Document:

Exhibit 10.2

 

Execution Version

 

SPONSOR LOCKUP AGREEMENT

 

This Lockup Agreement is dated
as of July 11, 2022 and is between FAST Sponsor II LLC, a Delaware limited liability company (the “Sponsor”), Fast
Acquisition Corp. II, a Delaware corporation (“SPAC”), Falcon’s Beyond Global, LLC, a Florida limited liability
company (“Falcon’s Beyond”), Palm Holdco, Inc., a Delaware corporation and wholly owned subsidiary of SPAC (the
“Company” and, together with SPAC and Falcon’s Beyond, the “Company Parties”), and the other
Persons who enter into a joinder to this Agreement substantially in the form of Exhibit A hereto with the Company Parties
in order to become a “Sponsor Party” for purposes of this Agreement (together with the “Sponsor”, the “Sponsor
Parties” and individually, a “Sponsor Party”). Capitalized terms used but not defined herein shall have the
meanings assigned to them in the Merger Agreement (as defined below).

 

BACKGROUND:

 

WHEREAS, the Sponsor
Parties will own equity interests in the Company;

 

WHEREAS, the Company,
SPAC, Falcon’s Beyond, and Palm Merger Sub, LLC, a Delaware corporation (“Merger Sub”), have entered into an
Agreement and Plan of Merger (as amended or modified from time to time, the “Merger Agreement”), dated as of the date
hereof, pursuant to which, among other transactions, SPAC will merge with and into the Company (the “SPAC Merger”),
with the Company surviving as the sole owner of Merger Sub, and following the SPAC Merger, Merger Sub will merge with and into Falcon’s
Beyond (the “Acquisition Merger”, and together with the SPAC Merger, the “Mergers”), with Falcon’s
Beyond as the surviving entity of such merger, on the terms and conditions set forth therein; and

 

WHEREAS, as a condition
and inducement to the willingness of the Company Parties to enter into the Merger Agreement, the Sponsor is entering into this Agreement.

 

NOW, THEREFORE, the
parties agree as follows:

 

ARTICLE I

INTRODUCTORY MATTERS

 

1.1 Defined
Terms. In addition to the terms defined elsewhere herein, the following terms have the following meanings when used herein with
initial capital letters:

 

“Acquisition Merger”
has the meaning set forth in the Background.

 

“Action”
has the meaning set forth in Section 3.7.

 

“Affiliate”
has the meaning ascribed to such term in Rule 12b-2 of the General Rules and Regulations under the Exchange Act.

 

“Agreement”
means this Lockup Agreement, as the same may be amended, supplemented, restated or otherwise modified from time to time in accordance
with the terms hereof.

 

     

     

    

 

“Change of Control”
means any transaction or series of transactions (A) the result of which is the acquisition by a Person or “group” (within
the meaning of Section 13(d) of the Exchange Act) of Persons (other than the Company or any of its Subsidiaries) of direct or indirect
beneficial ownership of securities (or rights convertible or exchangeable into securities) representing fifty percent (50%) or more of
the combined voting power of or economic rights or interests in the then outstanding securities of Company or Falcon’s Beyond, (B)
constituting a merger, consolidation, reorganization or other business combination, however effected, following which either (1) the members
of the Board of Directors of the Company immediately prior to such merger, consolidation, reorganization or other business combination
do not constitute at least a majority of the Board of Directors of the company surviving the combination or (2) the voting securities
of the Company or Falcon’s Beyond immediately prior to such merger, consolidation, reorganization or other business combination
do not continue to represent or are not converted into fifty percent (50%) or more of the combined voting power of the then outstanding
voting securities of the Person resulting from such combination, or (C) the result of which is a sale of all or substantially all of the
assets of the Company or Falcon’s Beyond (as appearing in its most recent balance sheet) to any Person.

 

“Class A Common Stock”
means the shares of Class A common stock of the Company, following the consummation of the Mergers.

 

“Class B Common Stock”
means the Class B common stock of the Company, following the consummation of the Mergers.

 

“Company”
has the meaning set forth in the Preamble.

 

“Company Parties”
has the meaning set forth in the Preamble.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder, as the same may be amended
from time to time.

 

“Falcon’s Beyond”
has the meaning set forth in the Preamble.

 

“Immediate Family”
means any Person that is related by blood or current or former marriage, domestic partnership or adoption (including legally adoptive
relationships, in-laws and step relations), in each case that is not more remote than a first cousin.

 

“Lock-up”
has the meaning set forth in Section 2.1(a).

 

“Lock-up Period”
means the Shares Lock-up Period and Warrant Lock-up Period, as applicable.

 

“Lock-up Securities”
has the meaning set forth in Section 2.1(d).

 

“Lock-up Shares”
has the meaning set forth in Section 2.1(d).

 

“Lock-up Warrants”
has the meaning set forth in Section 2.1(d).

 

“Mergers”
has the meaning set forth in the Background.

 

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“Merger Agreement”
has the meaning set forth in the Background.

 

“Merger Sub”
has the meaning set forth in the Background.

 

“Permitted Transferees”
has the meaning set forth in Section 2.1(d).

 

“Pubco Common Stock”
means the Class A Common Stock and the Class B Common Stock, as applicable.

 

“Shares Lock-up Period”
has the meaning set forth in Section 2.1(d).

 

“SPAC”
has the meaning set forth in the Preamble.

 

“SPAC Merger”
has the meaning set forth in the Background.

 

“SPAC Private Placement
Warrant” means each warrant to purchase one (1) share of SPAC Class A Common Stock at an exercise price of eleven Dollars fifty
cents ($11.50) issued to the Sponsor and that is issued and outstanding immediately prior to the SPAC Merger Effective Time.

 

“Sponsor”
has the meaning set forth in the Preamble.

 

“Sponsor Parties”
has the meaning set forth in the Preamble.

 

“Trading Day”
means any day on which shares of Pubco Common Stock are actually traded on the principal securities exchange or securities market on which
shares of Pubco Common Stock are then traded.

 

“Transfer”
has the meaning set forth in Section 2.1(d).

 

“Warrants Lock-up
Period” has the meaning set forth in Section 2.1(d).

1.2 Construction.
Unless the context otherwise requires: (a) “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”; (b) “or” is disjunctive but not exclusive, (c) words in the singular
include the plural, and in the plural include the singular, and (d) the words “hereof”, “herein”, and “hereunder”
and words of similar import when used in this Agreement refer to this Agreement as a whole and not to any particular provision of this
Agreement, and Section references are to sections of this Agreement unless otherwise specified. 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.

 

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ARTICLE II

LOCKUP

 

2.1 Lockup.

 

(a) Subject
to the exclusions in Section 2.1(b), each Sponsor Party agrees (i) not to Transfer any Lock-up Shares until the end of the Shares
Lock-up Period and (ii) not to Transfer any Lock-up Warrants until the end of the Warrants Lock-up Period (collectively, the “Lock-up”).
Notwithstanding the foregoing, in the event that a definitive agreement that contemplates a Change of Control is entered into after the
Acquisition Merger Closing, the Lock-up for any Lock-up Shares shall automatically terminate immediately prior to the consummation of
such Change of Control. For the avoidance of doubt, (i) no Lock-up Shares shall be subject to Lock-up pursuant to this Agreement from
and after the date that is one year after the Acquisition Merger Closing Date and (ii) no Lock-up Warrants shall be subject to Lock-up
pursuant to this Agreement from and after the date that is 180 days after the Acquisition Merger Closing Date.

