Document:

Exhibit 10.2

 

NEITHER
THIS SECURITY NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE
COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO,
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY AND
THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN
SECURED BY SUCH SECURITIES.

 

ANNEX
B

 

 

COMMON
STOCK PURCHASE WARRANT 

SPLASH
BEVERAGE GROUP, INC. 

Warrant
Shares: _________ Initial Exercise Date: ________, 2021

 

Issue
Date: _______, 2021

 

 

THIS
COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received, ___________________ or their
assigns (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions
hereinafter set forth, at any time on or the date hereof (the “Initial Exercise Date”) and on or prior to the
close of business on the three (3) year anniversary of the Initial Exercise Date (the “Termination Date”) but
not thereafter, to subscribe for and purchase from Splash Beverage Group, Inc. , an Colorado (the “Company”),
up to _____ shares (as subject to adjustment hereunder, the “Warrant Shares”) of Common Stock [50% of the shares
of Common Stock purchased by the Holder in the Offering]. The purchase price of one share of Common Stock under this Warrant shall
be equal to the Exercise Price, as defined in Section 1(b). This Warrant is being pursuant to the Subscription Agreement between
the Holder and the Company dated _____________, 2021.

Section
1.Exercise.

 

a)                 
Exercise of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any
time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company (or such
other office or agency of the Company as it may designate by notice in writing to the registered Holder at the address of the
Holder appearing on the books of the Company) of a duly executed facsimile copy (or e-mail attachment) of the Notice of Exercise
in the form annexed hereto (the “Notice of Exercise”). Within the earlier of (i) two (2) Trading Days and (ii)
the number of Trading Days comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein) following the date
of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the shares specified in the applicable Notice
of Exercise by wire transfer or cashier’s check drawn on a United States bank unless the cashless exercise procedure specified
in Section 2(c) below is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be required,
nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding
anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the
Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case,
the Holder shall surrender this Warrant to the Company for cancellation within two (2) Trading Days of the date the final Notice
of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number
of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder
in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing
the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of
Exercise within one (1) Business Day of receipt of such notice. The Holder and any assignee, by acceptance of this Warrant,
acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant
Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount
stated on the face hereof. As used herein “Business Day” means any day except any Saturday, any Sunday,
any day which is a federal legal holiday in the United States or any day on which banking institutions in the State of New York
are authorized or required by law or other governmental action to close.

    1

     

    

 

b)                 
Exercise Price. The exercise price per share of the Common Stock under this Warrant shall be $1.10, subject to adjustment
hereunder (the “Exercise Price”).

 

c)                 
Cashless Exercise. If at least 6 months has passed from issuance, there is no effective registration statement registering
the Warrant Shares, then this Warrant may also be exercised, in whole or in part, at such time by means of a “cashless exercise”
in which the Holder shall be entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B)
(X)] by (A), where:

 

(A)=the
average closing price per share of Common Stock for the five (5) days prior to the Notice of Exercise;

 

(B)
= the Exercise Price of this Warrant, as adjusted hereunder; and

 

(X)
= the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant
if such exercise were by means of a cash exercise rather than a cashless exercise.

 

If
Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9)
of the Securities Act, the Warrant Shares shall take on the characteristics of the Warrants being exercised, and the holding period
of the Warrant Shares being issued may be tacked on to the holding period of this Warrant. The Company agrees not to take any
position contrary to this Section 2(c).

 

 

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d)                 
Mechanics of Exercise.

 

i.                   
Delivery of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted
by the Transfer Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with
The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company
is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the
Warrant Shares to or resale of the Warrant Shares by Holder or (B) the Warrant Shares are eligible for resale by the Holder without
volume or manner-of- sale limitations pursuant to Rule 144, and otherwise by physical delivery of a certificate, registered in
the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder
is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is the
earlier of (i) the earlier of (A) two (2) Trading Days after the delivery to the Company of the Notice of Exercise and (B) one
(1) Trading Day after delivery of the aggregate Exercise Price to the Company and (ii) the number of Trading Days comprising the
Standard Settlement Period after the delivery to the Company of the Notice of Exercise (such date, the “Warrant Share
Delivery Date”). Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have
become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date
of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price (other than in the case of a cashless
exercise) is received within the earlier of (i) three (3) Trading Days and (ii) the number of Trading Days comprising the Standard
Settlement Period following delivery of the Notice of Exercise. If the Company fails for any reason to deliver to the Holder the
Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash,
as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the
Common Stock on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the
fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant Share Delivery Date until
such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a transfer agent that is a
participant in the FAST program so long as this Warrant remains outstanding and exercisable. As used herein, “Standard
Settlement Period” means the standard settlement period, expressed in a number of Trading Days, on the Company’s
primary Trading Market with respect to the Common Stock as in effect on the date of delivery of the Notice of Exercise. As used
herein “Trading Market” means the following markets or exchanges on which the Company’s Common Stock
is listed or quoted for trading on the date in question: the NYSE Amex Equities, the NASDAQ Capital Market, the New York Stock
Exchange or the OTC Markets Group Inc. “Trading Day” means a day on which the principal Trading Market is open
for trading. As used herein “VWAP” means, for or as of any date, the dollar volume-weighted average price for such
security on the Trading Market (or, if the Trading Market is not the principal trading market for such security, then on the principal
securities exchange or securities market on which such security is then traded) during the period beginning at 9:30:01 a.m., New
York time, and ending at 4:00:00 p.m., New York time, as reported by Bloomberg through its “HP” function (set to weighted
average) or, if the foregoing does not apply, the dollar volume-weighted average price of such security in the over-the-counter
market on the electronic bulletin board for such security during the period beginning at 9:30:01 a.m., New York time, and ending
at 4:00:00 p.m., New York time, as reported by Bloomberg, or, if no dollar volume-weighted average price is reported for such
security by Bloomberg for such hours, the average of the highest closing bid price and the lowest closing ask price of any of
the market makers for such security as reported in the “pink sheets” by OTC Markets Group Inc. (formerly Pink Sheets
LLC). If the VWAP cannot be calculated for such security on such date on any of the foregoing bases, the VWAP of such security
on such date shall be the fair market value as mutually determined by the Company and the Holder. All such determinations shall
be appropriately adjusted for any stock dividend, stock split, stock combination, recapitalization or other similar transaction
during such period.

 

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ii.                 
Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request
of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder
a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which
new Warrant shall in all other respects be identical with this Warrant.

 

iii.               
Rescission Rights. If the Company fails to cause the Transfer Agent to transmit
to the Holder the Warrant Shares by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

 

iv.               
Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available
to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to an exercise
on or before the Warrant Share Delivery Date, and if after such date the Holder is required by its broker to purchase (in an open
market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, shares of Common Stock to deliver in
satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”),
then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price
(including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying
(1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue
times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the
Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored
(in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of shares of Common Stock that would
have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder
purchases Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares
of Common Stock with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately
preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice
indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount
of such loss. Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law
or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s
failure to timely deliver shares of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof.

 

v.                 
No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise
of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the
Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction
multiplied by the Exercise Price or round up to the next whole share.

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vi.               
Charges, Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer
tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid
by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed
by the Holder; provided, however, that in the event that Warrant Shares are to be issued in a name other than the
name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly
executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for
any transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice
of Exercise and all fees to the Depository Trust Company (or another established clearing corporation performing similar functions)
required for same-day electronic delivery of the Warrant Shares.

 

vii.             
Closing of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise
of this Warrant, pursuant to the terms hereof.

 

viii.            
Beneficial Ownership Limitation. The Company shall not effect any exercise of this Warrant, and a Holder shall not have
the right to exercise any portion of this Warrant, pursuant to Section 1 or otherwise, to the extent that after giving effect
to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s
Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates), would beneficially
own in excess of the Beneficial Ownership Limitation (as defined below).  For purposes of the foregoing sentence, the number
of shares of Common Stock beneficially owned by the Holder and its Affiliates shall include the number of shares of Common Stock
issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of
shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially
owned by the Holder or any of its Affiliates and (ii) exercise or conversion of the unexercised or nonconverted portion of any
other securities of the Company (including, without limitation, any other Common Stock Equivalents) subject to a limitation on
conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates. 
Except as set forth in the preceding sentence, for purposes of this Section, beneficial ownership shall be calculated in accordance
with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and the rules and regulations
promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation
is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be
filed in accordance therewith. To the extent that the limitation contained in this Section applies, the determination of whether
this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates) and of which portion
of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall
be deemed to be the Holder’s determination of whether this Warrant is exercisable (in relation to other securities owned
by the Holder together with any Affiliates) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial
Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination. In addition,
a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange
Act and the rules and regulations promulgated thereunder. For purposes of this Section, in determining the number of outstanding
shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected in (A) the Company’s
most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent public announcement by
the Company or (C) a more recent written notice by the Company or the Company’s transfer agent setting forth the number
of shares of Common Stock outstanding.  Upon the written or oral request of a Holder, the Company shall within two Trading
Days confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding.  In any case, the
number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities
of the Company, including this Warrant, by the Holder or its Affiliates since the date as of which such number of outstanding
shares of Common Stock was reported. The “Beneficial Ownership Limitation” shall be 4.99% of the number of shares
of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise
of this Warrant. The Holder, upon not less than 61 days’ prior notice to the Company, may increase or decrease the Beneficial
Ownership Limitation provisions of this Section, provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of
the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock
upon exercise of this Warrant held by the Holder and the provisions of this Section shall continue to apply. Any such increase
or decrease will not be effective until the 61st day after such notice is delivered to the Company. The provisions
of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section
to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership
Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation.
The limitations contained in this paragraph shall apply to a successor holder of this Warrant. As used herein “Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

 

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Section
2.Certain Adjustments.

