Document:

Exhibit
4.76

 

Execution
Copy

 

BPGIC
REGISTRATION RIGHTS AGREEMENT

 

THIS
REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is entered into as of December 20, 2019, by and between
(i) Brooge Holdings Limited, a Cayman Islands exempted company (including any successor entity thereto “Pubco”),
and (ii) BPGIC Holdings Limited, a Cayman Islands exempted company (the “Investor”, and together
with its permitted assigns, the “Investors”). Any capitalized term used but not defined in this Agreement
will have the meaning ascribed to such term in the Business Combination Agreement (defined below).

 

WHEREAS,
on April 15, 2019, (i) Pubco, (ii) Twelve Seas Investment Company, a Cayman Islands exempted company (together with its successors,
“Purchaser”), (iii) Brooge Merger Sub Limited, a Cayman Islands exempted company and a wholly-owned
subsidiary of Pubco (“Merger Sub”), and (iv) Brooge Petroleum And Gas Investment Company FZE, a company
formed under the laws of the Fujairah Free Zone, UAE (the “Company”), entered into that certain Business
Combination Agreement, pursuant to which the Investor also become a party thereafter pursuant to the Assignment and Joinder to
Business Combination Agreement dated as of November 19, 2019 (as assignee of Brooge Petroleum and Gas Investment Company (BPGIC)
PLC, a company formed under the laws of England and Wales, which became a party to the Business Combination Agreement pursuant
to a Joinder to Business Combination Agreement dated as of May 10, 2019) (as amended prior to the date hereof, including by the
foregoing joinders and by the First Amendment to Business Combination Agreement, dated as of September 16, 2019, and as it may
be amended after the date hereof, the “Business Combination Agreement”), pursuant to which, subject
to the terms and conditions thereof, upon the consummation of the transactions contemplated thereby (the “Closing”),
among other matters, (a) Purchaser will merge with and into Merger Sub, with Purchaser continuing as the surviving entity and
a wholly-owned subsidiary of Pubco, and with holders of Purchaser’s securities receiving substantially equivalent securities
of Pubco, and (b) Pubco will acquire all of the issued and outstanding capital shares of the Company from the Investor in exchange
for ordinary shares of Pubco, subject to the withholding of the Escrow Shares being deposited in the Escrow Account in accordance
with the terms and conditions of the Business Combination Agreement and the Escrow Agreement, and with the Company becoming a
wholly-owned subsidiary of Pubco; and

 

WHEREAS,
the parties desire to enter into this Agreement to provide the Investors with certain rights relating to the registration of the
Exchange Shares received by the Investors (including any Escrow Shares upon their release from escrow to the Investors);

 

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

 

1.
DEFINITIONS. The following capitalized
terms used herein have the following meanings:

 

“Agreement”
means this Agreement, as amended, restated, supplemented, or otherwise modified from time to time.

 

“Business
Combination Agreement” is defined in the recitals to this Agreement.

 

“Closing”
is defined in the recitals to this Agreement.

 

“Closing
Date” means the date on which the Closing occurs.

 

“Company”
is defined in the recitals to this Agreement.

 

     

     

    

 

“Demand
Registration” is defined in Section 2.1.1.

 

“Demanding
Holder” is defined in Section 2.1.1.

 

“Dispute”
is defined in Section 6.9.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated
thereunder, all as the same shall be in effect at the time.

 

“Founder
Registration Rights Agreement” means that certain Amended and Restated Registration Rights Agreement, dated as of
December 20, 2019, by and among Pubco, and the investors named therein, as it is to be amended in accordance with the terms thereof.

 

“Founder
Securities” means those securities included in the definition of “Registrable Securities” in the Founder
Registration Rights Agreement.

 

“ICC”
means the International Chamber of Commerce Arbitration or any successor entity conducting arbitrations.

 

“ICC
Procedures” is defined in Section 6.9.

 

“Indemnified
Party” is defined in Section 4.3.

 

“Indemnifying
Party” is defined in Section 4.3.

 

“Investor(s)”
is defined in the preamble to this Agreement, and include any transferee of the Registrable Securities (so long as they remain
Registrable Securities) of an Investor permitted under this Agreement.

 

“Investor
Indemnified Party” is defined in Section 4.1.

 

“Maximum
Number of Shares” is defined in Section 2.1.4.

 

“Piggy-Back
Registration” is defined in Section 2.2.1.

 

“Pro
Rata” is defined in Section 2.1.4.

 

“Pubco”
is defined in the preamble to this Agreement, and shall include Pubco’s successors by merger, acquisition, reorganization
or otherwise.

 

“Purchaser”
is defined in the recitals to this Agreement.

 

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

 

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“Registrable
Securities” means all of the Exchange Shares, including any shares held in escrow as Escrow Shares pursuant to the
Escrow Agreement or other escrow arrangements that an Investor may have with respect to all or a portion of the foregoing securities.
Registrable Securities include any warrants, shares of capital stock or other securities of Pubco or any successor entity issued
as a dividend or other distribution with respect to or in exchange for or in replacement of the foregoing securities. As to any
particular Registrable Securities, such securities shall cease to be Registrable Securities when: (a) a Registration Statement
with respect to the sale of such securities shall have become effective under the Securities Act and such securities shall have
been sold, transferred, disposed of or exchanged in accordance with such Registration Statement; (b) such securities shall have
been otherwise transferred, new certificates for them not bearing a legend restricting further transfer shall have been delivered
by Pubco and subsequent public distribution of them shall not require registration under the Securities Act; (c) such securities
shall have ceased to be outstanding or (d) the Registrable Securities are freely saleable under Rule 144 without volume limitations.
Notwithstanding anything to the contrary contained herein, a Person shall be deemed to be an “Investor holding Registrable
Securities” (or words to that effect) under this Agreement only if they are an Investor or a transferee of the applicable
Registrable Securities (so long as they remain Registrable Securities) of any Investor permitted under this Agreement and the
Escrow Agreement.

 

“Registration
Statement” means a registration statement filed by Pubco with the SEC in compliance with the Securities Act and
the rules and regulations promulgated thereunder for a public offering and sale or resale of equity securities, or securities
or other obligations exercisable or exchangeable for, or convertible into, equity securities, including all amendments thereto
(other than a registration statement on Form S-4, F-4 or Form S-8, or their successors, or any registration statement covering
only securities proposed to be issued in exchange for securities or assets of another entity).

 

“Resolution
Period” is defined in Section 6.9.

 

“Rule
144” means Rule 144 promulgated under the Securities Act.

 

“SEC”
means the United States Securities and Exchange Commission or any successor thereto.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder,
all as the same shall be in effect at the time.

 

“Short
Form Registration” is defined in Section 2.3.

 

“Underwriter”
means a securities dealer who purchases any Registrable Securities as principal in an underwritten offering and not as part of
such dealer’s market-making activities.

 

2.
REGISTRATION RIGHTS. 

 

2.1
Demand Registration. 

 

2.1.1
Request for Registration. Subject to Section 2.4, at any time and from time to time on or after the Closing Date, Investors
holding a majority-in-interest of the Registrable Securities then issued and outstanding (for the avoidance of any doubt, Escrow
Shares as held under the terms of the Escrow Agreement or other escrow arrangements shall be counted towards any majority-in-interest
determination on behalf of the Investors under this Agreement) may make a written demand for registration under the Securities
Act of all or part of their Registrable Securities (a “Demand Registration”). Any demand for a Demand
Registration shall specify the number of Registrable Securities proposed to be sold and the intended method(s) of distribution
thereof. Within thirty (30) days following receipt of any request for a Demand Registration, Pubco will notify all other Investors
holding Registrable Securities of the demand, and each Investor holding Registrable Securities who wishes to include all or a
portion of such Investor’s Registrable Securities in the Demand Registration (each such Investor including Registrable Securities
in such registration, a “Demanding Holder”) shall so notify Pubco within fifteen (15) days after the
receipt by the Investor of the notice from Pubco. Upon any such request, the Demanding Holders shall be entitled to have their
Registrable Securities included in the Demand Registration, subject to Section 2.1.4 and the provisos set forth in Section 3.1.1.
Pubco shall not be obligated to effect more than an aggregate of four (4) Demand Registrations under this Section 2.1.1 in respect
of all Registrable Securities. Notwithstanding anything in this Section 2.1 to the contrary, Pubco shall not be obligated to effect
a Demand Registration, (i) if a Piggy-Back Registration had been available to the Demanding Holder(s) within the one hundred twenty
(120) days preceding the date of request for the Demand Registration, including because Pubco has sent a notice under Section
2.2.1 that it proposes to file a Registration Statement for an offering for a capital raise on behalf of Pubco, (ii) within sixty
(60) days after the effective date of a previous registration effected with respect to the Registrable Securities pursuant this
Section 2.1 or (iii) during any period (not to exceed one hundred eighty (180) days) following the closing of the completion of
an offering of securities by Pubco if such Demand Registration would cause Pubco to breach a “lock-up” or similar
provision contained in the underwriting agreement for such offering. 

 

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2.1.2
Effective Registration. A registration will not count as a Demand Registration until the Registration Statement filed with
the SEC with respect to such Demand Registration has been declared effective and Pubco has complied with all of its obligations
in all material respects under this Agreement with respect thereto; provided, however, that if, after such Registration Statement
has been declared effective, the offering of Registrable Securities pursuant to a Demand Registration is interfered with by any
stop order or injunction of the SEC or any other governmental agency or court, the Registration Statement with respect to such
Demand Registration will be deemed not to have been declared effective, unless and until, (i) such stop order or injunction is
removed, rescinded or otherwise terminated, and (ii) a majority-in-interest of the Demanding Holders thereafter elect to continue
the offering; provided, further, that Pubco shall not be obligated to file a second Registration Statement until a Registration
Statement that has been filed is counted as a Demand Registration or is terminated.

 

2.1.3
Offering. If a majority-in-interest of the Demanding Holders so elect and advise Pubco as part of their written demand
for a Demand Registration, the offering of such Registrable Securities pursuant to such Demand Registration shall either be in
the form of an underwritten offering or a non-underwritten offering. In the case of a form of underwritten offering, then the
right of any Demanding Holder to include its Registrable Securities in such registration shall be conditioned upon such Demanding
Holder’s participation in such underwriting and the inclusion of such Demanding Holder’s Registrable Securities in
the underwriting to the extent provided herein. All Demanding Holders proposing to distribute their Registrable Securities through
such underwriting shall enter into an underwriting agreement in customary form with the Underwriter or Underwriters selected for
such underwriting by a majority-in-interest of the Investors initiating the Demand Registration. Any Underwriter or Underwriters
selected hereunder shall be at the sole and absolute discretion of Pubco.

