Document:

EX-10.7

 Exhibit 10.7 

EXECUTION VERSION 
 THIS INSTRUMENT AND THE
SECURITIES ISSUABLE UPON THE CONVERSION OR EXCHANGE HEREOF HAVE NOT BEEN REGISTERED UNDER APPLICABLE LAWS. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED, OR OTHERWISE TRANSFERRED. 

SWVL INC. 
 Convertible
Note 
  

			
	 Note Purchase Price:
	  	Date of Issuance:
	 US$[•]
	  	August 25, 2021

 FOR VALUE RECEIVED, SWVL INC., a British Virgin Islands business company with company number 1945550 and with
its registered office at Maples Corporate Services (BVI), Kingston Chambers, P.O. Box 173, Road Town, Tortola, British Virgin Islands (the “Company”), hereby promises to pay to the order of [•] (the
“Investor”), the principal sum of the Note Purchase Price, together with interest thereon from the Date of Issuance, which shall accrue at the Interest Rate. This Convertible Note is one of a series of Convertible Notes issued by
the Company to investors with identical terms and on the same form as set forth herein (except that the Investor, Note Purchase Price and Date of Issuance may differ in each Convertible Note) (collectively, the “Series”). 

1. Definitions. 
 (a)
“Affiliate” shall mean any entity that directly, or indirectly through one or more intermediaries, controls, is controlled by or is under common control with the entity specified. 

(b) “BCA Termination” shall mean the termination of the Business Combination Agreement in accordance with its terms. 

(c) “Business Combination Agreement” shall mean the Business Combination Agreement, dated as of July 28, 2021, by and
among Queen’s Gambit, the Company, Holdings, Pivotal Merger Sub Company I, a Cayman Islands exempted company with limited liability and wholly owned subsidiary of Holdings, and Pivotal Merger Sub Company II Limited, a British Virgin Islands
business company limited by shares incorporated under the laws of the British Virgin Islands and wholly owned subsidiary of Queen’s Gambit. 

(d) “Business Day” shall mean any day on which the principal offices of the Commission (as defined herein) in Washington, D.C.
are open to accept filings, or, in the case of determining a date when any payment is due, any day on which banks are not required or authorized to close in New York, NY, the Cayman Islands or the British Virgin Islands; provided, that banks shall
not be deemed to be authorized or obligated to be closed due to a “shelter in place,” “non-essential employee” or similar closure of physical branch locations at the direction of any
Governmental Authority if such banks’ electronic funds transfer systems (including for wire transfers) are open for use by customers on such day. 

 (e) “control” (including the terms “controlling,”
“controlled by” and “under common control with”) shall mean the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of an entity, whether through the ownership of voting
securities, by contract, or otherwise. 
 (f) “Commission” shall mean the U.S. Securities and Exchange Commission. 

(g) “Company Common Shares” shall mean the Company’s common shares. 

(h) “Company Merger” shall have the meaning given to such term in the Business Combination Agreement.  

(i) “Company Merger Effective Time” shall have the meaning given to such term in the Business Combination Agreement. 

(j) “Company Conversion Shares” shall mean: 

(i) with respect to a conversion pursuant to Section 3.2, Company Equity Securities issued in such Qualified Equity
Financing; provided, that, if multiple classes and/or series of Company Equity Securities are issued in such Qualified Equity Financing, the Majority in Interest shall elect which class and series of such Company Equity Securities shall
constitute Company Conversion Shares for purposes hereof; 
 (ii) with respect to a conversion pursuant to
Section 3.3, shares of Company Preferred Shares; and 
 (iii) with respect to a conversion pursuant to
Section 3.4, shares of Company Common Shares. 
 (k) “Company Equity Securities” shall mean the
Company Common Shares or Company Preferred Shares or any securities conferring the right to purchase the Company Common Shares or Company Preferred Shares or securities convertible into, or exchangeable for (with or without additional
consideration), the Company Common Shares or Company Preferred Shares, except any security granted, issued and/or sold by the Company to any director, officer, employee or consultant of the Company in such capacity for the primary purpose of
soliciting or retaining their services. 
 (l) “Company Preferred Shares” shall mean the Company’s preferred
shares. 
 (m) “Conversion Price” shall equal: 

(i) with respect to a conversion pursuant to Section 3.2, the lower of (A) the product of (1) one minus
the Discount and (2) the price paid per share for Company Preferred Shares by the investors in the Qualified Equity Financing or (B) the quotient resulting from dividing (1) the Valuation Cap by (2) the Fully-Diluted
Capitalization immediately prior to the closing of the Qualified Equity Financing; 

  
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 (ii) with respect to a conversion pursuant to Section 3.3, the
quotient resulting from dividing (1) the Maturity Conversion Cap by (2) the Fully-Diluted Capitalization immediately prior to the Maturity Date; and 

(iii) with respect to a conversion pursuant to Section 3.4, the quotient resulting from dividing (A) the
Valuation Cap by (B) the Fully-Diluted Capitalization immediately prior to the conversion. 
 (n) “Convertible Note” or
“Convertible Notes” shall mean the instruments issued by the Company to Holders in the form hereof. 
 (o) “Corporate
Transaction” shall mean (a) a merger or consolidation in which the Company is a constituent party or a subsidiary of the Company is a constituent party and the Company issues shares pursuant to such merger or consolidation, except any
such merger or consolidation involving the Company or a subsidiary in which the shares of the Company outstanding immediately prior to such merger or consolidation continue to represent, or are converted into or exchanged for shares that represent,
immediately following such merger or consolidation, at least a majority, by voting power, of the shares of (1) the surviving or resulting company; or (2) if the surviving or resulting company is a wholly owned subsidiary of another company
immediately following such merger or consolidation, the parent company of such surviving or resulting corporation; (b) (1) the sale, lease, transfer, exclusive license or other disposition, in a single transaction or series of related
transactions, by the Company or any subsidiary of the Company of all or substantially all the assets of the Company and its subsidiaries taken as a whole or (2) the sale or disposition (whether by merger, consolidation or otherwise, and whether
in a single transaction or a series of related transactions) of one or more subsidiaries of the Company if substantially all of the assets of the Company and its subsidiaries taken as a whole are held by such subsidiary or subsidiaries, except where
such sale, lease, transfer, exclusive license or other disposition is to a wholly owned subsidiary of the Company; or (c) the consummation of any Other SPAC Transaction (other than, in the case of each of the foregoing clauses (a) through
(c), the transactions contemplated by the Business Combination Agreement); provided, however, that a transaction shall not constitute a Corporate Transaction if its sole purpose is to change the jurisdiction of the Company’s
incorporation or to create a holding company that will be owned in substantially the same proportions by the persons who held the Company Equity Securities immediately prior to such transaction. Notwithstanding the prior sentence, the sale of shares
of securities in a bona fide financing transaction (including a Qualified Equity Financing) shall not be deemed a “Corporate Transaction”. 

(p) “De-SPAC Completion Exchange Price” shall mean US$8.50. 

  
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 (q) “Discount” means, as of the applicable date of determination, the
corresponding rate set forth in the table below: 
  

					
	 Date of Determination
	  	Applicable
Discount	 
	 On and after the Date of Issuance, through, but not including, September 5, 2021:
	  	 	20	% 
	 On and after September 5, 2021, through, but not including, March 5, 2022:
	  	 
	30
	% 

	 On and after March 5, 2022, through, but not including, September 5, 2022:
	  	 
	35
	% 

 (r) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 

(s) “Existing Subscription Agreements” shall mean, collectively, the Subscription Agreements, dated as of July 28, 2021,
by and among Queen’s Gambit, Holdings, the Company and the subscribers party thereto. 
 (t) “Fully-Diluted
Capitalization” shall mean the number of Company Common Shares then outstanding, assuming (a) the exercise and conversion of all outstanding vested or unvested options, warrants and other rights to acquire shares in the Company’s
share capital (other than the Convertible Notes); (b) the conversion of all shares of outstanding Company Preferred Shares, if any; and, (c) solely in connection with a conversion pursuant to Sections 3.2, 3.3 and
3.4 (solely in the case of an IPO), the issuance of all shares of Company Common Shares reserved but unissued under the Company’s equity incentive plan (including any plan created or increased in connection with such transaction). 

(u) “Governmental Authority” means any (a) nation, state, commonwealth, province, territory, county, municipality,
district or other jurisdiction of any nature; (b) federal, state, local, municipal, foreign or other government; or (c) governmental or quasi-governmental authority of any nature (including any governmental division, department, agency,
commission, instrumentality, official, organization, unit, body or entity and any court or other tribunal). 
 (v) “Holder”
shall mean a member of the Note Group that holds a Convertible Note (including, without limitation, the Investor, for so long as the Investor holds this Convertible Note). 

(w) “Holdings” shall mean Pivotal Holdings Corp, a British Virgin Islands business company limited by shares incorporated
under the laws of the British Virgin Islands. 
 (x) “Holdings Common Shares A” shall mean Class A ordinary shares, par
value US$0.0001 per share, of Holdings. 
 (y) “Interest Rate” shall mean (i) from the Date of Issuance until the date
of a BCA Termination, a rate of 0% per annum and (ii) at any time thereafter, and in respect of all amounts raised by the Company in the Series, a rate of 6.5% per annum. 

(z) “IPO” shall mean an underwritten initial public offering of Company Common Shares on a recognized public exchange or
marketplace. 
 (aa) “Law” means any law, directive, statute, constitution, principle of common law, resolution, ordinance,
code, edict, decree, rule, regulation, ruling or requirement issued, enacted, adopted, promulgated, implemented or otherwise put into effect by or under the authority of any Governmental Authority. 

  
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 (bb) “Majority in Interest” shall mean members of the Note Group holding a
majority in interest of the aggregate Note Purchase Prices of all Convertible Notes in the Series. 
 (cc) “Maturity Conversion
Cap” shall mean $226,000,000. 
 (dd) “Maturity Date” shall mean September 5, 2022. 

(ee) “Note Group” shall mean the holders of all Convertible Notes in the Series, collectively. 

(ff) “Other SPAC Transaction” shall mean any merger or consolidation with a special purpose acquisition company or its
subsidiary in which (i) (A) the Company is a constituent party or (B) a subsidiary of the Company is a constituent party, and (ii) the shares of the surviving or resulting corporation is listed for trading on a public exchange or
marketplace, in each case other than the transactions contemplated by the Business Combination Agreement. 
 (gg) “Qualified Equity
Financing” shall mean the next bona fide, arms-length sale or issuance (or series of related sales or issuances) by the Company of Company Preferred Shares following the date hereof (which may involve one or more closings pursuant to the
same purchase agreement) from which the Company receives gross proceeds of not less than $50,000,000 (excluding the aggregate amount of securities converted into Company Preferred Shares in connection with such sale or issuance (or series of related
sales or issuances)). 
 (hh) “Queen’s Gambit” shall mean Queen’s Gambit Growth Capital, a Cayman Islands exempted
company with limited liability. 
 (ii) “Securities Act” shall mean the Securities Act of 1933, as amended. 

(jj) “Subscription Agreement” shall mean the Subscription Agreement, dated as of July 28, 2021, by and among
Queen’s Gambit, Holdings, the Company and the Investor. 
 (kk) “Transfer” shall mean any direct or indirect transfer,
redemption, disposition or monetization in any manner whatsoever, including, without limitation, through any derivative transactions. 
 (ll)
“Valuation Cap” shall mean $350,000,000. 
 (mm) a company is a “subsidiary” of another company if that
other company alone, or pursuant to an agreement with other members, controls such company, or if it is a subsidiary of a company that is itself a subsidiary of that other company. Any reference to subsidiaries of the Company in this Convertible
Note shall apply to the extent the Company has any subsidiary at the time when the relevant provision is applicable. 

  
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 2. Exchange of the Convertible Note. 

2.1 Exchange. Concurrently with the consummation of the Company Merger at the Company Merger Effective Time (such date, the
“Closing Date”), this Convertible Note shall be automatically exchanged (the “De-SPAC Completion Exchange” and the closing thereof, the “Closing”) for the
number of Holdings Common Shares A equal to the quotient of (a) the Note Purchase Price divided by (b) the De-SPAC Completion Exchange Price (such shares, the “Acquired
Shares”). Not less than three (3) Business Days prior to the anticipated Closing Date (the “Expected Closing Date”), Holdings shall provide written notice to the Investor (the “Closing Notice”)
specifying the Expected Closing Date. 
 2.2 Closing Procedures. 

(a) The Investor shall deliver to Holdings any information that is reasonably requested in the Closing Notice that is required in order to
enable Holdings to issue the Acquired Shares, including, without limitation, (i) a certification that the Investor is a “qualified institutional buyer” (as defined in Rule 144A promulgated under the Securities Act) or an
“accredited investor” (within the meaning of Rule 501(a) of the Securities Act), substantially in the form of Schedule A to the Subscription Agreement, (ii) the legal name of the person (or nominee) in whose name such Acquired Shares
are to be issued and (iii) a duly completed and executed Internal Revenue Service Form W-9 or appropriate Form W-8; and 

(b) Holdings shall deliver to the Investor (i) at or as promptly as practicable after the Closing, the Acquired Shares in book entry form,
free and clear of any liens or other restrictions whatsoever (other than those arising under applicable securities laws), in the name of the Investor (or its nominee in accordance with its delivery instructions) or to a custodian designated by the
Investor, as applicable, and (ii) as promptly as practicable after the Closing, a copy of the records of, or correspondence from, Holdings’ transfer agent reflecting the Investor as the owner of the Acquired Shares on and as of the Closing
Date. Each book entry for the Acquired Shares shall contain a legend in substantially the following form: 
 THE SECURITIES REPRESENTED
HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM.
THE HOLDER WILL NOTIFY ANY SUBSEQUENT PURCHASER OF THIS SECURITY OF THE RESALE RESTRICTIONS REFERRED TO ABOVE. 
 (c) Prior to or upon the De-SPAC Completion Exchange, the Investor shall execute and deliver such additional documents and take such additional actions as Holdings reasonably may deem to be practical and necessary in order to consummate the
De-SPAC Completion Exchange as contemplated by this Convertible Note, including the filing of any notices under U.S. federal and state securities laws. 

  
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 (d) Unless and until a BCA Termination shall have occurred, this Convertible Note shall
remain automatically exchangeable in accordance with this Article 2 concurrently with the consummation of the Company Merger. 
 (e) The
parties hereto agree and acknowledge that the Investor shall have no rights in or with respect to any class of Holdings stock unless and until Holdings delivers to the Investor the Acquired Shares pursuant to
Section 2.2(b). 
 3. Conversion of the Convertible Note. 

