Document:

Exhibit 10.2 

 

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This Investment Management Trust Agreement
(this “Agreement”) is made effective as of February 5, 2021 by and between HH&L Acquisition
Co., a Cayman Islands exempted company (the “Company”), and Continental Stock Transfer & Trust
Company, a New York corporation (the “Trustee”).

 

WHEREAS, the Company’s registration
statement on Form S-1, File No. 333-252254 (the “Registration Statement”) and prospectus (the
 “Prospectus”) for the initial public offering (the “Offering”) of the Company’s
units (the “Units”), each of which consists of one Class A ordinary share, par value $0.0001 per
share (the “Ordinary Shares”), and one-half of one redeemable warrant, has been declared effective as
of the date hereof by the U.S. Securities and Exchange Commission; and

 

WHEREAS, the Company has entered into
an Underwriting Agreement (the “Underwriting Agreement”) with Goldman Sachs (Asia) L.L.C. and Credit
Suisse Securities (USA) LLC, as representatives (the “Representatives”) of the several underwriters
(the “Underwriters”) named therein; and

 

WHEREAS, as described in the Prospectus,
$360,000,000 of the gross proceeds of the Offering and sale of the Private Placement Warrants (as defined in the Underwriting
Agreement) (or $414,000,000 if the Underwriters’ over-allotment option is exercised in full) will be delivered to the Trustee
to be deposited and held in a segregated trust account located at all times in the United States (the “Trust Account”)
for the benefit of the Company and the holders of the Ordinary Shares included in the Units issued in the Offering as hereinafter
provided (the amount to be delivered to the Trustee (and any interest subsequently earned thereon) is referred to herein as the
 “Property,” the shareholders for whose benefit the Trustee shall hold the Property will be referred
to as the “Public Shareholders,” and the Public Shareholders and the Company will be referred to together
as the “Beneficiaries”);

 

WHEREAS, pursuant to the Underwriting
Agreement, a portion of the Property equal to $12,600,000, or $14,490,000 if the Underwriters’ over-allotment option is
exercised in full, is attributable to deferred underwriting discounts and commissions that will be payable by the Company to the
Underwriters upon and concurrently with the consummation of the Business Combination (as defined below) (the “Deferred
Discount”); and

 

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

 

NOW THEREFORE, IT IS AGREED:

 

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

 

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

 

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

 

		(c)	In a timely manner, upon the written
                                         instruction of the Company, invest and reinvest the Property solely in United States
                                         government securities within the meaning of Section 2(a)(16) of the Investment Company
                                         Act of 1940, as amended, having a maturity of 185 days or less, or in money market funds
                                         meeting the conditions of paragraphs (d)(1), (d)(2), (d)(3) and (d)(4) of Rule 2a-7
                                         promulgated under the Investment Company Act of 1940, as amended (or any successor rule),
                                         which invest only in direct U.S. government treasury obligations, as determined by the
                                         Company; it being understood that the Trust Account will earn no interest while account
                                         funds are uninvested awaiting the Company’s instructions hereunder and the Trustee
                                         may earn bank credits or other consideration;

 

    1

     

    

 

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

 

		(e)	Promptly notify the Company and
                                         the Representatives of all communications received by the Trustee with respect to any
                                         Property requiring action by the Company;

 

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

 

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

 

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

 

		(i)	Commence liquidation of the Trust
                                         Account only after and promptly after (x) receipt of, and only in accordance with
                                         the terms of, a letter from the Company (“Termination Letter”)
                                         in a form substantially similar to that attached hereto as either Exhibit A
                                         or Exhibit B, as applicable, signed on behalf of the Company by its Chief
                                         Executive Officer, Chief Financial Officer, President, Executive Vice President, Vice
                                         President, Secretary or Chairman of the board of directors of the Company (the “Board”)
                                         or other authorized officer of the Company, and, in the case of Exhibit A,
                                         acknowledged and agreed to by the Representatives, and complete the liquidation of the
                                         Trust Account and distribute the Property in the Trust Account, including interest earned
                                         on the funds held in the Trust Account (less taxes payable and up to $100,000 of interest
                                         to pay dissolution expenses), only as directed in the Termination Letter and the other
                                         documents referred to therein, or (y) upon the date which is the later of (1) 24
                                         months after the closing of the Offering and (2) such later date as may be approved
                                         by the Company’s shareholders in accordance with the Company’s amended and
                                         restated memorandum and articles of association if a Termination Letter has not been
                                         received by the Trustee prior to such date, in which case the Trust Account shall be
                                         liquidated in accordance with the procedures set forth in the Termination Letter attached
                                         as Exhibit B and the Property in the Trust Account, including interest earned
                                         on the funds held in the Trust Account (less taxes payable and up to $100,000 of interest
                                         to pay dissolution expenses), shall be distributed to the Public Shareholders of record
                                         as of such date;

