Document:

Exhibit
10.7

 

PUT
OPTION AGREEMENT

 

This
Put Option Agreement (this “Agreement”) is made and entered as of December 10, 2020 by and between Innoviz
Technologies Ltd., a company organized under the laws of the State of Israel (the “Company”) and Antara
Capital LP, a Delaware limited partnership, on behalf of the funds it manages and/or its designees (“Antara”
and, together with the Company, the “Parties”).

 

W I T N E S S E T H:

 

WHEREAS,
the Parties have entered into that certain letter agreement (the “Innoviz Agreement”), dated as of October
7, 2020, by and among the Company, Perception Capital Corp., a Delaware corporation, Antara and Collective Growth Corporation,
a Delaware corporation, as amended and supplemented by that certain letter agreement among such parties dated as of November 22,
2020 (the “Letter Agreement”);

 

WHEREAS,
in order to enable the transactions contemplated by the BCA (as defined below) and to induce investors other than Antara to participate
in the PIPE Financing, the Parties have agreed as of November 27, 2020 (the “Effective Date”) to implement
the backstop commitment contemplated in Section 2 of the Letter Agreement pursuant to a put option arrangement which would provide,
among other things, that, notwithstanding the Letter Agreement, Antara’s total investment in the Company in connection with
the exercise of such put option, excluding, for the avoidance of doubt, the aggregate equity value ascribed to the Antara Ordinary
Shares (defined below) and the Antara Warrants (defined below), shall be no greater than $150 million and no less than $70 million
(the “Investment Parameters”); and

 

WHEREAS,
the Parties wish to enter into this Agreement to memorialize such put option arrangement agreed in principle in the initial stages
of negotiation of the transactions contemplated by the BCA and to set forth certain of their respective rights and obligations
in furtherance thereof.

 

NOW,
THEREFORE, for and in consideration of the premises, agreements and covenants hereinafter set forth and for other good and
valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties agree as set forth below.

 

1. Business
Combination Agreement. A copy of the
Business Combination Agreement, dated as of December 10, 2020, by and among Collective Growth Corporation, a Delaware
corporation, Hatzata Merger Sub, Inc., a Delaware corporation, and the Company (the “BCA”), is
attached hereto as Exhibit A. All capitalized terms used but not otherwise defined herein shall have the
meanings ascribed to them in the BCA.

 

2.
Grant of Put Option.

 

(a)
Right to Sell. Subject to the terms and conditions of this Agreement, at any one time from and after the Effective Date
and up to and until the Closing Press Release is released pursuant to the BCA (the “Put Exercise Period”),
the Company shall purchase a put option right (the “Option” or “Asset”), according to which
the Company will have the right but not the obligation, to cause Antara to purchase a number of newly-issued Company Ordinary
Shares at the Put Shares Purchase Price (defined below); provided, however, that the aggregate equity value ascribed
to such Company Ordinary Shares purchased by Antara shall be within the Investment Parameters. For the avoidance of doubt, the
Company shall have the right to exercise the Option only one time; in the event the Company exercises the Option to cause Antara
to purchase Company Ordinary Shares, the aggregate equity value ascribed to which is less than $150 million, it will be deemed
to have waived its right with respect to any unutilized amount within the Investment Parameters and shall not have the right to
subsequently exercise the Option to cause Antara to purchase any additional Company Ordinary Shares.

 

     

     

    

 

(b)
Procedures.

 

(i)
If the Company desires to exercise the Option and sell Company Ordinary Shares at the Put Shares Purchase Price to Antara pursuant
to Section 2(a) above, the Company shall deliver to Antara within the Put Exercise Period a written, unconditional and
irrevocable notice in the form attached hereto at Exhibit B (the “Put Exercise Notice”)
exercising the Option and specifying the number of Company Ordinary Shares to be sold at the Put Shares Purchase Price (the “Put
Option Shares”), the Put Shares Purchase Price and the aggregate equity value ascribed to such Company Ordinary
Shares, together with the Put Shares Subscription Agreement (defined below).

 

(ii)
By delivering the Put Exercise Notice, the Company represents and warrants to Antara that: (A) the Company has the requisite power
and authority and has taken all necessary action to issue and sell the Put Option Shares as contemplated by this Section 2;
(B) each of the Company Fundamental Representations and the representations and warranties set forth in Section 3.23 of the BCA
is true and correct (without giving effect to any limitation as to “materiality” or “Company Material Adverse
Effect” or any similar limitation set forth therein) in all material respects (or, solely in the case of the representations
and warranties set forth in Section 3.2(a) of the BCA, true and correct in all respects except for de minimis inaccuracies)
as of the date on which the Company exercises the Option and Antara executes and delivers the Put Shares Subscription Agreement
(defined below), as though made on and as of such date (except to the extent that any such representation and warranty is made
in the BCA as of an earlier date (other than the Closing Date), in which case such representation and warranty shall be true and
correct in all material respects as of such earlier date or, solely in the case of the representations and warranties set forth
in Section 3.2(a) of the BCA, true and correct in all respects except for de minimis inaccuracies as of such earlier date);
and (C) each of the Put Option Shares will be upon issuance and delivery to Antara free and clear of any and all Liens other than
transfer restrictions under applicable securities Laws.

 

(c)
Consummation of Issuance and Sale.

 

(i)
The closing of the issuance and sale of Put Option Shares pursuant to the Option shall take place on such date and at such time
(the “Exercise Closing Date”) and in such manner, including with respect to the payment of the Put Shares
Purchase Price, as is set forth in one or more definitive, binding and enforceable Subscription Agreements, substantially in the
form of Subscription Agreement attached hereto as Exhibit C (collectively, the “Put Shares Subscription
Agreement”), to be executed and delivered by the Parties.

 

    2

     

    

 

(ii)
Antara’s obligation to close the purchase of the Put Option Shares pursuant to the Option shall be subject Antara’s
satisfaction, in Antara’s reasonable determination, that the transactions contemplated by the BCA have been consummated
or will be consummated substantially concurrently with the Closing; and

 

(iii)
Without limiting the generality of Section 2(c)(i) above, (A) Antara shall pay the Company the aggregate purchase price
for the Put Option Shares set forth in the Put Shares Subscription Agreement, which shall be calculated on a $10.00 per Put Share
basis (which assumes that the Company has effected a reverse stock split prior to the Effective Time in order to cause the Company
Share Value to equal $10.00) unless otherwise agreed by Antara (the “Put Shares Purchase Price”), at
such time and in such manner as provided in Section 3 of the Put Shares Subscription Agreement, and (B) the Company shall deliver
to Antara newly-issued certificates representing the Put Option Shares, which such shares will bear restrictive legends and stop
transfer instructions as set forth in the Put Shares Subscription Agreement, free and clear of any and all Liens other than transfer
restrictions under applicable securities Laws.

 

(d)
No Other Representations and Warranties. Other than as provided for in Section 2(b)(ii) above and Section 4
below, the Company does not make any representation or warranty hereunder, express or implied, with respect to the Put Option
Shares or the transactions contemplated hereby.

 

(e)
Commercially Reasonable Efforts; Transaction Documents. Each of the Parties shall use commercially reasonable efforts to
take, or cause to be taken, all actions and to do, or cause to be done, all things necessary or advisable to consummate and make
effective as promptly as practicable the transactions contemplated hereby, including, without limitation, the satisfaction, but
not waiver, of the conditions set forth in Section 2(c)(ii) above, and to execute and/or deliver this Agreement, the Put
Exercise Notice, the Put Share Subscription Agreement, the Put Option Shares, the Antara Ordinary Shares and the Antara Warrants
(collectively, the “Transaction Documents”), including, without limitation, by delivering all notices,
making all filings and seeking and using reasonable best efforts to obtain all consents and approvals reasonably required in connection
therewith, if any. Each of the Transaction Documents shall be in form and substance reasonably satisfactory to Antara.

 

    3

     

    

 

3.
Consideration for Purchased Asset. In consideration for the Option, as agreed between the parties at fair market value,
the Company shall issue and deliver to Antara Capital Master Fund LP, a fund managed by Antara Capital LP, free and clear of any
and all Liens other than transfer restrictions under applicable securities Laws and without reduction, deduction, set-off, claim
or withholding:

 

(a)
Upon the consummation of the PIPE Financing, such number of Company Ordinary Shares equal to (i) 3,559,294 Company Ordinary Shares
if the Initial Transaction Proceeds are equal to or greater than $150,000,000, or (ii) a number of Company Ordinary Shares equal
to the difference of (A) 3,559,294 and (B) the product of (x) 0.5556 and (y) the Perception Earnout Calculation if the Initial
Transaction Proceeds are less than $150,000,000, as applicable.

 

(b)
Concurrently with the issuance of the Perception Earnout Shares, if any, pursuant to Section 2.3(a) of the BCA, such number of
Company Ordinary Shares equal to (i) 370,167 Company Ordinary Shares if the Initial Transaction Proceeds are equal to or greater
than $150,000,000, or (ii) a number of Company Ordinary Shares equal to the difference of (A) 370,167 and (B) the product of (x)
0.577 and (y) the Perception Earnout Calculation if the Initial Transaction Proceeds are less than $150,000,000, as applicable
(such Company Ordinary Shares, if any, together with the Company Ordinary Shares issuable to Antara pursuant to clause (a)
above, the “Antara Ordinary Shares”).

 

(c)
Upon the consummation of the PIPE Financing, 4,310,736 Company Warrants (the “Antara Warrants”). The
Company acknowledges that the terms of the Antara Warrants will include (among others) that such Company Warrants may be exercised
for cash or on a cashless basis at the holder’s option, in either case as long as they are held by the initial purchasers
or their permitted transferees (as prescribed in Section 5.6 of that certain Warrant Agreement, dated as of April 30, 2020, and
filed with the United States Securities and Exchange Commission on May 5, 2020, as amended by that certain Amendment to the Company
Warrant Agreement, substantially in the form set forth on Exhibit G to the BCA, to entered into at the Closing and to be effective
upon the Closing).

 

(d)
The Company acknowledges that the Equity Securities of the Company issued or issuable to Antara Capital Master Fund LP pursuant
to this Section 3 are subject to registration rights pursuant to the Registration Rights Agreement.

 

(e)
Antara acknowledges that the Equity Securities of the Company issued or issuable to Antara Capital Master Fund LP pursuant to
this Section 3 (and not, for the avoidance of doubt, the Equity Securities of the Company issued or issuable to Antara
pursuant to Section 2 above) are subject to confidentiality and lockup restrictions pursuant to the Lockup Agreement.

 

(f)
Antara Capital Master Fund LP is a Cayman Islands exempted limited partnership. Its EIN is 98-1426769 and its business and mailing
address is 500 Fifth Avenue, Suite 2320, New York, NY 10110, Attn: Lance Kravitz, Telephone No.: +1 (646) 762-8591.

