Document:

EX-10.3

 Exhibit 10.3 

SUBSCRIPTION AGREEMENT 

This SUBSCRIPTION AGREEMENT (this “Subscription Agreement”) is entered into this 11th day of May, 2021, by and between
Switchback II Corporation, a Cayman Islands exempted company (“Switchback”), and the undersigned (“Subscriber”). 

WHEREAS, substantially concurrently with the execution and delivery of this Subscription Agreement, Switchback is entering into that certain
Business Combination Agreement, dated as of the date of this Subscription Agreement (as may be amended or supplemented from time to time, the “Combination Agreement”), among Switchback, Maverick Merger Sub Inc., a Delaware
corporation and a wholly owned subsidiary of Switchback (“Merger Sub”), Bird Rides, Inc., a Delaware corporation (“Bird”), and Bird Global, Inc., a Delaware corporation and wholly owned direct subsidiary of Bird
(“Holdings”), pursuant to which, among other things, Switchback will reincorporate to the State of Delaware by merging with and into Holdings (the “Domestication Merger”), with Holdings surviving the Domestication
Merger as a publicly traded entity, and on the business day following the closing of the Domestication Merger, Merger Sub will merge with and into Bird (the “Acquisition Merger”), with Bird surviving the Acquisition Merger as a
wholly owned subsidiary of Holdings, on the terms and subject to the conditions set forth therein (the “Transaction”); 

WHEREAS, references herein to the “Issuer” shall refer to Switchback for all periods prior to completion of the Domestication Merger
and to Holdings for all periods after completion of the Domestication Merger; 
 WHEREAS, in connection with the Transaction, the Issuer is
seeking commitments from interested investors to purchase, following the Domestication Merger and prior to the closing of the Acquisition Merger, the Issuer’s Class A common stock, par value $0.0001 per share, as such shares will exist as
common stock following the Domestication Merger (the “Class A Shares”); 
 WHEREAS, in connection with
the Transaction, on the terms and subject to the conditions set forth in this Subscription Agreement, Subscriber desires to subscribe for and purchase from the Issuer the number of Class A Shares, set forth on the signature page hereto (the
“Acquired Shares”) for a purchase price of $10.00 per share (the “Share Purchase Price,” and the aggregate purchase price set forth on the signature page hereto for the Acquired Shares, the “Purchase
Price”), and the Issuer desires to issue and sell to Subscriber the Acquired Shares in consideration of the payment of the Purchase Price by or on behalf of Subscriber to the Issuer at or prior to the Closing Date (as defined herein); and

 WHEREAS, in connection with the Transaction, certain other “qualified institutional buyers” (as defined in Rule 144A under the
Securities Act of 1933, as amended (the “Securities Act”)) or institutional “accredited investors” (as such term is defined in Rule 501 under the Securities Act, and each such institutional “qualified institutional
buyer” or “accredited investor,” an “Other Subscriber”), have entered into subscription agreements with the Issuer substantially similar to this Subscription Agreement, pursuant to which such Other Subscribers have
agreed to subscribe for and purchase, and Switchback has agreed that Holdings shall issue and sell to such Other Subscribers, on the Closing Date, Class A Shares at the Share Purchase Price (the “Other Subscription
Agreements”). 

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

1. Subscription. Subject to the terms and conditions hereof, Subscriber hereby agrees to subscribe for and purchase from Holdings, and
Switchback hereby agrees that Holdings shall issue and sell to Subscriber, upon the payment of the Purchase Price, the Acquired Shares (such subscription and issuance, the “Subscription”). Subscriber acknowledges and agrees that, as
a result of the Domestication Merger, the Acquired Shares issued pursuant hereto shall be shares of common stock in a Delaware corporation (and not, for the avoidance of doubt, ordinary shares of Switchback). 

2. Closing. 
 a. Subject to
the satisfaction or waiver of the conditions set forth in Section 2 (other than those conditions that by their nature are to be satisfied at the closing of the Subscription contemplated hereby (the
“Closing”), but without affecting the requirement that such conditions be satisfied or waived at the Closing), the Closing shall occur following the Domestication Merger and at a time immediately prior to or substantially
concurrently with, the consummation of the Acquisition Merger (such date, the “Closing Date”) in the sequence contemplated in the recitals to this Agreement and is contingent upon the subsequent occurrence of the consummation of the
Transaction. Not less than five (5) business days (as defined herein) prior to the anticipated Closing Date, the Issuer shall provide written notice to Subscriber (the “Closing Notice”) specifying (i) the anticipated
Closing Date and (ii) the wire instructions for delivery of the Purchase Price to the Issuer. For the purposes of this Subscription Agreement, “business day” means any other day other than a Saturday, Sunday or any other day on which
commercial banks are required or authorized to closing in the State of New York. 
 b. Subject to the satisfaction or waiver of the
conditions set forth in Sections 2.c and 2.d (other than those conditions that by their nature are to be satisfied at Closing, but without affecting the requirement that such conditions be satisfied or waived at Closing): 

(i) Subscriber shall deliver to the Issuer (A) any information that is reasonably requested in the Closing Notice that is required in
order to enable the Issuer to issue the Acquired Shares, including, without limitation, the legal name of the person (or nominee) in whose name such Acquired Shares are to be issued and a duly executed Internal Revenue Service Form W-9 or W-8, as applicable and (B) on the Closing Date, Subscriber shall deliver to the Issuer the Purchase Price for the Acquired Shares by wire transfer of U.S. dollars
in immediately available funds to the account specified by the Issuer in the Closing Notice (which account shall not be an escrow account), provided that Subscriber shall not be obligated to wire the Purchase Price until it has received evidence of
issuance of the Acquired Shares as set forth in Section 2.b(ii); and 
 (ii) On the Closing Date, the Issuer shall
deliver to Subscriber (A) the Acquired Shares against and upon payment by Subscriber in book-entry form, free and clear of any liens or other restrictions whatsoever (other than those arising under state
or federal securities laws), in the name of Subscriber (or its nominee in accordance with its delivery instructions) or to a custodian 

  
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designated by Subscriber, as applicable and (B) evidence from the Issuer’s transfer agent of the issuance of the Acquired Shares were issued to Subscriber in book-entry form on and as
of the Closing Date. Each book entry for the Acquired Shares shall contain a legend in substantially the following form: 
 THE SECURITIES
REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION
THEREFROM. 
 c. The Issuer’s obligation to effect the Closing shall be subject to the satisfaction on the Closing Date, or, to the
extent permitted by applicable law, the waiver by the Issuer, of each of the following conditions: 
 (i) all representations and warranties
of Subscriber contained in this Subscription Agreement shall be true and correct in all material respects (other than representations and warranties that are qualified as to materiality or Subscriber Material Adverse Effect (as defined herein),
which representations and warranties shall be true and correct in all respects) at and as of the Closing Date (except for representations and warranties made as of a specific date, which shall be true and correct in all material respects (other than
representations and warranties that are qualified as to materiality or Subscriber Material Adverse Effect, which representations and warranties shall be true in all respects) as of such date); 

(ii) Subscriber shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions required by
this Subscription Agreement to be performed, satisfied or complied with by it at or prior to the Closing; provided, that, this condition shall be deemed satisfied unless written notice of such noncompliance is provided by the Issuer to
Subscriber and Subscriber fails to cure such noncompliance in all material respects within five (5) business days of receipt of such notice; 

(iii) no governmental authority shall have issued, enforced or entered any judgment or order (whether temporary, preliminary or permanent)
which is then in effect and has the effect of making consummation of the Subscription illegal or otherwise preventing or prohibiting consummation of the Subscription; and 

(iv) all conditions precedent to the Issuer’s obligation to effect the Transaction set forth in the Combination Agreement shall have been
satisfied or waived (other than those conditions that (A) may only be satisfied at the closing of the Transaction, but subject to the satisfaction or waiver of such conditions as of the closing of the Transaction or (B) will be satisfied
by the Closing and the closing of the transactions contemplated by the Other Subscription Agreements). 

  
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 d. Subscriber’s obligation to effect the Closing shall be subject to the satisfaction
on the Closing Date, or, to the extent permitted by applicable law, the written waiver by Subscriber, of each of the following conditions: 

(i) no suspension of the listing or qualification for offering or sale or trading on the New York Stock Exchange (the “NYSE”),
or another national securities exchange, of the Class A Shares, or to the Issuer’s knowledge, no initiation nor threatening of any proceedings for any of such purposes, shall have occurred and be continuing, and the Acquired Shares shall
have been approved for listing, subject to official notice of issuance, in the NYSE or another national securities exchange; 
 (ii) all
representations and warranties of the Issuer contained in this Subscription Agreement shall be true and correct in all respects at and as of the Closing Date (except for representations and warranties made as of a specific date, which shall be true
and correct in all material respects as of such date), in each case except where such non-compliance, default or violation has not had and would not reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect; 
 (iii) the Issuer shall have performed, satisfied and complied in all material respects with all
covenants, agreements and conditions required by this Subscription Agreement to be performed, satisfied or complied with by it at or prior to the Closing, except where the failure of such performance, satisfaction or compliance would not or would
not reasonably be expected to prevent, materially delay or materially impair the ability of the Issuer to consummate the Closing; provided, that, this condition shall be deemed satisfied unless written notice of such noncompliance is provided
by Subscriber to the Issuer and the Issuer fails to cure such noncompliance in all material respects within five (5) business days of receipt of such notice; 

(iv) no governmental authority shall have issued, enforced or entered any judgment or order (whether temporary, preliminary or permanent) which
is then in effect and has the effect of making consummation of the Subscription illegal or otherwise preventing or prohibiting consummation of the Subscription; 

(v) all conditions precedent to the closing of the Transaction as set forth in the Combination Agreement shall have been satisfied or waived
(as determined by the parties to the Combination Agreement and other than those conditions that (A) may only be satisfied at the closing of the Transaction, but subject to the satisfaction or waiver of such conditions as of the closing of the
Transaction or (B) will be satisfied by the Closing and the closing of the transactions contemplated by the Other Subscription Agreements); and 

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

  
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 e. Prior to or at the Closing, the parties hereto shall execute and deliver such additional
documents and take such additional actions as the parties reasonably may deem to be practical and necessary in order to consummate the Subscription as contemplated by this Subscription Agreement. 

f. In the event that the closing of the Transaction does not occur within one (1) business day of the Closing Date specified in the
Closing Notice, the Issuer shall promptly (but not later than one (1) business day thereafter) return the Purchase Price to Subscriber by wire transfer in immediately available funds to the account specified by Subscriber, and any book entries
shall be deemed cancelled. Unless and until this Subscription Agreement is terminated in accordance with Section 7 herein, Subscriber shall remain obligated (i) to redeliver funds to the Issuer in following the
Issuer’s delivery to Subscriber of a new Closing Notice in accordance with the terms and conditions of this Section 2 and (ii) to reconsummate the Closing immediately prior to or substantially concurrently with
the consummation of the Transaction. For the avoidance of doubt, if any termination hereof occurs after the delivery by Subscriber of the Purchase Price for the Acquired Shares, the Issuer shall promptly (and no later than one (1) business day
after such termination) return the Purchase Price to Subscriber by wire transfer in immediately available funds to the account specified by Subscriber without any deduction for or on account of any tax, withholding, charges or set-off. 
 3. Issuer Representations and Warranties. The Issuer represents and warrants as of the
date hereof and on the Closing Date, that: 
 a. The Issuer is an exempted company duly incorporated, validly existing and in good standing
under the laws of the Cayman Islands. As of the Closing Date, following the Domestication Merger, the Issuer will be duly incorporated, validly existing as a corporation and in good standing under the laws of the State of Delaware. The Issuer has
corporate power and authority to own, lease and operate its properties and conduct its business as presently conducted and as shall be conducted following the Domestication Merger and to enter into, deliver and perform its obligations under this
Subscription Agreement. 
 b. As of the Closing Date, the Acquired Shares will have been duly authorized and, when issued and delivered to
Subscriber against full payment for the Acquired Shares in accordance with the terms of this Subscription Agreement, the Acquired Shares will be validly issued, fully paid and non-assessable, free and clear of
any liens or other restrictions whatsoever (other than those arising under state or federal securities laws) and will not have been issued in violation of or subject to any preemptive or similar rights created under the Issuer’s certificate of
incorporation and bylaws (as in effect at such time of issuance) or under the laws of the Cayman Islands or laws of the State of Delaware, as the case may be. 

  
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 c. This Subscription Agreement, the Other Subscription Agreements and the Combination
Agreement (collectively, the “Transaction Documents”) have been duly authorized, executed and delivered by the Issuer and the Transaction Documents constitute the valid and legally binding obligation of the Issuer, enforceable
against the Issuer in accordance with their respective terms, except as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting the rights of
creditors generally and (ii) principles of equity, whether considered at law or equity. 
 d. Assuming the accuracy of Subscriber’s
representations and warranties in Section 4, the execution and delivery by the Issuer of the Transaction Documents, and the performance by the Issuer of its obligations under the Transaction Documents, including the
issuance and sale of the Acquired Shares and the consummation of the other transactions contemplated herein and therein, do not and will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a
default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of the Issuer pursuant to the terms of (i) any indenture, mortgage, deed of trust, loan agreement, lease, license or
other agreement or instrument to which the Issuer is a party or by which the Issuer is bound or to which any of the property or assets of the Issuer is subject, which would reasonably be expected to have, individually or in the aggregate, a material
adverse effect on the business, properties, financial condition, shareholders’ equity or results of operations of the Issuer (a “Material Adverse Effect”) or materially affect the validity of the Acquired Shares or the legal
authority of the Issuer to comply in all material respects with the terms of this Subscription Agreement; (ii) the organizational documents of the Issuer; or (iii) any statute or any judgment, order, rule or regulation of any court or
governmental agency or body, domestic or foreign, having jurisdiction over the Issuer or any of its properties that would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect or materially affect the validity
of the Acquired Shares or the legal authority of the Issuer to comply in all material respects with the terms of this Subscription Agreement. 

e. There are no securities or instruments issued by or to which the Issuer is a party containing anti-dilution or similar provisions that will
be triggered by the issuance of (i) the Acquired Shares or (ii) the Class A Shares to be issued pursuant to any Other Subscription Agreement, in each case, that have not been or will not be validly waived on or prior to the Closing
Date. 
 f. The Issuer is not in default or violation (and no event has occurred which, with notice or the lapse of time or both, would
constitute a default or violation) of any term, condition or provision of (i) the organizational documents of the Issuer, (ii) any loan or credit agreement, guarantee, note, bond, mortgage, indenture, lease or other agreement, permit,
franchise or license to which the Issuer is now a party or by which the Issuer’s properties or assets are bound or (iii) any statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic or
foreign, having jurisdiction over the Issuer or any of its properties, except, in the case of clauses (ii) and (iii), for defaults or violations that have not had and would not reasonably be expected to have, individually or in the aggregate, a
Material Adverse Effect. 

