Document:

Exhibit 10.1

 

Execution Version

CCO HOLDINGS, LLC

CCO HOLDINGS CAPITAL
CORP.

 

4.750% SENIOR NOTES DUE 2032

 

EXCHANGE AND REGISTRATION RIGHTS AGREEMENT

 

January 19, 2022

 

Deutsche Bank Securities Inc.

As representative (“Representative”) of the Purchasers

 

c/o Deutsche Bank Securities Inc.

1 Columbus Circle

New York, New York 10019

 

Ladies and Gentlemen:

 

CCO Holdings, LLC, a Delaware limited liability
company (the “Company”), and CCO Holdings Capital Corp., a Delaware corporation (together with the Company, the “Issuers”),
propose, subject to the terms and conditions stated herein, to issue and sell to the Purchasers (as defined herein) upon the terms set
forth in the Purchase Agreement (as defined herein) $1,200,000,000 aggregate principal amount of their 4.750% Senior Notes due 2032 (the
 “Notes”) on January 19, 2022. In satisfaction of a condition to the obligations of the Purchasers under the Purchase
Agreement, the Issuers agree with the Purchasers for the benefit of holders (as defined herein) from time to time of the Registrable
Securities (as defined herein) as follows:

 

SECTION 1.     Certain
Definitions. For purposes of this Exchange and Registration Rights Agreement, the following terms shall have the following respective
meanings:

 

“Agreement” shall mean this Exchange
and Registration Rights Agreement.

 

“Base Indenture” shall mean the
Indenture, dated as of May 23, 2019, among the Issuers and the Trustee.

 

“Base Interest” shall mean the
interest that would otherwise accrue on the Notes under the terms thereof and the Indenture, without giving effect to the provisions
of this Agreement.

 

“broker-dealer” shall mean any
broker or dealer registered with the Commission under the Exchange Act.

 

“CCH II” means CCH II, LLC, a
Delaware limited liability company.

 

     

     

    

 

“Charter” shall mean Charter
Communications Inc., a Delaware corporation.

 

“Charter Holdings” shall mean
Charter Communications Holdings, LLC, a Delaware limited liability company.

 

“Closing Date” shall mean January 19,
2022.

 

“Commission” shall mean the United
States Securities and Exchange Commission, or any other federal agency at the time administering the Exchange Act or the Securities Act,
whichever is the relevant statute for the particular purpose.

 

“Company” shall have the meaning
assigned thereto in the introductory paragraph hereto.

 

“Conduct Rules” shall have the
meaning assigned thereto in Section 3(e)(xix) hereof.

 

“Effective Time,” in the case
of (i) an Exchange Offer Registration, shall mean the time and date as of which the Commission declares the Exchange Offer Registration
Statement effective or as of which the Exchange Offer Registration Statement otherwise becomes effective and (ii) a Shelf Registration,
shall mean the time and date as of which the Commission declares the Shelf Registration Statement effective or as of which the Shelf
Registration Statement otherwise becomes effective.

 

“Eighth Supplemental Indenture”
shall mean the eighth supplemental indenture to the Base Indenture, dated as of January 19, 2022, by and among the Issuers and the
Trustee, relating to the Notes.

 

“Electing Holder” shall mean
any holder of Registrable Securities that has returned a completed and signed Notice and Questionnaire to the Issuers in accordance with
Section 3(e)(ii) or 3(e)(iii) hereof.

 

“Exchange Act” shall mean the
Securities Exchange Act of 1934, or any successor thereto, and the rules, regulations and forms promulgated thereunder, all as the same
shall be amended from time to time.

 

“Exchange Date” shall have the
meaning assigned thereto in Section 2(a) hereof.

 

“Exchange Notes” shall mean the
senior notes issued by the Issuers under the Indenture substantially identical in all material respects to the Notes (and entitled to
the benefits of the Indenture which shall be qualified under the Trust Indenture Act), except that they have been registered pursuant
to an effective registration statement under the Securities Act and do not contain provisions for the additional interest contemplated
in Section 2(c) hereof, to be issued to holders in exchange for Registrable Securities.

 

“Exchange Offer” shall have the
meaning assigned thereto in Section 2(a) hereof.

 

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“Exchange Offer Registration”
shall have the meaning assigned thereto in Section 3(c) hereof.

 

“Exchange Offer Registration Statement”
shall have the meaning assigned thereto in Section 2(a) hereof.

 

“Exchanging Dealer” shall have
the meaning assigned thereto in Section 6(a) hereof.

 

“FINRA” shall have the meaning
assigned thereto in Section 3(e)(xix) hereof.

 

“holder” shall mean, unless the
context otherwise indicates, each of the Purchasers and other persons who acquire Registrable Securities from time to time (including,
without limitation, any successors or assigns), in each case for so long as such person is a registered holder of any Registrable Securities.

 

“Indenture” shall mean the Base
Indenture, as supplemented by the Eighth Supplemental Indenture (as defined below), as the same shall be amended or supplemented from
time to time.

 

“Issuers” shall have the meaning
assigned thereto in the introductory paragraph hereto.

 

“Losses” shall have the meaning
assigned thereto in Section 6(d) hereof.

 

“Notes” shall have the meaning
assigned thereto in the introductory paragraph hereto and shall include any Notes issued in exchange therefor or in lieu thereof pursuant
to the Indenture.

 

“Notice and Questionnaire” shall
mean a Notice of Registration Statement and Selling Securityholder Questionnaire substantially in the form of Exhibit A hereto.

 

“Parent Companies” shall mean,
collectively, (i) Charter, (ii) Charter Holdings, (iii) Charter Communications Holding Company, LLC, a Delaware limited
liability company, and (iv) CCH II.

 

“person” shall mean a corporation,
association, partnership, organization, limited liability company, business, individual, government or political subdivision thereof
or governmental agency.

 

“Purchase Agreement” shall mean
the Purchase Agreement, dated January 13, 2022, among the Representative and the Issuers, relating to the Notes.

 

“Purchasers” shall mean the Purchasers
named in Schedule I to the Purchase Agreement.

 

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“Registrable Securities” shall
mean the Notes (and to the extent set forth in clause (i) of this definition and in Section 2(d) hereof, certain Exchange
Notes); provided, however, that a Note or Exchange Note shall cease to be a Registrable Security when (i) in the circumstances
contemplated by Section 2(a) hereof, such Note has been exchanged for an Exchange Note in an Exchange Offer as contemplated
in Section 2(a) hereof (provided that any Exchange Note that, pursuant to the penultimate sentence of Section 2(a),
is included in a prospectus for use in connection with resales by broker-dealers shall be deemed to be a Registrable Security with respect
to Sections 5, 6 and 9 hereof until resale of such Registrable Security has been effected within the 180-day period referred to in Section 2(a)(y));
(ii) in the circumstances contemplated by Section 2(b) hereof, a Shelf Registration Statement registering such Note or
Exchange Note under the Securities Act has been declared or becomes effective and such Note or Exchange Note has been sold or otherwise
transferred by the holder thereof pursuant to and in a manner contemplated by such effective Shelf Registration Statement; (iii) such
Note or Exchange Note is sold pursuant to Rule 144 under circumstances in which any legend borne by such Note or Exchange Note relating
to restrictions on transferability thereof, under the Securities Act or otherwise, is removed by the Issuers pursuant to the Indenture;
(iv) such Note or Exchange Note is eligible to be sold pursuant to Rule 144 by a Person that is not an “affiliate”
(within the meaning of Rule 405); or (v) such Note or Exchange Note shall cease to be outstanding.

 

“Registration Default” shall
have the meaning assigned thereto in Section 2(c) hereof.

 

“Registration Default Period”
shall have the meaning assigned thereto in Section 2(c) thereof.

 

“Registration Expenses” shall
have the meaning assigned thereto in Section 4 hereof.

 

“Representative” shall have the
meaning assigned thereto in the addressee block hereto.

 

“Resale Period” shall have the
meaning assigned thereto in Section 2(a) hereof.

 

“Restricted Holder” shall mean
(i) a holder that is an affiliate of the Issuers within the meaning of Rule 405, (ii) a holder who acquires Exchange Notes
outside the ordinary course of such holder’s business, (iii) a holder who has arrangements or understandings with any person
to participate in the Exchange Offer for the purpose of distributing Exchange Notes and (iv) a holder that is a broker-dealer, but
only with respect to Exchange Notes received by such broker-dealer pursuant to an Exchange Offer in exchange for Registrable Securities
acquired by the broker-dealer directly from the Issuers.

 

“Rule 144,” “Rule 405”
and “Rule 415” shall mean, in each case, such rule promulgated under the Securities Act (or any successor
provision), as the same shall be amended from time to time.

 

“Securities Act” shall mean the
Securities Act of 1933, or any successor thereto, and the rules, regulations and forms promulgated thereunder, all as the same shall
be amended from time to time.

 

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“Shelf Filing Deadline” shall
have the meaning assigned thereto in Section 2(b) hereof.

 

“Shelf Registration” shall have
the meaning assigned thereto in Section 2(b) hereof.

 

“Shelf Registration Statement”
shall have the meaning assigned thereto in Section 2(b) hereof.

 

“Special Interest” shall have
the meaning assigned thereto in Section 2(c) hereof.

 

“Transfer Restricted Notes” shall
have the meaning assigned thereto in Section 2(c) hereof.

 

“Trust Indenture Act” shall mean
the Trust Indenture Act of 1939, or any successor thereto, and the rules, regulations and forms promulgated thereunder, all as the same
shall be amended from time to time.

 

“Trustee” shall mean The Bank
of New York Mellon Trust Company, N.A., as trustee under the Indenture.

 

Unless the context otherwise requires, any reference
herein to a “Section” or “clause” refers to a Section or clause, as the case may be, of this Agreement,
and the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this
Agreement as a whole and not to any particular Section or other subdivision. Any reference herein to “Notes” or “Exchange
Notes” refers also to any guarantees thereof by any guarantors required to guarantee such notes pursuant to the Indenture.

 

SECTION 2.     Registration
Under the Securities Act.

 

(a)            Except
as set forth in Section 2(b) below, the Issuers agree to file under the Securities Act, as soon as practicable, a registration
statement relating to an offer to exchange (such registration statement, the “Exchange Offer Registration Statement,”
and such offer, the “Exchange Offer”) any and all Registrable Securities for a like aggregate principal amount of
Exchange Notes. The Issuers agree to use their reasonable best efforts to cause the Exchange Offer Registration Statement to become or
be declared effective under the Securities Act as soon as practicable after the Closing Date. The Exchange Offer will be registered under
the Securities Act on the appropriate form and will comply with the Exchange Act. The Issuers further agree to use their reasonable best
efforts to complete the Exchange Offer not later than 450 days following the Closing Date (or if such 450th day is not a business
day, the next succeeding business day) (the “Exchange Date”) and to exchange Exchange Notes for all Registrable Securities
that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer. The Issuers shall keep the Exchange
Offer open for a period of not less than the minimum period required under applicable United States federal and state securities laws
to complete the Exchange Offer; provided, however, that in no event shall such period be less than 20 business days after
the date notice of the Exchange Offer is mailed to holders. The Exchange Offer will be deemed to have been completed only if the Exchange
Notes received by holders, other than Restricted Holders, in the Exchange Offer in exchange for Registrable Securities are, upon receipt,
transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions
under the blue sky or securities laws of a substantial majority of the States of the United States of America. The Exchange Offer shall
be deemed to have been completed upon the earlier to occur of (i) the Issuers having exchanged the Exchange Notes for all outstanding
Registrable Securities pursuant to the Exchange Offer and (ii) the Issuers having exchanged, pursuant to the Exchange Offer, Exchange
Notes for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer.
The Issuers agree (x) to include in the Exchange Offer Registration Statement a prospectus for use in any resales by any holder
of Exchange Notes that is a broker-dealer and identifies itself as such by written notice to the Issuers prior to the effectiveness of
the Exchange Offer Registration Statement and (y) to keep such Exchange Offer Registration Statement effective for a period (the
 “Resale Period”) beginning when Exchange Notes are first issued in the Exchange Offer and ending upon the earlier
of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any
Registrable Securities. With respect to such Exchange Offer Registration Statement, such holders shall have the benefit of the rights
of indemnification and contribution set forth in Sections 6(a), (c), (d) and (e) hereof.

 

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(b)            If
(i) on or prior to the time the Exchange Offer is completed existing law or Commission policy or interpretations are changed such
that the Exchange Notes received by holders, other than Restricted Holders, in the Exchange Offer in exchange for Registrable Securities
are not or would not be, upon receipt, transferable by each such holder without restriction under the Securities Act, (ii) the Exchange
Offer has not been completed by the Exchange Date, (iii) any Purchaser so requests with respect to Registrable Securities that are
not eligible to be exchanged for Exchange Notes in the Exchange Offer and that are held by it following the consummation of the Exchange
Offer, or (iv) the Exchange Offer is not available to any holder (other than a Purchaser) which notifies the Issuers in writing,
then, in each case, the Issuers shall, in lieu of (or, in the case of clause (iii) or (iv), in addition to) conducting the Exchange
Offer contemplated by Section 2(a), file a “shelf” registration statement in accordance with the remainder of this Section 2(b) below,
under the Securities Act with respect to the Notes that could not be exchanged for any reason set forth in clauses (i) through (iv) above.
The Issuers shall, on or prior to 30 business days after the time such obligation to file arises, file a “shelf” registration
statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all the Registrable Securities,
pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the “Shelf Registration”
and such registration statement, the “Shelf Registration Statement”). The Issuers agree to use their reasonable best
efforts (x) to cause the Shelf Registration Statement to become or be declared effective by the Commission on or prior to the later
of 450 days (or if such 450th day is not a business day, the next succeeding business day) following the Closing Date and the 90th day
(or if such 90th day is not a business day, the next succeeding business day) after the date such filing obligations arises (the “Shelf
Filing Deadline”) and to keep such Shelf Registration Statement continuously effective for a period ending on the earlier of
(i) the second anniversary of the Effective Time or (ii) such time as there are no longer any Registrable Securities outstanding;
provided, however, that no holder (other than a Purchaser) shall be entitled to be named as a selling securityholder in
the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder
is an Electing Holder, and (y) after the Effective Time of the Shelf Registration Statement, promptly upon the request of any holder
of Registrable Securities that is not then an Electing Holder, to take any action reasonably necessary to enable such holder to use the
prospectus forming a part thereof for resales of Registrable Securities, including, without limitation, any action necessary to identify
such holder as a selling securityholder in the Shelf Registration Statement; provided, however, that nothing in this clause
(y) shall relieve any such holder of the obligation to return a completed and signed Notice and Questionnaire to the Issuers in
accordance with Section 3(e)(iii) hereof. The Issuers further agree to supplement or make amendments to the Shelf Registration
Statement, as and when required by the rules, regulations or instructions applicable to the registration form used by the Issuers for
such Shelf Registration Statement or by the Securities Act for shelf registration, and the Issuers agree to furnish to each Electing
Holder copies of any such supplement or amendment prior to its being used or promptly following its filing with the Commission.

 

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(c)            In
the event that (i) the Shelf Registration Statement has not become effective or been declared effective by the Commission on or
prior to the Shelf Filing Deadline, (ii) the Exchange Offer has not been completed on or prior to the Exchange Date, (iii) the
Exchange Offer Registration Statement required by Section 2(a) hereof is filed and becomes or is declared effective but thereafter
shall either be withdrawn by the Issuers or shall become subject to an effective stop order issued pursuant to Section 8(d) of
the Securities Act suspending the effectiveness of such registration statement (except as specifically permitted herein) without being
succeeded immediately by an additional registration statement filed and declared effective, in each case prior to the completion of the
Exchange Offer or (iv) the Shelf Registration Statement required by Section 2(b) hereof is filed and becomes or is declared
effective but shall thereafter either be withdrawn by the Issuers or shall become subject to an effective stop order issued pursuant
to Section 8(d) of the Securities Act suspending the effectiveness of such registration statement (except as specifically permitted
herein) without being succeeded immediately by an additional registration statement filed and declared effective (each such event referred
to in clauses (i) through (iv), a “Registration Default” and each period during which a Registration Default
has occurred and is continuing, a “Registration Default Period”), then, as liquidated damages for such Registration
Default, subject to the provisions of Section 9(b), special interest (“Special Interest”), in addition to the
Base Interest, shall accrue on the aggregate principal amount of the outstanding Transfer Restricted Notes (as defined below) affected
by such Registration Default at a per annum rate of 0.25% for the first 90 days of the Registration Default Period and at a per annum
rate of 0.50% thereafter for the remaining portion of the Registration Default Period, commencing on (A) the 90th day after the
filing of such Shelf Registration Statement was required, in the case of clause (i) above (but in no event prior to the 450th
day after the Closing Date), (B) the 450th day after the Closing Date, in the case of clause (ii) above, (C) the
day such Exchange Offer Registration Statement ceases to be effective, in the case of clause (iii) above and (D) the day such
Shelf Registration Statement ceases to be effective, in the case of clause (iv) above. Following the cure of all Registration Defaults
relating to particular Transfer Restricted Notes (which shall be the Effective Time of the Shelf Registration Statement in the case of
clause (i) above, the date of the completion of the Exchange Offer, in the case of clause (ii) above, the date that the Exchange
Offer Registration Statement again becomes effective, in the case of clause (iii) above, and the date that the Shelf Registration
Statement again becomes effective, in the case of clause (iv) above), the interest rate borne by the relevant Transfer Restricted
Notes will be reduced to the original interest rate borne by such Transfer Restricted Notes; provided, however, that, if
after any such reduction in interest rate, a different Registration Default occurs, the interest rate borne by the relevant Transfer
Restricted Notes shall again be increased pursuant to the foregoing provisions. All accrued Special Interest shall be paid in cash by
the Issuers on each Interest Payment Date (as defined in the Indenture). For purposes of this Agreement, “Transfer Restricted
Notes” shall mean, with respect to any Registration Default, any Notes or Exchange Notes which have not ceased being Registrable
Securities pursuant to the definition thereof in Section 1 of this Agreement. Notwithstanding anything contained herein, Special
Interest shall be the sole and exclusive remedy with respect to a Registration Default.

 

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(d)            If
any Purchaser determines that it is not eligible to participate in the Exchange Offer with respect to the exchange of Registrable Securities
constituting any portion of an unsold allotment, at the request of such Purchaser, then, subject to any prohibitions or restrictions
imposed by any applicable law or regulations, the Issuers shall use their commercially reasonable efforts to issue and deliver to such
Purchaser, in exchange for such Registrable Securities, a like principal amount of Exchange Notes. Such issuance shall not be deemed
to be part of the Exchange Offer. The Issuers shall use their commercially reasonable efforts to cause the CUSIP Service Bureau to issue
the same CUSIP number for Exchange Notes described in this Section 2(d) as for Exchange Notes issued pursuant to the Exchange
Offer. Any such Exchange Notes shall, at the time of issuance, and subject to the limitations set forth in Section 1 hereof, constitute
Registrable Securities for purposes of this Agreement (other than Section 2(a) hereof).

 

(e)            The
Issuers shall use their reasonable best efforts to take all actions necessary or advisable to be taken by them to ensure that the transactions
contemplated herein are effected as so contemplated in Section 2(a) or 2(b) hereof.

 

(f)            Any
reference herein to a registration statement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated,
therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement as of any time
shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

 

SECTION 3.     Registration
Procedures. If the Issuers file a registration statement pursuant to Section 2(a) or Section 2(b), the following provisions
shall apply:

 

(a)            At
or before the Effective Time of the Exchange Offer or the Shelf Registration, as the case may be, the Issuers shall cause the Indenture
to be qualified under the Trust Indenture Act of 1939.

 

(b)            In
the event that such qualification would require the appointment of a new trustee under the Indenture, the Issuers shall appoint a new
trustee thereunder pursuant to the applicable provisions of the Indenture.

 

(c)            In
connection with the Issuers’ obligations with respect to the registration of Exchange Notes as contemplated by Section 2(a) (the
 “Exchange Offer Registration”), if applicable, the Issuers shall, as soon as practicable (or as otherwise specified):

 

(i)            prepare
and file with the Commission an Exchange Offer Registration Statement on any form which may be utilized by the Issuers and which shall
permit the Exchange Offer and resales of Exchange Notes by broker-dealers during the Resale Period to be effected as contemplated by
Section 2(a);

 

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(ii)            as
soon as practicable prepare and file with the Commission such amendments and supplements to such Exchange Offer Registration Statement
and the prospectus included therein as may be necessary to effect and maintain the effectiveness of such Exchange Offer Registration
Statement for the periods and purposes contemplated in Section 2(a) hereof and as may be required by the applicable rules and
regulations of the Commission and the instructions applicable to the form of such Exchange Offer Registration Statement, and promptly
provide each broker-dealer holding Exchange Notes with such number of copies of the prospectus included therein (as then amended or supplemented),
in conformity in all material respects with the requirements of the Securities Act and the Trust Indenture Act, as such broker-dealer
reasonably may request prior to the expiration of the Resale Period, for use in connection with resales of Exchange Notes;

 

(iii)            prepare
and furnish to each such holder a reasonable number of copies of a prospectus supplemented or amended so that, as thereafter delivered
to purchasers of such Exchange Notes during the Resale Period, such prospectus conforms in all material respects to the applicable requirements
of the Securities Act and the Trust Indenture Act and shall not contain an untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing;

 

(iv)            use
their reasonable best efforts to obtain the withdrawal of any order suspending the effectiveness of such Exchange Offer Registration
Statement or any post-effective amendment thereto as soon as practicable;

 

(v)            use
their reasonable best efforts to (A) register or qualify the Exchange Notes under the securities laws or blue sky laws of such jurisdictions
as are contemplated by Section 2(a) no later than the commencement of the Exchange Offer, (B) keep such registrations
or qualifications in effect and comply with such laws so as to permit the continuance of offers, sales and dealings therein in such jurisdictions
until the expiration of the Resale Period and (C) take any and all other actions as may be reasonably necessary or advisable to
enable each broker-dealer holding Exchange Notes to consummate the disposition thereof in such jurisdictions; provided, however,
that neither of the Issuers shall be required for any such purpose to (1) qualify as a foreign corporation or limited liability
company, as the case may be, in any jurisdiction wherein it would not otherwise be required to qualify but for the requirements of this
Section 3(c)(v), (2) consent to general service of process in any such jurisdiction or (3) make any changes to its certificate
of incorporation or by-laws (or other organizational document) or any agreement between it and holders of its ownership interests;

 

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(vi)            use
their reasonable best efforts to obtain the consent or approval of each governmental agency or authority, whether federal, state or local,
which may be required to effect the Exchange Offer Registration, the Exchange Offer and the offering and sale of Exchange Notes by broker-dealers
during the Resale Period;

 

(vii)            provide
a CUSIP number for all Exchange Notes, not later than the applicable Effective Time;

 

(viii)            comply
with all applicable rules and regulations of the Commission, and make generally available to their securityholders as soon as practicable
but no later than eighteen months after the effective date of such Exchange Offer Registration Statement, an earnings statement of the
Company and its subsidiaries complying with Section 11(a) of the Securities Act (including, at the option of the Company, Rule 158
thereunder);

 

(ix)            mail
to each holder a copy of the prospectus forming part of the Exchange Offer Registration Statement, together with an appropriate letter
of instruction and related documents;

 

(x)            utilize
the services of a depositary for the Exchange Offer, which may be the Trustee, any new trustee under the Indenture, or an affiliate of
any of them;

 

(xi)            permit
holders to withdraw tendered Notes at any time prior to the close of business, New York time, on the last business day on which the Exchange
Offer is open;

 

(xii)            prior
to the Effective Time, provide a supplemental letter to the Commission (i) stating that the Issuers are conducting the Exchange
Offer in reliance on the position of the Commission in Exxon Capital Holdings Corporation (pub. avail. May 13, 1988), Morgan Stanley
and Co., Inc. (pub. avail. June 5, 1991); and (ii) including a representation that the Issuers have not entered into any
arrangement or understanding with any person to distribute the Exchange Notes to be received in the Exchange Offer and that, to the best
of the Issuers’ information and belief, each holder participating in the Exchange Offer is acquiring the Exchange Notes in the
ordinary course of business and has no arrangement or understanding with any person to participate in the distribution of the Exchange
Notes; and

 

(xiii)            provide
the Representative, in advance of filing thereof with the Commission, a draft of such Exchange Offer Registration Statement substantially
in the form to be filed with the Commission, each prospectus included therein or filed with the Commission and each amendment or supplement
thereto (including any documents incorporated by reference therein after the initial filing), and shall use their commercially reasonable
efforts to reflect in each such document, when so filed with the Commission, such comments as are reasonably proposed.