 

(g)
The number of Antara Ordinary Shares and Antara Warrants that may be issued to Antara pursuant to this Section 3 and other dependent
items shall be adjusted appropriately to reflect the effect of any stock split, reverse stock split, including a reverse stock
split prior to the Effective Time in order to cause the Company Share Value to equal $10.00, stock dividend, reorganization, recapitalization,
reclassification, combination, exchange of shares or other like change with respect to the number of Company Ordinary Shares or
Company Preferred Shares outstanding after the date hereof and prior to the Effective Time, so as to provide Antara with the same
economic effect as contemplated by this Agreement prior to such event and as so adjusted shall, from and after the date of such
event, be the number of Antara Ordinary Shares and Antara Warrants that may be issued to Antara pursuant to this Section 3; provided,
that the Parties agree that the conversion of each Company Preferred Share into one Company Ordinary Share pursuant to Section
2.1(g) of the BCA shall not require, or result in, any adjustments pursuant to this Section 3(g).

 

    4

     

    

 

4.
Representations and Warranties. Each Party represents and warrants to the other Party as follows:

 

(a)
Such Party has the power, authority and legal right to carry on the business now being conducted by it and to enter into this
Agreement and to perform its obligations hereunder.

 

(b)
This Agreement has been duly and validly authorized, executed and delivered by such Party and is a valid and binding agreement
of such Party (assuming that this Agreement has been duly and validly authorized, executed and delivered by the other Party) enforceable
against it in accordance with its terms subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium
or other Laws affecting generally the enforcement of creditors’ rights and subject to general principles of equity.

 

(c)
The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby have been
duly and validly authorized by all requisite company action.

 

(d)
Neither the execution and delivery of this Agreement nor the consummation of any of the transactions contemplated hereby will
violate or contravene any Law to which such Party is subject, except as would not, individually or in the aggregate, reasonably
be expected to be material to the Group Companies, taken as a whole.

 

(e)
Neither the execution and delivery of this Agreement nor the consummation of any of the transactions contemplated hereby will
conflict with, result in any breach of, constitute a default under, result in the acceleration of, create in any Person the right
to accelerate, terminate, modify or cancel, or require any notice under, any of the Company Party’s or Group Company’s
Governing Documents or any Contract to which any Group Company or Merger Sub is a party or any of their respective properties
or assets are bound, except as would not, individually or in the aggregate, reasonably be expected to be material to the Group
Companies, taken as a whole.

 

5.
Withholding. The Company will indemnify Antara for any tax claim by the Israeli tax authorities with respect to any Equity
Securities of the Company issued or issuable to Antara pursuant to this Agreement. Antara shall cooperate with the Company in
good faith and provide reasonable assistance with respect to meeting any necessary tax reporting or other tax compliance requirements
in connection with this Agreement, including any reasonable and necessary actions to reduce, mitigate or eliminate any deduction
or withholding of any taxes if applicable to any consideration, whether in cash or otherwise, provided to Antara under this Agreement
in consideration for the Option.

 

    5

     

    

 

6.
Notices. All notices, requests, claims, demands and other communications between the Parties shall be in writing and shall
be deemed to have been duly given (a) when delivered in person, (b) when delivered after posting in the United States mail having
been sent registered or certified mail return receipt requested, postage prepaid, (c) when delivered by FedEx or other nationally
recognized overnight delivery service or (d) when e-mailed during normal business hours (and otherwise as of the immediately following
Business Day), addressed as follows:

 

If
to the Company, to:

 

Innoviz
Technologies Ltd.

2 Amal St.

Rosh
HaAin

4809202

Israel

		Attention:	Eldar
Cegla, Chief Financial Officer

		Email:	eldarc@innoviz-tech.com

 

with
copies (which shall not constitute notice) to:

 

Latham
& Watkins LLP

811
Main Street, Suite 3700

Houston,
Texas 77002

		Attention:	Ryan
Maierson

		E-mail:	ryan.maierson@lw.com

 

Latham
& Watkins LLP

99
Bishopsgate

London
EC2M 3XF

United
Kingdom

		Attention:	Joshua
Kiernan

		E-mail:	joshua.kiernan@lw.com

 

If
to Antara, to:

 

Antara
Capital LP

500
Fifth Avenue, Suite 2320

New
York, NY 10110

		Attention:	Lance
Kravitz

		Email:	Operations@antaracapital.com

 

    6

     

    

 

7.
Entire Agreement. This Agreement,
together with the other Transaction Documents, constitute the sole and entire agreement of the Parties with respect to the backstop
commitment contemplated in Section 2 of the Letter Agreement and the other subject matter contained herein, and supersedes all
prior and contemporaneous understandings and agreements, both written and oral, with respect to such backstop commitment and subject
matter. For the avoidance of doubt and notwithstanding anything to the contrary herein, in the event that any term, condition,
covenant, agreement or provision in this Agreement conflicts with any term, condition, covenant, agreement or provision in the
Innoviz Agreement and/or the Letter Agreement that is intended to specifically address any of the subject matter herein, then
the term, condition, covenant, agreement or provision of this Agreement shall govern and control solely to the extent of such
conflict.

 

8.
Successors and Assigns.
This Agreement shall be binding upon and shall inure to the benefit of the Parties and their respective successors and permitted
assigns. No Party may assign or transfer any of its rights or obligations hereunder to any other Person, without the prior written
consent of the other Party. Any attempted transfer or assignment in violation of this Section 8 shall be void ab initio.

 

9.
No Third-Party Beneficiaries.
This Agreement is for the sole benefit of the Parties and their respective successors and permitted assigns and nothing herein,
express or implied, is intended to or shall confer upon any other Person any legal or equitable right, benefit or remedy of any
nature whatsoever, under or by reason of this Agreement.

 

10.
Headings.
The headings in this Agreement are for reference only and shall not affect the interpretation of this Agreement.

 

11.
Amendment and Modification; Waiver.
This Agreement may only be amended, modified or supplemented by an agreement in writing signed by each Party. No waiver by any
Party of any of the provisions hereof shall be effective unless explicitly set forth in writing and signed by the Party so waiving.
Except as otherwise set forth in this Agreement, no failure to exercise, or delay in exercising, any rights, remedy, power or
privilege arising from this Agreement shall operate or be construed as a waiver thereof; nor shall any single or partial exercise
of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other
right, remedy, power or privilege.

 

12.
Severability. If any term or
provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability
shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision in
any other jurisdiction. Upon such determination that any term or other provision is invalid, illegal or unenforceable, the Parties
shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible
in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to
the greatest extent possible.

 

13.
Counterparts. This Agreement may be executed in counterparts (and by different parties hereto in different counterparts),
each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery
of an executed counterpart of a signature page to this Agreement (including any of the closing deliverables contemplated hereby)
by electronic means, including DocuSign, e-mail, or scanned pages shall be effective as delivery of a manually executed counterpart
to this Agreement.

 

    7

     

    

 

14.
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 ANY CHOICE OF LAW OR CONFLICT OF LAW PROVISION OR RULE (WHETHER OF THE STATE OF DELAWARE OR ANY OTHER
JURISDICTION) THAT WOULD CAUSE THE APPLICATION OF THE LAW OF ANY JURISDICTION OTHER THAN THE STATE OF DELAWARE.

 

15.
Venue. Each of the Parties irrevocably and unconditionally submits to the exclusive jurisdiction of the Chancery Court
of the State of Delaware (or, if the Chancery Court of the State of Delaware declines to accept jurisdiction, any state or federal
court sitting in the Borough of Manhattan, State of New York, New York County), for the purposes of any Proceeding, claim, demand,
action or cause of action (a) arising under this Agreement or (b) in any way connected with or related or incidental to the dealings
of the Parties in respect of this Agreement or any of the Transactions, and irrevocably and unconditionally waives any objection
to the laying of venue of any such Proceeding in any such court, and further irrevocably and unconditionally waives and agrees
not to plead or claim in any such court that any such Proceeding has been brought in an inconvenient forum. Each Party hereby
irrevocably and unconditionally waives, and agrees not to assert, by way of motion or as a defense, counterclaim or otherwise,
in any Proceeding claim, demand, action or cause of action against such Party (i) arising under this Agreement or (ii) in any
way connected with or related or incidental to the dealings of the Parties in respect of this Agreement, (A) any claim that
such Party is not personally subject to the jurisdiction of the courts as described in this Section 15 for any reason,
(B) that such Party or such Party’s property is exempt or immune from the jurisdiction of any such court or from any
legal process commenced in such courts (whether through service of notice, attachment prior to judgment, attachment in aid of
execution of judgment, execution of judgment or otherwise) and (C) that (x) the Proceeding, claim, demand, action or
cause of action in any such court is brought against such Party in an inconvenient forum, (y) the venue of such Proceeding,
claim, demand, action or cause of action against such Party is improper or (z) this Agreement, or the subject matter hereof,
may not be enforced against such Party in or by such courts. Each Party agrees that service of any process, summons, notice or
document by registered mail to such party’s respective address set forth in Section 15 shall be effective service
of process for any such Proceeding, claim, demand, action or cause of action.

 

16.
WAIVER OF JURY TRIAL. EACH PARTY HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE
TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY (A) CERTIFIES THAT 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 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 16.

 

17.
No Strict Construction. The Parties have participated jointly in the negotiation and drafting of this Agreement. In the
event an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the
Parties, and no presumption or burden of proof will arise favoring or disfavoring either Party by virtue of the authorship of
any of the provisions of this Agreement.

 

[signature
pageS follow]

 

    8

     

    

 

IN
WITNESS WHEREOF, the Parties have executed this Agreement on the date first written above.

 

	INNOVIZ
    TECHNOLOGIES LTD.	 
	 	 
	By:	/s/ Eldar Cegla 	 
	 	Name: 	Eldar
    Cegla	 
	 	Title:	Chief
    Financial Officer	 

 

 

 

[Signature
Page to Put Option Agreement]

 

     

     

    

 

	ANTARA
    CAPITAL LP	 
	 	 
	By:	/s/ Himanshu Gulati	 
	 	Name: 	Himanshu
    Gulati	 
	 	Title:	Managing
    Partner	 

 

 

 

[Signature
Page to Put Option Agreement]

 

     

     

    

 

Exhibit
A

Business
Combination Agreement

(see
attached)

 

     

     

    

 

Exhibit
B

Form
of Put Exercise Notice

(see
attached)

 

     

     

    

 

INNOVIZ
TECHNOLOGIES LTD.

OPTION
EXERCISE NOTICE

 

To:
Antara Capital LP

 

Date:
___________, 2020

 

RE:
Exercise of Option

 

Reference
is made to that certain Put Option Agreement (the “Put Option Agreement”), dated as of December 10, 2020, by
and between Innoviz Technologies Ltd. (the “Company”) and Antara Capital LP, on behalf of the funds it manages
and/or its designees (“Antara”). Capitalized terms used herein, but not otherwise defined, shall have the meanings
set forth in the Put Option Agreement.