 

(b) Each
Sponsor Party or any of its Permitted Transferees may Transfer any Lock-up Securities it holds during the applicable Lock-up Period (i)
to any Affiliate of such Sponsor Party or by distributions from such Sponsor Party to its members, partners or shareholders or their Affiliates;
(ii) in the case of an individual, by bona fide gift to a member of such individual’s Immediate Family or to a trust, the beneficiary
of which is a member of such individual’s Immediate Family, an affiliate of such individual or to a charitable organization; (iii)
in the case of an individual, by virtue of laws of descent and distribution upon death of such individual; (iv) in the case of an individual,
pursuant to a qualified domestic relations order; (v) by virtue of the laws of the State of Delaware or the Sponsor’s limited liability
company agreement upon dissolution of the Sponsor; or (vi) in the event of, and solely in connection with, the Company’s liquidation,
merger, capital stock exchange or other similar transaction which results in all of the Company’s stockholders having the right
to exchange their shares of Pubco Common Stock for cash, securities or other property subsequent to the Acquisition Merger Closing Date;
in each case of clauses (i)–(v), if the transferee is not another Sponsor Party, subject to prior receipt by the Company Parties
of a duly executed joinder to this Agreement substantially in the form of Exhibit A hereto.

 

(c) Notwithstanding
the provisions set forth in this Section 2.1, if the applicable Lock-up Period, excluding in connection with a Lock-up Period Early
Release, is scheduled to end during a Blackout Period or within five Trading Days prior to the commencement of a Blackout Period, the
applicable Lock-up Period shall end ten Trading Days prior to the commencement of the Blackout Period (the “Blackout-Related
Release”); provided that the Company shall announce the date of the expected Blackout-Related Release through a major
news service, or on a Form 8-K, at least two Trading Days in advance of the Blackout-Related Release.

 

(d) For
purposes of this Section 2.1:

 

(i) The
term “Blackout Period” means a broadly applicable and regularly scheduled period during which trading in the Company’s
securities would not be permitted under the Company’s insider trading policy.

 

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(ii) The
term “Shares Lock-up Period” means the period beginning on the Acquisition Merger Closing Date and ending on the earlier
of (i) the date that is one year after the Acquisition Merger Closing Date and (ii) the Lock-up Period Early Release Date.

 

(iii) The
term “Warrants Lock-up Period” means the period beginning on the Acquisition Merger Closing Date and ending on the
earlier of (i) the date that is 180 days after the Acquisition Merger Closing Date and (ii) the Lock-up Period Early Release Date.

 

(iv) The
term “Lock-up Period Early Release Date” means the date on which the volume weighted average closing sale price of
the Class A Common Stock on Nasdaq (or the exchange on which the shares of Class A Common Stock are then listed) equals or exceeds $12.00
per share (as adjusted for stock splits, reverse stock splits, stock dividends, reorganizations, recapitalizations and the like) for any
20 Trading Days within any 30-consecutive Trading Day period, such period commencing at least 150 days after the Acquisition Merger Closing
Date (the “Lock-up Period Early Release”); provided, however, that if at the time of any Lock-up Period Early Release
Date, the Company is in a Blackout Period, the actual date of the Lock-up Period Early Release Date shall be delayed until immediately
prior to the opening of trading on the second Trading Day following the first date after the satisfaction of the Lock-up Period Early
Release that the Company is no longer in a Blackout Period; provided, further, that the Company shall announce the date of the expected
Lock-up Period Early Release Date through a major news service, or on a Form 8-K, at least two Trading Days in advance of the Lock-Up
Period Early Release Date.

 

(v) The
term “Lock-up Shares” means the shares of Class A Common Stock issued in exchange for SPAC Class A Common Stock converted
from SPAC Class B Common Stock pursuant to the Class B Exchange.

 

(vi) The
term “Lock-up Warrants” means the SPAC Private Placement Warrants assumed by the Company pursuant to the Warrant Assumption
Agreement at the SPAC Merger Effective Time, and any shares of Pubco Common Stock received upon exercise of such warrants.

 

(vii) The
term “Lock-up Securities” means, collectively, the Lock-up Shares and the Lock-up Warrants.

 

(viii) The
term “Permitted Transferees” means, prior to the expiration of the applicable Lock-up Period, any Person to whom such
Sponsor Party or any other Permitted Transferee of such Sponsor Party is permitted to transfer such shares of Lock-up Securities pursuant
to Section 2.1(b).

 

(ix) The
term “Transfer” means the (A) sale of, offer to sell, contract or agreement to sell, hypothecation or pledge of, grant
of any option to purchase or otherwise dispose of or agreement to dispose of, in each case, directly or indirectly, or establishment or
increase of a put equivalent position or liquidation with respect to or decrease of a call equivalent position within the meaning of Section
16 of the Exchange Act, and the rules and regulations of the SEC promulgated thereunder with respect to, any security, (B) entry into
any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any security,
whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (C) public announcement of any
intention to effect any transaction specified in clause (A) or (B).

 

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(e) Each
Sponsor Party shall be permitted to enter into a trading plan established in accordance with Rule 10b5-1 under the Exchange Act during
the applicable Lock-up Period so long as no Transfers of such Sponsor Party’s Lock-up Securities in contravention of this Section 2.1
are effected prior to the expiration of the applicable Lock-up Period.

 

(f) Each
Sponsor Party also agrees and consents to the entry of stop transfer instructions with the Company’s transfer agent and registrar
against the transfer of any Lock-up Shares except in compliance with the foregoing restrictions and to the addition of a legend to such
Sponsor Party’s Lock-up Shares describing the foregoing restrictions.

 

(g) For
the avoidance of doubt, each Sponsor Party shall retain all of its rights as a stockholder of the Company with respect to the Lock-up
Securities during the Lock-up Period, including the right to vote any Lock-up Shares.

 

ARTICLE III

GENERAL PROVISIONS

 

3.1 Notices.
All notices and other communications among the parties shall be in writing and shall be deemed to have been duly given (i) when delivered
in person, (ii) when delivered after posting in the United States mail having been sent registered or certified mail return receipt requested,
postage prepaid, (iii) when delivered by FedEx or other nationally recognized overnight delivery service, or (iv) when delivered by email
(without any “bounce back” or similar error message) addressed as follows:

  

	 	If to the Company, to:
	 	 	 
	 	6996 Piazza Grande Avenue, Suite 301
	 	Orlando, FL 32835
	 	Attn:	Scott Demerau
	 	 	Cecil Magpuri
	 	Email:	notices@falconsbeyond.com

 

with a copy (not constituting notice) to:

 

	 	White & Case LLP
	 	1221 Avenue of the Americas
	 	New York, NY 10020
	 	Attn:	Matthew Kautz
	 	 	James Hu
	 	Email: 	[Redacted]
	 	 	[Redacted]

 

If to any Sponsor Party, to such address indicated
on the Company’s records with respect to such Sponsor Party or to such other address or addresses as such Sponsor Party may from
time to time designate in writing.

 

3.2 Amendment;
Waiver. (a) The terms and provisions of this Agreement may be amended or modified in whole or in part only by a duly authorized
agreement in writing executed by each of the Company Parties and the Sponsor Parties holding a majority of the shares then held by the
Sponsor Parties in the aggregate as to which this Agreement has not been terminated.

 

(b) Except
as expressly set forth in this Agreement, neither the failure nor delay on the part of any party hereto to exercise any right, remedy,
power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy,
power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any
waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or
privilege with respect to any other occurrence.

 

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(c) No
party shall be deemed to have waived any claim arising out of this Agreement, or any right, remedy, power or privilege under this Agreement,
unless the waiver of such claim, right, remedy, power or privilege is expressly set forth in a written instrument duly executed and delivered
on behalf of such party; and any such waiver shall not be applicable or have any effect except in the specific instance in which it is
given.

 

(d) The
Company and any party hereto may unilaterally waive any of its rights hereunder in a signed writing delivered to (i) in the case of a
waiver by the Company Parties, the applicable Sponsor Parties and (ii) in the case of a waiver by a Sponsor Party, each of the Company
Parties.

 

(e) SPAC
and the Company hereby represent, warrant, covenant and agree that (i) if any lock-up agreement signed by a equityholder of the Company
Parties in connection with the transactions contemplated hereby is amended, modified or waived in a manner favorable to such equityholder
and that would be favorable to a Sponsor Party, this Agreement shall be contemporaneously amended in the same manner and the Company shall
provide prompt notice thereof to the Sponsor Parties, and (ii) if any such equityholder is released from any or all of the lock-up restrictions
under its lockup agreement, the Sponsor Parties will be similarly and contemporaneously released from the lock-up restrictions hereunder
(which, for the avoidance, of doubt will include a release of the same percentage of each Sponsor Party’s Lock-up Securities) and
the Company shall provide prompt notice thereof to the Sponsor Parties.

