Document:

Exhibit 10.4

 

Execution Version

 

FORM OF TRANSACTION SUPPORT AGREEMENT

 

This TRANSACTION SUPPORT
AGREEMENT (this “Agreement”) is entered into as of October 28, 2021, by and among Tailwind Two Acquisition
Corp., a Cayman Islands exempted company (“Acquiror”), Terran Orbital Corporation, a Delaware corporation (the “Company”)
and [●], a [●] (the “Holder”). Acquiror, the Company and the Holder are sometimes referred to herein individually
as a “Party” and collectively as the “Parties”. Capitalized terms used but not otherwise defined
herein shall have the meanings ascribed to them in the Merger Agreement (as hereinafter defined).

 

RECITALS

 

WHEREAS,
concurrently with the execution of this Agreement, Acquiror, Titan Merger Sub, Inc., a Delaware corporation (“Merger Sub”),
and the Company are entering into that certain Agreement and Plan of Merger in substantially the form attached hereto as Exhibit A
(as in effect on the date hereof, the “Merger Agreement”) pursuant to which, among other things, Merger Sub will merge
with and into the Company, with the Company as the surviving company in the merger and, as a result of such merger, becoming a wholly
owned Subsidiary of Acquiror, and each Company Share (including, to the extent applicable, the Subject Company Securities (as hereinafter
defined)) will be converted into the right to receive Acquiror Shares, in each case, on the terms and subject to the conditions set forth
in the Merger Agreement;

 

WHEREAS,
the Holder is the record and beneficial owner of (i) the number and type of Equity Securities of the Company and/or (ii) the
outstanding principal amount of the Senior Secured Notes (“Debt Securities”, and together with Equity Securities, the
 “Securities”) issued pursuant to the Note Purchase Agreement, dated as of March 8, 2021, by and among the Company,
the Guarantors party thereto, the Purchasers party thereto and Lockheed Martin Corporation (“Lockheed Martin”), as
authorized representative (as amended, supplemented, amended and restated or otherwise modified from time to time, the “Note
Purchase Agreement”) of the Company, in each case as set forth on Schedule A hereto (together with any other Securities
of the Company of which the Holder acquires record or beneficial ownership after the date hereof and prior to the Closing, collectively,
the “Subject Company Securities”);

 

WHEREAS,
concurrently with the execution of this Agreement, the Company is receiving a Commitment Letter from FP Credit Partners, L.P. (“FPCP”)
to the Company, dated as of the date hereof (as in effect on the date hereof, the “Commitment Letter”), pursuant to
which FPCP has committed to provide senior secured term loan credit facilities in an aggregate principal amount of up to $150,000,000
(the “Facilities”), comprised of a $30,000,000 term loan (the “Pre-Combination Term Loan”) to be
funded on the Pre-Combination Closing Date (as defined in the Commitment Letter) and up to a $120,000,000 term loan (the “Combination
Term Loan”) to be funded upon the Combination Closing Date (as defined in the Commitment Letter);

 

WHEREAS,
in consideration of the benefits to be received by the Holder under the terms of the Merger Agreement and as a material inducement to
the Acquiror Parties agreeing to enter into and consummate the transactions contemplated by the Merger Agreement, the Holder agrees to
enter into this Agreement and to be bound by the agreements, covenants and obligations contained in this Agreement; and

 

WHEREAS,
the Parties acknowledge and agree that the Acquiror Parties would not have entered into and agreed to consummate the transactions contemplated
by the Merger Agreement without the Holder entering into this Agreement and agreeing to be bound by the agreements, covenants and obligations
contained in this Agreement.

 

    	 	 	 

     

    

 

NOW,
THEREFORE, in consideration of the premises and the mutual promises set forth herein and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Parties, each intending to be legally bound, hereby agree as follows:

 

AGREEMENT

 

1.            Company
Holder Written Consent and Related Matters.

 

(a)            Subject
to the terms and conditions of this Agreement, as promptly as reasonably practicable (and in any event within two (2) Business Days)
following the time at which the Company provides written notice to Holder that the Registration Statement / Proxy Statement is declared
effective under the Securities Act, the Holder shall duly execute and deliver to the Company and Acquiror the Company Holder Written Consent
under which it shall irrevocably and unconditionally consent to the matters, actions and proposals contemplated by Section 6.07(a) (Company
Holder Approval) of the Merger Agreement. Without limiting the generality of the foregoing, prior to the Closing, the Holder shall, to
the extent applicable to the Equity Securities, vote (or cause to be voted) at any meeting of the shareholders of the Company including
any adjournment or postponement thereof, and in any action by written resolution of the shareholders of the Company (by taking all action
necessary to grant legally effective consent thereto), all of the Subject Company Securities that are Equity Securities (i) in favor
of and/or consent to any such matters, actions or proposal, in each case, that are necessary for the consummation of the Merger or any
of the other transactions contemplated by the Merger Agreement or the Transaction Agreements and (ii) against and withhold consent
with respect to (A) any Acquisition Transaction or (B) any other matter, action, proposal, transaction, agreement or other matter
that would reasonably be expected, to the knowledge of the Holder, to (x) result in a breach of any of the Company’s covenants,
agreements or obligations under the Merger Agreement, (y) result in any of the conditions to the Closing set forth in Sections 9.01
or 9.02 of the Merger Agreement not to be satisfied or (z) otherwise materially impede, materially interfere with, materially delay,
materially discourage, materially and adversely affect or materially inhibit the timely consummation of, the transactions contemplated
by the Merger Agreement.

 

2.            Rollover
of Debt Securities.1

 

(a)            The
Holder hereby agrees and commits that, subject to and conditioned upon the occurrence of each of the Closing and funding by the Commitment
Parties (as defined in the Commitment Letter) of the Combination Term Loan pursuant to definitive documentation in form and substance
consistent with the Commitment Letter and otherwise reasonably satisfactory to the Holder and satisfaction of the conditions set forth
in Exhibit A to the Commitment Letter under the heading “Conditions to Combination Term Loan” (it being understood
that any reference to a condition under such heading being subject to FPCP’s approval, satisfaction or consent shall mean the Holder’s
approval, satisfaction or consent for purposes hereof), the Holder shall, at the election of the holders of a majority of the principal
amount of obligations subject to the Debt Rollover, either (i) exchange, if any, the principal amount of its Debt Securities as set
forth in the column titled “Principal Amount of Exchanged Debt Securities” on Schedule A hereto (as such amount with
respect to Lockheed Martin may be reduced in accordance with the footnote thereto) (the “Rolled Debt Securities”) for
the same principal amount of the loans or notes under a new debt facility to be issued to the Holder or an affiliate thereof designated
by the Holder (such exchange, the “Debt Exchange” and such loans or notes issued as a result of the Debt Exchange,
the “Replacement Debt Securities”) or (ii) keep such Rolled Debt Securities outstanding under the existing Note
Purchase Agreement subject to clause (c) below (such debt continuation, the “Note Continuation” and such Rolled
Debt Securities so continued, the “Continued Notes”; the Debt Exchange and/or Note Continuation, the “Debt
Rollover”); provided, that it is the intent of the Parties that the Replacement Debt Securities or Continued Notes shall
have substantially similar terms (including substantially the same terms with respect to interest rate and covenants) as the terms set
forth in Exhibit A to the Commitment Letter for the loans under the Facilities (as defined in the Commitment Letter as in effect
on the date hereof), but, in any event, subject to any terms not expressly and specifically set forth in Exhibit A to the Commitment
Letter being subject to the reasonable satisfaction of the Holder (it being understood that the terms expressly and specifically set forth
in the Commitment Letter are deemed reasonably acceptable to the Holder) and except that the Replacement Debt Securities or Continued
Notes shall not have call protection; provided, further, that (A) on the Pre-Combination Closing Date (as defined in
the Commitment Letter as in effect on the date hereof), each of Lockheed Martin and BPC Lending II, LLC (“BP”) or their
designated Affiliates shall receive penny warrants which may be exercised within 30 days following the termination of the Merger Agreement
for a number of shares equal to 0.25% of the Company Common Stock on the same valuation and the same terms as the warrants provided to
the Commitment Parties under the Commitment Letter on the Pre-Combination Closing Date (which warrants shall terminate automatically without
exercise immediately prior to the Effective Time pursuant to Section 3.03 of the Merger Agreement and the holder shall receive the
Acquiror Shares and Acquiror Closing Warrants contemplated by Section 3.09 of the Merger Agreement at the Closing) and (B) on
the Closing Date, each of Lockheed Martin and BP shall be issued a number of Acquiror Shares and Acquiror Closing Warrants by Acquiror
as contemplated by Section 3.09 of the Merger Agreement; provided, further, however, that such Acquiror Closing Warrants
issued to Lockheed Martin and BP shall not be redeemable for cash; provided, further, that all outstanding indebtedness
(other than the Rolled Debt Securities) and other monetary obligations under the Note Purchase Agreement shall be paid in full in cash
on the Closing Date. For U.S. federal income tax purposes, the parties agree to treat the Debt Rollover as a “significant
modification” of the Rolled Debt Securities within the meaning of Section 1.1001-3 of the U.S. Treasury Regulations.

 

 

1
Note to Draft: To be included for Company Noteholders.

 

    	 	 	 

     

    

 

(b)            The
Holder hereby agrees and commits to vote its Debt Securities in favor of any amendment to or waiver or consent under the Note Purchase
Agreement to be entered into on or prior to the Pre-Combination Closing Date to (i) permit the Company and its subsidiaries to incur
the Pre-Combination Term Loan on the terms set forth in Exhibit A of the Commitment Letter (as in effect on the date hereof), the
liens on all “Collateral” (as defined in the Note Purchase Agreement) to secure the Pre-Combination Term Loan on a pari passu
basis with the obligations under the Note Purchase Agreement, (ii) to direct the Authorized Representative and Collateral Agent (in
each case, as defined in the Note Purchase Agreement) to enter into a customary pari passu first lien intercreditor agreement with the
agent for the Facilities pursuant to which the agent for funded Indebtedness with the greater outstanding amount of principal at any time
(excluding, for the avoidance of doubt, any undrawn commitments in the calculation of such outstanding amount of principal) shall be the
controlling agent with respect to the Collateral, and (iii) agree, notwithstanding anything in the Note Purchase Agreement to the
contrary, to non-pro rata pay down of the Debt Securities that are not part of the Debt Rollover upon satisfaction of each of the following
conditions: (A) execution by the Company and the Required Purchasers (as defined in the Note Purchase Agreement) of an amendment,
amendment and restatement, consent and/or waiver under the Note Purchase Agreement setting forth the forgoing and otherwise in form and
substance reasonably satisfactory to the Holder; (B) execution of definitive documentation governing the Facilities and pari passu
intercreditor documentation, in each case in form and substance consistent with the terms of the Commitment Letter and this Section 2
and otherwise in form and substance reasonably satisfactory to the Holder; and (C) satisfaction of each of the other conditions set
forth in Exhibit A to the Commitment Letter under the heading “Conditions to Pre-Combination Closing Date” (it being
understood that any reference to a condition under such heading being subject to FPCP’s approval, satisfaction or consent shall
mean the Holder’s approval, satisfaction or consent for purposes hereof).

 

    	 	 	 

     

    

 

(c)            Subject
to Section 2(a) above, the Holder hereby agrees and commits that to the extent the Debt Rollover is effectuated through a Debt
Exchange, to enter into loan agreement or note purchase agreement in form and substance consistent with this Section 2 and otherwise
reasonably satisfactory to the Holder with respect to the Replacement Debt Securities and to the extent the Debt Rollover is effectuated
through a Note Continuation, amend the Note Purchase Agreement in form and substance consistent with this Section 2 and otherwise
reasonably satisfactory to the Holder, in each case, effective on, but subject to and conditioned upon, the occurrence of each of the
Closing Date and the Combination Closing Date (as defined in the Commitment Letter as in effect on the date hereof) to conform to the
terms of the Facilities in form and substance reasonably satisfactory to such Holder; provided (x) the Replacement Debt Securities
and/or the Continued Notes shall not have call protection, (y) the Replacement Debt securities and/or the Continued Notes shall have
the same interest rate as that under the Facilities as set forth in Exhibit A of the Commitment Letter (as in effect on the date
hereof) and (z) the definitive documentation for the Replacement Debt Securities and/or the Continued Notes shall permit the existence
of and payment with respect to the Acquiror, the Company and/or its Subsidiaries’ obligations to Staton Orbital Family Limited Partnership
and/or its Affiliates (the “Staton Payment Obligations” and any such obligations payable in cash, the “Staton Cash
Payment Obligations”) in connection with any PIPE Investment made by such persons as set forth in the Subscription Agreement
(as in effect on the date hereof and without giving effect to any amendments or modifications thereto in any manner adverse to the interests
of the Holder, the “Staton Subscription Agreement”) between Acquiror and Staton Orbital Family Limited Partnership
in an amount equal to $30,000,000 to be paid in sixteen quarterly installments, in which the four installments of $1,875,000 each during
the first twelve months following the Combination Closing Date shall be paid in cash and the remaining installments thereafter shall be
paid, at Acquiror’s election, (i) in the stock of Acquiror or (ii) solely to the extent Acquiror and its subsidiaries
have capacity to make distributions under the definitive documentation for the Replacement Debt Securities or Continued Notes, applicable,
in cash; provided, that (1) the definitive documentation for the Replacement Debt Securities or the Continued Notes, as applicable,
shall include any conditions and restrictions with respect to the Staton Cash Payment Obligations that are included in the definitive
documentation for the Facilities, but in any event shall not permit payment of the Staton Cash Payment Obligation at any time during the
existence of any event of default under the Replacement Debt Securities or the Continued Notes, as applicable, or that would result from
making such payment, including at any time during the first twelve months following the Combination Closing Date and (2) the Staton
Cash Payment Obligations shall be subordinated to all obligations with respect to the Replacement Debt Securities or the Continued Notes,
as applicable, pursuant to a subordination agreement in form and substance reasonably satisfactory to the Holder.

 

(d)            The
Company hereby represents and warrants to the Holder that, as of the date hereof, (i) the Commitment Letter has not been amended,
restated or modified, is in full force and effect and constitutes the legal, valid and binding obligations of the Company and, to the
knowledge of the Company, the other parties thereto and (ii) there are no written agreements, side letters, understandings, contracts
or arrangements of any kind relating to the matters contemplated by the Commitment Letter among the parties thereto.

 

(e)            The
Company hereby agrees that it will not amend, amend and restate, modify, supplement, assign, replace and/or waive any provision of the
Commitment Letter without the prior consent of the Holder (which consent shall be granted by the Holder in its sole discretion). In addition,
the Company shall keep the Holder informed upon request on a reasonably prompt basis and in reasonable detail of the status of its efforts
to arrange the financing contemplated by the Commitment Letter. The Company shall give the Acquiror prompt written notice upon having
knowledge of any default or breach by any party to the Commitment Letter or any termination of the Commitment Letter.

 

(f)            The
Company hereby agrees to pay all reasonable and documented out-of-pocket fees, charges and disbursements of the Holder, including attorney’s
fees, incurred in connection with all of the transactions and preparation of documentation contemplated by this Section 2.

 

    	 	 	 

     

    

 

3.            Other
Covenants and Agreements.

 

(a)            The
Holder hereby agrees that, notwithstanding anything to the contrary in any such agreement, (i) each of the agreements set forth on
Schedule B (collectively, the “Terminated Agreements”) hereto to which it is a party shall be automatically
terminated and of no further force and effect (including any provisions of any such agreement that, by their terms, survive such termination)
effective as of, and subject to and conditioned upon the occurrence of, the Closing and (ii) upon such termination neither the Company
nor any of its Affiliates (including, from and after the Effective Time, Acquiror and its Affiliates) shall have any further obligations
or liabilities under any such agreement. Without limiting the generality of the foregoing, at the Company’s expense, the Holder
hereby agrees to promptly execute and deliver all additional agreements, documents and instruments and take, or cause to be taken, all
actions reasonably necessary or reasonably advisable in order to achieve the purpose of the preceding sentence.

 

(b)            The
Holder (other than its capacity as holder of Debt Securities) hereby takes the actions set forth in Schedule C hereto, and hereby
waives any other consent, notice, termination, acceleration or other rights or remedies that may arise or that may have arisen as a consequence
of, in relation to, or in connection with, the execution or consummation of the Merger Agreement, the Transaction Agreements, or any transactions
contemplated thereby (the “Supporting Actions”). Without limiting the generality of the foregoing, at the Company’s
expense, the Holder hereby agrees to promptly execute and deliver all additional agreements, documents and instruments and take, or cause
to be taken, all actions reasonably necessary or reasonably advisable in order to achieve the purpose of the preceding sentence and complete
the Supporting Actions.

 

(c)            The
Holder shall be bound by and subject to (i) [Sections 8.05(a) (Confidentiality) and] 8.05(b) (Publicity) of the Merger
Agreement to the same extent as such provision applies to the Company, as if such provisions were stated herein, and (ii) Section 8.03(a) (Exclusivity)
and Section 6.03 (No Claim Against the Trust Account) of the Merger Agreement to the same extent as such provisions apply to the
Company, as if the Holder is directly party thereto[, and (iii) the Confidentiality Agreement to the same extent as such provisions
apply to the Company, as if the Holder is directly party thereto]// [, and (iii) the existing confidentiality provisions between
the Company and the Holder].

 

(d)            The
Holder acknowledges and agrees that the Acquiror Parties are entering into the Merger Agreement in reliance upon the Holder entering into
this Agreement and agreeing to be bound by, and perform, or otherwise comply with, as applicable, the agreements, covenants and obligations
contained in this Agreement and but for the Holder entering into this Agreement and agreeing to be bound by, and perform, or otherwise
comply with, as applicable, the agreements, covenants and obligations contained in this Agreement, the Acquiror Parties would not have
entered into or agreed to consummate the transactions contemplated by the Merger Agreement.

