Document:

EX-10.25

 Exhibit 10.25 

AGREEMENT FOR THE SALE AND PURCHASE OF THE 

ENTIRE ISSUED SHARE CAPITAL OF: 

VOLT LINES B.V. 

ENTERED INTO BY AND BETWEEN 

THE PARTIES SET FORTH HEREINAFTER 

AMSTERDAM, 29 APRIL 2022 

  

 CONTENT 
  

					
	 1.  DEFINITIONS AND INTERPRETATION
	  	 	6	 
		
	 2.  SALE, PURCHASE AND TRANSFER OF THE SHARES
	  	 	12	 
		
	 3.  PURCHASE PRICE
	  	 	13	 
		
	 4.  DEBT, CASH AND WORKING CAPITAL CERTIFICATE
	  	 	16	 
		
	 5.  CONDITIONS PRECEDENT
	  	 	16	 
		
	 6.  INTERIM PERIOD
	  	 	17	 
		
	 7.  CLOSING
	  	 	18	 
		
	 8.  SELLER’S LIABILITY REGIME
	  	 	20	 
		
	 9.  CLAIMS PROCEDURE
	  	 	23	 
		
	 10.  PAYMENT AND SET OFF OF CLAIMS
	  	 	24	 
		
	 11.  SELLERS’ LIABILITY
	  	 	24	 
		
	 12.  REPRESENTATIONS AND WARRANTIES OF THE BUYER AND SWVL HOLDINGS
	  	 	25	 
		
	 13.  JOINT AND SEVERAL LIABILITY BETWEEN BUYER AND SWVL HOLDINGS
	  	 	26	 
		
	 14.  NON-COMPETE UNDERTAKING
	  	 	26	 
		
	 15.  CONFIDENTIALITY
	  	 	27	 
		
	 16.  FURTHER ASSURANCES
	  	 	27	 
		
	 17.  ASSIGNMENT OF THE AGREEMENT
	  	 	27	 
		
	 18.  TAXES AND EXPENSES
	  	 	27	 
		
	 19.  ENTIRE AGREEMENT
	  	 	28	 
		
	 20.  NO IMPLIED WAIVER
	  	 	28	 
		
	 21.  VARIATIONS
	  	 	28	 
		
	 22.  NO RESCISSION
	  	 	28	 
		
	 23.  INVALIDITY
	  	 	28	 
		
	 24.  NOTARIAL INDEPENDENCE
	  	 	28	 
		
	 25.  NOTICES AND COMMUNICATIONS
	  	 	28	 
		
	 26.  GOVERNING LAW AND JURISDICTION
	  	 	32	 
		
	 27.  COUNTERPARTS
	  	 	33	 
		
	Schedule 1 -Company Capitalization	  	 	38	 
		
	Schedule 2 – Buyer’s Group Structure	  	 	41	 
		
	Schedule 3 – Purchase Price Allocation	  	 	42	 
		
	Schedule 4 – Milestones	  	 	44	 
		
	Schedule 5 – Swvl Shares Undertakings	  	 	45	 
		
	Schedule 6 – Calculation of Net Financial Debt	  	 	46	 
		
	Schedule 7 – Resource Commitment Instalments	  	 	47	 
		
	Schedule 8 – Seller’s Warranties	  	 	48	 

 SALE AND PURCHASE 

AGREEMENT 
 This Agreement is entered into
on 29 April 2022 and effective as of 24 April 2022 (the “Effective Date”) by and between: 
  

	1.	 Mohamad Ali Al Halabi, a Lebanese citizen of legal age, born in Saida Lebanon, on 2 March 1984,
whose elected domicile for the purpose of this Agreement is Al Reem Island, The Gate District, Gate Tower II, 3117, Abu Dhabi, UAE (“Seller 1” or the “Founder”); 

 

	2.	 Khaleej 1 Ltd, a Cayman Islands exempted company, registered under number
MC-295287, whose registered office is at P.O Box 309, Ugland House, Grand Cayman, KYI-1104, Cayman Islands, acting as the agent and the nominee of MEVFII
(“Seller 2”); 

  

	3.	 HEDEF ARAÇ KİRALAMA VE SERVİS A.Ş., a
joint stock company organized and validly existing under the laws of the Republic of Turkey, registered at İstanbul Trade Registry under registration number 508266, having its principal office located at Ofishane, Merkez Mahallesi Cendere
Caddesi No:22 Kat:12-13 Kağıthane, İstanbul (“Seller 3”); 

  

	4.	 March Holding Limited, a limited liability company under the laws of the United ArabEmirates, having its
registered office at Unit 110&111 Level 01 Gate Village Building 06,Dubai Financial Centre, Dubai, United Arab Emirates, registered with the Dubai registrar under number 2441 (“Seller 4”);

  

	5.	 Stichting DAI & Members, a foundation (stichting) duly incorporated and
validly existing under the laws of the Netherlands, with its registered offices at Maslak Mah. AOS 55. Sokak 42, Maslak Sitesi, No: 4 / 557, 34396 Sariyer, Istanbul, Turkey and registered with the trade Register of the Dutch Chamber of Commerce
under number 75526174 (“Seller 5”); 

  

	6.	 Stichting Turkish Investors, a foundation (stichting) duly incorporated and validly existing
under the laws of the Netherlands, with its registered offices at Maslak Mah. AOS 55. Sokak 42, Maslak Sitesi, No: 4 / 557, 34396 Sariyer, Istanbul, Turkey and registered with the trade Register of the Dutch Chamber of Commerce under number 75526034
(“Seller 6”); 

  

	7.	 Stichting MEVP Investors, a foundation (stichting) duly incorporated and validly existing
under the laws of the Netherlands, with its registered offices at Maslak Mah. AOS 55. Sokak 42, Maslak Sitesi, No: 4 / 557, 34396 Sariyer, Istanbul, Turkey and registered with the trade Register of the Dutch Chamber of Commerce under number 75526182
(“Seller 7”); 

  

	8.	 Lill CVC SAPI de CV, a company organized and validly existing under the laws of Mexico having its
registered address at Artilleros 123, Colonia 7 de Julia, Venustiano Carranza, Ciudad de Mexico, 15390, Mexico, under registration number LCV1806086QA (“Seller 8”); 

 

	9.	 Wamda Seed Limited, a company organized and validly existing under the laws of the Cayman Islands,
having its registered address at PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands, and registered with the register of companies under registration number 329833 (“Seller
9”); 

  

	10.	 Stichting Volt Lines ESOP, a foundation (stichting) duly incorporated and validly existing under
the laws of the Netherlands, with its registered offices at Maslak Mah. AOS 55. Sokak 42, Maslak Sitesi, No: 4 / 557, 34396 Sariyer, Istanbul, Turkey and registered with the trade Register of the Dutch Chamber of Commerce under number 81990650
(“Seller 10”); 

  

	11.	 Commoditynet Holding B.V., a private company with limited liability (besloten vennootschap met
beperkte aansprakelijkheid), duly incorporated and validly existing under the laws of the Netherlands, having its registered offices at Ambachtsweg 56 in 3542 DH, Utrecht, the Netherlands and registered with the Trade Register of the Dutch
Chamber of Commerce under number 30271902 (“Seller 11”); 

  

	12.	 WSH, a Cayman Islands company limited by shares, having its registered office at P.O Box 309, Ugland
House, Grand Cayman, KYI-1104, Cayman Islands, registered with the Cayman registrar under number MC- 230084 (“Seller 12”); 

	13.	 Southeast Europe Equity Fund II, LP, a Cayman Islands limited partnership, having its registered
office at the address of c/o Intertrust Trustees (Cayman) Ltd, 190 Elgin Avenue, George Town, Grand Cayman, Cayman Islands KYI-9005, and having certificate of good standing of a partnership numbered OG 16589
issued by Registrar of Limited Partnerships Cayman Islands (“Seller 13”); 

  

	14.	 Swvl GLOBAL FZE, a Limited Liability Free Zone Establishment duly incorporated and validly existing
under the Dubai World Trade Centre Authority (“DWTCA”) Company Rules and Regulations under Dubai law No 9 of 2015, registered with the Mercantile Registrar of Companies of Dubai World Trade Center Authority under number 0361, having its
registered office at Office No:02.08 the offices 4 at One Central, Dubai World Trade Centre and without tax identification code since there is no corporate income tax in UAE (the “Buyer”), duly represented by Mr. Mostafa Essa
Mohamed Mohamed Kandil, a citizen of The Arab Republic of Egypt, of legal age, with professional domicile in Office No: 02.08 the offices 4 at One Central, Dubai World Trade Centre, and holder of valid Passport of his nationality number A-18493071,
who is duly authorized to sign and execute this agreement in his capacity as CEO of the Buyer; 

  

	15.	 Swvl Holdings Corp, a company duly incorporated and existing under the laws of the territory of the
British Virgin Islands, registered with the Registrar of Corporate Affairs of the British Virgin Islands under number 2070410, having its registered office at Maples Corporate Services (BVI) Limited Kingston Chambers, PO Box 173, Road Town, Tortola,
British Virgin Islands (the “Swvl Holdings”), duly represented by Mr. Mostafa Essa Mohamed Mohamed Kandil, a citizen of The Arab Republic of Egypt, of legal age, with professional domicile in Office No: 02.08 the offices 4 at
One Central, Dubai World Trade Centre, and holder of valid Passport of his nationality number A-18493071, who is duly authorized to sign and execute this agreement in his capacity as CEO and a director of Swvl Holdings; and 

 

	16.	 Volt Lines B.V., a private company with limited liability (besloten vennootschap met beperkte
aansprakelijkheid), duly incorporated and validly existing under the laws of the Netherlands, having its registered offices at Jan van Goyenkade 8, 1075 HP Amsterdam, the Netherlands registered with the Trade Register of the Dutch Chamber of
Commerce under number 74802992 (the “Company”); 

 Parties 0 through 13 hereinafter collectively referred to as the
“Sellers” and each individually as a “Seller”. 
 Parties 0 through 16 hereinafter collectively referred to as
“Parties” and each individually as a “Party”. 

 RECITALS 
  

	A.	 The Sellers hold all issued and outstanding shares in the share capital of the Company (the
“Shares”) in the proportions as set forth under Part I of Schedule 1 (Company Capitalization). 

  

	B.	 The Company is the registered owner of the 100% share capital of: 

 

	 	•	 	 Volt Lines Akıllı Ulaşım Teknolojileri ve Taşımacılık Anonim Şirketi
is a private joint stock company (anonim şirket) duly incorporated and existing under the laws of Turkey for an indefinite period of time, registered with the Istanbul Trade Registry (İstanbul Ticaret
Sicili) under the number 104265-5, having its registered office at Sultan Selim Mah. Hümeyra Sok. Nef 09 Sitesi B Blok No:7/217 Kagıthane/Istanbul, Turkey, and holder of the tax identification
number 9250588457 (hereinafter, “Volt Lines Turkey”); and 

  

	 	•	 	 Volt Lines MENA Limited, a private limited liability company duly incorporated and validly existing under the
rules and regulations of Abu Dhabi Global Market, having its registered address at Al Khatem Tower, ADGM Square, Al Maryah Island, Abu Dhabi, UAE, and registered with the ADGM registration authority under registration number 000005720 (hereinafter,
“Volt Lines MENA”). 

 the Company, Volt Lines Turkey and Volt Lines MENA hereinafter jointly referred to
as the “Companies”. 
  

	C.	 The Companies are engaged in the business of the development, implementation and commercialization of
new mobility and transport systems and more in particular, the Companies are the owner of (i) the passenger App (for iOS and Android) named “Volt Lines”, (ii) the driver App (for iOS and Android) named “Volt Lines”, used for
the provision of mobility services (the “Business”). 

  

	D.	 Each of the Foundations has issued depositary receipts in respect of the Shares held by it to the
entities and persons listed in Part II of Schedule 1 (Company Capitalization) (such holders of depositary receipts hereinafter the “DR Holders”). Stichting Volt Lines ESOP has furthermore granted options to
acquire depositary receipts in respect of Shares held by it under the terms laid down in the Company’s ESOP to the persons listed in Part III of Schedule 1 (Company Capitalization) (such persons hereinafter the
“Option Holders”). 

  

	E.	 Buyer’s group structure immediately preceding Closing is depicted in the structure chart attached
as Schedule 2 (Buyer’s Group Structure). 

  

	F.	 Swvl Holdings was engaged in a de-SPAC transaction, as a result
the shareholders of Swvl Inc., a subsidiary of Swvl Holdings, ultimately became shareholders of Pivotal Holdings Corp, which had been trading in the NASDAQ Stock Exchange. Later on, the registered name of the Pivotal Holdings Corp was changed to
Swvl Holdings Corp. According, to the terms and conditions set forth in this Agreement, Swvl Holdings will assume certain obligations of the Buyer vis-à -vis the
Sellers and, among others, will pay on account of the Buyer the portion of the Purchase Price described under Clause 3 below, by the issuance of Swvl Shares. Terms, conditions and tax and accountant implications arising from Swvl Holdings assuming
the payment obligations of the Buyer will be agreed amongst them. 

  

	G.	 The Sellers have granted the Buyer the opportunity to conduct a due diligence investigation into
documents selected by the Founder with respect to the Shares, the Companies and the Business, to which the Buyer and its Representatives were granted access through the Data Room. ( the “Due Diligence Investigation”).

  

	H.	 Each of the Parties obtained all necessary corporate and other internal approvals to enter into this
Agreement and to consummate the transactions contemplated by this Agreement. 

  

	I.	 The Parties wish to set out the terms and conditions under which the Buyer shall purchase and the
Sellers shall sell the Shares, as a result of which, after the transfer of the Shares to the Buyer, the Buyer shall become the sole shareholder of the Company. 

 CLAUSES 
  

	1.	 DEFINITIONS AND INTERPRETATION 

 

	1.1	 In this Agreement and the Schedules unless the context shall otherwise require: 

 

	1.1.1	 words and expressions shall be interpreted in accordance with and have the following meanings:

 “Accountant” has the meaning set out in Clause 3.3.12; 

“Affiliate” means, with respect to any Party, any other person which, directly or indirectly, controls, is controlled by, or
is under common Control with the specified Party with respect to an individual an associate shall also include children, parents, siblings, first cousins, nephews and spouses of such individual; 

“Agreement” means the present agreement including the schedules and annexes thereto; 

“ARR or Annual Recurring Revenue” means the total annual recurring revenue of the Companies (taken as a whole) which is
equal to the monthly revenue of the Companies multiplied by twelve; 
 “Authority” means any international, supranational,
European Union, national, federal, regional, provincial, municipal or other governmental body, authority or court exercising a legislative, judicial, executive, regulatory or self-regulatory, administrative or other governmental function and with
jurisdiction in respect of the relevant matter; 
 “Basket” has the meaning set out in Clause 8.6.1.2; 

“Business” has the meaning set out in Recital C; 

“Business Days” means a day other than a Saturday or Sunday or a public holiday in Turkey and/or Netherlands on which
the majority of the banks are open for business in Turkey or the Netherlands, other than for internet banking services only; 

“Buyer” means Swvl GLOBAL FZE, as specified in the introduction; 

“Buyer’s Group” the Buyer and any of its Affiliates from time to time including the Companies from Closing; 

“Buyer Milestones Statement” has the meaning set out in Clause 3.3.8; 

“Buyer Warranties” has the meaning set out in Clause 12; 

“Cash” has the meaning set out in in Schedule 6 (Calculation of Net Financial Debt); 

“Cash Consideration” has the meaning set out in Clause 3.2.1; 

“Claim” means any claim by the Buyer against the Sellers under this Agreement; 

“Closing” means completion of the matters described in Clause 7 including the transfer (levering) of the Shares
pursuant to this Agreement; 
 “Closing Date” has the meaning set out in Clause 7.1; 

 “Closing Notice” has the meaning set out in Clause 5.2; 

“Commercially Reasonable Efforts” means, with respect to the efforts to be expended by a Party with respect to any objective,
obligation, covenant or agreement under this Agreement, reasonable, diligent good faith efforts to accomplish such objective, obligation, covenant or agreement as such Party would normally use to accomplish a similar objective, obligation, covenant
or agreement as expeditiously as reasonably possible under similar circumstances exercising reasonable business judgement, it being understood and agreed that such efforts will include the exertion of efforts and utilization of resources that would
be used by such Party in support of one of its own wholly owned businesses; 
 “Commission” means the U.S. Securities and
Exchange Commission; 
 “Company” means Volt Lines B.V., as specified in the introduction; 

“Companies” has the meaning set out in recital B; 

“Conditions Precedent” has the meaning set out in Clause 5.1; 

“Confidential Information” has the meaning set out in Clause 15.1; 

“Connected Person to the Sellers “ means, in respect of any Seller: 

 

	 	(i)	 its Affiliates (excluding the Companies); and 

 

	 	(ii)	 each of their respective directors and, in case of a Person which is an individual, the persons within its
first degree of consanguinity or affinity. 

 “Contingent Consideration” has the meaning set out in Clause
3.1; 
 “Contingent Consideration Receivable” has the meaning set out in Clause 3.3.1; 

“Contingent Swvl Shares” has the meaning set out in Clause 3.3.2; 

“Contingent Swvl Shares Price” has the meaning set out in Clause 3.3.2 

“Control” means, with respect to the relevant person, (i) the direct or indirect ownership or control of more than 50%
(fifty per cent) of the (a) ownership interests or (b) voting power at the general meeting or a similar body, of that person, or (ii) the right or ability to (a) appoint or remove or (b) direct the appointment or removal of,
such number of the members of the management board, board of directors or a similar body of that person with the decisive voting power in such body; 

“Damages” means damages (vermogensschade) within the meaning of article 6:96 et seq of the DCC and otherwise as
determined in accordance with title 1, section 10 of book 6 of the DCC, but excluding loss of profits (gederfde winst) and consequential losses (gevolgschade), it further being understood that in calculating Damages, no multiple shall
be applied; 
 “Data Room” means the virtual data room prepared by Sellers and made available to the Buyer and its
Representatives through Google Drive for facilitating the Due Diligence Investigation during the period from 01 April 2022 to 22 April 2022; 

“DCC” means the Dutch DCC (Burgerlijk Wetboek); 

 “Debt, Cash and Working Capital Certificate” has the meaning set out in
Clause 4.1; 
 “de Minimis Franchise” has the meaning set out in Clause 8.5.1 ; 

“Deed of Transfer” means the notarial deed of transfer of the Shares. 

“Disagreement Date” has the meaning set out in Clause 3.3.12; 

“Disclosure Letter” means the letter from the Sellers to the Buyer with annexes thereto in relation to the Sellers’
Warranties to be submitted by the Sellers to the Buyer ultimately 3 (three) Business Days prior to the Closing Date in a form acceptable to the Buyer; 

“DR Holders” has the meaning set out in Recital D; 

“Due Diligence Investigation” has the meaning set out in Recital G; 

“Effective Date” has the meaning set out in the introduction; 

“Encumbrance” means a pledge, mortgage or other security interest of any kind (other than pursuant to Law or constitutional
document), or the commitment to create any of the foregoing and to Encumber shall be construed accordingly; 
 “ESOP”
means the employee stock option plan adopted by the Company in favor of Volt Lines Turkey’s employees that was approved by the Company on 11 March 2021; 

“Eur” or “Euro” means Euros, being one (1.00) USD equivalent to EUR 0.95; 

“FDI Authorization” has the meaning set out in Clause 5.1; 

“Financial Statements” has the meaning set out in section 2.3.1 of the Sellers’ Warranties. 

“Fixed Consideration” means the consideration set forth in Clause 3.1; 

“Fixed Consideration Receivable” has the meaning set out in Clause 3.2.1; 

“Foundations” means Stichting DAI & Members, Stichting MEVP Investors, Stichting Turkish Investors
and Stichting Volt Lines ESOP, collectively; 
 “Founder” means Mr. Ali Halabi, as specified in the
introduction; 
 “Fundamental Warranties” has the meaning set out in Clause 8.1; 

“Gross Financial Debt” has the meaning set out in in Schedule 6 (Calculation of Net Financial
Debt); 
 “Intellectual Property Rights” means any trading names, trademarks, patents and other intellectual or
industrial property, as well as intellectual property rights on the software and computer programs; 
 “Interim Period” has
the meaning set out in Clause 6.1; 

 “Law(s)” means any: (a) law; (b) constitution, decree, judgment,
decision, legislation, order, ordinance, regulation, statute, treaty or other legislative or judicial or legal measure or practice of a regulatory authority; or (c) directive, regulation, practice, concession or requirement which has the force
of law and is issued by any regulatory authority or central bank or other fiscal, monetary, regulatory, self-regulatory or other Authority or agency that has jurisdiction over the Companies or its business; 

“Lockup Expiry Date(s)” has the meaning set out in Schedule 5 (Swvl Shares Undertaking); 

“Long Stop Date” means 1 November 2022; 

“Material Adverse Change” means any event, circumstance, effect, or state of affairs or any combination thereof which is, or
is reasonably likely to be, materially adverse to the business, operations, assets, properties, business or financial condition, results or prospects of any of the Companies after giving effect to the Transactions; provided, however, that any of the
following shall not constitute a Material Adverse Change: (i) event, circumstance, effect, or state of affairs or any combination thereof that it caused by conditions affecting the economy in general or the economy of any nation or region in
which any of the Companies conducts business that it material to the business of such the Companies, taken as a whole, (ii) any event, circumstance, effect, or state of affairs or any combination thereof that it caused by conditions affecting
the industry and/or market in which the Companies are active and/or (iii) event, circumstance, effect, or state of affairs or any combination thereof that it caused by condition affecting the financial market; 

“Milestones” means the milestones specified in Schedule 4 (Milestones); 

“Milestones Term” means the period between the Closing Date and the first anniversary of the Closing Date; 

“NASDAQ” means National Association of Securities Dealers Automated Quotations; 

“Net Financial Debt” means the financial debt of the Companies, calculated as provided in Schedule 6
(Calculation Net Financial Debt); 
 “Notary” means Ms. I.N van den Bergh,
civil-law notary (notaris), or her deputy (plaatsvervanger) or any other civil law notary of Van Campen & Partners N.V.; 

“Open Issues” has the meaning set out in Clause 3.3.12; 

“Option Holders” has the meaning set out in Recital D; 

“Parties” means all parties to this Agreement as defined in the introduction to this Agreement and “Party”
shall be construed accordingly; 
 “Person” means any individual, corporation, partnership, trust, limited liability
company, association or other entity; 
 “Protected Swvl Shares” has the meaning set out in Schedule 5
(Swvl Shares Undertakings); 
 “Purchase Price” has the meaning set out in Clause 3.1; 

“Purchase Price Beneficiaries” means the persons set out in Schedule 3 (Purchase Price Allocation); 

“RC Instalment(s)” has the meaning set out in Clause 3.4.1; 

 “Relevant Proportion” means in respect of a Seller its share in the
Purchase Price which depends on the ultimate amount/value of the Purchase Price at the moment when (the relevant portion of) the Purchase Price is paid to such Seller; 

“Representatives” means, in relation to a person, (i) any and all persons authorized to represent such person (whether or
not such authority is subject to limitations), (ii) such person’s directors, officers and employees (whether or not authorized to represent such person) and (iii) any of the professional advisers of such person. 

“Resource Commitment” has the meaning set out in Clause 3.4.1; 

“Resource Commitment Deadline” has the meaning set out in Clause 3.4.1; 

“Shareholders’ Agreement” means the shareholders’ agreement regarding the Company in force before the Effective
Date; 
 “Shares” has the meaning set out in recital A; 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulation promulgated thereunder; 

“Seller(s)” has the meaning set out in the introduction of this Agreement; 

“Seller 1” has the meaning set out in the introduction of this Agreement; 

“Seller 2” has the meaning set out in the introduction of this Agreement; 

“Seller 3” has the meaning set out in the introduction of this Agreement; 

“Seller 4” has the meaning set out in the introduction of this Agreement; 

“Seller 5” has the meaning set out in the introduction of this Agreement; 

“Seller 6” has the meaning set out in the introduction of this Agreement; 

“Seller 7” has the meaning set out in the introduction of this Agreement; 

“Seller 8” has the meaning set out in the introduction of this Agreement; 

“Seller 9” has the meaning set out in the introduction of this Agreement; 

“Seller 10” has the meaning set out in the introduction of this Agreement; 

“Seller 11” has the meaning set out in the introduction of this Agreement; 

“Seller 12” has the meaning set out in the introduction of this Agreement; 

“Seller 13” has the meaning set out in the introduction of this Agreement; 

“Sellers’ Group” the Sellers and any of their Affiliates from time to time with the exception of the Companies from
Closing; 
 “Sellers Milestones Statement” has the meaning set out in Clause 3.3.9; 

 “Sellers’ Warranties” has the meaning set out in Clause 8.1; 

“Swvl Holdings” has the meaning set out in recital F; 

“Swvl Shares” has the meaning set out in Clause 3.2.2; 

“Swvl Shares Price” has the meaning set out in Clause 3.2.2; 

“Swvl Shares Undertakings” means the undertakings to be entered into by and between each of the Purchase Price Beneficiaries
on the one hand and Swvl Holdings and the Buyer on the other hand, in which the undertakings as specified in Schedule 5 (Swvl Shares Undertakings) shall be laid down. 

“Tax” or “Taxes” means (i) all national, regional, local, municipal, foreign or other taxes including,
without limitation, taxes, whether direct or indirect, and whether levied by reference to income, profits, gains, net wealth, gross receipts, license, excise, severance, stamp, occupation, premium, franchise, real property, personal property, sales,
use, transfer, registration, escheat, unclaimed property, asset values, turnover, value added or other reference and local or municipal imposition, duties, contributions and levies (including employment contributions, payroll taxes and social
security contributions), whenever and wherever imposed (whether imposed by way of a withholding or deduction for or on account of tax otherwise), in respect of the Companies, and (ii) any related interest, fines or penalties relating to the
foregoing or resulting from a failure to comply with any provisions of any enactment relating to tax; 
 “Third Party Claim”
has the meaning set out in Clause 9.2.1; 
 “Transaction” means the transfer by the Sellers to the Buyer of the Shares,
pursuant to the terms and conditions of this Agreement; 
 “Transaction Documents” means this Agreement and any other
relevant document required for the Transaction to occur; 
 “USD”, US Dollars or “$” means United
Stated Dollars; 
 “Volt Lines Turkey” has the meaning set out in recital B; 

“Volt Lines MENA” has the meaning set out in recital B; 

“Warranty Breach” means any fact or circumstance which causes any of the Sellers’ Warranties to be untrue or misleading
on the date of this Agreement or on the date of Closing; 
 “Working Capital” means the difference between assets and
liabilities of the Companies at Closing; 
  

	1.2	 In this Agreement, unless otherwise specified: 

 

	1.2.1	 references to a “company” shall be construed so as to include any company, corporation or other body
corporate or other legal entity, wherever and however incorporated or established; 

  

	1.2.2	 references to clauses, paragraphs, schedules and annexes are to clauses, paragraphs, schedules and annexes to
this Agreement; 

  

	1.2.3	 references to a “person” shall be construed so as to include any private individual, legal entity
(rechtspersoon), firm, company, government, state or agency of a state or any joint venture, association or partnership (whether or not having separate legal personality) and that person’s successors in title and permitted assigns and
transferees; 

	1.2.4	 any reference to a “day” or a number of “days” (without the explicit qualification of
“Business” in front) shall be interpreted as a reference to a calendar day or number of calendar days. If any action or notice is to be taken or given on or by a particular calendar day, and such calendar day is not a Business Day, then
such action or notice shall be deferred until, or may be taken or given, on the next Business Day; 

  

	1.2.5	 any reference in this Agreement to “including” means “including, without limitation”;

  

	1.2.6	 words denoting the singular shall include the plural and vice versa; 

 

	1.2.7	 headings to clauses and schedules are for convenience only and do not affect the interpretation of this
Agreement; 

  

	1.2.8	 the schedules and annexes form part of this Agreement and shall have the same force and effect as if expressly
set out in the body of this Agreement, and any reference to this Agreement shall include the schedules and annexes; 

  

	1.2.9	 references to documents in the “agreed form” means a reference to a document in the form agreed
between the relevant Parties as being final, subject to such amendments as may be agreed from time to time in writing between the relevant Parties; 

  

	1.2.10	 any references to a “subsidiary” (dochtermaatschappij), “group company”
(groepsmaatschappij) or “participation” (deelneming) are to be construed in accordance with articles 2:24a, 2: 24b and 2: 24c of the DCC; 

 

	1.2.11	 references to “written’ or “in writing” include any mode of reproducing words in a legible
and non-transitory form; 

  

	1.2.12	 references to a law, provision of law or regulation includes a reference to that law, provision of law or
regulation as amended or re-enacted from time to time, as well as to the law, provision of law or regulation by which it is replaced; 

 

	1.2.13	 references to “Sellers’ knowledge” or words or expressions of a similar nature shall be deemed
to refer to the conscious awareness of the Sellers or the Founder. 

