Document:

Exhibit
10.4

 

ADS-TEC
ENERGY PLC

 

This
Deed of Indemnification (“Deed”) is made as of          2021
by and between ads-tec Energy plc, a public limited company incorporated in Ireland (registered number 700539) having its registered
office at 10 Earlsfort Terrace, Dublin 2, D02 T380, Ireland (the “Company”), Ads-Tec Energy GmbH (entered in
the commercial register of the Stuttgart Local Court under registered number HRB 762810) (“Ads-Tec Germany”
and together with the Company, the “Indemnitors”) and [●] (the “Indemnitee”).

 

RECITALS

 

WHEREAS,
the Indemnitors desire to attract and retain the services of highly qualified individuals, such as Indemnitee, to serve the Indemnitors,
their holding companies and subsidiaries (each a “Group Company” or together the “Group”);

 

WHEREAS,
in order to induce Indemnitee to continue to provide services to the Group, the Indemnitors wish to provide for the indemnification
of, and advancement of expenses to, Indemnitee to the Maximum Extent Permitted by Law;

 

WHEREAS,
it is reasonable and prudent for the Indemnitors contractually to obligate themselves to indemnify, and to advance expenses on
behalf of, such persons to the Maximum Extent Permitted by Law so that they will serve or continue to serve the Group free from
undue concern that they will not be so indemnified; and

 

WHEREAS,
this Deed is a supplement to and in furtherance of the indemnification provided in the governing documents or otherwise by law
or statute applicable to the Indemnitors and/or any Group Company, any resolutions adopted pursuant thereto, and shall not be
deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder.

 

NOW,
THEREFORE, the Indemnitors and Indemnitee do hereby covenant and agree as follows:

 

Section
1. Services to the Indemnitors and/or the Group. Indemnitee agrees to serve as a director, secretary, officer and/or executive
of any one or more of the Group Companies. Indemnitee may at any time and for any reason resign from such positions (subject to
any other contractual obligation or any obligation imposed by law). This Deed shall not be deemed an employment contract between
the Indemnitors (or any one or more Group Company or any Enterprise) and Indemnitee. The foregoing notwithstanding, this Deed
shall continue in force after Indemnitee has ceased to serve as a director, secretary, officer and/or executive of the Indemnitors
and/or any one or more of the Group Companies as the case may be.

 

Section
2. Definitions.

 

As
used in this Deed:

 

(a)
“Corporate Status” describes the status of a person as a current or former Representative of a Group Company
or of any other Enterprise which such person is or was serving at the request of the Indemnitors or a Group Company.

 

     

     

    

 

(b)
“Enforcement Expenses” shall include all reasonable attorneys’ fees, retainers, court costs, transcript
costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage,
delivery service fees, and all other disbursements or expenses of the types customarily incurred in connection with an action
to enforce indemnification or advancement rights, or an appeal from such action, including, without limitation, the premium, security
for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent.

 

(c)
“Enterprise” shall mean any domestic or foreign, for-profit or not-for-profit, corporation (other than a Group
Company), limited liability company, partnership, joint venture, trust, employee benefit plan or other legal entity of which Indemnitee
is or was serving as a Representative at the request of the Indemnitors or a Group Company.

 

(d)
“Expenses” shall include all reasonable attorneys’ fees, retainers, court costs (including trial and
all appeals), transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs,
telephone charges, postage, delivery service fees, and all other disbursements or expenses of the types customarily incurred in
connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in,
or otherwise participating in, a Proceeding or an appeal resulting from a Proceeding, including without limitation the premium,
security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent. Expenses, however,
shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

 

(f)
“Indemnifiable Event” shall mean any event or occurrence that takes place either prior to or after the execution
of this Deed, related to the fact that Indemnitee is or was a director, secretary, officer and/or executive of the Indemnitors
or a Group Company, or while a director, secretary, officer and/or executive of the Indemnitors or a Group Company is or was serving
at the request of such entity as a director, officer, secretary, employee, trustee, agent, or fiduciary of another foreign or
domestic corporation, partnership, limited liability company, joint venture, employee benefit plan, trust, or other Enterprise,
or related to anything done or not done by Indemnitee in any such capacity, whether or not the basis of the Proceeding is alleged
action in an official capacity as a director, officer, secretary, employee, trustee, agent, or fiduciary or in any other capacity
while serving as a director, officer, secretary, employee, trustee, agent, or fiduciary.

 

(g)
“Independent Counsel” shall mean a law firm, or a partner (or, if applicable, member) of such a law firm, that
is experienced in matters of applicable law and neither presently is, nor in the past five years has been, retained to represent:
(i) the Indemnitors, a Group Company, or any Indemnitee in any matter material to any such party (other than with respect to matters
concerning Indemnitee under this Deed, or of other indemnitees under similar indemnification agreements with the Indemnitors or
a Group Company), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding
the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of
professional conduct then prevailing, would have a conflict of interest in representing either the Indemnitors or a Group Company
or Indemnitee in an action to determine Indemnitee’s rights under this Deed except to the extent that any such conflict
of interest has been waived by the parties so conflicted or potentially conflicted. The Indemnitors agree to pay the reasonable
fees and expenses of the Independent Counsel referred to above and to fully indemnify such counsel against any and all expenses,
claims, liabilities and damages arising out of or relating to this Deed or its engagement pursuant hereto.

 

(h)
“Losses” shall mean any and all Expenses, damages, losses, liabilities, judgments, fines penalties (whether
civil, criminal, or otherwise), and amounts paid or payable in settlement, interest, assessments, and all other charges paid or
payable by Indemnitee or on his or her behalf in connection with prosecuting, defending, preparing to prosecute or defend, investigating,
being or preparing to be a witness in, or otherwise participating in, a Proceeding or an appeal resulting from a Proceeding, or
any claim, issue, or matter therein.

 

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(h)
“Maximum Extent Permitted by Law” shall include, but not be limited to, the maximum extent authorized or permitted
by (i) applicable law, as such laws may from time to time be amended to increase the scope of such permitted indemnification,
(ii) the provisions of the applicable governing documents of an Indemnitor that authorize, permit or contemplate indemnification
by agreement, court action or the corresponding provision of any amendment to or replacement of such provisions, (iii) any amendments
to or replacements of applicable law, and (iv) governing documents of the Indemnitors adopted after the date of this Deed that
either increase or decrease the extent to which a company may indemnify its directors, secretaries, officers and executives.

 

(i)
“Proceeding” shall include any threatened, pending or completed action, suit, arbitration, alternative dispute
resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding,
whether brought in the right of the Indemnitors, any Group Company or otherwise and whether of a civil, criminal, administrative
or investigative nature, in which Indemnitee was, is or will be involved as a party, witness, or otherwise by reason of the fact
that Indemnitee is or was a Representative of the Indemnitors or any Group Company or is or was serving at the request of the
Indemnitors or any Group Company as Representative of any Enterprise or by reason of any action taken by him or her or of any
action taken on his or her part while acting as a Representative of the Indemnitors or any Group Company or while serving at the
request of the Indemnitors or any Group Company as a Representative of any Enterprise, in each case whether or not serving in
such capacity at the time any liability or expense is incurred for which indemnification, reimbursement or advancement of expenses
can be provided under this Deed; provided, however, that the term “Proceeding” shall not include any action, suit
or arbitration, or part thereof, initiated by Indemnitee to enforce Indemnitee’s rights under this Deed as provided for
in Section 11(a) of this Deed.

 

(j)
“Representative” shall mean a person occupying the position or discharging the functions of a director, officer,
employee, fiduciary, trustee or agent thereof, regardless of the name or title by which the person may be designated. The term
does not imply that a director, secretary, officer or executive, as such, is an agent of a corporation.

 

Section
3. Indemnity. To the Maximum Extent Permitted by Law, the Indemnitors shall indemnify Indemnitee in accordance with the
provisions of this Section 3 in the event the Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding
relating in whole or in part to an Indemnifiable Event. Pursuant to this Section 3, Indemnitee shall be indemnified to the Maximum
Extent Permitted by Law against all Losses, if Indemnitee acted in good faith and in a manner he or she reasonably believed to
be in or not opposed to the best interests of the Indemnitors or any Group Company and, in the case of a criminal proceeding,
had no reasonable cause to believe that his or her conduct was unlawful, in each case, as determined in accordance with Section
9; provided, however, that the Indemnitors have no obligation to indemnify the Indemnitee for amounts paid in settlement without
the Indemnitors’ prior written consent.

 

Section
4. Indemnification for Expenses of a Party who is Wholly or Partly Successful. Notwithstanding any other provisions of
this Deed and except as provided in Section 8, to the extent that Indemnitee is a party to or a participant in any Proceeding
or defense of any claim, issue or matter therein, relating in whole or in part to an Indemnifiable Event, and Indemnitee is successful
(on the merits or otherwise) then the Indemnitors shall indemnify Indemnitee, to the Maximum Extent Permitted by Law, against
all Expenses actually and reasonably incurred by him or her in connection therewith. If Indemnitee is not wholly successful in
such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in
such Proceeding, the Indemnitors shall indemnify Indemnitee to the Maximum Extent Permitted by Law against all Expenses actually
and reasonably incurred by him or her or on his or her behalf in connection with each successfully resolved claim, issue or matter.
For the purposes of this Section, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without
prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

 

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Section
5. Indemnification for Expenses of a Witness. Notwithstanding any other provision of this Deed, to the extent that Indemnitee
is, by reason of his or her Corporate Status, a witness in any Proceeding to which Indemnitee is not a party and is not threatened
to be made a party, to The Maximum Extent Permitted by Law, he or she shall be indemnified against all Expenses actually and reasonably
incurred by him or her or on his or her behalf in connection therewith.

