Document:

Document

Exhibit 10.4

***CERTAIN MATERIAL (INDICATED BY THREE ASTERISKS IN BRACKETS) HAS BEEN OMITTED FROM THIS DOCUMENT BECAUSE IT IS BOTH (1) NOT MATERIAL AND (2) IS OF THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

CREDIT CARD PROGRAM AGREEMENT
BETWEEN
BARCLAYS BANK DELAWARE
AND
THE GAP, INC. 
OLD NAVY, LLC
BANANA REPUBLIC, LLC
ATHLETA LLC

TABLE OF CONTENTS

									
			Page
	ARTICLE I.	DEFINITIONS	1
	1.1	Definitions	1
	1.2	Rules of Construction	8
	1.3	Obligation Effectiveness	10
	ARTICLE II.	THE PROGRAM AND PROGRAM CARDS	11
	2.1	Generally	11
	2.2	Program Card Products and Value Propositions	11
	2.3	Product Innovations	11
	2.4	Program Exclusivity	11
	2.5	Conversion of Back Book Assets	11
	ARTICLE III.	MARKETING AND PROMOTION OF PROGRAM	12
	3.1	Annual Marketing Plan	12
	3.2	Marketing	13
	3.3	Barclays Marketing Obligations	13
	3.4	Marketing Fund and Usage	14
	3.5	Ancillary Products	14
	ARTICLE IV.	GAP LOYALTY PROGRAM	14
	4.1	Operation of Gap Loyalty Program	14
	4.2	Cardholder Enrollment	14
	ARTICLE V.	OPERATION OF THE PROGRAM	15
	5.1	Operating Requirements	15
	5.2	Systems	15
	5.3	Application and Fulfillment Process	16
	5.4	Cardholder Terms	16
	5.5	Value Proposition	17
	5.6	Approval Rates & Risk Management	17
	5.7	Network	17
	5.8	BIN Identifiers	17
	5.9	Authorization and Settlement	17
	5.10	Account Retention and Cross-Sells	17
	5.11	Program Website	18
	5.12	Account Servicing Requirements	18
	5.13	Cardholder Payments	18
	5.14	Cardholder Complaints and Disputes	18
	5.15	Service Levels	18
	5.16	Account Documentation	18
	5.17	Audit Rights	18
	5.18	Audits by Government Authorities	19
	5.19	Records	19
	5.20	Compliance	19
	5.21	Business Continuation/Disaster Recovery Plan	19
	5.22	Fraud	20
	5.23	Prohibition on Illegal Gambling	20

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TABLE OF CONTENTS
(continued)

									
	5.24	Program Card Reissuance	20
	5.25	Similarly Situated Portfolios	20
	5.26	Comparable Retailer Programs	20
	ARTICLE VI.	PROGRAM GOVERNANCE AND MANAGEMENT	20
	6.1	Joint Management Committee	20
	6.2	General Managers	20
	6.3	Barclays Personnel to Support the Program	20
	6.4	Dispute Resolution	21
	6.5	Compliance Responsibilities	21
	6.6	Reports	21
	ARTICLE VII.	INFORMATION USE AND SECURITY	21
	7.1	Definition of Confidential Information	21
	7.2	Use of Confidential Information	22
	7.3	Program Information and Gap Customer Data	22
	7.4	Data Security	22
	7.5	Non-Public Personal Information	24
	7.6	Post-Termination Destruction	24
	ARTICLE VIII.	OWNERSHIP AND LICENSING OF INTELLECTUAL PROPERTY	24
	8.1	License to Gap Marks	24
	8.2	License to Barclays Marks	25
	8.3	Other Intellectual Property	25
	8.4	Ownership of Accounts; Account Documentation	26
	ARTICLE IX.	FINANCIAL TERMS	26
	ARTICLE X.	REPRESENTATIONS AND WARRANTIES	26
	10.1	Organization	26
	10.2	Authorization, Validity and Non-Contravention	26
	10.3	Additional Representations, Warranties and Covenants	26
	ARTICLE XI.	INDEMNIFICATION & LIMITATION OF LIABILITY	27
	11.1	Indemnification Obligations	27
	11.2	Notice of Indemnification Claim	28
	11.3	Right to Control Defense	28
	11.4	Cooperation	28
	11.5		28
	11.6	NO WARRANTIES	29
	11.7	Liquidated Damages	30
	ARTICLE XII.	TERM AND TERMINATION	30
	12.1	Term and Expiration	30
	12.2	Initial Program Period Renewal	30
	12.3	Termination By Barclays	30
	12.4	Termination By Gap	30
	12.5		31
	12.6	Effect of Termination	31
	12.7	Program Assets Purchase Right	31
	ARTICLE XIII.	MISCELLANEOUS	31
	13.1	Entire Agreement	31

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TABLE OF CONTENTS
(continued)

									
	13.2	No Waiver	31
	13.3	Severability	31
	13.4	Counterparts	31
	13.5	Incorporation by Reference	31
	13.6	Drafting	31
	13.7	Public Announcements	31
	13.8	Assignment	32
	13.9	Successors and Assigns	32
	13.10	Subcontractors	32
	13.11	Notices	32
	13.12	Governing Law	33
	13.13	Force Majeure	33
	13.14	Taxes	33
	13.15	Survival of Obligations, Rights and Remedies	34
	13.16	Independent Contractor	34
	13.17	Specific Performance	34
	13.18	Further Assurances	34
	13.19	Third Parties	34
	13.20	Credit Reporting Agency	34

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CREDIT CARD PROGRAM AGREEMENT
THIS CREDIT CARD PROGRAM AGREEMENT (this “Agreement”) is made as of the 8th day of April, 2021 (the “Effective Date”), by and among The Gap, Inc., Old Navy, LLC, Banana Republic, LLC and Athleta LLC (collectively, “Gap”), on the one hand, and Barclays Bank Delaware (“Barclays”), on the other hand.

BACKGROUND
1)    Barclays desires to issue credit cards branded with Gap Marks to Gap Customers and establish associated open-end consumer accounts; and
2)    Gap desires to participate in a program whereby Barclays will offer and service open-end consumer credit card accounts in the Territory to Gap Customers and through Gap Channels (such program, the “Program”). 
NOW THEREFORE, in consideration of the mutual agreements and covenants set forth in this Agreement, and other good and valuable consideration provided for in this Agreement, Gap and Barclays agree as follows:
ARTICLE I.
DEFINITIONS
1.1    Definitions.  
For the purposes of this Agreement (including the Background and the preamble preceding this Article I) and except as otherwise specifically set forth herein, the following capitalized terms shall be defined as hereinafter set forth:
“Account” means an open-end revolving consumer credit account established by Barclays under the Program whereby a Cardholder may finance purchases of merchandise or services on credit pursuant to the terms of the Cardholder Agreement.
“Account Documentation” means with respect to an Account, any and all documentation in tangible or intangible form relating to such Account or processing an Application for an Account, including Program Card mailers, Applications, Cardholder Agreements, Account statements, credit records, checks and stubs, receipts, credit bureau reports, adverse action notices, change of terms notices, Cardholder service communications and any other disclosures required under Applicable Banking Law.  For clarity, “Account Documentation” does not include the Program Card form factors or Marketing Materials.
“Affected Party” has the meaning set forth in Section 7.4(b).
“Affiliate” means, with respect to a Person, any Person directly or indirectly controlling, controlled by, or under common control with such Person. The term “control” (including, with correlative meaning, the terms “controlled by” and “under common control with”) as used with respect to a Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract, or otherwise.  