3.1 Effectiveness of Section. Notwithstanding anything herein to the contrary, the terms of this Section 3
shall become effective solely upon a BCA Termination, and prior to such time shall have no force or effect. 
 3.2 Qualified Equity
Financing Conversion. Unless earlier repaid or converted pursuant to the terms hereof, upon the closing of a Qualified Equity Financing, this Convertible Note will be automatically converted into that number of Company Conversion Shares equal to
the quotient obtained by dividing the Note Purchase Price and unpaid accrued interest on this Convertible Note by the Conversion Price. At least five days prior to the closing of the Qualified Equity Financing, the Company shall notify the Investor
in writing of the terms under which the Company Equity Securities will be sold in such financing. The issuance of the Company Conversion Shares pursuant to the conversion of this Convertible Note shall be upon and subject to the same terms and
conditions applicable to the Company Equity Securities sold in the Qualified Equity Financing and the Holder shall become a party to the definitive financing agreements for such Qualified Equity Financing; provided that certain shareholder
rights in connection with such Qualified Equity Financing may be contingent upon minimum shareholdings. 
 3.3 Maturity Conversion.
Unless earlier repaid or converted pursuant to the terms hereof, the outstanding principal and unpaid accrued interest of this Convertible Note, shall be automatically converted into Company Conversion Shares upon the Maturity Date. The number of
Company Conversion Shares to be issued upon conversion shall be equal to the quotient obtained by dividing the Note Purchase Price and unpaid accrued interest due on a Convertible Note by the Conversion Price. The issuance of Company Conversion
Shares pursuant to the conversion of this Convertible Note shall be upon and subject to the same terms and conditions applicable to the Company Equity Securities issued in the most recent equity financing of the Company preceding the Maturity Date
and the Holder shall become a party to the definitive financing agreements for such financing; provided that certain shareholder rights may be contingent upon minimum shareholdings. 

3.4 Liquidity Conversion. Unless earlier repaid or converted pursuant to the terms hereof, immediately prior to a Corporate Transaction,
IPO or Other SPAC Transaction, this Convertible Note shall be converted into that number of Company Conversion Shares equal to the quotient obtained by dividing the Note Purchase Price and unpaid accrued interest on this Convertible Note by the
Conversion Price. At least five days prior to the closing of the Corporate Transaction, IPO or Other SPAC Transaction, the Company shall notify the Investor in writing of the terms of the Corporate Transaction, IPO or Other SPAC Transaction. 

  
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 3.5 No Fractional Shares. Upon the conversion of this Convertible Note into Company
Conversion Shares, in lieu of any fractional shares to which the Holder would otherwise be entitled, the Company shall pay the Holder cash equal to such fraction multiplied by the Conversion Price. 

3.6 Mechanics of Conversion. Conversion of this Convertible Note may be made contingent upon the closing of the Qualified Equity
Financing, Corporate Transaction, IPO or Other SPAC Transaction. 
 3.7 Interest Accrual. If a Qualified Equity Financing, conversion
in accordance with Section 3.3, Corporate Transaction or IPO is consummated, all interest on this Convertible Note shall be deemed to have stopped accruing as of a date selected by the Company that is up to 10 days prior to
the signing of the definitive agreement for the Qualified Equity Financing, conversion in accordance with Section 3.3, Corporate Transaction or IPO. 

3.8 Shareholder Agreements Upon Conversion. Upon conversion of this Convertible Note pursuant to this Section 3, the Investor and
the Company shall enter into one or more agreements containing pre-emptive rights, tag-along rights, information rights (providing for the information set forth in
Section 3.9 below), board observer rights and such other rights as are customary for a transaction of this type and size. 
 3.9
Financial Statements and Other Information. From and after a BCA Termination and until this Convertible Note is repaid in full or is otherwise terminated, the Company covenants and agrees that the Company will furnish to the Investor: 

(a) No less than thirty (30) days before the start of the Company’s fiscal year, the Company’s annual budget and operating plan;

 (b) Within sixty (60) days of the end of each of the first three fiscal quarters of each fiscal year of the Company, the unaudited
consolidated balance sheet of the Company and its subsidiaries and the related unaudited consolidated statements of operations and cash flows of the Company and its subsidiaries; 

(c) Within one hundred twenty (120) days after the end of each fiscal year of the Company, the audited consolidated balance sheet of the
Company and its subsidiaries and the related audited consolidated statements of operations and cash flows of the Company its subsidiaries as of the end of and for such year, setting forth in each case in comparative form the figures for the previous
fiscal year; 
 (d) Within fifteen (15) days after the end of each month, a management accounting of profit and loss and key performance
indicators of the Company; 
 (e) Prompt written notice of any material administrative or judicial action or proceeding instituted (or
threatened to be instituted) by a Governmental Authority or private party against the Company or any of its subsidiaries and quarterly updates thereafter within thirty (30) days after the end of each fiscal quarter of each fiscal year of the
Company; 

  
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 (f) Minutes of meetings of the board of directors of the Company (the “Company
Board”) and/or shareholders of the Company and actions taken by written consent of the Company Board and/or shareholders of the Company within thirty (30) days of such meeting or written consent, as applicable; 

(g) All notices, reports and other information delivered to the Company’s shareholders promptly following delivery to such shareholders;
and 
 (h) Promptly following any request therefor, such other information regarding the operations, business affairs and financial condition
of the Company or any of its subsidiaries, or compliance with the terms of this Convertible Note, as the Investor may reasonably request. 

4. Representations and Warranties of Holdings. Holdings represents and warrants that the representations and warranties of Holdings set
forth in Section 3 of the Subscription Agreement are, as of the date hereof and applied mutatis mutandis to this Convertible Note and the Acquired Shares, true and correct. 

5. Representations and Warranties of the Investor. The Investor represents and warrants that: 

5.1 The representations and warranties of the Investor set forth in Section 5 of the Subscription Agreement are, as of the date hereof and
applied mutatis mutandis to the issuance and terms of this Convertible Note and to the Acquired Shares, true and correct. 
 5.2 The
Investor understands that this Convertible Note is being sold in a transaction not involving any public offering within the meaning of the Securities Act and that this Convertible Note has not been registered under the Securities Act or any other
securities laws of the United States or any other jurisdiction. The Investor understands that this Convertible Note may not be resold, transferred, pledged or otherwise disposed of by the Investor absent an effective registration statement under the
Securities Act, except (i) to the Company 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, (iii) pursuant to Rule 144 promulgated under the Securities Act, absent a change in law, receipt of regulatory no-action relief or an exemption, provided that all of the applicable
conditions thereof have been met, or (iv) pursuant to another applicable exemption from the registration requirements of the Securities Act. The Investor further understands and agrees that this Convertible Note is subject to transfer
restrictions and, as a result of these transfer restrictions, the Investor may not be able to readily resell this Convertible Note and may be required to bear the financial risk of an investment in this Convertible Note for an indefinite period of
time. Subscriber understands that it has been advised to consult legal counsel prior to making any offer, resale, pledge or Transfer of any of this Convertible Note. 

6. Representations and Warranties of the Company. In connection with the transactions provided for herein, the Company hereby represents
and warrants to the Investor that: 
 6.1 Organization, Good Standing and Qualification. The Company is a company duly organized,
validly existing, and in good standing under the laws of the British Virgin Islands and has all requisite corporate power and authority to carry on its business as now conducted. The Company is duly qualified to transact business and is in good
standing in each jurisdiction in which the failure to so qualify would have a material adverse effect on its business or properties. Each subsidiary of the Company is validly incorporated, in existence and duly registered under the jurisdiction of
operation of each subsidiary. 

  
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 6.2 Authorization. Except for the authorization and issuance of the Company
Conversion Shares issuable in connection with the Qualified Equity Financing, a Corporate Transaction, an IPO, an Other SPAC Transaction or on the Maturity Date, all corporate action has been taken on the part of the Company, its officers, directors
and shareholders necessary for the authorization, execution and delivery of this Convertible Note. The Company has taken all corporate action required to make all of the obligations of the Company reflected in the provisions of this Convertible Note
the valid and enforceable obligations they purport to be, and this Convertible Note, when executed and delivered by the Company, shall constitute the valid and legally binding obligation of the Company, enforceable against the Company in accordance
with its terms, except as may be limited by (i) applicable bankruptcy, insolvency, reorganization, or similar Laws relating to or affecting the enforcement of creditors’ rights and (ii) Laws relating to the availability of specific
performance, injunctive relief or other equitable remedies. Prior to any conversion event pursuant to Section 3, the Company shall authorize sufficient shares of Company Preferred Shares and/or Company Common Shares, as
applicable, to allow for conversion of the Convertible Notes as described above and the issuance of any Company Common Shares in which such shares of Company Preferred Shares may be convertible. 

6.3 Compliance with Other Instruments. The execution, delivery and performance of this Convertible Note, and the consummation of the
transactions contemplated hereby, will not constitute or result in a default, violation, conflict or breach in any material respect of any provision of the Company’s current constitutional documents or bylaws, or in any material respect of any
instrument, judgment, order, writ, decree, privacy policy or contract to which it is a party or by which it is bound, or, to its knowledge, of any provision of any Law applicable to the Company. 

6.4 Valid Issuance of Shares. The Company Conversion Shares, when issued, sold and delivered upon conversion of this Convertible Note
pursuant to Section 3, will be duly authorized and validly issued, fully paid and nonassessable, will be free of restrictions on transfer other than restrictions on transfer set forth herein and pursuant to applicable Laws
and, based in part upon the representations and warranties of the Investor herein, will be issued in compliance with all applicable securities Laws. 

6.5 Litigation. There is no private or governmental action, suit, proceeding, claim, arbitration or investigation pending before any
agency, court or tribunal, foreign or domestic, or threatened against the Company or any of its properties or any of its officers or managers (in their capacities as such). There is no judgment, decree or order against the Company, or, to the
knowledge of the Company, any of its directors or managers (in their capacities as such), that could prevent, enjoin, or materially alter or delay any of the transactions contemplated by this Convertible Note, or that would reasonably be expected to
have a material adverse effect on the Company. 

  
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 6.6 Capitalization of the Company. As of the date hereof, the authorized share
capital of the Company is divided into 5,555 Class A Shares, 7,756 Class B Shares, 8,186 Class C Shares, 14,799 Class D Shares, 6,970 Class D-1 Shares, 15,000 Common Shares A and 3,936
Common Shares B. 
 6.7 No Other Agreements. As of the date hereof, the Company has not entered into any side letter or similar
agreement with any other investor in connection with any such investor’s direct or indirect investment in the Convertible Notes in the Series other than (i) the Existing Subscription Agreements and (ii) the other
Convertible Notes. As of the date hereof, each of the Convertible Notes in the Series reflects the same De-SPAC Completion Exchange Price and, except as described in the preamble hereto, economic and other
terms (other than the Note Purchase Price) that are identical to the terms of this Convertible Note. As of the date hereof, the aggregate face value of the Convertible Notes in the Series is US$35,500,000. 

7. Registration Rights for Acquired Shares. 

7.1 Holdings agrees that, within thirty (30) calendar days after the Closing, Holdings will use its commercially reasonable efforts to
file with the Commission (at Holdings’ sole cost and expense) a registration statement registering the resale of the Acquired Shares (the “Registration Statement”), and to have the Registration Statement declared effective as
soon as practicable after the filing thereof, but no later than the earliest of (i) the 90th calendar day (or 135th calendar day if the Commission notifies Holdings that it will “review” the Registration Statement) following the
Closing and (ii) the 10th Business Day after the date Holdings is notified (orally or in writing, whichever is earlier) by the Commission that the Registration Statement will not be “reviewed” or will not be subject to further review
(such earlier date, the “Effective Date”); provided, however, that Holdings’ obligations to include the Acquired Shares in the Registration Statement are contingent upon the Investor furnishing in writing
to Holdings such information regarding the Investor, the securities of Holdings held by the Investor and the intended method of disposition of the Acquired Shares as shall be reasonably requested by Holdings to effect the registration of the
Acquired Shares, and the Investor shall execute such documents in connection with such registration as Holdings may reasonably request that are customary of a selling stockholder in similar situations, including providing that Holdings shall be
entitled to postpone and suspend the effectiveness or use of the Registration Statement during any customary blackout or similar period or as permitted hereunder. Holdings shall provide a draft of the Registration Statement to the Investor at least
two (2) Business Days in advance of its anticipated initial filing date; provided that the Investor agrees to keep confidential the receipt of such Registration Statement and the information contained therein until filed with the
Commission. Notwithstanding the foregoing, if the Commission prevents Holdings from including any or all of the shares proposed to be registered under the Registration Statement due to limitations on the use of Rule 415 of the Securities Act for the
resale of the Acquired Shares by the applicable stockholders or otherwise, such Registration Statement shall register for resale such number of Acquired Shares which is equal to the maximum number of Acquired Shares as is permitted by the
Commission. In such event, the number of Acquired Shares to be registered for each selling stockholder named in the Registration Statement shall be reduced pro rata among all such selling stockholders. Upon notification by the Commission that the
Registration Statement has been declared effective by the Commission, within two (2) Business Days thereafter, Holdings shall file the final prospectus under Rule 424 of the Securities Act. In no event shall the Investor be identified as a
statutory underwriter in the Registration Statement unless requested by the Commission. 

  
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 7.2 At its expense Holdings shall: 

(a) except for such times as Holdings 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 applicable securities laws which Holdings determines to obtain, continuously effective with respect to the Investor, and to keep the
applicable Registration Statement or any subsequent shelf registration statement free of any material misstatements or omissions, until the earliest of the following: (1) the Investor ceases to hold any Acquired Shares or (2) the date all
Acquired Shares held by the 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 promulgated under the Securities Act
and without the requirement for Holdings to be in compliance with the current public information required under Rule 144(c)(1) or Rule 144(i)(2), as applicable, and three (3) years from the Effective Date of the Registration Statement. 