 

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

 

		(k)	Upon written request from the Company,
                                         which may be given from time to time in a form substantially similar to that attached
                                         hereto as Exhibit D (a “Shareholder Redemption Withdrawal Instruction”),
                                         the Trustee shall distribute to the Public Shareholders on behalf of the Company the
                                         amount requested by the Company to be used to redeem Ordinary Shares from Public Shareholders
                                         properly submitted in connection with a shareholder vote to approve an amendment to the
                                         Company’s amended and restated memorandum and articles of association (A) to
                                         modify the substance or timing of the Company’s obligation to allow redemption
                                         in connection with our initial business combination or to redeem 100% of the Ordinary
                                         Shares included in the Units sold in the Offering (the “public shares”)
                                         if the Company has not consummated an initial Business Combination within such time as
                                         is described in the Company’s amended and restated memorandum and articles of association
                                         or (B) with respect to any other material provisions relating to shareholders’
                                         rights or pre- initial Business Combination activity. The written request of the Company
                                         referenced above shall constitute presumptive evidence that the Company is entitled to
                                         distribute said funds, and the Trustee shall have no responsibility to look beyond said
                                         request; and

 

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

 

    2

     

    

 

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

 

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

 

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

 

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

 

		(d)	In connection with any vote of
                                         the Company’s shareholders regarding a merger, share exchange, asset acquisition,
                                         share purchase, reorganization or similar business combination involving the Company
                                         and one or more businesses (the “Business Combination”), provide
                                         to the Trustee an affidavit or certificate of the inspector of elections for the shareholder
                                         meeting verifying the vote of such shareholders regarding such Business Combination;

 

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

 

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

 

    3

     

    

 

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

 

		(h)	Within four (4) business days
                                         after the Underwriters exercise the over-allotment option (or any unexercised portion
                                         thereof) or such over-allotment option expires, provide the Trustee with a notice in
                                         writing of the total amount of the Deferred Discount.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    4

     

    

 

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

 

		5.	Termination.
                                         This Agreement shall terminate as follows:

 

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

 

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

 

		6.	Miscellaneous.

 

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

 

		(b)	This Agreement shall be governed
                                         by and construed and enforced in accordance with the laws of the State of New York. This
                                         Agreement may be executed in several original or facsimile counterparts, each one of
                                         which shall constitute an original, and together shall constitute but one instrument.

 

		(c)	This Agreement contains the entire
                                         agreement and understanding of the parties hereto with respect to the subject matter
                                         hereof. Except for Section 1(i), 1(j) and 1(k) hereof
                                         (which sections may not be modified, amended or deleted without the affirmative vote
                                         of sixty-five percent (65%) of the then outstanding Ordinary Shares and Class B
                                         ordinary shares, par value $0.0001 per share, of the Company, voting together as a single
                                         class; provided that no such amendment will affect any Public Shareholder who
                                         has properly elected to redeem his or her Ordinary Shares in connection with a shareholder
                                         vote to amend this Agreement (A) to modify the substance or timing of the Company’s
                                         obligation to allow redemption in connection with our initial business combination or
                                         to redeem 100% of its Ordinary Shares if the Company does not complete its initial Business
                                         Combination within the time frame specified in the Company’s amended and restated
                                         memorandum and articles of association or (B) with respect to any other material
                                         provisions relating to shareholders’ rights or pre-initial Business Combination
                                         activity), this Agreement or any provision hereof may only be changed, amended or modified
                                         (other than to correct a typographical error) by a writing signed by each of the parties
                                         hereto.

 

    5

     

    

 

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

 

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

 

if to the Trustee, to:

 

Continental Stock Transfer &
Trust Company

1 State Street, 30th
Floor

New York, New York 10004

Attn: Francis Wolf &
Celeste Gonzalez

Email: fwolf@continentalstock.com

Email: cgonzalez@continentalstock.com

 

if to the Company, to:

 

HH&L Acquisition Co.