 

The
Company hereby exercises, unconditionally and irrevocably, its Option under Section 2 of the Put Option Agreement, for ___________
Company Ordinary Shares at the Put Shares Purchase Price of $___________.1 The aggregate equity value ascribed to such
Company Ordinary Shares is $____________________.2

 

This
Put Exercise Notice is being delivered together with the Put Share Subscription Agreement(s). The closing of the issuance and
sale of Put Option Shares pursuant to the Option shall take place on the Exercise Closing Date in such manner, including with
respect to the payment of the Put Shares Purchase Price, as is set forth in the Put Share Subscription Agreement delivered together
with this Put Exercise Notice.

 

Please
complete, execute and deliver the Put Share Subscription Agreement as promptly as practicable.

 

	 	INNOVIZ
    TECHNOLOGIES LTD.
	 	 	 
	 	By:	 
	 	 	Name: 	Eldar
    Cegla
	 	 	Title:	Chief
    Financial Officer

 

 

 

 

		1	To
be calculated on a $10.00 per Put Share basis (which assumes that the Company has effected a reverse stock split prior to the
Effective Time in order to cause the Company Share Value to equal $10.00) pursuant to Section 2(c) of the Put Option Agreement.

 

		2	Aggregate
equity value ascribed to such Company Ordinary Shares to be no less than $70 million and no more than $150 million pursuant to
Section 2(a) of the Put Option Agreement.

 

     

     

    

 

Exhibit
C

Form
of Put Share Subscription Agreement

(see
attached)

 

     

     

    

  

SUBSCRIPTION
AGREEMENT

 

This
SUBSCRIPTION AGREEMENT (this “Subscription Agreement”) is entered into this 10th day of December,
2020, by and among Innoviz Technologies Ltd., a company organized under the laws of the State of Israel (the “Issuer”),
and the undersigned (“Subscriber” or “you”). Defined terms used but not otherwise defined
herein shall have the respective meanings ascribed thereto in the Business Combination Agreement (as defined below).

 

WHEREAS,
the Issuer, Hatzata Merger Sub, Inc., a wholly owned subsidiary of the Issuer (the “Merger Sub”) and Collective
Growth Corporation, a Delaware corporation (the “Company”), will, immediately following the execution of this
Subscription Agreement, enter into that certain Business Combination Agreement, dated as of December 10, 2020
(as amended, modified, supplemented or waived from time to time in accordance with its terms, the “Business Combination
Agreement”), pursuant to which, inter alia, the Merger Sub will be merged with and into the Company, with the
Company surviving as a wholly owned subsidiary of the Issuer (the “Business Combination”), on the terms and
subject to the conditions set forth therein (the Business Combination, together with the other transactions contemplated by the
Business Combination Agreement, the “Transactions”); and

 

WHEREAS,
in connection with the Transactions, Subscriber desires to subscribe for and purchase from the Issuer that number of Issuer’s
ordinary shares of no par value (the “Ordinary Shares”) set forth on the signature page hereto (the “Shares”)
for a purchase price of $10.00 per share, for the aggregate purchase price set forth on Subscriber’s signature page hereto,
which purchase price assumes that the Issuer has effected a reverse stock split prior to the Effective Time in order to cause
the Company Share Value to equal $10.00 (the “Purchase Price”), and the Issuer desires to issue and sell to
Subscriber the Shares in consideration of the payment of the Purchase Price therefor by or on behalf of Subscriber to the Issuer,
all on the terms and conditions set forth herein; 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:

 

1.
Subscription. Subject to the terms and conditions hereof, at the Closing, Subscriber hereby agrees to subscribe for and
purchase, and the Issuer hereby agrees to issue and sell to Subscriber, upon the payment of the Purchase Price, the Shares (such
subscription and issuance, the “Subscription”).

 

2.
Representations, Warranties and Agreements.

 

2.1
Subscriber’s Representations, Warranties and Agreements. To induce the Issuer to issue the Shares to Subscriber,
Subscriber hereby represents and warrants to the Issuer and acknowledges and agrees with the Issuer as follows:

 

2.1.1
If Subscriber is not an individual, Subscriber has been duly formed or incorporated and is validly existing in good standing under
the laws of its jurisdiction of incorporation or formation, with power and authority to enter into, deliver and perform its obligations
under this Subscription Agreement. If Subscriber is an individual, Subscriber has the authority to enter into, deliver and perform
its obligations under this Subscription Agreement.

 

     

     

    

 

2.1.2
If Subscriber is not an individual, this Subscription Agreement has been duly authorized, validly executed and delivered by Subscriber.
If Subscriber is an individual, the signature on this Subscription Agreement is genuine, and Subscriber has legal competence and
capacity to execute the same. This Subscription Agreement is enforceable against Subscriber in accordance with its terms, except
as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other
laws relating to or affecting the rights of creditors generally, and (ii) principles of equity, whether considered at law or equity.

 

2.1.3
The execution, delivery and performance by Subscriber of this Subscription Agreement and the consummation of the transactions
contemplated herein do not and will not (i) 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 or any of its subsidiaries pursuant to the terms of any indenture, mortgage, deed of trust, loan
agreement, lease, license or other agreement or instrument to which Subscriber or any of its subsidiaries is a party or by which
Subscriber or any of its subsidiaries is bound or to which any of the property or assets of Subscriber or any of its subsidiaries
is subject, which would reasonably be expected to prevent or delay Subscriber’s timely performance of its obligations under
this Subscription Agreement (a “Subscriber Material Adverse Effect”), (ii) if Subscriber is not an individual,
result in any violation of the provisions of the organizational documents of Subscriber or any of its subsidiaries or (iii) result
in any violation of any statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic
or foreign, having jurisdiction over Subscriber or any of its subsidiaries or any of their respective properties that would reasonably
be expected to have a Subscriber Material Adverse Effect.

 

2.1.4
Subscriber (i) is a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act of 1933 (as
amended, the “Securities Act”)) or an “accredited investor” (within the meaning of Rule 501(a)
under the Securities Act) satisfying the applicable requirements set forth on Schedule I, (ii) is acquiring the Shares
only for its own account and not for the account of others, or if Subscriber is subscribing for the Shares as a fiduciary or agent
for one or more investor accounts, each owner of such account is an 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, warranties
and agreements herein on behalf of each owner of each such account and (iii) is not acquiring the Shares with a view to, or for
offer or sale in connection with, any distribution thereof in violation of the Securities Act (and shall provide the requested
information on Schedule I following the signature page hereto). Subscriber is not an entity formed for the specific purpose
of acquiring the Shares.

 

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2.1.5
Subscriber understands that the Shares are being offered in a transaction not involving any public offering within the meaning
of the Securities Act and that the Shares have not been registered under the Securities Act. Subscriber understands that the Shares
may not be resold, transferred, pledged or otherwise disposed of by Subscriber absent an effective registration statement under
the Securities Act, except (i) to the Issuer or a subsidiary thereof, (ii) to non-U.S. persons pursuant to offers and sales that
occur solely outside the United States within the meaning of Regulation S under the Securities Act or (iii) pursuant to another
applicable exemption from the registration requirements of the Securities Act, and in each of cases (i) and (iii), in accordance
with any applicable securities laws of the states and other jurisdictions of the United States, and that any certificates or book
entries representing the Shares shall contain a legend to such effect. Subscriber acknowledges that the Shares will not be eligible
for resale pursuant to Rule 144A promulgated under the Securities Act. Subscriber understands and agrees that the Shares will
be subject to transfer restrictions and, as a result of these transfer restrictions, Subscriber may not be able to readily resell
the Shares and may be required to bear the financial risk of an investment in the Shares for an indefinite period of time. Subscriber
understands that it has been advised to consult legal counsel prior to making any offer, resale, pledge or transfer of any of
the Shares.

 

2.1.6
Subscriber understands and agrees that Subscriber is purchasing the Shares directly from the Issuer. Subscriber further acknowledges
that there have been no representations, warranties, covenants or agreements made to Subscriber by the Issuer, the Company or
any of their respective affiliates, officers or directors, expressly or by implication, other than those representations, warranties,
covenants and agreements expressly set forth in this Subscription Agreement, and Subscriber is not relying on any representations,
warranties or covenants other than those expressly set forth in this Subscription Agreement.

 

2.1.7
Subscriber represents and warrants that its acquisition and holding of the Shares will not constitute or result in a non-exempt
prohibited transaction under Section 406 of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”),
Section 4975 of the Internal Revenue Code of 1986, as amended, or any applicable similar law.

 

2.1.8
In making its decision to purchase the Shares, Subscriber represents that it has relied solely upon independent investigation
made by Subscriber. Without limiting the generality of the foregoing, Subscriber has not relied on any statements or other information
provided by anyone other than the Issuer concerning the Issuer or the Shares or the offer and sale of the Shares. Subscriber acknowledges
and agrees that Subscriber has received and has had an adequate opportunity to review, such financial and other information as
Subscriber deems necessary in order to make an investment decision with respect to the Shares, including with respect to the Issuer,
the Company and the Transactions and made its own assessment and is satisfied concerning the relevant tax and other economic considerations
relevant to the Subscriber’s investment in the Shares. Subscriber acknowledges that it has reviewed the documents made available
to the Subscriber by the Company. 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 Subscriber’s professional advisor(s), if any, have deemed necessary to make an investment decision with respect to
the Shares. Subscriber acknowledges that Goldman Sachs & Co. LLC (the “Placement Agent”) and its respective
directors, officers, employees, representatives and controlling persons have made no independent investigation with respect to
the Issuer, the Company or the Shares or the accuracy, completeness or adequacy of any information supplied to the Subscriber
by the Issuer or the Company. Subscriber acknowledges that (i) it has not relied on any statements or other information provided
by the Placement Agent or any of the Placement Agent’s affiliates with respect to its decision to invest in the Shares,
including information related to the Issuer, the Company, the Shares and the offer and sale of the Shares, and (ii) neither the
Placement Agent nor any of its affiliates have prepared any disclosure or offering document in connection with the offer and sale
of the Shares. Subscriber further acknowledges that the information provided to Subscriber is preliminary and subject to change,
and that any changes to such information, including, without limitation, any changes based on updated information or changes in
terms of the Transaction, shall in no way affect the Subscriber’s obligation to purchase the Shares hereunder.

 

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2.1.9
Subscriber became aware of this offering of the Shares solely by means of direct contact from either the Placement Agent or the
Issuer as a result of a pre-existing substantive relationship (as interpreted in guidance from the Securities and Exchange Commission
(the “Commission”) under the Securities Act) with the Issuer or its representatives, and the Shares were offered
to Subscriber solely by direct contact between Subscriber and the Placement Agent or the Issuer. Subscriber did not become aware
of this offering of the Shares, nor were the Shares offered to Subscriber, by any other means. Subscriber acknowledges that the
Placement Agent has not acted as its financial advisor or fiduciary. Subscriber acknowledges that the Shares (i) were not offered
by any form of general solicitation or general advertising, including methods described in section 502(c) of Regulation D under
the Securities Act 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.