 

Section
6. Exclusions. Notwithstanding any provision in this Deed to the contrary, the Indemnitors shall not be obligated under
this Deed:

 

(a)
to make any indemnity for amounts otherwise indemnifiable hereunder (or for which advancement is provided hereunder) if and to
the extent that Indemnitee has otherwise actually received such amounts under any insurance policy, contract, agreement or otherwise,
except with respect to any excess beyond the amount paid under any such insurance policy, contract, agreement or other indemnity
provision;

 

(b)
to make any indemnity for an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities
of a Group Company within the meaning of Section 16(b) of the Securities Exchange Act of 1934, as amended, of the United States
of America or similar provisions of U.S. state statutory law or common law;

 

(c)
to make any indemnity or advancement in connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee,
including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Indemnitors or any Group Company
or their directors, officers, employees or other indemnitees, unless (i) the Indemnitors authorised the Proceeding (or any part
of any Proceeding) prior to its initiation, (ii) the Indemnitors provide the indemnification, in their sole discretion, pursuant
to the powers vested in the Indemnitors under applicable law, (iii) such Proceeding (or any part of any Proceeding) is initiated
after a Change of Control has occurred after the date of this Deed or (iv) such Proceeding (or any part of any Proceeding) is
brought to establish or enforce a right to indemnification under this Deed or any other law, statute or rule; or

 

(d)
to make any indemnity or advancement that is expressly prohibited by applicable law (including, with respect to any Representative,
in respect of any liability expressly prohibited from being indemnified or otherwise limited, including pursuant to section 235
of the Irish Companies Act 2014 (provisions exempting officers from liability void) but (i) in no way limiting any rights
under sections 233 and 234 of the Irish Companies Act 2014 (power of court to grant relief to officers) (including any
successor provisions) or (ii) to the extent any such limitations or prescriptions are amended or determined by a court of competent
jurisdiction to be void or inapplicable, or relief to the contrary is granted, then the Indemnitee shall receive the greatest
rights then available under law.

 

Section
7. Advances of Expenses. The Indemnitors shall advance, to The Maximum Extent Permitted by Law, the Expenses incurred by
Indemnitee in connection with any Proceeding, and such advancement shall be made within twenty (20) days after the receipt by
the Indemnitors of a statement or statements requesting such advances (which shall include invoices received by Indemnitee in
connection with such Expenses but, in the case of invoices in connection with legal services, any references to legal work performed
or to expenditures made that would cause Indemnitee to waive any privilege accorded by applicable law shall not be included with
the invoice) from time to time, whether prior to or after final disposition of any Proceeding. Advances shall be unsecured and
interest free. Advances shall be made without regard to Indemnitee’s ability to repay the expenses and without regard to
Indemnitee’s ultimate entitlement to indemnification under the other provisions of this Deed. Indemnitee shall qualify for
advances upon the execution and delivery to the Indemnitors of this Deed which shall constitute an undertaking providing that
Indemnitee undertakes to the maximum extent required by law to repay the advance if and to the extent that it is ultimately determined
by a court of competent jurisdiction in a final judgment, not subject to appeal, that Indemnitee is not entitled to be indemnified
by the Indemnitors. The right to advances under this paragraph shall in all events continue until final disposition of any Proceeding,
including any appeal therein. Nothing in this Section 7 shall limit Indemnitee’s right to advancement pursuant to Section
11(e) of this Deed.

 

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Section
8. Procedure for Notification and Defense of Claim.

 

(a)
To obtain indemnification under this Deed, Indemnitee shall submit to the Indemnitors a written request therefor and, if Indemnitee
so chooses pursuant to Section 9 of this Deed, such written request shall also include a request for Indemnitee to have the right
to indemnification determined by Independent Counsel.

 

(b)
The Indemnitors will be entitled to participate in the Proceeding at their own expense.

 

Section
9. Procedure upon Application for Indemnification.

 

(a)
Upon written request by Indemnitee for indemnification pursuant to Section 8(a), a determination, if such determination is required
by applicable law, with respect to Indemnitee’s entitlement thereto shall be made in the specific case: (i) by Independent
Counsel in a written opinion to the Indemnitors if Indemnitee so requests in such written request for indemnification pursuant
to Section 8(a), or (ii) by the Indemnitors in accordance with applicable law if Indemnitee does not so request such determination
be made by Independent Counsel. In the case that such determination is made by Independent Counsel, a copy of Independent Counsel’s
written opinion shall be delivered to Indemnitee and the Indemnitors and, if it is so determined that Indemnitee is entitled to
indemnification, payment to Indemnitee shall be made within twenty (20) days after such determination. Indemnitee shall cooperate
with the Independent Counsel or the Indemnitors, as applicable, making such determination with respect to Indemnitee’s entitlement
to indemnification, including providing to such counsel or the Indemnitors, upon reasonable advance request, any documentation
or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee
and reasonably necessary to such determination. To the Maximum Extent Permitted by Law any costs or expenses (including reasonable
attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the Independent Counsel or the Indemnitors
shall be borne by the Indemnitors (irrespective of the determination as to Indemnitee’s entitlement to indemnification)
and the Indemnitors hereby indemnify and agree to hold Indemnitee harmless therefrom.

 

(b)
In the event that Indemnitee exercises his or her right to have his or her entitlement to indemnification determined by Independent
Counsel pursuant to clause (i) of Section 9 (a), the Independent Counsel shall be selected by Indemnitee and notified in writing
to the Indemnitors. The Indemnitors may, within ten (10) days after written notice of such selection, deliver to Indemnitee a
written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent
Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Section 2 of this
Deed, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection,
the person so selected shall act as Independent Counsel. If such written objection is so made and substantiated, the Independent
Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or it has been determined
by arbitration that such objection is without merit. If, within twenty (20) days after the later of (i) submission by Indemnitee
of a written request for indemnification and Independent Counsel pursuant to Sections 8(a) and 9(a)(i) hereof, respectively, and
(ii) the final disposition of the Proceeding, including any appeal therein, no Independent Counsel shall have been selected without
objection, Indemnitee shall be entitled to seek (i) a resolution by means of arbitration pursuant to Section 11(a) of this Deed
of any objection which shall have been made by the Indemnitors to the selection of Independent Counsel, and/or (ii) the appointment
as Independent Counsel of a person selected by an arbitrator. The person with respect to whom all objections are so resolved or
the person so appointed shall act as Independent Counsel under Section 9(a) hereof. Upon the due commencement of an arbitration
pursuant to Section 11(a) of this Deed, Independent Counsel shall be discharged and relieved of any further responsibility in
such capacity (subject to the applicable standards of professional conduct then prevailing).

 

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Section
10. Presumptions and Effect of Certain Proceedings.

 

(a)
In making a determination with respect to entitlement to indemnification hereunder, it shall be presumed that Indemnitee is entitled
to indemnification under this Deed if Indemnitee has submitted a request for indemnification in accordance with Section 8(a) of
this Deed, and the Indemnitors shall have the burden of proof to overcome that presumption in connection with the making of any
determination contrary to that presumption. Neither (i) the failure of the Indemnitors or of Independent Counsel to have made
a determination prior to the commencement of any action pursuant to this Deed that indemnification is proper in the circumstances
because Indemnitee has met the applicable standard of conduct, nor (ii) an actual determination by the Indemnitors or by Independent
Counsel that Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create a presumption
that Indemnitee has not met the applicable standard of conduct.

 

(b)
The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon
a plea of guilty, nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Deed) of itself
adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith
and in a manner which he or she reasonably believed to be in or not opposed to the best interests of the Indemnitors or any Group
Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that his or her conduct was
unlawful.

 

(c)
The knowledge and/or actions, or failure to act, of any Representative of the Indemnitors, any Group Company or any Enterprise
shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Deed.

 

(d)
Indemnitee shall be deemed to have acted in good faith and in a manner he or she reasonably believed to be in or not opposed to
the best interests of an Indemnitor or a Group Company, or, with respect to any criminal Proceeding, to have had no reasonable
cause to believe his conduct was unlawful, if his or her action is based on (i) the records or books of account of an Indemnitor
or a Group Company, including financial statements, (ii) information supplied to him or her by an officer or director of an Indemnitor
or Group Company in the course of such person’s duties, (iii) the advice of legal counsel for an Indemnitor or Group Company,
or of an independent certified public accountant or an appraiser or other expert selected by an Indemnitor or Group Company. The
provisions of this Section shall not be deemed to be exclusive or to limit in any way the other circumstances in which the Indemnitee
may be deemed to have met the applicable standard of conduct set forth herein.

 

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Section
11. Remedies of Indemnitee.

 

(a)
Subject to Section 11(f), in the event that (i) a determination is made pursuant to Section 9 of this Deed that Indemnitee is
not entitled to indemnification under this Deed, (ii) advancement of Expenses is not timely made pursuant to Section 7 of this
Deed, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section 9(a) of this Deed within
sixty (60) days after receipt by the Indemnitors of the request for indemnification that does not include a request for Independent
Counsel, (iv) payment of indemnification is not made pursuant to Section 4 or 5 or the last sentence of Section 9(a) of this
Deed within twenty (20) days after receipt by the Indemnitors of a written request therefor or (v) payment of indemnification
pursuant to Section 3 of this Deed is not made within twenty (20) days after a determination has been made that Indemnitee is
entitled to indemnification, Indemnitee shall be entitled to seek an award in arbitration administered by the International Centre
for Dispute Resolution in accordance with its International Arbitration Rules. All disputes shall be heard by a single arbitrator.
The place of arbitration shall be Dublin, Ireland. The arbitration hearing may take place by way of videoconference. The language
of the arbitration shall be English. Except as may be required by law, neither a party nor its representatives may disclose the
existence, content, or results of any arbitration hereunder without the prior written consent of all parties. The arbitration
award shall be final and binding on the parties, and the parties undertake to carry out any award without delay. Judgment upon
the award may be entered by any court having jurisdiction of the award or having jurisdiction over the relevant party or its assets.