 

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(d)            As
soon as practicable after the close of the Exchange Offer, the Issuers shall:

 

(i)            accept
for exchange all Registrable Securities tendered and not validly withdrawn pursuant to the Exchange Offer;

 

(ii)            deliver
to the Trustee for cancellation all Notes so accepted for exchange; and

 

(iii)            cause
the Trustee promptly to authenticate and deliver to each holder a principal amount of Exchange Notes equal to the principal amount of
the Registrable Securities of such Holder so accepted for exchange.

 

(e)            In
connection with the Issuers’ obligations with respect to the Shelf Registration, if applicable, the Issuers shall, as soon as practicable
(or as otherwise specified):

 

(i)            prepare
and file with the Commission within the time periods specified in Section 2(b), a Shelf Registration Statement on any form which
may be utilized by the Issuers and which shall register all the Registrable Securities for resale by the holders thereof in accordance
with such method or methods of disposition as may be specified by such of the holders as, from time to time, may be Electing Holders
and use their reasonable best efforts to cause such Shelf Registration Statement to become or be declared effective within the time periods
specified in Section 2(b);

 

(ii)            not
less than 30 calendar days prior to the Effective Time of the Shelf Registration Statement, mail the Notice and Questionnaire to the
holders of Registrable Securities; no holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement
as of the Effective Time, and no holder shall be entitled to use the prospectus forming a part thereof for resales of Registrable Securities
at any time, unless such holder has returned a completed and signed Notice and Questionnaire to the Issuers by the deadline for response
set forth therein; provided, however, that holders of Registrable Securities shall have at least 28 calendar days from
the date on which the Notice and Questionnaire is first mailed to such holders to return a completed and signed Notice and Questionnaire
to the Issuers;

 

(iii)            after
the Effective Time of the Shelf Registration Statement, upon the request of any holder of Registrable Securities that is not then an
Electing Holder, promptly send a Notice and Questionnaire to such holder; provided that the Issuers shall not be required to take
any action to name such holder as a selling securityholder in the Shelf Registration Statement or to enable such holder to use the prospectus
forming a part thereof for resales of Registrable Securities until such holder has returned a completed and signed Notice and Questionnaire
to the Issuers;

 

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(iv)            as
soon as practicable prepare and file with the Commission such amendments and supplements to such Shelf Registration Statement and the
prospectus included therein as may be necessary to effect and maintain the effectiveness of such Shelf Registration Statement for the
period specified in Section 2(b) and as may be required by the applicable rules and regulations of the Commission and
the instructions applicable to the form of such Shelf Registration Statement, and furnish to the Electing Holders copies of any such
supplement or amendment simultaneously with or prior to its being used or filed with the Commission;

 

(v)            comply
with the provisions of the Securities Act with respect to the disposition of all the Registrable Securities covered by such Shelf Registration
Statement in accordance with the intended methods of disposition by the Electing Holders provided for in such Shelf Registration Statement;

 

(vi)            provide
(A) the Electing Holders, (B) the underwriters (which term, for purposes of this Agreement, shall include a person deemed to
be an underwriter within the meaning of Section 2(a)(11) of the Securities Act), if any, thereof, (C) any sales or placement
agent therefor, (D) counsel for any such underwriter or agent, (E) not more than one counsel for all the Electing Holders and
(F) the Representative, in advance of filing thereof with the Commission, a draft of such Shelf Registration Statement, each prospectus
included therein or filed with the Commission and each amendment or supplement thereto (including any documents incorporated by reference
therein after the initial filing), in each case in substantially the form to be filed with the Commission, and shall use their commercially
reasonable efforts to reflect in each such document, when so filed with the Commission, such comments as are reasonably proposed;

 

(vii)            for
a reasonable period prior to the filing of such Shelf Registration Statement, and throughout the period specified in Section 2(b),
make available at reasonable times at each Issuer’s principal place of business, or such other reasonable place for inspection
by the persons referred to in Section 3(e)(vi) who shall certify to the Issuers that they have a current intention to sell
the Registrable Securities pursuant to the Shelf Registration, such financial and other relevant information and books and records of
the Issuers, each of their subsidiaries and, as relevant, Parent Companies, and cause each of their officers, employees, counsel and
independent certified public accountants to supply all relevant information and to respond to such inquiries, as shall be reasonably
necessary, in the judgment of the respective counsel referred to in such Section, to conduct a reasonable investigation within the meaning
of Section 11 of the Securities Act; provided, however, that each such party shall be required to maintain in confidence
and not to disclose to any other person any information or records reasonably designated by the Issuers as being confidential, until
such time as (A) such information becomes a matter of public record (whether by virtue of its inclusion in such registration statement
or otherwise, except as a result of a breach of this or any other obligation of confidentiality to the Issuers), or (B) such person
shall be required so to disclose such information pursuant to a subpoena or order of any court or other governmental agency or body having
jurisdiction over the matter (subject to the requirements of such order, and only after such person shall have given the Issuers prompt
prior written notice of such requirement), or (C) such information is required to be set forth in such Shelf Registration Statement
or the prospectus included therein or in an amendment to such Shelf Registration Statement or an amendment or supplement to such prospectus
in order that such Shelf Registration Statement, prospectus, amendment or supplement, as the case may be, complies with applicable requirements
of the federal securities laws and the rules and regulations of the Commission and does not contain an untrue statement of a material
fact or omit to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading
in light of the circumstances then existing, provided further, however, that notwithstanding anything to the contrary in
this clause (vii), any such person (and each employee, representative, or other agent of such person) may disclose to any and all persons,
without limitation, the U.S. tax treatment and any facts that may be relevant to the tax structure of the matters covered by and relating
to this Agreement (including opinions or other tax analysis that are provided to such party relating to such tax treatment and tax structure);
provided, however, that no person (and no employee, representative, or other agent of any person) shall disclose any other
information that is not relevant to understanding the tax treatment and tax structure of the matters covered by and relating to this
Agreement (including the identity of any party and any information that could lead another to determine the identity of any party), or
any other information to the extent that such non-disclosure is reasonably necessary in order to comply with applicable securities law;

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(viii)            promptly
notify each of the Representative, the Electing Holders, any sales or placement agent therefor and any underwriter thereof (which notification
may be made through any managing underwriter that is a representative of such underwriter for such purpose) and confirm such advice in
writing, (A) when such Shelf Registration Statement or the prospectus included therein or any prospectus amendment or supplement
or post-effective amendment has been filed, and, with respect to such Shelf Registration Statement or any post-effective amendment, when
the same has become effective, (B) of any comments by the Commission and by the blue sky or securities commissioner or regulator
of any state with respect thereto, or any request by the Commission for amendments or supplements to such Shelf Registration Statement
or prospectus or for additional information, (C) of the issuance by the Commission of any stop order suspending the effectiveness
of such Shelf Registration Statement or the initiation or, to the knowledge of the Issuers, threatening of any proceedings for that purpose,
(D) if at any time the representations and warranties of the Issuers contemplated by Section 3(e)(xvii) or Section 5
hereof cease to be true and correct in all material respects, (E) of the receipt by the Issuers of any notification with respect
to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation or, to the knowledge
of the Issuers, threatening of any proceeding for such purpose, or (F) if at any time when a prospectus is required to be delivered
under the Securities Act, that such Shelf Registration Statement, prospectus, prospectus amendment or supplement or post-effective amendment
does not conform in all material respects to the applicable requirements of the Securities Act and the Trust Indenture Act, or contains
an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements
therein not misleading in light of the circumstances then existing;

 

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(ix)            use
their reasonable best efforts to obtain the withdrawal of any order suspending the effectiveness of such Shelf Registration Statement
or any post-effective amendment thereto as soon as practicable;

 

(x)            if
requested by any managing underwriter or underwriters, any placement or sales agent or any Electing Holder, promptly incorporate in a
prospectus supplement or post-effective amendment such information as is required by the applicable rules and regulations of the
Commission, and as such managing underwriter or underwriters, such agent or such Electing Holder specifies should be included therein
relating to the terms of the sale of such Registrable Securities, including, without limitation, information (i) with respect to
the principal amount of Registrable Securities being sold by such Electing Holder or agent or to any underwriters, the name and description
of such Electing Holder, agent or underwriter, the offering price of such Registrable Securities, and any discount, commission or other
compensation payable in respect thereof and the purchase price being paid therefor by such underwriters and (ii) with respect to
any other material terms of the offering of the Registrable Securities to be sold by such Electing Holder or agent or to such underwriters;
and make all required filings of such prospectus supplement or post-effective amendment upon notification of the matters to be incorporated
in such prospectus supplement or post-effective amendment;

 

(xi)            furnish
to each Electing Holder, each placement or sales agent, if any, therefor, each underwriter, if any, thereof and the respective counsel
referred to in Section 3(e)(vi) hereof an executed copy (or, in the case of an Electing Holder, a conformed copy) of such Shelf
Registration Statement, each such amendment and supplement thereto (in each case including all exhibits thereto (in the case of an Electing
Holder of Registrable Securities, upon request) and documents incorporated by reference therein) and such number of copies of such Shelf
Registration Statement (excluding exhibits thereto and documents incorporated by reference therein unless specifically so requested by
such Electing Holder, agent or underwriter, as the case may be) and of the prospectus included in such Shelf Registration Statement (including,
without limitation, each preliminary prospectus and any summary prospectus), in conformity in all material respects with the applicable
requirements of the Securities Act and the Trust Indenture Act, and such other documents, as such Electing Holder, agent, if any, and
underwriter, if any, may reasonably request in order to facilitate the offering and disposition of the Registrable Securities owned by
such Electing Holder, offered or sold by such agent or underwritten by such underwriter and to permit such Electing Holder, agent and
underwriter to satisfy the prospectus delivery requirements of the Securities Act; and the Issuers hereby consent to the use of such
prospectus (including, without limitation, such preliminary and summary prospectus) and any amendment or supplement thereto by each such
Electing Holder and by any such agent and underwriter, in each case in the form most recently provided to such person by the Issuers,
in connection with the offering and sale of the Registrable Securities covered by the prospectus (including, without limitation, such
preliminary and summary prospectus) or any supplement or amendment thereto;

 

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(xii)            use
their reasonable best efforts to (A) register or qualify the Registrable Securities to be included in such Shelf Registration Statement
under such securities laws or blue sky laws of such jurisdictions as any Electing Holder and each placement or sales agent, if any, therefor
and underwriter, if any, thereof shall reasonably request, (B) keep such registrations or qualifications in effect and comply with
such laws so as to permit the continuance of offers, sales and dealings therein in such jurisdictions during the period the Shelf Registration
is required to remain effective under Section 2(b) above and for so long as may be necessary to enable any such Electing Holder,
agent or underwriter to complete its distribution of the Registrable Securities pursuant to such Shelf Registration Statement and (C) take
any and all other actions as may be reasonably necessary or advisable to enable each such Electing Holder, agent, if any, and underwriter,
if any, to consummate the disposition in such jurisdictions of such Registrable Securities; provided, however, that neither
of the Issuers shall be required for any such purpose to (1) qualify as a foreign corporation or limited liability company, as the
case may be, in any jurisdiction wherein it would not otherwise be required to qualify but for the requirements of this Section 3(d)(xii),
(2) consent to general service of process in any such jurisdiction or (3) make any changes to its certificate of incorporation
or by-laws (or other organizational document) or any agreement between it and holders of its ownership interests;

 

(xiii)            use
their reasonable best efforts to obtain the consent or approval of each governmental agency or authority, whether federal, state or local,
which may be required to effect the Shelf Registration or the offering or sale in connection therewith or to enable the selling holder
or holders to offer, or to consummate the disposition of, their Registrable Securities;

 

(xiv)            unless
any Registrable Securities shall be in book-entry only form, cooperate with the Electing Holders and the managing underwriters, if any,
to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold, which certificates,
if so required by any securities exchange upon which any Registrable Securities are listed, shall be penned, lithographed or engraved,
or produced by any combination of such methods, on steel engraved borders, and which certificates shall not bear any restrictive legends;
and, in the case of an underwritten offering, enable such Registrable Securities to be in such denominations and registered in such names
as the managing underwriters may request at least two business days prior to any sale of the Registrable Securities;

 

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(xv)            provide
a CUSIP number for all Registrable Securities, not later than the applicable Effective Time;

 

(xvi)            enter
into one or more underwriting agreements, engagement letters, agency agreements, “best efforts” underwriting agreements or
similar agreements, as appropriate, including customary provisions relating to indemnification and contribution (but no less favorable
than those set forth in Section 6 with respect to all parties indemnified under Section 6), unless such provisions are acceptable
to Electing Holders of at least 50% in aggregate principal amount of the Registrable Securities and any managing underwriters, and take
such other actions in connection therewith as any Electing Holders of at least 20% in aggregate principal amount of the Registrable Securities
at the time outstanding shall request in order to expedite or facilitate the disposition of such Registrable Securities;

 

(xvii)            whether
or not an agreement of the type referred to in Section 3(e)(xvi) hereof is entered into, and whether or not any portion of
the offering contemplated by the Shelf Registration is an underwritten offering or is made through a placement or sales agent or any
other entity, (A) make such representations and warranties to the Electing Holders and the placement or sales agent, if any, therefor
and the underwriters, if any, thereof in form, substance and scope as are customarily made in connection with an offering of debt securities
pursuant to any appropriate agreement or to a registration statement filed on the form applicable to the Shelf Registration; (B) obtain
an opinion of counsel to the Issuers in customary form, subject to customary limitations, assumptions and exclusions, and covering such
matters, of the type customarily covered by such an opinion, as the managing underwriters, if any, or as any Electing Holders of at least
20% in aggregate principal amount of the Registrable Securities at the time outstanding may reasonably request, addressed to such Electing
Holder or Electing Holders and the placement or sales agent, if any, therefor and the underwriters, if any, thereof and dated the date
of the Effective Time of such Shelf Registration Statement (and if such Shelf Registration Statement contemplates an underwritten offering
of a part or all of the Registrable Securities, dated the date of the closing under the underwriting agreement relating thereto) (it
being agreed that the matters to be covered by such opinion shall include the matters set forth in paragraphs (b) and (c) of
Section 8 of the Purchase Agreement to the extent applicable to an offering of this type); (C) obtain a “cold comfort”
letter or letters from the independent certified public accountants of the Issuers addressed to the selling Electing Holders, the placement
or sales agent, if any, therefor or the underwriters, if any, thereof, dated (i) the effective date of such Shelf Registration Statement
and (ii) the effective date of any prospectus supplement to the prospectus included in such Shelf Registration Statement or post-effective
amendment to such Shelf Registration Statement which includes unaudited or audited financial statements as of a date or for a period
subsequent to that of the latest such statements included in such prospectus (and, if such Shelf Registration Statement contemplates
an underwritten offering pursuant to any prospectus supplement to the prospectus included in such Shelf Registration Statement or post-effective
amendment to such Shelf Registration Statement which includes unaudited or audited financial statements as of a date or for a period
subsequent to that of the latest such statements included in such prospectus, dated the date of the closing under the underwriting agreement
relating thereto), such letter or letters to be in customary form and covering such matters of the type customarily covered by letters
of such type; (D) deliver such documents and certificates, including, without limitation, officers’ certificates, as may be
reasonably requested by any Electing Holders of at least 20% in aggregate principal amount of the Registrable Securities at the time
outstanding or the placement or sales agent, if any, therefor and the managing underwriters, if any, thereof to evidence the accuracy
of the representations and warranties made pursuant to clause (A) above or those contained in Section 5(a) hereof and
the compliance with or satisfaction of any agreements or conditions contained in the underwriting agreement or other similar agreement
entered into by the Issuers pursuant to Section 3(e)(xvi); and (E) undertake such obligations relating to expense reimbursement,
indemnification and contribution as are provided in Section 6 hereof;

 

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(xviii)            notify
in writing each holder of Registrable Securities of any proposal by the Issuers to amend or waive any provision of this Agreement pursuant
to Section 9(h) hereof and of any amendment or waiver effected pursuant thereto, each of which notices shall contain the substance
of the amendment or waiver proposed or effected, as the case may be;

 

(xix)            in
the event that any broker-dealer registered under the Exchange Act shall underwrite any Registrable Securities or participate as a member
of an underwriting syndicate or selling group or “assist in the distribution” (within the meaning of the Conduct Rules (the
 “Conduct Rules”) of the Financial Industry Regulatory Authority, Inc. (“FINRA”) or any successor
thereto, as amended from time to time) thereof, whether as a holder of such Registrable Securities or as an underwriter, a placement
or sales agent or a broker or dealer in respect thereof, or otherwise, assist such broker-dealer in complying with the requirements of
such Conduct Rules, including, without limitation, by (A) if such Conduct Rules shall so require, engaging a “qualified
independent underwriter” (as defined in such Conduct Rules) to participate in the preparation of the Shelf Registration Statement
relating to such Registrable Securities, to exercise usual standards of due diligence in respect thereto and, if any portion of the offering
contemplated by such Shelf Registration Statement is an underwritten offering or is made through a placement or sales agent, to recommend
the yield of such Registrable Securities, (B) indemnifying any such qualified independent underwriter to the extent of the indemnification
of underwriters provided in Section 6 hereof (or to such other customary extent as may be requested by such underwriter), and (C) providing
such information to such broker-dealer as may be required in order for such broker-dealer to comply with the requirements of the Conduct
Rules; and

 

(xx)            comply
with all applicable rules and regulations of the Commission, and make generally available to its securityholders as soon as practicable
but in any event not later than eighteen months after the effective date of such Shelf Registration Statement, an earnings statement
of the Company and its subsidiaries complying with Section 11(a) of the Securities Act (including, at the option of the Company,
Rule 158 thereunder).

 

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(f)            In
the event that the Issuers would be required, pursuant to Section 3(e)(viii)(F) hereof, to notify the Electing Holders, the
placement or sales agent, if any, therefor and the managing underwriters, if any, thereof, the Issuers shall prepare and furnish to each
of the Electing Holders, to each placement or sales agent, if any, and to each such underwriter, if any, a reasonable number of copies
of a prospectus supplemented or amended so that, as thereafter delivered to purchasers of Registrable Securities, such prospectus conforms
in all material respects to the applicable requirements of the Securities Act and the Trust Indenture Act, and shall not contain an untrue
statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein
not misleading in light of the circumstances then existing. Each Electing Holder agrees that upon receipt of any notice from the Issuers
pursuant to Section 3(e)(viii)(F) hereof, such Electing Holder shall forthwith discontinue the disposition of Registrable Securities
pursuant to the Shelf Registration Statement applicable to such Registrable Securities until such Electing Holder shall have received
copies of such amended or supplemented prospectus, and if so directed by the Issuers, such Electing Holder shall deliver to the Issuers
(at the Issuers’ expense) all copies, other than permanent file copies, then in such Electing Holder’s possession of the prospectus
covering such Registrable Securities at the time of receipt of such notice.

 

(g)           In
the event of a Shelf Registration, in addition to the information required to be provided by each Electing Holder in its Notice and Questionnaire,
the Issuers may require such Electing Holder to furnish to the Issuers such additional information regarding such Electing Holder and
such Electing Holder’s intended method of distribution of Registrable Securities as may be required in order to comply with the
Securities Act. Each such Electing Holder agrees to notify the Issuers as promptly as practicable of any inaccuracy or change in information
previously furnished by such Electing Holder to the Issuers or of the occurrence of any event in either case as a result of which any
prospectus relating to such Shelf Registration contains or would contain an untrue statement of a material fact regarding such Electing
Holder or such Electing Holder’s intended method of disposition of such Registrable Securities or omits to state any material fact
regarding such Electing Holder or such Electing Holder’s intended method of disposition of such Registrable Securities required
to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing, and promptly
to furnish to the Issuers any additional information required to correct and update any previously furnished information or required so
that such prospectus shall not contain, with respect to such Electing Holder or the disposition of such Registrable Securities, an untrue
statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein
not misleading in light of the circumstances then existing.