 

(f) Notwithstanding
anything to the contrary, any amendment, modification or waiver of any provision herein that would (i) adversely affect any Sponsor Party,
or (ii) disproportionately affect any Sponsor Party as compared to any other Sponsor Party, in each case, will not bind any such Sponsor
Party without such Sponsor Party’s prior written approval.

 

3.3 Further
Assurances. The parties hereto will sign such further documents, cause such meetings to be held, resolutions passed, exercise
their votes and do and perform and cause to be done such further acts and things necessary, proper or advisable in order to give full
effect to this Agreement and every provision hereof.

 

3.4 Assignment.
No party hereto shall assign, delegate or otherwise transfer this Agreement or any part hereof without the prior written consent of the
other parties hereto. Subject to the foregoing, this Agreement shall be binding upon and inure to the benefit of the parties hereto and
their respective permitted successors and assigns. Any attempted assignment in violation of the terms of this Section 3.4 shall
be null and void, ab initio.

 

3.5 Third
Parties. Nothing expressed or implied in this Agreement is intended or shall be construed to confer upon or give any person, other
than the parties hereto, any right or remedies under or by reason of this Agreement, as a third party beneficiary or otherwise.

 

3.6 Governing
Law. THIS AGREEMENT, AND ALL CLAIMS OR CAUSES OF ACTION BASED UPON, ARISING OUT OF, OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE, WITHOUT GIVING EFFECT
TO PRINCIPLES OR RULES OF CONFLICT OF LAWS TO THE EXTENT SUCH PRINCIPLES OR RULES WOULD REQUIRE OR PERMIT THE APPLICATION OF LAWS OF ANOTHER
JURISDICTION.

 

3.7 Jurisdiction.
Any claim, action, suit, assessment, arbitration or proceeding (an “Action”) based upon, arising out of or related
to this Agreement, or the transactions contemplated hereby, shall be brought in the Court of Chancery of the State of Delaware (or, to
the extent such court does not have subject matter jurisdiction, the Superior Court of the State of Delaware), or, if it has or can acquire
jurisdiction, in the United States District Court for the District of Delaware, and each of the parties irrevocably submits to the exclusive
jurisdiction of each such court in any such Action, waives any objection it may now or hereafter have to personal jurisdiction, venue
or to convenience of forum, agrees that all claims in respect of the Action shall be heard and determined only in any such court, and
agrees not to bring any Action arising out of or relating to this Agreement or the transactions contemplated hereby in any other court.
Nothing herein contained shall be deemed to affect the right of any party to serve process in any manner permitted by law, or to commence
legal proceedings or otherwise proceed against any other party in any other jurisdiction, in each case, to enforce judgments obtained
in any Action brought pursuant to this Section 3.7.

 

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3.8 Waiver
of Jury Trial. EACH PARTY HERETO HEREBY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY
TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH
PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY
OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE
FOREGOING WAIVER, (II) EACH SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (III) EACH SUCH PARTY MAKES THIS
WAIVER VOLUNTARILY, AND (IV) EACH SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS
AND CERTIFICATIONS IN THIS SECTION 3.8.

 

3.9 Specific
Performance. The parties agree that irreparable damage for which monetary damages, even if available, would not be an adequate
remedy, would occur in the event that the parties do not perform their obligations under the provisions of this Agreement (including failing
to take such actions as are required of them hereunder to consummate this Agreement) in accordance with its specified terms or otherwise
breach such provisions. The parties acknowledge and agree that (a) the parties shall be entitled to an injunction, specific performance,
or other equitable relief, to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof, without
proof of damages, prior to the valid termination of this Agreement, this being in addition to any other remedy to which they are entitled
under this Agreement and (b) the right of specific enforcement is an integral part of the transactions contemplated by this Agreement
and without that right, none of the parties would have entered into this Agreement. Each party agrees that it will not oppose the granting
of specific performance and other equitable relief on the basis that the other parties have an adequate remedy at law or that an award
of specific performance is not an appropriate remedy for any reason at law or equity. The parties acknowledge and agree that any party
seeking an injunction to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement in
accordance with this Section 3.9 shall not be required to provide any bond or other security in connection with any such injunction.

 

3.10 Entire
Agreement. Except as otherwise set forth herein, this Agreement and that certain Letter Agreement, dated March 15, 2021, by and
among the SPAC, its executive officers, its directors and Sponsor (the “Insider Letter”, and together with this Agreement,
the “Agreements”) constitute the full and entire understanding and agreement among the parties relating to the transactions
contemplated hereby and supersede any other agreements, whether written or oral, that may have been made or entered into by or among any
of the parties hereto relating to the transactions contemplated hereby. No representations, warranties, covenants, understandings, agreements,
oral or otherwise, relating to the transactions contemplated by the Agreements exist between the parties except as expressly set forth
or referenced in the Agreements. Notwithstanding the foregoing, nothing in the Agreements shall limit any of the rights, remedies or obligations
of the Company Parties or any of the Sponsor Parties under any other agreement between any of the Sponsor Parties and the Company Parties,
and nothing in any other agreement, certificate or instrument shall limit any of the rights, remedies or obligations of any of the Sponsor
Parties or the Company Parties under the Agreements. In the case of any inconsistency between this Agreement and the Insider Letter, for
any time after the SPAC Merger Effective Time this Agreement will control, including in relation to Section 7 of the Insider Letter, which
is expressly superseded by the terms of this Agreement from and after the SPAC Merger Effective Time. The parties hereto agree that the
Transactions shall not be deemed to violate Section 7 of the Insider Letter.

 

3.11 Severability.
If any provision of this Agreement is held invalid or unenforceable by any court of competent jurisdiction, the other provisions of this
Agreement shall remain in full force and effect. The parties further agree that if any provision contained herein is, to any extent, held
invalid or unenforceable in any respect under the laws governing this Agreement, they shall take any actions necessary to render the remaining
provisions of this Agreement valid and enforceable to the fullest extent permitted by law and, to the extent necessary, shall amend or
otherwise modify this Agreement to replace any provision contained herein that is held invalid or unenforceable with a valid and enforceable
provision giving effect to the intent of the parties.

 

3.12 Captions;
Counterparts. The captions in this Agreement are for convenience only and shall not be considered a part of or affect the construction
or interpretation of any provision of this Agreement. This Agreement may be executed in two (2) or more counterparts, each of which shall
be deemed an original, but all of which together shall constitute one and the same instrument.

 

3.13 Several
Liability. The liability of any Sponsor Party hereunder is several (and not joint). Notwithstanding any other provision of this
Agreement, in no event will any Sponsor Party be liable for any other Sponsor Party’s breach of such other Sponsor Party’s
obligations under this Agreement.

 

3.14 Effectiveness;
Termination. This Agreement shall become effective only upon the consummation of the Mergers. Upon the termination of the Merger
Agreement, this Agreement shall automatically terminate and be null and void, ab initio.

 

[Remainder of Page Intentionally Left Blank]

 

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IN WITNESS WHEREOF, the parties hereto have executed
this Lockup Agreement on the day and year first above written.

 

	
    
	SPONSOR:
	 	 
	 	By: FAST Sponsor II Manager LLC, its manager
	 	 	 
	 	By:	/s/ Garrett Schreiber                          
	 	Name: 	Garrett Schreiber
	 	Title:	Manager

 

[Signature Page to Sponsor Lockup Agreement]

 

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	 	PUBCO:
	 	 
	 	PALM HOLDCO, INC.
	 	 
