Document:

Exhibit 10.15

 

Strictly Private & Confidential

 

Partnership Agreement

 

THIS TERM SHEET is made on 16 March 2021 between the following
parties:

 

		(A)	Vertical Aerospace Group Ltd, (registered
                                            number 08330792), whose registered office is at 140-142 Kensington Church Street,
                                            London, England, W8 4BN (“Vertical”); and

 

		(B)	Avolon Aerospace Leasing
                                            Limited, (registered number MC-236969), whose registered office is at Number One Ballsbridge,
                                            Building One, Shelbourne Rd, Ballsbridge, Dublin 4 (“Avolon”);

 

(each a “Party” and together, the “Parties”).

 

Part 1 – General

 

	1. BACKGROUND	(A)	Vertical
                                            is a leading designer and manufacturer of electric, zero carbon emission, vertical take off
                                            and landing (“eVTOL”) aircraft.
	 	 	 
		(B)	Avolon
                                            is a global leader in aircraft leasing, with 840+ owned, managed and committed aircraft deployed
                                            in 60+ countries serving 140+ airlines.
	 	 	 
	 	(C)	Vertical
                                            has developed the VA-X4 (the “Aircraft”), a piloted eVTOL capable of carrying
                                            4 passengers with a top speed of up to 200 mph and a range of up to 100-120 miles.
	 	 	 
	 	(D)	A
                                            new entity will be incorporated, “Avolon E”, an electric aircraft leasing company.
                                            The company will be owned 40% by Avolon and the remaining portion initially owned by key
                                            Avolon partners (“Avolon Partners”).
	 	 	 
	 	(E)	Avolon
                                            E plans to pre-order $1.25 billion of the Aircraft and has an option to acquire a further
                                            $750 million of the Aircraft by 2027.
	 	 	 
	 	(F)	On
                                            03.03.2021 the Parties signed a Mutual Non-Disclosure Agreement (the “NDA”).
	 	 	 
	 	(G)	This
                                            Term Sheet outlines:
	 	 	 
	 	 	(1)	the terms
                              and conditions of the aircraft pre-order;
	 	 	 	 
	 	 	(2)	the terms and conditions
                              around the formation of a working group to begin commercial aircraft operations as soon as possible;
	 	 	 	 
	 	 	(3)	the terms and conditions
                              regarding the issuance of equity warrants in Vertical to Avolon and the Avolon Partners; and
	 	 	 	 
	 	 	(4)	the terms and conditions
                              regarding investment by Avolon in Vertical.
	 	 	 	 
	2. BINDING NATURE	This
                                            Term Sheet is legally binding
	 	 
	3. CONFIDENTIALITY	It
                                            is agreed that this Term Sheet is and all discussions relating to it or the transactions
                                            envisaged in it (and any documents or data arising in relation to the same) shall be confidential
                                            information for the purposes of the NDA.
	 	 

 

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Strictly Private & Confidential

 

	 	This
    Term Sheet and the transactions contemplated in it as well as the identity of the Parties will be kept strictly confidential by the
    Parties except:
	 	 
	 	(A) 	If
    the other Parties consent in writing to the release of any such information (such consent not to be unreasonably withheld or delayed),
    and on the basis that a draft is provided for the other relevant Party’s prior review and approval.  The Parties
    have a common intent to make a jointly agreed public  announcement  about the  transactions  envisaged  by  this  TermSheet
    shortly after execution;
	 	 
	 	(B)
    	If
    the other Party is obligated by law, the rules of a recognised stock exchange or regulatory inspection to disclose such information;
    or
	 	 
	 	(C)	for
    disclosure to such party’s affiliates and its and their directors, officers, employees, members, potential investors and advisors
    who have a need to know.
	 	 
	4.
    EXCLUSIVITY	Neither
    party shall be bound in any way by exclusivity
	 	 
	5.
    GOVERNING LAW

        AND

        JURISDICTION	This
    Term Sheet and any non-contractual obligations arising out of or in connection with it or its subject matter shall be governed and
    construed in accordance with the laws of England and Wales and the Parties hereby submitto the exclusive jurisdiction of the courts
    of England to settle any dispute or claim arising out of or in connection with this Term Sheet or its subject matter or formation.
	 	 
	6.
    EXPENSES	Each
    Party shall be liable for its own costs and expenses in connection with the preparation, review and negotiation of this Term Sheet
    and any transaction documents.
	 	 