 

2.1.10
Subscriber acknowledges that it is aware that there are substantial risks incident to the purchase and ownership of the Shares.
Subscriber has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks
of an investment in the Shares, and Subscriber has sought such accounting, legal and tax advice as Subscriber has considered necessary
to make an informed investment decision. Subscriber understands and acknowledges that the purchase and sale of the Shares hereunder
meets (i) the exemptions from filing under FINRA Rule 5123(b)(1)(A) and (ii) the institutional customer exemption under FINRA
Rule 2111(b).

 

2.1.11
Alone, or together with any professional advisor(s), Subscriber represents and acknowledges that Subscriber has adequately analyzed
and fully considered the risks of an investment in the Shares and determined that the Shares are a suitable investment for Subscriber
and that Subscriber is able at this time and in the foreseeable future to bear the economic risk of a total loss of Subscriber’s
investment in the Issuer. Subscriber acknowledges specifically that a possibility of total loss exists.

 

2.1.12
Subscriber understands and agrees that no federal or state agency has passed upon or endorsed the merits of the offering of the
Shares or made any findings or determination as to the fairness of an investment in the Shares.

 

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2.1.13
Subscriber represents and warrants that Subscriber is not (i) a person or entity named on the List of Specially Designated Nationals
and Blocked Persons administered by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”)
or in any Executive Order issued by the President of the United States and administered by OFAC (“OFAC List”),
or a person or entity prohibited by any OFAC sanctions program, (ii) a Designated National as defined in the Cuban Assets Control
Regulations, 31 C.F.R. Part 515 or (iii) a non-U.S. shell bank or providing banking services indirectly to a non-U.S. shell bank.
Subscriber agrees to provide law enforcement agencies, if requested thereby, such records as required by applicable law, provided
that Subscriber is permitted to do so under applicable law. Subscriber represents that if it is a financial institution subject
to the Bank Secrecy Act (31 U.S.C. Section 5311 et seq.) (the “BSA”), as amended by the USA PATRIOT Act of
2001 (the “PATRIOT Act”), and its implementing regulations (collectively, the “BSA/PATRIOT Act”),
that Subscriber maintains policies and procedures reasonably designed to comply with applicable obligations under the BSA/PATRIOT
Act. Subscriber also represents that, to the extent required, it maintains policies and procedures reasonably designed for the
screening of its investors against the OFAC sanctions programs, including the OFAC List. Subscriber further represents and warrants
that, to the extent required, it maintains policies and procedures reasonably designed to ensure that the funds held by Subscriber
and used to purchase the Shares were legally derived.

 

2.1.14
If Subscriber is an employee benefit plan that is subject to Title I of ERISA, a plan, an individual retirement account or other
arrangement that is subject to section 4975 of the Code or an employee benefit plan that is a governmental plan (as defined in
section 3(32) of ERISA), a church plan (as defined in section 3(33) of ERISA), a non-U.S. plan (as described in section 4(b)(4)
of ERISA) or other plan that is not subject to the foregoing but may be subject to provisions under any other federal, state,
local, non-U.S. or other laws or regulations that are similar to such provisions of ERISA or the Code (collectively, “Similar
Laws”), or an entity whose underlying assets are considered to include “plan assets” of any such plan, account
or arrangement (each, a “Plan”) subject to the fiduciary or prohibited transaction provisions of ERISA or section
4975 of the Code, Subscriber represents and warrants that neither Issuer, nor any of its respective affiliates (the “Transaction
Parties”) has acted as the Plan’s fiduciary, or has been relied on for advice, with respect to its decision to
acquire and hold the Shares, and none of the Transaction Parties shall at any time be relied upon as the Plan’s fiduciary
with respect to any decision to acquire, continue to hold or transfer the Shares.

 

2.1.15
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 Securities Exchange Act of 1934, as amended (the “Exchange
Act”), or any successor provision), including any group acting for the purpose of acquiring, holding or disposing of
equity securities of the Issuer (within the meaning of Rule 13d-5(b)(1) under the Exchange Act).

 

2.1.16
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 Issuer as
a result of the purchase and sale of Shares 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 Issuer from and after the Closing as a result of the purchase and sale of Shares hereunder.

 

2.1.17
Subscriber has, and on each date the Purchase Price would be required to be funded to the Issuer pursuant to Section 3.1
will have, sufficient immediately available funds to pay the Purchase Price pursuant to Section 3.1.

 

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2.1.18
Subscriber represents that no disqualifying event described in Rule 506(d)(1)(i)-(viii) under the Securities Act (a “Disqualification
Event”) is applicable to Subscriber or any of its Rule 506(d) Related Parties (as defined below), except, if applicable,
for a Disqualification Event as to which Rule 506(d)(2)(ii) or (iii) or (d)(3) is applicable. Subscriber hereby agrees that it
shall notify the Company promptly in writing in the event a Disqualification Event becomes applicable to Subscriber or any of
its Rule 506(d) Related Parties, except, if applicable, for a Disqualification Event as to which Rule 506(d)(2)(ii) or (iii) or
(d)(3) is applicable. For purposes of this Section 2.1.18, “Rule 506(d) Related Party” shall mean a
person or entity that is a beneficial owner of Subscriber’s securities for purposes of Rule 506(d) under the Securities
Act.

 

2.1.19
Subscriber acknowledges that it is not relying upon, and has not relied upon, any statement, representation or warranty made by
any person, firm or corporation (including, without limitation, the Company, any of its affiliates or any of its or their respective
control persons, officers, directors or employees), other than the representations and warranties of the Issuer expressly set
forth in this Subscription Agreement, in making its investment or decision to invest in the Issuer. Subscriber agrees that neither
(i) any other Subscriber pursuant to this Subscription Agreement or any other agreement related to the private placement
of shares of the Issuer’s share capital (including the controlling persons, officers, directors, partners, agents or employees
of any such Subscriber) nor (ii) the Company, its affiliates or any of their or their respective affiliates’ control
persons, officers, directors, partners, agents or employees, shall be liable to any other Subscriber pursuant to this Subscription
Agreement or any other agreement related to the private placement of shares of the Issuer’s share capital for any action
heretofore or hereafter taken or omitted to be taken by any of them in connection with the purchase of the Shares hereunder.

 

2.2
Issuer’s Representations, Warranties and Agreements. To induce Subscriber to purchase the Shares, the Issuer hereby
represents and warrants to Subscriber and agrees with Subscriber as follows:

 

2.2.1
The Issuer is a corporation duly organized, validly existing and in good standing under the laws of the State of Israel, with
corporate power and authority to own, lease and operate its properties and conduct its business as presently conducted and to
enter into, deliver and perform its obligations under this Subscription Agreement.

 

2.2.2
The Shares have been duly authorized and, when issued and delivered to Subscriber against full payment for the Shares in accordance
with the terms of this Subscription Agreement and registered with the Issuer’s transfer agent, the Shares will be validly
issued, fully paid and non-assessable and will not have been issued in violation of or subject to any preemptive or similar rights
created under the Issuer’s amended and restated articles of association or under the Laws of the State of Israel.

 

2.2.3
This Subscription Agreement has been duly authorized, executed and delivered by the Issuer and is enforceable against it in accordance
with its terms, except as may be limited or otherwise affected by applicable bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium or other laws affecting generally the enforcement of creditors’ rights and subject to general principles of equity.

 

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2.2.4
The execution, delivery and performance of this Subscription Agreement (including compliance by the Issuer with all of the provisions
hereof), issuance and sale of the Shares and the consummation of the certain other transactions contemplated herein will not (i)
conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result
in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of the Issuer pursuant to
the terms of any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which
the Issuer is a party or by which the Issuer is bound or to which any of the property or assets of the Issuer is subject, which
would reasonably be expected to have a material adverse effect on the legal authority of the Issuer to enter into and perform
its obligations under this Subscription Agreement (a “Issuer Material Adverse Effect”), (ii) result in any
violation of the provisions of the organizational documents of the Issuer or (iii) result in any violation of any statute or any
judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction over
the Issuer or any of its properties that would reasonably be expected to have an Issuer Material Adverse Effect.

 

2.2.5
As of the date of this Subscription Agreement, the authorized
capital shares of the Issuer consists of (i) 204,870,390 ordinary shares of no par value (“Existing Ordinary Shares”)
and (iii) 95,129,610 preferred shares of no par value (“Preferred Shares”). As of the date hereof: (i) 19,280,691
Existing Ordinary Shares are issued and outstanding and (ii) 80,038,346 Preferred Shares are issued and outstanding (consisting
of (a) 23,255,810 series A convertible preferred shares of the Issuer, no par value, (b) 18,116,580 series B convertible preferred
shares of the Issuer, no par value, (c) 3,454,440 series B-1 convertible preferred shares of the Issuer, no par value, (d) 32,137,295
series C convertible preferred shares of the Issuer, no par value and (e) 3,074,221 series C-1 convertible preferred shares of
the Issuer, no par value).

 

2.2.6
Assuming the accuracy of Subscriber’s representations and warranties set forth in Section 2.1 of this Subscription
Agreement, no registration under the Securities Act is required for the offer and sale of the Shares by the Issuer to Subscriber.

 

2.2.7
The Issuer has provided Subscriber an opportunity to ask questions regarding the Issuer and made available to Subscriber all the
information reasonably available to the Issuer that Subscriber has reasonably requested to make an investment decision with respect
to the Shares.

 

2.2.8
Neither the Issuer, nor any person acting on its behalf has, directly or indirectly, made any offers or sales of any Issuer security
or solicited any offers to buy any security under circumstances that would adversely affect reliance by the Issuer on Section
4(a)(2) of the Securities Act for the exemption from registration for the transactions contemplated hereby or would require registration
of the issuance of the Shares under the Securities Act.

 

2.2.9
No Disqualification Event is applicable to the Issuer or, to the Issuer’s knowledge, any Issuer Covered Person (as defined
below), except for a Disqualification Event as to which Rule 506(d)(2)(ii)-(iv) or (d)(3) under the Securities Act is applicable.
The Issuer has complied, to the extent applicable, with any disclosure obligations under Rule 506(e) under the Securities Act.
“Issuer Covered Person” means, with respect to the Issuer as an “issuer” for purposes of Rule 506
under the Securities Act, any person listed in the first paragraph of Rule 506(d)(1) under the Securities Act.

 

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3.
Settlement Date and Delivery.