(b) advise the Investor within two (2) Business Days: 

(i) when a Registration Statement or any amendment thereto has become effective; 

(ii) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or the initiation of any
proceedings for such purpose; 
 (iii) of the receipt by Holdings of any notification with respect to the suspension of the qualification of
the Acquired Shares included therein for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and 

(iv) subject to the applicable provisions of this Convertible Note, of the occurrence of any event that requires the making of any changes in
the Registration Statement or prospectus so that, as of such date, the Registration Statement or prospectus does not contain any untrue statement of material fact or omit to state a material fact 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, Holdings shall not, when so advising the Investor of such events, provide the Investor with any material, nonpublic information regarding Holdings other than to the extent that providing notice to the Investor of the occurrence of
the events listed in (i) through (iv) above constitutes material, nonpublic information regarding Holdings; 
 (c) use its commercially
reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of the Registration Statement as soon as reasonably practicable; 

  
 12 

 (d) upon the occurrence of any event contemplated above, except for such times as Holdings
is permitted hereunder to suspend, and has suspended, the use of a prospectus forming part of a Registration Statement, Holdings 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 Acquired 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; 

(e) use its commercially reasonable efforts to cause all Acquired Shares to be listed on each securities exchange or market, if any, on which
Holdings Common Shares A issued by Holdings have been listed; 
 (f) use its commercially reasonable efforts to take all other steps
necessary to effect the registration of the Acquired Shares contemplated hereby; and 
 (g) if requested by the Investor, remove the
restrictive legend described in Section 2.2(b) (or instruct its transfer agent to so remove such legend) from the Acquired Shares if (1) the Registration Statement is and continues to be effective under the Securities
Act, (2) such Acquired Shares are sold or transferred pursuant to Rule 144 (if the transferor is not an affiliate of Holdings and subject to all applicable requirements of Rule 144 being met), or (3) such Acquired Shares are eligible for
sale under Rule 144, without the requirement for Holdings to be in compliance with the current public information required under Rule 144(c)(1) (or Rule 144(i)(2), if applicable) as to the Acquired Shares and without volume or manner-of-sale restrictions; provided that the Investor shall have timely provided customary representations and other documentation reasonably acceptable to Holdings,
its counsel and/or its transfer agent in connection therewith (the “Representations”). Any fees (with respect to the transfer agent, Holdings’ counsel or otherwise) associated with the issuance of any legal opinion required by
Holdings’ transfer agent or the removal of such legend shall be borne by Holdings. If a legend is no longer required pursuant to the foregoing, Holdings will, no later than five (5) Business Days following the delivery by the Investor to
Holdings or the transfer agent (with notice to Holdings) of the Representations, remove the restrictive legend related to the book entry account holding the Acquired Shares and make a new, unlegended book entry for the Acquired Shares. 

7.3 Notwithstanding anything to the contrary in this Convertible Note, Holdings shall be entitled to delay or postpone the filing and/or
effectiveness of the Registration Statement, and from time to time to require the Investor not to sell under the Registration Statement or to suspend the effectiveness thereof, if the negotiation or consummation of a transaction by Holdings or its
subsidiaries is pending or an event has occurred, which negotiation, consummation or event that Holdings’ board of directors reasonably believes, upon the advice of legal counsel, would require additional disclosure by Holdings in the
Registration Statement of material information that (x) Holdings has a bona fide business purpose for keeping confidential or (y) cannot be immediately provided, and the non-disclosure of which in
the Registration Statement would be expected, in the reasonable determination of Holdings’ board of directors, upon the advice of legal counsel, to cause the Registration Statement to fail to comply with applicable disclosure requirements (each
such circumstance, a “Suspension Event”); provided, however, that 

  
 13 

 
Holdings may not delay or suspend the Registration Statement on more than two (2) occasions or for more than sixty (60) consecutive calendar days, or more than ninety (90) total
calendar days, in each case during any twelve-month period. Upon receipt by the Investor of any written notice from Holdings of the happening of any Suspension Event during the period that the Registration Statement is effective or if as a result of
a Suspension Event the Registration Statement or related prospectus contains any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein, in light of the
circumstances under which they were made (in the case of the prospectus), not misleading, the Investor agrees that (i) it will immediately discontinue offers and sales of the Acquired Shares under the Registration Statement until the Investor
receives copies of a supplemental or amended prospectus (which Holdings 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 Holdings 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 Holdings unless the disclosure of which is otherwise
required by law or subpoena (in which case the Investor shall use commercially reasonable efforts to give advance written notice to Holdings of any such disclosure). If so directed by Holdings, the Investor will deliver to Holdings or, in the
Investor’s sole discretion destroy, all copies of the prospectus covering the Acquired Shares in the Investor’s possession; provided, however, that this obligation to deliver or destroy all copies of the prospectus covering
the Acquired Shares shall not apply (1) to the extent the Investor is required to retain a copy of such prospectus (x) in order to comply with applicable legal, regulatory, self-regulatory or fiduciary requirements or (y) in
accordance with a bona fide pre-existing document retention policy or (2) to copies stored electronically on archival servers as a result of automatic data back-up.

 7.4 The Investor may deliver written notice (an “Opt-Out Notice”) to Holdings
requesting that the Investor not receive notices from Holdings otherwise required by this Section 7; provided, however, that the Investor may later revoke any such
Opt-Out Notice in writing. Following receipt of an Opt-Out Notice from the Investor (unless subsequently revoked), (i) Holdings shall not deliver any such notices to the
Investor and the Investor shall no longer be entitled to the rights associated with any such notice and (ii) each time prior to the Investor’s intended use of an effective Registration Statement, the Investor will notify Holdings in
writing at least two (2) Business Days in advance of such intended use, and if a notice of a Suspension Event was previously delivered (or would have been delivered but for the provisions of this Section 7.4) and the
related suspension period remains in effect, Holdings will so notify the Investor, within one (1) Business Day of the Investor’s notification to Holdings, by delivering to the Investor a copy of such previous notice of Suspension Event,
and thereafter will provide the Investor with the related notice of the conclusion of such Suspension Event immediately upon its availability. 

7.5 Holdings shall, notwithstanding any termination of this Convertible Note, indemnify, defend and hold harmless, to the extent permitted by
law, the Investor (to the extent a seller under the Registration Statement), the officers, directors and agents of the Investor, and each person who controls the Investor (within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act) to the fullest extent permitted by applicable law, from and against any and all out-of-pocket losses, claims, damages, liabilities,
costs (including, without limitation, reasonable and documented attorneys’ fees incurred in connection with defending any of the foregoing) and expenses (collectively, “Losses”), as incurred, that arise out of or are based

  
 14 

 
upon any untrue or alleged untrue statement of a material fact contained in the Registration Statement, any prospectus included in the Registration Statement, or any form of prospectus, or
in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein (in the
case of any prospectus, or any form of prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading, except to the extent, but only to the extent, that such untrue statements, alleged untrue statements,
omissions or alleged omissions are based upon information regarding the Investor furnished in writing to Holdings by the Investor expressly for use therein or the Investor has omitted a material fact from such information or otherwise violated the
Securities Act, Exchange Act or any state securities law or any rule or regulation thereunder; provided, however, that the indemnification contained in this Section 7.5 shall not apply to amounts paid
in settlement of any Losses if such settlement is effected without the consent of Holdings. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of an indemnified party and shall survive the
transfer of the Acquired Shares by the Investor. 
 7.6 The Investor shall indemnify and hold harmless, to the extent permitted by law,
Holdings, its directors, officers, agents and employees, and each person who controls Holdings (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), to the fullest extent permitted by applicable law,
from and against all Losses, as incurred, (i) arising out of or based upon any untrue or alleged untrue statement of a material fact contained in the Registration Statement, any prospectus included in the Registration Statement, or any form of
prospectus, or in any amendment or supplement thereto or in any preliminary prospectus, or (ii) arising out of or relating to 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 any prospectus, or any form of prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading, with respect to (i) and/or (ii), to the extent, but only to the extent, that such
untrue or alleged untrue statements or omissions or alleged omissions are based upon information regarding the Investor furnished in writing to Holdings by the Investor expressly for use therein; provided, however, that the
indemnification contained in this Section 7.6 shall not apply to amounts paid in settlement of any Losses if such settlement is effected without the consent of the Investor. In no event shall the liability of the Investor
be greater in amount than the dollar amount of the net proceeds received by the Investor upon the sale of the Acquired Shares giving rise to such indemnification obligation. Such indemnity shall remain in full force and effect regardless of any
investigation made by or on behalf of an indemnified party and shall survive the transfer of the Acquired Shares by the Investor. 
 7.7 Any
person entitled to indemnification hereunder shall (1) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any
person’s right to indemnification hereunder to the extent such failure has not prejudiced the indemnifying party) and (2) 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. An indemnifying party who 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 legal counsel

  
 15 

 
to any indemnified party a conflict of interest exists between such indemnified party and any other of such indemnified parties with respect to such claim. No indemnifying party shall, without
the consent of the indemnified party, consent to the entry of any judgment or enter into any settlement which cannot be settled in all respects by the payment of money (and such money is so paid by the indemnifying party pursuant to the terms of
such settlement) or which settlement does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation. 

8. Miscellaneous. 
 8.1
Payment. Unless otherwise agreed by the Company and the Investor, all payments, if any, shall be made in lawful money of the United States of America. Payment shall be credited first to Costs (as defined below), if any, then to accrued
interest due and payable and any remainder applied to principal. This Convertible Note shall not be prepayable prior to the BCA Termination; thereafter, prepayment of principal, together with accrued interest, may not be made without the prior
written consent of the Majority in Interest. The Company hereby waives demand, notice, presentment, protest and notice of dishonor. 
 8.2
Costs, Expenses; Indemnity. The Company hereby agrees, subject only to any limitation imposed by applicable Law, to pay all expenses, including reasonable attorneys’ fees and legal expenses, incurred by the Holder in endeavoring to
collect any amounts payable hereunder which are not paid when due, whether by declaration or otherwise (“Costs”). The Company agrees that any delay on the part of the Holder in exercising any rights hereunder will not operate as a
waiver of such rights. The Holder shall not by any act, delay, omission or otherwise be deemed to have waived any of its rights or remedies, and no waiver of any kind shall be valid unless in writing and signed by the party or parties waiving such
rights or remedies. If any action at law or in equity is necessary to enforce or interpret the terms of this Convertible Note, the prevailing party shall be entitled to reasonable attorneys’ fees, costs and necessary disbursements in addition
to any other relief to which such party may be entitled. The Company shall indemnify and hold the Investor harmless from any loss, cost, liability and legal or other expense, including attorneys’ fees of the Investor’s counsel, which the
Investor may directly or indirectly suffer or incur by reason of the failure of the Company to perform any of its obligations under this Convertible Note or any agreement executed in connection herewith; provided, however, that the
indemnity agreement contained in this Section 8.2 shall not apply to liabilities which the Investor may directly or indirectly suffer or incur by reason of the Investor’s own gross negligence or willful misconduct.

 8.3 Security. This Convertible Note is a general unsecured obligation of the Company. 

8.4 Successors and Assigns. The terms and conditions of this Convertible Note shall inure to the benefit of and be binding upon the
respective successors and assigns of the parties hereto; provided, however that the Company may not assign its obligations under this Convertible Note without the prior written consent of the Investor. 

  
 16 

 8.5 Governing Law. 

(a) This Convertible Note, and any claim or cause of action hereunder based upon, arising out of or related hereto (whether based on law, in
equity, in contract, in tort or any other theory) or the negotiation, execution, performance or enforcement of this Convertible Note, shall be governed by and construed in accordance with the Laws of the State of New York, without giving effect to
the principles of conflicts of law thereof. 
 (b) Notwithstanding the foregoing Section 8.5(a), from and after a
BCA Termination, this Convertible Note and any disputes or claims arising out of or in connection with its subject matter or formation (including non-contractual disputes or claims) shall be governed by and
construed in accordance with the laws of England and Wales. 
 8.6 Dispute Resolution. 

(a) THE PARTIES HERETO IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW
YORK, THE SUPREME COURT OF THE STATE OF NEW YORK AND THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA LOCATED IN THE STATE OF NEW YORK SOLELY IN RESPECT OF THE INTERPRETATION AND ENFORCEMENT OF THE PROVISIONS OF THIS CONVERTIBLE NOTE 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 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 CONVERTIBLE NOTE MAY NOT BE ENFORCED IN OR BY SUCH COURTS, AND THE PARTIES HERETO IRREVOCABLY AGREE THAT ALL CLAIMS WITH RESPECT TO SUCH ACTION, SUIT OR PROCEEDING
SHALL BE HEARD AND DETERMINED BY SUCH A NEW YORK STATE OR FEDERAL COURT. THE PARTIES HEREBY CONSENT TO AND GRANT ANY SUCH COURT JURISDICTION OVER THE PERSON OF SUCH PARTIES AND OVER THE SUBJECT MATTER OF SUCH DISPUTE AND AGREE THAT MAILING OF
PROCESS OR OTHER PAPERS IN CONNECTION WITH SUCH ACTION, SUIT OR PROCEEDING IN THE MANNER PROVIDED HEREIN OR IN SUCH OTHER MANNER AS MAY BE PERMITTED BY LAW SHALL BE VALID AND SUFFICIENT SERVICE THEREOF. 

EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS CONVERTIBLE NOTE 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 CONVERTIBLE NOTE OR THE TRANSACTIONS CONTEMPLATED BY THIS CONVERTIBLE NOTE. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR

  
 17 

 
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 CONVERTIBLE NOTE BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS SECTION 8.6. 

(b) Notwithstanding the foregoing Section 8.6(a), from and after a BCA Termination, any dispute or claim that arises
out of or in connection with this Convertible Note or its subject matter or formation (including non-contractual disputes or claims) shall be finally settled in accordance with the rules of the Dubai
International Financial Centre — London Court of International Arbitration (“DIFC-LCIA”) (which rules are deemed incorporated by reference in this Convertible Note). The arbitration shall be conducted by an arbitration tribunal
consisting of one arbitrator appointed in accordance with the rules of the DIFC-LCIA. The arbitration shall take place in the English language and the seat shall be the DIFC-LCIA Arbitration Centre in the Dubai International Financial Centre, in
Dubai, United Arab Emirates. Judgment for any award rendered may be entered in any court having jurisdiction or an application may be made to such court for a judicial recognition of the award or an order of enforcement thereof, as the case may be.
Nothing in this Section shall preclude any party from seeking provisional measures to secure its rights from any court having jurisdiction or where any assets of the other party may be found. The arbitration proceedings contemplated by this Section
and the content of any award rendered in connection with such proceeding shall be kept confidential by the parties. 
 8.7 Financing
Agreements. The Investor understands and agrees that the conversion of the Convertible Note into Company Conversion Shares may require the Investor’s execution of certain agreements relating to the purchase and sale of such securities as
well as shareholders agreement, subscription agreement, registration, co-sale, rights of first refusal, rights of first offer and voting rights, if any, relating to such securities. The Investor agrees to
execute all such agreements in connection with the conversion. 
 8.8 Severability. If one or more provisions of this Convertible Note
are held to be unenforceable under applicable Law, such provision shall be excluded from this Convertible Note and the balance of the Convertible Note shall be interpreted as if such provision were so excluded and shall be enforceable in accordance
with its terms. 
 8.9 Acknowledgement. For the avoidance of doubt, it is acknowledged that the Investor shall be entitled to the
benefit of all adjustments in the number of shares of Company Common Shares issuable upon conversion of the Company Preferred Shares or as a result of any splits, recapitalizations, combinations or other similar transaction affecting the Company
Common Shares or Company Preferred Shares underlying the Company Conversion Shares that occur prior to the conversion of the Convertible Note pursuant to Section 3. In addition, each party acknowledges that it: (i) has
read this Convertible Note; (ii) has been represented in the preparation, negotiation, and execution of this Convertible Note by legal counsel of its own choice or has voluntarily declined to seek such counsel; (iii) understands the terms
and consequences of this Convertible Note; and (iv) is fully aware of the legal and binding effect of this Convertible Note. 