 

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SECTION 4.     Registration
Expenses. The Issuers agree, subject to the last sentence of this Section 4, to bear and to pay or cause to be paid promptly
all expenses incident to the Issuers’ performance of or compliance with this Agreement, including, without limitation, (a) all
Commission and any FINRA registration, filing and review fees and expenses including, without limitation, fees and disbursements of counsel
for the placement or sales agent or underwriters in connection with such registration, filing and review, (b) all fees and expenses
in connection with the qualification of the Notes for offering and sale under the securities laws and blue sky laws referred to in Section 3(e)(xii) hereof
and determination of their eligibility for investment under the laws of such jurisdictions as any managing underwriters or the Electing
Holders may designate, including, without limitation, any fees and disbursements of counsel for the Electing Holders or underwriters in
connection with such qualification and determination, (c) all expenses relating to the preparation, printing, production, distribution
and reproduction of each registration statement required to be filed hereunder, each prospectus included therein or prepared for distribution
pursuant hereto, each amendment or supplement to the foregoing, the expenses of preparing the Notes for delivery and the expenses of printing
or producing any underwriting agreements, agreements among underwriters, selling agreements and blue sky or legal investment memoranda
and all other documents in connection with the offering, sale or delivery of Notes to be disposed of (including, without limitation, certificates
representing the Notes), (d) messenger, telephone and delivery expenses relating to the offering, sale or delivery of Notes and the
preparation of documents referred in clause (c) above, (e) fees and expenses of the Trustee under the Indenture, any agent of
the Trustee and any reasonable fees and expenses for counsel for the Trustee and of any collateral agent or custodian, (f) internal
expenses (including, without limitation, all salaries and expenses of each Issuer’s officers and employees performing legal or accounting
duties), (g) fees, disbursements and expenses of counsel and independent certified public accountants of the Issuers (including,
without limitation, the expenses of any opinions or “cold comfort” letters required by or incidental to such performance and
compliance), (h) reasonable fees, disbursements and expenses of one counsel for the Electing Holders retained in connection with
a Shelf Registration, as selected by the Electing Holders of at least a majority in aggregate principal amount of the Registrable Securities
held by Electing Holders (which counsel shall be reasonably satisfactory to the Issuers), (i) any fees charged by securities rating
services engaged by the Issuers for rating the Notes, and (j) reasonable fees, expenses and disbursements of any other persons, including,
without limitation, special experts, retained by the Issuers in connection with such registration (collectively, the “Registration
Expenses”). To the extent that any Registration Expenses are incurred, assumed or paid by any holder of Registrable Securities
or any placement or sales agent therefor or underwriter thereof, the Issuers shall reimburse such person for the full amount of the Registration
Expenses so incurred, assumed or paid promptly after receipt of a request therefor. Notwithstanding the foregoing, the holders of the
Registrable Securities being registered shall pay all agency fees and commissions and underwriting discounts and commissions attributable
to the sale of such Registrable Securities and the fees and disbursements of any counsel or other advisors or experts retained by such
holders (severally or jointly), other than the counsel and experts specifically referred to above.

 

SECTION 5.     Representations,
Warranties and Covenants. Except with respect to clauses (a) and (b) below, the Issuers represent and warrant to, and agree
with, each Purchaser and each of the holders from time to time of Registrable Securities the information set forth in this Section 5.

 

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With respect to clauses (a) and (b) below,
the Issuers covenant that:

 

(a)           Each
registration statement covering Registrable Securities and each prospectus (including, without limitation, any preliminary or summary
prospectus) contained therein or furnished pursuant to Section 3(e) or Section 3(c) hereof and any further amendments
or supplements to any such registration statement or prospectus, when it becomes effective or is filed with the Commission, as the case
may be, and, in the case of an underwritten offering of Registrable Securities, at the time of the closing under the underwriting agreement
relating thereto, will conform in all material respects to the requirements of the Securities Act and the Trust Indenture Act and will
not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make
the statements therein not misleading; and at all times subsequent to the Effective Time when a prospectus would be required to be delivered
under the Securities Act, other than from (i) such time as a notice has been given to holders of Registrable Securities pursuant
to Section 3(e)(viii)(F) or Section 3(c)(iii) hereof until (ii) such time as the Issuers furnish an amended or
supplemented prospectus pursuant to Section 3(f) or Section 3(c)(iii) hereof, each such registration statement, and
each prospectus (including, without limitation, any preliminary or summary prospectus) contained therein or furnished pursuant to Section 3(e) or
Section 3(c) hereof, as then amended or supplemented, will conform in all material respects to the requirements of the Securities
Act and the Trust Indenture Act and will not contain an untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing; provided,
however, that this covenant shall not apply to any statements or omissions made in reliance upon and in conformity with information
furnished in writing to the Issuers by a holder of Registrable Securities expressly for use therein.

 

(b)           Any
documents incorporated by reference in any prospectus referred to in Section 5(a) hereof, when they become or became effective
or are or were filed with the Commission, as the case may be, will conform or conformed in all material respects to the requirements of
the Securities Act or the Exchange Act, as applicable, and none of such documents will contain or contained an untrue statement of a material
fact or will omit or omitted to state a material fact required to be stated therein or necessary to make the statements therein not misleading;
provided, however, that this covenant shall not apply to any statements or omissions made in reliance upon and in conformity
with information furnished in writing to the Issuers by a holder of Registrable Securities expressly for use therein.

 

(c)           This
Agreement has been duly authorized, executed and delivered by the Issuers.

 

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SECTION 6.     Indemnification.

 

(a)            The
Issuers, jointly and severally, agree to indemnify and hold harmless each holder of Registrable Securities or Exchange Notes, as the case
may be, covered by any Exchange Offer Registration Statement or Shelf Registration Statement (including each Purchaser and, with respect
to any prospectus delivery as contemplated in Section 3(c)(ii) or (iii) hereof, each holder (which may include any Purchaser)
that is a broker-dealer and elects to exchange for Exchange Notes any Registrable Securities that it acquired for its own account as a
result of market-making activities or other trading activities (but not directly from the Issuers or any affiliate of the Issuers) for
Exchange Notes) (each an “Exchanging Dealer”), the affiliates, directors, officers, employees and agents of each such
holder and each person who controls any such holder within the meaning of either the Securities Act or the Exchange Act against any and
all losses, claims, damages or liabilities, joint or several, to which they or any of them may become subject under the Securities Act,
the Exchange Act or other Federal or state statutory law or regulation, at common law or otherwise, insofar as such losses, claims, damages
or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of a material
fact contained in the Exchange Offer Registration Statement or Shelf Registration Statement as originally filed or in any amendment thereof,
or in any preliminary prospectus or the prospectus included in any registration statement, or in any amendment thereof or supplement thereto,
or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary
to make the statements therein not misleading, and agrees to reimburse each such indemnified party, as incurred, for any legal or other
expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action;
provided, however, that the Issuers will not be liable in any case to the extent that any such loss, claim, damage or liability
arises out of or is based upon any such untrue statement or alleged untrue statement or omission or alleged omission made therein in reliance
upon and in conformity with written information furnished to the Issuers by or on behalf of any such holder specifically for inclusion
therein. This indemnity agreement will be in addition to any liability which the Issuers may otherwise have.

 

The Issuers, jointly and severally, also agree to
indemnify or contribute as provided in Section 6(d) to Losses of any underwriter of Registrable Securities or Exchange Notes,
as the case may be, registered under a Shelf Registration Statement, their directors, officers, employees or agents and each person who
controls such underwriter within the meaning of either the Securities Act or the Exchange Act, on substantially the same basis as that
of the indemnification of the Purchasers and the selling holders provided in this Section 6(a) and shall, if requested by any
holder, enter into an underwriting agreement reflecting such agreement, as provided in Section 3(e)(xvi) hereof.

 

(b)           Each
holder of Registrable Securities or Exchange Notes covered by an Exchange Offer Registration Statement or Shelf Registration Statement
(including each Purchaser and, with respect to any prospectus delivery as contemplated in Section 3(c)(ii) or Section 3(f)(iv) hereof,
each Exchanging Dealer) severally agrees to indemnify and hold harmless the Issuers, and each of their affiliates, directors, employees,
members, managers and agents and each Person who controls the Issuers within the meaning of either the Securities Act or the Exchange
Act, to the same extent as the foregoing indemnity from the Issuers to each such holder, but only with reference to written information
relating to such holder furnished to the Issuers by or on behalf of such holder specifically for inclusion in the documents referred to
in the foregoing indemnity. This indemnity agreement will be in addition to any liability which any such holder may otherwise have.

 

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(c)           Promptly
after receipt by an indemnified party under this Section 6 or notice of the commencement of any action, such indemnified party will,
if a claim in respect thereof is to be made against the indemnifying party under this Section 6, notify the indemnifying party in
writing of the commencement thereof; but the failure so to notify the indemnifying party (i) will not relieve it from liability under
paragraph (a) or (b) above unless and to the extent such action and such failure results in the forfeiture by the indemnifying
party of substantial rights and defenses; and (ii) will not, in any event, relieve the indemnifying party from any obligations to
any indemnified party other than the indemnification obligation provided in paragraph (a) or (b) above. The indemnifying party
shall be entitled to participate therein and, to the extent that it shall wish, jointly with any other indemnifying party similarly notified,
to assume the defense thereof, with counsel satisfactory to such indemnified party (who shall not, except with the consent of the indemnified
party, be counsel to the indemnifying party), and, except as provided in the next sentence, after notice from the indemnifying party to
such indemnified party of its election to so assume the defense thereof, the indemnifying party shall not be liable to such indemnified
party for any legal expenses of other counsel or any other expenses, in each case subsequently incurred by such indemnified party, in
connection with the defense thereof other than reasonable costs of investigation. Notwithstanding the indemnifying party’s rights
in the prior sentence, the indemnified party shall have the right to employ its own counsel (and one local counsel), and the indemnifying
party shall bear the reasonable fees, costs and expenses of such separate counsel if (i) the use of counsel chosen by the indemnifying
party to represent the indemnified party would present such counsel with a conflict of interest; (ii) the actual or potential defendants
in, or targets of, any such action include both the indemnified party and the indemnifying party and the indemnified party shall have
reasonably concluded that there may be legal defenses available to it and/or other indemnified parties which are different from or additional
to those available to the indemnifying party; (iii) the indemnifying party shall not have employed counsel satisfactory to the indemnified
party to represent the indemnified party within a reasonable time after notice of the institution of such action; or (iv) the indemnifying
party shall authorize the indemnified party to employ separate counsel at the expense of the indemnifying party. No indemnifying party
shall, in connection with any one action or separate but substantially similar or related actions in the same jurisdiction arising out
of the same general circumstances or allegations, be liable for the fees and expenses of more than one separate firm of attorneys (in
addition to any local counsel) for all indemnified parties. An indemnifying party shall not be liable under this Section 6 to any
indemnified party regarding any settlement or compromise or consent to the entry of any judgment with respect to any pending or threatened
claim, action, suit or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified
parties are actual or potential parties to such claim or action) unless such settlement, compromise or consent is consented to by such
indemnifying party, which consent shall not be unreasonably withheld.

 

    -22-

     

    

 

(d)           In
the event that the indemnity provided in paragraph (a) or (b) of this Section 6 is unavailable to or insufficient to hold
harmless an indemnified party for any reason, then each applicable indemnifying party agrees to contribute to the aggregate losses, claims,
damages and liabilities (including, without limitation, legal or other expenses reasonably incurred in connection with investigating or
defending same) (collectively “Losses”) to which such indemnifying party may be subject in such proportion as is appropriate
to reflect the relative benefits received by the indemnifying party on the one hand and by the indemnified party on the other from the
offering of the Notes. If, however, the allocation provided by the immediately preceding sentence is not permitted by applicable law or
if the indemnified party failed to give the notice required under subsection (c) above, then each indemnifying party shall contribute
to such amount paid or payable by such indemnified party in such proportion as is appropriate to reflect not only such relative benefits
but also the relative fault of the indemnifying party on the one hand and the indemnified party on the other in connection with the statements
or omissions which resulted in such losses, claims, damages or liabilities (or actions in respect thereof), as well as any other relevant
equitable considerations. Benefits received by the Issuers shall be deemed to be equal to the sum of (x) the total net proceeds from
the initial placement of the Notes (before deducting expenses) reflected in the Purchase Agreement and (y) the total amount of Special
Interest which the Issuers were not required to pay as a result of registering the securities covered by the Exchange Offer Registration
Statement or Shelf Registration Statement which resulted in such Losses. Benefits received by the Purchasers shall be deemed to be equal
to the total purchase discounts and commissions as reflected in the Purchase Agreement, and benefits received by any other holders shall
be deemed to be equal to the proceeds received from the sale of the Registrable Securities or Exchange Notes, as applicable. Benefits
received by any underwriter shall be deemed to be equal to the total underwriting discounts and commissions, as set forth in the prospectus
forming a part of the Exchange Offer Registration Statement or Shelf Registration Statement which resulted in such Losses. The relative
fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information supplied by the indemnifying party on the one hand or the
indemnified party on the other and the parties’ relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission. The parties agree that it would not be just and equitable if contribution pursuant to this subsection
(d) were determined by pro rata allocation (even if the holders or any agents or underwriters or all of them were treated as one
entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to
above in this subsection (d). The amount paid or payable by an indemnified party as a result of the losses, claims, damages or liabilities
(or actions in respect thereof) referred to above in this subsection (d) shall be deemed to include any legal or other expenses reasonably
incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions
of this subsection (d), no holder shall be required to contribute any amount in excess of the amount by which the dollar amount of the
proceeds received by such holder from the sale of Registrable Securities (after deducting any fees, discounts and commissions applicable
thereto) exceeds the amount of any damages which such holder has otherwise been required to pay by reason of such untrue or alleged untrue
statement or omission or alleged omission, and no underwriter shall be required to contribute any amount in excess of the amount by which
the total price of the Registrable Securities underwritten by it and distributed to the public exceeds the amount of any damages which
such underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission.
The holders’ and any underwriters’ obligations in this subsection (d) to contribute are several in proportion to the
principal amount of Registrable Securities registered or underwritten, as the case may be, by them, and not joint. Notwithstanding the
provisions of this paragraph (d), no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes
of this Section 6, each person who controls any holder, agent or underwriter within the meaning of either the Securities Act or the
Exchange Act and each director, officer, employee and agent of a holder, agent or underwriter shall have the same rights to contribution
as such holder, agent or underwriter, and each person who controls the Issuers within the meaning of either the Securities Act or the
Exchange Act and each officer and director of the Issuers shall have the same rights to contribution as the Issuers, subject in each case
to the applicable terms and conditions of this paragraph (d).

 

    -23-

     

    

 

(e)           The
provisions of this Section will remain in full force and effect, regardless of any investigation made by or on behalf of any holder
or the Issuers or any of the officers, directors or controlling persons referred to in this Section hereof, and will survive the
sale by a holder of securities covered by an Exchange Offer Registration Statement or Shelf Registration Statement.

 

SECTION 7.     Underwritten
Offerings.

 

(a)           Selection
of Underwriters. If any of the Registrable Securities covered by the Shelf Registration are to be sold pursuant to an underwritten
offering, the managing underwriter or underwriters thereof shall be designated by Electing Holders holding at least a majority in aggregate
principal amount of the Registrable Securities to be included in such offering, provided that such designated managing underwriter
or underwriters is or are reasonably acceptable to the Issuers.

 

(b)           Participation
by Holders. Each holder of Registrable Securities hereby agrees with each other such holder that no such holder may participate in
any underwritten offering hereunder unless such holder (i) agrees to sell such holder’s Registrable Securities on the basis
provided in any underwriting arrangements with respect to such Registrable Securities approved by the persons entitled hereunder to approve
such arrangements and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and
other documents reasonably required under the terms of such underwriting arrangements.

 

(c)           Minimum
Requirements. With respect to the Notes, the Issuers shall not have any obligations with respect to any underwriters or underwritten
offering except a single underwritten offering of $270 million or more of Registrable Securities.

 

SECTION 8.     Rule 144.

 

(a)           Each
of the Issuers covenants to the holders of Registrable Securities that to the extent it shall be required to do so under the Exchange
Act, it shall timely file the reports required to be filed by it under the Exchange Act or the Securities Act (including, without limitation,
the reports under Section 13 and 15(d) of the Exchange Act referred to in subparagraph (c)(1) of Rule 144), and shall
take such further action as any holder of Registrable Securities may reasonably request, all to the extent required from time to time
to enable such holder to sell Registrable Securities without registration under the Securities Act within the limitations of the exemption
provided by Rule 144, or any similar or successor rule or regulation hereafter adopted by the Commission. Upon the request of
any holder of Registrable Securities in connection with that holder’s sale pursuant to Rule 144, the Issuers shall deliver
to such holder a written statement as to whether they have complied with such requirements.

 

    -24-

     

    

 

(b)           At
any time while any of the Notes are “restricted securities” within the meaning of Rule 144, if the Company is no longer
subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act (as opposed to just having the obligations
suspended), the Company or a Parent (as defined in the Indenture) shall prepare and furnish to any Holder, any beneficial owner of the
Notes and any prospective purchaser of Notes designated by a Holder or a beneficial owner of the Notes, promptly upon request, the information
required pursuant to Rule 144A(d)(4) (or any successor thereto) under the Securities Act in connection with the offer, sale
or transfer of Notes. Such information may be provided by a Parent in filings with the Commission which filing shall satisfy the obligations
set forth in this clause (b). The requirements set forth in this clause (b) will not be applicable after the one year anniversary
of the issuance of any Notes.

 

SECTION 9.     Miscellaneous.

 

(a)            No
Inconsistent Agreements. The Issuers represent, warrant, covenant and agree that they have not granted, and shall not grant, registration
rights with respect to Registrable Securities or any other Notes which would be inconsistent with the terms contained in this Agreement.

 

(b)           Specific
Performance. Except with respect to a Registration Default, the parties hereto acknowledge that there would be no adequate remedy
at law if the Issuers fail to perform any of their obligations hereunder and that the Purchasers and the holders from time to time of
the Registrable Securities may be irreparably harmed by any such failure, and accordingly agree that the Purchasers and such holders,
in addition to any other remedy to which they may be entitled at law or in equity, shall be entitled to compel specific performance of
the obligations of the Issuers under this Agreement in accordance with the terms and conditions of this Agreement, in any court of the
United States or any State thereof having jurisdiction.

 

(c)            Notices.
All notices, requests, claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed to have been
duly given (i) when delivered by hand, if delivered personally or by courier, (ii) when sent by facsimile (with written confirmation
of receipt), provided that a copy is mailed by registered or certified mail, return receipt requested or (iii) three days
after being deposited in the mail (registered or certified mail, postage prepaid, return receipt requested) as follows: if to the Issuers,
c/o Charter Communications, Inc., 400 Washington Blvd., Stamford, Connecticut 06902, Attention: General Counsel, Electronic Mail:
rick.dykhouse@charter.com; Facsimile No.: (212) 446-4900, with a copy to: Kirkland & Ellis LLP, 601 Lexington Avenue,
New York, NY 10022, Facsimile: (212) 466-4900, Attention: Christian O. Nagler, Esq. and if to a holder, to the address of such holder
set forth in the security register or other records of the Issuers, or to such other address as the Issuers or any such holder may have
furnished to the other in writing in accordance herewith, with a copy in like manner c/o Deutsche Bank Securities Inc. at 1 Columbus
Circle, New York, New York 10019, Attention: Debt Capital Markets, with a copy to General Counsel, facsimile number 1-646-374-1071. Notices
of change of address shall be effective only upon receipt.

 

    -25-

     

    

 

(d)           Parties
in Interest. All the terms and provisions of this Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable
by the parties hereto and the holders from time to time of the Registrable Securities and the respective successors and assigns of the
parties hereto and such holders. In the event that any person shall acquire Registrable Securities, in any manner, whether by gift, bequest,
purchase, operation of law or otherwise, such transferee shall, without any further writing or action of any kind, be deemed a beneficiary
hereof for all purposes and such Registrable Securities shall be held subject to all the terms of this Agreement, and by taking and holding
such Registrable Securities such transferee shall be entitled to receive the benefits, and be conclusively deemed to have agreed to be
bound by all the applicable terms and provisions, of this Agreement. If the Issuers shall so request, any such successor, assign or transferee
shall agree in writing to acquire and hold the Registrable Securities subject to all the applicable terms hereof.

 

(e)           Survival.
The respective indemnities, agreements, representations, warranties and each other provision set forth in this Agreement or made pursuant
hereto shall remain in full force and effect regardless of any investigation (or statement as to the results thereof) made by or on behalf
of any holder of Registrable Securities, any director, officer or partner of such holder, any agent or underwriter or any director, officer
or partner thereof, or any controlling person of any of the foregoing, and shall survive delivery of and payment for the Registrable Securities
pursuant to the Purchase Agreement and the transfer and registration of Registrable Securities by such holder and the consummation of
an Exchange Offer.

 

(f)            GOVERNING
LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

(g)           Headings.
The descriptive headings of the several Sections and paragraphs of this Agreement are inserted for convenience only, do not constitute
a part of this Agreement and shall not affect in any way the meaning or interpretation of this Agreement.

 

(h)           Entire
Agreement; Amendments. This Agreement and the other writings referred to herein (including, without limitation, the Indenture and
the form of Notes) or delivered pursuant hereto which form a part hereof contain the entire understanding of the parties with respect
to its subject matter. This Agreement supersedes all prior agreements and understandings between the parties with respect to its subject
matter. This Agreement may be amended and the observance of any term of this Agreement may be waived (either generally or in a particular
instance and either retroactively or prospectively) only by a written instrument duly executed by the Issuers and the holders of at least
a majority in aggregate principal amount of the Registrable Securities at the time outstanding. Each holder of any Registrable Securities
at the time or thereafter outstanding shall be bound by any amendment or waiver effected pursuant to this Section 9(h), whether or
not any notice, writing or marking indicating such amendment or waiver appears on such Registrable Securities or is delivered to such
holder.