  
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 g. Assuming the accuracy of Subscriber’s representations and warranties in
Section 4, the Issuer is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental
authority, self-regulatory organization (including the NYSE) or other person in connection with the execution, delivery and performance by the Issuer of this Subscription Agreement (including, without limitation, the issuance of the Acquired
Shares), other than (i) the filing with the Securities and Exchange Commission (the “Commission”) of the Registration Statement (as defined below), (ii) the filings required by applicable state or federal securities laws,
(iii) the filings required in accordance with Section 9.m, (iv) those required by the NYSE, including with respect to obtaining shareholder approval, and (v) the failure of which to obtain would not
reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect or have a material adverse effect of the Issuer’s ability to consummate the transactions contemplated hereby, including the sale and issuance of the
Acquired Shares. 
 h. As of the date hereof, the authorized share capital of the Issuer consists of (i) 5,000,000 preference shares, par
value $0.0001 per share (the “Switchback Preferred Shares”), (ii) 500,000,000 Class A ordinary shares, par value $0.0001 per share (the “Switchback Class A Shares”) and (iii) 50,000,000
Class B ordinary shares, par value $0.0001 per share (the “Switchback Class B Shares”). As of the date hereof and as of immediately prior to the Domestication Merger: (A) no Switchback Preferred Shares
are issued and outstanding, (B) 31,625,000 Switchback Class A Shares are issued and outstanding, (C) 7,906,250 Switchback Class B Shares are issued and outstanding and (D) 11,875,000 warrants (the “Switchback
Warrants”), each entitling the holder thereof to purchase one Switchback Class A Share at an exercise price of $11.50 per Switchback Class A Share, are outstanding. In connection with the Domestication Merger, each outstanding
Switchback Class A Share, Switchback Class B Share and Switchback Warrant will be converted into one Class A Share, one share of Class B common stock of Holdings and a warrant to purchase one Class A Share, respectively, and
all outstanding equity of Holdings immediately prior to consummation of the Domestication Merger will be cancelled for nominal consideration. As of May 11, 2021, the Issuer had no outstanding indebtedness and will not have any outstanding
long-term indebtedness as of immediately prior to the Closing Date. All (i) issued and outstanding Switchback Class A Shares and Switchback Class B Shares have been duly authorized and validly issued, are fully paid and are non-assessable and are not subject to preemptive rights and (ii) outstanding warrants have been duly authorized and validly issued, are fully paid and are not subject to preemptive rights. Except as set forth
above and pursuant to the Other Subscription Agreements and the Combination Agreement, there are no outstanding options, warrants or other rights to subscribe for, purchase or acquire from Switchback any Switchback Class A Shares, Switchback
Class B Shares, or other equity interests in Switchback, or securities convertible into or exchangeable or exercisable for such equity interests. As of the date hereof, the Issuer has no subsidiaries (other than Merger Sub) and does not own,
directly or indirectly, interests or investments (whether equity or debt) in any person, whether incorporated or unincorporated. There are no shareholder agreements, voting trusts or other agreements or understandings to which the Issuer is a party
or by which it is bound relating to the voting of any securities of the Issuer, other than (A) as set forth in the SEC Documents (as defined below) and (B) as contemplated by the Combination Agreement. 

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

  
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 j. The issued and outstanding Switchback Class A Shares are (and following the Closing,
the Class A Shares will be) registered pursuant to Section 12(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and are listed for trading on the NYSE. There is no suit, action, proceeding or
investigation pending or, to the knowledge of the Issuer, threatened against the Issuer by the NYSE or the Commission with respect to any intention by such entity to deregister the Switchback Class A Shares or prohibit or terminate the listing
of the Switchback Class A Shares or Class A Shares on the NYSE. Except in the connection with the Transactions, the Issuer has taken no action that is designed to terminate the registration of the Switchback Class A Shares under the
Exchange Act or the listing of the Switchback Class A Shares on the NYSE. 
 k. Assuming the accuracy of Subscriber’s
representations and warranties set forth in Section 4, no registration under the Securities Act is required for the offer and sale of the Acquired Shares by the Issuer to Subscriber in the manner contemplated by this
Subscription Agreement, and the Acquired Shares are not being offered in a manner involving a public offering under, or in a distribution in violation of, the Securities Act or any state securities laws. 

l. Neither the Issuer nor any person acting on its behalf has engaged or will engage in any form of general solicitation or general advertising
(within the meaning of Regulation D of the Securities Act) in connection with any offer or sale of the Acquired Shares. 
 m. Neither the
Issuer nor NGP Switchback II, LLC, a Delaware limited liability company (the “Sponsor”), has entered into any subscription agreement, side letter or other agreement with any Other Subscriber or any other investor in connection with
such Other Subscriber’s or investor’s direct or indirect investment in the Issuer other than (i) the Combination Agreement, (ii) the Other Subscription Agreements, (iii) that certain letter agreement, dated January 7,
2021, by and among the Sponsor, the Issuer and the other parties thereto and (iv) that certain founders stock letter agreement, to be dated the date hereof, by and among the Sponsor, the Issuer and the other parties thereto; provided, no Other
Subscription Agreement includes terms and conditions that are materially more advantageous to any such Other Subscriber than Subscriber hereunder. The Other Subscription Agreements have not been amended or waived in any material respect following
the date of this Subscription Agreement and reflect the same Share Purchase Price and economic terms that are no more favorable to any such Other Subscriber thereunder than the economic terms of this Subscription Agreement. 

n. The Issuer has made available to Subscriber (including via the Commission’s EDGAR system) a copy of each form, report, statement,
schedule, prospectus, proxy, registration statement and other document, if any, filed by the Issuer with the Commission since its initial registration of the Switchback Class A Shares (the “SEC Documents”), which SEC Documents,
as of their respective filing dates, complied in all material respects with the requirements of the Exchange Act and Securities Act applicable to the SEC Documents and the rules and regulations of the Commission promulgated thereunder applicable to
the SEC Documents. None of the SEC Documents filed under the Exchange Act (except to the extent that information contained in any 

  
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SEC Document has been superseded by a later timely filed SEC Document) contained, when filed, any untrue statement of a material fact or omitted to state a material fact required to be stated
therein or necessary to make the statements therein not misleading, in the case of any SEC Document that is a registration statement, or included, when filed, any untrue statement of a material fact or omitted to state a material fact necessary in
order to make the statements therein, in the light of the circumstances under which they were made, not misleading, in the case of all other SEC Documents; provided, that, with respect to the proxy statement to be filed by the Issuer with
respect to the Transaction or any of its affiliates included in any SEC Document or filed as an exhibit thereto, the representation and warranty in this sentence is made to the Issuer’s knowledge. The Issuer has timely filed each report,
statement, schedule, prospectus and registration statement that the Issuer was required to file with the Commission since its inception. There are no material outstanding or unresolved comments in comment letters from the staff of the Commission
with respect to any of the SEC Documents. Notwithstanding the foregoing, no representation is being made with respect to the accounting treatment of the issued and outstanding Switchback Warrants arising in connection with any required restatement
of Switchback’s historical financial statements, or as to any deficiencies in disclosure (including with respect to financial statement presentation or accounting and disclosure controls) arising from the treatment of such warrants as equity
rather than liabilities. 
 o. Except for such matters as have not had and would not reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect, there is no (i) action, suit, claim or other proceeding pending, or, to the knowledge of the Issuer, threatened against the Issuer or (ii) judgment, decree, injunction, ruling or order of any
governmental entity or arbitrator outstanding against the Issuer. 
 p. Except for placement fees payable to Goldman Sachs & Co.
LLC and Credit Suisse Securities (USA) LLC, in their capacity as co-placement agents for the offer and sale of the Acquired Shares (in such capacity, the “Placement Agents”), the Issuer has
not paid, and is not obligated to pay, any brokerage, finder’s or other commission or similar fee in connection with its issuance and sale of the Acquired Shares. 

q. The Issuer is not, and immediately after receipt of payment for the Acquired Shares will not be, an “investment company” within
the meaning of the Investment Company Act of 1940, as amended. 
 r. None of the Issuer, its subsidiaries or any of their affiliates, nor
any person acting on their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would require registration of the issuance of any of the Acquired Shares
under the Securities Act, whether through integration with prior offerings pursuant to Rule 502(a) of the Securities Act or otherwise. 
 s.
It will not directly or indirectly use the proceeds of the sale of the Acquired Shares, or lend, contribute or otherwise make available such proceeds to a subsidiary, joint venture partner or other person or entity (i) to fund a person or
entity named on the List of Specially Designated Nationals and Blocked Persons, the Executive Order 13599 List, the Foreign Sanctions Evaders List, or the Sectoral Sanctions Identification List, each of which is administered by the U.S.

  
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Treasury Department’s Office of Foreign Assets Control (“OFAC”) (collectively “OFAC Lists”), (ii) owned or controlled by, or acting on behalf of, a person,
that is named on an OFAC List, (iii) organized, incorporated, established, located, resident or born in, or a citizen, national, or the government, including any political subdivision, agency, or instrumentality thereof, of, Cuba, Iran, North
Korea, Syria, the Crimea region of Ukraine, or any other country or territory embargoed or subject to substantial trade restrictions by the United States, (iv) that is a Designated National as defined in the Cuban Assets Control Regulations, 31
C.F.R. Part 515 or (v) that is a non-U.S. shell bank or providing banking services indirectly to a non-U.S. shell bank. 

t. Issuer agrees that the Placement Agents may rely upon the acknowledgments, understandings, agreements, representations and warranties made
by the Issuer to Subscriber in this Subscription Agreement. 
 4. Subscriber Representations and Warranties. Subscriber represents
and warrants, as of the date hereof and the Closing Date, that: 
 a. Subscriber has been duly formed or incorporated and is validly existing
in good standing (to the extent the concept of good standing is applicable in such jurisdiction) under the laws of its jurisdiction of incorporation or formation, with the requisite entity power and authority to enter into, deliver and perform its
obligations under this Subscription Agreement. 
 b. This Subscription Agreement has been duly authorized, executed and delivered by
Subscriber. Assuming the due authorization, execution and delivery of the same by the Issuer, this Subscription Agreement constitutes the valid and legally binding obligation of Subscriber, enforceable against Subscriber in accordance with its
terms, except as such enforceability may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting the rights of creditors generally and
(ii) principles of equity, whether considered at law or equity. 
 c. The execution and delivery by Subscriber of this Subscription
Agreement, and the performance by Subscriber of its obligations under this Subscription Agreement, including the purchase of the Acquired Shares and the consummation of the other transactions contemplated herein, will not conflict with or result in
a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of Subscriber pursuant to the terms of
(i) any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which Subscriber is a party or by which Subscriber is bound or to which any of the property or assets of Subscriber is subject, which
would reasonably be expected to have a material adverse effect on the business, properties, financial condition, shareholders’ equity or results of operations of Subscriber, taken as a whole (a “Subscriber Material Adverse
Effect”), or materially affect the legal authority of Subscriber to comply in all material respects with the terms of this Subscription Agreement; (ii) the organizational documents of Subscriber; or (iii) any statute or any
judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction over Subscriber or any of Subscriber’s properties that would reasonably be expected to have a Subscriber Material Adverse
Effect or materially affect the legal authority of Subscriber to comply in all material respects with this Subscription Agreement. 