 

3.1
Closing. The closing of the Subscription contemplated hereby (the “Closing”) shall occur on the date
of (the “Closing Date”), and immediately following, the consummation of the Transactions. Upon written notice
from (or on behalf of) the Issuer to Subscriber (the “Closing Notice”) at least five (5) Business Days prior
to the date that the Issuer reasonably expects all conditions to the closing of the Transactions to be satisfied, Subscriber shall
deliver to the Issuer within two (2) Business Days after receiving the Closing Notice, the Purchase Price for the Shares, by wire
transfer of United States dollars in immediately available funds to the account specified by the Issuer in the Closing Notice,
such funds to be held by the Issuer in escrow until the Closing. Unless otherwise agreed by the Company in writing, the Issuer
shall deliver the Closing Notice at least four (4) Business Days prior to the date of the Special Meeting. At the Closing, upon
satisfaction (or, if applicable, waiver) of the conditions set forth in this Section 3, the Issuer shall deliver to Subscriber
the Shares in book entry form, in the name of Subscriber (or its nominee in accordance with its delivery instructions) or to a
custodian designated by Subscriber, as applicable.

 

3.2
Conditions to Closing of the Issuer. The Issuer’s obligations to sell and issue the Shares at the Closing are subject
to the fulfillment or (to the extent permitted by applicable law) written waiver, on or prior to the Closing Date, of each of
the following conditions:

 

3.2.1
Representations and Warranties Correct. The representations and warranties made by Subscriber in Section 2.1 hereof
shall be true and correct in all material respects when made (other than representations and warranties that are qualified as
to materiality or Subscriber Material Adverse Effect, which representations and warranties shall be true and correct in all respects)
and shall be true and correct in all material respects on and as of the Closing Date (unless they specifically speak as of another
date in which case they shall be true and correct in all material respects as of such date) (other than representations and warranties
that are qualified as to materiality or Subscriber Material Adverse Effect, which representations and warranties shall be true
and correct in all respects), with the same force and effect as if they had been made on and as of said date, but in each case
without giving effect to consummation of the Transactions.

 

3.2.2
Closing of the Transactions. The Transactions set forth in the Business Combination Agreement shall have been or will be
consummated substantially concurrently with the Closing.

 

3.2.3
Legality. There shall not be in force any order, judgment, injunction, decree, writ, stipulation, determination or award,
in each case, entered by or with any governmental authority, statute, rule or regulation enjoining or prohibiting the consummation
of the Subscription.

 

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3.3
Conditions to Closing of Subscriber. Subscriber’s obligation to purchase the Shares at the Closing is subject to
the fulfillment or (to the extent permitted by applicable law) written waiver, on or prior to the Closing Date, of each of the
following conditions:

 

3.3.1
Representations and Warranties Correct. The representations and warranties made by the Issuer in Section 2.2 hereof
shall be true and correct in all material respects (other than representations and warranties that are qualified as to materiality
or Issuer Material Adverse Effect, which representations and warranties shall be true and correct in all respects) on and as of
the Closing Date (unless they specifically speak as of another date in which case they shall be true and correct in all material
respects as of such date) with the same force and effect as if they had been made on and as of said date, but in each case without
giving effect to consummation of the Transactions; provided, that in the event this condition would otherwise fail to be
satisfied as a result of a breach of one or more of the representations and warranties of the Issuer contained in this Subscription
Agreement and the facts underlying such breach would also cause a condition to the Issuer’s obligations under the Business
Combination Agreement to fail to be satisfied, this condition shall nevertheless be deemed satisfied in the event the Company
waives such condition with respect to such breach under the Business Combination Agreement.

 

3.3.2
Closing of the Transactions. The Transactions set forth in the Business Combination Agreement shall have been or will be
consummated substantially concurrently with the Closing.

 

3.3.3
Legality. There shall not be in force any order, judgment, injunction, decree, writ, stipulation, determination or award,
in each case, entered by or with any governmental authority, statute, rule or regulation enjoining or prohibiting the consummation
of the Subscription.

 

4.
Registration Statement.

 

4.1
The Issuer agrees that, within sixty (60) calendar days after the consummation of the Transactions (the “Filing Date”),
the Issuer will file with the Commission (at the Issuer’s sole cost and expense) a registration statement registering the
resale of the Shares (the “Registration Statement”), and the Issuer shall use its commercially reasonable efforts
to have the Registration Statement declared effective as soon as practicable after the filing thereof, but no later than the earlier
of (i) the 120th calendar day (or 180th calendar day if the Commission notifies the Issuer that it will “review” the
Registration Statement) following the Closing and (ii) the 10th Business Day after the date the Issuer is notified (orally or
in writing, whichever is earlier) by the Commission that the Registration Statement will not be “reviewed” or will
not be subject to further review (such earlier date, the “Effectiveness Date”); provided, however,
that the Issuer’s obligations to include the Shares in the Registration Statement are contingent upon Subscriber furnishing
in writing to the Issuer such information regarding Subscriber, the securities of the Issuer held by Subscriber and the intended
method of disposition of the Shares as shall be reasonably requested by the Issuer to effect the registration of the Shares, and
Subscriber shall execute such documents in connection with such registration as the Issuer may reasonably request that are customary
of a selling shareholder in similar situations, including providing that the Issuer shall be entitled to postpone and suspend
the effectiveness or use of the Registration Statement during any customary blackout or similar period or as permitted hereunder.
For purposes of clarification, any failure by the Issuer to file the Registration Statement by the Filing Date or to effect such
Registration Statement by the Effectiveness Date shall not otherwise relieve the Issuer of its obligations to file or effect the
Registration Statement as set forth above in this Section 4.

 

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4.2
In the case of the registration effected by the Issuer pursuant to this Subscription Agreement, the Issuer shall, upon reasonable
request, inform Subscriber as to the status of such registration. At its expense the Issuer shall:

 

4.2.1
except for such times as the Issuer is permitted hereunder to suspend the use of the prospectus forming part of a Registration
Statement, use its commercially reasonable efforts to keep such registration, and any qualification, exemption or compliance under
state securities laws which the Issuer determines to obtain, continuously effective with respect to Subscriber, and to keep the
applicable Registration Statement or any subsequent shelf registration statement free of any material misstatements or omissions,
until the earlier of the following: (i) Subscriber ceases to hold any Shares, (ii) the date all Shares held by Subscriber may
be sold without restriction under Rule 144, including without limitation, any volume and manner of sale restrictions which may
be applicable to affiliates under Rule 144 and without the requirement for the Issuer to be in compliance with the current public
information required under Rule 144(c)(1) (or Rule 144(i)(2), if applicable), and (iii) two years from the Effectiveness Date
of the Registration Statement;

 

4.2.2
advise Subscriber within five (5) Business Days:

 

(a)
when a Registration Statement or any post-effective amendment thereto has become effective;

 

(b)
of the issuance by the Commission of any stop order suspending the effectiveness of any Registration Statement or the initiation
of any proceedings for such purpose;

 

(c)
of the receipt by the Issuer of any notification with respect to the suspension of the qualification of the Shares included therein
for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and

 

(d)
subject to the provisions in this Subscription Agreement, of the occurrence of any event that requires the making of any changes
in any Registration Statement or prospectus so that, as of such date, the statements therein are not misleading and do not omit
to state a material fact required to be stated therein or necessary to make the statements therein (in the case of a prospectus,
in the light of the circumstances under which they were made) not misleading.

 

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

 

4.2.3
use its commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of any Registration
Statement as soon as reasonably practicable;

 

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4.2.4
upon the occurrence of any event contemplated in Section 4.2.2(d), except for such times as the Issuer is permitted hereunder
to suspend, and has suspended, the use of a prospectus forming part of a Registration Statement, the Issuer shall use its commercially
reasonable efforts to as soon as reasonably practicable prepare a post-effective amendment to such Registration Statement or a
supplement to the related prospectus, or file any other required document so that, as thereafter delivered to purchasers of the
Shares included therein, such prospectus will not include any untrue statement of a material fact or omit to state any material
fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading;

 

4.2.5
use its commercially reasonable efforts to cause all Shares to be listed on each securities exchange or market, if any, on which
the Issuer’s Ordinary Shares are then listed; and

 

4.3
Notwithstanding anything to the contrary in this Subscription Agreement, the Issuer shall be entitled to delay or postpone the
effectiveness of the Registration Statement, and from time to time to require Subscriber not to sell under the Registration Statement
or to suspend the effectiveness thereof, if the negotiation or consummation of a transaction by the Issuer or its subsidiaries
is pending or an event has occurred, which negotiation, consummation or event the Issuer’s board of directors reasonably
believes, upon the advice of in-house legal counsel, would require additional disclosure by the Issuer in the Registration Statement
of material information that the Issuer has a bona fide business purpose for keeping confidential and the non-disclosure of which
in the Registration Statement would be expected, in the reasonable determination of the Issuer’s board of directors, upon
the advice of in-house legal counsel, to cause the Registration Statement to fail to comply with applicable disclosure requirements
(each such circumstance, a “Suspension Event”); provided, however, that the Issuer may not delay
or suspend the Registration Statement on more than three occasions or for more than sixty (60) consecutive calendar days, or more
than one hundred and twenty (120) total calendar days, in each case during any twelve-month period. Upon receipt of any written
notice from the Issuer of the happening of any Suspension Event during the period that the Registration Statement is effective
or if as a result of a Suspension Event the Registration Statement or related prospectus contains any untrue statement of a material
fact or omits to state any material fact required to be stated therein or necessary to make the statements therein, in light of
the circumstances under which they were made (in the case of the prospectus) not misleading, Subscriber agrees that (i) it will
immediately discontinue offers and sales of the Shares under the Registration Statement (excluding, for the avoidance of doubt,
sales conducted pursuant to Rule 144) until Subscriber receives copies of a supplemental or amended prospectus (which the Issuer
agrees to promptly prepare) that corrects the misstatement(s) or omission(s) referred to above and receives notice that any post-effective
amendment has become effective or unless otherwise notified by the Issuer that it may resume such offers and sales, and (ii) it
will maintain the confidentiality of any information included in such written notice delivered by the Issuer unless otherwise
required by law or subpoena. If so directed by the Issuer, Subscriber will deliver to the Issuer or, in Subscriber’s sole
discretion destroy, all copies of the prospectus covering the Shares in Subscriber’s possession; provided, however, that
this obligation to deliver or destroy all copies of the prospectus covering the Shares shall not apply (i) to the extent Subscriber
is required to retain a copy of such prospectus (a) in order to comply with applicable legal, regulatory, self-regulatory or professional
requirements or (b) in accordance with a bona fide pre-existing document retention policy or (ii) to copies stored electronically
on archival servers as a result of automatic data back-up.

 

    - 25 -

     

    

 

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,
upon the earlier to occur of (i) such date and time as the Business Combination Agreement is validly terminated in accordance
with its terms and (ii) upon the mutual written agreement of each of the parties hereto to terminate this Subscription Agreement;
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. The Issuer shall promptly notify Subscriber of the termination of the Business Combination Agreement promptly
after the termination of such agreement.