 

(i)            Inspection.
For so long as this Agreement shall be in effect, this Agreement and a complete list of the names and addresses of all the holders of
Registrable Securities shall be made available for inspection and copying, upon reasonable prior notice, on any business day during normal
business hours by any holder of Registrable Securities for proper purposes only (which shall include any purpose related to the rights
of the holders of Registrable Securities under the Notes, the Indenture and this Agreement) at the offices of the Issuers at the address
thereof set forth in Section 9(c) above and at the office of the Trustee under the Indenture.

 

    -26-

     

    

 

(j)            Counterparts.
This Agreement may be executed by the parties in counterparts, each of which shall be deemed to be an original, but all such respective
counterparts shall together constitute one and the same instrument.

 

(k)            Severability.
In the event that any one or more of the provisions contained herein, or the application thereof in any circumstances, is held invalid,
illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other
respect and of the remaining provisions hereof shall not be in any way impaired or affected thereby, it being intended that all of the
rights and privileges of the parties shall be enforceable to the fullest extent permitted by law.

 

(l)            Securities
Held by the Issuers, etc. Whenever the consent or approval of holders of a specified percentage of principal amount of Registrable
Securities or Exchange Notes is required hereunder, Registrable Securities or Exchange Notes, as applicable, held by the Issuers or their
affiliates (controlled by the Issuers and other than subsequent holders of Registrable Securities or Exchange Notes if such subsequent
holders are deemed to be affiliates solely by reason of their holdings of such Registrable Securities or Exchange Notes) shall not be
counted in determining whether such consent or approval was given by the holders of such required percentage.

 

(m)           Additional
Notes. Notwithstanding anything contained herein, any registration statement and exchange offer herein contemplated may include other
securities issued by the Issuers and guaranteed by the applicable guarantors, if any.

 

(n)           Termination.
The obligations of the Issuers under this Agreement to register or qualify the Registrable Securities or otherwise make any offer shall
terminate when there are no Registrable Securities outstanding.

 

[Signature Pages Follow]

 

    -27-

     

    

 

If the foregoing is in accordance with your understanding,
please sign and return to us counterparts hereof, and upon the acceptance hereof by you, on behalf of each of the Purchasers, this Agreement
and such acceptance hereof shall constitute a binding agreement among the parties hereto. It is understood that your acceptance of this
Agreement on behalf of each of the Purchasers is pursuant to the authority set forth in a form of agreement among Purchasers, the form
of which shall be submitted to the Issuers for examination upon request, but without warranty on your part as to the authority of the
signers thereof.

 

	 	Very truly yours,
	 	 
	 	CCO HOLDINGS, LLC, as an Issuer
	 	 
	 	By:	/s/ Scott A. Schwartz 
		 	Name:	Scott A. Schwartz
		 	Title:	Group Vice President, Corporate Finance and Treasurer

 

	 	CCO HOLDINGS CAPITAL CORP., as an
Issuer
	 	 
	 	By:	/s/
Scott A. Schwartz
	 	 	Name:	Scott A. Schwartz
	 	 	Title:	Group Vice President, Corporate Finance and Treasurer

  

Charter
- Registration Rights Agreement

 

    

     

    

 

Accepted as of the date hereof:

 

Acting on behalf of itself and

the several Purchasers

 

	DEUTSCHE BANK SECURITIES INC.	 
	 	 
	By:	/s/ Ian Dorrington	 
	 	Name:	Ian Dorrington	 
	 	Title:	Managing Director	 
	 	 
	By:	/s/ Mike Guttilla	 
	 	Name:	Mike Guttilla	 
	 	Title:	Director	 

 

Charter
- Registration Rights Agreement

 

    

     

    

 

 

 

 

EXHIBIT A

 

CCO HOLDINGS, LLC

CCO HOLDINGS CAPITAL CORP.

 

INSTRUCTION TO DTC PARTICIPANTS

 

(Date of Mailing)

 

URGENT — IMMEDIATE ATTENTION REQUESTED

 

DEADLINE FOR RESPONSE: [DATE]1

 

The Depository Trust Company (“DTC”)
has identified you as a DTC Participant through which beneficial interests in the CCO Holdings, LLC (the “Company”)
and CCO Holdings Capital Corp. (together with the Company, the “Issuers”) 4.750% Senior Notes due 2032 (the “Notes”)
are held.

 

The Issuers are in the process of registering the
Notes under the Securities Act of 1933, as amended, for resale by the beneficial owners thereof. In order to have their Notes included
in the registration statement, beneficial owners must complete and return the enclosed Notice of Registration Statement and Selling Securityholder
Questionnaire.

 

It is important that beneficial owners of the Notes
receive a copy of the enclosed materials as soon as possible as their rights to have the Notes included in the registration statement
depend upon their returning the Notice and Questionnaire by [Deadline For Response]. Please forward a copy of the enclosed documents to
each beneficial owner that holds interests in the Notes through you. If you require more copies of the enclosed materials or have any
questions pertaining to this matter, please contact the Issuers c/o Charter Communications, Inc., 400 Washington Blvd., Stamford,
Connecticut 06902, Attention: General Counsel, Electronic Mail: rick.dykhouse@charter.com; Facsimile No.: (212) 446-4900, with a copy
to: Kirkland & Ellis LLP, 601 Lexington Avenue, New York, NY 10022, Facsimile: (212) 466-4900, Attention: Christian O. Nagler, Esq.

 

 

		1	Not less than 28 calendar days from date of mailing.

 

    A-1

     

    

 

CCO HOLDINGS, LLC

CCO HOLDINGS CAPITAL CORP.

 

Notice of Registration Statement

and

Selling Securityholder Questionnaire

 

(Date)

 

Reference is hereby made to the Exchange and Registration
Rights Agreement (the “Exchange and Registration Rights Agreement”) among CCO Holdings, LLC (the “Company”),
CCO Holdings Capital Corp. (together with the Company, the “Issuers”), and the Purchasers named therein. Pursuant to
the Exchange and Registration Rights Agreement, the Issuers have filed with the United States Securities and Exchange Commission (the
 “Commission”) a registration statement on Form S-1 (the “Shelf Registration Statement”) for
the registration and resale under Rule 415 of the Securities Act of 1933, as amended (the “Securities Act”), of
the Issuers’ 4.750% Senior Notes due 2032 (the “Notes”). A copy of the Exchange and Registration Rights Agreement
is attached hereto. All capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Exchange and Registration
Rights Agreement.

 

Each beneficial owner of Registrable Securities is
entitled to have the Registrable Securities beneficially owned by it included in the Shelf Registration Statement. In order to have Registrable
Securities included in the Shelf Registration Statement, this Notice of Registration Statement and Selling Securityholder Questionnaire
(“Notice and Questionnaire”) must be completed, executed and delivered to the Issuers’ counsel at the address
set forth herein for receipt ON OR BEFORE [Deadline for Response]. Beneficial owners of Registrable Securities who do not complete, execute
and return this Notice and Questionnaire by such date (i) will not be named as selling securityholders in the Shelf Registration
Statement and (ii) may not use the Prospectus forming a part thereof for resales of Registrable Securities.

 

Certain legal consequences arise from being named
as a selling securityholder in the Shelf Registration Statement and related prospectus. Accordingly, holders and beneficial owners of
Registrable Securities are advised to consult their own securities law counsel regarding the consequences of being named or not being
named as a selling securityholder in the Shelf Registration Statement and related prospectus.

 

    A-2

     

    

 

ELECTION

 

The undersigned holder (the “Selling Securityholder”)
of Registrable Securities hereby elects to include in the Shelf Registration Statement the Registrable Securities beneficially owned by
it and listed below in Item (3). The undersigned, by signing and returning this Notice and Questionnaire, agrees to be bound with respect
to such Registrable Securities by the terms and conditions of this Notice and Questionnaire and the Exchange and Registration Rights Agreement,
including, without limitation, Section 6 of the Exchange and Registration Rights Agreement, as if the undersigned Selling Securityholder
were an original party thereto.

 

Upon any sale of Registrable Securities pursuant
to the Shelf Registration Statement, the Selling Securityholder will be required to deliver to the Issuers and the Trustee the Notice
of Transfer Pursuant to Registration Statement set forth in Exhibit B to the Exchange and Registration Rights Agreement.

 

The Selling Securityholder hereby provides the following
information to the Issuers and represents and warrants that such information is accurate and complete:

 

QUESTIONNAIRE

 

(1)           (a)          Full Legal Name of Selling Securityholder:

 

 (b)          Full Legal Name of Registered Holder (if not the same as in (a) above) of Registrable Securities Listed in Item (3) below:

 

 (c)          Full Legal Name of DTC Participant (if applicable and if not the same as (b) above) Through Which Registrable Securities Listed in Item (3) below are Held:

 

		(2)	Address for Notices to Selling Securityholder:	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

	 	 	Telephone:	 	 
	 	 	Fax:	 	 
	 	 	Contact Person:	 	 

 

		(3)	Beneficial Ownership of Notes:

 

Except as set forth below in this Item
(3), the undersigned does not beneficially own any Notes.

 

		(a)	Principal amount of Registrable Securities beneficially owned:
	 	 	 
	 	 	 
	 	 	CUSIP No(s). of such Registrable Securities:	 

 

		(b)	Principal amount of Notes other than Registrable Securities beneficially owned:
	 	 	 
	 	 	 
	 	 	CUSIP No(s). of such other Notes:	 

 

    A-3

     

    

 

 

		(c)	Principal amount of Registrable Securities which the undersigned wishes to be included in the Shelf Registration
                                                               Statement:                                                                                                                

 

	 	 	CUSIP No(s). of such Registrable Securities to be included in the Shelf Registration Statement:                                                                                

 

		(4)	Beneficial Ownership of Other Securities of the Issuers:

 

	 	Except as set forth below in this Item (4), the undersigned Selling Securityholder is not the beneficial or registered owner of any other
securities of the Issuers other than the Notes listed above in Item (3).

 

State any exceptions here:

 

		(5)	Relationships with the Issuers:

 

	 	Except as set forth below, neither the Selling Securityholder nor any of its affiliates, officers, directors or principal equity holders
(5% or more) has held any position or office or has had any other material relationship with the Issuers (or their respective predecessors
or affiliates) during the past three years.

 

State any exceptions here:

 

		(6)	Plan of Distribution:

 

	 	Except as set forth below, the undersigned Selling Securityholder intends to distribute the Registrable Securities listed above in Item
(3) only as follows (if at all): Such Registrable Securities may be sold from time to time directly by the undersigned Selling Securityholder
or, alternatively, through underwriters, broker-dealers or agents. Such Registrable Securities may be sold in one or more transactions
at fixed prices, at prevailing market prices at the time of sale, at varying prices determined at the time of sale, or at negotiated
prices. Such sales may be effected in transactions (which may involve crosses or block transactions) (i) on any national securities
exchange or quotation service on which the Registrable Securities may be listed or quoted at the time of sale, (ii) in the over-the-counter
market, (iii) in transactions otherwise than on such exchanges or services or in the over-the-counter market, or (iv) through
the writing of options. In connection with sales of the Registrable Securities or otherwise, the Selling Securityholder may enter into
hedging transactions with broker-dealers, which may in turn engage in short sales of the Registrable Securities in the course of hedging
the positions they assume. The Selling Securityholder may also sell Registrable Securities short and deliver Registrable Securities to
close out such short positions, or loan or pledge Registrable Securities to broker-dealers that in turn may sell such Registrable Securities.

 

    A-4

     

    

 

State any exceptions here:

 

By signing below, the Selling Securityholder acknowledges
that it understands its obligation to comply, and agrees that it will comply, with the provisions of the Exchange Act including, without
limitation, Regulation M.

 

In the event that the Selling Securityholder transfers
all or any portion of the Registrable Securities listed in Item (3) above after the date on which such information is provided to
the Issuers, the Selling Securityholder agrees to notify the transferee(s) at the time of the transfer of its rights and obligations
under this Notice and Questionnaire and the Exchange and Registration Rights Agreement.

 

By signing below, the Selling Securityholder consents
to the disclosure of the information contained herein in its answers to Items (1) through (6) above and the inclusion of such
information in the Shelf Registration Statement and related Prospectus. The Selling Securityholder understands that such information will
be relied upon by the Issuers in connection with the preparation of the Shelf Registration Statement and related Prospectus.

 

In accordance with the Selling Securityholder’s
obligation under Section 3(e) of the Exchange and Registration Rights Agreement to provide such information as may be required
by law for inclusion in the Shelf Registration Statement, the Selling Securityholder agrees to promptly notify the Issuers of any inaccuracies
or changes in the information provided herein which may occur subsequent to the date hereof at any time while the Shelf Registration Statement
remains in effect. All notices hereunder and pursuant to the Exchange and Registration Rights Agreement shall be made in writing, by hand-delivery,
first-class mail, or air courier guaranteeing overnight delivery as follows:

 

(i)            To
the Issuers:

_________________________

_________________________

_________________________

_________________________

_________________________

 

(ii)            With
a copy to:

_________________________

_________________________

_________________________

_________________________

_________________________

 

Once this Notice and Questionnaire is executed by
the Selling Securityholder and received by the Issuers’ counsel, the terms of this Notice and Questionnaire, and the representations
and warranties contained herein, shall be binding on, shall inure to the benefit of and shall be enforceable by the respective successors,
heirs, personal representatives, and assigns of the Issuers and the Selling Securityholder (with respect to the Registrable Securities
beneficially owned by such Selling Securityholder and listed in Item (3) above). This Agreement shall be governed in all respects
by the laws of the State of New York without giving effect to any provisions relating to conflicts of laws.

 

    A-5

     

    

 

IN WITNESS WHEREOF, the undersigned, by authority
duly given, has caused this Notice and Questionnaire to be executed and delivered either in person or by its duly authorized agent.

 

Dated: ____________________

 

	 	 	 
	 	Selling Securityholder
 (Print/type full legal name of beneficial owner of Registrable Securities)

                                                      
	 

 

	By:	

                                                                

                                                                
	 
	 	Name:	 
	 	Title:	 

 

PLEASE RETURN THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE FOR
RECEIPT ON OR BEFORE [DEADLINE FOR RESPONSE] TO THE ISSUERS’ COUNSEL AT:

 

_________________________

_________________________

_________________________

_________________________

_________________________

 

    A-6

     

    

 

 

EXHIBIT B

 

NOTICE OF TRANSFER PURSUANT TO REGISTRATION STATEMENT

 

CCO HOLDINGS, LLC

CCO HOLDINGS CAPITAL CORP.

c/o Charter Communications, Inc.

400 Washington Blvd.

Stamford, Connecticut 06902

Attention: General Counsel

Electronic
Mail: rick.dykhouse@charter.com

 

With a copy to:

Kirkland & Ellis LLP

601 Lexington Avenue

New York, New York 10022

Facsimile No.: (212) 446-4900

Attention: Christian O. Nagler, Esq.

 

The Bank of New York Mellon Trust Company, N.A.

2 N. LaSalle Street Suite 700

Chicago, IL 60602

Attn: Corporate Trust Administration

Attention: Trust Officer

 

		Re:	CCO Holdings, LLC and CCO Holdings Capital Corp. (the “Issuers”) 4.750% Senior Notes due 2032 (the “Notes”)

 

Please be advised that ________________ has transferred
$___________ aggregate principal amount of the above-referenced Notes pursuant to an effective Registration Statement on Form S-1
(File No. 333-____) filed by the Issuers.

 

We hereby certify that the prospectus delivery requirements,
if any, of the Securities Act of 1933, as amended, have been satisfied and that the above-named beneficial owner of the Notes is named
as a “Selling Holder” in the prospectus dated [date] or in supplements thereto, and that the aggregate principal amount of
the Notes transferred are the Notes listed in such prospectus opposite such owner’s name.

 

Dated:

 

	 	Very truly yours,
	 	 
	 	 
	 	(Name)
	 	 
	 	By:	 
	 	 	(Authorized Signature)

 

    B-1Exhibit 10.1

 

EXECUTION VERSION

 

SUBSCRIPTION AGREEMENT

 

This SUBSCRIPTION AGREEMENT (this “Subscription
Agreement”) is entered into on January 20, 2022, by and between Cohn Robbins Holdings Corp., a Cayman Islands exempted company
limited by shares (“SPAC”), Allwyn Entertainment AG, a Swiss stock corporation (Aktiengesellschaft) with registered
office at c/o SAZKA Entertainment AG, Weinmarkt 9, 6004 Lucerne, Switzerland and registered in the commercial register Lucerne under
registration number CHE-157.119.805 (“Issuer”) and the undersigned subscriber (the “Investor”).

 

WHEREAS, this Subscription
Agreement is being entered into in connection with the Business Combination Agreement, dated as of the date hereof (as may be amended,
supplemented or otherwise modified from time to time, the “Transaction Agreement”), by and among SPAC, Issuer, Allwyn
US Holdco LLC, a Delaware limited liability company and a wholly owned subsidiary of Issuer (the “Intermediate HoldCo”),
Allwyn Sub LLC, a Delaware limited liability company and a wholly owned subsidiary of Intermediate HoldCo (“Merger Sub”),
and SAZKA Entertainment AG (the “Company”), pursuant to which, among other things, (i) SPAC will merge with and into
Merger Sub, with Merger Sub as the surviving company in the merger (the “Company Merger”) and, after giving effect
to such merger, becoming a direct or indirect wholly owned subsidiary of Issuer and, as a result
of such merger, the shareholders of SPAC will be entitled to receive the Class B Ordinary Shares (as defined below) and (ii) following
consummation of the Company Merger, KKCG AG, a Swiss stock corporation and the majority shareholder of the Company, will exchange its
shares in the capital of the Company for a combination of cash, Class A Ordinary Shares (defined below) and Class B Ordinary Shares
(defined below), following which the Company shall become a wholly-owned subsidiary of the Issuer, on the terms and subject to the conditions
therein (all of the foregoing, the “Transaction”);

 

WHEREAS, upon Closing, the
Issuer will have issued two classes of ordinary shares: the Class A ordinary shares, nominal value CHF 0.01 per share (the “Class
A Ordinary Shares”), and the Class B ordinary shares, nominal value CHF 0.04 per share (the “Class B Ordinary Shares”
or the “Shares”). The Class A Ordinary Shares and the Class B Ordinary Shares are each entitled to one vote per share,
however, owing to the differences in nominal value, holders of Class A Ordinary Shares will have four times as many shares for a given
economic holding in Issuer than the holders of the Class B Ordinary Shares. As a consequence, the holders of the Class A Ordinary
Shares will have four times the voting power of the Class B Ordinary Shares. Upon completion of the Transaction, the Class B Ordinary
Shares will be listed for trading upon the New York Stock Exchange and the Class A Ordinary Shares will not be listed;

 

WHEREAS, in connection with
the Transaction, Issuer is seeking commitments from interested investors to purchase, substantially concurrently with the Company Merger
and closing of the Transaction, Class B Ordinary Shares in a private placement for a purchase price of $10.00 per share (the “Per
Base Share Subscription Price”);

 

WHEREAS, in connection with
the SPAC merging with and into Merger Sub, the Issuer will issue a number of Class B Ordinary Shares to an exchange agent (the “Exchange
Agent”);

 

WHEREAS, subject to the terms
and conditions of this Subscription Agreement, the Investor desires to acquire from Issuer in exchange for a cash contribution, and Issuer
desires to provide to the Investor, the number of Shares (the “Subscription Shares”) equal to (x) the number of Base
Shares (as defined and set forth on the signature page of this Subscription Agreement) multiplied by (y) the Class B Exchange Ratio
(as defined in the Transaction Agreement);

 

WHEREAS, the aggregate purchase
price to be paid and contributed by the Investor for the Subscription Shares is referred to herein as the “Subscription Amount”;
and

 

WHEREAS, substantially concurrently
with the execution of this Subscription Agreement, Issuer and SPAC are entering into: (a) one or more separate subscription agreements
for Shares (the “Insider PIPE Subscription Agreements”) with certain other investors that are existing directors, officers
or equityholders (including, for the avoidance of doubt, holders of convertible securities) of the Company, SPAC, Cohn Robbins Sponsor
LLC, a Delaware limited liability company (“SPAC Sponsor”), and/or their respective affiliates with an aggregate
purchase price of $50.0 million (collectively, the “Insider PIPE Investors” and, such investment, the “Insider
PIPE Investment”); and (b) separate subscription agreements for Shares with certain other investors (other than the Insider
PIPE Investors, the “Other Investors,” and such other subscription agreements, the “Other Subscription Agreements”)
with an aggregate purchase price of $303.0 million (inclusive of the Subscription Amount) (together with the Insider PIPE Investment,
the “PIPE Investment”).

 

     

     

    

 

NOW, THEREFORE, in consideration
of the foregoing and the mutual representations, warranties and covenants, and subject to the conditions, set forth herein, and intending
to be legally bound hereby, each of the Investor, Issuer and SPAC acknowledges and agrees as follows:

 

1. Subscription
and Contribution to Reserves. Subject to the terms and conditions of this Subscription Agreement, the Investor hereby irrevocably
agrees to acquire from Issuer, and Issuer hereby agrees to issue and provide to the Investor, directly or indirectly through the Exchange
Agent, the Subscription Shares. As consideration, and subject to the terms and conditions of this Subscription Agreement, the Investor
undertakes to make an equity contribution of the Subscription Amount into the capital contribution reserves (Zuschuss in die Kapitaleinlagereserven)
of the Issuer.