 

2.1.4
Reduction of Offering. If the managing Underwriter or Underwriters for a Demand Registration that is to be an underwritten
offering, in good faith, advises Pubco and the Demanding Holders in writing that the dollar amount or number of Registrable Securities
which the Demanding Holders desire to sell, taken together with all other Pubco Ordinary Shares or other securities which Pubco
desires to sell and the Pubco Ordinary Shares or other securities, if any, as to which registration by Pubco has been requested
pursuant to written contractual piggy-back registration rights held by other security holders of Pubco who desire to sell, exceeds
the maximum dollar amount or maximum number of shares that can be sold in such offering without adversely affecting the proposed
offering price, the timing, the distribution method, or the probability of success of such offering (such maximum dollar amount
or maximum number of shares, as applicable, the “Maximum Number of Shares”), then Pubco shall include
in such registration: (i) first, the Registrable Securities as to which Demand Registration has been requested by the Demanding
Holders, and the Founder Securities for the account of any Persons who have exercised demand registration rights pursuant to the
Founder Registration Rights Agreement during the period under which the Demand Registration hereunder is ongoing (all pro rata
in accordance with the number of securities that each applicable Person has requested be included in such registration, regardless
of the number of securities held by each such Person (as long as they do not request to include more securities than they own)
(such proportion is referred to herein as “Pro Rata”)) that can be sold without exceeding the Maximum
Number of Shares; (ii) second, to the extent that the Maximum Number of Shares has not been reached under the foregoing clause
(i), the Pubco Ordinary Shares or other securities that Pubco desires to sell that can be sold without exceeding the Maximum Number
of Shares; (iii) third, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (i) and
(ii), the Registrable Securities of Investors as to which registration has been requested pursuant to Section 2.2 and the Founder
Securities as to which registration has been requested pursuant to the applicable written contractual piggy-back registration
rights under the Founder Registration Rights Agreement, Pro Rata among the holders thereof based on the number of securities requested
by such holders to be included in such registration, that can be sold without exceeding the Maximum Number of Shares; and (iv)
fourth, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (i), (ii) and (iii),
the Pubco Ordinary Shares or other equity securities for the account of other Persons that Pubco is obligated to register pursuant
to written contractual arrangements with such Persons that can be sold without exceeding the Maximum Number of Shares. In the
event that Pubco securities that are convertible into Pubco Ordinary Shares are included in the offering, the calculations under
this Section 2.1.4 shall include such Pubco securities on an as-converted to Pubco Ordinary Share basis. Notwithstanding anything
to the contrary herein, in the event that an offering under a Demand Registration is not underwritten, but Pubco’s board
of directors reasonably determines in good faith that the dollar amount or number of Registrable Securities which the Demanding
Holders desire to sell, taken together with all other Pubco Ordinary Shares or other securities which Pubco desires to sell and
the Pubco Ordinary Shares or other securities, if any, as to which registration by Pubco has been requested pursuant to written
contractual piggy-back registration rights held by other security holders of Pubco who desire to sell, exceeds the Maximum Number
of Shares, then the number of securities include in such registration shall be reduced in the same priority as underwritten offerings
under this Section 2.1.4.

 

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2.1.5
Withdrawal. If a majority-in-interest of the Demanding Holders disapprove of the terms of any offering or sale (whether
underwritten or otherwise) or are not entitled to include all of their Registrable Securities in any offering, such majority-in-interest
of the Demanding Holders may elect to withdraw from such offering by giving written notice to Pubco and the Underwriter or Underwriters
of their request to withdraw prior to the effectiveness of the Registration Statement filed with the SEC with respect to such
Demand Registration. If the majority-in-interest of the Demanding Holders withdraws from a proposed offering relating to a Demand
Registration in such event, then such registration shall not count as a Demand Registration provided for in Section 2.1.

 

2.2
Piggy-Back Registration. 

 

2.2.1
Piggy-Back Rights. Subject to Section 2.4, if at any time on or after the Closing Date, Pubco proposes to file a Registration
Statement under the Securities Act with respect to the registration of or an offering of equity securities, or securities or other
obligations exercisable or exchangeable for, or convertible into, equity securities, by Pubco for its own account or for security
holders of Pubco for their account (or by Pubco and by security holders of Pubco including pursuant to Section 2.1), other than
a Registration Statement (i) filed in connection with any employee stock option or other benefit plan, (ii) for an exchange offer
or offering of securities solely to Pubco’s existing security holders, (iii) for an offering of debt that is convertible
into equity securities of Pubco or (iv) for a dividend reinvestment plan, then Pubco shall (x) give written notice of such proposed
filing to Investors holding Registrable Securities as soon as practicable but in no event less than ten (10) Business Days before
the anticipated filing date, which notice shall describe the amount and type of securities to be included in such registration
or offering, the intended method(s) of distribution, and the name of the proposed managing Underwriter or Underwriters, if any,
of the offering, and (y) offer to Investors holding Registrable Securities in such notice the opportunity to register the sale
of such number of Registrable Securities as such Investors may request in writing within five (5) Business Days following receipt
of such notice (a “Piggy-Back Registration”). To the extent permitted by applicable securities laws
with respect to such registration by Pubco or another demanding security holder, Pubco shall use its best efforts to cause such
Registrable Securities to be included in such registration and shall use its best efforts to cause the managing Underwriter or
Underwriters of a proposed underwritten offering to permit the Registrable Securities requested to be included in a Piggy-Back
Registration on the same terms and conditions as any similar securities of Pubco and to permit the sale or other disposition of
such Registrable Securities in accordance with the intended method(s) of distribution thereof. All Investors holding Registrable
Securities proposing to distribute their securities through a Piggy-Back Registration that involves an Underwriter or Underwriters
shall enter into an underwriting agreement in customary form with the Underwriter or Underwriters selected for such Piggy-Back
Registration.

 

2.2.2
Reduction of Offering. If the managing Underwriter or Underwriters for a Piggy-Back Registration that is to be an underwritten
offering advises, in good faith, Pubco and Investors holding Registrable Securities proposing to distribute their Registrable
Securities through such Piggy-Back Registration in writing that the dollar amount or number of Pubco Ordinary Shares or other
Pubco securities which Pubco desires to sell, taken together with the Pubco Ordinary Shares or other Pubco securities, if any,
as to which registration has been demanded pursuant to written contractual arrangements with Persons other than the Investors
holding Registrable Securities hereunder, the Registrable Securities as to which registration has been requested under this Section
2.2, and the Pubco Ordinary Shares or other Pubco securities, if any, as to which registration has been requested pursuant to
the written contractual piggy-back registration rights of other security holders of Pubco, exceeds the Maximum Number of Shares,
then Pubco shall include in any such registration:

 

(a)
If the registration is undertaken for Pubco’s account: (i) first, the Pubco Ordinary Shares or other securities that Pubco
desires to sell that can be sold without exceeding the Maximum Number of Shares; (ii) second, to the extent that the Maximum Number
of Shares has not been reached under the foregoing clause (i), the Registrable Securities of Investors as to which registration
has been requested pursuant to this Section 2.2 and the Founder Securities as to which registration has been requested pursuant
to the applicable written contractual piggy-back registration rights under the Founder Registration Rights Agreement, Pro Rata
among the holders thereof based on the number of securities requested by such holders to be included in such registration, that
can be sold without exceeding the Maximum Number of Shares; and (iii) third, to the extent that the Maximum Number of Shares has
not been reached under the foregoing clauses (i) and (ii), the Pubco Ordinary Shares or other equity securities for the account
of other Persons that Pubco is obligated to register pursuant to separate written contractual arrangements with such Persons that
can be sold without exceeding the Maximum Number of Shares;

 

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(b)
If the registration is a “demand” registration undertaken at the demand of Demanding Holders pursuant to Section 2.1:
(i) first, the Pubco Ordinary Shares or other securities for the account of the Demanding Holders that can be sold without exceeding
the Maximum Number of Shares; (ii) second, to the extent that the Maximum Number of Shares has not been reached under the foregoing
clause (i), the Pubco Ordinary Shares or other securities that Pubco desires to sell that can be sold without exceeding the Maximum
Number of Shares; (iii) third, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses
(i) and (ii), the Registrable Securities of Investors as to which registration has been requested pursuant to this Section 2.2
and the Founder Securities as to which registration has been requested pursuant to the applicable written contractual piggy-back
registration rights under the Founder Registration Rights Agreement, Pro Rata among the holders thereof based on the number of
securities requested by such holders to be included in such registration, that can be sold without exceeding the Maximum Number
of Shares; and (iv) fourth, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (i),
(ii) and (iii), the Pubco Ordinary Shares or other equity securities for the account of other Persons that Pubco is obligated
to register pursuant to separate written contractual arrangements with such Persons that can be sold without exceeding the Maximum
Number of Shares;

 

(c)
If the registration is a “demand” registration undertaken at the demand of holders of Founder Securities under the
Founder Registration Rights Agreement: (i) first, the Founder Securities for the account of the demanding holders, Pro Rata among
such holders based on the number of Founder Securities requested by such holders to be included in such registration, that can
be sold without exceeding the Maximum Number of Shares; (ii) second, to the extent that the Maximum Number of Shares has not been
reached under the foregoing clause (i), the Pubco Ordinary Shares or other securities that Pubco desires to sell that can be sold
without exceeding the Maximum Number of Shares; (iii) third, to the extent that the Maximum Number of Shares has not been reached
under the foregoing clauses (i) and (ii), the Registrable Securities of Investors as to which registration has been requested
pursuant to this Section 2.2 and the Founder Securities as to which registration has been requested pursuant to the applicable
written contractual piggy-back registration rights under the Founder Registration Rights Agreement, Pro Rata among the holders
thereof based on the number of securities requested by such holders to be included in such registration, that can be sold without
exceeding the Maximum Number of Shares; and (iv) fourth, to the extent that the Maximum Number of Shares has not been reached
under the foregoing clauses (i), (ii) and (iii), the Pubco Ordinary Shares or other equity securities for the account of other
Persons that Pubco is obligated to register pursuant to separate written contractual arrangements with such Persons that can be
sold without exceeding the Maximum Number of Shares; and

 

(d)
If the registration is a “demand” registration undertaken at the demand of Persons other than either Demanding Holders
under Section 2.1 or the holders of Founder Securities exercising demand registration rights under the Founder Registration Rights
Agreement: (i) first, the Pubco Ordinary Shares or other securities for the account of the demanding Persons that can be sold
without exceeding the Maximum Number of Shares; (ii) second, to the extent that the Maximum Number of Shares has not been reached
under the foregoing clause (i), the Pubco Ordinary Shares or other securities that Pubco desires to sell that can be sold without
exceeding the Maximum Number of Shares; (iii) third, to the extent that the Maximum Number of Shares has not been reached under
the foregoing clauses (i) and (ii), the Registrable Securities of Investors as to which registration has been requested pursuant
to this Section 2.2 and the Founder Securities as to which registration has been requested pursuant to the applicable written
contractual piggy-back registration rights under the Founder Registration Rights Agreement, Pro Rata among the holders thereof
based on the number of securities requested by such holders to be included in such registration, that can be sold without exceeding
the Maximum Number of Shares; and (iv) fourth, to the extent that the Maximum Number of Shares has not been reached under the
foregoing clauses (i), (ii) and (iii), the Pubco Ordinary Shares or other equity securities for the account of other Persons that
Pubco is obligated to register pursuant to separate written contractual arrangements with such Persons that can be sold without
exceeding the Maximum Number of Shares.

 

In
the event that Pubco securities that are convertible into Pubco Ordinary Shares are included in the offering, the calculations
under this Section 2.2.2 shall include such Pubco securities on an as-converted to Pubco Ordinary Share basis. Notwithstanding
anything to the contrary above, to the extent that the registration of an Investor’s Registrable Securities would prevent
Pubco or the demanding shareholders from effecting such registration and offering, such Investor shall not be permitted to exercise
Piggy Back Registration rights with respect to such registration and offering. Notwithstanding anything to the contrary herein,
in the event that an offering pursuant to a Piggy-Back Registration is not underwritten, but Pubco’s board of directors
reasonably determines in good faith that the dollar amount or number of Registrable Securities which the Investors desire to sell,
taken together with all other Pubco Ordinary Shares or other securities which Pubco desires to sell and the Pubco Ordinary Shares
or other securities, if any, as to which registration by Pubco has been requested pursuant to written contractual piggy-back registration
rights held by other security holders of Pubco who desire to sell, exceeds the Maximum Number of Shares, then the number of securities
include in such registration shall be reduced in the same priority as underwritten offerings under this Section 2.2.2.

 

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2.2.3
Withdrawal. Any Investor holding Registrable Securities may elect to withdraw such Investor’s request for inclusion
of Registrable Securities in any Piggy-Back Registration by giving written notice to Pubco of such request to withdraw prior to
the effectiveness of the Registration Statement. Pubco (whether on its own determination or as the result of a withdrawal by Persons
making a demand pursuant to written contractual obligations) may withdraw a Registration Statement at any time prior to the effectiveness
of such Registration Statement without any liability to the applicable Investor, subject to the next sentence and the provisions
of Section 4. Notwithstanding any such withdrawal, Pubco shall pay all expenses incurred in connection with such Piggy-Back Registration
as provided in Section 3.3 (subject to the limitations set forth therein) by Investors holding Registrable Securities that requested
to have their Registrable Securities included in such Piggy-Back Registration.