Suite 3508, One Exchange
Square

8 Connaught Place

Central, Hong Kong

Attn: Richard Qi Li

Email: richard.li@hopuhl.com

 

in each case, with copies to:

White & Case LLP

1221 Avenue of the Americas

New York, NY 10020-1095

Attn: Joel L. Rubinstein, Esq.

Email: joel.rubinstein@whitecase.com

 

Goldman Sachs (Asia) L.L.C.

68th Floor, Cheung Kong Center

2 Queens Road

Central, Hong Kong

Attn: Vikram Chavali

Email: vikram.chavali@gs.com

 

Credit Suisse Securities (USA)
LLC

Eleven Madison Avenue

New York, New York 10010

Attn: IB-Legal

 

and

 

Skadden, Arps, Slate, Meagher &
Flom LLP

525 University Avenue

Palo Alto, CA 94301

Attn: Gregg A. Noel, Esq.;
Michael J. Mies, Esq.

Email: Gregg.Noel@skadden.com;
Michael.Mies@skadden.com

 

    6

     

    

 

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

 

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

 

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

 

		(i)	Each of the Company and the Trustee
                                         hereby acknowledges and agrees that the Representatives on behalf of the Underwriters
                                         are third-party beneficiaries of this Agreement.

 

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

 

[Signature Page Follows]

 

    7

     

    

 

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

 

	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Trustee
	 	 	 
	 	By:	/s/ Francis Wolf
	 	 	Name: Francis Wolf
	 	 	Title: Vice President
	 	 
	 	HH&L ACQUISITION CO.
	 	 	 
	 	By:	/s/ Richard Qi Li
	 	 	Name: Richard Qi Li
	 	 	Title: Director and Chief Executive Officer

 

[Signature Page to Investment Management
Trust Agreement]

 

    

     

    

 

Schedule A

 

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

 

     

     

    

 

EXHIBIT A

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

 

1 State Street, 30th Floor

 

New York, New York 10004

 

Attn: Francis Wolf & Celeste Gonzalez

 

	 	Re:	Trust Account                 
    Termination Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(i) of
the Investment Management Trust Agreement between HH&L Acquisition Co. (the “Company”) and Continental
Stock Transfer & Trust Company (“Trustee”), dated as of February 5, 2021 (the “Trust
Agreement”), this is to advise you that the Company has entered into an agreement with ___________ (the “Target
Business”) to consummate a business combination with Target Business (the “Business Combination”)
on or about [insert date]. The Company shall notify you at least seventy-two (72) hours in advance of the actual
date (or such shorter period as you may agree) of the consummation of the Business Combination (the “Consummation Date”).
Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

In accordance with the terms of the Trust
Agreement, we hereby authorize you to commence to liquidate all of the assets of the Trust Account, and to transfer the proceeds
to a segregated account held by you on behalf of the Beneficiaries to the effect that, on the Consummation Date, all of the funds
held in the Trust Account will be immediately available for transfer to the account or accounts that the Company shall direct
on the Consummation Date (including as directed to it by the Representatives on behalf of the Underwriters (with respect to the
Deferred Discount)). It is acknowledge and agreed that while the funds are on deposit in the trust operating account at J.P. Morgan
chase Bank, N.A. awaiting distribution, the Company will not earn any interest or dividends.

 

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

 

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

 

     

     

    

 

	 	Very truly yours,
	 	 
	 	HH&L Acquisition Co.
	 	 	 
	 	By:	
	 	 	Name:
	 	 	Title:

 

	Agreed and acknowledged by:	 
	 	 
	Goldman Sachs (Asia) L.L.C.	 
	 	 	 
	By:		 
	 	Name:	 
	 	Title:	 

 

	Credit Suisse Securities (USA) LLC	 
	 	 	 
	By:		 
	 	Name:	 
	 	Title:	 

 

     

     

    

 

EXHIBIT B

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf & Celeste Gonzalez

 

	 	Re:	Trust Account                     Termination
    Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(i) of
the Investment Management Trust Agreement between HH&L Acquisition Co. (the “Company”) and Continental
Stock Transfer & Trust Company (the “Trustee”), dated as of February 5, 2021 (the
 “Trust Agreement”), this is to advise you that the Company has been unable to effect a business combination
with a Target Business (the “Business Combination”) within the time frame specified in the Company’s
Amended and Restated Memorandum and Articles of Association, as described in the Company’s Prospectus relating to the Offering.
Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

