Document:

EX-10.11

 Exhibit 10.11 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE HILLEVAX, INC. HAS DETERMINED THE INFORMATION
(I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO HILLEVAX, INC. IF PUBLICLY DISCLOSED. 
 Dated
December 17, 2021 
 TAKEDA VACCINES, INC. 

and 
 HILLEVAX, INC. 

TRANSITIONAL SERVICES AGREEMENT 

 This Transitional Services Agreement (this “Agreement”) is made on
December 17, 2021 (the “Effective Date”) between: 
  

	(1)	 Takeda Vaccines, Inc., a company incorporated under the laws of Delaware having its principal place
of business at 75 Sidney Street, Cambridge, Massachusetts 02139, U.S.A. (“Takeda”); and 

  

	(2)	 HilleVax, Inc., a company incorporated under the laws of Delaware having its principal place of
business at 601 Union Street, Suite 3200, Seattle, Washington, 98101 (the “Licensee”). 

Background: 
  

	(A)	 Pursuant to the License Agreement dated July 2, 2021 (the “License Agreement
Date”) between Takeda and the Licensee (the “License Agreement”), Takeda granted Licensee a license in the Territory under certain patents, patent applications,
know-how, and other proprietary information for the further development and commercialization of the Compound and Product. 

 

	(B)	 In connection with the License Agreement, the Parties agreed that Takeda would provide, on a transitional
basis following the License Agreement Date, certain services to Licensee. 

  

	(C)	 Takeda has since the License Agreement Date provided and agreed to continue to provide those services and
the Recipient has accepted and agreed to continue to accept and pay for them, subject to the terms of this Agreement. 

Now it is agreed as follows: 
  

	1	 Definition and Interpretation 

 

	1.1	 References to Provider and Recipient 

 

	 	1.1.1	 References in this Agreement to the “Provider” (including in relation to the
provision of the Services) shall be to Takeda, in respect of the provision of Services; and 

  

	 	1.1.2	 References in this Agreement to the “Recipient” (including in relation to the
receipt of Services) shall be to the Licensee, in respect of the receipt of Services. 

  

	1.2	 Definitions 

Capitalized words not defined herein shall have the meaning set forth in the License Agreement. In this Agreement, unless the
context otherwise requires: 
 “Damages” has the meaning given to it in Section 8.1 (Indemnification
of Provider by Recipient); 
 “Data Protection Legislation” means all applicable laws in relation to
data protection, privacy, interception and monitoring of communications, or requirements relating to the Processing of Personal Data of any kind 

“Data Controller” means the natural or legal person which, alone or jointly with others determines the
purposes and means of the Processing of Personal Data.
 “Data Subject Request” means any communication
addressed to one or both Parties under this Agreement made by a Data Subject exercising one or several of his/her data protection rights under applicable Data Protection Legislation.

 “Expenses” has the meaning given to it in
Section 4.1.2; 
 “Extension Period” has the meaning given to it in Section 2.3.1; 

“GDPR” means Regulation (EU) 2016/679 of the European Parliament and of the Council on the protection of
natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation); 

“holding company” has the meaning given to it in Section 1.5 (References to Subsidiaries and Holding
Companies); 
 “Indemnified Person” has the meaning given to it in Section 8.1 (Indemnification
of Provider by Recipient ); 
 “Initial Term” has the meaning given to it in Section 2.3.1; 

“Intellectual Property Rights” means trade-marks, service marks, trade names, domain names, get-up, logos, patents, inventions, registered and unregistered design rights, copyrights, database rights and all other similar rights in any part of the world including, where such rights are obtained or enhanced
by registration, any registration of such rights and applications and rights to apply for such registrations; 

“Notice” has the meaning given to it in Section 15.8 (Notices); 

“Personal Data” shall mean any information relating to an identified or identifiable natural person
(“Data Subject”); an identifiable person is one who can be identified, directly or indirectly, in particular by reference to an identifier such as a name, an identification number, location data, online identifier or to
one or more factors specific to the physical, physiological, genetic, mental, economic, cultural or social identity of that person. The Personal Data to be processed by and shared between the Parties under this Agreement relates to personal data
of clinical trial participants; 
 “Process” or “Processing” shall mean any operation or
set of operations which is performed upon Personal Data, whether or not by automatic means, such as collection, recording, organization, storage, adaptation or alteration, retrieval, consultation, use, disclosure by transmission,
dissemination or otherwise making available, alignment or combination, blocking, erasure or destruction; 

“Provider” has the meaning given to it in Section 1.1.1; 

“Provider’s Group” means the Provider and its Affiliates from time to time; 

“Provider Indemnified Person” has the meaning given to it in Section 8.1 (Indemnification of Provider
by Recipient); 
 “Provider Intellectual Property Rights” has the meaning given to it in
Section 11.1.1; 
 “Recipient” has the meaning given to it in Section 1.1.2; 

“Recipient Data” means data and information relating to the Recipient’s business that is processed as
part of the Services; 
 “Recipient’s Group” means the Recipient and its Affiliates from time to time;

 “Recipient Indemnified Person” has the meaning given to it
in Section 8.2 (Indemnification of Recipient by Provider); 
 “Recipient Intellectual Property
Rights” means: (i) other than Takeda Intellectual Property (as defined in the License Agreement) and the Provider Intellectual Property Rights, all materials and information made available to the Provider by or on behalf of the
Recipient in the provision of the Services; (ii) all Intellectual Property Rights owned by, or licensed to, the Recipient; and (iii) all new Intellectual Property Rights developed by the Provider in the provision of the Services that
exclusively relate to the Products or the Business; 
 “Relationship Manager” means [***] in relation to the
Provider and [***] in relation to the Recipient; 
 “Representative” means, with respect to any Person, such
Person’s directors, officers, employees, counsel, financial advisors, auditors, agents and other authorized representatives; 

“Restricted International Transfer of Personal Data” means an export of Personal Data by the Provider:
(i) from a country which has Data Protection Legislation that imposes restrictions on extra-territorial transfers of Personal Data; and (ii) to a country which does not provide an adequate level of protection for Personal Data as required
by the Data Protection Legislation of the country of export; 
 “Security Incident Affecting Personal
Data” means any actual or reasonably suspected accidental, unlawful or unauthorised loss, destruction, alteration, access, use, disclosure of, damage or corruption to Personal Data Processed under this Agreement.

“Service Charges” means the charges payable under Schedule 1 (Services and Charges), whether in respect
of a Service Period or any Extension Period; 
 “Service Period” has the meaning given to it in
Section 2.3.1; 
 “Services” means the services listed in Schedule 1 (Services and Charges);

 “Stranded Costs” means any costs or charges already incurred or that will become due for payment by the
Provider or its Affiliates at or following the date of termination of this Agreement in anticipation of providing the terminated Services for the full Service Period, where such costs or charges would not have been incurred, or be due for payment,
by the Provider or its Affiliates but for the termination of the Service prior to the end of the full Service Period; 

“Successor Operator” means the entity or entities (which may include the Recipient or any member of the
Recipient’s Group) succeeding the Provider or its Affiliates in the provision or operation of services similar to or part of the Services; 

“Takeda Continued Activities” has the meaning given to it in Section 4.2. For the sake of clarity,
notwithstanding any language to the contrary, Takeda Continued Activities shall not be deemed to be “Services”. 

“Tax Authority” means any federal, national, state, county, local, municipal or other governmental, regulatory
or administrative authority, agency, commission or other instrumentality, any court, tribunal or arbitral body with competent jurisdiction exercising any taxing authority or any other authority exercising Tax regulatory authority; 

“Term” has the meaning given to it in Section 6.1 (Term); 

 “Third Party Agreement” means any agreement between the
Provider, or a member of the Provider’s Group, and a third party for the provision of goods, a service, lease or license relating to, or necessary for, the provision of a Service and whether entered into before, on or after the date of the
Effective Date; 
 “Third-Party Claim” has the meaning given to it in Section 8.1
(Indemnification of Provider by Recipient); 
 “Third Party Consent” has the meaning given to
it in Section 3.1 (Third Party Consents); 
 “Third Party Provider” means any third party
providing goods, a service, a lease, a license, an approval or other agreement; 
 “Transition Plan” has the
meaning given to it in Section 7.1.4; 
 “U.S.” means the United States of America; and 

 

	1.3	 Singular, Plural, Gender 

References to one gender include all genders and references to the singular include the plural and vice versa. 

 

	1.4	 References to Persons and Companies 

References to: 
  

	 	1.4.1	 a Person include any company, partnership or unincorporated association (whether or not having
separate legal personality); and 

  

	 	1.4.2	 a company shall include any company, corporation or any body corporate, wherever incorporated.

  

	1.5	 References to Subsidiaries and Holding Companies 

A company is a “subsidiary” of another company (its “holding company”) if that other company,
directly or indirectly, through one or more subsidiaries: 
  

	 	1.5.1	 holds a majority of the voting rights in it; 

 

	 	1.5.2	 is a member or shareholder of it and has the right to appoint or remove a majority of its board of
directors or equivalent managing body; 

  

	 	1.5.3	 is a member or shareholder of it and controls alone, pursuant to an agreement with other shareholders
or members, a majority of the voting rights in it; or 

  

	 	1.5.4	 has the right to exercise a dominant influence over it, for example by having the right to give
directions with respect to its operating and financial policies, with which directions its directors are obliged to comply. 

  

	1.6	 Schedules etc. 

References to this Agreement shall include any Recitals and Schedules to it and references to Sections and Schedules are to
Sections of, and Schedules to, this Agreement. Where there is any inconsistency between the definitions set out in Section 1.1 and the definitions set out in any Schedule, then, for the purposes of construing such Schedule, the definitions set
out in such Schedule shall prevail. References to paragraphs and Parts are to paragraphs and Parts of the Schedules. 
  

	1.7	 Headings 

 Headings shall be ignored in interpreting this Agreement. 

 

	1.8	 Information 

References to books, records or other information mean books, records or other information in any form including paper,
electronically stored data, magnetic media, film and microfilm.  
  

	1.9	 Modification etc. of Statutes and Contracts 

References to a statute or statutory provision include: 

 

	 	(i)	 that statute or provision as from time to time modified, re-enacted
or consolidated whether before or after the Effective Date; and 

  

	 	(ii)	 any subordinate legislation made from time to time under that statute or statutory provision which is in
force at the Effective Date. 

 References to a contract or agreement are to that contract or agreement as
from time to time modified, amended, or supplemented. 
  

	1.10	 Legal Terms 

References to any U.S. legal term shall, in respect of any jurisdiction other than the U.S., be construed as references to the
term or concept which most nearly corresponds to it in that jurisdiction. 
  

	1.11	 Non-limiting Effect of Words 

The words “including”, “include”, “in particular” and words of similar effect shall not be deemed
to limit the general effect of the words that precede them. The word “extent” in the phrase “to the extent” shall mean the degree to which a subject or other theory extends, and such phrase shall not mean “if”. The word
“or” shall not be exclusive (i.e., “or” shall mean “and/or”). 
  

	1.12	 Parties and Other Persons 

References to a “Party” or the “Parties” means the Recipient and the Provider and their respective
successors and permitted assigns. References to “third parties” shall not include members of the Recipient’s Group or the Provider’s Group. References to any Person include the successors and permitted assigns of that Person.

  

	1.13	 References to Periods of Time 

In the computation of periods of time from a specified date to a later specified date, the word “from” means
“from and including” and the words “to” and “until” mean “to but excluding” and the word “through” means “to and including”. 

 

	1.14	 Writing 

“Writing”, “written”, and comparable terms refer to printing, typing, and other means of reproducing words
(including electronic media) in visible form. 
  

	1.15	 Negotiation and Drafting of this Agreement 

The Parties have participated jointly in the negotiation and drafting of this Agreement and each has been represented by
counsel of its choosing and, in the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted 

 
jointly by the Parties and no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of the authorship of any provision of this Agreement. 

 

	1.16	 Precedence 

If there is any conflict, apparent conflict or ambiguity in or between any of the sections of the Agreement set out below, the
sections will be applied in the following order of precedence with the sections higher in the order of precedence prevailing over the Parties: 
  

	 	(i)	 the Sections; 

  

	 	(ii)	 the Schedules; and 

 

	 	(iii)	 any other document referred to in this Agreement. 

 

	2	 Performance of Services 

 

	2.1	 Scope of Services 

 

	 	2.1.1	 Since the License Agreement Date Provider has provided or procured, and Provider shall continue to
provide or procure the provision of each Service to the Recipient until the end of the relevant Service Period, as an independent contractor and on a non-exclusive basis, and on and subject to the terms of
this Agreement. 

  

	 	2.1.2	 The Recipient shall provide the Provider with such information, access or other cooperation as the
Provider reasonably requires to allow it to provide the Services, including: 

  

	 	(i)	 providing on a timely basis to the Provider such information, decisions, data, authorization and consents as
the Provider may reasonably require for the purposes of the provision of the Services; 

  

	 	(ii)	 participating in discussions regarding the provision of the Services where reasonably required by the
Provider in order to facilitate decision making in relation to the Services; and 

  

	 	(iii)	 notifying the Provider on a timely basis of any failures or deficiencies in the provision of the Services
under this Agreement. 

  

	2.2	 Standard of Service 

 

	 	2.2.1	 Each Service is a continuation of an existing service provision which Provider Group provided or
procured for Provider Group prior to the License Agreement Date, and will be provided in substantially the same manner and in substantially the same volumes and quality as the existing service was provided during the [***] period prior to the
License Agreement Date, subject to any change in the nature or standard of any Service: 

  

	 	(i)	 required by a Third Party Provider, or due to a change in a Third Party Provider’s service provision;

  

	 	(ii)	 required by the Provider as a result of a service provision change generally implemented across a
substantial portion of the Provider Group’s businesses; or 

  

	 	(iii)	 required by the Provider for any other reason, unless such modification, change or enhancement will, or
would reasonably be expected to, have a 

	 	 
material adverse effect on the Recipient or its Affiliates, or the standard of Services. 

  

	 	2.2.2	 The Provider may provide the Services through: 

 

	 	(i)	 any member of the Provider’s Group; or 

 

	 	(ii)	 Third Party Providers, 

provided that the Provider shall not be relieved from any of its liabilities or obligations under this Agreement and the
Provider shall remain liable as primary obligor to the Recipient for the acts or omissions of the members of the Provider’s Group and Third Party Providers as if they were the acts or omissions of the Provider, in each case to the extent
required by this Agreement. 
  

	 	2.2.3	 In performing its respective obligations under this Agreement, each Party shall comply with
Applicable Law. If a change in Applicable Law after the License Agreement Date requires a change to a Service, the Provider shall be entitled to make that change as a regulatory change pursuant to and in accordance with Section 4.2
(Regulatory Change). 

  

	 	2.2.4	 Neither the Provider nor any other member of the Provider’s Group shall be obligated to perform
any Service to the extent such performance would, or would reasonably be expected to: 

  

	 	(i)	 result in a violation of Applicable Law; and/or 

 

	 	(ii)	 materially and adversely affect the business of the Provider or its Affiliates, provided that before ceasing
any Service under this Section 2.2.4(ii) Provider shall, if requested by Recipient, discuss in good faith alterations to the applicable Service(s) that would allow Provider to continue providing such Service(s) without any material and/or
adverse affect on business of the Provider or its Affiliates, and if no such alterations are agreed upon by the Parties the Provider shall use reasonable efforts to assist the Recipient to make alternative arrangements for the receipt of the
affected Service (or part of the Service). 

  

	 	2.2.5	 Each Party shall notify the other of any material regulatory or compliance issue arising under this
Agreement of which it becomes aware, and the Parties shall co-operate reasonably and in good faith to resolve those issues. If an additional agreement is required to satisfy any regulatory or compliance issue,
the Parties agree to act reasonably and in good faith in putting in place the relevant agreement. 