 

4.            Holder
Representations and Warranties. The Holder represents and warrants to Acquiror as follows:

 

(a)            [The
Holder is a corporation, limited liability company or other applicable business entity duly organized or formed, as applicable, validly
existing and in good standing (or the equivalent thereof, if applicable, in each case, with respect to the jurisdictions that recognize
the concept of good standing or any equivalent thereof) under the Laws of its jurisdiction of formation or organization (as applicable).]2

 

 

		2	Language to be omitted for individual shareholders.

 

    	 	 	 

     

    

 

(b)            The
Holder has the requisite [corporate, limited liability company or other similar]3
power and authority to execute and deliver this Agreement, to perform its covenants, agreements and obligations hereunder (including,
for the avoidance of doubt, those covenants, agreements and obligations hereunder that relate to the provisions of the Merger Agreement),
and to consummate the transactions contemplated hereby[, including spousal consent, if needed]4.
[The execution and delivery of this Agreement has been duly authorized by all necessary corporate (or other similar) action on the part
of the Holder.]5 This Agreement has been
duly and validly executed and delivered by the Holder and constitutes a valid, legal and binding agreement of the Holder (assuming that
this Agreement is duly authorized, executed and delivered by Acquiror), enforceable against the Holder in accordance with its terms (subject
to applicable bankruptcy, insolvency, reorganization, moratorium or other Laws affecting generally the enforcement of creditors’
rights and subject to general principles of equity).

 

(c)          No
consent, approval or authorization of, or designation, declaration or filing with, any Governmental Authority is required on the part
of the Holder with respect to the Holder’s execution and delivery of, or performance of its covenants, agreements or obligations
under, this Agreement (including, for the avoidance of doubt, those covenants, agreements and obligations under this Agreement that relate
to the provisions of the Merger Agreement) or the consummation of the transactions contemplated hereby, except for any consents, approvals,
authorizations, designations, declarations, waivers or filings, the absence of which would not adversely affect the ability of the Holder
to perform, or otherwise comply with, any of its covenants, agreements or obligations hereunder in any material respect.

 

(d)            None
of the execution or delivery of this Agreement by the Holder, the performance by the Holder of any of its covenants, agreements or obligations
under this Agreement (including, for the avoidance of doubt, those covenants, agreements and obligations under this Agreement that relate
to the provisions of the Merger Agreement) or the consummation of the transactions contemplated hereby will, directly or indirectly (with
or without due notice or lapse of time or both) (i) [result in any breach of any provision of the Holder’s Governing Documents]6
// [intentionally omitted]7, (ii) result
in a violation or breach of, or constitute a default or give rise to any right of termination, Consent, cancellation, amendment, modification,
suspension, revocation or acceleration under, any of the terms, conditions or provisions of any Contract to which the Holder is a party,
(iii) violate, or constitute a breach under, any Order or applicable Law to which the Holder or any of its properties or assets are
bound or (iv) result in the creation of any Lien upon the Subject Company Securities, except, in the case of any of the foregoing
clauses (ii) and (iii), as would not adversely affect the ability of the Holder to perform, or otherwise comply
with, any of its covenants, agreements or obligations hereunder in any material respect.

 

 

		3	Language to be omitted for individual shareholders.

		4	Language to be omitted for legal entity shareholders.

		5	Language to be omitted for individual shareholders.

		6	Language to be included for legal entity shareholders.

		7	Language to be included for individual shareholders.

 

    	 	 	 

     

    

 

(e)            The
Holder is the record and beneficial owner of the Subject Company Securities and has valid, good and marketable title to the Subject Company
Securities, free and clear of all Liens (other than transfer restrictions under applicable Securities Law or under the Company Stockholders
Agreements). Except for the Securities of the Company set forth on Schedule A hereto, together with any other Securities of the
Company of which the Holder acquires record or beneficial ownership after the date hereof in accordance with Section 6.01(b)(iv) of
the Merger Agreement, the Holder does not own, beneficially or of record, any Securities of the Company or any of its Subsidiaries. Except
as otherwise expressly set forth in this Agreement, contemplated by the Company Stockholders Agreements, any agreement or plan pursuant
to which Company Equity Awards are granted or by which Company Equity Awards are governed, the Merger Agreement, the other Transaction
Agreements and the transactions contemplated thereby, or as expressly contemplated by the terms of any Company Warrants to which it is
a party, the Holder does not have the right to acquire any Securities of the Company or any of its Subsidiaries. The Holder has the sole
right to vote (and provide consent in respect of, as applicable) the Subject Company Securities and, except for this Agreement, the Merger
Agreement, the Company Stockholders Agreements and any Company Warrants to which it is a party, the Holder is not party to or bound by
(i) any option, warrant, purchase right, or other Contract that could (either alone or in connection with one or more events, developments
or events (including the satisfaction or waiver of any conditions precedent)) require the Holder to Transfer any of the Subject Company
Securities or (ii) any voting trust, proxy or other Contract with respect to the voting or Transfer of any of the Subject Company
Securities.

 

(f)            There
is no Action pending or, to the Holder’s knowledge, threatened against the Holder that, if adversely decided or resolved, would
reasonably be expected to adversely affect the ability of the Holder to perform, or otherwise comply with, any of its covenants, agreements
or obligations under this Agreement in any material respect.

 

5.          Transfer
of Subject Securities. Except as expressly contemplated by the Merger Agreement or with the prior written consent of Acquiror (such
consent to be given or withheld in its sole discretion), from and after the date hereof, the Holder agrees not to (a) Transfer any
of the Subject Company Securities, (b) enter into (i) any option, warrant, purchase right, or other Contract that could (either
alone or in connection with one or more events, developments or events (including the satisfaction or waiver of any conditions precedent))
require the Holder to Transfer the Subject Company Securities or (ii) any voting trust, proxy or other Contract with respect to the
voting or Transfer of the Subject Company Securities, or (c) take any actions in furtherance of any of the matters described in the
foregoing clauses (a) or (b). For purposes of this Agreement, “Transfer” means any direct or indirect
sale, transfer, assignment, pledge, mortgage, exchange, hypothecation, grant of a security interest in or disposition or encumbrance of
an interest (whether with or without consideration, whether voluntarily or involuntarily or by operation of law or otherwise), other than
to an Affiliate of the Holder effecting such Transfer in accordance with the Company’s Governing Documents and the terms of any
agreement between the Company and such Holder, provided that, prior to such Transfer, such Affiliate shall execute and deliver to Acquiror
a copy of this Agreement. Notwithstanding the foregoing, any exercise by the Holder of any cash redemption or exchange right with respect
to any Equity Securities in accordance with their terms, including the cash exercise contemplated under Section 2(b) of the
Inducement Warrant, shall not constitute a Transfer for purposes of this Agreement.

 

    	 	 	 

     

    

 

6.            Termination.
This Agreement shall automatically terminate, without any notice or other action by any Party, and be void ab initio upon the earlier
of (a) the Effective Time, (b) the termination of the Merger Agreement in accordance with its terms, (c) solely in the
case of Section 2 above, the termination of the Commitment Letter or any breach of Section 2(d) or 2(e), (d) at the
election of any Holder that is Lockheed Martin, BP or any of their Affiliates (collectively, the “Specified Holders”),
in the event of any amendment, waiver or modification of the Merger Agreement without such Holder’s prior written consent that has
the effect of (A) decreasing the Merger Consideration, (B) changing the form of Merger Consideration (in the case of each of
subclauses (A) and (B), payable to the stockholders of the Company pursuant to the Merger Agreement in effect on the date of this
Agreement), or (C) imposing any material restrictions or additional material conditions on the consummation of the Merger or the
payment of the Merger Consideration or otherwise in a manner material and adverse to such Holder, or (e) any amendment, waiver or
modification in a manner adverse to the Holder of the Investor Rights Agreement, the Subscription Agreement, the Commitment Letter or
any other agreement related to the Transactions to which such Holder is a party or under which such Holder has rights without such Holder’s
prior written consent. Upon termination of this Agreement as provided in the immediately preceding sentence, none of the Parties shall
have any further obligations or Liabilities under, or with respect to, this Agreement. Notwithstanding the foregoing or anything to the
contrary in this Agreement, (i) the termination of this Agreement pursuant to Section 6(b) shall not affect any
Liability on the part of any Party for a Willful Breach of any covenant or agreement set forth in this Agreement prior to such termination
or for Fraud, [(ii) Section 3(c)(i) (solely to the extent that it relates to Section 8.05(a) (Confidentiality)
of the Merger Agreement), and] [and (ii)] [(iii)] Section 3(c)(i) (solely to the extent that it relates to Section 8.05(b) (Publicity)
of the Merger Agreement) shall survive the termination of this Agreement pursuant to Section 6(a). For purposes of this Section 6,
 “Willful Breach” means a material breach that is a consequence of an act undertaken or a failure to act by the breaching
Party with the knowledge that the taking of such act or such failure to act would, or would reasonably be expected to, constitute or result
in a breach of this Agreement.

 

7.            Fiduciary
Duties. Notwithstanding anything in this Agreement to the contrary, (a) the Holder makes no agreement or understanding herein
in any capacity other than in such Holder’s capacity as a record holder or beneficial owner of the Subject Company Securities[,
and not in such Holder’s capacity as a director, officer or employee of the Company or any of the Company’s Subsidiaries or
in such Holder’s capacity as a trustee or fiduciary of any Company Equity Plan,]8
and (b) nothing herein will be construed to limit or affect any action or inaction by [such Holder]9
// [any representative of such Holder serving]10
as a member of the board of directors (or similar governing body) of the Company or any of its Subsidiaries or as a manager, officer,
employee or fiduciary of the Company or any of its Subsidiaries, in each case, acting in such person’s capacity as a director, manager,
officer, employee or fiduciary of the Company or such Subsidiary.

 

8.            Limited
Recourse. Except for claims pursuant to the Merger Agreement or any other Transaction Agreement by any party thereto against any other
party thereto, each Party agrees that this Agreement may only be enforced against, and any action for breach of this Agreement may only
be brought against, the Parties.

 

 

8
Language to be included for individual shareholders.

9
Language to be included for individual shareholders.

10
Language to be included for legal entity shareholders.

 

    	 	 	 

     

    

 

9.            Disclosure.
The Holder hereby authorizes the Company and Acquiror to publish and disclose in any public announcement or required SEC disclosure such
Holder’s identity and ownership of the Subject Company Securities and/or Acquiror Shares, as applicable, and the existence and terms
of this Agreement (including, for the avoidance of doubt, the details of such Holder’s covenants, agreements, obligations, representations
and warranties under this Agreement); provided that any publication or disclosure pursuant to this Section 9 that names the Holder
will be subject to the Holder’s review and written approval (which approval shall (x) be provided within three (3) Business
Days after the date on which it is provided to the Holder and (y) not be unreasonably withheld, conditioned or delayed); and provided
further that in the case of any Specified Holder, neither the Company, Acquiror nor any of their Affiliates or Representatives shall publish
and disclose to any Person, including in any investor presentation, public announcement or required SEC disclosure, such Holder’s
identity, ownership of the Subject Company Securities and/or Acquiror Shares, as applicable, the existence and terms of this Agreement
(including, for the avoidance of doubt, the details of such Holder’s covenants, agreements, obligations, representations and warranties
under this Agreement), or any description or discussion of the commercial relationships between such Holder and its Affiliates, on one
hand, and the Company and its Affiliates, on the other hand, without such Holder’s prior review and written approval (which approval
shall (x) be provided within three (3) Business Days after the date on which it is provided to the Holder and (y) not be
unreasonably withheld, conditioned or delayed). In connection with any Specified Holder’s review and approval as contemplated by
the previous sentence, upon the request of the Holder, Acquiror shall provide to the Holder drafts of (i) the Registration Statement
/ Proxy Statement (and any other documents to be filed with the SEC, both preliminary and final, and any amendment or supplement to the
Registration Statement / Proxy Statement or such other document) pursuant to Section 8.02(a)(ii) of the Merger Agreement, (ii) investor
presentations and any other materials prepared in connection with the PIPE Investment, and (iii) any other materials prepared in
connection with or relating to the Transactions to the extent any of the foregoing include any references to or information concerning
the Holder or any of its Affiliates or any discussion of the Investor or its Affiliates as related to the Transactions. Without limiting
the foregoing, Acquiror shall provide to the Holder drafts of the Registration Statement / Proxy Statement (and any other documents to
be filed with the SEC) pursuant to Section 8.02(a)(ii) of the Merger Agreement, to the extent any of the foregoing include any
references to or information concerning the PIPE Investors, and shall take into account in good faith any comments of the Holder in connection
therewith. Notwithstanding anything in this Section 9 to the contrary, the Company may make any public announcements or required
SEC disclosures that are consistent with previous press releases, public disclosures or public statements which the Holder or Specified
Holder, as applicable, has previously consented to.

 

10.            Reserved.

 

11.          Notices.
All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given (and shall be deemed
to have been duly given) by delivery in person, by facsimile (having obtained electronic delivery confirmation thereof) if applicable,
by e-mail (having obtained electronic delivery confirmation thereof (i.e., an electronic record of the sender that the email was sent
to the intended recipient thereof without an “error” or similar message that such email was not received by such intended
recipient)), or by registered or certified mail (postage prepaid, return receipt requested) (upon receipt thereof) to the other Party
as follows:

 

If to Acquiror, to:

 

Tailwind Two Acquisition Corp.

150 Greenwich Street

29th Floor

New York, NY 10006

Attn: Matthew Eby

E-mail: matthewdeby@gmail.com

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

 

Kirkland & Ellis LLP

601 Lexington Avenue

New York, NY 10022

Attn: Jonathan Davis, Chelsea Darnell and Patrick Salvo

E-mail: jonathan.davis@kirkland.com, chelsea.darnell@kirkland.com and patrick.salvo@kirkland.com

 

    	 	 	 

     

    

 

If to the Company, to:

 

Terran Orbital Corporation

6800 Broken Sound Parkway NW, Suite 200

Boca Raton, FL 33847

Attn: Marc Bell, Chief Executive Officer

E-mail: marc.bell@terranorbital.com and terranorbitallegal@terranorbital.com

 

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

 

Akin Gump Strauss Hauer & Feld LLP

One Bryant Park

New York, NY 10036-6745

	Attention:	Jonathan Pavlich
		Stuart Leblang
	E-mail: 	jpavlich@akingump.com
	 	sleblang@akingump.com

 

If to the Holder, to:

 

[●]

 

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

 

Akin Gump Strauss Hauer & Feld LLP

One Bryant Park

New York, NY 10036-6745

	Attention:	Jonathan Pavlich
		Stuart Leblang
	E-mail: 	jpavlich@akingump.com
	 	sleblang@akingump.com

 

or to such other address as the Party to whom notice is given may have
previously furnished to the other Party in writing in the manner set forth above.

 

12.            Entire
Agreement. This Agreement, the Merger Agreement and documents referred to herein and therein constitute the entire agreement of the
Parties with respect to the subject matter of this Agreement, and supersede all prior agreements and undertakings, both written and oral,
among the Parties with respect to the subject matter of this Agreement, except as otherwise expressly provided in this Agreement.

 

13.            Amendments
and Waivers; Assignment. Any provision of this Agreement may be amended or waived if, and only if, such amendment or waiver is in
writing and signed by the Holder and Acquiror. Notwithstanding the foregoing, no failure or delay by any Party in exercising any right
hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise of
any other right hereunder. Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assignable by any
party hereto without the prior written consent of each other party hereto (to be withheld or given in its sole discretion).

 

    	 	 	 

     

    

 

14.            Fees
and Expenses. Except as otherwise expressly set forth in the Merger Agreement and in Section 2(f) above or as otherwise
set forth in this Agreement, all fees and expenses incurred in connection with this Agreement and the transactions contemplated hereby,
including the fees and disbursements of counsel, financial advisors and accountants, shall be paid by the Party incurring such fees or
expenses.

 

15.            Remedies.
Except as otherwise expressly provided herein, any and all remedies provided herein will be deemed cumulative with and not exclusive of
any other remedy conferred hereby, or by law or equity upon such Party, and the exercise by a Party of any one remedy will not preclude
the exercise of any other remedy. The Parties agree that irreparable damage for which monetary damages, even if available, would not be
an adequate remedy would occur in the event that either Party does not perform its obligations under the provisions of this Agreement
in accordance with their specific terms or otherwise breaches such provisions. It is accordingly agreed that each Party shall be entitled
to an injunction or injunctions, specific performance and other equitable relief to prevent breaches of this Agreement and to enforce
specifically the terms and provisions of this Agreement, in each case, without posting a bond or undertaking and without proof of damages
and this being in addition to any other remedy to which they are entitled at law or in equity. Each Party agrees that it will not oppose
the granting of an injunction, specific performance and other equitable relief when expressly available pursuant to the terms of this
Agreement on the basis that the other parties have an adequate remedy at law or an award of specific performance is not an appropriate
remedy for any reason at law or equity.

 

16.          No
Third-Party Beneficiaries. This Agreement shall be for the sole benefit of the Parties and their respective successors and permitted
assigns and is not intended, nor shall be construed, to give any Person, other than the Parties and their respective successors and permitted
assigns, any legal or equitable right, benefit or remedy of any nature whatsoever. Nothing in this Agreement, expressed or implied, is
intended to or shall constitute the Parties partners or participants in a joint venture.

 

17.            Miscellaneous.
Section 1.02 (Construction), Section 11.06 (Governing Law), Section 11.07 (Captions; Counterparts), Section 11.11
(Severability), Section 11.12 (Jurisdiction; Waiver of Trial by Jury), and Section 11.15 (Non-Survival of Representations, Warranties
and Covenants) of the Merger Agreement are incorporated herein by reference and shall apply to this Agreement, mutatis mutandis.

 

[Signature page follows]

 

    	 	 	 

     

    

 

IN WITNESS WHEREOF, the Parties
have executed and delivered this Transaction Support Agreement as of the date first above written.

 

	 	Tailwind Two Acquisition Corp.
	 	 