“Agreement” has the meaning set forth in the first paragraph of this Agreement. 
“Annual Marketing Plan” has the meaning set forth in Section 3.1(a).
“Applicable Law” means all federal, state and local laws, regulations, rules and ordinances, judgments, decrees, injunctions, writs and orders or like actions of any Government Authority and the rules, regulations, orders, written interpretations, guidance, licenses and permits of any Government Authority that, in each case, apply to the Program, the business and operations of a Party, or the performance of a Party’s obligations under this Agreement.
“Applicable Banking Law” means all Applicable Law, whether of specific or general application (such as laws related to unfair or deceptive acts or practices), related to Barclays or to the Applications, Program Cards or Accounts, including their marketing, solicitation, establishment, use, servicing or collection; provided that “Applicable Banking Law” shall not include any Applicable Law that is solely applicable to Gap.
“Applicant” means a natural Person that commences the process to apply for an Account under the Program.
“Application” means the form made available by Barclays to an Applicant to apply for an Account.
“Back Book Assets” means the Gap Mark-branded credit card accounts (co-branded and private label) maintained by Synchrony Bank and in effect as of the Back Book Conversion Date, together with associated receivables, account documentation, transaction histories, BIN Identifiers, and any additional data or assets sold by Synchrony Bank to Barclays pursuant to the purchase and sale agreement between Synchrony Bank and Barclays, except the following credit card accounts shall be excluded: [***]. 
“Back Book Conversion Date” means the target date of [***], or such other target date that the Parties mutually agree is the target for completing Barclays’ acquisition of the Back Book Assets and the conversion of the associated credit card accounts to the Systems Barclays uses to operate the Program.  
“Barclays” shall have the meaning set forth in the first paragraph of this Agreement.
“Barclays Indemnified Parties” has the meaning set forth in Section 11.1(b)(i).
“Barclays Marks” means any trademark, service mark, or name owned by or licensed to Barclays (except for Gap Marks) and used by Barclays in connection with the Program.
“BIN Identifier” means each bank identification number or Interbank Card Association number licensed by the Network to Barclays in connection with the Program.
“Brand Acquirer” has the meaning set forth in Section 2.7.
“Business Day” means any day, except Saturday, Sunday, federal holidays, or a day on which Barclays is closed.
“Cardholder” means any natural person to whom a Program Card has been issued pursuant to the Program.
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“Cardholder Agreement” means the agreement governing usage of the Account and Program Card between each natural person, as the obligor, and Barclays, as the lender, in accordance with Applicable Law.
“Cardholder Indebtedness” means all amounts owing by Cardholders with respect to an Account (including finance charges, late fees and other similar fees and charges), whether or not billed, less the amount of any payments received, any credit balances owed to Cardholders, including any credits associated with returns, including returns of Gap Goods and Services, and similar credits and adjustments, whether or not billed.  
“Cardholder Terms” means the Purchase, penalty and cash advance annual percentage rates together with fees charged to Accounts for each Program Card product.
“Closing Date” means (a) if this Agreement is expiring pursuant to Sections 12.1 and 12.2, the last day of the Term, or (b) if this Agreement terminates pursuant to Sections 12.3, 12.4 or 12.5, within [***] months following the delivery of a termination notice by either Party.
“Co-Branded Account” means an Account linked to a Co-Branded Card.  
“Co-Branded Card” means the Program Card that is branded with a Network mark and enabled for Purchases both within and outside Gap Channels and Cross-Shop Locations.
“Comparable Retailer Programs” means co-brand and private label credit card programs, respectively, for Retailers in the Territory that are comparable to the Program in [***].  The Comparable Retailer Programs as of the Effective Date are listed in Schedule 1.1(a).
“Confidential Information” has the meaning set forth in Section 7.1.
“Cross-Shop Locations” means such digital and physical locations owned or operated by Gap, other than Gap Channels, as mutually agreed between the Parties from time to time.
“Dispute” means any and all disagreements, claims, disputes and controversies between the Parties (a) that arise out of this Agreement or any transaction contemplated by this Agreement (including, without limitation, disagreements, claims, disputes and controversies regarding the interpretation or application of this Agreement or any actual or alleged breach of this Agreement); and (b) with respect to which no Persons other than the Parties to this Agreement and their Affiliates are necessary parties to the resolution process in order for the disagreement, claim, dispute or controversy to be fully resolved and appropriate relief afforded.
“Effective Date” has the meaning in the first paragraph of this Agreement.
“Existing Cardholders” has the meaning set forth in Section 2.5(c).
“Gap” has the meaning set forth in the first paragraph of this Agreement.
“Gap Channels” means physical and digital properties owned or operated by Gap in the Territory that are branded with any of the following Gap Marks or any successor trademark, service mark or name thereto: “Gap”, “Old Navy”, “Banana Republic”, and “Athleta”. 
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“Gap Customers” means natural Persons who have purchased Gap Goods and Services through Gap Channels for consumer or household purposes or who otherwise use, enter or access Gap Channels or otherwise contact or are contacted by Gap or its Affiliates in connection with their business operations (whether or not such Person makes any purchases). 
“Gap Customer Data” means the following:  all information, regardless of form or format and whether personally identifiable or aggregated or anonymized, regarding or derived from a Gap Customer, including all transaction, search, experience and purchase information obtained in connection with (i) such Gap Customer using, entering or accessing Gap Channels or making a purchase of Gap Goods and Services, including all line item purchase data collected about such actual or prospective purchases of Gap Goods and Services, or (ii) such Gap Customer applying for membership in or being a member of the Gap Loyalty Program (including in combination with an Application) and any transactions pursuant to the Gap Loyalty Program, in each case in clause (i) or (ii), whether such information is obtained by Gap and its Affiliates independently or from Barclays pursuant to Gap Customer agreement that information is being shared concurrently with Gap.
“Gap Goods and Services” means the products and services sold by or through Gap Channels, including Gap-branded gift cards that can be used to purchase Gap Goods and Services; provided that Gap Goods and Services shall not include any credit insurance, debt protection, credit monitoring or similar add-on products that are ancillary to an Account.
“Gap Indemnified Parties” has the meaning set forth in Section 11.1(a)(i).
“Gap Loyalty Program” means any rewards program that allows Gap Customers to earn and redeem points and other benefits, as such program may be changed by Gap from time to time in accordance with this Agreement. 
“Gap Mark” means any trademark, service mark, or name owned by or licensed to Gap or any of its Affiliates (except for Barclays Marks).
“General Manager” has the meaning set forth in Section 6.2.
“Governmental Authority” means any federal, state, county, local, regulatory or municipal government body or court in the Territory having jurisdiction over any of the Parties to this Agreement.
“Indemnified Party” has the meaning set forth in Section 11.2.
“Indemnifying Party” has the meaning set forth in Section 11.2.  
“Initial Term” means the period of time commencing on the Effective Date and ending on the day that is ten years after [***].  
“Inserts” has the meaning set forth in Section 3.3(d).  
“Intellectual Property” means trade names, logos, trademarks, service marks, trade dress, internet domain names, copyrights, patents, trade secrets, know how, and proprietary technology, any other rights with respect to inventions, discoveries, improvements, know-how, formulae, algorithms, processes, technical information and other technology, whether or not subject to statutory registration or protection, and all registrations and applications therefor.
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“Joint Management Committee” has the meaning set forth in Section 6.1(a).
“Launch Date” means the date on which Barclays begins to accept Applications.
“Licensed Barclays Marks” has the meaning set forth in Section 8.2(a).
“Licensed Gap Marks” has the meaning set forth in Section 8.1(a).
“Losses” means losses, liabilities, costs, judgments, damages, penalties, fines, fees and expenses (including reasonable fees and expenses for attorneys, experts and consultants, reasonable out-of-pocket expenses, interest and penalties, and the cost of enforcing any right hereunder and the cost of pursuing any insurance providers), settlements, equitable relief, judgments, and damages, claims (including counter and cross-claims, and allegations whether or not proven), demands, offsets, defenses, actions, or proceedings incurred without regard to whether such Losses would be deemed material under this Agreement; provided however, that Losses shall not include any overhead costs that either Party would normally incur in conducting its everyday business. 
“Marketing Materials” means any content in any form that references the Program and is distributed to Gap Customers or otherwise used for the purpose of promoting the Program, soliciting an Application or using an Account or Program Card functionality, including website and mobile application advertisements or promotions, Store signage or email or direct mail pieces.  For clarity, Marketing Materials shall not include Account Documentation.
“Marketing Template” has the meaning set forth in Section (b) of Schedule 3.2.  
“Master File” means all data and records necessary to convert the Program Assets to the systems of the applicable Designated Purchaser(s).  
“Net Purchase Sales” means, with respect to Purchases in any given period, an amount equal to (a) gross purchases of goods and services, including applicable taxes and service charges, posted to an Account during such period, minus (b) the sum of credits posted for returned goods, cancelled services, unauthorized or disputed transaction and other credits (such as concessions, discounts and adjustments) on such Account during such period. In no event shall Net Purchase Sales include: (x) annual fees, finance charges and other bank fees or charges posted to the Account (such fees to include, but not be limited to, late fees, return check fees, overlimit fees, credit insurance premiums, cash advance fees, collection costs and administrative fees), (y) cash advances and balance transfers and/or cash advance and balance transfer transaction fees (which include the use of convenience checks), and (z) purchases posted to an Account whose Program Card has been reported lost or stolen and which has not been subsequently replaced or reissued (unless such purchases have been made by the Cardholder of the Account).
“Network” means the payment network through which Purchases outside of Gap Channels or Cross-Shop Locations are authorized and settled.
“Network Rules” means, with respect to a Party, the applicable bylaws, rules, regulations, orders and interpretations, as in effect from time to time, issued by the Network.
“Non-Public Personal Information” means, in connection with the Program, (a) any information that alone, or in combination with other information, relates to a specific, identifiable individual current or former Applicant or Cardholder or can be used to identify such an individual; or (b) any information that 
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is “nonpublic personal information” as defined in Title V, Subtitle A of the Gramm-Leach-Bliley Act, 15 USC §§ 6801 et seq., as amended.
“Operating Requirements” means the written instructions and procedures regarding the operational responsibilities of the Parties in connection with the Program.
“Parties” means Gap and Barclays, collectively.
“Party” means either Gap or Barclays, considered individually.
“PCI-DSS” means the Payment Card Industry Data Security Standards in effect from time to time adopted by the PCI Security Standards Council.
“Person” means a natural person, corporation, partnership, joint venture, limited liability company, an association, trust, unincorporated organization, other entity or Governmental Authority.
“Private Label Account” means an Account linked to a Private Label Card.  
“Private Label Card” means the Program Card that is only enabled for Purchases within Gap Channels and Cross-Shop Locations.
“Process” or “Processing” means any operation or set of operations performed upon Non-Public Personal Information.
“Product Innovations” means features or functions that can be used by credit cardholders in connection with using a credit card account in the Territory.  Examples of “Product Innovations” may include [***].  For clarity, for purposes of the Program, “Product Innovations” do not include any elements of the Cardholder Terms or Program Value Proposition or any promotional or introductory financing offers that vary the Purchase APR.  
“Program” has the meaning set forth in the Background.
“Program Assets” means Accounts, receivables associated with Accounts, BIN Identifiers, Program Information, the Master File, and any other records specific to the Program, except “Program Assets” shall not include any Accounts and associated receivables and Program Information that (i) [***] or (iii) other accounts agreed by Barclays and the Designated Purchaser, consistent with industry practices.  
“Program Card” means a payment card, regardless of form factor, bearing a Gap Mark that is linked to an Account.
“Program Information” means any information, regardless of form or format, relating to Applicants and Cardholders that is identifiable to (i) an Applicant or Cardholder, (ii) the Program, or (iii) Gap, which Barclays, or a third party on behalf of Barclays, collects, generates or derives in connection with the Program. 
“Program Purchase Date” means the date of consummation of the sale of the Program Assets following Gap’s exercise of the Purchase Option.
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“Program Value Proposition” means those Barclays-provided benefits (if any), Gap-provided benefits, and Network-provided benefits as set forth in Schedule 2.2(a), as modified by the Parties from time to time in accordance with the terms of this Agreement.
“Program Website” means the website branded with the Gap Marks and Barclays Marks and hosted by Barclays.
“Program Year” means the time period, (a) for calendar year 2022, commencing upon the Launch Date and continuing until January 31, 2023, (b) for the last calendar year of the Term, commencing upon February 1st of such calendar year and continuing until the end of the Term, and (c) for all other 12-month periods years during the Term, the 12 months commencing upon February 1st and concluding upon January 31st.  
“Purchase” means a transaction using a Program Card in connection with the sale of goods or services.
“Purchase Agreement” means all necessary agreements, instruments and other documentation between a purchaser and a seller customary for a transaction for the sale of assets like the Program Assets, including a purchase and sale agreement, and which contains  reasonable and customary terms and conditions consistent with credit card industry standards for transactions of a similar size and nature and that are reasonably acceptable to the Designated Purchaser and Barclays.
“Records Requests” has the meaning set forth in Section 7.4(c).
“Referred Matter” has the meaning set forth in Section 6.1(b).  
“Remediation Plan” has the meaning set forth in Section 7.4(b).
“Renewal Term” means any 12-month period following the conclusion of either the Initial Term, whether immediately following the Initial Term or any 12-month period thereafter where this Agreement remains in effect.
“Representatives” means a Person’s employees, officers, directors, agents, third party service providers or contractors, and other advisors, including, accountants, consultants, independent auditors or attorneys.
“Retailer” means a Person, other than Gap, that is materially engaged in the business of selling clothing or other goods and services that are substantially similar to the Gap Goods and Services to natural Persons.  For clarity, “Retailer” does not include a hotel, airline, or cruise ship operator.
“Risk Management Policies” means the processes and criteria used by Barclays to process Applications, establish, service, collect, suspend, and terminate or charge off Accounts, and authorize, approve or decline transactions on Accounts, in each case including for purposes of addressing credit, fraud, and operational risks.  
“Royalties” means Royalties (internal) and Royalties (external).  
“Security Incident” has the meaning set forth in Section 7.4(b).
“Senior Executive” has the meaning set forth in Section 6.1(b).
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“Service Levels” has the meaning set forth in Section 5.15.
“Similarly Situated Portfolio” means, [***].  The Similarly Situated Portfolios as of the Effective Date are listed in Schedule 1.1(b). 
“Solvent” means, as to any Person, (i) that the present fair salable value of such person’s assets exceeds the total amount of its liabilities and (ii) that such Person is generally able to pay its debts as they come due.  The phrase “present fair salable value of such person’s assets” means that value that could be obtained if such Person’s assets were sold within a reasonable time in one or more arm’s-length transactions in an existing and not theoretical market.
“Stores” means those physical retail locations selling Gap Good and Services, which are owned and operated by Gap.
“Systems” means, with respect to any Party, software, databases, computers, systems, processing platforms and networks owned, leased, licensed or contracted or operated by such Party or its Affiliates or on behalf of such Party or its Affiliates by third parties engaged by such Party or its Affiliates; provided that a System shall not be a System of a particular Party if access to or permission to use such System must be granted by the other Party or its Affiliates.
“Term” means, collectively, the Initial Term and any Renewal Term(s). 
“Territory” means the 50 United States, the District of Columbia, and Puerto Rico, and any internet, mobile and other virtual sales channels offered to residents of the foregoing. 
“Transition Communication” has the meaning set forth in Section 2.5(c).
“Transition Communication Plan” has the meaning set forth in Section 2.5(c).
“Wind-Down Period” means the period: (i) beginning with (A) in the case of termination pursuant to Section 12.3 or 12.4, the date of any notice of termination, or (B) in the case of expiration pursuant to Section 12.1, the date of any notice of non-renewal; and (ii) ending on either:  (A) [***] or (B) [***]; provided, however, that in the case of an expiration pursuant to Section 12.1, the Wind-Down Period shall not end prior to the end of the then-current Term.
1.2    Rules of Construction.  In this Agreement, the following rules of construction apply:
(a)    all references to a plural form shall include the singular form (and vice versa);
(b)    the terms “include” and “including” are meant to be illustrative and not exclusive, and shall be deemed to mean “include without limitation” or “including without limitation;”
(c)    the word “or” is disjunctive, but not necessarily exclusive, except where clearly indicated by the context;
(d)    the word “and” is conjunctive only, except where clearly indicated by the context;
(e)    the words “herein,” “hereof,” “hereunder” and words of like import shall refer to this Agreement as a whole (including its Schedules and Exhibits), unless the context clearly indicates to the contrary (for example, where a particular Section, Schedule or Exhibit is the intended reference);
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(f)    the word “reasonable” shall be interpreted to reference what a hypothetical commercial entity of similar size, resources and experience would do under the circumstances.  
(g)    where specific language is used to clarify or illustrate by example a general statement contained herein, such specific language shall not be deemed to modify, limit or restrict the construction of the general statement which is being clarified or illustrated;
(h)    text enclosed in parentheses has the same effect as text that is not enclosed in parentheses;
(i)    all references made in this Agreement to a statute or statutory provision shall mean such statute or statutory provision as it has been amended through the date as of which the particular portion of this Agreement is to take effect, or to any successor statute or statutory provision relating to the same subject as the statutory provision so referred to in this Agreement, and to any then applicable rules or regulations promulgated thereunder, unless otherwise provided;
(j)    all references in this Agreement to an Article, Attachment, Section or Schedule are to the Article of, Attachment of, Section of, or Schedule to this Agreement unless otherwise expressly provided;
(k)    all references to an Article or Section in this Agreement shall, unless the context clearly indicates to the contrary, refer to all sub-parts or sub-components of any said article or section;
(l)    for all references to “agreement”, “notice,” “notification,” “approval” or “consent” (together with derivations of such terms), such action shall be in writing but shall be sufficient if provided by a Party’s General Manager or Senior Executive by email, and acknowledged by responsive email by the other Party’s General Manager or Senior Executive, except if such action must expressly be “written” or “in writing”, in which case such action must be taken in compliance with Section 13.11 (“Notices”);  
(m)    all references to a Party providing its “agreement,” “consent,” or “approval” (together with derivations of such terms) shall be deemed to include the phrase “not to be unreasonably withheld, conditioned or delayed”, unless such references expressly state that such Party may take such action “in its sole discretion.”
(n)    all references to “days” mean calendar days unless otherwise indicated through the use of the phrase “Business Day”;
(o)    any Article, Section, Subsection, Paragraph or Subparagraph headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement;
(p)    unless the context otherwise requires or unless otherwise provided herein, all references in this Agreement to a particular agreement, instrument, or document also shall refer to all schedules or exhibits, renewals, extensions, modifications, amendments and restatements of such agreement, instrument, or document;
(q)    if a day on or by which an obligation must be performed or an event must occur is not a Business Day, the obligation must be performed or the event must occur by the end of the next Business Day;
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(r)    “reasonable” means what is commercially reasonable under the relevant facts and circumstances; 
(s)    “in the aggregate” means viewing an action in the totality of relevant circumstances and over the course of a 12-month period;
(t)    the use of the term “website” includes all formats a website may be manifested in, including desktop, mobile and tablet; 
(u)    a reference to time is to Pacific Time in the United States; and 
(v)    Cross-references to sections of this Agreement include any Schedules referenced in such sections.
1.3    Obligation Effectiveness.  The following provisions shall be effective commencing upon the Effective Date: Article I (Definitions), Sections 2.1(a) and (b) (Generally), Section 2.5 (Conversion), Article III (Marketing and Promotion of the Program) in relation to marketing for the launch of the Program, Section 5.1 (Operating Requirements), Section 5.2 (Systems), Section 5.20 (Compliance), Section 6.1 (Joint Management Committee), Section 6.2 (General Managers), Section 6.4 (Dispute Resolution), Section 6.5 (Compliance Responsibilities), Article VII (Information Use and Security), Article VIII (Ownership and Licensing of Intellectual Property), Article X (Representations and Warranties), Article XI (Indemnification and Limitation of Liability), Article XII (Term and Termination), and Article XIII (Miscellaneous).  Unless otherwise expressly provided herein, all other provisions of this Agreement are effective upon the earlier of the (a) Launch Date, or (b) the Back Book Conversion Date.  Although the Parties will use reasonable efforts to cause the Launch Date and the Back Book Conversion Date to occur on the same day, they acknowledge that this may not be possible. If the Launch Date occurs before the Back Book Conversion Date, then the following shall apply: 
(a)    Gap shall ensure that no new accounts are acquired following the Launch Date under Gap’s agreement with Synchrony Bank; 
(b)    On the Launch Date Gap shall use reasonable efforts to, or shall use reasonable efforts to cause Synchrony Bank to, provide Barclays with a list of existing accounts included in the Back Book Assets, including the names, addresses and social security numbers of each account holder of such accounts; 
(c)    On or before the Launch Date, Gap shall, and shall cause Synchrony Bank to, cease all marketing in connection with the Synchrony Bank program;
(d)    Gap shall be solely responsible for training relevant Gap personnel and updating Gap’s websites and any marketing material to avoid customer confusion regarding the Synchrony Bank program and the Program; and 
(e)    The Parties shall discuss and agree on operational processes necessary to [***].  
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ARTICLE II.
THE PROGRAM AND PROGRAM CARDS
2.1    Generally.  
(a)    Subject to the terms and conditions of this Agreement, the Parties hereby jointly establish the Program that shall begin as of the Launch Date, whereby Barclays and Gap shall collaborate to develop, market and implement the Program in the Territory to Gap Customers in accordance with the terms and conditions contained in this Agreement. 
(b)    The Parties shall use reasonable efforts to effect a Launch Date by [***].  Gap represents and warrants that it is not under any contractual limitation that would preclude effecting a Launch Date by [***]. 
(c)    See also Schedule 2.1(c).
2.2    Program Card Products and Program Value Propositions.  
(a)    As of the Launch Date, (i) the Program shall consist of the Program Cards having the Program Value Propositions set forth in Schedule 2.2(a) (“Program Card Products and Program Value Propositions”).  
(b)    Unless otherwise mutually agreed in writing, no Program Card may have [***].  
(c)    See also Schedule 2.2(c).  
2.3    Product Innovations.  
(a)    As of the Back Book Conversion Date, the Program shall be enabled with the Product Innovations set forth in Schedule 2.3(a).
(b)    See also Schedule 2.3(b).  
(c)    Notwithstanding the foregoing, any Product Innovation shall be subject to the procedure set forth in Section 2.6 (“Extraordinary Costs”) and Schedule 2.6. 
2.4    Program Exclusivity.  See Schedule 2.4.  
2.5    Conversion of Back Book Assets.  
(a)    Gap shall give notice of nonrenewal of its existing credit card program agreement with Synchrony Bank promptly following the Effective Date. [***].    
(b)    Barclays shall be responsible for all of its costs related to the sale or conversion of the Back Book Assets, except to the extent that Synchrony Bank is obligated to pay any such costs pursuant to its agreement with Gap. Neither Gap nor Barclays will have any responsibility for costs incurred by Synchrony Bank or Synchrony Bank’s processor in connection with the sale or conversion of the Back Book Assets. [***]. 
(c)    The Parties shall agree to a plan and schedule for notifying existing cardholders in the credit card program included in the Back Book Assets (“Existing Cardholders”) about the termination of 
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such program, Barclays’ purchase of the Back Book Assets, any change in terms and delivery of the Cardholder Agreement to replace the existing credit card agreement governing the Synchrony Bank accounts (the “Transition Communication Plan” and each communication thereunder, a “Transition Communication”).  [***] Barclays shall implement the Transition Communication Plan, including designing, developing, preparing, producing, delivering and/or disseminating each Transition Communication in accordance with such Transition Communication Plan.  Subject to Section 5.4 and Article VIII and Barclays’ determination of any matter governed by Applicable Banking Law or Network Rules, Gap shall have the right of prior review and approval of the content, timing and method of delivery of each Transition Communication.  [***].
(d)    Gap shall use reasonable efforts, [***] prior to the Back Book Conversion Date. 
(e)    See also Schedule 2.5(a). 
2.6    Extraordinary Costs.  Each Party shall comply with the process applicable to Extraordinary Costs as set forth in Schedule 2.6. 
2.7    Retail Disposition.  In the event that Gap divests the retail operations associated with a Gap Mark or Gap Channel, including via a merger, sale of shares or sale of assets, Gap shall be responsible for ensuring that [***]. Notwithstanding such divestiture, unless otherwise agreed between the Parties, [***].
ARTICLE III.
MARKETING AND PROMOTION OF PROGRAM
3.1    Annual Marketing Plan.  
(a)    The Joint Management Committee shall jointly agree upon a plan each Program Year for marketing the Program (the “Annual Marketing Plan”).  The Program shall be marketed in the Gap Channels and in mutually-agreed channels operated by third parties, such as social media, with specific marketing activities to be set forth in the Annual Marketing Plan.  
(b)    Each Annual Marketing Plan shall detail (i) the marketing implementation activities to be undertaken by each Party; (ii) the goals or metrics to be established by the Joint Management Committee in evaluating the success of each marketing campaign, and (iii) the activities of the personnel set forth in Section (b) of Schedule 6.3 who support the marketing of the Program.  Throughout each applicable Program Year, the Joint Management Committee shall review the performance of each marketing campaign relative to the agreed goals.    
3.2    Marketing.  
(a)    Gap shall [***] facilitate the use of Gap Channels to market the Program.  
(b)    Gap shall provide prominent placement of a link to, or integration with, the Program Website from Gap’s mobile application and on the homepages for each Gap Channel.  Gap shall provide purchase path integration in the Gap mobile application and on the Gap website for the Application.  In addition, [***].  The Program will be promoted at relevant touch points on the Gap website and mobile application.  Each Party shall reasonably cooperate with the other Party to maintain continuity of digital links between the Program Website and Gap’s website and mobile application.  
(c)    Barclays shall dedicate at least [***] with Gap to discuss any Marketing Materials not approved or approved with changes.  Barclays shall ensure that an individual who has decision making 
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authority to approve Marketing Materials attends each such meeting to enable opportunity for dialogue and quick resolution of outstanding items.  [***].
(d)    Gap may offer employee incentives in connection with Program marketing, provided that Barclays shall have the right to review and approve any such employee incentive related to the Program solely with respect to compliance with Applicable Law.
(e)    See also Schedule 3.2.  
3.3    Barclays Marketing Obligations.  
(a)    Without limiting Gap’s right to develop Marketing Materials under Section (a) of Schedule 3.2, during the Term, Barclays may [***] develop Marketing Materials that may be used (i) by Barclays for any marketing by Barclays directly to Gap Customers, (ii) by Barclays through the Gap Channels, Barclays marketing channels, or third-party marketing channels, and (iii) by Gap in furtherance of its marketing rights under Section 3.2.  Any Marketing Materials produced by Barclays shall be submitted to Gap for its review and approval, except to the extent of any content or format required by Barclays for compliance with Applicable Banking Law.  Gap shall either approve or suggest changes to a proposed Marketing Material [***] of Gap’s receipt of the proposed Marketing Material from Barclays, except that Gap shall use reasonable efforts to expedite such review upon Barclays’ request.  Barclays shall use reasonable efforts to [***] using any Marketing Material promptly following written notice from Gap that such Marketing Material does not comply with Gap’s brand standards or Applicable Law relating to Gap sale or marketing of Gap Goods and Services.
(b)    To the extent that Gap employees are engaged in marketing to support the Program (such as in Gap Channel store locations), Barclays shall provide training materials in a digital format, or, at Gap’s option, Barclays shall provide access to a digital training portal, in either case for Gap employees who may be involved in Application solicitations or who may interact with Cardholders regarding their Accounts.  Gap shall require such employees to participate in such training prior to engaging in Application solicitations or interacting with Cardholders regarding their Accounts, and at other times as may reasonably be required by Barclays, such as in relation to a change in Applicable Law, and upon Barclays’ request, Gap shall provide Barclays with evidence that such employees have completed such training. 
(c)    Barclays shall, in consultation with Gap, conduct pre-screened Program Card offer campaigns through Gap Channels based, in part, upon mutually-agreed information to the extent that providing such information does not materially increase Gap’s compliance obligations under Applicable Law. To the extent such campaigns identify Gap Customers or potential Gap Customers who are eligible for a pre-screened Program Card offer, Barclays shall deliver such offers to such Gap Customers through Gap Channels and, unless otherwise agreed between the Parties, in non-Gap Channels.
(d)    Barclays shall permit Gap to include promotions and marketing messages relating to Gap Goods and Services (“Inserts”) in Account Documentation, whether in the physical mail envelope, or to the extent permitted by Applicable Law, embedded within the physical or digital Account Documentation itself.  With respect to Inserts in physical mail envelopes, (i) any notices to Cardholders or that Barclays is otherwise required to provide under Applicable Law shall take priority over such Inserts, (ii) Gap shall be solely responsible for [***] preparing such Inserts, and (iii) Gap shall be solely responsible for any [***] resulting from the inclusion of such Inserts in physical mail envelopes.  The manner in which such Inserts may be embedded in Account Documentation shall be mutually agreed.   
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(e)    See also Schedule 3.3.   
3.4    Marketing Fund and Usage.
(a)    The Marketing Fund may only be used for direct marketing-related expenses in support of the Program,  such as [***].  For clarity, the Marketing Fund may not be used for [***].  
(b)    See also Schedule 3.4.    
3.5    Ancillary Products.  Unless otherwise agreed by the Parties in writing, Barclays shall not provide or market, directly or through third parties, any products or services ancillary to the Account, such as debt cancellation or credit protection programs.
3.6    Barclays Communication with Cardholders.  Barclays shall have the exclusive right to communicate with Cardholders through any means to the extent Barclays determines necessary or advisable for purposes of the following: (a) in connection with the servicing and collection of the Accounts, (b) to otherwise perform its obligations under this Agreement, (c) as otherwise expressly permitted by this Agreement, (d) as otherwise required by Applicable Banking Law, or (e) as otherwise agreed to by Gap.  For the avoidance of doubt, the foregoing shall not preclude Gap from communicating with Cardholders with respect to Gap Goods and Services or the Gap Loyalty Program, or to otherwise perform Gap’s obligations under this Agreement, including Gap’s obligations to market and promote the Program.   
ARTICLE IV.
GAP LOYALTY PROGRAM
4.1    Operation of Gap Loyalty Program.  See Schedule 4.1.  
4.2    Cardholder Enrollment.  Following Account opening, Barclays shall provide information set forth in the Operating Requirements to enable Gap to match any new Cardholder against its Gap Loyalty Program member database.  Gap shall conduct such match process.  For any new Cardholder who is not matched in the Gap Loyalty Program database, Gap shall promptly establish a Gap Loyalty Program account for such Cardholder.  
ARTICLE V.
OPERATION OF THE PROGRAM
5.1    Operating Requirements.  The Parties shall mutually agree on the Operating Requirements by [***] following the Effective Date.  The Operating Requirements shall form a part of this Agreement, but the Operating Requirements shall not materially alter the rights, obligations or liabilities set forth in the body of this Agreement and Schedules, and the Operating Requirements are only intended to operationally implement the obligations set forth in the body of this Agreement and Schedules.  Any modifications to the Operating Requirements shall be mutually agreed by the Parties in writing.  Notwithstanding the foregoing, following prior discussion with Gap and consideration of Gap comments, Barclays may establish and modify provisions of the Operating Requirements in its reasonable discretion to the extent required to comply with Applicable Banking Law or Network Rules.  
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5.2    Systems.
(a)    Existing Systems.
(i)    Except as otherwise provided herein, each Party shall be responsible for its own Systems [***] in support of the Program.  
(ii)    Except as otherwise provided herein, neither Party shall, without the prior written approval of the other Party, intentionally make any material change to any of its Systems that would (A) render them incompatible with the other Party’s Systems, or (B) require the other Party to make any change to any of its Systems.  Subject to the foregoing, either Party may make routine changes without the other Party’s prior approval.  
(iii)    Either Party may bring a proposed change to the Program or its Systems that would require a change in the other Party’s Systems before the Joint Management Committee pursuant to Section 6.1.  The Parties shall follow the procedures in Section 6.1 to resolve any disagreements (including the allocation of costs for such changes) over such a proposed change.  The Parties agree that as a general principle, neither Party shall be required to reimburse the other Party for internal costs or immaterial external costs associated with such changes.  
(b)    Systems Interfaces.  