  
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 d. Subscriber (i) is a “qualified institutional buyer” (as defined in Rule
144A under the Securities Act) or an institutional “accredited investor” (within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act), in each case, satisfying the applicable requirements set forth on Schedule
A, (ii) is acquiring the Acquired Shares only for its own account and not for the account of others, or if the undersigned is subscribing for the Acquired Shares as a fiduciary or agent for one or more investor accounts, each owner of such
account is a “qualified institutional buyer” or an institutional “accredited investor” (each as defined above) and Subscriber has full investment discretion with respect to each such account, and the full power and authority to
make the acknowledgements, representations and agreements herein on behalf of each owner of each such account and (iii) is not acquiring the Acquired Shares with a view to, or for offer or sale in connection with, any distribution thereof in
violation of the Securities Act. Subscriber has completed Schedule A following the signature page hereto and the information contained therein is accurate and complete. Subscriber is not an entity formed for the specific purpose of acquiring
the Acquired Shares, unless Subscriber is a newly formed entity in which all of the equity owners are accredited investors, and is an “institutional account” as defined by FINRA Rule 4512(c). Accordingly, Subscriber is aware that this
offering of the Acquired Shares meets the exemptions from filing under FINRA Rule 5123(b)(1)(A), (C) or (J). 
 e. Subscriber understands
that the Acquired Shares are being offered in a transaction not involving any public offering within the meaning of the Securities Act and that the Acquired Shares have not been registered under the Securities Act. Subscriber understands that the
Acquired Shares may not be offered, resold, transferred, pledged or otherwise disposed of by Subscriber absent an effective registration statement under the Securities Act, except (i) to the Issuer or a subsidiary thereof, (ii) to non-U.S. persons pursuant to offers and sales that occur outside the United States within the meaning of Regulation S under the Securities Act, (iii) pursuant to Rule 144 under the Securities Act (“Rule
144”); provided that all of the applicable conditions thereof have been met, or (iv) pursuant to another applicable exemption from the registration requirements of the Securities Act, and that any certificates or book-entry
records representing the Acquired Shares shall contain a legend to such effect. Subscriber acknowledges that the Acquired Shares will not be eligible for resale pursuant to Rule 144A under the Securities Act. Subscriber understands and agrees that
the Acquired Shares will be subject to the foregoing transfer restrictions and, as a result of these transfer restrictions, Subscriber may not be able to readily resell the Acquired Shares and may be required to bear the financial risk of an
investment in the Acquired Shares for an indefinite period of time. Subscriber acknowledges and agrees that the Acquired Shares will not be eligible for offer, resale, transfer, pledge or disposition pursuant to Rule 144 until at least one year from
the filing of certain required information with the Commission after the Closing Date. Subscriber understands that it has been advised to consult legal counsel prior to making any offer, resale, pledge or transfer of any of the Acquired Shares. 

f. Subscriber understands and agrees that Subscriber is purchasing the Acquired Shares directly from the Issuer. Subscriber further
acknowledges that there have been no representations, warranties, covenants and agreements made to Subscriber by the Issuer or any of its control persons, officers, directors, employees, partners, agents or representatives, any other party to the
Transaction or any other person or entity, expressly or by implication, other than those representations, warranties, covenants and agreements included in this Subscription Agreement. 

  
 11 

 g. Subscriber’s acquisition and holding of the Acquired Shares will not constitute or
result in a non-exempt prohibited transaction under section 406 of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), section 4975 of the Internal Revenue Code of 1986,
as amended (the “Code”), or any applicable similar law. 
 h. In making its decision to subscribe for and purchase the
Acquired Shares, Subscriber represents that it has relied solely upon its own independent investigation, the Investor Presentation provided to Subscriber and the Issuer’s representations and warranties in Section 3.
Without limiting the generality of the foregoing, Subscriber has not relied on any statements or other information provided by the Placement Agents or any of their respective affiliates, or any of their respective officers, directors, employees or
representatives, concerning the Issuer or the Acquired Shares or the offer and sale of the Acquired Shares. Subscriber acknowledges and agrees that Subscriber has received and has had the opportunity to review such information as Subscriber deems
necessary in order to make an investment decision with respect to the Acquired Shares, including with respect to the Issuer and the Transaction. Subscriber represents and agrees that Subscriber and Subscriber’s professional advisor(s), if any,
have (i) had the full opportunity to ask such questions, receive such answers and obtain such information as Subscriber and such Subscriber’s professional advisor(s), if any, have deemed necessary to make an investment decision with
respect to the Acquired Shares and (ii) conducted and completed its own independent due diligence with respect to the Transaction. Except for the representations, warranties and agreements of the Issuer expressly set forth in this Subscription
Agreement, Subscriber is relying exclusively on its own sources of information, investment analysis and due diligence (including professional advice it deems appropriate) with respect to the Transaction, the Acquired Shares and the business,
condition (financial and otherwise), management, operations, properties and prospects of the Issuer. 
 i. Subscriber became aware of this
offering of the Acquired Shares solely by means of direct contact between Subscriber and the Issuer or the Placement Agents, and the Acquired Shares were offered to Subscriber solely by direct contact between Subscriber and the Issuer or the
Placement Agents. Subscriber did not become aware of this offering of the Acquired Shares, nor were the Acquired Shares offered to Subscriber, by any other means. Subscriber acknowledges that the Issuer represents and warrants that the Acquired
Shares (i) were not offered by any form of general solicitation or general advertising and (ii) are not being offered in a manner involving a public offering under, or in a distribution in violation of, the Securities Act, or any state
securities laws. 
 j. Subscriber acknowledges that it is aware that there are substantial risks incident to the purchase and ownership of
the Acquired Shares. Subscriber has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Acquired Shares, and Subscriber has sought such accounting, legal and tax
advice as Subscriber has considered necessary to make an informed investment decision. Accordingly, Subscriber acknowledges that the offering of the Acquired Shares meets the institutional account exemptions from filing under FINRA Rule 2111(b).

  
 12 

 k. Subscriber acknowledges and agrees that neither the Placement Agents nor any affiliate of
any of the Placement Agents (nor any officer, director, employee or representative of any of the Placement Agent or any affiliate thereof) has provided Subscriber with any information or advice with respect to the Acquired Shares nor is such
information or advice necessary or desired. Subscriber acknowledges that none of the Placement Agents, any affiliate of any of the Placement Agents or any of their respective officers, directors, employees, representatives or controlling persons
(i) has made any representation as to the Issuer or the quality of the Acquired Shares, and the Placement Agents may have acquired non-public information with respect to the Issuer which Subscriber
agrees, subject to applicable law, need not be provided to it, (ii) has made an independent investigation with respect to the Issuer or the Acquired Shares or the accuracy, completeness or adequacy of any information supplied to Subscriber by
the Issuer, (iii) has acted as Subscriber’s financial advisor or fiduciary in connection with the issuance and purchase of the Acquired Shares and (iv) has prepared a disclosure or offering document in connection with the offer and
sale of the Acquired Shares. For the avoidance of the doubt, Subscriber acknowledges that it is not relying upon, and has not relied upon, any statement, representation or warranty made by the Placement Agents in making its investment or decision to
invest in the Issuer. 
 l. Subscriber acknowledges and agrees that none of the Placement Agents, any affiliate of any of the Placement
Agents or any of their respective officers, directors, employees, representatives or controlling persons will have any liability to Subscriber or any Other Subscriber in connection with each Subscriber or Other Subscriber’s purchase of the
Acquired Shares. Without limitation of the foregoing, Subscriber hereby further acknowledges and agrees that (i) the Placement Agents are acting solely as placement agents in connection with the transactions contemplated hereby and is not
acting as an underwriter, initial purchaser, dealer or in any other such capacity and is not and shall not be construed as a fiduciary for Subscriber, (ii) the Placement Agents have not made and will not make any representation or warranty,
whether express or implied, of any kind or character and have not provided any advice or recommendation in connection with the transactions contemplated hereby, and (iii) the Placement Agents will have no responsibility with respect to
(A) any representations, warranties or agreements made by any person or entity under or in connection with the transactions contemplated hereby or any of the documents furnished pursuant thereto or in connection therewith, or the execution,
legality, validity or enforceability (with respect to any person) of any thereof, or (B) the financial condition, business, or any other matter concerning the Issuer or the transactions contemplated hereby. 

m. Subscriber represents and acknowledges that Subscriber, alone or together with any professional advisor(s), has analyzed and considered the
risks of an investment in the Acquired Shares and determined that the Acquired Shares are a suitable investment for Subscriber and that Subscriber is able at this time and in the foreseeable future to bear the economic risk of a total loss of
Subscriber’s investment in the Issuer. Subscriber acknowledges specifically that a possibility of total loss exists. 
 n. Subscriber
understands that no federal or state agency has passed upon or endorsed the merits of the offering of the Acquired Shares or made any findings or determination as to the fairness of an investment in the Acquired Shares. 

 

  
 13 

 o. Subscriber is not (i) a person or entity named on the OFAC Lists, (ii) owned or
controlled by, or acting on behalf of, a person, that is named on an OFAC List, (iii) organized, incorporated, established, located, resident or born in, or a citizen, national, or the government, including any political subdivision, agency, or
instrumentality thereof, of, Cuba, Iran, North Korea, Syria, the Crimea region of Ukraine, or any other country or territory embargoed or subject to substantial trade restrictions by the United States, (iv) a Designated National as defined in
the Cuban Assets Control Regulations, 31 C.F.R. Part 515 or (v) a non-U.S. shell bank or providing banking services indirectly to a non-U.S. shell bank. Subscriber
represents that if it is a financial institution subject to the Bank Secrecy Act (31 U.S.C. section 5311 et seq.), as amended by the USA PATRIOT Act of 2001, and its implementing regulations (collectively, the “BSA/PATRIOT Act”),
that Subscriber maintains policies and procedures reasonably designed to comply with applicable obligations under the BSA/PATRIOT Act. Subscriber also represents that, to the extent required, it maintains policies and procedures reasonably designed
to ensure compliance with OFAC-administered sanctions programs, including for the screening of its investors against the OFAC Lists. Subscriber further represents and warrants that, to the extent required, it maintains policies and procedures
reasonably designed to ensure that the funds held by Subscriber and used to purchase the Acquired Shares were legally derived. 
 p.
Subscriber is not currently (and at all times through the Closing will refrain from being or becoming) a member of a “group” (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act or any successor
provision) acting for the purpose of acquiring, holding, voting or disposing of equity securities of the Issuer (within the meaning of Rule 13d-5(b)(1) under the Exchange Act). 

q. If Subscriber is or is acting on behalf of (i) an employee benefit plan that is subject to Title I of ERISA, (ii) a plan, an
individual retirement account or other arrangement that is subject to section 4975 of the Code, (iii) an entity whose underlying assets are considered to include “plan assets” of any such plan, account or arrangement described in
clauses (i) and (ii) (each, an “ERISA Plan”), or (iv) an employee benefit plan that is a governmental plan (as defined in section 3(32) of ERISA), a church plan (as defined in section 3(33) of ERISA), a non-U.S. plan (as described in section 4(b)(4) of ERISA) or other plan that is not subject to the foregoing clauses (i), (ii) or (iii) but may be subject to provisions under any other federal, state, local, non-U.S. or other laws or regulations that are similar to such provisions of ERISA or the Code (collectively, “Similar Laws,” and together with the ERISA Plans, the “Plans”) Subscriber
represents and warrants that (i) neither the Issuer, nor any of its respective affiliates (the “Transaction Parties”) has provided investment advice or has otherwise acted as the Plan’s fiduciary, with respect to its
decision to acquire and hold the Acquired Shares, and none of the Transaction Parties is or shall at any time be the Plan’s fiduciary with respect to any decision to acquire and hold the Acquired Shares, and none of the Transaction Parties is
or shall at any time be the Plan’s fiduciary with respect to any decision in connection with Subscriber’s investment in the Acquired Shares; and (ii) its purchase of the Acquired Shares will not result in a non-exempt prohibited transaction under section 406 of ERISA or section 4975 of the Code, or any applicable Similar Law. 

r. At the Closing, Subscriber will have sufficient funds to pay the Purchase Price pursuant to Section 2.b(i). 

s. Subscriber agrees that the Placement Agents may rely upon the acknowledgments, understandings, agreements, representations and warranties
made by Subscriber to the Issuer in this Subscription Agreement. 

  
 14 

 t. Subscriber agrees that none of (i) the Other Subscribers pursuant to the Other
Subscription Agreements entered into in connection with the offer and sale of Class A Shares (including the controlling persons, members, officers, directors, partners, agents or employees of any such Other Subscribers) or (ii) the
Placement Agents, their respective affiliates or any of the Placement Agents’ or their respective affiliates’ control persons, officers, directors or employees, in each case, absent their own gross negligence, fraud or willful misconduct,
or (iii) any other party to the Combination Agreement, including any such party’s representatives, affiliates or any of its or their control persons, officers, directors or employees, that is not a party hereto, shall be liable to
Subscriber pursuant to this Subscription Agreement for any action heretofore or hereafter taken or omitted to be taken by any of them in connection with the purchase of the Acquired Shares. 