 

2.2.4
Unlimited Piggy-Back Registration Rights. For purposes of clarity, any registration effected pursuant to Section 2.2
hereof shall not be counted as a registration pursuant to a Demand Registration effected under Section 2.1 hereof.

 

2.3
Short Form Registrations. After the Closing Date, subject to Section 2.4, Investors holding Registrable Securities may
at any time and from time to time, request in writing that Pubco register the resale of any or all of such Registrable Securities
on Form S-3 or F-3 or any similar short-form registration which may be available at such time (“Short Form Registration”);
provided, however, that Pubco shall not be obligated to effect such request through an underwritten offering. Upon receipt
of such written request, Pubco will promptly give written notice of the proposed registration to all other Investors holding Registrable
Securities, and, as soon as practicable thereafter, effect the registration of all or such portion of such Investors’ Registrable
Securities as are specified in such request, together with all or such portion of the Registrable Securities, if any, of any other
Investors joining in such request as are specified in a written request given within fifteen (15) days after receipt of such written
notice from Pubco; provided, however, that Pubco shall not be obligated to effect any such registration pursuant to this Section
2.3: (i) if Short Form Registration is not available to Pubco for such offering; or (ii) if Investors holding Registrable Securities,
together with the holders of any other securities of Pubco entitled to inclusion in such registration, propose to sell Registrable
Securities and such other securities (if any) at any aggregate price to the public of less than $2,000,000. Registrations effected
pursuant to this Section 2.3 shall not be counted as Demand Registrations effected pursuant to Section 2.1.

 

2.4
Restriction of Offerings. Notwithstanding anything to the contrary contained in this Agreement, Pubco shall not be obligated
to effect, or to take any action to effect, any registration (including any Demand Registration or Piggy-Back Registration) pursuant
to this Section 2 with respect to any Registrable Securities that are Escrow Shares while they are held in the Escrow Account
in accordance with the Escrow Agreement and not yet distributed to the Investors.

 

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3.
REGISTRATION PROCEDURES. 

 

3.1
Filings; Information. Whenever Pubco is required to effect the registration of any Registrable Securities pursuant to Section
2, Pubco shall use its best efforts to effect the registration and sale of such Registrable Securities in accordance with the
intended method(s) of distribution thereof as expeditiously as practicable, and in connection with any such request:

 

3.1.1
Filing Registration Statement. Pubco shall use its best efforts to, as expeditiously as possible after receipt of a request
for a Demand Registration pursuant to Section 2.1, prepare and file with the SEC a Registration Statement on any form for which
Pubco then qualifies or which counsel for Pubco shall deem appropriate and which form shall be available for the sale of all Registrable
Securities to be registered thereunder in accordance with the intended method(s) of distribution thereof, and shall use its reasonable
efforts to cause such Registration Statement to become effective and use its reasonable efforts to keep it effective for the period
required by Section 3.1.3; provided, however, that Pubco shall have the right to defer any Demand Registration for
up to thirty (30) days, and any Piggy-Back Registration for such period as may be applicable to deferment of any demand registration
to which such Piggy-Back Registration relates, in each case if Pubco shall furnish to Investors requesting to include their Registrable
Securities in such registration a certificate signed by the Chairman, Chief Executive Officer or Chief Financial Officer of Pubco
stating that, in the good faith judgment of the Board of Directors of Pubco, it would be materially detrimental to Pubco and its
shareholders for such Registration Statement to be effected at such time or the filing would require premature disclosure of material
information which is not in the interests of Pubco to disclose at such time; provided further, however, that Pubco shall not have
the right to exercise the right set forth in the immediately preceding proviso more than twice in any 365-day period in respect
of a Demand Registration hereunder.

 

3.1.2
Copies. Pubco shall, prior to filing a Registration Statement or prospectus, or any amendment or supplement thereto, furnish
without charge to Investors holding Registrable Securities included in such registration, and such Investors’ legal counsel,
copies of such Registration Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in
each case including all exhibits thereto and documents incorporated by reference therein), the prospectus included in such Registration
Statement (including each preliminary prospectus), and such other documents as Investors holding Registrable Securities included
in such registration or legal counsel for any such Investors may request in order to facilitate the disposition of the Registrable
Securities owned by such Investors.

 

3.1.3
Amendments and Supplements. Pubco shall prepare and file with the SEC such amendments, including post-effective amendments,
and supplements to such Registration Statement and the prospectus used in connection therewith as may be necessary to keep such
Registration Statement effective and in compliance with the provisions of the Securities Act until all Registrable Securities
and other securities covered by such Registration Statement have been disposed of in accordance with the intended method(s) of
distribution set forth in such Registration Statement or such securities have been withdrawn or until such time as the Registrable
Securities cease to be Registrable Securities as defined by this Agreement.

 

3.1.4
Notification. After the filing of a Registration Statement, Pubco shall promptly, and in no event more than five (5) Business
Days after such filing, notify Investors holding Registrable Securities included in such Registration Statement of such filing,
and shall further notify such Investors promptly and confirm such advice in writing in all events within five (5) Business Days
after the occurrence of any of the following: (i) when such Registration Statement becomes effective; (ii) when any post-effective
amendment to such Registration Statement becomes effective; (iii) the issuance or threatened issuance by the SEC of any stop order
(and Pubco shall take all actions required to prevent the entry of such stop order or to remove it if entered); and (iv) any request
by the SEC for any amendment or supplement to such Registration Statement or any prospectus relating thereto or for additional
information or of the occurrence of an event requiring the preparation of a supplement or amendment to such prospectus so that,
as thereafter delivered to the purchasers of the securities covered by such Registration Statement, such prospectus will not contain
an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the
statements therein not misleading, and promptly make available to Investors holding Registrable Securities included in such Registration
Statement any such supplement or amendment; except that before filing with the SEC a Registration Statement or prospectus or any
amendment or supplement thereto, including documents incorporated by reference, Pubco shall furnish to Investors holding Registrable
Securities included in such Registration Statement and to the legal counsel for any such Investors, copies of all such documents
proposed to be filed sufficiently in advance of filing to provide such Investors and legal counsel with a reasonable opportunity
to review such documents and comment thereon; provided that such Investors and their legal counsel must provide any comments promptly
(and in any event within five (5) Business Days) after receipt of such documents. Notwithstanding the aforementioned, Pubco shall
be able to file a Registration Statement or prospectus or amendment or supplement thereto, including documents incorporated by
reference; provided, however, where such Investors holding a majority-in-interest of the Registrable Securities included in such
Registration Statement or their legal counsel shall object in good faith, Pubco must first, in good faith, reasonably consult
with such Investors and their legal counsel prior to any such filing, to address any concerns; and provided further that any resultant
failure to file shall not be a breach of Pubco’s obligations under this Agreement.

 

    8

     

    

 

3.1.5
State Securities Laws Compliance. Pubco shall use its reasonable efforts to (i) register or qualify the Registrable Securities
covered by the Registration Statement under such securities or “blue sky” laws of such jurisdictions in the United
States as Investors holding Registrable Securities included in such Registration Statement (in light of their intended plan of
distribution) may reasonably request and (ii) take such action necessary to cause such Registrable Securities covered by the Registration
Statement to be registered with or approved by such other governmental authorities as may be necessary by virtue of the business
and operations of Pubco and do any and all other acts and things that may be necessary or advisable to enable Investors holding
Registrable Securities included in such Registration Statement to consummate the disposition of such Registrable Securities in
such jurisdictions; provided, however, that Pubco shall not be required to qualify generally to do business in any
jurisdiction where it would not otherwise be required to qualify but for this paragraph or take any action to which it would be
subject to general service of process or to taxation in any such jurisdiction where it is not then otherwise subject.

 

3.1.6
Agreements for Disposition. Only to the extent required by the underwriting agreement or similar agreements, Pubco shall
enter into reasonable customary agreements (including, if applicable, an underwriting agreement in customary form) and take such
other actions as are reasonably required in order to expedite or facilitate the disposition of such Registrable Securities. The
representations, warranties and covenants of Pubco in any underwriting agreement which are made to or for the benefit of any Underwriters,
to the extent applicable, shall also be made to and for the benefit of the Investors holding Registrable Securities included in
such Registration Statement. No Investor holding Registrable Securities included in such Registration Statement shall be required
to make any representations or warranties in the underwriting agreement except, if applicable, with respect to such Investor’s
organization, good standing, authority, title to Registrable Securities, lack of conflict of such sale with such Investor’s
material agreements and organizational documents, and with respect to written information relating to such Investor that such
Investor has furnished in writing expressly for inclusion in such Registration Statement.

 

3.1.7
Cooperation. The principal executive officer of Pubco, the principal financial officer of Pubco, the principal accounting
officer of Pubco and all other officers and members of the management of Pubco shall reasonably cooperate in any offering of Registrable
Securities hereunder, which cooperation shall include the preparation of the Registration Statement with respect to such offering
and all other offering materials and related documents, and participation in meetings with Underwriters, attorneys, accountants
and potential investors.

 

3.1.8
Records. Pubco shall make available for inspection by Investors holding Registrable Securities included in such Registration
Statement, any Underwriter participating in any disposition pursuant to such Registration Statement and any attorney, accountant
or other professional retained by any Investor holding Registrable Securities included in such Registration Statement or any Underwriter,
all financial and other records, pertinent corporate documents and properties of Pubco, as shall be reasonably necessary to enable
them to exercise their due diligence responsibility, and cause Pubco’s officers, directors and employees to supply all information
reasonably requested by any of them in connection with such Registration Statement; provided that Pubco may require execution
of a reasonable confidentiality agreement prior to sharing any such information.

 

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3.1.9
Opinions and Comfort Letters. Pubco shall request its counsel and accountants to provide customary legal opinions and customary
comfort letters, to the extent so reasonably required by any underwriting agreement.

 

3.1.10
Earnings Statement. Pubco shall comply with all applicable rules and regulations of the SEC and the Securities Act, and
make available to its shareholders if reasonably required, as soon as reasonably practicable, an earnings statement covering a
period of twelve (12) months, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and
Rule 158 thereunder.

 

3.1.11
Listing. Pubco shall use its reasonable best efforts to cause all Registrable Securities that are Pubco Ordinary Shares
(or convertible into Pubco Ordinary Shares) included in any registration to be listed on such exchanges or otherwise designated
for trading in the same manner as similar securities issued by Pubco are then listed or designated (for the avoidance of doubt,
Registrable Securities that are convertible into Pubco Ordinary Shares will only be required to be listed if such convertible
securities themselves are then listed) or, if no such similar securities are then listed or designated, in a manner satisfactory
to Investors holding a majority-in-interest of the Registrable Securities included in such registration.

 

3.1.12
Road Show. If the registration involves the registration of Registrable Securities involving gross proceeds in excess of
$50,000,000, Pubco shall use its reasonable efforts to make available senior executives of Pubco to participate in customary “road
show” presentations that may be reasonably requested by the Underwriter in any underwritten offering.

 

3.2
Obligation to Suspend Distribution. Upon receipt of any notice from Pubco of the happening of any event of the kind described
in Section 3.1.4(iv), or, in the case of a resale registration on a Short Form Registration pursuant to Section 2.3 hereof, upon
any suspension by Pubco, pursuant to a written insider trading compliance program adopted by Pubco’s Board of Directors,
of the ability of all “insiders” covered by such program to transact in Pubco’s securities because of the existence
of material non-public information, each Investor holding Registrable Securities included in any registration shall immediately
discontinue disposition of such Registrable Securities pursuant to the Registration Statement covering such Registrable Securities
until such Investor receives the supplemented or amended prospectus contemplated by Section 3.1.4(iv), or the restriction on the
ability of “insiders” to transact in Pubco’s securities is removed, as applicable, and, if so directed by Pubco,
each such Investor will deliver to Pubco all copies, other than permanent file copies then in such Investor’s possession,
of the most recent prospectus covering such Registrable Securities at the time of receipt of such notice.

