Tax
Payment Withdrawal Instruction”), withdraw from the Trust Account and distribute to the Company the amount of
interest earned on the Property requested by the Company to cover any tax obligation owed by the Company as a result of assets of the
Company or interest or other income earned on the Property, which amount shall be delivered directly to the Company by electronic funds
transfer or other method of prompt payment, and the Company shall forward such payment to the relevant taxing authority; provided, however,
that to the extent there is not sufficient cash in the Trust Account to pay such tax obligation, the Trustee shall liquidate such assets
held in the Trust Account as shall be designated by the Company in writing to make such distribution so long as there is no reduction
in the principal amount per share initially deposited in the Trust Account (it being acknowledged and agreed that any such amount in excess
of interest income earned on the Property shall not be payable from the Trust Account). The written request of the Company referenced
above shall constitute presumptive evidence that the Company is entitled to said funds, and the Trustee shall have no responsibility to
look beyond said request;

 

(k) Upon written request from the Company,
which may be given from time to time in a form substantially similar to that attached hereto as Exhibit D (a “Shareholder
Redemption Withdrawal Instruction”), the Trustee shall distribute on behalf of the Company the amount requested
by the Company to be used to redeem Ordinary Shares from Public Shareholders properly submitted in connection with a shareholder vote
to approve an amendment to the Company’s Articles (A) to modify the substance or timing of the Company’s obligation to
allow redemption in connection with the Company’s initial merger, share exchange, asset acquisition, share purchase, reorganization
or similar business combination involving the Company and one or more businesses (a “Business Combination”)
or to redeem 100% of the Company’s public shares if the Company does not complete its initial Business Combination within the period
of time set forth in the Articles or (B) with respect to any other provisions relating to Public Shareholders’ rights or pre-initial
Business Combination activity. The written request of the Company referenced above shall constitute presumptive evidence that the Company
is entitled to distribute said funds, and the Trustee shall have no responsibility to look beyond said request; and

 

    

     

    

 

(l) Not make any withdrawals or distributions
from the Trust Account other than pursuant to Sections 1(i), (j) or (k) above.

 

2.   Agreements and Covenants
of the Company. The Company hereby agrees and covenants to:

 

(a) Give all instructions to the Trustee
hereunder in writing, signed by the Company’s Chairman of the Board, Chief Executive Officer, Chief Financial Officer, President,
Chief Operating Officer, General Counsel, Secretary or other authorized officer of the Company. In addition, except with respect to its
duties under Sections 1(i), 1(j) and 1(k) hereof, the Trustee shall be entitled to rely
on, and shall be protected in relying on, any verbal or telephonic advice or instruction which it, in good faith and with reasonable care,
believes to be given by any one of the persons authorized above to give written instructions, provided that the Company shall promptly
confirm such instructions in writing;

 

(b) Subject to Section 4 hereof,
hold the Trustee harmless and indemnify the Trustee from and against any and all reasonable and documented expenses, including reasonable
outside counsel fees and disbursements, or losses suffered by the Trustee in connection with any action taken by it hereunder and in connection
with any action, suit or other proceeding brought against the Trustee involving any claim, or in connection with any claim or demand,
which in any way arises out of or relates to this Agreement, the services of the Trustee hereunder, or the Property or any interest earned
on the Property, except for expenses and losses resulting from the Trustee’s or its representatives’ gross negligence, fraud
or willful misconduct. Promptly after the receipt by the Trustee of notice of demand or claim or the commencement of any action, suit
or proceeding, pursuant to which the Trustee intends to seek indemnification under this Section 2(b), it shall notify
the Company in writing of such claim (hereinafter referred to as the ‘“Indemnified Claim”). The
Trustee shall have the right to conduct and manage the defense against such Indemnified Claim; provided that the Trustee
shall obtain the consent of the Company with respect to the selection of counsel, which consent shall not be unreasonably withheld. The
Trustee may not agree to settle any Indemnified Claim without the prior written consent of the Company, which such consent shall not be
unreasonably withheld; provided, further, that the Company may conduct and manage the defense against any Indemnified Claim
if the Trustee does not promptly take action to mount such a defense. The Company may participate in such action with its own counsel;

 

(c) Pay the Trustee the fees set forth on Schedule
A hereto, including an initial acceptance fee, annual administration fee, and transaction processing fee which fees shall be
subject to modification by the parties from time to time. It is expressly understood that the Property shall not be used to pay such fees
unless and until it is distributed to the Company pursuant to Sections 1(i) and 1(j) hereof. The Company
shall pay the Trustee the initial acceptance fee and the first annual administration fee at the consummation of the Offering. The Company
shall not be responsible for any other fees or charges of the Trustee except as set forth in this Section 2(c), Schedule
A hereto and as may be provided in Section 2(b) hereof;

 

(d) In connection with any vote of the Company’s
shareholders regarding a Business Combination, provide to the Trustee an affidavit or certificate of the inspector of elections
for the shareholder meeting verifying the vote of such shareholders regarding such Business Combination;

 

(e) Provide the Representative with a copy
of any Termination Letter(s) and/or any other correspondence that is sent to the Trustee with respect to any proposed withdrawal
from the Trust Account promptly after it issues the same;

 

(f) Unless otherwise agreed between the Company
and the Representative, ensure that any Instruction Letter (as defined in Exhibit A) delivered in connection with a Termination
Letter in the form of Exhibit A expressly provides that the Deferred Discount is paid directly to the account or
accounts directed by the Representative on behalf of the Underwriters prior to any transfer of the funds held in the Trust Account to
the Company or any other person; and

 

(g) Instruct the Trustee to make only those
distributions that are permitted under this Agreement, and refrain from instructing the Trustee to make any distributions that are not
permitted under this Agreement.

