Document:

Exhibit 10.2

 

 

 

 

 

 

 

 

 

NEUROSENSE THERAPEUTICS LTD.

 

2018 SHARE OPTION PLAN

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

NEUROSENSE THERAPEUTICS LTD.

 

2018 SHARE OPTION PLAN

 

1. Purpose.
The purpose of this 2018 Share Option Plan (the “Plan”) is to advance the interests of the Company and its shareholders
by attracting and retaining the best available personnel for positions of substantial responsibility, providing additional incentive to
employees, officers, directors, advisors and consultants and promoting a close identity of interests between those individuals and the
Company and/or an Affiliate (as defined below). The provisions specified hereunder apply only to persons who are subject to taxation by
the State of Israel with respect to their Options (as defined below).

 

2. Definitions

 

2.1 Defined
Terms.  Initially capitalized terms, as used in this Plan, shall have the
meaning ascribed thereto as set forth below:

 

	“102 Participant”	 	means, an Israeli tax resident who is an employee or a director of the Company or an Israeli Affiliate, on behalf of whom an Option is granted under Section 102.
	 	 	 
	 “Administrator”	 	means the Board, or a committee to which the Board shall have delegated power to act on its behalf with respect to the Plan.  The Administrator, if it is a committee, shall consist of such number of members (but not less than two (2)) as may be determined by the Board.
	 	 	 
	
    “Affiliate(s)”

     
	 	means a present or future company that either (i) Controls the Company, (ii) is Controlled by the Company; or (iii) is Controlled by the same person or entity that Controls the Company.
	 	 	 
	“Applicable Law”	 	means all laws applicable to the grant of Options pursuant to this Plan, including but not limited to the requirements under tax laws, social security laws, security laws, companies laws, any stock exchange or quotation system on which the Shares are listed or quoted, the applicable law in the country or jurisdiction of any such system, and the applicable law of any other country or jurisdiction where Options are granted under the Plan.
	 	 	 
	“Articles”	 	means the Articles of Association of the Company, as may be amended from time to time.
	 	 	 
	“Board”	 	means the board of directors of the Company.
	 	 	 
	“Capital Gains Track Through a Trustee”	 	means the Company’s choice of the capital gains track of taxation for share allocation to employees under Section 102 through a trustee.
	 	 	 
	“Cause”	 	means, when used in connection with the termination of a Participant’s employment with, or services to the Company or an Affiliate, and forming the basis of such termination: (a) the definition ascribed to Cause in the individual employment agreement or services agreement between the Company and/or its Affiliate and the Participant; or (b) if no such definition exists, then any of the following, including but not limited to: dishonesty toward the Company or Affiliate, insubordination, substantial malfeasance or nonfeasance of duty, unauthorized disclosure of confidential information and conduct substantially prejudicial to the business of the Company or Affiliate; or any substantial breach by the Participant of: (A) his or her employment or service agreement with the Company or an Affiliate; or (B) any other obligations towards the Company or an Affiliate.

 

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	“Commencement  Date”	 	means the date of commencement of the vesting schedule with respect to a Grant of Options which, unless otherwise determined by the Administrator, shall be the date on which such Options shall be granted. 
	 	 	 
	“Company”	 	means Neurosense Therapeutics Ltd., a company incorporated under the laws of the State of Israel.
	 	 	 
	“Consultant”	 	means an Israeli resident, who serves as a consultant of the Company or an Israeli resident Affiliate and is not entitled to receive Options under Section 102, on behalf of whom an Option is granted under Section 3(i).
	 	 	 
	“Control” or “Controlled”	 	shall have the meaning ascribed thereto in Section 102.
	 	 	 
	“Date of Grant”	 	shall have the meaning set forth in Section 6.2 of this Plan.
	 	 	 
	“Director”	 	means a member of the Board.
	 	 	 
	“Disability”	 	means total and permanent physical or mental impairment or sickness of a Participant, making it impossible for the Participant to continue such Participant’s employment with or service to the Company or Affiliate.
	 	 	 
	“Earned Income Track”	 	means the Company’s choice of the work income course of taxation for share allocation to employees under Section 102 through a trustee.
	 	 	 
	“Election”	 	shall have the meaning set forth in Section 11.1 of this Plan.
	 	 	 
	“Employee”	 	shall have the meaning set forth in Section 102.
	 	 	 
	“Exercise Notice”	 	shall have the meaning set forth in Section 7.4(a) of this Plan.
	 	 	 
	“Exercise Price”  	 	means, the price determined by the Administrator in accordance with Section 7.1 below which is to be paid to the Company in order to exercise a Granted Option and convert such Option into an Underlying Share.
	 	 	 
	“Fair Market Value”	 	means, as of any date, the value of a Share determined as follows: (i) if the Company’s shares are listed on any established stock exchange or a national market system, including without limitation the Nasdaq Global Select Market, Nasdaq Global Market or the Nasdaq Capital Market of the Nasdaq Stock Market, the Fair Market Value shall be the closing sales price of such shares (or the closing bid, if no sales were reported) as quoted on such exchange or system for the last market trading day prior to the time of determination, as reported in The Wall Street Journal or such other source as the Administrator deems reliable; without derogating from the above and solely for the purpose of determining the tax liability pursuant to Section 102 (and in particular Section 102(b)(3)), if on the date of grant the Company’s shares are listed on any established stock exchange or a national market system or if the Company’s shares will be registered for trading within ninety days following the date of grant under the Section 102 Capital Gains Track Through a Trustee, the Fair Market Value of a Share on its date of grant shall be determined in accordance with the average value of the Company’s shares during the thirty trading days immediately preceding the date of grantor during the thirty (30) trading days immediately following the date of registration for trading (if the Company’s shares will be listed within ninety days following the date of grant), as the case may be; or (ii) if the Company’s shares are regularly quoted by a recognized securities dealer but selling prices are not reported, the Fair Market Value shall be the mean between the high bid and low asked prices for the Company’s shares on the last market trading day prior to the day of determination; or (iii) in the absence of an established market for the Company’s shares, the Fair Market Value shall be determined in good faith by the Administrator (including in accordance with an independent third party valuation of the Company which may be obtained by the Administrator).

 

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	“Grant Letter”	 	means a written agreement between the Company to a Participant evidencing the terms and conditions of an individual grant of Options. The Grant Letter shall specify among others: (i) the Tax Provision under which the Option is granted; (ii) the Tax Track that the Company has elected according to Section 11 of the Plan (if applicable); (iii) the Exercise Price; (iv) the number of Options granted to the Participant; (v) the Date of Grant; and (vi) the vesting schedule.
	 	 	 
	“Grant of Options” or “Granted Options”	 	means the grant of Options by the Company to a Participant pursuant to a Grant Letter.
	 	 	 
	“Holding Period”	 	 means with respect to Options granted under Section 102, the minimum period in which the Options granted to a Participant or, upon exercise thereof, the Underlying Shares, are to be held by the Trustee on behalf of the Participant, in accordance with Section 102, and pursuant to the Tax Track which the Company elected. 
	 	 	 
	“IPO”	 	means the initial public offering of shares of the Company and the listing of such shares for trading on any recognized stock exchange or over-the-counter or computerized securities trading system.
	 	 	 
	“ITA”	 	means the Israeli Tax Authority.
	 	 	 
	“Merger Transaction” or “Merger”	 	means, any Liquidation Event, Deemed Liquidation Event, and/or any other similar or parallel definition as defined in and determined pursuant to the Articles, excluding any Re-organization or Spin-off Transaction, and including, for the avoidance of doubt: (a) a sale of all or substantially all of the assets of the Company and its subsidiaries taken as a whole, or the sale or disposition (whether by merger or otherwise) of one or more subsidiaries of the Company if substantially all of the assets of the Company and its subsidiaries taken as a whole are held by such subsidiary or subsidiaries; or (b) a sale of all or substantially all of the shares of the share capital of the Company whether by a single transaction or a series of related transactions which occur either over a period of 12 months or within the scope of the same acquisition agreement; or (c) a merger, consolidation or like transaction of the Company with or into another corporation including a reverse triangular merger but excluding a merger which falls within the definition of Re-organization.
	 	 	 
	“Option”	 	means an option to purchase one Share of the Company.
	 	 	 
	“Non-Qualified Participant”	 	means a person who is not qualified to receive Options under the provisions of Section 102, on behalf of whom an Option is granted under Section 3(i). 
	 	 	 
	“Participant”	 	means 102 Participant, or a Non-Qualified Participant, or a Consultant.
	 	 	 
	“Plan” or “Option Plan”	 	means this 2018 Share Option Plan, as may be amended from time to time.
	 	 	 
	
    “Re-organization”

     
	 	means, any re-domestication of the Company, share flip, creation of a holding company for the Company which will hold substantially all of the shares of the Company or any other transaction involving the Company in which the ordinary shares of the Company outstanding immediately prior to such transaction continue to represent, or are converted into or exchanged for shares that represent, immediately following such transaction, at least a majority, by voting power, of the share capital of the surviving, acquiring or resulting corporation and in which there is no material change to the interests held by the Shareholders prior to such transaction and thereafter.

 

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	“Retirement”	 	means the termination of a Participant’s employment as a result of his or her reaching the earlier of (i) the age of retirement as defined by the Applicable Law; or (ii) the age of retirement specified in the Participant’s employment agreement.
	 	 	 
	“Section 102”	 	means Section 102 of the Tax Ordinance. 
	 	 	 
	“Section 102 Rules”	 	means the Income Tax Rules (Tax Relief for Issuance of Shares to Employees), 2003.
	 	 	 
	“Section 3(i)” 	 	means section 3(i) of the Tax Ordinance and the applicable rules thereto or under applicable regulations.
	 	 	 
	
    “Share”

    
	 	
    means, ordinary share(s) of the Company, having
    a no par value.

    

	 	 	 
	“Shareholders”	 	means, the shareholders of the Company.
	 	 	 
	
    “Spin-off Transaction”

     
	 	means, any transaction in which assets of the Company are transferred or sold to a company or corporate entity in which the Shareholders hold equal stakes, pro-rata to their ownership of the Company. 
	 	 	 
	“Tax Ordinance”	 	means the Israeli Income Tax Ordinance [New Version], 1961, as amended, and any regulations, rules, orders or procedures promulgated thereunder.
	 	 	 
	“Tax Provision”	 	means, with respect to the Grant of Options, the provisions of one of the three Tax Tracks in Section 102, or the provisions of Section 3(i). 
	 	 	 
	“Tax Track”	 	means one of the three tax tracks described under Section 102, specifically: (1) the Capital Gains Track Through a Trustee; (2) Earned Income Track; or (3) the Income Tax Track Without a Trustee.
	 	 	 
	“Term of the Options”	 	means, with respect to granted but unexercised Options, the time period set forth in Section 9 below.
	 	 	 
	“Trust Agreement”	 	means the agreement/s between the Company and the Trustee regarding the Options granted under this Plan to Section 102 Partipants and the underlying Shares to be held in trust, as in effect from time to time.
	 	 	 
	“Trustee”	 	means a trustee appointed by the Company and approved by the ITA, all in accordance with the provisions of Section 102(a) of the Tax Ordinance, to hold in trust, the Granted Options and the Underlying Shares issued upon exercise of such Options, on behalf of Participants. The Trustee may be replaced from time to time subject to the provisions of Section 102.  
	 	 	 
	“Underlying Shares”	 	means Shares issued or to be issued upon exercise of the Options granted in accordance with the Plan.

 

2.2 General.
Without derogating from the meanings ascribed to the capitalized terms above, all singular references in this Plan shall include the plural
and vice versa, and reference to one gender shall include the other, unless otherwise required by the context.

 

3. Shares
Available for Options. The total number of Underlying Shares reserved for issuance under the Plan and any modification thereof,
shall be determined from time to time by the Board. Such number of Shares shall be subject to adjustment as required for the implementation
of the provisions of the Plan, in accordance with Section 4 below. In the event that Options are expired or forfeited or otherwise terminated
in accordance with the provisions of the Plan, such expired or terminated Options shall become available for future grants under the Plan.

 

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4. Adjustments

 

4.1 Changes
in Capitalization. Subject to any required action by the Shareholders, the number of Underlying Shares covered by each outstanding
Option, and the number of Shares which have been authorized for issuance under the Plan but as to which no Options have yet been granted
or which have been returned to the Plan, and the per share exercise price of each such Option, shall be proportionately and equitably
adjusted for any increase or decrease in the number of issued Shares resulting from a stock split, reverse stock split, combination, reclassification,
the payment of a stock dividend on the Shares or any other increase or decrease in the number of such Shares effected without receipt
of consideration by the Company without changing the aggregate exercise price, provided, however, that conversion of any
convertible securities of the Company shall not be deemed to have been effected without receipt of consideration. Such adjustment shall
be made by the Administrator, whose determination in that respect shall be final, binding and conclusive. Except as expressly provided
herein, no issue by the Company of shares of any class, or securities convertible into shares of any class, shall affect, and no adjustment
by reason thereof shall be made with respect to, the number or price of Shares subject to an Option. The Administrator may, if it so determines
in the exercise of its sole discretion, also make provision for proportionately adjusting the number or class of securities covered by
any Option, as well as the price to be paid therefor, in the event that the Company effects one or more reorganizations, recapitalizations,
rights offerings, or other increases or reductions of its outstanding Shares, and in the event of the Company being consolidated with
or merged into any other corporation.