  

	 	2.2.6	 If a Party (or its Affiliate) is contacted by a Governmental Authority in connection with this
Agreement, it shall, to the extent permitted by such Governmental Authority to do so: 

  

	 	(i)	 as promptly as practicable, notify the other Party and coordinate any interaction with the Governmental
Authority; and 

  

	 	(ii)	 keep the other Party reasonably informed of all discussions and correspondence with the Governmental
Authority, unless it reasonably determines that to do so would create a conflict of interest between the Parties. 

  

	 	2.2.7	 In providing the Services or upon termination or expiry of this Agreement: 

	 	(i)	 the Provider shall not be obligated to pay any costs related to the transfer or conversion of
Recipient’s data or to any other transfers of the Services to a Successor Operator, all of which shall be paid by Recipient, and 

  

	 	(ii)	 the Provider and the other members of the Provider’s Group shall not be obligated to maintain the
employment of any specific employee. 

  

	 	2.2.8	 Where local services agreements are required to be entered into by Applicable Laws to give effect to
this Agreement, Provider shall procure that a local Provider Affiliate, and the Licensee shall procure that a local Licensee Affiliate, shall enter into a local Services Agreement which shall be based on the terms of this Agreement unless otherwise
agreed by the Parties. 

  

	2.3	 Service Period 

 

	 	2.3.1	 Each of the Services shall be provided for the period set out in Schedule 1 (Services and
Charges) (the “Initial Term”), plus any extension period agreed by the Parties pursuant to Section 2.3.2 (an “Extension Period”) (in each case, that Service’s Initial Term and Extension Period being
its “Service Period”). 

  

	 	2.3.2	 The Service Period for certain of the Services may, at the request of the Recipient prior to the
expiration of the Initial Term, be extended once, on a Service-by-Service basis, for no more than [***] provided that: 

 

	 	(i)	 the Recipient has, prior to such request, used reasonable efforts to effectuate the transition of the
Services to a Successor Operator in accordance with the Transition Plan; and 

  

	 	(ii)	 an extension of the Service Period is reasonably necessary to complete such transition,

 and the Service Charges during any Extension Period shall be increased by [***] percent ([***]%)
compared to the Services Charges applicable during the Initial Term. 
  

	 	2.3.3	 Any extension of a Service Period in excess of the relevant Extension Period must be agreed in
writing between the Parties. 

  

	3	 Third Party Providers 

 

	3.1	 Third Party Consents 

The Provider shall use reasonable efforts to obtain and maintain for the relevant Service Period any consents of Third Party
Providers, governments or governmental authorities and any licenses, approvals or any other agreements of Third Party Providers as are required for the performance or receipt of the Services (each a “Third Party Consent” and
together “Third Party Consents”). 
  

	3.2	 Dependence on Third Parties 

If, with respect to a particular Third Party Consent, the Provider complies with its obligations to use reasonable efforts to
obtain and maintain such Third Party Consent but: 
  

	 	3.2.1	 is unable to obtain such Third Party Consent; 

 

	 	3.2.2	 such Third Party Consent has expired or been terminated or revoked; 

	 	3.2.3	 the obtaining or maintaining of such Third Party Consent would require the payment of any money or
other consideration to the relevant Third Party Provider, the Provider used reasonable efforts to minimize the amount of money or other consideration required, and the Recipient refuses to reimburse the Provider for such amount; or

  

	 	3.2.4	 the obtaining or maintaining of such Third Party Consent would require the Provider or any other
member of the Provider’s Group to accept any material amendment to an existing contract it or any Affiliate has with the relevant Third Party Provider, or to initiate any claim or proceeding against any Person, 

then: 
  

	 	(i)	 the Provider shall not be required to provide any Service that is dependent (in whole or in part) upon the
relevant Third Party Consent; 

  

	 	(ii)	 the Provider shall use reasonable efforts to assist the Recipient to make alternative arrangements for the
receipt of the affected Service (or part of the Service); and 

  

	 	(iii)	 unless and until the Recipient has put in place alternative arrangements pursuant to Section 3.2(ii)
above, the Provider shall be excused from providing the Services associated with such Third Party Consent (unless the Third Party Consent has been terminated or revoked as a result of a breach by the Provider of such Third Party Consent).

  

	3.3	 Compliance with Third Party Consents 

The Recipient shall: 
  

	 	3.3.1	 comply, and shall procure that its Affiliates comply, with the terms of any Third Party Agreement or
Third Party Consent (provided that the Recipient shall only be bound to comply with the terms of Third Party Agreements or Third Party Consents where it has been given prior notice of such terms) and shall indemnify and hold the Provider harmless
for any Losses suffered by the Provider or its Affiliates as a result of the breach of such Third Party Agreements and/or Third Party Consents by the Recipient’s or its Affiliates’ failure to comply with such Third Party Agreements and/or
Third Party Consents 

  

	 	3.3.2	 pay any fees, costs or increased charges imposed by a Third Party Provider, government, or
governmental authority for the provision of any Third Party Consent, provided always that such fees, costs or increased charges are approved by the Recipient in advance; and 

 

	 	3.3.3	 provide the Provider with such assistance as the Provider may reasonably require to obtain the Third
Party Consents, including assistance with negotiating the terms of consents with Third Party Providers, governments, and governmental authorities. 

  

	3.4	 Relationship with Third Party Providers 

The Provider or its Affiliates shall manage exclusively their relationships with the Third Party Providers and the Recipient
shall not discuss with any Third Party Provider the provision of the Services, except to the extent required to do so by Applicable Law or under a contract with the applicable Third Party Provider or its Affiliates. 

	4	 Price and Payment 

 

	4.1	 Services Charges 

 

	 	4.1.1	 The Recipient shall pay to the Provider the Service Charges in respect of the provision of the
Services, including Services Charges for Services provided or procured prior to the Effective Date. 

  

	 	4.1.2	 The Recipient shall reimburse the Provider for reasonable and documented expenses (which in the case
of any third party expenses, shall be invoiced on a pass-through basis) incurred by the Provider in connection with the provision of the Services (including for Services provided or procured prior to the Effective Date) and not included in the
Service Charges (“Expenses”). 

  

	 	4.1.3	 The Service Charges for any Service for which no Service Charge is specified, shall be calculated on
a costs plus [***] percent ([***]%) margin basis, with any third party fees or expenses being refunded by the Recipient on a pass-through basis. 

  

	 	4.1.4	 No charges will be invoiced to the Recipient under this Agreement to the extent the applicable
services are provided and paid for under the Licensee Agreement or any other Ancillary Agreement. 

  

	4.2	 Costs and Expenses for Takeda Continued Activities 

While the Parties were negotiating the License Agreement, Takeda continued performing certain activities to advance the further
development of the Compound and Product (the “Takeda Continued Activities”). Licensee acknowledges that Takeda performed such activities at risk and now hereby agrees to reimburse Takeda for costs incurred in connection with the
Takeda Continued Activities in the amount of [***], having determined that the activities were properly performed. THE PARTIES HEREBY ACKNOWLEDGE AND AGREE THAT THE TAKEDA CONTINUED SERVICES WERE PERFORMED BY TAKEDA
“AS-IS” WITH NO REPRESENTATIONS OR WARRANTIES OF ANY KIND WHATSOEVER, AND TAKEDA EXPRESSLY EXCLUDES AND DISCLAIMS ANY WARRANTIES REGARDING THE TAKEDA CONTINUED SERVICES, WHETHER EXPRESS, IMPLIED, OR
STATUTORY, INCLUDING THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, NON-INFRINGEMENT, OR ANY OTHER WARRANTY WHATSOEVER. Except for Sections 1, 4.2, 4.3, 4.4, 4.5, 4.6, 6.4,
6.5, 6.8, 10, and 15 (other than 15.4), none of the terms or conditions of this Agreement shall apply with respect to the Takeda Continued Activities. 
  

	4.3	 Invoicing Procedures 

The Provider shall invoice the Recipient for the Services (including the Service Charges and Expenses) promptly after the
Effective Date and thereafter on no more frequently than a monthly basis to the address specified in Section 16.10 (Notices), providing a statement by schedule of costs incurred and reasonable substantiation of the Service Charges.
Takeda shall invoice the Licensee for the [***] costs and expenses for the Takeda Continued Activities promptly after the Effective Date 
  

	4.4	 Payment Terms 

All invoices submitted by Takeda shall be paid by the Licensee within [***] days of receipt. 

 

	4.5	 No Withholding; Tax Matters 

	 	4.5.1	 All payments under this Agreement shall be made in full without any
set-off, restriction, or condition and without any deduction for or on account of any counterclaim unless the deduction or withholding is in respect of any Taxes as required by Applicable Law, in which case
the paying Party shall promptly notify the receiving Party of such required withholding. The paying Party shall withhold such Taxes and pay such withheld amounts over to the applicable taxing authority in accordance with Applicable Law and provide
the receiving Party with confirmation of payment. 

  

	 	4.5.2	 The Parties shall reasonably work together with respect to audits, disputes or requests for
information with respect to Taxes (e.g. provision of relevant information and documents) in connection with this Agreement, and shall reasonably work together to reduce or eliminate Taxes, levies, or charges (including, without limitation, pursuant
to any applicable double taxation or similar treaty) or receive a refund of, or to claim a tax credit for, such Taxes. 

  

	4.6	 Interest 

If any Person defaults in the payment when due of any sum payable under this Agreement (howsoever determined) the liability of
that Person shall be increased to include interest on such sum from the date when such payment is due until the date of actual payment (whether before or after judgment) at a rate per annum of [***] above the rate of interest per annum publicly
announced by JP Morgan Chase Bank from time to time as its prime rate in effect at its office located at 270 Park Avenue, New York, New York. Such interest shall accrue daily and shall be compounded monthly. 

 

	4.7	 Regulatory Change 

Where a Governmental Authority requires any change to the Services for any reason (including changes in Applicable Law), any
increased costs incurred by the Provider in its provision of the Services as a result of such change shall be borne by the Recipient. 
  

	5	 Warranties and Obligations 

 

	5.1	 Mutual Warranties 

 

	 	5.1.1	 Each Party warrants to the other that: 

 

	 	(i)	 it is duly constituted, organized and validly existing under the laws of the jurisdiction of its
organization; 

  

	 	(ii)	 it has the legal right and full power and authority to execute and deliver, and to exercise its rights and
perform its obligations under, this Agreement and all the documents which are to be executed by it as envisaged by this Agreement; and 

  

	 	(iii)	 nothing contained in this Agreement will result in a breach of any provision of its constitutional documents
or result in a breach of any agreement, license or other instrument, order, judgment or decree of any court, governmental agency or regulatory body to which it is bound. 

 

	 	5.1.2	 The Provider shall be excused from any breach of Sections 5.1.1(ii) and 5.1.1(iii) to the extent that
the breach arises from a lack of, or failure to obtain or maintain, any Third Party Consent. 

	5.2	 Security Obligations 

 

	 	5.2.1	 The Provider shall, and the Recipient shall: 

 

	 	(i)	 maintain reasonable security measures to protect the other’s systems, from third parties, and in
particular from disruption by any “back door”, “time bomb”, “Trojan Horse”, “worm”, “drop dead device“, “virus” or other computer software routine intended or designed to: (a) permit
access or use of information technology systems by a third person other than as expressly authorized; or (b) disable, damage or erase or disrupt or impair the normal operation of any information technology systems; 

 

	 	(ii)	 not attempt to obtain access, use or interfere with any information technology systems or data belonging to
the other except to the extent required to do so to receive the Services (in the case of the Recipient), provide the Services (in the case of the Provider) or as otherwise permitted under this Agreement; and 

 

	 	(iii)	 notify the other of any breach of this Section 5.2 (Security Obligations) or any other event
relating to it that is likely to materially affect the security of the other party’s systems. 

  

	 	5.2.2	 The provision of, use of, and access to the Services under this Agreement shall be subject to any
technical and operational changes that may be required to manage any reasonable restrictions imposed by the Provider in respect of data access. 

  

	 	5.2.3	 Except to the extent inconsistent with this Agreement, the Recipient shall (and shall ensure its
Affiliates shall) comply with the internal policies, procedures, rules and regulations of the Provider (as may be updated from time to time in the ordinary course of business) applicable to: (i) the use of the Provider’s or its
Affiliates’ computers, networks, telephone systems, software, data, equipment or other facilities in connection with the Services; and/or (ii) the Recipient’s and its Affiliates’ conduct while on the Provider’s or its
Affiliates’ premises or utilizing the Provider’s or its Affiliates’ facilities in connection with the Services. 

  

	6	 Term and Termination 

 

	6.1	 Term 

  

	 	6.1.1	 This Agreement shall commence on the Effective Date and, unless terminated earlier in accordance with
its terms, shall continue in force until the expiry of the last remaining Service Period (the “Term”). 

  

	 	6.1.2	 Any termination of this Agreement shall become effective on the last Business Day of the calendar
month in which the termination notice period expires or, if either Party is entitled to terminate with immediate effect on notice, on the last Business Day of the calendar month in which the termination notice is notified to the other Party.

  

	6.2	 Termination on Notice 

 

	 	6.2.1	 Each Service will terminate at the end of the relevant Service Period. 

 

	 	6.2.2	 The Recipient may terminate the provision of any or all Services prior to the expiry of the Service
Period(s) by giving the Provider prior written notice. The required period of notice for each Service shall be as set out in Schedule 1 (Services and  

	 	 
Charges) or as otherwise mutually agreed by the Parties in writing. Partial termination of a Service shall not be permitted if such termination would prevent the Provider from providing
the remaining portion of such Service. 

  

	 	6.2.3	 The Recipient may only terminate a Service before the end of the relevant Service Period if it also
simultaneously terminates all other Services that the Provider notifies to the Recipient, within [***] of receipt of the Recipient’s notice of termination, as being Dependent Services. A Service shall constitute a “Dependent
Service” if the Provider reasonably believes provision of such Service will: (i) be impeded or prevented; or (ii) become materially more expensive, as a result of the termination of the Service(s) to which the Recipient’s
original notice of termination relates. 

  

	 	6.2.4	 If the Recipient terminates this Agreement prior to the expiry of the Initial Term, then unless such
termination by the Recipient is carried out as a result of a material breach by the Provider of its obligations under this Agreement pursuant to Section 6.4 (Termination for Material Breach), the Recipient shall be liable for and shall pay to
the Provider any Stranded Costs. 

  

	6.3	 Termination for Insolvency 

Either Party may terminate this Agreement immediately by written notice to the other Party if that other Party:
(i) becomes unable to pay its debts; (ii) enters into liquidation, bankruptcy or any similar proceeding (except for the purposes of a solvent amalgamation or reconstruction); (iii) makes an arrangement with its creditors; (iv) has a
receiver, administrator or administrative receiver appointed over all or any of its assets; (v) ceases or threatens to cease trading or is dissolved; (vi) takes or suffers to be taken any similar action in consequence of a debt; or
(vii) is subject to any procedure equivalent to any of the preceding matters in any other jurisdiction. 
  

	6.4	 Termination for Material Breach 

A Party may terminate this Agreement immediately by written notice to the other Party if that other Party commits a material
breach of this Agreement and (where the breach is capable of being remedied) that breach has not been remedied within [***] days after receipt of notice giving full particulars of the breach and requiring the other Party to remedy it. 

 

	6.5	 Termination for Non-Payment of the Takeda Continued Activities
Costs and Expenses or Service Charges 

 If (i) Licensee fails to pay Takeda for the Takeda
Continued Activities costs and expenses in accordance with Section 4.4, or (ii) at any time the total amount of the Service Charges that remain unpaid after the due date for payment exceeds [***], Takeda may treat such failure to pay a
remediable material breach by the Recipient for the purposes of Section 6.4 (Termination for Material Breach). 
  