 

3.3
Registration Expenses. Subject to Section 4, Pubco shall bear all reasonable costs and expenses incurred in connection
with any Demand Registration pursuant to Section 2.1, any Piggy-Back Registration pursuant to Section 2.2, and any registration
on a Short Form Registration effected pursuant to Section 2.3, and all reasonable expenses incurred in performing or complying
with its other obligations under this Agreement, whether or not the Registration Statement becomes effective, including: (i) all
registration and filing fees; (ii) fees and expenses of compliance with securities or “blue sky” laws (including fees
and disbursements of counsel in connection with blue sky qualifications of the Registrable Securities); (iii) printing expenses;
(iv) Pubco’s internal expenses (including all salaries and expenses of its officers and employees); (v) the fees and expenses
incurred in connection with the listing of the Registrable Securities as required by Section 3.1.11; (vi) Financial Industry Regulatory
Authority fees; (vii) fees and disbursements of counsel for Pubco and fees and expenses for independent certified public accountants
retained by Pubco (including the expenses or costs associated with the delivery of any opinions or comfort letters requested pursuant
to Section 3.1.9); (viii) the reasonable fees and expenses of any special experts retained by Pubco in connection with such registration;
and (ix) the reasonable fees and expenses (up to a maximum of $15,000 in the aggregate in connection with such Registration) of
one legal counsel selected by Investors holding a majority-in-interest of the Registrable Securities included in such Registration
for such legal counsel’s review, comment and finalization of the proposed Registration Statement and other relevant documents.
Pubco shall have no obligation to pay any underwriting discounts or selling commissions attributable to the Registrable Securities
being sold by the holders thereof, which underwriting discounts or selling commissions shall be borne by such holders. Additionally,
in an underwritten offering, all selling security holders and Pubco shall bear the expenses of the Underwriter pro rata in proportion
to the respective amount of securities each is selling in such offering.

 

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3.4
Information. Investors holding Registrable Securities included in any Registration Statement shall provide such information
as may reasonably be requested by Pubco, or the managing Underwriter, if any, in connection with the preparation of such Registration
Statement, including amendments and supplements thereto, in order to effect the registration of any Registrable Securities under
the Securities Act pursuant to Section 2 and in connection with the obligation to comply with federal and applicable state securities
laws. Investors selling Registrable Securities in any offering must provide all questionnaires, powers of attorney, custody agreements,
stock powers, and other documentation reasonably requested by Pubco or the managing Underwriter.

 

4.
INDEMNIFICATION AND CONTRIBUTION. 

 

4.1
Indemnification by Pubco. Subject to Section 4.5 and the provisions of this Section 4.1 below, Pubco agrees to indemnify
and hold harmless each Investor, and each Investor’s officers, employees, affiliates, directors, partners, members, attorneys
and agents, and each Person, if any, who controls an Investor (within the meaning of Section 15 of the Securities Act or Section
20 of the Exchange Act) (each, an “Investor Indemnified Party”), from and against any expenses, losses,
judgments, claims, damages or liabilities, whether joint or several, arising out of or based upon any untrue statement of a material
fact contained in any Registration Statement under which the sale of such Registrable Securities was registered under the Securities
Act, any preliminary prospectus, final prospectus or summary prospectus contained in the Registration Statement, or any amendment
or supplement to such Registration Statement, or arising out of or based upon any omission to state a material fact required to
be stated therein or necessary to make the statements therein not misleading, or any violation by Pubco of the Securities Act
or any rule or regulation promulgated thereunder applicable to Pubco and relating to action or inaction required of Pubco in connection
with any such registration (provided, however, that the indemnity agreement contained in this Section 4.1 shall not apply to amounts
paid in settlement of any such claim, loss, damage, liability or action if such settlement is effected without the consent of
Pubco, such consent not to be unreasonably withheld, delayed or conditioned); and Pubco shall promptly reimburse the Investor
Indemnified Party for any legal and any other expenses reasonably incurred by such Investor Indemnified Party in connection with
investigating and defending any such expense, loss, judgment, claim, damage, liability or action; provided, however,
that Pubco will not be liable in any such case to the extent that any such expense, loss, claim, damage or liability arises out
of or is based upon any untrue statement or omission made in such Registration Statement, preliminary prospectus, final prospectus,
or summary prospectus, or any such amendment or supplement, in reliance upon and in conformity with information furnished to Pubco,
in writing, by such Investor Indemnified Party expressly for use therein. Pubco also shall indemnify any Underwriter of the Registrable
Securities, their officers, affiliates, directors, partners, members and agents and each Person who controls such Underwriter
on substantially the same basis as that of the indemnification provided above in this Section 4.1.

 

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4.2
Indemnification by Investors Holding Registrable Securities. Subject to Section 4.5 and the provisions of this Section
4.2 below, each Investor selling Registrable Securities will, in the event that any registration is being effected under the Securities
Act pursuant to this Agreement of any Registrable Securities held by such selling Investor, indemnify and hold harmless Pubco,
each of its directors and officers and each Underwriter (if any), and each other selling holder and each other Person, if any,
who controls another selling holder or such Underwriter within the meaning of the Securities Act, against any losses, claims,
judgments, damages or liabilities, whether joint or several, insofar as such losses, claims, judgments, damages or liabilities
(or actions in respect thereof) arise out of or are based upon any untrue statement of a material fact contained in any Registration
Statement under which the sale of such Registrable Securities was registered under the Securities Act, any preliminary prospectus,
final prospectus or summary prospectus contained in the Registration Statement, or any amendment or supplement to the Registration
Statement, or arise out of or are based upon any omission to state a material fact required to be stated therein or necessary
to make the statement therein not misleading, if the statement or omission was made in reliance upon and in conformity with information
furnished in writing to Pubco by such selling Investor expressly for use therein (provided, however, that the indemnity agreement
contained in this Section 4.2 shall not apply to amounts paid in settlement of any such claim, loss, damage, liability or action
if such settlement is effected without the consent of the indemnifying Investor, such consent not to be unreasonably withheld,
delayed or conditioned), and shall reimburse Pubco, its directors and officers, and each other selling holder or controlling Person
for any legal or other expenses reasonably incurred by any of them in connection with investigation or defending any such loss,
claim, damage, liability or action. Each selling Investor’s indemnification obligations hereunder shall be several and not
joint and shall be limited to the amount of any net proceeds actually received by such selling Investor.

 

4.3
Conduct of Indemnification Proceedings. Promptly after receipt by any Person of any notice of any loss, claim, damage or
liability or any action in respect of which indemnity may be sought pursuant to Section 4.1 or 4.2, such Person (the “Indemnified
Party”) shall, if a claim in respect thereof is to be made against any other Person for indemnification hereunder,
notify such other Person (the “Indemnifying Party”) in writing of the loss, claim, judgment, damage,
liability or action; provided, however, that the failure by the Indemnified Party to notify the Indemnifying Party shall not relieve
the Indemnifying Party from any liability which the Indemnifying Party may have to such Indemnified Party hereunder, except and
solely to the extent the Indemnifying Party is actually prejudiced by such failure. If the Indemnified Party is seeking indemnification
with respect to any claim or action brought against the Indemnified Party, then the Indemnifying Party shall be entitled to participate
in such claim or action, and, to the extent that it wishes, jointly with all other Indemnifying Parties, to assume control of
the defense thereof with counsel satisfactory to the Indemnified Party. After notice from the Indemnifying Party to the Indemnified
Party of its election to assume control of the defense of such claim or action, the Indemnifying Party shall not be liable to
the Indemnified Party for any legal or other expenses subsequently incurred by the Indemnified Party in connection with the defense
thereof other than reasonable costs of investigation; provided, however, that in any action in which both the Indemnified Party
and the Indemnifying Party are named as defendants, the Indemnified Party shall have the right to employ separate counsel (but
no more than one such separate counsel) to represent the Indemnified Party and its controlling Persons who may be subject to liability
arising out of any claim in respect of which indemnity may be sought by the Indemnified Party against the Indemnifying Party,
with the fees and expenses of such counsel to be paid by such Indemnifying Party if, based upon the written opinion of counsel
of such Indemnified Party, representation of both parties by the same counsel would be inappropriate due to actual or potential
differing interests between them. No Indemnifying Party shall, without the prior written consent of the Indemnified Party (acting
reasonably), consent to entry of judgment or effect any settlement of any claim or pending or threatened proceeding in respect
of which the Indemnified Party is or could have been a party and indemnity could have been sought hereunder by such Indemnified
Party, unless such judgment or settlement includes an unconditional release of such Indemnified Party from all liability arising
out of such claim or proceeding.

 

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4.4
Contribution.

 

4.4.1
Subject to Section 4.5, if the indemnification provided for in the foregoing Sections 4.1, 4.2 and 4.3 is unavailable to any Indemnified
Party in respect of any loss, claim, damage, liability or action referred to herein, then each such Indemnifying Party, in lieu
of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of
such loss, claim, damage, liability or action in such proportion as is appropriate to reflect the relative fault of the Indemnified
Parties and the Indemnifying Parties in connection with the actions or omissions which resulted in such loss, claim, damage, liability
or action, as well as any other relevant equitable considerations. The relative fault of any Indemnified Party and any Indemnifying
Party shall be determined by reference to, among other things, whether the untrue statement of a material fact or the omission
to state a material fact relates to information supplied by such Indemnified Party or such Indemnifying Party and the parties’
relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.

 

4.4.2
Subject to Section 4.5, the parties hereto agree that it would not be just and equitable if contribution pursuant to this Section
4.4 were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations
referred to in the immediately preceding Section 4.4.1.

 

4.4.3
Subject to Section 4.5, the amount paid or payable by an Indemnified Party as a result of any loss, claim, damage, liability or
action referred to in the immediately preceding paragraph shall be deemed to include, subject to the limitations set forth above,
any legal or other expenses incurred by such Indemnified Party in connection with investigating or defending any such action or
claim. Notwithstanding the provisions of this Section 4.4, no Investor holding Registrable Securities shall be required to contribute
any amount in excess of the dollar amount of the net proceeds (after payment of any underwriting fees, discounts, commissions
or taxes) actually received by such Investor from the sale of Registrable Securities which gave rise to such contribution obligation.
No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled
to contribution from any Person who was not guilty of such fraudulent misrepresentation.

 

4.5
Limitation of Liability. Notwithstanding anything under the terms of this Agreement, including this Section 4, any liability
an Investor or Pubco may have for any expenses, losses, judgments, claims, damages, liabilities, actions pursuant to the terms
of this Agreement shall be against the Investor itself or Pubco, as an entity only, respectively, and the following Persons shall
have no liability whatsoever, and be subject to no Actions, to the maximum extent allowable under applicable Law: (a) officers,
directors, managers, employees, representatives, or contractors of the Investor or Pubco; (b) officers, directors, managers, employees,
representatives or contractors of any Affiliate or related party of the Investor or Pubco, including any of their respective direct
or indirect investors; and (c) any Affiliate or related party of the Investor or Pubco, including any direct or indirect investors
(but for the avoidance of any doubt, in each case of clauses (a) through (c), excluding the relevant Investor or Pubco, respectively).

 

5.
RULE 144. 

 

5.1
Rule 144. Pubco covenants that it shall file any reports required to be filed by it under the Securities Act and the Exchange
Act and shall take such further action as Investors holding Registrable Securities may reasonably request, all to the extent required
from time to time to enable such Investors to sell Registrable Securities without registration under the Securities Act within
the limitation of the exemptions provided by Rule 144 under the Securities Act, as such Rule 144 may be amended from time to time,
or any similar rule or regulation hereafter adopted by the SEC.