	 	By:	/s/ Cecil D. Magpuri
	 	Name: 	Cecil D. Magpuri
	 	Title:	President

 

[Signature Page to Sponsor Lockup Agreement]

 

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	SPAC:
	 	FAST ACQUISITION CORP. II
	 	 
	 	By:	/s/ Garrett Schreiber       
	 	Name: 	Garrett Schreiber
	 	Title:	Chief Financial Officer

 

[Signature Page to Sponsor Lockup Agreement]

 

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	 	COMPANY:
	 	 
	 	FALCON’S BEYOND GLOBAL, LLC
	 	 
	 	By:	/s/ Cecil D. Magpuri  
	 	Name: 	Cecil D. Magpuri
	 	Title:	Chief Executive Officer

 

[Signature Page to Sponsor Lockup Agreement]

 

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Exhibit A

FORM OF JOINDER TO LOCKUP AGREEMENT

[______], 20__

 

Reference is made to the Lockup Agreement, dated as of [•], 2022,
by and among Palm Holdco, Inc. (the “Company”), the other Company Parties (as defined therein) and the other Sponsor
Parties (as defined therein) from time to time party thereto (as amended from time to time, the “Lockup Agreement”).
Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the Lockup Agreement.

 

Each of the Company Parties and each undersigned holder of shares of
the Company (each, a “New Sponsor Party”) agrees that this Joinder to the Lockup Agreement (this “Joinder”)
is being executed and delivered for good and valuable consideration.

 

Each undersigned New Sponsor Party hereby agrees to and does become
party to the Lockup Agreement as a Sponsor Party. This Joinder shall serve as a counterpart signature page to the Lockup Agreement and
by executing below each undersigned New Sponsor Party is deemed to have executed the Lockup Agreement with the same force and effect as
if originally named a party thereto.

 

This Joinder may be executed in multiple counterparts, including by
means of facsimile or electronic signature, each of which shall be deemed an original, but all of which together shall constitute the
same instrument.

 

[Remainder of Page Intentionally Left Blank.]

 

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IN WITNESS WHEREOF, the undersigned have duly executed
this Joinder as of the date first set forth above.

 

	
    
	[NEW SPONSOR PARTY]
	 	 
	 	By:	 
	 	Name:	 
	 	Title	 
	 	 	 
	 	PALM HOLDCO, INC.
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	FALCON’S BEYOND GLOBAL, LLC
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	FAST ACQUISITION CORP. II
	 	 
	 	By:	 
	 	Name:	                       
	 	Title:	 

  

    14Exhibit 10.3

 

SUBSCRIPTION AGREEMENT

 

This SUBSCRIPTION AGREEMENT
(this “Subscription Agreement”) is entered into on July 11, 2022, between Falcon’s Beyond Global LLC, a Florida
limited liability company (the “Company”), and Katmandu Collections, LLLP (“Subscriber”).

 

WHEREAS, concurrently with
the execution of this Subscription Agreement, the Company is entering into a definitive agreement with FAST Acquisition Corp. II, a Delaware
corporation (“FAST”), and the other parties thereto, providing for the combination of the Company and FAST (the “Transaction
Agreement” and the transactions contemplated by the Transaction Agreement, the “Transaction”);

 

WHEREAS, Subscriber is a member
of the Company and currently owns 54,407,701 membership units of the Company (the “Membership Units”) representing
a percentage interest in the Company of 66.6667%;

 

WHEREAS, Subscriber desires
to subscribe for and purchase additional Membership Units of the Company for a purchase price of $10.00 per Membership Unit (the “Per
Unit Price” and the aggregate of such Per Unit Price for all Subscribed Membership Units being referred to herein as the “Purchase
Price”), and the Company desires to issue and sell to Subscriber up to 6,000,000 Membership Units (the “Subscribed
Membership Units”) in consideration of the payment of the Purchase Price by or on behalf of Subscriber to the Company;

 

WHEREAS, the Company and Subscriber
are executing and delivering this Subscription Agreement in reliance upon the exemption from securities registration afforded by Section
4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”); and

 

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

 

Section 1. Subscription.

 

(a)   Subject
to the terms and conditions hereof, Subscriber hereby agrees to subscribe for and purchase on a private placement basis, and the Company
hereby agrees to assign all rights and title to, and to issue and sell to Subscriber, upon the payment of the Purchase Price, the Subscribed
Membership Units (such subscription and issuance, the “Subscription”). The Subscriber shall have the option to pay for the
Subscribed Membership Units in installments in one or more Closings (as defined below) prior to the Consummation Date (as defined below)
and, upon such payment, the Company shall issue the number of Membership Units to the subscriber equal to the portion of the Purchase
Price paid divided by the Per Unit Price. For the avoidance of doubt, the Subscriber shall be required, in the aggregate, to have fully
paid the Purchase Price for the Subscribed Membership Units by the Consummation Date.

 

(b)   The
Subscriber’s interest and capital account with the Company will be set forth in Exhibit A to the operating agreement of the Company,
dated April 30, 2021 by and among the Company and the members whose signatures appear on the signature page thereof (as amended and modified
from time to time, the “Operating Agreement”).

 

    

     

    

 

Section 2. Closings.

 

(a)   The
Subscription shall be fully consummated on the earlier of (i) the Termination Date (as defined in the Transaction Agreement), (ii) the
receipt of the total Purchase Price by the Company and the issuance of all of the Subscribed Membership Units to the Subscriber or (iii)
at any time so determined by the Company (such period, the “Offering Period”), subject to the right of the Company
to extend the Offering Period one or more times to such final date that the Company shall in its discretion so determine without notice
or vote of the Subscriber (the “Consummation Date”).

 

(b)   At
least five (5) Business Days before the date on which the Subscriber shall purchase Membership Units (each, a “Closing Date”
and each such closing, a “Closing”), the Company shall deliver written notice to Subscriber (the “Closing
Notice”) specifying (i) the anticipated Closing Date and (ii) the wire instructions for delivery of the Purchase Price, whether
in whole or in part, to the Company. No later than three (3) Business Days prior to the Closing Date, Subscriber shall deliver such Purchase
Price for the Subscribed Membership Units by wire transfer of United States dollars in immediately available funds to the account specified
by the Company in the Closing Notice, and deliver to the Company such information as is reasonably requested in the Closing Notice in
order for the Company to issue the Subscribed Membership Units to Subscriber, including, without limitation, the legal name of the person
in whose name the Subscribed Membership Units are to be issued and a duly completed and executed Internal Revenue Service Form W-9 or
appropriate Form W-8. Upon satisfaction (or, if applicable, waiver) of the conditions set forth in this Section 2, the Company
shall issue the Subscribed Membership Units to Subscriber upon which Subscriber shall become bound by the Operating Agreement. Failure
to close on an anticipated Closing Date shall not, by itself, be deemed to be a failure of any of the conditions to a Closing set forth
in this Section 2 to be satisfied or waived on or prior to the Closing Date, and (y) unless and until this Subscription Agreement
is terminated in accordance with Section 5 herein, Subscriber shall remain obligated (A) to redeliver funds to the Company in escrow
following the Company’s delivery to Subscriber of a new Closing Notice and (B) to consummate the Closing upon satisfaction of the
conditions set forth in this Section 2. For the purposes of this Subscription Agreement, “Business Day” means
any day other than a Saturday, Sunday or any other day on which commercial banks are required or authorized to close in the State of New
York.

 

(c)   Each
Closing shall be subject to the satisfaction, or valid waiver by each of the parties hereto, of the conditions that, on each Closing Date:

 

		(i)	no governmental authority shall have enacted, issued, promulgated, enforced or entered any judgment, order,
law, rule or regulation which is then in effect and has the effect of making the consummation of the transactions contemplated hereby
illegal or otherwise restraining or prohibiting consummation of the transactions contemplated hereby.

 

    2

     

    

 

(d)   The
obligation of the Company to consummate a Closing shall be subject to the satisfaction or valid waiver by the Company of the additional
conditions that, on each Closing Date:

 

		(i)	all representations and warranties of Subscriber contained in this Subscription Agreement shall be true
and correct in all material respects (other than representations and warranties that are qualified as to materiality or Subscriber Material
Adverse Effect (as defined below), which representations and warranties shall be true and correct in all respects) at and as of the Closing
Date; and

 

		(ii)	Subscriber shall have performed, satisfied and complied in all material respects with all covenants, agreements
and conditions required by this Subscription Agreement to be performed, satisfied or complied with by it at or prior to the Closing.