 

4.2 Merger
Transaction. In the event of a Merger Transaction, any and all outstanding and unexercised unvested Options will be cancelled
for no consideration, unless determined otherwise by the Administrator. The Administrator at its sole and absolute discretion may decide:
(i) if and how the unvested Options, as the case may be, shall be canceled, exchanged, assumed, replaced, repurchased or accelerated;
(ii) if and how vested Options (including Options with respect to which the vesting period has been accelerated) shall be exercised, exchanged,
assumed, replaced and/or sold by the Trustee or the Company (as the case may be) on behalf of the Participants, including determining
that all unexercised vested Options shall be cancelled for no consideration upon a Merger Transaction; (iii) how Underlying Shares issued
upon exercise of the Options granted under of the trust tracks and held by the Trustee on behalf of 102 Participants shall be replaced
and/or sold by the Trustee on behalf of these Participant; and (iv) how any treatment of Options and underlying Shares may be made subject
to any payment or escrow arrangement, or any other arrangement determined within the scope of the Merger Transaction in relation to Options
and underlying Shares of the Company.

 

In the case of assumption
and/or substitution of Options, appropriate adjustments shall be made so as to reflect such action and all other terms and conditions
of the Grant Letter shall remain unchanged, including but not limited to the vesting schedule, all subject to the determination of the
Board, which its determination shall be at its sole discretion and final. The grant of any substitutes for the Options to Participants
further to a Merger Transaction, as provided in this section, shall be considered to be in full compliance with the terms of this Plan.
The value of the exchanged Options pursuant to this section shall be determined in good faith solely by the Board, based on the Fair Market
Value, and its decision shall be final and binding on all the Participants.

 

For the purposes of this
section, the mechanism for determining the assumption or exchange as aforementioned shall be agreed upon between the Board and the successor
company.

 

Without derogating from the above, in the event
of a Merger Transaction the Board shall be entitled, at its sole discretion, to require the Participants to exercise all vested Options
within a set time period and sell all of their Shares on the same terms and conditions as applicable to the other shareholders selling
their Company’s Shares as part of the Merger Transaction. Each Participant acknowledges and agrees that the Board shall be entitled,
subject to any applicable law, to authorize any one of its members to sign any agreement and any share transfer deeds in customary form
with respect to the Shares held by such Participant and that such agreement and share transfer deed, as applicable, shall bind the Participant.

 

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Despite the aforementioned
and for the avoidance of any doubt, if and when the method of treatment of Options within the scope of a Merger Transaction, as provided
above, will in the sole opinion of the Board prevent the consummation of the Merger Transaction, or materially risk the consummation of
the Merger Transaction, the Board may determine different treatment for different Options held by Participants such that not all Options
will be treated equally within the scope of the Merger Transaction.

 

4.3 Fraction
of Shares. In the event that the Company will be required to issue to a Participant a fraction of a Share pursuant to this
Section 4, the Company will not issue fraction of a Share and the number of Shares shall be rounded down to the closest whole number
of Shares.

 

4.4 Calculation.
For the purposes of this section, the Company’s calculation will be final, and the Participant shall have no claims or demands against
the Company or anyone on its behalf.

 

4.5 Re-Organization.
In the event of a Re-Organization the Shares underlying the Options subject to the Plan shall be exchanged or converted into Shares of
the Company or successor company in accordance with the exchange effectuated in relation to the Shares of the Company, and the Exercise
Price and quantity of shares shall be adjusted in accordance with the terms of the Re-organization. The adjustments required thereby shall
be determined in good faith solely by the Board.

 

4.6 Spin-Off
Transaction. In the event of a Spin-Off Transaction, the Board may determine that the holders
of Options shall be entitled to receive equity in the new company formed as a result of the Spin-Off Transaction, in accordance with equity
granted to the ordinary Shareholders within the Spin-Off Transaction, taking into account the terms of the Options, including the vesting
schedule and Exercise Price. The determination regarding the Participant’s entitlement within the scope of a Spin-Off Transaction
shall be in the sole and absolute discretion of the Board.

 

5. Administration
of the Plan

 

5.1 Power.
Subject to the Applicable Law, the Articles and any resolution to the contrary by the Board, the Administrator is authorized, at its sole
and absolute discretion, to exercise all powers and authorities either specifically granted to it under the Plan or necessary or advisable
in the administration of the Plan (subject to the approval of the Board, if such approval is required by the Applicable Law) including,
without limitation:

 

(A) to determine: (i) the
Participants in the Plan, the number of Options for each Participant’s benefit and the Exercise Price; (ii) the time or times at
which Options shall be granted; (iii) whether, to what extent, and under what circumstances an Option may be settled, canceled, forfeited,
exchanged, or surrendered; (iv) any terms and conditions in addition to those specified in the Plan under which an Option may be granted;
(v) any measures, and to take any actions, as deemed necessary or advisable for the administration and implementation of the Plan; (vi)
a reduction to the Exercise Price for any Granted Option; (vii) the terms and conditions under which a Participant may elect to receive
Ordinary Shares upon the exercise of the Option or in exchange for the Underlying Shares; (viii) subject to Applicable Law, to make an
Election and (ix) to appoint a Trustee; and

 

(B)
to interpret the provisions of the Plan and to take all actions resulting therefrom including without limitation: (i) subject to Section
7 below, to accelerate the date on which Granted Option under the Plan becomes exercisable; (ii) to waive or amend Plan provisions
relating to exercise of Options, including exercise of Options after termination of employment, for any reason; and (iii) to amend any
of the terms of the Plan, or any prior determinations of the Administrator.

 

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5.2 Limitations.
Notwithstanding the provisions of Section 5.1 above, no interpretations, determinations or actions of the Administrator
shall contradict the provisions of Applicable Law, and no waiver or amendment with respect to the Plan shall have a material adverse affect
on any Participant’s rights in connection with any Granted Option under the Plan without receiving the consent of such Participant.

 

6. Grant
of Options

 

6.1 Conditions
for Granting Options. Options may be granted at any time after the fulfillment of all of the following conditions: (i) the
Plan has been approved by the necessary corporate bodies of the Company; (ii) thirty (30) days after a request for approval of the Plan
has been filed for approval with the ITA or any longer period, as pursuant to the requirements of the Tax Ordinance; (iii) the Grant has
been approved by the necessary corporate bodies of the Company; and (iv) all other approvals, consents or requirements necessary by Applicable
Law have been received or met.

 

6.2 Date
of grant. The date on which Options shall be deemed granted under the Plan shall be the date on which the Company’s Board
approved the grant or the date specified as the date of grant in the Grant Letter, if specified (the “Date of Grant”).

 

6.3 Eligibility
for Options. The Administrator may grant Options to any Employee, officer, Director, or Consultant of the Company and its Affiliates.

 

6.4
 Grant Letter. Any grant of Options to a Participant shall be made in a form of a
Grant Letter and shall include a copy of the Plan. The receipt by a Participant of such Grant Letter shall be deemed as consent by such
Participant that the Option is subject to all the terms and conditions of the Grant Letter and the Plan.

 

6.5 Material
Breach. In an event of a material breach by a Participant of the terms of this Plan or the Grant Letter provided to the Participant,
or the applicable engagement agreement with such Participant, and without derogating from any of the remedies available to the Company
under any Applicable Law, the Company may, at its sole discretion, after sending a written notice to such Participant, forfeit the right
of the Participant to some or all the Options granted to such Participant.

 

7. Exercise
of Options and Sale of Shares

 

7.1 Exercise
Price; Purchase Price. The
Exercise Price per Underlying Share deliverable upon the exercise of an Option shall be determined by the Administrator. The Exercise
Price shall be set forth in the respective Grant Letter.

 

7.2 Vesting
Schedule. All Options granted on a certain date may be subjected to continued employment with or service to the Company or
Affiliate by the Participant, become vested and exercisable in accordance with the vesting schedule as shall be determined by the Administrator
for each Participant and detailed in the respective Grant Letter.

 

7.3 minimum
Exercise. Unless otherwise determined by the Administrator,
no exercise of Options by any Participant shall be for a quantity of less than 10% of the Granted Options. An Option may not be exercised
for fractional shares. The exercise of a portion of the Granted Options shall not cause the expiration, termination or cancellation of
the remaining unexercised Options. 

 

7.4 Manner
of Exercise. An Option may be exercised by and upon the fulfillment of the following prerequisite terms and conditions:

 

(A) Exercise
Notice- The signing by the Participant, and delivery to both the Company (at its principal office) and the Trustee (if the Options
are held by a Trustee), of an exercise notice form as prescribed by the Administrator, with such details including but not limited to:
(i) the identity of the Participant; (ii) the number of Options to be exercised; and (iii) the Exercise Price to be paid (the “Exercise
Notice”).

 

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(B) Exercise
Price- The payment by the Participant to the Company, in such manner as shall be determined by the Administrator, of the Exercise
Price with respect to all the Options exercised, as set forth in the Exercise Notice.

 

(C) Issuance
of Underlying Shares- Upon the delivery of a duly signed Exercise Notice and the payment to the Company of the Exercise Price
with respect to all the Options specified therein, the Company shall issue the Underlying Shares to the Trustee (according to the applicable
Holding Period) or to the Participant, as the case may be.

 

(D) Expenses-
All costs and expenses including broker fees and bank commissions, derived from the exercise of Options or Underlying Shares, shall be
borne solely by the Participant.

 

7.5 Exercise
Restrictions. Notwithstanding anything to the contrary herein, in the event the Participant initiates any legal proceedings
to be maintained or instituted against the Company or its Representatives or participates in any manner in any legal proceedings against
the Company or its respective Representatives at any time, the Participant’s right to exercise any unexercised Options granted to
such Participant, whether vested or not on such date, shall cease as of such date and the Options shall thereupon expire. For purposes
of this Section only, the term “Representatives” shall mean the respective past, present and future officers, directors,
employees, consultants, holders of equity securities, Affiliates, successors and assigns.

 

8. Waiver
of Option Rights. At any time prior to the expiration of any unexercised Granted Option, a Participant may waive his rights
to such Option by a written notice to the Company’s principal office. Such notice shall specify the number of Granted Options, which
the Participant waives, and shall be signed by the Participant. Upon receipt by the Company of a notice of waiver of such rights, such
Options shall expire and shall become available for future Grants under the Plan.

 

9. Term
of the Options. Unless earlier terminated pursuant to the provisions of this Plan, all granted but unexercised Options shall
expire and cease to be exercisable at 5:00 p.m. Israel time on the 10th anniversary of the Commencement Date of such Options.

 

10. Termination
of Employment

 

10.1 Termination
of Employment. If a Participant ceases to be an employee, director, officer or
Consultant of the Company or Affiliate for any reason (“Termination of Employment”) other than by reason of death,
Retirement, Disability or Cause, then any vested but unexercised Options on the date of Termination of Employment (as shall be determined
by the Company or Affiliate, at its sole discretion) granted on the Participant’s behalf (“Exercisable Options”)
may be exercised, if not previously expired, on or prior to the earlier of: (a) 90 days after the date of Termination of Employment; or
(b) the end of the Term of the Options. All other Granted Options for the benefit of Participant shall expire upon the date of Termination
of Employment.

 

10.2 Termination
for Cause. In the event of Termination of Employment of a Participant for Cause, then: (A) the Participant’s right to
exercise any unexercised Granted Options, whether vested or not on the date of Termination of Employment, shall cease as of such date
of Termination of Employment, and the Options shall thereupon expire, and (B) any unvested Shares shall terminate and expire on the day
the Participant has been notified of his/her dismissal, or on such earlier date as the Administrator may determine. If subsequent to the
Participant’s Termination of Employment, but prior to the exercise of Options granted to such Participant, the Administrator determines
that either prior or subsequent to the Participant’s Termination of Employment, the Participant engaged in conduct which would constitute
Cause, then the Participant’s right to exercise the Options granted to such Participant shall immediately cease upon such determination
and the Options shall thereupon expire. The determination by the Administrator as to the occurrence of Cause shall be final and conclusive
for all purposes of this Plan.

 

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10.3 Termination
by Reason of Death, Retirement, or Disability

 

(A) Death-
If Termination of Employment is by reason of death of the Participant, than his/her estate, personal representative or beneficiaries may
exercise the Participant’s Options, to the extent it was vested within the sixty (60) days period following the Participant’s
death, at any time but not later than the earlier of: (i) the one (1) year anniversary of Participant’s death; or (ii) the end of
the Term of the Options. All other Options granted for the benefit of a Participant and which have not vested within such 60-days period
shall expire upon the date of death.