 

a)                 
Stock Dividends and Splits. If the Company, at any time while this Warrant
is outstanding: (i) pays a stock dividend or otherwise makes a distribution or distributions on shares of its Common Stock or
any other equity or equity equivalent securities payable in shares of Common Stock (which, for avoidance of doubt, shall not include
any shares of Common Stock issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding shares of Common
Stock into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding shares of Common Stock
into a smaller number of shares, or (iv) issues by reclassification of shares of the Common Stock any shares of capital stock
of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number
of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator
shall be the number of shares of Common Stock outstanding immediately after such event, and the number of shares issuable upon
exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain
unchanged. Any adjustment made pursuant to this Section shall become effective immediately after the record date for the determination
of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date
in the case of a subdivision, combination or re-classification.

 

b)                 
Pro Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend
or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of
capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options
by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction)
(a “Distribution”), at any time after the issuance of this Warrant, then, in each such case, the Holder shall
be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder
had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations
on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a
record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of shares of Common
Stock are to be determined for the participation in such Distribution (provided, however, to the extent that the
Holder's right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation,
then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any
shares of Common Stock as a result of such Distribution to such extent) and the portion of such Distribution shall be held in
abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding
the Beneficial Ownership Limitation). To the extent that this Warrant has not been partially or completely exercised at the time
of such Distribution, such portion of the Distribution shall be held in abeyance for the benefit of the Holder until the Holder
has exercised this Warrant. 

 

c)                 
Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in
one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company,
directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially
all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange
offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell,
tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of
the outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification,
reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is
effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in
one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without
limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby
such other Person or group acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common
Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making
or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”),
then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would
have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the
Holder, the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving
corporation, and any additional consideration (the “Alternate Consideration”) receivable as a result of such
Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately
prior to such Fundamental Transaction. For purposes of any such exercise, the determination of the Exercise Price shall be appropriately
adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share
of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration
in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of
Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the
Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following
such Fundamental Transaction. As used herein “Person” means an individual or corporation, partnership, trust,
incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency
or subdivision thereof) or other entity of any kind.

 

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d)                 
Calculations. All calculations under this Section 2 shall be made to the nearest cent or the nearest 1/100th of a share,
as the case may be. For purposes of this Section 2, the number of shares of Common Stock deemed to be issued and outstanding as
of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

 

e)                 
Notice to Holder.

 

i.                   
Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 2, the
Company shall promptly deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment
and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

 

ii.                 
Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever
form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common
Stock, (C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or
purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall
be required in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company is a
party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby
the Common Stock is converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary
dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered
by facsimile or email to the Holder at its last facsimile number or email address as it shall appear upon the Warrant Register
of the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating
(x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants,
or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend,
distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation,
merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that
holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other
property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure
to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action
required to be specified in such notice. To the extent that any notice provided in this Warrant constitutes, or contains, material,
non- public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with
the Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled to exercise this Warrant during the
period commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise
be expressly set forth herein.

 

Section
3.Transfer of Warrant.

 

a)                 
Transferability. Subject to compliance
with any applicable securities laws, this Warrant and all rights hereunder (including, without limitation, any registration rights)
are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated
agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder
or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender
and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or
assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue
to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled.
Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the
Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company
within three (3) Trading Days of the date the Holder delivers an assignment form to the Company assigning this Warrant in full.
The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares
without having a new Warrant issued.

 

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b)                 
New Warrants. This Warrant may be divided
or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice
specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney.
Subject to compliance with Section 3(a), as to any transfer which may be involved in such division or combination, the Company
shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance
with such notice. All Warrants issued on transfers or exchanges shall be dated the Issue Date of this Warrant and shall be identical
with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

 

c)                 
Warrant Register. The Company shall register
this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant Register”), in the
name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the
absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent
actual notice to the contrary.

 

d)                 
Reserved.

 

e)                 
Representation by the Holder. The Holder,
by the acceptance hereof, represents and warrants that it is acquiring this Warrant and, upon any exercise hereof, will acquire
the Warrant Shares issuable upon such exercise, for its own account and not with a view to or for distributing or reselling such
Warrant Shares or any part thereof in violation of the Securities Act or any applicable state securities law, except pursuant
to sales registered or exempted under the Securities Act. 

 

Section
4.Miscellaneous.

 

a)   
No Rights as Stockholder Until Exercise.
This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a stockholder of the Company prior
to the exercise hereof as set forth in Section 1(d)(i), except as expressly set forth in Section 2.

 

b)   
Loss, Theft, Destruction or Mutilation of
Warrant. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft,
destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft
or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include the
posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will
make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or
stock certificate.

 

c)   
Saturdays, Sundays, Holidays, etc. If
the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be
a Business Day, then, such action may be taken or such right may be exercised on the next succeeding Business Day.

 

    8

     

    

d)   
Authorized Shares.

 

The
Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common
Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights
under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers
who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant.
The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided
herein without violation of any applicable law or regulation, or of any requirements of the Trading Market (as hereinafter defined)
upon which the Common Stock may be listed. The Company covenants that all Warrant Shares which may be issued upon the exercise
of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and
payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free
from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer
occurring contemporaneously with such issue).

 

Except
and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation,
amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution,
issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the
terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all
such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment.
Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above
the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may
be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares
upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions
or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform
its obligations under this Warrant.

 

Before
taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or
in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be
necessary from any public regulatory body or bodies having jurisdiction thereof.

 

e)   
Jurisdiction. All questions concerning
the construction, validity, enforcement and interpretation of this Warrant shall be governed by and construed in accordance with
the laws of the State of New York, without giving effect to conflicts of law principles. Any dispute that may that may arise between
them arising out of or in connection with this Warrant shall be adjudicated before a court located in the City of New York, Borough
of Manhattan, and they hereby submit to the exclusive jurisdiction of the federal and state courts of the State of New York located
in the City of New York, Borough of Manhattan with respect to any action or legal proceeding commenced by any party, and irrevocably
waive any objection they now or hereafter may have respecting the venue of any such action or proceeding brought in such a court
or respecting the fact that such court is an inconvenient forum, relating to or arising out of this Warrant or any acts or omissions
relating to the sale of the securities hereunder, and consent to the service of process in any such action or legal proceeding
by means of registered or certified mail, return receipt requested, postage prepaid, in care of the address set forth herein or
such other address as either party shall furnish in writing to the other.

    9

     

    

WAIVER
OF JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE PARTIES
EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABY
AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY

 

f)    
Restrictions. The Holder acknowledges
that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and the Holder does not utilize cashless
exercise, will have restrictions upon resale imposed by state and federal securities laws.

 

g)   
Nonwaiver. No course of dealing or any
delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice
the Holder’s rights, powers or remedies. 

 

h)   
Notices. Any notice, request or other
document required or permitted to be given or delivered to the Holder by the Company shall be delivered in accordance with the
notice provisions of the Subscription Agreement. 

 

i)    
Limitation of Liability. No provision
hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration
herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any
Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company.

 

j)    
Remedies. The Holder, in addition to being
entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its
rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by
reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any action
for specific performance that a remedy at law would be adequate.

 

k)   
Successors and Assigns. Subject to applicable
securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon
the successors and permitted assigns of the Company and the successors and permitted assigns of Holder. The provisions of this
Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable by the Holder
or holder of Warrant Shares.

 

l)    
Amendment. This Warrant may be modified
or amended or the provisions hereof waived with the written consent of the Company and the Holder.

 

m)   
Severability. Wherever possible, each
provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision
of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such
prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.

 

n)   
Headings. The headings used in this Warrant
are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.