 

(e)   The
obligation of Subscriber to consummate a Closing shall be subject to the satisfaction or valid waiver by Subscriber of the additional
conditions that, on each Closing Date:

 

		(i)	all representations and warranties of the Company contained in this Subscription Agreement shall be true
and correct in all material respects (other than representations and warranties that are qualified as to materiality or Company Material
Adverse Effect (as defined below), which representations and warranties shall be true and correct in all respects) at and as of the Closing
Date; and

 

		(ii)	the Company shall have performed, satisfied and complied in all material respects with all covenants,
agreements and conditions required by this Subscription Agreement to be performed, satisfied or complied with by it at or prior to the
Closing.

 

(f)   Prior
to or at the Closing, Subscriber shall deliver all such other information as is reasonably requested in order for the Company to issue
the Subscribed Membership Units to Subscriber.

 

Section 3. Company
Representations and Warranties. The Company represents and warrants to Subscriber that:

 

(a)   (i)
The Company is a limited liability company duly formed, validly existing and in good standing under the laws of the State of Florida and
has the requisite limited liability company power and authority to own, lease and operate its properties, to carry on its business as
it is now being conducted, and (ii) is duly licensed or qualified to conduct its business and, if applicable, is in good standing under
the laws of each jurisdiction (other than its jurisdiction of organization) in which the conduct of its business or the ownership of its
properties or assets requires such license or qualification, except, with respect to the foregoing clause (ii), where the failure
to be in good standing would not reasonably be expected to have a Company Material Adverse Effect. For purposes of this Subscription Agreement,
a “Company Material Adverse Effect” means an event, change, development, occurrence, condition or effect with respect
to the Company and its subsidiaries, taken together as a whole (on a consolidated basis), that, individually or in the aggregate, would
reasonably be expected to have a material adverse effect on the Company’s ability to consummate the transactions contemplated hereby,
including the issuance and sale of the Subscribed Membership Units.

 

    3

     

    

 

(b)   As
of each Closing Date, the Subscribed Membership Units will be duly authorized and, when issued and delivered to Subscriber against full
payment therefor in accordance with the terms of this Subscription Agreement, will be validly issued, fully paid and non-assessable. Upon
issuance in accordance with, and payment pursuant to the terms hereof, Subscriber will have received good title to the Subscribed Membership
Units, free and clear of all liens, claims and encumbrances of any kind resulting from action of, or any failure to act by, the Company,
other than (i) any transfer restrictions pursuant to the Operating Agreement and (ii) transfer restrictions under federal and state securities
laws.

 

(c)   (i)
The Company has the requisite corporate power and authority to enter into and perform its obligations under this Subscription Agreement
and to issue the Subscribed Membership Units in accordance with the terms thereof and otherwise to carry out the transactions contemplated
by this Subscription Agreement; (ii) the execution, delivery and performance of this Subscription Agreement by the Company and the consummation
by it of the transactions contemplated hereby has been duly authorized by all necessary action, and no further consent or authorization
of the Company or any member is required; and (iii) assuming the due authorization, execution and delivery of the same by Subscriber,
this Subscription Agreement shall constitute the valid and legally binding obligation of the Company, enforceable against the Company
in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium and similar
laws affecting creditors generally and by the availability of equitable remedies.

 

(d)   Assuming
the accuracy of the representations and warranties of Subscriber, the execution and delivery of this Subscription Agreement, the issuance
and sale of the Subscribed Membership Units and the compliance by the Company with all of the provisions of this Subscription Agreement
and the consummation of the transactions contemplated herein will not conflict with or result in a breach or violation of any of the terms
or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of
the property or assets of the Company pursuant to the terms of (i) any indenture, mortgage, deed of trust, loan agreement, lease, license
or other agreement or instrument to which the Company is a party or by which the Company is bound or to which any of the property or assets
of the Company is subject; (ii) the organizational documents of the Company, including the Company’s certificate of formation and
Operating Agreement; or (iii) any statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic
or foreign, having jurisdiction over the Company or any of its properties that, in the case of clauses (i) and (iii), would
reasonably be expected to have a Company Material Adverse Effect.

 

(e)   Assuming
the accuracy of the representations and warranties of Subscriber, the Company is not required to obtain any consent, waiver, authorization
or order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental
authority, self-regulatory organization or other person in connection with the execution, delivery and performance of this Subscription
Agreement (including, without limitation, the issuance of the Subscribed Membership Units), other than (i) filings required by applicable
state securities laws, and (ii) the filing of a Notice of Exempt Offering of Securities on Form D with the United States Securities and
Exchange Commission (“Commission”) under Regulation D of the Securities Act of 1933, as amended (the “Securities
Act”), if applicable and (iii) the failure of which to obtain would not be reasonably likely to have a Company Material Adverse
Effect.

 

    4

     

    

 

(f)   Except
for such matters as have not had and would not be reasonably likely to have a Company Material Adverse Effect, there is no (i) suit, action,
proceeding or arbitration before a governmental authority or arbitrator pending, or, to the knowledge of the Company, threatened in writing
against the Company or (ii) judgment, decree, injunction, ruling or order of any governmental authority or arbitrator outstanding against
the Company.

 

(g)   Assuming
the accuracy of Subscriber’s representations and warranties set forth in Section 4 of this Subscription Agreement, no registration
under the Securities Act is required for the offer and sale of the Subscribed Membership Units by the Company to Subscriber.

 

(h)   Neither
the Company nor any person acting on its behalf has engaged or will engage in any form of general solicitation or general advertising
(within the meaning of Regulation D) in connection with any offer or sale of the Subscribed Membership Units.

 

(i)   No
broker or finder is entitled to any brokerage or finder’s fee or commission solely in connection with the sale of the Subscribed
Membership Units to Subscriber.

 

Section 4. Subscriber
Representations and Warranties. Subscriber represents and warrants to the Company that:

 

(a)   Subscriber
(i) is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization, and (ii) has the requisite
power and authority to enter into and perform its obligations under this Subscription Agreement.

 

(b)   This
Subscription Agreement has been duly executed and delivered by Subscriber, and assuming the due authorization, execution and delivery
of the same by the Company, this Subscription Agreement shall constitute the valid and legally binding obligation of Subscriber, enforceable
against Subscriber in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization,
moratorium and similar laws affecting creditors generally and by the availability of equitable remedies.

 

(c)   The
execution and delivery of this Subscription Agreement, the purchase of the Subscribed Membership Units and the compliance by Subscriber
with all of the provisions of this Subscription Agreement and the consummation of the transactions contemplated herein will not conflict
with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation
or imposition of any lien, charge or encumbrance upon any of the property or assets of Subscriber pursuant to the terms of (i) any indenture,
mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which Subscriber is a party or by which Subscriber
is bound or to which any of the property or assets of Subscriber is subject; (ii) the organizational documents of Subscriber; or (iii)
any statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction
over Subscriber or any of its properties that, in the case of clauses (i) and (iii), would reasonably be expected to have
a Subscriber Material Adverse Effect. For purposes of this Subscription Agreement, a “Subscriber Material Adverse Effect”
means an event, change, development, occurrence, condition or effect with respect to Subscriber that would reasonably be expected to have
a material adverse effect on Subscriber’s ability to consummate the transactions contemplated hereby, including the purchase of
the Subscribed Membership Units.