 

(B) Disability and
Retirement- If Termination of Employment is by reason of Retirement or Disability of the Participant, the Participant may exercise
any portion of the Options which have vested within the ninety (90) days period following the date of Retirement or Disability, at any
time but not later than the earlier of: (i) the one (1) year anniversary of the date of Retirement or Disability, as the case may be;
or (ii) the end of the Term of the Options. All other options for the benefit of a Participant and which have not vested within such 90
days period shall expire upon the date of Retirement or Disability, as applicable.

 

10.4 Exceptions.
In special circumstances pertaining to the Termination of Employment of a certain Participant, the Administrator may at its sole
discretion decide to extend any of the periods stated above in Sections 10.1-10.3.

 

10.5 Transfer
of Employment or Service. Subject to the receipt of appropriate approvals from the ITA, if applicable, a Participant’s
right to Options granted to him/her under this Plan shall not be terminated, expire or forfeited solely as a result of the fact that the
Participant’s employment or service as an employee, officer or director changes from the Company to an Affiliate or vice versa.
Any and all tax consequence of such a transfer, if any, shall be solely borne by the Participant.

 

11. Options
and Tax Provisions. All Options shall be granted under the Plan in accordance with one of the following Tax Provisions:

 

(A)
The Company may grant Options to 102 Participant in accordance with the provisions of Section 102 and the Section 102 Rules; and

 

(B) The Company may Grant
Options to Non-Qualified Participant in accordance with the provisions of Section 3(i).

 

11.1 Tax
Provision Selection. The Company shall elect under which Tax Provision each Option is granted at its sole discretion and in
accordance with any Applicable Law (the “Election”). The Company shall notify each Participant in the Grant Letter,
under which Tax Provision the Options and/or Shares are granted and, if applicable, under which Tax Track, each Option is granted.

 

11.2 Section
102 Trustee Tax Tracks.

 

(a) If the Company elects
to grant Options to 102 Participants through: (i) the Capital Gains Track Through a Trustee; or (ii) the Earned Income Track, then, in
accordance with the requirements of Section 102, the Company shall appoint a Trustee who will hold in trust at least for the Holding period
on behalf of each 102 Participant the granted Options and the Underlying Shares issued upon exercise of such Options.

 

(b) The Holding Period for
the Options and/or Shares will be as follows: (i) The Capital Gains Tax Track Through a Trustee - if the Company elects to grant
the Options according to the provisions of this track, then the Holding Period will be 24 months from the Date of Grant, or such period
as may be determined in any amendment of Section 102; and (ii) Earned Income Track - if the Company elects to grant Options according
to the provisions of this track, then the Holding Period will be 12 months from the Date of Grant, or such period as may be determined
in any amendment of Section 102.

 

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(c) Subject to Section 102
and the Section 102 Rules, Participants shall not be able to receive from the Trustee, nor shall they be able to sell or dispose of the
Options or Underlying Shares before the end of the applicable Holding Period. If a Participant sells or removes the Options or the Underlying
Shares form the Trustee before the end of the applicable Holding Period (“Breach”), the Participant shall pay all applicable
taxes imposed on such Breach by Section 7 of the Section 102 Rules.

 

(d) In the event of a distribution
of rights, including an issuance of bonus shares, in connection with Options and/or Underlying Shares (the “Additional Rights”),
all such Additional Rights shall be granted and/or issued to the Trustee for the benefit of Participants, and shall be held by the Trustee
at least for the remainder of the Holding Period applicable to the Options and/or Underlying Shares, as applicable. Such Additional Rights
shall be treated in accordance with the provisions of the applicable Tax Track.

 

11.3 Income
Tax Track Without a Trustee. If the Company elects to grant Options to 102 Participants according to the provisions of the
Income Tax Track Without a Trustee, then the Options will not be subject to a Holding Period.

 

11.4 Concurrent
Conditions. The Holding Period, if any, is in addition to the vesting period with respect to Options, as specified in Section
7.2 of the Plan or in the Grant Letter. The Holding Period and vesting period may run concurrently, but neither is a substitute for
the other, and each are independent terms and conditions for granted Options.

 

11.5 Trust
Agreement. The terms and conditions applicable to the trust relating to the Tax Track elected by the Company, as appropriate,
shall be set forth in Trust Agreement.

 

12. Term
of Shares Held In Trust. Unless otherwise extended by the Administrator, in its sole discretion, no Underlying Shares issued
upon exercise of Options shall be held by the Trustee on behalf of the Participant for a period longer than ten (10) years after the end
of the Term of the applicable Options. The Administrator shall instruct the Trustee as to the transfer of any Underlying Shares

 

13. Rights
as a Shareholder. Unless otherwise specified in the Plan, a Participant shall not have any rights as a Shareholder with respect
to Underlying Shares issued under this Plan, until such time as the Shares shall be registered in the name of the Participant in the Company’s
register of Shareholders

 

13.1 Voting
Rights. Until consummation by the Company of an IPO, Underlying Shares issued to a Participant or to the Trustee for the benefit
of a Participant, shall be voted by an irrevocable proxy assigned to the Company’s Chief Executive Officer or any other representative
who shall be appointed by the Board as a representative (the “Representative”) and the following provisions shall apply
to the Representative: (i) the Board may, at its discretion, replace the Representative from time to time; (ii) Shares subject to proxy
shall be voted by the Representative on any issue or resolution brought before the Shareholders in the same proportion as the vote of
the other outstanding Shares of the Company. For example, if 80% of the other outstanding Shares of the Company will be voted in favor
of certain resolution, and 20% will be voted against, the Shares subject to proxy will be voted in the same manner; (iii) each Participant,
upon execution of the irrevocable proxy specified above, undertakes to hold the Representative harmless from any and all claims related
or connected to said proxy; and (iv) the Representative shall be indemnified and held harmless by the Company against any cost or expense
(including attorneys’ fees) reasonably incurred by the Representative, or any liability (including any sum paid in settlement of
a claim with the approval of the Company) arising out of any act or omission to act in connection with the voting of the Shares subject
to proxy, unless arising out of the Representative’s own fraud or gross negligence, to the extent permitted by Applicable Law. In
the event the Representative shall have indemnification by virtue of other functions or services he/she performs for the Company or Affiliate
(whether by agreement, insurance policy or decision of the appropriate corporate body(ies) of the Company and/or Affiliate), this indemnification
shall be in addition to any such other indemnification.

 

    11

     

    

 

13.2 Dividend.
The Participants shall be entitled to receive any cash dividend paid to the Shareholders with respect to Underlying Shares issued to them
under this Plan. Payments of such dividend to the Participants shall be subject to any required tax being withheld or otherwise deducted
by the Trustee or the Company, as agreed between the Company and the Trustee, in accordance with Applicable Law.

 

14. No
Special Employment Rights. Nothing contained in this Plan shall confer upon any Participant any right with respect to the continuation
of employment by or service to the Company or Affiliate or to interfere in any way with the right of the Company or Affiliate, to terminate
such employment or service or to increase or decrease the compensation of the Participant. The Options are extraordinary, one-time benefits
granted to the Participants and are not and shall not be deemed a salary component for any purpose whatsoever, including, in connection
with calculating severance compensation under any Applicable Law.

 

15. Restrictions
on Sale of Options and Shares 

 

15.1 Options.
Options may not be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of, except by will or the laws of descent.

 

15.2 Shares.
Any transfer, hypothecation, pledge, sale or assignment of Underlying Shares or any rights relating thereto shall be subject in
all respects to the approvals and limitations applicable to transfer of shares under the Articles; provided that no exceptions with respect
to ‘permitted transferees’ shall apply.

 

15.3 Acceleration
Provision. The Administrator, at its sole discretion, may decide to add a provision in certain Grant Letters, according to
which in case of a Merger or IPO, all or some of the unvested Options or/and Shares, shall automatically accelerate, and become fully
vested and exercisable upon such event.

 

15.4 Lock
Up. Notwithstanding the Holding Period, if the Company engages in a financing transaction, or conducts a public offering, at
the request of the investors in such transaction or underwriters, as the case may be, the Administrator may determine that the Underlying
Shares issued pursuant to the exercise of Options may be subject to a lock-up period of up to 180 days, or such longer period of time
as may be recommended by the Board, during which time Participants shall not be allowed to sell the Shares. As a condition for the grant
of Options and issuance of Underlying Shares thereunder, each Participant shall execute such other documents and/or agreement as shall
be determined by the Administrator, at its sole discretion.

 

15.5 Acknowledgement
To Restrictions. As a condition for the grant of Options and issuance of Underlying Shares thereunder, each Participant shall
acknowledge the terms and provisions of the corporate documents of the Company, including organizational documents, as amended from time
to time, and all other agreements among the Shareholders which are applicable to the holders of the Company’s Shares and shall agree
to be bound by their terms with respect to any restriction applicable to the Shares of the Company (including without limitation, any
right of first refusal, co-sale and bring along provisions, as applicable).

 

16. Tax
Matters.

 

(a) This Plan shall be governed
by, and shall conform with and be interpreted so as to comply with, the requirements of Section 102 and any written approval or ruling
from the ITA. All tax consequences under any Applicable Law (other than stamp duty) which may arise from the Grant of the Options, from
the exercise of Options or from the holding or sale of the Underlying Shares (or other securities issued under the Plan) by or on behalf
of the Participant or from any other event or act hereunder (whether any act of the Participant or of the Company or its Affiliates or
of the Trustee), shall be borne solely on the Participant. The Participant shall indemnify the Company and/or Affiliate and /or the Trustee,
as the case may be, and hold them harmless, against and from any liability for any such tax or any penalty, interest or indexing.

 

    12

     

    

 

(b) Except as otherwise required
by Applicable Law, the Company shall not be obligated to honor the exercise of any Option by or on behalf of a Participant or the sale,
exchange or other transfer of any Underlying Shares issued upon exercise of Options until all tax consequences (if any) arising from the
exercise of such Options or sale, exchange or other transfer of Shares are resolved to the full satisfaction of the Company. Without derogating
from the above, the Company and/or, when applicable, the Trustee shall not be required to release any share certificate to a Participant
until all required payments have been fully made.

 

(c) If the Company elects
to grant Options according to the provisions of the Income Tax Track Without a Trustee, and if prior to the Exercise of any and/or all
of these Options, such Participant ceases to be an Employee, director, or officer of the Company or Affiliate, the Participant shall deposit
with the Company a guarantee or other security as required by law, in order to ensure the payment of applicable taxes upon the Exercise
of such Options, as the case may be.

 

(d) It is clarified that
if any grants made under either of the tax tracks under Section 102 do not comply with the requirement of such tax route, the grant shall
be considered subject to the Income Tax Track Without a Trustee, or Section 3(i) or Section 2 of the Tax Ordinance, as applicable, and
the Participant irrevocably waives any claim and/or demand it has or may have with respect to the tax treatment of the Option.

 

17. Withholding
Taxes.

 

(a) Whenever an amount with
respect to withholding tax relating to Options granted to a Participant and/or Underlying Shares issued upon the exercise thereof is due
from the Participant and/or the Company and/or an Affiliate, the Company and/or an Affiliate and/or the Trustee shall have the right to
demand from a Participant such amount that would be sufficient to satisfy any applicable withholding tax requirements related thereto,
and whenever Shares or any other non-cash assets are to be delivered pursuant to the exercise of an Option and the sale of Underlying
Shares, or transferred thereafter, the Company and/or an Affiliate and/or the Trustee shall have the right to require the Participant
to remit to the Company and/or to the Affiliate, or to the Trustee an amount in cash sufficient to satisfy any applicable withholding
tax requirements related thereto, and if such amount is not timely remitted, the Company and/or the Affiliate and/or the Trustee shall
have the right to withhold or set-off (subject to Applicable Law) such Shares or any other non-cash assets pending payment by the Participant
of such amounts.

 

(b) In any case where a tax
is required to be withheld in connection with the delivery of Shares of the Company or of an Affiliate under the Plan, the Administrator
may at its sole discretion (subject to Applicable Law) grant (either at the time of the grant or thereafter) to a Participant the right
to elect, pursuant to such rules and subject to such conditions as the Administrator may establish, that: (i) the Company reduce the number
of Shares to be delivered by (or otherwise reacquire from the Participant) the appropriate number of Shares, valued in a consistent manner
at their Fair Market Value or at the sales price in accordance with authorized procedures for cashless exercises, necessary to satisfy
the minimum applicable withholding obligation on exercise, vesting or payment; or (ii) have the Company withhold from proceeds of the
sale of such Shares (either through a voluntary sale or through a mandatory sale arranged by the Company on the Participant’s behalf)
the minimum amount required to be withheld.(c) Until all taxes have been paid in accordance with Rule 7 of the Section 102 Rules or any
other Applicable Law, Options and/or Underlying Shares may not be sold, transferred, assigned, pledged, encumbered, or otherwise willfully
hypothecated or disposed of, and no power of attorney or deed of transfer, whether for immediate or future use may be validly given. Notwithstanding
the foregoing, the Options and the Underlying Shares may be validly transferred upon the death of a Participant in accordance with Section
19 of this Plan, provided that the transferee thereof shall be subject to the provisions of Section 102 and the Section 102 Rules
as would have been applicable to the deceased Participant in the event he/she would have survived.