 

6.
Miscellaneous.

 

6.1
Further Assurances. At the Closing, the parties hereto shall execute and deliver such additional documents and take such
additional actions as the parties reasonably may deem to be practical and necessary in order to consummate the Subscription as
contemplated by this Subscription Agreement.

 

6.1.1
Subscriber acknowledges that the Issuer, the Company, the Placement Agent and others will rely on the acknowledgments, understandings,
agreements, representations and warranties contained in this Subscription Agreement. Prior to the Closing, Subscriber agrees to
promptly notify the Issuer and the Company if any of the acknowledgments, understandings, agreements, representations and warranties
set forth herein are no longer accurate in all material respects. Subscriber further acknowledges and agrees that the Placement
Agent is a third-party beneficiary of the representations and warranties of the Subscriber contained in Section 2.1.8 and
Section 2.1.9 of this Subscription Agreement to the extent such representations and warranties relate to the Placement
Agent.

 

6.1.2
Each of the Issuer, Subscriber and the Company is entitled to rely upon this Subscription Agreement and 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.

 

6.1.3
The Issuer may request from Subscriber such additional information as the Issuer may deem necessary to evaluate the eligibility
of Subscriber to acquire the Shares, and Subscriber shall provide such information as may be reasonably requested.

 

6.1.4
Subscriber shall pay all of its own expenses in connection with this Subscription Agreement and the transactions contemplated
herein.

 

    - 26 -

     

    

 

6.1.5
Each of Subscriber and the Issuer shall take, or cause to be taken, all actions and do, or cause to be done, all things necessary,
proper or advisable to consummate the transactions contemplated by this Subscription Agreement on the terms and conditions described
therein no later than immediately following the consummation of the Transactions.

 

6.2
Notices. Any notice or communication required or permitted hereunder shall be in writing and either delivered personally,
emailed or sent by overnight mail via a reputable overnight carrier, or sent by certified or registered mail, postage prepaid,
and shall be deemed to be given and received (i) when so delivered personally, (ii) when sent, with no mail undeliverable or other
rejection notice, if sent by email, or (iii) three (3) Business Days after the date of mailing to the address below or to such
other address or addresses as such person may hereafter designate by notice given hereunder:

 

(i)
if to Subscriber, to such address or addresses set forth on the signature page hereto;

 

(ii)
if to the Issuer, to:

 

Innoviz
Technologies Ltd.

2 Amal Street

Afek
Industrial Park

Rosh
Ha’Ayin, Israel

		Attention:	Eldar
Cegla

Dana Nutkevich

		Email:	eldarc@innoviz-tech.com

danan@innoviz-tech.com

 

with
a copy (which shall not constitute notice) to:

 

Latham
& Watkins LLP

99
Bishopsgate

London
EC2M 3XF

United
Kingdom

		Attention:	Joshua
Kiernan

Ryan
Maierson

		E-mail:	joshua.kiernan@lw.com

ryan.maierson@lw.com

 

(iii)
if to the Company, to:

 

Innoviz
Technologies Ltd.

2 Amal St.

Rosh HaAin

4809202

ISRAEL

		Attention:	Eldar
Cegla, Chief Financial Officer

		Email:	eldarc@innoviz-tech.com

 

    - 27 -

     

    

 

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

 

Graubard
Miller

405 Lexington Avenue, 11th Floor

		New	York,
New York 10174

Attention: Jeffrey M. Gallant

		E-mail:	JGallant@graubard.com

 

Cassels
Brock & Blackwell LLP

40 King St W, Suite 2100

Toronto,
ON M5H 3C2, Canada

		Attention:	Jonathan
Sherman

		E-mail:	jsherman@cassels.com

 

6.3
Entire Agreement. This Subscription Agreement constitutes the entire agreement, and supersedes all other prior agreements,
understandings, representations and warranties, both written and oral, among the parties, with respect to the subject matter hereof,
including any commitment letter entered into relating to the subject matter hereof.

 

6.4
Modifications and Amendments. This Subscription Agreement may not be amended, modified, supplemented or waived (i) except
by an instrument in writing, signed by the party against whom enforcement of such amendment, modification, supplement or waiver
is sought and (ii) without the prior written consent of the Issuer and the Company.

 

6.5
Assignment. Neither this Subscription Agreement nor any rights, interests or obligations that may accrue to the parties
hereunder (including Subscriber’s rights to purchase the Shares) may be transferred or assigned without the prior written
consent of each of the other parties hereto (other than the Shares acquired hereunder, if any, and then only in accordance with
this Subscription Agreement).

 

6.6
Benefit.

 

6.6.1
Except as otherwise provided herein, this Subscription Agreement shall be binding upon, and inure to the benefit of the parties
hereto and their heirs, executors, administrators, successors, legal representatives, and permitted assigns, and the agreements,
representations, warranties, covenants and acknowledgments contained herein shall be deemed to be made by, and be binding upon,
such heirs, executors, administrators, successors, legal representatives and permitted assigns. This Subscription Agreement shall
not confer rights or remedies upon any person other than the parties hereto and their respective successors and assigns. Notwithstanding
the foregoing, the Company is an express third-party beneficiary of Section 6.4.

 

6.6.2
Each of the Issuer and Subscriber acknowledges and agrees that (a) this Subscription Agreement is being entered into in order
to induce the Company to execute and deliver the Business Combination Agreement and without the representations, warranties, covenants
and agreements of the Issuer and Subscriber hereunder, the Company would not enter into the Business Combination Agreement, (b)
each representation, warranty, covenant and agreement of the Issuer and Subscriber hereunder is being made also for the benefit
of the Company, and (c) the Company may directly enforce (including by an action for specific performance, injunctive relief or
other equitable relief, including to cause the Purchase Price to be paid and the Closing to occur) each of the covenants and agreements
of each of the Issuer and Subscriber under this Subscription Agreement.

 

    - 28 -

     

    

 

6.7
Governing Law. This Subscription Agreement, and any claim or cause of action hereunder based upon, arising out of or related
to this Subscription Agreement (whether based on law, in equity, in contract, in tort or any other theory) or the negotiation,
execution, performance or enforcement of this Subscription Agreement, shall be governed by and construed in accordance with the
Laws of the State of Delaware, without giving effect to the principles of conflicts of law thereof.

 

6.8
Consent to Jurisdiction; Waiver of Jury Trial. Each of the parties irrevocably consents to the exclusive jurisdiction and
venue of the Court of Chancery of the State of Delaware, provided, that if subject matter jurisdiction over the matter that is
the subject of the legal proceeding is vested exclusively in the U.S. federal courts, such legal proceeding shall be heard in
the U.S. District Court for the District of Delaware (together with the Court of Chancery of the State of Delaware “Chosen
Courts”), in connection with any matter based upon or arising out of this Subscription Agreement. Each party hereby
waives, and shall not assert as a defense in any legal dispute, that (i) such person is not personally subject to the jurisdiction
of the Chosen Courts for any reason, (ii) such legal proceeding may not be brought or is not maintainable in the Chosen Courts,
(iii) such person’s property is exempt or immune from execution, (iv) such legal proceeding is brought in an inconvenient
forum or (v) the venue of such legal proceeding is improper. Each Party hereby consents to service of process in any such proceeding
in any manner permitted by Delaware law, further consents to service of process by nationally recognized overnight courier service
guaranteeing overnight delivery, or by registered or certified mail, return receipt requested, at its address specified pursuant
to Section 6.2 and waives and covenants not to assert or plead any objection which they might otherwise have to such manner
of service of process. Notwithstanding the foregoing in this Section 6.8, a party may commence any action, claim, cause
of action or suit in a court other than the Chosen Courts solely for the purpose of enforcing an order or judgment issued by the
Chosen Courts. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW WHICH CANNOT BE WAIVED, EACH OF THE PARTIES WAIVES ANY RIGHT TO
TRIAL BY JURY ON ANY CLAIMS OR COUNTERCLAIMS ASSERTED IN ANY LEGAL DISPUTE RELATING TO THIS SUBSCRIPTION AGREEMENT WHETHER NOW
EXISTING OR HEREAFTER ARISING. IF THE SUBJECT MATTER OF ANY SUCH LEGAL DISPUTE IS ONE IN WHICH THE WAIVER OF JURY TRIAL IS PROHIBITED,
NO PARTY SHALL ASSERT IN SUCH LEGAL DISPUTE A NONCOMPULSORY COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS SUBSCRIPTION AGREEMENT.
FURTHERMORE, NO PARTY SHALL SEEK TO CONSOLIDATE ANY SUCH LEGAL DISPUTE WITH A SEPARATE ACTION OR OTHER LEGAL PROCEEDING IN WHICH
A JURY TRIAL CANNOT BE WAIVED.

 

6.9
Severability. 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.

 

    - 29 -

     

    

 

6.10
No Waiver of Rights, Powers and Remedies. 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.

 

6.11
Remedies.

 

6.11.1
The parties agree that the Issuer and the Company would suffer irreparable damage if this Subscription Agreement was not performed
or the Closing is not consummated in accordance with its specific terms or was otherwise breached and that money damages or other
legal remedies would not be an adequate remedy for any such damage. It is accordingly agreed that the Issuer and the Company 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 in an appropriate
court of competent jurisdiction as set forth in Section 6.8, this being in addition to any other remedy to which any party
is entitled at law or in equity, including money damages.  The right to specific enforcement shall include the right of the
Issuer or the Company to cause Subscriber and the right of the Company to cause the Issuer to cause the transactions contemplated
hereby to be consummated on the terms and subject to the conditions and limitations set forth in this Subscription Agreement.
The parties hereto further agree (i) to waive any requirement for the security or posting of any bond in connection with any such
equitable remedy, (ii) not to assert that a remedy of specific enforcement pursuant to this Section 6.11 is unenforceable,
invalid, contrary to applicable law or inequitable for any reason and (iii) 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 Action for which the Company is being
granted an award of money damages, each of the Issuer and 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 or its equityholders
under the Business Combination Agreement and/or Subscription Agreement and such damages are not limited to an award of out-of-pocket
fees and expenses related to the Business Combination Agreement and Subscription Agreement.

 

6.11.2
The parties acknowledge and agree that this Section 6.11 is an integral part of the transactions contemplated hereby and
without that right, the parties hereto would not have entered into this Subscription Agreement.

 

    - 30 -

     

    

 

6.11.3
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.

 

6.12
Survival of Representations and Warranties. All representations and warranties made by the Subscriber shall survive the
Closing. For the avoidance of doubt, if for any reason the Closing does not occur immediately following the consummation of the
Transactions, all representations, warranties, covenants and agreements of the parties hereunder shall survive the consummation
of the Transactions and remain in full force and effect.