In accordance with the terms of the Trust
Agreement, we hereby authorize you to liquidate all of the assets in the Trust Account and to transfer the total proceeds into
a segregated account held by you on behalf of the Beneficiaries to await distribution to the Public Shareholders. The Company
has selected                 1
as the effective date for the purpose of determining when the Public Shareholders will be entitled to receive their
share of the liquidation proceeds. You agree to be the Paying Agent of record and, in your separate capacity as Paying Agent,
agree to distribute said funds directly to the Company’s Public Shareholders in accordance with the terms of the Trust Agreement
and the Memorandum and Articles of Association of the Company. Upon the distribution of all the funds, net of any payments necessary
for reasonable unreimbursed expenses related to liquidating the Trust Account, your obligations under the Trust Agreement shall
be terminated, except to the extent otherwise provided in Section 1(i) of the Trust Agreement.

 

	 	Very truly yours,
	 	 
	 	HH&L Acquisition Co.
	 	 	 
	 	By:	
	 	 	Name:
	 	 	Title:

 

cc: Goldman Sachs (Asia) L.L.C.

 

Credit Suisse Securities (USA) LLC

 

 

 

1
24 months from the closing of the Offering, or at a later date, if extended.

 

     

     

    

 

EXHIBIT C

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf & Celeste Gonzalez

 

	 	Re:	Trust Account                     Tax
    Payment Withdrawal Instruction

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(j) of
the Investment Management Trust Agreement between HH&L Acquisition Co. (the “Company”) and Continental
Stock Transfer & Trust Company (the “Trustee”), dated as of February 5, 2021 (the
 “Trust Agreement”), the Company hereby requests that you deliver to the Company $            
of the interest income earned on the Property as of the date hereof. Capitalized terms used but not defined herein shall have
the meanings set forth in the Trust Agreement.

 

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

 

[WIRE INSTRUCTION INFORMATION]

 

	 	Very truly yours,
	 	 
	 	HH&L Acquisition Co.
	 	 	 
	 	By:	
	 	 	Name:
	 	 	Title:

 

cc: Goldman Sachs (Asia) L.L.C.

 

Credit Suisse Securities (USA) LLC

 

    2

     

    

 

EXHIBIT D

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf & Celeste Gonzalez

 

	 	Re:	Trust Account                     Shareholder
    Redemption Withdrawal Instruction

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(k) of
the Investment Management Trust Agreement between HH&L Acquisition Co. (the “Company”) and Continental
Stock Transfer & Trust Company (the “Trustee”), dated as of February 5, 2021 (the “Trust
Agreement”), the Company hereby requests that you deliver to the redeeming Public Shareholders of the Company $            
of the principal and interest income earned on the Property as of the date hereof to a segregated account held by you on behalf
of the Beneficiaries for distribution to the Public Shareholders who have requested redemption of their Ordinary Shares. Capitalized
terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

The Company needs such funds to pay its
Public Shareholders who have properly elected to have their Ordinary Shares redeemed by the Company in connection with a shareholder
vote to approve an amendment to the Company’s amended and restated memorandum and articles of association (A) to modify
the substance or timing of the Company’s obligation to allow redemption in connection with our initial business combination
or to redeem 100% of its public Ordinary Shares if the Company has not consummated an initial Business Combination within such
time as is described in the Company’s amended and restated memorandum and articles of association or (B) with respect
to any other material provisions relating to shareholders’ rights or pre-initial Business Combination activity. As such,
you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter.

 

	 	Very truly yours,
	 	 
	 	HH&L Acquisition Co.
	 	 	 
	 	By:	
	 	 	Name:
	 	 	Title:

 

cc: Goldman Sachs (Asia) L.L.C.

 

Credit Suisse Securities (USA) LLC

 

    3Exhibit 10.3

 

REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS
AGREEMENT (this “Agreement”), dated as of February 5, 2021, is made and entered into by and among
HH&L Acquisition Co., a Cayman Islands exempted company (the “Company”), HH&L Investment Co.,
a Cayman Islands exempted company (the “Sponsor”) and each of the undersigned parties listed on the signature
page hereto under “Holders” (each such party, together with the Sponsor and any person or entity who hereafter
becomes a party to this Agreement pursuant to Section 5.2 of this Agreement, a “Holder” and
collectively the “Holders”).