 

2. Closing.

 

(a) Subject
to the terms and conditions of this Subscription Agreement, the closing of the acquisition of the Subscription Shares contemplated hereby
(the “Closing”) shall occur on a closing date (the “Closing Date”) specified in the Closing Notice
(as defined below), and the Closing shall be conditioned upon the substantially concurrent consummation of the Transaction and the delivery
prior to the Closing of certain Class B Ordinary Shares to the shareholders of the SPAC (the “Share Delivery”). Following
delivery of written notice from (or on behalf of) Issuer to the Investor that specifies the number of Subscription Shares (the “Closing
Notice”) that Issuer reasonably expects all conditions to the closing of the Transaction to be satisfied or waived on an expected
Closing Date that is not less than five (5) business days from the date on which the Closing Notice is delivered to the Investor and containing
the wire instructions for delivery of the Subscription Amount to Issuer, the Investor shall deliver to the Issuer two (2) business days
prior to the expected Closing Date (x) the Subscription Amount by wire transfer of U.S. dollars in immediately available funds to the
Escrow Account (as defined below) specified by Issuer in the Closing Notice, to be held in such Escrow Account until the completion of
the Share Delivery, and (y) a duly completed and executed Internal Revenue Service Form W-9 or appropriate Form W-8 of the Investor. Subject
to the Issuer receiving such deliverables from the Investor, the satisfaction or waiver of the conditions set forth in Section 3
below and the substantially concurrent consummation of the Transaction:

 

(i) On
or prior to the Closing Date, the Issuer shall hold an extraordinary shareholders’ meeting in the presence of a notary and such
extraordinary shareholders’ meeting will, inter alia, resolve on an increase of the Issuer’s nominal share capital
in the amount as necessary to complete the Transaction and to issue, among other things, the Subscription Shares at nominal value to the
Exchange Agent against contribution of shares of Intermediate HoldCo (the “Capital Increase”), whereby all statutory
pre-emptive rights to which the shareholders of the Issuer are entitled under Swiss law or the Issuer’s articles of association
will be excluded or waived; and

 

(ii) On
or prior to the Closing Date, the board of directors of the Issuer will (A) issue the report on the Capital Increase (Kapitalerhöhungsbericht)
in accordance with Swiss law (article 652e CO), (B) resolve in the form of a duly notarized deed on the Capital Increase as set forth
in article 652g CO and make all amendments to the articles of association of the Issuer necessary in connection with the Capital
Increase (Feststellungs- und Statutenänderungsbeschluss), and (C) promptly thereafter, and on the date of the Capital Increase,
file the documents necessary for the registration of the Capital Increase with the Commercial Register of the Canton of Lucerne.

 

(b) As
soon as the Capital Increase is registered with the Commercial Register of the Canton of Lucerne, the Issuer shall take all steps reasonably
necessary to ensure that the Subscription Shares will be issued to the Exchange Agent, free and clear of any liens or other restrictions
(other than those arising under applicable securities laws) and subsequently cause the Subscription Shares to be registered in uncertificated
form in the name of the Exchange Agent on Issuer’s book of uncertificated securities (Wertrechtebuch) and share register
and, upon the Investor’s request, shall provide to the Investor following the Closing, evidence of such issuance in the form of
a certified excerpt of the journal entry or the certified excerpt from the Commercial Register of the Canton of Lucerne evidencing the
Capital Increase.

 

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(c) As
soon as the (i) the preceding step and (ii) the Share Delivery is completed, the Issuer shall cause the Subscription Shares (or securities
entitlements in the Subscription Shares) to be transferred by the Exchange Agent to the Investor (or its nominee in accordance with the
Investor’s delivery instructions), free and clear of any liens or other restrictions (other than those arising under applicable
securities laws)). Such transfer shall occur by way of written assignment, in which case the Issuer shall record such transfer in the
Issuer’s share register (and the Issuer shall, upon the Investor’s request, provide to the Investor following the Closing,
evidence of such registration in the form of a written confirmation).

 

(d) In
the event that the Closing does not occur because the Transaction is not consummated for any reason on the expected Closing Date, the
Issuer shall promptly (but not later than two (2) business days thereafter) cause the Exchange Agent to (i) release the Subscription Amount
from the Escrow Account and (ii) return the Subscription Amount to the Investor by wire transfer of U.S. dollars in immediately available
funds to the account specified by the Investor; provided, that unless this Subscription Agreement has been terminated pursuant
to Section 9 hereof, such return of funds shall not terminate this Subscription Agreement and the Investor shall remain obligated
(i) to redeliver funds to the Escrow Account following Issuer’s delivery to the Investor of a new Closing Notice in accordance with
Section 2(a), and (ii) to consummate the Closing immediately prior to or substantially concurrently with the consummation of the
Transaction in accordance with Section 2(a).

 

3. Closing
Conditions. The obligation of the parties hereto to consummate the acquisition and disposal of the Subscription Shares pursuant to
this Subscription Agreement is subject to the following conditions:

 

(a) no
suspension of the qualification of the Subscription Shares for offering or sale or trading in any jurisdiction and no suspension or removal
from listing of the Subscription Shares on the stock exchange or initiation of any proceedings for any of such purposes, shall have occurred,
and the Subscription Shares shall have been approved for listing on the stock exchange, subject to official notice of issuance;

 

(b) no
applicable governmental authority shall have enacted, issued, promulgated, enforced or entered any judgment, order, law, rule or regulation
(whether temporary, preliminary or permanent) which is then in effect and has the effect of making the Closing illegal or otherwise restraining
or prohibiting the Closing;

 

(c) all
conditions precedent to the closing of the Transaction set forth in the Transaction Agreement shall have been or are reasonably expected
to be satisfied or waived by the party who is the beneficiary of such condition(s) in the Transaction Agreement (for the avoidance of
doubt, the Investor shall have no right to refuse to perform its obligations hereunder: (x) if those conditions that by their nature
may only be satisfied at the closing of the Transaction have not been satisfied prior to the Closing, but subject to the satisfaction
of such conditions as of the Closing or (y) if the conditions set forth in Section 10.3(c) of the Transaction Agreement is waived in accordance
therewith); and

 

(d) the
Share Delivery shall have been completed; and

 

(e) solely
with respect to Issuer’s and SPAC’s obligation to close (which may be waived by Issuer with the consent of SPAC (such consent
not to be unreasonably conditioned, withheld or delayed)):

 

(i) the
representations and warranties made by the Investor in this Subscription Agreement shall
be true and correct as of the Closing Date (other than those representations and warranties expressly made as of an earlier date, which
shall be true and correct as of such date) except for inaccuracies or the failure of such representations
and warranties to be true and correct that (without giving effect to any limitation as to “materiality” or “Investor
Material Adverse Effect” (as defined below) or another similar materiality qualification set forth herein), individually or in the
aggregate, would not reasonably be expected to have an Investor Material Adverse Effect, in each case without giving effect to the consummation
of the Transaction; and

 

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(ii) Investor
shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions required by this Subscription
Agreement to be performed, satisfied or complied with by it at or prior to the Closing;

 

(f) solely
with respect to the Investor’s obligation to close (which may be waived by Investor):

 

(i) the
representations and warranties made by Issuer and SPAC in this Subscription Agreement shall be true and correct as of the Closing Date
(other than those representations and warranties expressly made as of an earlier date, which shall be true and correct as of such date)
except for inaccuracies or the failure of such representations and warranties to be true and correct
that (without giving effect to any limitation as to “materiality” or “Issuer/SPAC Material Adverse Effect” (as
defined below) or another similar materiality qualification set forth herein), individually or in the aggregate, would not reasonably
be expected to have an Issuer/SPAC Material Adverse Effect, in each case without giving effect to the consummation of the Transaction;

 

(ii) each
of Issuer and SPAC shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions
required by this Subscription Agreement to be performed, satisfied or complied with by it at or prior to the Closing; 

 

(iii) except
(i) to the extent consented to in writing by Investor or (ii) to the extent that Section 10.3(c)
of the Transaction Agreement is amended or waived, the terms of the Transaction Agreement (as entered into on the date of this
Subscription Agreement) shall not have been amended or waived in a manner that would reasonably be expected to materially and adversely
affect the economic benefits that Investor would reasonably expect to receive under this Subscription Agreement; and

 

(iv) there
shall have been no amendment, waiver or modification to the Other Subscription Agreements that materially benefits any Other Subscriber
thereunder unless the Investor has been offered the same benefits.

 

4. Further
Assurances.

 

(a) SPAC
shall open an escrow account prior to delivering the Closing Notice (the “Escrow Account”). The parties acknowledge
and agree that for U.S. federal income tax purposes, Investor shall be deemed to be the owner of the funds transferred by Investor to
any such Escrow Account unless and until such funds are disbursed to Issuer in accordance with the terms of this Subscription Agreement,
which disbursement shall occur, for the avoidance of doubt, immediately following the Share Delivery.

 

(b) At
the Closing, the parties hereto shall execute and deliver such additional documents and take such additional actions as the parties reasonably
may deem to be practical and necessary in order to consummate the subscription as contemplated by this Subscription Agreement.

 

5. Issuer
and SPAC Representations and Warranties. Each of SPAC, with respect only to the representations and warranties set forth below relating
to SPAC, and Issuer, with respect only to the representations and warranties set forth below relating to Issuer, represents and warrants
to the Investor that:

 

(a) SPAC
is an exempted company duly incorporated, validly existing and in good standing under the laws of the Cayman Islands (to the extent such
concept exists in such jurisdiction). SPAC has all power (corporate or otherwise) and authority to own, lease and operate its properties
and conduct its business as presently conducted and to enter into, deliver and perform its obligations under this Subscription Agreement.
As of the Closing Date, Issuer will be a stock corporation (Aktiengesellschaft) incorporated and existing under the laws of Switzerland,
with all power (corporate or otherwise) and authority to own, lease and operate its properties and conduct its business as presently conducted
and to enter into, deliver and perform its obligations under this Subscription Agreement.

 

    4

     

    

 

(b) When
issued pursuant to this Subscription Agreement, the Subscription Shares will be duly authorized and, when issued and delivered to the
Investor against full payment therefor in accordance with the terms of this Subscription Agreement, the Subscription Shares will be validly
issued, fully paid, free and clear of all liens or other encumbrances (other than those arising under the articles of association of the
Issuer, applicable securities laws or any liens or encumbrances resulting from actions by the Investor) and will not have been issued
in violation of or subject to any preemptive or similar rights created under Issuer’s organizational documents (as in effect at
such time of issuance) or under the laws of Switzerland.

 

(c) This
Subscription Agreement has been duly authorized, executed and delivered by Issuer and SPAC and, assuming that this Subscription Agreement
constitutes the valid and binding agreement of the Investor, this Subscription Agreement constitutes a legal, valid and binding obligation
of Issuer and SPAC, enforceable against Issuer and SPAC in accordance with its terms, except as may be limited or otherwise affected by
(i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting the rights of
creditors generally, or (ii) principles of equity, whether considered at law or equity.

 

(d) Assuming
the accuracy of the Investor’s representations and warranties in Section 6, the execution, delivery and performance of this
Subscription Agreement, including the issuance and disposal of the Subscription Shares pursuant to this Subscription Agreement, will not
(i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result
in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of Issuer, SPAC or any of their respective
subsidiaries pursuant to the terms of any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument
to which Issuer, SPAC or any of their respective subsidiaries is a party or by which Issuer, SPAC or any of their respective subsidiaries
are bound or to which any of the property or assets of Issuer or SPAC are subject that would reasonably be expected to have a material
adverse effect on the ability of Issuer to consummate the issuance and disposal of the Subscription Shares or the validity of the Subscription
Shares (an “Issuer/SPAC Material Adverse Effect”); (ii) result in any violation of the provisions of the organizational
documents of Issuer or SPAC; or (iii) result in any violation of any statute or any judgment, order, rule or regulation of any court
or governmental agency or body, domestic or foreign, having jurisdiction over Issuer or SPAC or any of their respective properties that
would reasonably be expected to have an Issuer/SPAC Material Adverse Effect.

 

(e) As
of their respective filing dates, or, if amended, as of the date of such amendment, which shall be deemed to supersede such original filing,
all reports, registration statements, proxy statements, schedules, prospectuses, and other documents filed by SPAC with the U.S. Securities
and Exchange Commission (the “SEC” and, such reports, the “SEC Reports”) complied in all material
respects with the applicable requirements of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
and the rules and regulations of the SEC promulgated thereunder as of the date of such filing (as amended, as applicable). The SEC Reports
include all reports, registration statements, proxy statements, schedules, prospectuses, and other documents required to have been filed
by SPAC. None of the SEC Reports included, when filed or, if amended, as of the date of such amendment, which shall be deemed to supersede
such original filing, any untrue statement of a material fact or omitted to state a material fact necessary to make the statements therein,
in the light of the circumstances under which they were made, not misleading; provided, that SPAC makes no such representation
or warranty with respect to any registration statement or any proxy statement/prospectus to be filed by Issuer and/or SPAC with respect
to the Transaction or any other information relating to the Company or any of its affiliates included in any SEC Report or filed as an
exhibit thereto. As of the date hereof, there are no material outstanding or unresolved comments in comment letters received by SPAC from
the SEC with respect to any of the SEC Reports. The financial statements of SPAC included in the SEC Reports comply in all material respects
with applicable accounting requirements and the rules and regulations of the SEC with respect thereto as in effect at the time of filing,
or, if amended, as of the date of such amendment, which shall be deemed to supersede such original filing, and fairly present in all material
respects the financial position of SPAC as of and for the dates thereof and the results of operations and cash flows for the periods then
ended, subject, in the case of unaudited financial statements, to normal, year-end audit adjustments. A copy of each SEC Report is available
to the Investor via the SEC’s EDGAR system. Notwithstanding the foregoing, none of the representations and warranties of either
SPAC or Issuer set forth herein shall apply to any statement or information in the SEC Reports or in any filing made by Issuer in connection
with the Transaction that relates to changes to historical accounting policies of SPAC in connection with any order, directive, guideline,
comment or recommendation from the SEC or SPAC’s auditor or accountant that is applicable to SPAC (collectively, the “SEC
Guidance”), nor shall any correction, revision, amendment or restatement of SPAC’s financial statements due to the SEC
Guidance result in a breach of any representation or warranty by SPAC or Issuer.

 

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(f) Neither
Issuer nor SPAC is required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration
with, any court or other federal, state, local or other governmental authority, self-regulatory organization or other person in connection
with the issuance of the Subscription Shares pursuant to this Subscription Agreement, other than (i) the filing of the Capital Increase
with the Commercial Register of the Canton of Lucerne, (ii) filings with the SEC, (iii) in connection with or as a result of the
SEC Guidance, (iv) filings required by applicable state securities laws, (v) the filings required in accordance with Section 13
of this Subscription Agreement, (vi) filings required by the New York Stock Exchange (“NYSE”) or The Nasdaq Stock
Market, as applicable, including with respect to obtaining approval of Issuer’s and/or SPAC’s shareholders, as applicable,
(vi) filings required to be made by the Issuer in connection with the Transaction and (vii) any consent, waiver, authorization, order,
notice or registration the failure of which to obtain, give or make, as applicable, would not be reasonably be expected to have, individually
or in the aggregate, an Issuer/SPAC Material Adverse Effect.

 

(g) As
of the date hereof, the authorized share capital of SPAC consists of 500,000,000 shares of Class A ordinary shares, par value $0.0001
per share (“Class A Shares”), 50,000,000 shares of Class B ordinary shares, par value $0.0001 per share (“Class
B Shares”), and 5,000,000 preference shares, par value $0.0001 per share (“Preferred Shares”). As of the
date hereof: (i) 82,800,000 Class A Shares (including those underlying SPAC’s units), 20,700,000 Class B Shares and no Preferred
Shares were issued and outstanding; and (ii) 39,973,333 warrants, each exercisable to purchase one (1) Class A Share at $11.50 per share
(“Warrants”), were issued and outstanding, including 27,600,000 public warrants (including those underlying SPAC’s
units) and 12,373,333 private placement warrants. No Warrants are exercisable on or prior to the Closing.

 

(h) Each
of Issuer and SPAC is in compliance with all applicable laws, except where such non-compliance would not reasonably be expected to have
an Issuer/SPAC Material Adverse Effect. As of the date hereof, neither Issuer nor SPAC has received any written communication from a governmental
authority that alleges that Issuer or SPAC, as applicable, is not in compliance with or is in default or violation of any applicable law,
except where such non-compliance, default or violation would not reasonably be expected to have, individually or in the aggregate, an
Issuer/SPAC Material Adverse Effect. For the avoidance of doubt, this representation and warranty shall not apply to the extent any of
the foregoing matters or communications arise from or relate to the SEC Guidance and, in such case, such matters or communications shall
not constitute a breach of any representation or warranty by Issuer or SPAC.

 

(i) Assuming
the accuracy of the Investor’s representations and warranties set forth in Section 6 of this Subscription Agreement,
no registration under the Securities Act of 1933, as amended (the “Securities Act”), is required for the offer and
disposal of the Subscription Shares by Issuer to the Investor.

 

(j) None
of Issuer, SPAC or any person acting on their behalf has offered or sold the Subscription Shares by any form of general solicitation or
general advertising in violation of the Securities Act.

 

(k) As
of the date hereof, the issued and outstanding Class A Shares are registered pursuant to Section 12(b) of the Exchange Act and are listed
for trading on the NYSE. There is no suit, action, proceeding or investigation pending or, to the knowledge of SPAC, threatened against
SPAC by the NYSE or such other applicable stock exchange on which SPAC’s or its successor’s common stock is then listed or
the SEC with respect to any intention by such entity to deregister the Class A Shares or prohibit or terminate the listing of the Class
A Shares on the NYSE or such other applicable stock exchange on which SPAC’s or its successor’s common stock is then listed,
excluding, for the purposes of clarity, the customary ongoing review by the NYSE or such other applicable stock exchange on which SPAC’s
or its successor’s common stock is then listed in connection with the Transaction.

 

(l) Except
for such matters as have not had and would not reasonably be expected to have an Issuer/SPAC Material Adverse Effect, there is no (i)
suit, action, proceeding or arbitration before a governmental authority or arbitrator pending, or, to the knowledge of Issuer and SPAC,
as applicable, threatened in writing against Issuer or SPAC or (ii) judgment, decree, injunction, ruling or order of any governmental
authority or arbitrator outstanding against Issuer or SPAC. For the avoidance of doubt, this representation and warranty shall not apply
to the extent any of the foregoing matters arise from or relate to the SEC Guidance and, in such case, such matters shall not constitute
a breach of any representation or warranty by Issuer or SPAC.

 

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(m) Neither
Issuer nor SPAC is under any obligation to pay any broker’s fee or commission in connection with the offer and sale of the Subscription
Shares other than to Citigroup Global Markets Inc. and PJT Partners LP in their capacities as placement agents for the offer and sale
of the Subscription Shares (in such capacities, the “Placement Agents”). Neither Issuer nor SPAC has entered into any
agreement or arrangement entitling any agent, broker, investment banker, financial advisor or other person (including the Placement Agents)
to any broker’s or finder’s fee or any other commission or similar fee in connection with the transactions contemplated by
this Subscription Agreement for which the Investor could become liable.

 

(n) The
Other Subscription Agreements reflect the same Per Base Share Subscription Price and other terms and conditions with respect to the purchase
of the Subscription Shares that are not materially more favorable to the investors thereunder than the terms of this Subscription Agreement,
other than representations, warranties and terms particular to the regulatory requirements of such investor or its affiliates or related
funds. For the avoidance of doubt, this Section 5(n) shall not apply to any document entered into in connection with the Insider
PIPE Investment; provided, however, that such Insider PIPE Investment shall be with respect to the same class of Subscription
Shares being acquired by the Investor hereunder and at the same Per Base Share Subscription Price. None of the Issuer, the SPAC nor any
of their affiliates shall have entered into any side letter or similar agreement with any public shareholder of Class A Shares for the
primary purpose of providing consideration in exchange for an agreement by such public shareholder to not redeem its Class A Shares in
connection with the consummation of the Transaction, unless such consideration is also offered to the Investor.  Prior to
the entry by the Issuer, the SPAC or any of its affiliates into any agreement providing for consideration to a third party (who may or
may not be a public shareholder of Class A Shares, and other than the parties to the Transaction Agreement or their respective affiliates
or the Placement Agents) payable in securities of the Issuer, the primary purpose of which is for such third party to engage in market
transactions designed to limit the number of Class A Shares to be redeemed in connection with the consummation of the Transaction, the
Issuer shall provide the Investor (provided that the Investor’s Subscription Amount is greater than $100 million) with a materially
similar opportunity as that provided to such third party; upon written notice of such opportunity, the Investor shall have three (3) business
days to notify the Issuer of its acceptance of such opportunity. If the Issuer enters into another subscription agreement for Shares (other
than with parties to the Transaction Agreement or their respective affiliates), the Issuer shall provide the Investor (provided that the
Investor’s Subscription Amount is greater than $100 million) with a materially similar opportunity to invest additional money in
exchange for Shares as is provided to such third party; upon written notice of such opportunity, the Investor shall have three (3) business
days to notify the Issuer of its acceptance of such opportunity; provided, however, that if any subsequent subscription by Investor,
together with the Subscription Shares subscribed for pursuant to this Agreement, in the aggregate would cause Investor to own greater
than 4.9% of the outstanding Ordinary Shares of the Issuer at the Closing, such subsequent subscription shall be reduced such that Investor’s
ownership will not exceed such percentage.

 

(o) Issuer
is not, and immediately after receipt of payment for the Shares will not be, and “investment company” within the meaning of
the Investment Company Act of 1940, as amended.

 

6. Investor
Representations and Warranties. The Investor represents and warrants to Issuer and SPAC that:

 

(a) The
Investor (i) is a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act) or an “accredited
investor” (within the meaning of Rule 501(a) under the Securities Act), in each case, satisfying the applicable requirements
set forth on Schedule A, (ii) is acquiring all of the Subscription Shares only for his, her or its own account and not
for the account of others, or if the Investor is subscribing for the Subscription Shares as a fiduciary or agent for one or more investment
accounts, the Investor has full investment discretion with respect to each such account, and the full power and authority to make the
acknowledgements, representations and agreements herein on behalf of each owner of each such account, and (iii) is acquiring the
Subscription Shares for investment purposes only and not with a view to, or for offer or sale in connection with, any distribution thereof
in violation of the Securities Act or the laws of any jurisdiction (and shall provide the requested information set forth on Schedule A).
Accordingly, the Investor understands that the offering of the Subscription Shares meets (x) the exemptions from filing under FINRA
Rule 5123(b)(1)(C) or (J), or (y) the exemptions from filing under FINRA Rule 5123(b)(1)(A) and the institutional customer exemption under
FINRA Rule 2111(b). Investor is either (a) an entity not formed for the specific purpose of acquiring the Subscription Shares or (b) a
wholly owned subsidiary of an entity not formed for the specific purpose of acquiring the Subscription Shares.