 

Part 2 – Aircraft Master Purchase Agreement

 

	7.	SELLER	Vertical
    (“Seller”)
	 	 	 
	8.	PURCHASER	Avolon
    E or a related body corporate (“Purchaser”)
	 	 	 	 
	9.	PRODUCT	VA-X4
	 	 	 
	10.	PRODUCT	The
    product shall meet the following specification
	 	SPECIFICATION	 	 
	 	 	●	Type:
    Piloted
	 	 	●	Passengers:
    Pilot + 4
	 	 	●	Top
    Speed: 202mph
	 	 	●	Range:
    100miles
	 	 	●	Payload:
    450kg in piloted mode
	 	 	●	Fuel:
    Electric
	 	 	●	Noise:
    45db cruise / <70db hover
	 	 	●	Default
    Exterior Branding: Vertical
	 	 	 
	11.	PRODUCT

    CUSTOMISATION	The
    Seller and the Purchaser to agree standardised product specification and variant document to be produced by the Seller by 30 June
    2023.
	 	 	 	 

 

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Strictly Private & Confidential

 

	12.
    	PRODUCT	Product
    will be certified with the following authorities:
	 	CERTIFICATION	 
	 	AND	●	Civil
    Aviation Authority (“CAA”)
	 	REGISTRATION	●	European
    Union Aviation Safety Agency (“EASA”)
	 		●	Federal
    Aviation Administration (“FAA”)
	 	 	 
	 	 	Additional
    validations will follow to enable the Aircraft to be operated in other jurisdictions.
	 	 	 
	 	 	The
    Purchaser shall be responsible for the registration, filing and/or recording of any documents and interests relating to the Aircraft
    with the relevant aviation authorities.
	 	 	 
	13.	PRODUCT
    PRICE	The
    pricing strategy continues to be developed, and Avolon E shall purchase aircraft according to Vertical’s pricing at the time
    of contracting a firm order on a most favoured nation basis. (details including application of discounts or credits to be discussed
    as part of long form documentation). The parties will also agree overall caps on the proportion of aircraft to be sold to lessors
    on a speculative basis in any given time period, as well as the level of co-operation in placing from the lessor order book to operators
    versus direct sales from Vertical.
	 	 	 
	14.	FIRST
    AVAILABLE DELIVERY DATE	1
    October 2024
	 	 	 
	15.
    	PURCHASE
    

    ORDER DURATION	3
    years from First Available Delivery Date, extendable at the Purchaser’s request by 2 years.
	 	 	 
	16.	PRE-DELIVERY
    PAYMENTS	None
	 	 	 
	17.	PAYMENT
    AND

    DELIVERY 	On
    delivery. The Parties shall discuss in good faith and mutually agree who bears responsibility for customs duties, taxes and the delivery
    destination of each aircraft.
	 	DESTINATION	 
	 	 	 
	18.	INITIAL
    PURCHASE ORDER 

    COMMITMENT	The
    Purchaser shall purchase $1.25bn of Aircraft (i.e. approximately 300 Aircraft) over the Purchase Order Duration. The Purchaser shall
    have the option to acquire a further $750m of Aircraft (i.e. approximately a further 180 Aircraft).
	 	 	 
	 		Purchaser
    shall have conversion rights into any more recent developed variants or design iterations which may be launched by the Seller.
	 	 	 
	19.
    	LEASE
    CONDITIONS	The
    Purchaser may lease an Aircraft to a third party provided (a) the proposed lessee is a solvent party with  the required
    credentials to be a credible operator of the aircraft, (b) such lease or any related financing does not impose any greater liability,
    obligation or cost to the Seller at the time of such lease /related financing and (c) the Purchaser shall reimburse any reasonable
    external costs (including legal to the Seller) connected with the lease.
	 	 	 

  

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Strictly Private & Confidential

 

	 	
	20.	PURCHASE
    ORDER NOTICE	The
    Purchaser shall provide notice to the Seller in writing of its firm order for Aircraft under this purchase order at least 12 months
    prior to the month in which aircraft are to be delivered.
	 	 