 

RECITALS

 

WHEREAS, the Company has 10,350,000
Class B ordinary shares, par value $0.0001 per share (the “Founder Shares”), issued and outstanding,
up to 1,350,000 of which will be surrendered to the Company for no consideration depending on the extent to which the underwriters
of the Company’s initial public offering exercise their over-allotment option;

 

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

 

WHEREAS, on the date hereof, the
Company and the Sponsor entered into that certain Private Placement Warrants Purchase Agreement (the “Private Placement
Warrants Purchase Agreement”), pursuant to which the Sponsor agreed to purchase an aggregate of 9,200,000 private
placement warrants (or up to 10,280,000 warrants to the extent that the overallotment option in connection with the Company’s
initial public offering is exercised) (the “Private Placement Warrants”) in a private placement transaction
occurring simultaneously with the closing of the Company's initial public offering;

 

WHEREAS, in order to finance the
Company’s transaction costs in connection with its search for and consummation of an initial Business Combination (as defined
below), the Sponsor, its affiliates or any of the Company’s officers and directors may loan to the Company funds as the Company
may require, of which up to $1,500,000 of such loans may be convertible into private placement-equivalent warrants (“Working
Capital Warrants”) at a price of $1.00 per warrant at the option of the lender; and

 

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

 

NOW, THEREFORE, in consideration
of the representations, covenants and agreements contained herein, and certain other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

 

    1 

     

    

 

ARTICLE I

DEFINITIONS

 

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

 

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

 

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

 

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

 

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

 

“Commission”
shall mean the United States Securities and Exchange Commission.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Founder Shares Lock-up Period”
shall mean, with respect to the Founder Shares and any Ordinary Shares issuable upon conversion thereof, the period ending on the
earlier of (A) one year after the completion of the Company’s initial Business Combination and (B) subsequent to
the completion of the Business Combination, (x) if the closing price of the Ordinary Shares equals or exceeds $12.00 per share
(as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading
days within any 30-trading day period commencing at least 150 days after the Company’s initial Business Combination or (y) the
date on which the Company completes a liquidation, merger, share exchange, reorganization or other similar transaction that results
in all of the Company’s shareholders having the right to exchange their Ordinary Shares for cash, securities or other property.

 

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

 

“Insider Letter”
shall mean that certain letter agreement, dated as of the date hereof, by and among the Company, the Sponsor and each of the Company’s
officers and directors.

 

“Maximum Number of Securities”
shall have the meaning given in subsection 2.14

 

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

 

    2 

     

    

 

“Permitted Transferees”
shall mean any person or entity to whom a Holder of Registrable Securities is permitted to transfer such Registrable Securities
prior to the expiration of the Founder Shares Lock-up Period, Private Placement Lock-up Period or any other lock-up period, as
the case may be, under the Insider Letter, the Private Placement Warrants Purchase Agreement, this Agreement and any other applicable
agreement between such Holder and the Company, and to any transferee thereafter.

 

“Piggyback Registration”
shall have the meaning given in subsection 221.

 

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

 

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

 

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

 

“Pro Rata”
shall have the meaning given in subsection 2.14

 

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

 

“Registrable Security”
shall mean (a) the Founder Shares and the Ordinary Shares issued or issuable upon the conversion of the Founder Shares, (b) the
Private Placement Warrants (including any Ordinary Shares issued or issuable upon the exercise of the Private Placement Warrants),
(c) any outstanding Ordinary Shares or any other equity security (including the Ordinary Shares issued or issuable upon the
exercise of any other equity security) of the Company held by a Holder as of the date of this Agreement, (d) any equity securities
(including the Ordinary Shares issued or issuable upon the exercise of any such equity security) of the Company issuable upon conversion
of any working capital loans in an amount up to $1,500,000 made to the Company by a Holder (including the Working Capital Warrants
and any Ordinary Shares issued or issuable upon the exercise of the Working Capital Warrants) and (e) any other equity security
of the Company issued or issuable with respect to any such Ordinary Share by way of a share capitalization or share sub-division
or in connection with a combination of shares, recapitalization, merger, consolidation or reorganization; provided, however,
that, as to any particular Registrable Security, such securities shall cease to be Registrable Securities when: (A) a Registration
Statement with respect to the sale of such securities shall have become effective under the Securities Act and such securities
shall have been sold, transferred, disposed of or exchanged in accordance with such Registration Statement; (B) such securities
shall have been otherwise transferred, new certificates for such securities not bearing a legend restricting further transfer shall
have been delivered by the Company and subsequent public distribution of such securities shall not require registration under the
Securities Act; (C) such securities shall have ceased to be outstanding; (D) such securities may be sold without registration
pursuant to Rule 144 promulgated under the Securities Act (or any successor rule promulgated thereafter by the Commission)
(but with no volume or other restrictions or limitations); or (E) such securities have been sold to, or through, a broker,
dealer or underwriter in a public distribution or other public securities transaction.