 

(b)
In the event that a determination shall have been made pursuant to Section 9(a) of this Deed that Indemnitee is not entitled to
indemnification, any arbitration commenced pursuant to this Section 11 shall be conducted in all respects as a de novo arbitration
on the merits and Indemnitee shall not be prejudiced by reason of that adverse determination. In any arbitration commenced pursuant
to this Section 11, the Indemnitors shall have the burden of proving Indemnitee is not entitled to indemnification or advancement,
as the case may be.

 

(c)
If a determination shall have been made pursuant to Section 9(a) of this Deed that Indemnitee is entitled to indemnification,
the Indemnitors shall be bound by such determination in any arbitration commenced pursuant to this Section 11, absent (i) a misstatement
by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially
misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable
law.

 

(d)
The Indemnitors shall be precluded from asserting in any arbitration commenced pursuant to this Section 11 that the procedures
and presumptions of this Deed are not valid, binding and enforceable and shall stipulate before any such arbitrator that the Indemnitors
are bound by all the provisions of this Deed.

 

(e)
The Indemnitors shall indemnify Indemnitee against any and all Enforcement Expenses and, if requested by Indemnitee, shall (within
twenty (20) days after receipt by the Indemnitors of a written request therefor) advance, to the Maximum Extent Permitted by Law,
such Enforcement Expenses to Indemnitee, which are incurred by Indemnitee in connection with any action brought by Indemnitee
for indemnification or advancement from the Indemnitors under this Deed or under any liability insurance policies maintained by
the Indemnitors or any Group Company for coverage of any Representatives of the Indemnitors or any Group Company, regardless of
whether Indemnitee ultimately is determined to be entitled to such indemnification, advancement or insurance recovery, as the
case may be, in the suit for which indemnification or advancement is being sought.

 

(f)
Notwithstanding anything in this Deed to the contrary, no determination as to entitlement to indemnification under this Deed shall
be required to be made prior to the final disposition of the Proceeding, including any appeal therein.

 

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Section
12. Non-exclusivity; Survival of Rights; Insurance; Subrogation.

 

(a)
The rights of indemnification and to receive advancement as provided by this Deed shall not be deemed exclusive of any other rights
to which Indemnitee may at any time be entitled under applicable law, the governing documents of the Indemnitors, any bylaws,
any agreement, a vote of shareholders or a resolution of directors, or otherwise and rights of the Indemnitee under this deed
shall supplement and be in furtherance of any other such rights. To the Maximum Extent Permitted by Law, no amendment, alteration
or repeal of this Deed or of any provision hereof shall limit or restrict any right of Indemnitee under this Deed in respect of
any action taken or omitted by such Indemnitee in his or her Corporate Status prior to such amendment, alteration or repeal. To
the extent that a change in law, whether by statute or judicial decision, permits greater indemnification or advancement than
would be afforded currently under any governing documents of the Indemnitors and this Deed, it is hereby agreed by the parties
that Indemnitee shall enjoy by this Deed the greater benefits so afforded by such change. No right or remedy herein conferred
is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition
to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or
employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other
right or remedy.

 

(b)
If, at the time of the receipt of a notice of a claim pursuant to the terms hereof, the Indemnitors or any Group Company have
liability insurance in effect covering Representatives of the Indemnitors or any Group Company, the Indemnitors shall give prompt
notice of the commencement of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies.
The Indemnitors shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee,
all amounts payable as a result of such Proceeding in accordance with the terms of such policies.

 

(c)
In the event of any payment under this Deed, the Indemnitors shall be subrogated to the extent of such payment to all of the rights
of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including
execution of such documents as are necessary to enable the Indemnitors to bring suit to enforce such rights.

 

(d)
The Indemnitors shall not be liable under this Deed to make any payment of amounts otherwise indemnifiable hereunder or for which
advancement of Expenses is provided hereunder if and to the extent that Indemnitee has otherwise actually received such payment
under any insurance policy, contract, agreement.

 

(e)
The Indemnitors’ obligation to provide indemnification or advancement hereunder to Indemnitee who is or was serving at the
request of the Indemnitors or any Group Company as a Representative of any other Enterprise shall be reduced by any amount Indemnitee
has actually received as indemnification or advancement from such other Enterprise.

 

Section
13. Duration of Deed. This Deed shall continue until and terminate upon the later of: (a) ten (10) years after the date
that Indemnitee shall have ceased to serve as a Representative of the Indemnitors and/or any Group Company as the case may be
or (b) one (1) year after the final termination of any Proceeding, including any appeal, then pending in respect of which Indemnitee
is granted rights of indemnification or advancement hereunder and of any proceeding commenced by Indemnitee pursuant to Section
11 of this Deed relating thereto.

 

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Section
14. Successors and Assigns. This Deed shall be binding upon the Indemnitors and their successors and assigns and shall
inure to the benefit of Indemnitee and his or her heirs, executors and administrators. The Indemnitors shall require and cause
any successor (whether direct or indirect by purchase, merger, consolidation, division or otherwise) to all, substantially all
or a substantial part, of the business and/or assets of the Indemnitors, by written agreement in form and substance satisfactory
to Indemnitee, expressly to assume and agree to perform this Deed in the same manner and to the same extent that the Indemnitors
would be required to perform if no such succession had taken place.

 

Section
15. Joint and Several Liability. The Indemnitors expressly confirm and agree that the obligations contained in this Deed
on the part of the Indemnitors shall be construed and take effect as, to the Maximum Extent Permitted by Law, joint and several
obligations of the Company and FF and the act or default of any one of them shall be deemed to be the act or default of each of
them;

 

Section
16. Severability. If any provision or provisions of this Deed is or becomes invalid, illegal or unenforceable for any reason
whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Deed (including without limitation,
each portion of any section of this Deed containing any such provision held to be invalid, illegal or unenforceable, that is not
itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to
The Maximum Extent Permitted by Law; (b) such provision or provisions shall be deemed reformed to the minimum extent necessary
to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent
possible, the provisions of this Deed (including, without limitation, each portion of any section of this Deed containing any
such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed
so as to give effect to the intent manifested thereby.

 

Section
17. Enforcement.

 

(a)
The Indemnitors expressly confirm and agree that they have entered into this Deed and assumed the obligations imposed on it hereby
in order to induce Indemnitee to serve as a director, secretary, officer and/or executive of the Company and/or a Group Company,
and the Indemnitors acknowledge that Indemnitee is relying upon this Deed in serving as a director, secretary, officer and/or
executive of the Company and/or a Group Company.

 

(b)
This Deed constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes
all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter
hereof; provided, however, that this Deed is a supplement to and in furtherance of any governing documents of the Indemnitors
and any Group Company and applicable law, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights
of Indemnitee thereunder.

 

Section
18. Modification and Waiver. No supplement, modification or amendment, or waiver of any provision, of this Deed shall be
binding unless executed in writing by the parties thereto. No waiver of any of the provisions of this Deed shall be deemed or
shall constitute a waiver of any other provisions of this Deed nor shall any waiver constitute a continuing waiver.

 

Section
19. Notice by Indemnitee. Indemnitee agrees promptly to notify the Indemnitors in writing upon being served with any summons,
citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject
to indemnification or advancement as provided hereunder. The failure of Indemnitee to so notify the Indemnitors shall not relieve
the Indemnitors of any obligation which they may have to Indemnitee under this Deed or otherwise.

 

    - 9 -

     

    

 

Section
20. Notices. All notices, requests, demands and other communications under this Deed shall be in writing and shall be deemed
to have been duly given if (a) delivered by hand and receipted for by the party to whom said notice or other communication shall
have been directed, (b) mailed by certified or registered mail with postage prepaid, on the third business day after the date
on which it is so mailed, (c) mailed by reputable overnight courier and receipted for by the party to whom said notice or other
communication shall have been directed, or (d) sent by email:

 

(a)
If to Indemnitee, at such address as Indemnitee shall provide to the Indemnitors.

 

(b)
If to the Indemnitors to:

 

	 	Address:	 	Secretary
	 	 	 	ads-tec
  Energy plc
	 	 	 	10
  Earlsfort Terrace
	 	 	 	Dublin
  2
	 	 	 	D02
  T380
	 	 	 	Ireland
	 	 	 	 
	 	Email:	 	By email to
  the Secretary
	 	 	 	 
	 	Address:	 	Secretary
	 	 	 	Ads-Tec
  Energy GmbH
	 	 	 	●
	 	 	 	 
	 	Email:	 	By email to
  the Secretary

 

or
to any other address as may have been furnished to Indemnitee by the Indemnitors.

 

Section
21. Contribution. To the Maximum Extent Permitted by Law, if the indemnification provided for in this Deed is unavailable
to Indemnitee for any reason whatsoever, the Indemnitors, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred
by Indemnitee, whether for Losses and/or for Expenses, in connection with any Proceeding in such proportion as Independent Counsel
deems fair and reasonable in light of all of the circumstances in order to reflect (i) the relative benefits received by the Indemnitors
and/or any Group Company and Indemnitee in connection with the event(s) and/or transaction(s) giving rise to such Proceeding;
and/or (ii) the relative fault of the Indemnitors and/or any Group Company (and its or their Representatives) and Indemnitee in
connection with such event(s) and/or transactions.