 

    

     

    

 

3.    Limitations of Liability. The Trustee shall have no responsibility or liability to:

 

(a) Imply obligations, perform duties, inquire
or otherwise be subject to the provisions of any agreement or document other than this Agreement and that which is expressly set forth
herein;

 

(b) Take any action with respect to the Property,
other than as directed in Section 1 hereof, and the Trustee shall have no liability to any third party except for
liability arising out of the Trustee’s or its representatives’ gross negligence, fraud or willful misconduct;

 

(c) Institute any proceeding for the collection
of any principal and income arising from, or institute, appear in or defend any proceeding of any kind with respect to, any of the Property
unless and until it shall have received instructions from the Company given as provided herein to do so and the Company shall have advanced
or guaranteed to it funds sufficient to pay any reasonably incurred and documented expenses incident thereto;

 

(d) Refund any depreciation in principal
of any Property;

 

(e) Assume that the authority of any person
designated by the Company to give instructions hereunder shall not be continuing unless provided otherwise in such designation, or unless
the Company shall have delivered a written revocation of such authority to the Trustee;

 

(f) The other parties hereto or to anyone
else for any action taken or omitted by it, or any action suffered by it to be taken or omitted, in good faith and in the Trustee’s
best judgment, except for the Trustee’s or its representatives’ gross negligence, fraud or willful misconduct. The Trustee
may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice of counsel (including
counsel chosen by the Trustee with written notification to the Company, which counsel may be the Company’s counsel), statement,
instrument, report or other paper or document (not only as to its due execution and the validity and effectiveness of its provisions,
but also as to the truth and acceptability of any information therein contained) which the Trustee believes, in good faith and with reasonable
care, to be genuine and to be signed or presented by the proper person or persons. The Trustee shall not be bound by any notice or demand,
or any waiver, modification, termination or rescission of this Agreement or any of the terms hereof, unless evidenced by a written instrument
delivered to the Trustee, signed by the proper party or parties and, if the duties or rights of the Trustee are affected, unless it shall
give its prior written consent thereto;

 

(g) Verify the accuracy of the information
contained in the Registration Statement;

 

(h) Provide any assurance that any Business
Combination entered into by the Company or any other action taken by the Company is as contemplated by the Registration Statement;

 

(i) File information returns with respect
to the Trust Account with any local, state or federal taxing authority or provide periodic written statements to the Company documenting
the taxes payable by the Company, if any, relating to any interest income earned on the Property;

 

(j) Prepare, execute and file tax reports,
income or other tax returns and pay any taxes with respect to any income generated by, and activities relating to, the Trust Account,
regardless of whether such tax is payable by the Trust Account or the Company, including, but not limited to, franchise and income tax
obligations, except pursuant to Section 1(j) hereof; or

 

(k) Verify calculations, qualify or otherwise
approve the Company’s written requests for distributions pursuant to Sections 1(i), 1(j) or 1(k) hereof.

 

4.    Trust Account Waiver. The Trustee has no right
of set-off or any right, title, interest or claim of any kind (“Claim”) to, or to any monies in,
the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account that it may have now or in the
future. In the event the Trustee has any Claim against the Company under this Agreement, including, without limitation, under Section 2(b) or Section 2(c) hereof,
the Trustee shall pursue such Claim solely against the Company and its assets outside the Trust Account and not against the Property
or any monies in the Trust Account.

 

5.    Termination. This Agreement shall terminate as follows:

 

(a) If the Trustee gives written notice to
the Company that it desires to resign under this Agreement, the Company shall use its reasonable efforts to locate a successor trustee,
pending which the Trustee shall continue to act in accordance with this Agreement. At such time that the Company notifies the Trustee
that a successor trustee has been appointed and has agreed to become subject to the terms of this Agreement (whether following the Trustee
giving notice that it desires to resign under this Agreement or the Company otherwise electing to replace the Trustee under this Agreement),
the Trustee shall transfer the management of the Trust Account to the successor trustee, including but not limited to the transfer of
copies of the reports and statements relating to the Trust Account and any other reasonable transfer requests the Company may make , whereupon
this Agreement shall terminate; provided, however, that in the event that the Company does not locate a successor
trustee within ninety (90) days of receipt of the resignation notice from the Trustee, the Trustee may submit an application to have
the Property deposited with any court in the State of New York or with the United States District Court for the Southern District of New
York and upon such deposit, the Trustee shall be immune from any liability whatsoever;

 

    

     

    

 

(b) At such time that the Trustee has
completed the liquidation of the Trust Account and its obligations in accordance with the provisions
of Section 1(i) hereof and distributed the Property in accordance with the provisions of the Termination
Letter, this Agreement shall terminate except with respect to Section 2(b); or

 

(c) If the Offering is not consummated within
ten (10) business days of the date of this Agreement, in which case any funds received by the Trustee from the Company or Pegasus
Digital Mobility Sponsor LLC, as applicable, for purposes of funding the Trust Account shall be promptly returned to the Company or Pegasus
Digital Mobility Sponsor LLC, as applicable.

 

6.    Miscellaneous.

 

(a) The Company and the Trustee each acknowledge
that the Trustee will follow the security procedures set forth below with respect to funds transferred from the Trust Account. The Company
and the Trustee will each restrict access to confidential information relating to such security procedures to authorized persons. Each
party must notify the other party immediately if it has reason to believe unauthorized persons may have obtained access to such confidential
information, or of any change in its authorized personnel. In executing funds transfers, the Trustee shall rely upon all information supplied
to it by the Company, including, account names, account numbers, and all other identifying information relating to a Beneficiary, Beneficiary’s
bank or intermediary bank. Except for any liability arising out of the Trustee’s or its representatives’ gross negligence,
fraud or willful misconduct, the Trustee shall not be liable for any loss, liability or out-of-pocket expense resulting from any error
in the information or transmission of the funds.