5. Additional Subscriber Agreement. Subscriber hereby agrees that, from the date of this Agreement until the Closing Date (or such
earlier termination of this Subscription Agreement), neither Subscriber nor any person or entity acting on behalf of Subscriber or pursuant to any understanding with Subscriber shall, directly or indirectly, offer, sell, pledge, contract to sell,
sell any option, engage in any hedging activities or execute any Short Sales with respect to securities of the Issuer. For purposes of this Section 5, “Short Sales” shall include, without limitation, all
“short sales” as defined in Rule 200 promulgated under Regulation SHO under the Exchange Act, and all types of direct and indirect stock pledges (other than pledges in the ordinary course of business as part of prime brokerage
arrangements), forward sale contracts, options, puts, calls, swaps and similar arrangements (including on a total return basis), and sales and other transactions through non-U.S. broker dealers or foreign
regulated brokers. This Section 5 shall not apply to any sale (including the exercise of any redemption right) of securities of the Issuer (i) held by Subscriber, its controlled affiliates or any person or entity
acting on behalf of Subscriber or any of its controlled affiliates prior to the execution of this Subscription Agreement or (ii) purchased by Subscriber, its controlled affiliates or any person or entity acting on behalf of Subscriber or any of
its controlled affiliates in open market transactions after the execution of this Subscription Agreement. Further, for the avoidance of doubt, this Section 5 shall not apply to ordinary course, non-speculative hedging transactions. Notwithstanding the foregoing, (a) nothing herein shall prohibit other entities under common management with Subscriber that have no knowledge of this Subscription
Agreement or of Subscriber’s participation in the Transaction (including Subscriber’s controlled affiliates and/or affiliates) from entering into any Short Sales and (b) in the case of a Subscriber that is a multi-managed investment
vehicle whereby separate portfolio managers manage separate portions of such Subscriber’s assets and the portfolio managers have no knowledge of the investment decisions made by the portfolio managers managing other portions of such
Subscriber’s assets, the representation set forth above shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase the Acquired Shares covered by this Subscription
Agreement. 
 6. Registration Rights. 

a. The Issuer agrees that, within fifteen (15) business days after the consummation of the Transaction (the “Filing
Date”), the Issuer will file with the Commission (at the Issuer’s sole cost and expense) a registration statement on Form S-1 (the “Registration Statement”), registering the
resale of the Acquired Shares, which Registration Statement may include shares of the Issuer’s 

  
 15 

 
common stock issuable upon exercise of outstanding warrants or those held by the Sponsor, and the Issuer shall use its commercially reasonable efforts to have the Registration Statement declared
effective as soon as practicable after the filing thereof, but no later than the earlier of (i) the 60th calendar day (or 90th calendar day if the Commission notifies the Issuer that it will “review” the Registration Statement)
following the Closing and (ii) the 10th business day after the date the Issuer is notified (orally or in writing, whichever is earlier) by the Commission that the Registration Statement will not be “reviewed” or will not be subject to
further review (such earlier date, the “Effective Date”); provided, however, that the Issuer’s obligations to include the Acquired Shares in the Registration Statement are contingent upon Subscriber furnishing in
writing to the Issuer such information regarding Subscriber, the securities of the Issuer held by Subscriber and the intended method of disposition of the Acquired Shares as shall be reasonably requested by the Issuer to effect the registration of
the Acquired Shares, and Subscriber shall execute such documents in connection with such registration as the Issuer may reasonably request that are customary of a selling stockholder in similar situations, including providing that the Issuer shall
be entitled to postpone and suspend the effectiveness or use of the Registration Statement during any customary blackout or similar period or as permitted hereunder; provided, that, Subscriber shall not in connection with the foregoing be
required to execute any lock-up or similar agreement or otherwise be subject to any contractual restriction on the ability to transfer the Acquired Shares (other than any such restrictions that may exist
hereunder). Notwithstanding the foregoing, if the Commission prevents the Issuer from including any or all of the shares proposed to be registered under the Registration Statement due to limitations on the use of Rule 415 of the Securities Act for
the resale of the Acquired Shares or other shares included in the Registration Statement by the applicable stockholders or otherwise, such Registration Statement shall register for resale such number of Acquired Shares which is equal to the maximum
number of Acquired Shares as is permitted by the Commission. In such event, the number of Class A Shares to be registered for each selling stockholder named in the Registration Statement shall be reduced pro rata among all such selling
stockholders and as promptly as practicable after being permitted to register additional shares under Rule 415 of the Securities Act, the Issuer shall amend the Registration Statement or file a new Registration Statement to register such shares not
included in the initial Registration Statement and cause such amendment or Registration Statement to become effective as promptly as practicable. Upon notification by the Commission that the Registration Statement has been declared effective by the
Commission, within two (2) business days thereafter, the Issuer shall file the final prospectus under Rule 424 of the Securities Act. The Issuer will provide a draft of the Registration Statement to Subscriber for review at least two
(2) business days in advance of filing the Registration Statement; provided, that, for the avoidance of doubt, in no event shall the Issuer be required to delay or postpone the filing of such Registration Statement as a result of or in
connection with Subscriber’s review. In no event shall Subscriber be identified as a statutory underwriter in the Registration Statement unless requested by the Commission; provided, that if the Commission requests that Subscriber be
identified as a statutory underwriter in the Registration Statement, Subscriber will have an opportunity to withdraw from the Registration Statement. Subscriber shall not be entitled to use the Registration Statement for an underwritten offering of
Acquired Shares. For purposes of clarification, any failure by the Issuer to file the Registration Statement by the Filing Date or to effect such Registration Statement by the Effectiveness Date shall not otherwise relieve the Issuer of its
obligations to file the Registration Statement or effect the registration of the Shares set forth in this Section 6. For purposes of this Section 6, “Acquired Shares” shall include any
equity security of the Issuer issued or issuable with respect to the Acquired Shares by way of share split, dividend, distribution, recapitalization, merger, exchange, replacement or similar event or otherwise. 

  
 16 

 b. In the case of the registration effected by the Issuer pursuant to this Subscription
Agreement, the Issuer shall, upon reasonable request, inform Subscriber as to the status of such registration. At its expense the Issuer shall: 

(i) except for such times as the Issuer is permitted hereunder to suspend the use of the prospectus forming part of a Registration Statement,
use its commercially reasonable efforts to keep such registration, and any qualification, exemption or compliance under state securities laws which the Issuer determines to obtain, continuously effective with respect to Subscriber, and to keep the
applicable Registration Statement or any subsequent shelf registration statement free of any material misstatements or omissions, until the earlier of the following: (A) Subscriber ceases to hold any Acquired Shares, (B) the date all
Acquired Shares held by Subscriber may be sold under Rule 144 within ninety (90) calendar days, without limitation as to any public information, volume and manner of sale restrictions and without the requirement for the Issuer to be in
compliance with the current public information required under Rule 144(c)(1) or Rule 144(i)(2), and (C) three (3) years from the Effective Date of the Registration Statement. 

(ii) advise Subscriber within two (2) business days: 

(1) when a Registration Statement or any amendment thereto has been filed with the Commission and when such Registration Statement or any
post-effective amendment thereto has become effective; 
 (2) of any request by the Commission for amendments or supplements to any
Registration Statement or the prospectus included therein or for additional information; 
 (3) of the issuance by the Commission of any
stop order suspending the effectiveness of any Registration Statement or the initiation of any proceedings for such purpose; 
 (4) of the
receipt by the Issuer of any notification with respect to the suspension of the qualification of the Acquired Shares included therein for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and 

(5) in accordance with Section 6.c of this Subscription Agreement, of the occurrence of any event that requires the
making of any changes in any Registration Statement or prospectus so that, as of such date, any Registration Statement does not contain an untrue statement of a material fact or does not omit to state a material fact required to be stated therein or
necessary to make the statements therein not misleading, or any prospectus does not include an untrue statement of a material fact or does not omit to state a material fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading. 
 Notwithstanding anything to the contrary set forth herein, the Issuer shall
not, when so advising Subscriber of such events, provide Subscriber with any material, nonpublic information regarding the Issuer other than to the extent that providing notice to Subscriber of the occurrence of the events listed in (1) through
(5) above constitutes material, nonpublic information regarding the Issuer; 

  
 17 

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

 (v) use its commercially reasonable efforts to cause all Acquired Shares to be listed on each securities exchange or market, if any, on
which the Switchback Class A Shares issued by the Issuer have been listed; 
 (vi) use its commercially reasonable efforts to take all
other steps necessary to effect the registration of the Acquired Shares contemplated hereby and, for so long as Subscriber holds Acquired Shares, to enable Subscriber to sell the Acquired Shares under Rule 144; and 

(vii) subject to receipt from Subscriber by the Issuer and its transfer agent of customary representations and other documentation reasonably
acceptable to the Issuer and the transfer agent in connection therewith, including, if required by the transfer agent, an opinion of the Issuer’s counsel, in a form reasonably acceptable to the transfer agent, to the effect that the removal of
such restrictive legends in such circumstances may be effected under the Securities Act, upon Subscriber’s request, the Issuer shall promptly (and no later than five (5) business days following such request and receipt of such customary
representations and other documentation) cause the removal of any legend from the book entry position evidencing its Acquired Shares following the earliest of such time as such Acquired Shares (A) are subject to or have been or are about to be
sold or transferred pursuant to an effective registration statement or (B) have been or are about to be sold pursuant to Rule 144. The Issuer shall be responsible for the fees of its transfer agent, its legal counsel and all Depository Trust
Company fees associated with such issuance. 
 c. Notwithstanding anything to the contrary in this Subscription Agreement, the Issuer shall
be entitled to delay or postpone the filing or effectiveness of the Registration Statement, and from time to time to require Subscriber not to sell under the Registration Statement or to suspend the effectiveness or use thereof, if it determines,
upon the advice of outside legal counsel, that the negotiation or consummation of a transaction by the Issuer or its subsidiaries is pending or an event has occurred, which negotiation, consummation or event the Issuer reasonably believes would
require additional disclosure by the Issuer in the Registration Statement of material information that the Issuer has a bona fide business purpose for keeping confidential and the non-disclosure of

  
 18 

 
which in the Registration Statement would be expected, in the reasonable determination of the Issuer, upon advice of legal counsel, to cause the Registration Statement to fail to comply with
applicable disclosure requirements (each such circumstance, a “Suspension Event”); provided, however, that the Issuer may not delay or suspend the Registration Statement on more than two (2) occasions or for more
than sixty (60) consecutive calendar days, or more than ninety (90) total calendar days, in each case during any twelve-month period. Upon receipt of any written notice from the Issuer of the happening of any Suspension Event during the
period that the Registration Statement is effective or if as a result of a Suspension Event the Registration Statement contains any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to
make the statements therein not misleading, or any related prospectus includes any untrue statement of a material fact or omits to state any material fact necessary in order to make the statements therein, in the light of the circumstances under
which they were made, not misleading, Subscriber agrees that (i) it will immediately discontinue offers and sales of the Acquired Shares under the Registration Statement until Subscriber receives copies of a supplemental or amended prospectus
(which the Issuer agrees to promptly prepare) that corrects the misstatement(s) or omission(s) referred to above and receives notice that any post-effective amendment has become effective or unless otherwise notified by the Issuer that it may resume
such offers and sales and (ii) it will maintain the confidentiality of any information included in such written notice delivered by the Issuer unless otherwise required by law or subpoena. Notwithstanding anything to the contrary, the Issuer
shall cause its transfer agent to deliver unlegended shares to a transferee of Subscriber in connection with any sale of Acquired Shares with respect to which Subscriber has entered into a contract for sale, prior to Subscriber’s receipt of the
notice of a Suspension Event and which has not yet settled. If so directed by the Issuer, Subscriber will deliver to the Issuer or, in Subscriber’s sole discretion destroy, all copies of the prospectus covering the Acquired Shares in
Subscriber’s possession; provided, however, that this obligation to deliver or destroy all copies of the prospectus covering the Acquired Shares shall not apply (A) to the extent Subscriber is required to retain a copy of
such prospectus (x) in order to comply with applicable legal, regulatory, self-regulatory or professional requirements or (y) in accordance with a bona fide pre-existing document retention policy or
(B) to copies stored electronically on archival servers as a result of automatic data back-up. In addition, Subscriber agrees that any sales under the Registration Statement will be suspended from the
time that the Issuer files its first annual report on Form 10-K with the Commission after the Effective Date until such time as the Commission declares any applicable post-effective amendment to the
Registration Statement effective. The Issuer shall use its commercially reasonable efforts to limit such period of suspension and shall notify Subscriber when sales can recommence under the Registration Statement within two (2) business days of
the Effective Date. For the avoidance of doubt, such suspension shall not constitute a Suspension Event or be subject to any of the provisions relating thereto in this Section 6.c (other than with respect to notification of
the occurrence of such suspension). 
 d. Subscriber may deliver written notice (an “Opt-Out
Notice”) to the Issuer requesting that Subscriber not receive notices from the Issuer otherwise required by this Section 6; provided, however, that Subscriber may later revoke any such Opt-Out Notice in writing. Following receipt of an Opt-Out Notice from Subscriber (unless subsequently revoked), (i) the Issuer shall not deliver any such notices to
Subscriber and Subscriber shall no longer be entitled to the rights associated with any such notice and (ii) each time prior to Subscriber’s intended use 

  
 19 

 
of an effective Registration Statement, Subscriber will notify the Issuer in writing at least two (2) business days in advance of such intended use, and if a notice of a Suspension Event was
previously delivered (or would have been delivered but for the provisions of this Section 6.d) and the related suspension period remains in effect, the Issuer will so notify Subscriber, within one (1) business day of
Subscriber’s notification to the Issuer, by delivering to Subscriber a copy of such previous notice of Suspension Event, and thereafter will provide Subscriber with the related notice of the conclusion of such Suspension Event or other event
immediately upon its availability. 
 e. The Issuer shall, indemnify, defend and hold harmless Subscriber (to the extent a seller under the
Registration Statement), its directors, officers, agents, trustees, affiliates, advisers and employees and each person who controls Subscriber (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) to
the fullest extent permitted by applicable law, from and against any and all out-of-pocket losses, claims, damages, liabilities, costs (including reasonable
attorneys’ fees) and expenses (collectively, “Losses”), as incurred, that arise out of or are based upon (i) any untrue or alleged untrue statement of a material fact contained in the Registration Statement or in any
amendment or supplement thereto, or arising out of or relating to any omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading or (ii) any untrue or alleged
untrue statement of a material fact included in any prospectus included in the Registration Statement, or any form of prospectus, or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any
omission or alleged omission to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, or (iii) any violation or alleged violation by the Issuer of
the Securities Act, Exchange Act or any state securities law or any rule or regulation thereunder in connection with the performance of its obligations under this Section 6, except to the extent, but only to the extent,
that such untrue statements, alleged untrue statements, omissions or alleged omissions are based upon information regarding Subscriber furnished in writing to the Issuer by Subscriber expressly for use therein or Subscriber has omitted a material
fact from such information; provided, however, that the indemnification contained in this Section 6 shall not apply to amounts paid in settlement of any Losses if such settlement is effected without the consent of
the Issuer (which consent shall not be unreasonably withheld, conditioned or delayed), nor shall the Issuer be liable for any Losses to the extent they arise out of or are based upon a violation which occurs (A) in reliance upon and in
conformity with written information furnished by Subscriber, (B) in connection with any failure of such person to deliver or cause to be delivered a prospectus made available by the Issuer in a timely manner or (C) in connection with any
offers or sales effected by or on behalf of Subscriber in violation of Section 6.c hereof. The Issuer shall notify Subscriber promptly of the institution, threat or assertion of any proceeding arising from or in connection
with the transactions contemplated by this Section 6 of which the Issuer receives notice in writing. 
 f.
Subscriber shall, severally and not jointly, indemnify and hold harmless the Issuer, its directors, officers, agents and employees, and each person who controls the Issuer (within the meaning of Section 15 of the Securities Act and
Section 20 of the Exchange Act), to the fullest extent permitted by applicable law, from and against all Losses, as incurred, that arise out of or are based upon (i) any untrue or alleged untrue statement of a material fact contained in
any Registration Statement or in any amendment or supplement thereto or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary to