 

Section
22. Applicable Law and Consent to Jurisdiction. This Deed and the legal relations among the parties shall be governed by,
and construed and enforced in accordance with, the laws of Ireland, without regard to its conflict of laws rules. Any dispute
or claim arising out of or relating to your appointment shall be determined by arbitration administered by the International Centre
for Dispute Resolution in accordance with its International Arbitration Rules. All disputes shall be heard by a single arbitrator.
The place of arbitration shall be Dublin, Ireland. The arbitration hearing may take place by way of videoconference. The language
of the arbitration shall be English. Except as may be required by law, neither a party nor its representatives may disclose
the existence, content, or results of any arbitration hereunder without the prior written consent of all parties. The arbitration
award shall be final and binding on the parties, and the parties undertake to carry out any award without delay. Judgment upon
the award may be entered by any court having jurisdiction of the award or having jurisdiction over the relevant party or its assets.
The Indemnitors and Indemnitee each hereby consent to service of process at the addresses set forth in or pursuant to Section
20 of this Deed.

 

    - 10 -

     

    

 

Section
23. Identical Counterparts. This Deed may be executed in one or more counterparts (including by facsimile or .pdf), each
of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Deed.
Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence
of this Deed.

 

Section
24. Miscellaneous. The headings of the sections of this Deed are inserted for convenience only and shall not be deemed
to constitute part of this Deed or to affect the construction thereof.

 

    - 11 -

     

    

 

IN
WITNESS WHEREOF, the parties have caused this Deed to be signed and delivered as of the day and year first above written.

 

 

	SIGNED	 

for
and on behalf of

ADS-TEC
ENERGY PUBLIC 

LIMITED
COMPANY

by
its lawfully appointed attorney

in
the presence of:

 

 

	Signature
  of witness:	 	 
	 	 	 
	Name
  (printed): 	 	 
	 	 	 
	Address:	 	 
	 	 	 
	 	 	 
	 	 	 
	Occupation:	 	 

 

    - 12 -

     

    

 

EXECUTED
by

ADS-TEC
ENERGY GMBH

and
DELIVERED as a DEED

 

	Signed:	 	 

 

 

in
the presence of: 

 

	 	 
	(Witness’
  Signature)	 
	 	 
	 	 
	(Witness’
  Address)	 
	 	 
	 	 
	(Witness’
  Occupation)	 

 

    - 13 -

     

    

 

SIGNED
AND DELIVERED as a deed

by
*

 

	 	 
	 	 
	 	 
	in
  the presence of:	 
	 	 
	 	 
	(Witness’
  Signature)	 
	 	 
	 	 
	(Witness’
  Address)	 
	 	 
	 	 
	(Witness’
  Occupation)	 

 

 

Current
Indemnitee Address/Phone

 

	 	 
	 	 
	 	 
	 	 
	 	 

 

*Print
Name

 

 

[Signature
Page – Deed of Indemnification]

 

    - 14 -Exhibit 10.5

 

REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION
RIGHTS AGREEMENT (this “Agreement”), dated as of January 26, 2021, is made and entered into by and among
European Sustainable Growth Acquisition Corp., a Cayman Islands exempted company (the “Company”), and
the undersigned parties listed under Investors on the signature page hereto (each, an “Investor” and
collectively, the “Investors”).

 

RECITALS

 

WHEREAS, the
Company and the Investors desire to enter into this Agreement, pursuant to which the Company shall grant the Investors certain
registration rights with respect to certain securities of the Company held by them as of the date hereof or that may be held by
them upon consummation of a Business Combination (defined below);

 

NOW, THEREFORE,
in consideration of the representations, covenants and agreements contained herein, and certain other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as
follows:

 

ARTICLE
IDEFINITIONS

 

The terms defined
in this ARTICLE I shall, for all purposes of this Agreement, have the respective meanings set forth below:

 

“Adverse
Disclosure” shall mean any public disclosure of material non-public information, which disclosure, in the good faith
judgment of the Chief Executive Officer (or a Co-Chief Executive Officer, as applicable) or principal financial officer of the
Company, after consultation with counsel to the Company, (i) would be required to be made in any Registration Statement or Prospectus
in order for the applicable Registration Statement or Prospectus not to contain any untrue statement of a material fact or omit
to state a material fact necessary to make the statements contained therein (in the case of any Prospectus and any preliminary
Prospectus, in the light of the circumstances under which they were made) not misleading, (ii) would not be required to be made
at such time if the Registration Statement were not being filed, and (iii) the Company has a bona fide business purpose for not
making such information public.

“Agreement”
shall have the meaning given in the Preamble.

 

“Board”
shall mean the Board of Directors of the Company.

 

“Business
Combination” shall mean any merger, share exchange, asset acquisition, share purchase, reorganization or other similar
business combination with one or more businesses, involving the Company.

 

“Class
B Ordinary Shares” means the Class B ordinary shares, par value $0.0001 per share, of the Company.

 

“Commission”
shall mean the Securities and Exchange Commission.

 

“Company”
shall have the meaning given in the Preamble.

 

“Demand
Registration” shall have the meaning given in Section 2.01(a).

 

“Demanding
Investor” shall have the meaning given in Section 2.01(a).

 

     

     

    

 

“Exchange
Act” shall mean the Securities Exchange Act of 1934, as it may be amended from time to time.

 

“Form
S-1” shall have the meaning given in Section 2.01(a).

 

“Form
S-3” shall have the meaning given in Section 2.03.

 

“Founder
Shares” shall mean the 3,593,750 Class B Ordinary Shares that Sponsor purchased from the Company pursuant to the
Founder Shares Purchase Agreement (up to 468,750 of which are subject to forfeiture depending on the extent to which the Underwriters’
over-allotment option is exercised) and shall be deemed to include the Ordinary Shares issuable upon conversion thereof.

 

“Founder
Shares Lock-up Period” shall mean, with respect to the Founder Shares, the period ending six months after the completion
of the Company’s initial Business Combination.

 

“Founder
Shares Purchase Agreement” shall mean that certain Securities Subscription Agreement by and between the Sponsor and
Company, dated as of November 16, 2020.

 

“Insider
Letter” shall mean that certain letter agreement, dated as of January 26, 2021, by and among the Company, the Sponsor
and each of the Company’s officers, directors and director nominees.

 

“Investors”
shall have the meaning given in the Preamble.

 

“Maximum
Number of Securities” shall have the meaning given in Section 2.01(d).

 

“Misstatement”
shall mean an untrue statement of a material fact or an omission to state a material fact required to be stated in a Registration
Statement or Prospectus, or necessary to make the statements in a Registration Statement or Prospectus in the light of the circumstances
under which they were made not misleading.

 

“Ordinary
Shares” shall mean the Class A ordinary shares, par value $0.0001 per share, of the Company.

 

“Permitted
Transferees” shall mean a person or entity to whom an Investor of Registrable Securities is permitted to transfer
such Registrable Securities prior to the expiration of the Founder Shares Lock-up Period or Private Placement Lock-up Period, as
the case may be, under the Insider Letter, this Agreement, and any other applicable agreement between such Investor and the Company,
and to any transferee thereafter.

 

“Piggyback Registration”
shall have the meaning given in Section 2.01(a).

 

“Private
Placement Lock-up Period” shall mean, with respect to Private Placement Warrants that are held by the initial purchasers
of such Private Placement Warrants or their Permitted Transferees, and any of the Ordinary Shares issuable upon the exercise of
the Private Placement Warrants and that are held by the initial purchasers of the Private Placement Warrants or their Permitted
Transferees, the period ending 30 days after the completion of the Company’s initial Business Combination.

 

“Private
Placement Warrants” shall mean the aggregate 4,000,000 Warrants (or up to 4,375,000 Warrants if the Underwriters’
over-allotment option is exercised) to be purchased by the Sponsor and the underwriters of the Company’s initial public offering
and/or their designees pursuant to those certain Private Placement Warrants Purchase Agreements between the Company and each of
(i) the Sponsor and (ii) each such underwriter, respectively, each dated January 26, 2021.

 

    2

     

    

 

“Pro Rata”
shall have the meaning given in subsection Section 2.01(d).

 

“Prospectus”
shall mean the prospectus included in any Registration Statement, as supplemented by any and all prospectus supplements and as
amended by any and all post-effective amendments and including all material incorporated by reference in such prospectus.

 

“Registrable
Security” shall mean (a) the Founder Shares and the Ordinary Shares issuable upon the conversion of any Founder Shares,
(b) the Private Placement Warrants (including any Ordinary Shares issued or issuable upon exercise of the Private Placement Warrants),
(c) the Representative Shares, (d) the Working Capital Warrants (and the Ordinary Shares issuable upon the exercise of Working
Capital Warrants) issuable upon conversion of any working capital loans in an amount up to $1,500,000 made to the Company by an
Investor, and (e) any other equity security of the Company issued or issuable with respect to any such Ordinary Shares by way of
a share dividend, share subdivision, share consolidation, share capitalization or in connection with a combination of shares, recapitalization,
merger, consolidation or reorganization; provided, however, that, as to any particular Registrable Security, such
securities shall cease to be Registrable Securities when: (i) a Registration Statement with respect to the sale of such securities
shall have become effective under the Securities Act and such securities shall have been sold, transferred, disposed of or exchanged
in accordance with such Registration Statement; (ii) such securities shall have been otherwise transferred, new certificates for
such securities not bearing a legend restricting further transfer shall have been delivered by the Company and subsequent public
distribution of such securities shall not require registration under the Securities Act; (iii) such securities shall have ceased
to be outstanding; (iv) such securities may be sold without Registration pursuant to Rule 144 promulgated under the Securities
Act (or any successor rule promulgated thereafter by the Commission) (but with no volume or other restrictions or limitations);
or (v) such securities have been sold to, or through, a broker, dealer or Underwriter in a public distribution or other public
securities transaction.