 

(b) This Agreement shall be governed by and
construed and enforced in accordance with the laws of the State of New York, without giving effect to conflicts of law principles that
would result in the application of the substantive laws of another jurisdiction.

 

(c) This Agreement contains the entire agreement
and understanding of the parties hereto with respect to the subject matter hereof. Except for Sections 1(i), 1(j) and
1(k) hereof (which may not be modified, amended or deleted without the affirmative vote of sixty five percent (65%) of the
then-outstanding Ordinary Shares and Class B ordinary shares, par value $0.0001 per share, of the Company voting together as a single
class; provided that no such amendment will affect any Public Shareholder who has otherwise indicated his, her or its election
to redeem his, her or its Ordinary Shares in connection with a shareholder vote sought to amend this Agreement), this Agreement or any
provision hereof may only be changed, amended or modified (other than to correct a typographical error) by a writing signed by each of
the parties hereto.

 

(d) The parties hereto consent to the jurisdiction
and venue of any state or federal court located in the City of New York, State of New York, for purposes of resolving any disputes hereunder.
AS TO ANY CLAIM, CROSS-CLAIM OR COUNTERCLAIM IN ANY WAY RELATING TO THIS AGREEMENT, EACH PARTY WAIVES THE RIGHT TO TRIAL BY JURY.

 

(e) Any notice, consent or request to be
given in connection with any of the terms or provisions of this Agreement shall be in writing and shall be sent by express mail or similar
private courier service, by certified mail (return receipt requested), by hand delivery, by electronic mail or by facsimile transmission:

 

if to the Trustee, to:

 

Continental Stock Transfer &
Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf & Celeste
Gonzalez

Email: fwolf@continentalstock.com

Email: cgonzalez@continentalstock.com

 

    

     

    

 

if to the Company, to:

 

Pegasus Digital Mobility Acquisition
Corp.

260 Mason Street

Greenwich, CT 06830

Attn: James Condon

 

in each case, with copies to:

 

Morrison & Foerster LLP

3500 Lenox Road, Suite 1500

Atlanta, GA 30326

Attn: Heath D. Linsky

Email: HLinsky@mofo.com

 

and

 

Barclays Capital Inc.

745 Seventh Avenue

New York, New York 10019

 

and

 

Davis Polk & Wardwell LLP

450 Lexington Avenue

New York, NY 10017

Attn: Derek J. Dostal & Deanna
L. Kirkpatrick

Email: derek.dostal@davispolk.com

 

(f) Each of the Company and the Trustee hereby
represents that it has the full right and power and has been duly authorized to enter into this Agreement and to perform its respective
obligations as contemplated hereunder. The Trustee acknowledges and agrees that it shall not make any claims or proceed against the Trust
Account, including by way of set-off, and shall not be entitled to any funds in the Trust Account under any circumstance.

 

(g) This Agreement is the joint product of
the Trustee and the Company and each provision hereof has been subject to the mutual consultation, negotiation and agreement of such parties
and shall not be construed for or against any party hereto.

 

(h) This Agreement may be executed in any
number of counterparts, each of which shall be deemed to be an original, but all such counterparts shall together constitute one and the
same instrument. Delivery of a signed counterpart of this Agreement by facsimile or electronic transmission shall constitute valid and
sufficient delivery thereof.

 

(i) Each of the Company and the Trustee hereby
acknowledges and agrees that the Representative on behalf of the Underwriters is a third-party beneficiary of this Agreement.

 

(j) Except as specified herein, no party
to this Agreement may assign its rights or delegate its obligations hereunder to any other person or entity.

 

[Signature Page Follows]

 

    

     

    

 

IN WITNESS WHEREOF, the parties have duly
executed this Investment Management Trust Agreement as of the date first written above.

 

	 	CONTINENTAL STOCK
    TRANSFER & TRUST COMPANY, as Trustee
	 	 	 
	 	By:	/s/
    Francis Wolf

	 	 	Name:
    Francis Wolf

    Title:
    Vice President

	 	 
	 	 
	 	PEGASUS DIGITAL
    MOBILITY ACQUISITION CORP.
	 	 	 
	 	By:	/s/
    F. Jeremey Mistry

	 	 	Name:
    F. Jeremey Mistry

    Title:
    Chief Financial Officer and Secretary

 

[Signature Page to Investment Management Trust
Agreement]

 

    

     

    

  

SCHEDULE A

 

	Fee Item	 	Time and method of payment	 	Amount	 
	Initial acceptance fee.	 	Initial closing of the Offering by wire transfer.	 	$	3,500.00	 
	 	 	 	 	 	 	 
	Annual administration fee	 	Payable annually. First year fee payable, at initial closing of the Offering by wire transfer, thereafter on the anniversary of the effective date of the Offering by wire transfer or check.	 	$	10,000.00	 
	 	 	 	 	 	 	 
	Transaction processing fee for disbursements to Company under Sections 1 and 2	 	Billed to Company following disbursement made to Company under Section 1 and 2	 	$	250.00	 
	 	 	 	 	 	 	 
	Paying Agent services as required pursuant to Sections 1(i) and 1(k)	 	Billed to Company upon delivery of service pursuant to Sections 1(i) and 1(k)	 	Prevailing rates	 

 

 

    

     

    

 

EXHIBIT A

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf & Celeste Gonzalez

 