  
 20 

 
make the statements therein not misleading or (ii) any untrue or alleged untrue statement of a material fact included in any prospectus included in the Registration Statement, or any form of
prospectus, or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading but only to the extent, that such untrue or alleged untrue statements or omissions or alleged omissions are based upon information regarding Subscriber furnished in writing to the Issuer by
Subscriber expressly for use therein or a material fact that Subscriber has omitted from such information; provided, however, that the indemnification contained in this Section 6.f shall not apply to amounts paid in
settlement of any Losses if such settlement is effected without the consent of Subscriber (which consent shall not be unreasonably withheld, conditioned or delayed). In no event shall the liability of Subscriber be greater in amount than the dollar
amount of the net proceeds received by Subscriber upon the sale of the Acquired Shares giving rise to such indemnification obligation. Subscriber shall notify the Issuer promptly of the institution, threat or assertion of any proceeding arising from
or in connection with the transactions contemplated by this Section 6.f of which Subscriber is aware. 
 g. Any
person or entity entitled to indemnification herein shall (A) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided that the failure to give prompt notice shall not
impair any person’s or entity’s right to indemnification hereunder to the extent such failure has not prejudiced the indemnifying party) and (B) unless, in such indemnified party’s reasonable judgment, a conflict of interest
between such indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the
indemnifying party shall not be subject to any liability for any settlement made by the indemnified party without its consent (but such consent shall not be unreasonably withheld, conditioned or delayed). An indemnifying party who is not entitled
to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of
legal counsel to any indemnified party a conflict of interest exists between such indemnified party and any other of such indemnified parties with respect to such claim. No indemnifying party shall, without the consent of the indemnified party,
consent to the entry of any judgment or enter into any settlement which cannot be settled in all respects by the payment of money (and such money is so paid by the indemnifying party pursuant to the terms of such settlement) or which settlement
includes a statement or admission of fault and culpability on the part of such indemnified party or which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all
liability in respect to such claim or litigation. 
 h. The indemnification provided for under this Subscription Agreement shall remain in
full force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director, employee, agent, affiliate or controlling person or entity of such indemnified party and shall survive the transfer of the
Acquired Shares purchased pursuant to this Subscription Agreement. 

  
 21 

 i. If the indemnification provided under Section 6.e and
Section 6.f from the indemnifying party is unavailable or insufficient to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the indemnifying
party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified party as a result of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the
relative fault of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations; provided, however, the liability of Subscriber shall be limited to the net proceeds received by Subscriber from the
sale of the Acquired Shares giving rise to such indemnification obligation. The relative fault of the indemnifying party and indemnified party shall be determined by reference to, among other things, whether any action in question, including any
untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, was made by (or not made by, in the case of an omission), or relates to information supplied by or on behalf of (or not supplied by or on
behalf of, in the case of an omission), such indemnifying party or indemnified party, and the indemnifying party’s and indemnified party’s relative intent, knowledge, access to information and opportunity to correct or prevent such action.
The amount paid or payable by a party as a result of the losses or other liabilities referred to above shall be deemed to include, subject to the limitations set forth in this Section 6, any legal or other fees, charges or
expenses reasonably incurred by such party in connection with any investigation or proceeding. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution
pursuant to this Section 6.i from any person or entity who was not guilty of such fraudulent misrepresentation. Notwithstanding anything to the contrary herein, in no event will any party be liable for consequential,
special, exemplary or punitive damages in connection with this Subscription Agreement or the transactions contemplated hereby. 
 7.
Termination. This Subscription Agreement shall terminate and be void and of no further force and effect, and all rights and obligations of the parties hereunder shall terminate without any further liability on the part of any party in respect
thereof, upon the earliest to occur of (a) such date and time as the Combination Agreement is terminated in accordance with its terms without being consummated, (b) upon the mutual written agreement of each of the parties hereto to
terminate this Subscription Agreement (c) if any of the conditions of Closing set forth in Section 2 are not satisfied on or prior to the Closing Date and, as a result thereof, the transactions contemplated by this
Subscription Agreement are not consummated at the Closing and (d), on or after the date that is one hundred eighty (180) days after the date hereof, if the Closing has not occurred on or prior to such date; provided that nothing herein
will relieve any party from liability for any willful breach hereof prior to the time of termination or common law intentional fraud in the making of any representation or warranty hereunder, and each party will be entitled to any remedies at law or
in equity to recover losses, liabilities or damages arising from such breach or fraud. The Issuer shall promptly notify Subscriber of the termination of the Combination Agreement promptly after the termination of such agreement. 

8. Trust Account Waiver. Subscriber acknowledges that the Issuer is a blank check company with the powers and privileges to effect a
merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination involving the Issuer and one or more businesses or assets. Subscriber further acknowledges that, as described in the
Issuer’s prospectus relating to its initial public offering dated January 7, 2021 (the “Prospectus”), 

  
 22 

 
available at www.sec.gov, substantially all of the Issuer’s assets consist of the cash proceeds of the Issuer’s initial public offering and private placements of its securities, and
substantially all of those proceeds have been deposited in a trust account (the “Trust Account”) for the benefit of the Issuer, its public shareholders and the underwriters of the Issuer’s initial public offering. Except with
respect to interest earned on the funds held in the Trust Account that may be released to the Issuer to pay its tax obligations, if any, the cash in the Trust Account may be disbursed only for the purposes set forth in the Prospectus. For and in
consideration of the Issuer entering into this Subscription Agreement, the receipt and sufficiency of which are hereby acknowledged, Subscriber, on behalf of itself and its representatives, hereby irrevocably waives any and all right, title and
interest, or any claim of any kind they have or may have in the future arising out of this Subscription Agreement, in or to any monies held in the Trust Account, and agrees not to seek recourse against the Trust Account as a result of, or arising
out of, this Subscription Agreement; provided, however, that nothing in this Section 8 shall (x) serve to limit or prohibit Subscriber’s right to pursue a claim against the Issuer for legal relief against
assets held outside the Trust Account, for specific performance or other equitable relief, (y) serve to limit or prohibit any claims that Subscriber may have in the future against the Issuer’s assets or funds that are not held in the Trust
Account (including any funds that have been released from the Trust Account and any assets that have been purchased or acquired with any such funds) or (z) be deemed to limit any Subscriber’s right, title, interest or claim to the Trust
Account by virtue of such Subscriber’s record or beneficial ownership of securities of the Issuer acquired by any means other than pursuant to this Subscription Agreement, including, but not limited to, any redemption right with respect to any
such securities of the Issuer. 
 9. Miscellaneous. 

a. Each party hereto acknowledges that the other party hereto will rely on the acknowledgments, understandings, agreements, representations
and warranties contained in this Subscription Agreement, and that (i) the Placement Agents will rely on the acknowledgments, understandings, agreements, representations and warranties of Subscriber and of the Issuer contained in this
Subscription Agreement and (ii) following the Closing, Bird may rely on the representations and warranties of Subscriber contained in Section 4; provided, however, that this
Section 9.a shall not give any such party any rights other than those expressly set forth herein. Prior to the Closing, each party hereto agrees to promptly notify the other party hereto if any of the acknowledgments,
understandings, agreements, representations and warranties made by such party as set forth herein are no longer accurate in all material respects. Subscriber further acknowledges and agrees that, notwithstanding
Section 9(g) hereto, the Placement Agents are third-party beneficiaries of the representations and warranties of Subscriber contained in Section 4 and the Issuer further acknowledges and agrees
that the Placement Agents are third-party beneficiaries of the representations and warranties of the Issuer contained in Section 3. 

b. Each of the Issuer and Subscriber is irrevocably authorized to produce this Subscription Agreement or a copy hereof to any interested party
in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby to the extent required by law or by regulatory bodies. 

  
 23 

 c. Notwithstanding anything to the contrary in this Subscription Agreement, prior to the
Closing, Subscriber may not transfer or assign all or a portion of its rights under this Subscription Agreement, other than to one or more of its affiliates (including other investment funds or accounts managed or advised by Subscriber or the
investment manager or advisor who acts on behalf of Subscriber or an affiliate thereof or by an affiliate of such investment manager or advisor) without the prior consent of the Issuer; provided that such transferee or assignee agrees in
writing to be bound by and subject to the terms and conditions of this Subscription Agreement, makes the representations and warranties in Section 4 and completes Schedule A hereto. In the event of such a transfer or
assignment, Subscriber shall complete the form of assignment attached as Schedule B hereto. 
 d. All the agreements, representations
and warranties made by each party hereto in this Subscription Agreement shall survive the Closing. 
 e. The Issuer may request from
Subscriber such additional information as the Issuer may reasonably deem necessary to evaluate the eligibility of Subscriber to acquire the Acquired Shares and to register the Acquired Shares for resale, and Subscriber shall provide such information
as may be reasonably requested, to the extent readily available and to the extent consistent with its internal policies and procedures; provided that the Issuer agrees to keep any such information provided by Subscriber confidential. 

f. This Subscription Agreement constitutes the entire agreement, and supersedes all other prior agreements, understandings, representations
and warranties, both written and oral, among the parties, with respect to the subject matter hereof. 
 g. Except as otherwise provided
herein, this Subscription Agreement shall be binding upon, and inure to the benefit of the parties hereto and their respective affiliates and their respective heirs, executors, administrators, successors, legal representatives and permitted assigns,
and the agreements, representations, warranties, covenants and acknowledgments contained herein shall be deemed to be made by, and be binding upon, such heirs, executors, administrators, successors, legal representatives and permitted assigns. 

h. If any provision of this Subscription Agreement shall be invalid, illegal or unenforceable, the validity, legality or enforceability of the
remaining provisions of this Subscription Agreement shall not in any way be affected or impaired thereby and shall continue in full force and effect. 

i. This Subscription Agreement may be executed in two (2) or more counterparts (including by electronic means), all of which shall be
considered one and the same agreement and shall become effective when signed by each of the parties and delivered to the other parties, it being understood that all parties need not sign the same counterpart. 

j. Each party shall pay all of its own expenses in connection with this Subscription Agreement and the transactions contemplated herein. 

 

  
 24 

 k. Any notice or communication required or permitted hereunder shall be in writing and
either delivered personally, emailed or telecopied, sent by overnight mail via a reputable overnight carrier, or sent by certified or registered mail, postage prepaid, and shall be deemed to be given and received (i) when so delivered
personally, (ii) upon receipt of an appropriate electronic answerback or confirmation when so delivered by telecopy (to such number specified below or another number or numbers as such person may subsequently designate by notice given
hereunder), (iii) when sent, with no mail undeliverable or other rejection notice, if sent by email or (iv) five (5) business days after the date of mailing to the address below or to such other address or addresses as such person may hereafter
designate by notice given hereunder: 
 (A) if to Subscriber, to such address or addresses set forth on the signature page hereto; 

(B) if to the Issuer prior to the completion of the Domestication Merger, to: 

Switchback II Corporation 
 5949
Sherry Lane, Suite 1010 
 Dallas, TX 75225 

Attention: Jim Mutrie 
 Email:
jmutrie@swbk2.com 
 with required copies to (which copies shall not constitute notice): 

Vinson & Elkins L.L.P. 

1001 Fannin St. 
 Suite 2500 

Houston, TX 77002 
 Attention:
Douglas E. McWilliams; E. Ramey Layne 
 Email: dmcwilliams@velaw.com; rlayne@velaw.com 

(B) if to the Issuer after the completion of the Domestication Merger, to: 

Bird Global, Inc. 
  

406 Broadway #369 
 Santa Monica,
CA 90401 
 Attention: Wendy Mantell, General Counsel 

Email: wendy@bird.co; birdlegal@bird.co 

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

Latham & Watkins LLP 

885 3rd Ave. 
 New York, NY 10022

 Attention: Justin Hamill 

Email: justin.hamill@lw.com 

and 

  
 25 

 (C) if to the Placement Agents, to: 

Goldman Sachs & Co. LLC 

200 West Street 
 New York, NY
10282 
 Attn: Olympia McNerney 

Email: Olympia.McNerney@gs.com 

Credit Suisse Securities (USA) LLC 

Eleven Madison Avenue 
 New York,
NY 10010 
 Attn: IB-Legal 

Facsimile: (212) 325-4296 

l. This Subscription Agreement, and any claim or cause of action hereunder based upon, arising out of or related to this Subscription
Agreement (whether based on law, in equity, in contract, in tort or any other theory) or the negotiation, execution, performance or enforcement of this Subscription Agreement, shall be governed by and construed in accordance with the laws of the
State of New York, without giving effect to the principles of conflicts of law thereof. 
 THE PARTIES HERETO IRREVOCABLY SUBMIT TO THE
EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, THE SUPREME COURT OF THE STATE OF NEW YORK AND THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA LOCATED IN THE STATE OF NEW YORK SOLELY IN RESPECT OF
THE INTERPRETATION AND ENFORCEMENT OF THE PROVISIONS OF THIS SUBSCRIPTION AGREEMENT AND THE DOCUMENTS REFERRED TO IN THIS SUBSCRIPTION AGREEMENT AND IN RESPECT OF THE TRANSACTIONS CONTEMPLATED HEREBY, AND HEREBY WAIVE, AND AGREE NOT TO ASSERT, AS A
DEFENSE IN ANY ACTION, SUIT OR PROCEEDING FOR INTERPRETATION OR ENFORCEMENT HEREOF OR ANY SUCH DOCUMENT THAT IS NOT SUBJECT THERETO OR THAT SUCH ACTION, SUIT OR PROCEEDING MAY NOT BE BROUGHT OR IS NOT MAINTAINABLE IN SAID COURTS OR THAT VENUE
THEREOF MAY NOT BE APPROPRIATE OR THAT THIS SUBSCRIPTION AGREEMENT OR ANY SUCH DOCUMENT MAY NOT BE ENFORCED IN OR BY SUCH COURTS, AND THE PARTIES HERETO IRREVOCABLY AGREE THAT ALL CLAIMS WITH RESPECT TO SUCH ACTION, SUIT OR PROCEEDING SHALL BE HEARD
AND DETERMINED BY SUCH A NEW YORK STATE OR FEDERAL COURT. THE PARTIES HEREBY CONSENT TO AND GRANT ANY SUCH COURT JURISDICTION OVER THE PERSON OF SUCH PARTIES AND OVER THE SUBJECT MATTER OF SUCH DISPUTE AND AGREE THAT MAILING OF PROCESS OR OTHER
PAPERS IN CONNECTION WITH SUCH ACTION, SUIT OR PROCEEDING IN THE MANNER PROVIDED IN SECTION 9.k OR IN SUCH OTHER MANNER AS MAY BE PERMITTED BY LAW SHALL BE VALID AND SUFFICIENT SERVICE THEREOF. 