  

	1.2.14	 where information is qualified by the expression “fairly disclosed”, the information concerned is
limited to the information which is or should be reasonably apparent to a prudent and diligent buyer or any of its Representatives placed in the same circumstances as the Buyer, the Buyer’s relevant Affiliates, or their respective
Representatives after a diligent review thereof; 

  

	1.3	 Terms in this Agreement refer to Dutch legal concepts only and shall be interpreted accordingly. The use of
these or similar terms in any other jurisdiction shall be disregarded. In respect of any jurisdiction other than the Netherlands, references to any Dutch legal concept shall be deemed to refer to the concept that most approximates to the Dutch legal
term in that jurisdiction. 

  

	1.3.1	 References to any Dutch legal term for any action, remedy, method or judicial proceeding, legal document, legal
status, court, official, or any legal concept or thing shall in respect of any jurisdiction other than the Netherlands be deemed to include what most nearly approximates in that jurisdiction to the Dutch legal term. 

 

	2.	 SALE, PURCHASE AND TRANSFER OF THE SHARES 

 

	2.1	 The Sellers hereby sell the Shares to the Buyer and the Buyer hereby purchases the Shares from the Sellers, on
the terms and subject to the conditions of this Agreement. 

  

	2.2	 The Sellers agree to transfer to the Buyer the Shares and the Buyer agrees to accept such Shares from the
Sellers, on the Closing Date, free from Encumbrances and with all rights attached to them by way of execution of the Deed of Transfer. 

  

	2.3	 Subject to Closing, and the terms and conditions of this Agreement, the Shares, the Companies and the Business
shall be for the benefit and risk of the Buyer with effect from the Closing Date. 

	2.4	 To the extent necessary, the Company and the Founder (in their capacity as holders of depositary receipts
issued by Stichting Volt Lines ESOP in respect of the Shares held by it) hereby agree to the sale and transfer by Stichting Volt Lines ESOP of the Shares held by it to the Buyer. 

 

	3.	 PURCHASE PRICE 

 

	3.1	 The Purchase Price for the Shares (the “Purchase Price”) shall be the sum of:

  

	 	(i)	 a fixed consideration set out in Clause 3.2 (the “Fixed Consideration”); and

  

	 	(ii)	 subject to (partial) achievement of the Milestones, a contingent consideration set out in Clause 3.3.1 (the
“Contingent Consideration”). 

  

	3.2	 Fixed Consideration 

  

	3.2.1	 The Fixed Consideration shall comprise: 

 

	 	(i)	 a cash payment in the amount of USD 5,000,000 (five million US Dollars) payable by the Buyer and/or Swvl
Holdings to the Purchase Price Beneficiaries in the proportions as set out in Schedule 3 (Purchase Price Allocation) on the bank accounts of the Purchase Price Beneficiaries communicated to the Buyer at Closing, within 6 months after
the Closing Date (the “Cash Consideration”); and 

  

	 	(ii)	 an in kind component comprising a receivable in the amount equal to the value of the Swvl Shares (as defined
below) at the Closing Date (the “Fixed Consideration Receivable”), payable by way of set-off against the Swvl Shares Price (as hereinafter defined) in accordance with Clause 3.2.2.

  

	3.2.2	 Swvl Holdings hereby assumes the payment obligation of the Buyer towards the Sellers ensuing from the Fixed
Consideration Receivable, as a result of which the Sellers shall have a receivable against Swvl Holdings in the amount of the Fixed Consideration Receivable. Swvl Holdings shall at Closing issue to the Purchase Price Beneficiaries 1,400,000 (one
million four hundred thousand) Class A Common Shares (the “Swvl Shares”) against an aggregate purchase price equal to the Fixed Consideration Receivable (the “Swvl Shares
Price”), which shall be settled by the Sellers by way of offsetting the Swvl Shares Price against the Fixed Consideration Receivable (which is assigned to Swvl Holdings pursuant to this Clause 3.2.2). 

 

	3.2.3	 The Fixed Consideration shall be allocated among the Purchase Price Beneficiaries in accordance with
Schedule 3 (Purchase Price Allocation). More specifically, Parties hereby agree and acknowledge that: 

  

	 	(i)	 the Cash Consideration and the Swvl Shares accruing to each of the Foundations are considered to be
‘proceeds’ or ‘DR Proceeds’ within the meaning ascribed thereto in the terms and conditions of administration of each of the Foundations and the ESOP, respectively, which ‘proceeds’ or ‘DR Proceeds’ (as
applicable) should be paid to the DR Holders and the Option Holders, respectively it being understood however that the depositary receipts in respect of Shares issued by Stichting Volt Lines ESOP to the Company as reflected in Schedule
1 (Company Capitalization) shall not entitle the Company to any portion of the Purchase Price as on the basis of the ESOP such portion of the Purchase Price is deemed to be allocated to the Option Holders and to the extent necessary
the Company hereby expressly waives any and all entitlement to the Purchase Price accruing to the depositary receipts in respect of Shares issued by Stichting Volt Lines ESOP and held by the Company as reflected in Schedule 1
(Company Capitalization). 

  

	 	(ii)	 each of the Foundations hereby directs Swvl Holdings to pay or issue (as applicable) the portion of the Cash
Consideration and the Swvl Shares to which it would otherwise be entitled pursuant to Clause 3.2.2 to the DR Holders and the Option Holders in the proportions set forth in Schedule 3 (Purchase Price Allocation).

  

	3.2.4	 The Swvl Shares shall be made subject to certain lockup restrictions as specified in the Swvl Shares
Undertakings to be signed by all Purchase Price Beneficiaries at Closing in accordance with Clause 7.4.1(vi). 

	3.2.5	 The Fixed Consideration is definitive and final and is not subject to any adjustment. 

 

	3.3	 Contingent Consideration 

 

	3.3.1	 In addition to the Fixed Consideration, the Sellers shall be entitled to receive from the Buyer, as an
additional consideration for the Shares transferred by the Sellers to the Buyer under this Agreement, an contingent consideration in kind comprising a receivable equal to the value of the Contingent Swvl Shares (as hereinafter defined) which shall
become due and transferable subject to achievement by the Companies of the Milestones (the “Contingent Consideration Receivable”), payable by way of set-off against the Contingent Swvl Shares
Price (as hereinafter defined) in accordance with Clause 3.3.2. 

  

	3.3.2	 Swvl Holdings hereby assumes the payment obligation of the Buyer towards the Sellers ensuing from the
Contingent Consideration Receivable, as a result of which the Sellers shall have a receivable against Swvl Holdings in the amount of the Contingent Consideration Receivable. Subject to the (partial) achievement of the Milestones, Swvl Holdings shall
issue to the Purchase Price Beneficiaries in accordance with the proportions set forth in Schedule 3 (Purchase Price Allocations) up to 1,800,000 (one million eight hundred thousand) Class A Common Shares of Swvl Holdings
(the “Contingent Swvl Shares”) against an aggregate purchase price equal to the Contingent Consideration Receivable (the “Contingent Swvl Shares Price”), which shall be settled by the Sellers by way of
offsetting the Contingent Swvl Shares Price against the Contingent Consideration Receivable (which is assigned to Swvl Holdings pursuant to Clause 3.3.2). 

  

	3.3.3	 The Contingent Consideration shall be allocated among the Purchase Price Beneficiaries in accordance with
Schedule 3 (Purchase Price Allocation). More specifically, Parties hereby agree and acknowledge that the Contingent Swvl Shares accruing to each of the Foundations are considered to be ‘proceeds’ or ‘DR
Proceeds’ within the meaning ascribed thereto in the terms and conditions of administration of each of the Foundations and the ESOP, respectively, which ‘proceeds’ or ‘DR Proceeds’ (as applicable) should be paid to the DR
Holders and the Option Holders, respectively. Therefore, each of the Foundations hereby directs Swvl Holdings to issue the Contingent Swvl Shares to which it would otherwise be entitled pursuant to Clause 3.3.2 (and for the avoidance of doubt
subject to the (partial) achievement of the Milestones) to the DR Holders and the Option Holders in the proportions set forth in Schedule 3 (Purchase Price Allocation), which issuance of Contingent Swvl Shares shall be effected
in accordance with Clause 3.3.16. 

  

	3.3.4	 The Contingent Swvl Shares shall be made subject to certain restrictions and protections as specified in the
Swvl Shares Undertakings to be signed by each of the Purchase Price Beneficiaries on the other hand at Closing in accordance with Clause 7.4.1(vi) and Clause 7.7.1(i). 

 

	3.3.5	 The Parties expressly agree that the Contingent Swvl Shares that have become due and issuable to the Sellers
subject to achievement of the Milestones shall at the end of the Milestone Term be issued by Swvl Holdings in accordance with Clause 3.3.16. The Contingent Swvl Shares shall in no event constitute or be deemed as a recurrent or regular (annually or
otherwise) payment, remuneration or consideration of any nature. 

  

	3.3.6	 In case where certain Milestones are achieved in Volt Lines Turkey, expansion of the Companies to the Turkic
States, firstly to Azerbaijan, shall be dully carried out by the Buyer. 

  

	3.3.7	 The Sellers and the Buyer shall discuss the progress made on the Milestones on a quarterly basis, during which
meeting the Sellers and the Buyer shall jointly determine whether the relevant Milestone has been completed. 

  

	3.3.8	 As soon as possible after the end of the Milestones Term, the Buyer shall confirm (partial) achievement of the
Milestones to the Sellers in writing accompanied by the relevant calculations and evidence for the (partial) fulfilment of the Milestones (the Buyer Milestones Statement). 

	3.3.9	 Within 10 (ten) Business Days following delivery thereof to the Sellers, the Sellers shall review the Buyer
Milestones Statement and, on the basis of such review, notify the Buyer of any item or items they wish to dispute. Such notification shall include a summary of the reasons for such dispute and a list of proposed adjustments, substantiated in
reasonably sufficient detail so as to allow reasonable assessment thereof by the Buyer and the Buyer’s accountant (such notification hereinafter referred to as the Sellers Milestones Statement). 

 

	3.3.10	 If upon expiry of the aforesaid objection period of 10 (ten) Business Days no Sellers Milestones Statement has
been received by the Buyer or if the Sellers notified the Buyer that there are no items they wish to dispute, the Buyer Milestones Statement shall be binding on the Parties. 

 

	3.3.11	 The Parties shall give each other all information and assistance required or desirable for the preparation by
the Buyer or the review by the Sellers, as the case may be, of the drafts of the Buyer Milestones Statement and the Sellers Milestones Statement. 

  

	3.3.12	 If a Sellers Milestones Statement has been received by the Buyer, the Parties shall try to amicably resolve the
issue. Should they fail to do so within 10 (ten) Business Days of the end of the aforesaid objection period of 10 Business Days (for the purpose of this Clause the Disagreement Date), then any such unresolved issue (for the purpose of this
article the Open Issues) shall be submitted to and settled by an accountant of an independent reputable firm of accountants (for the purpose of this article the Accountant) to be jointly appointed by the Sellers and the Buyer within 2
(two) weeks of the Disagreement Date or, if the Parties fail to agree on such appointment within that period, by the Chairman of the Netherlands Institute of Registered Accountants (Nederlandse Beroepsorganisatie van Accountants). The Parties
shall within 20 (twenty) Business Days after such appointment submit the Buyer Milestones Statement and the Sellers Milestones Statement and statements of their respective positions in writing to the Accountant. The Accountant shall determine the
further procedural rules at his discretion. 

  

	3.3.13	 The Parties undertake to procure that the Accountant shall then finally resolve the Open Issues by way of a
binding advice (bindend advies) in accordance with this Agreement and notify the Parties of his decision, determining the final (partial) achievement of the Milestones as promptly as possible and in any event no later than 60 (sixty) Business
Days after his appointment. The fees and expenses arising out of the engagement of the Accountant shall be borne as allocated by the Accountant at his discretion, failing which they shall be borne by the Party which on balance has been found to be
in error. Any costs allocated to the Sellers shall be borne by them in accordance with each of their Relevant Proportions. 

  

	3.3.14	 The failure of either Party to timely submit to the Accountant a written statement of its position or to
otherwise fail to respond to any request of the Accountant for information, shall not preclude or delay the Accountant’s determination of the Open Issues on the basis of the information which will have been submitted. 

 

	3.3.15	 The Parties shall, and the Buyer shall procure that the Companies shall, give all information and assistance to
the Accountant requested by the Accountant for the preparation of his binding advice. Simultaneously with providing such information to the Accountant, the Parties shall provide each other with the same information. 

 

	3.3.16	 No later than 10 (ten) Business Days after the (partial) achievement of the Milestones has been finally agreed
or established pursuant to Clauses 3.3.8 through 3.3.15 or Clause 3.4.2, Swvl Holdings shall pass a board resolution to authorise the issuance of the relevant number of Contingent Swvl Shares to the Purchase Price Beneficiaries in the proportions
set out in Schedule 3 (Purchase Price Allocation) and provide the Purchase Price Beneficiaries with an updated register of members which reflects the Purchase Price Beneficiaries as holders of the Contingent Swvl Shares.

  

	3.4	 Resource Commitment 

  

	3.4.1	 The Buyer and Swvl Holdings hereby commit to contribute cash in the aggregate amount of USD 25,000,000.00
(twenty-five million US Dollars) (the “Resource Commitment”) to the Companies in order to allow for the Milestones be fulfilled in a timely manner and contribute to the growth of the Companies, which Resource Commitment shall be
made available in several instalments as set forth in Schedule 7 (Resource Commitment Instalments) (each such instalment an “RC Instalment” and jointly the “RC Instalments”) and
the entire amount of the Resource Commitment shall in any case be made available to the Companies ultimately by 10 October 2023 (the “Resource Commitment Deadline”), provided however that (i) any contributions made
available by 

	 	
the Buyer and Swvl Holdings to the Companies with the sole purpose of M&A activities conducted by any of the Companies shall not be considered to form part of the Resource Commitment and
(ii) the amounts provided as a Resource Commitment themselves shall not be considered to constitute revenue and shall not be taken into account when calculating the relevant ARRs and thereby the determination of (partial) achievement of
the Milestones. 

  

	3.4.2	 In the event that any RC Instalment (including any Instalments that falls due in accordance with
(i) below) is not provided by the Buyer and/or Swvl Holdings before the deadline applicable to such instalment under Schedule 7 (Resource Commitment Instalments): 

 

	 	(i)	 the subsequent 3 (three) instalments due under Schedule 7 (Resource Commitment
Instalments) shall become due and payable by the Buyer and/or Swvl Holdings at once before the date on which the subsequent Instalment is due under Schedule 7 (Resource Commitment Instalments); and 

 

	 	(ii)	 such portion of the Contingent Swvl Shares as is equal to the same proportion in which the relevant Instalment
bears to the aggregate amount of the Resource Commitment shall become immediately due and issuable to the Purchase Price Beneficiaries in accordance with Clause 3.3.16 and the lockup restrictions applicable to such portion of Contingent Swvl Shares
on the basis of the Swvl Shares Undertakings shall cease to apply to the Contingent Swvl Shares. 

  

	3.5	 Indemnification payment adjustments 

 

	3.5.1	 Any and all indemnification payments made by the Sellers to the Buyer pursuant to this Agreement shall be
treated for tax purposes as adjustments to the Purchase Price. 

  

	4.	 DEBT, CASH AND WORKING CAPITAL CERTIFICATE 

 

	4.1	 The Sellers will provide to the Buyer five (5) Business Days prior to the Closing Date a certificate (the
“Debt, Cash and Working Capital Certificate”) stating: 

  

	4.1.1	 the amount of cash available (and free of disposal and not subject to any encumbrance or restriction) on that
date in (i) all of the bank accounts of the Companies, (ii) any bank deposits held by the Companies; and (iii) any other equivalent asset that may be included in any cash caption of the annual accounts; 

 

	4.1.2	 the amount of the Net financial Debt on that date and calculated in accordance with the terms and conditions
set forth under Schedule 6 (Calculation of Net Financial Debt) and the amount of Working Capital on that date. 

  

	4.2	 The Debt, Cash and Working Capital Certificate shall be prepared and issued by the CEO of the Company,
according to the terms set forth in this Agreement. 

  

	4.3	 The Debt, Cash and Working Capital Certificate shall only be delivered by the Sellers for information purposes
of the Buyer and shall have no impact on the Purchase Price or any other payment to be made by the Buyer in accordance with this Agreement. 

  

	5.	 CONDITIONS PRECEDENT 

 

	5.1	 The obligations of the Parties to complete the Transaction is subject to the satisfaction or waiver on the
terms set forth therein of the following conditions precedent (the “Conditions Precedent”) prior to the Long Stop Date: 

  

	 	(i)	 The Buyer obtaining written confirmation from the relevant Authority that no foreign direct investment
authorization is required, on legal regime of capital movements and economic transactions outside the country and on certain anti-money laundering measures (the “FDI Authorization”), or, if the relevant
Authority confirms that the FDI Authorization is required, the Buyer, with the assistance of the Sellers, obtaining the FDI Authorization; 

  

	 	(ii)	 no Warranty Breach has occurred or being likely to occur; and 

 

	 	(iii)	 no Material Adverse Change has occurred between the date of this Agreement and Closing Date.

	5.2	 The Parties undertake to use all Commercially Reasonable Efforts so that the Conditions Precedent is satisfied
as soon as possible after the execution of this Agreement. The Buyer shall promptly give notice to the Seller of the satisfaction of the Conditions Precedent (and in any event within five (5) Business Days as from such moment) (the
“Closing Notice”). 

  

	5.3	 The Parties’ obligation to carry out the Closing actions in accordance with Clause 7.3 shall be effective
from the date on which the Conditions Precedent has been satisfied or waived by the Buyer, or in case of the Condition Precedent included under Clause (ii) by the Buyer and the Sellers, on the terms set forth herein. 

 

	5.4	 This Agreement is effective by means of its execution by the Parties, being therefore binding and enforceable
upon them from the date hereof; provided, however, that Closing is subject to the Conditions Precedent being satisfied or waived. Upon the satisfaction or waiver of the Conditions Precedent, and the occurrence of the Closing, in each case on the
terms set forth herein, the effectiveness of the purchase and sale of the Shares shall be as of the Closing Date. 

  

	5.5	 In case that the Conditions Precedent is not satisfied or waived at the Long Stop Date, the Buyer and the
Sellers shall each have the right (but not the obligation) to terminate this Agreement and the Transaction contemplated hereunder, provided that a Party may not give such termination notice if it is in material breach of its obligations, covenants
and undertakings set out in this Agreement. If the Buyer or any Seller terminates this Agreement pursuant to this Clause, this Agreement shall then automatically terminate and be of no further force or effect and no Party shall have any claim
hereunder of any nature whatsoever against the other Party without prejudice to any accrued rights they may have and the Sellers shall retain ownership of the Shares, provided however that Clauses 15, 25 and 26 shall survive termination of this
Agreement and shall continue in full force and effect. 

  

	6.	 INTERIM PERIOD 

 

	6.1	 From the Effective Date, the Sellers undertake to manage and operate the Companies in the ordinary course of
business in accordance with past practices and in all material respects until the Closing Date (the “Interim Period”) and in particular, during the Interim Period, they undertake that the Companies do not:

  

	 	(i)	 carry on any business other than its business carried on by it as at the Effective Date; 

 

	 	(ii)	 make any substantial change to the nature or organization of its Business; 

 

	 	(iii)	 discontinue or cease to operate all or a material part of the Business; 

 

	 	(iv)	 acquire or agree to acquire any share or other interest in any company, entity, partnership or other venture;

  

	 	(v)	 dispose of any part of its assets except in the ordinary course of trading; 

 

	 	(vi)	 enter into any agreement or incur any commitment involving any capital expenditure which, together with all
other capital commitments entered into between the date of this Agreement and the Closing Date, exceeds USD 250,000; 

  

	 	(vii)	 terminate or adversely change the terms of any material contract 

 

	 	(viii)	 increase the salary of any officer, director or employee of the Companies except for increases (i) carried
out in accordance with the terms of the employment contracts which are in force as of the date hereof; (ii) carried out in accordance with the terms of collective bargaining agreements, collective agreements or other similar arrangements
binding upon the Companies, as may be amended during the Interim Period following standard practices in the sector or of the Companies; 

  

	 	(ix)	 hire any employee with a fixed annual salary in excess of USD 75,000, except to the extent that any such
employee is hired to replace another whose fixed annual salary exceeded such amount; 

  

	 	(x)	 grant to, or otherwise enter in to, any loans for the benefit (whether direct or indirect) of any officer,
director or employee; or 

  

	 	(xi)	 pay any employment bonus or any other irregular or non-ordinary course
benefit or payment to any officer, director or employee; 

  

	 	(xii)	 assign, license, charge or otherwise dispose of any Intellectual Property Rights other than software licenses
of use which may be granted in the ordinary course of business; 

  

	 	(xiii)	 incur any additional borrowings (other than as expressly provided for in this agreement or by bank overdraft or
similar facility in the ordinary course of business and within the limits subsisting at the date of this Agreement) or incur any other financial indebtedness; 

	 	(xiv)	 declare, make or pay any dividend or other kind of distribution (including the reimbursement of contributions)
to shareholders; 

  

	 	(xv)	 take part in any merger, spin-off or any other structural change or winding-up or file an application for insolvency or liquidation; 

  

	 	(xvi)	 make any change in its business structure or organization; 

 

	 	(xvii)	 increase or decrease its share capital, issue any new shares, options, warrants, bonds or any other securities
or rights granting the right to acquire or subscribe for shares in the Companies; and 

  

	 	(xviii)	 grant or create any charge over any asset or shares of the Companies, other than charges arising by operation
of Law in the ordinary course of business. 

  

	6.2	 Notwithstanding the provisions of Clause 6.1 above, the Sellers may request authorization from the Buyer in
order to carry out the actions provided for in such clause, by means of a written notice to the Buyer and which shall not be unreasonably withheld or delayed by the Buyer. In the event that the Buyer do not respond to the notification of the Sellers
within five (5) days from the receipt of the same, the Sellers shall be entitled to carry out such actions. 

  

	7.	 CLOSING 

  

	7.1	 Date and location 

Closing shall take place at the offices of the Notary on the 10th Business Day following the date on which
the Conditions Precedent has been satisfied or waived on the terms set forth in Clause 5 above, or such other time and place as the Buyer and the Sellers may agree to in writing (the “Closing Date”). 

 

	7.2	 Debt Cash and Working Capital Certificate 

The Sellers shall deliver to the Buyer five (5) Business Days prior to the date on which Closing is envisaged to take place the Debt, Cash and Working
Capital Certificate. 
  

	7.3	 Disclosure Letter 

  

	7.3.1	 Ultimately 3 (three) Business Days prior to the Closing Date the Sellers shall deliver the signed Disclosure
Letter to the Buyer. 

  

	7.3.2	 Ultimately on the Closing Date the Buyer will confirm its (potential) approval of the Disclosure Letter to the
Sellers in writing. 

  

	7.4	 Actions at Closing 

  

	7.4.1	 Each Party shall take (or has taken), or procures to be taken, the following actions in the sequence set out
below, each such action up to Closing being conditional upon each of the preceding actions having been taken: 

  

	 	(i)	 the Sellers shall deliver to the Notary the original shareholders register of the Company which reflects the
Sellers as the owners of the Shares and that the Shares are not Encumbered; 

  

	 	(ii)	 the Sellers shall deliver to the Buyer signed resignation letters and signed shareholder’s resolutions of
the Companies relating to the resignation of, and giving full discharge to, the current board members of the Companies and appointing new board members of the Companies; 

 

	 	(iii)	 the Buyer and the Founder shall enter into an indemnification agreement pursuant to which the Buyer will
indemnify the Founder for any Damages suffered by him in his capacity of board member of any of the Companies as of Closing, except for any Damages to have resulted from the fraud or gross negligence of the Founder; 

 

	 	(iv)	 the Sellers shall deliver proof that any and all powers of attorney granting the authority to any (legal)
person to represent any of the Companies shall be withdrawn effective as of Closing; 

	 	(v)	 the Sellers shall deliver to the Notary powers of attorney duly executed on behalf of the Sellers and the
Company, respectively, and, to the extent required by the Notary, legalized and apostilled, and the Buyer shall deliver to the Notary a power of attorney duly executed on behalf of the Buyer and, to the extent required by the Notary, legalized and
apostilled, in each case authorizing their respective representatives / the Notary to attend to and execute the Deed of Transfer; 

  

	 	(vi)	 The Buyer shall deliver to the Sellers the Swvl Shares Undertakings duly executed on behalf of Swvl Holdings;

  

	 	(vii)	 the Sellers shall provide to the Buyer a written proof of termination of the Shareholders’ Agreement
effective as of Closing; 

  

	 	(viii)	 Swvl Holdings shall pass a board resolution to authorise the issuance of the relevant number of Swvl Shares to
the Purchase Price Beneficiaries in the proportions set out in Schedule 3 (Purchase Price Allocation) and provide the Purchase Price Beneficiaries with an updated register of members which reflects the Purchase Price
Beneficiaries as holders of the Swvl Shares; 

  

	 	(ix)	 the Shares shall be transferred by the Sellers to the Buyer by means of the execution by the Notary of the Deed
of Transfer; 

  

	7.5	 Breach of Closing actions 

 

	7.5.1	 If a Party breaches any material obligation in Clauses 7.3 or 7.4, the
non-breaching Party shall be entitled (in addition to and without prejudice to all other rights and remedies available, including the right to claim damages and the right to claim specific performance):

  

	 	(i)	 to effect Closing as far as practicable and to the extent reasonably permitted by Law with regard to the
defaults that have occurred; or 

  

	 	(ii)	 to set a new date for Closing (not being more than two (2) Business Days after the previously set date for
Closing) in which case the provisions of Clause 7 shall apply to Closing as so deferred; or 

  

	 	(iii)	 terminate this Agreement with immediate effect, without incurring any liability as a result thereof and without
any obligation on any Party to consummate the Transaction or to continue negotiations; 

 in each case without prejudice to
any other rights or remedies available to the Sellers; 
  

	7.6	 Effects of Termination 

 

	7.6.1	 In case of termination of this Agreement pursuant to Clause 7.5.1(iii): 

 

	 	(i)	 the Parties shall do all those things as may reasonably be required in order to undo any actions as set out in
Clause 7.3 that have been performed prior to such termination; and 

  

	 	(ii)	 Clauses 15, 25 and 26 shall survive termination of this Agreement and shall continue in full force and effect.

  

	7.7	 Actions post-Closing 

 

	7.7.1	 As soon as possible after Closing: 

 

	 	(i)	 the Seller shall deliver to the Buyer the Swvl Shares Undertakings duly executed on behalf of the Purchase
Price Beneficiaries; and 

  

	7.7.2	 Registration of Swvl Shares 

 

	 	(i)	 Swvl Holdings agrees that, within one hundred eighty (180) calendar days after Closing, Swvl Holdings will
use its Commercially Reasonable Efforts to file with the Commission (at Swvl Holdings’s sole cost and expense) a registration statement registering the resale of the Swvl Shares (the “Registration Statement”), and to have the
Registration Statement declared effective as soon as practicable after the filing thereof, provided, however, that Swvl Holdings’s obligations to include the Swvl Shares in the Registration Statement are contingent upon the Sellers furnishing
in writing to Swvl Holdings such information regarding the Purchase Price Beneficiaries, the securities of Swvl Holdings held by the Purchase Price Beneficiaries and the intended method of disposition of the Swvl Shares as shall

	 	
be reasonably requested by Swvl Holdings to effect the registration of the Swvl Shares, and the Purchase Price Beneficiaries shall execute such documents in connection with such registration as
Swvl Holdings may reasonably request that are customary of a selling stockholder in similar situations. Upon notification by the Commission that the Registration Statement has been declared effective by the Commission, within two (2) Business
Days thereafter, Swvl Holdings shall file the final prospectus under Rule 424 of the Securities Act. 

  

	 	(ii)	 If Swvl Holdings fails to file the Registration Statement within the abovementioned 180 day period, the lock-up restrictions applicable to the Swvl Shares on the basis of Schedule 5 (Swvl Shares Undertakings) shall be reduced in time by the same number of days that the Registration Statement is
filed by Swvl Holdings past the aforementioned 180 day period. 