	21.
    	MAINTENANCE
    AND SUPPORT	In
    addition to manufacturing and delivering the Aircraft, the Seller will provide various ancillary goods and services to the Purchaser,
    the specific nature of which shall be agreed by June 30 2023. These ancillary goods and services include operations and field services
    engineering, technical support and training, spare parts support, smart charging systems, training of flight crews in the operation
    of aircraft, a complete set of technical manuals, software and other materials (including subsequent revisions) and a maintenance
    regime (including locations and entities accredited to perform such maintenance) with respect to each aircraft. The scope of such
    services shall be developed by the Joint Working Group described below.
	 	 
	22.
    	ASSIGNMENT	No
    rights of assignment shall be afforded to the Purchaser without the prior written consent of the Seller other than to related parties
    and affiliates where Avolon holds at least 40% of the share capital.
	 	 
	23.
    	TERMINATION
    FOR CONVENIENCE	The
    Purchaser shall be entitled to terminate this Purchase order for convenience without penalty by providing written notice to the Seller
    by 1 July 2023.  Thereafter the Purchaser shall be bound to purchase the stated Initial Purchase Order Commitment.
	 	 
	 	In
    the event the Purchaser elects to terminate for convenience they shall retain any vested issued equity warrants (as outlined in Part
    4).
	 	 

 

Part 3 – Vertical – Avolon Joint Working Group

 

	24.	PURPOSE	Vertical
    and Avolon to establish a joint working group to enable the prompt certification and deployment of Vertical Aircraft in commercial
    operations with Avolon’s customers
	 	 	 
	25.	CERTIFICATION	Avolon
    to provide access to airline carriers and help establish a network of expertise to assist Vertical in its certification programme.
	 	 	 
	26.	GO
    TO MARKET STRATEGY	The
    Purchaser shall commit to the joint marketing of Vertical and the Aircraft to its existing customer base, in particular with the
    aim to create early demonstrator hubs in core urban air mobility (“UAM”) markets with prime carriers. In addition,
    both parties shall commit to a joint marketing campaign of 24 months to take place over the course of October 2023 to October 2025,
    subject to the achievement of the target initial delivery.
	 	 	 

 

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Strictly Private & Confidential

 

Part 4 – Equity Warrants

 

	27.	PURPOSE	Vertical
    is a new aircraft company pioneering technology in UAM. Vertical is currently undertaking a public market listing via a special acquisition
    company (“SPAC”) in order to raise the capital required to bring our product to market. In recognition of Avolon’s commitment to Vertical to bring product to market,
    Vertical will issue Avolon with equity warrants in Vertical.
	 	 	 
	28.	WARRANTS	Vertical
    will issue 7% equity warrants in Vertical with a zero strike price, distributed in proportion to the Avolon E shareholding.
	 	 	 
	29.	EXERCISE
    AND 	3%
    of Warrants to vest at completion of Vertical’s de-SPAC;
	 	VESTING	 
	 	 	2%
    of Warrants to vest in the event Avolon E enters into a firm commitment to place or sell 100 aircraft with a prime carrier by 31
    March 2022 or 1% of Warrants in the event Avolon E enters into a firm commitment to place or sell 100 aircraft with a prime carrier
    between 1 April 2022 and 30 September 2022; 

    

    2% of Warrants to vest proportionately on binding contractual commitment to acquire the first $1.25bn of the purchase order (e.g.
    a $625m fulfilment would result in 1%).
	 	 	 
	 	 	Exercise
    will be linked to each of the vesting milestones above.
	 	 	 
	30.	TERM	The
    Warrants will remain outstanding for 5 years.
	 	 	 

 

Part 5 – Avolon Equity Investment

 

	31.	Investment	Avolon
    to invest $15m in Vertical as part of the PIPE
	 	 	 
	32.	Governance	Domhnal
    Slattery of Avolon to join the board of Vertical as non-exec director

    

    Avolon E’s commitment, use of Avolon brand and Avolon’s investment remain at all times subject to satisfactory review
    and input into selection of SPAC sponsor and PIPE marketing process. On signing of this term sheet, Vertical will ensure full transparency
    in the marketing and selection process for Avolon executive team.
	 	 	 
	 	 	The
    transaction in its entirety remains subject to Avolon’s Board approvals.
	 	 	 