	 	By:	                        
	 	Name:
	 	Title:

 

[Signature
Page to Transaction Support Agreement]

 

    	 	 	 

     

    

 

	 	TERRAN ORBITAL CORPORATION
	 	 
	 	By:	                        
	 	Name:
	 	Title:

 

[Signature
Page to Transaction Support Agreement]

 

    	 	 	 

     

    

 

	 	[HOLDER]
	 	 
	 	By:	                        
	 	Name:
	 	Title:

 

[Signature
Page to Support Agreement]

 

    	 	 	 

     

    

 

SCHEDULE A

 

Securities

 

	Equity Securities	 	Number
	Company Common Stock	 	[●]
	Company Preferred Stock	 	[●]
	Company Exchange Warrants	 	[●]
	Company Inducement Warrants	 	[●]
	Company Options	 	[●]
	Company Restricted Stock Units	 	[●]

 

	Holder	 	Outstanding Principal

 Amount of Debt 

Securities11	 	Principal 

Amount of 

Exchanged 

Debt Securities
	[●]	 	[●]	 	[●]

 

 

11
Outstanding as of the date hereof.

 

    	 	 	 

     

    

 

SCHEDULE B

 

Terminated Agreements

 

		·	Amended and Restated Investors’ Rights Agreement, dated as of July 23, 2018, by and among Terran
Orbital Corporation, the Company Stockholders and the Company 2018 Warrantholders party thereto, and joined by Broad Street Principal
Investments, L.L.C. on August 2, 2018.

 

		·	Amended and Restated Right of First Refusal and Co-Sale Agreement, dated as of July 23, 2018, by
and among Terran Orbital Corporation, the Company Stockholders and the Company 2018 Warrantholders party thereto, and joined by Broad
Street Principal Investments, L.L.C. on August 2, 2018.

 

		·	Amended and Restated Voting Agreement, dated as of July 23, 2018, by and among Terran Orbital Corporation,
the Company Stockholders and the Company 2018 Warrantholders party thereto, and joined by Broad Street Principal Investments, L.L.C. on
August 2, 2018.

 

		·	Convertible Note Purchase Agreement, dated as of July 23, 2018, by and among Terran Orbital Corporation,
BPC Lending II, LLC and Astrolink International, LLC.

 

		·	Series A Convertible Preferred Stock Purchase Agreement, dated as of June 26, 2017, by and among
Terran Orbital Corporation, and Astrolink International, LLC.

 

    	 	 	 

     

    

 

SCHEDULE C

 

Supporting Actions

 

[Preferred Stock]

 

		1.	Holder consents to and approves the execution and consummation of the Merger Agreement, the Transaction Agreements, and any transactions
contemplated thereby (including the Merger), for all purposes of Section B.3.3 of Article FOURTH of the Fifth Amended and Restated
Certificate of Incorporation of the Company filed with the Secretary of the State of Delaware on [October 25], 2021 (the “Charter”).

 

		2.	Holder (i) consents to and approves the Company Preferred Stock Conversion to take place on the date and at the time immediately
prior to the Effective Time, in accordance with Section 3.02 of the Merger Agreement, (ii) agrees that the Mandatory Conversion
Time (as defined in the Charter) shall be the date and time that is immediately prior to the Effective Time, and (iii) waives any
notice contemplated by Section B.5.1 of Article FOURTH of the Charter.

 

[Exchange Warrants and Convertible Notes]

 

		3.	Holder consents to and approves the execution and consummation of the Merger Agreement, the Transaction Agreements, and any transactions
contemplated thereby (including the Merger), to the extent Holder has a consent right under Section 9(b)(i) of the convertible
promissory note issued to Holder (the “Note”) pursuant to the Note Purchase Agreement, dated as of July 23, 2018,
by and among the Company, the Holder and the other purchasers signatory thereto.

 

		4.	Holder confirms, acknowledges and agrees that (i) the Merger and the transactions contemplated by the Merger Agreement is intended
to, and if consummated in accordance with the terms and conditions of the Merger Agreement would, constitute a Qualified Public Company
Event (as defined in Section 3(e) of the Warrant issued by the Company to Holder on March 8, 2021 in connection with the
Note (the “Exchange Warrant”)) and, (ii) to the extent such a Qualified Public Company Event occurs, then, as
contemplated by, and in accordance with the terms and conditions of, Section 3(b) of the Exchange Warrant, the Exchange Warrant
shall be deemed to be exercised by Holder, without any further action on its part (the “Exchange Warrant Deemed Exercise”).

 

		5.	Holder confirms, acknowledges and agrees that, unless Holder has provided the Company with a notice of exercise for cash at least
5 days prior to the Effective Time, the Exchange Warrant Deemed Exercise shall be deemed to occur, pursuant to Section 3(b) of
the Exchange Warrant and in accordance with the terms and conditions of Section 3.02 of the Merger Agreement, immediately prior to
the Effective Time, and Holder waives any notice requirements under Section 9(b) of the Exchange Warrant.

 

    	 	 	 

     

    

 

[Inducement Warrants]

 

		6.	Holder confirms, acknowledges and agrees that (a) the Merger and the transactions contemplated by the Merger Agreement, if consummated
pursuant to the terms and conditions thereof, shall constitute a Qualified Public Company Event (as defined in Section 2(a) of
the Warrant issued by the Company to Holder (the “Inducement Warrant”) pursuant to that certain Warrant Purchase Agreement
(the “WPA”), dated as of March 8, 2021, by and among the Company, Holder and the other purchasers signatory thereto,
for all purposes under the Inducement Warrants, intended to generate at least $200,000,000 in cash proceeds to the Company, (b) if
consummated as contemplated by the Merger Agreement, then, in accordance with the terms and conditions of Section 2(b) of the
Inducement Warrant, the Inducement Warrant shall be deemed to be exercised by Holder, without notice or further action on its part (the
 “Inducement Warrant Deemed Exercise”), and (c) unless Holder has provided the Company with a notice of exercise
for cash of its Inducement Warrant at least 5 days prior to the Effective Time, the Inducement Warrant Deemed Exercise shall occur, pursuant
to Section 2(b) of the Inducement Warrant and in accordance with the terms and conditions of Section 3.02 of the Merger
Agreement, immediately prior to the Effective Time. In connection with the foregoing matters, the Holder agrees that it shall exercise
the Inducement Warrant and shall not exercise the right set forth in the final sentence of Section 1.1 of the WPA to put the Inducement
Warrant back to the Company and shall receive its portion of the Company Inducement Warrant Consideration in exchange therefor.

 

[Investor Rights Agreement]

 

		7.	Holder confirms, acknowledges and agrees that in connection with the issuance of any equity securities of the Company, including any
rights, options, warrants or other instruments to purchase or otherwise acquire equity securities or securities that are convertible or
exchangeable into equity securities of the Company (“New Securities”), to FPCP, BP and/or Lockheed Martin, (i) in
connection with or furtherance of the Transactions, (ii) pursuant to the terms of the Commitment Letter, (iii) as described
in Section 2 of this Agreement or (iv) in any other documentation memorializing the terms described in Section 2 of this
Agreement, following the execution of the Merger Agreement and prior to the Effective Time (the “Proposed Issuance”),
Holder hereby waives the obligation contained in Section 4.1(a) of the Amended and Restated Investor Rights Agreement of the
Company, dated July 23, 2018, as amended, modified or supplemented from time to time (the “IRA”) that the
Company provide notice to the Holder of its intention to offer New Securities and Holder’s right to elect to purchase or otherwise
acquire a portion of the New Securities (the “Preemptive Rights”). With respect to the Proposed Transaction, Holder
hereby irrevocably and unconditionally waives in its entirety its right to exercise its Preemptive Rights under Section 4.1 of the
IRA. Holder further acknowledges that, in consequence hereof, the Company shall have the right to issue New Securities to FPCP, BP, and/or
Lockheed Martin in connection with the Proposed Issuance. For the avoidance of doubt, Holder does not waive any Preemptive Rights that
may accrue for any proposed issuance of New Securities by the Company other than the Proposed Issuance.Exhibit 10.5

 

Execution Version

 

 

 

INVESTOR RIGHTS AGREEMENT

 

BY AND AMONG

 

TERRAN ORBITAL CORPORATION (F/K/A TAILWIND TWO
ACQUISITION CORP.)

 

AND

 

THE HOLDERS PARTY HERETO

 

DATED AS OF October 28, 2021

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

	Article  I EFFECTIVEN ESS	1
	 	 	 	 
	 	1.1.	Effectiveness	1
	 	 	 	 
	Article II DEFINITIONS	1

 

		2.1.	Definitions	1

 

		2.2.	Other Interpretive Provisions	7

 

	Article  III REGISTRATION RIGHTS	8

 

		3.1.	Demand Registration	8

 

		3.2.	Shelf Registration	10

 

		3.3.	Piggyback Registration	14

 

		3.4.	Lock-Up Agreements	15

 

		3.5.	Registration Procedures	16

 

		3.6.	Underwritten Offerings	21

 

		3.7.	No Inconsistent Agreements; Additional Rights	22

 

		3.8.	Registration Expenses	22

 

		3.9.	Indemnification	23

 

		3.10.	Rules 144 and 144A and Regulation S	26

 

		3.11.	Existing Registration Statements	26

 

	Article IV MISCELLANEOUS	 	27

 

		4.1.	Authority; Effect	27

 

		4.2.	Notices	27

 

		4.3.	Termination and Effect of Termination	28

 

		4.4.	Permitted Transferees	29

 

		4.5.	Legend Removal	29

 

		4.6.	Remedies	29

 

		4.7.	Amendments	29

 

		4.8.	Governing Law	30

 

		4.9.	Consent to Jurisdiction; Venue; Service	30

 

		4.10.	WAIVER OF JURY TRIAL	30

 

		4.11.	Merger; Binding Effect; Assignment	31

 

		4.12.	Counterparts	31

 

		4.13.	Severability	31

 

		4.14.	No Recourse	31

 

    - i -

     

    

 

This INVESTOR RIGHTS AGREEMENT
(as it may be amended, restated, suppleme nted or otherwise modified from time to time in accordance with the terms hereof, this “Agreement”),
dated as of October 28, 2021, is made by and among:

 

i.              Terran
Orbital Corporation (f/k/a Tailwind Two Acquisition Corp.), a Delaware corporation (the “Company”);

 

ii.             each
Person executing this Agreement, including any Person delivering a Joinder that is a Permitted Transferee of a Major Holder, and listed
as a “Major Investor” on Schedule A hereto (collectively, together with their respective Permitted Transferees that
become parties hereto, the “Major Investors”); and

 

iii.            each
Person executing this Agreement, including any Person delivering a Joinder after the date hereof, and listed as an “Individual
Investor” on Schedule B hereto, as it may be amended from time to time (collectively, together with their respective
Permitted Transferees that become parties hereto, the “Individual Investors”, and collectively with the Major Investors,
the “Investors”).

 

RECITALS

 

WHEREAS, the Company, Titan
Merger Sub, Inc., a Delaware corporation (“Tailwi nd Two Merger Sub”) and Terran Orbital Holdings Inc. (f/k/a
Terran Orbital Corporation), a Delaware corporation (“Terran Orbital”), have entered into that certain Agreement and
Plan of Merger, dated as of October 28, 2021 (as amended, restated, supplemented or otherwise modified from time to time, the “Business
Combination Agreement”), pursuant to which, among other things, Tailwind Two Merger Sub will merge with and into Terran Orbital,
with Terran Orbital as the surviving company in the merger, and, as a result of such merger, Terran Orbital will become a wholly owned
subsidiary of the Company.

 

NOW, THEREFORE, in consideration
of the foregoing and the mutual covenants and agreements set forth herein and other good and valuable consideration, the receipt and sufficie
ncy of which are hereby acknowledged, the Company and the other parties to this Agreement, intending to be legally bound, hereby agree
as follows:

 

ARTICLE I

 

EFFECTIVENESS

 

1.1.           Effectiveness.
This Agreement shall become effective upon the Closing.

 

ARTICLE II

 

DEFINITIONS

 

		2.1.	Definitions.

 

     

     

    

 

2.1.1.       Capitalized
terms used and not otherwise defined in Section  2.1.2 or elsewhere in this Agreement shall have the meanings ascribed to
such terms in the Business Combinatio n Agreement.

 

2.1.2.       The
following terms shall have the meanings ascribed to them in this Section  2.1.2 for purposes of this Agreement:

 

“Adverse Disclosure”
means public disclosure of material non-public information that, in the good faith judgment of the Board: (a) would be required to
be made in any Registrat io n Statement filed with the SEC by the Company so that such Registration Statement, from and after its effective
date, does not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary
to make the statements therein not misleading; (b) would not be required to be made at such time but for the filing, effectiveness
or continued use of such Registration Statement; and (c) the Company has a bona fide business purpose for not disclosing publicly.

 

“Affiliate”
means, (a) with respect to any specified Person that is not a natural person, (i) any other Person which directly or indirectly
through one or more intermediaries controls, or is controlled by, or is under common control with, such specified Person, and (ii) 
any corporation, trust, limited liability company, general or limited partnership or other entity advised or managed by, or under common
control or management with, such Person (for the purposes of this definit io n, “control” (including, with correlative meanings,
the terms “controlling,” “controlled by” and “under common control with”), as used with respect to
any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies
of such Person, whether through the ownership of voting securities, by agreement or otherwise) and (b) with respect to any specified
natural person, any Member of the Immediate Family of such specified natural person, or any Person that is, directly or indirectly, controlled
by such specified natural person; provided that the Company and each of its subsidiaries shall be deemed not to be Affiliates of
any Investor. For the avoidance of doubt and notwithstanding the foregoing, each of the BP Funds and each of their respective successors
and assigns shall be deemed an Affiliate of the BP Party for purposes of this Agreement.

 

“Agreement” shall
have the meaning set forth in the preamble.

 

“Board” means the board of directors of the Company.

 

“BP Fund”
means any Affiliate of the BP Party and any Person, fund or account managed by Beach Point Capital Management LP, a Delaware limited partnership.

 

“BP Party” means
BPC Lending II LLC, a Delaware limited liability company.

 

“Business Combination Agreement” shall have the meaning set
forth in the preamble.

 

“Business Day”
means a day, other than a Saturday or Sunday, on which commercial banks in New York, New York are open for the general transaction of
business.

 

“Bylaws”
means the bylaws of the Company, as amended, restated, supplemented or otherwise modified and in effect from time to time.

 

     - 2 -

     

    

 

“Certificate”
means the certificate of incorporation of the Company, as amended, restated, supplemented or otherwise modified and in effect from time
to time, including any certificate of designation, correction or amendment filed with the Secretary of State of the State of Delaware.

 

“Charitable Gifting
Event” means any Transfer by a holder of Registrable Securities, or any subsequent Transfer by such holder’s members,
partners or other employees, in connection with a bona fide gift to any Charitable Organization made on the date of, but prior to, the
execution of the underwriting agreement entered into in connection with any Underwritten Public Offering.

 

“Charitable Organization” means     a charitable organization as described by
Section 501(c)(3) of the Internal Revenue Code of 1986, as in effect from time to time.

 

“Common Stock” means the common stock
of the Company, par value $0.0001 per share.

 

“Company” shall have the meaning set forth in the preamble.

 

“Company Indemnitee” and “Company
Indemnitees” shall have the meaning set forth in Section 3.9.5.

 

“Convertible Securities”
means any evidence of indebtedness, shares of stock (other than Common Stock) or other securities (other than Options and Warrants) which
are directly or indirectly convertible into or exchangeable or exercisable for shares of Common Stock.

 

“Demand Notice” shall have the meaning
set forth in Section  3.1.3.

 

“Demand Registration” shall have the meaning set forth in Section 3.1.1.1.

 

“Demand Registration Request” shall have
the meaning set forth in Section 3.1.1.1.

 

“Demand Registration Statement” shall have the meaning set forth
in Section 3.1.1.3.

 

“Demand Suspension” shall have the meaning set forth in Section 3.1.6.

 

“Director” means any director of the Company.

 

“Equivalent Shares”
means, at any date of determination, (a) as to any outstanding shares of Common Stock, such number of shares of Common Stock and
(b) as to any outstanding Options, Warrants or Convertible Securities which constitute Shares, the maximum number of shares of Common
Stock for which or into which such Options, Warrants or Convertible Securities may at the date of determination be exercised, converted
or exchanged (or which will become exercisable, convertible or exchangeable on or prior to, or by reason of, the transaction or circumstance
in connection with which the number of Equivalent Shares is to be determined) but excluding any shares of restricted stock or Options
that are not then vested or will not become vested on or prior to, or by reason of, the transaction or circumstance in connection with
which the number of Equivalent Shares is to be determined.

 

     - 3 -

     

    

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended, and any successor thereto, and any rules  and regulations promulgated thereunder,
all as the same shall be in effect from time to time.

 

“FINRA” means the Financial Industry Regulatory
Authority.

 

“FP Party” means Francisco Partners and
its Permitted Transferees.

 

“Holders”
means, as of any determination time, Investors who hold Registrable Securities under this Agreement.

 

“Individual Investor”
and “Individual Investors” shall have the meaning set forth in the preamble.

 

“Individual Investor
Shares” means all shares of Common Stock originally issued to, or issued with respect to securities of the Company originally
issued to, or held by, an Individ ual Investor, whenever issued, including all shares of Common Stock issued upon the exercise, conversion
or exchange of any Options, Warrants or Convertible Securities, and any Warrants held by such Individual Investor.

 

“Investor” and “Investors”
shall have the meaning set forth in the preamble.

 

“Issuer Free Writing
Prospectus” means an issuer free writing prospectus, as defined in Rule 433 under the Securities Act, relating to an offer
of the Registrable Securities.

 

“Lockheed Martin
Post-Closing Shareholders” means Lockheed Martin Corporation, Astrolink International LLC and their respective Permitted Transferees.

 

“Lock-Up” shall have the meaning set forth
in Section 3.4.1.

 

“Lock-Up Period” shall have the meaning
set forth in Section 3.4.1.

 

“Loss” and “Losses” shall have the meaning set forth in
Section 3.9.1.

 

“Major Holders” means, as of
any determination time, Major Investors who hold Registrable Securities under this Agreement.

 

“Major Investor” and “Major
Investors” shall have the meaning set forth in the preamble.