 

6.13
No Broker or Finder. Other than the Placement Agent (which has been engaged by the Issuer in connection with this Subscription),
each of the Issuer and Subscriber each represents and warrants to the other parties hereto that no broker, finder or other financial
consultant has acted on its behalf in connection with this Subscription Agreement or the transactions contemplated hereby in such
a way as to create any liability on any other party hereto. Each of the Issuer and Subscriber agrees to indemnify and save the
other parties hereto harmless from any claim or demand for commission or other compensation by any broker, finder, financial consultant
or similar agent claiming to have been employed by or on behalf of such party and to bear the cost of legal expenses incurred
in defending against any such claim.

 

6.14
Headings and Captions. The headings and captions of the various subdivisions of this Subscription Agreement are for convenience
of reference only and shall in no way modify or affect the meaning or construction of any of the terms or provisions hereof.

 

6.15
Counterparts. This Subscription Agreement may be executed in one or more counterparts, all of which when taken together
shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and
delivered to the other parties, it being understood that the parties need not sign the same counterpart. In the event that any
signature is delivered by facsimile transmission or any other form of electronic delivery, such signature shall create a valid
and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as
if such signature page were an original thereof.

 

    - 31 -

     

    

 

6.16
Construction. The words “include,” “includes,” and “including”
will be deemed to be followed by “without limitation.” Pronouns in masculine, feminine, and neuter genders
will be construed to include any other gender, and words in the singular form will be construed to include the plural and vice
versa, unless the context otherwise requires. The words “this Subscription Agreement,” “herein,”
“hereof,” “hereby,” “hereunder,” and words of similar import refer to
this Subscription Agreement as a whole and not to any particular subdivision unless expressly so limited. The parties hereto intend
that each representation, warranty, and covenant contained herein will have independent significance. If any party hereto has
breached any representation, warranty, or covenant contained herein in any respect, the fact that there exists another representation,
warranty or covenant relating to the same subject matter (regardless of the relative levels of specificity) which such party hereto
has not breached will not detract from or mitigate the fact that such party hereto is in breach of the first representation, warranty,
or covenant. All references in this Subscription Agreement to numbers of shares, per share amounts and purchase prices shall be
appropriately adjusted to reflect any stock split, stock dividend, stock combination, recapitalization or the like occurring after
the date hereof.

 

6.17
Mutual Drafting. This Subscription Agreement is the joint product of the parties hereto and each provision hereof has been
subject to the mutual consultation, negotiation and agreement of the parties and shall not be construed for or against any party
hereto.

 

7.
Consent to Disclosure. Subscriber hereby consents to the publication and disclosure in any press release issued by the
Issuer or the Company or Form 8-K filed by the Issuer or the Company with the SEC in connection with the execution and delivery
of the Business Combination Agreement and the Proxy Statement (and, as and to the extent otherwise required by the federal securities
laws or the SEC or any other securities authorities, any other documents or communications provided by the Issuer or the Company
to any Governmental Authority or to securityholders of the Issuer or the Company) of Subscriber’s identity and beneficial
ownership of Covered Shares and the nature of Subscriber’s commitments, arrangements and understandings under and relating
to this Subscription Agreement and, if deemed appropriate by the Issuer or the Company, a copy of this Subscription Agreement.
Subscriber will promptly provide any information reasonably requested by the Issuer or the Company for any regulatory application
or filing made or approval sought in connection with the Transactions (including filings with the SEC).

 

    - 32 -

     

    

 

8.
Trust Account Waiver. Notwithstanding anything to the contrary set forth herein, Subscriber acknowledges that it has read
the Investment Management Trust Agreement, dated as of April 30, 2020, by and between the Company and Continental Stock Transfer
& Trust Company, a New York corporation, and understands that the Company has established the trust account described therein
(the “Trust Account”) for the benefit of the Company’s public stockholders and that disbursements from the Trust
Account are available only in the limited circumstances set forth therein. Subscriber further acknowledges and agrees that the
Company’s sole assets consist of the cash proceeds of the Company’s initial public offering and private placements
of its securities, and that substantially all of these proceeds have been deposited in the Trust Account for the benefit of its
public stockholders. Accordingly, Subscriber (on behalf of itself and its affiliates) hereby waives any past, present or future
claim of any kind against, and any right to access, the Trust Account, any trustee of the Trust Account and the Company to collect
from the Trust Account any monies that may be owed to them by the Company or any of its affiliates for any reason whatsoever,
and will not seek recourse against the Trust Account at any time for any reason whatsoever, including, without limitation, for
any knowing and intentional material breach by any of the parties to this Subscription Agreement of any of its representations
or warranties as set forth in this Subscription Agreement, or such party’s material breach of any of its covenants or other
agreements set forth in this Subscription Agreement, which material breach constitutes, or is a consequence of, a purposeful act
or failure to act by such party with the knowledge that the taking of such act or failure to take such act would cause a material
breach of this Subscription Agreement. This Section 8 shall survive the termination of this Subscription Agreement for
any reason.

   

9. [Waiver
of Sovereign Immunity. With respect to the liability of Subscriber to perform its obligations under this Subscription Agreement,
with respect to itself or its property, Subscriber:

 

9.1 agrees
that, for purposes of the doctrine of sovereign immunity, the execution, delivery and performance by it of this Subscription Agreement
constitutes private and commercial acts done for private and commercial purposes;

 

9.2 agrees
that, should any proceedings be brought against it or its assets in any jurisdiction in relation to this Subscription Agreement
or any transaction contemplated by this Subscription Agreement in accordance with the terms hereof, Subscriber is not entitled
to any immunity on the basis of sovereignty in respect of its obligations under this Subscription Agreement, and no immunity from
such proceedings (including, without limitation, immunity from service of process from suit, from the jurisdiction of any court,
from an order or injunction of such court or the enforcement of same against its assets) shall be claimed by or on behalf of such
party or with respect to its assets;

 

9.3 waives,
in any such proceedings, to the fullest extent permitted by law, any right of immunity which it or any of its assets now has or
may acquire in the future in any jurisdiction;

 

9.4 subject
to the terms and conditions hereof, consents generally in respect of the enforcement of any judgment or award against it in any
such proceedings to the giving of any relief or the issue of any process in any jurisdiction in connection with such proceedings
(including, without limitation, pre-judgment attachment, post judgment attachment, the making, enforcement or execution against
or in respect of any assets whatsoever irrespective of their use or intended use of any order or judgment that may be made or given
in connection therewith); and

 

9.5 specifies
that, for the purposes of this provision, “assets” shall be taken as excluding “premises of the mission”
as defined in the Vienna Convention on Diplomatic Relations signed at Vienna, April 18, 1961, “consular premises” as
defined in the Vienna Convention on Consular Relations signed in 1963, and military property or military assets or property of
the Investor.]1

 

 

		1	Note to Draft: To be included for all sovereign
wealth or similar investors.

   

[Signature
Page Follows]

 

    - 33 -

     

    

 

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

 

	 	ISSUER:
	 	 
	 	innoviz
    Technologies ltd.
	 	 
	 	By:	 
	 	 	Name: 	                
	 	 	Title:	 

 

    - 34 -

     

    

 

	Accepted
    and agreed this             day of December, 2020.	 	 
	 	 	 
	SUBSCRIBER:	 	 
	 	 	 
	Signature
    of Subscriber:	 	Signature
    of Joint Subscriber, if applicable:
	 	 	 
	By: __________________________________________	 	By: __________________________________________
	Name: ________________________________________	 	Name: ________________________________________
	Title: _________________________________________	 	Title: _________________________________________
	 	 	 
	Date:  December        ,
    2020	 	 
	 	 	 
	Name
    of Subscriber:	 	Name
    of Joint Subscriber, if applicable:
	 	 	 
	______________________________________________	 	______________________________________________
	(Please
    print.  Please indicate name and capacity of person signing above)	 	(Please
    Print.  Please indicate name and capacity of person signing above)
	 	 	 
	______________________________________________	 	______________________________________________
	 	 	 
	Name
    in which securities are to be registered

    (if different from the name of Subscriber listed directly above):  _______________________________________	 	 
	 	 	 
	Email
    Address:  _________________________________	 	 
	 	 	 
	If
    there are joint investors, please check one:	 	 
	 	 	 
	☐  Joint
    Tenants with Rights of Survivorship	 	 
	☐  Tenants-in-Common	 	 
	☐  Community
    Property	 	 
	Subscriber’s
    EIN:  _______________________________	 	Joint
    Subscriber’s EIN: ____________________________
	Business
    Address-Street:	 	Mailing
    Address-Street (if different):
	 	 	 
	______________________________________________	 	______________________________________________
	 	 	 
	______________________________________________	 	______________________________________________
	 	 	 
	City,
    State, Zip: _________________________________	 	City,
State, Zip: _________________________________
	Attn: _________________________________________	 	Attn: _________________________________________
	Telephone
No.: _________________________________	 	Telephone
    No.: _________________________________
	Facsimile
No.: ___________________________________	 	Facsimile
    No.: ___________________________________
	Aggregate
    Number of Shares subscribed for:	 	 
	 	 	 
	______________________________________________	 	 
	 
	Aggregate
    Purchase Price: $______________

 

You
must pay the Purchase Price by wire transfer of U.S. dollars in immediately available funds, to be held in escrow until the Closing,
to the account specified by the Issuer in the Closing Notice. The aggregate Purchase Price assumes that the Issuer has effected
a reverse stock split prior to the Effective Time in order to cause the Company Share Value to equal $10.00.

 

     

     

    

 

SCHEDULE
I

ELIGIBILITY REPRESENTATIONS OF SUBSCRIBER

 

		A.	QUALIFIED
INSTITUTIONAL BUYER STATUS

(Please check the applicable subparagraphs):

 

		1.	☐ 	We are a “qualified institutional buyer”
(as defined in Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”)) (a “QIB”)
and have marked and initialed the appropriate box on the following pages indicating the provision under which we qualify as a
QIB.

 

		2.	☐ 	We are subscribing for the Shares as a fiduciary or
agent for one or more investor accounts, and each owner of such account is a QIB.

 

***
OR ***

 

		B.	INSTITUTIONAL
ACCREDITED INVESTOR STATUS (Please check the applicable subparagraphs):

 

		1.	☐ 	We are an “accredited investor” (within
the meaning of Rule 501(a) under the Securities Act) and have marked and initialed the appropriate box on the following pages
indicating the provision under which we qualify as an “accredited investor.”

 

		2.	☐ 	We are not a natural person.

 

***
AND ***

 

C.
AFFILIATE STATUS (Please check the applicable box)

 

SUBSCRIBER:

 

		☐	is:

 

		☐	is
not:

 

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

 

 

 

This
page should be completed by Subscriber

and constitutes a part of the Subscription Agreement.