 

********************

 

(Signature
Page Follows)

 

    10

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first
above indicated.

 

 

 

	SPLASH
    BEVERAGE GROUP, INC.   
	By:
        Name:

        Title:

    	 

    	 

    

NOTICE
OF EXERCISE

 

TO:SPLASH
BEVERAGE GROUP INC. 

 

(1)              
The undersigned hereby elects to purchaseWarrant Shares of the Company pursuant to the terms of the attached Warrant
(only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer
taxes, if any.

 

(2)              
Payment shall take the form of (check applicable box): 

 

[
] in lawful money of the United States; or

 

[
] if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in
subsection 2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless
exercise procedure set forth in subsection 2(c).

 

(3)           
Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

 

 

The
Warrant Shares shall be delivered to the following DWAC Account Number:

 

 

 

(4)           
Accredited Investor. The undersigned is an “accredited investor” as defined in Regulation D promulgated under the
Securities Act of 1933, as amended.

 

[SIGNATURE
OF HOLDER]

 

Name
of Investing Entity:________________________________________________________

 

Signature
of Authorized Signatory of Investing Entity: __________________________________

 

Name
of Authorized Signatory:____________________________________________________

 

Title
of Authorized Signatory: _____________________________________________________

 

Date:
_____________________________

    11

     

    

EXHIBIT
B

 

 

ASSIGNMENT
FORM

 

(To
assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.)

 

FOR
VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

 

	Name:	 
	 	(Please Print)
	Address:	 
	 	(Please Print)
	Phone
    Number: 	 
	 	(Please Print)
	Email
    Address:	 
	 	(Please Print)
	 

        Dated:
        _______,  ____

	Holder’s
    Signature: __________
	Holder’s
    Address: ___________

 

 

    12Exhibit 10.1

 

SUBSCRIPTION AGREEMENT

 

This
SUBSCRIPTION AGREEMENT (this “Subscription Agreement”) is entered into on February 1, 2021, by and between
Aspirational Consumer Lifestyle Corp., a Cayman Islands exempted company (“ASPL”), and the undersigned
subscriber (the “Investor”).

 

WHEREAS, this Subscription
Agreement is being entered into in connection with the Agreement and Plan of Merger, dated as of the date hereof (as may be amended,
supplemented or otherwise modified from time to time, the “Transaction Agreement”), by and among ASPL, Wheels
Up Partners Holdings LLC, a Delaware limited liability company (the “Company”), KittyHawk Merger Sub LLC, a
Delaware limited liability company and a direct wholly owned subsidiary of ASPL (“ASPL Merger Sub”), Wheels
Up Blocker Sub LLC, a Delaware limited liability company and a direct wholly owned subsidiary of ASPL (“WUP Blocker Sub”),
the Blocker Merger Subs (as defined in the Transaction Agreement) and the Blockers (as defined in the Transaction Agreement),
pursuant to which, among other things, the Blockers will simultaneously merge with and into the Blocker Merger Subs, with the
Blockers surviving each merger as wholly owned subsidiaries of ASPL, followed by a simultaneous merger of the Blockers with and
into WUP Blocker Sub, with WUP Blocker Sub surviving each merger, followed by a merger of  ASPL Merger Sub with and into
the Company, with the Company surviving as a subsidiary of ASPL, and ASPL will change its name to “Wheels Up Experience
Inc.”, on the terms and subject to the conditions therein (such mergers, collectively, the “Transaction”);

 

WHEREAS,
prior to the closing of the Transaction (and as more fully described in the Transaction Agreement), ASPL will domesticate as a
Delaware corporation in accordance with Section 388 of the General Corporation Law of the State of Delaware and Part XII
of the Cayman Islands Companies Law (2020 Revision) (the “Domestication”);

 

WHEREAS,
in connection with the Transaction, ASPL is seeking commitments from interested investors to purchase, following the Domestication
and prior to the closing of the Transaction, shares of ASPL’s Class A ordinary shares, par value $0.001 per share,
as such shares will exist as Class A common stock following the Domestication (the “Shares”), in
a private placement for a purchase price of $10.00 per share (the “Per Share Subscription Price”);

 

WHEREAS,
the aggregate purchase price to be paid by the Investor for the subscribed Shares (as set forth on the signature page hereto)
is referred to herein as the “Subscription Amount”; and

 

WHEREAS, substantially
concurrently with the execution of this Subscription Agreement, ASPL is entering into: (a) separate subscription agreements
with certain other investors that are existing directors or officers of the Company with an aggregate purchase price of $2,500,000
(collectively, the “Insider PIPE Investors” and, such investment, the “Insider PIPE Investment”);
and (b) separate subscription agreements (collectively, the “Other Subscription Agreements”) with certain
investors (other than the Insider PIPE Investors) (the “Other Investors”) with an aggregate purchase price
of $547,500,000 (inclusive of the Subscription Amount) (the “PIPE Investment”).

 

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

 

1.            Subscription.
The Investor hereby irrevocably subscribes for and agrees to purchase from ASPL the number of Shares set forth on the signature
page of this Subscription Agreement on the terms and subject to the conditions provided for herein. The Investor acknowledges
and agrees that, as a result of the Domestication, the Shares that will be issued pursuant hereto shall be shares of common stock
in a Delaware corporation (and not shares in a Cayman Islands exempted company).

 

2.            Closing.
The closing of the sale of the Shares contemplated hereby (the “Closing”) shall occur on a closing date
(the “Closing Date”) specified in the Closing Notice (as defined below), and be conditioned upon the prior
or substantially concurrent consummation of the Transaction (the closing date of the Transaction, the “Transaction Closing
Date”). Upon delivery of written notice from (or on behalf of) ASPL to the Investor (the “Closing Notice”),
that ASPL reasonably expects all conditions to the closing of the Transaction to be satisfied or waived on an expected Transaction
Closing Date that is not less than five (5) business days from the date on which the Closing Notice is delivered to the Investor,
the Investor shall deliver the Subscription Amount three (3) business days prior to the expected Closing Date by wire transfer
of United States dollars in immediately available funds to the account(s) specified by ASPL in the Closing Notice. On the
Closing Date, ASPL shall issue the Shares to the Investor and subsequently cause the Shares to be registered in book entry form
in the name of the Investor on ASPL share register and will provide to the Investor, upon request by the Investor, evidence of
such issuance from ASPL’s transfer agent. For purposes of this Subscription Agreement, “business day” shall
mean a day, other than a Saturday, Sunday or other day on which commercial banks in New York, New York or governmental authorities
in the Cayman Islands (for so long as ASPL remains domiciled in Cayman Islands) are authorized or required by law to close. Prior
to or at the Closing, Investor shall deliver to ASPL a duly completed and executed Internal Revenue Service Form W-9
or appropriate Form W-8. In the event the Transaction Closing Date does not occur within two (2) business days after
the Closing Date under this Subscription Agreement, ASPL shall promptly (but not later than two (2) business days thereafter)
return the Subscription Amount to the Investor by wire transfer of U.S. dollars in immediately available funds to the account
specified by the Investor, and any book-entries for the Shares shall be deemed repurchased and cancelled; provided that,
unless this Subscription Agreement has been terminated pursuant to Section 8 hereof, such return of funds shall not
terminate this Subscription Agreement or relieve the Investor of its obligation to purchase the Shares at the Closing in the event
ASPL delivers a subsequent Closing Notice in accordance with this Section 2.

 

     

     

    

 

3.            Closing
Conditions. The obligation of the parties hereto to consummate the purchase and sale of the Shares pursuant to this Subscription
Agreement is subject to the following conditions: (a) there shall not be in force any injunction or order enjoining or prohibiting
the issuance and sale of the Shares under this Subscription Agreement; (b) the terms of the Transaction Agreement (including
the conditions thereto) shall not have been amended or waived in a manner that is materially adverse to the Investor (in its capacity
as such); (c)(i) solely with respect to the Investor’s obligation to close, the representations and warranties made
by ASPL, and (ii) solely with respect to the ASPL’s obligation to close, the representations and warranties made by
the Investor, in each case, in this Subscription Agreement shall be true and correct in all material respects as of the Closing
Date other than (x) those representations and warranties qualified by materiality, Material Adverse Effect or similar qualification,
which shall be true and correct in all respects as of the Closing Date and (y) those representations and warranties expressly
made as of an earlier date, which shall be true and correct in all material respects (or, if qualified by materiality, Material
Adverse Effect or similar qualification, all respects) as of such date, in each case without giving effect to the consummation
of the Transactions; and (d) solely with respect to ASPL’s obligation to close, the Investor shall have delivered to
the Placement Agents (as defined below) a signed copy of the investor representation letter addressed to the Placement Agents
in the form of Exhibit I attached hereto and dated as of the Closing Date.