 

“Major Investor Shares”
means all shares of Common Stock originally issued to, or issued with respect to securities of the Company originally issued to, or held
by, a Major Investor, whenever issued, including all shares of Common Stock issued upon the exercise, conversion or exchange of any Options,
Warrants or Convertible Securities, and any Warrants held by such Major Investor.

 

“Major Investors Majority” means,
as of any date, the holders holding a majority of the Major Investor Shares outstanding on such date.

 

     - 4 -

     

    

 

“Member of the Immediate
Family” means, with respect to any Person who is an individual, (a) each parent, spouse (but not including a former spouse
or a spouse from whom such Person is legally separated) or child (including those adopted) of such individual and (b) each trustee,
solely in his or her capacity as trustee, for a trust naming only one or more of the Persons listed in sub-clause (a) as beneficiaries.

 

“Non-Underwritten
Offering” means any Public Offering other than an Underwritten Public Offering.

 

“NYSE” means the New York Stock Exchange.

 

“Options”
means any options to subscribe for, purchase or otherwise directly acquire Common Stock.

 

“Participation Conditions”
shall have the meaning set forth in Section 3.2.4.2.

 

“Permitted Transferee” means any Affiliate of an Investor.

 

“Person”
means any individual, partnership, corporation, company, association, trust, joint venture, limited liability company, unincorporated
organization, entity or division, or any government, governmental department or agency or political subdivision thereof.

 

“Piggyback Notice” shall have the meaning
set forth in Section 3.3.1.

 

“Piggyback Registration” shall have the meaning set forth in Section 3.3.1.

 

“Potential Takedown Participant” shall
have the meaning set forth in Section 3.2.4.2.

 

“Pro Rata Portion”
means, with respect to each Holder requesting that its shares be registered or sold in an Underwritten Public Offering, a number of such
shares equal to the aggregate number of Registrable Securities to be registered or sold by Holders (excluding any shares to be registered
or sold for the account of the Company) multiplied by a fraction, the numerator of which is the aggregate number of Registrable Securities
held by such Holder, and the denominator of which is the aggregate number of Registrable Securities held by all Holders requesting that
their Registrable Securities be registered or sold.

 

“Prospectus”
means (a) the prospectus included in any Registration Statement, all amendments and supplements to such prospectus, including post-effective
amendments and supplements, and all other material incorporated by reference in such prospectus, and (b) any Issuer Free Writing
Prospectus.

 

“Public Offering”
means the offer and sale of Registrable Securities for cash pursuant to an effective Registration Statement under the Securities Act (other
than a Registration Statement on Form S-4 or Form S-8 or any successor form).

 

     - 5 -

     

    

 

“Registrable
Securities” means (a) all shares of Common Stock (including, for the avoidance of doubt, all Management Shares (as
defined in the Business Combination Agreement) issued pursuant to Section 3.08 of the Business Combination Agreement),
(b) all shares of Common Stock issuable upon exercise, conversion or exchange of any option, warrant or convertible security,
(c) all Warrants and (d) all shares of Common Stock directly or indirect ly issued or then issuable with respect to the
securities referred to in clauses (a), (b) or (c) above by way of a stock dividend or stock split, or in connection with a
combination of shares, recapitalization, merger, consolidation or other reorganization. As to any particular Registrab le
Securities, such securities shall cease to be Registrable Securities when (i) a Registration Statement with respect to the sale
of such securities shall have become effective under the Securities Act and such securities shall have been disposed of in
accordance with such Registration Statement, (ii) such securities shall have been Transferred pursuant to Rule 144 or
(iii) such securities shall have ceased to be outstanding.

 

“Registration”
means registration under the Securities Act of the offer and sale to the public of any Registrable Securities under a Registration Statement.
The terms “register”, “registered” and “registering” shall have correlative meanings.

 

“Registration Expenses”
shall have the meaning set forth in Section 3.8.

 

“Registration Statement”
means any registration statement of the Company filed with, or to be filed with, the SEC under the Securities Act, including the related
Prospectus, amendme nts and supplements to such registration statement, including pre- and post-effective amendments, and all exhibits
and all material incorporated by reference in such registration statement other than a registration statement (and related Prospectus)
filed on Form S-4 or Form S-8 or any successor form thereto.

 

“Representatives”
means, with respect to any Person, any of such Person’s officers, directors, employees, agents, attorneys, accountants, actuaries,
consultants, equity financ ing partners or financial advisors or other Person associated with, or acting on behalf of, such Person.

 

“Requesting Holder”
shall have the meaning set forth in Section  3.2.4.1.

 

“Rule 144” means Rule 144 under the Securities
Act (or any successor rule).

 

“SEC” means
the Securities and Exchange Commission or any successor agency having jurisdiction under the Securities Act.

 

“Securities Act”
means the Securities Act of 1933, as amended, and any successor thereto, and any rules and regulations promulgated thereunder, all
as the same shall be in effect from time to time.

 

“Selling Stockholder Information” shall
have the meaning set forth in Section 3.9.1.

 

“Shares” means all Major Investor Shares and Individual Investor
Shares.

 

“Shelf Period” shall have the meaning
set forth in Section 3.2.2.

 

“Shelf Registration” shall have the meaning
set forth in Section 3.2.1.1.

 

“Shelf Registration Statement” shall have
the meaning set forth in Section 3.2.1.1.

 

     - 6 -

     

    

 

“Shelf Suspension” shall have the meaning
set forth in Section 3.2.3.

 

“Shelf Takedown Notice” shall have the
meaning set forth in Section 3.2.4.2.

 

“Shelf Takedown Request” shall have the meaning set forth in Section 3.2.4.1.

 

“Tailwind Two Merger Sub” shall have the meaning set forth in the recitals.

 

“Tailwind Two Post-Closing
Shareholders” means the Tailwind Two Sponsor, Tommy Stadlen, any distributee pursuant to a Tailwind Two Sponsor In-Kind Distribution
and any of their respective Permitted Transferees.

 

“Tailwind Two Sponsor”
means Tailwind Two Sponsor LLC, a Delaware limited liabilit y company.

 

“Terran
Founder Parties” means (i) Marc Bell and his controlled entities, (ii)  Anthony Previte and his controlled entities
and (iii) Daniel Staton and his controlled entities.

 

“Terran Founder Parties Representative”
means Marc Bell.

 

“Terran Orbital” shall have the meaning set forth in the recitals.

 

“Transfer”
means, with respect to any Registrable Security, any interest therein, or any other securities or equity interests relating thereto, a
direct or indirect transfer, sale, exchange, assignment, pledge, hypothecation or other encumbrance or other disposition thereof, includ
ing the grant of an option or other right, whether directly or indirectly, whether voluntar i ly, involuntarily, by operation of law,
pursuant to judicial process or otherwise. “Transferred” shall have a correlative meaning.

 

“Underwritten Public
Offering” means an underwritten Public Offering, including any bought deal or block sale to a financial institution conducted
as an underwritten Public Offering.

 

“Underwritten Shelf
Takedown” means an Underwritten Public Offering pursuant to an effective Shelf Registration Statement.

 

“Warrants”
means any warrants to subscribe for, purchase or otherwise directly acquire Common Stock.

 

“WKSI”
means any Securities Act registrant that is a well-known seasoned issuer as defined in Rule 405 under the Securities Act at the most
recent eligibility determination date specified in paragraph (2) of that definition.

 

		2.2.	Other Interpretive Provisions.

 

(a)           The
meanings of defined terms are equally applicable to the singular and plural forms of the defined terms.

 

     - 7 -

     

    

 

(b)           The
words “hereof”, “herein”, “hereunder” and similar words refer to this Agreement as a whole and not
to any particular provision of this Agreement; and any subsection and section references are to this Agreement unless otherwise specified.

 

		(c)	The term “including” is not limiting and means “including without limitation.”

 

(d)           The
captions and headings of this Agreement are for convenience of reference only and shall not affect the interpretation of this Agreement.

 

(e)            Whenever
the context requires, any pronouns used herein shall include the corresponding masculine, feminine or neuter forms.

 

		(f)	The words “any” and “or” are not exclusive.

 

(g)           The
word “extent” in the phrase “to the extent” means the degree to which a subject or other thing extends and does
not mean simply “if.”

 

(h)           “Writing”,
 “written” and comparable terms refer to printing, typing and other means of reproducing words (including in email or other
electronic media) in a visible form.

 

(i)            Unless
the context requires otherwise, references to any statute, regulation or rule shall be deemed to refer to such statute, regulation
or rule  as amended or supplemented from time to time, including through the promulgation of rules  or regulations thereunder,
and references to any agreement or instrument shall be deemed to refer to such agreement or instrument and all schedules, exhibits and
annexes thereto, in each case, as amended, restated, supplemented or otherwise modified from time to time.

 

(j)            Unless
otherwise specified, the reference date for purposes of calculating any period shall be excluded from such calculation, but any period
 “from” or “through” a specified date shall commence or end, as applicable, on such specified date; provided
that, in the event that any period would end on a day that is not a Business Day, such period shall be extended until, and shall instead
end on, the next Business Day following the day on which such period would otherwise end.

 

ARTICLE III

 

REGISTRATION RIGHTS

 

The Company will perform and
comply, and cause each of its subsidiaries to perform and comply, with such of the following provisions as are applicable to it. Each
Holder will perform and comply with such of the following provisions as are applicable to such Holder.

 

		3.1.	Demand Registration.

 

		3.1.1.	Request for Demand Registration.

 

     - 8 -

     

    

 

3.1.1.1.            At
any time after the Closing Date, any Major Holder that beneficially owns, or Major Holders that collectively own, at least 5% of the
Registrable Securities shall have the right to make one or more written requests from time to time (a “Demand Registration
Request”) to the Company for Registration of all or part of the Registrable Securities held by such Major Holder or Major
Holders. Any such Registration pursuant to a Demand Registration Request shall hereinafter be referred to as a “Demand
Registration.”

 

3.1.1.2.            Each
Demand Registration Request shall specify (x)  the kind and aggregate amount of Registrable Securities to be registered, and (y) the
intended method or methods of disposition thereof including pursuant to an Underwritten Public Offering.

 

3.1.1.3.            Upon
receipt of a Demand Registration Request, the Company shall as promptly as practicable file a Registration Statement (a “Demand
Registration Statement”) relating to such Demand Registration, and use its reasonable best efforts to cause such Demand Registrat
io n Statement to be promptly declared effective under the Securities Act.

 

3.1.2.       Limitation
on Demand Registrations. The Company shall not be obligated to take any action to effect any Demand Registration if a Demand Registration
or Piggyback Registrat io n was declared effective or an Underwritten Shelf Takedown was consummated within the preceding ninety (90)
days (unless otherwise consented to by the Company).

 

3.1.3.       Demand
Notice. Promptly upon receipt of a Demand Registration Request pursuant to Section 3.1.1 (but in no event more than two
(2) Business Days thereafter), the Company shall deliver a written notice (a “Demand Notice”) of any such Demand
Registrat io n Request to all other Major Holders and the Demand Notice shall offer each such Major Holder the opportunity to include
in the Demand Registration that number of Registrable Securities as each such Major Holder may request in writing. Subject to Section 
3.1.7, the Company shall include in the Demand Registration all such Registrable Securities with respect to which the Company has
received written requests for inclusion therein within three (3) Business Days after the date that the Demand Notice was delivered.

 

3.1.4.       Demand
Withdrawal. Any Major Holder that has requested its Registrab le Securities be included in a Demand Registration pursuant to Section 3.1.1
or Section 3.1.3 may withdraw all or any portion of its Registrable Securities included in a Demand Registration from such
Demand Registration at any time prior to the effectiveness of the applicable Demand Registration Statement. Upon receipt of a notice to
such effect with respect to all of the Registrab le Securities included in such Demand Registration, the Company shall cease all efforts
to secure effectiveness of the applicable Demand Registration Statement.

 

3.1.5.       Effective
Registration. The Company shall use reasonable best efforts to cause the applicable Demand Registration Statement to become effective
promptly after receipt of a Demand Registration Request and remain effective for not less than one hundred eighty (180) days (or such
shorter period as will terminate when all Registrable Securities covered by such Demand Registration Statement have been sold or withdrawn),
or, if such Demand Registration Statement relates to an Underwritten Public Offering, such longer period as in the opinion of counsel
for the underwriter or underwriters a Prospectus is required by law to be delivered in connection with sales of Registrable Securities
by an underwriter or dealer.

 

     - 9 -

     

    

 

3.1.6.       Delay
in Filing; Suspension of Registration. If the filing, initial effectiveness or continued use of a Demand Registration Statement at
any time would require the Company to make an Adverse Disclosure, the Company may, upon giving prompt written notice of such action to
the Major Holders, delay the filing or initial effectiveness of, or suspend use of, the Demand Registration Statement (a “Demand
Suspension”); provided, however, that the Company shall not be permitted to exercise a Demand Suspension more
than one (1) time during any twelve (12)- month period or for a total period of greater than sixty (60) days; and provided further
that the Company shall not register any securities for its own account or that of any other stockholder during such sixty (60)-day period,
other than pursuant to a registration relating to the sale or grant of securities to employees or directors of the Company or a subsidiary
pursuant to a stock option, stock purchase, equity incentive or similar plan; a registration on any form that does not include substantially
the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities;
or a registration in which the only Common Stock being registered is Common Stock issuable upon conversion of debt securities that are
also being registered. In the case of a Demand Suspension, the Major Holders agree to suspend use of the applicable Prospectus in connection
with any sale or purchase, or offer to sell or purchase, Registrable Securities, upon receipt of the notice referred to above. The Company
shall immediately notify the Major Holders in writing upon the termination of any Demand Suspension, amend or supplement the Prospectus,
if necessary, so it does not contain any untrue statement of a material fact or any omission of a material fact required to be stated
therein or necessary to make the statements therein not misleading and furnish to the Major Holders such numbers of copies of the Prospectus
as so amended or supplemented as the Major Holders may reasonably request. The Company shall, if necessary, supplement or amend the Demand
Registration Statement, if required by the registration form used by the Company for the Demand Registration or by the instruct io ns
applicable to such registration form or by the Securities Act or the rules or regulations promulgated thereunder or as may reasonably
be requested by the Major Holders holding a majority of Registrable Securities that are included in such Demand Registration Statement.

 

3.1.7.       Priority
of Securities Registered Pursuant to Demand Registrations. If the managing underwriter or underwriters of a proposed Underwritten
Public Offering of the Registrable Securities included in a Demand Registration advise the Company in writing that, in its or their opinion,
the number of securities requested to be included in such Demand Registrat io n exceeds the number that can be sold in such offering without
being likely to have an adverse effect on the price, timing or distribution of the securities offered or the market for the securities
offered, then the securities to be included in such Registration shall be, in the case of any Demand Registration, (x) first, allocated
to each Major Holder that has requested to participate in such Demand Registration an amount equal to the lesser of (i) the number
of such Registrable Securities requested to be registered or sold by such Major Holder, and (ii) a number of such shares equal to
such Major Holder’s Pro Rata Portion, and (y) second, and only if all the securities referred to in clause (x) have been
included, the number of other securities that, in the opinion of such managing underwriter or underwriters can be sold without having
such adverse effect.

 

		3.2.	Shelf Registration.

 

		3.2.1.	Initial Shelf Registration.

 

     - 10 -

     

    

 

3.2.1.1.            Within
45 days of the Closing Date, the Company shall file with the SEC a Registration Statement pursuant to Rule 415 under the
Securities Act (“Shelf Registration Statement”) relating to the offer and sale of all Registrable Securities held
by any Holders from time to time providing for any method or combination of methods of distribution legally available to any Holder,
as requested by such Holder (including to facilitate Non-Underwritten Offerings), and the Company shall use its reasonable best
efforts to cause such Shelf Registration Statement to promptly become effective under the Securities Act, including by using
reasonable best efforts to respond to and address any comments of the SEC. Any such Registration pursuant to this
Section 3.2.1.1 shall hereinafter be referred to as a “Shelf Registration.” If the SEC requests that any
Holders be identified as a statutory underwriter in such Registration Statement, such Holder will have an opportunity to withdraw
its Shares from such Registration Statement and, as promptly as practicable after being permitted to register additional Registrable
Securities under Rule 415 under the Securities Act, the Company shall amend such Registration Statement or file a new
Registration Statement to register such additional Registrable Securities and cause such amendment or new Registration Statement to
become effective as promptly as practicable. If the initial Registration Statement (the “Initial Shelf”) filed by
the Company pursuant to this Section 3.2.1.1 is on Form S-1, upon the Company becoming eligible to register the Registrable
Securities for resale by the Holders on Form S-3, the Company shall use its reasonable best efforts to amend the Initial Shelf
to a Registration Statement on Form S-3 or file a Registration Statement on Form S-3 in substitution of the Initial Shelf
and cause such Registration Statement to be declared effective as soon as practicable thereafter. For the avoidance of doubt, any
Registration Statement filed pursuant to this Section 3.2 shall be deemed a Shelf Registration for purposes of this
Agreement.

 

3.2.2.       Continued
Effectiveness. The Company shall use its reasonable best efforts to keep such Shelf Registration Statement continuously effective
under the Securities Act in order to permit the Prospectus forming part of the Shelf Registration Statement to be usable by Holders until
the earlier of: (i)  the date as of which all Registrable Securities have been sold pursuant to the Shelf Registration Statement
or another Registration Statement filed under the Securities Act (but in no event prior to the applicable period referred to in Section 
4(a)(3) of the Securities Act and Rule 174 thereunder); and (ii) the date as of which no Holder holds Registrable Securities
(such period of continuous effectiveness, the “Shelf Period”). Subject to Section  3.2.3, the Company shall
be deemed not to have used its reasonable best efforts to keep the Shelf Registrat io n Statement effective during the Shelf Period if
the Company voluntarily takes any action or omits to take any action that would result in Holders of the Registrable Securities covered
thereby not being able to offer and sell any Registrable Securities pursuant to such Shelf Registrat io n Statement during the Shelf Period,
unless such action or omission is required by applicable law. Subject to Section  3.2.3, if at any time a Registration Statement
filed pursuant to this Section  3.2 is not effective or is not otherwise available for the resale of all the Registrable Securities
held by the Major Holders, the Major Holders may demand registration under the Securities Act of all or part of their Registrable Securities
at any time and from time to time, and the Company shall use its reasonable best efforts to file with the SEC following receipt of any
such demand a Registrat io n Statement be filed with respect to all such Registrable Securities and to cause such Registrat io n Statement
to be declared effective by the SEC as soon as reasonably practicable after the filing thereof.