Re: Trust Account – Termination
Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(i) of
the Investment Management Trust Agreement between Pegasus Digital Mobility Acquisition Corp. (the “Company”)
and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of October 21,
2021 (the “Trust Agreement”), this is to advise you that the Company has entered into an agreement
with [insert name] (the “Target Business”) to consummate a business combination with Target Business
(the “Business Combination”) on or about [insert date]. The Company shall notify you at least seventy-two (72)
hours in advance of the actual date (or such shorter period as you may agree) of the consummation of the Business Combination (the “Consummation
Date”). Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

In accordance with the terms of the Trust Agreement,
we hereby authorize you to commence to liquidate all of the assets of the Trust Account and to transfer the proceeds to the trust operating
account at J.P. Morgan Chase Bank, N.A.to the effect that, on the Consummation Date, all of the funds held in the Trust Account will be
immediately available for transfer to the account or accounts that Barclays Capital Inc. (the “Representative”)
(with respect to the Deferred Discount) and the Company shall direct on the Consummation Date. It is acknowledged and agreed that while
the funds are on deposit in the trust operating account at J.P. Morgan Chase Bank, N.A. awaiting distribution, neither the Company nor
the Representative will earn any interest on such funds.

 

On the Consummation Date (i) counsel for
the Company shall deliver to you written notification that the Business Combination has been consummated, or will be consummated substantially
concurrently with your transfer of funds to the accounts as directed by the Company (the “Notification”) and
(ii) the Company shall deliver to you (a) a certificate of the Chief Executive Officer, which verifies that the Business Combination
has been approved by a vote of the Company’s shareholders, if a vote is held and (b) a joint written instruction signed by
the Company and the Representative with respect to the transfer of the funds held in the Trust Account, including payment of amounts owed
to Public Shareholders who have properly exercised their redemption rights and payment of the Deferred Discount from the Trust Account
(the “Instruction Letter”). You are hereby directed and authorized to transfer the funds held in
the Trust Account immediately upon your receipt of the Notification and the Instruction Letter, in accordance with the terms of the Instruction
Letter. In the event that certain deposits held in the Trust Account may not be liquidated by the Consummation Date without penalty, you
will notify the Company in writing of the same and the Company shall direct you as to whether such funds should remain in the Trust Account
and be distributed after the Consummation Date to the Company. Upon the distribution of all the funds, net of any payments necessary for
reasonable unreimbursed expenses related to liquidating the Trust Account, your obligations under the Trust Agreement shall be terminated.

 

In the event that the Business Combination is
not consummated on the Consummation Date described in the notice thereof and we have not notified you on or before the original Consummation
Date of a new Consummation Date, then upon receipt by the Trustee of written instructions from the Company, the funds held in the Trust
Account shall be reinvested as provided in Section 1(c) of the Trust Agreement on the business day immediately following
the Consummation Date as set forth in the notice as soon thereafter as possible.

 

	 	
    Very truly yours,

     

    PEGASUS DIGITAL MOBILITY ACQUISITION CORP.

	 	 	
	 	By:	 
	 	 	
    Name:

    Title:

 

	Agreed and acknowledged by:
	 	 
	BARCLAYS CAPITAL INC.
	 	 	 
	 	 	 
	 	Name:

    Title:

     
	 

 

    2

     

    

 

EXHIBIT B

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf & Celeste Gonzalez

 

Re: Trust Account – Termination
Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(i) of
the Investment Management Trust Agreement between Pegasus Digital Mobility Acquisition Corp. (the “Company”)
and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of October 21,
2021 (the “Trust Agreement”), this is to advise you that the Company has been unable to effect a
Business Combination with a Target Business within the time frame specified in the Company’s Amended and Restated Memorandum and
Articles of Association (the “Articles”), as described in the Company’s Prospectus relating to the Offering.
Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

In accordance with the terms of the Trust Agreement,
we hereby authorize you to liquidate all of the assets in the Trust Account and to transfer the total proceeds into the trust operating
account at J.P. Morgan Chase Bank, N.A. to await distribution to the Public Shareholders. The Company has selected [•]
as the effective date for the purpose of determining when the Public Shareholders will be entitled to receive their share of the liquidation
proceeds. You agree to be the Paying Agent of record and, in your separate capacity as Paying Agent, agree to distribute said funds directly
to the Company’s Public Shareholders in accordance with the terms of the Trust Agreement and the Articles. Upon the distribution
of all the funds, net of any payments necessary for reasonable unreimbursed expenses related to liquidating the Trust Account, your obligations
under the Trust Agreement shall be terminated, except to the extent otherwise provided in Section 1(i) of the Trust
Agreement.

 

	 	
    Very truly yours,

     

    PEGASUS DIGITAL MOBILITY ACQUISITION CORP.

	 	 
	 	By:	 
	 	 	
    Name:

    Title:

 

cc: Barclays Capital Inc.

 

    

     

    

  

EXHIBIT C

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf & Celeste Gonzalez

 

Re: Trust Account – Tax Payment
Withdrawal Instruction

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(j) of
the Investment Management Trust Agreement between Pegasus Digital Mobility Acquisition Corp. (the “Company”)
and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of October 21,
2021 (the “Trust Agreement”), the Company hereby requests that you deliver to the Company $[•]
of the interest income earned on the Property as of the date hereof. Capitalized terms used but not defined herein shall have the meanings
set forth in the Trust Agreement.

 

The Company needs such funds to pay for the tax
obligations as set forth on the attached tax return or tax statement. In accordance with the terms of the Trust Agreement, you are hereby
directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to the Company’s operating
account at:

 

[WIRE INSTRUCTION INFORMATION]

 

	 	
    Very truly yours,

     

    PEGASUS DIGITAL MOBILITY ACQUISITION CORP.