  
 26 

 EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS
SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN
RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS SUBSCRIPTION AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT
OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER; (II) SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THE
FOREGOING WAIVER; (III) SUCH PARTY MAKES THE FOREGOING WAIVER VOLUNTARILY AND (IV) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS SUBSCRIPTION AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS SECTION
9.l. 
 m. The Issuer shall, by 9:00 a.m., New York City time, on the first (1st) business day immediately following the date of this
Subscription Agreement, issue one or more press releases or file with the Commission a Current Report on Form 8-K (collectively, the “Disclosure Document”) disclosing all material terms of the
transactions contemplated hereby and the Transaction. From and after the issuance of the Disclosure Document, to the Issuer’s knowledge, Subscriber shall not be in possession of any material, nonpublic information received from the Issuer or
any of its officers, directors or employees. Notwithstanding anything in this Subscription Agreement to the contrary, the Issuer shall not publicly disclose the name of Subscriber or any of its affiliates, or include the name of Subscriber or any of
its affiliates, without the prior written consent of Subscriber, (i) in any press release (ii) or in any filing with the Commission or any regulatory agency or trading market, except (A) as required by the federal securities law in
connection with the Registration Statement, or (B) to the extent such disclosure is required by law, at the request of the staff of the Commission or regulatory agency or under the regulations of the NYSE or by any other governmental authority,
in which case the Issuer shall provide Subscriber with prior written notice of such disclosure permitted under the foregoing subclause (ii). 

n. This Subscription Agreement may not be amended, modified, supplemented or waived except by an instrument in writing, signed by the
party against whom enforcement of such amendment, modification, supplement or waiver is sought; provided that any rights (but not obligations) of a party under this Subscription Agreement may be waived, in whole or in part, by such
party on its own behalf without the prior consent of any other party. 
 o. No failure or delay by a party hereto in exercising any right,
power or remedy under this Subscription Agreement, and no course of dealing between the parties hereto, shall operate as a waiver of any such right, power or remedy of such party. No single or partial exercise of any right, power or remedy under
this Subscription Agreement by a party hereto, nor any abandonment or discontinuance of steps to enforce any such right, power or remedy, shall preclude such party from any other or further exercise thereof or the exercise of any other right, power
or remedy hereunder. The election of any remedy by a party hereto shall not constitute a waiver of the right of such party to pursue other available remedies. No notice to or demand on a party not expressly required under this Subscription Agreement
shall entitle the party receiving such notice or demand to any other or further notice or demand in similar or other circumstances or constitute a waiver of the rights of the party giving such notice or demand to any other or further action in any
circumstances without such notice or demand. 

  
 27 

 p. The obligations of Subscriber under this Subscription Agreement are several and not joint
with the obligations of any Other Subscriber or any other investor under the Other Subscription Agreements, and Subscriber shall not be responsible in any way for the performance of the obligations of any Other Subscriber or other investor under the
Other Subscription Agreements. The decision of Subscriber to purchase Acquired Shares pursuant to this Subscription Agreement has been made by Subscriber independently of any Other Subscriber or any other investor and independently of any
information, materials, statements or opinions as to the business, affairs, operations, assets, properties, liabilities, results of operations, condition (financial or otherwise) or prospects of the Issuer or any of its subsidiaries which may have
been made or given by any Other Subscriber or investor or by any agent or employee of any Other Subscriber or investor, and neither Subscriber nor any of its agents or employees shall have any liability to any Other Subscriber or investor (or any
other person) relating to or arising from any such information, materials, statements or opinions. Nothing contained herein or in any Other Subscription Agreement, and no action taken by Subscriber or investor pursuant hereto or thereto, shall be
deemed to constitute Subscriber and Other Subscribers or other investors as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that Subscriber and Other Subscribers or other investors are in any way
acting in concert or as a group with respect to such obligations or the transactions contemplated by this Subscription Agreement and the Other Subscription Agreements. Subscriber acknowledges that no Other Subscriber has acted as agent for
Subscriber in connection with making its investment hereunder and no Other Subscriber will be acting as agent of Subscriber in connection with monitoring its investment in the Acquired Shares or enforcing its rights under this Subscription
Agreement. Subscriber shall be entitled to independently protect and enforce its rights, including without limitation the rights arising out of this Subscription Agreement, and it shall not be necessary for any Other Subscriber or investor to be
joined as an additional party in any proceeding for such purpose. 
 q. If Subscriber is a Massachusetts Business Trust, a copy of the
Declaration of Trust of Subscriber or any affiliate thereof is on file with the Secretary of State of the Commonwealth of Massachusetts and notice is hereby given that the Subscription Agreement is executed on behalf of the trustees of Subscriber or
any affiliate thereof as trustees and not individually and that the obligations of the Subscription Agreement are not binding on any of the trustees, officers or stockholders of Subscriber or any affiliate thereof individually but are binding only
upon Subscriber or any affiliate thereof and its assets and property. 
 [Signature pages follow.] 

  
 28 

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

			
	SWITCHBACK II CORPORATION
		
	By:	 	        
	Name:	 	
	Title:	 	

  
 Signature Page to 

Subscription Agreement 

			
	 SUBSCRIBER:

 
 Name of Subscriber:

 

Signature of Subscriber:

		
	 By:
	 	        
	 Name:
	 	
	 Title:
	 	

  

	
	  

Name in which securities are to be registered

(if different):

	
	 Email Address:
                                    

	
	 Subscriber’s EIN: _______________

	
	 Address:
  

 
  

Attn: _______________________________

	
	 Telephone No.: __________________________

	
	 Facsimile No.: __________________________

	
	 Aggregate Number of Acquired Shares subscribed for: _________

	
	 Aggregate Purchase Price: $_________

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

Subscription Agreement 

 SCHEDULE A 

ELIGIBILITY REPRESENTATIONS OF SUBSCRIBER 

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

 

	A.	 QUALIFIED INSTITUTIONAL BUYER STATUS 

(Please check the applicable subparagraphs): 
  

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

  

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

 *** OR *** 
  

	B.	 INSTITUTIONAL ACCREDITED INVESTOR STATUS 

(Please check the applicable subparagraphs): 

Subscriber is an institutional “accredited investor” (within the meaning of Rule 501(a) under the Securities Act) and has checked below the box(es)
for the applicable provision under which Subscriber qualifies as such: 
  

	☐	 Subscriber is an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as
amended, corporation, Massachusetts or similar business trust, limited liability company or partnership not formed for the specific purpose of acquiring the securities of the Issuer being offered in this offering, with total assets in excess of
$5,000,000. 

  

	☐	 Subscriber is a “private business development company” as defined in Section 202(a)(22) of the
Investment Advisers Act of 1940. 

  

	☐	 Subscriber is a “bank” as defined in Section 3(a)(2) of the Securities Act.

  

	☐	 Subscriber is a “savings and loan association” or other institution as defined in
Section 3(a)(5)(A) of the Securities Act, whether acting in its individual or fiduciary capacity. 

  

	☐	 Subscriber is a broker or dealer registered pursuant to Section 15 of the Exchange Act.

  

	☐	 Subscriber is an “insurance company” as defined in Section 2(a)(13) of the Securities Act.

  
 Schedule A-1 

	☐	 Subscriber is an investment adviser registered pursuant to Section 203 of the Investment Advisers Act of
1940 or registered pursuant to the laws of a state. 

  

	☐	 Subscriber is an investment adviser relying on the exemption from registering with the Commission under
Section 203(l) or (m) of the Investment Advisers Act of 1940. 

  

	☐	 Subscriber is an investment company registered under the Investment Company Act of 1940. 

 

	☐	 Subscriber is a “business development company” as defined in Section 2(a)(48) of the Investment
Company Act of 1940. 

  

	☐	 Subscriber is a “Small Business Investment Company” licensed by the U.S. Small Business
Administration under either Section 301(c) or (d) of the Small Business Investment Act of 1958. 

  

	☐	 Subscriber is a “Rural Business Investment Company” as defined in Section 384A of the
Consolidated Farm and Rural Development Act. 

  

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

  

	☐	 Subscriber is an employee benefit plan within the meaning of the Employee Retirement Income Security Act of
1974 if the investment decision is made by a plan fiduciary, as defined in Section 3(21) of such act, which is one of the following. 

  

	 	☐	 A bank; 

  

	 	☐	 A savings and loan association; 

 

	 	☐	 An insurance company; or 

 

	 	☐	 A registered investment adviser. 

 

	☐	 Subscriber is an employee benefit plan within the meaning of the Employee Retirement Income Security Act of
1974 with total assets in excess of $5,000,000. 

  

	☐	 Subscriber is an employee benefit plan within the meaning of the Employee Retirement Income Security Act of
1974 that is a self-directed plan with investment decisions made solely by persons that are accredited investors. 

  

	☐	 Subscriber is a trust with total assets in excess of $5,000,000, not formed for the specific purpose of
acquiring the securities offered by the Issuer in this offering, whose purchase is directed by a sophisticated person as described in Rule 506(b)(2)(ii) under the Securities Act. 

  
 Schedule A-2 

	☐	 Subscriber is an entity, including Indian tribes, governmental bodies, funds, and entities organized under the
laws of foreign countries, that own “investments,” as defined in Rule 2a51-1(b) under the Investment Company Act, in excess of $5,000,000 and that was not formed for the specific purpose of acquiring
the securities of the Issuer being offered in this offering. 

  

	☐	 Subscriber is a natural person holding in good standing one or more professional certifications, designations
or credentials from an accredited educational institution that the Commission has designated as qualifying an individual for accredited investor status. 

  

	☐	 Subscriber is a natural person who is a “knowledgeable employee,” as defined in Rule 3c-5(a)(4) under the Investment Company Act of 1940, of the Issuer of the securities being offered or sold where the Issuer would be an investment company, as defined in section 3 of such act, but for the exclusion
provided by either section 3(c)(1) or section 3(c)(7) of such act. 

  

	☐	 Subscriber is a “family office,” as defined in rule
202(a)(11)(G)-1 under the Investment Advisers Act of 1940 that was not formed for the specific purpose of acquiring the securities of the Issuer being offered in this offering, with total assets in excess of
$5,000,000 and whose prospective investment is directed by a person who has such knowledge and experience in financial and business matters that such family office is capable of evaluating the merits and risks of the prospective investment.

  

	☐	 Subscriber is a “family client,” as defined in rule
202(a)(11)(G)-1 under the Investment Advisers Act of 1940 (17 CFR 275.202(a)(11)(G)-1), of a family office meeting the requirements in paragraph (a)(12) of Rule 501(a)
and whose prospective investment in the Issuer is directed by such family office pursuant to paragraph (a)(12)(iii) of Rule 501(a). 

 ***
AND *** 
  

	C.	 AFFILIATE STATUS 

(Please check the applicable box) 

SUBSCRIBER: 
  

	☐	 is: 

  

	☐	 is not: 

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

  
 Schedule A-3 

 SCHEDULE B 

FORM OF ASSIGNMENT 
 This
Subscription Assignment and Joinder Agreement (this “Assignment Agreement”), dated                , 2021, is made and entered into by and
between                (“Subscriber”)
and                (“Assignee”) and acknowledged by Switchback II Corporation, a Cayman Islands exempted company
(“Switchback”). Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Subscription Agreement (as defined below). 