 

    13

     

    

 

18. No
Transfer of Options. The Trustee shall not transfer Options to any third party, including a 102 Participant, except in accordance
with instructions received from the Administrator.

 

19. Transfer
of Rights Upon Death. No transfer of any Option or Underlying Share issued upon the exercise thereof by will or by the laws
of descent shall be effective to bind the Company unless the Company shall have been furnished with all of the following signed and notarized
documents: (i) a written request for such transfer and a copy of the legal documents creating and confirming the right of the person acting
with respect to the Participant’s estate and of the transferee; (ii) written consent by the transferee to pay any payment due according
to the provisions of the Plan and otherwise comply by all the terms of the Plan; and (iii) any such other evidence as the Administrator
may deem necessary to establish the right to the transfer of the Granted Options or Underlying Shares issued upon the exercise thereof
and the validity of the transfer.

 

20. No
Right of Others to Options. Subject to the provisions of the Plan, no person other than the Participant shall have any right
with respect to Options granted to the Participants under the Plan.

 

21. Expenses
and Receipts. The expenses incurred in connection with the administration and implementation of the Plan (including any applicable
stamp duty) shall be borne by the Company. Any proceeds received by the Company in connection with the exercise of any Option may be used
for general corporate purposes.

 

22. Required
Approvals. The Plan is subject to the receipt of all approvals required under the Applicable Law including under the Tax Ordinance.

 

23. Treatment
of Participants. There is no obligation for uniformity of treatment of Participants.

 

24. No
Conflicts. In the event of any conflict between the terms of the Plan and the Grant Letter, the Plan shall prevail, unless
the Grant Letter stated specifically that the conflicting provision in the Grant Letter shall prevail.

 

25. Participant
Undertakings. By entering into this Plan, the Participant shall: (i) agree and acknowledge that he or she have received and
read the Plan, the Grant Letter and the Trust Agreement; (ii) undertake all the provisions set forth in Section 3(i) or Section 102 as
applicable (including provisions regarding the applicable Tax Track that the Company has elected), the Plan, the Grant Letter and the
Trust Agreement (if applicable); (iii) sign any required documentation, including but not limited, an irrevocable power of attorney and
proxy; and (iv) to the extent the Options are granted under Section 102, the 102 Participant shall undertake that subject to the provisions
of Section 102 and the Section 102 Rules, he/she shall not sell or release the Options or Underlying Shares from trust before the end
of the Holding Period (if any).

 

26. Governing
Law and Jurisdiction. This Plan shall be governed by and construed and enforced in accordance with the laws of the State of
Israel, without giving effect to its principles of conflict of laws. The competent courts of Tel-Aviv, Israel shall have sole jurisdiction
in any matters pertaining to this Plan.

 

 27. Non-Exclusivity
of the Plan. The adoption of this Plan by the Board shall not be construed as amending, modifying or rescinding any previously
approved incentive arrangements or imposing any limitations on the power of the Board to adopt other incentive arrangements as it may
deem desirable, including, without limitation, the granting of shares or options otherwise than under this Plan.

 

* * * * *

 

 

14EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 

BACKSTOP SUBSCRIPTION AGREEMENT 

This BACKSTOP SUBSCRIPTION AGREEMENT (this “Subscription
Agreement”) is entered into this 13th day of October, 2021, by and among BOWX ACQUISITION CORP., a Delaware
corporation (the “Issuer”), and the undersigned subscriber (“Subscriber”). 

WHEREAS, the Issuer has entered into that certain Agreement and Plan of Merger, dated as of
March 25, 2021 (as may be amended or supplemented from time to time, and including all schedules and exhibits thereto, the “Merger Agreement”), among the Issuer, WeWork Inc., a Delaware corporation
(“Windmill”), and BOWX MERGER SUBSIDIARY CORP, a Delaware corporation and a wholly owned subsidiary of the Issuer (“Merger
Sub”), pursuant to which the Issuer will acquire Windmill subject to the conditions set forth therein (the “Transaction”); 

WHEREAS, substantially concurrently with the execution of the Merger Agreement, the Issuer entered into:
(a) separate subscription agreements, with certain other investors that are key anchor investors with an aggregate purchase price of $250,000,000 (collectively the “Key Anchor Investors” and such investment, the
“Key Anchor Investment”); and (b) separate subscription agreements (collectively, the “Other Subscription Agreements”) with certain investors (other than the Key Anchor Investors) (the
“Other Subscribers”) with an aggregate purchase price of $650,000,000 (inclusive of the Purchase Price); 

WHEREAS, Cushman & Wakefield U.S., Inc., which is an affiliate of the Subscriber, and Windmill
have entered into a Memorandum of Understanding, dated August 8, 2021 (the “Cushman/Windmill MOU”), with respect to a strategic partnership between such affiliate of the Subscriber and Windmill (the “Strategic
Partnership”); 
 WHEREAS, in connection with the Strategic Partnership, and in connection
with and contingent on the closing of, the Transaction, on the terms and subject to the conditions set forth in this Subscription Agreement, Subscriber agreed to subscribe for and purchase from the Issuer a number of shares of the Issuer’s
Class A common stock, par value $0.0001 per share (the “Class A Shares”), which number is equal to the number of Class A Shares validly redeemed by the public shareholders of Issuer
in connection with the Transaction subject to a cap of 15,000,000 Class A Shares agreed upon by the Subscriber and Windmill (the “Acquired Shares”) for a purchase price of $10.00 per share (the “Share Purchase
Price”, and the aggregate purchase price of the Acquired Shares, the “Purchase Price”), and the Issuer desires to issue and sell to Subscriber on the Closing Date (as defined below) the Acquired Shares in
consideration of the payment of the Purchase Price by or on behalf of Subscriber to the Issuer at or prior to the Closing Date; and 

WHEREAS, Issuer and Subscriber are executing and delivering this Subscription Agreement in reliance upon
the exemption from securities registration afforded by Section 4(a)(2) of the Securities Act of 1933 (codified at 15 U.S.C. Sec. 77a et seq., and hereinafter the “Securities Act”). 

NOW, THEREFORE, in consideration of the foregoing and the mutual representations,
warranties and covenants, and subject to the conditions, herein contained, and intending to be legally bound hereby, the parties hereto hereby agree as follows: 

1.    SUBSCRIPTION. Subject to the terms and conditions hereof, at the Closing
(defined below), Subscriber hereby agrees to subscribe for and purchase, and the Issuer hereby agrees to issue and sell to Subscriber, upon the payment of the Purchase Price, the Acquired Shares (such subscription and issuance, the
“Subscription”). Notwithstanding anything herein to the contrary, the consummation of the Subscription is contingent upon the subsequent occurrence of the closing of the Transaction. 

2.    BACKSTOP AMOUNT; CLOSING. 

(a)    No later than one (1) Business Day before the special meeting of the shareholders of the Issuer to
approve the Transaction (the “Special Meeting”), the Issuer shall provide an estimate of the total number of Class A Shares that have been properly redeemed in connection with the Special Meeting as of such date. No
later than one (1) Business Day after the Special Meeting, the Issuer shall determine the total number of Class A Shares that are properly redeemed in connection with the Special Meeting (the “Redemption Amount”);

  
 1 

 (b)    Subject to the satisfaction or waiver of the conditions
set forth in Section 2(d), the closing of the Subscription contemplated hereby (the “Closing”) shall occur on the date (the date on which the Closing is to occur, subject to the last sentence
of this Section 2(b), the “Closing Date”) of, and immediately prior to, the closing of the Transaction. Not less than four (4) business days prior to the scheduled Closing Date (the
“Scheduled Closing Date”), the Issuer shall provide written notice to Subscriber of the Scheduled Closing Date. Not less than one (1) business day before the Scheduled Closing Date, if the Redemption Amount
is greater than zero (0), the Issuer shall deliver written notice to Subscriber (the “Funding Notice”) confirming the timing of the Scheduled Closing Date and specifying (i) the Redemption Amount, (ii) the number of
Acquired Shares that Subscriber is obligated to purchase pursuant to this Subscription Agreement, (iii) the Purchase Price and (iv) the wire instructions for delivery of the Purchase Price to the Issuer. One (1) business day before
the Scheduled Closing Date, Subscriber shall deliver the Purchase Price for the Acquired Shares to the Issuer by wire transfer of United States dollars in immediately available funds to the account specified by the Issuer in the Funding
Notice. On the Closing Date, the Issuer shall deliver to Subscriber the Acquired Shares, free and clear of any liens or other restrictions whatsoever (other than those arising under state or federal securities laws), in book entry form, and as
promptly as practicable after the Closing, evidence from the Issuer’s transfer agent of the issuance to the Subscriber of the Acquired Shares on and as of the Closing Date, and the Purchase Price shall be released from escrow automatically and
without further action by the Issuer or Subscriber. In the event the Closing does not occur within two (2) business days of the Scheduled Closing Date, the Issuer shall promptly (but not later than one (1) business days thereafter) return
the Purchase Price to Subscriber, and any book-entries for the Acquired Shares shall be deemed cancelled; provided that, unless this Subscription Agreement has been terminated pursuant to Section 7 hereof, such
return of funds shall not terminate this Subscription Agreement or relieve the Subscriber of its obligation to purchase the Acquired Shares at the Closing upon the delivery by the Issuer of a subsequent Funding Notice in accordance with this
Section 2(b). 
 (c)    Each book entry for the Acquired Shares shall contain a notation in substantially
the following form: 
 “THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED, OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM.” 

(d)    The Closing shall be subject to the satisfaction on the Closing Date, or the waiver by each of the parties
hereto, of each of the following conditions: 
 (i)    (x) solely with respect to Subscriber’s obligation to
close, the representations and warranties made by the Issuer, and (y) solely with respect to the Issuer’s obligation to close, the representations and warranties made by Subscriber, in each case in this Subscription Agreement, shall be
true and correct in all material respects (other than representations and warranties that are qualified as to materiality or Material Adverse Effect (as defined herein), as the case may be, which representations and warranties shall be true and
correct in all respects) at and as of the Closing Date (unless they specifically speak as of an earlier date, in which case they shall be true and correct in all material respects (other than representations and warranties that are qualified as to
materiality or Material Adverse Effect (as defined herein), as the case may be, which representations and warranties shall be true and correct in all respects) as of such date), in each case without giving effect to the consummation of the
Transaction; 
 (ii)    solely with respect to Subscriber’s obligations to close, the Issuer 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 the Issuer to consummate the Closing; and 

(iii)    solely with respect to the Issuer’s obligations to close, Subscriber 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 the Subscriber to consummate the Closing. 

  
 2 

 (e)    The Closing shall be subject to the satisfaction on the
Closing Date, or the waiver by the Subscriber, of each of the following conditions: 
 (i)    no governmental
authority of competent jurisdiction shall have enacted, issued, promulgated, enforced or entered any law, rule, regulation, judgment, decree, executive order or award after the date hereof (whether temporary, preliminary or permanent) which is then
in effect and has the effect of making the consummation of the transactions contemplated hereby illegal or otherwise preventing or prohibiting consummation of the transactions contemplated hereby; 

(ii)    all conditions precedent to the closing of the Transaction as set forth in the Merger Agreement, including
approval by the Issuer’s stockholders, shall have been satisfied or (to the extent permitted by applicable law) waived (as determined by the parties to the Merger Agreement and other than those conditions that, by their nature, (A) may
only be satisfied at the closing of the Transaction, but subject to the satisfaction or waiver of such conditions as of the closing of the Transaction, or (B) will be satisfied by the Closing and the closing of the transactions contemplated by
the Other Subscription Agreements); 
 (iii)    (A) there shall have been no modifications, amendments or
waivers to (or consents in respect of) the Merger Agreement that would reasonably be expected to be materially adverse to the economic benefits that Subscriber would reasonably expect to receive under this Subscription Agreement, unless Subscriber
has consented to such amendment and (B) there shall have been no amendment, modification or waiver of any Other Subscription Agreement that materially benefits the Other Subscriber thereunder unless the Subscriber has been offered substantially
the same benefits; 
 (iv)    there shall not be in force any injunction or order enjoining or prohibiting the
issuance and sale of the Acquired Shares under this Subscription Agreement, and the Acquired Shares shall be approved for listing on Nasdaq (or such other applicable stock exchange upon which the Class A Shares are approved for listing at the
time of Closing), subject only to (A) the requirement to have a sufficient number of round lot holders and (B) official notice of listing; and 

(v)    the Binding Provisions (as defined in the Cushman/Windmill MOU) of the Cushman/Windmill MOU shall remain in
full force and effect and Windmill shall not have materially breached its obligations under Section 9 (Exclusivity) thereof. 

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

3.    ISSUER REPRESENTATIONS AND
WARRANTIES. The Issuer represents and warrants to Subscriber that: 
 (a)    The
Issuer has been duly incorporated 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 to enter into, deliver and perform its obligations under this Subscription Agreement. 
 (b)    The
Acquired Shares have been duly authorized by the Issuer and, when issued and delivered to Subscriber against full payment for the Acquired Shares in accordance with the terms of this Subscription Agreement and registered with the Issuer’s
transfer agent, the Acquired 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
Issuer’s certificate of incorporation and bylaws or under the laws of the State of Delaware or pursuant to any agreement or other instrument to which the Issuer is a party or by which it is otherwise bound. 