  

	8.	 SELLER’S LIABILITY REGIME 

 

	8.1	 Sellers’ Warranties 

Each of the Sellers hereby severally and not jointly (niet hoofdelijk) represents and warrants to the buyer that: 

 

	 	(i)	 each of the statements included in Part A of Schedule 8 (Sellers’ Warranties) (the
Fundamental Warranties) is true and accurate as at the date of this Agreement and as at the Closing Date, it being understood that each Seller only gives the Sellers’ Warranties included in paragraphs 1.1 (Capacity) and 1.4
(Share Capital. Titles of Ownership) with respect to itself and the Shares held by it; and 

  

	 	(ii)	 each of the statements included in Part B of Schedule 8 (Sellers’ Warranties) (the
Business Warranties) is true and accurate as at the date of this Agreement and as at the Closing Date, 

 the Fundamental
Warranties and the Business Warranties hereinafter also jointly referred to as the Sellers’ Warranties.  
  

	8.2	 Disclosure 

The Sellers’ Warranties are limited by, and the Sellers shall not be in breach of or liable for any Sellers’ Warranties in respect of the matters
fairly disclosed in the Disclosure Letter . 
  

	8.3	 Due Diligence 

  

	8.3.1	 The Buyer acknowledges and agrees that: 

 

	 	(i)	 by entering into this Agreement it is not relying upon, and shall not have any right or remedy in respect of,
and the Sellers make no representation or warranty and do not accept any duty of care as to the accuracy of any undertaking, representation, warranty, offer, promise, assurance projections, forecasts, estimates, statements of intent or statements of
opinion made by or on behalf of any Seller, unless it is expressly set out in this Agreement; and 

  

	 	(ii)	 upon signing of this Agreement neither it nor any of its Representatives has any actual awareness that there is
or might be any breach of or any fact, matter, circumstance or event which is inconsistent with any of the Sellers’ Warranties. 

  

	8.4	 Breach 

  

	8.4.1	 Except as expressly otherwise provided in this Agreement and subject to the limitations of liability set out
herein, in case of a breach of any of the Sellers’ Warranties or any other provision of this Agreement or any of the Transaction Documents by the Sellers, the Sellers shall after the Closing Date, by means of an exclusive remedy, be liable, pro
rata their respective Relevant Proportion and not on a joint and several (hoofdelijke) basis, to compensate the Buyer for the Damages suffered or incurred by the Buyer or the Companies as a direct result of such breach. 

	8.5	 Monetary limits 

  

	8.5.1	 The Sellers shall not be liable for any Damages resulting from the breach of the Business Warranties (or series
of Claims under the Sellers’ Warranties arising from the same set of facts or circumstances) where the amount is lower than EUR 15,000 (fifteen thousand Euro) (the “de Minimis Franchise”).

  

	8.5.2	 The Sellers shall not be liable for any individual Claim under the Business Warranties that individually or, in
the event of Warranty Breaches arising from same set of facts, business practice or type of product, collectively exceed the de Minimis Franchise, unless the aggregate amount of the Damages due in respect of breaches of the Sellers’ Warranties
exceeds EUR 60,000 (sixty thousand Euro), in which case the whole amount may be recovered by the Buyer (the “Basket”). 

  

	8.5.3	 The maximum aggregate liability payable by Sellers in respect of all and any Claims (the cap) resulting from a
breach of the Business Warranties, after giving effect to the de Minimis Franchise and the Basket, shall be fifty percent (50%) of the Purchase Price received by the Sellers at any time. 

 

	8.5.4	 The maximum overall aggregate liability of the Sellers in respect of any and all Claims resulting from a breach
of the Sellers’ Fundamental Warranties shall not exceed a total amount equivalent to one hundred per cent. (100%) of the Purchase Price received by the Sellers at any time. 

 

	8.5.5	 Additionally, the Parties agree that any Leakages (as this term is define under section 2.4 of the Business
Warranties) shall be paid euro for euro and, for the avoidance of doubt, shall not be subject to the exclusions provided for in Clauses 8.5.1 and 8.5.2 or any other cap on liability. 

 

	8.6	 Time limitations 

  

	8.6.1	 The Sellers shall not be liable in respect of any Claim unless a notice of such claim is given to the Sellers
in accordance with Clause 9.1 before the lapse of 18 (eighteen) months as of the Closing Date where any Claim for breach of the Business Warranties is concerned. 

 

	8.6.2	 Notwithstanding the foregoing, the Buyer shall be entitled to claim liability from the Sellers for Damages
arising from any Warranty Breaches in relation to tax, regulatory, environmental, social security or employment matters, or in relation to any criminal offence or compliance matter (including under any anticorruption, an anti-bribery or anti money
laundering laws or regulations), or for breach of any Fundamental Warranties, for the entire period set out under the applicable statute of limitations, plus 30 (thirty) days thereafter. The Sellers shall notify and/or cause the Companies to notify
Buyer promptly upon becoming aware of any fact or circumstance that may entail a breach of the Sellers’ Warranties or give rise to a Damage under this Agreement, providing all available details and information on the relevant fact or
circumstance. 

  

	8.7	 Claims capable of remedy 

 

	8.7.1	 To the extent that a fact, matter, circumstance or event giving rise to a Claim is capable of remedy, the
Sellers shall not be liable in respect of such Claim if and to the extent it is remedied in a manner agreed by the Buyer, within a reasonable period, but in any event within 40 (forty) Business Days after the date on which the Sellers were (or
should have been) notified thereof pursuant to Clause 9.1. 

  

	8.8	 Claims diligently pursued 

 

	8.8.1	 The Buyer’s right to pursue any Claim shall lapse (vervallen) if the Buyer fails to institute legal
proceedings against the Sellers in respect thereof within 6 (six) months after the date on which the Sellers were (or should have been) notified of such Claim pursuant to Clause 9.1, unless (i) the Claim relates, or is due, to contingent
liabilities or claims or (ii) the settlement negotiations between the Buyer and the Sellers regarding such Claim are still ongoing at the time, in which case the Sellers shall not be liable for such Claim if the Buyer has not started legal
proceedings within 1 (one) month as of the notification of the Sellers to the Buyer that the settlement notifications regarding such Claim have been terminated. 

 

	8.9	 General Exclusions 

	8.9.1	 The Sellers shall not be liable in respect of any Claim if and to the extent such Claim has arisen as a result
of or to the extent the liability is increased by: 

  

	 	(i)	 any voluntary act or omission after Closing instigated by the Buyer’s Group or any person whose act or
omission may be attributed to the Buyer’s Group; 

  

	 	(ii)	 any voluntary act or omission prior to Closing by any member of the Sellers’ Group at the request or with
the prior consent of the Buyer or pursuant to this Agreement; 

  

	 	(iii)	 the fulfilment by any of the Companies of its legal or contractual obligations, provided, where the contractual
obligations are concerned, such obligations were due at the time; 

  

	 	(iv)	 any change after Closing in tax or accounting policies, bases, practices, or methods applied in preparing any
accounts or valuing any assets or liabilities of any of the Companies, other than a change required by Law in effect prior to the date of this Agreement; 

  

	 	(v)	 any change or enactment of Law coming into effect after the date of this Agreement (whether or not taking
effect retroactively) or any change in the interpretation of existing Law since that date; or 

  

	 	(vi)	 any decision of any authority made after the date of this Agreement. 

 

	8.10	 Recovery from a third party 

 

	8.10.1	 If the Sellers have paid an amount in discharge of any Claim or Third Party Claim, and the Buyer or any of the
Companies recovers from a third party a sum which indemnifies or compensates the Buyer or the Companies (in whole or in part) for the Damages which are the subject matter of such Claim or Third Party Claim, the Buyer or the Companies shall pay to
the Sellers as soon as practicable after receipt of such sum an amount equal to the sum recovered from the third party less any costs and expenses incurredin obtaining such recovery. 

 

	8.11	 Other limitations of liability 

 

	8.11.1	 Provisions and reserves. The Sellers shall not be liable in respect of any Damage or claim if and to the
extent it is based on a matter reflected in or provided for or reserved (up to the amount of such provision or reserve) in the Financial Statements but only to the extent of such amount. 

 

	8.11.2	 Actual nature of a loss. The Sellers will only be liable in respect of a Damage actually suffered by the
Buyer or the Companies. In particular, without limiting the generality of the foregoing, if any Damage shall arise by reason of some liability which at the time that the claim is notified to the Sellers is contingent only, the Sellers shall not be
under any obligation to make any payment to the Buyer until such time as such contingent liability ceases to be so contingent and has become an actual liability. 

 

	8.11.3	 Insurance: The Sellers shall not be liable in respect of Damage to the extent that the Claim relates to
any Damage which is effectively recoverable by the Buyer (or any assignee or successor in title thereof) or the Companies from any of its insurers whether such insurance is taken out before or after the Closing Date or which would have been
coverable under any insurance policy of any of the Companies in effect immediately prior to Closing, had such insurance policy been maintained after the Closing Date. 

 

	8.11.4	 No double recovery. The same Damage under this Agreement shall only give rise to one recovery by the
Buyer under this Agreement. 

  

	8.11.5	 Change in Law. The Sellers shall not be liable in respect of a change in any applicable Law or
substantial change in the interpretation of any applicable Law by any applicable court or by any Authority, in either case occurring after the date of this Agreement, whether or not that change, amendment or withdrawal purports to be effective
retrospectively in whole or in part after the Closing Date. 

	8.11.6	 Mitigation. Nothing in this Agreement restricts or limits the general obligation at Law of the Buyer to
mitigate any Damage which it may suffer or incur as a consequence of any breach of any Sellers’ Warranties or any other provision of this Agreement or in relation to any other matter, event or circumstance which gives rise to a Damage. Where
the Sellers are, or may become, under any obligation to make any payment to the Buyer pursuant to this Agreement the Buyer shall take all reasonable steps to mitigate the Damage in respect of which the payment is or may become due.

  

	8.12	 Sole Remedy 

The Parties acknowledge and agree that the rights and remedies contemplated in this Clause 8 in respect of a Claim or Third Party Claim are the sole remedy of
the Buyer with respect to a breach of this Agreement by the Sellers and replace in their entirety the provisions addressing liability of a Seller with respect to obligations under purchase and sale or other agreements set forth in the DCC and
relevant Law, including, in particular, the rights and remedies available to a buyer in the event of dispossession of title and hidden defects. 
 In
relation thereto, the Sellers shall be sole parties responsible for any breach of the Sellers’ Warranties and the Buyer waives any right it may legally have as shareholder of the Company or otherwise to claim the directors of the Company for
liability with respect to any breach of any of the Sellers’ Warranties or for any other aspect of their management prior to the date of this Agreement except in the cases of fraud or willful misconduct. 

 

	9.	 CLAIMS PROCEDURE 

 

	9.1	 Notice of a Claim. 

If the Buyer or any other member of the Buyer’s Group is notified or becomes aware of any fact, matter, circumstance or event which has given or is
reasonably likely to give rise to a Claim, the Buyer shall: 
  

	 	(i)	 notify the Sellers thereof in writing as soon as reasonably possible but in any event within 30 (thirty)
Business Days, providing as much legal and factual detail (including evidence) as reasonably possible; and 

  

	 	(ii)	 procure that the Sellers and the Sellers’ Representatives shall be granted reasonable access, at
reasonable times and on reasonable notice, to the books and records, premises, storage facilities and relevant personnel of the Companies and any other information relating to the Companies which may reasonably be required to enable them to
investigate any such fact, matter, circumstance or event, 

 failing which the Sellers shall not be liable in respect of such Claim to the
extent that such failure has adversely affected their position. 
  

	9.2	 Third Party Claim 

  

	9.2.1	 If a (potential) Claim against the Sellers arises as a result of or in connection with a liability or alleged
liability of one or more Group Companies to a third party (a “Third Party Claim”), the Buyer shall: 

  

	 	(i)	 notify the Sellers of such Third Party Claim as soon as reasonably possible after having become aware thereof
in accordance with Clause 9.1; 

  

	 	(ii)	 consult the Sellers on the course of action to be taken in respect of the Third Party Claim and take into
account any reasonable comments or requests Sellers may have or take action or refrain from taking action as agreed between the Parties; 

  

	 	(iii)	 not make any admission in respect of such Third Party Claim or compromise, dispose or settle such Third Party
Claim without the prior written consent of the Sellers, not to be unreasonably withheld, conditioned or delayed; 

  

	 	(iv)	 keep the Sellers informed of the progress and timely consult with the Sellers in relation to the defence
against the Third Party Claim; and 

	 	(v)	 reasonably endeavour to strike a fair balance between the interests of the Sellers in limiting liability and
the interest of the Buyer and the Group companies in maintaining good business relations with the relevant third party. 

  

	9.2.2	 The Sellers shall be entitled, but not obligated, to, at their own cost, take control of the conduct of the
defence against any Third Party Claims in accordance with this Clause 9; 

  

	9.2.3	 If the Sellers elect to exercise their rights under Clause 9.2.2 they shall notify the Buyer thereof within 20
(twenty) Business Days after having been notified of such Third Party Claim by the Buyer. If the Sellers fail to timely notify the Buyer of their election to take control of the Third Party Claim in accordance with this Clause 9.2.3, the Sellers
will no longer be entitled to do so, and the Buyer shall control the conduct of the defence against the Third Party Claim in accordance with Clause 9.2.1. 

  

	9.2.4	 If the Sellers take control of the conduct of the defence against the Third Party Claim in accordance with this
Clause 9: 

  

	 	(i)	 the Sellers shall keep the Buyer informed of the progress in relation to the defence against the Third Party
Claim; 

  

	 	(ii)	 the Sellers shall reasonably endeavour to strike a fair balance between the interests of the Sellers in
limiting liability and the interest of the Buyer and the Companies in maintaining good business relations with the relevant third party; 

  

	 	(iii)	 the Sellers shall not make any admission in respect of such Third Party claim or compromise, dispose or settle
such Third Party Claim without the prior written consent of the Buyer not to be unreasonably withheld, conditioned or delayed. 

  

	9.2.5	 Where the Sellers have issued a notice pursuant to Clause 9.2.3, the Buyer shall, and shall cause the relevant
members of the Buyer’s Group to: 

  

	 	(i)	 provide all reasonable co-operation to allow the Sellers to take such
action as they deem reasonably necessary or conducive to avoid dispute, defend, deny, resist, appeal, compromise or contest the Third Party Claim in the name of and on behalf of the Buyer; 

 

	 	(ii)	 during normal business hours give all such information and assistance, including access to premises and
personnel and the right to examine and copy or photograph any asset, accounts, documents and records, as the Sellers may reasonably request in relation to the defence against the Third Party Claim. 

 

	9.2.6	 If the Sellers does not undertake the defence of the Third Party Claim the Buyer will be entitled to conduct
the defence of the Third Party Claim. 

  

	10.	 PAYMENT AND SET OFF OF CLAIMS 

Unless otherwise agreed amongst the Parties and to the extent possible, the amounts to be paid by the Sellers to the Buyer as a result of a Claim, will be paid
(i) first, by operating a downward adjustment to the Contingent Consideration (only in the case that it becomes due and transferable); and (iii) secondly, directly by each of the Sellers through a payment in cash. 

 

	11.	 SELLERS’ LIABILITY 

 

	11.1	 Except as otherwise provided in this Agreement, a Seller shall only be liable under this Agreement for its own
undertakings and for breach of its own obligations or, where an indivisible or joint undertaking or obligation of the Sellers is concerned, for its Relevant Proportion, and not on a joint and several (hoofdelijke) basis.

  

	11.2	 Notwithstanding claims for a breach of the Fundamental Warranties under this Agreement which are given in
relation to itself or the Shares held by such Seller, any Claims by the Buyer against the Sellers, shall be made against each Seller for its Relevant Proportion, provided however that only the Founder can be held liable on a joint and several
(hoofdelijke) basis alongside any other breaching Seller(s) it being understood that under all circumstances the Founder cannot be held liable for more than his Relevant Proportion. None of such claims by the Buyer vis-à-vis the Sellers shall be waived in respect of any of the Sellers. No Seller shall be liable for Claims in case the Buyer cannot provide reasonable evidence, if so
requested by any of the Sellers, so that the Buyer holds and continues to hold all (relevant) Sellers liable for the same Claim under this Agreement for their Relevant Proportion. 

	11.3	 The Buyer shall not take, and shall procure that none of its Affiliates shall take, directly or indirectly, any
action that has the purpose or effect of evasion or circumvention of any of the arrangements set out in Clause 11.2. 

  

	11.4	 In cases where a Foundation is dissolved or cannot be held liable in accordance with Clause 11.1, the Sellers
other than the Foundations shall be liable on several (niet hoofdelijke) basis for each Sellers’ Relevant Proportion for any Claims by the Buyer against the Foundations. Founder shall, in good faith and to the extent possible, reach and inform
relevant DR Holders and/or Option Holders regarding the claims of the Buyer. 

  

	12.	 REPRESENTATIONS AND WARRANTIES OF THE BUYER AND SWVL HOLDINGS 

The Buyer and Swvl Holdings, on the date of execution of this Agreement, provides to the Sellers the following representations and warranties (the
“Buyer’s Warranties”). 
  

	12.1	 Each of the Buyer and Swvl Holdings represents and warrants to the Sellers that: 

 

	(a)	 It is a company duly incorporated, validly in existence and in good standing under the Laws of its
jurisdiction, and it has full power to conduct its business as conducted at the date of this Agreement. 

  

	(b)	 The Buyer has full capacity to buy and acquire the Shares, to enter into this Agreement, the Transaction
Documents and execute the Transaction. No consent, approval or authorization which has not been obtained at the date of this Agreement or the Transaction Documents is required by it for entering into the Agreement or the Transaction Documents and
executing the Transaction. 

  

	(c)	 Swvl Holdings has full capacity to enter into this Agreement and the Transaction Documents and fulfil the
payment undertakings contained therein when due. No consent, approval or authorization which has not been obtained at the date of this Agreement is required by it for entering into the Agreement, the Transaction Documents and executing the
Transaction. 

  

	(d)	 This Agreement and the Transaction Documents create valid and binding obligations over each of the Buyer and
Swvl Holdings, which are fully enforceable against them in accordance with the terms and conditions set out in the Agreement and the Transaction Documents. 

  

	(e)	 The execution and performance of this Agreement and the Transaction Documents does not entail a breach of

  

	 	(i)	 any Law, regulation, judgement, order, norm or case-law applicable to
the Buyer or Swvl Holdings, including the applicable anti-money laundering laws and, in particular, that the origin of the funds paid by the Buyer or Swvl Holdings to the Sellers is lawful and does not come from any activity contrary to the
legislation to which it is subject; 

  

	 	(ii)	 the Buyer or Swvl Holdings by-laws, deed of incorporation or memorandum
and articles of association (as appropriate); or 

  

	 	(iii)	 any contract, agreement or instrument to which the Buyer or Swvl Holdings is a party. 

 

	(f)	 It is not insolvent or bankrupt under the Laws of its jurisdiction, nor unable to pay its debts as they fall
due. 

  

	(g)	 Has available cash or available financing facilities which will at the Closing Date and at the other payment
dates in accordance with this Agreement provide the necessary cash resources to meet its obligations under this Agreement. 

  

	12.2	 No other representations and warranties. 

Except for the specific Buyer’s Warranties contained in this Clause neither the Buyer nor Swvl Holdings make no other express or implied
representations or warranties to the Seller. 

	12.3	 The Buyer and Swvl Holdings undertake to indemnify and hold the Seller harmless from and against any effective
Damages directly and exclusively resulting from any of the Buyer’s Warranties that proves to be untrue as of the date of this Agreement. Any Claim served by the Sellers in respect of the untruthfulness of any of the Buyer’s Warranties, as
well as the Buyer’s response to such a Claim, shall be made, mutatis mutandis, in accordance with - Clauses 9.1 above. 

  

	13.	 JOINT AND SEVERAL LIABILITY BETWEEN BUYER AND SWVL HOLDINGS 

 

	13.1	 The Buyer and Swvl Holdings (shall be jointly and severally liable for any and all of the obligations assumed
by the Buyer and/or Swvl Holdings under this Agreement and the Transaction Documents and the Sellers shall be free to claim the fulfilment of any obligation of the Buyer and/or and Swvl Holdings under this Agreement or the Transaction Documents (in
particular the payment obligations set forth in Clause 3 and Clause 12.3 above) to any ofthem (the Buyer and/or Swvl Holdings) without limitation, regardless of whether the Buyer or Swvl Holdings has individually assumed the relevant obligation
herein. 

  

	14.	 NON-COMPETE UNDERTAKING 

 

	14.1	 The Founder acknowledges that the obligations established in this Clause are essential for the Buyer to enter
into this Agreement under the conditions established therein, that said obligations are necessary to ensure the continuity of the Companies’ Business and that its breach may cause substantial damage to the Buyer and the Companies. Therefore,
the Founder acknowledges that there is a legitimate interest, both commercial and industrial, in regulating this non-competition agreement, the non-use of names, brands
and domains, and the non-solicitation, and they acknowledge that the resulting limitations of this Agreement are adequate and reasonable. 

 

	14.2	 The Founder whether acting directly or indirectly through any related party, Affiliate, on their behalf or on
behalf of any third party, undertakes from a period of two (2) years from the date hereof (“Non-Compete Period”) to refrain from, directly or indirectly:

  

	 	(i)	 carrying out any activities or operations that compete with the Companies’ Business, or managing,
controlling, or providing advice or services to any third party that carries out activities or operations that compete with the Companies’ Business; 

  

	 	(ii)	 promoting, sponsoring or acquiring or holding an interest in any third party, entity or business engaged in
activities or operations that compete with the Companies’ Business; 

  

	 	(iii)	 entering into any employment, commercial or professional relationship with any third party, entity or business
engaged in activities or operations that compete with the Companies’ Business; 

  

	 	(iv)	 approach or solicit any Person, firm or company who has within two (2) years prior to the Closing been a
regular customer of the Companies in relation to the Business; 

  

	 	(v)	 hiring, enticing away or attempting to hire any employee or member of the management team or persuading them to
resign from their position with the Companies; 

  

	 	(vi)	 interfering with, endangering or otherwise damaging the Companies’ business, reputation or commercial
relationships with third parties, however, that the foregoing will not prevent the Founder from entering into any contract with any person who responds to general advertising or a general solicitation not targeted to the employees of the Companies;

  

	 	(vii)	 using or applying for domain names, trade names, trademarks, logos or any other signs that are identical or
similar to those used by the Companies, or using or applying for any Intellectual Property Rights in relation to any product, process or service developed by or within the Companies; or 

 

	 	(viii)	 making any oral or written statements to third parties whether in public or private that might adversely affect
the Companies, its reputation or its employees or business activities. 

  

	14.3	 For the avoidance of doubt, holding securities of listed companies, to the extent they do not represent a
percentage equal to or greater than 5% of the share capital of a listed company shall not be considered a breach of this Clause 14. 

	15.	 CONFIDENTIALITY 

 

	15.1	 The Parties shall, and also shall oblige their Affiliates, keep all information contained in this Agreement,
its Schedules and any additional agreements or ancillary documents that the Parties may execute under (or in connection with) this Agreement, as well as any exchanged information relating to Sellers or the Business (including that information
contained in the Data Room and provided/obtained during the Due Diligence Investigation) (jointly, the “Confidential Information”), strictly confidential. 

 

	15.2	 Each Party agrees to make the Confidential Information accessible to its directors, officers, employees, agents
or professional advisors (all of whom shall be informed of the confidentiality thereof and shall agree to keep it strictly confidential) only as far as necessary for the completion of this Agreement. 

 

	15.3	 Nothing in Clause 15.1 prevents any announcement being made or any confidential information being disclosed by
any Party: 

  

	 	(i)	 to the extent required by Law or any competent regulatory body or recognised stock exchange or under any
agreement with any Tax Authority existing at the date of this Agreement or to comply with any applicable accounting requirements; any Party so required to disclose any confidential information shall promptly notify the other Party, where practicable
and to the extent lawful to do so, before disclosure occurs and shall consult with the other Party regarding the timing and content of such disclosure and shall take such action which may reasonably be required to challenge the validity of such
disclosure requirement; 

  

	 	(ii)	 to the extent the disclosure or use is required to vest the full benefit of this Agreement in any Party;

  

	 	(iii)	 to the extent that such information is public knowledge other than through unlawful disclosure of which that
Party at the time of such disclosure was aware that it was unlawful; 

  

	 	(iv)	 in legal proceedings to the extent reasonably required to exercise its rights under this Agreement;

  

	 	(v)	 to that Party’s professional advisers, accountants or its financiers subject to a duty of confidentiality
and only to the extent necessary for any lawful purpose; and 

  

	 	(vi)	 to the extent that the other Party has given written approval of the disclosure or use. 

 

	15.4	 In the event that the Parties consider that it would be appropriate to issue a press release regarding this
Agreement, such a press release shall be agreed and jointly issued by the Parties. In no case, such press release shall include information regarding the Purchase Price. 

 

	16.	 FURTHER ASSURANCES 

Each Party shall, at its own cost and expense, execute such documents and do such things, or procure (as far as it is reasonably able) that another person
executes such documents and does such things, as the other Parties may from time to time reasonably require in order to give full effect to, and give each Party the full benefit of, this Agreement. 

 

	17.	 ASSIGNMENT OF THE AGREEMENT 

This Agreement, or any rights or obligations hereunder, cannot be assigned by either Party without the prior written consent of the other Party, which shall
not be unreasonably withheld or denied. 
  

	18.	 TAXES AND EXPENSES 

Each Party shall pay the tax, costs and expenses incurred by it in connection with the negotiations leading up to the sale and purchase of the Shares,
preparation entering into, and performing of this Agreement and all other documents referred to in it. 

 The costs and expenses of the Deed of Transfer and other notarial documents required to give effect to the
transfer of the Shares shall be borne by the Buyer. 
  

	19.	 ENTIRE AGREEMENT 

This Agreement, along with the Transaction Documents, constitutes the entire agreement between the Parties with respect to the subject matter hereof, and
supersedes all agreements, understandings, negotiations and discussions, whether written or verbal, between the Parties prior to the date hereof. 
  

	20.	 NO IMPLIED WAIVER 

No waiver of any provision of this Agreement shall be effective unless in writing and signed by or on behalf of the Party entitled to give such waiver. 

 

	21.	 VARIATIONS 

A variation of this Agreement is valid only if it is in writing and signed by or on behalf of each Party. 

 

	22.	 NO RESCISSION 

To the extent permitted by law, the Buyer hereby waives its rights, if any, to (i) in whole or in part annul, rescind or dissolve (including any gehele
dan wel gedeeltelijke ontbinding en vernietiging) this Agreement, (ii) to invoke article 6:228 of the DCC in the sense that any error (dwaling) of the Buyer in entering into this Agreement and the Transaction will remain for the risk
and account of the Buyer as the party in error and, (iii) to request modification by a court of (the effects of) this Agreement as set out in article 6:230 subarticle 2 of the DCC. The rights of the Buyer under article 7:17 of the DCC are
hereby expressly excluded. In the event of a breach of this Agreement, the only remedy for the Buyer shall be specific performance (nakoming) or Damages. 
  

	23.	 INVALIDITY 

If any provision of this Agreement would be declared by any judicial or other competent authority to be null and void or otherwise unenforceable, that
provision shall be severed from the Agreement, but the remaining provisions of the Agreement shall remain in full force and effect. 
 The Parties shall in
good faith negotiate to replace such a provision for a valid and enforceable one, in such reasonable manner so as to achieve as much as permitted by Law the intention of the Parties. 

 

	24.	 NOTARIAL INDEPENDENCE 

The Parties acknowledge that the Notary works with Van Campen & Partners N.V., the firm that advises the Sellers in the Transaction. With reference to
the Code of Conduct (Verordening beroeps- en gedragsregels) established by the Royal Notarial Professional Organisation (Koninklijke Notariële Beroepsorganisatie), the Parties hereby explicitly agree that: 

 

	 	(i)	 the Notary shall execute any notarial deeds related to this Agreement; and 

 

	 	(ii)	 the Sellers are and may in future be assisted and represented by Van Campen & Partners N.V. in
relation to this Agreement and any agreements that may be concluded, or disputes that may arise, in connection therewith. 