 

    5

     

    

 

(d)   Subscriber
(i) is a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act) or an institutional “accredited
investor” (within the meaning of Rule 501(a) under the Securities Act) satisfying the applicable requirements set forth on Annex
A, (ii) is acquiring the Subscribed Membership Units only for its own account and not for the account of others, or if Subscriber is subscribing
for the Subscribed Membership Units as a fiduciary or agent for one or more investor accounts, each owner of such account is a qualified
institutional buyer or an institutional accredited investor and Subscriber has full investment discretion with respect to each such account,
and the full power and authority to make the acknowledgements, representations and agreements herein on behalf of each owner of each such
account, and (iii) is not acquiring the Subscribed Membership Units with a view to, or for offer or sale in connection with, any distribution
thereof in violation of the Securities Act (and has provided the Company with the requested information on Annex A following the signature
page hereto). Subscriber is not an entity formed for the specific purpose of acquiring the Subscribed Membership Units.

 

(e)   Subscriber
understands that the Subscribed Membership Units are being offered in a transaction not involving any public offering within the meaning
of the Securities Act and that the Subscribed Membership Units have not been registered under the Securities Act. Subscriber understands
that the Subscribed Membership Units may not be offered, resold, transferred, pledged or otherwise disposed of by Subscriber absent an
effective registration statement under the Securities Act, except (i) to the Company or a subsidiary thereof, or (ii) pursuant to an applicable
exemption from the registration requirements of the Securities Act, and, in each of cases (i) and (ii), in accordance with any applicable
securities laws of the applicable states and other jurisdictions of the United States, and as a result of these transfer restrictions,
Subscriber may not be able to readily resell the Subscribed Membership Units and may be required to bear the financial risk of an investment
in the Subscribed Membership Units for an indefinite period of time. The Subscriber understands that there is currently no established
trading market for the Subscribed Membership Units and no assurance can be given that any market for the Subscribed Membership Units will
ever develop or be maintained.

 

(f)   Subscriber
understands that it has been advised to consult legal counsel prior to making any offer, resale, pledge or transfer of any of the Subscribed
Membership Units.

 

(g)   Subscriber
understands and agrees that Subscriber is purchasing the Subscribed Membership Units directly from the Company. Subscriber further acknowledges
that there have not been, and Subscriber hereby agrees that it is not relying on, any representations, warranties, covenants or agreements
made to Subscriber by the Company, any of its respective affiliates or any control persons, officers, directors, employees, partners,
agents or representatives, or any other person or entity, expressly or by implication, other than those representations, warranties, covenants
and agreements of the Company set forth in this Subscription Agreement. Subscriber acknowledges that certain information provided by the
Company was based on projections, and such projections were prepared based on assumptions and estimates that are inherently uncertain
and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results
to differ materially from those contained in the projections.

 

    6

     

    

 

(h)   In
making its decision to purchase the Subscribed Membership Units, Subscriber has relied solely upon independent investigation made by Subscriber.
Subscriber acknowledges and agrees that Subscriber has received such information as Subscriber deems necessary in order to make an investment
decision with respect to the Subscribed Membership Units, including with respect to the Company and its subsidiaries. Subscriber represents
and agrees that Subscriber and Subscriber’s professional advisor(s), if any, have had the full opportunity to ask such questions,
receive such answers and obtain such information as Subscriber and such undersigned’s professional advisor(s), if any, have deemed
necessary to make an investment decision with respect to the Subscribed Membership Units.

 

(i)   Subscriber
became aware of this offering of the Subscribed Membership Units solely by means of direct contact between Subscriber and the Company,
or their respective representatives or affiliates, and the Subscribed Membership Units were offered to Subscriber solely by direct contact
between Subscriber and the Company, or their respective affiliates. Subscriber did not become aware of this offering of the Subscribed
Membership Units, nor were the Subscribed Membership Units offered to Subscriber, by any other means. Subscriber acknowledges that the
Company represents and warrants that the Subscribed Membership Units (i) were not offered by any form of general solicitation or general
advertising and (ii) are not being offered in a manner involving a public offering under, or in a distribution in violation of, the Securities
Act, or any state securities laws.

 

(j)   Subscriber
acknowledges that it is aware that there are substantial risks incident to the purchase and ownership of the Subscribed Membership Units.
Subscriber has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of
an investment in the Subscribed Membership Units, and Subscriber has had an opportunity to seek, and has sought, such accounting, legal,
business and tax advice as Subscriber has considered necessary to make an informed investment decision.

 

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

 

(l)   Subscriber
understands and agrees that no federal or state agency has passed upon or endorsed the merits of the offering of the Subscribed Membership
Units or made any findings or determination as to the fairness of this investment.

 

    7

     

    

 

(m)   Subscriber
is not, and is not owned or controlled by or acting on behalf of, a Sanctioned Person. Subscriber is not a non-U.S. shell bank or providing
banking services to a non-U.S. shell bank. Subscriber represents that if it is a financial institution subject to the Bank Secrecy Act
(31 U.S.C. Section 5311 et seq.), as amended by the USA PATRIOT Act of 2001 and its implementing regulations (collectively, the “BSA/PATRIOT
Act”), that Subscriber maintains policies and procedures reasonably designed to comply with applicable obligations under the
BSA/PATRIOT Act. Subscriber also represents that, to the extent required by applicable law, it maintains, either directly or through the
use of a third-party administrator, policies and procedures reasonably designed for the screening of any investors against Sanctions-related
lists of blocked or restricted persons. Subscriber further represents and warrants that the funds held by Subscriber and used to purchase
the Subscribed Membership Units are derived from lawful activities. For purposes of this Agreement, “Sanctioned Person” means
at any time any person or entity: (a) listed on any Sanctions-related list of designated or blocked or restricted persons; (b) that
is a national of, the government of, or any agency or instrumentality of the government of, or resident in, or organized under the laws
of, a country or territory that is the target of comprehensive Sanctions from time to time (as of the date of this Agreement, Cuba, Iran,
North Korea, Syria, Russia, Belarus and the Crimea, the Donetsk People’s Republic and the Luhansk People’s Republic regions
of Ukraine); or (c) owned or controlled by or acting on behalf of any of the foregoing. “Sanctions” means those trade, economic
and financial sanctions laws, regulations, embargoes, and restrictive measures (in each case having the force of law) administered, enacted
or enforced from time to time by (a) the United States (including without limitation the U.S. Department of the Treasury, Office of Foreign
Assets Control, the U.S. Department of State, and the U.S. Department of Commerce), (b) the European Union and enforced by its member
states, (c) the United Nations and (d) Her Majesty’s Treasury.

 

(n)   Subscriber
does not have, as of the date hereof, and during the 30-day period immediately prior to the date hereof such Subscriber has not entered
into, any “put equivalent position” as such term is defined in Rule 16a-1 under the Exchange Act or short sale positions with
respect to the securities of the Company or FAST. Notwithstanding the foregoing, in the case of a Subscriber that is a multi-managed investment
vehicle whereby separate portfolio managers manage separate portions of such Subscriber’s assets and the portfolio managers have
no direct knowledge of the investment decisions made by the portfolio managers managing other portions of such Subscriber’s assets,
the representation set forth above shall only apply with respect to the portion of assets managed by the portfolio manager that made the
investment decision to purchase the Subscribed Membership Units covered by this Agreement.

 

(o)   Subscriber
is not currently (and at all times through Closing will refrain from being or becoming) a member of a “group” (within the
meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act or any successor provision), including any group acting for the purpose
of acquiring, holding or disposing of equity securities of the Company (within the meaning of Rule 13d-5(b)(1) under the Exchange Act).

 

(p)   No
foreign person (as defined in 31 C.F.R. Part 800.224) in which the national or subnational governments of a single foreign state have
a substantial interest (as defined in 31 C.F.R. Part 800.244) will acquire a substantial interest in the Company as a result of the purchase
and sale of Subscribed Membership Units hereunder such that a declaration to the Committee on Foreign Investment in the United States
would be mandatory under 31 C.F.R. Part 800.401, and no foreign person will have control (as defined in 31 C.F.R. Part 800.208) over the
Company from and after the Closing as a result of the purchase and sale of Subscribed Membership Units hereunder.

 

    8

     

    

 

(q)   Subscriber
at each Closing will have sufficient funds to pay the Purchase Price pursuant to Section 2.