	 	 
	 	By:	 
	 	 	
    Name:

    Title:

 

cc: Barclays Capital Inc.

 

    

     

    

 

EXHIBIT D

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf & Celeste Gonzalez

 

Re: Trust Account – Shareholder
Redemption Withdrawal Instruction

 

Dear Mr. Wolf and Gonzalez:

 

Pursuant to Section 1(k) of
the Investment Management Trust Agreement between Pegasus Digital Mobility Acquisition Corp. (the “Company”)
and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of October 21,
2021 (the “Trust Agreement”), the Company hereby requests that you deliver to the redeeming Public
Shareholders of the Company $[•] of the principal and interest income
earned on the Property as of the date hereof into a segregated account held by you on behalf of the Beneficiaries for distribution to
the Public Shareholders who have requested redemption of their Ordinary Shares. Capitalized terms used but not defined herein shall have
the meanings set forth in the Trust Agreement.

 

The Company needs such funds to pay its Public
Shareholders who have properly elected to have their Ordinary Shares redeemed by the Company in connection with a shareholder vote to
approve an amendment to the Company’s Amended and Restated Memorandum and Articles of Association (the “Articles”)
(A) to modify the substance or timing of the Company’s obligation to allow redemption in connection with the Company’s
initial Business Combination or to redeem 100% of the Company’s public shares if it does not complete its initial Business Combination
within such time as is described in the Company’s Articles or (B) with respect to any other provision relating to Public Shareholders’
rights or pre-initial Business Combination activity. As such, you are hereby directed and authorized to transfer (via wire transfer) such
funds promptly upon your receipt of this letter to the redeeming Public Shareholders in accordance with your customary procedures.

 

	 	
    Very truly yours,

     

    PEGASUS DIGITAL MOBILITY ACQUISITION CORP.

	 	 
	 	By:	 
	 	 	
    Name:

    Title:

 

cc: Barclays Capital Inc.Exhibit 10.4

 

REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”),
dated as of October 21, 2021, is made and entered into by and among Pegasus Digital Mobility Acquisition Corp., a Cayman Islands
exempted company (the “Company”), Pegasus Digital Mobility Sponsor LLC, a Cayman Islands limited liability company
(the “Sponsor”), the qualified institutional buyers or institutional accredited investors listed under “Anchor
Investors” on the signature pages hereto (the “Anchor Investors”) and the undersigned parties listed under
Holder on the signature page hereto (each such party, together with the Sponsor, the Anchor Investors 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 that certain Securities Subscription Agreement (the “Founder Shares Purchase Agreement”), dated as of
April 16, 2021 pursuant to which the Sponsor purchased an aggregate of 5,750,000 shares (the “Founder Shares”)
of the Company’s Class B ordinary shares, par value $0.0001 per share (the “Class B Ordinary Shares”);

 

WHEREAS, after the closing of the Company’s
initial public offering, the Sponsor intends to transfer up to 345,000 Founder Shares and up to 495,000 Private Placement Warrants (as
defined below) to each of the other Holders;

 

WHEREAS, up to 750,000 of the Founder Shares
held by the Sponsor are subject to forfeiture depending on the extent to which the underwriters’ over-allotment option is exercised;

 

WHEREAS, the Founder Shares are convertible
into the Company’s Class A ordinary shares, par value $0.0001 per share (the “Ordinary Shares”), on the
terms and conditions provided in the Company’s amended and restated memorandum and articles of association;

 

WHEREAS, on October 21, 2021, the
Company and the Sponsor entered into that certain Private Placement Warrants Purchase Agreement (the “Sponsor Warrants Purchase
Agreement”), pursuant to which the Sponsor agreed to purchase an aggregate of 9,000,000 warrants (or up to 9,900,000 warrants
if the over-allotment option in connection with the Company’s initial public offering is exercised in full) (the “Private
Placement Warrants”), in a private placement transaction occurring simultaneously with the closing of the Company’s initial
public offering, each Private Placement Warrant entitling the holder thereof to purchase one Ordinary Share at a price of $11.50; 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 Executive Officer,
the President or the 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.

 

“Anchor Investors” shall have
the meaning given in the Preamble.

 

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

 

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

 

“Business Day” means any day,
other than a Saturday or a Sunday, that is neither a legal holiday nor a day on which banking institutions are generally authorized or
required by law or regulation to close in the City of New York, New York.

 

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

 

“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) one year after the completion of the Company’s
initial Business Combination or (B) subsequent to the Business Combination, (x) if the closing 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 at least 150 days after the Company’s initial Business Combination
or (y) the date on which the Company completes a liquidation, merger, capital 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.

 

“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 October 21, 2021, by and among the Sponsor and each of the Company’s officers, directors
and director nominees.

 

    2 

     

    

 

“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 contained therein (in the case of any Prospectus, in the light of the circumstances under which they
were made) not misleading.

 

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

 

“Permitted Transferees” shall
mean any 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, pursuant to the Insider Letter
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 Warrants that are held by the initial purchasers of such Private Placement Warrants or their
Permitted Transferees, the Private Placement Warrants and any Ordinary Shares issued or issuable upon the exercise or conversion of the
Private Placement Warrants and that are held by the initial purchasers of the Private Placement Warrants or their Permitted Transferees,
the period ending 30 days after the completion of the Company’s initial Business Combination.

 

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

 

“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.