 

     

     

    

 

The
Subscriber is a “qualified institutional buyer” (within the meaning of Rule 144A under the Securities Act) if it is
an entity that meets any one of the following categories at the time of the sale of securities to the Subscriber (Please check
the applicable subparagraphs):

 

		☐	The
Subscriber is an entity that, acting for its own account or the accounts of other qualified institutional buyers, in the aggregate
owns and invests on a discretionary basis at least $100 million in securities of issuers that are not affiliated with the Subscriber
and:

 

		☐	is
an insurance company as defined in section 2(a)(13) of the Securities Act;

 

		☐	is
an investment company registered under the Investment Company Act of 1940, as amended (the “Investment Company Act”),
or any business development company as defined in section 2(a)(48) of the Investment Company Act;

 

		☐	is
a Small Business Investment Company licensed by the US Small Business Administration under section 301(c) or (d) of the Small
Business Investment Act of 1958, as amended (“Small Business Investment Act”);

 

		☐	is
a plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political
subdivisions, for the benefit of its employees;

 

		☐	is
an employee benefit plan within the meaning of Title I of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”);

 

		☐	is
a trust fund whose trustee is a bank or trust company and whose participants are exclusively (a) plans established and maintained
by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the benefit
of its employees, of (b) employee benefit plan within the meaning of Title I of the ERISA, except, in each case, trust funds that
include as participants individual retirement accounts or H.R. 10 plans;

 

		☐	is
a business development company as defined in section 202(a)(22) of the Investment Advisers Act of 1940, as amended (the “Investment
Advisers Act”);

 

		☐	is
an organization described in section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the “Internal Revenue
Code”), corporation (other than a bank as defined in section 3(a)(2) of the Act, a savings and loan association or other
institution referenced in section 3(a)(5)(A) of the Act, or a foreign bank or savings and loan association or equivalent institution),
partnership, or Massachusetts or similar business trust; or

 

		☐	is
an investment adviser registered under the Investment Advisers Act;

 

		☐	The
Subscriber is a dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), acting for its own account or the accounts of other qualified institutional buyers, that in the aggregate owns
and invests on a discretionary basis at least $10 million of securities of issuers that are not affiliated with the Subscriber;

 

     

     

    

 

		☐	The
Subscriber is a dealer registered pursuant to Section 15 of the Exchange Act acting in a riskless principal transaction on behalf
of a qualified institutional buyer;

 

		☐	The
Subscriber is an investment company registered under the Investment Company Act, acting for its own account or for the accounts
of other qualified institutional buyers, that is part of a family of investment companies3 which own in the aggregate
at least $100 million in securities of issuers, other than issuers that are affiliated with Subscriber or are part of such family
of investment companies;

 

		☐	The
Subscriber is an entity, all of the equity owners of which are qualified institutional buyers, acting for its own account or the
accounts of other qualified institutional buyers; or

 

		☐	The
Subscriber is a as defined in section 3(a)(2) of the Securities Act, or any savings and loan association or other institution
as defined in section 3(a)(5)(A) of the Securities Act, or any foreign bank or savings and loan association or equivalent institution,
acting for its own account or the accounts of other qualified institutional buyers, that in the aggregate owns and invests on
a discretionary basis at least $100 million in securities of issuers that are not affiliated with the Subscriber and that has
an audited net worth of at least $25 million as demonstrated in its latest annual financial statements, as of a date not more
than 16 months preceding the date of sale of securities in the case of a US bank or savings and loan association, and not more
than 18 months preceding the date of sale of securities for a foreign bank or savings and loan association or equivalent institution.

 

 

 

 

		3	“Family
of investment companies” means any two or more investment companies registered under the Investment Company Act, except
for a unit investment trust whose assets consist solely of shares of one or more registered investment companies, that have the
same investment adviser (or, in the case of unit investment trusts, the same depositor); provided that, (a) each series of a series
company (as defined in Rule 18f-2 under the Investment Company Act) shall be deemed to be a separate investment company and (b)
investment companies shall be deemed to have the same adviser (or depositor) if their advisers (or depositors) are majority-owned
subsidiaries of the same parent, or if one investment company’s adviser (or depositor) is a majority-owned subsidiary of
the other investment company’s adviser (or depositor)

 

     

     

    

 

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

 

		☐	Any
bank as defined in section 3(a)(2) of the Securities Act, or any savings and loan association or other institution as defined
in section 3(a)(5)(A) of the Securities Act whether acting in its individual or fiduciary capacity;

 

		☐	Any
broker or dealer registered pursuant to section 15 of the Exchange Act;

 

		☐	Any
insurance company as defined in section 2(a)(13) of the Securities Act;

 

		☐	Any
investment company registered under the Investment Company Act or a business development company as defined in section 2(a)(48)
of the Investment Company Act;

 

		☐	Any
Small Business Investment Company licensed by the U.S. Small Business Administration under section 301(c) or (d) of the Small
Business Investment Act;

 

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

 

		☐	Any
employee benefit plan within the meaning of Title I of the ERISA, if (i) the investment decision is made by a plan fiduciary,
as defined in section 3(21) of ERISA, which is either a bank, a savings and loan association, an insurance company, or a registered
investment adviser, (ii) the employee benefit plan has total assets in excess of $5,000,000 or, (iii) such plan is a self-directed
plan, with investment decisions made solely by persons that are “accredited investors”;

 

		☐	Any
private business development company as defined in section 202(a)(22) of the Investment Advisers Act;

 

		☐	Any
(i) corporation, limited liability company or partnership, (ii) Massachusetts or similar business trust, or (iii) organization
described in section 501(c)(3) of the Internal Revenue Code, in each case that was not formed for the specific purpose of acquiring
the securities offered and that has total assets in excess of $5,000,000;

 

		☐	Any
director, executive officer, or general partner of the issuer of the securities being offered or sold, or any director, executive
officer, or general partner of a general partner of that issuer;

 

     

     

    

 

		☐	Any
natural person whose individual net worth, or joint net worth with that person’s spouse, exceeds $1,000,000. For purposes
of calculating a natural person’s net worth: (a) the person’s primary residence shall not be included as an asset;
(b) indebtedness that is secured by the person’s primary residence, up to the estimated fair market value of the primary
residence at the time of the sale of securities, shall not be included as a liability (except that if the amount of such indebtedness
outstanding at the time of sale of securities exceeds the amount outstanding 60 days before such time, other than as a result
of the acquisition of the primary residence, the amount of such excess shall be included as a liability); and (c) indebtedness
that is secured by the person’s primary residence in excess of the estimated fair market value of the primary residence
at the time of the sale of securities shall be included as a liability;

 

		☐	Any
natural person who had an individual income in excess of $200,000 in each of the two most recent years or joint income with that
person’s spouse in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same income
level in the current year;

 

		☐	Any
trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the securities offered, whose
purchase is directed by a sophisticated person as described in Section 230.506(b)(2)(ii) of Regulation D under the Securities
Act; or

 

		☐	Any
entity in which all of the equity owners are “accredited investors.”EX-10.1

 Exhibit 10.1 

AMENDMENT NO. 3 TO FORWARD SHARE PURCHASE AGREEMENT 

This Amendment No. 3 to Forward Share Purchase Agreement (this “Amendment”) is entered into as of December 11,
2020, by and between Kaleyra, Inc. (f/k/a GigCapital, Inc.), a Delaware corporation (the “Company”), and Yakira Capital Management, Inc., a Delaware corporation (“Yakira”). All capitalized terms used herein and not
defined shall have the meanings ascribed to them in the Purchase Agreement (as defined below). 
 Recitals 

WHEREAS, the Company and Yakira desire to amend the Forward Stock Purchase Agreement (the “Purchase Agreement”), dated
November 19, 2019, as amended on February 7, 2020 and May 9, 2020, as provided below. 
 NOW, THEREFORE, in
consideration of the premises, representations, warranties and the mutual covenants contained in this Amendment, and for other good and valuable consideration, the receipt, sufficiency and adequacy of which are hereby acknowledged, the parties
hereto agree as follows: 
 Agreement 

1.     Amendment to Purchase Agreement. 

a.    Section 1.a. of the Purchase Agreement is hereby amended and restated in its entirety as follows: 

“a. Rights Shares Forward Share Purchase. Subject to the conditions set forth in Section 5 and termination rights set forth in
Section 7, Yakira shall sell and transfer to the Company, and the Company shall purchase from Yakira at the purchase price of $11.00 per Rights Share (collectively, the “Rights Shares Purchase Price”). ” 

b.    Section 1.b. of the Purchase Agreement is hereby amended and restated in its entirety as follows: 

“b. Rights Shares Closing. The Company shall purchase the Rights Shares (including the Additional Rights Shares (as defined below))
as soon as practicable on or after (but no later than the fifth (5th) Business Day after) March 31, 2021 (the “Rights Shares Closing Date”) of the date of the closing of the Business Combination (the “Business
Combination Closing Date”). No later than one (1) Business Day before the Rights Shares Closing Date, Yakira shall deliver a written notice to the Company specifying the number of Rights Shares (including the Additional Rights Shares)
the Company is required to purchase, the aggregate Rights Shares Purchase Price and instructions for wiring the Rights Shares Purchase Price to Yakira. The closing of the sale of the Rights Shares (the “Rights Shares Closing”) shall
occur on the Rights Shares Closing Date. On the Rights Shares Closing Date, Yakira shall deliver the Rights Shares (including the Additional Rights Shares) to the Company against receipt of the Rights Shares Purchase Price, which shall be paid by
wire transfer of immediately available funds. For purposes of this Agreement, “Business Day” means any day, other than a Saturday or a Sunday, that is neither a legal holiday nor a day on which banking institutions are generally
authorized or required by law or regulation to close in San Francisco, California.” 
 2.    Effect of Amendment.
Except as specifically set forth in this Amendment, all the terms, conditions and covenants set forth in the Purchase Agreement shall remain unmodified and in full force and effect and are ratified in all respects. 

3.    General Provisions. 

a.    After the effective date of this Amendment, any reference to the Purchase Agreement shall mean the Purchase
Agreement as supplemented by this Amendment. Notwithstanding anything to the contrary in the Purchase Agreement, in the event of a conflict between the terms and conditions of this Amendment and those contained within the Purchase Agreement, the
terms and conditions of this Amendment shall prevail. 

 b.    By signing below, each of the signatories hereto represent that
they have the authority to execute this Amendment and to bind the party on whose behalf this Amendment is executed. 

c.    This Amendment may be executed in two or more counterparts, each of which will be deemed an original but all of
which together will constitute one and the same instrument. 
 IN WITNESS WHEREOF, the undersigned have executed this Amendment to be
effective as of the date first set forth above. 
  

			
	YAKIRA:
	Yakira Capital Management, Inc.
		
	By:	 	 /s/ Bruce Kallins

	Name:	 	Bruce Kallins
	Title:	 	President

  

			
	COMPANY:
	Kaleyra, Inc.
		
	By:	 	 /s/ Dario Calogero

	Name:	 	Dario Calogero
	Title:	 	Chief Executive Officer and President

  
 Signature Page to
Amendment No.3

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