 

Part 6 – Next Steps

 

	33.	PROPOSED

NEXT STEPS	Following
execution of this Term Sheet, the Parties anticipate the next steps to be as follows:
	 	 	 
	 	 	(A)	Each
of Vertical and Avolon to assign deal leads for the collaboration;
	 	 	 	 
	 	 	(B)	The
drafting, negotiation and entering into:
	 	 	 	 

 

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Strictly Private & Confidential

 

	 	 	(1)	A
                                            long form Master Purchase Order Agreement
	 	 	 	 
		 	(2)	A
                                            Working Group Collaboration Agreement;
	 	 	 	 
	 	 	(3)	An Equity Warrant Agreement;
	 	 	 	 
	 	 	(4)	An equity Subscription Agreement;
	 	 	 
	 	 	(together, the “Transaction Documents”);
                   and
	 	 	 
	 	(C)	The parties to announce
                a joint press release regarding their transaction, or as required for regulatory reasons, at a time to be agreed.
	 	 	 

 

Each Party hereby confirms its acceptance and agreement to the terms
contained in this Term Sheet.

	 	 
	/s/	 
	Director, 	 
	Duly authorised for and on behalf
    of Avolon Aerospace Leasing Limited	 
	 	 
	Date:	16 March 2021	 
		 
	 	 
	/s/	 
	Director, 	 
	Duly authorised for and on behalf
    of Vertical Aerospace Group Ltd	 
	 	 
	Date:	16 March 2021	 

 

    Page 6 of 6Exhibit 10.16

 

 

15 July, 2021

  

Rent deposit deed 

relating to 

Unit 1, Camwal Court, Chapel Street,
St Philips Marsh, Bristol BS2 0UW

  

Anthony Nigel Sampson (1)

Vertical Aerospace Group Ltd (2)
and 

Imagination Industries Limited (3)

 

Womble Bond Dickinson (UK) LLP

Tel +44(0)345 415 0000 

www.womblebonddickinson.com

 

     

     

    

 

CONTENTS

 

	Clause		Page
	 	 	 
	1.	DEFINITIONS
    AND INTERPRETATION	1
	2.	DEPOSIT
    AND ACCOUNT	3
	3.	BALANCE	3
	4.	REPAYMENT
    OF THE BALANCE	4
	5.	INTEREST	4
	6.	INDEMNITY	5
	7.	CHARGE	5
	8.	NOVATION	5
	9.	MISCELLANEOUS	6
	10.	GUARANTOR’S
    OBLIGATIONS	6
	11.	PROPER
    LAW	6
	12.	SEVERANCE	6
	13.	EXECUTION	6

 

     

     

    

 

 

DATE 15 July 2021

 

PARTIES

 

	(1)	Anthony Nigel Sampson of ####### # ###### ##### ########### #### ###### #### ####### ### ### (Landlord).

 

	(2)	Vertical Aerospace Group Ltd (Company No. 12590994 of 140-142 Kensington Church Street,
London W8 4BN (Tenant).

 

	(3)	Imagination Industries Limited (Company No. 06890468) of 140-142 Kensington Church
Street, London W8 4BN (Guarantor).]

 

AGREED TERMS

 

1.       DEFINITIONS AND
INTERPRETATION

 

1.1      The definitions and rules
of interpretation in Clause 1 apply in this Deed:

 

		Account	interest-bearing account opened in the name of the Landlord
                           with the Bank.
	 	 	 
	 	Balance	balance from time to time standing to the credit of the
                           Account.
	 	 	 
	 	Bank	Barclays Bank Plc or such other bank as the Landlord may
                           from time to time direct.
	 	 	 
	 	Covenants	obligations and conditions in the Lease to be complied
                           with by a tenant of the Lease, including the obligation to pay the rent.
	 	 	 
	 	Deposit	Eighty Seven Thousand Five Hundred Pounds (£87,500).
	 	 	 
	 	Event of Default	one or more of the following events:

 

(a)       the disclaimer
of the Lease;

 

(b)       if the Tenant
is a company, the Tenant is struck off the register of companies or otherwise ceases to exist;

 

(c)       the surrender
of the lease in the event of administration of the Tenant; and

 

(d)       the forfeiture
of the Lease.

 

	 	Lease	lease of the Premises the same date as this Deed made
between (1) Landlord and (2) Tenant and (3) Guarantor together with
any documents varying or supplemental or ancillary to it.
	 	 	 