 

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6.
MISCELLANEOUS. 

 

6.1
Other Registration Rights. Pubco represents and warrants that as of the date of this Agreement, no Person, other than the
holders of (i) the Registrable Securities and (ii) Founder Securities, has any right to require Pubco to register any of Pubco’s
share capital for sale or to include Pubco’s share capital in any registration filed by Pubco for the sale of share capital
for its own account or for the account of any other Person.

 

6.2
Assignment; No Third Party Beneficiaries. This Agreement and the rights, duties and obligations of Pubco hereunder may
not be assigned or delegated by Pubco in whole or in part, unless Pubco first provides Investors holding Registrable Securities
at least ten (10) Business Days prior written notice; provided that no assignment or delegation by Pubco will relieve Pubco of
its obligations under this Agreement unless Investors holding a majority-in-interest of the Registrable Securities provide their
prior written consent, which consent must not be unreasonably withheld, delayed or conditioned. This Agreement and the rights,
duties and obligations of Investors holding Registrable Securities hereunder may be freely assigned or delegated by such Investor
in conjunction with and to the extent of any transfer of Registrable Securities by such Investor which is permitted by the Escrow
Agreement. This Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties,
to the permitted assigns of the Investors or of any assignee of the Investors. This Agreement is not intended to confer any rights
or benefits on any Persons that are not party hereto other than as expressly set forth in Section 4 and this Section
6.2. No assignment by any party hereto of such party’s rights, duties and obligations hereunder shall be binding upon
or obligate Pubco unless and until Pubco shall have received (i) written notice of such assignment and (ii) the written agreement
of the assignee, in a form reasonably satisfactory to Pubco, to be bound by the terms and provisions of this Agreement (which
may be accomplished by an addendum or certificate of joinder to this Agreement).

 

6.3
Notices. All notices, consents, waivers and other communications hereunder shall be in writing and shall be deemed to have
been duly given when delivered (i) in person, (ii) by facsimile or other electronic means, with affirmative confirmation of receipt,
(iii) one Business Day after being sent, if sent by reputable, nationally recognized overnight courier service or (iv) three (3)
Business Days after being mailed, if sent by registered or certified mail, pre-paid and return receipt requested, in each case
to the applicable party at the following addresses (or at such other address for a party as shall be specified by like notice):

 

	If
        to Pubco, to:

         

        c/o
        Brooge Petroleum And Gas Investment 

Company FZE

        P.O. Box 50170

        Fujairah, United Arab Emirates

        Attn: Nicolaas Paardenkooper

        Telephone No.: +971-56-284-2828

        Email: nico.paardenkooper@bpgic.com
	with
        a copy (which shall not constitute notice) to:

         

        K&L
        Gates LLP

        599 Lexington Avenue

        New York, NY 10022

        Attn: Robert S. Matlin, Esq.

        Facsimile No.: (212) 536-3901

        Telephone No.: (212) 536-3900

        Email: Robert.Matlin@klgates.com

	If
    to an Investor, to: the address underneath such Investor’s name on the signature page hereto.

 

6.4
Severability. This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision
hereof shall not affect the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore,
in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part
of this Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible that is valid
and enforceable.

 

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6.5
Entire Agreement. This Agreement (together with the Business Combination Agreement and the Escrow Agreement to the extent
incorporated herein, and including all agreements entered into pursuant hereto or thereto or referenced herein or therein and
all certificates and instruments delivered pursuant hereto or thereto) constitutes the entire agreement of the parties with respect
to the subject matter hereof and supersedes all prior and contemporaneous agreements, representations, understandings, negotiations
and discussions between the parties, whether oral or written, relating to the subject matter hereof; provided, that, for
the avoidance of doubt, the foregoing shall not affect the rights and obligations of the parties under the Business Combination
Agreement or any other Ancillary Document or the rights or obligations of the parties under the Founder Registration Rights Agreement.

 

6.6
Interpretation. Titles and headings of sections of this Agreement are for convenience only and shall not affect the construction
of any provision of this Agreement. In this Agreement, unless the context otherwise requires: (i) any pronoun used in this Agreement
shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall
include the plural and vice versa; (ii) “including” (and with correlative meaning “include”) means including
without limiting the generality of any description preceding or succeeding such term and shall be deemed in each case to be followed
by the words “without limitation”; (iii) the words “herein,” “hereto,” and “hereby”
and other words of similar import in this Agreement shall be deemed in each case to refer to this Agreement as a whole and not
to any particular section or other subdivision of this Agreement; and (iv) the term “or” means “and/or”.
The parties have participated jointly in the negotiation and drafting of this Agreement. Consequently, in the event an ambiguity
or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto,
and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision
of this Agreement.

 

6.7
Amendments; Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be
waived (either generally or in a particular instance, and either retroactively or prospectively) only with the written agreement
or consent of Pubco and Investors holding a majority-in-interest of the Registrable Securities; provided, that any amendment or
waiver of this Agreement which affects an Investor in a manner materially and adversely disproportionate to other Investors will
also require the consent of such Investor. No failure or delay by a party in exercising any right hereunder shall operate as a
waiver thereof. No waivers of or exceptions to any term, condition, or provision of this Agreement, in any one or more instances,
shall be deemed to be or construed as a further or continuing waiver of any such term, condition, or provision.

 

6.8
Remedies Cumulative. In the event a party fails to observe or perform any covenant or agreement to be observed or performed
under this Agreement, the other parties may proceed to protect and enforce its rights by suit in equity or action at law, whether
for specific performance of any term contained in this Agreement or for an injunction against the breach of any such term or in
aid of the exercise of any power granted in this Agreement or to enforce any other legal or equitable right, or to take any one
or more of such actions, without being required to post a bond. None of the rights, powers or remedies conferred under this Agreement
shall be mutually exclusive, and each such right, power or remedy shall be cumulative and in addition to any other right, power
or remedy, whether conferred by this Agreement or now or hereafter available at law, in equity, by statute or otherwise.

 

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6.9
Arbitration. Any and all disputes, controversies and claims (other than applications for a temporary restraining order,
preliminary injunction, permanent injunction or other equitable relief or application for enforcement of a resolution under this
Section 6.9) arising out of, related to, or in connection with this Agreement or the transactions contemplated hereby (a “Dispute”)
shall be governed by this this Section 6.9. A party must, in the first instance, provide written notice of any Disputes to the
other parties subject to such Dispute, which notice must provide a reasonably detailed description of the matters subject to the
Dispute. The parties involved in such Dispute shall seek to resolve the Dispute on an amicable basis within ten (10) Business
Days of the notice of such Dispute being received by such other parties subject to such Dispute (the “Resolution Period”);
provided, that if any Dispute would reasonably be expected to have become moot or otherwise irrelevant if not decided within
sixty (60) days after the occurrence of such Dispute, then there shall be no Resolution Period with respect to such Dispute. Any
Dispute that is not resolved during the Resolution Period may immediately be referred to and finally resolved by arbitration pursuant
to the then-existing rules and procedures (including any expedited procedures) of the ICC (the “ICC Procedures”).
Any party involved in such Dispute may submit the Dispute to the ICC to commence the proceedings after the Resolution Period.
To the extent that the ICC Procedures and this Agreement are in conflict, the terms of this Agreement shall control. The arbitration
shall be conducted by one arbitrator nominated by the ICC promptly (but in any event within five (5) Business Days) after the
submission of the Dispute to the ICC and reasonably acceptable to each party subject to the Dispute, which arbitrator shall be
a commercial lawyer with substantial experience arbitrating disputes under acquisition agreements. The arbitrator shall accept
his or her appointment and begin the arbitration process promptly (but in any event within five (5) Business Days) after his or
her nomination and acceptance by the parties subject to the Dispute. The proceedings shall be streamlined and efficient. The arbitrator
shall decide the Dispute in accordance with the substantive law of the state of New York. Time is of the essence. Each party subject
to the Dispute shall submit a proposal for resolution of the Dispute to the arbitrator within twenty (20) days after confirmation
of the appointment of the arbitrator. The arbitrator shall have the power to order any party subject to the Dispute to do, or
to refrain from doing, anything consistent with this Agreement, the Ancillary Documents and applicable Law, including to perform
its contractual obligation(s) and providing injunctive and other equitable relief; provided, that the arbitrator shall be limited
to ordering pursuant to the foregoing power (and, for the avoidance of doubt, shall order) the relevant party (or parties, as
applicable) to comply with only one or the other of the proposals. The arbitrator’s award shall be in writing and shall
include a reasonable explanation of the arbitrator’s reason(s) for selecting one or the other proposal. The seat of arbitration
shall be in London, United Kingdom. The language of the arbitration shall be English.

 

6.10
Governing Law. This Agreement shall be governed by, construed and enforced in accordance with the laws of the State of
New York without regard to the conflict of laws principles thereof.

 

6.11
WAIVER OF TRIAL BY JURY. WITHOUT DEROGATING FROM THE AGREEMENT TO ARBITRATE IN SECTION 6.9. EACH PARTY HEREBY IRREVOCABLY
AND UNCONDITIONALLY WAIVES THE RIGHT TO A TRIAL BY JURY IN ANY ACTION, SUIT, COUNTERCLAIM OR OTHER PROCEEDING (WHETHER BASED ON
CONTRACT, TORT OR OTHERWISE) ARISING OUT OF, CONNECTED WITH OR RELATING TO THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREBY,
OR THE ACTIONS OF THE INVESTORS IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT HEREOF.

 

6.12
Termination of Business Combination Agreement. This Agreement shall be binding upon each party upon such party’s
execution and delivery of this Agreement, but this Agreement shall only become effective upon the Closing. In the event that the
Business Combination Agreement is validly terminated in accordance with its terms prior to the Closing, this Agreement shall automatically
terminate and become null and void and be of no further force or effect, and the parties shall have no obligations hereunder.

 

6.13
Counterparts. This Agreement may be executed in multiple counterparts (including by facsimile or pdf or other electronic
document transmission), each of which shall be deemed an original, and all of which taken together shall constitute one and the
same instrument.

 

{REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK; SIGNATURE PAGES FOLLOW}

 

    16

     

    

 

IN
WITNESS WHEREOF, the parties have caused this Registration Rights Agreement to be executed and delivered as of the date first
written above.

 

	 	Pubco:
	 	 
	 	BROOGE
    HOLDINGS LIMITED 
	 	 	 
	 	By:	/s/
    Meclomen Maramot
	 	Name:	Meclomen
    Maramot
	 	Title:	Director
	 	 	                                      
	 	Investor:
	 	 
	 	BPGIC
    HOLDINGS LIMITED
	 	 	 
	 	By:	/s/
    Nicolaas L. Paardenkooper
	 	Name:	Nicolaas
    L. Paardenkooper
	 	Title:	Director
	 	 	 
	 	Address
    for Notice:
	 	 
	 	c/o
    Brooge Petroleum And Gas Investment

 Company FZE
	 	P.O.
    Box 50170
	 	Fujairah,
    United Arab Emirates
	 	Attn:
    Nicolaas Paardenkooper
	 	 	 
	 	Telephone
    No.: +971-56-284-2828
	 	Email:
    nico.paardenkooper@bpgic.com

 

{Signature
Page to Registration Rights Agreement}

 

17Exhibit 4.77

 

Execution Copy

 

INITIAL SHAREHOLDER ESCROW AGREEMENT

 

This INITIAL SHAREHOLDER
ESCROW AGREEMENT (this “Agreement”) is made and entered into as of December 20, 2019 by and among (i)
Brooge Holdings Limited, a Cayman Islands exempted company (“Pubco”), (ii) Continental Stock
Transfer & Trust Company (“CST”), as escrow agent (the “Escrow Agent”),
(iii) Twelve Seas Sponsors I LLC, a Delaware limited liability company (“Sponsor”), Gregory
Stoupnitzky (“Stoupnitzky”) and Suneel G. Kaji (“Kaji”, and collectively
with Stoupnitzky and Sponsor, the “Initial Shareholders”). Capitalized terms used but not otherwise defined
herein shall have the meaning given to such terms in the Business Combination Agreement (as defined below) and the Founder Share
Letter (as defined below).