(i)    Prior to the Launch Date, the Parties shall identify the Systems and related interfaces required to be sustained between Gap and Barclays including the Systems and interfaces required to securely transmit data and reports between the Parties in accordance with the requirements of this Agreement.  The Parties shall maintain these initial Systems and related interfaces, as well as any additional Systems and related interfaces agreed upon in the future, and subject to Article VI and Section 5.2(a)(iii), each Party shall cooperate in good faith with the other Party in connection with a Party’s request from time to time to implement, modify, enhance, or terminate a System and/or related interface.  Gap and Barclays shall provide sufficient personnel to support the Systems and interfaces required to be sustained between Gap and Barclays.  
(ii)    Except as otherwise provided herein or as required by Applicable Law or Network Rules, all requests for (A) new interfaces between Gap and Barclays, (B) modifications or enhancements to existing interfaces or (C) termination of existing interfaces shall be approved in writing by both Parties.  Upon approval, the Parties shall work in good faith to establish the requested interfaces or modify, enhance or terminate the existing interfaces, as applicable, on a timely basis.
5.3    Application and Fulfillment Process.  
(a)    Commencing on the Launch Date, Barclays shall process Applications.  Applicants who wish to apply for an Account under the Program shall be required to submit a complete Application in a manner and format approved by Barclays.  Barclays shall process Applications sourced through Gap Channels, through the Program Website, and through the Barclays’ website.  The Application solicitation on Barclays’ website shall be at least as prominent for the Program as solicitations for Similarly Situated Portfolios.  
(b)    Once Barclays approves an Application, Barclays shall promptly establish an Account and perform all functions necessary to facilitate the issuance of Program Cards, including: (i) establishing and administering the underwriting and credit decisions for the Program; (ii) handling Applicant inquiries, 
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notifying Applicants in writing of acceptance or rejection of credit under the Program; and (iii) producing and mailing Program Card plastics and Account Documentation.  All Program Card plastics shall be contactless enabled.  
(c)    Barclays shall establish an instant credit process whereby Applicants can be approved for an Account at Gap physical and digital points-of-sale and be able to immediately use such Account to make Purchases within Gap Channels.  Immediately following Barclays’ establishment of an Account and to the extent auto-provisioning features are reasonably available as to technical capacity and security, Barclays shall also promptly auto provision any virtual card associated with the Account, such as in an approved digital wallet, so as to allow the Cardholder to use the virtual card outside of Gap Channels promptly following approval of an Account.
5.4    Cardholder Terms.  
(a)    As of the earlier of the (i) Back Book Conversion Date or (ii) Launch Date, the Cardholder Terms shall be as set forth in Schedule 5.4 (“Cardholder Terms”), except that the Accounts in the Back Book Assets will [***].
(b)    Upon request of either Party, the Parties will review the Cardholder Terms [***].  [***] all changes to the Cardholder Terms shall be mutually agreed by the Parties.  At least once each Program Year, Barclays shall provide a report to the Joint Management Committee setting forth Barclays’ view of whether the Program is in compliance with this Section 5.4(b). 
(c)    See also Schedule 5.4(c).  
5.5    Program Value Proposition.
(a)    The Network-provided elements of the Program Value Proposition are those that are generally applicable to the Network card product tier for which the applicable Co-Branded Cards qualify.  Barclays shall use reasonable efforts to ensure that the Network provides such Network-provided elements as part of the Program Value Proposition.  For clarity, such benefits are covered by the treatment of Network fees in Schedule 9.1. The Parties shall mutually agree on any Barclays-provided benefits provided after the Launch Date. 
(b)    At least once each Program Year, the Joint Management Committee shall collectively review and determine whether the Program Value Proposition, in the aggregate, provides comparable value to Cardholders when compared to the [***].
5.6    Approval Rates & Risk Management.  See Schedule 5.6.  
5.7    Network.  As of the Launch Date, the Network shall be Mastercard.  Gap may elect to change the Network one time during the Term following [***] written notice to Barclays. Gap shall reimburse Barclays for reasonable, documented out-of-pocket costs incurred in connection with reissuing plastic cards to Cardholders, including the cost of any plastic cards or other form factors reflecting the prior Network that must be destroyed following a change to the Network.  Barclays shall not enter into an agreement with the Network with the specific intent to reduce the consideration that the Network may offer to Gap in connection with such a change in Network or prevent Gap from being able to benefit from funds provided by the Network in the event of a change in Network.  If a change in the Network adversely affects the Program economics, the Parties will engage in good faith discussions to amend the Agreement to adjust the Program economics to eliminate the adverse effect of such change.  
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5.8    BIN Identifiers.  Barclays shall establish and maintain one or more BIN Identifiers in accordance with the Network Rules for Co-Branded Card Accounts or as applicable to Private Label Credit Card Accounts, specifically and solely for each of the four Gap Channels (i.e., a separate BIN Identifier range for each of Gap, Old Navy, Athleta, and Banana Republic).  Each BIN Identifier shall permit Gap’s systems to distinguish a Co-Branded Card automatically both at a point-of-sale terminal and through backend reporting.  Barclays shall not use any BIN Identifier designated for the Program for any business or purpose other than supporting the Program.  
5.9    Authorization and Settlement.  
(a)    Authorization and settlement of Program Card transactions will take place through the Network.  Gap’s merchant acquirer shall determine the [***] for all transactions processed and settled through the Network with Gap’s acquirer.  Except for Gap’s [***], Private Label Card transactions will be processed and settled [***].  
(b)    Barclays shall only decline Purchase transaction authorizations (i) to the extent required by Applicable Law or Network Rules, (ii) where the Purchase would exceed the permitted credit limit or available credit or fails a fraud, unauthorized use or suspicious activity filter, (iii) if the Account is in default or (iv) otherwise in accordance with the Risk Management Policies.  
5.10    Account Retention and Cross-Sells.  Barclays shall use reasonable efforts to retain Accounts if a Cardholder expresses a desire to cancel the Account.  Such efforts shall include offering incentives consistent with the Risk Management Policies if the Cardholder retains the Account.  In the course of a communication with a Cardholder about cancelling an Account, Barclays shall not cross sell or offer to substitute another financial product in place of an Account unless a Cardholder expressly requests to receive a substitute financial product.
5.11    Program Website.  By the Launch Date, Barclays shall establish a Program Website for the Program that shall include a mobile-optimized site for mobile and tablet devices. The branding and design of the Program Website shall be in Gap’s reasonable discretion, except that Barclays must approve any Program-related content and format and Program Website design for compliance with Applicable Banking Law and any content referencing Barclays.  The Program Website shall include a link to Gap’s website and any Gap Loyalty Program portal.  The Program Website shall provide Account servicing functionality to Cardholders as well as display mutually-agreed information about the Cardholder’s Gap Loyalty Program benefits and points balance as provided to Barclays by Gap.  
5.12    Account Servicing Requirements.  
(a)    Barclays shall service Cardholders through physical mail, the Program Website, Barclays’ mobile application, a toll-free phone number, and other electronic communication methods offered by Barclays from time to time.
(b)    Following reasonable prior notice and subject to Applicable Law and reasonable security and privacy protocols, Gap may review Cardholder servicing phone calls on a periodic basis, including both live and recorded calls.  Barclays shall use an automated means to recognize Cardholders to provide a Program-specific greeting to answer Cardholder service calls.  Barclays shall ensure that call center agents are trained in the Program, including the Program Value Proposition.  
5.13    Cardholder Payments.  All payments to be made by Cardholders in connection with an Account are due and payable exclusively to Barclays. Gap shall not collect or receive funds on Barclays’ behalf or 
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permit Gap employees to do so and shall direct any Cardholder attempting to make payment through a Gap Channel to the Program Website, or such other location as may be specified by Barclays. Any payments that are sent to Gap in error shall be promptly sent by Gap to Barclays.  
5.14    Cardholder Complaints and Disputes.  Barclays shall maintain a Cardholder complaint identification, tracking, resolution and root cause analysis program.  Barclays shall refer any complaints about Gap’s products and services to Gap, and Gap shall refer any complaints about the Program to Barclays, in each case, in accordance with the Operating Requirements or under a mutually-agreed process.  
5.15    Service Levels.  Barclays shall comply with the service levels set forth in Schedule 5.15 (“Service Levels”) as measured and defined therein.  Each month, Barclays shall provide reports of Barclays’ performance against the Service Levels for the prior month.  Any changes to the Service Levels shall be made only upon mutual agreement of the Parties.  The costs of meeting the Service Levels set forth in Schedule 5.15 [***].  
5.16    Account Documentation.  Subject to the last sentence of this paragraph: (a) Barclays shall design, determine the content of, and generate the form of the Account Documentation to be used under the Program in its sole discretion; (b) all Program materials shall be in the English language only unless otherwise required by Applicable Law or agreed by the Parties in writing; and (c) Gap shall have final approval rights over the use of Gap Marks in any Account Documentation that is customized with the Gap Marks.  Notwithstanding the foregoing, administrative legal notices, collection letters, delinquency notices and other adverse action communications shall not bear Gap Marks, but may include references to Gap in the nominative sense to identify the Program. 
5.17    Audit Rights.  
(a)    Each Party and its representatives may, subject to the confidentiality provisions set forth in Article VII, once per Program Year (unless the auditing Party disputes the amount of any monies owed by either Party to the other hereunder or if the auditing Party is directed by a Governmental Authority), audit (or cause a third party experienced in auditing credit card programs to audit) the other Party during normal business hours with 30 days advance written notice, in such a manner as to minimize interference with the other Party’s normal business operations, to examine, audit and inspect records, files and books of account under the control of the other Party relating to the other Party’s performance under this Agreement.  Such audit shall be conducted in accordance with generally accepted auditing standards, and the auditing Party shall employ such reasonable procedures and methods as necessary and appropriate in the circumstances, minimizing interference with the audited Party's normal business operations.  
(b)    The cost and expense of all such audits shall be expenses of the auditing Party (and will not be deemed part of the Program operating expenses), except that to the extent of any material underpayments to the auditing Party identified in the course of an audit, the audited Party shall be responsible for the auditing Party’s reasonable out-of-pocket costs incurred in connection with the audit.  
(c)    The audited Party shall use reasonable efforts to facilitate the auditing Party's review, including making reasonably available such personnel of the audited Party and its authorized service providers to assist the auditing Party and its representatives as reasonably requested.  The audited Party shall deliver any document or instrument necessary for the auditing Party to obtain such records from any Person maintaining records for the audited Party and shall maintain records pursuant to its regular record retention policies.  For purposes of this provision, the audited Party also shall be required to provide records relating to the Program held by authorized service providers at the auditing Party's request.  
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(d)    Notwithstanding anything to the contrary contained herein, a Party shall not be required to provide the auditing Party or its representatives with access to information or records to the extent that (i) such access is prohibited by Applicable Law, (ii) such records are legally privileged, (iii) such records constitute the planning documents, operating budgets, management reviews or employee records of the audited Party, or (iv) such records relate to other customers or operations of such Party other than the Program or to personnel records not normally disclosed in connection with audits.  
(e)    Unless expressly agreed upon by the Parties to the contrary, the information obtained by the Parties from the exercise of its audits rights under this Section 5.17 is deemed Confidential Information and subject to the provisions of Article VII of this Agreement.  
5.18    Audits by Governmental Authorities.  Each Party agrees to cooperate with any audit or examination by Governmental Authority with jurisdiction over the other Party. 
5.19    Records.  Each Party shall keep books and records with respect to the Program in the ordinary course of business.  
5.20    Compliance.  Each Party shall comply with Applicable Law, and no undertaking of a Party hereunder shall require an act or omission in violation of Applicable Law.  Each Party shall promptly notify the other Party, to the extent permitted by Applicable Law, if it receives notice of any action by a Government Authority that is likely to have a material adverse impact on it or the Program or is likely to require a material change to the Program.
5.21    Business Continuation/Disaster Recovery Plan.  Each Party shall maintain a plan designed to mitigate damages resulting from Force Majeure or other causes that would threaten operation of such Party’s business or loss or exposure of information requiring protection under Article VII.
5.22    Fraud.  Each Party shall reasonably cooperate in good faith with the other Party to prevent fraudulent Applications and use of Accounts, including fraudulent Purchases through Gap Channels, and fraudulent activity with the Gap Loyalty Program.  
5.23    Prohibition on Illegal Gambling. Gap shall not submit to Barclays any transaction consisting in whole or in part of a bet or wager (including a bet or wager placed by any means which involves the use, at least in part, of the Internet) where such bet or wager is unlawful under any applicable federal or state law in the state or tribal lands in which the bet or wager is initiated, received, or otherwise made. 
5.24    Program Card Reissuance Cost.  See Schedule 5.24.  
5.25    Similarly Situated Portfolios.  The Parties may from time to time mutually agree to update the list of “Similarly Situated Portfolios” listed in Schedule 1.1(b).  Upon Gap’s request, Barclays shall reasonably demonstrate its methodology for a determination concerning whether another Barclays program should be treated as a Similarly Situated Portfolio, consistent with Barclays confidentiality obligations owed to third parties.  
5.26    Comparable Retailer Programs.  The Parties may from time to time mutually agree to update the list of  “Comparable Retailer Programs” in Schedule 1.1(a).
ARTICLE VI.
PROGRAM GOVERNANCE AND MANAGEMENT
6.1    Joint Management Committee.  
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(a)    The Parties shall establish a committee (the “Joint Management Committee”) to review and discuss, among other things: (a) development of the Annual Marketing Plan, including the goals and metrics set forth therein; (b) the general performance of the Program; (c) competitiveness of the Program, and the Risk Management Policies; (d) ongoing product development and modification, including the Program Value Proposition; and (e) any matters that either Party believes to be material with respect to the ongoing administration or operation of the Program.  The Joint Management Committee shall be comprised of an equal number of Barclays and Gap employees with comparable seniority.  Each Party will have one vote on all the matters discussed by the Joint Management Committee.  The Joint Management Committee shall meet no less than quarterly, unless otherwise agreed to by the Parties and shall be attended by at least each Party’s General Manager.  
(b)    Either Party may refer any matter for review and resolution by the Joint Management Committee (each a “Referred Matter”).  If a Referred Matter remains unresolved by the Joint Management Committee, the Referred Matter shall be referred to a senior executive at each Party with decision-making authority (each a “Senior Executive”), who shall in good faith attempt to resolve the Referred Matter.  Any resolution by such Senior Executives shall be deemed the action and approval of the Joint Management Committee and the Parties.  If the Senior Executives fail to resolve the Referred Matter, the Parties shall remain subject to their respective rights and obligations under this Agreement.
6.2    General Managers.  Each Party shall designate a full-time employee who shall have overall responsibility for the performance of the Program within his or her respective corporate organization and who shall serve as the primary contact for the other Party (each, a “General Manager”).
6.3    Barclays Personnel to Support the Program.  See Schedule 6.3.  
6.4    Dispute Resolution.  
(a)    In the event of a Dispute, each Party shall first use reasonable efforts to resolve any Dispute within the Joint Management Committee.  Either Party may call an interim meeting of the Joint Management Committee to consider a Dispute by providing at least 10 Business Days’ prior written notice to the other Party.
(b)    If the Dispute remains unresolved by the Joint Management Committee, the Senior Executives shall attempt in good faith to resolve such Dispute.  If after 10 Business Days, such Senior Executives are unable to resolve the Dispute, then each Party may pursue any rights or remedies it may have under Applicable Law.
(c)    Unless otherwise agreed in writing, the Parties will continue to provide service and honor all other commitments under this Agreement during the course of Dispute resolution pursuant to the provisions of this Section 6.4.
(d)    Notwithstanding any of the foregoing provisions of this Section 6.4, a Party may institute formal proceedings without undertaking the Dispute resolution procedures to (i) avoid the expiration of any applicable limitations period, (ii) preserve a superior position with respect to other creditors, (iii) exercise its right to terminate this Agreement, and (iv) seek any provisional or other remedy including specific performance, injunctive relief or a temporary restraining order from any court of competent jurisdiction, as may be necessary, in the aggrieved Party’s sole discretion, to protect its rights under this Agreement.
6.5    Compliance Responsibilities.  See Schedule 6.5.  
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6.6    Reports.  Each Party shall deliver to the other Party the reports set forth in Schedule 6.6 (“Reports”) in the frequency specified therein.  Barclays shall provide its such reports through an online web portal that is accessible to Gap except during periods of scheduled maintenance. Barclays shall also fulfill all reasonable ad hoc reporting requests made by Gap and provide any other standard reports that Barclays maintains related to the Program in the ordinary course of business.  
ARTICLE VII.  INFORMATION USE AND SECURITY
7.1    Definition of Confidential Information.  
(a)    “Confidential Information” means any of the following: (i) information that is provided by or on behalf of a Party to the other Party or its agents in connection with the Program or in connection with the transactions contemplated by this Agreement; (ii) information about a Party or its Affiliates, or their respective businesses, customers and employees, that is otherwise obtained by the other Party in connection with the Program, in each case including (A) information concerning marketing plans, objectives and financial results; (B) information regarding business systems, methods, processes, financing data, programs and products and the terms and features and tests thereof; and (C) proprietary information relating to a Party’s Intellectual Property used in connection with this Agreement. The terms and conditions of this Agreement and documents and information jointly generated by the Parties under this Agreement (e.g., the Annual Marketing Plans) will be the Confidential Information of both Gap and Barclays; and (iii) and any copies, excerpts, summaries, analyses or notes of the foregoing.
(b)    “Confidential Information” does not mean information that:  (i) is already rightfully known to such Party at the time it obtains Confidential Information from the other Party; (ii) is or becomes generally available to the public other than as a result of disclosure in breach of this Agreement or any other confidentiality obligations; (iii) is lawfully received on a non-confidential basis from a third party not known to be bound by an obligation of confidentiality, and without breach of this Agreement; or (iv) is independently developed by a Party without use of or reference to the other Party’s Confidential Information.
7.2    Use of Confidential Information.
(a)    Subject to Section 7.2(b), each Party that receives Confidential Information of the other Party shall use the Confidential Information of the disclosing Party only for the purpose for which such Confidential Information was provided by the disclosing Party, or if no such purpose was specified, then only for the purpose of performing its obligations or enforcing its rights with respect to the Agreement and the Program or as otherwise expressly permitted by this Agreement.
(b)    Each Party receiving Confidential Information of the other Party may disclose such Confidential Information:  (i) to the extent required by Applicable Law to Governmental Authorities having jurisdiction over the receiving Party; (ii) to those consultants and service providers engaged by the receiving Party in connection with this Agreement where such Persons have executed a non-disclosure agreement as protective of the disclosing Party’s Confidential Information as set forth in this Agreement; (iii) to the receiving Party’s Affiliates who reasonably require such Confidential Information to perform its obligations or exercise its rights under this Agreement or with respect to the Program; (iv) subject to Section (b) of Schedule 12.7, for due diligence or other purposes in connection with significant transactions involving corporate financing for which a Party’s interest in the Program would be pledged as collateral, or mergers and acquisitions which would include a Party’s interest in the Program, to other potential parties to such transactions or their professional advisors; or (v) in connection with the enforcement of any right or remedy under this Agreement or with respect to the Program.
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(c)    Prior to disclosing any Confidential Information of the disclosing Party as permitted under Section 7.2(b)(i)-(ii), except with respect to Barclays’ disclosure to its supervisory agencies in the ordinary course, the receiving Party shall (i) provide reasonable notice to the disclosing Party and identify the Confidential Information being sought, to extent permitted by Applicable Law and (ii) in the case of disclosure under Section 7.2(b)(i), use reasonable efforts to avoid such disclosure and afford the Parties an opportunity to seek a protective order to prevent or limit disclosure of the Confidential Information to third parties.
(d)    Prior to disclosing any Confidential Information of the disclosing Party as permitted under Section 7.2(b)(iv), the receiving Party shall (i) enter into a non-disclosure agreement as protective of the disclosing Party’s Confidential Information as set forth in this Agreement, and (ii) in the case of Gap as the receiving Party disclosing Confidential Information of the Program to a financial institution, Gap shall require such financial institution to prohibit sharing of such information with any credit card business of the financial institution.
(e)    The Parties’ use and disclosure of Program Information and Gap Customer Data shall be governed by Section 7.3 not this Section 7.2.
7.3    Program Information and Gap Customer Data.  See Schedule 7.3.  
7.4    Data Security.
(a)    Each Party shall implement appropriate administrative, technical, physical and organizational safeguards (including encryption and tokenization, at rest and in transit, as applicable, using current industry standards for approved security functions, such as those listed in the Financial Services Sector of the National Institute of Standards and Technology Control Security Framework (CSF), SF800-53) to protect the security, confidentiality, availability and integrity of all Non-Public Personal Information in accordance with Applicable Law, including protecting against any anticipated threats or hazards, improper, unauthorized or unlawful Processing, or any loss or other compromise.  Each Party shall review such security measures regularly, but no less than annually, and update and maintain such security measures to comply with Applicable Law.  In addition, each Party shall, as appropriate, use reasonable measures designed to properly dispose of all records containing Non-Public Personal Information, whether in paper, electronic, or other form, including adhering to policies and procedures that require the destruction or erasure of electronic media containing such Non-Public Personal Information so that the information cannot practicably be read or reconstructed.  
(b)    Each Party shall implement and maintain an adequate and appropriate data security incident management program and disaster recovery plans. Each Party shall review and amend its disaster recovery plans annually in accordance with technology advances as needed. In the event there is any material loss of Non-Public Personal Information, or any unauthorized or unlawful access to, use, Processing or disclosure of Non-Public Personal Information or any other compromise of Non-Public Personal Information, whether in paper, electronic or other form (each, a “Security Incident”), the Party suffering the Security Incident (the “Affected Party”), shall notify the other Party promptly, and in no event more than 24 hours following discovery of any Security Incident.  Barclays shall notify Gap by telephone 1-866-839-3911 option 1 and by email to Corporate_security@gap.com and by telephone and email to Gap’s General Manager, and Gap shall notify Barclays’ General Manager by phone and e-mail.  Each Party shall fully cooperate to investigate and resolve the Security Incident, including coordinating on the content of any notifications of the Security Incident. The Affected Party further agrees: (i) to take action immediately, at its own expense, to investigate the Security Incident, (ii) to identify and mitigate the effects of the Security Incident, (iii) to properly document responsive actions taken related to any 
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Security Incident, including post-incident review of events and actions taken, if any, to make changes in business practices related to the protection of Non-Public Personal Information, escalation procedures and reporting to any regulatory and law enforcement agencies, and (iv) to implement reasonable and appropriate measures in response to such Security Incident.  The Affected Party also shall provide the other Party with all available information regarding such breach to assist that other Party in implementing its information security response program and, if applicable, in notifying affected Cardholders.  Notwithstanding the foregoing, in the event of a Security Incident the Parties shall work expeditiously and in good faith to agree on a plan to use reasonable methods to remediate such problems (“Remediation Plan”).  Once the Parties agree on a Remediation Plan, each Party shall execute and complete its responsibilities without unreasonable delay and notify the other Party when such actions are completed.   
(c)    In addition to Section 5.17 (“Audit Rights”), upon reasonable advance notice and during normal business hours and subject to health, safety, confidentiality and security restrictions, either Party may conduct a site visit of the other Party’s facilities by representatives of the requesting Party (including its independent third party auditor), provided that: (i) the scope of the audit and Records Requests (defined below) are relevant and applicable to the terms of Section 7.4; (ii) such site visit shall occur at a mutually agreeable time, not more than once per calendar year per facility; (iii) such site visit shall not unreasonably interfere with either Party’s business operations; (iv) any third party representatives acting on behalf of either Party shall execute nondisclosure agreements with the Party whose site is being audited in a form reasonably acceptable to such Party with respect to the confidential treatment and restricted use of such Party’s Confidential Information.  Access at the Party’s facilities shall be subject to reasonable access requirements and security policies.  Thirty days prior to a scheduled visit, the auditing Party shall provide a list of the records it seeks to inspect (“Records Requests”). If there are objections to the auditing Party reviewing or copying particular records, the auditing Party shall be notified promptly, and the Parties shall discuss the matter in good faith to arrive at a mutually agreed Records Request in the most expedient time possible. If either Party, in good faith, is not able to have Records Requests available at the time of the on-site audit, such Party shall notify the auditing Party in advance, but no less than five days prior to the site visit date and the Parties shall decide whether to proceed with the visit. If either Party chooses not to exercise its right to an annual onsite audit, the Party may request a Records Request or may request additional written information from the other Party as necessary to satisfy its own compliance obligations and ensure that the other Party is operating in compliance with its privacy and security obligations under this Section 7.4.
(d)    Notwithstanding the foregoing, in the event of a determination by either Party that a problem exists with the details disclosed during an onsite audit or during a Records Request, the Parties shall work expeditiously and in good faith to agree on a plan to use reasonable methods to remediate such problems in a Remediation Plan. Once the Parties agree on a Remediation Plan, each Party shall execute and complete its responsibilities without unreasonable delay and notify the other Party when such actions are completed. 
(e)    Each Party shall ensure that it will have written agreements in place with any third party, including its partners, affiliates, agents, representatives and contractors and/or service providers who may Process Non-Public Personal Information, and that such agreements shall impose data security and privacy obligations on such third party.  If a Party is aware that its service provider has experienced a Security Incident, such Party will comply with the obligations pertaining to Security Incidents under this Section 7.4.    
(f)    Each Party’s obligations under this Section 7.4 shall continue so long as such Party has access to or retains Non-Public Personal Information.
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(g)    See also Schedule 7.4.    
7.5    Non-Public Personal Information.  Gap shall direct any Cardholder who makes a request to Gap regarding her or his  Non-Public Personal Information with regard to the Program to contact Barclays’ designated contact, and (ii) Barclays shall direct any Cardholder who makes a request regarding his or her personal information relating to Gap Goods and Services to contact Gap’s designated contact, in each such case to make a consumer rights request to the extent the Cardholder has the right under Applicable Law to request such information.  
7.6    Post-Termination Destruction.  Following the later of the expiration or termination of this Agreement, the Program Purchase Date, or the end of the Wind-Down Period, each Party shall either return or destroy the Confidential Information disclosed by the other Party.  Notwithstanding the foregoing and Section (c)(iv) of Schedule 7.3, a Party shall not be obligated to destroy, erase or delete any electronic copies of Confidential Information or Gap Customer Data contained in an archived computer system backup made in accordance with such Party’s security or disaster recovery policies or procedures, or that a Party is otherwise required by Applicable Law to retain, provided that such archived or retained copies will remain subject to the obligations of confidentiality and data security set forth in this Agreement until the eventual erasure or destruction of such electronic copies.  Upon request from a Party, the other Party shall provide a certification that such return or destruction has occurred.  
ARTICLE VIII.
OWNERSHIP AND LICENSING OF INTELLECTUAL PROPERTY
8.1    License to Gap Marks.  
(a)    Gap hereby grants to Barclays a royalty-free, non-exclusive, non-transferable license to use those Gap Marks set forth in Schedule 8.1 (“Licensed Gap Marks”) for the purposes set forth in this Agreement during the Term and any Wind -Down Period.  Gap represents and covenants that it has the legal right to use and to permit Barclays to use, to the extent set forth herein, such licensed Gap Marks. 
(b)    Barclays shall only use such Licensed Gap Marks as described in this Agreement or as otherwise authorized by Gap and in accordance with any Gap brand standards provided to Barclays, it being understood that Gap’s approval of Marketing Materials and Account Documentation constitutes Gap’s approval.  
(c)    Gap shall retain all rights in and to Gap Marks, and all goodwill associated with the use of Gap Marks, whether under this Agreement or otherwise, shall inure to the benefit of Gap. 
8.2    License to Barclays Marks.  
(a)    Barclays hereby grants to Gap a royalty-free, non-exclusive, non-transferable license to use those Barclays Marks set forth in Schedule 8.2 (“Licensed Barclays Marks”) for the purposes set forth in this Agreement during the Term and any Wind -Down Period.  Barclays represents and covenants that it has the legal right to use and to permit Gap to use, to the extent set forth herein, such licensed Barclays Marks.  
(b)    Gap shall only use such Licensed Barclays Marks as described in this Agreement or as otherwise authorized by Barclays and in accordance with any Barclays brand standards provided to Gap, it being understood that Barclays’ approval of Marketing Materials constitutes Barclays’ approval.  
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(c)    Barclays shall retain all rights in and to Barclays Marks, and all goodwill associated with the use of Barclays Marks, whether under this Agreement or otherwise, shall inure to the benefit of Barclays. 
8.3    Other Intellectual Property.  
(a)    Each Party shall own exclusively all right, title, and interest in (and any Intellectual Property embodied therein): (i) any and all technology that such Party or its Affiliates develop independently from the Program, but which is provided to the other Party or its Affiliates or otherwise made available for use in establishing, operating, developing, marketing or administering the Program, including any technology provided by a Party for inclusion on, or to provide functionality for, the Program Website or a Party’s websites or mobile app; (ii) any and all changes or other modifications made to or derivative works of such technology by or on behalf of either Party or its Affiliates; and (iii) any and all technology created or developed by a Party or any of its Affiliates for the Program independently from other Party.  Notwithstanding the foregoing, unless expressly agreed otherwise in a writing signed by a Barclays Managing Director, Barclays shall own and be permitted to use without restriction any software or other technology implemented on Barclays Systems in connection with the Program and all Intellectual Property therein.  
(b)    Neither Party may use the other Party’s Intellectual Property for purposes other than as necessary to perform its obligations and exercise its rights under this Agreement. 
(c)    Each Party agrees to treat the technology of the other Party or its Affiliates licensed to such Party or its Affiliates hereunder as Confidential Information in accordance with Article VII.
(d)    To the extent that either Party incorporates technology owned by a third party into any technology that the Party provides to the other for use in the Program, the contributing Party shall secure and pay for all rights and licenses necessary for the other Party to use such third party technology as necessary to perform the obligations and exercise the rights hereunder.  
(e)    Each Party acknowledges and agrees that, as of the Effective Date, the Parties do not intend to jointly develop any Intellectual Property.  Any joint efforts to develop any Intellectual Property shall be subject to an appropriate development agreement governing the terms of such development, including creation, license (if any), economic terms and ownership, and any respective obligations of the Parties with respect to such developed intellectual property.
8.4    Ownership of Accounts; Account Documentation. 
(a)    Except to the extent of Gap’s ownership of Licensed Gap Marks, and Gap’s option to purchase the Program Assets under Schedule 12.7, and without limiting Gap’s review and approval rights pursuant to Article III, Barclays shall be the sole and exclusive owner of all Accounts and Account Documentation and shall have all rights, powers, and privileges with respect thereto as such owner; provided that Barclays shall exercise such rights consistent with the provisions of this Agreement and Applicable Law.  All purchases of goods and services (including Gap Goods and Services) in connection with the Accounts and the Cardholder Indebtedness shall create the relationship of debtor and creditor between the relevant Cardholder and Barclays, respectively.  Gap acknowledges and agrees that (i) except for its (A) right, title and interest in Licensed Gap Marks, (B) rights pursuant to Article IX herein, and (C) option to purchase the Program Assets under Schedule 12.7, Gap has no right, title or interest in or to any of the Accounts or Account Documentation or any proceeds of the foregoing, and (ii) Barclays extends credit directly to Cardholders.
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(b)    Barclays shall fund all Cardholder Indebtedness on the Accounts.
(c)    Barclays shall have the exclusive right to effect collection of Cardholder Indebtedness.  
ARTICLE IX.
FINANCIAL TERMS
See Schedule 9.  