 

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

 

5.            ASPL
Representations and Warranties. ASPL represents and warrants to the Investor that:

 

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

 

(b)            As
of the Closing Date, the Shares will be duly authorized and, when issued and delivered to the Investor against full payment therefor
in accordance with the terms of this Subscription Agreement, the Shares will be validly issued, fully paid and non-assessable
and will not have been issued in violation of or subject to any preemptive or similar rights created under ASPL’s organizational
documents (as in effect at such time of issuance) or under the Delaware General Corporation Law or laws of the Cayman Islands,
as the case may be.

 

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

 

    	 	2	 

     

    

 

(d)            The
issuance and sale by ASPL of the Shares pursuant to this Subscription Agreement will not conflict with or result in a breach or
violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any
lien, charge or encumbrance upon any of the property or assets of ASPL or any of its subsidiaries pursuant to the terms of (i) any
indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which ASPL or any of its
subsidiaries is a party or by which ASPL or any of its subsidiaries is bound or to which any of the property or assets of ASPL
is subject that would reasonably be expected to have a material adverse effect on the business, financial condition or results
of operations of ASPL and its subsidiaries, taken as a whole (a “Material Adverse Effect”), or materially
affect the validity of the Shares or the legal authority of ASPL to comply in all material respects with its obligations under
this Subscription Agreement; (ii) result in any violation of the provisions of the organizational documents of ASPL; or (iii) result
in any violation of any statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic
or foreign, having jurisdiction over ASPL or any of its properties that would reasonably be expected to have a Material Adverse
Effect or materially affect the validity of the Shares or the legal authority of ASPL to comply in all material respects with
its obligations under this Subscription Agreement.

 

(e)            As
of their respective filing dates, all reports required to be filed by ASPL with the U.S. Securities and Exchange Commission (the
 “SEC”) since September 25, 2020 (the “SEC Reports”) complied in all material respects
with the applicable requirements of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and
the rules and regulations of the SEC promulgated thereunder. None of the SEC Reports filed under the Exchange Act included,
when filed or, if amended, as of the date of such amendment with respect to those disclosures that are amended, any untrue statement
of a material fact or omitted to state a material fact necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading; provided, that ASPL makes no such representation or warranty with respect to any registration
statement or any proxy statement/prospectus to be filed by ASPL with respect to the Transaction or any other information relating
to the Company or any of its affiliates included in any SEC Report or filed as an exhibit thereto. ASPL has timely filed with
the SEC each SEC Report that ASPL was required to file with the SEC. As of the date hereof, there are no material outstanding
or unresolved comments in comment letters received by ASPL from the staff of the Division of Corporation Finance of the SEC with
respect to any of the SEC Reports.

 

(f)            ASPL
is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration
with, any court or other federal, state, local or other governmental authority, self-regulatory organization or other person in
connection with the issuance of the Shares pursuant to this Subscription Agreement, other than (i)  filings with the SEC,
(ii) filings required by applicable state securities laws, (iii) the filings required in accordance with Section 12
of this Subscription Agreement; (iv) those required by the New York Stock Exchange or Nasdaq, including with respect
to obtaining approval of ASPL’s stockholders, and (v) the failure of which to obtain would not be reasonably be expected
to have, individually or in the aggregate, a Material Adverse Effect.

 

(g)            As
of the date hereof, ASPL has not received any written communication from a governmental authority that alleges that ASPL
is not in compliance with or is in default or violation of any applicable law, except where such non-compliance, default or violation
would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

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

 

(i)            Neither
ASPL nor any person acting on its behalf has offered or sold the Shares by any form of general solicitation or general advertising
in violation of the Securities Act.

 

(j)            As
of the date hereof, the issued and outstanding Class A ordinary shares of ASPL are registered pursuant to Section 12(b) of
the Exchange Act and are listed for trading on the NYSE. Following the Domestication, the Shares are expected to be registered
under the Exchange Act and to be listed for trading on the NYSE. There is no suit, action, proceeding or investigation pending
or, to the knowledge of ASPL, threatened against ASPL by the NYSE or the SEC with respect to any intention by such entity to deregister
the Shares or prohibit or terminate the listing of the Shares on the NYSE, excluding, for the purposes of clarity, the customary
ongoing review by NYSE in connection with the Transaction and any action in connection with the pre-Domestication Class A
ordinary shares of ASPL in connection with the Domestication. ASPL has taken no action that is designed to terminate the registration
of the Shares under the Exchange Act prior to the Closing.

 

    	 	3	 

     

    

 

(k)            ASPL
is not under any obligation to pay any broker’s fee or commission in connection with the sale of the Shares other than to
the Placement Agents (as defined below).

 

(l)            The
Other Subscription Agreements reflect the same Per Share Subscription Price and other terms with respect to the purchase of the
Shares that are no more favorable to such subscriber thereunder than the terms of this Subscription Agreement, other than terms
particular to the regulatory requirements of such subscriber or its affiliates or related funds that are mutual funds or are otherwise
subject to regulations related to the timing of funding and the issuance of the related Shares. For the avoidance of doubt, this
Section 5(l) shall not apply to any document entered into in connection with the Insider PIPE Investment; provided,
however, that such Insider PIPE Investment shall be with respect to the same class of common stock being acquired by the
Investor hereunder and at the same Per Share Subscription Price.

 

(m)            ASPL
acknowledges and agrees that, notwithstanding anything herein to the contrary, the Shares may be pledged by Investor in connection
with a bona fide margin agreement, which shall not be deemed to be a transfer, sale or assignment of the Shares hereunder, and
Investor effecting a pledge of Shares shall not be required to provide ASPL with any notice thereof or otherwise make any delivery
to ASPL pursuant to this Agreement. ASPL hereby agrees to execute and deliver such documentation as a pledgee of the Shares may
reasonably request in connection with a pledge of the Shares to such pledgee by Investor.

 

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

 

(a)            The
Investor (i) is a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act) or
an institutional “accredited investor” (within the meaning of Rule 501(a)(1), (2), (3), (7) or (8) under
the Securities Act), in each case, satisfying the applicable requirements set forth on Schedule A, (ii) is acquiring
the Shares only for its own account and not for the account of others, or if the Investor is subscribing for the Shares as a fiduciary
or agent for one or more investor accounts, the Investor has full investment discretion with respect to each such account, and
the full power and authority to make the acknowledgements, representations and agreements herein on behalf of each owner of each
such account, and (iii) is not acquiring the Shares with a view to, or for offer or sale in connection with, any distribution
thereof in violation of the Securities Act (and shall provide the requested information set forth on Schedule A).
The Investor is not an entity formed for the specific purpose of acquiring the Shares and is an “institutional account”
as defined by FINRA Rule 4512(c).

 

(b)            The
Investor acknowledges and agrees that the Shares are being offered in a transaction not involving any public offering within the
meaning of the Securities Act, that the Shares have not been registered under the Securities Act and that ASPL is not required
to register the Shares except as set forth in Section 7 of this Subscription Agreement. The Investor acknowledges
and agrees that the Shares may not be offered, resold, transferred, pledged or otherwise disposed of by the Investor absent an
effective registration statement under the Securities Act except (i) to ASPL or a subsidiary thereof, (ii) to non-U.S.
persons pursuant to offers and sales that occur outside the United States within the meaning of Regulation S under the Securities
Act or (iii) pursuant to another applicable exemption from the registration requirements of the Securities Act, and, in each
case, in accordance with any applicable securities laws of the states of the United States and other applicable jurisdictions,
and that any certificates or book entries representing the Shares shall contain a restrictive legend to such effect. The Investor
acknowledges and agrees that the Shares will be subject to the foregoing transfer restrictions and, as a result of these transfer
restrictions, the Investor may not be able to readily offer, resell, transfer, pledge or otherwise dispose of the Shares and may
be required to bear the financial risk of an investment in the Shares for an indefinite period of time. The Investor acknowledges
and agrees that the Shares will not immediately be eligible for offer, resale, transfer, pledge or disposition pursuant to Rule 144
promulgated under the Securities Act, and that the provisions of Rule 144(i) will apply to the Shares. The Investor
acknowledges and agrees that it has been advised to consult legal, tax and accounting prior to making any offer, resale, transfer,
pledge or disposition of any of the Shares.

 

    	 	4	 

     

    

 

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

 

(d)            The
Investor acknowledges and agrees that the Investor has received such information as the Investor deems necessary in order to make
an investment decision with respect to the Shares, including, with respect to ASPL, the Transaction and the business of the Company
and its subsidiaries. Without limiting the generality of the foregoing, the Investor acknowledges that it has reviewed ASPL’s
filings with the SEC. The Investor acknowledges and agrees that the Investor and the Investor’s professional advisor(s),
if any, have had the full opportunity to ask such questions, receive such answers and obtain such information as the Investor
and such Investor’s professional advisor(s), if any, have deemed necessary to make an investment decision with respect to
the Shares.