 

“Registrable Security” shall
mean (a) the Ordinary Shares issued or issuable upon the conversion of any Founder Shares, (b) the Private Placement Warrants
(including any Ordinary Shares issued or issuable upon the exercise of any such Private Placement Warrants), (c) any outstanding
Ordinary Shares or any other equity security (including, without limitation, the Ordinary Shares issued or issuable upon the exercise
of any other equity security, units comprising Ordinary Shares and warrants, and warrants) of the Company held by a Holder from time to
time, (d) 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 $1,500,000 in the aggregate made to the Company
by one or more Holders, and (e) any other equity security of the Company issued or issuable with respect to any such Ordinary Share
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 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.

 

    3 

     

    

 

“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 Share is then listed;

 

(B) fees and expenses of compliance with securities
or blue sky laws (including reasonable fees and disbursements of counsel for the Underwriter(s) 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.

 

“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 Preamble hereto.

 

“Sponsor Warrants Purchase Agreement”
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 one or more Underwriters
in a firm commitment underwriting for distribution to the public.

 

“Working Capital Warrants” shall
have the meaning given in the Recitals hereto.

 

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 thirty percent (30%) 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 reasonably 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 for resale on behalf of the Requesting Holders in such Form S-1
Registration have been sold, in accordance with Section 3.1 of this Agreement.

 

    4 

     

    

 

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; 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.

 

2.1.4        Reduction
of Underwritten Offering. If the managing Underwriter(s) 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 for its own account 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 Ordinary Shares or other equity
securities that the Company desires to sell for its own account, which can be sold 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 of other persons or entities that the Company is obligated to register for resale
in a Registration pursuant to separate written contractual arrangements with such persons and that can be sold without exceeding the
Maximum Number of Securities.

 

    5 

     

    

 

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(s) (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, (i) the Company may effect any Underwritten Registration pursuant to any then effective Registration
Statement, including a Form S-3, that is then available for such offering and (ii) the Company shall be responsible for the
Registration Expenses incurred in connection with a Registration pursuant to a Demand Registration prior to its withdrawal under this
subsection 2.1.5.

 

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 reasonably 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(s), if
any, in such offering, and (B) offer to all of the Holders of Registrable Securities the opportunity to register the resale 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(s) 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(s) 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 for its own account, 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 the resale of 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;

 

    6 

     

    

 

(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
the resale of 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 for its own account, 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 for resale 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(s) (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 (or in the case of an Underwritten Registration pursuant to Rule 415 under the Securities
Act, at least two business days prior to the time of pricing of the applicable offering). 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 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”), or if the Company is ineligible to use Form S-3, on Form S-1; 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 reasonably 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 the resale of 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 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. The Company shall maintain each registration statement pursuant to this Section 2.3 (a “Shelf”)
in accordance with the terms hereof, and shall prepare and file with the SEC such amendments, including post-effective amendments, and
supplements as may be necessary to keep such Shelf continuously effective, available for use and in compliance with the provisions of
the Securities Act until such time as there are no longer any Registrable Securities included on such Shelf. In the event the Company
files a Shelf on Form S-1, the Company shall use its commercially reasonable efforts to convert the Form S-1 to a Form S-3
as soon as reasonably practicable after the Company is eligible to use Form S-3. Registrations effected pursuant to this Section 2.3
shall not be counted as Demand Registrations effected pursuant to Section 2.1.

 

    7 

     

    

 

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 materially 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 the Chairman of the Board stating that in the good faith judgment of the Board it would be materially 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; provided,
however, that the Company shall not defer its obligation in this manner more than once in any 12-month period. Notwithstanding
anything to the contrary contained in this Agreement, no Registration shall be effected or permitted and no Registration Statement shall
become effective, with respect to any Registrable Securities held by any Holder, until after the expiration of the Founder Shares Lock-Up
Period or the Private Placement Lock-Up Period, as the case may be.

 

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 reasonably 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 reasonably requested by the majority in interest of the Holders with Registrable Securities registered for resale
on such Registration Statement 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;

 

3.1.3        prior
to filing a Registration Statement or Prospectus, or any amendment or supplement thereto, furnish without charge to the Underwriter(s),
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 Underwriter(s) and the Holders of Registrable Securities included in such
Registration or the legal counsel for any such Holders may reasonably request in order to facilitate the disposition of the Registrable
Securities owned by such Holders;

 

    8 

     

    

 

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 to be listed on each securities exchange or automated quotation system on which similar securities issued
by the Company are then listed;

 

3.1.6        provide
a transfer agent or warrant 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, furnish a copy thereof to each seller of such Registrable Securities or its counsel;

 

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, the Underwriter(s), if any, and any attorney or accountant retained by such Holders or Underwriter(s) 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 Underwriter(s) 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, in customary form and covering such matters of the type customarily covered by “cold comfort” letters as the
managing Underwriter(s) 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 Underwriter(s), if any, covering such legal matters with respect to the Registration in respect of which such opinion is being
given as the participating 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(s) of such offering;

 

    9 

     

    

 

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 the resale of the Registrable Securities involving gross proceeds in excess of $25,000,000,
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(s) 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 participating Holders,
in connection with such Registration.

 

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 reasonably 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 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.

 

    10 

     

    

 

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, directors, agents and
each person who controls such Holder (within the meaning of the Securities Act) against all losses, claims, damages, liabilities and out-of-pocket
expenses (including, without limitation, reasonable attorneys’ fees) resulting from any untrue or alleged untrue statement of material
fact contained in any Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any
omission or alleged 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 Underwriter(s), their officers and directors and each person who controls such Underwriter(s) (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 out-of-pocket
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 Underwriter(s), their officers, directors and each person who controls such Underwriter(s) (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.

 

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.

 

    11 

     

    

 

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 or
alleged untrue statement of a material fact or omission or alleged omission to state a material fact, was made by, or relates to information
supplied by, such indemnifying party or indemnified party, and the indemnifying party’s and indemnified party’s relative intent,
knowledge, access to information and opportunity to correct or prevent such action; 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.