  
 18 

 8.10 Further Assurance. From time to time, the Company shall execute and deliver to
the Investor such additional documents and shall provide such additional information to the Investor as the Investor may reasonably require to carry out the terms of this Convertible Note and to be informed of the financial and business conditions
and prospects of the Company. The Investor agrees and covenants that at any time and from time to time the Investor will promptly execute and deliver to the Company such further instruments and documents and take such further action as the Company
may reasonably require in order to carry out the full intent and purpose of this Convertible Note and to comply with applicable Laws or other regulatory approvals. 

8.11 Transfer of a Convertible Note. 

(a) Notwithstanding anything to the contrary in this Convertible Note, but subject to Section 8.11(b), the Investor
may not, without the prior consent of the Company, transfer or assign all or any portion of its rights under this Convertible Note other than to its controlled Affiliates or any fund or account managed by the same investment manager as the Investor;
provided, that such transferee or assignee agrees in writing to be bound by and subject to the terms and conditions of this Convertible Note and makes the representations and warranties in Section 5. In the event of
such a transfer or assignment, the Investor shall immediately provide the Investor with the information set forth in Schedule B of the Subscription Agreement with respect to any such transfer or assignment. 

(b) Notwithstanding the foregoing, from and after a BCA Termination, this Convertible Note and all rights hereunder shall not be transferable
in whole or in part by the Investor without prior written notice to the Company; provided that, the Investor may transfer this Convertible Note to its Affiliates so long as any such Affiliate(s) can make the representations set forth in
Section 5 above. 
 8.12 Entire Agreement: Amendments and Waivers; Termination. 

(a) The Subscription Agreement and this Convertible Note constitutes the full and entire understanding and agreement between the Company and
the Holder with regard to the subjects hereof. 
 (b) The Company’s agreements with each Holder are separate agreements, and the sales
of the Convertible Notes to each Holder are separate sales. Nonetheless, from and after a BCA Termination, any term of the Convertible Notes in the Series may be amended and the observance of any term of this Convertible Note in the Series may be
waived (either generally or in a particular instance and either retroactively or prospectively), with the written consent of the Company and the Majority in Interest; provided, however, that Sections 3.4, 8.4 and
8.12 may not be amended or waived without the written consent of the Investor; provided further that if any such amendment or waiver would reasonably be expected to have a material and adverse effect upon any Holder that is
disproportionate to the material and adverse effect of such amendment or waiver on the other Holders, then such amendment or waiver shall also require the written consent of such disproportionately affected Holder. Any waiver or amendment effected
in accordance with this Section 8.12 shall be binding upon the Company and each current and future member of the Note Group. 

  
 19 

 (c) Other than as specified herein, this Convertible Note shall terminate following the
earlier of its repayment, exchange for Holdings Common Shares A upon a De-SPAC Completion Exchange or conversion, in each case in accordance with the terms hereof; provided that
Section 4, Section 5, Section 6, Section 7, Section 8.2, Section 8.4-8.6,
Section 8.8, Section 8.10, Section 8.16 (solely with respect to Section 11(k) of the Subscription Agreement) and Section 8.17 shall survive
any termination of this Convertible Note pursuant to a De-SPAC Completion Exchange. 
 8.13
Exculpation Among Holders. Each Holder acknowledges that it is not relying upon any person, firm, corporation or shareholder, other than the Company and its officers and directors in their capacities as such, in making its investment or
decision to invest in the Company. Each Holder agrees that no other Holder nor the respective controlling persons, officers, directors, partners, agents, shareholders or employees of any other Holder shall be liable for any action heretofore or
hereafter taken or omitted to be taken by any of them in connection with the purchase and sale of the Convertible Notes. 
 8.14 Equity
Instrument. Notwithstanding anything herein or in any other agreement to the contrary, this Convertible Note shall be treated as equity in the Company for tax purposes and the tax treatment and fair market value thereof shall be determined by
the Investor, and such determination shall be binding on the parties for all tax reporting purposes. 
 8.15 Counterparts: Manner of
Delivery. This Convertible Note may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via electronic mail
(including pdf or any electronic signature) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. 

8.16 Incorporation. The provisions of Section 11(b), Section 11(e), Section 11(k),
Section 11(m) and Section 11(o) of the Subscription Agreement shall apply, mutatis mutandis, to this Convertible Note. 

8.17 Expenses. Each of the Company, Holdings and the Investor shall each bear its respective expenses and legal fees incurred with
respect to the negotiation, execution and delivery of this Convertible Note and the transactions contemplated herein; provided, however, that Holdings shall reimburse the Investor for its attorneys’ fees incurred in connection
with the transactions contemplated by this Convertible Note prior to a BCA Termination. 
 8.18 Use of Proceeds. The Company shall use
and deploy the Note Purchase Price (and the Note Purchase Price from the sale of the other Convertible Notes in the Series) for general corporate purposes, including, but not limited to, funding for acquisitions and other business opportunities.

  
 20 

 8.19 Bank Account. The Note Purchase Price shall be paid by the Investor on or prior
to the date hereof by wire transfer to the bank account set forth below: 
 [Omitted] 

[Signature Page Follows] 

  
 21 

 IN WITNESS WHEREOF, each of the Company, Holdings and the Investor has caused this
Convertible Note to be executed by its duly authorized representative as of the date first written above. 
  

			
	SWVL INC.,
		
	By:	 	
                 

	Name: Mostafa Kandil
	Title:   Chief Executive Officer
	
	PIVOTAL HOLDINGS CORP,
		
	By:	 	
                 

	Name: Mostafa Kandil
	Title:   Director

 [Signature Page to Convertible Note] 

	
	[INVESTOR],
	
	
By:                         
                                         
                        

	Name:
	Title:

 [Signature Page to Convertible Note]EX-10.8

 Exhibit 10.8 
  

AGREEMENT FOR THE SALE AND PURCHASE OF SHARES OF 

SHOTL TRANSPORTATION, S.L. 

ENTERED INTO BY AND BETWEEN 

MARFINA, S.L. 
 And

 CAMINA LAB, S.L. 

AS SELLERS 

Mr. OSVALD MARTRET MARTÍNEZ 

And 
 Mr. GERARD
MARTRET MARTÍNEZ 
 AS FOUNDERS 

And 
 SWVL GLOBAL FZE

 AS BUYER 
 And

 SWVL INC., 

BARCELONA, 18 AUGUST 2021 
  

 CONTENT 
  

							
	 1.
	 	DEFINITIONS AND INTERPRETATION	  	 	5	 
			
	 2.
	 	PURPOSE OF THIS AGREEMENT: SALE AND PURCHASE OF THE SHARES	  	 	8	 
			
	 3.
	 	PRICE AND METHOD OF PAYMENT OF THE PRICE	  	 	9	 
			
	 4.
	 	DEBT, CASH AND WORKING CAPITAL CERTIFICATE	  	 	10	 
			
	 5.
	 	CONDITION PRECEDENT	  	 	10	 
			
	 6.
	 	INTERIM PERIOD	  	 	11	 
			
	 7.
	 	CLOSING	  	 	12	 
			
	 8.
	 	SELLER’S LIABILITY REGIME	  	 	14	 
			
	 9.
	 	CLAIMS PROCEDURE	  	 	17	 
			
	 10.
	 	PAYMENT AND SET OFF OF CLAIMS	  	 	18	 
			
	 11.
	 	REPRESENTATIONS AND WARRANTIES OF THE BUYER AND SWVL INC	  	 	18	 
			
	 12.
	 	JOINT AND SEVERAL LIABILITY BETWEEN BUYER AND SWVL INC	  	 	19	 
			
	 13.
	 	NON-COMPETE UNDERTAKING	  	 	19	 
			
	 14.
	 	CONFIDENTIALITY	  	 	20	 
			
	 15.
	 	ASSIGNMENT OF THE AGREEMENT	  	 	21	 
			
	 16.
	 	TAXES AND EXPENSES	  	 	21	 
			
	 17.
	 	ENTIRE AGREEMENT	  	 	21	 
			
	 18.
	 	INVALIDITY	  	 	21	 
			
	 19.
	 	NOTICES AND COMMUNICATIONS	  	 	21	 
			
	 20.
	 	GOVERNING LAW AND JURISDICTION	  	 	23	 
			
	 21.
	 	COUNTERPARTS	  	 	23	 
		
	 SCHEDULE B
	  			
		
	 SCHEDULE 3.3.1
	  			
		
	 SCHEDULE 4.1.2
	  			
		
	 SCHEDULE 7.3.1.2
	  			
		
	 SCHEDULE 8
	  			
		
	 SCHEDULE 12.3
	  			

  
 Page 2 of
27 

 SALE AND PURCHASE AGREEMENT 

In Barcelona, on 18 August 2021. 
 BY AND
BETWEEN 
 (i) ON THE ONE PART, 
 MARFINA, S.L., a
company duly incorporated and existing under the laws of Spain for an indefinite period of time, by virtue of a public deed granted on 19 June 1990 before the Notary Public of Barcelona, Mr. Antonio-Carmelo Agustín Torres, under the
number 2,003 of his official records, registered with the Mercantile Registry of Barcelona, at Volume 39,175, Sheet 179, Page B-6,285, having its registered office at Paseo Comerç, 100, Sabadell, 08203
, Barcelona, and holder of the tax identification code (NIF) number **** (the “Seller 1”). 
 The Seller 1 is duly represented by
Mr. Josep Maria Martí Escrusell, a Spanish citizen, of legal age, with professional domicile in Sabadell (Barcelona), at Paseo Comerç, 100, and holder of valid identity card of her nationality (DNI) number ****, who is duly
authorized to sign and execute this agreement in his capacity as joint and several managing director (consejero delegado solidario). 
 (ii) ON
THE OTHER PART, 
 CAMINA LAB, S.L., a company duly incorporated and existing under the laws of Spain for an indefinite period of time, by virtue of a
public deed granted on 28 June 2006 before the Notary Public of Barcelona, Mr. Enrique Hernández Gajate, under the number 2,043 of his official records, registered with the Mercantile Registry of Barcelona, at Volume 38812, Sheet
63, Page B-336420, having its registered office at Calle Jesús Serra Santamans 2, Sant Cugat del Vallés, Barcelona, and holder of the tax identification code (NIF) number **** (the
“Seller 2”). 
 The Seller 2 is duly represented by Mr. Osvald Martret Martínez, a Spanish citizen, of legal age, with
professional domicile at Calle Jesús Serra Santamans 2, Sant Cugat del Vallés, Barcelona, and holder of valid identity card (DNI) number ****, who is duly authorized to sign and execute this agreement in his capacity as joint and
several director (administrador solidario). 
 Seller 1 and Seller 2 shall be jointly referred to as the “Sellers”. 

(iii) ON THE OTHER PART, 

Mr. Osvald Martret Martínez (“Founder 1”), a Spanish citizen, of legal age, married, with professional
domicile at Calle Jesús Serra Santamans 2, Sant Cugat del Vallés, Barcelona and holder of valid identity card (DNI) number ****. The Founder 1 is acting hereto in his own name and on his own behalf. 

(iv) ON THE OTHER PART, 
 Mr. Gerard
Martret Martínez (“Founder 2”), a Spanish citizen, of legal age, single, with professional domicile at Calle Jesús Serra Santamans 2, Sant Cugat del Vallés, Barcelona and holder of valid identity card (DNI)
number ****. The Founder 2 is acting hereto in his own name and on his own behalf. 
 Founder 1 and Founder 2 shall be jointly referred to as the
“Founders”. Each of the Founders are a party of this Agreement for the sole purposes of assuming the obligations of the Founders set forth in Clause 13 of this Agreement. 

  
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 (v) ON THE OTHER PART, 

SWVL GLOBAL FZE, a Limited Liability Free Zone Establishment incorporated under the Dubai World Trade Centre Authority (“DWTCA”) Company Rules
and Regulations under Dubai law No 9 of 2015, registered with the Mercantile Registrar of Companies of Dubai World Trade Center Authority under number 0361, having its registered office at Office No :02.08 the offices 4 at One Central, Dubai World
Trade Centre and without tax identification code since there is no corporate income tax in UAE (the “Buyer”). 
 The Buyer is duly
represented by Mr. Mostafa Essa Mohamed Mohamed Kandil, a citizen of The Arab Republic of Egypt, of legal age, with professional domicile in Office No :02.08 the offices 4 at One Central, Dubai World Trade Centre, and holder of valid Passport
of his nationality number ****, who is duly authorized to sign and execute this agreement in his capacity as CEO of the Buyer. 
 (vi) AND ON THE OTHER
PART, 
 SWVL INC., a company duly incorporated and existing under the laws of the territory of the British Virgin Islands, registered with the
Registrar of Corporate Affairs of the British Virgin Islands under number 1945550, having its registered office at Maples Corporate Services (BVI) Limited Kingston Chambers, PO Box 173, Road Town, Tortola, British Virgin Islands (the “SWVL
INC”). 
 SWVL INC is duly represented by Mr. Mostafa Essa Mohamed Mohamed Kandil, a citizen of The Arab Republic of Egypt, of legal age, with
professional domicile in Office No :02.08 the offices 4 at One Central, Dubai World Trade Centre, and holder of valid Passport of his nationality number ****, who is duly authorized to sign and execute this agreement in his capacity as CEO of SWVL
INC. 
 The Sellers and the Buyer shall hereinafter be individually referred to as a “Party” and jointly as the “Parties”.
     
 RECITALS 
  

	A.	 Shotl Transportation, S.L. is a Spanish company with registered address at Calle Jesús Serra
Santamans 2, Sant Cugat del Vallés, Barcelona, recorded at the Commercial Registry of Barcelona under volume 45843, sheet 23 and page number B-500723 and tax identification number **** (hereinafter, “Shotl” or the
“Company”). 