  
 3 

 (c)    This Subscription Agreement, the Other Subscription
Agreements, the subscription agreements related to the Key Anchor Investment and the Merger Agreement (collectively, the “Transaction Documents”) have been duly authorized, executed and delivered by the Issuer and are
enforceable against the Issuer in accordance with their respective terms, except as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting the
rights of creditors generally, and (ii) principles of equity, whether considered at law or equity. 

(d)    The execution and delivery by the Issuer of the Transaction Documents, and the performance by the Issuer of
its obligations under the Transaction Documents, including the issuance and sale of the Acquired Shares and the compliance by the Issuer with all of the provisions of this Subscription Agreement and the consummation of the transactions herein will
be done in accordance with The Nasdaq Stock Market LLC (the “Nasdaq”) marketplace rules or the rules of such other applicable stock exchange on which the Issuer’s or its successor’s common stock is then listed, and
the consummation of the other transactions contemplated herein, do not 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 the Issuer pursuant to the terms of (i) any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which the Issuer is a party or
by which the Issuer is bound or to which any of the property or assets of the Issuer is subject; (ii) the organizational documents of the Issuer; 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 Issuer or any of its properties that, in the cases of clauses (i) and (iii), would reasonably be expected to have, individually or in the aggregate, a material adverse effect on
the business, properties, financial condition, stockholders’ equity or results of operations of the Issuer (a “Material Adverse Effect”) or materially affect the validity or enforceability of the Acquired Shares or the
ability or legal authority of the Issuer to comply in all material respects with this Subscription Agreement. 

(e)    The Issuer 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 Issuer of this
Subscription Agreement (including, without limitation, the issuance of the Acquired Shares), other than (i) the filing with the United States Securities and Exchange Commission (the “Commission”) of the Registration
Statement (as defined below), (ii) the filings required by applicable state or federal securities laws, (iii) the filings required in accordance with Section 10(m), (iv) those required by the Nasdaq or such other
applicable stock exchange on which the Issuer’s common stock is then listed, including with respect to obtaining stockholder approval, and (v) any consent, waiver, authorization or order of, notice to, or filing or registration, the
failure of which to obtain would not be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect. 

(f)    The issued and outstanding Class A Shares are registered pursuant to Section 12(b) of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), and are listed for trading on the Nasdaq or such other applicable stock exchange on which the Issuer’s or its successor’s common stock is listed.
There is no suit, action, proceeding or investigation pending or, to the knowledge of the Issuer, threatened against the Issuer by the Nasdaq or the Commission with respect to any intention by such entity to deregister the Class A Shares or
prohibit or terminate the listing of the Class A Shares on the Nasdaq. The Issuer has taken no action that is designed to terminate the registration of the Class A Shares under the Exchange Act or the listing of the Class A Shares on
the Nasdaq (unless such termination on the Nasdaq is in order to switch the listing to the New York Stock Exchange or to provide for a successor listing in connection with the Transaction). 

(g)    Assuming the accuracy of Subscriber’s representations and warranties set forth in
Section 4, no registration under the Securities Act is required for the offer and sale of the Acquired Shares by the Issuer to Subscriber in the manner contemplated by this Subscription Agreement. 

(h)    Neither the Issuer 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 Acquired Shares. 

(i)    The Issuer has made available to Subscriber (including via the Commission’s EDGAR system) a copy of
each form, report, statement, schedule, prospectus, proxy, registration statement and other 

  
 4 

 
document, if any, filed by the Issuer with the Commission since its initial registration of the Class A Shares (the “SEC Documents”), which SEC Documents, as of their
respective filing dates, complied in all material respects with the requirements of the Exchange Act or the Securities Act applicable to the SEC Documents and the rules and regulations of the Commission promulgated thereunder applicable to the SEC
Documents. None of the SEC Documents filed under the Exchange Act or the Securities Act (except to the extent that information contained in any SEC Document has been superseded by a later timely filed SEC Document) contained, when filed 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. The Issuer has timely filed each
report, statement, schedule, prospectus, and registration statement that the Issuer was required to file with the Commission since its inception. There are no material outstanding or unresolved comments in comment letters from the Staff of the
Commission with respect to any of the SEC Documents. The financial statements of the Issuer included in the SEC Documents comply in all material respects with applicable accounting requirements and the rules and regulations of the Commission with
respect thereto as in effect at the time of filing and fairly present in all material respects the financial position of the Issuer as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in
the case of unaudited statements, to normal, year-end audit adjustments. 

(j)    The Issuer has not paid, and is not obligated to pay, any brokerage, finder’s or other commission or
similar fee in connection with its issuance and sale of the Acquired Shares, including, for the avoidance of doubt, any fee or commission payable to any stockholder or affiliate, as defined in Rule 144 under the Securities Act
(“Affiliate”), of the Issuer. Subscriber shall have no liability for any such commission or fee. 

(k)    No “bad actor” disqualifying event described in Rule 506(d)(1)(i)-(viii) of the
Securities Act (a “Disqualification Event”) is applicable to the Issuer or, to the Issuer’s knowledge, any Issuer Covered Person, except for a Disqualification Event as to which Rule
506(d)(2)(ii-iv) or (d)(3), is applicable. “Issuer Covered Person” means, with respect to the Issuer as an “issuer” for purposes of Rule 506 promulgated under
the Securities Act, any person listed in the first paragraph of Rule 506(d)(1). The Issuer represents that it has exercised reasonable care to determine the accuracy of the representation made by the Issuer in this paragraph. 

(l)    The Issuer is in compliance with all laws that are applicable to the conduct of its business as currently
conducted, other than where failure to comply with any such law would not be reasonably expected to have a Material Adverse Effect. The Issuer has not received any written communication from a governmental entity that alleges that the Issuer 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
Material Adverse Effect. 
 (m)    As of the date of this Subscription Agreement, the authorized capital stock of
the Issuer consists of (i) 87,500,000 Class A Shares, of which 48,300,000 are issued and outstanding, (ii) 12,500,000 shares of Class B common stock, par value $0.0001 per share (“Class B
Shares”), of which 12,075,000 are issued and outstanding and (iii) 1,000,000 shares of preferred stock, par value $0.0001 per share (“Preferred Shares”), of which no shares are issued and outstanding. As of the
date of this Subscription Agreement, the Issuer has 16,100,000 public warrants outstanding and 7,733,333 private placement warrants outstanding. Each private placement warrant and public warrant is exercisable for one Class A Share at an
exercise price of $11.50 per share. Prior to the Closing Date, the Issuer has no subsidiaries (other Merger Sub) and does not own, directly or indirectly, interests or investments (whether equity or debt) in any person, whether incorporated or
unincorporated. There are no securities or instruments issued by the Issuer containing anti-dilution provisions that will be triggered by the issuance of (i) the Acquired Shares, (ii) the Class A Shares to be issued pursuant to any
Other Subscription Agreement or the subscription agreements related to the Key Anchor Investment or (iii) the Class A Shares to be issued pursuant to the Merger Agreement, in each case, that have not been or will not be validly waived on
or prior to the Closing Date. 
 (n)    As of their respective filing dates, or, if amended, as of the date of
such amendment with respect to those disclosures that are amended, all reports required to be filed by Issuer with the U.S. Securities and Exchange Commission (the “SEC”) (the “SEC Reports”) complied in all material respect with
the applicable requirements of the Exchange Act, and the rules and regulations of the SEC promulgated thereunder. None of the SEC Reports filed under the Exchange Act included, when filed or, if amended, as of the date of such amendment with respect
to those disclosures that are amended, any untrue statement of a material fact or omitted to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not

  
 5 

 
misleading. The Issuer has timely filed with the SEC each SEC Report that Issuer was required to file with the SEC. As of the date hereof, there are no material outstanding or unresolved comments
in comment letters received by Issuer from the staff of the Division of Corporation Finance of the SEC with respect to any of the SEC Reports. 

(o)    Except for such matters as have not had and would not be reasonably likely to have, individually or in the
aggregate, a Material Adverse Effect, as of the date hereof, there is no (i) action, suit, claim or other proceeding, in each case by or before any governmental authority pending, or, to the knowledge of the Issuer, threatened against the
Issuer or (ii) judgment, decree, injunction, ruling or order of any governmental entity or arbitrator outstanding against the Issuer. 

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

(q)    The Issuer acknowledges and agrees that, notwithstanding anything herein to the contrary, the Acquired
Shares may be pledged by the undersigned in connection with a bona fide margin agreement, provided such pledge shall be (i) pursuant to an available exemption from the registration requirements of the Securities Act or (ii) pursuant to,
and in accordance with, a registration statement that is effective under the Securities Act at the time of such pledge, and the undersigned effecting a pledge of Acquired Shares shall not be required to provide the Issuer with any notice thereof;
provided, however, that neither the Issuer nor their counsel shall be required to take any action (or refrain from taking any action) in connection with any such pledge, other than providing any such lender of such margin agreement with an
acknowledgment that the Acquired Shares are not subject to any contractual prohibition on pledging or lock up, the form of such acknowledgment to be subject to review and comment by the Issuer in all respects. 

4.    SUBSCRIBER REPRESENTATIONS AND
WARRANTIES. Subscriber represents and warrants that: 
 (a)    Subscriber has
been duly formed or incorporated and is validly existing in good standing under the laws of its jurisdiction of incorporation or formation, with the requisite entity power and authority to enter into, deliver and perform its obligations under this
Subscription Agreement. 
 (b)    This Subscription Agreement has been duly authorized, executed and delivered by
Subscriber. This Subscription Agreement is enforceable against Subscriber in accordance with its terms, except as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other
laws relating to or affecting the rights of creditors generally, and (ii) principles of equity, whether considered at law or equity. 

(c)    The execution and delivery by Subscriber of this Subscription Agreement, and the performance by Subscriber
of its obligations under this Subscription Agreement, including the purchase of the Acquired Shares and the consummation of the other 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 Subscriber pursuant to the terms of (i) any indenture, mortgage, deed of trust, loan
agreement, lease, license or other agreement or instrument to which Subscriber is a party or by which Subscriber is bound or to which any of the property or assets of Subscriber is subject; (ii) the organizational documents of Subscriber; 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 Subscriber or any of Subscriber’s properties that, in the case of clauses (i) and
(iii), would reasonably be expected to have a material adverse effect on the legal authority of Subscriber to comply in all material respects with the terms of this Subscription Agreement. 

(d)    Subscriber, or each of the funds managed by or affiliated with Subscriber for which Subscriber is acting as
nominee, as applicable, (i) is a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act) or an institutional “accredited investor” (within the meaning of Rule 501(a)(1),
(2), (3) or (7) under the Securities Act), in each case, satisfying the applicable requirements set forth on Schedule A, (ii) is acquiring the Acquired Shares only for its own account and not for the account of others, or if
Subscriber is subscribing for the Acquired Shares as a fiduciary or agent for one or more investor accounts, each owner of such account is a “qualified institutional buyer” (as defined above) and Subscriber 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 

  
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behalf of each owner of each such account, and (iii) is not acquiring the Acquired Shares with a view to, or for offer or sale in connection with, any distribution thereof in violation of
the Securities Act. Subscriber has completed Schedule A following the signature page hereto and the information contained therein is accurate and complete. Subscriber is not an entity formed for the specific purpose of acquiring the Acquired
Shares. 
 (e)    Subscriber understands that the Acquired Shares are being offered in a transaction not
involving any public offering within the meaning of the Securities Act and that the Acquired Shares have not been registered under the Securities Act. Subscriber understands that the Acquired Shares may not be resold, transferred, pledged or
otherwise disposed of by Subscriber absent an effective registration statement under the Securities Act, except (i) to the Issuer or a subsidiary thereof, (ii) to non-U.S. persons pursuant to offers
and sales that occur outside the United States within the meaning of Regulation S under the Securities Act, (iii) pursuant to Rule 144 under the Securities Act, provided that all of the applicable conditions thereof have been met or
(iv) pursuant to another applicable exemption from the registration requirements of the Securities Act, and that any certificates or book-entry records representing the Acquired Shares shall contain a legend to such effect. Subscriber
acknowledges that the Acquired Shares will not be eligible for resale pursuant to Rule 144A promulgated under the Securities Act. Subscriber understands and agrees that it may be required to bear the financial risk of an investment in the Acquired
Shares for an indefinite period of time. Subscriber understands that it has been advised to consult legal counsel prior to making any offer, resale, pledge or transfer of any of the Acquired Shares. 

(f)    Subscriber understands and agrees that Subscriber is purchasing the Acquired Shares directly from the
Issuer. Subscriber further acknowledges that there have been no representations, warranties, covenants and agreements made to Subscriber by the Issuer or any of its officers or directors, or any other party to the transaction, expressly or by
implication, other than those representations, warranties, covenants and agreements included in this Subscription Agreement. Moreover, the Subscriber acknowledges that PJT Partners LP is acting both as a placement agent to the Issuer and as the
financial advisor to Windmill. 
 (g)    Subscriber’s acquisition and holding of the Acquired 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 (“ERISA”), section 4975 of the
Internal Revenue Code of 1986, as amended (the “Code”), or any applicable similar law. 