 

“Registration”
shall mean a registration effected by preparing and filing a registration statement or similar document in compliance with the
requirements of the Securities Act, and the applicable rules and regulations promulgated thereunder, and such registration statement
becoming effective.

 

“Registration
Expenses” shall mean the out-of-pocket expenses of a Registration, including, without limitation, the following:

 

(a) all
Registration and filing fees (including fees with respect to filings required to be made with the Financial Industry Regulatory
Authority, Inc.) and any securities exchange on which the Ordinary Shares are then listed;

 

(b) fees
and expenses of compliance with securities or blue sky laws (including reasonable fees and disbursements of counsel for the Underwriters
in connection with blue sky qualifications of Registrable Securities);

 

(c) printing,
messenger, telephone and delivery expenses;

 

(d) reasonable
fees and disbursements of counsel for the Company;

 

(e) reasonable
fees and disbursements of all independent registered public accountants of the Company incurred specifically in connection with
such Registration; and

 

(f) reasonable
fees and expenses of one legal counsel selected by the majority-in-interest of the Demanding Investors initiating a Demand Registration
to be registered for offer and sale in the applicable Registration.

 

    3

     

    

 

“Registration
Statement” shall mean any registration statement that covers the Registrable Securities pursuant to the provisions
of this Agreement, including the Prospectus included in such registration statement, amendments (including post-effective amendments)
and supplements to such registration statement, and all exhibits to and all material incorporated by reference in such registration
statement.

 

“Representative”
means EarlyBirdCapital, Inc.

 

“Representative
Shares” means the 60,000 Ordinary Shares issued to the Representative and its designees prior to the consummation
of the Company’s initial public offering.

 

“Requesting
Investor” shall have the meaning given in Section 2.01(a).

 

“Securities
Act” shall mean the Securities Act of 1933, as amended from time to time.

 

“Sponsor”
shall mean LRT Capital1 LLC, a Delaware limited liability company.

 

“Underwriter”
shall mean a securities dealer who purchases any Registrable Securities as principal in an Underwritten Offering and not as part
of such dealer’s market-making activities.

 

“Underwritten
Registration” or “Underwritten Offering” shall mean a Registration in which securities
of the Company are sold to an Underwriter in a firm commitment underwriting for distribution to the public.

 

“Units”
means the units of the Company, each comprised of one Ordinary Share and one-half of one Warrant.

 

“Warrants”
mean the warrants of the Company redeemable to purchase Ordinary Shares.

 

“Working
Capital Warrants” shall mean any Warrants held by Investors, officers, or directors of the Company or their respective
affiliates, which may be issued in payment of working capital loans made to the Company.

 

ARTICLE
IIREGISTRATIONS

 

Section 2.01Demand Registration.

 

(a) Request
for Registration. Subject to the provisions of Section 2.01(d) and Section 2.04 hereof, at any time and from
time to time on or after the date the Company consummates the Business Combination, the Investors of at least a majority in interest
of the then-outstanding number of Registrable Securities (the “Demanding Investors”) may make a written
demand for Registration under the Securities Act of all or part of their Registrable Securities, which written demand shall describe
the amount and type of securities to be included in such Registration and the intended method(s) of distribution thereof (such
written demand a “Demand Registration”). The Company shall, within 10 days of the Company’s receipt
of the Demand Registration, notify, in writing, all other Investors of Registrable Securities of such demand, and each Investor
of Registrable Securities who thereafter wishes to include all or a portion of such Investor’s Registrable Securities in
a Registration pursuant to a Demand Registration (each such Investor that includes all or a portion of such Investor’s Registrable
Securities in such Registration, a “Requesting Investor”) shall so notify the Company, in writing, within
five days after the receipt by the Investor of the notice from the Company. Upon receipt by the Company of any such written notification
from a Requesting Investor(s) to the Company, such Requesting Investor(s) shall be entitled to have their Registrable Securities
included in a Registration pursuant to a Demand Registration and the Company shall effect, as soon thereafter as practicable, but
not more than 45 days immediately after the Company’s receipt of the Demand Registration, the Registration of all Registrable
Securities requested by the Demanding Investors and Requesting Investors pursuant to such Demand Registration. Under no circumstances
shall the Company be obligated to effect more than an aggregate of three Registrations pursuant to a Demand Registration under
this Section 2.01(a) with respect to any or all Registrable Securities; provided, however, that a Registration
shall not be counted for such purposes unless a Form S-1 or any similar long-form Registration Statement that may be available
at such time (“Form S-1”) has become effective and all of the Registrable Securities requested by the
Requesting Investors to be registered on behalf of the Requesting Investors in such Form S-1 Registration have been sold, in accordance
with Section 3.01 of this Agreement.

 

    4

     

    

 

(b) Effective
Registration. Notwithstanding the provisions of Section 2.01(a) above or any other part of this Agreement, a Registration
pursuant to a Demand Registration shall not count as a Registration unless and until (i) the Registration Statement filed with
the Commission with respect to a Registration pursuant to a Demand Registration has been declared effective by the Commission and
(ii) the Company has complied with all of its obligations under this Agreement with respect thereto; provided, further,
that if, after such Registration Statement has been declared effective, an offering of Registrable Securities in a Registration
pursuant to a Demand Registration is subsequently interfered with by any stop order or injunction of the Commission, federal or
state court or any other governmental agency the Registration Statement with respect to such Registration shall be deemed not to
have been declared effective, unless and until, (i) such stop order or injunction is removed, rescinded or otherwise terminated,
and (ii) a majority-in-interest of the Demanding Investors initiating such Demand Registration thereafter affirmatively elect to
continue with such Registration and accordingly notify the Company in writing, but in no event later than five days, of such election;
and provided, further, that the Company shall not be obligated or required to file another Registration Statement
until the Registration Statement that has been previously filed with respect to a Registration pursuant to a Demand Registration
becomes effective or is subsequently terminated.

 

(c) Underwritten
Offering. Subject to the provisions of Section 2.01(d) and Section 2.04 hereof, if a majority-in-interest of
the Demanding Investors so advise the Company as part of their Demand Registration that the offering of the Registrable Securities
pursuant to such Demand Registration shall be in the form of an Underwritten Offering, then the right of such Demanding Investor
or Requesting Investor (if any) to include its Registrable Securities in such Registration shall be conditioned upon such Investor’s
participation in such Underwritten Offering and the inclusion of such Investor’s Registrable Securities in such Underwritten
Offering to the extent provided herein. All such Investors proposing to distribute their Registrable Securities through an Underwritten
Offering under this Section 2.01(c) shall enter into an underwriting agreement in customary form with the Underwriter(s)
selected for such Underwritten Offering by the majority-in-interest of the Demanding Investors initiating the Demand Registration.

 

    5

     

    

 

(d) Reduction
of Underwritten Offering. If the managing Underwriter or Underwriters in an Underwritten Registration pursuant to a Demand
Registration, in good faith, advises the Company, the Demanding Investors and the Requesting Investors (if any) in writing that
the dollar amount or number of Registrable Securities that the Demanding Investors and the Requesting Investors (if any) desire
to sell, taken together with all other Ordinary Shares or other equity securities that the Company desires to sell and the Ordinary
Shares, if any, as to which a Registration has been requested pursuant to separate written contractual piggy-back registration
rights held by any other shareholders who desire to sell, exceeds the maximum dollar amount or maximum number of equity securities
that can be sold in the Underwritten Offering without adversely affecting the proposed offering price, the timing, the distribution
method, or the probability of success of such offering (such maximum dollar amount or maximum number of such securities, as applicable,
the “Maximum Number of Securities”), then the Company shall include in such Underwritten Offering, as
follows: (i) first, the Registrable Securities of the Demanding Investors and the Requesting Investors (if any) (pro rata based
on the respective number of Registrable Securities that each Demanding Investor and Requesting Investor (if any) has requested
be included in such Underwritten Registration and the aggregate number of Registrable Securities that the Demanding Investors and
Requesting Investors have requested be included in such Underwritten Registration (such proportion is referred to herein as “Pro
Rata”)) that can be sold without exceeding the Maximum Number of Securities; (ii) second, to the extent that the
Maximum Number of Securities has not been reached under the foregoing clause (i), the Registrable Securities of Investors (Pro
Rata, based on the respective number of Registrable Securities that each Investor has so requested) exercising their rights to
register their Registrable Securities pursuant to Section 2.02(a) hereof, without exceeding the Maximum Number of Securities;
and (iii) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (i) and (ii),
the Ordinary Shares or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum
Number of Securities; and (iv) fourth, to the extent that the Maximum Number of Securities has not been reached under the foregoing
clauses (i), (ii) and (iii), the Ordinary Shares or other equity securities of other persons or entities that the Company is obligated
to register in a Registration pursuant to separate written contractual arrangements with such persons and that can be sold without
exceeding the Maximum Number of Securities.

 

(e) Demand
Registration Withdrawal. A majority-in-interest of the Demanding Investors initiating a Demand Registration or a majority-in-interest
of the Requesting Investors (if any), pursuant to a Registration under Section 2.01(a) shall have the right to withdraw
from a Registration pursuant to such Demand Registration for any or no reason whatsoever upon written notification to the Company
and the Underwriter or Underwriters (if any) of their intention to withdraw from such Registration prior to the effectiveness of
the Registration Statement filed with the Commission with respect to the Registration of their Registrable Securities pursuant
to such Demand Registration. Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the
Registration Expenses incurred in connection with a Registration pursuant to a Demand Registration prior to its withdrawal under
this Section 2.01(e).