 

(e)            The
Investor became aware of this offering of the Shares solely by means of direct contact between the Investor and ASPL, the Company
or a representative of ASPL or the Company, and the Shares were offered to the Investor solely by direct contact between the Investor
and ASPL, the Company or a representative of ASPL or the Company. The Investor did not become aware of this offering of the Shares,
nor were the Shares offered to the Investor, by any other means. The Investor acknowledges that the Shares (i) were not offered
by any form of general solicitation or general advertising and (ii) are not being offered in a manner involving a public
offering under, or in a distribution in violation of, the Securities Act, or any state securities laws. The Investor acknowledges
that it is not relying upon, and has not relied upon, any statement, representation or warranty made by any person, firm or corporation
(including, without limitation, ASPL, the Company, the Placement Agents, any of their respective affiliates or any control persons,
officers, directors, employees, agents or representatives of any of the foregoing), other than the representations and warranties
of ASPL contained in Section 5 of this Subscription Agreement, in making its investment or decision to invest in ASPL.

 

(f)            The
Investor acknowledges that it is aware that there are substantial risks incident to the purchase and ownership of the Shares,
including those set forth in ASPL’s filings with the SEC. The Investor has such knowledge and experience in financial and
business matters as to be capable of evaluating the merits and risks of an investment in the Shares, and the Investor has sought
such accounting, legal and tax advice as the Investor has considered necessary to make an informed investment decision. The Investor
acknowledges that Investor shall be responsible for any of the Investor’s tax liabilities that may arise as a result of
the transactions contemplated by this Subscription Agreement, and that neither ASPL nor the Company has provided any tax advice
or any other representation or guarantee regarding the tax consequences of the transactions contemplated by the Subscription Agreement.

 

(g)            Alone,
or together with any professional advisor(s), the Investor has adequately analyzed and fully considered the risks of an investment
in the Shares and determined that the Shares are a suitable investment for the Investor and that the Investor is able at this
time and in the foreseeable future to bear the economic risk of a total loss of the Investor’s investment in ASPL. The Investor
acknowledges specifically that a possibility of total loss exists.

 

(h)            In
making its decision to purchase the Shares, the Investor has relied solely upon independent investigation made by the Investor
and the representations and warranties of ASPL in Section 5. Without limiting the generality of the foregoing, the
Investor has not relied on any statements or other information provided by or on behalf of the Placement Agents or any of their
respective affiliates or any control persons, officers, directors, employees, agents or representatives of any of the foregoing
concerning ASPL, the Company, the Transaction, the Transaction Agreement, this Subscription Agreement or the transactions contemplated
hereby or thereby, the Shares or the offer and sale of the Shares.

 

    	 	5	 

     

    

 

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

 

(j)            The
Investor has been duly formed or incorporated and is validly existing and is in good standing under the laws of its jurisdiction
of formation or incorporation, with power and authority to enter into, deliver and perform its obligations under this Subscription
Agreement.

 

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

 

(l)            Neither
the Investor nor any of its officers, directors, managers, managing members, general partners or any other person acting in a
similar capacity or carrying out a similar function, is (i) a person named on the Specially Designated Nationals and Blocked
Persons List, the Foreign Sanctions Evaders List, the Sectoral Sanctions Identification List, or any other similar list of sanctioned
persons administered by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”),
or any similar list of sanctioned persons administered by the European Union or any individual European Union member state, including
the United Kingdom (collectively, “Sanctions Lists”); (ii) directly or indirectly owned or controlled
by, or acting on behalf of, one or more persons on a Sanctions List; (iii) organized, incorporated, established, located
or resident, or a citizen, national, or the government, including any political subdivision, agency, or instrumentality thereof,
of, Cuba, Iran, North Korea, Syria, Venezuela, the Crimea region of Ukraine, or any other country or territory embargoed
or subject to substantial trade restrictions by the United States, the European Union or any individual European Union member
state, including the United Kingdom; (iv) a Designated National as defined in the Cuban Assets Control Regulations, 31 C.F.R.
Part 515; or (v) a non-U.S. shell bank or providing banking services indirectly to a non-U.S. shell bank (collectively,
a “Prohibited Investor”). The Investor represents that if it is a financial institution subject to the Bank
Secrecy Act (31 U.S.C. Section 5311 et seq.) (the “BSA”), as amended by the USA PATRIOT Act of 2001 (the
 “PATRIOT Act”), and its implementing regulations (collectively, the “BSA/PATRIOT Act”),
that the Investor maintains policies and procedures reasonably designed to comply with applicable obligations under the BSA/PATRIOT
Act. The Investor also represents that it maintains policies and procedures reasonably designed to ensure compliance with sanctions
administered by the United States, the European Union, or any individual European Union member state, including the United Kingdom,
to the extent applicable to it. The Investor further represents that the funds held by the Investor and used to purchase the Shares
were legally derived and were not obtained, directly or indirectly, from a Prohibited Investor.

 

(m)            If
the Investor is or is acting on behalf of (i) an employee benefit plan that is subject to Title I of the Employee Retirement
Income Security Act of 1974, as amended (“ERISA”), (ii) a plan, an individual retirement account
or other arrangement that is subject to Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”),
(iii) an entity whose underlying assets are considered to include “plan assets” of any such plan, account or
arrangement described in clauses (i) and (ii) (each, an “ERISA Plan”), or (iv) an employee
benefit plan that is a governmental plan (as defined in Section 3(32) of ERISA), a church plan (as defined in Section 3(33)
of ERISA), a non-U.S. plan (as described in Section 4(b)(4) of ERISA) or other plan that is not subject to the foregoing
clauses (i), (ii) or (iii) but may be subject to provisions under any other federal, state, local, non-U.S. or
other laws or regulations that are similar to such provisions of ERISA or the Code (collectively, “Similar Laws,”
and together with ERISA Plans, “Plans”), the Investor represents and warrants that (A) neither ASPL nor
any of its affiliates has provided investment advice or has otherwise acted as the Plan’s fiduciary, with respect to its
decision to acquire and hold the Shares, and none of the parties to the Transaction is or shall at any time be the Plan’s
fiduciary with respect to any decision in connection with the Investor’s investment in the Shares; and (B) its purchase
of the Shares will not result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the
Code, or any applicable Similar Law.

 

    	 	6	 

     

    

 

(n)            The
Investor is not a foreign person (as defined in 31 C.F.R. Part 800.224) in which the national or subnational governments
of a single foreign state have a substantial interest (as defined in 31 C.F.R. Part 800.244).

 

(o)            No
disclosure or offering document has been prepared by Credit Suisse Securities (USA) LLC and Morgan Stanley & Co.
LLC (collectively, the “Placement Agents”) or any of their respective affiliates in connection with the offer
and sale of the Shares.

 

(p)            None
of the Placement Agents, nor any of their respective affiliates, nor any control persons, officers, directors, employees, agents
or representatives of any of the foregoing has made any independent investigation with respect to ASPL, the Company or its subsidiaries
or any of their respective businesses, or the Shares or the accuracy, completeness or adequacy of any information supplied to
the Investor by ASPL.

 

(q)            In
connection with the issue and purchase of the Shares, none of the Placement Agents, nor any of their respective affiliates, has
acted as the Investor’s financial advisor or fiduciary.

 

(r)            The
Investor has or has commitments to have and, when required to deliver payment to ASPL pursuant to Section 2 above,
will have, sufficient funds to pay the Subscription Amount and consummate the purchase and sale of the Shares pursuant to this
Subscription Agreement.