(h)    In making its decision to subscribe for and purchase the Acquired Shares, Subscriber represents that it has
relied solely upon its own independent investigation and the Issuer’s representations, warranties and covenants contained herein. Subscriber acknowledges and agrees that Subscriber has received and has had an adequate opportunity to review such
financial and other information as Subscriber deems necessary in order to make an investment decision with respect to the Acquired Shares, including with respect to the Issuer and the Transaction and made its own assessment and is satisfied
concerning the relevant tax and other economic considerations relevant to the Subscriber’s investment in the Acquired Shares. Without limiting the generality of the foregoing, Subscriber acknowledges that he, she or it has had an adequate
opportunity to review the Issuer’s filings with the Commission. Subscriber represents and agrees that Subscriber and Subscriber’s professional advisor(s), if any, have had the opportunity to ask such questions, receive such answers and
obtain such information as Subscriber and such Subscriber’s professional advisor(s), if any, have deemed necessary to make an investment decision with respect to the Acquired Shares. Subscriber has been furnished with all materials that it
considers relevant to an investment in the Acquired Shares, has had an opportunity to ask questions of and receive answers from the Issuer or any person or persons acting on behalf of the Issuer concerning the terms and conditions of the offering of
the Acquired Shares to Subscriber; and that Subscriber is not relying upon, and has not relied upon, any statement, representation or warranty made by any person, except for the statements, representations and warranties of the Issuer contained in
this Subscription Agreement. 
 (i)    Subscriber became aware of this offering of the Acquired Shares solely by
means of direct contact between Subscriber and the Issuer or Windmill, and the Acquired Shares were offered to Subscriber solely by direct contact between Subscriber and the Issuer. Subscriber did not become aware of this offering of the Acquired
Shares, nor were the Acquired Shares offered to Subscriber, by any other means. Subscriber acknowledges that the Issuer represents and warrants that the Acquired Shares (i) were not offered to Subscriber by any form of general solicitation or
general advertising and (ii) are not being offered to Subscriber in a manner involving a public offering under, or in a distribution in violation of, the Securities Act, or any state securities laws. 

  
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 (j)    Subscriber acknowledges that it is aware that there are
substantial risks incident to the purchase and ownership of the Acquired Shares. Subscriber 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 Acquired
Shares, and Subscriber has sought such accounting, legal and tax advice as Subscriber has considered necessary to make an informed investment decision. 

(k)    Subscriber represents and acknowledges that Subscriber has adequately analyzed and fully considered the
risks of an investment in the Acquired Shares and determined that the Acquired Shares are a suitable investment for Subscriber and that Subscriber is able at this time and in the foreseeable future to bear the economic risk of a total loss of
Subscriber’s investment in the Issuer. Subscriber acknowledges specifically that a possibility of total loss exists. 

(l)    Subscriber understands and agrees that no federal or state agency has passed upon or endorsed the merits of
the offering of the Acquired Shares or made any findings or determination as to the fairness of an investment in the Acquired Shares. 

(m)    Subscriber is not (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”) (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, (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. Subscriber 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”) Subscriber maintains policies and
procedures reasonably designed to comply with applicable obligations under the BSA/PATRIOT Act. Subscriber also represents that, to the extent required, it maintains policies and procedures reasonably designed to ensure compliance with
OFAC-administered sanctions programs, including for the screening of its investors against the OFAC Lists. Subscriber further represents and warrants that, to the extent required, it maintains policies and procedures reasonably designed to ensure
that the funds held by Subscriber and used to purchase the Acquired Shares were legally derived. 
 (n)    If
Subscriber is an employee benefit plan that is subject to Title I of ERISA, a plan, an individual retirement account or other arrangement that is subject to section 4975 of the Code or an employee benefit plan that is a governmental plan (as defined
in section 3(32) of ERISA), a church plan (as defined in section 3(33) of ERISA), a non-U.S. plan (as described in section 4(b)(4) of ERISA) or other plan that is not subject to the foregoing but may be
subject to provisions under any other federal, state, local, non-U.S. or other laws or regulations that are similar to such provisions of ERISA or the Code, or an entity whose underlying assets are considered
to include “plan assets” of any such plan, account or arrangement (each, a “Plan”) subject to the fiduciary or prohibited transaction provisions of ERISA or section 4975 of the Code, Subscriber
represents and warrants that (i) it has not relied on the Issuer or any of its affiliates (the “Transaction Parties”) as the Plan’s fiduciary with respect to its decision to acquire and hold the Acquired Shares,
(ii) it has not relied on any investment advice from the Transaction Parties with respect to any decision to acquire, continue to hold or transfer the Acquired Shares. 

(o)    Subscriber will have at the Closing sufficient funds to pay the Purchase Price pursuant to
Section 2(b). 
 5.    Additional Subscriber Agreement. Subscriber hereby agrees
that neither Subscriber nor any person or entity acting on its behalf or pursuant to any understanding with it will engage in any Short Sales with respect to the Acquired Shares during the period from the date of this Subscription Agreement until
the Closing (or such earlier termination of this Subscription Agreement pursuant to its terms). For purposes of this Section 5, “Short Sales” shall include, without limitation, all “short
sales” as defined in Rule 200 promulgated under Regulation SHO under the Exchange Act, and all types of direct and indirect stock pledges (other than pledges in the ordinary course of business as part of prime brokerage arrangements),
forward sale contracts, options, puts, calls, swaps and similar 

  
 8 

 
arrangements (including on a total return basis) and sales and other transactions through non-U.S. broker dealers or foreign regulated brokers.
Notwithstanding the foregoing, (i) nothing herein shall prohibit other entities under common management with Subscriber that have no knowledge of this Subscription Agreement or of Subscriber’s participation in the Transaction (including
Subscriber’s controlled affiliates and/or affiliates) from entering into any Short Sales and (ii) in the case of a Subscriber that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such
Subscriber’s assets and the portfolio managers have no knowledge of the investment decisions made by the portfolio managers managing other portions of such Subscriber’s assets, the limitations set forth above shall only apply with respect
to the portion of assets managed by the portfolio manager that made the investment decision to purchase the Acquired Shares covered by this Subscription Agreement. 

6.    REGISTRATION RIGHTS. 

(a)    The Issuer agrees that, within thirty (30) calendar days after the consummation of the Transaction (the
“Filing Date”), the Issuer will file with the Commission (at the Issuer’s sole cost and expense) a registration statement registering the resale of the Acquired Shares (the “Registration
Statement”), and the Issuer shall use its commercially reasonable efforts to have the Registration Statement declared effective as soon as practicable after the filing thereof, but no later than the earlier of (i) the 60th calendar
day (or 90th calendar day if the Commission notifies the Issuer that it will “review” the Registration Statement) following the Filing Date and (ii) the 10th business day after the date the Issuer is notified (orally or
in writing, whichever is earlier) by the Commission that the Registration Statement will not be “reviewed” or will not be subject to further review (such earlier date, the “Effectiveness Date”);
provided, however, that the Issuer’s obligation to include the Acquired Shares in the Registration Statement are contingent upon Subscriber furnishing in writing to the Issuer such information regarding Subscriber, the securities
of the Issuer held by Subscriber and the intended method of disposition of the Acquired Shares as shall be reasonably requested by the Issuer to effect the registration of the Acquired Shares, and Subscriber shall execute such documents in
connection with such registration as the Issuer may reasonably request that are customary of a selling stockholder in similar situations, including providing that the Issuer shall be entitled to postpone and suspend the effectiveness or use of the
Registration Statement during any customary blackout or similar period to the extent (and only to the extent) expressly provided in Section 6(c); provided that Subscriber shall not in connection with the foregoing be
required to execute any lock-up or similar agreement or otherwise be subject to any contractual restriction on the ability to transfer the Acquired Shares. For purposes of clarification, any failure by the
Issuer to file the Registration Statement by the Filing Date or to effect such Registration Statement by the Effectiveness Date shall not otherwise relieve the Issuer of its obligations to file or effect the Registration Statement as set forth above
in this Section 6. The Issuer will provide a draft of the Registration Statement to Subscriber for review at least two (2) business days in advance of filing the Registration Statement and will consider in good faith
all reasonable comments provided by Subscriber for inclusion therein. In no event shall Subscriber be identified as a statutory underwriter in the Registration Statement unless requested by the Commission; provided, that if the Commission
requests that a Subscriber be identified as a statutory underwriter in the Registration Statement, Subscriber will have the opportunity to withdraw from the Registration Statement. Notwithstanding the foregoing, if the Commission prevents the Issuer
from including any or all of the Class A Shares proposed to be registered under the Registration Statement due to limitations on the use of Rule 415 of the Securities Act for the resale of the Class A Shares by Subscriber and the other
selling stockholders named therein or otherwise, such Registration Statement shall register for resale such number of Class A Shares which is equal to the maximum number of Class A Shares as is permitted by the Commission. In such event,
the number of Class A Shares to be registered for each selling stockholder named in the Registration Statement shall be reduced pro rata among all such selling stockholders. In the event the Commission informs the Issuer that all of such
Class A Shares cannot, as a result of the application of Rule 415 of the Securities Act, be registered for resale on the Registration Statement, the Issuer agrees to promptly inform Subscriber thereof and use its commercially reasonable efforts
to file amendments to the Registration Statement as required by the Commission, covering the maximum number of Class A Shares permitted to be registered by the Commission, on Form S-1 or such other form
available to register for resale such shares as a secondary offering. 
 (b)    In the case of the registration,
qualification, exemption or compliance effected by the Issuer pursuant to this Subscription Agreement, the Issuer shall, upon reasonable request, inform Subscriber as to the status of such registration, qualification, exemption and compliance. At
its expense the Issuer shall: 
 (i)    except for such times as the Issuer is permitted hereunder to suspend the
use of the prospectus forming part of a Registration Statement, use its commercially reasonable efforts to keep such 

  
 9 

 
registration, and any qualification, exemption or compliance under state securities laws which the Issuer determines to obtain, continuously effective with respect to Subscriber, and to keep the
applicable Registration Statement or any subsequent shelf registration statement free of any material misstatements or omissions, until the earlier of the following: (i) Subscriber ceases to hold any Acquired Shares or (ii) the date all
Acquired Shares held by Subscriber are sold without restriction under Rule 144, including without limitation, any volume and manner of sale restrictions which may be applicable to Affiliates under Rule 144 and without the requirement for the Issuer
to be in compliance with the current public information required under Rule 144(c)(1) or Rule 144(i)(2), as applicable, and (iii) three (3) years from the effective date of the Registration Statement. 

(ii)    advise Subscriber within five (5) business days: 

(1)    when a Registration Statement or any amendment thereto has been filed with the Commission and when such
Registration Statement or any post-effective amendment thereto has become effective; 
 (2)    after it shall
receive notice or obtain knowledge thereof, of any request by the Commission for amendments or supplements to any Registration Statement or the prospectus included therein or for additional information with respect to the Subscriber; 

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

(5)    subject to the provisions in this Subscription Agreement, of the occurrence of any event that requires the
making of any changes in any Registration Statement or prospectus so that, as of such date, the statements therein are not misleading and do not omit to state a material fact required to be stated therein or necessary to make the statements therein
(in the case of a prospectus, in the light of the circumstances under which they were made) not misleading. 
 Notwithstanding anything to
the contrary set forth herein, the Issuer shall not, when so advising Subscriber of such events described in this Section 6(b)(ii), provide the Subscriber with any material, nonpublic information regarding the Issuer other than to the extent
that providing notice to Subscriber of the occurrence of the events listed in (1) through (5) above may constitute material, nonpublic information regarding the Issuer; 

(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 6(b)(ii)(5), except for such times as the Issuer is permitted hereunder to suspend, and has suspended, the use of a prospectus forming part of a Registration Statement, the Issuer shall use its commercially
reasonable efforts to as soon as reasonably practicable prepare a post-effective amendment to such Registration Statement or a supplement to the related prospectus, or file any other required document so that, as thereafter delivered to purchasers
of the Acquired Shares included therein, such prospectus will not include any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were
made, not misleading; 
 (v)    use its commercially reasonable efforts to cause all Acquired Shares to be
listed on each securities exchange or market, if any, on which the Class A Shares issued by the Issuer have been listed; 

(vi)    use its commercially reasonable efforts (i) to take all other steps necessary to effect the
registration of the Acquired Shares contemplated hereby and (ii) to timely file all reports and other materials required to be filed by the Exchange Act so long as the Issuer remains subject to such requirements and the filing of such reports
and other documents is required for the applicable provisions of Rule 144 to enable Subscriber to sell the Acquired Shares under Rule 144 for so long as the Subscriber holds Acquired Shares; and 

  
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 (vii)    upon Subscriber’s request, deliver all the
necessary documentation to cause the Issuer’s transfer agent to remove the legend set forth above in Section 2(c), as promptly as practicable and no later than two (2) business days after such request, when the Acquired Shares are
sold pursuant to Rule 144 under the Securities Act or the Registration Statement or may be sold without restriction under Rule 144 or are then to be sold pursuant to the Registration Statement (as then in effect). In connection therewith, if
required by the Issuer’s transfer agent, the Issuer will promptly cause an opinion of counsel to be delivered to and maintained with its transfer agent, together with any other authorizations, certificates and directions required by the
transfer agent that authorize and direct the transfer agent to issue such Acquired Shares without any such legend. If restrictive legends are no longer required for the Acquired Shares pursuant to the foregoing, the Issuer shall, reasonably promptly
following any request therefor from Subscriber 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 the Acquired Shares. 