ARTICLE X.
REPRESENTATIONS AND WARRANTIES
Each Party makes the following representations and warranties to the other Party as of the date of this Agreement with such representations and warranties remaining true and correct throughout the Term:
10.1    Organization.  Such Party is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization and has full power and authority to enter into this Agreement and to carry out the provisions of this Agreement. Such Party is duly qualified and in good standing to do business in all jurisdictions where located and/or conducting business, except where the failure to be so qualified would not have a material adverse effect on such Party’s business or such Party’s or the other Party’s ability to perform as required under this Agreement or operate the Program.
10.2    Authorization, Validity, Non-Contravention and Solvency.  
(a)    This Agreement has been duly authorized by all necessary corporate or other governing proceedings by each such Party. Further, this Agreement has been duly executed and delivered by such Party and is a valid and legally binding agreement of such Party and duly enforceable in accordance with its terms (except as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium and other laws relating to or affecting creditors’ rights generally and by general equity principles). The natural person signing this Agreement on each Party’s behalf is duly authorized to do so by each such Party.
(b)    No consent, approval, authorization, order, registration or qualification of or with any court or regulatory authority or other governmental body having jurisdiction over such Party is required for (nor would the absence of such adversely affect) the legal and valid execution and delivery of this Agreement, and the performance of the transactions contemplated by this Agreement.
(c)    The execution and delivery of this Agreement by such Party and the compliance by such Party with all provisions of this Agreement: (i) will not conflict with or violate any Applicable Law; (ii) will not violate or result in the violation of the Articles of Incorporation or By-Laws (or analogous rules of governance) of such Party; and (iii) will not conflict with, violate, result in the breach of, constitute an event which would, or with the lapse of time or action by a third party or both would, result in a default under, or accelerate the performance required by, the terms of any contract, instrument or agreement to which such Party or any of its Affiliates is a party or by which they are bound, or to which any of the assets of such Party or any of its Affiliates are subject.  Furthermore, there are no material actions, suits or proceedings pending or threatened against such Party which would adversely affect the ability of such Party to perform this Agreement.
(d)    Such Party is Solvent. 
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10.3    Additional Representations, Warranties and Covenants.  Gap and Barclays, as applicable, each makes their respective additional representations, warranties and covenants set forth in Schedule 10.3.
ARTICLE XI.
INDEMNIFICATION & LIMITATION OF LIABILITY
11.1    Indemnification Obligations.  
(a)    Indemnification by Barclays.  
(i)    Barclays shall indemnify, defend and hold harmless Gap, its Affiliates, and their respective representatives (the “Gap Indemnified Parties”) from and against any and all third-party claims  brought against such Gap Indemnified Parties and all related Losses, to the extent such third-party claims or Losses arise out of the following, except to the extent such third-party claims, investigations or Losses are caused by the gross negligence, recklessness or willful misconduct of the Gap Indemnified Parties:
(A)    any gross negligence or willful misconduct of Barclays, its Affiliates or their respective Representatives in the performance or non-performance of Barclays’ obligations under this Agreement;
(B)    any inaccuracy or misrepresentation in any representation or warranty of Barclays contained in this Agreement;
(C)    any breach or failure to perform by Barclays of any of the terms, covenants or other provisions contained in this Agreement;
(D)    the failure of the Account Documentation or Marketing Materials prepared or approved by Barclays to comply with Applicable Banking Law, except to the extent Gap has used such materials in a manner inconsistent with Barclays’ approval or instructions;
(E)    any claim that Gap’s, its Affiliates’ or their respective sublicensees’ use of any Barclays Marks or other Intellectual Property in accordance with the terms of this Agreement infringes or misappropriates the Intellectual Property rights of any third party; 
(F)    the failure of Barclays to comply with Applicable Law in connection with the Program, unless such failure was as a result of any action taken or not taken by Gap in violation of its express obligations under this Agreement or in violation of written instructions of Barclays delivered to Gap in accordance with this Agreement; or 
(G)    any actions or omissions by Gap taken or not taken at Barclays’ written request or written direction pursuant to this Agreement, to the extent that such losses arise out of Gap’s compliance with Barclays’ written request or written direction. 
(ii)    Barclays shall indemnify, defend and hold harmless the Gap Indemnified Parties from and against any and all Losses arising out of a Security Incident involving Non-Public Personal Information in the control of Barclays, its Affiliates or their respective representatives or subcontractors, except to the extent that said Losses are caused by the gross negligence, recklessness or willful misconduct of the Gap Indemnified Parties.
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(b)    Indemnification by Gap.  
(i)    Gap shall indemnify, defend and hold harmless Barclays, its Affiliates, and their respective representatives (the “Barclays Indemnified Parties”) from and against any and all third-party claims or investigations brought against such Barclays Indemnified Parties and all related Losses, to the extent such third-party claims, investigations or Losses arise out of the following, except to the extent such third-party claims, investigations or Losses are caused by the gross negligence, recklessness or willful misconduct of the Barclays Indemnified Parties:
(A)    any gross negligence or willful misconduct of Gap, its Affiliates or their respective Representatives in the performance or non-performance of Gap’s obligations under this Agreement;
(B)    any inaccuracy or misrepresentation in any representation or warranty of Gap contained in this Agreement;
(C)    any breach or failure to perform by Gap of any of the terms, covenants or other provisions contained in this Agreement;
(D)    Gap’s failure to satisfy any of its obligations or liabilities to Cardholders in connection with the sale of Gap Goods and Services;
(E)    the failure of any Marketing Materials prepared by Gap to comply with Applicable Law relating to Gap or Gap Goods and Services;
(F)    the failure of Gap to comply with Applicable Law in connection with the Program, unless such failure was the result of any action taken or not taken by Gap at the written request or direction of Barclays;
(G)    any claim that Barclays’, its Affiliates’ or their respective sublicensees’ use of any Gap materials or Gap Intellectual Property (including Gap Marks) under this Agreement in accordance with the terms of this Agreement infringes or misappropriates the Intellectual Property rights of any third party; 
(H)    any claim related to Gap’s operation of the Gap Loyalty Program;
(I)    any actions or omissions by Barclays taken or not taken at Gap’s written request or written direction pursuant to this Agreement, to the extent that such losses arise out of Barclays’ compliance with Gap’s written request or written direction;
(J)    Gap Inserts (except to the extent of an allegation that such Inserts failed to comply with Applicable Banking Law); or 
(K)    the [***], to the extent the [***] is provided through an issuer other than Barclays.  
(ii)    Gap shall indemnify, defend and hold harmless the Barclays Indemnified Parties from and against any and all Losses arising out of a Security Incident involving Non-Public Personal Information in the control of Gap, its Affiliates or their respective representatives or subcontractors, 
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except to the extent that such Losses are caused by the gross negligence, recklessness or willful misconduct of the Barclays Indemnified Parties.
11.2    Notice of Indemnification Claim.  In connection with any claim or action described in this Section 11.2, the Party seeking to be indemnified (“Indemnified Party”): (a) will give, subject to any restrictions under Applicable Law, the other Party (“Indemnifying Party”) prompt written notice of a third-party claim, including, if possible, the amount or estimate of the amount of liability arising from it and a copy of any documentation it has received setting forth the basis of the claim, (b) will cooperate with the Indemnifying Party (at the Indemnifying Party’s expense) in connection with the defense and settlement of the claim (other than with respect to indemnities involving Intellectual Property in which case the Party that owns the Intellectual Property subject to such claim shall have the right to control the defense of such claim), and (c) will permit the Indemnifying Party to control the defense and settlement of the claim; provided that the Indemnifying Party may not settle the claim without the prior written consent (which consent will not be unreasonably withheld, conditioned or delayed) of the Indemnified Party. Further, the Indemnified Party may, at its expense, participate in the defense and settlement of the claim.  Notwithstanding the foregoing, upon prior written notice to the Indemnified Party, the Indemnifying Party shall have the right to compromise and settle any third-party claim without the prior written consent of the Indemnified Party if the Indemnifying Party (x) obtains a complete, unconditional, irrevocable release of the Indemnified Party with respect to such claim; (y) includes within the settlement agreement or release a statement to the effect that the Indemnified Party admits no liability or wrongdoing; and (z) does not agree to a settlement which provides for any non-monetary relief.
11.3    Right to Control Defense.  Following written notice under Section 11.2:  (a) where a third-party claim relates to the Indemnified Party’s Intellectual Property or Confidential Information, then the Indemnified Party shall have the right to assume control of and defend any claim of which it has received written notice pursuant to Section 11.2 at its expense and in the name of the Indemnifying Party by giving written notice of its assumption of defense; and (b) where a Governmental Authority is investigating the Barclays Indemnified Party’s performance in connection with the Agreement, then Barclays shall have the right to assume control of and defend any claim of which it has received written notice pursuant to Section 11.2 at its expense and in the name of the Indemnifying Party by giving written notice of its assumption of defense.  
11.4    Cooperation.  In connection with any third-party claim under this Section 11, each Party shall reasonably cooperate and regularly communicate with the other Party in good faith to coordinate the defense of any such action, recognizing that ultimate decision making rests with the Indemnifying Party, except as provided in Section 11.3.  Without limiting the foregoing, the Indemnified Party shall make available to the Indemnifying Party or its Representatives, on a timely basis, all documents, records and other materials in the possession, control or power of the Indemnified Party, which are reasonably required in defending any third-party claim.  Any information, documents, records and other materials provided in connection with defending a third-party claim shall be used solely for the defense of that claim and the Parties shall cooperate to seek further protections, including those of confidentiality pursuant to Article VII, as may be appropriate. 
11.5    See also Schedule 11.5.
11.6    NO WARRANTIES.  EXCEPT AS PROVIDED HEREIN, THERE ARE NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, RESPECTING THE SERVICES OR PRODUCTS SOLD OR PROVIDED BY A PARTY PURSUANT TO THIS AGREEMENT.
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11.7    Liquidated Damages.  See Schedule 11.7. 
ARTICLE XII.
TERM AND TERMINATION
12.1    Term and Expiration.  This Agreement shall be effective as of the Effective Date and shall continue through the Initial Term and any Renewal Term and shall expire on the last day of the Initial Term or any Renewal Term, as applicable, unless sooner terminated as provided herein. 
12.2    Initial Program Period Renewal.  This Agreement shall automatically enter into a Renewal Term upon the conclusion of the Initial Term and each prior Renewal Term, unless one Party gives written notice of non-renewal to the other Party at least one year prior to the end of the Initial Term or any Renewal Term, as applicable.
12.3    Termination By Barclays.  Barclays may terminate this Agreement immediately by providing written notice to Gap if any of the following events occur: 
(a)    If (i) Barclays provides written notice to Gap that contains reasonable detail concerning Gap’s breach any of any material covenants or material representations contained in this Agreement, and (ii) such material breach remains materially uncured for 30 days from the date Gap received such written notice; 
(b)    If Gap or a direct or indirect holding company of Gap: (i) shall become subject to voluntary or involuntary bankruptcy, insolvency, receivership, conservatorship or like proceedings pursuant to Applicable Law; (ii) ceases to conduct its normal and customary business operations; or (iii) shall make a general assignment for the benefit of its creditors; 
(c)    As provided in Section (c) of Schedule 2.5.
(d)    As provided under Section 3 of Schedule 12.5;
(e)    As provided under Section 13.13 (“Force Majeure”); 
12.4    Termination By Gap.  Gap may terminate this Agreement immediately by providing written notice to Barclays if any of the following such events occur:
(a)    If (i) Gap provides written notice to Barclays that contains reasonable detail concerning Barclays’ breach any of any material covenants or material representations contained in this Agreement, and (ii) such material breach remains materially uncured for 30 days from the date Barclays received such written notice; 
(b)    If Barclays or a direct or indirect holding company of Barclays: (i) shall become subject to voluntary or involuntary bankruptcy, insolvency, receivership, conservatorship or like proceedings pursuant to Applicable Law; (ii) ceases to conduct its normal and customary business operations; (iii) shall make a general assignment for the benefit of its creditors; or (iv) fails to be at least “adequately capitalized” as that term is defined in Applicable Law relating to financial institution capitalization ratios;
(c)    As provided in Section (c) of Schedule 2.5(a).
(d)    As provided in Section (f) of Schedule 5.6; 
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(e)    As provided under Schedule 5.15 (“Service Levels”); 
(f)    As provided under Section 3 of Schedule 12.5;
(g)    As provided under Section 13.13 (“Force Majeure”); or
12.5    See also Schedule 12.5.
12.6    Effect of Termination.  See Schedule 12.6.  
12.7    Program Assets Purchase Right.  See Schedule 12.7. 
ARTICLE XIII.
MISCELLANEOUS
13.1    Entire Agreement.  Each Party hereto has read this Agreement, understands it and agrees to be bound by its terms and conditions. This Agreement supersedes all prior verbal or written agreements between the Parties, and now constitutes the complete and exclusive statement of the terms and conditions between the Parties covering the performance hereof, and it cannot be altered, amended or modified except in a writing executed by a duly authorized representative of each Party.
13.2    No Waiver.  No waiver of the provisions hereto shall be effective unless in writing and shall not be deemed to be a continuing waiver unless expressly so stated in writing. No failure or delay on the part of either Party in exercising any power or right under this Agreement shall be deemed to be a waiver, nor does any single or partial exercise of any power or right preclude any other or further exercise, or the exercise of any other power or right.
13.3    Severability.  If any of the provisions or parts of the Agreement are determined to be illegal, invalid or unenforceable in any respect, such provisions or parts shall be deemed omitted without affecting any other provisions or parts of the Agreement which shall remain in full force and effect.
13.4    Counterparts.  This Agreement may be signed in one or more counterparts, all of which shall be taken together as one agreement. The table of contents and various captions in this Agreement are included for convenience only and shall not affect the meaning or interpretation of any provision of this Agreement.
13.5    Incorporation by Reference.  Each exhibit and schedule referred to herein is hereby expressly incorporated herein in its entirety and made a part of this Agreement. All defined terms under this Agreement shall have the same meaning in the exhibits and schedules and all defined terms under the exhibits and schedules shall have the same meaning in the Agreement unless separately defined in each location.
13.6    Drafting.  This Agreement is the joint product of Gap and Barclays and each provision hereof has been subject to mutual consultation, negotiation and agreement of Gap and Barclays; therefore, to the extent any language in this Agreement is determined to be ambiguous, it shall not be construed for or against any Party based on the fact that either Party controlled the drafting of the document.
13.7    Public Announcements.  
(a)    Neither Party shall make, or cause to be made, any press release or public announcement in respect of the Program or this Agreement or the transactions contemplated hereby, or otherwise communicate with any news media regarding the Program or this Agreement, without the prior consent of 
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the other Party.  The Parties shall mutually agree on the timing and contents of any such press release or public announcement.  Prior to issuing any press releases or making any public announcements concerning this Agreement or the transactions specified herein, the Parties shall consult and mutually agree as to the substance and timing of such releases and announcements; provided, however, nothing in this Agreement shall prohibit marketing efforts by Gap or Barclays in the ordinary course. 
(b)    Notwithstanding Section 13.7(a):  (i) each Party and its Affiliates may name the other Party as a partner and describe the Program without disclosing any of the other Party’s Confidential Information, (ii) a Party shall not be required to obtain consent from the other Party with regard to (A) press releases and other announcements as may be required by Applicable Law or the applicable rules and regulations of any stock exchange (subject to requests of Governmental Authorities) and (B) publications prepared solely by and for employees of such Party, or its respective Affiliates, solely for distribution among employees of such Party and its respective Affiliates; and (ii) if the Parties consult regarding a response to a press inquiry received by either Party, but are not able to agree upon such response, Gap may respond if the inquiry relates to Gap’s business other than participation in the Program and Barclays may respond if the inquiry relates to Barclays’ business; provided, that in either case the Party responding shall do so in its reasonable discretion after due consideration to concerns raised by the other Party.
13.8    Assignment.  Neither Party shall assign this Agreement or any of its respective rights hereunder without the prior written consent of the other Party, provided, however, that (a) either Party may assign this Agreement to an entity that merges with, or acquires all or substantially all of the assets of, such Party, (b) either Party may assign this Agreement to an Affiliate so long as (i) such assignee has both the financial and operational capability to reasonably perform or cause to be performed the obligations formerly performed by the assigning Party without material impairment to the Program, and (ii) the assignor remains liable to the other Party following the assignment, and (c) nothing in this Agreement shall restrict Gap from pledging its rights to receive payments from Barclays in connection with this Agreement so long as Gap remains obligated to perform under this Agreement.  
13.9    Successors and Assigns.  This Agreement and all obligations and rights arising hereunder shall be binding upon and inure to the benefit of the Parties hereto and their respective successors, transferees and assigns. 
13.10    Subcontractors.  To the extent that a Party delegates the performance of obligations to a service provider engaged by such Party, such Party shall ensure that such service provider is reputable and possesses relevant industry experience and is otherwise capable of performing such obligations. Such delegating Party shall be responsible for the functions performed by any third party it has engaged to the same extent such Party would be responsible if such Party had performed such functions itself.  Any subcontractor or service provider with access to Cardholder Non-Public Personal Information that Gap proposes to use to perform any of its material obligations under this Agreement shall be subject to Barclays policies for evaluating and approving the use of service providers. 
13.11    Notices.  All written notices pursuant hereto to either Party shall be addressed or delivered to it at its address shown below, or at such other address as may be designated by it by notice to the other Party, and shall be deemed given when delivered by hand, or two Business Days after being mailed (with postage prepaid) or when received by receipted courier service:

32

						
	If to Barclays:	If to Gap:
	Attn:     Bill Crabtree
Managing Director Retail Partnerships
Barclays Bank Delaware
125 S. West Street
Wilmington, DE 19801

With a Copy to:

Attn:     General Counsel
Barclays Bank Delaware
125 S. West Street
Wilmington, DE 19801

	Attn: Chris Samway
SVP & General Manager
Loyalty & Payments
The Gap, Inc.
2 Folsom Street
San Francisco, CA 94105

With a copy to:

Attn: Global General Counsel
Corporate Law Department
The Gap, Inc. 
2 Folsom Street
San Francisco, CA 94105

With a copy to:
Trevor Salter
Morrison & Foerster LLP
2100 L ST, NW, Suite 900
Washington, DC 20037

13.12    Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of New York and the United States with regarding to the conflicts of law principles thereof.  Any action by Barclays against Gap, other than a counterclaim in an action first brought by Gap, must be made in, and each Party consents to the jurisdiction and venue of, the state and federal courts located in San Francisco, California.  Any action by Gap against Barclays, other than a counterclaim in an action first brought by Barclays, must be made in, and each Party consents to the jurisdiction and venue of, the state and federal courts located in Wilmington, Delaware.  
13.13    Force Majeure.  Neither Party will be responsible for any failure or delay in performance of its obligations under this Agreement because of circumstances outside of its reasonable control, including acts of God, pandemic or epidemic, flood, criminal acts, fire, riot, computer viruses or hackers, accident, strikes, embargo, sabotage, terrorism, and government action (including any laws, ordinances, regulations or the like which restrict or prohibit the providing of the services contemplated by this Agreement). In the event a Party is unable to perform substantially for any of the reasons described in this Section 13.13, it will notify the other Party promptly of its inability so to perform, and if the inability continues for at least [***] consecutive days (or [***] days in the cases of Purchase authorizations or processing of Applications), the Party so notified may then terminate this Agreement forthwith. This provision shall not, however, release the Party unable to perform from using its best efforts to avoid or remove such circumstance and such Party unable to perform shall continue performance hereunder with the utmost dispatch whenever such causes are removed.
13.14    Taxes.  Each Party shall be responsible for, and agrees to pay, all sales, use, excise, and value-added taxes, or taxes of a similar nature (excluding personal property taxes and taxes based on the other Party’s income which shall be borne by the other Party), imposed by the United States, any state or local government, or other taxing authority, on all goods or services provided to the other Party. The Parties agree to cooperate with each other to minimize any applicable sales, use, or similar tax and, in connection therewith, the Parties shall provide each other with any relevant tax information as reasonably requested 
33

(including resale or exemption certificates, multi-state exemption certificates, information concerning the use of assets, materials and notices of assessments).   
13.15    Survival of Obligations, Rights and Remedies.  Any provision that is intended by its nature to survive the termination of this Agreement or the expiration of the Term shall survive, including the provisions set forth in Article I (Definitions), Article VII (Information Use and Security), Sections 8.1 through 8.3 (but only to perform obligations or exercise rights applicable during the Wind-Down Period), Section 8.4(a), (c) (Ownership of Accounts), Section 3 of [***], Article XI (Indemnification and Limitation of Liability), Sections 12.5 through 12.7, and Article XIII (Miscellaneous) of this Agreement.  In addition, all rights or obligations of either Party that may have arisen or accrued prior to termination of this Agreement or expiration of the Term shall survive such termination or expiration. 
13.16    Independent Contractor.  In performing their responsibilities pursuant to this Agreement, the Parties are in the position of independent contractors. Nothing in this Agreement will be construed as creating a joint venture, partnership or employment relationship between Gap and Barclays. Neither Party will have the right, power or implied authority to create any obligation or duty on behalf of the other Party, unless pursuant to a separate written agreement between the Parties.
13.17    Specific Performance. The Parties agree that money damages would not be a sufficient remedy for any breach of this Agreement or the failure of a Party to perform any of its material obligations hereunder, and that, in addition to all other remedies, each Party shall be entitled to seek specific performance and to seek injunctive or other equitable relief as a remedy for any such breach or failure to perform its material obligations hereunder.  
13.18    Further Assurances. Gap and Barclays agree to produce or execute such other documents or agreements as may be necessary or desirable for the execution and implementation of this Agreement and the consummation of the transactions specified herein and to take all such further action as the other Party may reasonably request in order to give evidence to the consummation of the transactions specified herein. 
13.19    Third Parties. Except for the Gap Indemnified Parties and the Barclays Indemnified Parties with respect to indemnity claims pursuant to Article XI, the Parties do not intend: (a) the benefits of this Agreement to inure to any third party; or (b) any rights, claims or causes of action against a Party to be created in favor of any Person or entity other than the other Party.
13.20    Credit Reporting Agency. Notwithstanding any other provision of this Agreement, neither Party nor any of its Affiliates shall be required hereunder to engage in any action or omission that would cause it to become a “consumer reporting agency” under the federal Fair Credit Reporting Act or similar law as amended from time to time.  To the best of the Parties’ understanding as of the Effective Date, the foregoing does not prohibit compliance with Section (c) of Schedule 2.4 as of the Effective Date.

 [Signature Pages Follow]
34

IN WITNESS WHEREOF, the Parties hereto have executed this Agreement in manner and form sufficient to bind them as of the Effective Date.    
			
	The Gap, Inc.
	
	By: /s/ John F Strain    

	Printed Name: John F Strain    

	Title: Executive Vice President    

	

	Old Navy, LLC

	
	By: /s/ John F Strain    

	Printed Name: John F Strain    

	Title: Executive Vice President    

	

	Banana Republic, LLC

	
	By: /s/ John F Strain    

	Printed Name: John F Strain    

	Title: Executive Vice President    

	

	Athleta LLC

	
	By: /s/ John F Strain    

	Printed Name: John F Strain    

	Title: Executive Vice President    

[Signature page 1 to Credit Card Program Agreement]

IN WITNESS WHEREOF, the Parties hereto have executed this Agreement in manner and form sufficient to bind them as of the Effective Date.    

			
	Barclays Bank Delaware
	

	By: /s/ Bill Crabtree

	Printed Name: Bill Crabtree    

	Title: Managing Director, Retail Partnership    

[Signature page 2 to Credit Card Program Agreement]

List of Omitted Schedules
						
	Schedule	Name of Schedule
	1.1(a)	Comparable Retailer Programs as of the Effective Date
	1.1(b)	Similarly Situated Portfolios as of the Effective Date
	2.1(c)	Customer Service
	2.2(a)	Program Card Products and Program Value Propositions as of the Effective Date
	2.2(c)	Additional Terms Relating to Program Cards and the Program Value Proposition
	2.3(a)	Product Innovations
	2.3(b)	Additional Terms Relating to Product Innovations
	2.4	Program Exclusivity
	2.5(a)	Additional Terms Relating to the Conversion of the Back Book Assets
	2.5(b)	Back Book Conversion Milestones
	2.6	Extraordinary Costs
	3.2	Additional Terms Relating to Marketing
	3.3	Additional Terms Relating to Barclays Marketing Obligations
	3.4	Additional Terms Relating to Marketing Fund and Usage
	4.1	Operation of the Gap Loyalty Program
	5.4	Cardholder Terms
	5.4(c)	Additional Terms Relating to Cardholder Terms
	5.6	Approval Rates and Risk Management
	5.6(b)	Approval Rates
	5.15	Service Levels
	5.24	Program Card Reissuance
	6.3	Barclays Personnel to Support the Program
	6.5	Compliance Responsibilities
	6.6	Barclays Provided Reports
	7.3	Program Information and Gap Customer Data
	7.3(b)(iii)	Program Privacy Policy
	7.3(b)(v)	Program Information Sharing
	7.4	Privacy and Data Security Policies
	8.1	Licensed Gap Marks
	8.2	Licensed Barclays Marks
	9	Financial Terms
	9.1	Additional Financial Terms
	Exhibit A	Gain Share Statement
	Exhibit B	Examples of Gain Share Payment Calculation
	10.3	Additional Representations and Warranties
	11.5	Limitation of Liability
	11.7	Liquidated Damages
	12.5	Additional Termination Rights
	12.6	Effective of Termination

						
	12.7	Program Assets Purchase Right
	12.7(a)	Form of Confidentiality Agreement
	12.7(b)(i)	Key Portfolio Data
	12.7(b)(ii)	Account-Level Data
	12.7(e)	Determination of Purchase Price for Co-Branded Accounts
	12.7(f)	Designated Retailers

The registrant will provide a copy of any omitted schedule to the Securities and Exchange Commission or its staff upon request.Exhibit 10.1

 

SUBSCRIPTION AGREEMENT

 

This subscription agreement
(this “Subscription Agreement”) is being entered into as of the date set forth on the signature page hereto, by and
among Wejo Group Limited, an exempted limited company incorporated under the laws of Bermuda (the “Company”), Virtuoso
Acquisition Corp., a Delaware Corporation (“Virtuoso”), and the undersigned
subscriber (the “Investor”). Defined terms used but not otherwise defined herein shall have the respective meanings
ascribed thereto in the Transaction Agreement (as defined below).

 

WHEREAS, the Company, Virtuoso,
Wejo Limited, a private limited company incorporated under the laws of England and Wales (“Wejo”), and the other parties
named therein will, immediately following the execution of this Subscription Agreement, enter into that certain Agreement and Plan of
Merger, dated as of May 28, 2021 (as amended, modified, supplemented or waived from time to time in accordance with its terms, the “Transaction
Agreement”), pursuant to which, inter alia, (i) an indirect, wholly owned subsidiary of the Company will be merged with
and into Virtuoso, with Virtuoso surviving as a wholly owned subsidiary of the Company (the “Merger”) and (ii) all
of the issued and outstanding stock of Wejo will be contributed to the Company in exchange for Class A common shares (“Class
A Common Stock”) of the Company (together with the Merger and the other transactions contemplated by the Transaction Agreement,
the “Transactions”);

 

WHEREAS, in connection with
the Transactions, Investor desires to (a) subscribe for and purchase from the Company that number of shares of Class A Common Stock, par
value $0.001 per share set forth on the signature page hereto (the “Shares”) for a purchase price of $10.00 per share
(the “Share Purchase Price”), and aggregate purchase price set forth on Investor’s signature page hereto (the “Subscription
Amount”), and the Company desires to issue and sell to Investor the Shares in consideration of the payment of the Subscription
Amount therefor by or on behalf of Investor to the Company, all on the terms and conditions set forth herein; and

 

WHEREAS, certain other “qualified
institutional buyers” (as defined in Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”))
or “accredited investors” (within the meaning of Rule 501(a) under the Securities Act) (each, an “Other Investor”)
have, severally and not jointly, entered into separate subscription agreements with the Company (the “Other Subscription Agreements”),
pursuant to which such Other Investors have agreed to purchase shares of Class A Common Stock on the Transaction Closing Date (as defined
below) at the same per share purchase price as Investor, and the aggregate amount of securities to be sold by the Company pursuant to
this Subscription Agreement and the Other Subscription Agreements equals, as of the date hereof, 10,000,000 shares of Class A Common
Stock (“Total Subscribed Amount”).

 

In connection therewith, and
in consideration of the foregoing and the mutual representations, warranties and covenants, and subject to the conditions, set forth herein,
and intending to be legally bound hereby, the parties hereto agree as follows:

 

1. Subscription.
The Investor hereby irrevocably subscribes for and agrees to purchase from the Company such number of Shares as is set forth on the signature
page of this Subscription Agreement on, and subject to, the terms and conditions provided for herein. The Investor understands and agrees
that the Company reserves the right to accept or reject the Investor’s subscription for the Shares for any reason or for no reason,
in whole or in part, at any time prior to its acceptance by the Company, and the same shall be deemed to be accepted by the Company only
when this Subscription Agreement is signed by a duly authorized person by or on behalf of the Company; the Company may do so in counterpart
form. Notwithstanding the foregoing or anything to the contrary in Section 9 below, in the event that (i) the Company does not accept
the subscription or (ii) the Closing Date (as defined below) shall not have occurred by the Termination Date (as defined below), this
Subscription Agreement shall be void and of no further effect and any monies paid by the Investor to the Company in connection herewith
shall immediately be returned to the Investor.