 

7.             Registration
Rights.

 

(a)            ASPL
agrees that, within thirty (30) calendar days following the Closing Date (such deadline, the “Filing Deadline”),
ASPL will submit to or file with the SEC a registration statement for a shelf registration on Form S-1 or Form S-3 (if
ASPL is then eligible to use a Form S-3 shelf registration) (the “Registration Statement”), in
each case, covering the resale of the Shares acquired by the Investor pursuant to this Agreement which are eligible for registration
(determined as of two (2) business days prior to such submission or filing) (the “Registrable Shares”)
and ASPL shall use its commercially reasonable efforts to have the Registration Statement declared effective as soon as practicable
after the filing thereof, but no later than the earlier of (i) the 60th calendar day following the filing date thereof if
the SEC notifies ASPL that it will “review” the Registration Statement and (ii) the 10th business day after the
date ASPL is notified (orally or in writing, whichever is earlier) by the SEC that the Registration Statement will not be “reviewed”
or will not be subject to further review (such earlier date, the “Effectiveness Deadline”); provided,
however, that ASPL’s obligations to include the Registrable Shares in the Registration Statement are contingent
upon Investor furnishing in writing to ASPL such information regarding Investor or its permitted assigns, the securities of ASPL
held by Investor and the intended method of disposition of the Registrable Shares (which shall be limited to non-underwritten
public offerings) as shall be reasonably requested by ASPL to effect the registration of the Registrable Shares, and Investor
shall execute such documents in connection with such registration as ASPL may reasonably request that are customary of a selling
stockholder in similar situations, including providing that ASPL shall be entitled to postpone and suspend the effectiveness or
use of the Registration Statement, if applicable, as permitted hereunder; provided that Investor shall not in connection
with the foregoing be required to execute any lock-up or similar agreement or otherwise be subject to any contractual restriction
on the ability to transfer the Registrable Shares. For as long as the Investor holds Shares, ASPL will use commercially reasonable
efforts to file all reports for so long as the condition in Rule 144(c)(1) (or Rule 144(i)(2), if applicable) is
required to be satisfied, and provide all customary and reasonable cooperation, necessary to enable the undersigned to resell
the Shares pursuant to Rule 144 of the Securities Act (in each case, when Rule 144 of the Securities Act becomes available
to the Investor). Any failure by ASPL to file the Registration Statement by the Filing Deadline or to effect such Registration
Statement by the Effectiveness Deadline shall not otherwise relieve ASPL of its obligations to file or effect the Registration
Statement as set forth above in this Section 7.

 

    	 	7	 

     

    

 

(b)            At
its expense ASPL shall:

 

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

 

(ii)            during
the Registration Period, advise Investor, as expeditiously as possible:

 

(1)            when
a Registration Statement or any amendment thereto has been filed with the SEC;

 

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

 

(3)            of
the receipt by ASPL of any notification with respect to the suspension of the qualification of the Registrable Shares included
therein for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and

 

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

 

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

 

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

 

(iv)            during
the Registration Period, upon the occurrence of any event contemplated in Section 7(b)(ii)(4) above, except for
such times as ASPL is permitted hereunder to suspend, and has suspended, the use of a prospectus forming part of a Registration
Statement, ASPL shall use its commercially reasonable efforts to as soon as reasonably practicable prepare a post-effective amendment
to such Registration Statement or a supplement to the related prospectus, or file any other required document so that, as thereafter
delivered to purchasers of the Registrable Shares included therein, such prospectus will not include any untrue statement of a
material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under
which they were made, not misleading;

 

    	 	8	 

     

    

 

(v)            during
the Registration Period, use its commercially reasonable efforts to cause all Registrable Shares to be listed on each securities
exchange or market, if any, on which the shares of Class A common stock issued by ASPL have been listed;

 

(vi)            during
the Registration Period, use its commercially reasonable efforts to allow the Investor to review disclosure regarding the Investor
in the Registration Statement; and

 

(vii)            during
the Registration Period, otherwise, in good faith, cooperate reasonably with, and take such customary actions as may reasonably
be requested by the Investor, consistent with the terms of this Agreement, in connection with the registration of the Registrable
Shares.

 

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

 

(d)            Indemnification.

 

(i)            ASPL
agrees to indemnify, to the extent permitted by law, Investor (to the extent a seller under the Registration Statement),
its directors, officers, partners, managers, members, stockholders, agents and each person who controls Investor (within the meaning
of the Securities Act), to the extent permitted by law, against all losses, claims, damages, liabilities and reasonable and documented
out of pocket expenses (including reasonable and documented attorneys’ fees of one law firm) caused by any untrue or alleged
untrue statement of material fact contained in any Registration Statement, prospectus included in any Registration Statement (“Prospectus”)
or preliminary Prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact
required to be stated therein or necessary to make the statements therein (in the case of a Prospectus, in the light of the circumstances
under which they were made) not misleading, except insofar as the same are caused by or contained in any information or affidavit
so furnished in writing to ASPL by or on behalf of such Investor expressly for use therein.

 

    	 	9	 

     

    

 

(ii)            In
connection with any Registration Statement in which an Investor is participating, such Investor shall furnish (or cause to be
furnished) to ASPL in writing such information and affidavits as ASPL reasonably requests for use in connection with any such
Registration Statement or Prospectus and, to the extent permitted by law, shall indemnify ASPL, its directors and officers and
each person or entity who controls ASPL (within the meaning of the Securities Act) against any losses, claims, damages, liabilities
and expenses (including, without limitation, reasonable outside attorneys’ fees) resulting from any untrue or alleged untrue
statement of material fact contained or incorporated by reference in any Registration Statement, Prospectus or preliminary Prospectus
or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein
or necessary to make the statements therein (in the case of a Prospectus, in the light of the circumstances under which they were
made) not misleading, but only to the extent that such untrue statement or omission is contained (or not contained in, in the
case of an omission) in any information or affidavit so furnished in writing by on behalf of such Investor expressly for use therein;
provided, however, that the liability of such Investor shall be several and not joint with any other investor and
shall be limited to the net proceeds received by such Investor from the sale of Registrable Shares giving rise to such indemnification
obligation.

 

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

 

(iv)            The
indemnification provided for under this Subscription Agreement shall remain in full force and effect regardless of any investigation
made by or on behalf of the indemnified party or any officer, director or controlling person or entity of such indemnified party
and shall survive the transfer of securities.

 

(v)            If
the indemnification provided under this Section 7(d) from the indemnifying party is unavailable or insufficient
to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein,
then the indemnifying party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by
the indemnified party as a result of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate
to reflect the relative fault of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations;
provided, however, that the liability of the Investor shall be limited to the net proceeds received by such Investor
from the sale of Registrable Shares giving rise to such indemnification obligation. The relative fault of the indemnifying party
and indemnified party shall be determined by reference to, among other things, whether any action in question, including any untrue
or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, was made by (or not made
by, in the case of an omission), or relates to information supplied by (or not supplied by, in the case of an omission), such
indemnifying party or indemnified party, and the indemnifying party’s and indemnified party’s relative intent, knowledge,
access to information and opportunity to correct or prevent such action. The amount paid or payable by a party as a result of
the losses or other liabilities referred to above shall be deemed to include, subject to the limitations set forth in Sections
7(d)(i), (ii) and (iii) above, any legal or other fees, charges or expenses reasonably incurred by
such party in connection with any investigation or proceeding. No person guilty of fraudulent misrepresentation (within the meaning
of Section 11(f) of the Securities Act) shall be entitled to contribution pursuant to this Section 7(d)(v) from
any person or entity who was not guilty of such fraudulent misrepresentation.

 

    	 	10	 

     

    

 

(e)            If
the Shares acquired hereunder are either eligible to be sold (i) pursuant to an effective Registration Statement or (ii) without
restriction under, and without ASPL being in compliance with the current public information requirements of, Rule 144 under
the Securities Act, then at the Subscriber’s request, ASPL will reasonably cooperate with ASPL’s transfer agent, such
that any remaining restrictive legend set forth on such Shares will be removed in connection with a sale of such shares.

 

8.            Termination.
This Subscription Agreement shall terminate and be void and of no further force and effect, and all rights and obligations of
the parties hereunder shall terminate without any further liability on the part of any party in respect thereof, upon the earliest
to occur of (a) such date and time as the Transaction Agreement is terminated in accordance with its terms, (b) upon
the mutual written agreement of each of the parties hereto to terminate this Subscription Agreement, (c) if the conditions
to Closing set forth in Section 3 of this Subscription Agreement are not satisfied at, or are not capable of being
satisfied on or prior to, the Closing and, as a result thereof, the transactions contemplated by this Subscription Agreement will
not be or are not consummated at the Closing and (d) July 31, 2021 if the closing of the Transaction has not
occurred on or before such date; provided that nothing herein will relieve any party from liability for any willful breach
hereof prior to the time of termination, and each party will be entitled to any remedies at law or in equity to recover losses,
liabilities or damages arising from any such willful breach. ASPL shall notify the Investor of the termination of the Transaction
Agreement promptly after the termination of such agreement. Upon the termination of this Subscription Agreement in accordance
with this Section 8, any monies paid by the Investor to ASPL in connection herewith shall be promptly (and in any
event within one business day after such termination) returned to the Investor.