 

     - 11 -

     

    

 

3.2.3.       Suspension
of Registration. If the continued use of such Shelf Registrat io n Statement at any time would require the Company to make an Adverse
Disclosure, the Company may, upon giving prompt written notice of such action to the Holders, suspend use of the Shelf Registration Statement
(a “Shelf Suspension”); provided, however, that the Company shall not be permitted to exercise a Shelf
Suspension more than one (1) time during any twelve (12)-month period or for a total period of greater than sixty (60) days. In the
case of a Shelf Suspension, the Holders agree to suspend use of the applicable Prospectus in connection with any sale or purchase of,
or offer to sell or purchase, Registrable Securities, upon receipt of the notice referred to above. The Company shall immediately notify
the Holders in writing upon the termination of any Shelf Suspension, amend or supplement the Prospectus, if necessary, so it does not
contain any untrue statement of a material fact or any omission of a material fact required to be stated therein or necessary to make
the statements therein not misleading and furnish to the Holders such numbers of copies of the Prospectus as so amended or supplemented
as the Holders may reasonably request. The Company shall, if necessary, supplement or amend the Shelf Registration Statement, if required
by the registration form used by the Company for the Shelf Registration Statement or by the instructions applicable to such registration
form or by the Securities Act or the rules  or regulations promulgated thereunder or as may reasonably be requested by any Major
Holder or other Holders holding a majority of the Registrable Securities that are included in such Shelf Registration Statement.

 

		3.2.4.	Shelf Takedown.

 

3.2.4.1.            At
any time the Company has an effective Shelf Registration Statement with respect to a Major Holder’s Registrable Securities, by notice
to the Company specifying the intended method or methods of disposition thereof, such Major Holder may make a written request (a “Shelf
Takedown Request” and such Major Holder, the “Requesting Holder”) to the Company to effect a Public Offering,
including pursuant to an Underwritten Shelf Takedown, of all or a portion of such Major Holder’s Registrable Securities that may
be registered under such Shelf Registration Statement, and as soon as practicable the Company shall amend or supplement the Shelf Registration
Statement as necessary for such purpose; provided however that the Company shall not be required to effect such a Public Offering unless
such offering shall include securities with a total offering price (including any securities included pursuant to Section 3.3.
hereunder and before deduction of underwriting discounts or commissions) reasonably expected to exceed, in the aggregate, $15,000,000.

 

3.2.4.2.            Promptly
upon receipt of a Shelf Takedown Request (but in no event more than two (2) Business Days thereafter (or more than twenty-four (24)
hours thereafter in connection with an underwritten “block trade”)) for any Underwritten Shelf Takedown, the Company shall
deliver a notice (a “Shelf Takedown Notice”) to all Major Holders (each, a “Potential Takedown Participant”).
The Shelf Takedown Notice shall offer each such Potential Takedown Participant the opportunity to include in any Underwritten Shelf Takedown
such number of Registrab le Securities as each such Potential Takedown Participant may request in writing. The Company shall include
in the Underwritten Shelf Takedown all such Registrable Securities with respect to which the Company has received written requests for
inclusion therein within three (3) Business Days (or within twenty-four (24) hours in connection with an underwritten “block
trade”) after the date that the Shelf Takedown Notice has been delivered. Any Potential Takedown Participant’s request to
participate in an Underwritten Shelf Takedown shall be binding on the Potential Takedown Participant; provided that each such
Potential Takedown Participant that elects to participate may condition its participation on the Underwritten Shelf Takedown (i) 
being completed within ten (10) Business Days of its acceptance and (ii) at a price per share (after giving effect to any underwriters’
discounts or commissions) to such Potential Takedown Participant of not less than a percentage of the closing price for the shares on
their principal trading market on the Business Day immediately prior to such Potential Takedown Participant’s election to participate,
as specified in such Potential Takedown Participant’s request to participate in such Underwritten Shelf Takedown (the “Participation
Conditions”). Notwithstanding the delivery of any Shelf Takedown Notice, but subject to the Participation Conditions (to the
extent applicable), all determinations as to whether to complete any Underwritten Shelf Takedown and as to the timing, manner, price
and other terms of any Underwritten Shelf Takedown contemplated by this Section 3.2.4 shall be determined by the Requesting
Holder.

 

     - 12 -

     

    

 

3.2.4.3.            The
Company shall not be obligated to take any action to effect any Underwritten Shelf Takedown if a Demand Registration or Piggyback Registration
was declared effective or an Underwritten Shelf Takedown was consummated within the preceding ninety (90) days (unless otherwise consented
to by the Company).

 

3.2.5.       Priority
of Securities Sold Pursuant to Shelf Takedowns. If the managing underwriter or underwriters of a proposed Underwritten Shelf
Takedown, or the Requesting Holder of a proposed “block trade” conducted as an Underwritten Shelf Takedown, in each case
pursuant to Section 3.2.4 advise the Company in writing that, in its or their opinion, the number of securities
requested to be included in the proposed Underwritten Shelf Takedown exceeds the number that can be sold in such Underwritten Shelf
Takedown without being likely to have an adverse effect on the price, timing or distribution of the securities offered or the market
for the securities offered, the number of Registrable Securities to be included in such offering shall be (x)  first, allocated
to each Holder that has requested to participate in such Underwritten Shelf Takedown an amount equal to the lesser of (i) the
number of such Registrable Securities requested to be registered or sold by such Holder, and (ii) a number of such shares equal
to such Holder’s Pro Rata Portion, and (y) second, and only if all the securities referred to in clause (x) have
been included, the number of other securities that, in the opinion of such managing underwriter or underwriters (or Requesting
Holder, as the case may be) can be sold without having such adverse effect.

 

     - 13 -

     

    

 

		3.3.	Piggyback Registration.

 

3.3.1.       Participation.
At any time after the Closing Date, if the Company at any time proposes to file a Registration Statement under the Securities Act or
to conduct a Public Offering with respect to any offering of its equity securities for its own account or for the account of any
other Persons (other than (i) a Registration under Sections 3.1 or 3.2, (ii)  a Registration on
Form S-4 or Form S-8 or any successor form to such forms or (iii) a Registration of securities solely relating to an
offering and sale to employees or directors of the Company or its subsidiaries pursuant to any employee stock plan or other
employee benefit plan arrangement), then, as soon as practicable (but in no event less than five (5) Business Days prior to the
proposed date of filing of such Registration Statement or, in the case of a Public Offering under a Shelf Registration Statement,
the anticipated pricing or trade date), the Company shall give written notice (a “Piggyback Notice”) of such
proposed filing or Public Offering to all Major Holders, and such Piggyback Notice shall offer all Major Holders the opportunity to
register under such Registration Statement, or to sell in such Public Offering, such number of Registrable Securities as
each Major Holder may request in writing (a “Piggyback Registration”). Subject to Section  3.3.2, the
Company shall include in such Registration Statement or in such Public Offering as applicable, all such Registrable Securities that
are requested to be included therein within seven (7) Business Days after the receipt by such Holder of any such notice; provided, however,
that if at any time after giving written notice of its intention to register or sell any securities and prior to the effective date
of the Registration Statement filed in connection with such Registration, or the pricing or trade date of a Public Offering under a
Shelf Registration Statement, the Company determines for any reason not to register or sell or to delay the Registration or sale of
such securities, the Company shall give written notice of such determination to each Holder included therein and, thereupon,
(x) in the case of a determination not to register or sell, shall be relieved of its obligation to register or sell any
Registrable Securities in connection with such Registration or Public Offering (but not from its obligation to pay the Registration
Expenses in connection therewith), without prejudice, however, to the rights of any Holders entitled to request that such
Registration or sale be effected as a Demand Registration under Section  3.1 or an Underwritten Shelf Takedown under Section 3.2,
as the case may be, and (y) in the case of a determination to delay Registration or sale, in the absence of a request for a
Demand Registration or an Underwritten Shelf Takedown, as the case may be, shall be permitted to delay registering or selling any
Registrable Securities, for the same period as the delay in registering or selling such other securities. Any Holder shall have the
right to withdraw all or part of its request for inclusion of its Registrable Securities in a Piggyback Registration by giving
written notice to the Company of its request to withdraw, prior to the applicable Registration Statement becoming effective or, in
connection with an Underwritten Shelf Takedown, the execution of the related underwriting agreement.

 

3.3.2.       Priority
of Piggyback Registration. If the managing underwriter or underwriters of any proposed offering of Registrable Securities included
in a Piggyback Registration informs the Company and the participating Holders in writing that, in its or their opinion, the number of
securities that such Holders and any other Persons intend to include in such offering exceeds the number that can be sold in such offering
without being likely to have a significant adverse effect on the price, timing or distribution of the securities offered or the market
for the securities offered, then the securities to be included in such Registration shall be (i)  first, one hundred percent (100%)
of the securities that the Company proposes to sell; (ii)  second, and only if all the securities referred to in clause (i) have
been included, the number of Registrable Securities that, in the opinion of such managing underwriter or underwriters, can be sold without
having such adverse effect, with such number to be allocated among the Holders that have requested to participate in such Registration
based on an amount equal to the lesser of (x) the number of such Registrable Securities requested to be sold by such Holder, and
(y) a number of such shares equal to such Holder’s Pro Rata Portion; (iii) third, and only if all of the Registrable Securities
referred to in clause (ii) have been included in such Registration, any other securities eligible for inclusion in such Registration.

 

3.3.3.       No
Effect on Other Registrations. No Registration of Registrable Securities effected pursuant to a request under this Section 3.3
shall be deemed to have been effected pursuant to Sections 3.1 and 3.2 or shall relieve the Company of its obligations under
Sections 3.1 and 3.2.

 

    	 	- 14 -	 

     

    

 

		3.4.	Lock-Up Agreements.

 

3.4.1.       Each
Investor (other than the FP Party to which this Section 3.4.1 does not apply) agrees that such Investor shall not Transfer any
Shares or any securities convertible into or exercisable or exchangeable (directly or indirectly) for the Shares (including new
Shares issued in connection with the transactions contemplated by the Business Combination Agreement) (such restriction, the
 “Lock-Up”) during the period commencing on the Closing Date and ending on the date that is one hundred eighty
(180) days following the Closing Date (such period, the “Lock-Up Period”). The Lock-Up is expressly agreed to
preclude each Investor during the Lock-Up Period from engaging in any hedging or other transaction which is designed to or which
reasonably could be expected to lead to or result in a sale or disposition of such Investor’s Shares even if such Shares would
be disposed of by someone other than the undersigned. Such prohibited hedging or other transactions during the Lock-Up Period shall
include any short sale or any purchase, sale or grant of any right (including any put or call option) with respect to any of the
Investor’s Shares or with respect to any security that includes, relates to, or derives any significant part of its value from
such Shares. The foregoing notwithstanding, (a) each executive officer and director of the Company, or any of their respective
affiliates, shall be permitted to establish a plan to acquire and sell Shares pursuant to Rule 10b5-1 under the Exchange Act, provided
that such plan does not provide for the Transfer of Shares during the Lock-up Period and (b) any release or waiver from the
restrictions contained in this Section 3.4.1 prior to the expiration of the Lock-Up Period shall require the prior
written consent of the Tailwind Two Sponsor; provided that, to the extent any Investor is granted a release or waiver from the
restrictions contained in this Section 3.4.1, then all Investors shall be automatically granted a release or waiver from
the restrictions contained in this Section 3.4.1, on substantially the same terms as and on a pro rata basis with, the
Investor to which such release or waiver is granted. The foregoing restrictions shall not apply to Transfers made: (i) pursuant
to a bona fide gift or charitable contribution; (ii)  by will or intestate succession upon the death of an Investor;
(iii) to any Permitted Transferee; (iv) pursuant to a court order or settlement agreement related to the distribution of
assets in connection with the dissolution of marriage or civil union; (v)  to the partners, members or shareholders of a Major
Investor; or (vi)  in the event of the Company’s completion of a liquidation, merger, share exchange or other similar
transaction which results in all of its shareholders having the right to exchange their Common Stock for cash, securities or other
property; provided that, in the case of (i), (iii)  or (v), the recipient of such Transfer must enter into a written
agreement agreeing to be bound by the terms of this Agreement, including the transfer restrictions set forth in this Section 3.4.1.
Notwithstanding the foregoing or anything herein to the contrary, (i) this Section  3.4 shall not prohibit the
pledge of any Shares or any securities convertible into or exercisable or exchangeable (directly or indirectly) for the Shares
(including new Shares issued in connection with the transactions contemplated by the Business Combination Agreement) by the Terran
Founder Parties or the Tailwind Two Post-Closing Shareholders during the Lock-Up Period, (ii)  this Section 3.4 shall not
apply to, and there shall not be any Lock-Up with respect to, (x) any Shares that may be issued to any of the Lockheed Martin
Post-Closing Shareholders as “Shares” in accordance with (and as such term is defined in) the Subscription Agreement
dated as of October 28, 2021 by and among the Company, Terran Orbital and Astrolink International LLC, (y) any Shares that
may be issued to any of the BP Funds as “Shares” in accordance with (and as such term is defined in) any Subscription
Agreement dated as of October 28, 2021 by and among the Company, Terran Orbital and any BP Fund and (z)  any Shares that
may be issued to any of Daniel Station and any of his controlled entities as “Shares” in accordance with (and as such
term is defined in) any Subscription Agreement dated as of October 28, 2021 by and among the Company, Terran Orbital and Daniel
Staton and any of his controlled entities and (iii) Goldman Sachs & Co. LLC and its affiliates, other than the
applicable Investor, may engage in brokerage, investment advisory, financial advisory, anti-raid advisory, merger advisory,
financing, asset management, trading, market making, arbitrage, principal investing and other similar activities conducted in the
ordinary course of their affiliates’ business.

 

    	 	- 15 -	 

     

    

 

		3.5.	Registration Procedures.

 

3.5.1.       Requirements.
In connection with the Company’s obligations under Sections 3.1 through 3.4, the Company shall use its reasonable
best efforts to effect such Registration and to permit the sale of such Registrable Securities in accordance with the intended method
or methods of distribution thereof as expeditiously as reasonably practicable, and in connection therewith the Company shall:

 

3.5.1.1.    As
promptly as practicable prepare the required Registration Statement, including all exhibits and financial statements required under the
Securities Act to be filed therewith, and Prospectus, and, before filing a Registration Statement or Prospectus or any amendments or supplements
thereto, (x) furnish to the underwriters, if any, and to the Holders of the Registrable Securities covered by such Registration Statement,
copies of all documents prepared to be filed, including the Registration Statement itself, which documents shall be subject to the review
of such underwriters and such Holders and their respective counsel, (y) make such changes in such documents concerning the Holders
or the plan of distribution therein prior to the filing thereof as such Holders, or their counsel, may reasonably request and (z) 
except in the case of a Registration under Section 3.3 not file any Registration Statement or Prospectus or amendments or
supplements thereto to which the Holders, in such capacity, or the underwriters, if any, shall reasonably object;

 

3.5.1.2.    prepare
and file with the SEC such amendments and post-effective amendments to such Registration Statement and supplements to the Prospectus as
may be (x)  reasonably requested by any Holder with Registrable Securities covered by such Registration Statement, (y) reasonably
requested by any participating Holder (to the extent such request relates to information relating to such Holder), or (z) necessary
to keep such Registration Statement effective for the period of time required by this Agreement, and comply with provisions of the applicable
securities laws with respect to the sale or other disposition of all securities covered by such Registration Statement during such period
in accordance with the intended method or methods of disposition by the sellers thereof set forth in such Registration Statement;

 

3.5.1.3.    notify
the participating Holders and the managing underwriter or underwriters, if any, and (if requested) confirm such notice in writing
and provide copies of the relevant documents, as soon as reasonably practicable after notice thereof is received by the Company
(i) when the applicable Registration Statement or any amendment thereto has been filed or becomes effective, and when the
applicable Prospectus or any amendment or supplement thereto has been filed; (ii) of any written comments by the SEC, or any
request by the SEC or other federal or state governmental authority for amendments or supplements to such Registration Statement or
such Prospectus, or for additional information (whether before or after the effective date of the Registration Statement) or any
other correspondence with the SEC relating to, or which may affect, the Registration; (iii) of the issuance by the SEC of any
stop order suspending the effectiveness of such Registration Statement or any order by the SEC or any other regulatory authority
preventing or suspending the use of any preliminary or final Prospectus or the initiation or threatening of any proceedings
for such purposes; (iv) if, at any time, the representations and warranties of the Company in any applicable underwriting
agreement cease to be true and correct in all material respects; and (v) of the receipt by the Company of any notification with
respect to the suspension of the qualification of the Registrable Securities for offering or sale in any jurisdiction or the
initiation or threatening of any proceeding for such purpose;

 

    	 	- 16 -	 

     

    

 

3.5.1.4.        promptly
notify each selling Holder and the managing underwriter or underwriters, if any, when the Company becomes aware of the happening of any
event as a result of which the applicable Registration Statement or the Prospectus included in such Registration Statement (as then
in effect) contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements therein
(in the case of such Prospectus or any preliminary Prospectus, in light of the circumstances under which they were made) not misleading,
when any Issuer Free Writing Prospectus includes information that may conflict with the information contained in the Registration Statement,
or, if for any other reason, it shall be necessary during such time period to amend or supplement such Registration Statement or Prospectus
in order to comply with the Securities Act and, as promptly as reasonably practicable thereafter, prepare and file with the SEC, and furnish
without charge to the selling Holders and the managing underwriter or underwriters, if any, an amendment or supplement to such Registration Statement or Prospectus, which shall correct such misstatement or omission or effect such compliance;