  

	25.	 NOTICES AND COMMUNICATIONS 

 

	25.1	 Any notice and communication under this Agreement shall be made in writing (in English), and delivered
personally, with acknowledgement of receipt, or sent by registered post with acknowledgement of receipt, email with delivery confirmation or any other reliable means providing evidence of receipt. The Parties’ addresses for service shall be as
follows: 

 In the case of Seller 1/ the Founder: 

[omitted] 

 [omitted] 

In the case of Seller 2: 

[omitted] 
 In the case of
Seller 3: 
 [omitted] 

In the case of Seller 4: 

[omitted] 
 In the case of
Seller 5: 
 [omitted] 

 In the case of Seller 6: 

[omitted] 
 In the case of
Seller 7: 
 [omitted] 

In the case of Seller 8: 

[omitted] 
 In the case of
Seller 9: 
 [omitted] 

 In the case of Seller 10: 

[omitted] 
 In the case of
Seller 11: 
 [omitted] 

In the case of Seller 12: 

[omitted] 
 In the case of
Seller 13: 
 [omitted] 

In the case of the Company 

Attn. Mohamad Ali Al Halabi 

Address: Jan van Goyenkade 8, 1075 HP Amsterdam, the Netherlands 

Email address: ali@voltlines.com 

Courtesy copy to: Murat İlker 

Address: Caferağa Mah. Ferit Tek Sok. No:56 D:3 Kadıköy, İstanbul Turkey 

Email address: murat.ilker@ilker.av.tr 

 In the case of the Buyer: 

Att.: Mostafa Kandil 
 Address:
Swvl Global FZE, One Central, Office Building 4, Level 2, Room 208, DWTC, POBox 9292, Dubai, UAE 
 Email address: mk@swvl.com 

Courtesy copy to: Youssef Salem 

Address: Swvl Global FZE, One Central, Office Building 4, Level 2, Room 208, DWTC, POBox 9292, Dubai, UAE 

Email address: youssef.salem@swvl.com 

In the case of Swvl Holdings: 

Att.: Mostafa Kandil 
 Address:
Swvl Global FZE, One Central, Office Building 4, Level 2, Room 208, DWTC, POBox 9292, Dubai, UAE 
 Email address: mk@swvl.com 

Courtesy copy to: Youssef Salem 

Address: Swvl Global FZE, One Central, Office Building 4, Level 2, Room 208, DWTC, POBox 9292, Dubai, UAE 

Email address: youssef.salem@swvl.com 
  

	25.2	 Notices shall be deemed to have been duly served on the date of the written confirmation of their receipt by
the recipient (if sent by email, on the date on which the sender receives a confirmation of “delivered” or “read” from its own system; if sent by registered post, on the date of the acknowledgement of receipt -or rejection of receipt-of the notice at the relevant address) and, if delivered personally, on the date of delivery; always provided that such notices are received/delivered on a Business Day before 19:00 hours
(recipient’s time). If they were received/delivered on a Business Day after 19:00 hours (recipient’s time), they would be understood to be received/delivered on the following Business Day for the purposes of this Agreement.

  

	25.3	 The Parties shall notify each other any change of their addresses or contact details, which shall be effective
on the fifth Business Day after receipt of the notice, unless it specifies a different date from which the change of address or contact details shall be effective. 

 

	25.4	 For the purposes of this Agreement, a “Business Day” shall mean a day, other than a Saturday or a
Sunday, in which banks are generally open to the public for ordinary transactions in Amsterdam (Netherlands). 

  

	26.	 GOVERNING LAW AND JURISDICTION 

26.1 Governing law. 
 This Agreement shall be governed by and
construed in accordance with the laws of the Netherlands. 
 26.2 Jurisdiction. 

Any and all disputes arising from or in connection with this Agreement, or further contracts resulting there from, shall be submitted to the exclusive
jurisdiction of the competent court in Amsterdam, the Netherlands. 

	27.	 COUNTERPARTS 

This Agreement may be executed in any number of counterparts and by the Parties on separate counterparts, each of which when executed and delivered shall
constitute an original, but all the counterparts shall together constitute but one and the same instrument deemed executed on the date indicated on the heading of this Agreement. In any event, if this Agreement is executed in separate counterparts,
the Parties undertake to exchange with each other original signed hardcopies of this Agreement no later than ten (10) Business Days from the date hereof. 

[Remainder of page intentionally left blank; signature page follows] 

 IN WITNESS WHEREOF, this sale and purchase agreement has been duly executed by the Parties in the
place and on the first date above written. 
 [Remainder of page intentionally left blank] 

					
	The Buyer	 		 	
			
	Swvl GLOBAL FZE	 		 	Swvl Holdings Corp
			
	/s/ Mostafa Kandil	 		 	/s/ Mostafa Kandil
	Swvl GLOBAL FZE	 		 	Swvl Holdings Corp
	Signed: Mr. Mostafa Essa Mohamed	 		 	Signed: Mr. Mostafa Essa Mohamed
	 Mohamed Kandil
	 		 	 Mohamed Kandil

 [Remainder of page intentionally left blank] 

					
	The Seller 1/ the Founder	 		 	The Seller 2
			
	Mohamad Ali Al Halabi	 		 	Khaleej 1 Ltd
			
	/s/ Mohamad Ali Al Halabi	 		 	/s/ Walid Hanna
	Signed: Mohamad Ali Al Halabi	 		 	 Khaleej 1 Ltd
 Signed: Walid
Hanna

  

					
	The Seller 3	 		 	The Seller 4
			
	Hedef Araç Kiralama ve Servis A.Ş.	 		 	March Holding Limited
			
	/s/ Önder Erdem                        /s/ Ersan
Öztürk	 		 	/s/ Mohammed Ali Radhi Al-Charchafci
	Hedef Araç Kiralama ve Servis A.Ş.	 		 	March Holding Limited
	 Signed: Önder Erdem
 Signed: Ersan
Öztürk
	 		 	 Signed: Mohammed Ali Radhi Al-Charchafci

  

					
	The Seller 5	 		 	The Seller 6
			
	Stichting DAI & Members	 		 	Stichting Turkish Investors
			
	/s/ Mohamad Ali Al Halabi	 		 	/s/ Mohamad Ali Al Halabi
	 Stichting DAI & Members
 Signed:
Mohamad Ali Al Halabi
	 		 	 Stichting Turkish Investors
 Signed:
Mohamad Ali Al Halabi

  

					
	The Seller 7	 		 	The Seller 8
			
	Stichting MEVP Investors	 		 	Lill CVC SAPI de CV
			
	/s/ Mohamad Ali Al Halabi	 		 	/s/ Verne Lizano
	 Stichting MEVP Investors
 Signed: Mohamad
Ali Al Halabi
	 		 	 Lill CVC SAPI de CV
 Signed: Verne
Lizano

  

					
	The Seller 9	 		 	The Seller 10
			
	Wamda Seed Limited	 		 	Stichting Volt Lines ESOP
			
	/s/ Fadi İsmail Ghandour	 		 	/s/ Mohamad Ali Al Halabi
	 Wamda Seed Limited
 Signed: Fadi
İsmail Ghandour
	 		 	 Stichting Volt Lines ESOP
 Signed:
Mohamad Ali Al Halabi

  

					
	The Seller 11	 		 	The Seller 12
			
	CommodityNet Holding B.V	 		 	WSH
			
	/s/ /s/ Paul van Son	 		 	/s/ Walid Hanna
	 CommodityNet Holding B.V
 Signed: Paul
van Son 
	 		 	 WSH
 Signed: Walid Hanna

					
	The Seller 13	 		 	
			
	 Southeast Europe Equity Fund II, LP 

represented by its general partner Southeast Europe GP LLC
	 		 	
			
	/s/ David Mathewson	 		 	  

	 Southeast Europe Equity Fund II, LP 

represented by its general partner Southeast Europe GP LLC
	 		 	
			
	Signed: David Mathewson	 		 	

 Schedule 1 - Company Capitalization 

 Schedule 2 – Buyer’s Group Structure 

 Schedule 3 – Purchase Price Allocation 

 Schedule 4 - Milestones 

Subject to the achievement by the Companies (taken as a whole) of the below ARR thresholds within the timeframes specified below, the Sellers shall be
entitled to be issued with a cumulative number of Contingent Swvl Shares as follows: 
  

	 	1.	 In case where at least seven million USD ($7,000,000.00) worth ARR is reached during any consecutive period of
three (3) months after the Closing Date (the “First Milestone”), an aggregate number of 350,000 Contingent Swvl Shares shall be due and issuable by Swvl Holdings to the Purchase Price Beneficiaries. 

 

	 	2.	 In case where at least nine million USD ($9,000,000.00) worth ARR is reached during any consecutive period of
three (3) months after the Closing Date (the “Second Milestone”), an aggregate number of 350,000 Contingent Swvl Shares shall be due and issuable by Swvl Holdings to the Purchase Price Beneficiaries. 

 

	 	3.	 In case where at least eleven million USD ($11,000,000.00) worth ARR is reached during any consecutive period
of three (3) months after the Closing Date (the “Third Milestone”), an aggregate number of 350,000 Contingent Swvl Shares shall be due and issuable by Swvl Holdings to the Purchase Price Beneficiaries. 

 

	 	4.	 In case where at least forty million USD ($40,000,000.00) worth ARR is reached following the Closing Date (the
“Final Milestone”), an aggregate number of 750,000 Swvl Shares shall be due and issuable by Swvl Holdings to the Purchase Price Beneficiaries. 

 Schedule 5 – Swvl Shares Undertakings 

The Swvl Shares shall be subject to following lockup restrictions: 
  

	 	(i)	 during the first 6 (six) months after Closing Date the Purchase Price Beneficiaries shall undertake to hold and
not grant, transfer, dispose, sell-out, assign or usufruct their respective Swvl Shares; 

  

	 	(ii)	 after the first 6 (six) months after Closing Date (the “First Lockup Expiry Date”) the
Purchase Price Beneficiaries shall each be entitled to grant, transfer, dispose, sell-out, assign or usufruct up to 33.3% of their Swvl Shares but shall undertake to hold and not grant, transfer, dispose, sell-out, assign or usufruct their remaining Swvl Shares until such is allowed pursuant to (iii) below; 

  

	 	(iii)	 after the first 12 (twelve) months after Closing Date (the “Second Lockup Expiry Date”) the
Purchase Price Beneficiaries shall each be entitled to grant, transfer, dispose, sell-out, assign or usufruct up to another 33.3% of their Swvl Shares but shall undertake to hold and not grant, transfer,
dispose, sell-out, assign or usufruct their remaining Swvl Shares until such is allowed pursuant to (iv) below; 

  

	 	(iv)	 after the first 18 (eighteen) months after Closing Date (the “Third Lockup Expiry Date” and
together with the First Lockup Expiry Date and the Second Lockup Expiry Date the “Lockup Expiry Dates” and each individually a “Lockup Expiry Date”) the Purchase Price Beneficiaries shall each be entitled to grant,
transfer, dispose, sell-out, assign or usufruct all of their Swvl Shares; 

 The Contingent Swvl
Shares shall be subject to following restrictions: 
  

	 	(i)	 during the first 15 (fifteen) months after Closing Date the Purchase Price Beneficiaries shall undertake to
hold and not grant, transfer, dispose, sell-out, assign or usufruct the Contingent Swvl Shares issued to them following achievement of the First Milestone; 

 

	 	(ii)	 during the first 12 (twelve) months after Closing Date the Purchase Price Beneficiaries shall undertake to hold
and not grant, transfer, dispose, sell-out, assign or usufruct the Contingent Swvl Shares issued to them following achievement of the Second Milestone; 

 

	 	(iii)	 during the first 9 (nine) months after Closing Date the Purchase Price Beneficiaries shall undertake to hold
and not grant, transfer, dispose, sell-out, assign or usufruct the Contingent Swvl Shares issued to them following achievement of the Third Milestone; 

The Swvl Shares listed under the column ‘Protected Swvl Shares’ in Schedule 3 (Purchase Price Allocation) (such
Swvl Shares hereinafter the “Protected Swvl Shares”) shall benefit the following protection: 
 In order to cover any
possible loss of value of the Protected Swvl Shares during the lock up period set forth above, in cases where the official market value of a single Swvl Share is lower than seven USD ($7.00) at any Lockup Expiry Date, the relevant Purchase Price
Beneficiary holding Protected Swvl Shares shall be granted such number of additional Swvl Shares required to bring the relevant Purchase Price Beneficiary in the position it would have been had it acquired all its Protected Swvl Shares against such
lower price per Protected Swvl Share. In any case, the total USD value of the Protected Swvl Shares granted to a Seller shall not exceed the total USD value of the Protected Swvl Shares granted with the Payment of the Closing. 

Notwithstanding the above-mentioned protection, in cases where the official market value of a single Swvl Share is higher than thirteen USD
($13.00) at any Lockup Expiry Date, the relevant Purchase Price Beneficiary holding Protected Swvl Shares shall return to Swvl Holdings such number of Protected Swvl Shares to bring the relevant Purchase Price Beneficiary in the position it would
have been had it acquired all its Protected Swvl Shares against such higher price per Protected Swvl Share. 

 Schedule 6 - Calculation of Net Financial Debt 

For the purposes of this contract, the net financial debt (the “Net Financial Debt”) will be the result of subtracting the Cash from the
Gross Financial Debt. 
 a) The gross financial debt (the “Gross Financial Debt”) will be the sum of: 

1. Long and short-term loans with banks, funds, or similar financial providers; 

2. Loans with third parties outside the current course of the Business; 

3. Debts with the shareholders, directors of the Companies or any related party; 

4. Participative loans; 
 5.
Balances disposed of in credit lines and in confirming lines; 
 6. Bank overdrafts; 

7. Penalties for interest, commissions or reimbursement premiums; 

8. Obligations, bonds, bills or convertible loans issued by the Companies or its subsidiaries; 

9. Liabilities for finance leases, operating leases or sales contracts 

10. Liabilities with suppliers of fixed assets; 

11. Discounted invoices or accounts receivable, factored commercial debts or any other type of customer advance; 

12. Balances drawn from off-balance-sheet credit facilities
(non-recourse factoring or any other similar off-balance-sheet financing); 

13. Dividends accrued and not paid; 

14. The amount of ESOP slips to be paid at Closing according to ESOP and the grant agreement of the employees; 

15. Overdue debts with any Public Administration including social security charges, taxes and levies; 

16. Corporate tax liabilities; 

17. Deferred tax and assets liabilities; 

18. Derivative instruments in market conditions at the time of acquisition; 

19. Trade accounts payable or other types of creditors with collection conditions greater than 120 days; 

20. Withholdings and special bonuses; 

21. Any obligation in relation to a guarantee, indemnity offer of credit; 

22. Retirement benefits and other premiums; 

23. Pension funds and other obligations; Y 

24. Long-term provisions. 
 b) The cash (the
“Cash”) will be the sum of: 
 1. Cash in the Companies or its subsidiaries; 

2. Cash in banks; 
 3. Deposits
less than one year old; and 
 4. Investments in funds, stocks, bonds, cash bills and other financial instruments that are liquid with a
duration of less than one year. 

 Schedule 7 – Resource Commitment Instalments 

 

					
	 Instalment #
	  	 Due Date
	  	 Amount (USD)

	1	  	the later of the Closing Date or 10 May 2022	  	3,000,000-
	2	  	10 June 2022	  	1,500,000
	3	  	10 July 2022	  	1,500,000
	4	  	10 August 2022	  	1,500,000
	5	  	10 September 2022	  	1,500,000
	6	  	10 October 2022	  	1,500,000
	7	  	10 November 2022	  	1,500,000
	8	  	10 December 2022	  	1,500,000
	9	  	10 January 2023	  	1,500,000
	10	  	10 February 2023	  	1,500,000
	11	  	10 March 2023	  	1,500,000
	12	  	10 April 2023	  	1,000,000
	13	  	10 May 2023	  	1,000,000
	14	  	10 June 2023	  	1,000,000
	15	  	10 July 2023	  	1,000,000
	16	  	10 August 2023	  	1,000,000
	17	  	10 September 2023	  	1,000,000
	18	  	10 October 2023	  	1,000,000

 Schedule 8 – Seller’s Warranties 

Each of the Sellers represents and warrants to the Buyer the following: 
  

	1.	 PART A – FUNDAMENTAL WARRANTIES

  

	1.1	 Capacity 

  

	1.1.1	 The Sellers have full legal capacity to execute this Agreement, comply with obligations arising out of
the same and carry out and complete the transactions provided for therein. 

  

	1.1.2	 The Company is duly incorporated in accordance with Dutch law and is duly registered in the Netherlands
Chamber of Commerce. 

  

	1.1.3	 Volt Lines Turkey is duly incorporated in accordance with Turkish Law and is duly registered in the
Istanbul Chamber of Commerce. 

  

	1.1.4	 Volt Lines MENA is duly incorporated in accordance with UAE Law and is duly registered in the Abu Dhabi
Global Market Registration Authority. 

  

	1.1.5	 This Agreement has been duly executed by the Sellers and the obligations provided for herein are legal
and valid obligations binding on the Sellers and may be enforced against them in accordance with their respective terms. 

  

	1.1.6	 The Seller and the Companies have obtained all approvals, permits, authorizations and licenses required
to enter into and to perform their respective obligations under this Agreement. 

  

	1.2	 Corporate Information 

 

	1.2.1	 The Company was duly incorporated as a private company in accordance with the Dutch Law on 10 May
2019. The Company is registered with the Trade Register of the Dutch Chamber of Commerce and accurate and complete copies of Companies’ articles of association and amendments have been submitted to the Buyer. The articles of association and its
amendments submitted to the Buyer do not contain any misleading or incorrect information. The Company has not been in any default under its organisational documents. The Company has duly and timely fulfilled all the registration and announcement
procedures required to be made under the applicable Law under the establishment document. The Sellers and/or the Company have not made any dispositions contrary to its articles of association. The Company has the unrestricted right, power,
authority, and capacity to own its assets and to conduct Business as conducted on the Effective Date. The Company has not repaid, redeemed or purchased any of its own shares, reduced its share capital or has it agreed to do any of such things.

  

	1.2.2	 Volt Lines Turkey was duly incorporated as a joint stock company in accordance with the Laws of the Republic of
Turkey on 20 October 2017. Volt Lines Turkey is registered with the Istanbul Trade Registry and accurate and complete copies of Volt Lines Turkey’s articles of association and amendments have been submitted to the Buyer. The articles of
association and its amendments submitted to the Buyer do not contain any misleading or incorrect information. Volt Lines Turkey has not been in any default under its founding documents. Volt Lines Turkey has duly and timely fulfilled all the
registration and announcement procedures required to be made under the applicable Law under the establishment document. The Sellers and/or Volt Lines Turkey have not made any dispositions contrary to its articles of association. Volt Lines Turkey
has the unrestricted right, power, authority, and capacity to own its assets and to conduct Business as conducted on the Effective Date. Volt Lines MENA has not repaid, redeemed or purchased any of its own shares, reduced its share capital or has it
agreed to do any of such things. 

  

	1.2.3	 Volt Lines MENA was duly incorporated as a private company in accordance with the Abu Dhabi Global
Market Companies (Amendment No. 1) Regulations 2020 on 8 August 2021. Volt Lines MENA is registered with the Abu Dhabi Global Market Registration Authority and accurate and complete copies of Volt Lines MENA’s articles of association
and amendments have been submitted to the Buyer. The articles of association and its amendments submitted to the Buyer do not contain any misleading or incorrect information. Volt Lines MENA has not been in any default under its founding documents.
Volt Lines MENA has duly and timely fulfilled all the registration and announcement procedures required to be made under the applicable Law under the establishment document. The Sellers and/or Volt Lines MENA have not made any dispositions contrary
to its articles of association. Volt Lines MENA has the unrestricted right, power, authority, and capacity to own its assets and to conduct Business as conducted on the Effective Date. Volt Lines MENA has not repaid, redeemed or purchased any of its
own shares, reduced its share capital or has it agreed to do any of such things.  

	1.3	 No Bankruptcy 

 

	1.3.1	 Neither the Sellers nor the Companies have been declared insolvent or bankrupt or have filed for
insolvency or bankruptcy nor is the Seller aware of any person having filed an insolvency or bankruptcy request. 

  

	1.3.2	 The Companies have not, by reason of actual or anticipated financial difficulties, commenced
negotiations with one or more of its creditors with a view to rescheduling any of its indebtedness, no creditor of the Companies has enforced any security over or has seized any assets of the Companies, no unsatisfied judgment is outstanding against
the Companies has suspended or ceased to carry on all or a material part of its Business. 

  

	1.4	 Share Capital. Titles of ownership 

 

	1.4.1	 The Shares have been validly issued, subscribed for and paid up in full. The Shares represent 100% of
the share capital of the Company. 

  

	1.4.2	 The Sellers are the only owners of the Shares, which are free from any liens and/or Encumbrances
(including any right -whether exercisable now or in the future and whether contingent or otherwise) to call for the conversion, issue, sale or transfer, redemption or repayment of any share or any other security giving rise to a right over or an
interest in, the share capital of the Company. There are no existing, pending or, , any threatened disputes affecting any of the Shares or Sellers’ ownership or entitlement to dispose of any of them. There are no circumstances, which are likely
to give rise to any such disputes. All previous share transfers with regards to the Shares have been duly made and registered in the share ledger of the Companies and there exists no pending or, threatened dispute, which seeks to challenge the
validity of the Shares transfers made to the Sellers from former shareholders of the Companies. There are no warrants, option rights or other third Person rights to obtain any shareholding or other interest in the Companies. 

 

	1.4.3	 The Sellers are entitled to sell and transfer the full legal and beneficial ownership of the Shares, in
compliance with all applicable statutory requirements and any other corporate requirement in this regard. 

  

	1.4.4	 Other than the convertible loans owed by the Company to Alain Wehbe and Jawad Qasim, restructured and
shall be repaid in accordance with the table below, the Companies duly repaid all convertible loan agreements that it had been party or represented to be a party and the Companies don’t have any unpaid loans or
un-issued Shares in relation to its convertible loan agreements that it have entered into: 

  

							
	 Convertible Loan Holder
	  	Principal	  	 Interest
	  	 Payment Schedule

	Alain Wehbe	  	150,000	  	 12,000 USD as of 30 June 2020
 12,000
USD as of 30 June 2021
 12,000 USD as of 30 June 2022
	  	 12,000 USD by 30 May 2022
 12,000 USD by
30 June 2022
 162,000 USD by 30 July 2022

	Jawad Qasem Mohammad Yousef	  	50,000	  	 4,000 USD as of 30 June 2020
 4,000 USD
as of 30 June 2021
 4,000 USD as of 30 June 2022
	  	 4,000 USD by 30 May 2022
 4,000 USD by
30 June 2022
 54,000 USD by 30 July 2022

  

	1.4.5	 The Company is the registered owner of the 100% share capital of Volt Lines Turkey and Volt Lines MENA,
as current sole shareholder. 

	1.5	 No Interference 

The Sellers have not made a claim of any nature against the Companies that remains outstanding, and there are no circumstances, which entitle or are likely to
entitle any of them to make such a claim. There is no dispute pending or, threatened against or affecting the Sellers and/or the Companies that in any manner challenges or seek to prevent, enjoin, alter or materially delay the execution or
consummation of the Agreement or the Transaction, there are no circumstances likely to give rise to any of the foregoing. 
  

	1.6	 No Pending Business Transaction 

Any transaction required under this Agreement, the Companies are not a party to any agreement relating to the acquisition or sale of, or an economically
equivalent transaction involving, any interests in other legal entities or any business or parts thereof. 
  

	2.	 PART B – BUSINESS WARRANTIES

  

	2.1	 Information 

The Sellers have provided the Buyer with all information requested in relation to the Companies as well as its business to enable the Buyer to make proper
assessment and determination. The information contained in this Agreement and the Data Room, as well as all written and verbal information given to the Buyer and its professional advisers in relation to the Shares, the Companies and the Business
including their assets, is true, complete, accurate and not misleading and no material information has been omitted or hidden. 
  

	2.2	 Articles of association, statutory books and other corporate matters 

 

	2.2.1	 The statutory books, books of accounts and other records of any kind whatsoever of the Companies
required by the applicable Laws: (1) are maintained in accordance with applicable Laws on a proper and consistent basis; (2) contain true, up-to-date and
complete records of the matters required to be contained in such books and records; and (3) all the corporate resolutions required to be registered at any commercial registry and the documents required to be delivered by Law have been properly
registered and delivered. Neither the Sellers nor the Companies have received any notice or allegation that any of them is incorrect or should be rectified and, there are no circumstances, which are likely to give rise to such a notice or
allegation. 

  

	2.2.2	 The governing bodies of the Companies, as well as all their attorneys-in-fact, have managed the Companies in the ordinary course of business and in compliance with applicable statutory and legal provisions, and have carried out their duties and position with the
diligence and loyalty required by the Law. 

  

	2.2.3	 The Companies are not a party to joint ventures, profit sharing agreements, temporary co-operative companies or associations of economic interests, any shareholders’ agreement or similar arrangement. 

  

	2.2.4	 The Company (i) does not hold any shares in any other company save for Volt Lines Turkey and Volt
Lines MENA and the Companies do not have the benefit of any option or agreement to acquire all or any part of the share or loan capital or other securities of any other corporate body. 

 

	2.2.5	 The current articles of association or constitutional documents of the Company are in the same form as
those available at Trade Register of the Dutch Chamber of Commerce. 

 The current articles of association or
constitutional documents of Volt Lines Turkey are in the same form as those filed at Istanbul Chamber of Commerce. 
 The current articles of
association or constitutional documents of Volt Lines MENA are in the same form as those filed at Abu Dhabi Global Market Registration Authority. 

No resolutions modifying the articles of association of the Companies are pending to be registered. 

 

	2.3	 Financial Statements 

 

	2.3.1	 A true and complete copy is included as Exhibit 2.3.1 of the individual financial statements (balance
sheet and profit and loss account) of the Company corresponding to the financial year ended on 31 December 2021 and the individual financial statements (balance sheet and profit and loss account) of Volt Lines Turkey and Volt Lines MENA
corresponding to the financial year ended on 31 December 2021; (jointly as the “Financial Statements”). 

	2.3.2	 A true and complete copy is included as Exhibit 2.3.2 of (i) the profit and loss account of the
Company and Volt Lines Turkey respectively for the period 1 January to 30 June 2021, and (ii) the balance sheet as of 30 June 2021 of the Company, Volt Lines Turkey and Volt Lines MENA respectively (the “Financial Statements
2021”). 

  

	2.3.3	 The Financial Statements make full provision for or, as appropriate, disclose or make note or adjustment
of all definite bad and doubtful debts and all accruals and liabilities and provisions (whether actual, contingent, quantified, unquantified or disputed) of the Companies as required by applicable Law as at date when they were drawn up.

  

	2.3.4	 The Financial Statements, as well as the financial accounts contained in Exhibit 2.3.2, (i) have been
prepared in accordance with the applicable Laws, and (ii) show a true and fair view of the assets and financial situation of the Companies, as well as profit and loss on operations carried out in the period to which the Financial Statements
relate in accordance with requirements of the said legislation and generally accepted policies, principles, estimation techniques, measurement bases, practices and accounting principles. 

 

	2.3.5	 Except as per usual market practices of the banks or other financial institutions, no term of the
existing credits of the Companies have been changed or renegotiated by its lenders on terms less favorable to the Companies. 

  

	2.3.6	 The Companies do not have liabilities or obligations (actual or contingent, accrued or un-accrued) to third parties, debts, bonds, guarantees or securities or the type which should be accounted for in the Financial Statements which are not duly accounted for (including relevant accounting provisions)
in the Financial Statements in accordance with the relevant applicable Law and generally accepted accounting principles. 

  

	2.4	 Absence of changes 

Since the date of the Financial Statements up to the Closing Date: 
  

	2.4.1	 The Companies have carried out their Business, in all material respects, in the ordinary course of
business without any disruption or interruption and as a going concern and have not increased their liabilities with third parties outside the ordinary course of business; 

 

	2.4.2	 There has been no reduction in the value of the assets determined in accordance with the same accounting
policies, estimation techniques, measurement bases, practices and procedures used in the preparation of the Financial Statements and on the basis that each of the assets is valued at a figure no greater than the value attributed to it in the
financial statements or, in the case of any asset acquired after the date of the Financial Statements, at a figure no greater than cost; 

  

	2.4.3	 All transactions between the Companies and each of the Sellers have taken place substantially in a
manner and on terms substantially consistent with previous practice and, in any case, on an arm’s length basis; 

  

	2.4.4	 The Companies have not acquired or disposed of any business or asset, nor have they agreed to do so, for
the benefit of the Sellers or any Person connected with the Sellers after the date of the Financial Statements 

  

	2.4.5	 The Companies have not borrowed any money; 

 

	2.4.6	 The Companies have not changed their accounting procedures, principles or practices; have not amended
their practices of managing their working capital including not seeking to defer payments to creditors or seeking to accelerate collections from debtors other than in accordance with consistent past practice; 

 

	2.4.7	 The Companies have not settled any claims or litigation, arbitration or similar proceedings; and

  

	2.4.8	 No debt owed to the Companies has been released, deferred, subordinated, written off or had a credit
issued against it (in whole or in part) or has proved to any extent irrecoverable. 