	6.6	 Termination in Relation to Change of Control 

Takeda (as Provider) may terminate this Agreement immediately by written notice to the Licensee (as Recipient) upon a Licensee
Change of Control to the extent continued performance after a Licensee Change of Control: 
  

	 	(i)	 would, or would reasonably be expected to result in a violation of Applicable Law; and/or

  

	 	(ii)	 would result in a violation of Takeda’s compliance policies. 

	6.7	 Consequences of Termination 

Following Termination, the Recipient shall pay to the Provider any unpaid Service Charges and any properly incurred Expenses
not yet reimbursed by the Recipient in accordance with Section 4 (Price and Payment) above, and termination shall be without prejudice to the Parties’ accrued rights and liabilities. 

 

	6.8	 Survival of Rights on Termination or Expiry 

Termination or expiry of this Agreement shall not affect any rights or obligations which may have accrued prior to termination
or expiry. The obligations of each Party set out in any Section intended to survive such termination or expiry, including this Section 6.8 (Survival of Rights on Termination or Expiry) and Sections 1 (Definition and
Interpretation), 4 (Price and Payment), 5 (Warranties and Obligations), 8 (Liability and Indemnification), 10 (Governing Law and Dispute Resolution), 11 (Intellectual Property Rights), 13
(Confidentiality), and 15 (Other Provisions), shall continue in full force and effect notwithstanding termination or expiry of this Agreement. 
  

	7	 Transition 

 

	7.1	 Transition Plan 

 

	 	7.1.1	 Without prejudice to any of its obligations under this Agreement, the Recipient shall use all
reasonable efforts to transition Services to a Successor Operator as soon as reasonably practicable, and in any event prior to expiry of the relevant Service Period for each Service. 

 

	 	7.1.2	 The Recipient shall prepare a draft transition plan setting out the steps the Parties intend to take
to enable each of the Services to be transitioned to a Successor Operator. If any Services are likely to terminate on different dates, the draft transition plan will also identify any dependencies between those Services. 

 

	 	7.1.3	 If requested by Takeda, the Recipient shall deliver the draft transition plan to the Provider within
[***] of Takeda’s request.  

  

	 	7.1.4	 The Provider shall review the draft transition plan and provide comments within [***] after receipt.
The Recipient shall then issue a revised transition plan (the “Transition Plan”) reflecting all reasonable comments made by the Provider on the draft transition plan. 

 

	 	7.1.5	 Any disagreement over the content of the Transition Plan shall be treated as a Dispute and resolved
in accordance with Section 10 (Governing Law and Dispute Resolution). 

  

	7.2	 Execution of the Transition Plan and Transition of the Services 

 

	 	7.2.1	 The Parties shall, during the Term, carry out their obligations under the agreed Transition Plan in
relation to each Service. 

  

	 	7.2.2	 In relation to each Service, the Provider’s obligations to help transition that Service under
the Transition Plan shall cease upon termination of that Service. 

  

	 	7.2.3	 The Recipient shall pay the Provider for its costs and expenses in carrying out the Transition Plan
and its other obligations under this Section 7.2, provided always that such costs and expenses are approved by the Recipient in advance. If such approval 

	 	 
is not given, there shall be no obligation on the Provider to carry out the relevant obligations. 

  

	8	 Liability and Indemnification 

 

	8.1	 Indemnification of Provider by Recipient 

Recipient agrees to indemnify and hold harmless Provider , its Affiliates, and their respective directors, officers, agents,
employees, or other Representatives (each, a “Provider Indemnified Person”) from and against any and all damage, loss, liability, and expense (including reasonable expenses of investigation and reasonable attorneys’ fees
and expenses) in connection with any Action (as defined below) whether involving a claim or the commencement of an Action by a third party (a “Third-Party Claim”) or a claim solely between the Parties (“Damages”),
and to reimburse each Provider Indemnified Person for all reasonable expenses (including reasonable attorneys’ fees) as they are incurred in investigating, preparing, pursuing, or defending any action, suit, investigation, or proceeding, in
each case by or before any arbitrator or Governmental Authority (collectively, “Actions”), whether or not in connection with pending or threatened litigation and whether or not any Provider Indemnified Person is a party, in each
case relating to or arising out of Services rendered or to be rendered by or on behalf of any Provider Indemnified Person pursuant to this Agreement (including Services rendered prior to the Effective Date), the transactions contemplated hereby, or
any actions or inactions by or on behalf of any Provider Indemnified Person in connection with any such Services or transactions; provided that, Recipient shall not be responsible for any Damages or expenses of any Provider Indemnified Person
to the extent such Damages or expenses have resulted from a Provider Indemnified Person’s gross negligence or willful misconduct in connection with any such Services, actions, or inactions. 

 

	8.2	 Indemnification of Recipient by Provider 

Provider agrees to indemnify and hold harmless Recipient , its Affiliates, and its and their respective directors, officers,
agents, consultants, employees, or other Representatives (each, a “Recipient Indemnified Person”) from and against any Damages, and to reimburse each Recipient Indemnified Person for all reasonable expenses (including
reasonable attorneys’ fees) as they are incurred in investigating, preparing, pursuing, or defending any Action, whether or not in connection with pending or threatened litigation and whether or not any Provider Indemnified Person is a party,
in each case solely to the extent such Damages have resulted from a Provider Indemnified Person’s gross negligence or willful misconduct in connection with any Services rendered or to be rendered by or on behalf of any Provider Indemnified
Person pursuant to this Agreement (including Services rendered prior to the Effective Date), the transactions contemplated hereby, or any actions or inactions by or on behalf of any Provider Indemnified Person in connection with any such Services or
transactions. 
  

	8.3	 Indemnification as Exclusive Remedy 

Except for the termination provisions of Sections 6.2 (Termination on Notice), 6.3 (Termination for Insolvency),
6.4 (Termination for Material Breach), 6.5 (Termination for Non-Payment of the Service Charges), and 6.6 (Termination in Relation to Change of Control), the indemnification provisions of
this Section 8 (Liability and Indemnification) shall be the sole and exclusive remedy available to the Recipient for the Provider’s breach of this Agreement (including with respect to Services rendered prior to the Effective Date).
For the 

 
avoidance of doubt, the indemnification provisions of this Section 8 (Liability and Indemnification), and the limitations on liability set forth in this Section 8, shall apply to
all Actions between the Parties as well as Actions asserted by any third party. 
  

	8.4	 Indemnification Procedures 

The provisions of Section 15.3 of the License Agreement shall govern claims for indemnification under this Agreement,
mutatis mutandis. 
  

	8.5	 Exclusion of Warranties 

EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, THE SERVICES (INCLUDING SERVICES RENDERED PRIOR TO THE EFFECTIVE DATE) AND
RIGHTS GRANTED HEREUNDER ARE PROVIDED AND GRANTED “AS-IS” WITH NO WARRANTIES, AND PROVIDER EXPRESSLY EXCLUDES AND DISCLAIMS ANY WARRANTIES UNDER OR ARISING AS A RESULT OF THIS AGREEMENT, WHETHER
EXPRESS, IMPLIED, OR STATUTORY, INCLUDING THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, NON-INFRINGEMENT, OR ANY OTHER WARRANTY WHATSOEVER. 

 

	8.6	 Limitation of Liability 

 

	 	8.6.1	 Each Party agrees that (a) no Provider Indemnified Person shall have any liability, whether
direct or indirect, in contract or tort or otherwise, to the Recipient or any other Person for or in connection with the Services rendered or to be rendered by or on behalf of any Provider Indemnified Person pursuant to this Agreement (including
Services rendered prior to the Effective Date), the transactions contemplated hereby, or any actions or inactions by or on behalf of any Provider Indemnified Person in connection with any such Services or transactions except to the extent any
Damages have resulted from a Provider Indemnified Person’s gross negligence or willful misconduct in connection with any such Services, actions, or inactions and (b) the aggregate liability of Provider with respect to this Agreement (including
with respect to the Services provided prior to the Effective Date) shall not exceed the aggregate amount of Service Charges paid hereunder to Provider; provided, however, that the foregoing shall not limit any liability arising from the gross
negligence or willful misconduct of Provider or any of its Affiliates in connection with any such Services, actions, or inactions. 

  

	 	8.6.2	 Neither Party shall be liable for any (a) consequential, indirect, incidental, special, or other
speculative forms of damages or any damages based on lost profits, diminution in value, a multiple of EBITDA (earnings before interest, taxes, depreciation, and amortization) or any other financial metric (in each case, whether trailing, forward, or
otherwise), (b) punitive or exemplary damages (except to the extent actually paid by the an Indemnified Person to a third party pursuant to a Third-Party Claim) or (c) Damages that would not exist if not for, or to the extent aggravated by, any
act or wrongful omission of the an Indemnified Person. 

  

	 	8.6.3	 In addition to the foregoing, Recipient agrees that it shall, in all circumstances, use commercially
reasonable efforts to mitigate and otherwise minimize its Damages and those of any of its Affiliates, whether direct or indirect, due to, resulting from, or arising in connection with any failure by Provider to comply fully with its obligations
under this Agreement. 

	 	8.6.4	 To the extent any delay or failure by the Recipient in performing its obligations under this
Agreement prevents or impedes the provision by the Provider of any Services or other obligations under this Agreement, then the Provider shall be relieved from, and shall not be liable for its failure to comply with, its obligation to provide such
Services or other obligations. 

  

	9	 Contract Management 

The principal point of contact between the Recipient and the Provider in relation to issues arising out of this Agreement or
the performance of the Services will be the Relationship Managers. Either Party may change the identity of its Relationship Manager at any time by written notice to the other. 

 

	10	 Governing Law and Dispute Resolution 

The provisions of Article 14 of the License Agreement shall apply to this Agreement, mutatis mutandis. 

 

	11	 Intellectual Property Rights 

 

	11.1	 Provider Ownership and License 

 

	 	11.1.1	 If the Provider, in the provision of the Services (including Services rendered prior to the Effective
Date), makes available to the Recipient or any of the Recipient’s Affiliates any Intellectual Property Rights owned by, or licensed to, the Provider or a member of the Provider’s Group (“Provider Intellectual Property
Rights”): 

  

	 	(i)	 those Provider Intellectual Property Rights will remain the sole property of the Provider or the relevant
member of the Provider’s Group, or their licensors (as appropriate); and 

  

	 	(ii)	 except as otherwise provided in Section 11.2 (Recipient Ownership and License) below, the
Provider, member of the Provider’s Group or licensor (as appropriate) owning such Provider Intellectual Property Rights shall own all Intellectual Property Rights subsisting in any and all adaptions or modifications and enhancements to and
works derived from such Provider Intellectual Property Rights, and any new Intellectual Property Rights developed as part of or in connection with the provision of the Services. 

 

	 	11.1.2	 The Provider shall grant the Recipient a non-exclusive
license to use all Provider Intellectual Property Rights (subject, in the case of any such Provider Intellectual Property Rights that are in-licensed from a third party, to obtaining any applicable Third Party
Consent required from such third party) for the duration of the Service Period solely to the extent necessary for the receipt of the Services. 

  

	11.2	 Recipient Ownership and License 

 

	 	11.2.1	 Recipient Intellectual Property Rights are assigned to and will be the sole property of the Recipient
or its licensors (as appropriate). 

  

	 	11.2.2	 The Recipient or its licensor (as appropriate) shall own all Intellectual Property Rights subsisting
in any and all adaptions or modifications and enhancements to and works derived from Recipient Intellectual Property Rights. 

	 	11.2.3	 Subject to obtaining all relevant third party consents, the Recipient shall grant the Provider a non-exclusive license to use such Recipient Intellectual Property Rights as are reasonably required by the Provider to provide the Services for the duration of the Service Period only and solely to the extent
necessary for the provision of the Services. 

  

	12	 Data Protection 

 

	12.1	 General Compliance 

Each Party shall ensure that it complies with all applicable requirements of Data Protection Legislation in relation to the
matters set out in this Agreement. 
  

	12.2	 Processing of Personal Data 

 

	 	12.2.1	 The Provider acts as data processor for the Recipient in relation to the processing set out below:

  

	 	(i)	 scope, nature and purpose of processing: Provider to process personal data of clinical trial participants in
furtherance of the services described herein; 

  

	 	(ii)	 duration: for the Term; and 

 

	 	(iii)	 types of Personal Data and categories of data subjects: health and demographic information of clinical trial
participants. 

  

	 	12.2.2	 The Provider confirms that, in relation to any Personal Data processed by it on the Recipient’s
behalf in connection with the provision of the Services, the Provider shall: 

  

	 	(i)	 only process Personal Data in accordance with the Recipient’s documented instructions and only as
necessary to provide the services under the Agreement, unless required to process that Personal Data for other purposes by Applicable Law. Where such a requirement is placed on the Provider it shall provide prior notice to the Recipient unless the
relevant law prohibits the giving of notice on important grounds of public interest; and 

  

	 	(ii)	 taking into account the nature of the processing, provide reasonable assistance to the Recipient to allow
the Recipient to comply with its obligations under the Data Protection Legislation regarding security, breach notifications, consultations with supervisory authorities and regulators, and conducting privacy impact assessments, and to respond to
requests from individuals exercising their rights under Data Protection Legislation and from competent regulators. The Recipient shall pay the Provider for any reasonable costs incurred in providing such assistance. 

 

	 	12.2.3	 The Recipient hereby provides a general authorization to the Provider to engage third party
processors to process Personal Data, provided that: 

  

	 	(i)	 the Provider will notify the Recipient no less than [***] days in advance of making a change of third party
processor, thereby giving the Recipient reasonable opportunity to state any objections to such change; 

  

	 	(ii)	 the Provider shall contractually oblige its third party processor to implement appropriate technical and
organizational measures that meet the requirements of GDPR; and 

	 	(iii)	 if the third party processor fails to fulfil its data protection obligations, the Provider shall remain
fully liable to the Recipient (subject to the limits of liability set out in this Agreement) for the third party processor’s obligations. 

  

	12.3	 Data Security 

 

	 	12.3.1	 The Provider shall implement appropriate technical, administrative, physical and organizational
safeguards to protect Personal Data against accidental or unlawful destruction or accidental loss, alteration, unauthorized disclosure or access and against all other unlawful forms of processing. Those measures shall include, where appropriate:

  

	 	(i)	 ensuring any of its employees or agents or other persons to whom it provides access to Personal Data are
obliged to keep it confidential; 

  

	 	(ii)	 the use of pseudonymization and encryption of Personal Data; 

 

	 	(iii)	 measures to ensure the ongoing confidentiality, integrity, availability and resilience of the
Provider’s systems and services; 

  

	 	(iv)	 the ability to restore the availability and access to Personal Data in a timely manner in the event of a
physical or technical incident; and 

  

	 	(v)	 a process for regularly testing, assessing and evaluating the effectiveness of technical and organizational
measures for ensuring the security of the processing of Personal Data. 

  

	 	12.3.2	 The Provider shall notify the Recipient no later than [***] after discovery should it become aware of
a security breach affecting Personal Data. Any such notices shall be provided to Takeda by e-mail to [***]. 

  

	12.4	 Restricted International Transfer of Personal Data 

The Provider shall not make a Restricted International Transfer of Personal Data without taking such measures as are reasonably
necessary to ensure such transfer complies with Data Protection Legislation. The Recipient will enter into EU model contracts with the Provider where necessary for this purpose. 

 

	12.5	 Defined Terms 

For the purposes of this Section 12 (Data Protection), terms and expressions not defined in this Agreement shall
have the meaning, if any, assigned to them by the GDPR. 
  

	13	 Confidentiality 

The provisions of Article 11 of the License Agreement shall apply to this Agreement, mutatis mutandis. 