 

3.5.1.5.        to
the extent the Company is eligible under the relevant provisions of Rule 430B under the Securities Act, if the Company files any
Shelf Registration Statement, the Company shall include in such Shelf Registration Statement such disclosures as may be required by Rule 430B
under the Securities Act (referring to the unnamed selling security holders in a generic manner by identifying the initial offering of
the securities to the Holders) in order to ensure that the Holders may be added to such Shelf Registration Statement at a later time through
the filing of a Prospectus supplement rather than a post-effective amendment;

 

3.5.1.6.        use
its reasonable best efforts to prevent, or obtain the withdrawal of, any stop order or other order or notice preventing or suspending
the use of any preliminary or final Prospectus;

 

3.5.1.7.        promptly
incorporate in a Prospectus supplement, Issuer Free Writing Prospectus or post-effective amendment such information as the managing
underwriter or underwriters and the participating Holders agree should be included therein relating to the plan of distribution with respect
to such Registrable Securities; and make all required filings of such Prospectus supplement, Issuer Free Writing Prospectus or post-effective
amendment as soon as reasonably practicable after being notified of the matters to be incorporated in such Prospectus supplement, Issuer
Free Writing Prospectus or post-effective amendment;

 

3.5.1.8.        furnish
to each selling Holder and each underwriter, if any, without charge, as many conformed copies as such Holder or underwriter may reasonably
request of the applicable Registration Statement and any amendment or post-effective amendment or supplement thereto, including financial
statements and schedules, all documents incorporated therein by reference and all exhibits (including those incorporated by reference);

 

    	 	- 17 -	 

     

    

 

3.5.1.9.        deliver
to each selling Holder and each underwriter, if any, without charge, as many copies of the applicable Prospectus (including each preliminary
Prospectus) and any amendment or supplement thereto and such other documents as such Holder or underwriter may reasonably request in order
to facilitate the disposition of the Registrable Securities by such Holder or underwriter (it being understood that the Company shall
consent to the use of such Prospectus or any amendment or supplement thereto by each of the selling Holders and the underwriters, if any,
in connection with the offering and sale of the Registrable Securities covered by such Prospectus or any amendment or supplement thereto);

 

3.5.1.10.      on
or prior to the date on which the applicable Registration Statement becomes effective, use its reasonable best efforts to register
or qualify, and cooperate with the selling Holders, the managing underwriter or underwriters, if any, and their respective counsel,
in connection with the Registration or qualification of such Registrable Securities for offer and sale under the securities or
 “Blue Sky” laws of each state and other jurisdiction as any such selling Holder or managing underwriter or underwriters,
if any, or their respective counsel reasonably request in writing and do any and all other acts or things reasonably necessary or
advisable to keep such Registration or qualification in effect for such period as required by Section 3.1 or Section 3.2,
as applicable, provided that the Company shall not be required to qualify generally to do business in any jurisdiction where
it is not then so qualified or to take any action which would subject it to taxation or general service of process in any such
jurisdiction where it is not then so subject;

 

3.5.1.11.      cooperate
with the selling Holders and the managing underwriter or underwrite rs, if any, to facilitate the timely preparation and delivery of certificates
representing Registrable Securities to be sold and not bearing any restrictive legends and enable such Registrable Securities to be in
such denominations and registered in such names as the managing underwriters may request prior to any sale of Registrable Securities to
the underwriters;

 

3.5.1.12.      use
its reasonable best efforts to cause the Registrable Securities covered by the applicable Registration Statement to be registered with
or approved by such other governmental agencies or authorities as may be necessary to enable the seller or sellers thereof or the underwriter
or underwriters, if any, to consummate the disposition of such Registrable Securities;

 

3.5.1.13.      make
such representations and warranties to the Holders being registered, and the underwriters or agents, if any, in form, substance and scope
as are customarily made by issuers in public offerings similar to the offering then being undertaken;

 

3.5.1.14.      enter
into such customary agreements (including underwriting and indemnification agreements) and take all such other actions as the participating
Holders or the managing underwriter or underwriters, if any, reasonably request in order to expedite or facilitate the Registration and
disposition of such Registrable Securities;

 

3.5.1.15.      obtain
for delivery to the Holders being registered and to the underwriter or underwriters, if any, an opinion or opinions from counsel for
the Company dated the most recent effective date of the Registration Statement or, in the event of an Underwritten Public Offering,
the date of the closing under the underwriting agreement, in customary form, scope and substance, which opinions shall be
reasonably satisfactory to such Holders or underwriters, as the case may be, and their respective counsel;

 

    	 	- 18 -	 

     

    

 

3.5.1.16.      in
the case of an Underwritten Public Offering, obtain for delivery to the Company and the managing underwriter or underwriters, with copies
to the Holders included in such Registration or sale, a comfort letter from the Company’s independent certified public accountants
or independent auditors (and, if necessary, any other independent certified public accountants or independent auditors of any subsidiary
of the Company or any business acquired by the Company for which financial statements and financial data are, or are required to be, included
in the Registration Statement) in customary form and covering such matters of the type customarily covered by comfort letters as the managing
underwriter or underwriters reasonably request, dated the date of execution of the underwriting agreement and brought down to the closing
under the underwriting agreement;

 

3.5.1.17.      cooperate
with each seller of Registrable Securities and each underwriter, if any, participating in the disposition of such Registrable Securities
and their respective counsel in connection with any filings required to be made with FINRA;

 

3.5.1.18.      use
its reasonable best efforts to comply with all applicable securities laws and, if a Registration Statement was filed, make available to
its security holders, as soon as reasonably practicable, an earnings statement satisfying the provisions of Section  11(a) of
the Securities Act and the rules and regulations promulgated thereunder;

 

3.5.1.19.      provide
and cause to be maintained a transfer agent and registrar for all Registrable Securities covered by the applicable Registration Statement
and provide a CUSIP number for all such Registrable Securities;

 

3.5.1.20.      use
its reasonable best efforts to cause all Registrable Securities covered by the applicable Registration Statement to be listed on each
national securities exchange on which any of the Company’s equity securities are then listed or quoted and on each inter-dealer
quotation system on which any of the Company’s equity securities are then quoted;

 

3.5.1.21.      make
available upon reasonable notice at reasonable times and for reasonable periods for inspection by a representative appointed by the Holders
holding a majority of Registrable Securities being sold, by any underwriter participating in any disposition to be effected pursuant to
such Registration Statement and by any attorney, accountant or other agent retained by such Holders or any such underwriter, all pertinent
financial and other records and pertinent corporate documents and properties of the Company, and cause all of the Company’s officers,
directors and employees and the independent public accountants who have certified its financial statements to make themselves available
to discuss the business of the Company and to supply all information reasonably requested by any such Person in connection with such Registration Statement;

 

3.5.1.22.      in
the case of an Underwritten Public Offering, cause the senior executive officers of the Company to participate in the customary
 “road show” presentations that may be reasonably requested by the managing underwriter or underwriters in any such
offering and otherwise to facilitate, cooperate with, and participate in each proposed offering contemplated herein and
customary selling efforts related thereto;

 

    	 	- 19 -	 

     

    

 

 3.5.1.23.      take no direct or indirect action prohibited by Regulation M under the Exchange Act;

 

3.5.1.24.      take
all reasonable action to ensure that any Issuer Free Writing Prospectus utilized in connection with any Registration complies in all
material respects with the Securities Act, is filed in accordance with the Securities Act to the extent required thereby, is
retained in accordance with the Securities Act to the extent required thereby and, when taken together with the related Prospectus,
will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein,
in light of the circumstances under which they were made, not misleading;

 

3.5.1.25.      cooperate
with the Holders of Registrable Securities subject to the Registration Statement and with the managing underwriter or agent, if any,
to facilitate any Charitable Gifting Event and to prepare and file with the SEC such amendments and supplements to such Registration
Statement and the Prospectus used in connection therewith as may be necessary to permit any such recipient Charitable Organization to
sell in the Public Offering if it so elects; and

 

3.5.1.26.      take
all such other commercially reasonable actions as are necessary or advisable in order to expedite or facilitate the disposition of such
Registrable Securities in accordance with the terms of this Agreement.

 

3.5.2.           Company
Information Requests. The Company may require each seller of Registrable Securities as to which any Registration or sale is being
effected to furnish to the Company customary information regarding such holder and the ownership and distribution of its Registrable Securities
as the Company may from time to time reasonably request in writing and the Company may exclude from such Registration or sale the Registrable
Securities of any such Holder who unreasonably fails to furnish such information within a reasonable time after receiving such request.
Each Holder agrees to furnish such information to the Company and to cooperate with the Company as reasonably necessary to enable the
Company to comply with the provisions of this Agreement.

 

3.5.3.           Discontinuing
Registration. Each Holder agrees that, upon receipt of any notice from the Company of the happening of any event of the kind
described in Section 3.5.1.4, such Holder will discontinue disposition of Registrable Securities pursuant to such
Registration Statement until such Holder’s receipt of the copies of the supplemented or amended Prospectus contemplated by Section 3.5.1.4,
or until such Holder is advised in writing by the Company that the use of the Prospectus may be resumed, and has received copies of
any additional or supplemental filings that are incorporated by reference in the Prospectus, or any amendments or supplements
thereto, and if so directed by the Company, such Holder shall deliver to the Company (at the Company’s expense) all copies,
other than permanent file copies then in such Holder’s possession, of the Prospectus covering such Registrable Securities
current at the time of receipt of such notice. In the event the Company shall give any such notice, the period during which the
applicable Registration Statement is required to be maintained effective shall be extended by the number of days during the period
from and including the date of the giving of such notice to and including the date when each seller of Registrable Securities
covered by such Registration Statement either receives the copies of the supplemented or amended Prospectus contemplated by Section 3.5.1.4 or
is advised in writing by the Company that the use of the Prospectus may be resumed.

 

    	 	- 20 -	 

     

    

 

		3.6.	Underwritten Offerings.

 

3.6.1.       Shelf
and Demand Registrations. If requested by the underwriters for any Underwritten Public Offering, pursuant to a Registration or sale
under Sections 3.1 or 3.2, the Company shall enter into an underwriting agreement with such underwriters, such agreement
to be reasonably satisfactory in substance and form to each of the Company, the Major Holders holding a majority of Registrable Securities
being sold and the underwriters, and to contain such representations and warranties by the Company and such other terms as are generally
prevailing in agreements of that type, including indemnities no less favorable to the recipient thereof than those provided in Section 3.9
of this Agreement. The Major Holders of the Registrable Securities proposed to be distributed by such underwriters shall cooperate with
the Company in the negotiation of the underwriting agreement and shall give consideration to the reasonable suggestions of the Company
regarding the form thereof, and such Major Holders shall complete and execute all questionnaires, powers of attorney and other documents
reasonably requested by the underwriters and required under the terms of such underwriting arrangements. Any such Major Holder shall not
be required to make any representations or warranties to or agreements with the Company or the underwriters other than representations,
warranties or agreements regarding such Major Holder, such Major Holder’s title to the Registrable Securities, such Major Holder’s
intended method of distribution and any other representations to be made by the Major Holder as are generally prevailing in agreements
of that type, and the aggregate amount of the liability of such Major Holder under such agreement shall not exceed such Major Holder’s
proceeds from the sale of its Registrable Securities in the offering, net of underwriting discounts and commissions but before expenses.

 

3.6.2.       Piggyback
Registrations. If the Company proposes to register or sell any of its securities under the Securities Act as contemplated by Section 3.3
and such securities are to be distributed through one or more underwriters, the Company shall, if requested by any Major Holder pursuant
to Section 3.3 and, subject to the provisions of Section  3.3.2, use its reasonable best efforts to arrange for
such underwriters to include on the same terms and conditions that apply to the other sellers in such Registration or sale all the Registrable
Securities to be offered and sold by such Holder among the securities of the Company to be distributed by such underwriters in such Registration
or sale. The Holders of Registrable Securities to be distributed by such underwriters shall be parties to a customary underwriting agreement
between the Company and such underwriters and shall complete and execute all questionnaires, powers of attorney and other documents reasonably
requested by the underwriters and required under the terms of such underwriting arrangements. Any such Holder shall not be required to
make any representations or warranties to or agreements with the Company or the underwriters other than representations, warranties or
agreements regarding such Holder, such Holder’s title to the Registrable Securities, such Holder’s intended method of distribution
and any other representations to be made by the Holder as are generally prevailing in agreements of that type, and the aggregate amount
of the liability of such Holder shall not exceed such Holder’s proceeds from the sale of its Registrable Securities in the offering,
net of underwriting discounts and commissions but before expenses.

 

    	 	- 21 -	 

     

    

 

3.6.3.            Selection
of Underwriters; Selection of Counsel. In the case of an Underwritten Public Offering under Sections 3.1 or 3.2, the
managing underwriter or underwriters to administer the offering shall be determined by the Major Holders holding a majority of Registrable
Securities being sold in such offering; provided that such underwriter or underwriters shall be reasonably acceptable to the Company.
In the case of an Underwritten Public Offering under Section 3.3, the managing underwriter or underwriters to administer the
offering shall be determined by the Company; provided that such underwriter or underwriters shall be reasonably acceptable to the
Major Holders holding a majority of Registrable Securities being sold in such offering. In the case of an Underwritten Public Offering
under Sections 3.1, 3.2 or 3.3, each participating Major Holder shall be entitled to select its counsel, including,
without limitation, any additional local counsel necessary to deliver any required legal opinions.

 

3.6.4.            Non-Underwritten
Offerings. Notwithstanding anything herein to the contrary and subject to applicable law, regulation and NYSE rules, any Non-Underwritten
Offering shall be conducted in accordance with the Company’s insider trading policy to the extent that such selling stockholder
is then subject to such policy.

 

3.7.            No
Inconsistent Agreements; Additional Rights. Neither the Company nor any of its subsidiaries shall hereafter enter into, and neither
the Company nor any of its subsidiaries is currently a party to, any agreement with respect to its securities that is inconsistent with
the rights granted to the Holders by this Agreement. Without the approval of the Major Holders holding a majority of the Registrable Securities
then outstanding (voting together as a single class on an as- converted basis), neither the Company nor any of its subsidiaries shall
enter into any agreement granting registration or similar rights to any Person, and the Company hereby represents and warrants that, as
of the date hereof, no registration or similar rights have been granted to any other Person other than pursuant to this Agreement. Notwithstanding
the foregoing, the Company has entered into Subscription Agreements providing for the PIPE Financing and entry into such agreements shall
not constitute a breach of the representations and warranties and covenants set forth in this Section 3.7.

 

3.8.            Registration
Expenses. All expenses incident to the Company’s performance of or compliance with this Agreement shall be paid by the
Company, including (i)  all registration and filing fees, and any other fees and expenses associated with filings required to
be made with the SEC or FINRA, (ii) all fees and expenses in connection with compliance with any securities or “Blue
Sky” laws (including reasonable fees and disbursements of counsel for the underwriters in connection with blue sky
qualifications of the Registrable Securities), (iii) all printing, duplicating, word processing, messenger, telephone,
facsimile and delivery expenses (including expenses of printing certificates for the Registrable Securities in a form eligible for
deposit with The Depository Trust Company and of printing Prospectuses), (iv)  all fees and disbursements of counsel for the
Company and of all independent certified public accountants or independent auditors of the Company and any subsidiaries of the
Company (including the expenses of any special audit and comfort letters required by or incident to such performance),
(v) Securities Act liability insurance or similar insurance if the Company so desires or the underwriters so require in
accordance with then-customary underwriting practice, (vi) all fees and expenses incurred in connection with the listing of the
Registrable Securities on any securities exchange or quotation of the Registrable Securities on any inter-dealer quotation system,
(viii) all reasonable fees and disbursements of legal counsel for each selling Major Holder, (ix) any reasonable fees and disbursements
of underwriters customarily paid by issuers or sellers of securities, (x) all fees and expenses incurred in connection with the
distribution or Transfer of Registrable Securities to or by a Major Holder or its Permitted Transferees in connection with a Public
Offering, (xi) all fees and expenses of any special experts or other Persons retained by the Company in connection with any
Registration or sale, (xii) all of the Company’s internal expenses (including all salaries and expenses of its officers
and employees performing legal or accounting duties) and (xiii)  all expenses related to the “road show” for any
Underwritten Public Offering, including the reasonable out-of-pocket expenses of the Major Holders and underwriters, if so
requested. All such expenses are referred to herein as “Registration Expenses”. The Company shall not be required
to pay any fees and disbursements to underwriters not customarily paid by the issuers of securities in an offering similar to the
applicable offering, including underwriting discounts and commissions and transfer taxes, if any, attributable to the sale of
Registrable Securities.

 

    	 	- 22 -	 

     

    

 

		3.9.	Indemnification.

 

3.9.1.       Indemnification
by the Company. The Company shall indemnify and hold harmless, to the fullest extent permitted by law, each Holder, each
shareholder, member, limited or general partner of such Holder, each shareholder, member, limited or general partner of each such
shareholder, member, limited or general partner, each of their respective Affiliates, officers, directors, shareholders, employees,
advisors, and agents and each Person who controls (within the meaning of the Securities Act or the Exchange Act) such Persons and
each of their respective Representatives from and against any and all losses, penalties, judgments, suits, costs, claims, damages,
liabilities and expenses, joint or several (including reasonable costs of investigation and legal expenses and any indemnity and
contribution payments made to underwriters ) (each, a “Loss” and collectively “Losses”)
arising out of or based upon (i) any untrue or alleged untrue statement of a material fact contained in any Registration
Statement under which such Registrable Securities are registered or sold under the Securities Act (including any final, preliminary
or summary Prospectus contained therein or any amendment thereof or supplement thereto or any documents incorporated by reference
therein) or any other disclosure document produced by or on behalf of the Company or any of its subsidiaries including any report
and other document filed under the Exchange Act, (ii) any omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein (in the case of a Prospectus or preliminary Prospectus, in
light of the circumstances under which they were made) not misleading or (iii) any violation or alleged violation by the
Company or any of its subsidiaries of any federal, state, foreign or common law rule  or regulation applicable to the Company
or any of its subsidiaries and relating to action or inaction in connection with any such Registration, disclosure document or
other document or report; provided, that no selling Holder shall be entitled to indemnification pursuant to this Section 3.9.1 in
respect of any untrue statement or omission contained in any information relating to such selling Holder furnished in writing by
such selling Holder to the Company specifically for inclusion in a Registration Statement and used by the Company in conformity
therewith (such information “Selling Stockholder Information”). This indemnity shall be in addition to any
liability the Company may otherwise have. Such indemnity shall remain in full force and effect regardless of any investigation made
by or on behalf of such Holder or any indemnified party and shall survive the Transfer of such securities by such Holder and
regardless of any indemnity agreed to in the underwriting agreement that is less favorable to the Holders. The Company shall also
indemnify underwriters, selling brokers, dealer managers and similar securities industry professionals participating in the
distribution, their officers and directors and each Person who controls such Persons (within the meaning of the Securities
Act and the Exchange Act) to the same extent as provided above (with appropriate modification) with respect to the indemnification
of the indemnified parties.