  

	2.4.9	 The Companies have not entered into any agreement, commitment with any third party or failed to comply
with, breached, amended, changed, rescinded or in any manner altered the material terms and conditions of any material contract to which the Companies are a party, and there are no obligations to execute or approve new agreements or contracts, which
have not been expressly disclosed to the Buyer in the Data Room. 

	2.4.10	 No bonus or other payment has been made or agreed to be made in connection with the performance of the
Agreement including the payment of any costs, bonuses or other sums by the Companies to, or for the benefit of the Sellers or a Person connected with the Sellers. 

 

	2.4.11	 In particular, except as expressly foreseen herein, no Leakage has occurred in the period between the
date of the Financial Statements and the Closing Date. 

 For the purposes of this Clause, the expression
“Leakages” used in relation to the Companies, means: 
  

	 	•	 	 payment of any amount (as dividend or other type of distribution –whether in cash or in kind–, return
of contributions or payment for services) by the Companies to the Sellers or to any Connected Person to the Sellers, 

  

	 	•	 	 any return of capital (whether by reduction of capital or redemption or purchase of shares or otherwise) by the
Companies or any amount payable on the repurchase, repayment, redemption, reduction or cancellation of any share capital, loan capital or other securities of any of the Companies, 

 

	 	•	 	 purchase or sale of any asset by the Companies, on the one hand, and the Sellers or any Connected Person to the
Sellers on the other, 

  

	 	•	 	 the amount of any bonus (whether in cash or in kind) paid or payable to any shareholder, director or employee of
any member of the Sellers’ Group as an incentive to complete, or triggered by, the Transaction, incurred or reimbursed by, or charged to, any of the Companies;waiver of any amount or right by the Companies in favour of the Sellers, any
Connected Person to the Sellers, 

  

	 	•	 	 any payment of or promise to pay interest or principal in respect of any indebtedness owed by the Companies in
favour of the Sellers, or of any Connected Person to the Sellers, 

  

	 	•	 	 any guarantee, indemnity or security provided by the Companies in respect of the obligations or liabilities of
the Sellers, or of any Connected Person to the Sellers, 

  

	 	•	 	 any other liabilities incurred (whether in cash or kind) or benefits conferred by the Companies in favour of the
Sellers, or of any Connected Person to the Sellers, any payments made, or liabilities incurred, by the Companies with respect to any director or any third party in connection with or relating to this Agreement (including any transaction or retention
bonuses or management or advisers’ fees payable in connection with the Transaction contemplated in this Agreement). 

  

	 	•	 	 any expenses as a consequence of any of the actions above referred. 

 

	 	•	 	 but in any event excluding Permitted Leakages or except to the extent that the Leakage is covered by any specific
allowance, provision or reserve in the Financial Statements. For this purpose, an allowance, provision or reserve shall be deemed to be specific if it can be reasonably evidenced on the basis of the financial administration of the Companies that
such allowance, provision or reserve was intended by the management of the Companies to relate fully of partly to the relevant fact, matter or claim. For these purposes “Permitted Leakages” means: 

 

	 	•	 	 emoluments and other economic entitlements properly payable to an employee, director, consultant or officer of
any of the Companies and due and accrued up to and including Closing under any service or other consultancy agreement or by virtue of their employment, consultancy or directorship in force at the date of the Financial Statements; and

  

	 	•	 	 management fees and other disbursements payable under the management agreement between Sellers, any Connected
Person to the Sellers and any of the Companies; 

  

	 	•	 	 any amount of Tax imposed on or payable by any of the Companies in respect of any of the foregoing;

  

	 	•	 	 any Leakages previously approved in writing by the Buyer. 

	2.5	 Assets 

  

	2.5.1	 Title: The Companies possess valid legal title over the machineries, equipment, fittings, and other
moveable assets it uses, and they maintain them in proper and safe working order, ensuring that they are adequate for the purposes for which they are required in the terms established in the applicable Law. 

 

	2.5.2	 The Company is the legal owner of (i) the passenger App (for iOS and Android) named “Volt
Lines”, (ii) the driver App (for iOS and Android) named “Volt Lines”, the web-based management module, as well as of (iii) the back-end,
architecture, algorithms, simulators, data reports and map data set. Those Apps are in good working order. 

  

	2.5.3	 Permits: The Companies have all the valid licenses, permits, records and administrative authorizations
or similar titles required in order to legally possess and operate the aforementioned machineries, equipment and other moveable assets. All fees required to have been paid in connection with such governmental authorizations have been paid.

  

	2.5.4	 The Sellers have not received any written information or request from any competent authorities in
relation to the lack of any of the licenses, permits, records and administrative authorizations or similar titles required by Law for operation of the Business or no competent Authority intends to modify, revoke, cancel, terminate or not renew any
governmental authorization of the Companies. No event has occurred that, with or without notice or lapse of time or both to result in the revocation, suspension, lapse or limitation of any governmental authorization of the Companies.

  

	2.6	 Agreements 

In relation to all material contracts where the Companies are a party: 

 

	2.6.1	 To the Sellers’ knowledge each contract to which the Companies are party is in compliance with
applicable Law and in full force, effect, and binding on the parties to it. 

  

	2.6.2	 The formalization of the transaction, does not imply a breach or termination cause of any of such
contracts; do not contain a change of control Clause, change of ownership structure or similar Clause that might be triggered as a consequence of the execution of the transaction; and 

 

	2.6.3	 No notice of event of default, termination of or intention to terminate any contract (either it be
written or oral) has been received by the Companies and/or the Sellers and to the Sellers’ knowledge none is anticipated. The Companies have not breached any of the contracts of which they are part of, nor has, to the Sellers’ knowledge,
any breach taken place by the counterparties of such contracts. 

  

	2.6.4	 No financial lease agreement is in force. 

 

	2.7	 Financial liabilities 

 

	2.7.1	 There are no outstanding accounts: (1) loans made by the Companies to, or debt owing to the
Companies by, the Sellers or any director of the Companies or any Connected Person with them; nor (2) any agreement or arrangement to which the Companies are a party and in which the Sellers or any director of the Companies appointed by the
Sellers or any Connected Person to the Seller has an interest. 

  

	2.7.2	 There is no outstanding guarantee, indemnity, or security given by the Companies for the benefit of the
Sellers, any director of the Companies or any Connected Person to them. 

  

	2.8	 Real estate 

  

	2.8.1	 Condition of the Real Estate Properties: The Real Estate Properties of the Companies (the “Real
Estate Properties”) are in a good state of upkeep and maintenance, and neither they nor the installations contained therein are affected by any construction faults or defects. 

 

	2.8.2	 Service, utility, maintenance and similar agreements: The Companies are not party to any other service
agreements regarding Real estate. The Companies are currently up to date in the performance of its obligations under the service agreements. 

  

	2.8.3	 Zoning legislation and licenses: The Sellers are not aware of any fact or circumstance (a) for
which the Real Estate Properties (and the activities carried out therein) were not in conformity with applicable zoning regulations or (b) under which the existing licenses for the use, operation and functioning of the Real Estate Properties
may be challenged. 

	2.8.4	 The Sellers have not received any written information or request from any competent authorities in
relation to the lack of any of the licenses required by Law for the construction, opening and operation of the Business in the Real Estate Properties. 

  

	2.8.5	 Environmental matters: The Sellers and the Companies have not received any written notice or claims in
relation to environmental liabilities connected with the Real Estate Properties or the Business. 

  

	2.8.6	 No activity has been developed which could result in a potential contamination of the Real Estate
Properties. 

  

	2.9	 Taxes 

  

	2.9.1	 The Companies have complied with all applicable Tax Laws and regulations in relation to
all    Tax periods open to inspection and are up-to-date with all required Tax payments and filing of declarations, returns, withholdings,
information disclosures or any other obligations pursuant to any applicable Tax Law or regulation, as well as any other fees, duties or payments to any Authority or agency or to any third party as may be required in connection with the Transaction.
No Tax inspection or verification procedures are being carried out in relation to periods prior to Closing. 

  

	2.9.2	 Tax attributes are fully in force and in compliance with Law and the Companies have in their possession
all supporting documents to evidence this, including where such rights had arisen in periods that are now time barred. 

  

	2.9.3	 All transactions and agreements entered into by the Companies and any current or past associated
enterprises, local affiliates or any third party have been and are on fully arm’s length terms. There are no circumstances which could cause any Authority to make any adjustment for Tax purposes, or require any such adjustment to be made, to
the terms on which any such transaction is treated as taking place. The Companies have maintained the transfer pricing documentation and records in relation to any related party payments as required under applicable Laws and regulations.

  

	2.9.4	 There are no encumbrances upon any properties or assets of the Companies arising from any failure or
alleged failure to pay any Tax. 

  

	2.9.5	 The Companies have materially fulfilled the obligations legally incumbent in relation to any
subcontractors engaged during the years open to Tax inspection, in full compliance with the applicable Law (including but not limited to grounds, verification of fulfilment of Tax, salary and social security obligations by contractor and/or
subcontractor companies). 

  

	2.9.6	 The Companies have no branch, agency, permanent establishments (“PEs”), including fixed
place PEs, service PEs, sales agent PEs, digital PEs and/ or any other forms of taxable presence. 

  

	2.10	 Employment and social security aspects 

 

	2.10.1	 The employees of the Companies, at the execution date of this Agreement, are described in Exhibit
2.10.1, pointing out their seniority, yearly gross earnings and remuneration in kind, and whether their employment contracts are fixed, part-time or any other type. No negotiations or change whatsoever has taken place or is under way regarding these
conditions and there is no undertaking whatsoever to carry out any changes. 

  

	2.10.2	 The Companies currently comply and have at all times complied with the obligations relating to
employment, social security, health and safety, and pensions undertakings set out in the applicable Law and/or relevant collective agreement, and in the individual contracts they have signed with its employees. 

 

	2.10.3	 The Companies comply with relevant regulations relating to subcontracting and self- employees and, there
is no reason why employees of their subcontractors or the self-employees could claim the benefit of a contract of employment with a Group Company. 

  

	2.10.4	 The Companies are
up-to-date in the payment of all amounts which are payable, to workers who currently offer their services to the Companies, or who have in the past offered their
services to the Companies, both directly and indirectly, either as employees or via third parties, as members of the board of directors, agents, representatives, etc. 

	2.10.5	 The Companies have not entered into any recognition or other agreement with an employee union or
received any request from an employee union for recognition, nor have they carried out any act, which may be construed as giving an employee union any legal entitlement in relation to recognition. No collective bargaining agreement exists.

  

	2.10.6	 The Companies pay the employees’ wages in the proper manner and amount in accordance with the
provisions of the applicable collective bargaining agreement and applicable legislation. The Companies are up-to-date in their payment of the necessary social security
contributions, pursuant to the legislation in force and in the due amounts, and has submitted its contribution payment reports and all the other required documentation, in the manner and within the time periods established to this end in the
legislation in force. No failure to make payment, delay or deferral payments or deposited contributions for a lower amount than is due has taken place, nor has any administrative debt claim for contributions, sanctions or settlements been filed
regarding non-compliance with social security obligations. 

  

	2.10.7	 There is no term of employment for any Employee that provides that a change in the shareholding
structure of the Companies will entitle such individual (a) to treat the change of shareholding structure and the execution of the Agreement as a breach of his or her employment contract, (b) to any payment, benefit or change of terms of
employment (whether or not conditioned upon the occurrence of any other event), or (c) to treat himself or herself as redundant or released from any obligation to the Companies. 

 

	2.10.8	 All the employees, executives and members of the board of directors of the Companies, are duly included
in the corresponding social security regime in accordance with the social security legislation. 

  

	2.10.9	 The relevant labour authorities have been notified of the opening of the Companies’ working
premises, in the manner and within the periods required under the applicable legislation. 

  

	2.10.10	 The Companies have drawn up and signed their employment contracts in full compliance with all legal and
regulatory requirements and in compliance with the end purpose inherent to the type of contract used in each case. The temporary status clauses of the temporary employment contracts are correctly founded in accordance with the regulations applicable
to each type of contract. 

  

	2.10.11	 No covenant or commitment exists by virtue of which the Companies are bound to pay any severance or
compensation whatsoever for contractual resolution in an amount greater than the corresponding legal severance provided for Laws in each particular case. 

  

	2.10.12	 The Companies have not agreed any special covenants in the employment contracts, such as exclusivity,
permanence and post contractual non-compete clause, except for the confidential and post contractual non-compete agreement executed or concluded with all the employees
of the Companies. Likewise, the covenants banning post-contractual competition have been correctly subscribed and duly compensated according to the Law. 

  

	2.10.13	 The Companies have not agreed any other compensation with any other individual linked to the Companies
by a commercial or labour relationship in case the requirements described take place or a transaction of this nature. 

  

	2.10.14	 The Companies have complied and continues to comply with all employment Law rules regarding work time
registration and overtime. 

  

	2.10.15	 No employee is entitled to receive any benefit derived from the exercise of any right or option under an
ESOP, stock option plan or share plan from the Companies. 

  

	2.10.16	 No particular profit sharing and/or other performance related incentive schemes exist which are not
state or mandatory schemes. Likewise, the parameters of the variable remuneration policies subscribed by the Companies are correctly fixed in written form, according to the Law. 

No external pension schemes have been entered into by the Companies for the benefit of its employees and the Companies do not have (nor ever
has had) any liability regarding any pension scheme (whether defined benefit or otherwise).There have been no increases in any salaries in the six (6) months prior to the date of this Agreement, nor any Companies have made any commitment to any
of its employees regarding an increase in their salaries or other remuneration or compensatory arrangements (including any bonus). 

	2.10.17	 The Companies declare that a group of companies from a labour perspective does not exist with other
companies who hold shares of the Companies and that the labour Authorities have not declared it. 

  

	2.10.18	 There is no former employee of the Companies who has a statutory or contractual right to be considered
as an employee of the Companies. 

  

	2.10.19	 All employees of the Companies have been duly registered as employees of the Companies, with the
relevant social security authorities and the Companies have complied with all its respective social security contribution obligations within the prosecutable periods as at the date hereof and are up to date with such obligations and with all the
legal obligations regarding social security and tax withholdings. 

  

	2.10.20	 The Companies have not taken any measure as a result of the COVID 19 pandemic situation, concerning the
employees of the Companies. 

  

	2.10.21	 The Companies have not received written notification regarding any pending labour conflict, including
strikes, work stoppages or collective claims in relation to its employees, nor are they aware of the existence of any judicial or administrative proceedings (including inspection or verification proceedings by the Social Security) in progress in
relation to labour, social security or occupational risk prevention matters initiated in which the Companies are subject. 

  

	2.10.22	 No claims or actions being brought or pending on behalf of any employees or former employees against the
Companies or other employees of the Companies have been notified to the Companies or are expected to be notified at the execution date of this Agreement. 

  

	2.10.23	 The Companies have always complied with all Laws regarding employee representation and also in relation
to any information or consultation obligations with employees and/or employee representatives. 

  

	2.10.24	 The Companies comply with and has complied with any applicable Health and Safety Legislation. Likewise,
the Companies have carried out the specific assessments on prevention of labour risks applicable to those remote workers. 

  

	2.11	 Protection of personal data 

 

	2.11.1	 The Companies have complied and comply with all the legal obligations set out in the applicable Laws and
regulations regarding protection of personal data and the collection and use of personal data. On the other hand, Volt Lines Turkey has yet to commit the necessary resources to audit its data processing and data security procedures to make it fully
compliant with the data protection regulations and register such with the appropriate authorities, which Volt Lines Turkey commits to undertake within 6 months after the Closing. 

 

	2.11.2	 All agreements executed by the Companies with customers and implying processing by the Companies of data
controlled by its customers include the necessary specifications and undertakings in application of the applicable privacy Laws and regulations. 

  

	2.11.3	 To Sellers’ knowledge all agreements executed by the Companies with subcontractors implying access
by the latter to data controlled by the customers of the Companies include the necessary specifications and undertakings in application of the applicable privacy Laws and regulations and have been duly authorized by the corresponding customers.

  

	2.11.4	 All data subjects whose data are processed by the Companies as data controller (i) have been
provided by the Companies with the appropriate transparency notice and description of the processing of their data by the Companies in accordance with applicable privacy Laws and regulations and (ii), when appropriate, have duly consented to such
processing. These data subjects who have been informed include customers of the Companies, potential customers, employees, applicants and subcontractors. 

	2.11.5	 The Companies have in place protocols (i) for auditing its own compliance with the applicable
privacy Laws and regulations, (ii) for dealing with security breaches and notifying them to the appropriate supervising authorities, (iii) for complying with data subjects’ requests relating to their rights; and (iv) for
complying with personal data retention and erasure principles; all of it in accordance with the requirements with the applicable privacy Laws and regulations. 

 

	2.11.6	 Subject to Clause 2.11.6, the Companies have fully complied with all registration and documentation
requirements under the applicable data protection Laws and regulations and keep traceable proceedings regarding the handling of personal data. 

  

	2.11.7	 To the Sellers’ knowledge and subject to Clause 2.11.6, the Companies have, at all times, taken
appropriate security measures against unauthorized access to, or unauthorized alteration, disclosure or destruction of, personal data and against all other unlawful forms of processing and have taken all reasonable steps to ensure that its
employees, contractors and other relevant persons have been made aware of and comply with such security measures. 

  

	2.11.8	 Generally, the Companies have not transferred, and does not transfer, any personal data controlled or
processed by them to any territory outside the territory which the Companies are established in. In cases where the Companies have transferred or do transfer data outside the territory which the Companies are established, such transfers have been
and/or are carried out based on appropriate guarantees in full compliance with applicable Law and with appropriate notice to the data subjects of such processing. 

 

	2.11.9	 The Companies have not (a) received any enforcement notices, information notices or prohibition
notices from the competent Data Protection Agency or any relevant equivalent national supervisory, regulatory or enforcement body in any other jurisdiction, (b) received any written notice from the competent Data Protection Agency or any
relevant equivalent national regulatory or enforcement body in any other jurisdiction alleging non-compliance by the Companies with applicable data protection Laws and regulations or (c) received any
written notice from the competent Data Protection Agency or any relevant equivalent national supervisory, regulatory or enforcement body in any other jurisdiction alleging a data subject has filed a complaint against it. 

 

	2.11.10	 No claims or actions by third parties has been submitted against the Companies and no inspections have
been initiated by the public authorities, for the breach of any obligations in relation to personal data protection by the Companies. 

  

	2.11.11	 To the Sellers’ knowledge the use by or on behalf of the Companies of any data, including any
personal information, does not infringe, misappropriate, or otherwise violate the rights of any Person or otherwise violate any applicable Law. 

  

	2.12	 Intellectual and Industrial Property 

 

	2.12.1	 All the trading names, trademarks, patents and other intellectual or industrial property rights
regularly used by the Companies, as well as, intellectual property rights on the software and computer programs, (including without limitation the backend that manages requests, the algorithm, the systems status of the dashboard and the driver and
customer simulator, any other programs, improvements and updates) and applications (including driver and customer applications)), all of it the “Companies’ IP Rights”, belong to the Company for the territory of the whole
universe, on an unlimited and perpetual basis, royalty-free, including any extensions and/or renewals, for the maximum extent permitted in Law, and have been duly registered in its name, and their use has not been subject to license or permanent or
temporary assignment to any third party. All the Companies’ IP Rights are solely, legally and beneficially owned by the Companies free from any Encumbrance. In addition, the Companies are in a position to provide sufficient evidence of the
existence, ownership and chain of title of the Companies’ IP Rights so as to be able to reject any challenge against such existence and/or ownership. The Companies’ IP Rights are valid and maintained, and there are not outstanding material
obligations in respect of the Companies. The Companies, in any manner, have not granted any present or future encumbrances in favour of any Person, or are not under the obligation or contractual arrangement creating an obligation to transfer or to
create, change or abolish any encumbrances on any of its Companies’ IP Rights. The Companies are free to dispose of the respective Companies’ IP Rights in any manner, and such dispositions would not violate applicable Law.

	2.12.2	 The Companies comply with the legal requirements to maintain in force the ownership of the
Companies’ IP Rights as well as to continue using said Companies’ IP Rights and, in particular, is up-to-date in its payment of all royalties and fees on the
Companies’ IP Rights. In addition, the Companies have prudently pursued all the necessary procedures in order to safeguard and protect any intellectual property not registered to the Companies. 

 

	2.12.3	 The Companies’ IP Rights: (i) are to the Sellers’ knowledge being used in compliance with
the Laws, contracts and agreements applicable to the Companies’ IP Rights; (ii) do to the Sellers’ knowledge not infringe or misappropriate any intellectual or industrial property right owned by any third party; and (iii) to the
Sellers’ knowledge no third party has infringed, misappropriated, challenged the validity or enforceability, or carried out an unauthorized use of any Companies’ IP Rights. The Companies do not use or incorporate any open-source software
in any of the Companies’ IP Rights and/or products made available to customers. 

  

	2.12.4	 The terms of the licenses and agreements relating to the intellectual and industrial property and
software used by the Companies (the “Licensed-In IP Rights”) are valid, binding and currently in force. The Companies have not breached the terms of these licenses and/or agreements, no
dispute has arisen in this regard, and are entitled to use all the programs, trademarks, patents, utility models and intellectual and industrial property rights that it uses in the course of its business. 

 

	2.12.5	 The owned Companies’ IP Rights and the Licensed-In IP
Rights are the only IP Rights required by the Companies to carry on its business. The Companies’ business further, does not depend on the maintenance of any Licensed-In IP Rights which cannot be
substituted for another license generally available in the market. 

  

	2.12.6	 Where the Companies have assigned any IP Rights in a project developed by it to a customer, this does
not restrict its ability to carry on its business or provide the same or similar products and services for any other person, and its business does not infringe the rights so assigned. 

 

	2.12.7	 The Companies’ IP Rights have been created or developed by employees of the Companies and
contractors on written terms vesting ownership of those IP Rights in the Companies and full ownership in the IP Rights developed by such employees and contractors has been transferred to the Companies without restrictions. No employee, contractor or
former employee or contractor of the Companies, or any third party or a Seller, has made or is entitled to claim that it has any rights in relation to the Companies’ IP Rights. 

 

	2.12.8	 The Companies have at all times taken reasonable industry standard measures to protect the
confidentiality of its Trade Secrets and other IP Rights. 

  

	2.12.9	 None of the Companies’ IP Rights has been or, is likely to be subject to challenge, opposition or
attack or any claim for ownership or compensation by any third Person. The Companies have not received notice of any pending or threatened proceeding or any claim in which any Person alleges that any of the Companies’ IP Rights have violated
and infringed any other Person’s Intellectual Property rights 

  

	2.12.10	 The Companies have not infringed any third party intellectual or industrial property rights and there
are no claims outstanding in this regard. 

  

	2.13	 Incentives 

The Companies fulfilled all of their obligations with regards to any incentives (including the R&D Center incentives) it has applied or benefited from, and
complies and has complied with any and all conditions imposed under applicable Law or by any Authority in connection with such incentives. All applicable conditions and requirements to which the benefit such incentive is subject have been duly
satisfied. 
  

	2.14	 Insurance 

  

	2.14.1	 The Companies (i) have entered into (and remain in force) all the insurance policies necessary to
comply with their legal and contractual obligations and to cover their assets and day-to-day activities and (ii) have paid all corresponding premiums on such
insurance policies in accordance with their respective terms. 

	2.14.2	 The Companies have not made any claim under any such insurance policies which is still outstanding and
in respect of which any insurer has refused coverage. 

  

	2.15	 Confidential Information 

Except for ordinary business conduct, fulfillment of the contractual obligations or its contrary required by the applicable Law, any confidential business
information of the Companies: 
 (i) is in the exclusive possession or under the direct control of the Companies, 

(ii) is and has been kept strictly confidential, 
 (iii) is
reasonably documented and accessible, such that the Buyer will be able to take the full benefit of it, 
 (iv) is not subject to any third Person restriction
as to its use, exploitation or disclosure, or 
 (v) any confidentiality obligations given by any third Persons in relation to the Confidential Information
has not been breached of and there are no circumstances which are likely to give rise to any such breach or actual or alleged misuse. 
  

	2.16	 Subsidies 

The Companies have not received any grant, subsidy or financial assistance from any European or governmental department or agency or any local or other
Authority, whether under any regional development grant, or temporary employment subsidy or otherwise. 
  

	2.17	 Regulatory Matters 

 

	2.17.1	 To the Sellers’ knowledge the Companies comply in all material respects with all applicable Laws
and any license, permission, registration, filing, permit, certificate, approval, consent or other authorization (public or private). 

  

	2.17.2	 The Companies have not received a notice from a public administration claiming that it lacks a license,
permission, registration, filing, permit, certificate, approval, consent or other authorization (public or private) required for carrying on its Business in accordance with all applicable Laws and regulations. 

 

	2.17.3	 The Companies hold all licenses, permissions, registrations, filings, permits, certificates, approvals,
consents or other authorizations (public or private), required for carrying on its Business effectively in the places and in the manner in which it is carried on at the date of this Agreement in accordance with all applicable Laws and regulations.

  

	2.18	 Environment 

  

	2.18.1	 No claims or proceedings have been notified to the Companies with respect to any breach of environmental
Laws relating to the Companies. There are no past or present actions, activities, circumstances, conditions, events or incidents, whether arising directly or indirectly from the conduct of the Companies that could result in breach of the
environmental Laws. 

  

	2.18.2	 The Companies have not received any notice, report or other information regarding any actual or alleged
violation of any environmental Laws, including any investigatory, remedial or corrective obligations relating to the Companies or any real property or other property or any facility currently or previously owned, leased, operated or controlled by
the Companies. 

  

	2.18.3	 The Companies are not aware of the existence of any environmental matters related to their business, at
or around any property thereof, which could: (a) give rise under any environmental Law to any fines, penalties, losses, damages, expenses or other liabilities; (b) require the carrying out of any works; or (c) otherwise directly or
indirectly result in any material costs, losses or expenses being incurred; and no such events, actions or circumstances are likely to arise. 

  

	2.19	 Competition 

  

	2.19.1	 The Companies are or have not been party to or involved in any agreement, understanding, arrangement,
concerted practice or conduct which (in whole or in part) infringes or has infringed any competition Laws. 

	2.19.2	 The Companies have not received any written notice, request for information, order, letter, process or
other communication of any kind from any Authority in relation to any competition Law; or received any written complaint or threat to complain under, or by reference to any alleged infringement of, any competition Law from any Person; or been the
subject of or affected by any investigation, reference or proceedings in relation to any competition Law; or been party to any proceedings in which any competition Law was pleaded or relied on and there are no circumstances which are likely to give
rise to any of such things. 

  

	2.19.3	 The Companies are not a party to a vertical agreement as per competition Laws or have engaged in
concerted practices with other undertakings and do not impose price controls on its distributors or business partners. 

  

	2.20	 Anti-corruption 

 

	2.20.1	 Each transaction of the Companies has been properly and accurately recorded on the books and records of
the Companies and each document on which entries in the Companies’ books and records are based (including purchase orders, customer or company invoices and service agreements) is accurate and complete in all respects. The Companies maintain
internal accounting controls, internal controls over financial reporting and disclosure controls and procedures adequate to ensure that (a) books, records and accounts accurately and fairly reflect, in reasonable detail, the transactions and
dispositions of the Companies’ assets, (b) the integrity of its financial statements is maintained and (c) access to assets is permitted only in accordance with management’s general or specific authorizations.

  

	2.20.2	 Neither the Companies nor any officer, attorney, representative or agent of the Companies have either in
private business dealings or in dealings with the public or government sector directly or indirectly given, made, offered or received or agreed (either themselves or in agreement with others) to give, make offer, or receive any payment, gift or
other advantage which a reasonable person would consider to be unethical, illegal or improper, or committed or attempted to commit (either themselves or in agreement with others) any other corrupt act. 