 

	14	 Force Majeure 

The provisions of Section 16.3 of the License Agreement shall apply to this Agreement, mutatis mutandis. 

 

	15	 Other Provisions 

 

	15.1	 Entire Agreement 

	 	15.1.1	 This Agreement, the License Agreement, and the other Ancillary Agreements constitute the entire
agreement between the Parties with respect to the subject matter of this Agreement and (to the extent permissible by Applicable Law) supersedes all prior representations or oral or written agreements between the Parties with respect to that subject
matter. 

  

	 	15.1.2	 Each Party agrees and acknowledges that, in entering into this Agreement, it is not relying on any
representation, warranty or undertaking not expressly incorporated into this Agreement. 

  

	 	15.1.3	 To the maximum extent permitted by law, all terms, conditions and warranties, other than those
expressly set out in this Agreement, are excluded, including all implied and statutory terms, warranties and conditions relating to satisfactory quality, fitness for purpose (including fitness for any particular purpose, merchantability, timeliness,
title, non-infringement or any other warranty whatsoever). If any legislation implies into this Agreement any term, condition or warranty which cannot be lawfully excluded then that term, condition or warranty
shall be included in this Agreement to the extent required by the relevant legislation but each Party’s liability in respect of any breach thereof shall be limited to the maximum extent (if any) permitted by that legislation. Further, each
Party agrees and acknowledges that its only right and remedy in relation to any representation, warranty or undertaking made or given in connection with this Agreement shall be for breach of the terms of this Agreement to the exclusion of all other
rights and remedies (including those in tort or arising under statute). 

  

	 	15.1.4	 Nothing in this Section 15.1 (Entire Agreement) excludes or limits any liability for
fraud, intentional misrepresentation or willful misconduct. 

  

	15.2	 Further Assurances 

Each Party shall from time to time execute such documents and perform such acts and things as the other Party may reasonably
require in order to give full effect to the provisions of this Agreement and the transactions contemplated by it. 
  

	15.3	 Reasonableness 

Each Party confirms it has received independent legal advice relating to all the matters provided for in this Agreement,
including the provisions of Sections 8 (Liability and Indemnification) and 15.1 (Entire Agreement), and agrees, having considered the terms of such Sections and the Agreement as a whole, that the provisions of such Sections and this
Agreement are fair and reasonable. 
  

	15.4	 Assignment and Subcontracting 

Assignment 
  

	 	15.4.1	 Subject to Section 15.4.2, this Agreement shall be binding on and inure to the benefit of the
Parties and their successors and permitted assigns. The Recipient may not assign or novate all or any part of its rights or obligations under this Agreement nor any benefit arising under or out of this Agreement without the prior written consent of
the Provider (not to be unreasonably withheld or delayed). 

  

	 	15.4.2	 The Provider shall be entitled to assign or novate this Agreement to any of its Affiliates or
Subsidiaries at its discretion, which assignment or novation shall not 

	 	 
relieve the Provider of its obligations hereunder, and the Recipient shall enter into any such documents as are reasonably necessary for this purpose. 

Sub-Contractors 

The Provider may sub-contract any of its obligations under this Agreement without the
Recipient’s consent. Such appointment of a sub-contractor by the Provider will not relieve the Provider of its obligations to the Recipient under this Agreement. 

 

	15.5	 No Third Party Beneficiaries 

Nothing in this Agreement shall confer any rights upon any Person other than the Parties and their respective heirs, successors
and permitted assigns. 
  

	15.6	 Variation 

Other than as expressly provided in this Agreement, no variation of this Agreement shall be effective unless in writing and
signed by or on behalf of each of the Parties. 
  

	15.7	 Waiver 

No waiver hereunder shall be valid or binding unless set forth in writing and duly executed by the Party against whom
enforcement of the waiver is sought. Any such waiver shall constitute a waiver only with respect to the specific matter described in such writing and shall in no way impair the rights of the Party granting such waiver in any other respect or at any
other time. Neither the waiver by any of the Parties of a breach of or a default under any of the provisions of this Agreement, nor the failure by either of the Parties, on one or more occasions, to enforce any of the provisions of this Agreement or
to exercise any right or privilege hereunder, shall be construed as a waiver of any other breach or default of a similar nature, or as a waiver of any of such provisions, rights or privileges hereunder. The rights and remedies herein provided are
cumulative and are not exclusive of any rights or remedies that either Party may otherwise have at law or in equity. 
  

	15.8	 Notices 

  

	 	15.8.1	 Any notice or other communication in connection with this Agreement (each, a
“Notice”) shall be: 

  

	 	(i)	 in writing in English; and 

 

	 	(ii)	 delivered by hand, registered post or courier using an internationally recognized courier company.

  

	 	15.8.2	 A Notice to Takeda shall be sent to the following address, or to such other person or address as the
Takeda may notify to Licensee from time to time: 

 If to Takeda: 

Takeda Vaccines, Inc. 

75 Sidney Street 

Cambridge, Massachusetts Attention: President of the Global Vaccine Business Unit 

Copy to (which alone shall not constitute sufficient notice): 

Takeda Vaccines, Inc. 

75 Sidney Street 

Cambridge, Massachusetts Attention: Chief Counsel Specialty BUs R&D 

	 	15.8.3	 A Notice to Licensee shall be sent to the following address, or such other person or address as the
Licensee may notify to the Takeda from time to time: 

 HilleVax, Inc. 

601 Union Street, Suite 3200 

Seattle, WA, 98101, U.S.A. 

Attention: Chief Executive Officer 

Copy to (which alone shall not constitute sufficient notice): 

Latham & Watkins LLP 

12670 High Bluff Drive 

San Diego, CA 92103, U.S.A. 

Attention: [***] 

Email: [***] 
  

	 	15.8.4	 Subject to Section 15.8.5, a Notice shall be effective upon receipt and shall be deemed to have
been received: 

  

	 	(i)	 at the time recorded by the delivery company, in the case of recorded or special delivery;

  

	 	(ii)	 at the time of delivery, if delivered by hand or courier; 

 

	 	(iii)	 at the time of transmission in legible form, if sent by fax; or 

 

	 	(iv)	 at the time of sending if sent by e-mail, provided that receipt
shall not occur if the sender receives an automated message that the e-mail has not been delivered to the recipient. 

  

	 	15.8.5	 A Notice that is deemed by Section 15.8.4 to be received after 5.00 p.m. on any day, or on a
Saturday, Sunday or public holiday in the place of receipt, shall be deemed to be received at 9.00 a.m. on the next day that is not a Saturday, Sunday or public holiday in the place of receipt. 

 

	 	15.8.6	 For the purposes of this Section 15.8, all references to time are to local time in the place of
receipt. For the purposes of Notices by email, the place of receipt is the place in which the Party to whom the Notice is sent has its postal address for the purposes of this Agreement. 

 

	 	15.8.7	 E-mail or fax is not permitted for any Notice which:
(i) terminates, gives notice to terminate or purports to terminate this Agreement; or (ii) notifies or purports to notify an actual or potential claim for breach of or under this Agreement. 

 

	15.9	 Severability 

The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not
affect the validity or enforceability of the other provisions hereof. If any provision of this Agreement, or the application thereof to any person or any circumstance, is invalid or unenforceable, (i) a suitable and equitable provision shall be
substituted therefor in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision and (ii) the remainder of this Agreement and the application of such provision; to other
persons or circumstances shall 

 
not be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability of such provision, or the application thereof, in any
other jurisdiction. 
  

	15.10	 Counterparts; Electronic Signatures 

This Agreement may be entered into in any number of counterparts all of which taken together shall constitute one and the same
instrument. Either Party may enter into this Agreement by executing any such counterpart. Signatures delivered by email in .pdf or similar format will be deemed original signatures for purposes of this Agreement. 

 

	15.11	 Independent Contractor 

This Agreement does not set up or create an employer/employee relationship, a partnership of any kind, an association or trust
between the Parties, each Party being individually responsible only for its obligations as set out in this Agreement and, in addition, the Parties agree that their relationship is one of independent contractors. Save to the extent to which a Party
is specifically authorized in writing in advance by the other Party, neither Party is authorized or empowered to act as agent for the other for any purpose and neither Party must on behalf of the other enter into any contract, warranty or
representation as to any matter. Neither Party shall be bound by the acts or conduct of the other, save for acts or conduct which the first Party specifically authorizes in writing in advance. 

[signature page follows] 

 IN WITNESS WHEREOF, the Parties have signed this Agreement as of the Effective Date.

  

			
	TAKEDA VACCINES, INC.
		
	By:	 	 /s/ Rajeev Venkayya

	Name:	 	Rajeev Venkayya, MD
	Title:	 	President Global Vaccine Business Unit, Takeda Pharmaceuticals
	Date:	 	December 16, 2021
	
	HILLEVAX, INC.
		
	By:	 	 /s/ Paul Bavier

	Name:	 	Paul Bavier
	Title:	 	General Counsel and Secretary
	Date:	 	December 17, 2021

 [Signature page to Transitional Services Agreement] 

 Schedule 1 

Services and Charges 
 [***]Exhibit
10.1

 

SUBSCRIPTION
AGREEMENT

 

Spring Valley Acquisition Corp.

2100 McKinney Ave., Suite 1675

Dallas, TX 75201

 

Ladies
and Gentlemen:

 

This
Subscription Agreement (this “Subscription Agreement”) is being entered into as of the date set forth on the signature
page hereto, by and between Spring Valley Acquisition Corp., a Cayman Islands exempted company (“SVAC”), and
the undersigned subscriber (the “Investor”), in connection with that certain Agreement and Plan of Merger, dated as
of December 13, 2021 (as amended, supplemented or otherwise modified from time to time, the “Transaction Agreement”),
by and among SVAC, Spring Valley Merger Sub, Inc., a Delaware corporation (“Merger Sub”), and NuScale Power,
LLC, an Oregon limited liability company (the “Company”), pursuant to which, among other things, SVAC shall, subject
to obtaining stockholder approval (i) domesticate as a corporation in the State of Delaware (the “Redomicile”),
(ii) adopt an amended and restated certificate of incorporation (the “A&R Charter”), and (iii) Merger
Sub will merge with and into the Company (the “Merger”), with the Company surviving as the surviving company in the
Merger and, after giving effect to such Merger, will become a wholly-controlled subsidiary of SVAC, on the terms and subject to the conditions
set forth in the Transaction Agreement (the transactions contemplated by the Transaction Agreement, including the Merger, the “Transaction”).
In connection with the Transaction, SVAC is seeking commitments from interested investors to purchase, contingent upon, and substantially
concurrently with the closing of the Transaction (the “Transaction Closing”), shares of SVAC’s Class A
common stock, par value $0.0001 per share (in the form converted as part of the Redomicile, the “Shares”), in a private
placement for a purchase price of $10.00 per Share (the “Per Share Purchase Price”). SVAC has entered, and on or about
or after the date of this Subscription Agreement may enter, into subscription agreements (the “Other Subscription Agreements,”
and together with this Subscription Agreement, collectively, the “Subscription Agreements”) with certain other investors
(the “Other Investors,” and together with the Investor, collectively, the “Investors”), pursuant
to which the Investors, severally and not jointly, have agreed to purchase, contingent upon, and substantially concurrently with the
Transaction Closing, inclusive of the Shares subscribed for by the Investor under this Subscription Agreement, an aggregate amount of
up to 23,800,002 Shares. The aggregate purchase price to be paid by the Investor for the subscribed Shares (as set forth on the signature
page hereto) is referred to herein as the “Subscription Amount.”

 

SVAC
intends to terminate the listing of its Shares and warrants exercisable for one Share at a purchase price of $11.50 per Share on The
Nasdaq Capital Market and list such Shares and warrants on the New York Stock Exchange, effective as of the Transaction Closing (the
 “Re-Listing”). References to the “Applicable Stock Exchange” shall be deemed, prior to the Transaction
Closing, to be references to The Nasdaq Capital Market and, at and after the Transaction Closing, to be references to the New York Stock
Exchange.

 

     

     

    

 

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

 

1.        Subscription.
The Investor hereby irrevocably subscribes for and agrees to purchase from SVAC, and SVAC agrees to issue and sell to the Investor, the
number of Shares set forth on the signature page of this Subscription Agreement on the terms and subject to the conditions provided
for in this Subscription Agreement. Notwithstanding the foregoing or anything to the contrary in Section 9 below, in the
event that the Closing Date (as defined below) shall not have occurred by the Outside Date (as defined below) this Subscription Agreement
shall be void and of no further effect and any monies paid by the Investor to SVAC in connection herewith shall immediately be returned
to the Investor in the same manner and terms and conditions set forth under Section 2 below for the return of the Subscription
Amount.

 

2.        Closing.
The closing of the sale of the Shares contemplated hereby (the “Closing”) shall occur on the date of, and substantially
concurrently with and conditioned upon, the Transaction Closing. Upon (a) satisfaction or waiver of the conditions set forth in
Section 3 below and (b) delivery of written notice from (or on behalf of) SVAC to the Investor (the “Closing
Notice”) that SVAC reasonably expects all conditions to the Transaction Closing to be satisfied or waived on a date that is
not less than five (5) business days from the date on which the Closing Notice is delivered to the Investor, the Investor shall
deliver to SVAC, two (2) business days prior to the closing date specified in the Closing Notice (the “Closing Date”),
the Subscription Amount by wire transfer of United States dollars in immediately available funds to the account(s) specified by
SVAC in the Closing Notice (which such funds shall be held in escrow by SVAC until Closing). On the Closing Date, SVAC shall issue the
number of Shares to the Investor set forth on the signature page to this Subscription Agreement and subsequently cause such Shares
to be registered in book entry form in the name of the Investor (or its nominee) or as otherwise directed by the Investor, free and clear
of any liens or other restrictions (other than those arising under state or federal securities laws) on SVAC’s share register and
(ii) provide to Investor evidence of the issuance of such Shares to the Investor from SVAC’s transfer agent (the “Transfer
Agent”); provided, however, that SVAC’s obligation to issue the Shares to the Investor is contingent upon
SVAC having received the Subscription Amount in full accordance with this Section 2. If the Closing does not occur within
three (3) business days following the Closing Date specified in the Closing Notice, SVAC shall promptly (but not later than one
(1) business day thereafter or such later date as shall be agreed in writing by the Investor) return by wire transfer of United
States dollars in immediately available funds to the account specified by the Investor the Subscription Amount in full to the Investor,
without any deduction or penalty of any kind, for or on account of any tax, withholding, charges, set-off or otherwise, to the Investor
by wire transfer of U.S. dollars in immediately available funds to the account designated by the Investor; provided, that unless
this Subscription Agreement has been terminated pursuant to Section 9 hereof, such return of funds shall not terminate this
Subscription Agreement or relieve the Investor of its obligations to purchase the Shares at the Closing in the event SVAC delivers a
subsequent Closing Notice in accordance with this Section 2. For purposes of this Subscription Agreement, “business
day” shall mean a day other than a Saturday, Sunday or other day on which commercial banks in New York, New York are authorized
or required by law to be closed for business. Each book entry for the Shares shall contain a legend in substantially the following form:

 

THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES
LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION
THEREFROM. THE HOLDER WILL NOTIFY ANY SUBSEQUENT PURCHASER OF THIS SECURITY FROM IT OF THE RESALE RESTRICTIONS REFERRED TO ABOVE.