 The Company’s corporate purpose includes the development, implementation and
commercialisation of new mobility and transport systems. 
 In particular, along the lines of its corporate purpose, the Company is the
owner of (i) the passenger App (for iOS and Android) named “Shotl”, (ii) the driver App (for iOS and Android) named “Shotl”, used for the provision of mobility services (the “Business”). 

The Company’s’ share capital is set at EUR 45,604, divided into 45,604 shares of EUR 1 of nominal value each, numbered from 1 to
45,604, both inclusive, of a single class and fully subscribed and paid up (the “Shares”). 
 Currently, the shareholders
of the Company are: 
  

													
	 Shareholder
	  	Number of
shares	 	  	Numeration	 	  	Percentage
stake	 
	 MARFINA, S.L.
	  	 	13,681	 	  	 

	30,003-42,860
and
44,782-45,604	 
 
 	  	 	30	% 
	 CAMINA LAB, S.L.
	  	 	31,923	 	  	 

	1 –30,002;
and
42,861-44,781	 
 
 	  	 	70	% 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 TOTAL
	  	 	45,604	 	  	 	1-45,604	 	  	 	100	% 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

 The Sellers have full title ownership over 45,604 shares of the Company representing 100% of its share capital (hereinafter,
the “Share Capital”), pursuant to: 
  

	 	a.	 The incorporation deed, executed on 17 March 2017 before the Notary Public of Barcelona, Mr. Xavier
Roca Ferrer, under the number 741 of his official records. 

  
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	 	b.	 Capital increase executed on 28 July 2017 before the Notary Public of Barcelona, Mr. Joan Carles
Ollé Favaro, under the number 1596 of his official records. 

  

	 	c.	 Capital increase executed on 26 November 2018 before the Notary Public of Barcelona, Mrs. Inmaculada
Rúbies Royo, under the number 2434 of his official records. 

  

	 	d.	 Shares purchase, executed on 2 July 2021 before the Notary Public of Barcelona, Mr. Joan
Rúbies Mallol, under the number 2407 of his official records. 

  

	B.	 Buyer’s current capital structure is described under SCHEDULE B. 

 

	C.	 SWVL INC is engaged in a de-SPAC as a result of which it is
foreseen that the shareholders of SWVL INC will ultimately become shareholders of Pivotal Holdings Corp, that will be trading by then, presumably, in the NASDAQ Stock Exchange (“Pivotal Holdings”) (the “de-SPAC Process”). According, to the terms and conditions set forth in this Agreement, SWVL INC will assume certain obligations of the Buyer vis-à-vis the Sellers and, among others, will pay on account of the Buyer the portion of the Purchase Price described under Clause 3 below, by transferring the Pivotal Shares. Terms, conditions and tax
and accountant implications arising from SWVL INC assuming the payment obligations of the Buyer will be agreed amongst them. 

  

	D.	 The Buyer has conducted through its advisors, a limited due diligence exercise on the Company and the
Business (the “Due Diligence”) based on the information provided by the Sellers through a cloud service (the “VDR”). For the purposes of what is foreseen in Clause 7.3.2.10 below, the Sellers will
deliver on Closing to the Buyer, a portable memory device including the contents of the documentation uploaded in the VDR until the Closing Date (the “USB”). 

 

	E.	 The Parties wish to set out the terms and conditions under which the Buyer shall purchase and acquire,
and the Sellers shall sell and transfer a number of shares representing 55% of the Company’s Share Capital (the “Shares”). Moreover, the Parties acknowledge that their intention is to enter good faith discussions aiming to
explore the sell and transfer of the remaining shares composing the Share Capital in favour of the Buyer or any other member of the Buyer ‘group. In this regard, the Sellers also acknowledge that during the period of time commencing on the date
of execution of this Agreement an ending six months after Closing, none of the shares of the Company will be offered, sold or otherwise transferred by the Sellers to any third-party. 

 

	F.	 Considering the foregoing, Each Party acknowledges that the other Party has sufficient legal capacity to
enter into this share sale and purchase agreement (the “Agreement”) which shall be governed by the following 

CLAUSES 
  

	1.	 DEFINITIONS AND INTERPRETATION 

 

	1.1	 In this Agreement and the Schedules unless the context shall otherwise require: 

 

	1.1.1	 words and expressions shall be interpreted in accordance with and have the following meanings:

 “Affiliate” means, with respect to any Party, any other person which, directly or indirectly, controls,
is controlled by, or is under common Control with the specified Party according to article 42 of the Spanish Commercial Code; 

“Agreement” means the present agreement; 

“Basket” has the meaning set out in Clause 8.6.1.2 

“Budget” has the meaning set out in 3.3.2; 

“Business” has the meaning set out in Recital A; 

  
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 “Business Plan” has the meaning set out in Clause 3.3.2; 

“Buyer” means SWVL GLOBAL FZE; 

“SWVL INC” means SWVL INC; 

“Buyer Representations and Warranties” has the meaning set out in Clause 10; 

“Cash” has the meaning set out in in Schedule 4.1.2; 

“Civil Code” means the Spanish Common Civil Code (Código Civil Común) version in force as of the date of
this Agreement; 
 “Claim” has the meaning set out in Clause 9.1; 

“Company” means Shotl Transportation, S.L.; 

“Completion Notice” has the meaning set out in Clause 5.2; 

“Condition Precedent” has the meaning set out in Clause 5.1; 

“Closing Cash Consideration” has the meaning set out in Clause 3.2.1.1; 

“Confidential Information” has the meaning set out in Clause 14.1; 

“Closing” has the meaning set out in Clause 7.1; 

“Closing Date” has the meaning set out in Clause 7.1; 

“Control” including its different verbal conjugations and derivations (such as “Controlled” or “of
Control”), has the meaning established in Section 42 of the Commercial Code; 
 “Damage” has the meaning set out
in Clause 8.5; 
 “Debt and Cash and Working Capital Certificate” has the meaning set out in Clause 4.1; 

“Deferred Payment” has the meaning set out in Clause 3.2.1.2; 

“de Minimis Franchise” has the meaning set out in Clause 8.6.1.1; 

“Due Diligence” has the meaning set out in Recital D; 

“Eur” or “Euro” means Euros, being USD 1.00 equivalent to Eur 0.85; 

“Connected Person to the Sellers “ means, in respect of any Seller: 

 

	 	(i)	 its Affiliates (excluding the Company); and 

 

	 	(ii)	 each of their respective directors and, in case of a Person which is an individual, the persons within its
first degree of consanguinity or affinity. 

 “Contingent Consideration” has the meaning set out in Clause
3.3.1; 
 “FDI Authorization” has the meaning set out in Clause 5.1; 

“Financial statement” has the meaning set out in section 2.3.1 of the Sellers’ Representations and Warranties. 

“Fixed Consideration” means the consideration set forth in Clause 3.2.1; 

“Founder 1“ means Mr. Osvald Martret Martínez; 

“Founder 2” means Mr. Gerard Martret Martínez; 

“Founders” means jointly Mr. Osvald Martret Martínez and Mr. Gerard Martret Martínez; 

  
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 “Fundamental Representations and Warranties” has the meaning set out in
Schedule 8; 
 “GDPR” means General Data Protection Regulation; 

“Gross Financial Debt” has the meaning set out in in Schedule 4.1.2; 

“Intellectual Property Rights” means any trading names, trademarks, patents and other intellectual or industrial property, as
well as intellectual property rights on the software and computer programs; 
 “Interim Period” has the meaning set out in
Clause 6.1; 
 “Loan Agreement” means the Loan Agreement to be subscribed on the date hereof by the Sellers, the Buyer and
the Company by virtue of which the Buyer will grant to the Company a loan for an amount of $ 400,000; 
 “Long Stop Date”
means 31 May 2022; 
 “Net Financial Debt” means the financial debt of the Company, calculated as provided in Schedule
4.1.2; 
 “New Shareholders’ Agreement” has the meaning set out in Clause 7.3.1.2; 

“Payment at Closing” has the meaning set out in Clause 3.2.1.1; 

“Pivotal Holdings” has the meaning set out in Recital C; 

“Pivotal Shares” has the meaning set out in Clause 3.2.1.2; 

“Phantom Shares Amount” means the aggregate amount payable to the phantom shares beneficiaries at the Closing Date, including
any applicable withholdings related with the Phantom Shares and their payment. 
 “Phantom Shares Plan” means the phantom
shares plan granted by the Company in favour of key employees that was approved by the Company on 26 November 2019; 
 “Pre-Closing Certificate” has the meaning set out in Clause 7.2; 
 “Purchase
Price” has the meaning set out in Clause 3.1; 
 “Response” has the meaning set out in Clause 9.2; 

“Roll Over” has the meaning set out in Clause 3.2.1.2; 

“Shareholders’ Agreement” means the shareholders’ agreement regarding the Company in force before the execution
date; 
 “Share Capital” has the meaning set out in Recital A; 

“Shares” means the 55% of the current share capital of the Company; 

“SHOTL” means the Company; 

“Signing Date” has the meaning set out in Clause 6.1; 

“Seller 1” means MARFINA, S.L.; 

“Seller 2” means CAMINA LAB, S.L.; 

“Sellers” means jointly Seller 1 and Seller 2; 

“Sellers’ Bank Accounts” has the meaning set out in Clause 3.2.2; 

“Sellers Representations and Warranties” has the meaning set out in Clause 8.1; 

“Service Agreements” has the meaning set forth under section 2.8.2 of the Sellers Representations and Warranties; 

  
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 “Spanish Companies Act” means the Royal Legislative Decree 1/2010, of
2 July, which passes the consolidated text of the Spanish Companies’ Act; 
 “Tax” or “Taxes”
means (i) all national, regional, local, municipal, foreign or other taxes including, without limitation, taxes, whether direct or indirect, and whether levied by reference to income, profits, gains, net wealth, gross receipts, license, excise,
severance, stamp, occupation, premium, franchise, real property, personal property, sales, use, transfer, registration, escheat, unclaimed property, asset values, turnover, value added or other reference and local or municipal imposition, duties,
contributions and levies (including employment contributions, payroll taxes and social security contributions), whenever and wherever imposed (whether imposed by way of a withholding or deduction for or on account of tax otherwise), in respect of
the Company, and (ii) any related interest, fines or penalties relating to the foregoing or resulting from a failure to comply with any provisions of any enactment relating to tax; 

“Third Party Claim” has the meaning set out in Clause 9.3; 

“Transaction” means the transfer by the Sellers to the Buyer of the Shares, pursuant to the terms and conditions of this
Agreement; 
 “Transaction Documents” means this Agreement, the New Shareholders’ Agreement and the Loan
Agreement; 
 “USB” has the meaning set out in Recital D; 

“USD” or “$” means American dollars; 

“VDR” means the Virtual Data Room available to the Buyer through Intralinks and USB for carrying out the Due Diligence
process available from 14 June 2021 to 9 August 2021; 
 “Working Capital” means the difference between assets and
liabilities of the Company at Closing; 
  

	1.1.2	 the headings are inserted for convenience only and shall not affect the construction of this Agreement;

  

	1.1.3	 references to one gender include all genders; 

 

	1.1.4	 the expressions “ordinary course of business” or “business in the ordinary course” mean the
ordinary and usual course of business of the Company (including the operational and commercial policies, practices and procedures) as conducted by the Company in the twelve months preceding the date hereof and according to the standard practices of
the Company; 

  

	1.1.5	 reference to the singular shall include the plural and vice versa; 

 

	1.1.6	 where a word or expression is given a particular meaning, other grammatical forms or parts of speech of such
word or expression shall bear a corresponding meaning; and 

  

	1.1.7	 unless otherwise stated, reference to Recitals, Clauses and Schedules are to recitals, clauses, and schedules
of and to the Agreement. Schedules form part of and shall be construed as one with this Agreement. 

  

	2.	 PURPOSE OF THIS AGREEMENT: SALE AND PURCHASE OF THE SHARES 

 

	2.1	 The purpose of this Agreement is the sale and transfer of the Shares by the Sellers to the Buyer. Therefore,
subject to the terms and conditions of this Agreement (including, in particular, the satisfaction or waiver of the Condition Precedent on the terms set forth therein), at Closing, the Sellers shall sell and transfer to the Buyer, who shall purchase
and acquire full title ownership over the Shares free of any charges, encumbrances or third party rights, in consideration of the payment of the Purchase Price, and together with any and all rights and benefits attached to them as from Closing Date,
including, without limitation, any dividends which may accrue as from such date. 

  
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	3.	 PRICE AND METHOD OF PAYMENT OF THE PRICE 

 

	3.1	 Purchase price 

The total purchase price payable by the Buyer and SWVL INC to the Sellers as consideration for the Shares received by the Buyer shall be equal to (i) the
Fixed Consideration, plus (ii) if and to the extent accrued, the Contingent Consideration set out in Clause 3.3 below. The Fixed Consideration together with the Contingent Consideration will be the “Purchase Price”. 

 

	3.2	 Fixed Consideration 

  

	 	3.2.1	 The Buyer and SWVL INC shall pay to the Sellers a fixed consideration for the Shares for a total amount of $
4,014,960.55 (€ 3,412,716.47) (the “Fixed Consideration”) which shall be payable as follows: 

  

	 	3.2.1.1	 $1,004,986.85 (€ 854,238.82) (hereinafter the “Payment at Closing”) which shall be
distributed between the Sellers as stated in the Pre-Closing Certificate and shall be paid by the Buyer to the Sellers in cash on the Closing Date (the “Closing Cash
Consideration”). 

  

	 	3.2.1.2	 Additionally, after Closing, a total amount of $ 3,009,973.70 (€ 2,558,477.65) shall be disbursed by
the Buyer or SWVL INC in favour of the Sellers (the “Deferred Payment”) in the following terms: 

  

	 	(i)	 SWVL INC undertakes to pay the Sellers on account of the Buyer, an amount of 100,000 common shares of Pivotal
Holdings listed in the NASDAQ Stock Exchange, of $10 face value equivalent to $1,000,000 (the “Pivotal Shares”), through the transfer for no consideration of such Pivotal Shares (the “Roll Over”). The Roll Over
shall be completed immediately upon the completion or execution of the de-SPAC Process, and in any case no later than six (6) months as from the Closing Date. 

 

	 	  	 In relation thereto, the Buyer undertakes to have the Sellers informed about the
de-SPAC Process and to carry out as may acts as may be necessary or convenient in order to execute the Roll Over as soon as possible after Signing Date. 