 

9.            Trust
Account Waiver. The Investor acknowledges that ASPL is a blank check company with the powers and privileges to effect a merger,
asset acquisition, reorganization or similar business combination involving ASPL and one or more businesses or assets. The Investor
further acknowledges that, as described in ASPL’s prospectus relating to its initial public offering dated September 22,
2020 (the “IPO Prospectus”) available at www.sec.gov, substantially all of ASPL’s assets consist
of the cash proceeds of ASPL’s initial public offering and private placement of its securities, and substantially all of
those proceeds have been deposited in a trust account (the “Trust Account”) for the benefit of ASPL, its public
shareholders and the underwriter of ASPL’s initial public offering. Except with respect to interest earned on the funds
held in the Trust Account that may be released to ASPL to pay its tax obligations, if any, the cash in the Trust Account may be
disbursed only for the purposes set forth in the IPO Prospectus. For and in consideration of ASPL entering into this Subscription
Agreement, the receipt and sufficiency of which are hereby acknowledged, the Investor hereby irrevocably waives any and all right,
title and interest, or any claim of any kind it has or may have in the future, in or to any monies held in the Trust Account,
and agrees not to seek recourse against the Trust Account as a result of, or arising out of, this Subscription Agreement; provided,
that nothing in this Section 9 shall be deemed to limit the Investor’s right, title, interest or claim to the
Trust Account by virtue of the Investor’s record or beneficial ownership of Class A ordinary shares of ASPL acquired
by any means other than pursuant to this Subscription Agreement.

 

10.            Miscellaneous.

 

(a)            Neither
this Subscription Agreement nor any rights that may accrue to the Investor hereunder (other than the Shares acquired hereunder,
if any) may be transferred or assigned, other than an assignment to any fund or account managed by the same investment manager
as the Investor or an affiliate thereof, subject to, if such transfer or assignment is prior to the Closing, such transferee or
assignee, as applicable, executing a joinder to this Subscription Agreement or a separate subscription agreement in substantially
the same form as this Subscription Agreement, including with respect to the Subscription Amount and other terms and conditions,
provided, that, in the case of any such transfer or assignment, the initial party to this Subscription Agreement shall
remain bound by its obligations under this Subscription Agreement in the event that the transferee or assignee, as applicable,
does not comply with its obligations to consummate the purchase of Shares contemplated hereby. Neither this Subscription Agreement
nor any rights that may accrue to ASPL hereunder or any of ASPL’s obligations may be transferred or assigned other than
pursuant to the Transaction.

 

    	 	11	 

     

    

 

(b)            ASPL
may request from the Investor such additional information as ASPL may deem necessary to evaluate the eligibility of the Investor
to acquire the Shares and in connection with the inclusion of the Shares in the Registration Statement, and the Investor shall
provide such information as may reasonably be requested, to the extent readily available and to the extent consistent with its
internal policies and procedures. The Investor acknowledges that ASPL may file a form of this Subscription Agreement with the
SEC as an exhibit to a current or periodic report or a registration statement of ASPL.

 

(c)            The
Investor acknowledges that ASPL and the Placement Agents (as third party beneficiaries with the right to enforce Section 4,
Section 5, Section 6, Section 10, and Section 11 hereof on their own behalf and
not, for the avoidance of doubt, on behalf of ASPL) will rely on the acknowledgments, understandings, agreements, representations
and warranties of the Investor contained in this Subscription Agreement. Prior to the Closing, the Investor agrees to promptly
notify ASPL and the Placement Agents if any of the acknowledgments, understandings, agreements, representations and warranties
of the Investor set forth herein are no longer accurate.

 

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

 

(e)            All
of the representations and warranties contained in this Subscription Agreement shall survive the Closing. All of the covenants
and agreements made by each party hereto in this Subscription Agreement shall survive the Closing.

 

(f)            This
Subscription Agreement may not be modified, waived or terminated (other than pursuant to the terms of Section 8 above)
except by an instrument in writing, signed by each of the parties hereto and, to the extent required by the Transaction Agreement,
the Company. No failure or delay of either party in exercising any right or remedy hereunder shall operate as a waiver thereof,
nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce
such right or power, or any course of conduct, preclude any other or further exercise thereof or the exercise of any other right
or power. The rights and remedies of the parties and third party beneficiaries hereunder are cumulative and are not exclusive
of any rights or remedies that they would otherwise have hereunder.

 

(g)            This
Subscription Agreement (including the schedule hereto) constitutes the entire agreement, and supersedes all other prior agreements,
understandings, representations and warranties, both written and oral, among the parties, with respect to the subject matter hereof.
Except as set forth in Section 7(d), Section 10(c) and Section 10(d) with respect to the
persons referenced therein, this Subscription Agreement shall not confer any rights or remedies upon any person other than the
parties hereto, and their respective successor and assigns.

 

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

 

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

 

    	 	12	 

     

    

 

 

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

 

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

 

(l)            THE
PARTIES HERETO IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE court of chancery
of the state of delaware (or, to the extent such court does not have subject matter jurisdiction, the superior court of the state
of delaware, or the united states district court for the district of delaware) SOLELY IN RESPECT OF THE INTERPRETATION AND
ENFORCEMENT OF THE PROVISIONS OF THIS SUBSCRIPTION AGREEMENT AND THE DOCUMENTS REFERRED TO IN THIS SUBSCRIPTION AGREEMENT AND IN
RESPECT OF THE TRANSACTIONS CONTEMPLATED HEREBY, AND HEREBY WAIVE, AND AGREE NOT TO ASSERT, AS A DEFENSE IN ANY ACTION, SUIT OR
PROCEEDING FOR INTERPRETATION OR ENFORCEMENT HEREOF OR ANY SUCH DOCUMENT THAT IS NOT SUBJECT THERETO OR THAT SUCH ACTION, SUIT
OR PROCEEDING MAY NOT BE BROUGHT OR IS NOT MAINTAINABLE IN SAID COURTS OR THAT VENUE THEREOF MAY NOT BE APPROPRIATE OR
THAT THIS SUBSCRIPTION AGREEMENT OR ANY SUCH DOCUMENT MAY NOT BE ENFORCED IN OR BY SUCH COURTS, AND THE PARTIES HERETO IRREVOCABLY
AGREE THAT ALL CLAIMS WITH RESPECT TO SUCH ACTION, SUIT OR PROCEEDING SHALL BE HEARD AND DETERMINED BY SUCH A delaware
STATE OR FEDERAL COURT. THE PARTIES HEREBY CONSENT TO AND GRANT ANY SUCH COURT JURISDICTION OVER THE PERSON OF SUCH PARTIES AND
OVER THE SUBJECT MATTER OF SUCH DISPUTE AND AGREE THAT MAILING OF PROCESS OR OTHER PAPERS IN CONNECTION WITH SUCH ACTION, SUIT
OR PROCEEDING IN THE MANNER PROVIDED IN THIS SECTION 10(l) OF THIS SUBSCRIPTION AGREEMENT OR IN SUCH OTHER MANNER
AS MAY BE PERMITTED BY LAW SHALL BE VALID AND SUFFICIENT SERVICE THEREOF. THIS SUBSCRIPTION AGREEMENT SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS THAT
WOULD OTHERWISE REQUIRED THE APPLICATION OF THE LAW OF ANY OTHER STATE.

 

(m)            EACH
PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY
WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF
OR RELATING TO THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS SUBSCRIPTION AGREEMENT. EACH PARTY CERTIFIES
AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER; (II) SUCH PARTY UNDERSTANDS
AND HAS CONSIDERED THE IMPLICATIONS OF THE FOREGOING WAIVER; (III) SUCH PARTY MAKES THE FOREGOING WAIVER VOLUNTARILY; AND
(IV) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS SUBSCRIPTION AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS
IN THIS SECTION 10(m).

 

    13

     

    

 

11.            Non-Reliance
and Exculpation. The Investor acknowledges that it is not relying upon, and has not relied upon, any statement, representation
or warranty made by any person, firm or corporation (including, without limitation, the Placement Agents, any of their respective
affiliates or any control persons, officers, directors, employees, partners, agents or representatives of any of the foregoing),
other than the statements, representations and warranties of ASPL expressly contained in Section 5 of this Subscription
Agreement, in making its investment or decision to invest in ASPL. The Investor acknowledges and agrees that none of (i) any
Other Investor pursuant to this Subscription Agreement or any Other Subscription Agreement related to the private placement of
the Shares (including the investor’s respective affiliates or any control persons, officers, directors, employees, partners,
agents or representatives of any of the foregoing), (ii) the Placement Agents, their respective affiliates or any control
persons, officers, directors, employees, partners, agents or representatives of any of the foregoing, (iii) any other party
to the Transaction Agreement (other than ASPL), or (iv) any affiliates, or any control persons, officers, directors, employees,
partners, agents or representatives of any of ASPL, the Company or any other party to the Transaction Agreement shall be liable
to the Investor, or to any Other Investor, pursuant to this Subscription Agreement or any Other Subscription Agreement related
to the private placement of the Shares, the negotiation hereof or thereof or the subject matter hereof or thereof, or the transactions
contemplated hereby or thereby, for any action heretofore or hereafter taken or omitted to be taken by any of them in connection
with the purchase of the Shares.