 

    2

     

    

 

3.        Closing
Conditions.

 

a.         The
obligations of the parties hereto to consummate the purchase and sale of the Shares pursuant to this Subscription Agreement are subject
to the satisfaction or waiver in writing of each of the following conditions:

 

(i)         other
than in connection with the Re-Listing, no suspension or removal from listing of the Shares on the Applicable Stock Exchange, and no
initiation or threatening of any proceedings for any of such purposes or delisting, shall have occurred, and the Shares shall be approved
for listing on the Applicable Stock Exchange, subject to official notice of issuance;

 

(ii)         no
applicable governmental authority shall have enacted, issued, promulgated, enforced or entered any law, judgment, decree, order, award,
rule or regulation (whether temporary, preliminary, or permanent) which is then in effect and has the effect of making consummation
of the transactions contemplated hereby illegal or otherwise prohibiting or enjoining consummation of the transactions contemplated hereby,
and no governmental authority shall have instituted or threatened in writing a proceeding seeking to impose any such illegality, prohibition
or enjoinment; and

 

(iii)        all
conditions precedent to the closing of the Transaction set forth in the Transaction Agreement, and including the approval of SVAC stockholders
shall have been satisfied (as determined by the parties to the Transaction Agreement and other than those conditions under the Transaction
Agreement which, by their nature, are to be fulfilled at the Transaction Closing, including to the extent that any such condition is
dependent upon the consummation of the purchase and sale of the Shares pursuant to this Subscription Agreement) or waived and the Transaction
Closing shall be scheduled to occur substantially concurrently with or immediately following the Closing.

 

b.        The
obligation of SVAC to consummate the issuance and sale of the Shares pursuant to this Subscription Agreement shall be subject to satisfaction
or waiver in writing of each of the following conditions:

 

(i)         that
all representations and warranties of the Investor contained in this Subscription Agreement are true and correct in all material respects
at and as of the Closing Date (unless made as of a specified date in which case they shall be true and correct in all material respects
as of such date), and consummation of the Closing shall constitute a reaffirmation by the Investor of each of the representations and
warranties of the Investor contained in this Subscription Agreement at and as of the Closing Date; and

 

(ii)        Investor
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, satisfaction or compliance would not or would not be reasonably likely to prevent, materially delay, or materially impair
the ability of Investor to consummate the Closing.

 

    3

     

    

 

c.        The
obligation of the Investor to consummate the purchase of the Shares pursuant to this Subscription Agreement shall be subject to the satisfaction
or waiver in writing of each of the following conditions:

 

(i)         that
all representations and warranties of SVAC contained 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 below) or any
similar limitation contained therein, which representations and warranties shall be true in all respects) at and as of the Closing Date,
and consummation of the Closing shall constitute a reaffirmation by SVAC of each of the representations and warranties of SVAC contained
in this Subscription Agreement at and as of the Closing Date;

 

(ii)         SVAC
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;

 

(iii)        the
subscriptions contemplated by the Other Subscription Agreements executed by the Other Investors shall have been or will be consummated
substantially concurrently with the Closing and there shall have been no amendment, waiver or modification to the Other Subscription
Agreements that materially economically benefits the Other Investors unless the Investor has been offered substantially the same benefits;

 

(iv)       no
suspension of the offering or sale of the Shares shall have been initiated or, to SVAC’s knowledge, threatened by the Securities
and Exchange Commission (the “SEC”); and

 

(v)        no
amendment or modification of, or waiver under, the Transaction Agreement (as in effect on the date hereof, a copy of which SVAC has furnished
to the Investor) shall have occurred that would reasonably be expected to materially and adversely affect the economic benefits to Investor
under this Subscription Agreement without having received Investor’s prior written consent (which consent is not to be unreasonably
withheld, conditioned or delayed), provided that, for the avoidance of doubt, the waiver of any condition to closing under the Transaction
Agreement shall not require the prior written consent of any Investor.

 

4.        Further
Assurances. At or prior to the Closing, each of SVAC and the Investor shall execute and deliver such additional documents and take
such additional actions as the parties reasonably may deem to be practical and necessary in order to consummate the subscription as contemplated
by this Subscription Agreement. Prior to or at the Closing, the Investor shall deliver to SVAC a duly complete and executed Internal
Revenue Service Form W-9 or appropriate Form W-8, as applicable.

 

    4

     

    

 

5.        SVAC
Representations and Warranties. SVAC represents and warrants to the Investor and the Placement Agents (as defined below) that:

 

a.         SVAC
is an exempted company duly incorporated, validly existing and in good standing under the laws of the Cayman Islands. SVAC has all 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. As of the Closing Date immediately following the Redomicile, SVAC will
(i) be duly incorporated, validly existing and in good standing under the laws of the State of Delaware and (ii) have all corporate
power and authority to own, lease and operate its properties and conduct its business as presently conducted and to enter into, deliver
and perform its obligations under this Subscription Agreement.

 

b.        As
of the Closing Date, the Shares will be duly authorized by SVAC and, when issued and delivered to the Investor against full payment therefor
in accordance with the terms of this Subscription Agreement, the Shares will be validly issued, fully paid and non-assessable, free and
clear of any liens or other restrictions (other than those arising under state or federal securities laws), and will not have been issued
in violation of or subject to any preemptive or similar rights created under the A&R Charter or bylaws of SVAC (each as amended to
the Closing Date) or under the General Corporation Law of the State of Delaware. Immediately after giving effect to the Closing, the
Investor shall have received all right and title to, and interests in, the Shares to be purchased pursuant to this Subscription Agreement,
free and clear of all liens (other than those arising under this Subscription Agreement or state or federal securities laws).

 

c.         This
Subscription Agreement and the Transaction Agreement (collectively, the “Transaction Documents”) have been duly authorized,
executed and delivered by SVAC and, assuming that the Transaction Documents constitute the valid and binding agreements of the other
parties thereto, the Transaction Documents are valid and binding obligations of SVAC, enforceable against SVAC 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, delivery and the performance by SVAC of this Subscription Agreement and the other Transaction Documents, including the issuance
and sale of the Shares and the compliance by SVAC with all of the provisions of this Subscription Agreement and the consummation of the
transactions contemplated herein and therein, will (i) be substantially done in accordance with the rules of the Applicable
Stock Exchange and (ii) not (A) 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 SVAC
or any of its subsidiaries pursuant to the terms of any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement
or instrument to which SVAC or any of its subsidiaries is a party or by which SVAC or any of its subsidiaries is bound or to which any
of the property or assets of SVAC is subject that would (i) reasonably be expected to have, individually or in the aggregate, a
material adverse effect on the business, financial condition, stockholders’ equity or results of operations of SVAC and its subsidiaries,
taken as a whole, (ii) affect the validity of the Shares or (iii) prevent or materially impair the ability of SVAC to (x) comply
in all material respects with the terms of this Subscription Agreement or (y) consummate the transactions contemplated by the Transaction
Documents (each of (i), (ii) and (iii) constituting a “Material Adverse Effect”); (B) result in any
violation of the provisions of the organizational documents of SVAC or any of its subsidiaries; or (C) result in any violation of
any statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign, having
jurisdiction over SVAC or any of its subsidiaries or any of their respective properties that would reasonably be expected to have a Material
Adverse Effect.

 

    5

     

    

 

e.         As
of their respective filing dates, each report (collectively, the “SEC Reports”) required to be filed by SVAC with
the SEC complied in all material respects with the applicable requirements of the Securities Act of 1933, as amended (the “Securities
Act”), and the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the rules and
regulations of the SEC promulgated thereunder, and were timely filed. None of the SEC Reports, when filed, contained any untrue statement
of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein,
in light of the circumstances under which they were made, not misleading. Except as disclosed in the SEC Reports filed prior to the date
hereof, the financial statements of SVAC included in the SEC Reports complied, as of the respective filing dates of such SEC Reports,
in all material respects with applicable accounting requirements and rules and regulations of the SEC with respect thereto as in
effect as of the applicable filing date and fairly present in all material respects the financial position of SVAC 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. There are no material outstanding or unresolved comments in comment letters from the staff of
the Division of Corporation Finance of the SEC with respect to any of the SEC Reports.

 

f.         Other
than the Other Subscription Agreements, the Transaction Agreement and any other agreement contemplated by the Transaction Agreement,
SVAC has not entered into any side letter or similar agreement with any Other Investor in connection with such Other Investor’s
direct or indirect investment in SVAC. Except for the Other Subscription Agreement with Samsung C&T Corporation, no Other Subscription
Agreement includes terms or conditions that are materially more advantageous to such Other Investor than the Investor hereunder (other
than terms particular to the legal or regulatory requirements of such Other Investor or its affiliates, related persons or related funds
that are mutual funds or are otherwise subject to regulations related to the timing of funding and the issuance of the related Shares).

 

g.        As
of the date of this Subscription Agreement, the authorized capital stock of SVAC consists of 1,000,000 preference shares, par value $0.0001
per share (“Preferred Shares”) and 330,000,000 shares of common stock, par value $0.0001 per share, including (i) 300,000,000
shares of Class A ordinary shares (“Class A Shares”) and (ii) 30,000,000 Class B ordinary shares
(the “Class B Shares”). As of the date of this Subscription Agreement, (i) no Preferred Shares are issued
and outstanding, (ii) 23,000,000 Class A Shares are issued and outstanding, (iii) 5,750,000 Class B Shares are issued
and outstanding, and (iv) 11,500,000 redeemable warrants and 8,900,000 private placement warrants to acquire Class A Shares
are outstanding. All (A) issued and outstanding Class A Shares and Class B Shares have been duly authorized and validly
issued, are fully paid and are non-assessable and are not subject to preemptive rights, and (B) outstanding warrants have been duly
authorized and validly issued, are fully paid and are not subject to preemptive rights. Except as set forth above in this Subscription
Agreement and pursuant to the Other Subscription Agreements, the Transaction Agreement and the other agreements and arrangements referred
to therein or in the SEC Reports, as of the date hereof, there are no outstanding options, warrants or other rights to subscribe for,
purchase or acquire from SVAC any Class A Shares, Class B Shares or other equity interests in SVAC, or securities convertible
into or exchangeable or exercisable for such equity interests. As of the date hereof, SVAC has no subsidiaries, other than 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, as of the date hereof, no stockholder agreements, voting trusts or other agreements or understandings to which SVAC is a party
or by which it is bound relating to the voting of any securities of SVAC, other than (1) as set forth in the SEC Reports and (2) as
contemplated by the Transaction Agreement. There are no securities or instruments issued by or to which SVAC is a party containing anti-dilution
or similar provisions that will be triggered by the issuance of the Shares, except that have not been or will not be validly waived on
or prior to the Closing Date.

 

    6

     

    

 

h.        The
issued and outstanding Class A Shares are registered pursuant to Section 12(b) of the Exchange Act, and the Class A
Shares are, and the Shares will be, listed for trading on the Applicable Stock Exchange. There is no suit, action, proceeding or investigation
pending or, to the knowledge of SVAC, threatened against SVAC by the Applicable Stock Exchange or the SEC, respectively, to deregister
the Class A Shares or to prohibit or terminate the listing of the Class A Shares. SVAC has taken no action that is designed
to terminate the listing of the Class A Shares on the Applicable Stock Exchange or the registration of the Class A Shares under
the Exchange Act, other than as contemplated by the Redomicile and the Re-Listing.

 

i.         Assuming
the accuracy of the Investor’s representations and warranties set forth in Section 6, no registration under the Securities
Act is required for the offer and sale of the Shares by SVAC to the Investor in the manner contemplated by this Subscription Agreement.
The Shares (i) were not offered by a form of general solicitation or general advertising and (ii) are not being offered in
a manner involving a public offering under, or in a distribution in violation of, the Securities Act or any state securities laws.

 

j.         Except
for such matters as have not had or would not be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect,
there is no (i) investigation, action, suit, claim or other proceeding, in each case by or before any governmental authority pending,
or, to the knowledge of SVAC, threatened against SVAC or (ii) judgment, decree, injunction, ruling or order of any governmental
entity or arbitrator outstanding against SVAC. The aggregate of all pending legal or governmental proceedings to which SVAC is a party
to or of which any of its property or assets is the subject of that are not described in the SEC Reports, including ordinary routine
litigation incidental to the business, would not reasonably be expected to result in a Material Adverse Effect.

 

k.         Other
than Guggenheim Securities, LLC or any of its affiliates (“Guggenheim”) or Cowen and Company, LLC or any of its affiliates
(“Cowen”, and together with Guggenheim, collectively, the “Placement Agents” and each a “Placement
Agent”), SVAC has not entered into any agreement or arrangement entitling any agent, broker, investment banker, financial advisor
or other person to any broker’s or finder’s fee or any other commission or similar fee in connection with the transactions
contemplated by this Subscription Agreement for which the Investor could become liable.

 

    7

     

    

 

l.          SVAC
is not, and immediately after receipt of payment for the Shares, will not be (i), an “investment company” within the meaning
of the Investment Company Act of 1940, as amended (the “1940 Act”), or a company “controlled” by an “investment
company” within the meaning of the 1940 Act, as amended, and as such subject to registration as an “investment company”
under the 1940 Act or (ii) a “business development company” (as defined in Section 2(a)(48) of the 1940 Act.

 

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

 

n.         SVAC
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 SVAC of this Subscription Agreement (including, without limitation, the issuance of the
Shares), other than (i) filings with the SEC, (ii) filings required by applicable state securities laws, (iii) filings
required in accordance with Section 8 of this Subscription Agreement; (iv) those required by the Applicable Stock Exchange,
including with respect to obtaining approval of SVAC’s stockholders; and (vi) any filing, the failure of which to obtain would
not be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect.

 

o.         SVAC
is in compliance with all applicable laws and has not received any written communication from a governmental entity that alleges that
SVAC 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, reasonably be expected to have a Material Adverse Effect.

 

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

 

    8

     

    

 

q.        As
of the date hereof, there are no pending or, to the knowledge of SVAC, threatened, suits, claim, actions, investigation, arbitration,
review or inquiry or proceedings (collectively, “Actions”), which, if determined adversely, would, individually or
in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

r.         Each
of SVAC, Merger Sub, any of their respective directors and officers and, any of SVAC’s and Merger Sub’s and its affiliate’s
employees, representatives, agents and any person acting on its or their behalf is not (i) a person or entity named on the List
of Specially Designated Nationals and Blocked Persons administered by the U.S. Treasury Department’s Office of Foreign Assets Control
(“OFAC”) or in any Executive Order issued by the President of the United States and administered by OFAC (“OFAC
List”), or a person or entity prohibited by any OFAC sanctions program, (ii) owned, directly or indirectly, or controlled
by, or acting on behalf of, a person, that is named on an OFAC List; (iii) organized, incorporated, established, located, resident
or born in, or a citizen, national, or the government, including any political subdivision, agency, or instrumentality thereof, of, Cuba, Iran,
North Korea, Syria, the Crimea region of Ukraine, or any other country or territory embargoed or subject to substantial trade restrictions
by the United States or (iv) a Designated National as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515.

 

s.         Each
of SVAC, Merger Sub, any of their respective directors and officers and any of their respective directors and officers and any of SVAC’s
and Merger Sub’s and its affiliate’s employees, representatives, agents and any person acting on its or their behalf has
not engaged in any activity or conduct which would violate any applicable anti-bribery, anti-corruption or anti-money laundering laws,
regulations or rules in any applicable jurisdiction (including, without limitation, the U.S. Foreign Corrupt Practices Act of 1977,
as amended), (ii) SVAC and Merger Sub have instituted and maintain systems, policies and procedures designed to prevent violation
of such laws, regulations and rules, and (iii) no action, suit or proceeding by or before any court or governmental or regulatory
agency, authority or body or any arbitrator having jurisdiction over SVAC or Merger Sub with respect to such laws, regulations and rules is
pending and, to SVAC’s knowledge, no such actions, suits or proceedings are threatened or contemplated.