 

    7

     

    

 

(b) The
Investor acknowledges and agrees that the Subscription Shares are being offered in a transaction not involving any public offering within
the meaning of the Securities Act, that the Subscription Shares have not been registered under the Securities Act and that Issuer is not
required to register the Subscription Shares except as set forth in Section 8 of this Subscription Agreement. The Investor
acknowledges and agrees that the Subscription Shares may not be offered, resold, transferred or otherwise disposed of by the Investor
absent an effective registration statement under the Securities Act except (i) to Issuer or a subsidiary thereof, (ii) to non-U.S.
persons pursuant to offers and sales that occur outside the United States within the meaning of Regulation S under the Securities Act,
or (iii) pursuant to another applicable exemption from the registration requirements of the Securities Act, and, in each case, in
accordance with any applicable securities laws of the states of the United States and other applicable jurisdictions, and that any certificates
or book entries representing the Subscription Shares shall contain a restrictive legend to such effect. The Investor acknowledges and
agrees that the Subscription Shares will be subject to these securities law transfer restrictions and, as a result of these transfer restrictions,
the Investor may not be able to readily offer, resell, transfer, pledge or otherwise dispose of the Subscription Shares and may be required
to bear the financial risk of an investment in the Subscription Shares for an indefinite period of time. The Investor acknowledges and
agrees that the Subscription Shares will not immediately be eligible for offer, resale, transfer, pledge or disposition pursuant to Rule 144
promulgated under the Securities Act, and that the provisions of Rule 144(i) under the Securities Act will apply to the Subscription Shares.
The Investor acknowledges and agrees that it has been advised to consult legal, tax and accounting advisors prior to making any offer,
resale, transfer, pledge or disposition of any of the Subscription Shares.

 

(c) Assuming
the accuracy of Issuer’s and SPAC’s representations and warranties in Section 5, the
consummation of the transactions contemplated pursuant to this Subscription Agreement, including the Transaction, will not (i) conflict
with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation
or imposition of any lien, charge or encumbrance upon any of the property or assets of the Investor or any of its subsidiaries pursuant
to the terms of any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which the Investor
or any of its subsidiaries is a party or by which the Investor or any of its subsidiaries is bound or to which any of the property or
assets of the Investor is subject that would reasonably be expected to have a material adverse effect on the ability of the Investor to
enter into and timely perform its obligations under this Subscription Agreement (an “Investor Material Adverse Effect”);
(ii) result in any violation of the provisions of the organizational documents of the Investor; or (iii) result in any violation
of any statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction
over the Investor or any of its properties that would reasonably be expected to have an Investor Material Adverse Effect.

 

(d) The
Investor acknowledges and agrees that the book-entry position representing the Subscription Shares will bear or reflect, as applicable,
a legend substantially similar to the following (provided that such legend shall be subject to removal in accordance with Section 8(h)
hereof):

 

“THE SECURITIES REPRESENTED
HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR ANY STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF THE ISSUER THAT THESE SECURITIES
MAY NOT BE OFFERED, RESOLD, TRANSFERRED OR OTHERWISE DISPOSED OF BY THE HOLDER ABSENT AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT EXCEPT (I) TO THE ISSUER OR A SUBSIDIARY THEREOF, (II) TO NON-U.S. PERSONS PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED
STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT OR (III) PURSUANT TO ANOTHER APPLICABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT, AND IN EACH CASE IN ACCORDANCE WITH APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES
AND THE APPLICABLE LAWS OF ANY OTHER JURISDICTION.”

 

    8

     

    

 

(e) The
Investor acknowledges and agrees that the Investor is purchasing the Subscription Shares from Issuer. The Investor further acknowledges
that there have been no representations, warranties, covenants and agreements made to the Investor by or on behalf of Issuer, SPAC, the
Company, any of their respective affiliates or any control persons, officers, directors, employees, agents or representatives of any of
the foregoing or any other person or entity, expressly or by implication, other than those representations, warranties, covenants and
agreements of Issuer and SPAC expressly set forth in Section 5 of this Subscription Agreement.

 

(f) The
Investor acknowledges and agrees that the Investor has received, reviewed and understood the offering materials made available to it in
connection with the Transaction and such information as the Investor deems necessary in order to make an investment decision with respect
to the Subscription Shares, including, with respect to Issuer and SPAC, such information regarding the Transaction and the business of
the Company and its subsidiaries. The Investor acknowledges and agrees that the Investor and the Investor’s professional advisor(s),
if any, have had the full opportunity to ask such questions, receive such answers from the Company directly and obtain such information
as the Investor and such Investor’s professional advisor(s), if any, have deemed necessary to make an investment decision with respect
to the Subscription Shares. The Investor has conducted and completed its own independent due diligence with respect to the Transaction.
Based on such information as Investor has deemed appropriate and without reliance upon the Placement Agents or any of their respective
affiliates, control persons, officers, directors, employees, agents or representatives, the Investor has independently made its own analysis
and decision to enter into the Transaction. Except for the representations, warranties and agreements of Issuer and SPAC expressly set
forth in this Subscription Agreement, the Investor is relying exclusively on its own sources of information, investment analysis and due
diligence (including professional advice it may deem appropriate) with respect to the Transaction, the Subscription Shares and the business,
condition (financial and otherwise), management, operations, properties and prospects of the Company, including but not limited to all
business, legal, regulatory, accounting, credit and tax matters.

 

(g) The
Investor became aware of this offering of the Subscription Shares solely by means of direct contact between the Investor and Issuer, SPAC,
the Company or a representative of Issuer, SPAC or the Company and the Subscription Shares were offered to the Investor solely by direct
contact between the Investor and Issuer, SPAC, the Company or a representative of Issuer, SPAC or the Company. The Investor did not become
aware of this offering of the Subscription Shares, nor were the Subscription Shares offered to the Investor, by any other means. The Investor
acknowledges that the Subscription Shares (i) were not offered to it by any form of general solicitation or general advertising and
(ii) to its knowledge are not being offered to it in a manner involving a public offering under, or in a distribution in violation of,
the Securities Act, any state securities laws or the securities laws of any other applicable jurisdiction. The Investor acknowledges that
it is not relying upon, and has not relied upon, any statement, representation or warranty made by any person, firm or corporation concerning
Issuer, SPAC, the Company, the Transaction, the Transaction Agreement, this Subscription Agreement or the transactions contemplated hereby
or thereby, the Subscription Shares or the offer and sale of the Subscription Shares (including, without limitation, by the Issuer, SPAC,
the Company, the Placement Agents, any of their respective affiliates or any control persons, officers, directors, employees, agents or
representatives of any of the foregoing), other than the representations and warranties of Issuer and SPAC contained in Section 5
of this Subscription Agreement, in making its investment or decision to invest in Issuer or SPAC. Moreover, the Investor acknowledges
that PJT Partners LP is acting as a Placement Agent to the Issuer and PJT Partners (UK) Limited, an affiliate of PJT Partners LP, is acting
as financial advisor to the Company in connection with the Transaction.

 

(h) The
Investor acknowledges that it is aware that there are substantial risks incident to the purchase and ownership of the Subscription Shares,
including those set forth in Issuer’s and SPAC’s filings with the SEC, if any. The Investor has such knowledge and experience
in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Subscription Shares, and,
without limiting the representations and warranties of Issuer and SPAC in Section 5, the Investor has sought such accounting, legal
and tax advice as the Investor has considered necessary to make an informed investment decision. The Investor acknowledges that the Investor
shall be responsible for any of the Investor’s tax liabilities that may arise as a result of the transactions contemplated by this
Subscription Agreement, and that none of SPAC, Issuer or the Company has provided any tax advice or any other representation or guarantee
regarding the tax consequences of the transactions contemplated by this Subscription Agreement.

 

    9

     

    

 

(i) Investor
has adequately analyzed and fully considered the risks of an investment in the Subscription Shares and determined that the Subscription
Shares or an investment therein (i) are fully consistent with its financial needs, objectives and condition, (ii) comply and are fully
consistent with all investment policies, guidelines and other restrictions applicable to it, and (iii) are suitable investment for it.
The Investor is able to bear the economic risk of a total loss of the Investor’s investment in the Subscription Shares. The Investor
acknowledges specifically that a possibility of total loss exists.

 

(j) The
Investor acknowledges and agrees that no federal or state agency has passed upon or endorsed the merits of the offering of the Subscription
Shares or made any findings or determination as to the fairness of this investment.

 

(k) The
Investor, if not a natural person, has been duly formed or incorporated and is validly existing and is in good standing under the laws
of its jurisdiction of formation or incorporation (to the extent such concept exists in such jurisdiction), with power and authority to
enter into, deliver and perform its obligations under this Subscription Agreement.

 

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

 

(m) Neither
the Investor nor, if the Investor is not a natural person, any of its officers, directors, managers, managing members, general partners
or any other person acting in a similar capacity or carrying out a similar function, is, or for the past five (5) years has been, (i)
a person, government, or governmental entity that is the target of economic or financial sanctions requirements, or trade embargoes imposed,
administered, or enforced by the U.S. government (including the U.S. Department of the Treasury’s Office of Foreign Assets Control
or the U.S. Department of State), the United Nations, the European Union or any individual European Union member state, the United Kingdom,
or other governmental authority (collectively, “Sanctions”), to the extent applicable, including (A) a person
listed on any list of sanctioned persons maintained by the U.S. Treasury Department’s Office of Foreign Assets Control, the U.S.
Department of State, the United Nations, the European Union or any individual European Union member state, the United Kingdom, or other
governmental authority, to the extent applicable; (B) a person organized, incorporated, established, located, or resident in Cuba,
Iran, North Korea, Syria, the Crimea region of Ukraine, or any other country or territory embargoed or subject to comprehensive Sanctions;
(C) any person directly or indirectly owned or controlled by any person or persons described in the foregoing clauses (A) and (B); (ii) a
Designated National, as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515; or (iii) a non-U.S. shell bank or providing
banking services indirectly to a non-U.S. shell bank (together with (i) and (ii), a “Prohibited Investor”). The Investor
represents that if it is a financial institution subject to the Bank Secrecy Act (31 U.S.C. Section 5311 et seq.) (the “BSA”),
as amended by the USA PATRIOT Act of 2001 (the “PATRIOT Act”), and its implementing regulations (collectively, the
“BSA/PATRIOT Act”), that the Investor maintains policies and procedures reasonably designed to comply with applicable
obligations under the BSA/PATRIOT Act. The Investor also represents that it maintains policies and procedures reasonably designed to ensure
compliance with applicable Sanctions, and that for the past five years, the Investor has been in compliance with applicable Sanctions
and the BSA/PATRIOT Act, as applicable. The Investor further represents that it has no knowledge or reason to know that the funds held
by the Investor and used to purchase the Subscription Shares were illegally derived or obtained, directly or indirectly, from a Prohibited
Investor, in violation of Sanctions or the BSA/PATRIOT Act. The Investor further represents that for the past five years, the Investor
has not (1) received written or other notice of any actual, alleged or apparent violation of applicable Sanctions or the BSA/PATRIOT Act,
as applicable, (2) been a party to or the subject of any pending (or to the Investor’s knowledge, threatened) civil, criminal or
administrative actions, suits, demands, investigations, proceedings, settlements or enforcement actions by or before any governmental
authority relating to any actual, alleged or apparent violations of applicable Sanctions or the BSA/PATRIOT Act, as applicable, or (3)
made any voluntary disclosure to any governmental authority with respect to any actual, alleged or apparent violation of applicable Sanctions
of the BSA/PATRIOT Act, as applicable.

 

    10

     

    

 

(n) If
the Investor is or is acting on behalf of (i) an employee benefit plan that is subject to Title I of the Employee Retirement
Income Security Act of 1974, as amended (“ERISA”), (ii) a plan, an individual retirement account or other arrangement
that is subject to Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”), (iii) an entity
whose underlying assets are considered to include “plan assets” of any such plan, account or arrangement described in clauses (i)
and (ii) (each, an “ERISA Plan”), or (iv) an employee benefit plan that is a governmental plan (as defined in
Section 3(32) of ERISA), a church plan (as defined in Section 3(33) of ERISA), a non-U.S. plan (as described in Section 4(b)(4)
of ERISA) or other plan that is not subject to the foregoing clauses (i), (ii) or (iii) but may be subject to provisions under any
other federal, state, local, non-U.S. or other laws or regulations that are substantially similar to such provisions of ERISA or the Code
(collectively, “Similar Laws,” and together with ERISA Plans, “Plans”), the Investor represents
and warrants that (A) it has not relied on Issuer, SPAC or any of its affiliates for investment advice or has otherwise acted as
the Plan’s fiduciary, with respect to its decision to acquire and hold the Subscription Shares, and none of the parties to the Transaction
is or shall at any time be the Plan’s fiduciary with respect to any decision in connection with the Investor’s investment
in the Subscription Shares; and (B) its purchase of the Subscription Shares will not result in a non-exempt prohibited transaction
under Section 406 of ERISA or Section 4975 of the Code, or any applicable Similar Law.

 

(o) The
Investor acknowledges that no disclosure or offering document has been prepared by the Placement Agents or any of their affiliates in
connection with the offer and sale of the Subscription Shares.

 

(p) The
Investor acknowledges that neither the Placement Agents nor any of their affiliates, control persons, officers, directors, employees,
agents or representatives, has made any independent investigation with respect to Issuer, SPAC, the Company or their subsidiaries or any
of their respective businesses, or the Subscription Shares or the accuracy, completeness or adequacy of any information supplied to the
Investor by Issuer, SPAC or the Company.

 

(q) The
Investor hereby acknowledges that in connection with the issuance and purchase of the Subscription Shares, the Placement Agents are acting
solely as SPAC’s placement agents and the Placement Agents have not acted and are not acting as underwriters or in any other capacity
and are not and shall not be construed as advisors or fiduciaries for the Investor or any other person or entity in connection with the
Transaction. Neither the Placement Agents nor any of their respective affiliates, control persons, officers, directors, employees, agents
or representatives has made and none of the Placement Agents or any of their respective affiliates, control persons, officers, directors,
employees, agents or representatives will make any representation or warranty, whether express or implied, of any kind or character and
have not provided any advice or recommendation in connection with the Transaction (except as provided above in subsection (g) in respect
of PJT Partners (UK) Limited), and neither the Placement Agents nor any of their respective affiliates, control persons, officers, directors,
employees, agents or representatives will have any responsibility with respect to (i) any representations, warranties or agreements made
by any person or entity under or in connection with the Transaction or any of the documents furnished pursuant thereto or in connection
therewith, or the execution, legality, validity or enforceability (with respect to any person) or any thereof, or (ii) the business, affairs,
financial condition, operations, properties or prospects of, or any other matter concerning the Company or the Transaction.

 

(r) The
Investor acknowledges that (i) the Placement Agents, and any of their respective affiliates, control persons, officers, directors, employees,
agents or representatives currently may have, and later may come into possession of, information regarding the Company, Issuer and SPAC
that is not known to the Investor and that may be material to a decision to purchase the Subscription Shares, (ii) the Investor has determined
to purchase the Subscription Shares notwithstanding its lack of knowledge of such information, and (iii) none of the Placement Agents
or any of their respective affiliates, control persons, officers, directors, employees, agents or representatives shall have liability
to the Investor, and the Investor hereby to the extent permitted by law waives and releases any claims it may have against the Placement
Agents and their respective affiliates, control persons, officers, directors, employees, agents or representatives, with respect to the
nondisclosure of such information.

 

    11

     

    

 

(s) The
Investor acknowledges that certain information provided to it was based on projections, and such projections were prepared based on assumptions
and estimates that are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks
and uncertainties that could cause actual results to differ materially from those contained in the projections. The Investor acknowledges
that such information and projections were prepared without the participation of the Placement Agents and that the Placement Agents do
not assume responsibility for independent verification of, or the accuracy or completeness of, such information or projections.

 

(t) The
Investor agrees that the Placement Agents shall not be liable to the Investor (including in contract, tort, under federal or state securities
laws or otherwise) for any action heretofore or hereafter taken or omitted to be taken by the Placement Agents in connection with the
offering of the Subscription Shares. On behalf of the Investor and its affiliates, the Investor releases the Placement Agents in respect
of any losses, claims, damages, obligations, penalties, judgments, awards, liabilities, costs, expenses or disbursements (“Losses”)
related to the offering of the Subscription Shares, other than any Losses that are finally judicially determined to have resulted from
the gross negligence or willful misconduct of one or more Placement Agents. The Investor agrees not to commence any litigation or bring
any claim against the Placement Agents in any court or any other forum which relates to, may arise out of, or is in connection with, the
offering of the Subscription Shares. This undertaking by the Investor is given freely and after obtaining independent legal advice.

 

(u) When
required to deliver payment to Issuer pursuant to Section 2 above, the Investor will have, sufficient funds to pay the Subscription
Amount and consummate the contribution into the capital contribution reserves (Zuschuss in die Kapitaleinlagereserven) of the Issuer
and the acquisition and disposal of the Subscription Shares pursuant to this Subscription Agreement.

 

(v) The
Investor acknowledges that any restatement, revision or other modification of the SEC Reports relating to or arising from the SEC Guidance
shall be deemed not material for purposes of this Subscription Agreement.

 

7. No
Hedging. The Investor hereby agrees that neither it, its controlled affiliates, nor any person or entity acting on its or its controlled
affiliates’ behalf or pursuant to any understanding with it, shall execute any short sales (as such term is defined in Regulation
SHO under the Exchange Act, 17 CFR 242.200) or engage in other hedging transactions of any kind with respect to the Subscription Shares
during the period from the date of this Subscription Agreement through the Closing (or such earlier termination of this Subscription Agreement).
Notwithstanding the foregoing, (i) nothing herein shall prohibit other entities under common management or that share an investment advisor
with the Investor (including the Investor’s controlled affiliates and/or affiliates) from entering into any such short sales and
(ii) in the case of an Investor that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions
of such Investor’s assets, the representation and limitation set forth above in this Section 7 shall only apply with respect to
the portion of assets managed by the portfolio manager that made the investment decision to purchase the Subscription Shares covered by
this Subscription Agreement. For the avoidance of doubt, this Section 7 shall not apply to any sale or hedging transaction (including
the exercise of any redemption right) of securities of the Issuer (i) held by the Investor, its controlled affiliates or any person or
entity acting on behalf of the Investor or any of its controlled affiliates prior to the execution of this Subscription Agreement or (ii)
purchased by the Investor, its controlled affiliates or any person or entity acting on behalf of the Investor or any of its controlled
affiliates in open market transactions after the execution of this Subscription Agreement.

 

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8. Registration
Rights.

 

(a) Issuer
agrees that, within thirty (30) calendar days following the Closing Date (such deadline, the “Filing Deadline”), Issuer
will submit to or file with the SEC a registration statement for a shelf registration on Form F-1 or Form F-3 (if Issuer is then eligible
to use a Form F-3 shelf registration) (the “Registration Statement”), in each case, covering the resale of the Subscription
Shares acquired by the Investor pursuant to this Subscription Agreement which are eligible for registration (determined as of two (2)
business days prior to such submission or filing) (the “Registrable Shares”) and Issuer shall use its commercially
reasonable efforts to have the Registration Statement declared effective as soon as practicable after the filing thereof, but no later
than the earlier of (i) the 60th calendar day following the filing date thereof if the SEC notifies Issuer that it will “review”
the Registration Statement and (ii) the 10th business day after the date Issuer is notified (orally or in writing, whichever is earlier)
by the SEC that the Registration Statement will not be “reviewed” or will not be subject to further review (such earlier date,
the “Effectiveness Deadline”); provided, however, that Issuer’s obligations to include the Registrable Shares
in the Registration Statement are contingent upon the Investor furnishing in writing to Issuer such information regarding the Investor
or its permitted assigns, the securities of Issuer held by the Investor and the intended method of disposition of the Registrable Shares
as shall be reasonably requested by the Issuer to effect the registration of the Registrable Shares, and the Investor shall execute such
documents in connection with such registration as the Issuer may reasonably request that are customary of a selling shareholder in similar
situations, including providing that the Issuer shall be entitled to postpone and suspend the effectiveness or use of the Registration
Statement, if applicable, as described in Section 8(e) herein; provided that the Investor shall not in connection with the foregoing be
required to execute any lock-up or similar agreement or otherwise be subject to any contractual restriction on the ability to transfer
the Registrable Shares. Reasonably promptly after the filing of the Registration Statement and each amendment thereto, Issuer shall inquire
of the SEC regarding the review status of such Registration Statement or amendment. Notwithstanding the foregoing, if the SEC prevents
the Issuer from including any or all of the Registrable Shares proposed to be registered under a Registration Statement due to limitations
on the use of Rule 415 under the Securities Act for the resale of the Registrable Shares pursuant to this Section 8 by the applicable
shareholders or otherwise, such Registration Statement shall register for resale such number of Registrable Shares which is equal to the
maximum number of Registrable Shares as is permitted to be registered by the SEC. In such event, the number of Registrable Shares to be
registered for each selling shareholder named in such Registration Statement shall be reduced pro rata among all such selling shareholders.
In the event Issuer amends the Registration Statement in accordance with the foregoing, Issuer will use its commercially reasonable efforts
to promptly file with the SEC one or more registration statements to register the resale of those Registrable Shares that were not registered
on the initial Registration Statement, as so amended. In no event shall the Investor be identified as a statutory underwriter in the Registration
Statement unless requested by the SEC; provided that if the SEC requests that the Investor be identified as a statutory underwriter in
the Registration Statement, the Investor will have an opportunity to withdraw its Registrable Shares from the Registration Statement.
Further, upon the written request of the Investor, Issuer shall use its commercially reasonable efforts to provide a draft of the Registration
Statement to Investor for review at least two (2) Business Days in advance of filing the Registration Statement; provided that, for the
avoidance of doubt, in no event shall Issuer be required to delay or postpone the filing of such Registration Statement as a result of
or in connection with Investor’s review. For as long as the Investor holds Registrable Shares, Issuer will use commercially reasonable
efforts to file all reports for so long as the condition in Rule 144(c)(1) (or Rule 144(i)(2), if applicable) under the Securities Act
is required to be satisfied, and provide all customary and reasonable cooperation, necessary to enable the undersigned to resell the Registrable
Shares pursuant to Rule 144 under the Securities Act (in each case, when Rule 144 under the Securities Act is available to the Investor).
Any failure by the Issuer to file the Registration Statement by the Filing Deadline or to cause such Registration Statement to become
effective by the Effectiveness Deadline shall not otherwise relieve Issuer of its obligations to file or cause the Registration Statement
to become effective as set forth above in this Section 8. In the case of the registration, qualification, exemption or compliance
effected by Issuer pursuant to this Subscription Agreement, Issuer shall, upon reasonable request, respond to the Investor as to the status
of such registration, qualification, exemption and compliance. For purposes of this Section 8, “Registrable Shares” shall
include, as of the date of determination, the Subscription Shares and any other equity security issued or issuable with respect to the
Subscription Shares by way of stock split, dividend, distribution, recapitalization, merger, exchange, replacement or similar event, and
“Investor” shall include any affiliate of the Investor to which the rights under this Section 8 have been duly assigned pursuant
to this Subscription Agreement.