 

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: Pegasus Digital
Mobility Acquisition Corp., 260 Mason Street, Greenwich, CT 06830, Attention: James Condon, Director, 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) calendar
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.

 

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.

 

    12 

     

    

 

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.

 

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 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.

 

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 capital 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 the offer, sale or resale of 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 with respect to any Holder on the date that such Holder no longer holds any Registrable Securities. The
provisions of Section 3.5 and Article IV shall survive any termination.

 

[SIGNATURE PAGES FOLLOW]

 

    13 

     

    

 

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

 

	 	COMPANY:
	 	 	 
	 	PEGASUS DIGITAL MOBILITY ACQUISITION CORP., a Cayman Islands exempted company
	 	 	 
	 	By:	/s/ F. Jeremey Mistry
	 	 	Name: F. Jeremey Mistry
	 	 	Title:  Chief Financial Officer and Secretary

 

	 	HOLDERS:
	 	 	 
	 	PEGASUS DIGITAL MOBILITY SPONSOR LLC,
	 	a Cayman Islands limited liability company
	 	 	 
	 	By:	/s/ James Condon
	 	 	Name: James Condon
	 	 	Title:   Manager

 

[Signature Page to Registration Rights Agreement]

 

     

     

    

 

	 	/s/ Dr. Sir Ralf Speth
	 	Dr. Sir Ralf Speth

 

 

	 	/s/ F. Jeremey Mistry
	 	F. Jeremey Mistry

 

 

	 	/s/ Dr. Stefan Berger
	 	Dr. Stefan Berger

 

 

	 	/s/ Florian Wolf
	 	Florian Wolf

 

 

	 	/s/ Steven J. Norris
	 	Steven J. Norris

 

 

	 	/s/ Jeffrey H. Foster
	 	Jeffrey H. Foster

 

 

	 	/s/ John Doherty
	 	John Doherty

 

[Signature Page to Registration Rights Agreement]

 

     

     

    

 

	 	ANCHOR INVESTORS:
	 	 	 
	 	THE HGC FUND LP
	 	 	 
	 	 	 
	 	By:	/s/ Stuart Grant
	 	 	Name: Stuart Grant
	 	 	Title:   Chief Compliance Officer and Chief Operating Officer

 

[Signature Page to Registration Rights Agreement]

 

     

     

    

 

	 	POLAR MULTI-STRATEGY MASTER FUND
	 	 	 
	 	By: Polar Asset Management Partners Inc., its Investment Advisor
	 	 	 
	 	 	 
	 	By:	/s/ Andrew Ma
	 	 	Name: Andrew Ma
	 	 	Title:  Chief Compliance Officer

 

 

	 	By:	/s/ Aatifa Ibrahim
	 	 	Name: Aatifa Ibrahim
	 	 	Title: Legal Counsel

 

[Signature Page to Registration Rights Agreement]

 

     

     

    

 

	 	KEPOS ALPHA MASTER FUND L.P.
	 	 	 
	 	By: Kepos Capital LP, its Investment Manager
	 	 	 
	 	 	 
	 	By:	/s/ Simon Raykher
	 	 	Name: Simon Raykher
	 	 	Title:  General Counsel

 

	 	KEPOS SPECIAL OPPORTUNITIES MASTER FUND L.P.
	 	 	 
	 	By: Kepos Capital LP, its Investment Manager
	 	 	 
	 	 	 
	 	By:	/s/ Simon Raykher
	 	 	Name: Simon Raykher
	 	 	Title: General Counsel

 

[Signature Page to Registration Rights Agreement]

 

     

     

    

 

	 	METEORA CAPITAL PARTNERS, LP
	 	 	 
	 	 	 
	 	By:	/s/ Joseph Tonnos
	 	 	Name: Joseph Tonnos
	 	 	Title:  Associate PM & Principal

 

	 	GLAZER SPECIAL OPPORTUNITY FUND I, LP
	 	 	 
	 	 	 
	 	By:	/s/ Joseph Tonnos
	 	 	Name: Joseph Tonnos
	 	 	Title: Associate PM & Principal

 

[Signature Page to Registration Rights Agreement]

 

     

     

    

 

	 	HARTREE PARTNERS, LP
	 	 	 
	 	 	 
	 	By:	/s/ Stephen
M. Semlitz
	 	 	Name: Stephen M. Semlitz
	 	 	Title:  Partner

 

[Signature Page to
Registration Rights Agreement]

 

     

     

    

 

	 	ATLAS PRIVATE HOLDINGS (CAYMAN) LTD.
	 	 	 
	 	By: Balyasny Asset Management L.P.,
	 	its Investment Manager
	 	 	 
	 	 	 
	 	By:	/s/ Joseph Meginnes
	 	 	Name: Joseph Meginnes
	 	 	Title:  Authorized Signatory

 

[Signature Page to Registration Rights Agreement]

 

     

     

    

 

	 	KOREA INVESTMENT & SECURITIES US, INC.
	 	 	 
	 	 	 
	 	By:	/s/ Youn Kwang Woo
	 	 	Name: Youn Kwang Woo
	 	 	Title:  Chief Executive Officer

 

[Signature Page to Registration Rights Agreement]

 

     

     

    

 

	 	ADAGE CAPITAL PARTNERS LP
	 	 	 
	 	 	 
	 	By:	/s/ Dan Lehan
	 	 	Name: Dan Lehan
	 	 	Title:  Chief Operating Officer

 

[Signature Page to Registration Rights Agreement]

 

     

     

    

 

	 	SPACE SUMMIT OPPORTUNITY FUND I LP
	 	 	 
	 	 	 
	 	By:	/s/ Keith Fleischmann
	 	 	Name: Keith Fleischmann
	 	 	Title:  Managing Member

 

[Signature Page to Registration Rights Agreement]

 

     

     

    

 

	 	MAGNETAR CONSTELLATION MASTER FUND, LTD.
	 	 	 