 

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

 

    3 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

ARTICLE II

REGISTRATIONS

 

2.1            Demand
Registration.

 

2.1.1            Request
for Registration. Subject to the provisions of subsection 2.1.4 and Section 2.4 hereof, at any time and
from time to time on or after the date the Company consummates the Business Combination, the Holders of at least fifteen percent
(15%) of the then-outstanding number of Registrable Securities (the “Demanding Holders”) may make a written
demand for Registration of all or part of their Registrable Securities, which written demand shall describe the amount and type
of securities to be included in such Registration and the intended method(s) of distribution thereof (such written demand
a “Demand Registration”). The Company shall, within ten (10) days of the Company’s receipt
of the Demand Registration, notify, in writing, all other Holders of Registrable Securities of such demand, and each Holder of
Registrable Securities who thereafter wishes to include all or a portion of such Holder’s Registrable Securities in a Registration
pursuant to a Demand Registration (each such Holder that includes all or a portion of such Holder’s Registrable Securities
in such Registration, a “Requesting Holder”) shall so notify the Company, in writing, within five (5) days
after the receipt by the Holder of the notice from the Company. Upon receipt by the Company of any such written notification from
a Requesting Holder(s) to the Company, such Requesting Holder(s) shall be entitled to have their Registrable Securities
included in a Registration pursuant to a Demand Registration and the Company shall effect, as soon thereafter as practicable, but
not more than forty five (45) days immediately after the Company’s receipt of the Demand Registration, the Registration of
all Registrable Securities requested by the Demanding Holders and Requesting Holders pursuant to such Demand Registration. Under
no circumstances shall the Company be obligated to effect more than an aggregate of three (3) Registrations pursuant to a
Demand Registration under this subsection 2.1.1 with respect to any or all Registrable Securities; provided, however,
that a Registration shall not be counted for such purposes unless a Form S-1 or any similar long-form registration statement
that may be available at such time (“Form S-1”) has become effective and all of the Registrable
Securities requested by the Requesting Holders to be registered on behalf of the Requesting Holders in such Form S-1 Registration
have been sold, in accordance with Section 3.1 of this Agreement.

 

    4 

     

    

 

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

 

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

 

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

 

    5 

     

    

 

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

 

2.2            Piggyback
Registration.

 

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

 

    6 

     

    

 

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

 

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

 

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

 

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

 

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

 

    7 

     

    

 

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

 

2.4            Restrictions
on Registration Rights. If (A) during the period starting with the date sixty (60) days prior to the Company’s
good faith estimate of the date of the filing of, and ending on a date one hundred and twenty (120) days after the effective date
of, a Company initiated Registration and provided that the Company has delivered written notice to the Holders prior to receipt
of a Demand Registration pursuant to subsection 2.1.1 and it continues to actively employ, in good faith, all reasonable
efforts to cause the applicable Registration Statement to become effective; (B) the Holders have requested an Underwritten
Registration and the Company and the Holders are unable to obtain the commitment of underwriters to firmly underwrite the offer;
or (C) in the good faith judgment of the Board such Registration would be seriously detrimental to the Company and the Board
concludes as a result that it is essential to defer the filing of such Registration Statement at such time, then in each case the
Company shall furnish to such Holders a certificate signed by the Chairman of the Board stating that in the good faith judgment
of the Board it would be seriously detrimental to the Company for such Registration Statement to be filed in the near future and
that it is therefore essential to defer the filing of such Registration Statement. In such event, the Company shall have the right
to defer such filing for a period of not more than thirty (30) days; provided, however, that the Company shall not
defer its obligation in this manner more than once in any 12-month period.