 

(r)   No
broker or finder is entitled to any brokerage or finder’s fee or commission solely in connection with the sale of the Subscribed
Membership Units to Subscriber.

 

(s)   The
Subscriber acknowledges and understands that certain founders, insiders and/or affiliates have purchased or will purchase (or may in the
future have the right to purchase) securities of the Company at a purchase price lower than that offered to the Subscriber in the Subscription.
The Subscriber acknowledges that certain managers, members, and officers of the Company, and their respective affiliates, have conflicts
of interests and fully understands such conflicts of interests.

 

Section 5. Termination.
This Subscription Agreement shall terminate and be void and of no further force and effect, and all rights and obligations of the
parties hereunder shall terminate without any further liability on the part of any party in respect thereof (a) upon the mutual
written agreement of the parties hereto to terminate this Subscription Agreement or (b) if, on the Consummation Date, any of the
conditions to Closing set forth in Section 2 of this Subscription Agreement have not been satisfied as of the time required
hereunder to be so satisfied or waived by the party entitled to grant such waiver and, as a result thereof, the transactions
contemplated by this Subscription Agreement are not consummated; provided, that nothing herein will relieve any party from
liability for any willful breach hereof prior to the time of termination, and each party will be entitled to any remedies at law or
in equity to recover losses, liabilities or damages arising from such breach.

 

Section 6. Miscellaneous.

 

(a)   All
notices, requests, demands, claims, and other communications hereunder shall be in writing. Any notice, request, demand, claim, or other
communication hereunder shall be deemed duly given (i) when delivered personally to the recipient, (ii) when sent by electronic mail,
on the date of transmission to such recipient; provided, that such notice, request, demand, claim or other communication is also sent
to the recipient pursuant to clauses (i), (iii) or (iv) of this Section 6(a), (iii) one Business Day after
being sent to the recipient by reputable overnight courier service (charges prepaid), or (iv) four (4) Business Days after being mailed
to the recipient by certified or registered mail, return receipt requested and postage prepaid, and, in each case, addressed to the intended
recipient at its address specified on the signature page hereof or to such electronic mail address or address as subsequently modified
by written notice given in accordance with this Section 6(a). A courtesy electronic copy of any notice sent by methods (i), (iii),
or (iv) above shall also be sent to the recipient via electronic mail if provided in the applicable signature page hereof or to an electronic
mail address as subsequently modified by written notice given in accordance with this Section 6(a).

 

    9

     

    

 

(b)   Subscriber
acknowledges that the Company and others will rely on the acknowledgments, understandings, agreements, representations and warranties
of Subscriber contained in this Subscription Agreement. Prior to each Closing, Subscriber agrees to promptly notify the Company if it
becomes aware that any of the acknowledgments, understandings, agreements, representations and warranties of Subscriber set forth herein
are no longer accurate in all material respects. Subscriber acknowledges and agrees that the purchase by Subscriber of Subscribed Membership
Units from the Company will constitute a reaffirmation of the acknowledgments, understandings, agreements, representations and warranties
herein (as modified by any such notice) by Subscriber as of the time of such purchase. The Company acknowledges that Subscriber will rely
on the acknowledgments, understandings, agreements, representations and warranties contained in this Subscription Agreement. Prior to
each Closing, the Company agrees to promptly notify Subscriber if either becomes aware that any of the acknowledgments, understandings,
agreements, representations and warranties of the Company set forth herein are no longer accurate in all material respects.

 

(c)   Each
of the Company and Subscriber is irrevocably authorized to produce this Subscription Agreement or a copy hereof to any interested party
in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby.

 

(d)   Subscriber
shall pay all of its own expenses in connection with this Subscription Agreement and the transactions contemplated herein.

 

(e)   Neither
this Subscription Agreement nor any rights that may accrue to Subscriber hereunder (other than the Subscribed Membership Units acquired
hereunder, if any) may be transferred or assigned. Neither this Subscription Agreement nor any rights that may accrue to the Company hereunder
may be transferred or assigned (provided, that, for the avoidance of doubt, the Company may transfer the Subscription Agreement and its
rights hereunder to another entity under the control of, or under common control with, the Company). Notwithstanding the foregoing, Subscriber
may assign its rights and obligations under this Subscription Agreement to one or more of its affiliates (including other investment funds
or accounts managed or advised by the investment manager who acts on behalf of Subscriber) or, with the Company’s prior written
consent, to another person, provided that no such assignment shall relieve Subscriber of its obligations hereunder if any such assignee
fails to perform such obligations.

 

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

 

(g)   The
Company may request from Subscriber such additional information as the Company may reasonably deem necessary to evaluate the eligibility
of Subscriber to acquire the Subscribed Membership Units and Subscriber shall provide such information as may be reasonably requested.
Subscriber acknowledges that the Company and/or FAST may file a copy of this Subscription Agreement with the Commission as an exhibit
to a periodic report of the Company and/or FAST or a registration statement of the Company and/or FAST.

 

(h)   This
Subscription Agreement may not be amended, modified or waived in any material respect, except with the written consent of the Company,
FAST and the Subscriber. Upon the effectuation of such waiver, modification or amendment with the consent of the Subscriber and FAST in
conformance with this Section 6(h), such amendment, modification or waiver shall be binding on the Subscriber and effective as
to this Subscription Agreement. The Company shall promptly give written notice thereof to Subscriber if Subscriber has not previously
consented to such amendment, modification or waiver in writing; provided that the failure to give such notice shall not affect the validity
of such amendment, modification or waiver.

 

    10

     

    

 

(i)   This
Subscription Agreement entered into by the parties hereto constitute the entire agreement, and supersede all other prior agreements, understandings,
representations and warranties, both written and oral, among the parties, with respect to the subject matter hereof.

 

(j)   Except
as otherwise provided herein, this Subscription Agreement is intended for the benefit of the parties hereto and their heirs, executors,
administrators, successors, legal representatives, and permitted assigns and is not for the benefit of, nor may any provision hereof be
enforced by, any other person. Except as set forth in Section 6(b), Section 6(c), Section 6(h) and this Section
6(j) with respect to the persons specifically referenced therein, this Subscription Agreement shall not confer any rights or remedies
upon any person other than the parties hereto, and their respective successor and assigns, and the parties hereto acknowledge that such
persons so referenced are third party beneficiaries of this Subscription Agreement for the purposes of, and to the extent of, the rights
granted to them, if any, pursuant to the applicable provisions. Notwithstanding anything to the contrary contained in this Subscription
Agreement, FAST shall be an express third party beneficiary of Section 6(t) of this Subscription Agreement.

 

(k)   The
parties hereto acknowledge and agree that irreparable damage would occur in the event that any of the provisions of this Subscription
Agreement were not performed in accordance with their specific terms or were otherwise breached and that money or other legal remedies
would not be an adequate remedy for such damage. It is accordingly agreed that the parties shall be entitled to equitable relief, including
in the form of an injunction or injunctions to prevent breaches or threatened breaches of this Subscription Agreement and to enforce specifically
the terms and provisions of this Subscription Agreement, this being in addition to any other remedy to which such party is entitled at
law, in equity, in contract, in tort or otherwise. The parties hereto acknowledge and agree that the Company shall be entitled to specifically
enforce Subscriber’s obligations to fund the Subscription Amount and the provisions of the Subscription Agreement, in each case,
on the terms and subject to the conditions set forth herein. The parties hereto further acknowledge and agree: (x) to waive any requirement
for the security or posting of any bond in connection with any such equitable remedy; (y) not to assert that a remedy of specific enforcement
pursuant to this Section 6(k) is unenforceable, invalid, contrary to applicable law or inequitable for any reason; and (z) to waive
any defenses in any action for specific performance, including the defense that a remedy at law would be adequate. In connection with
any proceeding for which the Company is being granted an award of money damages, the Subscriber agrees that such damages, to the extent
payable by such party, shall include, without limitation, damages related to the consideration that is or was to be paid to the Company
under this Subscription Agreement and such damages are not limited to an award of out-of-pocket fees and expenses related to this Subscription
Agreement.