 

    13

     

    

 

(b) At
its expense, the Issuer shall:

 

(i) except
for such times as the Issuer is permitted hereunder to suspend the use of the prospectus forming part of a Registration Statement, use
its commercially reasonable efforts to keep such registration, and any qualification, exemption or compliance under state securities laws
which the Issuer is required or otherwise determines to obtain, continuously effective with respect to the Investor, and to keep the applicable
Registration Statement or any subsequent shelf registration statement free of any material misstatements or omissions, until the earlier
of: (A) the date the Investor ceases to hold any Registrable Shares, (B) the date all Registrable Shares held by the Investor
may be sold without restriction under Rule 144 under the Securities Act, including without limitation, any volume and manner of sale restrictions
which may be applicable to affiliates under Rule 144 under the Securities Act and without the requirement for Issuer to be in compliance
with the current public information required under Rule 144(c)(1) (or Rule 144(i)(2), if applicable) under the Securities Act and (C)
three (3) years from the date of effectiveness of the Registration Statement. The period of time during which Issuer is required hereunder
to keep a Registration Statement effective is referred to herein as the “Registration Period”;

 

(ii) during
the Registration Period, advise the Investor, as expeditiously as possible (and in any event within two (2) business days):

 

(1)   after
it shall receive notice or obtain knowledge thereof, of the issuance by the SEC of any stop order suspending the effectiveness of any
Registration Statement or the initiation of any proceedings for such purpose;

 

(2)  of
the receipt by Issuer of any notification (which written notice from Issuer shall not contain any material non-public information regarding
Issuer, excluding for the avoidance of doubt, any information relating to the suspension) with respect to the suspension of the qualification
of the Registrable Shares included therein for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose;
and

 

(3)  subject
to the provisions in this Subscription Agreement, of the occurrence of any event that requires the making of any changes in any Registration
Statement or prospectus so that, as of such date, the statements therein are not misleading and do not omit to state a material fact required
to be stated therein or necessary to make the statements therein (in the case of a prospectus, in light of the circumstances under which
they were made) not misleading.

 

Notwithstanding anything to the contrary
set forth herein, the Issuer shall not, when so advising the Investor of such events, provide the Investor with any material, nonpublic
information regarding the Issuer other than to the extent that providing notice to the Investor of the occurrence of the events listed
in (1) through (3) above constitutes material, nonpublic information regarding the Issuer;

 

(iii) during
the Registration Period, use its commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of
any Registration Statement as soon as reasonably practicable;

 

(iv) during
the Registration Period, upon the occurrence of any event contemplated in Section 8(b)(ii)(3) above, except for such times as Issuer
is permitted hereunder to suspend, and has suspended, the use of a prospectus forming part of a Registration Statement, Issuer shall use
its commercially reasonable efforts to as soon as reasonably practicable prepare a post-effective amendment to such Registration Statement
or a supplement to the related prospectus, or file any other required document so that, as thereafter delivered to purchasers of the Registrable
Shares included therein, such prospectus will not include any untrue statement of a material fact or omit to state any material fact necessary
to make the statements therein, in light of the circumstances under which they were made, not misleading;

 

(v) during
the Registration Period, use its commercially reasonable efforts to cause all Registrable Shares to be listed on each securities exchange
or market, if any, on which the Class B Ordinary Shares are then listed; and

 

(vi) during
the Registration Period, use its commercially reasonable efforts to allow the Investor to review disclosure regarding the Investor in
the Registration Statement, if requested by the Investor in writing.

 

    14

     

    

 

(c) Demand
Rights

 

(i) At
any time during which the Registration Statement is effective, Investor may make a written request (which request shall specify the intended
method of disposition thereof) (a “Shelf Takedown Request”) to the Issuer to effect a sale of all or a portion of its
Registrable Shares that are covered by the Registration Statement, and the Issuer shall use commercially reasonable efforts to file a
prospectus supplement (a “Shelf Takedown Prospectus Supplement”) for such purpose as soon as reasonably practicable
following receipt of a Shelf Takedown Request. The Investors may request that any such sale be conducted as an underwritten public offering
(an “Underwritten Shelf Takedown”).

 

(ii) The
Issuer shall not be obligated to effect more than two Underwritten Shelf Takedowns initiated by Investor, and shall not be required to
effect an Underwritten Shelf Takedown unless the expected aggregate value of the Registrable Shares to be sold by Investor pursuant thereto
is reasonably expected to exceed $50 million. If the Investor withdraws a Shelf Takedown Request, it shall be deemed to have used one
of its two Underwritten Shelf Takedowns, unless it shall have reimbursed the Issuer for all Registration Expenses (as defined below) within
ten (10) business days of such withdrawal.

 

(iii) The
Issuer shall have the right, after consultation with the Investor, to determine the plan of distribution, including the price at which
the Registrable Shares are to be sold and the underwriting commissions, discounts and fees. The Issuer shall select the underwriters to
administer the offering (provided that such underwriters shall be reasonably satisfactory to the Investor).

 

(iv) If
the managing underwriter or underwriters, in good faith, advises the Issuer and the Investor pursuant to this Section 8(c)(iv) in writing
that, in its opinion, the dollar amount or number of Class B Ordinary Shares or other equity securities that the Issuer desires 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, then the Class
B Ordinary Shares or other securities to be included in such offering shall be those requested by (i) first, the Investor that initiated
the request for the Underwritten Shelf Takedown; and (ii) second, the Issuer or any other holder of the Issuer’s securities entitled
to include securities in such Underwritten Shelf Takedown pursuant to separate registration rights, to be determined by the Issuer in
its discretion.

 

(v) The
provisions of this Section 8(c) shall be available to the Investor for so long as it holds Subscription Shares with a market value of
equal to or greater than $100 million.

 

(d) Piggyback
Rights.

 

(i) If
the Issuer proposes to file a registration statement under the Securities Act with respect to an offering of Class B Ordinary Shares or
other equity securities exercisable or exchangeable for, or convertible into, Class B Ordinary Shares, for its own account or for the
account of other shareholders, other than (1) a registration statement (i) filed in connection with any employee share option or other
benefit plan, (ii) a registration statement on Form S-4, F-4 or S-8 (or any successor forms), (iii) for an exchange offer or offering
of securities solely to the Issuers’ existing shareholders, (iv) for an offering of debt that is convertible into equity securities
of the Issuer, (v) for a dividend reinvestment plan or similar plans, (vi) filed pursuant to a universal shelf registration statement
on Form S-3 or Form F-3, (vii) filed pursuant to Section 8(a) hereunder or (viii) filed in connection with any business combination or
acquisition by or involving the Issuer or its subsidiaries, or (2) the offering of securities of the Issuer in connection with an acquisition
by or involving the Company, then the Issuer shall give written notice of such proposed offering to the Investor as soon as practicable
(but not less than five (5) days prior to the anticipated filing by the Issuer with the SEC of any registration statement with respect
thereto), which notice shall (A) describe the expected amount and type of securities to be included in such offering, the intended method(s)
of distribution (including whether such registration will be pursuant to a shelf registration statement), the proposed date of filing
of such registration statement with the SEC and the name of the proposed managing underwriter or underwriters, if any, in such offering,
in each case to the extent then known, (B) describe such holder’s rights under this Section and (C) offer to the Investor the opportunity
to include in such registered offering such number of Registrable Shares as it may request in writing within three (3) days after receipt
of such written notice (such registered offering, a “Piggyback Registration”). Subject to Section 8(d)(ii), the Issuer
shall, in good faith, cause such Registrable Shares so requested to be included in such Piggyback Registration and, if applicable, shall
use its commercially reasonable efforts to cause the managing underwriter or underwriters of such Piggyback Registration to permit such
Registrable Shares to be included therein on the same terms and conditions as any similar securities of the Issuer or other shareholder(s)
for whose account the registration statement is to be filed included in such registered offering and to permit the sale or other disposition
of such Registrable Shares in accordance with the intended method(s) of distribution thereof. The inclusion of any of the Registrable
Shares in a Piggyback Registration shall be subject to the agreement of the Investor to enter into an underwriting agreement in customary
form with the underwriter(s) selected for such underwritten offering, and such other agreements (including a power of attorney and custody
agreement) customary for underwritten offerings.

 

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(ii) If
the managing underwriter or underwriters in an underwritten offering that is to be a Piggyback Registration, in good faith, advises the
Issuer and the Investor pursuant to this Section 8(d)(ii) in writing that, in its opinion, the dollar amount or number of Class B Ordinary
Shares or other equity securities that the Issuer desires to sell, taken together with (a) the Class B Ordinary Shares or other equity
securities, if any, as to which registration or a registered offering has been demanded pursuant to separate written contractual arrangements
with persons or entities other than the holders of Registrable Shares hereunder and (b) the Registrable Shares as to which registration
has been requested by the Investor pursuant to this Section 8(d) 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

 

(1) if
the registration or registered offering is undertaken for the Issuer’s account, the Issuer shall include in any such registration
or registered offering (a) first, the Class B Ordinary Shares or other equity securities that the Issuer desires to sell for its own account,
which can be sold without exceeding the Maximum Number of Securities; and (b) second, to the extent that the Maximum Number of Securities
has not been reached under the foregoing clause (a), the Registrable Shares requested to be included by the Investor, together with any
other holder of the Issuer’s securities entitled to include securities in such Piggyback Registration pursuant to separate registration
rights, pro rata based on the number Class B Ordinary Shares requested to be included by each such holder which can be sold without exceeding
the Maximum Number of Securities; and

 

(2) if
the registration or registered offering is undertaken pursuant to a request by persons or entities other than the Issuer, then the Issuer
shall include in any such registration or registered offering (a) first, the Class B Ordinary Shares or other equity securities, if any,
of such requesting persons or entities requested to be included in such Piggyback Registration, pro rata based on the number Class B Ordinary
Shares requested to be included by each such person, 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 Class B Ordinary Shares or
other equity securities that the Investor requests to include in such Piggyback Registration, 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 Class B Ordinary Shares or other equity securities the Issuer desires to sell for its own account, which can
be sold without exceeding the Maximum Number of Securities.

 

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(iii) The
Investor shall have the right to withdraw all or any portion of its Registrable Shares from a Piggyback Registration for any or no reason
whatsoever upon written notification to the Issuer and the underwriter or underwriters (if any) of its intention to withdraw such Registrable
Shares from such Piggyback Registration up to (a) in the case of a Piggyback Registration not involving an underwritten offering, three
(3) days prior to the effective date of the applicable Registration Statement or (b), in the case of any Piggyback Registration involving
an underwritten offering, three (3) days prior to the expected pricing date of such underwritten offering. The Issuer (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.

 

(iv) The
provisions of this Section 8(d) shall be available to the Investor for so long as it holds Subscription Shares with a market value of
equal to or greater than $75 million.

 

(e) Notwithstanding
anything to the contrary in this Subscription Agreement, the Issuer shall be entitled to delay the filing or effectiveness of, or suspend
the use of, the Registration Statement if it determines (i) that in order for the Registration Statement not to contain a material misstatement
or omission, (x) an amendment thereto would be needed to include information that would at that time not otherwise be required in a current,
quarterly, or annual report under the Exchange Act, (y) the negotiation or consummation of a transaction by the Issuer or its subsidiaries
is pending or an event has occurred, which negotiation, consummation or event the Issuer’s board of directors reasonably believes
would require additional disclosure by the Issuer in the Registration Statement of material information that the Issuer has a bona fide
business purpose for keeping confidential and the non-disclosure of which in the Registration Statement would be expected, in the reasonable
determination of the Issuer to cause the Registration Statement to fail to comply with applicable disclosure requirements, or (y) in the
good faith judgment of the Issuer’s board of directors, such filing or effectiveness or use of such Registration Statement, would
be seriously detrimental to the Issuer and the Issuer’s board of directors concludes as a result that it is essential to defer such
filing, or (ii) to delay the filing or initial effectiveness of, or suspend use of, a Registration Statement and such delay or suspension
arises out of, or is a result of, or is related to or is in connection with the SEC Guidance or other accounting matters, or any related
disclosure or other related matters (each such circumstance, a “Suspension Event”); provided, however, that Issuer
may not delay or suspend the Registration Statement for more than ninety (90) consecutive calendar days, or more than one hundred twenty
(120) total calendar days in each case during any twelve-month period. Upon receipt of any written notice from Issuer of the happening
of any Suspension Event during the period that the Registration Statement is effective or if as a result of a Suspension Event the Registration
Statement or related prospectus contains any untrue statement of a material fact or omits to state any material fact required to be stated
therein or necessary to make the statements therein (in light of the circumstances under which they were made, in the case of the prospectus)
not misleading, the Investor agrees that (i) it will immediately discontinue offers and sales of the Registrable Shares under the
Registration Statement (excluding, for the avoidance of doubt, sales conducted pursuant to Rule 144 under the Securities Act) until the
Investor receives copies of a supplemental or amended prospectus (which Issuer agrees to promptly prepare) that corrects the misstatement(s)
or omission(s) referred to above and receives notice that any post-effective amendment has become effective or unless otherwise notified
by Issuer that it may resume such offers and sales and (ii) it will maintain the confidentiality of any information included in such
written notice delivered by Issuer unless otherwise required by law or subpoena. If so directed by Issuer, the Investor will deliver to
Issuer or, in the Investor’s sole discretion destroy, all copies of the prospectus covering the Registrable Shares in the Investor’s
possession; provided, however, that this obligation to deliver or destroy all copies of the prospectus covering the Registrable Shares
shall not apply (A) to the extent the Investor is required to retain a copy of such prospectus (1) in order to comply with applicable
legal, regulatory, self-regulatory or professional requirements or (2) in accordance with a bona fide pre-existing document retention
policy or (B) to copies stored electronically on archival servers as a result of automatic data back-up. The Issuer shall act in
good faith to permit any suspension period contemplated by this paragraph to be concluded as promptly as reasonably possible. Notwithstanding
anything to the contrary set forth herein, Issuer shall not, when advising the Investor of a Suspension Event, provide the Investor with
any material, nonpublic information regarding Issuer other than to the extent that providing notice to the Investor of the occurrence
of a Suspension Event constitutes material, nonpublic information regarding Issuer.

 

(f) The
Issuer shall pay all fees and expenses incident to the performance of or compliance with its obligation to prepare, file and maintain
the Registration Statement and any prospectus supplement prepared in connection therewith. “Registration Expenses” shall mean
the out-of-pocket expenses of a Registration, including, without limitation, the following:

 

(i) 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 Registrable Shares are then listed;

 

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

 

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

 

(iv) reasonable
fees and disbursements of counsel for the Issuer;

 

(v) reasonable
fees and disbursements of all independent registered public accountants of the Issuer incurred in connection with such registration;

 

(vi) reasonable
fees and expenses of one (1) legal counsel selected by the Issuer to render any local counsel opinions in connection with the applicable
registration; and

 

(vii) up
to $50,000 in fees and expenses of one (1) legal counsel selected by investors whose Registrable Securities are included in an Underwritten
Shelf Takedown.

 

(g) Indemnification.

 

(i) Issuer
agrees to indemnify, to the extent permitted by law, the Investor (to the extent the Investor is a seller under the Registration Statement),
its directors, officers, partners, managers, members, shareholders, agents, advisors, and each person or entity who controls the Investor
(within the meaning of the Securities Act), to the extent permitted by law, against all losses, claims, damages, liabilities and reasonable
and documented out of pocket expenses (including reasonable and documented outside attorneys’ fees of one (1) law firm and one (1)
firm of local counsel) arising from, in connection with, or relating to any untrue or alleged untrue statement of material fact contained
or incorporated by reference in any Registration Statement, prospectus included 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 (in the case of a Prospectus, in light of the circumstances under which
they were made) not misleading, except insofar as the same are caused by or contained in any information or affidavit so furnished in
writing to Issuer by or on behalf of the Investor expressly for use therein.

 

(ii) In
connection with any Registration Statement in which the Investor is participating, the Investor shall furnish (or cause to be furnished)
to Issuer in writing such information as Issuer reasonably requests for use in connection with any such Registration Statement or Prospectus
and, to the extent permitted by law, the Investor shall, severally and not jointly with any Other Investor or any Insider PIPE Investor,
indemnify Issuer, its directors, officers, partners, managers, members, shareholders, agents, advisors, and each person or entity who
controls Issuer (within the meaning of the Securities Act) against all losses, claims, damages, liabilities and reasonable and documented
out of pocket expenses (including, without limitation, reasonable and documented outside attorneys’ fees of one (1) law firm and
one (1) firm of local counsel) arising from, in connection with, or relating to any untrue or alleged untrue statement of material fact
contained or incorporated by reference 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 (in the case of a Prospectus, in light of the circumstances under which they were made) not misleading, but only to the extent
that such untrue statement or omission is contained in (or not contained in, in the case of an omission) any information so furnished
in writing by or on behalf of the Investor expressly for use therein; provided, however, that the liability of the Investor shall be several
and not joint with any Other Investor or any Insider PIPE Investor and shall be in proportion to and limited to the net proceeds received
by the Investor from the sale of Registrable Shares giving rise to such indemnification obligation.

 

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(iii) Any
person or entity entitled to indemnification herein shall (A) 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 or entity’s
right to indemnification hereunder to the extent such failure has not prejudiced the indemnifying party) and (B) 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, delayed or conditioned). 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 (1) outside law
firm and one (1) firm of local counsel for all parties indemnified by such indemnifying party with respect to such claim, unless counsel
to any indemnified party advises such party that a conflict of interest actually exists between such indemnified party and any other of
such indemnified parties with respect to such claim. No indemnifying party shall, without the prior written 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 includes a statement
or admission of fault or culpability on the part of such indemnified party or which 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. 

 

(iv) The
indemnification provided for under this Subscription 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 or entity of such indemnified party and shall
survive the transfer of securities. 

 

(v) If
the indemnification provided under this Section 8(g) 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; provided, however, that the liability of the Investor
shall be limited to the net proceeds received by the Investor from the sale of Registrable Shares giving rise to such indemnification
obligation. 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 not made by, in the case of an omission), or relates to information supplied by (or not supplied
by, in the case of an omission), such indemnifying party or indemnified party, and the indemnifying party’s and indemnified party’s
relative intent, knowledge, access to information and opportunity to correct or prevent such action. The amount paid or payable by a party
as a result of the losses or other liabilities referred to above shall be deemed to include, subject to the limitations set forth in Sections
8(g)(i), (ii) and (iii) above, any legal or other fees, charges or expenses reasonably and actually incurred by such party in connection
with any investigation or proceeding. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities
Act) shall be entitled to contribution pursuant to this Section 8(g)(v) from any person or entity who was not guilty of such fraudulent
misrepresentation.

 

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(h) With
a view to making available to the Investor the benefits of Rule 144 that may, at such times as Rule 144 is available to shareholders of
Issuer, permit the Investor to sell Subscribed Shares to the public without registration, for so long as Investor holds Subscribed Shares,
Issuer agrees to: (i) make and keep public information available, as those terms are understood and defined in Rule 144; and (ii) file
with the Commission in a timely manner all reports and other documents required of Issuer under the Securities Act and the Exchange Act
so long as Issuer remains subject to such requirements and the filing of such reports and other documents is required for the applicable
provisions of Rule 144.

 

(i) If
the Subscription Shares (i) are eligible to be sold without volume or manner of sale restrictions under Rule 144 of the Securities Act,
(ii) are transferred pursuant to an effective registration statement or Rule 144, or (iii) are sold to a Qualified Institutional Buyer
(as defined in Rule 144A promulgated under the Securities Act) pursuant to an exemption from registration under the Securities Act (in
each case, including any transfer of the Subscription Shares contemplated by Section 8(i) below), then at the Investor’s request,
and subject to the Investor’s execution of customary representation letters, if applicable, and the Issuer's receipt of customary
broker representation letters, if applicable, Issuer will, (A) within two (2) trading days, provide all documentation and instruction
required for the transfer agent for the Subscription Shares (the “Transfer Agent”), and (B) reasonably cooperate with
the Investor and the Transfer Agent to effectuate such sale or transfer (including, if required by the Transfer Agent, delivering an opinion
of Issuer’s counsel in a form reasonably acceptable to the Transfer Agent), and, except with respect to a transfer pursuant to clause
(iii) above, to remove any remaining restrictive legend set forth on such Subscription Shares. Issuer shall be responsible for the fees
of its legal counsel and the Transfer Agent associated with such legend removal and transfers.

 

(j) The
Issuer acknowledges and agrees that the Investor may from time to time after the Closing pledge or grant a security interest in some or
all of the Subscription Shares to a financial institution that is an “accredited investor” as defined in Rule 501(a) under
the Securities Act and, if required under the terms of such arrangement, the Investor may transfer, pledge or secure Subscription Shares
to the pledgees or secured parties. Such a pledge or transfer would not be subject to approval of the Issuer and no opinion of counsel
will be required by the Issuer; provided that the Investor and its pledgee shall be required to comply with other provisions of
this Section 8 in order to effect a sale, transfer or assignment of the Subscription Shares to such pledgee. The Company will promptly
execute and deliver such reasonable documentation (including, for the avoidance of doubt, an acknowledgment that the Subscription Shares
are subject to a pledge and are not subject to any contractual prohibition on pledging or lock up) as a pledgee or secured party of Subscription
Shares may reasonably request in connection with a pledge or transfer of the Subscription Shares, including, if the Subscription Shares
are included in a registration pursuant to this Section 8, the preparation and filing of any required prospectus supplement under the
Securities Act or other applicable provision of the Securities Act to appropriately amend the list of selling shareholders thereunder.