 

WHEREAS, on June 19,
2018, in connection with its initial public offering (the “IPO”), Twelve Seas Investment Company, a Cayman
Islands exempted company (the “Company”), the Initial Shareholders and CST as escrow agent thereunder
(in such capacity, the “Lock-Up Escrow Agent”), entered into that certain escrow agreement (as later
amended, including by the Amendment to Share Escrow Agreement dated on or about the date hereof, the “Lock-Up Escrow
Agreement”), pursuant to which the Initial Shareholders deposited the 5,175,000 ordinary shares of the Company, par
value $0.0001 per share, initially purchased by the Initial Shareholders in a private placement prior to the IPO (the “Founder
Shares”) into an escrow account with the Lock-Up Escrow Agent (the “Lock-Up Escrow Account”)
to be held during a specified period set forth therein (the “Lock-Up Escrow Period”);

 

WHEREAS, (i) the Company,
(ii) Pubco, (iii) Brooge Merger Sub Limited, a Cayman Islands exempted company and a wholly-owned subsidiary of Pubco (“Merger
Sub”), (iv) Brooge Petroleum And Gas Investment Company FZE, a company formed under the laws of the Fujairah Free
Zone, UAE (“BPGIC”), and (v) BPGIC Holdings Limited, a Cayman Islands exempted company, pursuant to the
Assignment and Joinder to Business Combination Agreement dated as of November 19, 2019 (as assignee of Brooge Petroleum and Gas
Investment Company (BPGIC) PLC, a company formed under the laws of England and Wales (“PLC”), which became
a party to the Business Combination Agreement pursuant to a Joinder to Business Combination Agreement dated as of May 10, 2019)
(“Seller”), are parties to that certain Business Combination Agreement, dated as of April 15, 2019 (as
amended from time to time in accordance with the terms thereof, including by the First Amendment to Business Combination Agreement,
dated as of September 16, 2019, and the foregoing joinders, the “Business Combination Agreement”), pursuant
to which, among other matters, (a) the Company will merge with and into Merger Sub, with the Company continuing as the surviving
entity (the “Merger”), and (b) Pubco will acquire all of the issued and outstanding ordinary shares of
BPGIC from Seller in exchange for ordinary shares of Pubco (the “Share Exchange” and, together with the
Merger and the other transactions contemplated by the Business Combination Agreement, the “Transactions”),
all upon the terms and subject to the conditions set forth in the Business Combination Agreement and in accordance with the applicable
provisions of the Cayman Act;

 

WHEREAS, Seller (as
assignee of PLC pursuant to the Assignment and Joinder to Escrow Agreement, dated as of November 19, 2019), Pubco and CST, as escrow
agent thereunder (in such capacity, the “BCA Escrow Agent”), are parties to that certain Escrow Agreement
(as amended, including by such joinder and the First Amendment to Escrow Agreement dated on or about the date hereof, the “BCA
Escrow Agreement"), pursuant to which Pubco and Seller agreed to deposit 20,000,000 of the Pubco Ordinary Shares
otherwise deliverable to Seller at the Closing (together with any equity securities paid as dividends or distributions with respect
to such shares or into which such shares are exchanged or converted, the “BCA Escrow Shares”) into a
segregated escrow account (the “BCA Escrow Account”), to be held in the BCA Escrow Account, along with
any dividends, distributions or other income paid on or otherwise accruing to such BCA Escrow Shares (the foregoing, together with
the BCA Escrow Shares, and as reduced by any releases of such BCA Escrow Shares or dividends, distributions or other income from
the BCA Escrow Account by the BCA Escrow Agent in accordance with the terms of the BCA Escrow Agreement and the Business Combination
Agreement, the “BCA Escrow Property”), and released therefrom in accordance with the BCA Escrow Agreement;

 

     

     

    

 

WHEREAS, in connection
with the execution of the Business Combination Agreement, on April 15, 2019, the Initial Shareholders entered that certain letter
agreement (as it may be amended from time to time in accordance with the terms thereof, the “Founder Share Letter”)
with the Company and BPGIC relating to the Founder Shares, pursuant to which the Initial Shareholders agreed effective upon the
closing under the Business Combination Agreement (the “Closing”), on a pro rata basis amongst the Initial
Shareholders based on the number of Founder Shares owned by each of them, to (i) forfeit twenty percent (20%) of the Founder Shares
owned by the Initial Shareholders and (ii) subject thirty percent (30%) of the Founder Shares owned by the Initial Shareholders
as of the Closing (including any Pubco Ordinary Shares issued to the Initial Shareholders in exchange therefor in the Merger) to
potential vesting and forfeiture obligations, and to deposit such shares (together with any equity securities paid as dividends
or distributions with respect to such shares or into which such shares are exchanged or converted, the “Founder Escrow
Shares”) into escrow with the Escrow Agent to be held and controlled, along with any other Founder Escrow Property
(as defined below), by the Escrow Agent in a separate segregated escrow account (the “Founder Escrow Account”)
and released therefrom in accordance with this Agreement; and

 

WHEREAS, the Escrow
Agent is willing to administer the escrow under the terms and conditions of this Agreement.

 

NOW, THEREFORE, in
consideration of the foregoing premises and of the mutual covenants and agreements contained herein, the parties hereto hereby
agree as follows:

 

Section 1. Appointment.
Pubco and the Initial Shareholders hereby appoint the Escrow Agent as their escrow agent for the purposes set forth herein, effective
upon and subject to the Closing, and the Escrow Agent hereby agrees to perform the duties as escrow agent under this Agreement.
The escrow services to be rendered by the Escrow Agent under this Agreement will not begin until the Closing has occurred and the
Escrow Agent has received the documentation necessary to establish the Founder Escrow Account on its books and has received the
Founder Escrow Shares in accordance with this Agreement.

 

Section 2. Issuance
of Founder Escrow Shares. Pursuant to Section 2 of the Founder Share Letter, at the Closing, Pubco shall deposit with the Escrow
Agent share certificate(s) representing the Founder Escrow Shares, with each such certificate being issued in the name of the Initial
Shareholders (per each Initial Shareholder’s Founder Pro Rata Share); provided that Pubco may alternatively have the Escrow
Agent and Pubco’s transfer agent account for and record any of the Founder Escrow Shares in book entry form. Pubco shall
instruct the registrar of Pubco not to register a transfer of the Founder Escrow Shares without the written consent of the Escrow
Agent for as long as this Escrow Agreement remains in force.

 

    2

     

    

 

Section 3. Maintenance
of the Founder Escrow Shares and other Founder Escrow Property.

 

(a) So long as any Founder
Escrow Shares are being held in the Founder Escrow Account subject to the terms of this Agreement and are not released in accordance
with this Agreement, any dividends, distributions or other income paid on or otherwise accruing to such Founder Escrow Shares (the
foregoing, together with the Founder Escrow Shares, and as reduced by any releases of such Founder Escrow Shares or dividends,
distributions or other income from the Founder Escrow Account by the Escrow Agent in accordance with the terms of this Agreement
and the Business Combination Agreement, the “Founder Escrow Property”), shall be held by the Escrow Agent
in the Founder Escrow Account in accordance with the terms of this Agreement and be subject to the same terms as the Founder Escrow
Shares hereunder. During the term of this Agreement, subject to Section 3(b) below, the Escrow Agent shall hold the Founder
Escrow Property in the Founder Escrow Account and shall not sell, transfer, dispose of, lend or otherwise subject to a Lien any
of the Founder Escrow Property except until and to the extent that they are released in accordance with Section 4. Except
as Pubco and the Initial Shareholders may otherwise agree in joint written instructions executed and delivered to the Escrow Agent,
no part of the Founder Escrow Property may be withdrawn except as expressly provided in this Agreement. While the Founder Escrow
Property is held in the Founder Escrow Account or otherwise subject to this Agreement, each Initial Shareholder shall have all
voting, consent and other rights with respect to its Founder Pro Rata Share (as defined in the Founder Share Letter) of the Founder
Escrow Property (other than the rights to dividends, distributions or other income paid on or otherwise accruing to such Founder
Escrow Property, which amounts will be held in the Founder Escrow Account until released in accordance with this Agreement and
the Business Combination Agreement), subject to the terms and conditions of the Voting Agreement entered into by the Initial Shareholders,
EBC and the Seller in connection with the Closing (the “Voting Agreement”), and, if the Initial Shareholders
are unable to do so themselves (for whatever reason), the Escrow Agent agrees to vote such Founder Escrow Shares (or other Founder
Escrow Property) and otherwise provide such consents or exercise such other legal rights (other than the rights to dividends, distributions
or other income paid on or otherwise accruing to such Founder Escrow Property) as directed in writing by the applicable Initial
Shareholder, subject to the terms of this Agreement and the Voting Agreement.

 

(b) Notwithstanding anything
in this Agreement to the contrary, after the Closing each Initial Shareholder shall be permitted to (i) pledge or otherwise encumber
its Founder Pro Rata Share of the Founder Escrow Property as collateral security for documented loans entered into by such Initial
Shareholder, Pubco or its Subsidiaries, including BPGIC, after the Closing or (ii) transfer its rights to its Founder Pro Rata
Share of the Founder Escrow Property to a third party, provided, that (A) in each case of clauses (i) and (ii), that the lender’s
or transferee’s rights to any such pledged or transferred Founder Escrow Property shall be subject to the provisions of this
Agreement, the Voting Agreement if applicable under the terms thereof, the Founder Share Letter and other relevant applicable restrictions
pursuant to the Transactions, including the forfeiture provisions herein and therein, and such lender or transferee must acknowledge
such in writing to Pubco and the Escrow Agent prior to the granting of any such pledge or the making of any such transfer, and
(B) in event of a pledge or encumbrance under clause (i), such Initial Shareholder may transfer such Founder Escrow Property, including
physical possession of documentation evidencing such Initial Shareholder’s Founder Pro Rata Share of the Founder Escrow Property
(including a share certificate or book entry, if any), to another escrow agent (including one affiliated with such lender), as
selected by such Initial Shareholder and reasonably acceptable to Pubco, to hold the Founder Escrow Property in a segregated escrow
account on substantially the same terms and conditions as the Escrow Agent under this Agreement is required to hold such Founder
Escrow Property (other than adjustments to the fees and expenses of such escrow agent as reasonably acceptable to Pubco), and upon
receiving written notice of such new escrow agent from such Initial Shareholder and Pubco, the Escrow Agent shall promptly transfer
the Founder Escrow Property to the new escrow agent to be held in accordance with such new escrow agreement (including transferring
any Founder Escrow Shares which are to be recorded in the Initial Shareholders’ names, to be held by such new escrow agent).

 

    3

     

    

 

Section 4. Release
of the Founder Escrow Property. The Escrow Agent shall hold the Founder Escrow Property in the Founder Escrow Account and shall
release and deliver the Founder Escrow Property (or such portion thereof) to either Pubco (with any Founder Escrow Shares delivered
to Pubco in certificated or book entry form surrendered by the Initial Shareholders for cancellation by Pubco, and for the avoidance
of any doubt, only where the Founder Escrow Property is subject to forfeiture under this Agreement) or to the Initial Shareholders
(or, if during the Lock-Up Escrow Period, to the Lock-Up Escrow Account in accordance with Section 5(b) below), as applicable (including
further to Section 5 of this Agreement), in accordance with (i) joint written instructions executed by Pubco and the Initial Shareholders,
or (ii) a copy of a final non-appealable judgment or order from a court of competent jurisdiction (including an order to enforce
an arbitral award) establishing the rights of a party in accordance with this Agreement, the Founder Share Letter and the Business
Combination Agreement to such Founder Escrow Property, together with written delivery instructions from the applicable payee. Notwithstanding
the release of all or a portion of the Founder Escrow Shares from the Founder Escrow Account, such Founder Escrow Shares shall
remain subject to the then applicable restrictions in the Voting Agreement, Dividend Waiver, dated as of December 20, 2019, by
the Initial Shareholders, and the BCA Escrow Agreement, if such agreements remain in effect at the time of such release.