 

	2.20.3	 The Companies have not received any written communication from any Authority that alleges that the
Companies or any of its current or former Employees, is or may be in violation of, or has, or may have, any liability under, the anti-corruption Laws, and no such potential violation of the anti-corruption Laws has been discovered by or brought to
the attention of the Companies since their formations. 

  

	2.21	 Litigation and judicial proceedings 

The Companies are not involved in any judicial or arbitration proceedings or proceedings processed by any other Authority. 

 

	2.22	 Transaction costs 

The Companies have not paid/promised to pay, nor is it liable for any outstanding finder’s fee, brokerage or other commission or advisers’ fees,
costs or expenses (including in relation to any fees of any accountant, lawyer or financial adviser or equivalent) in connection with the Agreement and Transaction 
  

	2.23	 Swvl Shares 

2.23.1 Each Seller is acquiring the Swvl Shares pursuant to an exemption from registration under the Securities Act solely for investment with no
intention to distribute any of the foregoing to any Person. 
 2.23.2 No Seller will sell, transfer, or otherwise dispose of any of the Swvl Shares
except in compliance with the terms and conditions set forth in Swvl Holdings’ organizational documents and the registration requirements or exemption provisions of the Securities Act and any other applicable securities laws. 

2.23.3 Each Seller is a sophisticated institutional investor with extensive knowledge and experience in financial and business matters and in
investments of this type that it is capable of evaluating the merits and risks of its investment in the Swvl Shares and of making an informed investment decision. 

2.23.4 Each Seller is an “accredited investor” (as that term is defined by Rule 501 of the Securities Act), and (i) has been furnished
with or has had full access to all the information that it considers necessary or appropriate to make an informed investment decision with respect to the Swvl Shares, (ii) has had an opportunity to discuss with Swvl Holdings and its
representatives the intended business and financial affairs of Swvl Holdings and to obtain information necessary to verify any information furnished to it or to which it had access and (iii) can bear the economic risk of (x) an investment
in the Swvl Shares and (y) a total loss in respect of such investment. 
  

	2.23.5	 Each Seller has knowledge and experience in business and financial matters so as to (i) enable it to
understand and evaluate the risks of and form an investment decision with respect to its investment in the Swvl Shares and (ii) protect its own interest in connection with such investment. 

 

	2.23.6	 Each Seller’s acquisition of the Swvl Shares is not the result of any general solicitation or any general
advertising (within the meaning of Rule 506(b) of Regulation D promulgated by the Commission under of the Securities Act.)EX-10.26

 Exhibit 10.26 

Dated 28 April 2022 

Share Sale and Purchase Agreement 

relating to Zeelo Limited 

between 
 The Investor Sellers

 The Management Sellers 

The Minority Sellers 

Swvl Holdco Corp 
 Swvl
Global FZE 
 and 
 Swvl
Holdings Corp 

 Table of Contents 

 

									
	 	  	 	  	Page	 
	 1.
	  	 Interpretation
	  	 	1	 
	 2.
	  	 Sale and Purchase
	  	 	11	 
	 3.
	  	 Consideration
	  	 	11	 
	 3A.
	  	 Pre-Completion
	  	 	15	 
	 4.
	  	 Completion
	  	 	16	 
	 5.
	  	 Sellers’ Warranties
	  	 	17	 
	 6.
	  	 Sellers’ Limitations on Liability
	  	 	19	 
	 7.
	  	 Restrictions on Sellers
	  	 	21	 
	 8.
	  	 Business Information
	  	 	22	 
	 9.
	  	 Confidentiality
	  	 	23	 
	 10.
	  	 Announcements
	  	 	24	 
	 11.
	  	 Assignment
	  	 	24	 
	 12.
	  	 Further Assurance
	  	 	24	 
	 13.
	  	 Entire Agreement
	  	 	24	 
	 13A
	  	 Guarantee
	  	 	25	 
	 14.
	  	 Severance and Validity
	  	 	26	 
	 15.
	  	 Variations
	  	 	26	 
	 16.
	  	 Remedies and Waivers
	  	 	26	 
	 17.
	  	 Effect of Completion
	  	 	26	 
	 18.
	  	 Third Party Rights
	  	 	26	 
	 19.
	  	 Payments
	  	 	27	 
	 20.
	  	 Costs and Expenses
	  	 	27	 
	 21.
	  	 Notices
	  	 	27	 
	 22.
	  	 Counterparts
	  	 	28	 
	 23.
	  	 Governing Law and Settlement of Disputes
	  	 	29	 
	 24.
	  	 Sellers’ Representatives
	  	 	29	 
			
	 Schedule 1
	  	 The Sellers
	  	 	45	 
	 Part 1
	  		  	 Investor Sellers
	  	 	45	 
	 Part 2
	  		  	 Management Sellers
	  	 	50	 
	 Part 3
	  		  	 Minority Sellers
	  	 	51	 
	 Part 4
	  		  	 Employee Optionholders
	  	 	57	 
			
	 Schedule 2
	  	 The Group
	  	 	60	 
	 Part 1
	  		  	 Details of the Company
	  	 	60	 
	 Part 2
	  		  	 Details of the Subsidiaries
	  	 	61	 
			
	 Schedule 3
	  	 Completion Arrangements
	  	 	63	 
	 Part 1
	  		  	 Sellers’ Obligations
	  	 	63	 
	 Part 2
	  		  	 Purchaser’s Obligations
	  	 	65	 
			
	 Schedule 4
	  	 Tax Covenant
	  	 	66	 
			
	 Schedule 5
	  	 Earn-out Consideration
	  	 	76	 
			
	 Schedule 6
	  	 Form of the Purchaser’s Amended and Restated Memorandum and Articles
	  	 	88	 
			
	 Schedule 7
	  	 Form of Accredited Investor Certificate
	  	 	124	 

 This Agreement is made on 28 April 2022 

Between: 
  

	(1)	 The persons whose details are set out in Part 1 (Investor Sellers) of Schedule 1 (The
Sellers) (jointly referred to as the “Investor Sellers” and individually as an “Investor Seller”); 

  

	(2)	 The persons whose details are set out in Part 2 (Management Sellers) of Schedule 1 (The
Sellers) (jointly referred to as the “Management Sellers” and individually as a “Management Seller”); 

  

	(3)	 The persons whose details are set out in Part 3 (Minority Sellers) of Schedule 1 (The
Sellers) (jointly referred to as the “Minority Sellers” and individually as a “Minority Seller”); 

  

	(4)	 The Investors Sellers’ Representative; 

 

	(5)	 The Management and Minority Sellers’ Representative; 

 

	(6)	 Swvl Holdco Corp, a BVI business company incorporated in the British Virgin islands with registered
number 2096167and whose registered office is at Kingston Chambers, PO Box 173, Road Town, Tortola, British Virgin Islands (the “Purchaser”); 

  

	(7)	 Swvl Global FZE, a free zone establishment with limited liability organized under the laws of the Dubai
World Trade Centre with license number L-0406 and whose registered office is at Floor 2, the Offices 4 – One Central, Dubai World Trade Centre, Dubai, the United Arab Emirates (the “Swvl
Global”); and 

  

	(8)	 Swvl Holdings Corp, a BVI business company incorporated in the British Virgin islands with registered
number 2070410 and whose registered office is at Kingston Chambers, PO Box 173, Road Town, Tortola, British Virgin Islands (“Swvl TopCo”). 

Whereas: 
  

	(A)	 Particulars of the Company and each of its Subsidiaries (as defined in Clause 1.1
(Interpretation)) are set out in Schedule 2 (The Group). 

  

	(B)	 The Sellers have agreed to sell and the Purchaser has agreed to purchase the Shares (as defined in
Clause 1.1 (Interpretation)) in each case on the terms and subject to the conditions of this Agreement. 

  

	(C)	 This Agreement is entered into for the purposes of, and in connection with, the sale and purchase of the
Group and the Business (as defined in Clause 1.1 (Interpretation)). 

 It is agreed: 

 

	1.	 Interpretation 

 

	1.1	 In this Agreement: 

“A Loan Notes” has the meaning given to it in Clause 3.2 (Consideration); 

“A Put Price” has the meaning given to it in Clause 3.2 (Second A Put Option); 

“Accounts Date” means 31 December 2021; 

“Affiliate” means, in respect of each Seller, its subsidiaries and subsidiary undertakings, any holding company or parent
undertaking of that Seller and all other subsidiaries and subsidiary undertaking of any such holding company or parent undertaking as the case may be from time to time; 

 “Agents” means, in relation to a person, that person’s directors,
officers, employees, advisers, agents and representatives; 
 “Audit Adjustment” has the meaning given to it in 3.15
(Consideration); 
 “Audited Accounts” means the audited financial statements of the Company and the audited
consolidated financial statements of the Group for the accounting reference period ended on the Accounts Date, together with, in each case, the auditors’ and directors’ reports and the notes on the audited financial statements, such
financial statements comprising, in each case, a balance sheet, a profit and loss account and a cash flow statement; 
 “B Loan
Notes” has the meaning given to it in Clause 3.4 (Consideration); 
 “B Put Price” has the meaning given to
in Clause 3.4 (Second B Put Option); 
 “BCA” means the BVI Business Companies Act (As Revised); 

“Business” means the business of the Group comprising a B2B bus sharing platform, generating revenue from supplying technology
enabled and sustainable commuting solutions to organisations, including corporates and schools, as conducted by it on the date of this Agreement; 

“Business Day” means a day (other than a Saturday or Sunday or a public holiday) when commercial banks are open for ordinary
banking business in the BVI, United Kingdom and United Arab Emirates; 
 “Business Intellectual Property” means the
Intellectual Property or Registered Intellectual Property owned, used or held for use by the Group; 
 “BVI” means the
British Virgin Islands; 
 “C Loan Notes” means loan notes issued pursuant to the terms of the Swvl Inc Loan Note Instrument
between the Sellers and Swvl Inc in accordance with the terms of the First C Put Option; 
 “CTA” means the Corporation Tax
Act 2010; 
 “Claim” means any Warranty Claim, or any Tax Covenant Claim; 

“Close Brother Facility” means the debt purchasing arrangements for the provisions of working capital to the Company
comprising of: 
  

	 	(a)	 a signed debt purchasing agreement between the Company and Close Invoice Finance Limited for up to
£1,500,000; 

  

	 	(b)	 standard terms and conditions (relating to the debt purchasing agreement); and 

 

	 	(c)	 a recovery loan scheme side letter dated 1 December 2021. 

“Companies Act” means the Companies Act 2006; 

“Company” means Zeelo Limited, further details of which are set out in Part 1 of Schedule 2 (The Group); 

“Completion” means completion of the sale and purchase of the Shares under this Agreement; 

“Completion Date” means 24 May 2022 or such other date as the Parties agree in writing; 

“Consideration” means the consideration payable for the Shares as set out in Clause 3 (Consideration); 

  
 2 

 “Consideration A Shares” means 1,875,410 Preferred A Shares of the
Purchaser having the rights set out in the Purchaser’s M&As; 
 “Consideration B Shares” means 937,706 Preferred B
Shares of the Purchaser having the rights set out in the Purchaser’s M&As; 
 “Consideration C Shares” means
2,813,121 Preferred C Shares of the Purchaser having the rights set out in the Purchaser’s M&As; 
 “Consideration D
Shares” means 2,813,121 Preferred D Shares of the Purchaser having the rights set out in the Purchaser’s M&As; 

“Consideration E Shares” means 2,813,121 Preferred E Shares of the Purchaser having the rights set out in the Purchaser’s
M&As; 
 “Consideration Shares” means, together, the Consideration A Shares, the Consideration B Shares, the
Consideration C Shares, the Consideration D Shares, and the Consideration E Shares; 
 “Convertible Promissory Note
(Signing)” means the US$ 5,000,000 convertible promissory note entered into between the Company as borrower and Swvl Global FZE as lender on or around the date of this Agreement; 

“D Loan Notes” means loan notes issued pursuant to the terms of the Swvl Inc Loan Note Instrument between the Sellers and Swvl
Inc in accordance with the terms of the First D Put Option; 
 “Deferred Cash Consideration” means the portion of the
Consideration payable in cash by the Purchaser to the Sellers pursuant to Clauses 3.1(b) and 3.1(c) (Consideration); 

“Deferred Cash Consideration Date” means each date on which the Deferred Cash Consideration is paid by the Purchaser to the
Sellers pursuant to Clauses 3.1(b) and 3.1(c) (Consideration); 
 “Deferred Consideration” means each of the Deferred
Cash Consideration and the Deferred Share Consideration; 
 “Deferred Consideration Date” means each of the Deferred Cash
Consideration Date and the Deferred Share Consideration Date; 
 “Deferred Share Consideration Date” means each of the First
Deferred Share Consideration Date and the Second Deferred Share Consideration Date; 
 “E Loan Notes” means loan notes
issued pursuant to the terms of the Swvl Inc Loan Note Instrument between the Sellers and Swvl Inc in accordance with the terms of the First E Put Option; 

“Earn-out Consideration” has the meaning given to it in Schedule 5 (Earn-out Consideration); 
 “Employee Option Exercise Documents” means: 

 

	 	(a)	 option exercise notices from each Employee Optionholder who is exercising or has exercised some/all of his/her
Employee Options prior to Completion; 

  

	 	(b)	 election forms under section 431(1) ITEPA 2003 disapplying all restrictions in relation to each Employee
Optionholder (UK) becoming the owner of a proportion of the Option Shares; and 

  
 3 

	 	(c)	 board resolutions of the Company approving the exercise of the Employee Options and the issue of the Employee
Option Shares under the Employee Options (as well as any shareholder approvals that may be required); 

 “Employee
Option Shares” means the total of 23,719,166 ordinary shares of £0.00001 each in the capital of the Company (being part of the Shares); 

“Employee Options Roll-over Agreements” means the agreements in substantially agreed form pursuant to which the Employee
Optionholders (Rolling) will exchange the unexercised part of their Employee Options for Swvl TopCo Options (in respect of such number of TopCo Consideration Shares as is equivalent to the numbers and classes of shares as set out against their
respective names in columns (4) to (8) of the table in Part 4 of Schedule 1); 
 “Employee Optionholders” those
Sellers whose names are set out in Part 4 (Employee Optionholders) of Schedule 1 (The Sellers); 
 “Employee
Optionholders (Rolling)” those Employee Optionholders against whose name ‘No’ appears in the third column of the table in Part 4 (Employee Optionholders) of Schedule 1 (The Sellers); 

“Employee Optionholders (UK)” those Employee Optionholders against whose name ‘Yes’ appears in the third column of
the table in Part 4 (Employee Optionholders) of Schedule 1 (The Sellers); 
 “Employee Options” means the
options to subscribe for shares in the capital of the Company granted by the Company to the Employee Optionholders; 

“Encumbrance” means any pledge, charge, lien, mortgage, debenture, hypothecation, security interest, pre-emption right, option, claim, equitable right, power of sale, pledge, retention of title, right of first refusal or other third party right or security interest of any kind or an agreement, arrangement or
obligation to create any of the above; 
 “Excluded Tax Covenant Claim” means any claim by the Purchaser under paragraph 2.8
or paragraph 2.9 of the Tax Covenant (in each case, together with any corresponding claim under paragraph 2.10 of the Tax Covenant); 

“First A Put Option” means a Put Option Agreement, in substantially agreed form entered into between the Sellers and Swvl Inc;

 “First B Put Option” means a Put Option Agreement, in substantially agreed form entered into between the Sellers and Swvl
Inc; 
 “First C Put Option” means a Put Option Agreement, in substantially agreed form entered into between the Sellers and
Swvl Inc; 
 “First D Put Option” means a Put Option Agreement, in substantially agreed form entered into between the
Sellers and Swvl Inc; 
 “First E Put Option” means a Put Option Agreement, in substantially agreed form entered into
between the Sellers and Swvl Inc; 
 “First Deferred Share Consideration Date” means 30 September 2022; 

“Funding Plan Obligation” has the meaning given to it in paragraph 5.1(a) of Schedule 5 (Earn-out Consideration); 
 “Group” means the Company and its Subsidiaries and the
expression “Group Company” shall be construed accordingly; 
 “Group Auditors” means Mazars LLP; 

  
 4 

 “Guaranteed Obligations” has the meaning given to it in Clause 14.1
(Guarantee); 
 “Initial Cash Consideration” means the portion of the Consideration payable in cash by the Purchaser
to the Sellers pursuant to Clause 3.1(a) (Consideration); 
 “Intellectual Property” means patents, utility models,
trade marks, service marks, trade and business names, registered designs, design rights, copyright and neighbouring rights, database rights, domain names, semi-conductor topography rights and rights in
the Business’ information, inventions, Software, trade secrets, confidential information of all kinds and other similar proprietary rights which may subsist in any part of the world and whether registered or not, including, where such rights
are obtained or enhanced by registration, any registration of such rights and rights to apply for such registrations; 
 “Interest
Rate” 3-months LIBOR plus five percent (5%) per annum; 
 “Investor
Sellers’ Representatives” means the individual identified in Clause 25.1 (Sellers’ Representatives) as the representative of the Investor Sellers; 

“Leakage” means: 
  

	 	(a)	 in each case (A) by the Company to, on behalf of or for the benefit of the Sellers or any of their Related
Persons and (B) during the period from (but excluding) the Locked Box Date to (and including) the Completion Date: 

  

	 	(i)	 any dividend or distribution (whether in cash or in kind) or any payments in lieu of any dividend or
distribution, declared, paid or made; 

  

	 	(ii)	 any redemption, repurchase, repayment or return of shares or other securities, or return of capital (whether by
reduction of capital or otherwise and whether in cash or in kind); 

  

	 	(iii)	 any consultant, advisory, management, monitoring, service, shareholder or other fees, charges or compensation
of a similar nature paid; 

  

	 	(iv)	 any professional advisers’ fees, expenses or other costs of the Sellers including any VAT, paid or agreed
to be paid or incurred or owing by the Company in connection with the preparation, negotiation or consummation of this Agreement, the sale of the Shares; 

  

	 	(v)	 any payments made or agreed to be made, future benefits or transactions of any kind; 

 

	 	(vi)	 any waiver, deferral or release (whether conditional or not) of any amount, right, value, benefit or obligation
owed or due to the Company; 

  

	 	(vii)	 any liability or obligation (contingent or otherwise) assumed or discharged or agreed to be assumed or
discharged; and 

  

	 	(viii)	 any guarantee, indemnity or Encumbrance provided by, or over the assets of, the Company, 

but, in each case, not including any Permitted Leakage; 
  

	 	(b)	 in connection with the preparation, negotiation or consummation of the transactions contemplated by this
Agreement any: 

  

	 	(i)	 third party fees, costs or expenses incurred or paid by any member of the Group; and 

  
 5 

	 	(ii)	 bonuses, incentives or commission (including any transaction or retention bonuses for management) paid or made
(or declared to be or treated as paid or made), 

 during the period from (but excluding) the Locked Box Date to (and
including) the Completion Date but, in each case, not including any Permitted Leakage; and 
  

	 	(c)	 any agreement to enter into or carry out any of the actions or transactions referred to in paragraphs above
entered into during the period from (but excluding) the Locked Box Date to (and including) the Completion Date; 

  

	 	(d)	 any amount in respect of VAT, paid, payable, required to be accounted for or agreed to be paid by any Group
Company as a consequence of any of the matters referred to in paragraphs (a) to (c) above; and 

  

	 	(e)	 any Tax paid, payable, required to be accounted for or agreed to be paid, at any time, by any Group Company (or
which would have been payable by any Group Company but for the use of a Relief) as a consequence of any of the matters referred to in paragraphs (a) to (c) above (which shall for the purposes of this paragraph (e) and of any clauses using
the term Leakage in this Agreement be deemed to have been received by the person receiving the benefit of the matter in question); 

“Liabilities Delta” means the quantum of the difference between the liabilities of the Company and/or any Subsidiary set out
in the Audited Accounts as against those disclosed in the Locked Box Accounts; 
 “Loan Note” means each of the A Loan Note,
B Loan Note, C Loan Note, D Loan Note, and E Loan Note, each in substantially agreed form. 
 “Locked Box Date” means
31 December 2021; 
 “Locked Box Accounts” means the unaudited balance sheet of the Company and each Subsidiary as at
the Locked Box Date and the unaudited profit and loss account and unaudited cash flow statement of the Company and each Subsidiary for the period ended on such date; 

“Management and Minority Sellers’ Representatives” means the individual identified in Clause 25.1 (Sellers’
Representatives) as the representative of the Management Sellers and the Minority Sellers; 
 “Management
Warrantors” means John Slingsby, Sam Ryan, Chris Hall and Barnaby Williams, as the case may be; 
 “Management Warranty
Deed” means the management warranty deed dated and delivered on the date of this Agreement by the Management Warrantors to the Purchaser; 

“No Leakage Covenant” has the meaning given to it in Clause 3.10 (Consideration); 

“Party” means a party to this Agreement and “Parties” shall mean the parties to this Agreement; 

“Permitted Leakage” means the following payments made, or to be made, by the Company or any Group Company: 

 

	 	(a)	 ordinary course of business payments made to any of the Management Sellers or Minority Sellers in the form of
annual bonuses paid to, or other employment and contractual entitlements of, any of the Management Sellers or Minority Sellers that, in each case, are consistent with the Company’s past practice in the twelve months’ period immediately
preceding the Completion Date (including any VAT, or in each case the equivalent in any jurisdiction outside the UK); 

  
 6 

	 	(b)	 payments have been specifically accrued or provided for in the Locked Box Accounts; and 

 

	 	(c)	 any other payment, accrual, transfer of assets or assumption of liability by the Company or any of the
Subsidiaries which the Purchaser has expressly approved in writing, 

 and, in each case, unrelated to the Transaction and
any such payments made shall not in the aggregate exceed one percent (1%) of the Company’s gross revenue as set out in the Locked Box Accounts; 

“Pro Rata Portion A” means, in relation to a Seller, the percentage figure specified opposite that Seller’s name in the
eleventh column of the respective tables in Part 1, Part 2, and Part 3 of Schedule 1 (The Sellers); 
 “Pro Rata Portion
B” means, in relation to a Seller, the percentage figure specified opposite that Seller’s name in the twelfth column of the respective tables in Part 1, Part 2, and Part 3 of Schedule 1 (The Sellers); 

“Purchaser’s M&As” means the amended and restated memorandum and articles of association of the Purchaser, in agreed
form, a copy of which is set out in Schedule 6, to be adopted on or before the Completion Date; 

“Purchaser’s Group” means the Purchaser, its subsidiaries and subsidiary undertakings, any holding company
or parent undertaking of the Purchaser and all other subsidiaries and subsidiary undertakings of any such holding company or parent undertaking as the case may be from time to time (and including, after Completion, the Group); 

“Purchaser’s Solicitors” means White & Case LLP; 

“Put Option Agreements” means, together, the First A Put Option, the First B Put Option, the First C Put Option, the First D
Put Option, the First E Put Option, the Second A Put Option, the Second B Put Option, the Second C Put Option, the Second D Put Option, and the Second E Put Option; 

“Registered Intellectual Property” means patents, registered trade marks and service marks, registered designs, domain name
registrations (and applications for any of the same), owned, used or held for use by a Group Company; 
 “Related Persons”
means, in respect of a Seller: 
  

	 	(a)	 who is a natural person, any person connected with such Seller, other than the Company and the Subsidiaries; or

  

	 	(b)	 which is not a natural person, that Seller’s Affiliates; 

“Relevant Party’s Group” means, in relation to a Party, that Party’s subsidiaries and subsidiary
undertakings, any holding company or parent undertaking of that Party and all other subsidiaries and subsidiary undertakings of any such holding company or parent undertaking as the case may be from time to time (but, in the case of a Seller,
excluding the Group); 
 “Relevant Persons” has the meaning given in Clause 13.4; 

“Relief” has the meaning given in paragraph 1.1 of Schedule 4; 

“Restricted Companies” means Busup España (Spain), Volt Lines (Turkey), Lüla (South Africa), Chalo (India),
MoveInSync (India), RideHip (USA), Share Mobility (USA), Via (USA), Mi Aguila (Colombia), Jetty (Mexico), Jetir (Bangladesh), Busser (Brazil), Airlift (Pakistan), Urbvan (Mexico), Buseet (Egypt), Flixbus (Germany), SWAT (Singapore) and Mirai Share
(Japan); 

  
 7 

 “Restricted Investors” has the meaning given in Clause 7.2; 

“Second A Put Option” means the Put Option Agreement, in substantially agreed form be entered into between the Sellers and
Swvl TopCo ; 
 “Second B Put Option” means a Put Option Agreement, in substantially agreed form entered into between the
Sellers and Swvl TopCo ; 
 “Second C Put Option” means a Put Option Agreement, in substantially agreed form entered into
between the Sellers and Swvl TopCo ; 
 “Second D Put Option” means a Put Option Agreement, in substantially agreed form
entered into between the Sellers and Swvl TopCo; 
 “Second E Put Option” means a Put Option Agreement, in substantially
agreed form be entered into between the Sellers and Swvl Topco; 
 “Second Deferred Share Consideration Date” means
31 March 2023; 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulation
promulgated thereunder; 
 “Seller” means each of the Investor Sellers, the Management Sellers, and the “Minority
Sellers”, comprising together, for the avoidance of doubt, all holders of equity and equity-like securities in the Company as at immediately prior to the date of this Agreement; 

“Sellers’ Designated Account” means the Sellers’ Solicitors US$ denominated bank account with Barclays, sort
code [omitted], account number [omitted], Swift [omitted] and account name [omitted]; 
 “Sellers’
Representatives” means the Investor Sellers’ Representative and the Manager Sellers’ Representative; 

“Sellers’ Solicitors” means Joelson LLP; 

“Shares” means the 60,619,167 ordinary shares of £0.00001 each, 56,230,000 class A preferred shares of £0.00001
each and 8,890,000 preferred shares of £0.00001 each, comprising the entire issued share capital of the Company on a fully-diluted basis; 

“Software” means any and all computer programs in both source and object code form, including all modules, routines and sub-routines thereof and all related source and other preparatory materials including user requirements, functional specifications and programming specifications, ideas, principles, programming languages,
algorithms, flow charts, logic, logic diagrams, orthographic representations, file structures, coding sheets, coding and including any manuals or other documentation relating thereto and computer generated works; 

“Subsidiary” means any subsidiary or subsidiary undertaking of the Company, particulars of each of which are set out in Part 2
of Schedule 2 (The Group), and “Subsidiaries” shall mean all such subsidiaries and subsidiary undertakings of the Company; 

“Swvl Inc” means Swvl Inc.; 

“Swvl Inc Loan Note Instrument” means the loan note instrument in agreed constituted by Swvl Inc; 

“Swvl Inc Loan Notes” means loan notes issued pursuant to the terms of the Swvl Inc Loan Note Instrument; 

“Swvl Securities” means the Consideration Shares, the Topco Consideration Shares and the Loan Notes; 

  
 8 

 “Swvl TopCo Options” means options to subscribe for TopCo Consideration
Shares granted to the Employee Optionholders (Rolling) in consideration for the exchange of their respective outstanding Employee Options as at Completion; 

“Tax” or “Taxation” has the meaning given in paragraph 1.1 of Schedule 4; 

“Taxation Authority” has the meaning given in paragraph 1.1 of Schedule 4; 

“Tax Covenant” means the provisions contained in Schedule 4; 

“Tax Covenant Claim” means a Claim by the Purchaser under the Tax Covenant; 

“Transaction” means the transactions consummated by this Agreement; 

“Transaction Documents” means this Agreement, the Management Warranty Deed, the Disclosure Letter, the Put Option Agreements,
Swvl Inc Loan Note Instrument and any Loan Note constituted thereunder from time to time, and “Transaction Document” shall mean any one of them; 

“TopCo Consideration Shares” means class A ordinary shares with a par value of US$0.0001 each in Swvl TopCo issued from time
to time as consideration pursuant to this Agreement; 
 “UK Government Bounce Back Loan” means the loan provided by British
Business Bank plc to the Company pursuant to the offer letter dated 11 February 2021. 
 “UK Registrar” means the
registrar of companies for England and Wales; 
 “US$” means United States dollars, the lawful currency of the United States
of America; 
 “VAT” means value added tax as defined in the Value Added Tax Act 1994, any value added, consumption,
turnover, sales, use, distribution or corresponding Tax, any goods and services Tax and all Taxes of a similar nature levied in addition to or in substitution for such Taxes; 

“Warranties” means the representations and warranties referred to in Clause 5 (Sellers’
Warranties) and “Warranty” shall mean any one of them; and 
 “Warranty Claim” means any claim for
breach of Warranty. 
  