 

	 	  	 In the event that SWVL INC had not transferred the Pivotal Shares in the context of the Roll Over within the
term of six (6) months as from Closing Date, for any reason, the Sellers shall be entitled to request at their own discretion, that this payment obligation be substituted by a payment in cash of the $ 1,000,000 Roll-Over amount to the Sellers,
which shall be payable within thirty (30) days as from the date of request of the Sellers. 

  

	 	(ii)	 Upon six months from the Closing Date, an amount of $1,004,986.85 (€ 854,238.82) shall be paid by the
Buyer to the Sellers in cash. 

  

	 	(iii)	 An amount of $1,004,986.85 (€ 854,238.82) shall be paid by the Buyer upon twelve (12) months
from the Closing Date in cash. 

  

	 	  	 For the avoidance of doubt, it is understood that, for each instalment, each Seller shall receive the relevant
portion of the applicable payment on a pro-rata basis, that is, in proportion to their percentage of shares in the Company owned as of the date of execution of this Agreement. 

 

	 	3.2.2	 The Fixed Consideration is definitive and final and is not subject to any adjustment. 

 

	 	3.2.3	 Payments in cash of the Payment at Closing shall be made by means of a swift transfer in immediately available
funds to the bank accounts of the Sellers included in the Pre-Closing Certificate (the “Sellers’ Bank Accounts”), net of any charge or commission. 

 

	 	  	 At Closing, the Buyer shall make the relevant bank transfer payment and the Sellers shall declare that they
have received the portion of the Payment at Closing received to their full satisfaction in the same public deed into which this Agreement will be notarized, granting in favour of the Buyer the fullest and most effective acknowledgment of receipt of
payment pending due receipt of the transfer of funds (salvo buen fin de la transferencia). 

  
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	  	 Payments in cash of the Deferred Payment and the Contingent Consideration, if any, shall be made by means of a
swift transfer in immediately available funds to the bank accounts of the Sellers included in a certificate to be provided by the Sellers to the Buyer before the payment, net of any charge or commission. 

 

	3.3	 Contingent Consideration 

 

	3.3.1	 Where applicable, the Sellers shall be entitled to receive from Buyer on a
pro-rata basis, as an additional consideration for the Shares transferred by the Sellers to Buyer under this Agreement, a contingent amount of $608,928.60 (€ 517,589.31), in accordance with
the terms and conditions set out in Schedule 3.3.1 (the “Contingent Consideration”). 

  

	3.3.2	 The Parties acknowledge that fulfilment of the milestone set forth in Schedule 3.3.1 requires the fulfilment of
a 18 months business plan and budget regarding the Company to be drafted by the Sellers and approved by the Buyer prior to Closing (the “Business Plan”) (the “Budget”). The Buyer
undertakes to inject the necessary funds in the Company to fulfil the milestone according to the terms foreseen in the Business Plan and Budget. 

  

	3.3.3	 The Parties expressly agree that the Contingent Consideration shall be, if finally accrued and payable, a
single amount that forms part of the total Purchase Price payable for the transfer of Sellers’ Shares to the Buyer, but that shall in no event constitute or be deemed as a recurrent or regular (annually or otherwise) payment, remuneration or
consideration of any nature. 

  

	3.4	 Indemnification payment adjustments 

 

	3.4.1	 Any and all indemnification payments made by the Sellers to the Buyer pursuant to this Agreement shall be
treated for tax purposes as adjustments to the Purchase Price. 

  

	4.	 DEBT, CASH AND WORKING CAPITAL CERTIFICATE 

 

	4.1	 The Sellers will provide to the Buyer five (5) Business Days prior to the Closing Date a certificate (the
“Debt, Cash and Working Capital Certificate”) stating: 

  

	4.1.1	 the amount of cash available (and free of disposal and not subject to any encumbrance or restriction) on that
date in (i) all of the Company’s’ bank accounts, (ii) any bank deposits held by the Company; and (iii) any other equivalent asset that may be included in any cash caption of the annual accounts; 

 

	4.1.2	 the amount of the Net financial Debt on that date and calculated in accordance with the terms and conditions
set forth under SCHEDULE 4.1.2; and 

  

	4.1.3	 the amount of Working Capital on that date. 

 

	4.2	 The Debt, Cash and Working Capital Certificate shall be included in the
Pre-Closing Certificate set out in Clause 7.2. and shall be prepared and issued by the CFO of the Company, according to the terms set forth in this Agreement. 

 

	4.3	 The Debt, Cash and Working Capital Certificate shall only be issued by the Company for information purposes of
the Buyer and shall have no impact on the Purchase Price or any other payment to be made by the Buyer in accordance with this Agreement. 

  

	5.	 CONDITION PRECEDENT 

 

	5.1	 The obligations of the Parties to complete the Transaction is subject to the satisfaction or waiver on the
terms set forth therein of the following condition precedent (the “Condition Precedent”) prior to the Long Stop Date: 

  
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	 	(i)	 The Buyer obtaining written confirmation from the relevant Government Authority (as at the date hereof: the
Spanish Ministry of Industry, Commerce and Tourism) that no foreign direct investment authorization is required under article 7.bis of Law 19/2003, of 4 July, on legal regime of capital movements and economic transactions outside the country
and on certain anti-money laundering measures (Ley 19/2003, de 4 de julio, sobre régimen jurídico de los movimientos de capitales y de las transacciones económicas con el exterior y sobre determinadas medidas de
prevención del blanqueo de capitales) (the “FDI Authorization”); or 

  

	 	(ii)	 If the relevant Governmental Authority confirms that the FDI Authorization is required, the Buyer, with the
assistance of the Sellers, obtaining the FDI Authorization. 

  

	5.2	 The Parties undertake to use all reasonable efforts so that the Condition Precedent is satisfied as soon as
possible after the execution of this Agreement. The Buyer shall promptly give notice to the Seller of the satisfaction of the Condition Precedent (and in any event within 5 Business Days as from such moment) (the “Completion
Notice”). 

  

	5.3	 The Parties’ obligation to carry out the Closing actions in accordance with Clause 7.3 shall be effective
from the date on which the Condition Precedent has been satisfied or waived by the Buyer on the terms set forth herein. 

  

	5.4	 In accordance with Article 1,450 of the Civil Code, this Agreement is effective (perfeccionado) by means
of its execution by the Parties, being therefore binding and enforceable upon them from the date hereof; provided, however, that the completion of the Transaction (meaning the effective transfer of the Shares to the Buyer) is postponed until the
Condition Precedent is satisfied or waived and is subject to the occurrence of the Closing. Upon the satisfaction or waiver of the Condition Precedent, and the occurrence of the Closing, in each case on the terms set forth herein, the effectiveness
of the purchase and sale of the Shares shall be as of the Closing Date. 

  

	5.5	 In case that the Condition Precedent is not satisfied or waived at the Long Stop Date, the Buyer and the
Sellers shall each have the right (but not the obligation) to terminate this Agreement and the transaction contemplated hereunder, provided that a Party may not give such termination notice if it is in material breach of its obligations, covenants
and undertakings set out in this Agreement. If the Buyer or any Seller terminates this Agreement pursuant to this Clause, this Agreement shall then automatically terminate and be of no further force or effect and no Party shall have any claim
hereunder of any nature whatsoever against the other Party without prejudice to any accrued rights they may have and the Sellers shall retain ownership of the Shares. 

 

	6.	 INTERIM PERIOD 

 

	6.1	 From the date of execution of this Agreement (“Signing Date”), the Sellers
undertake to manage and operate the Company in the ordinary course of business in accordance with past practices and in all material respects until the Closing Date (the “Interim Period”) and in particular, during the Interim
Period, they undertake that the Company does not: 

  

	 	(i)	 make any substantial change to the nature or organization of its Business; 

 

	 	(ii)	 discontinue or cease to operate all or a material part of the Business; 

 

	 	(iii)	 acquire or agree to acquire any share or other interest in any company, entity, partnership or other venture;

  

	 	(iv)	 dispose of any part of its assets except in the ordinary course of trading; 

 

	 	(v)	 enter into any agreement or incur any commitment involving any capital expenditure which, together with all
other capital commitments entered into between the date of this Agreement and the Closing Date, exceeds € 50,000; 

  

	 	(vi)	 terminate or adversely change the terms of any material contract 

 

	 	(vii)	 increase the salary of any officer, director or employee of the Company except for increases (i) carried
out in accordance with the terms of the employment contracts which are in force as of the date hereof; (ii) carried out in accordance with the terms of collective bargaining agreements, collective agreements or other similar arrangements
binding upon the Company, as may be amended during the Interim Period following standard practices in the sector or of the Company; 

  
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	 	(viii)	 hire any employee with a fixed annual salary in excess of € 75,000, except to the extent that any
such employee is hired to replace another whose fixed annual salary exceeded such amount; 

  

	 	(ix)	 grant to, or otherwise enter in to, any loans for the benefit (whether direct or indirect) of any officer,
director or employee; or 

  

	 	(x)	 pay any employment bonus or any other irregular or non-ordinary course
benefit or payment to any officer, director or employee; 

  

	 	(xi)	 assign, license, charge or otherwise dispose of any Intellectual Property Rights other than software licenses
of use which may be granted in the ordinary course of business; 

  

	 	(xii)	 incur any additional borrowings (other than as expressly provided for in this agreement or by bank overdraft or
similar facility in the ordinary course of business and within the limits subsisting at the date of this Agreement) or incur any other financial indebtedness; 

 

	 	(xiii)	 declare, make or pay any dividend or other kind of distribution (including the reimbursement of contributions)
to shareholders; 

  

	 	(xiv)	 take part in any merger, spin-off or any other structural change
(modificación estructural) or winding-up or file an application for insolvency or liquidation; 

  

	 	(xv)	 make any change in its business structure or organization; 

 

	 	(xvi)	 increase or decrease its share capital, issue any new shares, options, warrants, bonds or any other securities
or rights granting the right to acquire or subscribe for shares in the Company; and 

  

	 	(xvii)	 grant or create any charge over any asset or shares of the Company, other than charges arising by operation of
Law in the ordinary course of business. 

  

	6.2	 Notwithstanding the provisions of Clause 6.1 above, the Sellers may request authorization from the Buyer in
order to carry out the actions provided for in such clause, by means of a written notice to the Buyer, in accordance with the terms provided for in Clause 19 below and which shall not be unreasonably withheld or delayed by the Buyer. In the event
that the Buyer do not respond to the notification of the Sellers within five (5) days from the receipt of the same, the Sellers shall be entitled to carry out such actions. 

7. CLOSING 
  

	7.1	 Date and location 

On the terms and subject to the conditions set out in this Agreement, completion of the Transaction (“Closing”) shall take place at the
offices of the notary public of Barcelona designated by the Buyer, who shall bear the costs of appearance by the said notary public, on the 10th Business Day following the date on which the
Condition Precedent has been satisfied or waived on the terms set forth in Clause 5 above, or such other time and place as the Buyer and the Sellers may agree to in writing (the “Closing Date”). 

 

	7.2	 Pre-Closing Certificate 

The Sellers shall deliver to the Buyer five (5) Business Days prior to Closing Date a certificate (the
“Pre-Closing Certificate”) with the following documents and information: (i) the Debt, Cash and Working Capital Certificate (as this term is defined in Clause 4.1 above); (iii) the
distribution of the Payment at Closing between the Sellers as well as the indication of which amounts need to be transferred to the Company for the payment of the Phantom Shares amount; and (iv) the Sellers’ and the Company’s Bank
Accounts. 
  

	7.3	 Actions at Closing 

At Closing, all of the actions indicated below shall take place simultaneously as a single act (en unidad de acto), which shall be deemed to have been
carried out at Closing. For the avoidance of doubt, Closing shall not take place until and unless all of the following actions have been carried out: 

  
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	7.3.1	 Actions to be carried out by all Parties: 

 

	7.3.1.1	 Deed of Closing. The Parties shall execute, before the notary public, a deed of transfer of shares
(escritura de cierre) pursuant to which, inter alia, (i) the Parties shall formalize (elevar a público) this Agreement; and (ii) the Sellers shall transfer ownership and deliver the Shares
to the Buyer and the Buyer, in turn, acquires and receives the Shares. 

 In the Deed of Closing, specifically, amongst other matters, the
Sellers shall: 
  

	 	(i)	 Grant the Buyer acknowledgement of receipt of the Payment at Closing received pending due receipt of the
transfer of funds (salvo buen fin de la transferencia); 

  

	 	(ii)	 transfer ownership of the Shares to the Buyer according to the relevant proportions; and 

 

	 	(iii)	 ratify the Seller Representations and Warranties. 

Likewise, in the Deed of Closing, amongst other matters, the Buyer shall: 
  

	 	(i)	 declare that it has received from the Sellers the Pre-Closing
Certificate prior to Closing in accordance with Clause 7.2 above; and 

  

	 	(ii)	 ratify the Buyer Representations and Warranties. 

 

	7.3.1.2	 The Parties and the Company shall execute and notarize before the Notary a new shareholders’ agreement of
the Company, a draft of which is attached hereto as Schedule 7.3.1.2 (the “New Shareholders’ Agreement”). The Sellers shall provide to the Buyer a written proof of termination of the former Shareholders’
Agreement executed by the Sellers before or the same day as Closing. 

  

	7.3.1.3	 Others. The Parties shall take any other steps and execute any other documents which it may be reasonably
necessary to carry out or execute on the Closing Date in order to give effect to this Agreement. 

  

	7.3.2	 Actions to be carried out by the Sellers: 

 

	7.3.2.1	 Deliver the titles of ownership over the Shares. The Sellers shall deliver to the notary public the titles of
ownership in order that the notary public can record thereof the transfer of the Shares. 

  

	7.3.2.2	 Deliver or make available to the Buyer or their counsel the Company’s corporate books (Company’s
books of minutes, shareholders registry book) as well as all the corporate documents, keys, passwords, and any other documentation of the Company. 

  

	7.3.2.3	 Deliver a certificate issued by the governing body of each of the Sellers confirming that all the statutory and
legal requirements for the transfer of the Shares have been complied with. 

  

	7.3.2.4	 Deliver a certificate of secretary of the board of directors of the Company attesting that any legal
requirements under the Company’s articles of association to transfer the Company Shares have been fulfilled. 

  

	7.3.2.5	 Deliver a copy of the resolutions of the General Shareholders’ Meeting of each of the Sellers approving
the Transaction, for the purposes of article 160(f) of the Spanish Companies Act, should it be applicable. 

  

	7.3.2.6	 Deliver a tax certificate stating that the Company has timely complied with the tax obligations during the last
twelve (12) months. 