 

Section 2.02Piggyback Registration.

 

(a) Piggyback
Rights. If, at any time on or after the date the Company consummates a Business Combination, the Company proposes to file a
Registration Statement under the Securities Act with respect to an offering of equity securities, or securities or other obligations
exercisable or exchangeable for, or convertible into equity securities, for its own account or for the account of shareholders
of the Company (or by the Company and by the shareholders of the Company including, without limitation, pursuant to Section
2.01 hereof), other than a Registration Statement (i) filed in connection with any employee share option or other benefit plan,
(ii) for an exchange offer or offering of securities solely to the Company’s existing shareholders, (iii) for an offering
of debt that is convertible into equity securities of the Company or (iv) for a dividend reinvestment plan, then the Company shall
give written notice of such proposed filing to all of the Investors of Registrable Securities as soon as practicable but not less
than 10 days before the anticipated filing date of such Registration Statement, which notice shall (A) describe the amount and
type of securities to be included in such offering, the intended method(s) of distribution, and the name of the proposed managing
Underwriter or Underwriters, if any, in such offering, and (B) offer to all of the Investors of Registrable Securities the opportunity
to register the sale of such number of Registrable Securities as such Investors may request in writing within five days after receipt
of such written notice (such Registration a “Piggyback Registration”). The Company shall, in good faith,
cause such Registrable Securities to be included in such Piggyback Registration and shall use its best efforts to cause the managing
Underwriter or Underwriters of a proposed Underwritten Offering to permit the Registrable Securities requested by the Investors
pursuant to this Section 2.02(a) to be included in a Piggyback Registration on the same terms and conditions as any similar
securities of the Company included in such Registration and to permit the sale or other disposition of such Registrable Securities
in accordance with the intended method(s) of distribution thereof. All such Investors proposing to distribute their Registrable
Securities through an Underwritten Offering under this Section 2.02(a) shall enter into an underwriting agreement in customary
form with the Underwriter(s) selected for such Underwritten Offering by the Company.

 

    6

     

    

 

(b)
Reduction of Piggyback Registration. If the managing Underwriter or Underwriters in an Underwritten Registration that is
to be a Piggyback Registration, in good faith, advises the Company and the Investors of Registrable Securities participating in
the Piggyback Registration in writing that the dollar amount or number of the Ordinary Shares that the Company desires to sell,
taken together with (x) the Ordinary Shares, if any, as to which Registration has been demanded pursuant to separate written contractual
arrangements with persons or entities other than the Investors of Registrable Securities hereunder (y) the Registrable Securities
as to which Registration has been requested pursuant to Section 2.02 hereof, and (z) the Ordinary Shares, if any, as to
which Registration has been requested pursuant to separate written contractual piggy-back registration rights of other shareholders
of the Company, exceeds the Maximum Number of Securities, then:

  

(i)
If the Registration is undertaken for the Company’s account, the Company shall include in any such Registration (A) first,
the Ordinary Shares or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum
Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing
clause (A), the Registrable Securities of Investors exercising their rights to register their Registrable Securities pursuant to
Section 2.02(a) hereof, Pro Rata, which can be sold without exceeding the Maximum Number of Securities; and (C) third, to
the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (A) and (B), the Ordinary Shares,
if any, as to which Registration has been requested pursuant to written contractual piggy-back registration rights of other shareholders
of the Company, which can be sold without exceeding the Maximum Number of Securities; or

 

(ii) If
the Registration is pursuant to a request by persons or entities other than the Investors of Registrable Securities, then the Company
shall include in any such Registration (A) first, the Ordinary Shares or other equity securities, if any, of such requesting persons
or entities, other than the Investors of Registrable Securities, which can be sold without exceeding the Maximum Number of Securities;
(B) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (A), the Registrable
Securities of Investors exercising their rights to register their Registrable Securities pursuant to Section 2.02(a), pro
rata based on the number of Registrable Securities that each Investor has requested be included in such Underwritten Registration
and the aggregate number of Registrable Securities that the Investors have requested to be included in such Underwritten Registration,
which can be sold without exceeding the Maximum Number of Securities; (C) third, to the extent that the Maximum Number of Securities
has not been reached under the foregoing clauses (A) and (B), the Ordinary Shares or other equity securities that the Company desires
to sell, which can be sold without exceeding the Maximum Number of Securities; and (D) fourth, to the extent that the Maximum Number
of Securities has not been reached under the foregoing clauses (A), (B) and (C), the Ordinary Shares or other equity securities
for the account of other persons or entities that the Company is obligated to register pursuant to separate written contractual
arrangements with such persons or entities, which can be sold without exceeding the Maximum Number of Securities.

 

    7

     

    

 

(c) Piggyback
Registration Withdrawal. Any Investor of Registrable Securities shall have the right to withdraw from a Piggyback Registration
for any or no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters (if any) of his, her
or its intention to withdraw from such Piggyback Registration prior to the effectiveness of the Registration Statement filed with
the Commission with respect to such Piggyback Registration. The Company (whether on its own good faith determination or as the
result of a request for withdrawal by persons pursuant to separate written contractual obligations) may withdraw a Registration
Statement filed with the Commission in connection with a Piggyback Registration at any time prior to the effectiveness of such
Registration Statement. Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the Registration
Expenses incurred in connection with the Piggyback Registration prior to its withdrawal under this Section 2.02(c).

 

(d) Unlimited
Piggyback Registration Rights. For purposes of clarity, any Registration effected pursuant to Section 2.02 hereof shall
not be counted as a Registration pursuant to a Demand Registration effected under Section 2.01 hereof.

 

Section 2.03Registrations
on Form S-3. The Investors of Registrable Securities may at any time, and from time to time, request in writing that the Company,
pursuant to Rule 415 under the Securities Act (or any successor rule promulgated thereafter by the Commission), register the resale
of any or all of their Registrable Securities on Form S-3 or any similar short form Registration Statement that may be available
at such time (“Form S-3”); provided, however, that the Company shall not be obligated to
effect such request through an Underwritten Offering. Within five days of the Company’s receipt of a written request from
an Investor or Investors of Registrable Securities for a Registration on Form S-3, the Company shall promptly give written notice
of the proposed Registration on Form S-3 to all other Investors of Registrable Securities, and each Investor of Registrable Securities
who thereafter wishes to include all or a portion of such Investor’s Registrable Securities in such Registration on Form
S-3 shall so notify the Company, in writing, within 10 days after the receipt by the Investor of the notice from the Company. As
soon as practicable thereafter, but not more than 12 days after the Company’s initial receipt of such written request for
a Registration on Form S-3, the Company shall register all or such portion of such Investor’s Registrable Securities as are
specified in such written request, together with all or such portion of Registrable Securities of any other Investor or Investors
joining in such request as are specified in the written notification given by such Investor or Investors; provided, however,
that the Company shall not be obligated to effect any such Registration pursuant to Section 2.03 hereof if (i) a Form S-3
is not available for such offering; or (ii) the Investors of Registrable Securities, together with the Investors of any other equity
securities of the Company entitled to inclusion in such Registration, propose to sell the Registrable Securities and such other
equity securities (if any) at any aggregate price to the public of less than $10,000,000.

 

Section 2.04Restrictions
on Registration Rights. If: (a) during the period starting with the date 60 days prior to the Company’s good faith estimate
of the date of the filing of, and ending on a date 120 days after the effective date of, a Company initiated Registration and provided
that the Company has delivered written notice to the Investors prior to receipt of a Demand Registration pursuant to Section
2.01(a) and it continues to actively employ, in good faith, all reasonable efforts to cause the applicable Registration Statement
to become effective; (b) the Investors have requested an Underwritten Registration and the Company and the Investors are unable
to obtain the commitment of Underwriters to firmly underwrite the offer; or (c) in the good faith judgment of the Board such Registration
would be seriously detrimental to the Company and the Board concludes as a result that it is essential to defer the filing of such
Registration Statement at such time, then in each case the Company shall furnish to such Investors a certificate signed by the
Chairman of the Board stating that in the good faith judgment of the Board it would be seriously detrimental to the Company for
such Registration Statement to be filed in the near future and that it is therefore essential to defer the filing of such Registration
Statement. In such event, the Company shall have the right to defer such filing for a period of not more than 30 days.