 

ARTICLE III

COMPANY PROCEDURES

 

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

 

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

 

    8 

     

    

 

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

 

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

 

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

 

3.1.5            cause
all such Registrable Securities to be listed on each securities exchange or automated quotation system on which similar securities
issued by the Company are then listed;

 

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

 

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

 

3.1.8            at
least five (5) days prior to the filing of any Registration Statement or Prospectus or any amendment or supplement to such
Registration Statement furnish a copy thereof to each seller of such Registrable Securities and its counsel, including, without
limitation, providing copies promptly upon receipt of any comment letters received with respect to any such Registration Statement
or Prospectus;

 

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

 

    9 

     

    

 

3.1.10          permit
a representative of the Holders (such representative to be selected by a majority of the participating Holders), the Underwriters,
if any, and any attorney or accountant retained by such Holders or Underwriter to participate, at each such person’s own
expense, in the preparation of the Registration Statement, and cause the Company’s officers, directors and employees to supply
all information reasonably requested by any such representative, Underwriter, attorney or accountant in connection with the Registration;
provided, however, that such representatives or Underwriters enter into a confidentiality agreement, in form and
substance reasonably satisfactory to the Company, prior to the release or disclosure of any such information; and provided further,
the Company may not include the name of any Holder or Underwriter or any information regarding any Holder or Underwriter in any
Registration Statement or Prospectus, any amendment or supplement to such Registration Statement or Prospectus, any document that
is to be incorporated by reference into such Registration Statement or Prospectus, or any response to any comment letter, without
the prior written consent of such Holder or Underwriter and providing each such Holder or Underwriter a reasonable amount of time
to review and comment on such applicable document, which comments the Company shall include unless contrary to applicable law;

 

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

 

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

 

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

 

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

 

3.1.15          if
the Registration involves the Registration of Registrable Securities involving gross proceeds in excess of $25,000,000, use its
reasonable efforts to make available senior executives of the Company to participate in customary “road show” presentations
that may be reasonably requested by the Underwriter in any Underwritten Offering; and

 

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

 

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

 

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

 

    10 

     

    

 

3.4            Suspension
of Sales: Adverse Disclosure. Upon receipt of written notice from the Company that a Registration Statement or Prospectus
contains a Misstatement, each of the Holders shall forthwith discontinue disposition of Registrable Securities until he, she or
it has received copies of a supplemented or amended Prospectus correcting the Misstatement (it being understood that the Company
hereby covenants to prepare and file such supplement or amendment as soon as practicable after the time of such notice), or until
he, she or it is advised in writing by the Company that the use of the Prospectus may be resumed. If the filing, initial effectiveness
or continued use of a Registration Statement in respect of any Registration at any time would require the Company to make an Adverse
Disclosure or would require the inclusion in such Registration Statement of financial statements that are unavailable to the Company
for reasons beyond the Company’s control, the Company may, upon giving prompt written notice of such action to the Holders,
delay the filing or initial effectiveness of, or suspend use of, such Registration Statement for the shortest period of time, but
in no event more than thirty (30) days, determined in good faith by the Company to be necessary for such purpose. In the event
the Company exercises its rights under the preceding sentence, the Holders agree to suspend, immediately upon their receipt of
the notice referred to above, their use of the Prospectus relating to any Registration in connection with any sale or offer to
sell Registrable Securities. The Company shall immediately notify the Holders of the expiration of any period during which it exercised
its rights under this Section 3.4.

 

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

 

ARTICLE IV

INDEMNIFICATION AND CONTRIBUTION

 

4.1            Indemnification.

 

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

 

    11 

     

    

 

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

 

4.1.3            Any
person entitled to indemnification herein shall (i) give prompt written notice to the indemnifying party of any claim with
respect to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any person’s
right to indemnification hereunder to the extent such failure has not materially prejudiced the indemnifying party) and (ii) unless
in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties
may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably
satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability
for any settlement made by the indemnified party without its consent (but such consent shall not be unreasonably withheld). An
indemnifying party who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees
and expenses of more than one counsel (plus local counsel) for all parties indemnified by such indemnifying party with respect
to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified
party and any other of such indemnified parties with respect to such claim. No indemnifying party shall, without the consent of
the indemnified party, consent to the entry of any judgment or enter into any settlement which cannot be settled in all respects
by the payment of money (and such money is so paid by the indemnifying party pursuant to the terms of such settlement) or which
settlement does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party
of a release from all liability in respect to such claim or litigation.