  
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	7.3.2.7	 Contribute to the Company and cause the Company to pay the amounts due by the Company to the relevant employee
beneficiaries under the Phantom Shares Plan in accordance with the Pre-Closing Certificate so that the Phantom Shares Plan is fully settled and the Company is fully released from any obligations thereunder.

  

	7.3.2.8	 Deliver the Buyer letters of resignation duly signed the members of the board of directors of the Company,
pursuant to which the said persons resign from their positions as directors of the Company and state that they have no claims against the Company and they waive their right to claim. 

 

	7.3.2.9	 To provide a list of the powers of attorney granted by the Company which are in force at Closing Date.

  

	7.3.2.10	 To deposit, with the notary public the USB. 

 

	7.3.3	 Actions to be carried out by the Buyer: 

 

	7.3.3.1	 Deliver a copy of the minutes of the General Shareholders Meeting of the Company (with Buyer as shareholder)
which shall (i) acknowledge the resignation of the former members of the Board of Directors, approve their management and make the new appointments to fill each of the positions on the new Board of Directors to be structured in accordance with
the New Shareholders’ Agreement; and (ii) amend the Company’s bylaws to cancel the special rights therein included. 

  

	7.3.3.2	 Pay to the Sellers the portion of the Payment at Closing as described under Clause 3.2 to the bank account of
the Sellers. 

  

	7.3.3.3	 The Buyer shall deliver to the Notary Public a duly completed Form D-1A
to notify to the Spanish General Directorate for Trade and Investment the foreign investment effected pursuant to this Agreement. 

  

	7.3.3.4	 To execute the relevant public deed and, where so required by law, submit for registration in the corresponding
Commercial Registry, those resolutions that the Buyer deems necessary or convenient for the acquisition of effective control of the Company. 

  

	7.3.3.5	 To register the sale and purchase in the Shareholders’ Book. 

 

	8.	 SELLER’S LIABILITY REGIME 

 

	8.1	 Sellers Representations and Warranties 

The Sellers warrant to the Buyer that each of the representations and warranties included in SCHEDULE 8 (the
“Sellers Representations and Warranties”) are true, accurate and not misleading at the date of this Agreement and will be true, accurate and not misleading at the Closing Date. 

 

	8.2	 Obligation of the Sellers to indemnify the Buyer 

The Sellers undertake to jointly (mancomunadamente), but not jointly and severally (solidariamente), pro rata to their respective stake in the
Company, indemnify, subject to the limitations of liability under this Clause, the Buyer against any Damages resulting from: 
  

	8.2.1	 Any breach of the Fundamental Representations and Warranties set forth in PART A of SCHEDULE 8
that proves to be untrue or misleading as of the date of this Agreement or the Closing Date. 

  

	8.2.2	 Any breach of the Business Representations and Warranties set forth in PART B of SCHEDULE 8
that proves to be untrue or misleading as of the date of this Agreement or the Closing Date. 

  

	8.2.3	 The breach of any of the contractual obligations undertaken by the Sellers under this Agreement or under any of
the Transaction Documents. 

  
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	8.3	 Notwithstanding the above, in any case, each Seller makes only the Sellers’ Fundamental Warranties for
itself only, and no Seller shall be liable for the untruth or breach of the Sellers’ Fundamental Warranties of any other Seller. 

  

	8.4	 For the avoidance of doubt, the Sellers shall in no case be liable for any claim for Damages arising as a
result of any breach of the Sellers Representations and Warranties contained in this Agreement to the extent circumstances giving rise to the breach of the Sellers Representations and Warranties had been expressly and fairly disclosed, excepted or
qualified in such Representations and Warranties. 

  

	8.5	 For the purposes of this Agreement, “Damage” include any loss, damage, harm, charge,
liability, depreciation, penalty, fine, or surcharge, interest or expense of any kind (including the fees or costs related to attorneys, agents in court, notaries, auditors, accountants, experts or other professionals), but excluding any
consequential, indirect or punitive damages and loss of profit. 

  

	8.6	 Monetary limits 

  

	8.6.1	 Monetary limit for Business Representation and Warranties 

 

	8.6.1.1	 The Sellers shall not be liable for any Damages resulting from the breach of the Sellers Business
Representations and Warranties in an amount lower than TEN THOUSAND EUROS (€ 10,000) (the “de Minimis Franchise”). 

 

	8.6.1.2	 The Sellers shall not be liable for any Damages resulting from the breach of the Sellers Business
Representations and Warranties unless the amount recoverable, when aggregated with the amount of all Claims or Third Party Claims in respect of which the Buyer are entitled to recover (excluding, for the avoidance of doubt, any Claim or Third Party
Claim for which the Buyer were not entitled to recover by reason of Clause 8.6.1.1 exceeds FIFTY THOUSAND EUROS (€ 50,000) (the “Basket”), in which event the whole amount of all such Claims or Third Party Claims shall be
recoverable and not merely the excess. 

  

	8.6.1.3	 The maximum aggregate liability payable by Sellers in respect of all and any Claims or Third Party Claims (the
cap) resulting from the breach of Business Representations and Warranties, after giving effect to the exclusions provided for in Clauses 8.6.1.1 and 8.6.1.2, shall be 50% of the Purchase Price received by the Sellers at any time.

  

	8.6.1.4	 The maximum overall aggregate liability of the Sellers resulting from any of the Sellers’ Fundamental
Representations and Warranties being untrue, inaccurate, incomplete or misleading shall not exceed a total amount equivalent to one hundred per cent. (100%) of the Purchase Price received by the Sellers at any time. 

 

	8.6.1.5	 Additionally, the Parties agree that any Leakages (as this term is define under section 2.4 of the Business
Representations and Warranties) shall be paid euro for euro and, for the avoidance of doubt, shall not be subject to the exclusions provided for in Clauses 8.6.1.1 and 8.6.1.2 or any other cap on liability. 

 

	8.7	 Time limitations to rise claims for breach of Representations and Warranties 

 

	8.7.1	 In order for the Sellers to be liable to the Buyer for Damages under this Agreement resulting from the breach
of Business Representations and Warranties, the relevant claim for liability against the Sellers shall be sent by the Buyer within two (2) years from the date hereof. 

 

	8.7.2	 Notwithstanding the foregoing, the Buyer shall be entitled to claim liability from the Sellers for Damages
arising from tax, regulatory, environmental, social security or employment matters, or in relation to any criminal offence or compliance matter (including under any anticorruption, an anti-bribery or anti money laundering laws or regulations), or
for breach of any Fundamental Representations and Warranties, for the entire period set out under the applicable statute of limitations (plazo de prescripción legal), plus thirty (30) days thereafter. 

  
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	8.7.3	 The Sellers shall notify and/or cause the Company to notify Buyer promptly upon becoming aware of any fact or
circumstance that may entail a breach of the Sellers Representations and Warranties or give rise to a Damage under this Agreement, providing all available details and information on the relevant fact or circumstance. 

 

	8.8	 Recovery from a third party 

 

	8.8.1	 If the Sellers have paid an amount in discharge of any Claim or Third Party Claim, and the Buyer or the Company
recovers from a third party a sum which indemnifies or compensates the Buyer or the Company (in whole or in part) for the Damages which are the subject matter of such Claim or Third Party Claim, the Buyer or the Company shall pay to the Sellers as
soon as practicable after receipt of such sum an amount equal to the sum recovered from the third party less any costs and expenses incurred in obtaining such recovery. 

 

	8.9	 Other limitations of liability 

 

	8.9.1	 Provisions and reserves. The Sellers shall not be liable in respect of any Damage or claim if and to the
extent it is based on a matter reflected in or provided for or reserved (up to the amount of such provision or reserve) in the Financial Statements but only to the extent of such amount. 

 

	8.9.2	 Actual nature of a loss. The Sellers will only be liable in respect of a Damage actually suffered by the
Buyer or the Company. In particular, without limiting the generality of the foregoing, if any Damage shall arise by reason of some liability which at the time that the claim is notified to the Sellers is contingent only, the Sellers shall not be
under any obligation to make any payment to the Buyer until such time as such contingent liability ceases to be so contingent and has become an actual liability. 

 

	8.9.3	 Insurance: The Sellers shall not be liable in respect of Damage to the extent that the Claim relates to
any Damage which is effectively recoverable by the Buyer (or any assignee or successor in title thereof) or the Company from any of its insurers whether such insurance is taken out before or after the Closing Date. 

 

	8.9.4	 No double recovery. The same Damage under this Agreement shall only give rise to one recovery by the
Buyer under this Agreement. 

  

	8.9.5	 Change in Law. The Sellers shall not be liable in respect of a change in any applicable Law or
substantial change in the interpretation of any applicable Law by any applicable court or by any Governmental Authority, in either case occurring after the date of this Agreement, whether or not that change, amendment or withdrawal purports to be
effective retrospectively in whole or in part after the Closing Date. 

  

	8.9.6	 Mitigation. Nothing in this Agreement restricts or limits the general obligation at Law of the Buyer to
mitigate any Damage which it may suffer or incur as a consequence of any breach of any Sellers’ Warranties or any other provision of this Agreement or in relation to any other matter, event or circumstance which gives rise to a Damage. Where
the Sellers are, or may become, under any obligation to make any payment to the Buyer pursuant to this Agreement the Buyer shall take all reasonable steps to mitigate the Damage in respect of which the payment is or may become due.

  

	8.10	 Sole Remedy 

The Parties acknowledge and agree that the rights and remedies contemplated in this Clause 8 in respect of a Claim or Third Party Claim are the sole remedy of
the Buyer with respect to a breach of this Agreement by the Sellers and replace in their entirety the provisions addressing liability of a Seller with respect to obligations under purchase and sale or other agreements set forth in the Civil Code and
in the Commercial Code (Código de Comercio), including, in particular, the rights and remedies available to a buyer in the event of dispossession of title (evicción) and hidden defects (vicios ocultos). 

  
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 In relation thereto, the Sellers shall be sole parties responsible for any breach of the Sellers
Representations and Warranties and the Buyer waives any right it may legally have as shareholder of the Company or otherwise to claim the directors of the Company for liability (acción de responsabilidad) with respect to any breach of
any of the Sellers’ Representations and Warranties or for any other aspect of their management prior to the date of this Agreement except in the cases of fraud or willful misconduct. 

 

	9.	 CLAIMS PROCEDURE 

 

	9.1	 Notice of a Claim. 

The Buyer shall serve written notice on the Sellers of any facts or circumstances resulting (i) in any of the Sellers Representations and Warranties being
untrue, uncomplete or misleading as of the date of this Agreement; (iii) in any other Damage, resulting from the breach of any other contractual obligation under this Agreement, which may result in the Buyer seeking Damages from the Sellers (a
“Claim”). 
 Each notice of a Claim shall be sent in accordance with Clause 19 and shall contain, with respect to each Claim, (i) a
description of the facts and the nature of the Claim, according to the information available at the moment the Notice of Claim is served, (ii) a description of the grounds on which the Seller’s liability for Damages arises under this
Agreement, and (iii) the amount claimed, if it is possible to quantify at that moment. 
 The Buyer shall promptly provide to the Sellers the
information (in its possession or control) reasonably required to enable the Seller to analyse any Claim brought by the Buyer. 
  

	9.2	 Seller’s Response. 

Within fifteen (15) Business Days from receipt of a notice of Claim in accordance with Clause 9.1 above, the Sellers shall send a written notice to the
Buyer in accordance with Clause 19 (a “Response”) stating whether: 
  

	(a)	 The Sellers consider that the Claim is covered by the Sellers Representations and Warranties or constitutes any
other Damage under this Agreement. 

  

	 	a.	 and accepts the amount of the Claim, in which case the Sellers shall pay to the Buyer the amount of the Claim.

  

	 	b.	 But does not agree with the amount of the Claim, in which case any of the Parties may start the court
proceedings contemplated in Clause 20 below, but only in respect of the disputed amount. 

  

	(b)	 The Sellers consider that the Claim is not covered by the Sellers Representations and Warranties, or it does
not constitute any breach under the Agreement and, therefore, they have no obligation to indemnify the Buyer for any Damages. In this case, any of the Parties may start the court proceedings contemplated in Clause 20 below. 

In the event that the Sellers fail to send a Response to the Buyer within the required fifteen (15) Business Days period, the provisions in Clause (a)a
above shall apply. 
 9.3 Third Party Claim. 
 In the event that
any third party announces or serves notice of a claim (in Court or directly to the Buyer) in connection with the Sellers Representations and Warranties (a “Third Party Claim”), the Buyer shall give notice to the Sellers of such a
Third Party Claim by serving notice of a Claim in accordance with Clause 9.2 above and no later than ten (10) Business Days after the day when the Buyer was served with the Third Party Claim. 

A Third Party Claim will cause an obligation on the Sellers to indemnify the Buyer or the Company as soon as judgment is issued on the Third Party Claim
requesting a payment or a settlement is reached with the third party. 
 The provisions in Clause 9.2 above shall also apply to notices of a Claim that are
based on a Third Party Claim. Additionally, the Sellers may state in the Response that they will undertake the defence of the Buyer in the Third Party Claim, in which case the Buyer shall: 

  
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	(a)	 Promptly execute as many powers of attorney (including general powers to conduct litigation – poderes para
pleitos) in favour of as many attorneys and solicitors as the Sellers may reasonably request. The Buyer may however appoint its own co-counsel (at the Buyer’s expense), in which case no action will be
taken or strategy will be followed by the Sellers without consulting with the Buyer. 

  

	(b)	 Make available to the Sellers on a timely basis all documents, records and other materials in the possession of
the Buyer required by the Sellers for its use in defending the Third Party Claim and shall otherwise cooperate with the Sellers in the defence of such a claim. 

 

	(c)	 not have the right to settle, adjust, accept or compromise such Third Party Claim without the consent of the
Sellers; provided, however, that the Sellers shall not unreasonably withhold or delay such consent. 

  

	(d)	 be obliged to proceed with any recourse or appeal in the relevant Third Party Claim proceedings if so requested
by the Sellers; 

  

	(e)	 be under a duty of diligence when directing the defence of a Third Party Claim and shall make all reasonable
efforts to mitigate the Damage that may result from any such Third Party Claim. 

 If the Sellers does not undertake the defence of the
Third Party Claim the Buyer will be entitled to conduct the defence of the Third Party Claim. In this case, the Buyer undertakes to inform the Sellers monthly about the evolution of the Third Party Claim or, earlier, if there were a relevant actions
to be taken or a court resolution were made in relation to the same. 
 The Sellers will be bound by any judgment or settlement issued on a Third Party
Claim by a Court of competent jurisdiction, even if the defence of the claim or settlement has been undertaken by the Buyer. 
  