 

12.            Press
Releases. ASPL shall, by 9:00 a.m., New York City time, on the first business day immediately following the date of this Subscription
Agreement, issue one or more press releases or furnish or file with the SEC a Current Report on Form 8-K (collectively, the
 “Disclosure Document”) disclosing, to the extent not previously publicly disclosed, the PIPE Investment, all
material terms of the Transaction and any other material, non-public information that ASPL, or any of its officers, employees or
agents on behalf of ASPL, has provided to the Investor at any time prior to the filing of the Disclosure Document. From and after
the disclosure of the Disclosure Document, the Investor shall no longer be subject to any confidentiality or similar obligations
under any current agreement, whether written or oral, with ASPL or any of its affiliates, and, to the knowledge of ASPL, the Investor
shall not be in possession of any material, non-public information received from ASPL or any of its officers, directors, employees
or agents. All press releases or other public communications relating to the transactions contemplated hereby between ASPL and
the Investor, and the method of the release for publication thereof, shall be subject to the prior approval of (i) ASPL, and
(ii) the Investor to the extent such press release or public communication references the Investor or its affiliates or investment
advisers by name or any trademark owned by the Investor, its affiliates or its investment advisers. The restriction in this Section 12
shall not apply to the extent the public announcement is required by applicable securities law, any governmental authority or stock
exchange rule; provided, that in such an event, the applicable party shall use its commercially reasonable efforts to consult
with the other party in advance as to its form, content and timing.

 

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

 

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

 

If to ASPL, to:

 

Aspirational Consumer Lifestyle Corp.

1 Kim Seng Promenade

#18-07/12 Great World City

Singapore 237994

	Attention:	Gilbert Ong
	Email:	gilbert.ong@turmericap.com

 

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

 

    14

     

    

 

Skadden, Arps, Slate, Meagher & Flom LLP

One Manhattan West

New York, New York 10001

	Attention:	Howard L. Ellin
	 	Christopher M. Barlow
	 	P. Michelle Gasaway
	Email:	howard.ellin@skadden.com
	 	christopher.barlow@skadden.com
	 	michelle.gasaway@skadden.com

 

and

 

Wheels Up Partners Holdings LLC

601 West 26th Street

New York, New York 10001

	Attention:	Jason
Horowitz
	Email:	jhorowitz@wheelsup.com

 

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

 

Arnold & Porter Kaye Scholer LLP

250 West 55th Street

New York, New York 10019

	Attention:	Thomas Yadlon
	 	John
Geelan
	Email:	thomas.yadlon@arnoldporter.com
	 	john.geelan@arnoldporter.com

 

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

 

[SIGNATURE PAGES FOLLOW]

 

    15

     

    

 

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

 

	Name of Investor:	State/Country of Formation or Domicile:
	 	 
	By:______________________________________	 
	Name:___________________________________	 
	Title:____________________________________	 
	 	 
	Name in which Shares are to be registered (if different):	Date: ________, 2021
	 	 
	Investor’s EIN:	 
	 	 
	Business Address-Street:	Mailing Address-Street (if different):
	 	 
	City, State, Zip:	City, State, Zip:
	 	 
	Attn:_____________________________________	Attn:_____________________________________
	 	 
	Telephone No.:	Telephone No.:
	Facsimile No.:	Facsimile No.:
	 	 
	Number of Shares subscribed for:	 
	 	 
	Aggregate Subscription Amount: $	Price Per Share: $10.00

 

You must pay the Subscription
Amount by wire transfer of United States dollars in immediately available funds to the account specified by ASPL in the Closing
Notice.

 

[Signature Page to Subscription
Agreement]

 

    

     

    

 

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

 

	 	ASPIRATIONAL CONSUMER LIFESTYLE CORP.

 

	 	By:	 
	 	 	Name: Ravi Thakran
	 	 	Title: Chief Executive Officer

 

Date: February 1, 2021

 

[Signature Page to Subscription
Agreement]

 

    

     

    

 

SCHEDULE A

 

ELIGIBILITY REPRESENTATIONS OF THE INVESTOR

 

		A.	INVESTOR CITIZENSHIP

 

(Please check the applicable
subparagraphs):

 

		 ̈	We are a “Citizen of the United States” (within the meaning of 49 U.S.C. § 40102(a)(15),
as interpreted and applied by the United States Department of Transportation and/or the Secretary of Transportation, or any person,
governmental department, bureau, authority, commission or agency succeeding to the functions thereof.)

 

		 ̈	We are not a “Citizen of the United States” (within the meaning of 49 U.S.C. §
40102(a)(15) as described above)

 

		B.	QUALIFIED INSTITUTIONAL BUYER STATUS

(Please check the applicable subparagraphs):

 

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

 

		C.	INSTITUTIONAL ACCREDITED INVESTOR STATUS

(Please check the applicable subparagraphs):

 

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

 

		2.	 ̈  We
                                                                                                                                            are not a natural person.

 

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

 

		 ̈	Any bank, registered broker or dealer, insurance company, registered investment company, business
development company, or small business investment company;

 

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

 

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

 

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

 

		 ̈	Any trust with assets in excess of $5,000,000, not formed to acquire the securities offered, whose
purchase is directed by a sophisticated person; or

 

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

 

This page should be completed
by the Investor and constitutes a part of the Subscription Agreement.

 

[Schedule A to Subscription Agreement]

 

    

     

    

 

Exhibit I

 

Morgan Stanley & Co. LLC

1585 Broadway

New York, New York 10036

 

Credit Suisse Securities (USA) LLC

Eleven Madison Avenue

New York, New York 10010

 

Re:     Purchase of shares of Class A
Ordinary Shares, par value $0.0001 per share (the “Securities”) issued by Aspirational Consumer Lifestyle Corp. (the
 “Company”)

 

Ladies and Gentlemen:

 

In connection with the offer and sale of the Securities to be
issued by the Company, we represent, warrant, agree and acknowledge as follows:

 

1.            No
disclosure or offering document has been prepared in connection with the offer and sale of the Securities by the Placement Agents
or any of their affiliates.

 

2.            (a) We
have conducted our own investigation of the Company and the Securities and we have not relied on any statements or other information
provided by the Placement Agents concerning the Company or the Securities or the offer and sale of the Securities, (b) we
have had access to, and an adequate opportunity to review, financial and other information as we deem necessary to make our decision
to purchase the Securities, (c) we have been offered the opportunity to ask questions of the Company and received answers
thereto, as we deemed necessary in connection with our decision to purchase the Securities; and (d) we have made our own assessment
and have satisfied ourselves concerning the relevant tax and other economic considerations relevant to our investment in the Securities.

 

3.            Each
Placement Agent and its directors, officers, employees, representatives and controlling persons have made no independent investigation
with respect to the Company or the Securities or the accuracy, completeness or adequacy of any information supplied to us by the
Company.

 

4.            In
connection with the issue and purchase of the Securities, the Placement Agents have not acted as our financial advisor or fiduciary.

 

5.            We
are (x) a qualified institutional buyer (as defined in Rule 144A of the Securities Act of 1933 as amended (the “Securities
Act”)), or (y) an accredited investor (as defined in Rule 501 of the Securities Act). Accordingly, we understand
that the offering meets the exemptions from filing under FINRA Rule 5123(b)(1)(C) or (J).

 

6.            We
(i) are an institutional account as defined in FINRA Rule 4512(c), (ii) are a sophisticated investor, experienced
in investing in private equity transactions and capable of evaluating investment risks independently, both in general and with
regard to all transactions and investment strategies involving a security or securities and (iii) have exercised independent
judgment in evaluating our participation in the purchase of the Securities. Accordingly, we understand that the offering meets
(i) the exemptions from filing under FINRA Rule 5123(b)(1)(A) and (ii) the institutional customer exemption
under FINRA Rule 2111(b).

 

7.            We
are aware that the sale to us is being made in reliance on a private placement exemption from registration under the Securities
Act and are acquiring the Securities for our own account or for an account over which we exercise sole discretion for another qualified
institutional buyer or accredited investor.

 

8.            We
are able to fend for ourselves in the transactions contemplated herein; have such knowledge and experience in financial and business
matters as to be capable of evaluating the merits and risks of our prospective investment in the Securities; and have the ability
to bear the economic risks of our prospective investment and can afford the complete loss of such investment.

 

    

     

    

 

9.            The
Securities have not been registered under the Securities Act or any other applicable securities laws, are being offered for resale
in transactions not requiring registration under the Securities Act, and unless so registered, may not be offered, sold or otherwise
transferred except in compliance with the registration requirements of the Securities Act or any other applicable securities laws,
pursuant to any exemption therefrom or in a transaction not subject thereto.

 

Very truly yours,

 

________________________

 

(Print Investor name)

 

By: ____________________

Name:

Title:

 

Date:

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