	1.2	 The expression “in the agreed terms” or “in agreed form” means in the form
agreed between the Purchaser and the Sellers and signed for the purposes of identification by or on behalf of the Purchaser and the Sellers. 

  

	1.3	 Any reference to “writing” or “written” means any method of reproducing words
in a legible and non-transitory form (excluding, for the avoidance of doubt, email). 

  

	1.4	 References to “include” or “including” are to be construed without
limitation. 

  

	1.5	 References to a “company” include any company, corporation or other body corporate wherever
and however incorporated or established. 

  

	1.6	 References to a “person” include any individual, company, partnership, joint venture, firm,
association, trust, governmental or regulatory authority or other body or entity (whether or not having separate legal personality). 

  

	1.7	 The expressions “body corporate”, “holding company”, “parent
undertaking”, “subsidiary” and “subsidiary undertaking” shall have the meaning given in the Companies Act. 

  
 9 

	1.8	 A Claim (other than a Tax Covenant Claim), and/or a claim for breach of the No Leakage Covenant and/or a claim
for a breach of obligations under Clause 7 (Restrictions on Sellers) and/or Clause 9 (Confidentiality) shall be deemed to be “Resolved” if it has been: 

 

	 	(a)	 agreed in writing between the Purchaser and the Sellers (acting reasonably) as to both liability and quantum;

  

	 	(b)	 finally determined (as to both liability and quantum) by a court of competent jurisdiction from which there is
no reasonable case for appeal based on the facts, matters and circumstances of the underlying Claim or claim, or from whose judgment the relevant party is debarred (by passage of time or otherwise) from making an appeal; or 

 

	 	(c)	 unconditionally withdrawn by the Purchaser in writing. 

 

	1.9	 Any Tax Covenant Claim under this Agreement should be deemed due and payable. 

 

	1.10	 The table of contents and headings are inserted for convenience only and do not affect the construction of this
Agreement. 

  

	1.11	 Unless the context otherwise requires, words in the singular include the plural and vice versa and a reference
to any gender includes all other genders. 

  

	1.12	 References to Clauses, paragraphs and Schedules are to clauses and paragraphs of, and schedules to, this
Agreement. The Schedules form part of this Agreement. 

  

	1.13	 A person shall be deemed to be connected with another if such person is connected with the other within the
meaning of s.1122 of CTA. 

  

	1.14	 References to any statute or statutory provision include a reference to that statute or statutory provision as
amended, consolidated or replaced from time to time (whether before or after the date of this Agreement) and include any subordinate legislation made under the relevant statute or statutory provision. 

 

	1.15	 References to any English legal term for any action, remedy, method of financial proceedings, legal document,
legal status, court, official or any legal concept or thing shall, in respect of any jurisdiction other than England, be deemed to include what most nearly approximates in that jurisdiction to the English legal term. 

 

	1.16	 Unless expressly provided otherwise, the provisions of this Agreement which relate to the Sellers (including
the Warranties) are given and entered into by them jointly and severally. The Purchaser may release or compromise the liability of a Seller without affecting the liability of the other Sellers. If any liability of a Seller is, or becomes illegal,
invalid or unenforceable in any respect this shall not affect or impair the liability of the other Sellers under this Agreement. 

  

	1.17	 Any reference to currency in this Agreement shall be to US$, and all payments required in accordance with this
Agreement shall be made in US$ and shall be paid in full without deduction of any bank charges or transaction fees. For the purposes of applying a reference to a monetary sum expressed in US$, an amount in a different currency shall be converted
into US$ on a particular date at an exchange rate equal to the mid-point closing rate for converting that currency into US$ on that date as quoted in the London edition of the Financial Times first next
published (or, if no such rate is quoted in the Financial Times, the mid-point closing rate quoted by Barclays Bank PLC in London). In relation to a Claim, the date of such conversion shall be the date of
receipt of notice of that Claim. 

  

	1.18	 The expressions “ordinary course of business” or “business in the ordinary
course” mean the ordinary and usual course of business of the relevant Group Company, consistent in all respects (including nature and scope) with the prior practice of such Group Company. 

  
 10 

	1.19	 This Agreement shall be binding on and be for the benefit of the successors and personal representatives of the
Parties. 

  

	2.	 Sale and Purchase 

 

	2.1	 Each Seller shall sell and the Purchaser shall purchase the Shares with all rights now or in the future
attaching to them (including without limitation the right to receive all dividends, distributions and interest or any return of capital declared, made or paid on or after the date of this Agreement) and each of the Sellers shall transfer full legal
and beneficial title to the Shares to the Purchaser free from all Encumbrances, on the terms of this Agreement. 

  

	2.2	 Each Seller hereby severally waives and shall procure the waiver of any restrictions on transfer (including all
pre-emption rights) which may exist in relation to the Shares. 

  

	2.3	 The Purchaser shall not be obliged to complete the purchase of any of the Shares unless the purchase of all the
Shares is completed simultaneously. 

  

	3.	 Consideration 

 

	3.1	 The consideration for the sale and purchase of the Shares is up to US$ 171,663,240 in cash and Consideration
Shares which shall be satisfied: 

  

	 	(a)	 as to US$ 17,069,225, on Completion, by the payment in cash by the Purchaser in to the Sellers’ Designated
Account; 

  

	 	(b)	 as to US$ 17,069,225 by the payment in cash by the Purchaser in to the Sellers’ Designated Account, on or
before 4 July 2022 provided that interest shall accrue, from and including the next day following the Completion Date until the date of actual payment by the Purchaser, daily on any amounts paid by the Purchaser pursuant to this Clause
3.1(b) at the following rates of interest: 

  

	 	(i)	 from the next day following the Completion Date until 4 July 2022 (both dates inclusive), at a rate of 1%
per month; and 

  

	 	(ii)	 from 5 July 2022 until the date of actual payment by the Purchaser (both dates inclusive), at a rate of 5%
per month; 

  

	 	(c)	 as to US$ 25,000,000 (less any Audit Adjustment), by the payment in cash by the Purchaser in to the
Sellers’ Designated Account, on: 

  

	 	(i)	 30 September 2022, failing which; 

 

	 	(ii)	 any date between (and including) 1 October 2022 and 31 December 2022, provided that, interest
shall accrue at the Interest Rate for any amounts paid by the Purchaser pursuant to this Clause 3.1(c) following 30 September 2022, from 30 September 2022 until the date of actual payment by the Purchaser; 

 

	 	(d)	 by the issuance at Completion by the Purchaser to the Sellers of the Consideration Shares to the Sellers (such
Consideration Shares to be apportioned between the Sellers in accordance with the allocations set out in columns (6) to (10) of the tables in Part 1, Part 2 and Part 3 (respectively) of Schedule 1); and 

 

	 	(e)	 as to any Earn-out Consideration, as calculated and procured by the
Purchaser in accordance with Schedule 5 (Earn-out Consideration). 

 The sum
of US$ 733,105.36 (being the aggregate exercise price payable by the relevant Employee Optionholders in respect of the exercise of the Employee Option Shares (“Option Exercise Price”)) shall be retained by the Purchaser from the
amount otherwise payable, 

  
 11 

 
pursuant to 3.1(a), to the Employee Optionholders subscribing for the Employee Option Shares, and shall be paid by the Purchaser to the Company in full satisfaction of the Option Exercise Price.
The Initial Cash Consideration and the Deferred Cash Consideration shall be apportioned among the Sellers in accordance with the Sellers’ respective Pro Rata Portion B. 

Deferred Share Consideration – first tranche 
  

	3.2	 On the First Deferred Share Consideration Date, the Sellers shall have the right to exercise the First A Put
Option pursuant to which they shall be entitled to require Swvl Inc, and Swvl Inc shall be required, to acquire all of the Consideration A Shares then held by the Sellers in consideration for the issue of Swvl Inc Loan Notes with an aggregate value
determined as follows (the “A Loan Notes”), upon and subject to the terms and conditions of the First A Put Option, such A Loan Notes to be apportioned among the Sellers as confirmed in writing to the Purchaser by the Sellers’
Representatives on the First Deferred Share Consideration Date in accordance with the Sellers’ Pro Rata Portion A: 

  

					
	 A Put Price
	  	Aggregate value of Swvl Inc
Loan Notes to be issued	 
	 US$8.00 and US$12.00 (both prices inclusive)
	  	US$	18,754,100	 
	 less than US$8.00
	  	US$	15,003,280.00	 
	 more than US$12.00
	  	US$	22,504,920.00	 

 where the “A Put Price” is the fourteen (14) day volume weighted average trading
price of the TopCo Consideration Shares immediately prior to First Deferred Share Consideration Date. 
  

	3.3	 Upon completion of the First A Put Option, the Sellers shall have the right to exercise the Second A Put Option
pursuant to which they shall be entitled to require Swvl TopCo, and Swvl TopCo shall be required, to acquire all of the A Loan Notes in consideration for the issuance of such number of TopCo Consideration Shares as is calculated by dividing the
aggregate value of the A Loan Notes by the A Put Price (provided always that the relevant number of TopCo Consideration Shares issued shall be rounded up (if 0.5 or over) or down to the nearest whole number), upon and subject to the terms and
conditions of the Second A Put Option. 

 Deferred Share Consideration – second tranche 

 

	3.4	 On the Second Deferred Share Consideration Date, the Sellers shall have the right to exercise the First B Put
Option pursuant to which they shall be entitled to require Swvl Inc, and Swvl Inc shall be required, to acquire all of the Consideration B Shares then held by the Sellers in consideration for the issue of Swvl Inc Loan Notes with an aggregate value
determined as follows (the “B Loan Notes”), upon and subject to the terms and conditions of the First B Put Option, such B Loan Notes to be apportioned among the Sellers as confirmed in writing to the Purchaser by the Sellers’
Representatives on the Second Deferred Share Consideration Date in accordance with the Sellers’ Pro Rata Portion A: 

  

					
	 B Put Price
	  	Aggregate value of Swvl Inc
Loan Notes to be issued	 
	 US$8.00 and US$12.00 (both prices inclusive)
	  	US$	9,377,060	 
	 less than US$8.00
	  	US$	7,501,648.00	 
	 more than US$12.00
	  	US$	11,252,472.00	 

  
 12 

 where the “B Put Price” is the fourteen (14) day volume
weighted average trading price of the TopCo Consideration Shares immediately prior to Second Deferred Share Consideration Date. 
  

	3.5	 Upon completion of the First B Put Option, the Sellers shall have the right to exercise the Second B Put Option
pursuant to which they shall be entitled to require Swvl TopCo, and Swvl TopCo shall be required, to acquire all of the B Loan Notes in consideration for the issuance of such number of TopCo Consideration Shares as is calculated by dividing the
aggregate value of the B Loan Notes by the B Put Price (provided always that the relevant number of TopCo Consideration Shares issued shall be rounded up (if 0.5 or over), upon and subject to the terms and conditions of the Second B Put
Option. 

  

	3.5A	 Notwithstanding anything to the contrary in this Agreement, in no event shall the Issuers be obligated to issue
any securities (as defined under the Securities Act) to any Seller or any other person that is not an “accredited investor” (as defined by Rule 501 of the Securities Act). Each Seller agrees to provide any information and certifications
requested by any Issuer related to confirming such Seller’s status as an “accredited investor”. In the event that any Seller or other person does not receive securities to which it is otherwise entitled pursuant to this Agreement as a
result of not being an “accredited investor” (as defined by Rule 501 of the Securities Act), they shall be entitled to receive an amount in cash equal to value of the securities they would have otherwise received with such value determined
by reference to fourteen (14) days weighted average trading price immediately prior to the date upon which the relevant Seller was entitled to receive such securities. 

Call option over Consideration Shares 
  

	3.6	 If: 

  

	 	(a)	 any amount becomes due and payable by a Seller in respect of a Claim and/or a breach of the No Leakage Covenant
and/or a claim for a breach of obligations under Clause 7 (Restrictions on Sellers) and/or Clause 9 (Confidentiality) which has been Resolved (each being a “Relevant Claim”); and 

 

	 	(b)	 such amount has not been discharged (or discharged in full) in cash or otherwise within 20 Business Days of
written request by the Purchaser, 

 the Purchaser shall be entitled in its sole discretion to request in writing to the
relevant Seller that the relevant Seller transfers to the Purchaser or to any other person nominated by the Purchaser (the “Transferee”), the legal and beneficial title of all or any of its Consideration Shares, free from all
Encumbrances, to satisfy all of the amount which has become due and payable in respect of such Seller’s Pro-rata Portion of the Relevant Claim, provided that the aggregate market trading price of such
Consideration Shares being transferred (at the time of each such transfer) shall not exceed the Seller’s Pro-rata Portion of the Relevant Claim (the “Call Option”). In the event that the
Purchaser exercises the Call Option, the relevant Seller(s) shall at their own cost do, execute and deliver or procure to be done, executed and delivered all such acts, documents and things required by law or as may be necessary to transfer the
relevant Consideration Shares to the Transferee. 
  

	3.7	 If the Purchaser has exercised the Call Option pursuant to Clause 3.6 and a Seller fails to comply with his or
her obligations under Clause 3.6, any director of the Purchaser may execute and deliver to the Transferee a transfer of the relevant Consideration Shares on behalf of the Seller. Each Seller hereby: 

 

	 	(a)	 irrevocably and by way of security for its obligations under this Agreement appoints any one director of the
Purchaser as its attorney following the exercise of the Call 

  
 13 

	 	
Option to execute a transfer of the relevant Consideration Shares on the Seller’s behalf in favour of the Transferee and to execute such other documents and do all such other acts as may be
necessary to transfer title to the relevant Consideration Shares to the Transferee; 

  

	 	(b)	 undertakes to ratify whatever such director may lawfully do or cause to be done as its attorney in accordance
with this power of attorney and to indemnify and keep such attorney indemnified from and against all claims, costs, expenses damages and losses which the attorney may suffer or incur as a result of the lawful exercise by him or her of the powers
conferred on him under this power of attorney; and 

  

	 	(c)	 authorises the directors of the Purchaser to approve the registration of such transfer(s) or other documents.

  

	3.8	 If the Purchaser exercises the Call Option in respect of the Consideration A Shares or the Consideration B
Shares, as the case may be, the corresponding amount of TopCo Shares or TopCo Shares required to be issued by Swvl TopCo to the Sellers pursuant to the Second A Put Option or the Second B Put Option, as the case may be, shall be reduced pro rata to
the number of Consideration Shares that were the subject of the relevant Call Option. 

Set-off of Resolved Claims against Deferred Cash Consideration 

 

	3.9	 Without prejudice to any of the Purchaser’s rights under this Agreement, if, prior to a Deferred
Consideration Date or an Earn-out Consideration Date, any amount becomes due and payable by a Seller in respect of a Claim which has been Resolved but which has not otherwise been discharged (or discharged in
full) by a Call Option or otherwise by the relevant Seller(s), then, such amount (or the balance of such amount) shall be treated as an adjustment of the Deferred Consideration to be paid by the Purchaser, to the extent that it has not yet been paid
by the Purchaser, and the amount of Deferred Consideration to be paid to the relevant Seller(s) shall be reduced accordingly. 

Leakage 
  

	3.10	 Subject to Clause 6.7, each of the Sellers severally covenants with the Purchaser in respect of itself and each
of its Related Persons that: 

  

	 	(a)	 from (but excluding) the Locked Box Date to (and including) the date of this Agreement, there has been no
Leakage; 

  

	 	(b)	 from the date of this Agreement to (and including) the Completion Date, there will be no Leakage; and

  

	 	(c)	 there has been no agreement at any time to effect any Leakage at any time after the Locked Box Date,

 from any Group Company to or for the benefit of that Seller or any of its Related Persons (the “No Leakage
Covenant”). 
  

	3.11	 Each Seller undertakes to notify the Purchaser in writing as soon as is reasonably practicable upon becoming
actually aware of any Leakage having taken place at any time in the period from (but excluding) the Locked Box Date to (and including) the Completion Date. 

  

	3.12	 If any Leakage occurs or has occurred, each Seller severally in respect of itself and his Related Persons only
shall on demand by the Purchaser pay to the Purchaser an amount in cash equal to: 

  

	 	(a)	 the amount which would be necessary to put the relevant member of the Group into the financial position which
would have existed had there been no such Leakage; plus 

  
 14 

	 	(b)	 any and all reasonable costs or expenses directly incurred by the Purchaser or any other member of the
Purchaser’s Group (including any Group Company) in connection with the identification and recovery of the relevant Leakage, 

save that, for the avoidance of doubt, any amount already taken into account in the determination of the Consideration pursuant to Clause 3.1
shall not be recoverable under this Clause 3.12 after Completion. 
  

	3.13	 In the event of any Leakage, the relevant Seller(s) and the Purchaser shall endeavour to agree the amount
payable pursuant to Clause 3.11 in relation to that Leakage within ten (10) Business Days following a notice that such Leakage has taken place by the Purchaser to the Seller(s) or vice versa. Failing agreement on that amount evidenced in
writing within such period, the Purchaser or the relevant Seller(s) may, at the later of: 

  

	 	(a)	 the expiry of such period; or 

 

	 	(b)	 the Completion Date, 

appoint an independent expert that is unaffiliated with the Purchaser and the Sellers, with appropriate qualifications and experience to
resolve such disagreement, and with the capability of accepting responsibility for the determination of costs. The independent expert shall act as an expert and not an arbitrator, and its determination (except as to manifest error) shall be final
and binding on the relevant Parties. Each of the Sellers and the Purchaser shall be entitled to make written submissions to the independent expert and shall provide the independent expert with such information and assistance as it may reasonably
require for the purposes of reaching its decision. The fees and disbursements of the independent expert shall be borne as between the Sellers and/or the Purchaser in such proportions (including the allocation of all fees and disbursements to any one
such party) as the independent expert directs. 
 Audit Adjustment 

 

	3.14	 The Management Sellers shall use their reasonable endeavours to procure that the Group Auditors prepare the
Audited Accounts as soon as reasonably practicable following Completion and in any event within 30 Business Days of the Completion Date and the Purchaser shall not take any steps with the intention of inhibiting or delaying the Management
Sellers’ ability to comply with this Clause. 

  

	3.15	 If the liabilities of the Company or any Subsidiary shown in the Audited Accounts are determined by the Group
Auditors to be materially in excess of those disclosed in the Locked Box Accounts (for which purposes materiality shall mean a sum equal to two percent (2%) or more of gross revenue), the Purchaser shall be entitled by written notice to the Sellers
to reduce the amount of Deferred Cash Consideration due to the Sellers, or any portion thereof, pro rata to the Liabilities Delta (the “Audit Adjustment”). 

 

	3A.	 Pre-Completion 

 

	3A.1	 Sellers’ Obligations in Relation to the Conduct of Business  

Subject to Clause 3A.3, each of the Sellers shall procure that from the date of this Agreement until Completion each Group Company will conduct
its business in the ordinary course of the business of such Group Company and, without the prior written approval of the Purchaser (such consent not to be unreasonably withheld, conditioned or delayed), no Group Company will do or agree to do
anything which is outside the ordinary course of the business of such Group Company. 

  
 15 

	3A.2	 Subject to clause 3A.3, the Purchaser shall be deemed to have given its approval to a matter referred to in
Clause 3A.1 unless it notifies the Sellers of its objection within two (2) Business Days of receiving a written request for approval. 

  

	3A.3	 Exceptions to Sellers’ Obligations 

Clause 3A.1 does not apply in respect of and shall not operate so as to restrict or prevent: 

 

	 	(a)	 any matter reasonably undertaken by any member of the Group in a situation reasonably determined by the board
of the Company to be an emergency or disaster with the intention of minimising any adverse effect on the Group’s business; 

  

	 	(b)	 any matter undertaken at the written request or with the written consent of the Purchaser;

  

	 	(c)	 the provision of information to any regulatory body or government agency or commissioning body in the ordinary
course of business; and 

  

	 	(d)	 any matter to the extent required by law, rule or regulation, 

provided, in each case, that the Sellers shall notify the Purchaser as soon as reasonably practicable of any action taken or proposed to be
taken as described in this Clause 3A.3, shall provide to the Purchaser all such information as the Purchaser may reasonably request and shall use reasonable endeavours to consult with the Purchaser in respect of any such action. 

 

	3A.4	 UK FF Nominees Limited Put Option 

The Parties acknowledge the incorporation of the put option rights in favour of UK FF Nominees Limited in article 15A of the Purchaser’s
M&As (the “FF Reputational Put Option”) and between the date of this Agreement and the Completion Date agree to work together in order to implement all such amendments or variations to the Transaction Documents (if applicable),
and to take all such actions, execute all such instruments and/or documents and do all such things that are reasonably required, in each case, in order to give effect to the intent of the FF Reputational Put Option in a manner such that the exercise
of any rights thereunder do not result in any adverse financial, legal or taxation impact on the Purchaser or the Purchaser’s Group. 
  

	4.	 Completion 

  

	4.1	 Completion shall take place on the Completion Date remotely by the electronic exchange of documents or at such
place as is agreed in writing by the Sellers’ Representatives and Purchaser. 

  

	4.2	 At Completion the Sellers shall undertake those actions listed in Part 1 of Schedule 3 (Completion
Arrangements). 

  

	4.3	 At Completion the Purchaser shall undertake those actions listed in Part 2 of Schedule 3 (Completion
Arrangements). 

  

	4.4	 Each Seller severally undertakes to indemnify and hold the Purchaser harmless from and against all losses
suffered or incurred by it as a result of any document delivered to it pursuant to Clause 4.2 being unauthorised or otherwise ineffective. 

  

	4.5	 A payment made by the Purchaser into the Sellers’ Designated Account in satisfaction of the Initial Cash
Consideration or a Deferred Cash Consideration (in each case, when and in the amount due) shall discharge such obligation of the Purchaser in accordance with Clause 2 (Sale and Purchase) and Clause 3 (Consideration) once it is
deposited into the Sellers’ Designated Account and the Purchaser shall not be concerned with the application of any such sum by or between the Sellers. 

  
 16 

	4.6	 Swvl Topco agrees that, within one hundred eighty (180) calendar days after the issuance of the Topco
Consideration Shares to the Sellers, Swvl Topco will use its commercially reasonable efforts to file with the Commission (at Swvl Topco’s sole cost and expense) a registration statement (or an amendment to an existing registration statement)
registering the resale of the Topco Consideration Shares (the “Registration Statement”), and to have the Registration Statement declared effective as soon as practicable after the filing thereof, provided, however, that Swvl
Topco’s obligations to include the Topco Consideration Shares in the Registration Statement are contingent upon the applicable Sellers furnishing, in writing, to Swvl Topco certain information regarding such Sellers, the Topco Consideration
Shares held by such Sellers and the intended method of disposition of the Topco Consideration Shares as shall be reasonably requested by Swvl Topco to effect the registration of the Topco Consideration Shares, and such Sellers shall execute such
documents in connection with such registration as Swvl Topco may reasonably request that are customary of a selling stockholder in similar situations. Notwithstanding the foregoing, if the Commission prevents Swvl Topco from including any or all of
the shares proposed to be registered under the Registration Statement due to limitations on the use of Rule 415 of the Securities Act for the resale of the Topco Consideration Shares by the applicable stockholders or otherwise, such Registration
Statement shall register for resale such number of the Topco Consideration Shares which is equal to the maximum number of the Topco Consideration Shares as is permitted by the Commission. In such event, the number of Topco Consideration Shares to be
registered for each selling stockholder named in the Registration Statement shall be reduced pro rata among all such selling stockholders. Upon notification by the Commission that the Registration Statement has been declared effective by the
Commission, within two (2) Business Days thereafter, Swvl Topco shall file a final prospectus under Rule 424 of the Securities Act. 

  

	5.	 Sellers’ Warranties 

 

	5.1	 Subject to Clause 6.7, each Seller individually and severally warrants to the Purchaser, in respect of itself
only, that the statements set out below are true and accurate as at the date of this Agreement and undertakes that (x) they will be true and accurate at Completion as if they had been repeated at Completion and (y) with respect to Clauses
5.1(i) to 5.1(n) only, they will be true and accurate as of the date upon which the relevant Swvl Securities are issued to the applicable Sellers as if they had been repeated on such date: 

 

	 	(a)	 it is the sole legal and beneficial owner of, and has the right to exercise all voting and other rights over,
the Shares listed opposite its name in Schedule 1 (The Sellers) and there are no other agreements in existence which grant rights over such Shares to third parties; 

 

	 	(b)	 it has the necessary legal right, power and authority to enter into, deliver and perform the Transaction
Documents to which it is a party (the “Sellers’ Completion Documents”); 

  

	 	(c)	 the Sellers’ Completion Documents will, when executed and delivered by it, constitute legal, valid and
binding obligations of it in accordance with their respective terms; 

  

	 	(d)	 the execution and delivery of, and performance of its obligations under, the Sellers’ Completion Documents
will not: 

  

	 	(i)	 result in a breach of, or constitute a default under, any agreement or instrument to which it is a party or by
which it is bound; 

  

	 	(ii)	 result in a breach of any order, judgment or decree of any court or governmental agency to which it is a party
or by which it is bound; or 

  

	 	(iii)	 require it to obtain any consent or approval of, or give any notice to or make any registration with, any
governmental or regulatory authority or any other person which has not been obtained or made at the date of this Agreement on a basis which is both unconditional and which cannot be revoked; and 

  
 17 

	 	(e)	 in the case of a Seller that is a body corporate only: 

 

	 	(i)	 it is validly existing and is duly incorporated under the law of its jurisdiction of incorporation; and

  

	 	(ii)	 the execution, delivery and performance of its obligations under the Sellers’ Completion Documents will
not result in a breach of any provision of its memorandum or articles of association, by-laws or equivalent constitutional document; 

 

	 	(f)	 the Shares constitute the entire allotted and issued share capital of the Company and are fully paid up;

  

	 	(g)	 those Shares set out in Schedule 1 opposite the name of such Seller (“Relevant Shares”) are
free from all Encumbrances and there is no agreement or commitment to give or create any Encumbrance over or affecting the Relevant Shares and no claim has been made by any person to be entitled to any such Encumbrance in respect of the Relevant
Shares; 

  

	 	(h)	 as far as each Seller is aware, having made, in each case, due and careful enquiry of: (x) each of the
Management Sellers, and (y) each other member of the board of directors of the Company, and, in each case, taking into account: 

  

	 	(i)	 all board and shareholder resolutions (including, without limitation, as required by the existing Shareholder
Agreement) and other materials circulated to each such Seller in its capacity as a shareholder, or to any nominee of each such Seller that is appointed to, or has been appointed to, the board of directors of the Company; 

 

	 	(ii)	 all board and shareholder meetings to which each such Seller was party, in its capacity as a shareholder, or to
which any nominee of each such Seller was a party to as an appointee of the board of directors of the Company; and 

  

	 	(iii)	 there are no agreements or commitments outstanding which call for the issue of any shares, loan stock or
debentures in or other securities of the Company or any Subsidiary or accord to any person the right to call for the issue of or subscribe in any such shares, loan stock, debentures or other securities; 

 

	 	(i)	 in the event that any Seller acquires any of the Swvl Securities, each such Seller will acquire the applicable
Swvl Securities pursuant to an exemption from registration under the Securities Act solely for investment with no intention to distribute any of the foregoing to any Person; 

 

	 	(j)	 in the event that any Seller acquires any of the Swvl Securities, such Seller will not sell, transfer, or
otherwise dispose of any such Swvl Security except (i) in accordance with the terms and conditions set forth herein and (ii) in compliance with the terms and conditions set forth in the organizational documents of the issuer of such Swvl
Security, as applicable, and the registration requirements or exemption provisions of the Securities Act and any other applicable securities laws; 

  

	 	(k)	 each Seller is a sophisticated investor with extensive knowledge and experience in financial and business
matters and in investments of this type that it is capable of evaluating the merits and risks of its investment in the Swvl Securities and of making an informed investment decision; 

  
 18 

	 	(l)	 each Seller is an “accredited investor” (as that term is defined by Rule 501 of the Securities Act)
satisfying the applicable requirements set forth on Schedule 7, and (i) has been furnished with or has had full access to all the information that it considers necessary or appropriate to make an informed investment decision with respect to the
Swvl Securities, (ii) has had an opportunity to discuss with the respective issuer of each Swvl Security and such issuer’s respective representatives the intended business and financial affairs of such issuer and to obtain information
necessary to verify any information furnished to it or to which it had access, (iii) can bear the economic risk of (x) an investment in the Swvl Securities and (y) a total loss in respect of such investment and (iv) has completed
the form attached as Schedule 7 hereto and the information contained therein is accurate and complete; 

  

	 	(m)	 each Seller has knowledge and experience in business and financial matters so as to (i) enable it to
understand and evaluate the risks of and form an investment decision with respect to its investment in the Swvl Securities and (ii) protect its own interest in connection with such investment; and 

 

	 	(n)	 each Seller’s acquisition of the Swvl Securities is not the result of any general solicitation or any
general advertising (within the meaning of Rule 506(b) of Regulation D promulgated by the U.S. Securities and Exchange Commission under of the Securities Act). 