 

    1

     

    

 

2. Closing. The
closing of the sale of the Shares contemplated hereby (the “Closing”)
shall occur on a closing date (the “Closing Date”) specified in the
Closing Notice (as defined below), and immediately prior to (but subject to) consummation of the Transactions (the closing date of
the Transactions, the “Transaction Closing Date”). Upon delivery of written notice from (or on behalf of) the
Company and Virtuoso to the Investor (the “Closing Notice”), that the
Company reasonably expects all conditions to the closing of the Transactions to be satisfied or waived on an expected Transaction
Closing Date that is not less than five (5) business days from the date on which the Closing Notice is delivered to the Investor,
the Investor shall deliver the Subscription Amount two (2) business days prior to the expected Closing Date by wire transfer of
United States dollars in immediately available funds to the account(s) specified by the Company in the Closing Notice. Prior to or
at the Closing, Investor shall deliver to the Company a duly completed and executed Internal Revenue Service Form W-9 or appropriate
Form W-8 (or other applicable form or statement specified by the U.S. Department of the Treasury regulations in lieu thereof). On
the Closing Date, the Company shall issue the Shares to the Investor free and clear of any liens or other restrictions whatsoever
(other than those arising under state or federal securities laws) and subsequently cause the Shares to be registered in book entry
form in the name of the Investor on the Company’s share register, and the Company shall provide evidence from the
Company’s transfer agent that the Shares were issued to Investor in book-entry form on and as of the Closing Date; provided,
however, that the Company’s obligation to issue the Shares to the Investor is contingent upon the Company having received the
Subscription Amount in full accordance with this Section 2. This Subscription Agreement shall terminate and be of no further force
or effect, without any liability to either party hereto, if the Company notifies the Investor in writing that it has abandoned its
plans to move forward with the Transactions and terminates the Investor’s obligations without the delivery of the Shares
having occurred. In the event the Transaction Closing Date does not occur within one (1) business day after the expected Transaction
Closing Date set forth in the Closing Notice, the Company shall promptly (but not later than one (1) business day thereafter) return
the Subscription Amount to the Investor by wire transfer of U.S. dollars in immediately available funds to the account specified by
the Investor, and any book-entries for the Shares shall be deemed repurchased and cancelled; provided that, unless this Subscription
Agreement has been terminated pursuant to Section 9 hereof, such return of funds shall not terminate this Subscription Agreement or
relieve the Investor of its obligation to purchase the Shares at the Closing and Investor shall remain obligated to (A) redeliver
funds representing the Subscription Amount to the Company following the Company’s delivery to Investor of a new Closing Notice
with a new Closing Date in accordance with this Subscription Agreement and the procedures and timing for the delivery of the
Subscription Amount as provided under this Section 2 and (B) consummate the Closing upon the satisfaction of the conditions set
forth in Section 3. For purposes of this Subscription Agreement, “business day” shall mean any day other than (a) any
Saturday or Sunday or (b) any other day on which banks located in New York, New York are required or authorized by applicable law to
be closed for business.

 

3. Closing Conditions.

 

a. The
obligation of the parties hereto to consummate the purchase and sale of the Shares pursuant to this Subscription Agreement is subject
to the following conditions:

 

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

 

(ii) the
Company Common Shares to be issued in connection with the Transactions shall have been approved for listing on Nasdaq, subject only to
official notice of issuance thereof;

 

(iii) the
Transaction Agreement (as the same exists on the date of this Subscription Agreement) including, without limitation, any representation
or covenant of Virtuoso, the Company, or Wejo in the Transaction Agreement relating to the financial position or outstanding indebtedness
of Virtuoso, the Company, or Wejo, shall not have been amended in a manner, and there shall have been no waiver or modification thereunder,
that would reasonably be expected to materially and adversely affect the economic benefits that Investor (in its capacity as such) would
reasonably expect to receive under this Subscription Agreement without having received Investor’s prior written consent;

 

(iv) all
conditions precedent to the closing of the Transactions shall have been satisfied (as determined by the parties to the Transaction Agreement)
or waived (other than those conditions which, by their nature, are to be satisfied at and as of the Transaction Closing Date, but subject
to the satisfaction or waiver by such party of such conditions as of the consummation of the Transactions;

 

    2

     

    

 

(v) the
subscriptions contemplated by the Other Subscription Agreements shall have been or will be consummated substantially concurrently with
the Closing;

 

(vi) substantially
concurrently with the closing of the Transactions, an aggregate of at least $150,000,000 shall be received, or receivable, by the Company
pursuant to (i) the closing of the sale of the Shares pursuant to this Subscription Agreement and the Other Subscription Agreements and
the satisfaction and waiver of any and all closing conditions under such Other Subscription Agreements shall have occurred or shall be
contemplated to occur, plus (ii) the distribution of proceeds by Virtuoso to the Company from the trust account, after the payments in
respect of redemptions, plus (iii) any other form of equity financing entered into on or prior to the Closing which is on materially the
same terms as this Subscription Agreement; and

 

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

 

b. The
obligation of the Company to consummate the purchase and sale of the Shares pursuant to this Subscription Agreement shall be subject to
the condition that all representations and warranties of the Investor contained in this Subscription Agreement are true and correct in
all material respects (other than representations and warranties that are qualified as to materiality or Investor Material Adverse Effect
(as defined herein), which representations and warranties shall be true in all respects) at and as of the Closing Date (other than those
representations and warranties expressly made as of an earlier date, which shall be true and correct in all material respects, or in all
respects, as applicable, as of such earlier date), and consummation of the Closing shall constitute a reaffirmation by the Investor of
each of the representations, warranties, covenants and agreements of the Investor contained in this Subscription Agreement as of the Closing
Date (other than those representations and warranties expressly made as of an earlier date, which shall be true and correct in all material
respects, or in all respects, as applicable, as of such earlier date).

 

c. The
obligation of the Investor to consummate the purchase and sale of the Shares pursuant to this Subscription Agreement shall be subject
to the conditions that (i) all representations and warranties of Virtuoso and the Company contained in this Subscription Agreement (other
than the representations and warranties set forth in Sections 5(b), 5(c), 5(k), 6(a), 6(b), 6(c), 6(d) and 6(f) (the “Fundamental
Representations”)) shall be true and correct in all material respects (in each case other than representations and warranties that
are qualified as to materiality, Virtuoso Material Adverse Effect or Company Material Adverse Effect (each as defined herein and as applicable),
which representations and warranties shall be true in all respects), and the Fundamental Representations shall be true and correct in
all respects, in each case at and as of the Closing Date (other than those representations and warranties expressly made as of an earlier
date, which shall be true and correct in all material respects, or in all respects, as applicable, as of such earlier date), and consummation
of the Closing shall constitute a reaffirmation by Virtuoso and the Company of each of the respective representations, warranties, covenants
and agreements of Virtuoso and the Company contained in this Subscription Agreement as of the Closing Date (other than those representations
and warranties expressly made as of an earlier date, which shall be true and correct in all material respects, or in all respects, as
applicable, as of such earlier date); and (ii) each of Virtuoso and the Company shall have performed, satisfied and complied in all material
respects with all covenants, agreements and conditions required by this Subscription Agreement to be performed, satisfied or complied
with by it at or prior to the Closing, except where the failure of such performance or compliance would not or would not reasonably be
expected to prevent, materially delay, or materially impair the ability of Virtuoso or the Company to consummate the Closing.

 

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

 

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

 

a. Virtuoso
has been duly formed as a Delaware corporation and is validly existing as a corporation in
good standing under the laws of the State of Delaware, with corporate power and authority to own, lease and operate its properties and
conduct its business as presently conducted and as shall be conducted following the Merger and to enter into, deliver and perform its
obligations under this Subscription Agreement.

 

    3

     

    

 

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

 

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

 

d. Virtuoso
made available to Investor via the United States Securities and Exchange Commission’s (the “SEC”) EDGAR system
a true, correct and complete copy of each form, report, statement, schedule, prospectus, proxy statement and registration statement and
any other documents filed by Virtuoso with the SEC prior to the date of this Subscription Agreement (the “SEC Documents”).
None of the SEC Documents filed under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), contained,
when filed or, if amended prior to the date of this Subscription Agreement, as of the date of such amendment with respect to those disclosures
that are amended, any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary
to make the statements therein, in light of the circumstances under which they were made, not misleading, except that Virtuoso may have
improperly accounted for its outstanding warrants as equity instruments and may be required to restate its previously filed financial
statements to reflect the classification of its outstanding warrants as liabilities for accounting purposes. Virtuoso has timely filed
each report, statement, schedule, prospectus, and registration statement that Virtuoso was required to file with the SEC since its inception
and through the date hereof, except for its Quarterly Report on Form 10-Q for the quarter ended March 31, 2021. As of the date hereof,
there are no material outstanding or unresolved comments in comment letters from the SEC staff with respect to any of the SEC Documents.

 

e. There
are no pending or, to the knowledge of Virtuoso, threatened, Actions, which, if determined adversely, would, individually or in the aggregate,
reasonably be expected to have a Virtuoso Material Adverse Effect. There is no unsatisfied judgment or any open injunction binding upon
Virtuoso which would, individually or in the aggregate, reasonably be expected to have a Virtuoso Material Adverse Effect.

 

f. Virtuoso
is in compliance with all applicable laws, except where such non-compliance would not reasonably be expected to have a Virtuoso Material
Adverse Effect. Virtuoso has not received any written communication from a governmental entity that alleges that Virtuoso is not in compliance
with or is in default or violation of any applicable law, except where such non-compliance, default or violation would not, individually
or in the aggregate, be reasonably expected to have a Virtuoso Material Adverse Effect.

 

    4

     

    

 

g. No
broker, finder or other financial consultant has acted on behalf of Virtuoso in connection with this Subscription Agreement or the transactions
contemplated hereby in such a way as to create any liability on the Investor. There are no securities or instruments issued by or to which
Virtuoso is a party containing anti-dilution or similar provisions that will be triggered by the issuance of (i) the Shares or (ii) the
Class A Common Stock to be issued pursuant to any Other Subscription Agreement, in each case that have not been or will not be validly
waived on or prior to the Closing Date.

 

h. Virtuoso
is not in default or violation (and no event has occurred which, with notice or the lapse of time or both, would constitute a default
or violation) of any term, condition or provision of (i) the organizational documents of Virtuoso, (ii) any loan or credit agreement,
guarantee, note, bond, mortgage, indenture, lease or other agreement, permit, franchise or license to which, as of the date of this Subscription
Agreement, Virtuoso is a party or by which Virtuoso’s properties or assets are bound or (iii) any statute or any judgment, order,
rule or regulation of any court or governmental agency, taxing authority or regulatory body, domestic or foreign, having jurisdiction
over Virtuoso or any of its properties, except, in the case of clauses (ii) and (iii), for defaults or violations that have not had and
would not reasonably be expected to have, individually or in the aggregate, a Virtuoso Material Adverse Effect.

 

i. As
of the date of this Subscription Agreement and as of immediately prior to the Closing Date, the authorized capital stock of Virtuoso consists
of 100,000,000 shares of Class A Common Stock, par value $0.0001 per share (the “Virtuoso Class A Common Stock”), of which
1,146,197 shares are issued and outstanding and 10,000,000 shares of Class B Common Stock, par value $0.0001 per share (the “Virtuoso
Class B Common Stock”), of which 5,750,000 shares are issued and outstanding and 1,000,000 shares of preferred stock, of which no
shares are issued and outstanding, except that as of immediately prior to the Closing Date such capitalization will also reflect the authorization
and issuance of Virtuoso’s Class C Common Stock, par value $0.0001 per share and any other changes to the capitalization of Virtuoso
as provided for in the Transaction Agreement. All (i) issued and outstanding shares of the Virtuoso Class A Common Stock and Virtuoso
Class B Common Stock have been duly authorized and validly issued, are fully paid and are non-assessable and are not subject to preemptive
rights and (ii) outstanding warrants have been duly authorized and validly issued, are fully paid and are not subject to preemptive rights.
Except as set forth in the SEC Documents and the Transaction Agreement, there are no outstanding options, warrants or other rights to
subscribe for, purchase or acquire from Virtuoso any shares of Virtuoso Class A Common Stock, Class B Common Stock or other equity interests
in Virtuoso, or securities convertible into or exchangeable or exercisable for such equity interests. Virtuoso has no subsidiaries and
does not own, directly or indirectly, interests or investments (whether equity or debt) in any person, whether incorporated or unincorporated.
There are no shareholder agreements, voting trusts or other agreements or understandings to which Virtuoso is a party or by which it is
bound relating to the voting of any securities of Virtuoso, other than (A) as set forth in the SEC Documents and (B) as contemplated by
the Transaction Agreement. Except as disclosed in the SEC Documents, Virtuoso has no outstanding indebtedness and will not have any outstanding
long-term indebtedness as of the Closing Date.

 

j. Virtuoso
has not entered into any subscription agreement, side letter or other agreement with any Other Investor or any other investor in connection
with such Other Investor’s or investor’s direct or indirect investment in the Company other than (i) the Transaction Agreement
and (ii) the Other Subscription Agreements; provided, further, no Other Subscription Agreement includes terms and conditions that are
materially more advantageous to any such Other Investor than to the Investor hereunder. The Other Subscription Agreements have not been
amended or waived in any material respect following the date of this Subscription Agreement and reflect the same Share Purchase Price
and economic terms that are no more favorable to any such Other Investor thereunder than the economic terms of this Subscription Agreement.

 

k. Virtuoso is not
required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any
court or other federal, state, local or other governmental authority, self-regulatory organization or other person in connection
with the execution, delivery and performance by Virtuoso of this Subscription Agreement, other than: (i) filings required by
applicable federal and state securities laws; (ii) the filings required in accordance with Section 13 of this Subscription
Agreement; (iii) those required by Nasdaq, including with respect to obtaining approval of Virtuoso’s stockholders; and (iv)
any filing, the failure of which to obtain would not be reasonably expected to have, individually or in the aggregate, a Virtuoso
Material Adverse Effect.

 

l. Neither
Virtuoso nor any of its subsidiaries has taken any steps to seek protection pursuant to any law or statute relating to bankruptcy, insolvency,
reorganization, receivership, liquidation, administration or winding up or failed to pay its debts when due, nor does Virtuoso or any
of its subsidiaries have any knowledge or reason to believe that any of their respective creditors intend to initiate involuntary bankruptcy
proceedings or seek to commence an administration.

 

    5

     

    

 

m. Except
for discussions specifically regarding the offer and sale of the Shares, Virtuoso confirms that neither it nor any other person acting
on its behalf has provided the Investor or its agents or counsel with any information that constitutes or could reasonably be expected
to constitute material, non-public information concerning Virtuoso or any of its subsidiaries, other than with respect to the Transactions
and the transactions contemplated by this Subscription Agreement. Virtuoso understands and confirms that Investor will rely on the foregoing
representations in effecting transactions in securities of the Company. Except with respect to the Transactions and the transactions contemplated
by this Subscription Agreement and the Other Subscription Agreements, no event or circumstance has occurred which, under applicable law,
rule or regulation, requires public disclosure at or before the date hereof or announcement by Virtuoso but which has not been so publicly
disclosed, except that Virtuoso may have improperly accounted for its outstanding warrants as equity instruments and may be required to
restate its previously filed financial statements to reflect the classification of its outstanding warrants as liabilities for accounting
purposes.

 

n. None
of Virtuoso or any of its directors, officers employees, representatives, agents or any person acting on its or their behalf is: (i) a
person or entity named on the List of Specially Designated Nationals and Blocked Persons, the Executive Order 13599 List, the Foreign
Sanctions Evaders List, or the Sectoral Sanctions Identification List, each of which is administered by the U.S. Treasury Department’s
Office of Foreign Assets Control (“OFAC”), or any other Executive Order issued by the President of the United States and administered
by OFAC (collectively “OFAC Lists”); (ii) owned or controlled by, or acting on behalf of, a person, that is named on an OFAC
List; (iii) organized, incorporated, established, located, resident or born in, or a citizen, national, or the government, including any
political subdivision, agency, or instrumentality thereof, of, Cuba, Iran, North Korea, Syria, the Crimea region of Ukraine, or any other
country or territory embargoed or subject to substantial trade restrictions by the United States; or (iv) a Designated National as defined
in the Cuban Assets Control Regulations, 31 C.F.R. Part 515.

 

o. (i)
None of Virtuoso, or any of its directors, officers, employees, representatives, agents or any person acting on its or their behalf has
engaged in any activity or conduct that would violate any applicable anti-bribery, anti-corruption or anti-money laundering laws, regulations
or rules in any applicable jurisdiction (including the U.S. Foreign Corrupt Practices Act of 1977, as amended); (ii) Virtuoso has instituted
and maintains systems, policies and procedures designed to prevent violation of such laws, regulations and rules; and (iii) no action,
suit or proceeding by or before any court or governmental or regulatory agency, authority or body or any arbitrator having jurisdiction
over Virtuoso with respect to such laws, regulations and rules is pending and, to Virtuoso’s knowledge, no such actions, suits or
proceedings are threatened or contemplated.

 

6. Company
Representation and Warranties. The Company represents and warrants to the Investor that:

 

a. The
Company is validly existing and in good standing under the laws of Bermuda (by which we mean that the Company has paid all fees due to
the Bermuda Government which are currently required in order for the Company to maintain its existence in Bermuda), with corporate power
and authority to own, lease and operate its properties and conduct its business as presently conducted and to enter into, deliver and
perform its obligations under this Subscription Agreement.

 

b. As of the Closing Date,
the Shares will be duly authorized and, when issued and delivered to the Investor against full payment therefor in accordance with
the terms of this Subscription Agreement, the Shares will be validly issued, fully paid and non-assessable and will not have been
issued in violation of or subject to any preemptive or similar rights created under the Company’s certificate of incorporation
(as amended to the Closing Date).

 

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

 

    6

     

    

 

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

 

e. Neither
the Company, nor any person acting on its behalf has, directly or indirectly, made any offers or sales of any security of the Company
nor solicited any offers to buy any security under circumstances that would adversely affect reliance by the Company on Section 4(a)(2)
of the Securities Act for the exemption from registration for the transactions contemplated hereby or would require registration of the
issuance of the Shares under the Securities Act.

 

f. No
broker, finder or other financial consultant has acted on behalf of the Company in connection with this Subscription Agreement or the
transactions contemplated hereby in such a way as to create any liability on Investor.

 

g. There
are no securities or instruments issued by or to which the Company is a party containing anti-dilution or similar provisions that will
be triggered by the issuance of (i) the Shares or (ii) the Class A Common Stock to be issued pursuant to any Other Subscription Agreement,
that have not been or will not be validly waived on or prior to the Closing Date.

 

h. The
Company is not in default or violation (and no event has occurred which, with notice or the lapse of time or both, would constitute a
default or violation) of any term, condition or provision of (i) the organizational documents of the Company, (ii) any loan or credit
agreement, guarantee, note, bond, mortgage, indenture, lease or other agreement, permit, franchise or license to which the Company is
now a party or by which the Company’s properties or assets are bound or (iii) any statute or any judgment, order, rule or regulation
of any court or governmental agency or body, domestic or foreign, having jurisdiction over the Company or any of its properties, except,
in the case of clauses (ii) and (iii), for defaults or violations that have not had and would not reasonably be expected to have, individually
or in the aggregate, a Company Material Adverse Effect.

 

i. The Company has not
entered into any subscription agreement, side letter or other agreement with any Other Investor or any other investor in connection
with such Other Investor’s or investor’s direct or indirect investment in the Company other than (i) the Transaction
Agreement and (ii) the Other Subscription Agreements; provided, further, no Other Subscription Agreement includes terms and
conditions that are materially more advantageous to any such Other Investor than to the Investor hereunder. The Other Subscription
Agreements have not been amended or waived in any material respect following the date of this Subscription Agreement and reflect the
same Share Purchase Price and economic terms that are no more favorable to any such Other Investor thereunder than the economic
terms of this Subscription Agreement.

 

j. The
Company is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration
with, any court or other federal, state, local or other governmental authority, self-regulatory organization or other person in connection
with the execution, delivery and performance by the Company of this Subscription Agreement, other than: (i) filings required by applicable
federal and state securities laws; (ii) those required by Nasdaq, including with respect to obtaining approval of Company’s stockholders;
and (iii) any filing, the failure of which to obtain would not be reasonably likely to have, individually or in the aggregate, a Company
Material Adverse Effect.

 

    7

     

    

 

k. As
of the date of this Subscription Agreement and as of immediately prior to the Closing Date, the authorized capital stock of the Company
consists of 10 shares of Class A Common Stock, par value $1.00 per share, of which 10 shares are issued and outstanding, except that as
of immediately prior to the Closing Date such capitalization will also reflect any changes to the capitalization of the Company as provided
for in the Transaction Agreement and to reflect the transactions contemplated in this Subscription Agreement and the Other Subscription
Agreements. All (i) issued and outstanding shares of Class A Common Stock have been duly authorized and validly issued, are fully paid
and are non-assessable and are not subject to preemptive rights and (ii) outstanding warrants have been duly authorized and validly issued,
are fully paid and are not subject to preemptive rights. Except as set forth above and pursuant to the Other Subscription Agreements and
the Transaction Agreement (a true and correct copy of which has been provided to Investor), there are no outstanding options, warrants
or other rights to subscribe for, purchase or acquire from the Company any shares of Class A Common Stock or other equity interests in
the Company, or securities convertible into or exchangeable or exercisable for such equity interests. There are no shareholder agreements,
voting trusts or other agreements or understandings to which the Company is a party or by which it is bound relating to the voting of
any securities of the Company, other than as contemplated by the Transaction Agreement and the Transaction Agreements (as defined in the
Transaction Agreement).