 

    	 	- 23 -	 

     

    

 

3.9.2.       Indemnification
by the Selling Holders. Each selling Holder agrees (severally and not jointly) to indemnify and hold harmless, to the fullest extent
permitted by law, the Company, its directors and officers and each Person who controls the Company (within the meaning of the Securities
Act or the Exchange Act) from and against any Losses resulting from (i) any untrue statement of a material fact in any Registration
Statement under which such Registrable Securities were registered or sold under the Securities Act (including any final, preliminary or
summary Prospectus contained therein or any amendment thereof or supplement thereto or any documents incorporated by reference therein)
or (ii)  any omission to state therein a material fact required to be stated therein or necessary to make the statements therein
(in the case of a Prospectus or preliminary Prospectus, in light of the circumstances under which they were made) not misleading, in
each case to the extent, but only to the extent, that such untrue statement or omission is contained in such selling Holder’s Selling
Stockholder Information. In no event shall the liability of any selling Holder hereunder be greater in amount than the dollar amount of
the proceeds from the sale of its Registrable Securities in the offering giving rise to such indemnification obligation, net of underwriting
discounts and commissions but before expenses, less any amounts paid by such Holder pursuant to Section 3.9.4 and any amounts
paid by such Holder as a result of liabilities incurred under the underwriting agreement, if any, related to such sale.

 

3.9.3.      Conduct
of Indemnification Proceedings. Any Person entitled to indemnification hereunder shall (i)  give prompt written notice to
the indemnifying party of any claim with respect to which it seeks indemnification (provided that any delay or failure to so
notify the indemnifying party shall relieve the indemnifying party of its obligations hereunder only to the extent, if at all, that
it forfeits substantive legal rights by reason of such delay or failure) and (ii) permit such indemnifying party to assume the
defense of such claim with counsel reasonably satisfactory to the indemnified party; provided, however, that any
Person entitled to indemnification hereunder shall have the right to select and employ separate counsel and to participate in the
defense of such claim, but the fees and expenses of such counsel shall be at the expense of such Person unless (a) the
indemnifying party has agreed in writing to pay such fees or expenses, (b) the indemnifying party shall have failed to assume
the defense of such claim within a reasonable time after receipt of notice of such claim from the Person entitled to indemnification
hereunder and employ counsel reasonably satisfactory to such Person, (c) the indemnified party has reasonably concluded (based
upon advice of its counsel) that there may be legal defenses available to it or other indemnified parties that are different from or
in addition to those available to the indemnifying party, or (d) in the reasonable judgment of any such Person (based upon
advice of its counsel) a conflict of interest may exist between such Person and the indemnifying party with respect to such claims
(in which case, if the Person notifies the indemnifying party in writing that such Person elects to employ separate counsel at the
expense of the indemnifying party, the indemnifying party shall not have the right to assume the defense of such claim on behalf of
such Person). If the indemnifying party assumes the defense, the indemnifying party shall not have the right to settle such action
without the consent of the indemnified party. No indemnifying party shall consent to entry of any judgment or enter into any
settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party
of an unconditional release from all liability in respect to such claim or litigation without the prior written consent of such
indemnified party. If such defense is not assumed by the indemnifying party, the indemnifying party will not be subject to
any liability for any settlement made without its prior written consent, but such consent may not be unreasonably withheld. It is
understood that the indemnifying party or parties shall not, except as specifically set forth in this Section 3.9.3, in
connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees, disbursements or
other charges of more than one separate firm admitted to practice in such jurisdiction at any one time unless (x) the
employment of more than one counsel has been authorized in writing by the indemnifying party or parties, (y) an indemnified
party has reasonably concluded (based on the advice of counsel) that there may be legal defenses available to it that are different
from or in addition to those available to the other indemnified parties or (z)  a conflict or potential conflict exists or may
exist (based upon advice of counsel to an indemnified party) between such indemnified party and the other indemnified parties, in
each of which cases the indemnifying party shall be obligated to pay the reasonable fees and expenses of such additional counsel or
counsels.

 

    	 	- 24 -	 

     

    

 

3.9.4.       Contribution.
If for any reason the indemnification provided for in Section  3.9.1 and Section 3.9.2 is unavailable to an
indemnified party or insufficient in respect of any Losses referred to therein (other than as a result of exceptions or limitations
on indemnification contained in Section 3.9.1 and Section 3.9.2), then the indemnifying party shall
contribute to the amount paid or payable by the indemnified party as a result of such Loss in such proportion as is appropriate to
reflect the relative fault of the indemnifying party on the one hand and the indemnified party or parties on the other hand in
connection with the acts, statements or omissions that resulted in such Losses, as well as any other relevant equitable
considerations. In connection with any Registration Statement filed with the SEC by the Company, the relative fault of the
indemnifying party on the one hand and the indemnified party on the other hand shall be determined by reference to, among other
things, whether any untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material
fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent,
knowledge, access to information and opportunity to correct or prevent such statement or omission, it being understood and agreed
that, with respect to each selling Holder, such information will be limited to such Holder’s Selling Stockholder Information.
The parties hereto agree that it would not be just or equitable if contribution pursuant to this Section 3.9.4 were
determined by pro rata allocation or by any other method of allocation that does not take account of the equitable
considerations referred to in this Section  3.9.4. No Person guilty of fraudulent misrepresentation (within the meaning
of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such
fraudulent misrepresentation. The amount paid or payable by an indemnified party as a result of the Losses referred to in Sections
3.9.1 and 3.9.2 shall be deemed to include, subject to the limitations set forth above, any legal or other expenses
reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim.
Notwithstanding the provisions of this Section 3.9.4, in connection with any Registration Statement filed by the
Company, a selling Holder shall not be required to contribute any amount in excess of the dollar amount of the proceeds from the
sale of its Registrable Securities in the offering giving rise to such indemnification obligation, net of underwriting discounts and
commissions but before expenses, less any amounts paid by such Holder pursuant to Section  3.9.2 and any amounts paid by
such Holder as a result of liabilities incurred under the underwriting agreement, if any, related to such sale. If indemnification
is available under this Section 3.9, the indemnifying parties shall indemnify each indemnified party to the full extent
provided in Sections 3.9.1 and 3.9.2 hereof without regard to the provisions of this Section 3.9.4. The
remedies provided for in this Section 3.9 are not exclusive and shall not limit any rights or remedies which may
otherwise be available to any indemnified party at law or in equity.

 

    	 	- 25 -	 

     

    

 

3.9.5.      Indemnification
Priority. The Company hereby acknowledges and agrees that any of the Persons entitled to indemnification pursuant to Section 3.9.1
(each, a “Company Indemnitee” and collectively, the “Company Indemnitees”) may have certain rights
to indemnification, advancement of expenses and/or insurance provided by other sources. The Company hereby acknowledges and agrees (i) that
it is the indemnitor of first resort (i.e., its obligations to a Company Indemnitee are primary and any obligation of such other sources
to advance expenses or to provide indemnification for the same expenses or liabilities incurred by such Company Indemnitee are secondary)
and (ii) that it shall be required to advance the full amount of expenses incurred by a Company Indemnitee and shall be liable for
the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement to the extent legally permitted and as required
by the terms of this Agreement without regard to any rights a Company Indemnitee may have against such other sources. The Company further
agrees that no advancement or payment by such other sources on behalf of a Company Indemnitee with respect to any claim for which such
Company Indemnitee has sought indemnification, advancement of expenses or insurance from the Company shall affect the foregoing, and that
such other sources shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the
rights of recovery of such Company Indemnitee against the Company.

 

3.10.       Rules 144
and 144A and Regulation S. The Company shall file the reports required to be filed by it under the Securities Act and the Exchange
Act and the rules  and regulations adopted by the SEC thereunder (or, if the Company is not required to file such reports, it will,
upon the request of any Holder, make publicly available such necessary information for so long as necessary to permit sales that would
otherwise be permitted by this Agreement pursuant to Rule 144, Rule 144A or Regulation S under the Securities Act, as such rules 
may be amended from time to time or any similar rule or regulation hereafter adopted by the SEC), and it will take such further action
as any Holder may reasonably request, all to the extent required from time to time to enable such Holder to sell Registrable Securities
without Registration under the Securities Act in transactions that are not expressly prohibited by this Agreement and within the limitation
of the exemptions provided by (i) Rule 144, Rule 144A or Regulation S under the Securities Act, as such rules may
be amended from time to time, or (ii)  any similar rule or regulation hereafter adopted by the SEC. Upon the request of any
Holder, the Company will deliver to such Holder a written statement as to whether it has complied with such requirements and, if not,
the specifics thereof.

 

3.11.       Existing
Registration Statements. Notwithstanding anything herein to the contrary and subject to applicable law and regulation, the
Company may satisfy any obligation hereunder to file a Registration Statement or to have a Registration Statement become effective
by a specified date by designating, by notice to the Holders, a Registration Statement that previously has been filed with the SEC
or become effective, as the case may be, as the relevant Registration Statement for purposes of satisfying such obligation, and all
references to any such obligation shall be construed accordingly; provided that such previously filed Registration Statement
may be, and is, amended or, subject to applicable securities laws, supplemented to add the number of Registrable Securities, and, to
the extent necessary, to identify as selling stockholders those Holders demanding the filing of a Registration Statement pursuant to
the terms of this Agreement. To the extent this Agreement refers to the filing or effectiveness of other Registration Statements, by
or at a specified time and the Company has, in lieu of then filing such Registration Statements or having such Registration
Statements become effective, designated a previously filed or effective Registration Statement as the relevant Registration
Statement for such purposes, in accordance with the preceding sentence, such references shall be construed to refer to such
designated Registration Statement, as amended or supplemented in the manner contemplated by the immediately preceding sentence.

 

    	 	- 26 -	 

     

    

 

3.12.       In-Kind
Distributions. If Tailwind Two Sponsor seeks to effectuate an in-kind distribution of all or part of its Registrable Securities to
its direct or indirect equityholders (a “Tailwind Two Sponsor In-Kind Distribution”), the Company will use reasonable
best efforts to work with Tailwind Two Sponsor to facilitate such in-kind distribution in the manner reasonably requested. Prior to any
Tailwind Two Sponsor In-Kind Distribution, each distributee shall deliver to the Company a written acknowledgment and agreement in form
and substance reasonably satisfactory to the Company that the distributee will be bound by, and will be a party to, this Agreement; provided,
however, that, except as set forth in Section  3.4.1, a failure by a distributee to deliver such acknowledgment and agreement
shall not render such distribution to such distributee void, but such distributee shall not be entitled to the benefits of this Agreement
until such time as such acknowledgment and agreement is delivered. Upon any Tailwind Two Sponsor In-Kind Distribution, (i) in the
event of a distribution of all of Tailwind Two Sponsor’s Registrable Securities, the distributees holding Registrable Securities
equal to a majority- in- interest of the Registrable Securities then held by Tailwind Two Sponsor at the time of such distribution shall
thereafter be entitled to exercise and enforce the rights specifically granted to Tailwind Two Sponsor hereunder, (ii) each distributee
that beneficially owns at least 5% of the Registrable Securities held by Tailwind Two Sponsor at the time of such distribution (treating
any warrants as shares of Common Stock on an exercised basis) shall be considered a “Major Investor” hereunder and (iii) such
distributee shall be considered a “Permitted Transferee” hereunder.

 

ARTICLE IV

 

MISCELLANEOUS

 

4.1.         Authority;
Effect. Each party hereto represents and warrants to each other partyh ereto that the execution and delivery of this Agreement
and the consummation of the transactions contemplated hereby have been duly authorized on behalf of such party and do not violate
any agreement or other instrument applicable to such party or by which its assets are bound. This Agreement does not, and shall not
be construed to, give rise to the creation of a partnership among any of the parties hereto, or to constitute any of such parties
members of a joint venture or other association. The Company and its subsidiaries shall be jointly and severally liable for all
obligations of the Company pursuant to this Agreement.

 

4.2.         Notices.
Any notices, requests, demands and other communications required or permitted in this Agreement shall be effective if in writing and (a) delivered
personally, (b) sent by e-mail, provided that any e-mail must be followed by confirmation copy sent by the means provided
in the following clause (c) on the same day the e-mail is sent, or (c) sent by overnight courier, in each case, addressed as
follows:

 

If to the Company to:

 

Tailwind Two Acquisition Corp.

150 Greenwich
Street, 29th Floor

New York, NY 10006

Attn: Matthew Eby

E-mail: matthewdeby@gmail.com

 

    	 	- 27 -	 

     

    

 

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

 

Akin Gump Strauss Hauer & Feld

One Bryant Park

New York, New York 10036-6745

Attn: Jonathan Pavlich and Stuart Leblang

E-mail:
jpavlich@akingump.com and sleblang@akingump.com

 

If to an Investor, to his, her or its address, with a copy (which shall
not constitute notice) to his, her or its legal counsel (if any), as set forth on Schedule A or Schedule B, as applicable.

 

Notice to the holder of record
of any Registrable Securities shall be deemed to be notice to the holder of such securities for all purposes hereof.

 

Unless otherwise specified
herein, such notices or other communications shall be deemed effective (i) on the date received, if personally delivered, (ii) the
earlier of (A) non-automated confirmation of receipt or (B) as provided in the following clause (iii), if sent by e-mail, and
(iii) one (1) Business Day after being sent by overnight courier. Each of the parties hereto shall be entitled to specify a
different address by giving notice as aforesaid to each of the other parties hereto.

 

4.3.            Termination
and Effect of Termination. This Agreement shall terminate upon the earlier of (i) the tenth anniversary of the date of this Agreement
and (ii) the date as of which no Registrable Securities remain outstanding. Notwithstanding any termination of this Agreement in
accordance with the foregoing sentence, the provisions of Sections 3.8, 3.9 and 3.10 shall survive any such termination.
No termination under this Agreement shall relieve any Person of liability for breach or Registration Expenses incurred prior to termination.
In the event this Agreement is terminated, each Person entitled to indemnification rights pursuant to Section 3.9 hereof shall
retain such indemnification rights with respect to any matter that (a) may be an indemnified liability thereunder and (b) occurred
prior to such termination. Notwithstanding the foregoing or anything else herein to the contrary, upon any termination of the Business
Combination Agreement in accordance with its terms, this Agreement shall automatically terminate, without notice or other action by any
party hereto, and be void ab initio and no party hereto shall have any obligations or liability hereunder. Upon written request
to the Company, any Holder may request not to receive any Demand Notice, Piggyback Notice and/or Shelf Takedown Notice and thereafter
shall not receive any such notices, unless otherwise requested in writing.

 

    	 	- 28 -	 

     

    

 

4.4.       Permitted
Transferees. The rights of a Holder hereunder may be assigned (but only with all related obligations as set forth below) in
connection with a Transfer of Registrable Securities to a Permitted Transferee of that Holder, and upon such Transfer such Holder
shall cease to be a party to this Agreement and shall be relieved and have no further liability arising hereunder for events
occurring from and after the date of such Transfer, except in the case of fraud or intentional misconduct. Without prejudice to any
other or similar conditions imposed hereunder with respect to any such Transfer, no assignment permitted under the terms of this Section 
4.4 will be effective unless the Permitted Transferee to which the assignment is being made, if not a Holder, has delivered to
the Company a written acknowledgment and agreement in form and substance reasonably satisfactory to the Company that the Permitted
Transferee will be bound by, and will be a party to, this Agreement. A Permitted Transferee to whom rights are transferred pursuant
to this Section 4.4 may not again transfer those rights to any other Permitted Transferee, other than as provided in
this Section 4.4.

 

4.5.       Legend
Removal. If a Major Investor, or a Holder (including a Holder of Management Shares (as defined in the Business Combination Agreement)),
holds Registrable Securities that are eligible to be sold without restriction under Rule  144 under the Securities Act (other than
the restriction set forth under Rule 144(i)) or pursuant to an effective registration statement, then, at such Major Investor’s
or Holder’s request, accompanied by such additional representations and other documents as the Company shall reasonably request,
the Company shall cause the Company’s transfer agent to remove any restrictive legend set forth on the Registrable Securities held
by such Holder (including, if required by the Company’s transfer agent, by delivering to the Company’s transfer agent a direction
letter and opinion of counsel).

 

4.6.       Remedies.
The parties to this Agreement shall have all remedies available at law, in equity or otherwise in the event of any breach or violation
of this Agreement or any default hereunder. The parties acknowledge and agree that in the event of any breach of this Agreement, in addition
to any other remedies that may be available, each of the parties hereto shall be entitled to specific performance of the obligations of
the other parties hereto and, in addition, to such other equitable remedies (including preliminary or temporary relief) as may be appropriate
in the circumstances. No delay of or omission in the exercise of any right, power or remedy accruing to any party as a result of any breach
or default by any other party under this Agreement shall impair any such right, power or remedy, nor shall it be construed as a waiver
of or acquiescence in any such breach or default, or of any similar breach or default occurring later; nor shall any such delay, omission
nor waiver of any single breach or default be deemed a waiver of any other breach or default occurring before or after that waiver.