 

    8

     

    

 

ARTICLE
IIICOMPANY PROCEDURES

 

Section 3.01General
Procedures. If at any time on or after the date the Company consummates a Business Combination the Company is required to effect
the Registration of Registrable Securities, the Company shall use its best efforts to effect such Registration to permit the sale
of such Registrable Securities in accordance with the intended plan of distribution thereof, and pursuant thereto the Company shall,
as expeditiously as possible:

 

(a) prepare
and file with the Commission as soon as practicable a Registration Statement with respect to such Registrable Securities and use
its reasonable best efforts to cause such Registration Statement to become effective and remain effective until all Registrable
Securities covered by such Registration Statement have been sold;

 

(b) prepare
and file with the Commission such amendments and post-effective amendments to the Registration Statement, and such supplements
to the Prospectus, as may be requested by the Investors or any Underwriter of Registrable Securities or as may be required by the
rules, regulations or instructions applicable to the Registration form used by the Company or by the Securities Act or rules and
regulations thereunder to keep the Registration Statement effective until all Registrable Securities covered by such Registration
Statement are sold in accordance with the intended plan of distribution set forth in such Registration Statement or supplement
to the Prospectus;

 

(c) prior
to filing a Registration Statement or Prospectus, or any amendment or supplement thereto, furnish without charge to the Underwriters,
if any, and the Investors of Registrable Securities included in such Registration, and such Investors’ legal counsel, copies
of such Registration Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in each case
including all exhibits thereto and documents incorporated by reference therein), the Prospectus included in such Registration Statement
(including each preliminary Prospectus), and such other documents as the Underwriters and the Investors of Registrable Securities
included in such Registration or the legal counsel for any such Investors may request in order to facilitate the disposition of
the Registrable Securities owned by such Investors;

 

(d) prior
to any public offering of Registrable Securities, use its best efforts to (i) register or qualify the Registrable Securities covered
by the Registration Statement under such securities or “blue sky” laws of such jurisdictions in the United States as
the Investors of Registrable Securities included in such Registration Statement (in light of their intended plan of distribution)
may request and (ii) take such action necessary to cause such Registrable Securities covered by the Registration Statement to be
registered with or approved by such other governmental authorities as may be necessary by virtue of the business and operations
of the Company and do any and all other acts and things that may be necessary or advisable to enable the Investors of Registrable
Securities included in such Registration Statement to consummate the disposition of such Registrable Securities in such jurisdictions;
provided, however, that the Company shall not be required to qualify generally to do business in any jurisdiction
where it would not otherwise be required to qualify or take any action to which it would be subject to general service of process
or taxation in any such jurisdiction where it is not then otherwise so subject;

 

(e) cause
all such Registrable Securities to be listed on each securities exchange or automated quotation system on which similar securities
issued by the Company are then listed;

 

    9

     

    

 

(f) provide
a transfer agent or warrant agent, as applicable, and registrar for all such Registrable Securities no later than the effective
date of such Registration Statement;

 

(g) advise
each seller of such Registrable Securities, promptly after it shall receive notice or obtain knowledge thereof, of the issuance
of any stop order by the Commission suspending the effectiveness of such Registration Statement or the initiation or threatening
of any proceeding for such purpose and promptly use its reasonable best efforts to prevent the issuance of any stop order or to
obtain its withdrawal if such stop order should be issued;

 

(h) at
least five days prior to the filing of any Registration Statement or Prospectus or any amendment or supplement to such Registration
Statement or Prospectus or any document that is to be incorporated by reference into such Registration Statement or Prospectus,
furnish a copy thereof to each seller of such Registrable Securities or its counsel;

 

(i) notify
the Investors at any time when a Prospectus relating to such Registration Statement is required to be delivered under the Securities
Act, of the happening of any event as a result of which the Prospectus included in such Registration Statement, as then in effect,
includes a Misstatement, and then to correct such Misstatement as set forth in Section 3.04 hereof;

 

(j) permit
a representative of the Investors (such representative to be selected by a majority of the participating Investors), the Underwriters,
if any, and any attorney or accountant retained by such Investors, or Underwriter to participate, at each such person’s own
expense, in the preparation of the Registration Statement, and cause the Company’s officers, directors and employees to supply
all information reasonably requested by any such representative, Underwriter, attorney or accountant in connection with the Registration;
provided, however, that such representative, or Underwriters enter into a confidentiality agreement, in form and
substance reasonably satisfactory to the Company, prior to the release or disclosure of any such information;

 

(k) obtain
a “cold comfort” letter from the Company’s independent registered public accountants in the event of an Underwritten
Registration which the participating Investors may rely on, in customary form and covering such matters of the type customarily
covered by “cold comfort” letters as the managing Underwriter may reasonably request, and reasonably satisfactory to
a majority-in-interest of the participating Investors;

 

(l) on
the date the Registrable Securities are delivered for sale pursuant to such Registration, obtain an opinion, dated such date, of
counsel representing the Company for the purposes of such Registration, addressed to the Investors, the placement agent or sales
agent, if any, and the Underwriters, if any, covering such legal matters with respect to the Registration in respect of which such
opinion is being given as the Investors, placement agent, sales agent, or Underwriter may reasonably request and as are customarily
included in such opinions and negative assurance letters, and reasonably satisfactory to a majority in interest of the participating
Investors;

 

(m) in
the event of any Underwritten Offering, enter into and perform its obligations under an underwriting agreement, in usual and customary
form, with the managing Underwriter of such offering;

 

(n) make
available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least 12
months beginning with the first day of the Company’s first full calendar quarter after the effective date of the Registration
Statement which satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any successor
rule promulgated thereafter by the Commission);

 

    10

     

    

 

(o) if
the Registration involves the Registration of Registrable Securities involving gross proceeds in excess of $50,000,000, use its
reasonable efforts to make available senior executives of the Company to participate in customary “road show” presentations
that may be reasonably requested by the Underwriter in any Underwritten Offering; and

 

(p) otherwise,
in good faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by the Investors, in connection
with such Registration.

 

Section 3.02Registration
Expenses. The Registration Expenses of all Registrations shall be borne by the Company. It is acknowledged by the Investors
that the Investors shall bear all incremental selling expenses relating to the sale of Registrable Securities, such as Underwriters’
commissions and discounts, brokerage fees, Underwriter marketing costs and, other than as set forth in the definition of “Registration
Expenses,” all reasonable fees and expenses of any legal counsel representing the Investors.

 

Section 3.03Requirements
for Participation in Underwritten Offerings. No person may participate in any Underwritten Offering for equity securities of
the Company pursuant to a Registration initiated by the Company hereunder unless such person (a) agrees to sell such person’s
securities on the basis provided in any underwriting arrangements approved by the Company and (b) completes and executes all customary
questionnaires, powers of attorney, indemnities, lock-up agreements, underwriting agreements and other customary documents as may
be reasonably required under the terms of such underwriting arrangements.

 

Section 3.04Suspension
of Sales; Adverse Disclosure. Upon receipt of written notice from the Company that a Registration Statement or Prospectus contains
a Misstatement, each of the Investors shall forthwith discontinue disposition of Registrable Securities until it has received copies
of a supplemented or amended Prospectus correcting the Misstatement (it being understood that the Company hereby covenants to prepare
and file such supplement or amendment as soon as practicable after the time of such notice), or until it is advised in writing
by the Company that the use of the Prospectus may be resumed. If the filing, initial effectiveness or continued use of a Registration
Statement in respect of any Registration at any time would require the Company to make an Adverse Disclosure or would require the
inclusion in such Registration Statement of financial statements that are unavailable to the Company for reasons beyond the Company’s
control, the Company may, upon giving prompt written notice of such action to the Investors, delay the filing or initial effectiveness
of, or suspend use of, such Registration Statement for the shortest period of time, but in no event more than 30 days, determined
in good faith by the Company to be necessary for such purpose. In the event the Company exercises its rights under the preceding
sentence, the Investors agree to suspend, immediately upon their receipt of the notice referred to above, their use of the Prospectus
relating to any Registration in connection with any sale or offer to sell Registrable Securities. The Company shall immediately
notify the Investors of the expiration of any period during which it exercised its rights under this Section 3.04.

 

Section 3.05Reporting
Obligations. As long as any Investor shall own Registrable Securities, the Company, at all times while it shall be a reporting
company under the Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable
grace period) all reports required to be filed by the Company after the date hereof pursuant to Sections 13(a) or 15(d)
of the Exchange Act and to promptly furnish the Investors with true and complete copies of all such filings. The Company further
covenants that it shall take such further action as any Investor may reasonably request, all to the extent required from time to
time to enable such Investor to sell Ordinary Shares held by such Investor without Registration under the Securities Act within
the limitation of the exemptions provided by Rule 144 promulgated under the Securities Act (or any successor rule promulgated thereafter
by the Commission), including providing any legal opinions. Upon the request of any Investor, the Company shall deliver to such
Investor a written certification of a duly authorized officer as to whether it has complied with such requirements.

 

Section 3.06Limitations on Registration
Rights. Notwithstanding anything herein to the contrary, (i) the underwriters of the Company’s initial public offering
may not exercise their rights under Section 2.01 and 2.02 hereunder after five (5) and seven (7) years after the
effective date of the registration statement relating to the Company’s initial public offering, respectively, and (ii) such
underwriters may not exercise their rights under Section 2.01 more than one time.

 

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ARTICLE
IVINDEMNIFICATION AND CONTRIBUTION

 

Section 4.01Indemnification
by the Company. The Company agrees to indemnify, to the extent permitted by law, each Investor of Registrable Securities, its
officers and directors and each person who controls such Investor (within the meaning of the Securities Act) against all losses,
claims, damages, liabilities and expenses (including attorneys’ fees) caused by any untrue or alleged untrue statement of
material fact contained in any Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement
thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements
therein not misleading, except insofar as the same are caused by or contained in any information furnished in writing to the Company
by such Investor expressly for use therein. The Company shall indemnify the Underwriters, their officers and directors and each
person who controls such Underwriters (within the meaning of the Securities Act) to the same extent as provided in the foregoing
with respect to the indemnification of the Investor.

 

Section 4.02Indemnification
by Investors. In connection with any Registration Statement in which an Investor of Registrable Securities is participating,
such Investor shall furnish to the Company in writing such information and affidavits as the Company reasonably requests for use
in connection with any such Registration Statement or Prospectus and, to the extent permitted by law, shall indemnify the Company,
its directors and officers and agents and each person who controls the Company (within the meaning of the Securities Act) against
any losses, claims, damages, liabilities and expenses (including without limitation reasonable attorneys’ fees) resulting
from any untrue statement of material fact contained in the Registration Statement, Prospectus or preliminary Prospectus or any
amendment thereof or supplement thereto or any omission of a material fact required to be stated therein 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 such Investor expressly for use therein; provided, however, that the obligation
to indemnify shall be several, not joint and several, among such Investors of Registrable Securities, and the liability of each
such Investor of Registrable Securities shall be in proportion to and limited to the net proceeds received by such Investor from
the sale of Registrable Securities pursuant to such Registration Statement. The Investors of Registrable Securities shall indemnify
the Underwriters, their officers, directors and each person who controls such Underwriters (within the meaning of the Securities
Act) to the same extent as provided in the foregoing with respect to indemnification of the Company.