 

l. Neither
the Company nor any of its subsidiaries has taken any steps to seek protection pursuant to any law or statute relating to bankruptcy,
insolvency, reorganization, receivership, liquidation, administration or winding up or failed to pay its debts when due, nor does the
Company or any of its subsidiaries have any knowledge or reason to believe that any of their respective creditors intend to initiate involuntary
bankruptcy proceedings or seek to commence an administration.

 

m. Except
for discussions specifically regarding the offer and sale of the Shares, the Company confirms that neither it nor any other person acting
on its behalf has provided the Investor or its agents or counsel with any information that constitutes or could reasonably be expected
to constitute material, non-public information concerning Company or any of its subsidiaries, other than with respect to the Transactions
and the transactions contemplated by this Subscription Agreement and with respect to any standing non-disclosure agreement that such Investor
may have with subsidiaries of the Company with respect to their prior existing business relationships, which such material non-public
information will remain subject to such agreements. The Company understands and confirms that Investor will rely on the foregoing representations
in effecting transactions in securities of the Company. Except with respect to the Transactions and the transactions contemplated by this
Subscription Agreement and the Other Subscription Agreements, no event or circumstance has occurred which, under applicable law, rule
or regulation, requires public disclosure at or before the date hereof or announcement by the Company but which has not been so publicly
disclosed.

 

n. None of the Company or
any of its directors, officers employees, representatives, agents or any person acting on its or their behalf is: (i) a person or
entity named on the List of Specially Designated Nationals and Blocked Persons, the Executive Order 13599 List, the Foreign
Sanctions Evaders List, or the Sectoral Sanctions Identification List, each of which is administered by the U.S. Treasury
Department’s Office of Foreign Assets Control (“OFAC”), or any other Executive Order issued by the President of
the United States and administered by OFAC (collectively “OFAC Lists”); (ii) owned or controlled by, or acting on behalf
of, a person, that is named on an OFAC List; (iii) organized, incorporated, established, located, resident or born in, or a citizen,
national, or the government, including any political subdivision, agency, or instrumentality thereof, of, Cuba, Iran, North Korea,
Syria, the Crimea region of Ukraine, or any other country or territory embargoed or subject to substantial trade restrictions by the
United States; or (iv) a Designated National as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515.

 

o. (i)
None of the Company, or any of its directors, officers, employees, representatives, agents or any person acting on its or their behalf
has engaged in any activity or conduct that would violate any applicable anti bribery, anti-corruption or anti-money laundering laws,
regulations or rules in any applicable jurisdiction (including the U.S. Foreign Corrupt Practices Act of 1977, as amended); (ii) as of
the Closing Date, the Company has instituted and maintains policies requiring continued compliance with such laws, regulations or rules
and (iii) no action, suit or proceeding by or before any court or governmental or regulatory agency, authority or body or any arbitrator
having jurisdiction over the Company with respect to such laws, regulations and rules is pending and, to the Company’s knowledge,
no such actions, suits or proceedings are threatened or contemplated.

 

    8

     

    

 

p. No
disqualifying event described in Rule 506(d)(1)(i)-(viii) under the Securities Act (a “Disqualification Event”) is applicable
to the Company or, to the Company’s knowledge, any Company Covered Person (as defined below), except for a Disqualification Event
as to which Rule 506(d)(2)(ii)-(iv) or (d)(3) under the Securities Act is applicable. The Company has complied, to the extent applicable,
with any disclosure obligations under Rule 506(e) under the Securities Act. “Company Covered Person” means, with respect to
the Company as an “issuer” for purposes of Rule 506 under the Securities Act, any person listed in the first paragraph of
Rule 506(d)(1) under the Securities Act. Neither the Company nor any person acting on its behalf has engaged or will engage in any form
of general solicitation or general advertising (within the meaning of Regulation D of the Securities Act) in connection with any offer
or sale of the Shares, except that, pursuant to the Transaction Agreement the Class A Common Stock will be offered to existing Virtuoso
shareholders as consideration for the Merger.

 

q. The
Company is not, and immediately after receipt of payment for the Shares will not be, an “investment company” within the meaning
of the Investment Company Act of 1940, as amended.

 

r. Neither
the Company, its subsidiaries or any of their affiliates, nor any person acting on their behalf will, directly or indirectly, use the
proceeds of the sale of the Shares, or lend, contribute or otherwise make available such proceeds to a subsidiary, joint venture partner
or other person or entity that is a Prohibited Investor.

 

7. Investor Representations
and Warranties. The Investor represents and warrants to Virtuoso and the Company that:

 

a. The
execution, delivery and performance by Investor of this Subscription Agreement and the consummation of the transactions contemplated herein
do not and will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default
under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of Investor or any
of its subsidiaries pursuant to the terms of any indenture, mortgage, charge, deed of trust, loan agreement, lease, license or other agreement
or instrument to which Investor or any of its subsidiaries is a party or by which Investor or any of its subsidiaries is bound or to which
any of the property or assets of Investor or any of its subsidiaries is subject, which would reasonably be expected to have a material
adverse effect on the legal authority of Investor to enter into and timely perform its obligations under this Subscription Agreement (an
“Investor Material Adverse Effect”), (ii) if Investor is not an individual, result in any violation of the provisions
of the organizational documents of Investor or any of its subsidiaries or (iii) result in any violation of any statute or any judgment,
order, rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction over Investor or any of
its subsidiaries or any of their respective properties that would reasonably be expected to have an Investor Material Adverse Effect.

 

b. The Investor (i) is (a)
a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act) or an “accredited
investor” (within the meaning of Rule 501(a) under the Securities Act), (b) an Institutional Account as defined in FINRA Rule
4512(c) or (c) a sophisticated institutional investor, experienced in investing in transactions of the type contemplated by this
Subscription Agreement and capable of evaluating investment risks independently, both in general and with regard to all transactions
and investment strategies involving a security or securities, including Investor’s participation in the purchase of the
Shares, in each case, satisfying the applicable requirements set forth on Schedule A, (ii) is acquiring the Shares only for
his, her or its own account and not for the account of others, or if the Investor is subscribing for the Shares as a fiduciary or
agent for one or more investor accounts, the Investor has full investment discretion with respect to each such account, and the full
power and authority to make the acknowledgements, representations and agreements herein on behalf of each owner of each such
account, and (iii) is not acquiring the Shares with a view to, or for offer or sale in connection with, any distribution thereof in
violation of the Securities Act (and shall provide the requested information on Schedule A). The Investor is not an entity
formed for the specific purpose of acquiring the Shares.

 

    9

     

    

 

c. The
Investor understands that the Shares are being offered in a transaction not involving any public offering within the meaning of the Securities
Act and that the Shares have not been registered under the Securities Act and that the Company is not required to register the Shares
except as set forth in Section 8 of this Subscription Agreement. The Investor understands that the Shares 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 or (iii) pursuant to another applicable exemption from the registration requirements
of the Securities Act, and in each case in accordance with any applicable securities laws of the states and other jurisdictions of the
United States and other applicable jurisdictions, and that any certificates or book entry positions representing the Shares shall contain
a restrictive legend to such effect (provided that such legends will be eligible for removal upon compliance with the relevant resale
provisions of Rule 144); as a result the Investor may not be able to readily resell the Shares and may be required to bear the financial
risk of an investment in the Shares for an indefinite period of time. The Investor acknowledges that the Shares will not immediately be
eligible for resale pursuant to Rule 144 promulgated under the Securities Act, and that the provisions of Rule 144(i) will apply to the
Shares. The Investor understands that it has been advised to consult legal, tax and accounting counsel prior to making any offer, resale,
pledge or transfer of any of the Shares. Investor has determined based on its own independent review and such professional advice as it
deems appropriate that its purchase of the Shares are a suitable investment for Investor, notwithstanding the substantial risks inherent
in investing in or holding the Shares.

 

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

 

e. If the Investor
is an employee benefit plan that is subject to Title I of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”),
the Investor’s acquisition and holding of the Shares will not constitute or result in a non-exempt prohibited transaction under
Section 406 of the Employee Retirement Income Security Act of 1974, as amended, Section 4975 of the Internal Revenue Code of 1986, as
amended, or any applicable similar law.

 

f. In
making its decision to purchase the Shares, Investor represents that it has relied solely upon independent investigation made by Investor,
the investor presentation to be filed by Virtuoso as an exhibit to its Current Report on Form 8-K filed pursuant to Section 13 below and
the representations, warranties and covenants of the Company and Virtuoso contained in this Subscription Agreement. Without limiting the
generality of the foregoing, Investor has not relied on any statements or other information provided by anyone (including the Placement
Agents (as defined below)), other than the Company and Virtuoso and their respective representatives concerning the Company or Virtuoso
or the Shares or the offer and sale of the Shares. Investor acknowledges and agrees that Investor has received such information as Investor
deems necessary in order to make an investment decision with respect to the Shares, including with respect to the Company, Wejo, Virtuoso
and the Transactions. Investor represents and agrees that Investor and Investor’s professional advisor(s), if any, have (i) received,
reviewed and understood the offering materials made available to Investor and (ii) had the full opportunity to ask such questions, receive
such answers and obtain such information as Investor and such Investor’s professional advisor(s), if any, have deemed necessary
to make an investment decision with respect to the Shares. Investor represents and warrants it is relying exclusively on its own sources
of information, investment analysis and due diligence (including professional advice it deems appropriate) with respect to the Transactions,
the Shares and the business condition (financial or otherwise), management, operations, properties and prospects of the Company, Wejo,
and Virtuoso, including but not limited to all business, legal, regulatory, accounting, credit and tax matters.

 

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

 

    10

     

    

 

h. The
Investor acknowledges that it is aware that there are substantial risks incident to the purchase and ownership of the Shares, including
those set forth in the Company’s filings with the SEC. The Investor has such knowledge and experience in financial and business
matters as to be capable of evaluating the merits and risks of an investment in the Shares, and the Investor has sought such accounting,
legal and tax advice as the Investor has considered necessary to make an informed investment decision. The Investor acknowledges that
it shall be responsible for any of its tax liabilities that may arise as a result of the transactions contemplated by this Subscription
Agreement, and that none of the Company, Virtuoso or Wejo have provided any tax advice or any other representation or guarantee regarding
the tax consequences of the transactions contemplated by the Subscription Agreement.

 

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

 

j. In
making its decision to purchase the Shares, the Investor has relied solely upon independent investigation made by the Investor. Without
limiting the generality of the foregoing, the Investor has not relied on any statements or other information provided by or on behalf
of the Placement Agents or any of their affiliates or any of its or their control persons, officers, directors, employees or representatives
concerning the Company, Virtuoso, Wejo, the Transaction, the Transaction Agreement, the Subscription Agreement or the transactions contemplated
hereby or thereby, the Shares or the offer and sale of the Shares.

 

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

 

l. If
Investor is not an individual, the Investor has been duly formed or incorporated and is validly existing in good standing under the laws
of its jurisdiction of incorporation or formation, with power and authority to enter into, deliver and perform its obligations under this
Subscription Agreement. If Investor is an individual, Investor has the authority to enter into, deliver and perform its obligations under
this Subscription Agreement.

 

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

 

    11

     

    

 

n. Neither
the Investor nor, as applicable, any of its officers, directors, managers, managing members, general partners or any other person acting
in a similar capacity or carrying out a similar function, is (i) a person named on the Specially Designated Nationals and Blocked
Persons List, the Foreign Sanctions Evaders List, the Sectoral Sanctions Identification List, or any other similar list of sanctioned
persons administered by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”),
or any similar list of sanctioned persons administered by the European Union or any individual European Union member state, or the United
Kingdom (collectively, “Sanctions Lists”); (ii) directly or indirectly
owned or controlled by, or acting on behalf of, one or more persons on a Sanctions List; (iii) organized, incorporated, established,
located, resident or born in, or a citizen, national, or the government, including any political subdivision, agency, or instrumentality
thereof, of, Cuba, Iran, North Korea, Syria, Venezuela, the Crimea region of Ukraine, or any other country or territory embargoed or subject
to substantial trade restrictions by the United States, the European Union or any individual European Union member state, or the United
Kingdom; (iv) a Designated National as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515; or (v) a non-U.S.
shell bank or providing banking services indirectly to a non-U.S. shell bank (collectively, a “Prohibited
Investor”). The Investor represents that if it is a financial institution subject to the Bank Secrecy Act (31 U.S.C.
Section 5311 et seq.) (the “BSA”), as amended by the USA PATRIOT Act
of 2001 (the “PATRIOT Act”), and its implementing regulations (collectively,
the “BSA/PATRIOT Act”), that the Investor maintains policies and procedures
reasonably designed to comply with applicable obligations under the BSA/PATRIOT Act. The Investor also represents that, to the extent
applicable, the Investor maintains policies and procedures reasonably designed to ensure compliance with sanctions administered by the
United States, the European Union, or any individual European Union member state, or the United Kingdom. To the extent required by applicable
law, the Investor maintains policies and procedures reasonably designed to ensure that the funds held by the Investor and used to purchase
the Shares were legally derived.

 

o. No
disclosure or offering document has been prepared by Moelis & Company LLC, Cohen & Company Inc. and The Growth Stage Inc. or any
of their respective affiliates (the “Placement Agents”) in connection with
the offer and sale of the Shares.

 

p. The
Investor understands that Placement Agents and each of their directors, officers, employees, representatives and controlling persons have
made no independent investigation with respect to the Company or the Shares or the accuracy, completeness or adequacy of any information
supplied to the Investor by the Company.

 

q. In
connection with the issue and purchase of the Shares, the Placement Agents have not acted as the Investor’s financial advisor or
fiduciary. The Investor hereby waives and releases, to the fullest extent permitted by law, any claims that it may have against the Placement
Agents with respect to any breach or alleged breach of any fiduciary or similar duty to the Investor in connection with the transactions
contemplated by this Subscription Agreement or any matters leading up to such transactions.

 

r. The
Investor has or has commitments to have, and at the Closing will have, sufficient funds to pay the Subscription Amount and consummate
the purchase and sale of the Shares when required pursuant to this Subscription Agreement.

 

s. The
Investor’s domicile and principal place of business are as set forth on the signature page to this Subscription Agreement and such
jurisdictions are the only jurisdictions in which an offer to sell, or the solicitation of an offer to buy, the Shares was made to the
Investor.

 

t. Neither
the Investor nor its affiliates or any of their respective officers or directors have employed any broker or finder or incurred any liability
for any financial advisory fees, brokerage fees, commissions or finder’s fees, and no broker or finder has acted directly or indirectly
for the Investor, in connection with this Subscription Agreement or the transactions contemplated hereby.

 

u. As
of the Transaction Closing Date, Investor has not entered into a binding commitment, and does not have any plan or intention, to sell,
transfer or otherwise dispose of any Shares.

 

    12

     

    

 

8. Registration Rights.

 

The Company agrees that, within fifteen (15) business
days after the consummation of the Transaction, it will file with the SEC (at the its sole cost and expense) a registration statement
registering the resale (the “Registration Statement”) of the Shares acquired
by the Investor pursuant to this Agreement (the “Registrable Shares”), and it shall use its commercially reasonable
efforts to have the Registration Statement declared effective as soon as practicable after the filing thereof,
but no later than the earlier of (i) sixty (60) calendar days after the filing
thereof (or, in the event the SEC reviews and has written comments to the Registration Statement, the ninetieth (90h)
calendar day following the filing thereof) and (ii) the tenth (10th)
business day after the date the Company is notified (orally or in writing, whichever is earlier) by the SEC that the Registration Statement
will not be “reviewed” or will not be subject to further review ((i) and (ii) collectively, the “Effectiveness Deadline”);
provided, that if such falls on a Saturday, Sunday or other day that the SEC is closed for business, the Effectiveness Deadline
shall be extended to the next Business Day on which the SEC is open for business. In connection with the foregoing and with all transactions
contemplated by this Subscription Agreement, the Investor shall not be required to execute any lock-up or similar agreement with respect
to the Shares. The Company agrees to cause such Registration Statement, or another shelf registration statement (if so then eligible to
file such a shelf registration statement) that includes the Shares to be sold pursuant to this Subscription Agreement, to remain effective
until the earliest of (i) the fourth anniversary of the Closing, (ii) the date on which the Investor ceases to hold any Shares issued
pursuant to this Subscription Agreement or (iii) on the first date on which the Investor may sell all of its Shares issued pursuant to
this Subscription Agreement (or shares received in exchange therefor) under Rule 144 of the Securities Act (“Rule 144”) within
90 days, including, without limitation any restrictions as to the amount of such securities that may be sold and any volume or manner-of-sale
restrictions under Rule 144. The Investor agrees to disclose its ownership to the Company upon request to assist it in making the determination
described above. The Investor agrees that the Company may suspend the use of any such registration statement, for a continuous period
of up to 60 days not more than twice in any 12-month period, if it determines that in order for such registration statement not to contain
a material misstatement or omission, an amendment thereto would be needed to include information that would at that time not otherwise
be required in a current, quarterly, or annual report under the Exchange Act. The Company’s obligations to include the Shares issued
pursuant to this Subscription Agreement (or shares issued in exchange therefor) for resale in the Registration Statement are contingent
upon the Investor furnishing in writing to the Company such information regarding the Investor, the securities of the Company held by
the Investor and the intended method of disposition of such Shares as shall be reasonably requested by the Company, at least five (5)
business days prior to the anticipated filing date of the Registration Statement to effect the registration of such Shares, and the execution
of such documents in connection with such registration as the Company may reasonably request that are customary of a selling stockholder
in similar situations.

 

a. The
Company will provide a draft of the Registration Statement to the Investor for review at least three (3) business days in advance of filing
the Registration Statement. In no event shall the Investor be identified as a statutory underwriter in the Registration Statement unless
in response to a comment or request from the staff of the SEC or another regulatory agency; provided, however, that if the SEC requests
that the Investor be identified as a statutory underwriter in the Registration Statement, the Investor will have an opportunity to withdraw
from the Registration Statement.

 

b. If
the SEC prevents the Company from including any or all of the Shares proposed to be registered for resale under the Registration Statement
due to limitations on the use of Rule 415 of the Securities Act for the resale of the Shares by the applicable shareholders or otherwise,
(i) such Registration Statement shall register for resale such number of Shares which is equal to the maximum number of Shares as is permitted
by the SEC and (ii) the number of Shares to be registered for each selling shareholder named in the Registration Statement shall be reduced
pro rata among all such selling shareholders.

 

c. In
the case of the registration, qualification, exemption or compliance effected by the Company pursuant to this Subscription Agreement,
the Company shall, upon reasonable request, inform Investor as to the status of such registration, qualification, exemption and compliance.
At its expense the Company shall:

 

(i) except
for such times as the Company is permitted hereunder to suspend the use of the prospectus forming part of a Registration Statement, use
its commercially reasonable efforts to keep such registration, and any qualification, exemption or compliance under state securities laws
which the Company determines to obtain, continuously effective with respect to Investor, and to keep the applicable Registration Statement
or any subsequent shelf registration statement free of any material misstatements or omissions, for as long as Investor continues to hold
Registrable Shares.

 

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(ii) advise
Investor within three Business Days:

 

(1) when
a Registration Statement or any amendment thereto has been filed with the SEC and when such Registration Statement or any post-effective
amendment thereto has become effective;

 

(2) of
the issuance by the SEC of any stop order or other matter causing the suspension of the effectiveness of any Registration Statement or
the initiation of any proceedings for such purpose;

 

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

 

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

 

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

 

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

 

(iv) upon
the occurrence of any event contemplated in Section 8(c)(ii)(4), except for such times as the Company is permitted hereunder to suspend,
and has suspended, the use of a prospectus forming part of a Registration Statement, the Company 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 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;

 

(v) use
its commercially reasonable efforts to cause all Shares to be listed on the primary securities exchange or market, if any, on which the
shares issued by the Company have been listed; and

 

(vi) use
its commercially reasonable efforts to take all other steps necessary to effect the registration of the Shares contemplated hereby and
to enable Investor to sell the Shares under Rule 144.