 

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

 

4.1.5            If
the indemnification provided under Section 4.1 hereof from the indemnifying party is unavailable or insufficient to
hold harmless an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then
the indemnifying party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified
party as a result of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the
relative fault of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations. The
relative fault of the indemnifying party and indemnified party shall be determined by reference to, among other things, whether
any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to
state a material fact, was made by, or relates to information supplied by, such indemnifying party or indemnified party, and the
indemnifying party’s and indemnified party’s relative intent, knowledge, access to information and opportunity to correct
or prevent such action; provided, however, that the liability of any Holder under this subsection 4.1.5 shall be
limited to the amount of the net proceeds received by such Holder in such offering giving rise to such liability. The amount paid
or payable by a party as a result of the losses or other liabilities referred to above shall be deemed to include, subject to the
limitations set forth in subsections 4.1.1, 4.1.2 and 4.1.3 above, any legal or other fees, charges or expenses reasonably
incurred by such party in connection with any investigation or proceeding. The parties hereto agree that it would not be just and
equitable if contribution pursuant to this subsection 4.1.5 were determined by pro rata allocation or by any other method
of allocation, which does not take account of the equitable considerations referred to in this subsection 4.1.5. No person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled
to contribution pursuant to this subsection 4.1.5 from any person who was not guilty of such fraudulent misrepresentation.

 

    12 

     

    

 

ARTICLE V

MISCELLANEOUS

 

5.1            Notices.
Any notice or communication under this Agreement must be in writing and given by (i) deposit in the United States mail, addressed
to the party to be notified, postage prepaid and registered or certified with return receipt requested, (ii) delivery in person
or by courier service providing evidence of delivery, or (iii) transmission by hand delivery, electronic mail, telecopy, telegram
or facsimile. Each notice or communication that is mailed, delivered, or transmitted in the manner described above shall be deemed
sufficiently given, served, sent, and received, in the case of mailed notices, on the third business day following the date on
which it is mailed and, in the case of notices delivered by courier service, hand delivery, electronic mail, telecopy, telegram
or facsimile, at such time as it is delivered to the addressee (with the delivery receipt or the affidavit of messenger) or at
such time as delivery is refused by the addressee upon presentation. Any notice or communication under this Agreement must be addressed,
if to the Company, to: Suite 3508, One Exchange Square, 8 Connaught Place, Central, Hong Kong and, if to any Holder, at such
Holder’s address or contact information as set forth in the Company’s books and records. Any party may change its address
for notice at any time and from time to time by written notice to the other parties hereto, and such change of address shall become
effective thirty (30) days after delivery of such notice as provided in this Section 5.1.

 

5.2            Assignment:
No Third Party Beneficiaries.

 

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

 

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

 

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

 

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

 

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

 

    13 

     

    

 

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

 

5.4            Governing
Law; Venue. NOTWITHSTANDING THE PLACE WHERE THIS AGREEMENT MAY BE EXECUTED BY ANY OF THE PARTIES HERETO, THE PARTIES
EXPRESSLY AGREE THAT THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE OF NEW YORK AS APPLIED TO AGREEMENTS
AMONG NEW YORK RESIDENTS ENTERED INTO AND TO BE PERFORMED ENTIRELY WITHIN NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAW PROVISIONS
OF SUCH JURISDICTION. ANY LEGAL SUIT, ACTION OR PROCEEDING ARISING OUT OF OR BASED UPON THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY MAY BE INSTITUTED IN THE FEDERAL COURTS OF THE UNITED STATES OR THE COURTS OF THE STATE OF NEW YORK IN EACH CASE LOCATED
IN THE CITY OF NEW YORK, AND EACH PARTY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF SUCH COURTS IN ANY SUCH SUIT, ACTION
OR PROCEEDING.

 

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

 

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

 

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

 

[Signature Page Follows]

 

    14 

     

    

 

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

 

	 	COMPANY:
	 	 	 
	 	HH&L ACQUISITION CO.,
	 	 	 
	 	a Cayman Islands exempted company
	 	 	 
	 	 	 
	 	By	/s/  Richard Qi Li
	 	 	Name: Richard Qi Li
	 	 	Title: Director and Chief Executive Officer
	 	 	 
	 	 	 
	 	HOLDERS:
	 	 	 
	 	HH&L INVESTMENT CO.,
	 	a Cayman Islands exempted company
	 	 	 
	 	 	 
	 	By	/s/ Richard Qi Li
	 	 	Name: Richard Qi Li
	 	 	Title: Director

 

[Signature Page to Registration
Rights Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00320-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00320-of-00352.parquet"}]]