 

Section 5. Vesting
and Forfeiture of Founder Escrow Property by Initial Shareholders.

 

(a) The Founder Escrow
Property shall become vested and no longer be subject to forfeiture at the same time, and based on the same proportion, that the
Seller’s rights to the BCA Escrow Property has been determined to have become vested and no longer be subject to forfeiture
under Section 2.5 of the Business Combination Agreement and the BCA Escrow Agreement, and such Founder Escrow Property shall be
released from the Founder Escrow Account to the Initial Shareholders (based on each Initial Shareholder’s Founder Pro Rata
Share) concurrently with the release of the BCA Escrow Property from the BCA Escrow Account under Section 2.5 of the Business Combination
Agreement and the BCA Escrow Agreement. Only upon an actual release under the BCA Escrow Agreement to the Seller (or its designee),
the Initial Shareholders may provide written instructions to the Founder Escrow Agent, directing the account to which to deliver
such released Founder Escrow Property hereunder, and no joint written instructions shall be required, subject to Section 5(b) below.

 

(b) Notwithstanding anything
to the contrary contained herein or in the Founder Share Letter, in the event an escrow release of Founder Escrow Shares under
this Agreement occurs prior to the end of the Lock-Up Escrow Period under the Lock-Up Escrow Agreement, and to the extent that
such Founder Escrow Shares would otherwise have been subject to the requirements of Section 3.1 of the Lock-Up Escrow Agreement
if they had not been transferred to the Escrow Agent at the Closing in accordance with the terms of this Agreement, then upon such
release they will be delivered to the Lock-Up Escrow Agent as additional “Escrow Shares” under the Lock-Up Escrow Agreement
to be held and disbursed in accordance with the requirements of the Lock-Up Escrow Agreement.

 

(c) Notwithstanding anything
to the contrary contained herein or in the Founder Share Letter, no fractional Founder Escrow Share shall be transferred from the
Founder Escrow Account, and in the event that an escrow release would otherwise result in a fraction of a Founder Escrow Share
being released to an Initial Shareholder by virtue of this Section 5, the number of Founder Escrow Shares to be released
to the Initial Shareholder shall instead be rounded up to the nearest whole Founder Escrow Share.

 

Section 6. Tax Matters.
Pubco and the Initial Shareholders agree and acknowledge that, for all U.S. and foreign tax purposes, except as required by applicable
Law, the Initial Shareholders (based on each Initial Shareholder’s Founder Pro Rata Share) shall be treated as the owner
of the Founder Escrow Property while held in the Founder Escrow Account until released in accordance with this Agreement and the
Business Combination Agreement, and all interest, earnings or income, if any, earned with respect to the Founder Escrow Property
while held by the Escrow Agent shall be treated as earned by the Initial Shareholders (based on each Initial Shareholder’s
Founder Pro Rata Share) until released in accordance with this Agreement and the Business Combination Agreement. The Escrow Agent
shall have the right to deduct and withhold taxes from any payments to be made hereunder if such withholding is required by law
and to request and receive any necessary tax forms, including Form W-9 or the appropriate series of Form W-8, as applicable, or
any similar information, from the applicable recipient of Founder Escrow Property.

 

    4

     

    

 

Section 7. Duties.
The Escrow Agent’s duties are entirely ministerial and not discretionary, and the Escrow Agent will be under no duty or obligation
to do or to omit the doing of any action with respect to any Founder Escrow Property, except to give notice, provide monthly reports,
make releases, keep an accurate record of all transactions with respect to the Founder Escrow Property, hold the Founder Escrow
Property in accordance with the terms of this Agreement and to comply with any other duties expressly set forth in this Agreement.
The Escrow Agent shall not have any interest in any Founder Escrow Property, but shall serve as escrow holder only and have only
possession thereof. Subject to the following sentence, nothing contained herein shall be construed to create any obligation or
liability whatsoever on the part of the Escrow Agent to anyone other than the parties to this Agreement. There are no third party
beneficiaries to this Agreement.

 

Section 8. Monthly
Reports Upon Request. From and after the Closing, the Escrow Agent shall provide monthly account statements to Pubco and the
Initial Shareholders with respect to the Founder Escrow Account. Pubco and the Initial Shareholders have one hundred twenty (120)
days to object in writing to such reports. If no written notice detailing a party’s objections has been received by the Escrow
Agent within this period, an acceptance of such reports shall be deemed to have occurred.

 

Section 9. Authorized
Parties; Reliance. Pubco agrees to provide on Exhibit A (as it may be amended from time to time by Pubco) to this Agreement
the names and specimen signatures of those persons who are authorized on behalf of Pubco after the Closing to issue notices and
instructions to the Escrow Agent and execute required documents under this Agreement. Each Initial Shareholder agrees to provide
on Exhibit A (as it may be amended from time to time by such Initial Shareholder) to this Agreement the names and specimen
signatures of those persons who are authorized on behalf of such Initial Shareholder to issue notices and instructions to the Escrow
Agent and execute required documents under this Agreement. The Escrow Agent may rely and shall be protected in acting or refraining
from acting upon any written notice, instruction or request furnished to it hereunder and believed by it to be genuine and to have
been signed or presented by the proper party or parties. Notwithstanding the above, any notice or instruction to be provided or
document required to be executed under this Agreement by persons listed in Exhibit A (including any future persons, as such
Exhibit A is amended from time to time) of this Agreement on behalf of Pubco (but not the Initial Shareholders) shall only
be valid when provided or executed by any two of such authorized signers, acting jointly, on behalf of Pubco. The Escrow Agent
shall be entitled to rely on and shall be fully protected in relying on, the instructions and notices from (i) any two of the authorized
signers, acting jointly, on behalf of Pubco as identified in Exhibit A (as it may be amended from time to time) to this
Agreement after the Closing, and (ii) any one of the authorized signers of an Initial Shareholder as identified on the attached
Exhibit A (as it may be amended from time to time) to this Agreement after the Closing, acting alone (and for the avoidance
of doubt, if a joint written instruction is required under this Agreement, then the Escrow Agent must receive instructions from
the Persons required by both of clauses (i) and (ii)), until such time, in the case of either clauses (i) or (ii), as their authority
is revoked in writing, or until successors have been appointed and identified by notice in the manner described in Section 15
below. The requirement in this Section 9 of there being two authorized signers acting jointly on behalf of Pubco shall only
apply to Pubco when there are at least two people who are listed as serving as authorized signers as so provided for in Exhibit
A (as it may be amended from time to time) of this Agreement. Where there is only one authorized signer for Pubco as named
in Exhibit A (as it may be amended from time to time) of this Agreement, then such sole authorized signer’s notices,
instructions or documents executed pursuant to the terms of this Agreement shall be valid and the reliance and protections afforded
in this Section 9 shall be available to the Escrow Agent until such time as the sole authorized signer’s authority
is revoked in writing, or until successors have been appointed and identified by notice in the manner described in Section 15
below.

 

    5

     

    

 

Section 10. Good
Faith. The Escrow Agent shall not be liable for any action taken by it in good faith and reasonably believed by it to be authorized
or within the rights or powers conferred upon it by this Agreement and may consult with counsel of its own choice and shall have
full and complete authorization and protection for any action taken or suffered by it hereunder in good faith and in accordance
with the opinion of such counsel.

 

Section 11. Right
to Resign. The Escrow Agent may resign and be discharged from its duties or obligations hereunder by giving such notice in
writing of such resignation to each of the other parties specifying a date when such resignation shall take effect, which shall
be a date not less than sixty (60) days after the date of the notice of such resignation, and shall be conditioned upon the appointment
of a replacement Escrow Agent in accordance with this Section 11. Similarly, the Escrow Agent may be removed and replaced
following the giving of ten (10) days’ notice to the Escrow Agent by all of the other parties hereto; provided that such
removal shall not take effect prior to the appointment of a replacement Escrow Agent in accordance with this Section 11.
In either event, Pubco and the Initial Shareholders (by determination of Initial Shareholders holding in the aggregate a majority
of the Founder Pro Rata Share held by all Initial Shareholders (an “Initial Shareholder Majority”)) shall
agree upon a successor Escrow Agent (however for the avoidance of any doubt, this ‎Section 11 does not apply to the
Initial Shareholders’ unilateral right to transfer the Founder Escrow Property to another escrow agent or lender under the
terms of Section 3(b) of this Agreement). If the Initial Shareholders and Pubco are unable to agree upon a successor Escrow
Agent or shall have failed to appoint a successor Escrow Agent prior to the expiration of sixty (60) days following the date of
resignation or ten (10) days following the date of removal, the then-acting Escrow Agent may petition any court of competent jurisdiction
for the appointment of a successor escrow agent or otherwise appropriate relief, and any such resulting appointment shall be binding
upon all of the parties hereto. Any successor Escrow Agent shall execute and deliver to the predecessor Escrow Agent, Pubco and
the Initial Shareholders an instrument accepting such appointment and the transfer of the Founder Escrow Property and agreeing
to the terms of this Agreement.

 

Section 12. Compensation.
The Escrow Agent shall be entitled to receive the fees as set forth on Exhibit B for the services to be rendered hereunder,
and to be paid or reimbursed for all reasonable documented out-of-pocket expenses, disbursements and advances, including reasonable
documented out-of-pocket attorneys’ fees, incurred or paid in connection with carrying out its duties hereunder, such amounts
to be paid by Pubco.

 

Section 13. Indemnification.
Pubco hereby agrees to indemnify the Escrow Agent for, and to hold it harmless against any loss, liability or expense incurred
without gross negligence or willful misconduct on the part of the Escrow Agent, arising out of or in connection with its entering
into this Agreement and carrying out its duties hereunder.

 

    6

     

    

 

Section 14. Disputes.
If a controversy arises between the parties hereto as to whether or not or to whom the Escrow Agent shall transfer all or any portion
of any Founder Escrow Property, or as to any other matter arising out of or relating to this Agreement or any Founder Escrow Property,
the Escrow Agent shall not be required to determine the same, shall not make any transfer of and shall retain the Founder Escrow
Property in dispute without liability to anyone until the rights of the parties to the dispute shall have finally been determined
by mutual written agreement of Pubco and the Initial Shareholders, or by a final non-appealable judgment or order of a court of
competent jurisdiction (including an order to enforce an arbitral award), but the Escrow Agent shall be under no duty whatsoever
to institute or defend any such proceedings. The Escrow Agent shall be entitled to assume that no such controversy has arisen unless
it has received notice of such controversy or conflicting written notices from the parties to this Agreement. Any disputes arising
out of, related to, or in connection with, this Agreement between Pubco and the Initial Shareholders, including a dispute arising
from a party’s failure or refusal to sign a joint written notice hereunder, shall be determined by arbitration conducted
in accordance with the provisions of Section 11.5 of the Business Combination Agreement (other than applications for a temporary
restraining order, preliminary injunction, permanent injunction or other equitable relief, including specific performance, or application
for enforcement of a resolution pursuant to this Section 14 or Section 11.5 of the Business Combination Agreement).