	9.4	 The Sellers expressly agree that all notices and responses relating to Claims will be addressed to both of them
and replied jointly. 

  

	10.	 PAYMENT AND SET OFF OF CLAIMS 

Unless otherwise agreed amongst the Parties and to the extent possible, the amounts to be paid by the Sellers to the Buyer as a result of a Claim, will be paid
(i) first, by operating a downward adjustment to the Contingent Consideration (only in the case that it has been triggered); and (iii) secondly, directly by each of the Sellers through a payment in cash. 

 

	11.	 REPRESENTATIONS AND WARRANTIES OF THE BUYER AND SWVL INC 

The Buyer and SWVL INC, on the date of execution of this Agreement, provides to the Sellers the following representations and warranties (the
“Buyer’s Representations and Warranties”). 
  

	11.1	 the Buyer and SWVL INC represents and warrants to the Sellers that: 

 

	(a)	 It is a company duly incorporated, validly in existence and in good standing under the laws of its
jurisdiction, and it has full power to conduct its business as conducted at the date of this Agreement. 

  

	(b)	 The Buyer has full capacity to buy and acquire the Shares, to enter into this Agreement, the Transaction
Documents and execute the Transaction. No consent, approval or authorization which has not been obtained at the date of this Agreement or the Transaction Documents is required by it for entering into the Agreement or the Transaction Documents and
executing the Transaction. 

  

	(c)	 SWVL INC has full capacity to enter into this Agreement and the Transaction Documents and fulfil the payment
undertakings contained therein when due. No consent, approval or authorization which has not been obtained at the date of this Agreement is required by it for entering into the Agreement, the Transaction Documents and executing the Transaction.

  
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	(d)	 This Agreement and the Transaction Documents create valid and binding obligations over each of the Buyer and
SWVL INC, which are fully enforceable against them in accordance with the terms and conditions set out in the Agreement and the Transaction Documents. 

  

	(e)	 The execution and performance of this Agreement and the Transaction Documents does not entail a breach of

  

	 	(i)	 any law, regulation, judgement, order, norm or case-law applicable to
the Buyer or SWVL INC, including the applicable anti-money laundering laws and, in particular, that the origin of the funds paid by the Buyer or SWVL INC to the Sellers is lawful and does not come from any activity contrary to the legislation to
which it is subject; 

  

	 	(ii)	 the Buyer or SWVL INC by-laws or deed of incorporation; or

  

	 	(iii)	 any contract, agreement or instrument to which the Buyer or SWVL INC is a party. 

 

	(f)	 It is not insolvent or bankrupt under the laws of its jurisdiction, nor unable to pay its debts as they fall
due. 

  

	(g)	 Has available cash or available financing facilities which will at the Closing Date and at the other payment
dates in accordance with this Agreement provide the necessary cash resources to meet its obligations under this Agreement. 

  

	11.2	 No other representations and warranties. 

Except for the specific Buyer’s Representations and Warranties contained in this Clause the Buyer make no other express or implied
representations or warranties to the Seller. 
  

	11.3	 The Buyer undertakes to indemnify and hold the Seller harmless from and against any effective Damages directly
and exclusively resulting from any of the Buyer’s Representations and Warranties that proves to be untrue as of the date of this Agreement. Any Claim served by the Sellers in respect of the untruthfulness of any of the Buyer’s
Representations & Warranties, as well as the Buyer’s response to such a Claim, shall be made, mutatis mutandis, in accordance with -and subject to the limitations established in- Clauses 9.1 and 9.2 above. 

  

	12.	 JOINT AND SEVERAL LIABILITY BETWEEN BUYER AND SWVL INC 

 

	12.1	 The Buyer and SWVL INC (shall be jointly and severally liable for any and all of the obligations assumed by the
Buyer and/or SWVL INC under this Agreement and the Transaction Documents and the Sellers shall be free to claim the fulfilment of any obligation of the Buyer and/or and SWVL INC under this Agreement or the Transaction Documents (in particular the
payment obligations set forth in Clause 3 above) to any of them (the Buyer and/or SWVL INC) without limitation, regardless of whether the Buyer or SWVL INC has individually assumed the relevant obligation herein. 

 

	13.	 NON-COMPETE UNDERTAKING 

 

	13.1	 The Sellers and the Founders acknowledge that the obligations established in this Clause are essential for the
Buyer to enter into this Agreement under the conditions established therein, that said obligations are necessary to ensure the continuity of the Company’s Business and that its breach may cause substantial damage to the Buyer and the Company.
Therefore, the Sellers and the Founders acknowledge that there is a legitimate interest, both commercial and industrial, in regulating this non-competition agreement, the
non-use of names, brands and domains, and the non-solicitation, and they acknowledge that the resulting limitations of this Agreement are adequate and reasonable.

  

	13.2	 CAMINA LAB, S.L. and the Founders whether acting directly or indirectly through any related party, Affiliate,
on his behalf or on behalf of any third party, undertake from a period of three (3) years from the date hereof (“Non-Compete Period”) and in relation to the geographic scope
of Europe, Latam, MENA, Pakistan, South Asia, South East Asia, 

  
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India and Turkey (the “Non-Compete Geographic Scope”) to refrain from, directly or indirectly: 

 

	 	(i)	 carrying out any activities or operations that compete with the Company’s Business, or managing,
controlling, or providing advice or services to any third party that carries out activities or operations that compete with the Company’s Business; 

  

	 	(ii)	 promoting, sponsoring or acquiring or holding an interest in any third party, entity or business engaged in
activities or operations that compete with the Company’s Business; 

  

	 	(iii)	 entering into any employment, commercial or professional relationship with any third party, entity or business
engaged in activities or operations that compete with the Company’s Business; 

  

	 	(iv)	 approach or solicit any Person, firm or company who has within two years prior to the Closing been a regular
customer of the Company in relation to the Business; 

  

	 	(v)	 hiring, enticing away or attempting to hire any employee or member of the management team or persuading them to
resign from their position with the Company; 

  

	 	(vi)	 interfering with, endangering or otherwise damaging the Company’s business, reputation or commercial
relationships with third parties, however, that the foregoing will not prevent a Seller from entering into any contract with any person who responds to general advertising or a general solicitation not targeted to the employees of the Company;

  

	 	(vii)	 using or applying for domain names, trade names, trademarks, logos or any other signs that are identical or
similar to those used by the Company, or using or applying for any Intellectual Property Rights in relation to any product, process or service developed by or within the Company; or 

 

	 	(viii)	 making any oral or written statements to third parties whether in public or private that might adversely affect
the Company, its reputation or its employees or business activities. 

  

	13.3	 Notwithstanding Clause 13.2 above, the activities in their current form and scope defined in SCHEDULE
12.3 hereto as well as those expressly authorized by the Buyer shall be excluded from the present non-compete obligation. 

 

	13.4	 For the avoidance of doubt, holding securities of listed companies, to the extent they do not represent a
percentage equal to or greater than five percent (5%) of the share capital of a listed company shall not be considered a breach of this Clause 13. 

  

	13.5	 As of today, MARFINA SL has an interest in some companies and/or business that may compete with the
Company’s Business. As such, the Parties agree that the non-compete obligation contained in Clause 13.2 above shall not be applicable to MARFINA SL, provided that MARFINA SL shall refrain from developing
and/or commercialize any driver app and/or a passenger app with similar characteristics or functionalities to the current Company’s apps detailed in Recital A during the Non-Compete Period and in the Non-Compete Geographic Scope. If MARFINA SL has a transport concession with interest in implementing a system like the one offered by the Company, MARFINA SL shall take the system owned by Company as the 1st option
to implement if the conditions are aligned with the market. 

  

	13.6	 For the avoidance of any doubt, the non-solicitation undertakings
assumed by Seller 2 under sections 13.2 (iv) to (viii) above will also apply to Seller 1. 

  

	14.	 CONFIDENTIALITY 

 

	14.1	 The Parties shall, and also shall oblige their Affiliates, keep all information contained in this Agreement,
its Schedules and any additional agreements or ancillary documents that the Parties may execute under (or in connection with) this Agreement, as well as any exchanged information relating to Sellers or the Business (including that information
contained in the VDR and provided/obtained during the Q&A Sessions and the Site Visits) (jointly, the “Confidential Information”), strictly confidential. 

  
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	14.2	 Each Party agrees to make the Confidential Information accessible to its directors, officers, employees, agents
or professional advisors (all of whom shall be informed of the confidentiality thereof and shall agree to keep it strictly confidential) only as far as necessary for the completion of this Agreement. 

 

	14.3	 This confidentiality undertaking will not apply to any Confidential Information which is or becomes (other than
as a result of any act or default by any of the Parties) part of the public domain, but solely from the date on which such Confidential Information has become part of the public domain, as well as in case disclosure of Confidential Information is
required to comply with any applicable law or the de-SPAC Process or request issued by a court of competent jurisdiction or any governmental or regulatory authority (including any rules or regulations of any
stock exchange to which a Party or the members of its group are subject) or to the extent required to complete any actions, perform any obligations or enforce any rights set forth in this Agreement. 

 

	14.4	 In the event that the Parties consider that it would be appropriate to issue a press release regarding this
Agreement, such a press release shall be agreed and jointly issued by the Parties. In no case, such press release shall include information regarding the Purchase Price. 

 

	15.	 ASSIGNMENT OF THE AGREEMENT 

This Agreement, or any rights or obligations hereunder, cannot be assigned by either Party without the prior written consent of the other Party, which shall
not be unreasonably withheld or denied. 
  

	16.	 TAXES AND EXPENSES 

Any and all taxes, costs and expenses incurred in connection with this Agreement will be borne by the Parties in accordance with the provisions hereof and the
law. Each of the Parties shall bear the fees of their own lawyers, accountants and advisors. Notwithstanding the above, the cost of the notarization of this Agreement will be borne by the Buyer, provided that the Buyer designates the notary. 

 

	17.	 ENTIRE AGREEMENT 

This Agreement, along with the Transaction Documents, constitutes the entire agreement between the Parties with respect to the subject matter hereof, and
supersedes all agreements, understandings, negotiations and discussions, whether written or verbal, between the Parties prior to the date hereof. 
  

	18.	 INVALIDITY 

If any provision of this Agreement would be declared by any judicial or other competent authority to be null and void or otherwise unenforceable, that
provision shall be severed from the Agreement, but the remaining provisions of the Agreement shall remain in full force and effect. 
 The Parties shall in
good faith negotiate to replace such a provision for a valid and enforceable one, in such reasonable manner so as to achieve as much as permitted by law the intention of the Parties. 

 

	19.	 NOTICES AND COMMUNICATIONS 

 

	19.1	 Any notice and communication under this Agreement shall be made in writing (in English), and delivered
personally, with acknowledgement of receipt, or sent by registered post with acknowledgement of receipt, email with delivery confirmation or any other reliable means providing evidence of receipt. The Parties’ addresses for service shall be as
follows: 

  
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27 

 In the case of Seller 1: 

[Omitted] 
 In the case of
Seller 2: 
 [Omitted] 

In the case of Founder 1 

[Omitted] 
 In the case of
Founder 2 
 [Omitted] 

  
 Page 22 of
27 

 In the case of the Buyer: 

[Omitted] 
 In the case of SWVL
INC: 
 [Omitted] 
  

	19.2	 Notices shall be deemed to have been duly served on the date of the written confirmation of their receipt by
the recipient (if sent by email, on the date on which the sender receives a confirmation of “delivered” or “read” from its own system; if sent by registered post, on the date of the acknowledgement of receipt -or rejection of receipt- of the notice at the relevant address) and, if delivered personally, on the date of delivery; always provided that such notices are received/delivered on a Business Day before 19:00 hours
(recipient’s time). If they were received/delivered on a Business Day after 19:00 hours (recipient’s time), they would be understood to be received/delivered on the following Business Day for the purposes of this Agreement.

  

	19.3	 The Parties shall notify each other any change of their addresses or contact details, which shall be effective
on the fifth Business Day after receipt of the notice, unless it specifies a different date from which the change of address or contact details shall be effective. 

 

	19.4	 For the purposes of this Agreement, a “Business Day” shall mean a day, other than a Saturday or a
Sunday, in which banks are generally open to the public for ordinary transactions in Madrid (Spain). 

  

	20.	 GOVERNING LAW AND JURISDICTION 

 

	20.1	 Governing law. 

This Agreement shall be governed by and construed in accordance with the Spanish ordinary civil law (derecho común español). 

 

	20.2	 Jurisdiction. 

The Parties hereby submit, with express waiver to any other forum which might otherwise be available to them, to the Courts of the city of Barcelona (Spain),
which will have exclusive jurisdiction to settle any dispute that may arise out of or in connection with this Agreement. 
  

	21.	 COUNTERPARTS 

This Agreement may be executed in any number of counterparts and by the Parties on separate counterparts, each of which when executed and delivered shall
constitute an original, but all the counterparts shall together constitute but one and the same instrument deemed executed on the date indicated on the heading of this Agreement. In any event, if this Agreement is executed in separate counterparts,
the Parties undertake to exchange with each other original signed hardcopies of this Agreement no later than ten (10) Business Days from the date hereof. 

[Remainder of page intentionally left blank; signature page follows] 

  
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27 

 IN WITNESS WHEREOF, this sale and purchase agreement has been duly executed by the Parties in the
place and on the first date above written. 
 [Remainder of page intentionally left blank] 

  
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27 

					
	 The Buyer
 SWVL GLOBAL FZE

 
 /s/ Mostafa Essa Mohamed Mohamed Kandil

SWVL GLOBAL FZE
 Signed: Mr. Mostafa Essa Mohamed

             Mohamed Kandil

 
 [Remainder of page intentionally left blank]
	 		 	 SWVL INC
  

/s/ Mostafa Essa Mohamed Mohamed Kandil

SWVL INC
 Signed: Mr. Mostafa Essa Mohamed

             Mohamed Kandil

  
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27 

					
	 The Seller 1
 MARFINA, SL

 
 /s/ Josep Maria Martí Escrusell

MARFINA, SL
 Signed: Mr. Josep Maria Martí
Escrusell
  
 [Remainder of page intentionally left blank]
	 		 	 The Seller 2
 CAMINA LAB, SL

 
 /s/ Osvald Martret Martínez

CAMINA LAB, SL
 Signed: Mr. Osvald Martret
Martínez

  
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27 

					
	 The Founder 1
  

/s/ Osvald Martret Martínez

Mr. Osvald Martret Martínez
  

[Remainder of page intentionally left blank]
	 		 	 The Founder 2
  

/s/ Gerard Martret Martínez

Mr. Gerard Martret Martínez

  
 Page 27 of
27

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