 

d. In addition, in
connection with any sale, assignment, transfer or other disposition of the Shares by the Investor pursuant to Rule 144 or pursuant
to any other exemption under the Securities Act such that the Shares held by the Investor become freely tradable and upon compliance
by the Investor with the requirements of this Subscription Agreement, if requested by the Investor, the Company shall cause the
transfer agent for the Shares (the “Transfer Agent”) to remove any restrictive legends related to the book entry
account holding such Shares and make a new, unlegended entry for such book entry Shares sold or disposed of without restrictive
legends within five (5) trading days of any such request therefor from the Investor, provided that the Company and the Transfer
Agent have timely received from the Investor customary representations and other documentation reasonably acceptable to the Company
and the Transfer Agent in connection therewith. Subject to receipt from the Investor by the Company and the Transfer Agent of
customary representations and other documentation reasonably acceptable to the Company and the Transfer Agent in connection
therewith, including, if required by the Transfer Agent or the Company, an opinion of Investor’s counsel, in a form reasonably
acceptable to the Transfer Agent and the Company, to the effect that the removal of such restrictive legends in such circumstances
may be effected under the Securities Act, the Investor may request that the Company remove any legend from the book entry position
evidencing its Shares following the earlier of such time as such Shares (i) (x) are subject to or (y) have been or are about to be
sold or transferred pursuant to an effective registration statement, (ii) have been or are about to be sold pursuant to Rule 144 or
(iii) are eligible for resale under Rule 144(b)(1) or any successor provision without the requirement for the Company to be in
compliance with the current public information requirement under Rule 144 and without volume or manner-of-sale restrictions
applicable to the sale or transfer of such Shares. If restrictive legends are no longer required for such Shares pursuant to the
foregoing, the Company shall, in accordance with the provisions of this Section 8(d) and within five (5) trading days of any request
therefor from the Investor accompanied by such customary and reasonably acceptable representations and other documentation referred
to above establishing that restrictive legends are no longer required, deliver to the Transfer Agent irrevocable instructions that
the Transfer Agent shall make a new, unlegended entry for such book entry Shares. The Company shall be responsible for the fees of
the Transfer Agent and all DTC fees associated with such issuance. The Company shall provide a personal contact at the
Company’s transfer agent and shall use its commercially reasonable efforts to cause the transfer agent to respond promptly to
legend removal requests made pursuant to Section 8(d).

 

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e. Indemnification.

 

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

 

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

 

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

 

    15

     

    

 

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

 

(v) If
the indemnification provided under this Section 8(f) from the indemnifying party is unavailable or insufficient to hold harmless an indemnified
party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the indemnifying party, in lieu of
indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified party as a result of such losses,
claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying party
and the indemnified party, as well as any other relevant equitable considerations; provided, however, that each indemnifying
party’s obligation to make a contribution pursuant to this Section 8(f)(v) shall be individual and not joint and several, and that
the liability of the Investor shall be limited to the net proceeds received by such Investor from the sale of Registrable Shares giving
rise to such indemnification obligation. The relative fault of the indemnifying party and indemnified party shall be determined by reference
to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission
or alleged omission to state a material fact, was made by (or not made by, in the case of an omission), or relates to information supplied
by (or not supplied by, in the case of an omission), such indemnifying party or indemnified party, and the indemnifying party’s
and indemnified party’s relative intent, knowledge, access to information and opportunity to correct or prevent such action. The
amount paid or payable by a party as a result of the losses or other liabilities referred to above shall be deemed to include, subject
to the limitations set forth in Sections 8(f)(i), (ii) and (iii) above, any legal or other fees, charges or expenses reasonably incurred
by such party in connection with any investigation or proceeding. No person guilty of fraudulent misrepresentation (within the meaning
of Section 11(f) of the Securities Act) shall be entitled to contribution pursuant to this Section 8(f)(v) from any person or entity who
was not guilty of such fraudulent misrepresentation.

 

9. Termination.
This Subscription Agreement shall terminate and be void and of no further force and effect, and all rights and obligations of the parties
hereunder shall terminate without any further liability on the part of any party in respect thereof, upon the earlier to occur of (a)
such date and time as the Transaction Agreement is terminated in accordance with its terms, (b) upon the mutual written agreement of
each of the parties hereto to terminate this Subscription Agreement, (c) the Company’s notification to the Investor in writing
that it has abandoned its plans to move forward with the Transactions and terminates the Investor’s obligations with respect to
the subscription without the delivery of the Shares having occurred, (d) if conditions to Closing set forth in Section 3 are not satisfied
at, or are not capable of being satisfied on or prior to, the Closing and, as a result thereof, the transactions contemplated by this
Subscription Agreement will not be or are not consummated at the Closing, or (e) March 31, 2022 (the “Termination Date”),
if the Closing has not occurred by such date; provided that nothing herein will relieve any party from liability for any willful breach
hereof prior to the time of termination, and each party will be entitled to any remedies at law or in equity to recover losses, liabilities
or damages arising from any such breach. The Company shall notify the Investor of the termination of the Transaction Agreement promptly
after the termination of such agreement.

 

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10. Trust Account Waiver.
The Investor acknowledges that Virtuoso is a blank check company with the powers and privileges to effect a merger, asset acquisition,
reorganization or similar business combination involving Virtuoso and one or more businesses or assets. The Investor further acknowledges
that, as described in Virtuoso’s prospectus relating to its initial public offering dated December 28, 2020 (the “2020
Prospectus”) available at www.sec.gov, substantially all of Virtuoso’s assets
consist of the cash proceeds of Virtuoso’s initial public offering and private placement of its securities, and substantially all
of those proceeds have been deposited in a trust account (the “Trust Account”)
for the benefit of Virtuoso, its public shareholders and the underwriter of Virtuoso’s initial public offering. Except with respect
to interest earned on the funds held in the Trust Account that may be released to Virtuoso to pay its tax obligations, if any, the cash
in the Trust Account may be disbursed only for the purposes set forth in the 2020 Prospectus. For and in consideration of Virtuoso entering
into this Subscription Agreement, the receipt and sufficiency of which are hereby acknowledged, the Investor hereby irrevocably waives
any and all right, title and interest, or any claim of any kind it has or may have in the future, in or to any monies held in the Trust
Account, and agrees not to seek recourse against the Trust Account as a result of, or arising out of, this Subscription Agreement; provided
however, that nothing in this Section 10 shall (x) serve to limit or prohibit the Investor’s right to pursue a claim against Virtuoso
for legal relief against assets held outside the Trust Account, for specific performance or other equitable relief, (y) serve to limit
or prohibit any claims that the Investor may have in the future against Virtuoso’s assets or funds that are not held in the Trust
Account (including any funds that have been released from the Trust Account and any assets that have been purchased or acquired with
any such funds).

 

11. Miscellaneous.

 

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

 

b. The
Company may request from the Investor such additional information as the Company may deem necessary to evaluate the eligibility of the
Investor to acquire the Shares, and the Investor shall provide such information as may reasonably be requested. The Investor acknowledges
that the Company may file a copy of this Subscription Agreement with the SEC as an exhibit to a periodic report or registration statement
of the Company.

 

c. Each
party hereto acknowledges that the other parties hereto and others will rely on the acknowledgments, understandings, agreements, representations
and warranties made by such party and contained in this Subscription Agreement. Prior to the Closing, each party hereto agrees to promptly
notify the other parties hereto if any of the acknowledgments, understandings, agreements, representations and warranties set forth herein
with respect to it are no longer accurate in any material respect (other than those acknowledgments, understandings, agreements, representations
and warranties qualified by materiality, in which case such party shall notify such other parties if they are no longer accurate in all
respects).

 

d. The
Company, Virtuoso, Wejo, the Investor and the Placement Agents are each entitled to rely upon this Subscription Agreement and each is
irrevocably authorized to produce this Subscription Agreement or a copy hereof to any interested party in any administrative or legal
proceeding or official inquiry with respect to the matters covered hereby, provided, however, that the foregoing clause of this Section
11(d) shall not give the Placement Agents any rights other than those expressly set forth herein.

 

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

 

f. This
Subscription Agreement may not be modified, waived or terminated (other than pursuant to the terms of Section 9 above) except by an instrument
in writing, signed by each of the parties hereto; provided, however, that the closing condition pursuant to Section 3(a)(vi) of this Subscription
Agreement and the Other Subscription Agreements may be waived or amended by the Investor or Other Investors representing in the aggregate
at least 75% of the Total Subscribed Amount and the approval of such waiver and or amendment by the Company and Virtuoso. No failure or
delay of either party in exercising any right or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise
of any such right or power, or any abandonment or discontinuance of steps to enforce such right or power, or any course of conduct, preclude
any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the parties hereunder are
cumulative and are not exclusive of any rights or remedies that they would otherwise have hereunder.

 

g. The
Investor does not have, as of the date hereof, any “put equivalent position” as such term is defined in Rule 16a-1 under the
Exchange Act or short sale positions with respect to the securities of the Company. Notwithstanding the foregoing, in the case of an Investor
that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such Investor’s assets
and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing other portions
of such Investor’s assets, the representation set forth in this Section 11(g) shall only apply with respect to the portion of assets
managed by the portfolio manager that made the investment decision to purchase the Shares covered by this Subscription Agreement.

 

h. This
Subscription Agreement (including the schedule hereto) constitutes the entire agreement, and supersedes all other prior agreements, understandings,
representations and warranties, both written and oral, among the parties, with respect to the subject matter hereof. Except as set forth
in Section 11(c) with respect to the persons referenced therein, this Subscription Agreement shall not confer any rights or remedies upon
any person other than the parties hereto and their respective successor and assigns.

 

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

 

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

 

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

 

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

 

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m. THE
PARTIES HERETO IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK
AND THE SUPREME COURT OF THE STATE OF NEW YORK SOLELY IN RESPECT OF THE INTERPRETATION AND ENFORCEMENT OF THE PROVISIONS OF THIS SUBSCRIPTION
AGREEMENT AND THE DOCUMENTS REFERRED TO IN THIS SUBSCRIPTION AGREEMENT AND IN RESPECT OF THE TRANSACTIONS CONTEMPLATED HEREBY, AND HEREBY
WAIVE, AND AGREE NOT TO ASSERT, AS A DEFENSE IN ANY ACTION, SUIT OR PROCEEDING FOR INTERPRETATION OR ENFORCEMENT HEREOF OR ANY SUCH DOCUMENT
THAT IS NOT SUBJECT THERETO OR THAT SUCH ACTION, SUIT OR PROCEEDING MAY NOT BE BROUGHT OR IS NOT MAINTAINABLE IN SAID COURTS OR THAT VENUE
THEREOF MAY NOT BE APPROPRIATE OR THAT THIS SUBSCRIPTION AGREEMENT OR ANY SUCH DOCUMENT MAY NOT BE ENFORCED IN OR BY SUCH COURTS, AND
THE PARTIES HERETO IRREVOCABLY AGREE THAT ALL CLAIMS WITH RESPECT TO SUCH ACTION, SUIT OR PROCEEDING SHALL BE HEARD AND DETERMINED BY
SUCH A NEW YORK STATE OR FEDERAL COURT. THE PARTIES HEREBY CONSENT TO AND GRANT ANY SUCH COURT JURISDICTION OVER THE PERSON OF SUCH PARTIES
AND OVER THE SUBJECT MATTER OF SUCH DISPUTE AND AGREE THAT MAILING OF PROCESS OR OTHER PAPERS IN CONNECTION WITH SUCH ACTION, SUIT OR
PROCEEDING IN THE MANNER PROVIDED IN THIS SECTION 11(m) OF THIS SUBSCRIPTION AGREEMENT OR IN SUCH OTHER MANNER AS MAY BE PERMITTED BY
LAW SHALL BE VALID AND SUFFICIENT SERVICE THEREOF. THIS SUBSCRIPTION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS THAT WOULD OTHERWISE REQUIRED THE APPLICATION
OF THE LAW OF ANY OTHER STATE.

 

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

 

12. Non-Reliance and
Exculpation. The Investor acknowledges that it is not relying upon, and has not relied upon, any statement, representation or
warranty made by any person, firm or corporation (including, without limitation, the Placement
Agents, any of their affiliates or any of its or their control persons, officers, directors, partners employees, agents or
representatives of any of the foregoing), other than the statements, representations and warranties of Virtuoso and the Company
expressly contained in Sections 5 and 6, respectively, of this Subscription Agreement, in making its investment or decision to
invest in the Company. The Investor acknowledges and agrees that (i) no other investor pursuant to this Subscription Agreement or
any other agreement related to the private placement of shares of the Company’s capital stock (including the respective
controlling persons, officers, directors, partners, employees, agents or representatives of any investor), (ii) the
Placement Agents, their affiliates or any of its or their control persons, officers, directors, partners, employees, agents
or representatives of any of the foregoing or (iii) any other party to the Transaction Agreement, including any such party’s
representatives, affiliates or any of its or their control persons, officers, directors,
partners, employees or agents, that is not a party hereto shall be liable to the Investor, or to any other investor, pursuant
to this Subscription Agreement or any other agreement related to the private placement of shares of the Company’s capital
stock for any action heretofore or hereafter taken or omitted to be taken by any of them in connection with the purchase of the
Shares hereunder or with respect to any claim (whether in tort, contract or otherwise) for breach of this Subscription Agreement or
in respect of any written or oral representations made or alleged to be made in connection herewith, as expressly provided herein,
or for any actual or alleged inaccuracies, misstatements or omissions with respect to any information or materials of any kind
furnished by Virtuoso, the Company, Wejo, the Placement Agents or any Non-Party Affiliate concerning Virtuoso, the Company, Wejo,
the Placement Agents, any of their controlled affiliates, this Subscription Agreement or the transactions contemplated hereby. For
purposes of this Subscription Agreement, “Non-Party Affiliates” means each former, current or future officer, director,
employee, partner, member, manager, direct or indirect equityholder or affiliate of Virtuoso, the Company, Wejo, any Placement
Agents or any of Virtuoso’s, the Company’s or any Placement Agent’s controlled affiliates or any family member of
the foregoing.

 

    19

     

    

 

13. Press
Releases. Virtuoso shall, by 9:00 a.m., New York City time, on the first business day immediately following the date of this Subscription
Agreement, issue one or more press releases or furnish or file with the SEC a Current Report on Form 8-K (collectively, the “Disclosure
Document”) disclosing, to the extent not previously publicly disclosed, the transactions contemplated by this Subscription Agreement,
all material terms of the Transactions and any other material, non-public information that Virtuoso has provided to the Investor at any
time prior to the filing of the Disclosure Document. From and after the disclosure of the Disclosure Document, to the knowledge of Virtuoso
and the Company, the Investors shall not be in possession of any material, non-public information received from Virtuoso, the Company
or Wejo or any of its officers, directors or employees, except for any such Investor who has a confidentiality agreement in effect with
respect to information not otherwise provided in the Disclosure Document. All press releases or other public communications relating to
the transactions contemplated hereby between Virtuoso, the Company and the Investor, and the method of the release for publication thereof,
shall prior to the Closing be subject to the prior approval of (i) Virtuoso, (ii) the Company and (ii) to the extent such press release
or public communication references the Investor or its affiliates or investment advisers by name, the Investor; provided, that neither
the Company nor the Investor shall be required to obtain consent pursuant to this Section 13 to the extent any proposed release or
statement is substantially equivalent to the information that has previously been made public without breach of the obligation under this
Section 13. The restriction in this Section 13 shall not apply to the extent the public announcement is required by applicable
securities law, any governmental authority or stock exchange rule; provided, that in such an event, the applicable party shall use its
commercially reasonable efforts to consult with the other party in advance as to its form, content and timing.

 

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

 

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

 

If to the Company or Virtuoso, to:

 

Virtuoso Acquisition Corp.

180 Post Road East, Suite 201

Westport, CT 06880

	Attention:	Jeffrey Warshaw
	Email:	jeff@virtuosoacquisition.com

 

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

 

Arnold & Porter Kaye Scholer LLP

250 W. 55th Street

New York, New York 10019

	Attention:	Lowell Dashefsky
		Jonathan Levine
		Christopher Peterson
	Email:	lowell.dashefsky@arnoldporter.com
	 	jonathan.levine@arnoldporter.com
	 	christopher.peterson@arnoldporter.com

 

    20

     

    

 

and

 

Wejo Limited

ABC Building

21-23 Quay Street

Manchester M3 4AE

Attn: Mina Bhama

E-mail: mina.bhama@wejo.com

 

with a copy (which shall not constitute notice) to:

 

Weil, Gotshal & Manges LLP

767 Fifth Avenue

New York, NY 10153

Attn: Jackie Cohen

James Harvey

E-mail: Jackie.cohen@weil.com

James.harvey@weil.com

 

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

 

[SIGNATURE PAGES FOLLOW]

 

    21

     

    

 

Confidential

 

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

 

	
    Name of Investor:
	 	State/Country of Formation or Domicile:
	 	 	 
	By:	                       	 	 
	Name:	 	 	 
	Title:	 	 	 
	 	 	 	 
	Name in which Shares are to be registered (if different):	 	Date: ________, 2020
	 	 	 
	Investor’s EIN:	 	 
	 	 	 
	Business Address-Street:	 	Mailing Address-Street (if different):
	 	 	 
	City, State, Zip:	 	City, State, Zip:
	 	 	 
	Attn:	 	 	Attn:	               
	 	 	 
	Telephone No.:	 	Telephone No.:
	Facsimile No.:	 	Facsimile No.:
	 	 	 
	Number of Shares subscribed for:	 	 
	 	 	 
	Aggregate Subscription Amount: $	 	Price Per Share: $10.00

 

You must pay the Subscription
Amount by wire transfer of United States dollars in immediately available funds to the account specified by Virtuoso in the Closing Notice).
To the extent the offering is oversubscribed, the number of Shares received may be less than the number of Shares subscribed for.

 

    22

     

    

 

Confidential

 

IN WITNESS WHEREOF, Virtuoso
Acquisition Corp. and the Company have accepted this Subscription Agreement as of the date set forth below.

 

	 	VIRTUOSO ACQUISITION CORP.
	 	 
	 	By:	                          
	 	Name:	 
	 	Title:	 
	 	 
	Date:                  , 2021	
	 	 
	 	Wejo Group Limited 
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	Date:                  , 2021	

 

    23

     

    

 

SCHEDULE
A

 

ELIGIBILITY
REPRESENTATIONS OF THE INVESTOR

 

	A.	QUALIFIED INSTITUTIONAL
    BUYER STATUS

 

	 	(Please check the
    applicable subparagraphs):

 

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

 

☐
We are subscribing for the Shares as a fiduciary or agent for one or more investor accounts, and each owner of such account is a QIB.

 

**** OR***

 

	B.	INSTITUTIONAL ACCREDITED
    INVESTOR STATUS

 

	 	(Please check the
    applicable subparagraphs):

 

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

 

	 	2.    ☐  We
    are not a natural person.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    24

     

    

 

	C.	ACCREDITED INVESTOR
    STATUS

 

	 	(Please check the
    applicable subparagraphs):

 

	 	1.	☐  I
    am an “accredited investor” (within the meaning of Rule 501(a) under the Securities Act) and have marked and initialed
    the appropriate box on the following page indicating the provision under which we qualify as an “accredited investor.”

 

	 	2.	☐  I am a natural person.

 

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

 

☐  Any
natural person whose individual net worth, or joint net worth with that person's spouse, exceeds $1,000,000; provided that in
connection with this calculation (a) such person’s primary residence is not included as an asset, (b) indebtedness that is secured
by such person’s primary residence, up to the estimated fair market value of such person’s primary residence as of the date
hereof is not included as a liability (except that if the amount of such indebtedness outstanding as of the date hereof exceeds the amount
outstanding 60 days before the date hereof, other than as a result of the acquisition of such person’s primary residence, the amount
of such excess is included as a liability) and (c) indebtedness that is secured by such person’s primary residence in excess of
the estimated fair market value of such person’s primary residence as of the date hereof is included as a liability.

 

☐  Any
natural person who had an individual income in excess of $200,000 in each of the two most recent years or joint income with that person’s
spouse in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current
year.

 

	D.	AFFILIATE
                                            STATUS

                                            (Please check the applicable box) INVESTOR:

 

		☐	is:

 

		☐	is
                                            not:

 

an
“affiliate” (as defined in Rule 144 under the Securities Act) of the Company or acting on behalf of an affiliate of the Company.

 

This
page should be completed by the Investor

and
constitutes a part of the Subscription Agreement.

 

 

25

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