WHEREAS, Switchback and Subscriber entered into that certain Subscription Agreement (the “Subscription
Agreement”), dated                , 2021, pursuant to which Subscriber agreed to subscribe for and
purchase                shares of the Issuer’s Class A common stock (the “Acquired Shares”) and Switchback has agreed that Holdings
shall issue and sell to Subscriber such Acquired Shares; 
 WHEREAS, Subscriber and Assignee are affiliated investment funds; and

 WHEREAS, for administrative reasons, Subscriber desires to assign its rights to subscribe for and
purchase                of the Acquired Shares along with the rights and obligations set forth in the Subscription Agreement of such Acquired Shares (the
“Assigned Shares”) to Assignee. 
 NOW, THEREFORE, pursuant to Section 9.c of the
Subscription Agreement, and as further described in the table below, Subscriber hereby assigns its rights to subscribe for and purchase the Assigned Shares to Assignee and Assignee hereby (i) accepts the rights to subscribe for and purchase the
Assigned Shares and agrees to be bound by and subject to the terms and conditions of the Subscription Agreement, (ii) expressly makes the representations and warranties in Section 4 of the Subscription Agreement with
respect to the Assigned Shares and (iii) completed Schedule A to the Subscription Agreement and attached it hereto. Notwithstanding the foregoing, this Assignment Agreement shall not relieve Subscriber of any of its obligations under the
Subscription Agreement. 
 The following assignment by Subscriber to Assignee of its rights to subscribe for and purchase all or a portion
of the Acquired Shares have been made: 
  

											
	 Date of

Assignment
	 	 Subscriber
	 	 Assignee
	  	 Number of
Acquired Shares
Assigned
	  	 Subscriber Revised
Subscription
Amount
	  	 Assignee
Subscription
Amount

[Signature Page Follows] 

 IN WITNESS WHEREOF, this Subscription Assignment and Joinder Agreement has been
executed by Subscriber and Assignee acknowledged by Switchback by its duly authorized representative as of the date set forth above. 
 Acknowledgement by
Switchback: 
  

			
	Switchback II Corporation
		
	By:	 	        
	Name:	 	
	Title:	 	

  

			
	Signature of Subscriber:
		
	By:	 	        
		 	Name:
		 	Title:

  

			
	Signature of Assignee:
		
	By:	 	        
		 	Name:
		 	Title:

  

	
	 Assignee’s EIN: _______________

	
	 Address:
  

 
  

Attn: _______________________________

 Schedule B-2Exhibit 10.1

 

SHARE REPURCHASE AGREEMENT

 

THIS SHARE REPURCHASE AGREEMENT
(this “Agreement”) is made and entered into as of this 11th day of May, 2021, by and among the entities listed on the
Schedule of Sellers attached hereto (each a “Seller” and together, the “Sellers”) and Papa
John’s International, Inc., a Delaware corporation (the “Company”).

 

RECITALS

 

WHEREAS, the Sellers currently
hold an aggregate of 250,000 shares of Series B Convertible Preferred Stock, par value $0.01 per share, of the Company (the “Preferred
Stock”);

 

WHEREAS, the Sellers
desire to sell to the Company, and the Company desires to purchase from the Sellers, an aggregate of 78,387 shares of Preferred
Stock, on the terms and conditions set forth in this Agreement (the “Repurchase Transaction”);

 

WHEREAS, concurrently
with the execution and delivery of this Agreement, the Sellers have delivered to the Company
duly completed and executed conversion notices (the “Conversion Notices”) in the form set forth in the
Certificate of Designation of the Preferred Stock, pursuant to which, in connection with the closing of the Repurchase
Transaction, the Sellers will convert the remaining 171,613 shares of Preferred Stock that they own into 3,458,360 shares of common
stock of the Company, par value $0.01 per share (the “Conversion”);

 

WHEREAS, in consideration
of the Repurchase Transaction and the Conversion, Sellers will receive a cash payment from the Company, on the terms and conditions set
forth in this Agreement; and

 

WHEREAS, the Board of Directors
of the Company, upon the recommendation of the Committee of Independent Directors of the Board of Directors of the Company, comprised
entirely of disinterested directors independent from each of the Company and the Sellers, has approved the Repurchase Transaction and
Conversion and related matters set forth in this Agreement.

 

NOW, THEREFORE, in consideration
of the premises and the agreements set forth below, and for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties agree as follows:

 

Article
1

 

PURCHASE AND CONVERSION OF PREFERRED STOCK

 

SECTION 1.1      Purchase.
Subject to the terms and conditions of this Agreement, at the Closing (as defined below), the Sellers shall sell, assign, transfer,
convey and deliver to the Company, and the Company shall purchase, acquire and accept from the Sellers an aggregate of 78,387 shares
of Preferred Stock, allocated as set forth next to each Seller’s name in the Schedule of Sellers attached hereto (the
 “Purchased Shares”). Upon the Closing, no further amounts shall be payable in respect of the Purchased Shares, it
being agreed and understood that the Participating Dividends (as defined in the Certificate of Designation of the Preferred Stock)
with respect to the quarterly dividend of $0.225 per share of common stock of the Company, par value $0.01 per share (the
 “Common Stock”) underlying the Purchased Shares (as adjusted for any stock dividend, stock split, stock
combination, reclassification or similar transaction relating to the Common Stock occurring after the date hereof) declared by the
Company’s Board of Directors to stockholders of record as of May 11, 2021 that otherwise would have been payable on or about
May 21, 2021 will be payable instead at Closing (the “Purchased Shares Participating Dividend
Payment”).

 

     

     

    

 

SECTION 1.2      Conversion.
Subject to the terms and conditions of this Agreement, at the Closing, the remaining 171,613 shares of Preferred Stock collectively
owned by the Sellers (the “Conversion Shares” and, together with the Purchased Shares, the “Preferred
Shares”) will be irrevocably converted into an aggregate amount of 3,458,360 shares (the “Underlying
Shares”) of Common Stock, with each Seller to receive the amount of Underlying Shares set forth next to the Seller’s
name in the Schedule of Sellers (as adjusted for any stock dividend, stock split, stock combination, reclassification or
similar transaction relating to the Common Stock occurring after the date hereof). In accordance with the Certificate of Designation
of the Preferred Stock, no fractional shares of Common Stock will be issued upon the Conversion, and the Company will instead
deliver cash payments to the Sellers representing fractional shares in the amounts set forth next to each Seller’s name in the Schedule
of Sellers. The parties acknowledge and agree that (i) the Sellers’ obligations pursuant to Section 6(c) of the
Certificate of Designation of the Preferred Stock have been satisfied, (ii) the Conversion Date for purposes of the Certificate of
Designation of the Preferred Stock is the date of this Agreement, (iii) pursuant to the Certificate of Designation of the Preferred
Stock, upon the Conversion, no further amounts shall be payable in respect of the Conversion Shares except for the right to receive
the cash payments in lieu of fractional shares otherwise issuable upon the Conversion as described above, and (iv) for the avoidance
of doubt, in accordance with the Certificate of Designation of the Preferred Stock, all accrued and unpaid Dividends (as defined in
the Certificate of Designation of the Preferred Stock) on the Conversion Shares through the Closing Date (as defined below) shall be
included in the calculation of the Conversion Amount (as defined in the Certificate of Designation of the Preferred Stock),
including, without limitation, the Participating Dividends (as defined in the Certificate of Designation of the Preferred Stock)
with respect to the quarterly dividend of $0.225 per Underlying Share (as adjusted for any stock dividend, stock split, stock
combination, reclassification or similar transaction relating to the Common Stock occurring after the date hereof) declared by the
Company’s Board of Directors to stockholders of record as of May 11, 2021 and that otherwise would have been payable on or
about May 21, 2021.

 

SECTION 1.3     
Consideration. Subject to the terms and conditions of this
Agreement, at the Closing, the Company shall pay the Sellers an aggregate cash payment of $183,946,775.16 (inclusive of the Purchased Shares
Participating Dividend Payment referred to in Section 1.1 and the cash representing fractional shares referred to in Section 1.2) (the
 “Total Consideration”), allocated as set forth next to each Seller’s name on the Schedule of Sellers,
in each case, by wire transfer of immediately available funds in accordance with the wire instructions set forth opposite such Seller's
name in the Schedule of Sellers.

 

SECTION 1.4      Closing.
The closing of the Repurchase Transaction and the Conversion (the “Closing”) will take place remotely by
electronic transfer of Closing deliverables, on the second business day following the date of this Agreement (or such other date as
is mutually agreed in writing by the Company and the Sellers subject to appropriate adjustments as set forth in the immediately
following sentence) (the “Closing Date”), subject to the receipt of deliverables and satisfaction or waiver of
the conditions for Closing set forth in Article 4 hereof. If the Closing Date occurs after May 13, 2021 by mutual written
agreement of the Company and the Sellers, the parties agree that the Total Consideration, the Conversion Amount (as defined in the
Certificate of Designation for the Preferred Stock) of the Conversion Shares and the number of Underlying Shares issuable to the
Sellers at Closing shall be adjusted to take into effect the additional accrued and unpaid Dividends (as defined in the Certificate
of Designation of the Preferred Stock) due to the passage of time. Immediately after the Closing, the Preferred Shares will be
automatically retired and cancelled in accordance with the Certificate of Designation of the Preferred Stock.

 

     

     

    

 

SECTION 1.5     
Other Payments. For the avoidance of doubt, the Sellers agree
to pay all stamp, stock transfer and similar duties, if any, in connection with the Repurchase Transaction and the Conversion.

 

Article
2

 

REPRESENTATIONS AND WARRANTIES OF THE SELLERS

 

Each Seller makes the following representations
and warranties to the Company:

 

SECTION 2.1     
Existence and Power.

 

(a)               
Each Seller has the power, authority and capacity to execute and deliver this Agreement, to perform its obligations hereunder, and to
consummate the transactions contemplated hereby.

 

(b)               
Each Seller is duly organized, validly existing and in good standing under the laws of its jurisdiction of formation.

 

(c)               
The execution and delivery of this Agreement by each Seller and the consummation by such Seller of the transactions contemplated hereby
(i) do not require the consent, approval, authorization, order, registration or qualification of, or (except for filings pursuant to Section
16 or Section 13 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) filing with, any governmental
authority or court, or body or arbitrator having jurisdiction over such Seller; and (ii) do not and will not constitute or result in a
breach, violation or default under (x) any note, bond, mortgage, deed, indenture, lien, instrument, contract, agreement, lease or license,
to which such Seller is a party or (y) such Seller’s organizational documents, or (z) any statute, law, ordinance, decree, order,
injunction, rule, directive, judgment or regulation of any court, administrative or regulatory body, governmental authority or similar
body applicable to such Seller, except in each case of clauses (i), (ii)(x) and (ii)(z) as would not materially adversely affect the ability
of such Seller to consummate the transactions contemplated by this Agreement.

 

SECTION 2.2     
Valid and Enforceable Agreement; Authorization. This Agreement
has been duly executed and delivered by each Seller and constitutes a legal, valid and binding obligation of such Seller, enforceable
against such Seller in accordance with its terms, except as limited by applicable bankruptcy, insolvency, reorganization, moratorium,
fraudulent conveyance or other similar laws of general application affecting enforcement of creditors’ rights generally or general
principles of equity.

 

SECTION 2.3     
Ownership of Preferred Shares. The Sellers, collectively, are
the sole record owners of the Preferred Shares and have good, valid and marketable title to the Preferred Shares, free and clear of all
liens, encumbrances, equities or adverse claims (other than those arising by operation of applicable securities laws), and no Seller has,
in whole or in part, (i) other than as set forth in this Agreement or in clause (y) above, assigned, transferred, hypothecated, pledged
or otherwise disposed of the Preferred Shares or its ownership or other rights in such Preferred Shares or (ii) given any person
or entity (other than to Starboard Value LP) any transfer order, power of attorney or other authority of any nature whatsoever with respect
to such Preferred Shares. Upon payment of the Total Consideration in accordance with this Agreement, good and valid title to the
Purchased Shares, free and clear of all liens, encumbrances, equities or adverse claims, will pass to the Company.

 

     

     

    

 

SECTION 2.4     
Access to Information; Sophistication; Lack of Reliance.
The Sellers (i) are familiar with the business and financial condition, properties, operations and prospects of the Company, (ii) have
been provided with such information, documents and other materials concerning the Company, including its financial condition, results
of operations, prospects, properties or business, to enable the Sellers to form an independent judgment regarding the advisability of
Repurchase Transaction and the Conversion on the terms and conditions contained herein, (iii) have had such time as the Sellers deem
necessary and appropriate to review and analyze such information, documents and other materials to enable it to form such independent
judgment, and (iv) have been granted the opportunity to obtain any additional information that the Sellers deem necessary to verify the
accuracy of such information, documents and other materials and to ask questions of, and have received satisfactory answers from, representatives
of the Company concerning the Company. The Sellers have also had the opportunity to review the periodic and current reports filed with
the United States Securities and Exchange Commission by the Company. The Sellers’ knowledge and experience in financial and business
matters is such that the Sellers are capable of evaluating the merits and risks of the Repurchase Transaction and the Conversion. The
Sellers have carefully reviewed the terms and provisions of this Agreement and have evaluated their rights and obligations contained
herein and are hereby voluntarily assuming the risks relating to the transactions contemplated hereby. The Sellers hereby acknowledge
and agree that, except for the representations and warranties of the Company expressly set forth in this Agreement, none of the Company,
its affiliates, its representatives or any other person has made, and none of the Sellers, any of their respective affiliates or any
of their respective representatives relied on, any representation or warranty regarding the Company, its business, the sufficiency of
the representations and warranties set forth herein or any other matter in connection with this Agreement, the Repurchase Transaction,
the Conversion and the other transactions contemplated hereby and the Sellers’ respective agreement to consummate the transactions
contemplated hereby.

 

Article
3

 

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

 

The Company hereby makes the following representations
and warranties and covenants to Sellers:

 

SECTION 3.1     
Existence and Power.

 

(a)               
The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware and has the
power, authority and capacity to execute and deliver this Agreement, to perform its obligations hereunder, and to consummate the transactions
contemplated hereby.

 

(b)               
The execution and delivery of this Agreement by the Company and the consummation by the Company of the transactions contemplated
hereby (i) does not require the consent, approval, authorization, order, registration or qualification of, or (except for filings
pursuant to the Exchange Act) filing with, any governmental authority or court, or body or arbitrator having jurisdiction over the
Company; and (ii) does not and will not constitute or result in a breach, violation or default under, any note, bond, mortgage,
deed, indenture, lien, instrument, contract, agreement, lease or license, whether written or oral, express or implied, to which the
Company is a party, with the Company’s certificate of incorporation, or any statute, law, ordinance, decree, order,
injunction, rule, directive, judgment or regulation of any court, administrative or regulatory body, governmental authority,
arbitrator, mediator or similar body on the part of the Company or cause the acceleration or termination of any obligation or right
of the Company or any other party thereto, except in each case in this clause (ii) as would not materially adversely affect the
ability of the Company to consummate the transactions contemplated by this Agreement.