 

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Section 4.03Indemnification
Procedures. Any person entitled to indemnification herein shall (a) give prompt written notice to the indemnifying party of
any claim with respect to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any
person’s right to indemnification hereunder to the extent such failure has not materially prejudiced the indemnifying party)
and (b) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying
parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably
satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability
for any settlement made by the indemnified party without its consent (but such consent shall not be unreasonably withheld). An
indemnifying party who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees
and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless
in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party and any other
of such indemnified parties with respect to such claim. No indemnifying party shall, without the consent of the indemnified party,
consent to the entry of any judgment or enter into any settlement which cannot be settled in all respects by the payment of money
(and such money is so paid by the indemnifying party pursuant to the terms of such settlement) or which settlement 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.

 

Section 4.04Effect
of Investigation. The indemnification provided for under this Agreement shall remain in full force and effect regardless of
any investigation made by or on behalf of the indemnified party or any officer, director or controlling person of such indemnified
party and shall survive the transfer of securities. The Company and each Investor holding Registrable Securities participating
in an offering also agrees to make such provisions as are reasonably requested by any indemnified party for contribution to such
party in the event the Company’s or such Investor’s indemnification is unavailable for any reason.

 

Section 4.05Contribution.
If the indemnification provided under Section 4.01 hereof 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; provided, however, that the liability of any Investor under this Section 4.05 shall
be limited to the amount of the net proceeds received by such Investor in such offering giving rise to such liability. 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 Section 4.01, Section 4.02 and Section 4.03 above, any legal or other fees,
charges or expenses reasonably incurred by such party in connection with any investigation or proceeding. The parties hereto agree
that it would not be just and equitable if contribution pursuant to this Section 4.05 were determined by pro rata allocation
or by any other method of allocation, which does not take account of the equitable considerations referred to in this Section
4.05. 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 4.05 from any person who was not guilty of such fraudulent misrepresentation.

 

ARTICLE
VMISCELLANEOUS

 

Section 5.01Notices.
Any notice or communication under this Agreement must be in writing and given by (a) deposit in the United States mail, addressed
to the party to be notified, postage prepaid and registered or certified with return receipt requested, (b) delivery in person
or by courier service providing evidence of delivery, or (c) transmission by hand delivery, electronic mail, telecopy, telegram
or facsimile. Each notice or communication that is mailed, delivered, or transmitted in the manner described above shall be deemed
sufficiently given, served, sent, and received, in the case of mailed notices, on the third business day following the date on
which it is mailed and, in the case of notices delivered by courier service, hand delivery, electronic mail, telecopy, telegram
or facsimile, at such time as it is delivered to the addressee (with the delivery receipt or the affidavit of messenger) or at
such time as delivery is refused by the addressee upon presentation. Any notice or communication under this Agreement must be addressed,
if to the Company, to: 73 Arch Street, Greenwich, CT 06830, and, if to any Investor, at such Investor’s address or contact
information as set forth in the Company’s books and records. Any party may change its address for notice at any time and
from time to time by written notice to the other parties hereto, and such change of address shall become effective thirty (30)
days after delivery of such notice as provided in this Section 5.01.

 

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Section 5.02Assignment; No Third Party
Beneficiaries.

 

(a) This
Agreement and the rights, duties and obligations of the Company hereunder may not be assigned or delegated by the Company in whole
or in part.

 

(b) Prior
to the expiration of the Founder Shares Lock-up Period or the Private Placement Lock-up Period, as the case may be, no Investor
may assign or delegate such Investor’s rights, duties or obligations under this Agreement, in whole or in part, except in
connection with a transfer of Registrable Securities by such Investor to a Permitted Transferee but only if such Permitted Transferee
agrees to become bound by the transfer restrictions set forth in this Agreement. After the expiration of the Founder Shares Lock-up
Period or the Private Placement Lock-up Period, as the case may be, the Investor may assign or delegate such Investor’s rights,
duties or obligations under this Agreement, in whole or in part, to any transferee.

 

(c) This
Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties and its successors
and the permitted assigns of the Investors, which shall include Permitted Transferees.

 

(d) This
Agreement shall not confer any rights or benefits on any persons that are not parties hereto, other than as expressly set forth
in this Agreement and Section 5.02 hereof.

 

(e) No
assignment by any party hereto of such party’s rights, duties and obligations hereunder shall be binding upon or obligate
the Company unless and until the Company shall have received (i) written notice of such assignment as provided in Section 5.01
hereof and (ii) the written agreement of the assignee, in a form reasonably satisfactory to the Company, to be bound by the terms
and provisions of this Agreement (which may be accomplished by an addendum or certificate of joinder to this Agreement). Any transfer
or assignment made other than as provided in this Section 5.02 shall be null and void.

 

Section 5.03Counterparts.
This Agreement may be executed in multiple counterparts (including facsimile or PDF counterparts), each of which shall be deemed
an original, and all of which together shall constitute the same instrument, but only one of which need be produced.

 

Section 5.04Governing
Law; Venue. NOTWITHSTANDING THE PLACE WHERE THIS AGREEMENT MAY BE EXECUTED BY ANY OF THE PARTIES HERETO, THE PARTIES EXPRESSLY
AGREE THAT (A) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE OF NEW YORK AS APPLIED TO AGREEMENTS
AMONG NEW YORK RESIDENTS ENTERED INTO AND TO BE PERFORMED ENTIRELY WITHIN NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAW PROVISIONS
OF SUCH JURISDICTION AND (B) THE VENUE FOR ANY ACTION TAKEN WITH RESPECT TO THIS AGREEMENT SHALL BE ANY STATE OR FEDERAL COURT
IN NEW YORK COUNTY IN THE STATE OF NEW YORK.

 

    14

     

    

 

Section 5.05Amendments
and Modifications. Upon the written consent of the Company and the Investors of at least a majority in interest of the Registrable
Securities at the time in question, compliance with any of the provisions, covenants and conditions set forth in this Agreement
may be waived, or any of such provisions, covenants or conditions may be amended or modified; provided, however,
that notwithstanding the foregoing, any amendment hereto or waiver hereof that adversely affects one Investor, solely in its capacity
as a holder of the shares of the Company, in a manner that is materially different from the other Investors (in such capacity)
shall require the consent of the Investor so affected. No course of dealing between any Investor or the Company and any other party
hereto or any failure or delay on the part of an Investor or the Company in exercising any rights or remedies under this Agreement
shall operate as a waiver of any rights or remedies of any Investor or the Company. No single or partial exercise of any rights
or remedies under this Agreement by a party shall operate as a waiver or preclude the exercise of any other rights or remedies
hereunder or thereunder by such party.

 

Section 5.06Other
Registration Rights. The Company represents and warrants that no person, other than an Investor of Registrable Securities,
has any right to require the Company to register any securities of the Company for sale or to include such securities of the Company
in any Registration filed by the Company for the sale of securities for its own account or for the account of any other person.
Further, the Company represents and warrants that this Agreement supersedes any other registration rights agreement or agreement
with similar terms and conditions and in the event of a conflict between any such agreement or agreements and this Agreement, the
terms of this Agreement shall prevail.

 

Section 5.07Term.
This Agreement shall terminate upon the earlier of (a) the tenth anniversary of the date of this Agreement or (b) the date as of
which (i) all of the Registrable Securities have been sold pursuant to a Registration Statement (but in no event prior to the applicable
period referred to in Section 4(a)(3) of the Securities Act and Rule 174 thereunder (or any successor rule promulgated thereafter
by the Commission)) or (ii) the Investors of all Registrable Securities are permitted to sell the Registrable Securities under
Rule 144 (or any similar provision) under the Securities Act without limitation on the amount of securities sold or the manner
of sale. The provisions of Section 3.05 and ARTICLE IV shall survive any termination.

 

[SIGNATURE PAGES FOLLOW]

 

    15

     

    

 

IN WITNESS WHEREOF,
the undersigned have caused this Agreement to be executed as of the date first written above.

 

	 	COMPANY:
	 	EUROPEAN sustainable growth

Acquisition Corp.
	 	a Cayman Islands exempted company
	 	 
	 	By: 	/s/ Karan Trehan
	 	 	Name: Karan Trehan
	 	 	Title: President
	 	 
	 	INVESTORS:
	 	 
	 	lrt capital1 LLC
	 	a Delaware limited liability company
	 	 
	 	By: LRT Capital LLC, its managing member
	 	 
	 	By: 	/s/ Pieter Taselaar
	 	 	Name: Pieter Taselaar
	 	 	Title: Manager
	 	 
	 	earlybirdcapital, inc.
	 	 
	 	By: 	/s/ Steven Levine
	 	 	Name: Steven Levine
	 	 	Title: Chief Executive Officer
	 	 
	 	ABN AMRO Securities (USA) LLC
	 	 
	 	By: 	/s/ Carlos Garza
	 	 	Name: Carlos Garza
	 	 	Title: Managing Director
	 	 
	 	LHT INVEST AB
	 	 
	 	By: 	/s/ Lars Thunell
	 	 	Name: Lars Thunell
	 	 	Title: Authorized Signatory

 

 

[Signature Page to Registration Rights
Agreement]

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