 

t.         As
of the date hereof, to the knowledge of SVAC, none of the documents or written information provided to the Investor or any of its advisors
or representatives or by or on behalf of SVAC and its affiliates in connection with the transactions contemplated by this Subscription
Agreement, (i) contains any untrue statement of a material fact or omits to state a material fact necessary, in each case relating
to SVAC and its affiliates, in order to make the statements contained therein not misleading in light of the circumstances under which
they were made and (ii) the financial projections relating to SVAC or any affiliate, if any, delivered to the Investor or its advisors
or representatives are made in good faith and are based upon reasonable assumptions, and SVAC is not aware of any fact or set of circumstances
that would lead it to believe that such projections are incorrect or misleading in any material respect. For the avoidance of doubt,
Company and its affiliates are not affiliates of SVAC as of the date hereof.

 

u.        The
Investor’s purchase of the Shares shall not result in the Investor holding securities of SVAC at the time of Closing representing
more than 10% of (i) the votes attaching to the outstanding voting securities of SVAC or (ii) the outstanding equity securities
of SVAC.

 

    9

     

    

 

6.        Investor
Representations and Warranties. The Investor represents and warrants to SVAC and the Placement Agents that:

 

a.         The
Investor, or each of the funds managed by or affiliated with the Investor for which the Investor is acting as nominee, as applicable,
(i) is a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act (“Rule 144A”)),
or an “accredited investor” (within the meaning of Rule 501(a) under the Securities Act), in each case, satisfying
the applicable requirements set forth on Schedule A, (ii) is acquiring the Shares only for his, her or its own account and
not for the account of others, or if the Investor is subscribing for the Shares as a fiduciary or agent for one or more investor accounts,
the Investor has full investment discretion with respect to each such account, and the full power and authority to make the acknowledgements,
representations and agreements herein on behalf of each owner of each such account, and (iii) is not acquiring the Shares with a
view to, or for offer or sale in connection with, any distribution thereof in violation of the Securities Act (and shall provide the
requested information set forth on Schedule A). The Investor acknowledges that this offering of the Shares meets the exemptions
from filing under FINRA Rule 5123. The Investor is not an entity formed for the specific purpose of acquiring the Shares, unless
such newly formed entity is an entity in which all of the equity owners are “accredited investors” (within the meaning of
Rule 501(a) under the Securities Act).

 

b.        The
Investor acknowledges that the Shares are being offered in a transaction not involving any public offering within the meaning of the
Securities Act and that the Shares have not been registered under the Securities Act. The Investor acknowledges and agrees that the Shares
may not be offered, resold, transferred or otherwise disposed of by the Investor absent an effective registration statement under the
Securities Act except (i) to SVAC or a subsidiary thereof, (ii) to non-U.S. persons pursuant to offers and sales that occur
outside the United States within the meaning of Regulation S under the Securities Act or (iii) pursuant to another applicable exemption
from the registration requirements of the Securities Act, and in each of clauses (i) and (iii) in accordance with any applicable
securities laws of the states and other jurisdictions of the United States, and that any book entry positions representing the Shares
shall contain a restrictive legend to such effect (provided, that such legend shall be subject to removal in accordance with Section 8.c))
and, as a result, the Investor may not be able to readily resell the Shares and may be required to bear the financial risk of an investment
in the Shares for an indefinite period of time. The Investor acknowledges and agrees that the Shares may not immediately be eligible
for resale pursuant to Rule 144. The Investor acknowledges that it has been advised to consult legal counsel prior to making any
offer, resale, transfer, pledge or other disposition of any of the Shares. Nothing contained herein shall be deemed a representation
or warranty by such Investor to hold the Shares for any period of time.

 

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

 

    10

     

    

 

 

d.            The
Investor is not, and is not acting on behalf of, (i) an “employee benefit plan” subject to Title I of the Employee Retirement
Income Security Act of 1974, as amended (“ERISA”), (ii) an individual retirement account or annuity or other “plan”
that is subject to Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”), (iii) any
entity or account that is deemed under the Department of Labor regulation codified at 29 C.F.R. § 2510.3-101, as modified by Section 3(42)
of ERISA, to include the “plan assets” of any “employee benefit plan” subject to ERISA or “plan” subject
to Code §4975, or (iv) any other plan subject to non-U.S., state, local or other federal laws or regulations that are substantially
similar to the foregoing provisions of ERISA or the Code.

 

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

 

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

 

g.            The
Investor acknowledges that it is aware that there are substantial risks incident to the purchase and ownership of the Shares, including
those set forth in the SEC Reports. The Investor is a sophisticated investor and has such knowledge and experience in financial and business
matters as to be capable of evaluating the merits and risks of an investment in the Shares, and the Investor has sought such accounting,
legal and tax advice as the Investor has considered necessary to make an informed investment decision. The Investor (i) will not
look to the Placement Agents for all or part of any such loss or losses the Investor may suffer, is able to sustain a complete loss on
its investment in the Shares and (ii) acknowledges that the Investor shall be responsible for any of the Investor’s tax liabilities
that may arise as a result of the transactions contemplated by this Subscription Agreement, and that neither SVAC nor the Company has
provided any tax advice or any other representation or guarantee regarding the tax consequences of the transactions contemplated by this
Subscription Agreement.

 

    11 

     

    

 

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

 

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

 

j.            The
Investor acknowledges that the Placement Agents: (i) have not provided the Investor with any information or advice with respect to
the Shares, (ii) have not made or make any representation, express or implied as to SVAC, the Company, the Company’s credit
quality, the Shares or the Investor’s purchase of the Shares, (iii) have not acted as the Investor’s financial advisor
or fiduciary in connection with the issue and purchase of Shares, (iv) may have acquired, or during the term of the Shares may acquire,
non-public information with respect to the Company, which, subject to the requirements of applicable law, the Investor agrees need not
be provided to it, and (v) may have existing or future business relationships with SVAC and the Company (including, but not limited
to, lending, depository, risk management, advisory and banking relationships) and will pursue actions and take steps that it deems or
they deem necessary or appropriate to protect its or their interests arising therefrom without regard to the consequences for a holder
of Shares, and that certain of these actions may have material and adverse consequences for a holder of Shares.

 

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

 

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

 

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

 

    12 

     

    

 

n.            The
Investor is not (i) a person or entity named on the List of Specially Designated Nationals and Blocked Persons administered by the
OFAC or in any OFAC List, or a person or entity prohibited by any OFAC sanctions program, (ii) a Designated National as defined in
the Cuban Assets Control Regulations, 31 C.F.R. Part 515, or (iii) a non-U.S. shell bank or providing banking services indirectly
to a non-U.S. shell bank (each, a “Prohibited Investor”). The Investor agrees to provide law enforcement agencies,
if requested thereby, such records as required by applicable law, provided that the Investor is permitted to do so under applicable
law. If the Investor 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”), the Investor maintains policies and procedures reasonably designed to comply with applicable obligations
under the BSA/PATRIOT Act. To the extent required by applicable law, it maintains policies and procedures reasonably designed for the
screening of its investors against the OFAC sanctions programs, including the OFAC List. To the extent required by applicable law, the
Investor maintains policies and procedures reasonably designed to ensure that the funds held by the Investor and used to purchase the
Shares were legally derived and were not obtained, directly or indirectly, from a Prohibited Investor.

 

o.            The
Investor acknowledges and agrees that it has been informed that no disclosure or offering document has been prepared by any
Placement Agent in connection with the offer and sale of the Shares.

 

p.            The
Investor acknowledges that neither the Placement Agents, any of their respective affiliates or any control persons, officers, directors,
employees, partners, agents or representatives of any of the foregoing have made any independent investigation with respect to SVAC, the
Company or its subsidiaries or any of their respective businesses, or the Shares or the accuracy, completeness or adequacy of any information
supplied to the Investor by SVAC.

 

q.            At
the Closing, the Investor will have sufficient funds to pay the Subscription Amount and consummate the purchase and sale of the Shares
pursuant to this Subscription Agreement.

 

r.            Neither
the due diligence investigation conducted by the Investor in connection with making its decision to acquire the Shares nor any representations
or warranties made by the Investor in this Subscription Agreement shall modify, amend or affect the Investor’s right to rely on
the truth, accuracy and completeness of SVAC’s representations and warranties contained in this Subscription Agreement, subject
to the terms hereof.

 

    13 

     

    

 

s.            The
Investor acknowledges and agrees that the Placement Agents are not making a recommendation to Investor to participate in the offer and
sale of the Shares, and nothing set forth in any disclosure or documents that may be provided to Investor from time to time is intended
to suggest that the Placement Agents are making such a recommendation.

 

t.            The
Investor hereby acknowledges and agrees that, from the date of this Subscription Agreement, that it will not, nor will any person acting
at the Investor’s direction or pursuant to any understanding with the Investor, engage in any Short Sales with respect to securities
of SVAC prior to the Closing (or the termination of this Subscription Agreement, if earlier). “Short Sales” shall include,
without limitation, all “short sales” as defined in Rule 200 of Regulation SHO under the Exchange Act. Notwithstanding
the foregoing, (i) nothing herein shall prohibit other entities under common management with the Investor that have no knowledge
of this Subscription Agreement or of the Investor’s participation in the subscription (including the Investor’s controlled
affiliates and/or affiliates) from entering into any short sales; (ii) in the case of an Investor that is a multi-managed investment
vehicle whereby separate portfolio managers manage separate portions of such Investor’s assets and the portfolio managers have no
knowledge of the investment decisions made by the portfolio managers managing other portions of such Investor’s assets, the covenant
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 Shares covered by this Subscription Agreement; and (iii) nothing herein shall prohibit the Investor from engaging
in derivative transactions of any kind, including, but not limited to, forward sale contracts, options, puts, calls, swaps and similar
arrangements (including on a total return basis), and sales and other transactions through U.S. broker dealers or non-U.S. broker dealers
or foreign regulated brokers.

 

7.           Committee
on Foreign Investment in the United States. The parties agree that the Transaction shall not afford the Investors, directly or indirectly,
(i) any access, rights, or involvement, as described in 31 C.F.R. § 800.211(b), with respect to SVAC, Merger Sub, or the Company,
or (ii) “control,” as defined at 31 C.F.R. § 800.208, of SVAC, Merger Sub, or the Company.

 

8.            Registration
Rights.

 

a.            SVAC
agrees that, as soon as practicable (but in any case no later than thirty (30) calendar days after the consummation of the Transaction
(the “Filing Date”)), it shall file with the SEC (at its sole cost and expense) a registration statement registering
the resale of the Registrable Securities (as defined below) (the “Registration Statement”), and it shall use its commercially
reasonable efforts to have the Registration Statement declared effective as soon as practicable after the filing thereof, but no later
than the earlier of (i) sixty (60) calendar days after the filing thereof (or ninety (90) calendar days after the filing thereof
if the SEC notifies SVAC that it will “review” the Registration Statement) and (ii) seven (7) business days after
SVAC is notified (orally or in writing, whichever is earlier) by the SEC that the Registration Statement will not be “reviewed”
or will not be subject to further review (such earlier date, the “Effectiveness Date”); provided, that if the
Effectiveness Date falls on a Saturday, Sunday or other day that the SEC is closed for business, the Effectiveness Date shall be extended
to the next business day on which the SEC is open for business. Notwithstanding the foregoing, if the SEC prevents SVAC from including
any or all of the Registrable Securities proposed to be registered under the Registration Statement due to limitations on the use of Rule 415
under the Securities Act for the resale of Registrable Securities by the applicable stockholders or otherwise, such Registration Statement
shall register for resale such number of Registrable Securities which is equal to the maximum number of Registrable Securities as is permitted
to be registered by the SEC. In such event, the number of Registrable Securities to be registered for each Investor named in the Registration
Statement shall be reduced pro rata among all such Investors and as promptly as practicable after being permitted to register additional
Registrable Securities under Rule 415 under the Securities Act, SVAC shall amend the Registration Statement or file a new Registration
Statement to register such additional Registrable Securities and cause such amendment or Registration Statement to become effective as
promptly as practicable. “Registrable Securities” shall mean, as of any date of determination, the Shares and any other
equity security of SVAC issued or issuable with respect to the Shares by way of share split, dividend, distribution, recapitalization,
merger, exchange, replacement or similar event or otherwise. The Investor agrees to disclose its ownership to SVAC upon request to assist
it in making the determination described above. SVAC may amend the Registration Statement so as to convert the Registration Statement
to a Registration Statement on Form S-3 at such time after SVAC becomes eligible to use such Form S-3. SVAC will provide a draft
of the Registration Statement to the Investor for review at least three (3) business days in advance of filing the Registration Statement.
If the SEC requests that the Investor be identified as a statutory underwriter in the Registration Statement, the Investor will have an
opportunity to withdraw from the Registration Statement. The Investor acknowledges and agrees that SVAC may postpone or suspend, as applicable,
the use of any such Registration Statement (i) if it determines that in order for such Registration Statement not to contain a material
misstatement or omission, an amendment thereto would be needed to include information that would at that time not otherwise be required
in a current, quarterly, or annual report under the Exchange Act, (ii) during any customary blackout or similar period or as permitted
hereunder and (iii) as may be necessary in connection with the preparation and filing of a post-effective amendment to the Registration
Statement following the filing of SVAC’s Annual Report on Form 10-K for its first completed fiscal year (each such circumstance,
a “Suspension Event”); provided, that (I) SVAC shall not so delay filing or so suspend the use of the Registration
Statement on more than two (2) occasions, or for more than sixty (60) consecutive calendar days, or more than ninety (90) total calendar
days, in each case in any three hundred sixty (360) day period and (II) SVAC shall use commercially reasonable efforts to make such
registration statement available for the sale by the Investor of such securities as soon as practicable thereafter. Any failure by SVAC
to file the Registration Statement by the Filing Date or to effect such Registration Statement by the Effectiveness Date shall not otherwise
relieve SVAC of its obligations to file or effect the Registration Statement as set forth above in this Section 8. SVAC’s
obligations to include the Registrable Securities for resale in the Registration Statement are contingent upon the Investor furnishing
in writing to SVAC such information regarding the Investor, the securities of SVAC held by the Investor and the intended method of disposition
of such Shares, which shall be limited to non-underwritten public offerings, as shall be reasonably requested by SVAC to effect the registration
of such Shares, and shall execute such documents in connection with such registration as SVAC may reasonably request that are customary
of a selling stockholder in similar situations, including providing that SVAC shall be entitled to postpone and suspend the effectiveness
or use of the Registration Statement during any customary blackout or similar period or as permitted hereunder, provided that,
the Investor shall not, in connection with the foregoing, be required to execute any lock-up or similar agreement or otherwise be subject
to any contractual restriction on the ability to transfer the Shares. SVAC will request such information from the Investor at least five
(5) business days in advance of the expected filing date of the initial Registration Statement.

 

    14 

     

    

 

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

 

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

 

(ii)            advise
Investor (or, if directed by the Investor in writing, its counsel) within five (5) business days:

 

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

 

(2)           any
request by the SEC for amendments or supplements to any Registration Statement or other prospectus included therein or for additional
information;

 

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

 

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

 

    15 

     

    

 

(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 included therein so that, as of such date, the statements therein are not misleading and do not omit to state
a material fact required to be stated therein or necessary to make the statements therein (in the case of a prospectus, in the light of
the circumstances under which they were made) not misleading.