 

9. Termination.
This Subscription Agreement shall terminate and be void and of no further force and effect, and all rights and obligations of the parties
hereunder shall terminate without any further liability on the part of any party in respect thereof, (x) upon the earliest to occur of
(i) such date and time as the Transaction Agreement is terminated in accordance with its terms, (ii) the mutual written agreement
of each of the parties hereto to terminate this Subscription Agreement, and (iii) 60 days after the Agreement End Date (as defined in
the Transaction Agreement as in effect on the date hereof), if the Closing has not occurred by such date (provided, that the right to
terminate this Subscription Agreement pursuant to this clause (iii) shall not be available to the Investor if the Investor’s or
its assignee’s breach of any of its covenants or obligations under this Subscription Agreement (or if an affiliate of the Investor
is one of the Investors under an Other Subscription Agreement, such other Investor’s breach of any of its covenants or obligations
under the Other Subscription Agreement) either individually or in the aggregate, shall have proximately caused the failure of the consummation
of the Transaction on or before the such date) or (y) if the conditions to closing set forth in Section 3 of this Subscription Agreement
are not satisfied or waived, or are not capable of being satisfied, on or prior to the Closing and, as a result thereof, the transactions
contemplated by this Subscription Agreement will not be or are not consummated at the Closing; provided that nothing herein will
relieve any party from liability for any willful breach hereof prior to the time of termination, and each party will be entitled to any
remedies at law or in equity to recover losses, liabilities or damages arising from any such willful breach. Issuer or SPAC shall notify
the Investor of the termination of the Transaction Agreement promptly after the termination of such agreement. Upon the termination of
this Subscription Agreement in accordance with this Section 9, any monies paid by the Investor to the Escrow Account or SPAC
in connection herewith shall be promptly (and in any event within two (2) business days after such termination) returned to the Investor.

 

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10. Trust
Account Waiver. The Investor acknowledges that SPAC is a blank check company with the powers and privileges to effect a merger, asset
acquisition, reorganization or similar business combination involving SPAC and one or more businesses or assets. The Investor further
acknowledges that, as described in SPAC’s final prospectus relating to its initial public offering (the “IPO Prospectus”)
available at www.sec.gov, substantially all of SPAC’s assets consist of the cash proceeds of SPAC’s initial public offering
and private placement of its securities, and substantially all of those proceeds have been deposited in a trust account (the “Trust
Account”) for the benefit of SPAC, its public shareholders and the underwriter(s) of SPAC’s initial public offering. Except
with respect to interest earned on the funds held in the Trust Account that may be released to SPAC to pay its tax obligations, if any,
the cash in the Trust Account may be disbursed only for the purposes set forth in the IPO Prospectus. For and in consideration of SPAC
entering into this Subscription Agreement, the receipt and sufficiency of which are hereby acknowledged, the Investor hereby irrevocably
waives any and all right, title and interest, or any claim of any kind it has or may have in the future, in or to any monies held in the
Trust Account, and agrees not to seek recourse against the Trust Account as a result of, or arising out of, this Subscription Agreement;
provided that nothing in this Section 10 shall be deemed to limit the Investor’s right, title, interest or claim to
the Trust Account by virtue of the Investor’s record or beneficial ownership of the Class A Ordinary Shares of SPAC acquired by
any means other than pursuant to this Subscription Agreement.

 

11. Miscellaneous.

 

(a) Without
the prior written consent of Issuer and SPAC, neither this Subscription Agreement nor any rights that may accrue to the Investor hereunder
(other than the Subscription Shares acquired hereunder, if any) may be transferred or assigned, other than, upon written notice to Issuer,
SPAC and the Company, to a wholly owned subsidiary of Investor, to any fund or account managed by the same investment manager as the Investor
or an affiliate thereof, or to an investment adviser that manages the Investor or an affiliate thereof that controls, is controlled by
or is under common control with such Investor or such investment manager or investment adviser), subject to, if such transfer or assignment
is prior to the Closing, such transferee or assignee, as applicable, executing a joinder to this Subscription Agreement or a separate
subscription agreement in substantially the same form as this Subscription Agreement, including with respect to the Subscription Amount
and other terms and conditions; provided that, in the case of any such transfer or assignment, the initial party to this Subscription
Agreement shall remain bound by its obligations under this Subscription Agreement in the event that the transferee or assignee, as applicable,
does not comply with its obligations to consummate the purchase of Subscription Shares contemplated hereby. Any purported transfer or
assignment not in accordance with this Section 11(a) shall be void. Neither this Subscription Agreement nor any rights that may
accrue to Issuer and SPAC hereunder or any of Issuer’s and SPAC’s obligations hereunder may be transferred or assigned other
than pursuant to the Transaction.

 

(b) Issuer
and SPAC may reasonably request from the Investor such additional information as Issuer and SPAC may deem necessary to evaluate the eligibility
of the Investor to acquire the Subscription Shares and in connection with the inclusion of the Subscription Shares in the Registration
Statement, and the Investor shall provide such information as may reasonably be requested, to the extent readily available and to the
extent consistent with its internal policies and procedures provided that Issuer and SPAC agree to keep any such information provided
by Investor confidential, except as may be required by applicable law, rule, regulation or in connection with any legal proceeding or
regulatory request. The Investor acknowledges that Issuer or SPAC may file a copy of this Subscription Agreement with the SEC as an exhibit
to a current or periodic report or a registration statement of Issuer or SPAC.

 

(c) The
Investor acknowledges that (i) Issuer and SPAC will rely on the acknowledgments, understandings, agreements, representations and warranties
of the Investor contained in this Subscription Agreement and (ii) the Placement Agents will rely on, and are third party beneficiaries
of the acknowledgments, understandings, agreements, representations and warranties of the Investor contained in Section 6, this
Section 11 and Section 12 of this Subscription Agreement (on their own behalf and not, for the avoidance of doubt, on behalf
of SPAC, Issuer or the Company). Prior to the Closing, each party agrees to promptly notify the other party and the Placement Agents if
any of the acknowledgments, understandings, agreements, representations and warranties of such party set forth herein are, to their knowledge,
no longer accurate. The Investor acknowledges and agrees that the purchase by the Investor of Subscription Shares from Issuer or SPAC
will constitute a reaffirmation of the acknowledgments, understandings, agreements, representations and warranties herein (as modified
by any such notice) by the Investor as of the time of such purchase.

 

(d) Issuer,
SPAC, the Company, the Placement Agents and the Investor are each entitled to rely upon this Subscription Agreement and each is irrevocably
authorized to produce this Subscription Agreement or a copy hereof to any interested party in any administrative or legal proceeding or
official inquiry with respect to the matters covered hereby.

 

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(e) This
Subscription Agreement may not be amended, modified, waived or terminated (other than pursuant to the terms of Section 9 above)
except by an instrument in writing, signed by each of the parties hereto and, to the extent required by the Transaction Agreement, the
Company. No failure or delay of either party in exercising any right or remedy hereunder shall operate as a waiver thereof, nor shall
any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such right or power,
or any course of conduct, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies
of the parties and third party beneficiaries hereunder are cumulative and are not exclusive of any rights or remedies that they would
otherwise have hereunder.

 

(f) This
Subscription Agreement (including Schedule A hereto) constitutes the entire agreement, and supersedes all other prior agreements,
understandings, representations and warranties, both written and oral, among the parties, with respect to the subject matter hereof. Except
as set forth in Section 8(d), Section 11(c), Section 11(d) and Section 12 with respect to the persons
referenced therein, this Subscription Agreement shall not confer any rights or remedies upon any person other than the parties hereto,
and their respective successor and assigns; provided that the Company is an express third-party beneficiary of this Subscription Agreement
and shall be entitled to seek specific enforcement of the provisions hereof against the Investor or in the event of a breach of this Subscription
Agreement by Investor to seek a damages recovery. No express acknowledgement by the Company of the third-party beneficiary rights conferred
hereby shall be required in order for such rights to accrue to or be enforceable by the Company.

 

(g) Except
as otherwise provided herein, this Subscription Agreement shall be binding upon, and inure to the benefit of the parties hereto and their
heirs, executors, administrators, successors, legal representatives, and permitted assigns, and the agreements, representations, warranties,
covenants and acknowledgments contained herein shall be deemed to be made by, and be binding upon, such heirs, executors, administrators,
successors, legal representatives and permitted assigns.

 

(h) If
any provision of this Subscription Agreement shall be adjudicated by a court of competent jurisdiction to be invalid, illegal or unenforceable,
the validity, legality or enforceability of the remaining provisions of this Subscription Agreement shall not in any way be affected or
impaired thereby and shall continue in full force and effect.

 

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

 

(j) The
parties hereto acknowledge and agree that irreparable damage would occur in the event that any of the provisions of this Subscription
Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties
shall be entitled to an injunction or injunctions to prevent breaches of this Subscription Agreement, without posting a bond or undertaking
and without proof of damages, to enforce specifically the terms and provisions of this Subscription Agreement, this being in addition
to any other remedy to which such party is entitled at law, in equity, in contract, in tort or otherwise.

 

(k) All
of the representations and warranties contained in this Subscription Agreement shall survive the Closing. All of the covenants and agreements
made by each party hereto in this Subscription Agreement shall survive the Closing until the expiration of any statute of limitations
pursuant to applicable law or in accordance with their respective terms, if a shorter period.

 

    22

     

    

 

(l) THE
PARTIES HERETO IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK,
THE SUPREME COURT OF THE STATE OF NEW YORK AND THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA LOCATED IN THE STATE OF NEW YORK SOLELY
IN RESPECT OF THE INTERPRETATION AND ENFORCEMENT OF THE PROVISIONS OF THIS SUBSCRIPTION AGREEMENT AND THE DOCUMENTS REFERRED TO IN THIS
SUBSCRIPTION AGREEMENT AND IN RESPECT OF THE TRANSACTIONS CONTEMPLATED HEREBY, AND HEREBY WAIVE, AND AGREE NOT TO ASSERT, AS A DEFENSE
IN ANY ACTION, SUIT OR PROCEEDING FOR INTERPRETATION OR ENFORCEMENT HEREOF OR ANY SUCH DOCUMENT THAT IS NOT SUBJECT THERETO OR THAT SUCH
ACTION, SUIT OR PROCEEDING MAY NOT BE BROUGHT OR IS NOT MAINTAINABLE IN SAID COURTS OR THAT VENUE THEREOF MAY NOT BE APPROPRIATE OR THAT
THIS SUBSCRIPTION AGREEMENT OR ANY SUCH DOCUMENT MAY NOT BE ENFORCED IN OR BY SUCH COURTS, AND THE PARTIES HERETO IRREVOCABLY AGREE THAT
ALL CLAIMS WITH RESPECT TO SUCH ACTION, SUIT OR PROCEEDING SHALL BE HEARD AND DETERMINED BY SUCH A NEW
YORK STATE OR FEDERAL COURT. THE PARTIES HEREBY CONSENT TO AND GRANT ANY SUCH COURT JURISDICTION OVER THE PERSON OF SUCH PARTIES
AND OVER THE SUBJECT MATTER OF SUCH DISPUTE AND AGREE THAT MAILING OF PROCESS OR OTHER PAPERS IN CONNECTION WITH SUCH ACTION, SUIT OR
PROCEEDING IN THE MANNER PROVIDED IN SECTION 14 OF THIS SUBSCRIPTION AGREEMENT OR IN SUCH OTHER MANNER AS MAY BE PERMITTED BY LAW
SHALL BE VALID AND SUFFICIENT SERVICE THEREOF. THIS SUBSCRIPTION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS THAT WOULD OTHERWISE REQUIRE THE APPLICATION OF THE
LAW OF ANY OTHER STATE.

 

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

 

(n) The
obligations of the Investor and each Other Investor and each Insider PIPE Investors in connection with the PIPE Investment are several
and not joint, and Investor shall not be responsible in any way for the performance of the obligations of any Other Investor or any Insider
PIPE Investor in connection with the PIPE Investment. Nothing contained herein or in any Other Subscription Agreement or any Insider PIPE
Subscription Agreement, and no action taken by Investor or any Other Investor or any Insider PIPE Investor, as applicable, pursuant hereto
or thereto, shall be deemed to constitute the Investor and any Other Investor or any Insider PIPE Investors as a partnership, an association,
a joint venture or any other kind of entity, or create a presumption that the Investor and Other Investors and Insider PIPE Investors
are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated hereby.

 

(o) For
purposes of this Subscription Agreement, “business day” shall mean a day, other than a Saturday, Sunday or other day on which
commercial banks in New York City, United States or Zurich, Switzerland are authorized or required by law to close.

 

(p) For
U.S. federal income tax purposes, the PIPE Investment taken together with the Company Merger is intended to qualify as a tax-deferred
exchange under Section 351(a) of the Code and the Investor, the Issuer, the SPAC and the Company agree not to take any position for tax
purposes inconsistent with such intended tax treatment unless otherwise required pursuant to a “determination” within the
meaning of Section 1313(a) of the Code.

 

    23

     

    

 

12. Non-Reliance
and Exculpation. The Investor acknowledges that it is not relying upon, and has not relied upon, any statement, representation or
warranty made by any person, firm or corporation (including, without limitation, Issuer, SPAC, the Placement Agents or the Company, any
of their respective affiliates or any control persons, officers, directors, employees, partners, agents or representatives of any of the
foregoing), other than the statements, representations and warranties of Issuer and SPAC expressly contained in Section 5
of this Subscription Agreement, in making its investment or decision to invest in Issuer or SPAC. The Investor acknowledges and agrees
that none of (i) any Other Investor or any Insider PIPE Investor under any Other Subscription Agreement or any Insider PIPE Subscription
Agreement, as applicable (including such Other Investor’s or such Insider PIPE Investor’s respective affiliates or any control
persons, officers, directors, employees, partners, agents or representatives of any of the foregoing), (ii) the Placement Agents,
(iii) any party to the Transaction Agreement (other than Issuer and SPAC), or (iv) any affiliates, or any control persons, officers,
directors, employees, partners, agents or representatives of any of Issuer, SPAC, the Company or any other party to the Transaction Agreement
(other than Issuer and SPAC) shall be liable (including without limitation, for or with respect to any losses, claims, damages, obligations,
penalties, judgments, awards, liabilities, costs, expenses or disbursements incurred by the Investor, the Company or any other person
or entity), whether in contract, tort or otherwise, or have any liability or obligation, to the Investor or any person claiming through
the Investor, related to the private placement of the Subscription Shares, the negotiation hereof or the subject matter hereof, or the
transactions contemplated hereby, for any action heretofore or hereafter taken or omitted to be taken by any of them in connection with
the purchase of the Subscription Shares.

 

13. Press
Releases. SPAC shall on the first business day immediately following the date of this Subscription Agreement, issue one or more press
releases or furnish or file with the SEC a Current Report on Form 8-K (collectively, the “Disclosure Document”) disclosing,
to the extent not previously publicly disclosed, all material terms of the Transaction and any other material, non-public information
that Issuer or SPAC has provided to the Investor at any time prior to the filing of the Disclosure Document. From and after the disclosure
of the Disclosure Document, to the knowledge of Issuer and SPAC, the Investor shall not be in possession of any material, non-public information
received from Issuer or SPAC or any of its officers, directors or employees, and the Investor shall no longer be subject to any confidentiality
or similar obligations under any current agreement, whether written or oral, with Issuer, SPAC, the Placement Agents or any of their respective
affiliates, relating to the transactions contemplated hereby. All Disclosure Documents, press releases or other public communications
relating to the transactions contemplated by this Subscription Agreement, and the method of the release for publication thereof, shall
be subject to the prior written approval of (i) SPAC, and (ii) to the extent such Disclosure Documents, press release or public communication
references the Investor or its affiliates or investment advisers by name, the Investor, which approval shall not be unreasonably withheld
or conditioned; provided that none of Issuer, SPAC or the Investor shall be required to obtain consent pursuant to this Section
13 to the extent any proposed release or statement is substantially equivalent to the information that has previously been made public
without breach of the obligation under this Section 13. The restriction in this Section 13 shall not apply to the extent
the public announcement is required by applicable securities law, any governmental authority or stock exchange rule; provided,
that in such an event, the applicable parties shall use its commercially reasonable efforts to consult with the other party in advance
of such disclosure as to its form, content and timing.

 

14. Notices.
All notices and other communications among the parties shall be in writing and shall be deemed to have been duly given (i) when delivered
in person, (ii) when delivered after posting in the United States mail having been sent registered or certified mail return receipt requested,
postage prepaid, (iii) when delivered by FedEx or other nationally recognized overnight delivery service, or (iv) when delivered by email
(in each case in this clause (iv), solely if receipt is confirmed, but excluding any automated reply, such as an out-of-office notification),
addressed as follows:

 

If to the Investor, to the address provided
on the Investor’s signature page hereto.

 

If to Issuer or SPAC, to:

 

Allwyn Entertainment AG

c/o SAZKA Entertainment AG, Weinmarkt 9

6004 Lucerne

Switzerland

		Attention:	Chief Operating Officer, SAZKA Entertainment AG

		Email:	Jan.Matuska@sazkaent.com

 

    24

     

    

 

Cohn Robbins Holdings Corp.

1000 N. West Street

Wilmington, Delaware 19801

		Attention:	Charles Kwon

		Email:	charles@cohnrobbins.com

 

with copies to (which shall not constitute notice), to:

 

Skadden, Arps, Slate, Meagher & Flom LLP

One Manhattan West

New York, New York 10001

	 	Attention:	Howard L. Ellin
	 	 	June Dipchand
	 	 	Shana Elberg
	 	Email: 	howard.ellin@skadden.com
	 	 	june.dipchand@skadden.com
	 	 	Shana.Elberg@skadden.com

 

and

 

SAZKA Entertainment AG

Weinmarkt 9

6004 Lucerne

Switzerland

	 	Attention:	Pascal Genoud
	 	 	Katarina Kohlmayer
	 	 	Jonathan Handyside
	 	Email: 	Pascal.Genoud@allwynent.com
	 	 	Katarina.Kohlmayer@kkcg.com 
	 	 	Jonathan.Handyside@allwenyent.com 

 

and

 

Kirkland & Ellis LLP

601 Lexington Avenue

New York, New York 10022

		Attention:	Peter S. Seligson

		Email:	peter.seligson@kirkland.com

 

or to such other address or addresses for a party
as such party may from time to time designate in writing by notice to the other parties. Copies delivered solely to outside counsel shall
not constitute notice.

 

[SIGNATURE PAGES FOLLOW]

 

    25

     

    

 

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

 

	
     Name of Investor:
	State/Country of Formation or Domicile:
	 	 
	By:  _____________________________________	 
	Name:  ___________________________________	 
	Title:  ___________________________________	 
	 	 
	Name in which Subscription Shares are to be registered (if different):

                                      
	Date: ________, 2022
	
    Investor’s EIN:

     

    Entity Type (e.g., corporation, partnership, trust, etc.):

     
	 
	Business Address-Street:	Mailing Address-Street (if different):
	City, State, Zip:	City, State, Zip:
	Attn:  ____________________________________	Attn:  ____________________________________
	Telephone No.:	Telephone No.:
	Facsimile No.:	Facsimile No.:
	 	 
	Number of Subscription Shares to be purchased: 

[●] (the “Base Shares”) multiplied by the Class B Exchange Ratio	 

 

	Aggregate Subscription Amount: $	 	 	Per Base Share Subscription Price: $10.00	 

 

You must pay the Subscription
Amount by wire transfer of U.S. dollars in immediately available funds to the Escrow Account specified by the Issuer in the Closing Notice.

 

[Signature Page to Subscription Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, Issuer has accepted this Subscription
Agreement as of the date set forth below.

 

	 	Allwyn Entertainment AG
	 	 	 	 
	 	By:	            
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	By:	    
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	Date:               , 2022			 

 

[Signature Page to Subscription Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, SPAC has accepted this Subscription
Agreement as of the date set forth below.

 

	 	Cohn Robbins Holdings Corp.
	 	 
	 	By:	
	 	 	Name:   	Clifton S. Robbins
	 	 	Title:	Co-Chairman
	Date:                         ,
2022	 	 	 

 

[Signature Page to Subscription Agreement]

 

     

     

    

 

SCHEDULE A

 

ELIGIBILITY REPRESENTATIONS OF THE INVESTOR

 

A. QUALIFIED INSTITUTIONAL BUYER STATUS

(Please check the applicable subparagraphs):

 

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

 

** OR **

 

B. ACCREDITED INVESTOR STATUS

(Please check the applicable subparagraphs):

 

		1.	☐ We are an “accredited investor” (within the meaning of Rule 501(a) under the
Securities Act) or an entity in which all of the equity holders are accredited investors within the meaning of Rule 501(a) under
the Securities Act, and have marked and initialed the appropriate box on the following page indicating the provision under which we qualify
as an “accredited investor.”

 

		2.	☐ We are not a natural person.

 

Rule 501(a) under the Securities Act, in
relevant part, states that an “accredited investor” shall mean any person who comes within any of the below listed categories,
or who the issuer reasonably believes comes within any of the below listed categories, at the time of the sale of the securities to that
person. You have indicated, by marking and initialing the appropriate box below, the provision(s) below which apply to you and under which
you accordingly qualify as an “accredited investor.”

 

		☐	Any bank or any savings and loan association, registered broker or dealer, insurance company, registered
investment company, business development company, or small business investment company;

 

		☐	Any plan established and maintained by a state, its political subdivisions, or any agency or instrumentality
of a state or its political subdivisions for the benefit of its employees, if such plan has total assets in excess of $5,000,000;

 

		☐	Any employee benefit plan, within the meaning of the Employee Retirement Income Security Act of 1974,
if a bank, insurance company, or registered investment advisor makes the investment decisions, or if the plan has total assets in excess
of $5,000,000;

 

		☐	Any organization described in Section 501(c)(3) of the Internal Revenue Code, corporation, Massachusetts
or similar business trust, partnership, or limited liability company, not formed for the specific purpose of acquiring the securities
offered, with total assets in excess of $5,000,000;

 

		☐	Any trust with assets in excess of $5,000,000, not formed to acquire the securities offered, whose purchase
is directed by a sophisticated person as described in Rule 506 under the Securities Act; or

 

		☐	Any entity in which all of the equity owners are accredited investors meeting one or more of the above
tests.

 

This page should be completed by the Investor

and constitutes a part of the Subscription Agreement

 

[Schedule A to Subscription Agreement]

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