	 	Liabilities	payment of all sums, whether actual or contingent, required
for one or more of the following:

 

(a)       to make good
any loss or damage to the Landlord arising from any breach by the Tenant of the Covenants;

 

(b)       to make good
any dilapidations to the Premises at the end of the term of the Lease;

 

(c)       to make good
any loss or damage to the Landlord arising from any breach by the Tenant of the terms of this Deed;

 

    1 

     

    

 

(d)       to make good
any loss or damage to the Landlord arising from an Event of Default, including any sums for which             the Landlord is entitled to prove in
the winding up or bankruptcy of the Tenant whether or not following a             disclaimer of the Lease; and

 

(e)       to pay all
legal and other costs, charges and expenses incurred by the Landlord in relation to paragraphs (a) to (d) of             this definition.

 

	 	Minimum Balance	6 months’ rent (calculated by dividing the annual
                           rent from time to time payable into 12 equal fractions and multiplying appropriately and including any prospective
                           increase following a review of the annual rent (together with an amount equal to Value Added Tax to the extent
                           due on the yearly rent ).
	 	 	 
	 	New Landlord	any person who is a successor in title to the Landlord’s
                           interest in the Premises.
	 	 	 
	 	Premises	premises known as Unit 1 Camwal Court,Chapel Street, St
                           Philips Marsh, Bristol, BS2 0UW described in more detail in the Lease.
	 		 
	 	Release Date	the date one month after the Tenant provides Satisfactory
                           Accounts to the Landlord for each of the three immediately preceding accounting periods (none of which is
                           to be a period of less than one year).
	 	 	 
	 	Repayment Date	The earlier of:

 

(a)       the date on
which the Tenant assigns the Lease with the Landlord’s consent; or

 

(b)      the first date
on which the following conditions are satisfied:

 

(i)        the Lease
and any statutory continuation of it has come to an end, other than by an Event of Default; and

 

(ii)       the Landlord
has been given vacant possession of the Premises; and

 

(c)       the Release
Date.

 

	 	Satisfactory Accounts	certified copies of audited accounts showing that the
                           Tenant’s net profits after tax and ignoring profits arising from exceptional or extraordinary items
                           are in excess of three times the yearly rent payable under the Lease at the date of receipt of those accounts(but
                           if there is an outstanding rent review under the Lease which has not been agreed or determined when the Landlord
                           receives the Satisfactory Accounts then the yearly rent will be calculated by reference to the reviewed rent
                           and the Release Date will be postponed to the date one month after the rent review has been agreed or determined).

 

		1.2	In this Deed unless the context otherwise requires:

 

		1.2.1	reference to a Clause or Schedule are to a clause of, or schedule to this Deed, references
to this Deed include its Schedule, and references in a Schedule to a paragraph are to a paragraph of that Schedule;

 

    2 

     

    

 

		1.2.2	references to this Deed or any other document are to this Deed or that document as
amended from time to time;

 

		1.2.3	words denoting the singular include the plural and vice versa;

 

		1.2.4	words denoting any gender include every gender;

 

		1.2.5	reference to a "person" include any corporate or unincorporated body;

 

		1.2.6	the table of contents and headings in this Deed do not affect its interpretation;

 

		1.2.7	"writing" or "written" does not include e-mail or any other form
of electronic communication, other than fax where explicitly stated;

 

		1.2.8	the terms "including", "include", "in particular" or any similar expression
shall be construed as illustrative and shall not limit the sense of the words preceding those terms;

 

		1.2.9	unless otherwise specified, a reference to a statutory provision is a reference to that provision as amended,
consolidated, extended or re-enacted from time to time (whether before or after the date of this Lease) and to any subordinate legislation
made under it;

 

		1.2.10	any obligation on the Landlord or Tenant not to do or omit to do anything shall include an obligation not to permit or suffer that
thing to be done or omitted to be done whether by any undertenant of that party or by any employee servant agent invitee or licensee of
that party or its undertenant or otherwise;

 

		1.2.11	where any obligation is undertaken by two or more persons they shall be jointly and
severally liable in respect of that obligation;

 

		1.3	The parties to this Deed do not intend that any of its terms will be enforceable
by virtue of Contracts (Rights of Third Parties) Act 1999.

 

2.           DEPOSIT AND ACCOUNT

 

		2.1	The Landlord acknowledges receipt of the Deposit from the Tenant and agrees to pay
it into the Account.

 

		2.2	Unless it has already done so, the Landlord shall open the Account as soon as reasonably
practicable after the date of this Deed.