 

(l)   In
any dispute arising out of or related to this Subscription Agreement, or any other agreement, document, instrument or certificate contemplated
hereby, or any transactions contemplated hereby or thereby, the applicable adjudicating body shall award to the prevailing party, if any,
the costs and attorneys’ fees reasonably incurred by the prevailing party in connection with the dispute and the enforcement of
its rights under this Subscription Agreement or any other agreement, document, instrument or certificate contemplated hereby and, if the
adjudicating body determines a party to be the prevailing party under circumstances where the prevailing party won on some but not all
of the claims and counterclaims, the adjudicating body may award the prevailing party an appropriate percentage of the costs and attorneys’
fees reasonably incurred by the prevailing party in connection with the adjudication and the enforcement of its rights under this Subscription
Agreement or any other agreement, document, instrument or certificate contemplated hereby or thereby.

 

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

 

(n)   No
failure or delay by a party hereto in exercising any right, power or remedy under this Subscription Agreement, and no course of dealing
between the parties hereto, shall operate as a waiver of any such right, power or remedy of such party. No single or partial exercise
of any right, power or remedy under this Subscription Agreement by a party hereto, nor any abandonment or discontinuance of steps to enforce
any such right, power or remedy, shall preclude such party from any other or further exercise thereof or the exercise of any other right,
power or remedy hereunder. The election of any remedy by a party hereto shall not constitute a waiver of the right of such party to pursue
other available remedies. No notice to or demand on a party not expressly required under this Subscription Agreement shall entitle the
party receiving such notice or demand to any other or further notice or demand in similar or other circumstances or constitute a waiver
of the rights of the party giving such notice or demand to any other or further action in any circumstances without such notice or demand.

 

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

 

(p)   This
Subscription Agreement shall be governed by, and construed in accordance with, the laws of the State of New York, without regard to the
principles of conflicts of laws that would otherwise require the application of the law of any other state.

 

(q)   EACH
PARTY AND ANY PERSON ASSERTING RIGHTS AS A THIRD PARTY BENEFICIARY HEREBY WAIVES ITS RESPECTIVE RIGHTS TO A TRIAL BY JURY OF ANY CLAIM
OR CAUSE OF ACTION BASED UPON OR ARISING OUT OR RELATED TO THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY IN ANY
ACTION, PROCEEDING OR OTHER LITIGATION OF ANY TYPE BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY OR ANY AFFILIATE OF ANY OTHER SUCH PARTY,
WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT CLAIMS OR OTHERWISE. THE PARTIES AGREE THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE TRIED
BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING THE FOREGOING, THE PARTIES FURTHER AGREE THAT THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY
IS WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE
THE VALIDITY OR ENFORCEABILITY OF THIS SUBSCRIPTION AGREEMENT OR ANY PROVISION HEREOF. THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS,
RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS SUBSCRIPTION AGREEMENT.

 

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(r)   The
parties agree that all disputes, legal actions, suits and proceedings arising out of or relating to this Subscription Agreement must be
brought exclusively in the United States District Court for the Southern District of New York, the Supreme Court of the State of New York
and the federal courts of the United States of America located in the State of New York (collectively, the “Designated Courts”).
Each party hereby consents and submits to the exclusive jurisdiction of the Designated Courts. No legal action, suit or proceeding with
respect to this Subscription Agreement may be brought in any other forum. Each party hereby irrevocably waives all claims of immunity
from jurisdiction, and any objection which such party may now or hereafter have to the laying of venue of any suit, action or proceeding
in any Designated Court, including any right to object on the basis that any dispute, action, suit or proceeding brought in the Designated
Courts has been brought in an improper or inconvenient forum or venue. Each of the parties also agrees that delivery of any process, summons,
notice or document to a party hereof in compliance with Section 6(a) of this Subscription Agreement shall be effective service
of process for any action, suit or proceeding in a Designated Court with respect to any matters to which the parties have submitted to
jurisdiction as set forth above.

 

(s)   This
Subscription Agreement may only be enforced against, and any claim, action, suit or other legal proceeding based upon, arising out of,
or related to this Subscription Agreement, or the negotiation, execution or performance of this Subscription Agreement, may only be brought
against the entities that are expressly named as parties or third party beneficiaries hereto and then only with respect to the specific
obligations set forth herein with respect to such party or third party beneficiary. No past, present or future director, officer, employee,
incorporator, manager, member, partner, stockholder, affiliate, agent, attorney or other representative of any party hereto or of any
affiliate of any party hereto, or any of their successors or permitted assigns, shall have any liability for any obligations or liabilities
of any party hereto under this Subscription Agreement or for any claim, action, suit or other legal proceeding based on, in respect of
or by reason of the transactions contemplated hereby.

 

(t)   Subscriber
hereby consents to the publication and disclosure in any press release issued by the Company or FAST and any Form 8-K or Form 6-K filed
by the Company or FAST with the Commission in connection with the execution and delivery of the Transaction and this Subscription Agreement
or the transactions contemplated in the Transaction Agreement, this Subscription Agreement and the Proxy Statement (as defined in the
Transaction Agreement) (and, as and to the extent otherwise required by the federal securities laws, exchange rules, the Commission or
any other securities authorities or any rules and regulations promulgated thereby, any other documents or communications provided by the
Company or FAST to any governmental entity or to any securityholders of the Company) of Subscriber’s identity and beneficial ownership
of the Subscribed Membership Units and the nature of Subscriber’s commitments, arrangements and understandings under and relating
to this Agreement and, if deemed appropriate by the Company, a copy of this Agreement, all solely to the extent required by applicable
law or any regulation or stock exchange listing requirement. Subscriber will promptly provide any information reasonably requested by
the Company for any regulatory application or filing made or approval sought in connection with the Transaction and this Subscription
Agreement (including filings with the Commission). For the avoidance of doubt, nothing in this Agreement shall require or be deemed to
require the Company to make public or disclose any material, non-public information that the Company has provided to Subscriber other
than the material, non-public information that is contained in the Proxy Statement (as defined in the Transaction Agreement) or other
filings of the Company and FAST with the Commission.

 

[Signature pages follow.]

 

    13

     

    

 

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

 

	 	FALCON’S BEYOND GLOBAL, LLC
	 	 	 
	 	By: 	/s/ Cecil D. Magpuri
	 	 	Name: Cecil D. Magpuri
	 	 	Title:   Chief Executive Officer
	 	 	 
	 	Address for Notices:
	 	 
	 	Falcon’s Beyond

6996 Piazza Grande Avenue, Suite 301

Orlando, FL 32835 

	 	 
	 	ATTN:	Cecil D. Magpuri
	 	EMAIL: 	notices@falconsbeyond.com 
	 	 

	 	with a copy (not to constitute notice) to: 

	 	 	 
	 	White & Case LLP

1221 Avenue of the Americas

New York, NY 10020-1095 

	 	 	 
	 	ATTN: 	Joel Rubinstein
	 	EMAIL: 	[Redacted]

 

[Signature Page to Subscription Agreement]

 

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	 	SUBSCRIBER: Katmandu Collections, LLLP 

	 	 	 
	 	By:
	/s/ Scott Demerau

 
	 	Katmandu Collections, LLLP, through
	 	Katmandu GP Inc., its General Partner 

	 	Name:  	
    L. Scott Demerau 

	 	
    Title: 
	President
	 	 	 
	 	Address for Notices: 

	 	 	 
	 	Katmandu Collections

3420 Pump Road, #356

Henrico, VA 23233

	 	 	 
	 	
    ATTN: 
	L. Scott Demerau
	 	EMAIL:	notices@katmanducollections.com

 

	Number of Subscribed Membership Units subscribed for:	 	 	6,000,000	 
	 	 	 	 	 
	Price Per Subscribed Membership Unit:	 	$	10.00	 
	 	 	 	 	 
	Aggregate Purchase Price:	 	$	60,000,000	 

 

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

 

    15

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