 

Section 15. Notices.
Except to the extent expressly set forth herein, all notices and communications hereunder shall be in writing and shall be deemed
to be given if (a) delivered personally, (b) sent by facsimile or email (with affirmative confirmation of receipt), (c) sent by
recognized overnight courier that issues a receipt or other confirmation of delivery or (d) sent by registered or certified mail,
return receipt requested, postage prepaid to the parties as follows:

 

	
        If to Pubco, to:

         

        c/o Brooge Petroleum And Gas Investment Company FZE

        P.O. Box 50170

        Fujairah, United Arab Emirates

        Attn: Nicolaas Paardenkooper

        Telephone No.: +971-56-284-2828

        Email: nico.paardenkooper@bpgic.com
	 	
        with a copy (which will not constitute notice) to:

         

        K&L Gates LLP

        599 Lexington Avenue

        New York, NY 10022

        Attn: Robert S. Matlin, Esq.

        Facsimile No.: (212) 536-3901

        Telephone No.: (212) 536-3900

        Email: Robert.Matlin@klgates.com

	
        If to any Initial Shareholder, to:

         

        the address of such Initial Shareholder as set forth underneath
        such Initial Shareholder’s name on the signature page hereto.
	 	
        with a copy (which will not constitute notice) to:

         

        Ellenoff Grossman & Schole LLP

        1345 Avenue of the Americas, 11th Floor

        New York, New York 10105, USA

        Attn: Stuart Neuhauser, Esq.

          Matthew A. Gray, Esq.

        Facsimile No.: (212) 370-7889

        Telephone No.: (212) 370-1300

        Email: sneuhauser@egsllp.com

             mgray@egsllp.com

 

	
        If to the Escrow Agent, to:

         

        Continental Stock Transfer & Trust Company

        1 State Street, 30th Floor

        New York, NY 10004

        Attention: Escrow Administration, Patrick Small & Francis E. Wolf, Jr.

        Telephone No: (212) 845-5284

        Email: psmall@continentalstock.com & fwolf@continentalstock.com

 

or at such other address as any of the
above may have furnished to the other parties in a notice duly given as provided herein. Any such notice or communication given
in the manner specified in this Section 15 shall be deemed to have been given (i) on the date personally delivered or transmitted
by facsimile or email (with affirmative confirmation of receipt), (ii) one (1) Business Day after the date sent by recognized overnight
courier that issues a receipt or other confirmation of delivery or (iii) three (3) Business Days after being sent by registered
or certified mail, return receipt requested, postage prepaid.

 

    7

     

    

 

Section 16. Term.
This Agreement shall terminate upon the final, proper and complete distribution of all Founder Escrow Property in accordance with
the terms hereof; provided, that Pubco’s obligations under Section 13 hereof shall survive any termination
of this Agreement. Notwithstanding the foregoing or anything to the contrary contained herein, in the event that the Business Combination
Agreement is validly terminated in accordance with its terms prior to the Closing, this Agreement shall automatically terminate
and become null and void, and the parties shall have no obligations hereunder.

 

Section 17. Entire
Agreement. The terms and provisions of this Agreement (including the Exhibits hereto, all of which are hereby incorporated
by reference herein) and the other documents referenced herein constitute the entire agreement between the Escrow Agent and the
other parties hereto with respect to the subject matter hereof. Notwithstanding the foregoing, as between Pubco and the Initial
Shareholders, the terms of the Founder Share Letter shall control and govern over the terms of this Agreement in the event of any
conflict or inconsistency between this Agreement and the Founder Share Letter (unless there is an express intention otherwise in
this Agreement), provided that, as between Pubco and the Initial Shareholders, in the event of any conflict or inconsistency between
Sections 2, 3, 4 or 5 of this Agreement and the related provisions of the Founder Share Letter, the terms of this Agreement shall
control and govern to the extent of any such conflict or inconsistency. The actions of the Escrow Agent shall be governed solely
by this Agreement.

 

Section 18. Amendment;
Waiver. Without limiting the first sentence of Section 9, this Agreement may be amended or modified only by a written
instrument duly signed by the parties hereto. Without limiting the first sentence of Section 9, any provision hereof may
be waived only by a written instrument duly signed by the party against whom enforcement of such waiver is sought.

 

Section 19. Severability.
In the event that any provision of this Agreement or the application thereof, becomes or is declared by a court of competent jurisdiction
to be illegal, void or unenforceable, the remainder of this Agreement will continue in full force and effect and the application
of such provision to other Persons or circumstances will be interpreted so as reasonably to effect the intent of the parties hereto.
The parties further agree to replace such void or unenforceable provision of this Agreement with a valid and enforceable provision
that will achieve, to the extent possible, the economic, business and other purposes of such void or unenforceable provision.

 

Section 20. Further
Assurances. From time to time on and after the date hereof, Pubco and each Initial Shareholder shall deliver or cause to be
delivered to the Escrow Agent such further documents and instruments and shall do and cause to be done such further acts as the
Escrow Agent shall reasonably request (it being understood that the Escrow Agent shall have no obligation to make any such request)
to carry out more effectively the provisions and purposes of this Agreement, to evidence compliance herewith or to assure itself
that it is protected in acting hereunder. Pubco agrees that upon the release of the Founder Escrow Shares from the Founder Escrow
Account to an Initial Shareholder hereunder, Pubco shall promptly remove or take all necessary actions to cause its transfer agent
to remove any applicable legend relating to this Agreement from the Founder Escrow Shares (but for the avoidance of doubt, other
legends or restrictions would continue to remain, including those with respect to dividend waivers).

 

Section 21. Accounting.
In the event of the resignation or removal of the Escrow Agent, upon the termination of this Agreement or upon demand at any time
of either Pubco or the Initial Shareholders (by an Initial Shareholder Majority) under reasonable circumstances, the Escrow Agent
shall render to Pubco, the Initial Shareholders and the successor escrow agent (if any) an accounting (free of charge) in writing
of the property constituting the Founder Escrow Property.

 

    8

     

    

 

Section 22. Interpretation.
The parties acknowledge and agree that: (a) this Agreement is the result of negotiations between the parties and will not be deemed
or construed as having been drafted by any one party, (b) each party and its counsel have reviewed and negotiated the terms and
provisions of this Agreement (including any Exhibits attached hereto) and have contributed to its revision and (c) the rule of
construction to the effect that any ambiguities are resolved against the drafting party will not be employed in the interpretation
of this Agreement. The headings contained in this Agreement are for reference purposes only and shall not affect in any way the
meaning or interpretation of this Agreement. In this Agreement, unless the context otherwise requires: (i) words of the masculine,
feminine or neuter gender will include the masculine, neuter or feminine gender, and words in the singular number or in the plural
number will each include, as applicable, the singular number or the plural number; (ii) reference to any Person includes such Person’s
successors and assigns but, if applicable, only if such successors and assigns are permitted by this Agreement, and reference to
a Person in a particular capacity excludes such Person in any other capacity; (iii) reference to any law means such law as amended,
modified codified or reenacted, in whole or in part, and in effect from time to time, including rules and regulations promulgated
thereunder; (iv) any agreement or instrument defined or referred to herein or in any agreement or instrument that is referred to
herein means such agreement or instrument as from time to time amended, modified or supplemented, including by waiver or consent
and references to all attachments thereto and instruments incorporated therein; (v) the words “herein, “hereof”
and “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular Article,
Section or other subdivision; (vi) the words “include,” “includes” and “including” when used
herein shall be deemed in each case to be followed by the words “without limitation”; (vii) any reference herein to
“dollars” or “$” shall mean United States dollars; and (viii) reference to any Section or Exhibit means
such Section hereof or Exhibit hereto.

 

Section 23. Successors
and Assigns. This Agreement and the rights and obligations hereunder may not be assigned without the prior written consent
of each of the parties hereto, and any purported assignment without such consent shall be null and void ab initio; provided, that
without such consent, an Initial Shareholder may assign all of its Founder Escrow Shares and other Founder Escrow Property and
its rights and obligations under this Agreement to a person to whom an Initial Shareholder is permitted to transfer its Lock-Up
Escrow Shares as a permitted transfer under Section 4.3 of the Lock-Up Escrow Agreement, so long as the recipient enters into a
written agreement (in a form (i.e., a form for execution) reasonably acceptable to Pubco, such acceptance (and any execution) not
to be unreasonably withheld, delayed or conditioned) to take such Founder Escrow Shares and other Founder Escrow Property subject
to the escrow hereunder and otherwise be bound by the terms and conditions of this Agreement, the Voting Agreement if applicable
under the terms thereof and other relevant applicable restrictions pursuant to the Transactions, with respect to such transferred
Founder Escrow Property, signed by the Initial Shareholder and such recipient, and promptly delivered to Pubco. This Agreement
will be binding upon, inure to the benefit of and be enforceable by the parties and their respective successors and permitted assigns.

 

Section 24. Failure
or Indulgence Not Waiver; Remedies Cumulative. No failure or delay on the part of any party hereto in the exercise of any right
hereunder will impair such right or be construed to be a waiver of, or acquiescence in, any breach of any representation, warranty,
covenant or agreement herein, nor will any single or partial exercise of any such right preclude any other (or further) exercise
thereof or of any other right. All rights and remedies existing under this Agreement are cumulative to, and not exclusive to or
exclusive of, any rights or remedies otherwise available to a party hereunder.

 

    9

     

    

 

Section 25. Governing
Law. This Agreement shall be governed by, construed and enforced in accordance with the Laws of the State of New York without
regard to the conflict of laws principles thereof.

 

Section 26. Waiver
of Jury Trial. EACH OF THE PARTIES HERETO HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY
HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT
OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF ANY ACTION, SEEK TO ENFORCE THAT FOREGOING WAIVER AND
(B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE
MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

Section 27. Counterparts.
This Agreement may be executed simultaneously in two or more counterparts (including by facsimile or other electronic transmission),
each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

Section 28. U.S.
Patriot Act. Pubco and each Initial Shareholder agree to provide the Escrow Agent with the information reasonably requested
by the Escrow Agent to verify and record Pubco’s and such Initial Shareholder’s respective identities pursuant to the
Escrow Agent’s procedures for compliance with the U.S. Patriot Act and any other applicable laws.

 

Section 29. Representations
of the Parties. Each of Pubco, the Initial Shareholders and the Escrow Agent hereby represents and warrants that as of the
date hereof: (a) it has the power and authority to execute and deliver this Agreement and to perform its obligations hereunder,
and all such actions have been duly and validly authorized by all necessary proceedings; and (b) this Agreement has been duly authorized,
executed and delivered by it, and constitutes a legal, valid and binding agreement of it.

 

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    10

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed and delivered as of the day and year first written above.

 

	 	Pubco:
	 	 
	 	BROOGE HOLDINGS LIMITED
	 	 	 
	 	By:	/s/
    Meclomen Maramot
	 	Name:	Meclomen Maramot
	 	Title:	Director
	 	 	 
	 	The Escrow Agent:
	 	 
	 	CONTINENTAL STOCK TRANSFER &
    TRUST COMPANY, as escrow agent
	 	 	 
	 	By:	/s/
    Isaac J. Kagan
	 	Name:	Isaac J. Kagan
	 	Title:	Vice President
	 	 	 
	 	Initial Shareholders:
	 	 
	 	TWELVE SEAS SPONSORS I LLC 
	 	 	 
	 	By:	/s/
    Bryant Edwards
	 	Name:	Bryant Edwards
	 	Title:	Chief Operating Officer
	 	 	 
	 	Address for Notice:
	 	 
	 	135 East 57th Street, 18th Floor
	 	New York, New York 10022
	 	Attn:  Chief Executive
    Officer
	 	 
	 	/s/
    Gregory Stoupnitzky
	 	Gregory Stoupnitzky
	 	 
	 	Address for Notice:
	 	 
	 	                                      
	 	                                      
	 	                                      
	 	 
	 	/s/
    Suneel G. Kaji
	 	Suneel G. Kaji
	 	 
	 	Address for Notice:
	 	 
	 	                                      
	 	                                      
	 	                                      

 

 

 

B-1

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