(c)    Notwithstanding anything to the contrary in this Subscription Agreement, the Issuer shall be entitled to
delay or postpone the effectiveness of the Registration Statement, and from time to time to require Subscriber not to sell under the Registration Statement or to suspend the effectiveness thereof, if the Issuer determines that in order for the
Registration Statement to not 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, or if such filing or use could materially affect a bona fide business or financing transaction of the Issuer or its subsidiaries or would require additional disclosure by the Issuer in the Registration Statement of material information that the
Issuer has a bona fide business purpose for keeping confidential (each such circumstance, a “Suspension Event”); provided, however, that the Issuer may not delay or suspend the Registration Statement on more
than two occasions or for more than sixty (60) consecutive calendar days, or more than one hundred and twenty (120) total calendar days, in each case during any twelve-month period. Upon receipt of any written notice from the Issuer of the
happening of any Suspension Event during the period that the Registration Statement is effective or if as a result of a Suspension Event the Registration Statement or related prospectus contains any untrue statement of a material fact or omits to
state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made (in the case of the prospectus) not misleading, Subscriber agrees that it will immediately
discontinue offers and sales of the Acquired Shares under the Registration Statement (excluding, for the avoidance of doubt, sales conducted pursuant to Rule 144) until Subscriber receives copies of a supplemental or amended prospectus (which the
Issuer agrees to promptly prepare) that corrects the misstatement(s) or omission(s) referred to above and receives notice that any post-effective amendment has become effective or unless otherwise notified by the Issuer that it may resume such
offers and sales; provided, for the avoidance of doubt, that the Issuer shall not include any material non-public information in any such written notice. If so directed by the Issuer, Subscriber will
deliver to the Issuer or, in Subscriber’s sole discretion destroy, all copies of the prospectus covering the Acquired Shares in Subscriber’s possession; provided, however, that this obligation to deliver or destroy all copies
of the prospectus covering the Acquired Shares shall not apply (i) to the extent Subscriber is required to retain a copy of such prospectus (a) in order to comply with applicable legal, regulatory, self-regulatory or professional
requirements or (b) in accordance with a bona fide pre-existing document retention policy or (ii) to copies stored electronically on archival servers as a result of automatic data back-up. 
 (d)    Subscriber may deliver written notice (an “Opt-Out Notice”) to the Issuer requesting that Subscriber not receive notices from the Issuer otherwise required by this Section 6; provided, however, that
Subscriber may later revoke any such Opt-Out Notice in writing. Following receipt of an Opt-Out Notice from Subscriber (unless subsequently revoked), (i) the Issuer
shall not deliver any such notices to Subscriber and Subscriber shall no longer be entitled to the rights associated with any such notice and (ii) each time prior to Subscriber’s intended use of an effective Registration Statement,
Subscriber will notify the Issuer in writing at least two (2) business days in advance of such intended use, and if a notice of a Suspension Event was previously delivered (or would have been delivered but for the provisions of this
Section 6(d)) and the related suspension period remains in effect, the Issuer will so notify Subscriber, within one (1) business day of Subscriber’s notification to the Issuer, by delivering to Subscriber a copy
of such previous notice of Suspension Event, and thereafter will provide Subscriber with the related notice of the conclusion of such Suspension Event immediately upon its availability. 

  
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 (e)    For purposes of this Section 6, “Acquired
Shares” shall mean, as of any date of determination, the Acquired Shares purchased by Subscriber pursuant to this Subscription Agreement and any other equity security issued or issuable with respect to such Acquired Shares by way of
share split, dividend, distribution, recapitalization, merger, exchange, replacement or similar event, and “Subscriber” shall include any person to whom the rights under this Section 6 shall have been duly assigned. 

(f)    Issuer shall indemnify Subscriber (to the extent a seller under the Registration Statement), notwithstanding
any termination of this Subscription Agreement, its officers, directors, partners, members, managers, employees, stockholders, advisers and agents, and each person who controls Subscriber (within the meaning of Section 15 of the Securities Act
or Section 20 of the Exchange Act) and officers, directors, partners, members, managers, employees, stockholders, advisers and agents of each such controlling person to the fullest extent permitted by applicable law, from and against any and
all losses, claims, damages, liabilities, costs (including reasonable attorneys’ fees) and expenses (collectively, “Losses”), as incurred, to the extent such Losses arise out of or are based upon (i) any untrue or
alleged untrue statement of a material fact contained in the Registration Statement (or incorporated by reference therein), any prospectus included in the Registration Statement or any form of prospectus or in any amendment thereof or supplement
thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein (in the case of any prospectus or form of
prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading, except to the extent, that such untrue statements or alleged untrue statements or omissions or alleged omissions, are based upon information
regarding Subscriber furnished in writing to Issuer by Subscriber expressly for use therein or (ii) any violation or alleged violation by the Issuer of the Securities Act, Exchange Act or any state securities law or any rule or regulation
thereunder, in connection with the performance of its obligations under this Section 6; provided, that the indemnification contained in this Section 6(f) shall not apply to amounts paid in settlement of any Losses if
such settlement is effected without the consent of the Issuer (which consent shall not be unreasonably withheld, conditioned or delayed). The Issuer shall notify Subscriber promptly of the institution, threat or assertion of any proceeding arising
from or in connection with the transactions contemplated by this Section 6 of which the Issuer is aware; provided, that the failure of the Issuer to promptly notify Subscriber of any such institution, threat or assertion shall not relieve
Subscriber of any liability to any indemnified party under this Section 6(f), except to the extent that such failure materially prejudices Subscriber’s ability to defend the proceeding and will not relieve Subscriber
of any liability that it may have to any indemnified party otherwise than under Section 6(g). 

(g)    Subscriber shall, severally and not jointly with any Other Subscriber, indemnify and hold harmless the
Issuer, its directors, officers, agents and employees, and each person who controls the Issuer (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), to the fullest extent permitted by applicable law,
from and against all Losses, as incurred, to the extent such Losses arise out of or are based upon any untrue or alleged untrue statement of a material fact contained in the Registration Statement, any prospectus included in the Registration
Statement, or any form of prospectus, or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission to state a material fact required to be stated therein or necessary
to make the statements therein (in the case of any prospectus, or any form of prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading to the extent, but only to the extent, that such untrue
statements or alleged untrue statements, or omissions, or alleged omissions, are based upon information regarding Subscriber furnished in writing to the Issuer by Subscriber expressly for use therein; provided that (i) the liability of
Subscriber shall be several and not joint with any other investor, (ii) in no event shall the liability of Subscriber exceed the net proceeds received by Subscriber upon the sale of the Acquired Shares giving rise to such indemnification
obligation, and the (iii) indemnification contained in this Section 6(g) shall not apply to amounts paid in settlement of any Losses if such settlement is effected without the consent of Subscriber (which consent shall
not be unreasonably withheld, conditioned or delayed). Subscriber shall notify the Issuer promptly of the institution, threat or assertion of any proceeding arising from or in connection with the transactions contemplated by this Section 6 of
which Subscriber is aware; provided, that the failure of Subscriber to promptly notify the Issuer of any such institution, threat or assertion shall not relieve the Issuer of any liability to any indemnified party under this
Section 6(g), except to the extent that such failure materially prejudices the Issuer’s ability to defend the proceeding and will not relieve the Issuer of any liability that it may have to any indemnified party
otherwise than under Section 6(f). Notwithstanding anything to the contrary contained herein, the indemnifying party shall not, without the prior written consent of the indemnified party, consent to entry of any judgment or enter into any
settlement or other compromise with respect to any claim or proceeding in respect of which indemnification 

  
 12 

 
or contribution may be or has been sought hereunder (whether or not any such indemnified party is an actual or potential party to such action or claim) which does not include as an unconditional
term thereof the giving by the claimant or plaintiff to the indemnified parties of a full release from all liability with respect to such claim or which includes any admission as to fault or culpability or failure to act on the part of any
indemnified party. 
 (h)    If the indemnification provided under this Section 6 from the indemnifying
party is unavailable or insufficient to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the indemnifying party, in lieu of indemnifying the indemnified party, shall
contribute to the amount paid or payable by the indemnified party as a result of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying party and the indemnified
party, as well as any other relevant equitable considerations. The relative fault of the indemnifying party and indemnified party shall be determined by reference to, among other things, whether any action in question, including any untrue or
alleged untrue statement of a material fact or omission or alleged omission to state a material fact, was made by, or relates to information supplied by, such indemnifying party or indemnified party, and the indemnifying party’s and indemnified
party’s relative intent, knowledge, access to information and opportunity to correct or prevent such action. The amount paid or payable by a party as a result of the losses or other liabilities referred to above shall be subject to the
limitations set forth in this Section 6 and deemed to include 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 6 from any person who was not guilty of such fraudulent misrepresentation. Each indemnifying party’s obligation to
make a contribution pursuant to this Section 6(h) shall be individual, not joint and several, and in no event shall the liability of Subscriber hereunder exceed the net proceeds received by Subscriber upon the sale of the
Acquired Shares giving rise to such indemnification obligation. 
 7.    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 Merger Agreement is terminated in accordance with the terms therein, (b) upon the mutual written agreement of each of the parties hereto to terminate this Subscription Agreement, (c) if any of the
conditions to Closing set forth in Section 2(d) or Section 2(e) are not satisfied on or prior to the Closing Date and, as a result thereof, the transactions contemplated by this Subscription Agreement are not consummated at the Closing or
(d) October 31, 2021, subject to extension in accordance with Section 10.1(f) of the Merger Agreement (as the same exists as of the date hereof); 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 such breach. The Issuer shall promptly notify Subscriber of the
termination of the Merger Agreement promptly after the termination of such agreement. Upon the termination of this Subscription Agreement in accordance with this Section 7, any monies paid by the Subscriber to the Issuer in connection herewith
shall be promptly (and in any event within one (1) business day after such termination) returned to the Subscriber. 

8.    Trust Account Waiver. Subscriber acknowledges that the Issuer is a blank check company with the powers
and privileges to effect a merger, asset acquisition, reorganization or similar business combination involving the Issuer and one or more businesses or assets. Subscriber further acknowledges that, as described in the Issuer’s prospectus
relating to its initial public offering dated August 4, 2020 (the “Prospectus”), available at www.sec.gov, substantially all of the Issuer’s assets consist of the cash proceeds of the Issuer’s initial public
offering and private placements of its securities, and substantially all of those proceeds have been deposited in a trust account (the “Trust Account”) for the benefit of the Issuer, its public stockholders and the
underwriters of the Issuer’s initial public offering. Except with respect to interest earned on the funds held in the Trust Account that may be released to the Issuer to pay its tax obligations, if any, the cash in the Trust Account may be
disbursed only for the purposes set forth in the Prospectus. For and in consideration of the Issuer entering into this Subscription Agreement, the receipt and sufficiency of which are hereby acknowledged, Subscriber, on behalf of itself and its
representatives, hereby irrevocably waives any and all right, title and interest, or any claim of any kind they have or may have in the future, in or to any monies held in the Trust Account, in each case, arising out of this Subscription Agreement,
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 8 shall be deemed to limit any
Subscriber’s right, title, interest or claim to the Trust Account by virtue of such Subscriber’s record or beneficial ownership of securities of the Issuer acquired by any means other than pursuant to this Subscription Agreement, including
but not limited to any redemption right with respect to any such securities of the Issuer. 

  
 13 

 9.    [Reserved]. 

10.    Miscellaneous. 

(a)    Each party hereto acknowledges that the other party hereto will rely on the acknowledgments, understandings,
agreements, representations and warranties contained in this Subscription Agreement. Prior to the Closing, each party hereto agrees to promptly notify the other party hereto if any of the acknowledgments, understandings, agreements, representations
and warranties made by such party as set forth herein are no longer accurate in all material respects. 

(b)    Each of the Issuer and the Subscriber is entitled to rely upon this Subscription Agreement and 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. 