 

		2.3	The Landlord may transfer the Balance into another Account at the Bank or at another
bank for retention on the terms of this Deed and if the transfer is to another bank, the replacement bank will become “the Bank”
for the purposes of this Deed.

 

		2.4	The Landlord shall not close the Account before the Repayment Date unless another
Account has been opened in accordance with Clause 2.3.

 

		2.5	The Bank’s costs for opening and operating the Account are to be deducted from the Account and any
balance of those costs is to be paid by the Tenant within ten working days of written demand.

 

3.           BALANCE

 

		3.1	The Landlord acknowledges that:

 

		3.1.1	the Balance is and remains beneficially the property of the Tenant subject to the
terms of this Deed; and

 

    3 

     

    

 

 

		3.1.2	it will not make any withdrawals from the Account except on
the terms of this Deed.

 

		3.2	The Tenant acknowledges that the Landlord is entitled to make withdrawals from the
Account on the terms of this Deed and that any money withdrawn will become the Landlord’s property.

 

		3.3	The Landlord may notify the Tenant in writing that the Balance is to be reduced by such sum as may be
specified in the notice to settle any of the Liabilities. If the Tenant does not pay to the Landlord the sums specified in the notice
within seven days after the date of the notice, the Landlord may withdraw those sums from the Account.

 

		3.4	The Tenant shall pay the Landlord on demand such further sums as may be required
to ensure that the Balance is at all times no less than the Minimum Balance.

 

		3.5	The Landlord shall promptly pay any sums received from the Tenant under Clause 3.4
into the Account and they will form part of the Balance.

 

	4.	REPAYMENT OF THE BALANCE

 

		4.1	The Landlord shall pay the Tenant an amount equal to the Balance on the Repayment Date together with any
interest due up to the Repayment Date but not paid under Clause 5.4 within 21 working days after the Repayment Date but after deducting:

 

		4.1.1	any outstanding Liabilities at the Repayment Date; and

 

		4.1.2	any outstanding costs of the Bank, including any costs payable on the closure of
the Account.

 

		4.2	If any Liabilities are due at the Repayment Date but are unquantified at this date:

 

		4.2.1	the Landlord may deduct under Clause 4.1.1 an amount equal to the Landlord’s
reasonable estimate of those Liabilities;

 

		4.2.2	any sums so deducted will be held in the Account on the terms of this Deed until
the relevant Liabilities have been quantified;

 

		4.2.3	when the relevant Liabilities have been quantified, the Landlord is to deduct the amount of those Liabilities
from the Account and will pay any credit balance on the Account to the Tenant within 21 working days of the Liabilities having been quantified;
and

 

		4.2.4	if the monies retained on the Account are insufficient to pay the relevant Liabilities,
the Tenant is to pay the balance to the Landlord on demand.

 

		4.3	The Landlord may close the Account following the repayment of the whole of the Balance.

 

	5.	INTEREST

 

		5.1	The interest accruing on the Deposit is to be left in the Account and is to form part
of the Deposit subject to Clause 5.4.

 

		5.2	The Tenant covenants that it will pay all tax due in respect of the Balance and shall
discharge such tax liability out of its own funds.

 

		5.3	The Landlord shall be entitled (but not obliged) to make withdrawals from the Account that represent any
tax that may lawfully be due and to pay such sums to the appropriate tax authority.

 

		5.4	The Landlord agrees that it will from time to time at the request of the Tenant (but not more frequently than once in every 12 months),
unless the Tenant is in breach of any of its obligations under the Lease or under this Deed, withdraw from the Account and pay to the
Tenant (net of any tax required to be deducted by the Landlord before the Landlord
accounts to the Tenant) any interest which has accrued on the Deposit and which has not been appropriated by the Landlord.

 

    4 

     

    

 

		6.	INDEMNITY 

 

The Tenant will make good to the Landlord
on demand and indemnify the Landlord against all losses damages costs expenses and claims arising from any breach of the terms of this
Deed.

 

		7.	CHARGE 

 

		7.1	The Tenant warrants to the Landlord that:

 

		7.1.1	it has the necessary power and authority to enter into this Deed and will at all times have the necessary
power and authority to comply with its obligations under this Deed;

 

		7.1.2	no person having any charge or other form of security over the assets of the Tenant is required to consent
to the Tenant entering into this Deed or has the benefit of any covenant preventing the Tenant entering into this Deed; and

 

		7.1.3	the Deposit is and any further sums paid into the Account will be free from any charge,
lien or incumbrance in favour of any third party, whether legal or equitable.