 

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

 

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

 

(iv)            upon
the occurrence of any event contemplated in Section 8(b)(ii)(5), except for such times as SVAC is permitted hereunder to suspend,
and has suspended, the use of a prospectus forming part of a Registration Statement, SVAC shall use its commercially reasonable efforts
to as soon as reasonably practicable prepare a post-effective amendment to such Registration Statement or a supplement to the related
prospectus, or file any other required document so that, as thereafter delivered to purchasers of the Registrable Securities included
therein, such prospectus will not include any untrue statement of a material fact or omit to state any material fact necessary to make
the statements therein, in the light of the circumstances under which they were made, not misleading;

 

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

 

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

 

c.            In
connection with the effectiveness of any Registration Statement hereunder, any sale, assignment, transfer or other disposition of the
Shares by the Investor pursuant to an effective Registration Statement, Rule 144 or any other exemption under the Securities Act
such that the Shares held by the Investor become freely tradable and upon compliance by the Investor with the requirements of this Section 8.c),
if requested by the Investor, SVAC shall use its commercially reasonable efforts to cause the Transfer Agent to remove any restrictive
legends related to the book entry account holding such Shares and make a new, unlegended entry for such book entry Shares without restrictive
legends within two (2) trading days of any such request therefor from the Investor, provided that SVAC and the Transfer Agent
have timely received from the Investor customary representations and other documentation reasonably acceptable to SVAC and the Transfer
Agent in connection therewith. Subject to receipt from the Investor by SVAC and the Transfer Agent of customary representations and other
documentation reasonably acceptable to SVAC and the Transfer Agent in connection therewith, including, if required by the Transfer Agent,
an opinion of SVAC’s counsel, in a form reasonably acceptable to the Transfer Agent, to the effect that the removal of such restrictive
legends in such circumstances may be effected under the Securities Act, the Investor may request that SVAC remove any legend from the
book entry position evidencing its Shares following the earliest of such time as such Shares (i) are covered by and may be sold or
transferred pursuant to an effective registration statement, (ii) have been or are about to be sold pursuant to Rule 144, or
(iii) are eligible for resale under Rule 144(b)(1) or any successor provision without the requirement for SVAC to be in
compliance with the current public information requirement under Rule 144 and without volume or manner-of-sale restrictions applicable
to the sale or transfer of such Shares. If restrictive legends are no longer required for such Shares pursuant to the foregoing, SVAC
shall, in accordance with the provisions of this Section 8.c) and within two (2) trading days of any request therefor
from the Investor accompanied by such customary and reasonably acceptable representations and other documentation referred to above establishing
that restrictive legends are no longer required, deliver to the Transfer Agent irrevocable instructions and, upon the Transfer Agent’s
request, a legal opinion of SVAC’s counsel, that the Transfer Agent shall make a new, unlegended entry for such book entry Shares.
SVAC shall be responsible for the fees of its Transfer Agent, its legal counsel and all DTC fees associated with such issuance.

 

    16 

     

    

 

d.            Indemnification.

 

(i)            SVAC
agrees to indemnify and hold harmless, to the extent permitted by law, the Investor, its directors, and officers, employees, and agents,
and each person who controls the Investor (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange
Act) and each affiliate of the Investor (within the meaning of Rule 405 under the Securities Act) from and against any and all losses,
claims, damages, liabilities, costs and expenses (including, without limitation, any reasonable attorneys’ fees and expenses incurred
in connection with defending or investigating any such action or claim), as incurred, that arise out of, are based upon, or are caused
by any untrue or alleged untrue statement of a material fact contained in any Registration Statement, prospectus included in any Registration
Statement or preliminary prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact
required to be stated therein or necessary to make the statements therein not misleading, except insofar as and to the extent, but only
to the extent, the same are caused by or contained in any information or affidavit regarding the Investor furnished in writing to SVAC
by or on behalf of the Investor expressly for use therein.

 

(ii)            The
Investor agrees, severally and not jointly with any person that is a party to the Other Subscription Agreements, to indemnify and hold
harmless SVAC, its directors and officers and agents and employees and each person who controls SVAC (within the meaning of Section 15
of the Securities Act and Section 20 of the Exchange Act) against any losses, claims, damages, liabilities, costs and expenses (including,
without limitation, reasonable attorneys’ fees), as incurred, that arise out of, are based upon, or are caused by any untrue statement
of a material fact contained in the Registration Statement, or any form of prospectus or preliminary prospectus or any amendment thereof
or supplement thereto or any omission of a material fact required to be stated therein (in the case of any prospectus, or any form of
prospectus or preliminary prospectus or supplement thereto, in light of the circumstances under which they were made) or necessary to
make the statements therein not misleading, but only to the extent that such untrue statement or omission is contained in any information
or affidavit so furnished in writing by the Investor expressly for use therein. In no event shall the liability of the Investor be greater
in amount than the dollar amount of the net proceeds received by the Investor upon the sale of the Shares purchased pursuant to this Subscription
Agreement giving rise to such indemnification obligation.

 

    17 

     

    

 

(iii)            Any
person entitled to indemnification herein shall (1) give prompt written notice to the indemnifying party of any claim with respect
to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any person’s right to indemnification
hereunder to the extent such failure has not materially prejudiced the indemnifying party) and, (2) unless in such indemnified party’s
reasonable judgment a conflict of interest between such indemnified and indemnifying parties exists with respect to such claim, permit
such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense
is assumed, the indemnifying party shall not be subject to any liability for any settlement made by the indemnified party without its
consent (but such consent shall not be unreasonably withheld, conditioned or delayed). An indemnifying party who is not entitled to, or
elects not to assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel for all parties
indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of legal counsel to any indemnified
party a conflict of interest exists between such indemnified party and any other of such indemnified parties with respect to such claim.
No indemnifying party shall, without the consent of the indemnified party, consent to the entry of any judgment or enter into any settlement
which cannot be settled in all respects by the payment of money (and such money is so paid by the indemnifying party pursuant to the terms
of such settlement) or which settlement includes a statement or admission of fault and culpability on the part of such indemnified party
or which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release
from all liability in respect to such claim or litigation.

 

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

 

(v)            If
the indemnification provided under this Section 8.d) from the indemnifying party is unavailable or insufficient to hold harmless
an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the indemnifying party,
in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified party as a result of
such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying
party and the indemnified party, as well as any other relevant equitable considerations. 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 deemed to include, subject to the limitations set forth in this Section 8,
any legal or other fees, charges or expenses reasonably incurred by such party in connection with any investigation or proceeding. No
person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled
to contribution pursuant to this Section 8.d) from any person who was not guilty of such fraudulent misrepresentation. In
no event shall the liability of the Investor be greater in amount than the dollar amount of the net proceeds received by the Investor
upon the sale of the Shares purchased pursuant to this Subscription Agreement giving rise to such contribution obligation. Notwithstanding
anything to the contrary herein, in no event will any party be liable for consequential, special, exemplary or punitive damages in connection
with this Subscription Agreement.

 

    18 

     

    

 

e.            Following
such time as Rule 144 is available, with a view to making available to the Investor the benefits of Rule 144, SVAC agrees, for
so long as the Investor holds the Shares purchased pursuant to this Subscription Agreement, to:

 

(i)            make
and keep public information available, as those terms are understood and defined in Rule 144; and

 

(ii)            file
with the SEC in a timely manner all reports and other documents required of SVAC under the Securities Act and the Exchange Act so long
as SVAC remains subject to such requirements and the filing of such reports and other documents is required for the applicable provisions
of Rule 144.

 

9.            Termination.
This Subscription Agreement shall terminate and be void and of no further force and effect, and all rights and obligations of the parties
hereunder shall terminate without any further liability on the part of any party in respect thereof, upon the earliest to occur of (a) such
date and time as the Transaction Agreement is terminated in accordance with its terms, (b) upon the mutual written agreement of SVAC
and the Investor, and to the extent required by the Transaction Agreement, the Company, to terminate the Subscription Agreement, (c) thirty
(30) days after the Termination Date (as defined in the Transaction Agreement, as in effect from time to time), if the Closing has not
occurred by such date (the “Outside Date”), or (d) if any of the conditions to Closing set forth in Section 3
are not capable of being satisfied or waived on or prior to the Closing, and, as a result thereof, the transactions contemplated by this
Subscription Agreement will not be and are not consummated at the Closing (the termination events described in clauses (a)–(d) above,
collectively, the “Termination Events”); provided that nothing herein will relieve any party from liability
for any willful breach hereof prior to the time of termination, and each party will be entitled to any remedies at law or in equity to
recover losses, liabilities or damages arising from any such willful breach. SVAC shall notify the Investor in writing of the termination
of the Transaction Agreement promptly after the termination of such agreement. Upon the occurrence of any Termination Event, this Subscription
Agreement shall be void and of no further force and effect (subject to the proviso of the immediately preceding sentence); provided
that any monies paid by the Investor to SVAC in connection herewith shall promptly (and in any event within one (1) business day)
following the Termination Event be returned to the Investor, in full, without any deduction or penalty of any kind, for or on account
of any tax, withholding, charges, set-off or otherwise, by wire transfer of immediately available funds to the account specified by Investor.

 

    19 

     

    

 

10.            Trust
Account Waiver. The Investor acknowledges that SVAC is a blank check company with the powers and privileges to effect a merger, asset
acquisition, reorganization or similar business combination involving SVAC and one or more businesses or assets. The Investor further
acknowledges that, as described in the final prospectus of SVAC, filed with the SEC (File No. 333-249067), and dated as of November 23,
2020 (the “Prospectus”), available at www.sec.gov, SVAC has established a trust account containing the proceeds of
its initial public offering (the “IPO”) (with interest accrued from time to time thereon, the “Trust Fund”)
initially in an amount of $232,300,000 for the benefit of SVAC’s public stockholders (the “Public Stockholders”)
and certain parties (including the underwriters of the IPO) and that SVAC may disburse monies from the Trust Fund only: (i) to the
Public Stockholders in the event they elect to redeem the Class A Shares in connection with the consummation of SVAC’s initial
business combination (as such term is used in the Prospectus) (the “Business Combination”), (ii) to the Public
Stockholders if SVAC fails to consummate a Business Combination within twenty-four (24) months from the closing of the IPO, (iii) any
interest earned on the amounts held in the Trust Fund necessary to pay for franchise and income taxes, or (iv) to SVAC after or
concurrently with the consummation of a Business Combination. For and in consideration of SVAC entering into this Subscription Agreement,
and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Investor hereby agrees
that it does not now and shall not at any time hereafter have any right, title, interest or claim of any kind in or to any monies in
the Trust Fund or distributions therefrom, or make any claim against, the Trust Fund, with respect to claims arising out of this Subscription
Agreement, regardless of whether such claim arises based on contract, tort, equity or any other theory of legal liability (any and all
such claims are collectively referred to hereafter as the “Claims”). The Investor hereby irrevocably waives any Claims
it may have against the Trust Fund (including any distributions therefrom) now or in the future as a result of, or arising out of, this
Subscription Agreement and will not seek recourse against the Trust Fund (including any distributions therefrom) for Claims arising out
of this Subscription Agreement; provided that nothing in this Section 10 (x) shall serve to limit or prohibit
the Investor’s right to pursue a claim against SVAC for legal relief against assets held outside the Trust Fund, for specific performance
or other equitable relief, (y) shall serve to limit or prohibit any claims that the Investor may have in the future against SVAC’s
assets or funds that are not held in the Trust Fund (including any funds that have been released from the Trust Fund and any assets that
have been purchased or acquired with any such funds) or (z) shall be deemed to limit the Investor’s right, title, interest
or claim to any monies held in the Trust Fund by virtue of its record or beneficial ownership of Class A Shares acquired other than
pursuant to this Subscription Agreement, pursuant to a validly exercised redemption right with respect to any such Class A Shares,
except to the extent that the Investor has otherwise agreed with SVAC to not exercise such redemption right. The Investor agrees and
acknowledges that such irrevocable waiver is material to this Subscription Agreement and specifically relied upon by SVAC to induce it
to enter in this Subscription Agreement, and the Investor further intends and understands such waiver to be valid, binding and enforceable
under applicable law.

 

    20

    

    

 

11.            Standstill.
From the date hereof until the Closing Date, unless specifically waived by SVAC in writing, Investor shall not in any manner, directly
or indirectly, without the consent of SVAC and the Company (i) effect or seek, offer or propose (whether publicly or otherwise)
to effect, or announce any intention to effect or cause or participate in or in any way assist or encourage any other person to effect
or seek, offer or propose (whether publicly or otherwise) to effect or participate in, (A) any acquisition of any securities (or
beneficial ownership thereof) or assets of SVAC or the Company or any of their respective affiliates, including rights or options to
acquire such ownership or any other securities, rights or interests, including without limitation, options, swaps, derivatives or convertibles
or other similar instruments, whether real or synthetic, that give Investor the right to vote or to direct the voting of any securities
of SVAC or the Company or otherwise convey the economic interest of beneficial ownership of any securities of SVAC or the Company; (B) any
tender or exchange offer, merger or other business combination involving SVAC, the Company or any of their respective affiliates; (C) any
recapitalization, restructuring, liquidation, dissolution or other extraordinary transaction with respect to SVAC, the Company or any
of their respective affiliates; or (D) any “solicitation” of “proxies” (as such terms are
defined in Rule 14a 1 of Regulation 14A under the Exchange Act, disregarding clause (iv) of Rule 14a 1(l)(2) and
including any otherwise exempt solicitation pursuant to Rule 14a 2(b)) or consents to vote any voting securities of SVAC, the Company
or any of their respective affiliates; (ii) form, join or in any way participate in a “group” (as defined in
Section 13(d)(3) of the Exchange Act and the rules and regulations thereunder) with respect to any voting securities of
SVAC, the Company or any of their respective affiliates or otherwise act in concert with any person in respect of any such securities;
(iii) otherwise act, alone or in concert with others, to seek to control, advise, change or influence the management, board of directors,
governing instruments, shareholders, policies or affairs of SVAC, the Company or any of their respective affiliates; (iv) enter
into any discussions or arrangements with any third party with respect to any of the foregoing; or (v) make any public disclosure,
or take any action that might force SVAC, the Company, any of their respective affiliates or any other person to make any public disclosure,
with respect to the matters set forth in this Subscription Agreement.

 

12.            Miscellaneous.

 

a.            Neither
this Subscription Agreement nor any rights that may accrue to the Investor hereunder (other than the Shares acquired hereunder, if any)
may be transferred or assigned without SVAC’s prior written consent. Notwithstanding the foregoing, Investor may assign its
rights and obligations under this Subscription Agreement to one or more of its affiliates (including other investment funds or accounts
managed or advised by the investment manager who acts on behalf of the Investor); provided, that each transferee shall make the representations
and warranties set forth in Section 6 hereof and that no such assignment shall relieve the Investor of its obligations hereunder.

 

b.            SVAC
may request from the Investor such additional information as SVAC may deem reasonably necessary to evaluate the eligibility of the Investor
to acquire the Shares, and the Investor shall promptly provide such information as may reasonably be requested; provided that SVAC agrees
to keep any such information confidential, except as may be required by applicable law, rule, regulation or in connection with any legal
proceeding or regulatory request. Subject to Section 15, the Investor acknowledges that SVAC may file a form of this Subscription
Agreement with the SEC as an exhibit to a periodic report or a registration statement of SVAC.

 

    21

    

    

 

c.            The
Investor acknowledges that SVAC, the Placement Agents, the Company and others will rely on the acknowledgments, understandings, agreements,
representations and warranties contained in this Subscription Agreement. SVAC acknowledges that the Investor will rely on the acknowledgments,
understandings, agreements, representations and warranties of SVAC contained in this Subscription Agreement. Prior to the Closing, the
Investor agrees to promptly notify SVAC and the Placement Agents if any of the acknowledgments, understandings, agreements, representations
and warranties made by Investor set forth in Section 6 above are no longer accurate in any material respect. Prior to the
Closing, SVAC agrees to promptly notify the Investor if any of the acknowledgments, understandings, agreements, representations and warranties
made by SVAC set forth in Section 5 above are no longer accurate in any material respect.