 

     

     

    

 

SECTION 3.2     
Equity Capitalization. As of May 10, 2021, 33,079,610 shares of Common Stock were issued and outstanding.

 

SECTION 3.3     
Valid and Enforceable Agreement; Authorization. This Agreement
has been duly executed and delivered by the Company and constitutes a legal, valid and binding obligation of the Company, enforceable
against the Company in accordance with its terms, except as limited by applicable bankruptcy, insolvency, reorganization, moratorium,
fraudulent conveyance and other similar laws of general application affecting enforcement of creditors’ rights generally and general
principles of equity.

 

SECTION 3.4     
Sufficient Funds. The Company has as of the date hereof, or will have as of the Closing Date, access to funds sufficient
to consummate the transactions contemplated by this Agreement.

 

SECTION 3.5     
Exemption from Liability under Section 16(b). The terms of the transactions contemplated by this Agreement were approved
prior to the execution and delivery of this Agreement by the adoption of resolutions of the Committee of Independent Directors of the
Board of Directors of the Company in accordance with Rule 16b-3 under the Exchange Act for the purpose of exempting Jeffrey Smith, the
Managing Member of Starboard Value LP who is also a director of the Company, and persons and entities who may be deemed to have a pecuniary
interest in the securities held by the Sellers, from the liability provisions of Section 16(b) of the Exchange Act.

 

SECTION 3.6     
U.S. Real Property Holding Corporation. The Company is not a United States real property holding corporation within
the meaning of Section 897 of the Internal Revenue Code of 1986, as amended (the “Code”), as of the Closing Date, and
the Company shall provide certification as of the Closing Date satisfying section 1445(b)(3) of the Code and the Treasury Regulations
issued thereunder upon any Seller's request. In the event that the Company reasonably determines in good faith that 40% or more of the
Company's USRPHC Asset Base (as defined below) consists of "United States real property interests" (within the meaning of Section
897(c)(1) of the Code), the Company shall promptly notify the Sellers of such determination in writing. For purposes of the foregoing,
the Company's "USRPHC Asset Base" shall mean the amount determined under Section 897(c)(2)(B) of the Code.

 

Article
4

 

CONDITIONS TO CLOSING

 

SECTION 4.1     
Mutual Conditions to Closing.
The obligation of either party to proceed with the Closing is subject to the fulfillment, on or before the Closing, of each of the following
conditions, unless otherwise waived:

 

(a)               
The representations and warranties of the other party shall be true and correct in all respects
as of the Closing;

 

(b)                The other party shall have performed and complied with all covenants, agreements, obligations and
conditions contained in this Agreement that are required to be performed or complied with by such party on or before the Closing; and

 

     

     

    

 

(c)               
No government, court, tribunal, arbitrator, administrative agency, commission or other governmental
official, authority or instrumentality shall have enacted, issued, promulgated, enforced or entered any statute, rule, regulation, executive
order, decree, injunction, order or other legal restraint (whether temporary, preliminary or permanent) which is in effect and which has
the effect of making the Repurchase Transaction or the Conversion illegal or otherwise prohibiting or preventing consummation of the Repurchase
Transaction or the Conversion. 

 

SECTION 4.2     
The Company’s Conditions to Closing. The obligation of the Company to proceed with the Closing is subject to the
satisfaction, on or before the Closing, of each of the following conditions, unless otherwise waived:

 

(a)               
The Sellers shall have delivered to the Company, in form reasonably acceptable to the Company, such
documents, and shall have taken such actions as may be reasonably required, in order to effect a transfer of the Purchased Shares on the
books of Computershare Trust Company, N.A. (the “Transfer Agent”) from the Sellers to the Company;

 

(b)               
The Sellers shall have duly executed and delivered to the Company the Conversion Notices in order
to effect the Conversion; and

 

(c)               
The Sellers shall have delivered an executed cross-receipt certifying that the Sellers have received
the Total Consideration in cash by wire transfer of immediately available funds in accordance with the wire transfer instructions set
forth opposite the Sellers' name in the Schedule of Sellers and the Underlying Shares issuable upon the Conversion at the Closing
via DWAC in accordance with the DWAC instructions for each Seller set forth in the applicable Conversion Notice. 

 

SECTION 4.3     
The Sellers’ Conditions to Closing. The obligation of the Sellers to proceed with the Closing is subject to the
satisfaction, on or before the Closing, of each of the following conditions, unless otherwise waived:

 

(a)               
The Company shall have paid to the Sellers the Total Consideration in cash by wire transfer of immediately
available funds in accordance with the wire transfer instructions set forth opposite the Sellers' name in the Schedule of Sellers;

 

(b)               
The Company shall have caused the Transfer Agent to credit the amount of Underlying Shares issuable
upon the Conversion as set forth in the Schedule of Sellers attached hereto (as adjusted for any stock dividend, stock split,
stock combination, reclassification or similar transaction relating to the Common Stock occurring after the date hereof), to
the account of each Seller via DWAC in accordance with the DWAC instructions for each Seller set forth in the applicable Conversion Notice;
and

 

(c)               
The Company shall have delivered an executed a cross-receipt certifying that the Company has received
the Purchased Shares at the Closing.

 

     

     

    

 

Article
5

 

MISCELLANEOUS PROVISIONS

 

SECTION 5.1      Notice.
Any notice provided for in this Agreement must be in writing and will be deemed to have been delivered: (i) upon receipt,
when delivered personally; (ii) upon delivery, when sent by facsimile (provided confirmation of transmission is mechanically or
electronically generated and kept on file by the sending party); (iii) upon delivery, when sent by electronic mail; or
(iv) one business day after deposit with an overnight courier service, in each case properly addressed to the party to receive
the same. The addresses, facsimile numbers and e-mail addresses for such communications shall be:

 

If delivered to the Company:

 

Papa John’s International, Inc.

2002 Papa John’s Boulevard

Louisville, Kentucky 40299-2367

Telephone No: (502) 261-7272

Facsimile No: (502) 261-4705

Attention: Caroline Oyler, Chief Legal and Risk Officer

Email: Caroline_Oyler@papajohns.com

 

with a copy to:

 

Hogan Lovells US LLP

555 Thirteenth Street, NW

Washington, DC 20004

Telephone No: (202) 637-5600

Facsimile No: (202) 637-5910

Attention: John Beckman

Email: john.beckman@hoganlovells.com

 

if to any Seller or the Sellers, to:

 

c/o Starboard Value LP

777 Third Avenue, 18th Floor

New York, New York 10017

Attention: Jeffrey C. Smith

Facsimile No: 212-320-0296

Telephone No: 212-845-7977

E-mail: jsmith@starboardvalue.com

operations@starboardvalue.com

 

with a copy to:

 

Schulte Roth & Zabel LLP

919 Third Avenue

New York, New York 10022

Telephone No: (212) 756-2000

Facsimile No: (212) 593-5955

Attention: Eleazer N. Klein

Email: eleazer.klein@srz.com

 

     

     

    

 

SECTION 5.2      Entire
Agreement. This Agreement and the other documents and
agreements executed in connection with the Repurchase Transaction and the Conversion embody the entire agreement and understanding
of the parties hereto with respect to the subject matter hereof and supersede all prior and contemporaneous oral or written
agreements, representations, warranties, contracts, correspondence, conversations, memoranda and understandings between or among the
parties or any of their agents, representatives or affiliates relative to such subject matter, including, without limitation, any
term sheets, emails or draft documents.

 

SECTION 5.3     
Assignment; Binding Agreement. This Agreement and the various
rights and obligations arising hereunder shall inure to the benefit of and be binding upon the parties hereto and may not be assigned
to any other party without the written consent of the other parties hereto.

 

SECTION 5.4     
Counterparts. This Agreement may be executed by any one or
more of the parties hereto in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts shall
together constitute one and the same instrument. This Agreement, and any and all agreements and instruments executed and delivered in
accordance herewith, to the extent signed and delivered by means of facsimile or other electronic format or signature (including email,
 “pdf,” “tif,” “jpg,” DocuSign and Adobe Sign), shall be treated in all manner and respects and for
all purposes as an original signature and an original agreement or instrument and shall be considered to have the same legal effect, validity
and enforceability as if it were the original signed version thereof delivered in person.

 

SECTION 5.5     
Governing Law. This Agreement shall in all respects be construed
in accordance with and governed by the substantive laws of the State of New York, without giving effect to principles of conflicts of
laws.

 

SECTION 5.6     
Waiver of Trial by Jury. Each
party hereto waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury in respect of any action,
suit or proceeding arising out of or relating to this Agreement or any transaction contemplated hereby.

 

SECTION 5.7     
No Third Party Beneficiaries or Other Rights. Nothing herein
shall grant to or create in any person not a party hereto, or any such person’s dependents or heirs, any right to any benefits hereunder,
and no such party shall be entitled to sue any party to this Agreement with respect thereto.

 

SECTION 5.8     
Waiver; Consent. This Agreement and its terms may not be changed,
amended, waived, terminated, augmented, rescinded or discharged (other than in accordance with its terms), in whole or in part, except
by a writing executed by the parties hereto.

 

SECTION 5.9     
Further Assurances. Each party hereto hereby agrees to execute
and deliver, or cause to be executed and delivered, such other documents, instruments and agreements, and take such other actions consistent
with the terms of this Agreement as may be reasonably necessary in order to accomplish the transactions contemplated by this Agreement.

 

SECTION 5.10  
Costs and Expenses. Each party hereto shall each pay their
own respective costs and expenses, including, without limitation, any commission or finder’s fee to any broker or finder, incurred
in connection with the negotiation, preparation, execution and performance of this Agreement.

 

     

     

    

 

SECTION 5.11   Severability.
If any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or
unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining
provisions contained herein shall not be affected or impaired thereby so long as this Agreement as so modified continues to express,
without material change, the original intentions of the parties as to the subject matter hereof and the prohibited nature,
invalidity or unenforceability of the provision(s) in question does not substantially impair the respective expectations or
reciprocal obligations of the parties or the practical realization of the benefits that would otherwise be conferred upon the
parties. The parties will endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s) with
a valid provision(s), the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable
provision(s).

 

SECTION 5.12  
Public Announcements. The Sellers, on the one hand, and the
Company, on the other hand, shall, to the extent feasible, consult with each other before issuing, and provide each other reasonable opportunity
to review and comment upon, any press release or other public statements with respect to the Repurchase Transaction and Conversion and
shall not issue any such press release or make any such public statement prior to such consultation, except as may be required by applicable
law, court process or by obligations pursuant to any listing agreement with any national securities exchange or automated inter-dealer
quotation system. Notwithstanding anything to the contrary herein, the Company and the Sellers shall be permitted to make the disclosures
required in its filings pursuant to the Exchange Act, in each case without such review and consultation.

 

SECTION 5.13  
Remedies. The parties agree and acknowledge that money damages
may not be an adequate remedy for any breach of the provisions of this Agreement and that any party may in its sole discretion apply to
any court of law or equity of competent jurisdiction (without posting any bond or deposit) for specific performance or other injunctive
relief in order to enforce, or prevent any violations of, the provisions of this Agreement.

 

(Signatures appear on the next page.)

 

     

     

    

 

IN WITNESS WHEREOF, each of
the parties hereto has caused this Agreement to be executed as of the date first above written.

 

	 	COMPANY:
	 	 
	 	PAPA JOHN’S INTERNATIONAL, INC.
	 	 
	 	By:	/s/ Robert M. Lynch
	 	Name:	 Robert M. Lynch
	 	Title:	 President and Chief Executive Officer

 

     

     

    

 

	 	SELLERS:
	 	 
	 	STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD.
	 	 
	 	By: Starboard Value LP, its investment manager
	 	 
	 	By:	 /s/ Jeffrey C. Smith
	 	Name: Jeffrey C. Smith
	 	Title: Authorized Signatory
	 	 
	 	STARBOARD VALUE AND OPPORTUNITY MASTER FUND L LP
	 	 
	 	By: Starboard Value LP, its investment manager
	 	 
	 	By:	/s/ Jeffrey C. Smith
	 	Name: Jeffrey C. Smith
	 	Title: Authorized Signatory
	 	 
	 	STARBOARD VALUE AND OPPORTUNITY C LP
	 	 
	 	By: Starboard Value R LP, general partner
	 	 
	 	By:	 /s/ Jeffrey C. Smith
	 	Name: Jeffrey C. Smith
	 	Title: Authorized Signatory
	 	 
	 	STARBOARD VALUE AND OPPORTUNITY S LLC
	 	 
	 	By: Starboard Value LP, its manager
	 	 
	 	By:	 /s/ Jeffrey C. Smith
	 	Name: Jeffrey C. Smith
	 	Title: Authorized Signatory

 

     

     

    

 

	 	STARBOARD P FUND LP
	 	 
	 	By: Starboard Value LP, its investment manager
	 	 
	 	By:	 /s/ Jeffrey C. Smith
	 	Name: Jeffrey C. Smith
	 	Title: Authorized Signatory
	 	 
	 	STARBOARD X MASTER FUND LTD.
	 	 
	 	By: Starboard Value LP, its investment manager
	 	 
	 	By:	 /s/ Jeffrey C. Smith
	 	Name: Jeffrey C. Smith
	 	Title: Authorized Signatory
	 	 
	 	STARBOARD VALUE LP, in its capacity as the investment
    manager of a certain managed account
	 	 
	 	By: Starboard Value GP LLC, its general partner
	 	 
	 	By:	/s/ Jeffrey C. Smith
	 	 	Name: Jeffrey C. Smith
	 	 	Title: Authorized Signatory

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