 

4.7.       Amendments.
This Agreement may not be orally amended, modified or extended, nor shall any attempted oral waiver of any of its terms be
effective. This Agreement may be amended, modified or extended, and the provisions hereof may be waived, only by an agreement in
writing signed by the Company, the Terran Founder Parties Representative, the BP Party, the FP Party, the Lockheed Martin
Post-Closing Shareholders, and the Tailwind Two Post-Closing Shareholders in the case of any amendment, modification, extension or
waiver effected prior to the Closing or by the Company and the Major Investors Majority in the case of any amendment, modification,
extension or waiver effected at or after the Closing. Each such amendment, modification, extension or waiver shall be binding upon
each party hereto; provided that (a) the consent of any Major Investor shall be required for any amendment, modification,
extension or waiver which has an adverse effect on the rights, limitations or obligations of such Major Investor and (b) any
such amendment, modification, extension or waiver that by its terms would adversely affect a Holder or group of Holders in a
disproportionate manner relative to the Holders generally shall require the written consent of the Holder (or a majority in
interest based on Registrable Securities of such group of Holders) so affected. In addition, each party hereto may waive any right
hereunder (solely as applicable to such party) by an instrument in writing signed by such party.

 

    	 	- 29 -	 

     

    

 

4.8.        Governing
Law. This Agreement, the rights of the parties hereto under or in connection herewith or in connection with any of the transactions
contemplated hereby, and all actions arising in whole or in part under or in connection herewith or therewith (whether at law or in equity,
whether sounding in contract, tort, statute or otherwise), shall be governed by and construed in accordance with the laws of the State
of Delaware without giving effect to any choice or conflict of laws provision or rule that would cause the application of the laws
of any other jurisdiction.

 

4.9.        Consent
to Jurisdiction; Venue; Service. Each party to this Agreement, by its execution hereof, (a) hereby irrevocably submits to the
exclusive jurisdiction and venue of the Court of Chancery of the State of Delaware located in Wilmington, Delaware, or if (but only if)
such court does not have subject matter jurisdiction, the state or federal courts located in the State of Delaware for the purpose of
any suit, action or other proceeding described in Section 4.8; (b) hereby
waives to the extent not prohibited by applicable law, and agrees not to assert, and agrees not to allow any of its subsidiaries to assert,
by way of motion, as a defense or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the
jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that any such suit, action
or proceeding brought in one of the above-named courts is improper, or that this Agreement or the subject matter hereof may not be enforced
in or by such court; and (c) hereby agrees not to commence or
maintain any such action other than before one of the above- named courts nor to make any motion or take any other action seeking or
intending to cause the transfer or removal of any such action to any court other than one of the above-named courts whether on the grounds
of inconvenient forum or otherwise. Each party to this Agreement hereby also (i) consents to service of process in any action described
in this Section 4.9 in any manner permitted by Delaware law, (ii) agrees that service of process made in accordance
with clause (i) or made by overnight delivery by a nationally recognized courier service addressed to a party’s address specified
pursuant to Section 4.2 shall constitute good and valid service of process in any such action and (iii)  waives and
agrees not to assert (by way of motion, as a defense or otherwise) in any such action any claim that service of process made in accordance
with clause (i)  or (ii)  does not constitute good and valid service of process. Notwithstanding the foregoing in this Section 
4.9, a party may commence any action in a court other than the above-named courts solely for the purpose of enforcing an order or
judgment issued by one of the above-named courts.

 

4.10.      WAIVER
OF JURY TRIAL. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW WHICH CANNOT BE WAIVED, EACH PARTY HERETO HEREBY WAIVES AND COVENANTS
THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO THIS AGREEMENT OR ANY
AND ALL ACTIONS OR PROCEEDINGS (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) DESCRIBED IN SECTION 4.9. EACH PARTY HERETO
ACKNOWLEDGES THAT IT HAS BEEN INFORMED BY THE OTHER PARTIES HERETO THAT THIS SECTION 4.10 CONSTITUTES A MATERIAL INDUCEMENT
UPON WHICH THEY ARE RELYING AND WILL RELY IN ENTERING INTO THIS AGREEMENT. ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR
A COPY OF THIS SECTION 4.10 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT
TO TRIAL BY JURY.

 

    	 	- 30 -	 

     

    

 

4.11.        Merger;
Binding Effect; Assignment. This Agreement constitutes the entire agreement of the parties hereto with respect to the subject matter
hereof, supersedes all prior or contemporaneous oral or written agreements or discussions with respect to such subject matter, and shall
be binding upon and inure to the benefit of the parties hereto and their respective heirs, successors and permitted assigns. Except as
otherwise expressly provided herein, no Holder or other party hereto may assign any of its rights or delegate any of its obligations under
this Agreement without the prior written consent of the other parties hereto, and any attempted assignment or delegation in violation
of the foregoing shall be null and void.

 

4.12.        Additional
Investors. After the date hereof, a holder of Registrable Securities may become an Investor under this Agreement by delivering to
the Company a written acknowledgment and agreement in form and substance reasonably satisfactory to the Company that such holder will
be bound by, and will be a party to, this Agreement (a “Joinder”); provided that except for a Permitted Transferee
no such holder submitting a Joinder following the Closing Date shall be a Major Holder.

 

4.13.        Counterparts.
This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, but all of which taken together shall
constitute one instrument. The parties hereto agree that execution of this Agreement by industry standard electronic signature software
or by exchanging executed signature pages in .pdf format via e-mail shall have the same legal force and effect as the exchange of
original signatures, and each party hereto hereby waives any right to raise in any proceeding arising under or related to this Agreement
any defense or waiver based upon execution of this Agreement by means of such electronic signatures or maintenance of the executed agreement
electronically.

 

4.14.        Severability.
In the event that any provision hereof would, under applicable law, be invalid or unenforceable in any respect, such provision shall be
construed by modifying or limiting it so as to be valid and enforceable to the maximum extent compatible with, and possible under, applicable
law. The provisions hereof are severable, and in the event any provision hereof should be held invalid or unenforceable in any respect,
it shall not invalidate, render unenforceable or otherwise affect any other provision hereof.

 

4.15.        No
Recourse. Notwithstanding anything that may be expressed or implied in this Agreement, the Company and each Holder covenant,
agree and acknowledge that no recourse under this Agreement or any documents or instruments delivered in connection with this
Agreement shall be had against any current or future director, officer, manager, employee, general or limited partner, member or
equityholder of any Holder or of any Affiliate or assignee thereof, as such, whether by the enforcement of any assessment or by any
legal or equitable proceeding, or by virtue of any statute, regulation or other applicable law, it being expressly agreed and
acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any current or future
director, officer, manager, employee, general or limited partner, member or equityholder of any Holder or of any Affiliate or
assignee thereof, as such, for any obligation of any Holder under this Agreement or any documents or instruments delivered in
connection with this Agreement for any claim based on, in respect of or by reason of such obligations or their creation.

 

[Remainder of page intentionally left blank.
Signature pages follow.]

 

    	 	- 31 -	 

     

    

 

IN
WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the date first above written.

 

	Company:	TERRAN ORBITAL CORPORATION
	 	 
	 	
    By:
	/s/
                                            Marc Bell

    

	 	 	Name: Marc Bell
	 	 	Title: President

 

[Signature
Page to Investor Rights Agreement]

 

    	 	 	 

     

    

 

IN
WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the date first above written.

 

	 	TAILWIND TWO ACQUISITION CORP.
	 	 
	 	
    By:
	/s/
                                            Chris Hollod

    

	 	 	Name: Chris Hollod
	 	 	Title: Co-Chief Executive Officer

 

[Signature
Page to Investor Rights Agreement]

 

    	 	 	 

     

    

 

IN
WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the date first above written.

 

	Investors:	 
	 	 
	
     
	/s/
                                 Marc Bell

	 	Marc Bell

 

[Signature
Page to Investor Rights Agreement]

 

    	 	 	 

     

    

 

IN
WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the date first above written.

 

	 	EMANON INVESTMENTS 5, LLC
	 	 
	 	By: 
	/s/
                                            Marc Bell

    

	 	 	Name: Marc Bell
	 	 	Title: President

 

[Signature
Page to Investor Rights Agreement]

 

    	 	 	 

     

    

 

IN
WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the date first above written.

 

	 	TERRAN ORBITAL MANAGEMENT INVESTORS LLC
	 	 
	
     
	By: 
	/s/
                                            Marc Bell

    

	 	 	Name: Marc Bell
	 	 	Title: Managing Member

 

[Signature
Page to Investor Rights Agreement]

 

    	 	 	 

     

    

 

IN
WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the date first above written.

 

	 	/s/ Anthony Previte
	 	Anthony Previte

 

[Signature
Page to Investor Rights Agreement]

 

    	 	 	 

     

    

 

IN
WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the date first above written.

 

	 	ASTROLINK INTERNATIONAL LLC
	 	 
	 	
    By:
	/s/
                                            JC Moran

    

	 	 	Name: JC Moran
	 	 	Title: VP/GM LM Ventures

 

[Signature
Page to Investor Rights Agreement]

 

    	 	 	 

     

    

 

IN
WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the date first above written.

 

	 	LOCKHEED MARTIN CORPORATION
	 	 
	 	
    By:
	/s/
                                            Jack Enright

    

	 	 	Name: Jack Enright
	 	 	Title: Director, Corporate Development

 

[Signature
Page to Investor Rights Agreement]

 

    	 	 	 

     

    

 

IN
WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the date first above written.

 

	 	TAILWIND TWO SPONSOR LLC
	 	 
	 	
    By:
	/s/
                                            Philip Krim

    

	 	 	Name: Philip Krim
	 	 	Title: Manager

 

[Signature
Page to Investor Rights Agreement]

 

    	 	 	 

     

    

 

IN
WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the date first above written.

 

	 	/s/ Tommy Stadlen
	 	Tommy Stadlen

 

[Signature Page to
Investor Rights Agreement]

 

    	 	 	 

     

    

 

IN
WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the date first above written.

 

	 	BPC LENDING II, LLC
	 	 	 	 
	 	By:	/s/ Lawrence M. Goldman
	 	 	Name:	Lawrence M. Goldman 
	 	 	Title: 	Chief Accounting Officer

 

[Signature Page to
Investor Rights Agreement]

 

    	 	 	 

     

    

 

IN
WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the date first above written.

 

	 	BEACH POINT SCF XI LP 
	 	BEACH POINT SCF IV LLC
	 	BEACH POINT SCF MULTI-PORT LP 
	 	BPC OPPORTUNITIES FUND III LP 
	 	BEACH POINT SELECT FUND LP 
	 	BEACH POINT SECURITIZED CREDIT FUND LP
	 	BEACH POINT TX SCF LP
	 	 	 	 
	 	By:	Beach Point Capital Management LP, its Investment Manager
	 	 	 	 
	 	By:	/s/ Allan Schweitzer 
	 	 	Name: 	Allan Schweitzer 
	 	 	Title: 	Portfolio Manager

 

[Signature Page to
Investor Rights Agreement]

 

    	 	 	 

     

    

 

IN
WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the date first above written.

 

	 	BROAD STREET PRINCIPAL INVESTMENTS, L.L.C.
	 	 	 	 
	 	By:	/s/ Dominick Totino
	 	 	Name:	Dominick Totino
	 	 	Title: 	Vice President

 

[Signature Page to
Investor Rights Agreement]

 

    	 	 	 

     

    

 

IN
WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the date first above written.

 

	 	FP CREDIT PARTNERS, L.P.
	 	 	 	 
	 	By:	FP Credit Partners GP, L.P. 
	 	 		Its:	General Partner
	 	 	 	 
	 	By: 	FP Credit Partners GP Management, LLC 
	 	 	 	Its:	General Partner
	 	 	 	 
	 	By:	/s/ Scott Eisenberg
	 	 	Name:	Scott Eisenberg
	 	 	Title:	Managing Director

 

[Signature Page to
Investor Rights Agreement]

 

    	 	 	 

     

    

 

IN
WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the date first above written.

 

	 	/s/ Austin Williams
	 	Austin Williams

 

[Signature Page to
Investor Rights Agreement]

 

    	 	 	 

     

    

 

IN
WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the date first above written.

 

	 	/s/ Daniel Staton
	 	Daniel Staton

 

[Signature Page to
Investor Rights Agreement]

 

    	 	 	 

     

    

 

IN
WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the date first above written.

 

	 	FUEL VENTURE CAPITAL CO-INVEST SERIES, LLC
	 	 	 	 
	 	By:	/s/ Jeff Ransdell
	 	 	Name:	Jeff Ransdell
	 	 	Title: 	Managing Director

 

[Signature Page to
Investor Rights Agreement]

 

    	 	 	 

     

    

 

IN
WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the date first above written.

 

	 	FUEL VENTURE CAPITAL FUND I, LP
	 	 	 	 
	 	By:	/s/ Jeff Ransdell
	 	 	Name:	Jeff Ransdell
	 	 	Title: 	Managing Director

 

[Signature Page to
Investor Rights Agreement]

 

    	 	 	 

     

    

 

IN
WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the date first above written.

 

	 	/s/ James LeChance
	 	James LeChance

 

[Signature Page to
Investor Rights Agreement]

 

    	 	 	 

     

    

 

IN
WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the date first above written.

 

	 	/s/ Jordi Puig-Suari
	 	Jordi Puig-Suari

 

[Signature Page to
Investor Rights Agreement]

 

    	 	 	 

     

    

 

IN
WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the date first above written.

 

	 	/s/ Joseph Berenato
	 	Joseph Berenato

 

[Signature Page to Investor Rights Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the date first above written.

 

	 	/s/ Marco Villa
	 	Marco Villa

  

[Signature Page to Investor Rights Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the date first above written.

 

	 	ROARK’S DRIFT, LLC
	 	 
	 	By: 	/s/
    Joseph Roos
	 	 	Name: 	Joseph Roos
	 	 	Title: 	Managing Member

 

[Signature
Page to Investor Rights Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the date first above written.

 

	 	/s/ Roland Coelho
	 	Roland Coelho

 

[Signature Page to Investor Rights Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the date first above written.

 

	 	/s/ Sean Fitzsimmons
	 	Sean Fitzsimmons

 

[Signature Page to Investor Rights Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the date first above written.

 

	 	STATON TYVAK FAMILY LIMITED PARTNERSHIP
	 	 
	 	By:	/s/ Daniel Staton
	 	 	Name: 	Daniel Staton
	 	 	Title: 	Managing Member

 

[Signature Page to Investor Rights Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the date first above written.

 

	 	/s/ Stratton Scalavos
	 	Stratton Scalavos

 

[Signature Page to Investor Rights Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the date first above written.

 

	 	VVP TO, LLC
	 	 
	 	By:	/s/ Amit Raizada
	 	 	Name: 	Amit Raizada 
	 	 	Title: 	Manager

 

[Signature Page to Investor Rights Agreement]

 

     

     

    

 

SCHEDULE A

 

Major Investors

 

TERRAN PARTIES:

 

Marc Bell

 

Address notices to:

 

Anthony Previte

 

Address notices to:

 

LOCKHEED MARTIN POST-CLOSING SHAREHOLDERS:

 

Astrolink International, LLC

Lockheed Martin Corporation

 

Address notices to:

 

6801 Rockledge Drive, MP 205 

Bethesda, MD 20817 

Attention:     Michael
Elliott, Associate

General Counsel

Email: michael.a.elliott@ lmco.com

 

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

 

Hogan Lovells US LLP

100 International Drive 

Suite 2000 

Baltimore,
MD 21202

Attention:     William
Intner

Email: william.intner@hoganlovells.com

 

     

     

    

 

TAILWIND TWO POST-CLOSING SHAREHOLDERS:

 

Tailwind Two Sponsor LLC

Tommy Stadlen

 

Address notices to:

 

Tailwind Two Acquisition Corp.

150 Greenwich
Street, 29th Floor

New York, NY 10006 

Attention: Matthew Eby 

Email: matthewdeby@gmail.com

 

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

 

Kirkland & Ellis LLP

601 Lexington Avenue

New York, NY 10022 

Attention:     Jonathan
Davis, Chelsea Darnell,

Patrick Salvo and Peter Seligson 

Email: jonathan.davis@kirkland.com,

chelsea.darnell@kirkland.com,

patrick.salvo@kirkland.com and

peter.seligson@kirkland.com

 

BP PARTY

 

Each BP Fund 

c/o Beach Point Capital Management

Suite 6000N 

1620 26th Street 

Santa Monica CA 90404

Attention: Lawrence Goldman 

Email: lgoldman@beachpointcapital.com

 

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

 

Winston & Strawn LLP

333 S. Grand Avenue 

Los Angeles, CA 90071-1543 

Attention:
D.Stephen Antion

Email: SAntion@winston.com

 

     

     

    

 

FP PARTY

 

Francisco Partners

 

Address notices to:

 

Francisco Partners 

1114 Avenue of the Americas 15th Floor

New York, NY 10036 

Attention:     Lee
Rubenstein and Jordan Smith

Email: Lee.rubenstein@franciscopartners.com

and Jordan.smith@franciscopartners.com

 

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

 

Latham & Watkins LLP

505 Montgomery Street 

Suite 2000 

San Francisco, CA 94111-6538

Attention: Haim Zaltzman 

Email:     haim.zaltzman@lw.com

 

     

     

    

 

 

SCHEDULE B

 

Individual Investors

 

PRE-CLOSING TERRAN ORBITAL
SHAREHOLDERS:

 

	Name	Notice
    Address
	Austin
    Williams	 
	Daniel
    Staton	 
	Fuel
    Venture Capital Co-Invest Series, LLC	 
	Fuel
    Venture Capital Fund I, LP	 
	James
    LeChance	 
	Jordi
    Puig-Suari	 
	Joseph
    Berenato	 
	Marco
    Villa	 
	Roark’s
    Drift, LLC	 
	Roland
    Coelho	 
	Sean
    Fitzsimmons	 
	Staton
    Tyvak Family Limited Partnership	 
	Stratton
    Scalavos	 
	VVP
    TO, LLC

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00335-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00335-of-00352.parquet"}]]