	 	By: Magnetar Financial LLC, its investment manager

	 	 	 
	 	 	 
	 	By:	/s/ Michael Turro
	 	 	Name: Michael Turro
	 	 	Title:  Chief Compliance Officer
	 	 

    MAGNETAR CONSTELLATION FUND II, LTD

	 	 
	 	By: Magnetar Financial LLC, its investment manager

	 	 
	 	 	 
	 	By:	/s/ Michael Turro
	 	 	Name: Michael Turro
	 	 	Title: Chief Compliance Officer
	 	 	 
	 	MAGNETAR STRUCTURED CREDIT FUND, LP
	 	 	 
	 	By: Magnetar Financial LLC, its general partner
	 	 	 
	 	 	 
	 	By:	/s/ Michael Turro
	 	 	Name: Michael Turro
	 	 	Title:  Chief Compliance Officer
	 	 

    MAGNETAR XING HE MASTER FUND LTD

	 	 
	 	By: Magnetar Financial LLC, its investment manager

	 	 
	 	 	 
	 	By:	/s/ Michael Turro
	 	 	Name: Michael Turro
	 	 	Title: Chief Compliance Officer

 

[Signature Page to Registration Rights Agreement]

 

     

     

    

 

	 	

    MAGNETAR SC FUND LTD

	 	 	 
	 	By: Magnetar Financial LLC, its investment manager

	 	 	 
	 	 	 
	 	By:	/s/ Michael Turro
	 	 	Name: Michael Turro
	 	 	Title:  Chief Compliance Officer
	 	 

    PURPOSE ALTERNATIVE CREDIT FUND LTD

	 	 
	 	By: Magnetar Financial LLC, its investment manager

	 	 
	 	 	 
	 	By:	/s/ Michael Turro
	 	 	Name: Michael Turro
	 	 	Title: Chief Compliance Officer
	 	 	 
	 	PURPOSE ALTERNATIVE CREDIT FUND — T LLC
	 	 	 
	 	By: Magnetar Financial LLC, its investment manager
	 	 	 
	 	 	 
	 	By:	/s/ Michael Turro
	 	 	Name: Michael Turro
	 	 	Title:  Chief Compliance Officer
	 	 

    MAGNETAR LAKE CREDIT FUND LLC

	 	 
	 	By: Magnetar Financial LLC, its manager
	 	 
	 	 	 
	 	By:	/s/ Michael Turro
	 	 	Name: Michael Turro
	 	 	Title: Chief Compliance Officer
	 	 	 
	 	 MAGNETAR CAPITAL MASTER FUND, LTD
	 	 
	 	By: Magnetar Financial LLC, its investment Manager

	 	 
	 	 	 
	 	By:	/s/ Michael Turro
	 	 	Name: Michael Turro
	 	 	Title: Chief Compliance Officer

 

[Signature Page to Registration Rights Agreement]

 

     

     

    

 

	 	MAGNETAR DISCOVERY MASTER FUND LTD
	 	 	 
	 	By: Magnetar Financial LLC, its investment manager
	 	 	 
	 	 	 
	 	By:	/s/ Michael Turro
	 	 	Name: Michael Turro
	 	 	Title:  Chief Compliance Officer
	 	 

    MAGNETAR SYSTEMATIC MULTISTRATEGY MASTER FUND LTD

	 	 
	 	By: Magnetar Financial LLC, its investment manager
	 	 
	 	 	 
	 	By:	/s/ Michael Turro
	 	 	Name: Michael Turro
	 	 	Title: Chief Compliance Officer

 

[Signature Page to Registration Rights Agreement]

 

     

     

    

 

	 	SHAOLIN CAPITAL MANAGEMENT LLC
	 	 	 
	 	 	 
	 	By:	/s/ Carl Winter
	 	 	Name: Carl Winter
	 	 	Title:  Director of Operations

 

[Signature Page to Registration Rights Agreement]

 

     

     

    

 

	 	CC ARBITRAGE, LTD
	 	 	 
	 	 	 
	 	By:	/s/ Allan Weine
	 	 	Name: Allan Weine
	 	 	Title: Authorized Person
	 	 

    CC ARB WEST LLC

	 	 
	 	 	 
	 	By:	/s/ Allan Weine
	 	 	Name: Allan Weine
	 	 	Title: Authorized Person

 

[Signature Page to Registration Rights Agreement]

 

     

     

    

 

	 	SABA CAPITAL MANAGEMENT, LP,  solely on behalf of the funds (each on a several
    but not joint basis) listed in Schedule A to that certain Investment Agreement, dated as of October 8, 2021, by and among Pegasus
    Digital Mobility Acquisition Corp., Pegasus Digital Mobility Sponsor LLC and Saba Capital Management, LP
	 	 	 
	 	 	 
	 	By:	 /s/ Michael D’Angelo
	 	 	Name: Michael D’Angelo
	 	 	Title:  Chief Operating Officer

 

[Signature Page to Registration Rights Agreement]

 

     

     

    

 

	 	TENOR OPPORTUNITY MASTER FUND, LTD. 
	 	 	 
	 	 	 
	 	By:	/s/ Daniel Kochav
	 	 	Name: Daniel Kochav
	 	 	Title: Director

 

[Signature Page to Registration Rights Agreement]

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