 

		7.2	The Tenant with full title guarantee and as continuing security for the Liabilities charges the Balance
by way of first fixed equitable charge to the Landlord as a continuing security for the payment and discharge of the Liabilities.

 

		7.3	The Tenant is not to create any other legal or equitable charge (whether fixed or floating), lien or encumbrance
over the Balance whether ranking in priority to, equal with or behind the security created by this Deed.

 

		7.4	The Tenant is promptly and at its own cost to execute any document and take any action which the Landlord at any time reasonably requires
in order to protect and preserve the security created by this Deed and for the priority of that security.

 

		7.5	The Tenant by way of security irrevocably appoints the Landlord and the persons deriving title under it
to be its attorney in its name and on its behalf and as its act and deed or otherwise to sign or otherwise execute all such deeds instruments
and documents relating to the Account and the Balance and to do all such acts and things as may be required for the perfection and/or
the full exercise of the rights or powers hereby conferred.

 

	8.	NOVATION

 

		8.1	At the Landlord’s request, the Tenant shall enter into a deed of covenant at its own cost with
                                                                the Landlord and the New Landlord containing the following provisions:

 

		8.1.1	a covenant by the New Landlord with the Tenant to comply with the Landlord’s
obligations in this Deed;

 

		8.1.2	a covenant by the Tenant with the New Landlord to comply with the Tenant’s
obligations in this Deed; and

 

		8.1.3	a release by the Tenant of the Landlord from its obligations in this Deed.

 

		8.2	Subject to the completion of the deed of covenant in accordance with Clause 8.1:

 

		8.2.1	the Landlord may give a mandate to the Bank authorising the Bank to accept the New Landlord as the signatory
to the Account and the person entitled to operate the Account; or

 

		8.2.2	the New Landlord may open a new Account and the Landlord may transfer the Balance to it to be held on
the terms of this Deed.

 

    5 

     

    

 

		9.	MISCELLANEOUS 

 

		9.1	The provisions of the Lease shall apply to all notices served pursuant to this Deed.

 

		9.2	The right of re-entry in the Lease will be exercisable if any covenant or condition contained in this deed
failing to be complied with by the Tenant is breached as well as if any of the events stated in the provision for re-entry in the Lease
occur.

 

		10.	GUARANTOR’S OBLIGATIONS 

 

In the event of any breach of any covenant or condition
failing to be complied with by the Tenant in this deed, the Guarantor will remedy any such breach and make good to the Landlord on demand
and indemnify the Landlord against all losses, damages, costs, expenses and claims arising from any such breach.

 

		11.	PROPER LAW 

 

		11.1	This Deed shall be governed by English law and the Landlord and the Tenant irrevocably
submit to the exclusive jurisdiction of the English Courts.

 

	12.	SEVERANCE

 

		12.1	Any provision of this Deed rendered void by virtue of section 25 Landlord and Tenant (Covenants) Act 1995 is to be severed from all
remaining provisions and the remaining provisions are to be preserved.

 

		12.2	If any provision in this Deed extends beyond the limits permitted by section 25 Landlord
and Tenant (Covenants) Act 1995 that provision is to be varied so as not to extend beyond those limits.

 

		13.	EXECUTION 

 

This Deed has been executed by the
parties to it as a Deed and it is delivered on the date stated at the beginning of it.

 

    6 

     

    

 

Signed as a deed by Anthony Nigel Sampson in

	the presence of:	

	 	Signature

 

	Signature (Witness)	 	 

 

	Print Name	Darren Ling	 

 

	Address 	#, ### ###,	 
	 	#######,	 
	 	##### #######, #######,	 

 

	Occupation 	Carpenter	 

 

	Executed as a deed by Vertical Aerospace Group Ltd acting by           
  , a director, in the presence of:	 
	 	Director

 

	Signature (Witness)	 	 

 

	Print Name		 

 

	Address 		 
	 	 	 
	 	     	 

 

	Occupation 		 

 

	Executed as a deed by Imagination Industries Limited acting by           
  , a director, in the presence of:	 
	 	Director

 

	Signature (Witness)	 	 

 

	Print Name		 

 

	Address 		 
	 	 	 
	 	   	 

 

	Occupation 		 

 

    7

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