 

d.           This
Subscription Agreement (including the schedule hereto) constitutes the entire agreement, and supersedes all other prior agreements, understandings,
representations and warranties, both written and oral, among the parties, with respect to the subject matter hereof. Except as 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. Except as expressly provided for herein, this Subscription Agreement shall not confer rights
or remedies upon any person other than the parties hereto and their respective successors and permitted assigns, and the parties hereto
acknowledge that such persons so referenced are third party beneficiaries of this Subscription Agreement for the purposes of, and to
the extent of, the rights granted to them, if any, pursuant to the applicable provisions.

 

e.           Each
of SVAC and Investor is entitled to rely upon this Subscription Agreement and each is irrevocably authorized to produce this Subscription
Agreement or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the
matters covered hereby; provided, however, that the foregoing clause of this Section 12.e) shall not give the Company or
the Placement Agents any rights other than those expressly set forth herein and, without limiting the generality of the foregoing and
for the avoidance of doubt, in no event shall the Company be entitled to rely on any of the representations and warranties of SVAC set
forth in this Subscription Agreement.

 

f.            Each
of the parties agrees that the Company is an express third-party beneficiary of this Agreement, and the Company may directly enforce
(including by an action for specific performance, injunctive relief or other equitable relief) each of the provisions of this Agreement,
as amended, modified, supplemented or waived in accordance with Section 12.h), against the Investor as if it were a direct
party hereto having the same rights as, and instead of, SVAC hereunder. Each of the parties further agrees that each of the Company and
each of the Placement Agents is a third-party beneficiary of the representations and warranties of Investor under this Subscription Agreement
and the Placement Agents are also third party beneficiaries of Sections 12(c), (e), (f), (g) and Section 13 hereof.

 

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g.            SVAC,
the Company, the Investor and the Placement Agents are each entitled to rely upon this Subscription Agreement and each is irrevocably
authorized to produce this Subscription Agreement or a copy hereof to any interested party in any administrative or legal proceeding
or official inquiry with respect to the matters covered hereby; provided, however, that the foregoing clause of this Section 12.g)
shall not give the Company or the Placement Agents any rights other than those expressly set forth herein and, without limiting the
generality of the foregoing and for the avoidance of doubt, in no event shall the Company be entitled to rely on any of the representations
and warranties of SVAC set forth in this Subscription Agreement.

 

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

 

i.            This
Subscription Agreement may not be amended, modified, waived or terminated (other than pursuant to the terms of Section 9
above) except by an instrument in writing, signed by the Investor and SVAC. No failure or delay of either party in exercising any right
or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment
or discontinuance of steps to enforce such right or power, or any course of conduct, preclude any other or further exercise thereof or
the exercise of any other right or power. The rights and remedies of the parties and third party beneficiaries hereunder are cumulative
and are not exclusive of any rights or remedies that they would otherwise have hereunder.

 

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

 

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

 

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

 

m.            This
Subscription Agreement shall be governed by and construed in accordance with the laws of the State of Delaware (regardless of the laws
that might otherwise govern under applicable principles of conflicts of laws thereof) as to all matters (including any action, suit,
litigation, arbitration, mediation, claim, charge, complaint, inquiry, proceeding, hearing, audit, investigation or reviews by or before
any governmental entity related hereto), including matters of validity, construction, effect, performance and remedies.

 

    23

    

    

 

n.            Any
notice or communication required or permitted hereunder to be given to a party shall be in writing and either delivered personally, emailed
or sent by overnight mail via a reputable overnight carrier, or sent by certified or registered mail, postage prepaid, to such address(es)
or email address(es) set forth on the signature page hereto, and shall be deemed to be given and received (i) when so delivered
personally, (ii) when sent, with no mail undeliverable or other rejection notice, if sent by email, or (iii) three (3) business
days after the date of mailing to the address below or to such other address or addresses as such party may hereafter designate by notice
to the other party. A courtesy copy of any communication or notice shall be emailed to Investor.

 

o.            The
Investor and SVAC hereby agree, and any person asserting rights as a third party beneficiary may do so only if he, she or it, irrevocably
agrees, that any action, suit or proceeding between or among the parties hereto, whether arising in contract, tort or otherwise, arising
in connection with any disagreement, dispute, controversy or claim arising out of or relating to this Subscription Agreement or any related
document or any of the transactions contemplated hereby or thereby (“Legal Dispute”) shall be brought only to the
exclusive jurisdiction of the courts of the State of Delaware or the federal courts located in the State of Delaware, and each party
hereto hereby consents to the jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such suit, action
or proceeding and irrevocably waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the
laying of the venue of any such suit, action or proceeding in any such court or that any such suit, action or proceeding that is brought
in any such court has been brought in an inconvenient forum. During the period a Legal Dispute that is filed in accordance with this
Section 12.o) is pending before a court, all actions, suits or proceedings with respect to such Legal Dispute or any other
Legal Dispute, including any counterclaim, cross-claim or interpleader, shall be subject to the exclusive jurisdiction of such court.
Each party hereto and any person asserting rights as a third party beneficiary may do so only if he, she or it hereby waives, and shall
not assert as a defense in any Legal Dispute, that (a) such party is not personally subject to the jurisdiction of the above named
courts for any reason, (b) such action, suit or proceeding may not be brought or is not maintainable in such court, (c) such
party’s property is exempt or immune from execution, (d) such action, suit or proceeding is brought in an inconvenient forum,
or (e) the venue of such action, suit or proceeding is improper. A final judgment in any action, suit or proceeding described in
this Section 12.o) following the expiration of any period permitted for appeal and subject to any stay during appeal shall
be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by applicable laws.
EACH OF THE PARTIES HERETO, AND ANY PERSON ASSERTING RIGHTS AS A THIRD PARTY BENEFICIARY MAY DO SO ONLY IF HE, SHE OR IT, IRREVOCABLY
AND UNCONDITIONALLY WAIVES ANY RIGHT TO TRIAL BY JURY ON ANY CLAIMS OR COUNTERCLAIMS ASSERTED IN ANY LEGAL DISPUTE RELATING TO THIS SUBSCRIPTION
AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY AND FOR ANY COUNTERCLAIM RELATING THERETO. IF THE SUBJECT MATTER OF ANY SUCH LEGAL
DISPUTE IS ONE IN WHICH THE WAIVER OF JURY TRIAL IS PROHIBITED, NO PARTY HERETO NOR ANY PERSON ASSERTING RIGHTS AS A THIRD PARTY BENEFICIARY
SHALL ASSERT IN SUCH LEGAL DISPUTE A NONCOMPULSORY COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY. FURTHERMORE, NO PARTY HERETO NOR ANY PERSON ASSERTING RIGHTS AS A THIRD PARTY BENEFICIARY SHALL SEEK TO CONSOLIDATE
ANY SUCH LEGAL DISPUTE WITH A SEPARATE ACTION OR OTHER LEGAL PROCEEDING IN WHICH A JURY TRIAL CANNOT BE WAIVED.

 

    24

    

    

 

p.            If
any change in the number, type or classes of authorized shares of SVAC (including the Shares), other than as contemplated by the Transaction
Agreement or any agreement contemplated by the Transaction Agreement, shall occur between the date hereof and immediately prior to the
Closing by reason of reclassification, recapitalization, stock split (including reverse stock split) or combination, exchange or readjustment
of shares, or any stock dividend, the number of Shares issued to the Investor and Per Share Purchase Price applicable to the Investor
shall be appropriately adjusted to reflect such change. In no event will this Section 12.p) be construed to require the Investor
to complete the purchase of the Shares contemplated hereby without satisfaction of all of the conditions to Closing contained in this
Subscription Agreement.

 

13.            Non-Reliance.
The Investor acknowledges that it is not relying upon, and has not relied upon, any statement, representation or warranty made by any
person, firm or corporation (including, without limitation, the Placement Agents, any of
their respective affiliates or any control persons, officers, directors, employees, partners, agents or representatives of any of the
foregoing), other than the statements, representations and warranties of SVAC expressly contained in Section 5, in making
its investment or decision to invest in SVAC. The Investor acknowledges and agrees that none of (a) any Other Investor pursuant
to any Other Subscription Agreement (including such Other Investor’s respective affiliates or any control persons, officers, directors,
employees, partners, agents or representatives of any of the foregoing), (b) the Placement
Agents, their respective affiliates or any control persons, officers, directors, employees, partners, agents or representatives of any
of the foregoing, or (c) any party to the Transaction Agreement other than SVAC, or any Non-Party Affiliate, shall have any
liability to the Investor pursuant to, arising out of or relating to this Subscription Agreement, the negotiation hereof or its subject
matter, or the transactions contemplated hereby, including, without limitation, with respect to any action heretofore or hereafter taken
or omitted to be taken by any of them in connection with the purchase of the Shares or with respect to any claim (whether in tort, contract
or otherwise) for breach of this Subscription Agreement or in respect of any written or oral representations made or alleged to be made
in connection herewith, as expressly provided herein, or for any actual or alleged inaccuracies, misstatements or omissions with respect
to any information or materials of any kind furnished by SVAC, the Company, the Placement Agents or any Non-Party Affiliate concerning
SVAC, the Company, the Placement Agents, any Non-Party Affiliate, any of their controlled affiliates, this Subscription Agreement or
the transactions contemplated hereby. For purposes of this Subscription Agreement, “Non-Party Affiliates” means each
former, current or future officer, director, employee, partner, member, manager, direct or indirect equityholder or affiliate of SVAC,
the Company, any Placement Agent or any of SVAC’s, the Company’s or any Placement Agent’s controlled affiliates or
any family member of the foregoing.

 

14.            Expenses.
Investor shall pay all of its own expenses in connection with the negotiation, execution and delivery of this Subscription Agreement
and the transactions contemplated herein.

 

    25

    

    

 

15.            Disclosure.
SVAC shall, by 9:00 a.m., New York City time, on the first (1st) business day immediately following the date of this Subscription Agreement,
issue one or more press releases or file with the SEC a Current Report on Form 8-K (collectively, the “Disclosure Document”)
disclosing all material terms of the transactions contemplated hereby and by the Other Subscription Agreements, the Transaction and any
other material, nonpublic information that SVAC, or any of its officers, employees or agents on behalf of SVAC, has provided to the Investor
at any time prior to the filing of the Disclosure Document. Upon the issuance of the Disclosure Document, to the knowledge of SVAC, the
Investor shall not be in possession of any material, non-public information received from SVAC, the Company or any of its respective
officers, directors, or employees or agents, and the Investor shall no longer be subject to any confidentiality or similar obligations
under any current agreement, whether written or oral with SVAC, the Placement Agents or any of their respective affiliates, relating
to any such material nonpublic information that is so disclosed in the Disclosure Document. Notwithstanding anything in this Subscription
Agreement to the contrary, SVAC shall not publicly disclose the name of the Investor or any of its affiliates or advisers, or include
the name of the Investor or any of its affiliates or advisers, or include the name of the Investor or any of its affiliates or advisers,
in any press release, promotional materials, media or similar circumstances, or in any filing with the SEC or any regulatory agency or
trading market, without the prior written consent of the Investor, except (a) as required by the federal securities law or pursuant
to other routine proceedings of regulatory authorities or (b) to the extent such disclosure is required by law, at the request of
the staff of the SEC or regulatory agency or under the regulations of any national securities exchange on which the Shares are listed;
provided, however, that SVAC shall provide the Investor with prior written notice of such permitted disclosure. Investor will
promptly provide any information reasonably requested by SVAC or any of its affiliates that is required for any regulatory application
or filing made or approval sought in connection with the Transaction (including filings with the SEC).

 

16.            Several
Obligations. The obligations of the Investor under this Subscription Agreement are several and not joint with the obligations of
any Other Investor under the Other Subscription Agreements, and the Investor shall not be responsible in any way for the performance
of the obligations of any Other Investor under any Other Subscription Agreements. The decision of the Investor to purchase the Shares
pursuant to this Subscription Agreement has been made by the Investor independently of any Other Investor and independently of any information,
materials, statements or opinions as to the business, affairs, operations, assets, properties, liabilities, results of operations, condition
(financial or otherwise) or prospects of SVAC, the Company or any of their respective subsidiaries which may have been made or given
by or to any Other Investor or investor or by any agent or employee of any Other Investor or investor, and neither the Investor nor any
of its agents or employees shall have any liability to any Other Investor or investor (or any other person) relating to or arising from
any such information, materials, statements or opinions. The decision of each Other Investor to purchase Shares pursuant to an Other
Subscription Agreement has been made by such Other Investor independently of the Investor and independently of any information, materials,
statements or opinions as to the business, affairs, operations, assets, properties, liabilities, results of operations, condition (financial
or otherwise) or prospects of the SVAC, the Company or any of their respective subsidiaries which may have been made or given by the
Investor. Nothing contained herein or in any Other Subscription Agreement, and no action taken by the Investor or Other Investor pursuant
hereto or thereto, shall be deemed to constitute Investor and any Other Investors as a partnership, an association, a joint venture or
any other kind of entity, or create a presumption that the Investor and any Other Investors are in any way acting in concert or as a
group with respect to such obligations or the transactions contemplated by this Subscription Agreement and the Other Subscription Agreements.
The Investor acknowledges that no Other Investor has acted as agent for the Investor in connection with making its investment hereunder
and no Other Investor will be acting as agent of the Investor in connection with monitoring its investment in the Shares or enforcing
its rights under this Subscription Agreement. The Investor shall be entitled to independently protect and enforce its rights, including
without limitation the rights arising out of this Subscription Agreement, and it shall not be necessary for any Other Investor to be
joined as an additional party in any proceeding for such purpose.

 

[Signature pages follow]

 

    26

    

    

 

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

 

	Name of Investor: 
	 	Date:  
	 	 	 
	 	 	State/Country of Formation
    or Domicile:

 

	By:	 	 	 

 

	Name:	 	 	 

 

		 	 	Name in which Shares are to be
	Title:	 	 	Registered (if different):

 

	Investor’s
    EIN:	 	 	

 

	Business Address:	 	Mailing Address
    (if different):

 

	Street:	 	 	Street:	 

 

	City, State,
    Zip:	 	 	City, State, Zip:	 

 

	Attn:	 	 	Attn:	 

 

	Telephone No.:	 	 	Telephone No.:	 

 

	Facsimile No.:	 	 	Facsimile No.:	 

 

	Email:	 	 	Email:	 

 

	Number of Shares
    subscribed for: 	 
	 	 
	Aggregate Subscription
    Amount: 	Price Per Share:  

 

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

 

[Signature Page to
Subscription Agreement]

 

    

    

    

 

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

 

	 	SPRING VALLEY ACQUISITION CORP.

 

	 	By:	 

	 	Name: Christopher Sorrells
	 	Title: Chief Executive Officer

 

	Date:	 	, 2022	 

 

 

	 	Address for purposes of notice:
	 	 
	 	 
	 	 
	 	 

	 	Email:	 

 

[Signature Page to Subscription Agreement]

 

    

    

    

 

SCHEDULE A

 

ELIGIBILITY REPRESENTATIONS OF THE INVESTOR

 

		A.	QUALIFIED INSTITUTIONAL BUYER STATUS

                                            (Please check the applicable subparagraphs):

 

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

 

*OR*

 

		B.	ACCREDITED INVESTOR STATUS

                                            (Please check the applicable subparagraphs):

 

		1.	 ̈ We
                                            are an “accredited investor” (within the meaning of Rule 501(a)(1), (2),
                                            (3), (7), or (9) under the Securities Act, or an entity in which all of the equity holders
                                            are accredited investors within the meaning of Rule 501(a) under the Securities
                                            Act), and have marked and initialed the appropriate box on the following page indicating
                                            the provision under which we qualify as an “accredited investor.”

 

		2.	 ̈ We
                                            are not a natural person.

 

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

 

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

 

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

 

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

 

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

 

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

 

 ̈
Any entity in which all of the equity owners are accredited investors.

 

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

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