(c)    Notwithstanding anything to the contrary in this Subscription Agreement, prior to the Closing, Subscriber
may transfer or assign all or a portion of its rights under this Subscription Agreement; provided, that, such transferee or assignee agrees in writing to be bound by and subject to the terms and conditions of this Subscription Agreement,
makes the representations and warranties in Section 4 and completes Schedule A hereto. In the event of such a transfer or assignment, Subscriber shall update Schedule B to provide the information required
therein. 
 (d)    All the agreements, representations and warranties made by each party hereto in this
Subscription Agreement shall survive the Closing. 
 (e)    The Issuer may request from Subscriber such
additional information as the Issuer may reasonably deem necessary to evaluate the eligibility of Subscriber to acquire the Acquired Shares, and Subscriber shall promptly provide such information as may be reasonably requested, to the extent readily
available and to the extent consistent with its internal policies and procedures; provided, that the Issuer agrees to keep any such information provided by Subscriber confidential. 

(f)    This Subscription Agreement may not be modified, waived or terminated (other than pursuant to the terms of
Section 7 above) except by an instrument in writing, signed by each of the parties hereto. 
 (g)    This
Subscription Agreement 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 6(f), Section 6(g) and Section 6(h) with respect to the persons referenced therein (who shall be express third party beneficiaries of, and be entitled to enforce, such provisions), this Subscription Agreement shall
not confer any rights or remedies upon any person other than the parties hereto and their respective successors and permitted assigns. 

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

(i)    If any provision of this Subscription Agreement shall be 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. The parties hereto shall execute and deliver all such further
instruments and documents and take all such other actions as may reasonably be required to carry out the transactions contemplated hereby and to evidence the fulfillment of the agreements herein contained. 

  
 14 

 (j)    This Subscription Agreement may be executed and delivered
in two (2) or more counterparts (including by facsimile transmission or any other form of electronic delivery (including .pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com or other
transmission method)), all of which shall be considered one and the same agreement and shall become effective when signed by each of the parties and delivered to the other parties, it being understood that all parties need not sign the same
counterpart. 
 (k)    Each party shall pay all of its own expenses in connection with this Subscription
Agreement and the transactions contemplated herein. 
 (l)    Notices. Any notice or communication
required or permitted hereunder shall be in writing and either delivered personally, emailed or telecopied, sent by overnight mail via a reputable overnight carrier, or sent by certified or registered mail, postage prepaid, and shall be deemed to be
given and received (a) when so delivered personally, (b) upon receipt of an appropriate electronic answerback or confirmation when so delivered by telecopy (to such number specified below or another number or numbers as such person may
subsequently designate by notice given hereunder), (c) when sent, if sent on a business day prior to 5:00 p.m. New York City time, with no mail undeliverable or other rejection notice, if sent by email, or on the business day following the day when
sent, if sent on a day that is not a business day or after 5:00 p.m. New York City time on a business day, with no mail undeliverable or other rejection notice, if sent by email, or (d) five (5) business days after the date of mailing to the
address below or to such other address or addresses as such person may hereafter designate by notice given hereunder: 

(i)    if to Subscriber, to such address or addresses set forth on the signature page hereto; 

(ii)    if to the Issuer, to: 

BowX Acquisition Corp. 

2400 Sand Hill Rd., Suite 200 

Menlo Park, CA 94025 

Attn:  Vivek Ranadive 

  Murray Rode 

Email: vivek@bowcapital.com 

    murray@bowcapital.com 

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

Cooley LLP 

101 California Street 5th Floor 

San Francisco, CA 94111 

Attn: David Peinsipp 

Email: dpeinsipp@cooley.com 

(m)    This Subscription Agreement, and any claim or cause of action hereunder based upon, arising out of or
related to this Subscription Agreement (whether based on law, in equity, in contract, in tort or any other theory) or the negotiation, execution, performance or enforcement of this Subscription Agreement, shall be governed by and construed in
accordance with the laws of the State of New York, without giving effect to the principles of conflicts of law thereof. 
 THE PARTIES
HERETO IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, THE SUPREME COURT OF THE STATE OF NEW YORK AND THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA LOCATED IN THE STATE
OF NEW YORK IN NEW YORK COUNTY 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 

  
 15 

 
ENFORCEMENT HEREOF OR ANY SUCH DOCUMENT THAT IS NOT SUBJECT THERETO OR THAT SUCH ACTION, SUIT OR PROCEEDING MAY NOT BE BROUGHT OR IS NOT MAINTAINABLE IN SAID COURTS OR THAT VENUE THEREOF MAY NOT
BE APPROPRIATE OR THAT THIS SUBSCRIPTION AGREEMENT OR ANY SUCH DOCUMENT MAY NOT BE ENFORCED IN OR BY SUCH COURTS, AND THE PARTIES HERETO IRREVOCABLY AGREE THAT ALL CLAIMS WITH RESPECT TO SUCH ACTION, SUIT OR PROCEEDING SHALL BE HEARD AND DETERMINED
BY SUCH A NEW YORK STATE OR FEDERAL COURT. THE PARTIES HEREBY CONSENT TO AND GRANT ANY SUCH COURT JURISDICTION OVER THE PERSON OF SUCH PARTIES AND OVER THE SUBJECT MATTER OF SUCH DISPUTE AND AGREE THAT MAILING OF PROCESS OR OTHER PAPERS IN
CONNECTION WITH SUCH ACTION, SUIT OR PROCEEDING IN THE MANNER PROVIDED IN SECTION 10(l) OR IN SUCH OTHER MANNER AS MAY BE PERMITTED BY LAW SHALL BE VALID AND SUFFICIENT SERVICE THEREOF. 

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

(n)    [Reserved]. 

(o)    Remedies. The parties agree that irreparable damage would occur if any provision of this Subscription
Agreement were not performed in accordance with the terms hereof, and accordingly, that the parties hereto shall be entitled to an injunction or injunctions to prevent breaches of this Subscription Agreement or to enforce specifically the
performance of the terms and provisions of this Subscription Agreement in an appropriate court of competent jurisdiction as set forth in Section 10(m), in addition to any other remedy to which any party is entitled at law or in equity. 

(p)    Non-Reliance and Exculpation. The Subscriber acknowledges
that it is not relying upon, and has not relied upon, any statement, representation or warranty made by any person, firm or corporation, other than the statements, representations and warranties of the Issuer expressly contained in this Subscription
Agreement, in making its investment or decision to invest in the Issuer. The Subscriber acknowledges and agrees that none of (i) any Other Subscriber pursuant to this Subscription Agreement or any Other Subscription Agreement related to the
private placement of the Class A Shares (including the subscriber’s respective affiliates or any control persons, officers, directors, employees, partners, agents or representatives of any of the foregoing), (ii) any other party to the
Transaction Documents (other than the Issuer), or (iii) any affiliates, or any control persons, officers, directors, employees, partners, agents or representatives of any of the Issuer, Windmill or any other party to the Transaction Documents
shall be liable to the Subscriber, or to any Other Subscriber, pursuant to this Subscription Agreement or any Other Subscription Agreement related to the private placement of the Class A Shares, the negotiation hereof or thereof or the subject
matter hereof or thereof, or the transactions contemplated hereby or thereby, for any action heretofore or hereafter taken or omitted to be taken by any of them in connection with the purchase of the Class A Shares. 

(q)    The obligations of the Subscriber under this Subscription Agreement are several and not joint with the
obligations of any other investor under the Other Subscription Agreements or in respect of the Key Anchor Investment, and the Subscriber shall not be responsible in any way for the performance of the obligations of any other investor under any Other
Subscription Agreement or the subscription agreements relating to the Key Anchor Investment. The decision of the Subscriber to purchase the Acquired Shares pursuant to this Subscription Agreement 

  
 16 

 
has been made by the Subscriber independently of any other investor and independently of any information, materials, statements opinions as to the business, affairs, operations, assets,
properties, liabilities, results of operations, condition (financial or otherwise) or prospects of the Issuer, Windmill or any of their respective subsidiaries which may have been made or given by any other investor or by any agent or employee of
any other investor, and neither the Subscriber nor any of its agents or employees shall have any liability to any other investor relating to or arising from any such information, materials, statements or opinions. Nothing contained herein or in any
Other Subscription Agreement or the subscription agreements related to the Key Anchor Investment, and no action taken by the Subscriber or any other investor pursuant hereto or thereto, shall be deemed to constitute the Subscriber and any other
investor as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Subscriber and any other investor are in any way acting in concert or as a group with respect to such obligations or the
transactions contemplated by this Subscription Agreement, the Other Subscription Agreements and the subscription agreements related to the Key Anchor Investment. The Subscriber acknowledges that no other investor has acted as agent for the
Subscriber in connection with making its investment hereunder and no other investor will be acting as agent of the Subscriber in connection with monitoring its investment in the Acquired Shares or enforcing its rights under this Subscription
Agreement. 
 [Signature pages follow] 

  
 17 

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

			
	BOWX ACQUISITION CORP.
		
	 By:
	 	 /s/ Vivek Ranadive

		 	Name: Vivek Ranadive
		 	Title:   Chairman and Co-Chief Executive Officer

 Date: ________October 13____, 2021 

  
 18 

			
	 SUBSCRIBER:

	
	 DTZ Worldwide Limited

		
	By:	 	 /s/ Nathaniel Robinson

	Name:	 	 Nathaniel Robinson

	Title:	 	 Chief Investment Officer

	Date:	 	 October 13, 2021

	  
 Name of
Subscriber: DTZ Worldwide Limited
 (Please print. Please indicate name and capacity of person signing above)

	  
 Name in which securities are to be registered (if

different): N/A

	  

Subscriber’s EIN: [*]
  

	 Address: 225 W. Wacker Dr.

Suite 3000

Chicago, IL 60606
  

	Attn: General Counsel
	
	Aggregate Number of Acquired Shares subscribed for: The number of Class A Shares validly redeemed by the public shareholders of the Issuer in connection with the Transaction subject to a cap of 15,000,000
Class A Shares
	
	Aggregate Purchase Price: $10.00 per share multiplied by the number of Class A Shares validly redeemed by the public shareholders of Issuer in connection with the Transaction subject to a cap of 15,000,000
Class A Shares, for an aggregate purchase price of up to $150,000,000

 You must pay the Purchase Price by wire transfer of United States dollars in immediately available funds to the account
specified by the Issuer in the Funding Notice. 

  
 19 

 SCHEDULE A 

ELIGIBILITY REPRESENTATIONS OF SUBSCRIBER 

This Schedule must be completed by Subscriber and forms a part of the Subscription Agreement to which it is attached. Capitalized terms used and not
otherwise defined in this Schedule have the meanings given to them in the Subscription Agreement. Subscriber must check the applicable box in either Part A or Part B below and the applicable box in Part C below. 

A.    QUALIFIED INSTITUTIONAL BUYER STATUS 

(Please check the applicable subparagraphs): 
 ☐ Subscriber
is a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act (a “QIB”)). 

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

 *** OR *** 

B.    ACCREDITED INVESTOR STATUS 
 (Please
check the applicable subparagraph): 
 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. Subscriber has indicated, by marking and initialing the
appropriate box below, the provision(s) below which apply to Subscriber and under which Subscriber 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; 

X☐ Any corporation, similar business trust, partnership or any organization described in Section 501(c)(3) of the Internal Revenue Code, not formed
for the specific purpose of acquiring the securities offered, with total assets in excess of $5,000,000; or 
 ☐ Any director, executive officer, or
general partner of the issuer of the securities being offered or sold, or any director, executive officer, or general partner of a general partner of that issuer; 

☐ Any natural person whose individual net worth, or joint net worth with that person’s spouse, at the time of his purchase exceeds $1,000,000. For
purposes of calculating a natural person’s net worth: (a) the person’s primary residence must not be included as an asset; (b) indebtedness secured by the person’s primary residence up to the estimated fair market value of
the primary residence must not be included as a liability (except that if the amount of such indebtedness outstanding at the time of calculation exceeds the amount outstanding 60 days before such time, other than as a result of the acquisition of
the primary residence, the amount of such excess must be included as a liability); and (c) indebtedness that is secured by the person’s primary residence in excess of the estimated fair market value of the residence must be included as a
liability; 

  
 20 

 ☐ Any natural person who had an individual income in excess of $200,000 in each of $300,000 in each of
those years and has a reasonable expectation of reaching the same income level in the current year; 
 ☐ 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. 
 *** AND *** 

C.    AFFILIATE STATUS 
 (Please check the
applicable box) 
 SUBSCRIBER: 

☐   is: 

X☐ is not: 
 an
“affiliate” (as defined in Rule 144 under the Securities Act) of the Issuer or acting on behalf of an affiliate of the Issuer. 

  
 21 

 SCHEDULE B 

SCHEDULE OF TRANSFERS 
 Subscriber’s
Subscription was in the amount of _________________Class A Shares. The following transfers of a portion of the Subscription have been made: 
  

							
	Date of Transfer or Reduction	  	 Transferee
	  	 Number of Transferee Acquired

Shares Transferred or Reduced
	  	 Subscriber Revised
Subscription

Amount

		  		  		  	
	
	 Schedule B as of ______________, 20__, accepted and agreed to as of this ____ day of
____________, 20__ by:

  

			
	BOWX ACQUISITION CORP.
		
	By:	 	  

		 	Name:
		 	Title:
	  
 Signature of Subscriber:

	
	DTZ WORLDWIDE LIMITED (UK)
		
	 By:
	 	 
		 	Name: 
		 	Title: 

  
 22

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