 

	5.2	 Each of the Sellers severally acknowledges that the Purchaser is entering into this Agreement on the basis of
and in reliance on representations in the terms of the Warranties. 

  

	5.3	 The Sellers severally undertake to notify the Purchaser in writing with full details of anything which is or
may be expected to cause a breach of, or be inconsistent with, any of the Warranties immediately when it comes to its notice whether before, at the time of, or after Completion. 

 

	5.4	 Each of the Sellers severally undertakes to irrevocably waive any right and claim which it may have against a
Group Company arising in connection with this Agreement or any other Transaction Document, save in the case of fraud. 

  

	5.5	 Each of the Warranties shall be separate and independent and (unless expressly provided otherwise) shall not be
limited by reference to any other Warranty or by anything in this Agreement. 

  

	6.	 Sellers’ Limitations on Liability 

 

	6.1	 Limitations on Quantum  

The liability of the Sellers in respect of any Claim: 
  

	 	(a)	 shall not arise unless and until the amount of such Claim (other than any Excluded Tax Covenant Claim) (when
aggregated with all other Claims based on the same or similar facts or in respect of the same Warranty) exceeds zero point one percent (0.1%) of the Consideration actually paid by the Purchaser to the Sellers at the time, in which case the Purchaser
shall be entitled to claim the whole of such amount and not merely the excess; 

  

	 	(b)	 shall not arise unless and until the amount of all Claims (other than any Excluded Tax Covenant Claim) for
which they would, in the absence of this provision be liable, exceeds one percent (1%) of the Consideration actually paid by the Purchaser to the Sellers at the time, in which case the Purchaser shall be entitled to claim the whole of such amount
and not merely the excess; and 

  
 19 

	 	(c)	 shall not (when aggregated with the amount of all other Claims) exceed the aggregate Consideration, on the
basis that the maximum aggregate liability of any Seller in respect of all Claims shall not exceed its Pro Rata Portion B of the Consideration. For the purposes of this paragraph (c), the term “Claims” shall mean Claims in respect
of which liability is admitted by the Sellers or which have been decided upon by a Court of competent jurisdiction with all rights of appeal having been exhausted. 

For the avoidance of doubts, none of Clauses 6.1(a) to (c) above shall apply in relation to, in respect of or in connection with any claim
and/or payment made under Clause 20.3 (Payments). 
  

	6.2	 Notice 

If the Purchaser or any member of the Purchaser’s Group becomes aware of a matter that might reasonably give rise to a Claim, the
Purchaser shall give written notice specifying in reasonable detail the matters which give rise to the Claim, the nature of the Claim and, if known, the quantum or estimated quantum of the Claim to each of the Sellers as soon as reasonably
practicable following it so becoming aware. If, other than in the case of a Tax Covenant Claim, the matter is capable of remedy, the Purchaser shall only be entitled to compensation if the matter is not remedied within 30 days after the date on
which such notice is served on each of the Sellers. Failure by the Purchaser to notify the Sellers as soon as reasonably practicable in accordance with this Clause 6.2 shall not relieve the Sellers of any liability they may have to the Purchaser in
relation to the Claim unless, and then only to the extent that, such failure to notify results in the Sellers’ liability to the Purchaser being increased. 
  

	6.3	 Time Limitations 

 

	 	(a)	 The Sellers shall not be liable in respect of any Claim unless notice in respect thereof containing the
particulars specified in Clause 6.2 is given by or on behalf of the Purchaser to the Sellers: 

  

	 	(i)	 in the case of a Tax Covenant Claim by no later than six (6) years from the Completion Date; or

  

	 	(ii)	 in the case of a Warranty Claim by no later than five (5) years from the Completion Date.

  

	 	(b)	 Any Warranty Claim notified pursuant to Clause 6.3(a) shall (if not previously satisfied, settled or withdrawn)
be deemed to have been withdrawn and shall determine absolutely unless legal proceedings in respect of it have been properly issued and validly served within six (6) months of such written notice being given to the Sellers or, in the case of
any contingent liability, within six (6) months after such contingent liability becomes an actual liability and is due and payable. 

  

	6.4	 Limitations on Leakage Claims 

 

	 	(a)	 The aggregate liability of each Seller in respect of any amounts payable in respect of breach of the No Leakage
Covenant shall not exceed an aggregate amount equal to (i) the Leakage received by such Seller or its Related Persons or from which that Seller or its Related Persons benefitted; plus (ii) the pro rata share of any Leakage deemed to
be received by or to the benefit of such persons. 

  

	 	(b)	 If the Purchaser or any member of the Purchaser’s Group becomes aware of a matter that might reasonably
give rise to a claim in respect of breach of the No Leakage Covenant (“Leakage Claim”), the Purchaser shall give written notice specifying in reasonable detail the matters which give rise to such Leakage Claim, the nature of the
claim and, if known, the quantum or estimated quantum of such Leakage Claim to the relevant Seller(s) as soon as reasonably practicable following it so becoming aware. 

  
 20 

	 	(c)	 The Sellers shall not be liable in respect of a Leakage Claim unless notice in respect thereof containing the
particulars specified in Clause 6.4(b) is given by or on behalf of the Purchaser to the Sellers within twelve (12) months following Completion. 

  

	 	(d)	 Save in the case of fraud by that Seller and/or their Related Persons, a claim under Clauses 3.10 to 3.13 shall
be the sole remedy available to the Purchaser in respect of any Leakage Claim. 

  

	6.5	 No Double Recovery 

The Purchaser shall be entitled to bring more than one Claim arising out of the same subject matter, fact, event or circumstance but shall not
be entitled to recover damages or obtain payment, reimbursement, restitution or indemnity 
  

	 	(a)	 more than once under this Agreement; or 

 

	 	(b)	 under this Agreement and the Management Warranty Deed, 

in respect of any one shortfall, damage or deficiency, irrespective of whether it gives rise to (i) more than one Claim, or (ii) a
Claim and a claim under the Management Warranty Deed, as the case may be. 
  

	6.6	 Exclusion of Sellers’ Limitations 

In respect of each Seller severally, nothing in this Clause 6 applies to a Claim that arises or is delayed as a result of fraud or dishonesty
by that Seller. 
  

	6.7	 UK FF Nominees Limited 

The Parties agree that the full amount of any liability of UK FF Nominees Limited for any breach of warranty, covenant or indemnity provided by
UK FF Nominees Limited pursuant to Clauses 3.10 to 3.13 (Leakage), Clause 3A (Pre-Completion), Clauses 5.1(f) to 5.1(n) (Sellers’ Warranties), Clause 24.9 (Sellers’
Representatives) or the Tax Covenant shall be assumed by the Management Sellers on a several and pro rata basis (as among themselves) and that the provisions of this Agreement shall apply mutatis mutandis to the Management Sellers as if
references to a Seller in respect of which such warranty, covenant or indemnity would otherwise apply to UK FF Nominees Limited, were references to each Management Seller in replacement of UK FF Nominees Limited such that UK FF Nominees Limited
shall not be liable under such provisions. 
  

	7.	 Restrictions on Sellers 

 

	7.1	 Each of the Management Warrantors severally undertakes that they shall not, directly or indirectly, either
alone or jointly with or as agent for any other person or in any capacity whatsoever: 

  

	 	(a)	 neither pending nor within thirty-six (36) months following the
Completion Date carry on or be engaged or otherwise interested in any business which competes with the Business or any part of the Business (including but not limited to the Restricted Companies and any other business in the geographies in which the
Restricted Companies or the Group operate); 

  

	 	(b)	 neither pending nor within thirty-six (36) months following the
Completion Date solicit the custom of any person who is or at any time during the two (2) years immediately preceding the Completion Date has been a customer or client of any Group Company; 

  
 21 

	 	(c)	 neither pending nor within thirty-six (36) months following the
Completion Date solicit or entice away any employee of, or consultant to, any Group Company or any member of the Purchaser’s Group or employ any such person; 

 

	 	(d)	 at any time after Completion in the course of any business use the word “Zeelo”, or use any trade,
business or domain name or mark, logo or design previously used in the Business by any Group Company or anything which is, in the reasonable opinion of the Purchaser, capable of being confused with any of them; 

 

	 	(e)	 challenge the validity or enforceability of any of the Business Intellectual Property; or

  

	 	(f)	 assist or incite any other person to do any of the above. 

 

	7.2	 Each of Environmental Technologies Fund 3 LP, InMotion Ventures Limited and Dynamo Fund I LP (the
“Restricted Investors”) severally undertakes it that shall not, and (other than in the case of InMotion Ventures Limited) shall procure that each of its Related Persons shall not, directly or indirectly, either alone or jointly with
or as agent for any other person or in any capacity whatsoever: 

  

	 	(a)	 neither pending nor within thirty-six (36) months following the
Completion Date invest in or carry on or be engaged or otherwise interested in the Restricted Companies; 

  

	 	(b)	 neither pending nor within thirty-six (36) months following the
Completion Date solicit the custom of any person who is or at any time during the two (2) years immediately preceding the Completion Date has been a customer or client of any Group Company; 

 

	 	(c)	 neither pending nor within thirty-six (36) months following the
Completion Date solicit or entice away any employee of, or consultant to, any Group Company or any member of the Purchaser’s Group or employ any such person; 

 

	 	(d)	 at any time after Completion in the course of any business use the word “Zeelo” or use any trade,
business or domain name or mark, logo or design previously used in the Business by any Group Company or anything which is, in the reasonable opinion of the Purchaser, capable of being confused with any of them; 

 

	 	(e)	 challenge the validity or enforceability of any of the Business Intellectual Property; or

  

	 	(f)	 assist or incite any other person to do any of the above. 

 

	7.3	 For the avoidance of doubt, Clause 7.2(a) shall not require the Restricted Investors to divest of any existing
direct or indirect interests in any of the Restricted Companies, provided that, such interests were acquired on or before 3 December 2021. 

  

	7.4	 Each of the restrictions contained in this Clause 7 is given to the Purchaser and each Group Company. Each such
restriction shall be construed as a separate provision of this Agreement. If any restriction is unenforceable but would be valid if reduced in scope or duration the restriction shall apply with the minimum modifications as may be necessary to make
it valid and enforceable. Each of the Management Sellers and the Restricted Investors (as the case may be) acknowledges that each restriction is no greater than is reasonably necessary to protect the interests of the Purchaser, each Group Company
and the other members of the Purchaser’s Group. 

  

	8.	 Business Information 

If any information required for the Business of any Group Company is not in the possession of the Purchaser or the relevant Group Company but
remains held by the Sellers or their Relevant Persons, the relevant Seller(s) shall procure that such information is provided to the Purchaser or, as directed by the Purchaser, to the relevant Group Company, immediately on request. 

  
 22 

	9.	 Confidentiality 

 

	9.1	 Save as expressly provided in Clause 9.3, each of the Sellers severally undertakes that it shall treat as
confidential the provisions of the Transaction Documents and all information it has received or obtained relating to the Purchaser’s Group as a result of negotiating or entering into the Transaction Documents and, with effect from Completion,
all information it possesses relating to each Group Company, and shall not disclose or use any such information. 

  

	9.2	 Save as expressly provided in Clause 9.3, the Purchaser shall, and shall procure that each member of the
Purchaser’s Group shall, treat as confidential the provisions of the Transaction Documents and all information it has received or obtained relating to the Sellers as a result of negotiating or entering into the Transaction Documents, and shall
not disclose or use any such information. 

  

	9.3	 A Party may use, disclose, or permit the disclosure of, information which would otherwise be confidential if
and to the extent that it: 

  

	 	(a)	 is disclosed to Agents of that Party or of other members of the Relevant Party’s Group if this is
reasonably required in connection with this Agreement or for bona fide internal reporting purposes (and provided that such persons are required to treat that information as strictly confidential); or 

 

	 	(b)	 is disclosed to a person qualifying as a prospective permitted assignee under Clause 11 (Assignment) or
to its Agents in connection with a potential assignment to that person in accordance with the provisions of that Clause (provided that any such person needs to know the information for the purposes of considering, evaluating, advising on or
furthering the potential assignment and is required to treat the information as confidential and provided also that the disclosing party remains liable for any breach of the confidentiality obligations set out in this Clause 9); or

  

	 	(c)	 is required by law or any securities exchange, regulatory or governmental body or Taxation Authority; or

  

	 	(d)	 in the case of UK FF Nominees Limited only, is disclosed to: 

 

	 	(i)	 any UK Government departments, including their executive agencies, other subsidiary bodies and other parts of
UK Government; 

  

	 	(ii)	 companies wholly or partly owned by UK Government departments and their subsidiaries; 

 

	 	(iii)	 non-departmental public bodies, other public bodies, public
corporations and their subsidiary bodies sponsored by UK Government departments; and/or 

  

	 	(iv)	 any successors to any of the entities set out in (i), (ii) and (iii) above or any new bodies which fall
within the same criteria, 

 but only to the extent that, UK FF Nominees Limited considers that it is required to disclose
such information to such entity in order to comply with any statutory or parliamentary requirements, whether or not existing at the date of this Agreement; 
  

	 	(e)	 was already in the lawful possession of that Party or its Agents without any obligation of confidentiality (as
evidenced by written records); or 

  

	 	(f)	 is in the public domain at the date of this Agreement or comes into the public domain other than as a result of
a breach by a Party of this Clause 9, 

  
 23 

 provided that, in the case of paragraphs (b) or (c) (above), prior written notice of
any confidential information to be disclosed pursuant to this Clause 9.3 shall be given to the Purchaser or Sellers’ Representatives and their reasonable comments taken into account. 

 

	10.	 Announcements 

 

	10.1	 Save as expressly provided in Clause 10.2, no announcement shall be made by or on behalf of any Party or a
member of the Relevant Party’s Group relating to the Transaction Documents without the prior written approval of the Purchaser on the one hand and the Sellers’ Representatives on the other, such approval not to be unreasonably withheld or
delayed. 

  

	10.2	 A Party may make an announcement relating to the Transaction Documents if (and only to the extent) required by
the law of any relevant jurisdiction or any securities exchange, regulatory or governmental body in which case such Party shall take all steps as may be reasonable in the circumstances to agree the contents of such announcement with the Purchaser
and Sellers’ Representatives prior to making such announcement. 

  

	11.	 Assignment 

  

	11.1	 Save as expressly provided in Clause 11.2, no Party may assign, transfer, charge, declare a trust of or
otherwise dispose of all or any part of its rights and benefits under this Agreement or any other Transaction Document (including any cause of action arising in connection with any of them) or of any right or interest in any of them.

  

	11.2	 The Purchaser may assign all or any of its rights and benefits under this Agreement or any other Transaction
Document (including any cause of action arising in connection with any of them) to: 

  

	 	(a)	 any member of the Purchaser’s Group for so long as that company remains a member of the Purchaser’s
Group. The Purchaser shall procure that such company assigns any rights assigned to it in accordance with this Clause 11 back to the Purchaser or to such other member of the Purchaser’s Group as it may nominate immediately before that company
ceases to be a member of the Purchaser’s Group; and/or 

  

	 	(b)	 by way of security to any provider of debt finance in relation to the acquisition of the Shares or of
refinancing (whether in whole or in part) of the acquisition of the Shares, provided that the rights of such assignee shall only be exercisable at the same time as it exercises its security under such debt finance arrangements.

  

	12.	 Further Assurance 

The Sellers shall from time to time and at their own cost do, execute and deliver or procure to be done, executed and delivered all such
further acts, documents and things required by, and in a form reasonably satisfactory to, the Purchaser in order to give full effect to this Agreement and its rights, powers and remedies under this Agreement. 

 

	13.	 Entire Agreement 

 

	13.1	 This Agreement, together with the Transaction Documents and any other documents referred to in this Agreement
or any Transaction Document, constitutes the whole agreement between the Parties and supersedes any previous arrangements or agreements between them (including the indicative term sheet agreed between the Parties on 3 December 2021) relating to
the sale and purchase of the Shares. 

  

	13.2	 Each Party confirms that it has not entered into this Agreement or any other Transaction Document on the basis
of any representation, warranty, undertaking or other statement whatsoever which is not expressly incorporated into this Agreement or the relevant Transaction Document. 

  
 24 

	13.3	 Save for any claim under or for breach of this Agreement or any other Transaction Document, no Party nor any of
its Relevant Persons shall have any right or remedy, or make any claim, against another Party nor any of its Relevant Persons in connection with the sale and purchase of the Shares. 

 

	13.4	 In this Clause 12, “Relevant Persons” means, in relation to a Party, members of the Relevant
Party’s Group and the Agents of that Party and of members of the Relevant Party’s Group. 

  

	13.5	 Nothing in this Clause 12 shall operate to limit or exclude any liability for fraud. 

 

	13A	 Guarantee 

  

	13A.1	 In consideration of the Sellers entering into this Agreement, Swvl Global unconditionally and irrevocably
guarantees to the Sellers the prompt and complete payment by the Purchaser of the Deferred Cash Consideration (as adjusted pursuant to Clause 3.15 (Audit Adjustment)) when and to the extent due pursuant to this Agreement (the “Guaranteed
Obligations”). 

  

	13A.2	 As between Swvl Global and the Sellers but without affecting the Purchaser’s obligations under this
Agreement, Swvl Global will be liable under this Clause 13A as if it were the sole and principal obligor and not merely a surety. 

  

	13A.3	 The guarantee given by Swvl Global pursuant to this Clause 13A shall be a continuing guarantee, shall remain in
full force and effect until the Guaranteed Obligations have been paid to the Sellers or otherwise satisfied in accordance with this Agreement and is in addition to any rights which the Sellers may have under or in connection with this Agreement.

  

	13A.4	 The liability of Swvl Global pursuant to this Clause 13A shall not be discharged by: 

 

	 	(a)	 any time being given or any other indulgence, concession, relief, discharge or settlement being given to the
Purchaser at any time or any forbearance, neglect, release or delay in seeking performance of the Guaranteed Obligations; 

  

	 	(b)	 any invalidity, illegality or unenforceability of the Guaranteed Obligations; 

 

	 	(c)	 the exercise or refrain from exercising of any rights against the Purchaser in respect of the Guaranteed
Obligations; 

  

	 	(d)	 the amalgamation, merger, reconstruction, insolvency, receivership, administration or winding up of or change
in ownership in the Purchaser; or 

  

	 	(e)	 any assignment of the Purchaser’s obligations under this Agreement pursuant to Clause 11
(Assignment). 

  

	13A.5	 The Sellers may enforce the guarantee contained in this Clause 13A without first being required to take any
proceedings, to make any demand, enforce or seek to enforce any claim, right or remedy or to take any other steps against the Purchaser. 

  

	13A.6	 Swvl Global severally warrants to the Sellers that: 

 

	 	(f)	 it is duly incorporated and is validly existing under the laws of its place of incorporation;

  

	 	(g)	 it has full power and authority to execute and deliver this Agreement and to perform its obligations under this
Clause 13A and no limitation on its powers will be exceeded as a result of complying with this Clause 13A; and 

  
 25 

	 	(h)	 this Agreement, when executed, shall constitute legal, valid and binding obligations of it and is enforceable
against it in accordance with its terms. 

  

	14.	 Severance and Validity 

If any provision of this Agreement is or becomes illegal, invalid or unenforceable in any respect under the law of any jurisdiction, it shall
be deemed to be severed from this Agreement and the Parties shall use all reasonable endeavours to replace such provision with one having an effect as close as possible to the deficient provision. The remaining provisions will remain in full force
in that jurisdiction and all provisions will continue in full force in any other jurisdiction. 
  

	15.	 Variations 

No variation or restatement of this Agreement shall be effective unless in writing and signed by or on behalf of the Parties. 

 

	16.	 Remedies and Waivers 

 

	16.1	 No waiver of any right under this Agreement or any other Transaction Document shall be effective unless in
writing. Unless expressly stated otherwise a waiver shall be effective only in the circumstances for which it is given. 

  

	16.2	 No delay or omission by any Party in exercising any right or remedy provided by law or under this Agreement
shall constitute a waiver of such right or remedy. 

  

	16.3	 The single or partial exercise of a right or remedy under this Agreement shall not preclude any other nor
restrict any further exercise of any such right or remedy. 

  

	16.4	 The rights and remedies provided in this Agreement are cumulative and do not exclude any rights or remedies
provided by law. 

  

	16.5	 The rights and remedies of the Purchaser under this Agreement shall not be affected by the expiry of any
limitation period prescribed by law in relation to a claim under the Warranties or the Tax Covenant. 

  

	16.6	 Without prejudice to any other rights or remedies that the Parties may have, the Parties acknowledge and agree
that damages would not be an adequate remedy for any breach of Clause 7 (Restrictions on Sellers) and/or Clause 9 (Confidentiality) and that the remedies of injunction, specific performance and other equitable remedies are
appropriate for any threatened or actual breach of such Clauses. 

  

	17.	 Effect of Completion 

The provisions of this Agreement and of the other Transaction Documents which remain to be performed following Completion shall continue in
full force and effect notwithstanding Completion. 
  

	18.	 Third Party Rights 

 

	18.1	 Save as expressly provided in Clause 18.2, a person who is not a Party or its successor or permitted assignee
shall have no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any of the terms of this Agreement. 

  

	18.2	 Clause 6 (Sellers’ Limitations on Liability), Clause 7 (Restrictions on
Sellers), Clause 19 (Payments) and are intended to benefit each Group Company, Clause 5.3 (Sellers’ Warranties) is intended to benefit each Group Company and any present or past Agent of a Group Company

  
 26 

	 	
or of any member of the Purchaser’s Group, Clause 9 (Confidentiality) is intended to benefit any member of the Purchaser’s Group and Clause 12 (Further Assurance) is
intended to benefit a Party’s Affiliates, and each such Clause shall be enforceable by any of them under the Contracts (Rights of Third Parties) Act 1999, subject to the other terms and conditions of this Agreement. 

 

	18.3	 The Parties may amend or vary this Agreement in accordance with its terms without the consent of any other
person. 

  

	19.	 Payments 

  

	19.1	 Any amount payable by the Sellers to, or at the direction of, the Purchaser under this Agreement shall, so far
as possible, be deemed to be a reduction of the Consideration. 

  

	19.2	 Any amount payable by the Sellers to the Purchaser or by the Purchaser to the Sellers shall be made in full
without set-off or counter-claim and free from any deduction or withholding whatsoever, except as required by law. 

 

	19.3	 If any set-off, counter-claim, deduction or withholding is required by
law to be made (or would have been made but for the use or set-off of a Relief) from any payment in respect of a claim under this Agreement (excluding a claim, if any, for payment of the Consideration) or if
the recipient is subject to Tax (or would have been subject to Tax but for the use or set-off of a Relief) in respect of such payment, the payer shall increase the amount of the payment to the extent necessary
to ensure that the net amount received and retained by the recipient (after taking into account all set-offs, counter-claims, deductions, withholdings or Tax) is equal to the amount that it would have received
had the payment not been subject to (or would not have been subject to but for the use or set-off of a Relief) any such set-offs, counter-claims, deductions,
withholdings or Tax, provided that, the Purchaser shall not be liable to make any gross-up in respect of or in relation to any Tax arising on account of, in connection with or with reference to a Seller’s
structure. 

  

	20.	 Costs and Expenses 

Except as provided otherwise, each Party shall pay its own costs and expenses in connection with the negotiation, preparation and performance
of this Agreement and the other Transaction Documents. 
  

	21.	 Notices 

  

	21.1	 Any notice or other communication to be given under or in connection with this Agreement
(“Notice”) shall be in the English language in writing. A Notice may be delivered personally or sent by email, pre-paid recorded delivery or international courier to the address provided in
Clause 21.3, and marked for the attention of the person specified in that Clause. 

  

	21.2	 A Notice shall be deemed to have been received: 

 

	 	(a)	 at the time of delivery if delivered personally; 

 

	 	(b)	 at time of sending, if sent by email, provided that receipt shall not occur if the sender receives an automated
message indicating that the message has not been delivered to the recipient; 

  

	 	(c)	 two (2) Business Days after the time and date of posting if sent by
pre-paid recorded delivery; or 

  

	 	(d)	 three (3) Business Days after the time and date of posting if sent by international courier,

  
 27 

 provided that if deemed receipt of any Notice occurs after 6.00 p.m. or is not on a
Business Day, deemed receipt of the Notice shall be 9.00 a.m. on the next Business Day. References to time in this Clause 22 are to local time in the country of the addressee. 

 

	21.3	 The addresses and email addresses for service of Notice are : 

Sellers’ Representatives: 

Investor Sellers’ Representative 
  

			
	 Name:
	 	 Sam Ryan

	 Address:
	 	 164 White Hart Lane, London, SW13 0QB, United Kingdom

	 Email:
	 	 sam@zeelo.co

 Management and Minority Sellers’ Representative 

 

			
	Name:	 	 John Slingsby

	Address:	 	 Orchard House, High Street, Elham, Canterbury, Kent, CT4 6TB, United Kingdom

	Email:	 	 john@zeelo.co

	with a copy to Phil Hails-Smith (phil@joelsonlaw.com), Joelson JD LLP, 2 Marylebone Road, London NW1 4DF.

 Purchaser: 

 

			
	 Name: 
	 	 Swvl Holdco Corp

	 Address:
	 	 Kingston Chambers, PO Box 173, Road Town, Tortola, British Virgin Islands

	 For the attention of:
	 	 Youssef Salem

	 Email:
	 	 youssef.salem@swvl.com

	 with a copy to Marcus Booth (mbooth@whitecase.com), White & Case LLP, Level 6, Burj Daman, Al Mustaqbal Street,
Dubai International Financial Centre, P.O. Box 9705, Dubai.

  

	21.4	 A Party shall notify the other Parties of any change to its details in Clause 21.3 in accordance with the
provisions of this Clause 21, provided that such notification shall only be effective on the later of the date specified in the notification and five (5) Business Days after deemed receipt. 

 

	21.5	 Notice given to the Sellers’ Representatives shall be deemed to be Notice to all of the Sellers and the
rights of the Sellers in respect of such Notice shall be exercised or waived on behalf of them if exercised or waived by the Sellers’ Representatives. 

  

	22.	 Counterparts 

This Agreement may be executed in counterparts and shall be effective when each Party has executed and delivered a counterpart. Each
counterpart shall constitute an original of this Agreement, but all the counterparts shall together constitute one and the same instrument. 

  
 28 

	23.	 Governing Law and Settlement of Disputes 

 

	23.1	 This Agreement, including the arbitration agreement at Clauses 23.2 and 23.4 and any non-contractual obligations arising out of or in connection with this Agreement, is governed by and shall be construed in accordance with English law. 

 

	23.2	 The Parties agree that if any claim, dispute or difference of whatever nature arises under or in connection
with this Agreement or any other Transaction Document (including a claim, dispute or difference regarding its existence, termination or validity or any non-contractual obligations arising out of or in
connection with this Agreement or any other Transaction Document) (a “Dispute”) which a Party wishes to have resolved, such Dispute shall be referred upon the application of any Party to, and finally settled by, arbitration in
accordance with the London Court of International Arbitration (“LCIA”) Rules (the “Rules”) as in force at the date of this Agreement and as modified by this Clause, which Rules are deemed incorporated into this
Clause. 

  

	23.3	 The number of arbitrators shall be three (3), one of whom shall be nominated by the claimant(s), one by the
respondent(s) and the third of whom, who shall act as chairman, shall be nominated by the two party-nominated arbitrators, provided that if the third arbitrator has not been nominated within twenty
(20) Business Days of the nomination of the second party-nominated arbitrator, such third arbitrator shall be appointed by the LCIA Court. The seat of arbitration shall be London, England and the language
of arbitration shall be English. Subject to Clause 23.1 (Governing Law and Settlement of Disputes), the arbitrators shall apply English conflicts of law rules. 

 

	23.4	 The arbitrators shall have the power to grant any legal or equitable remedy or relief available under the
applicable law, including injunctive relief (whether interim and/or final) and specific performance and any measures ordered by the arbitrators may be specifically enforced by any court of competent jurisdiction. 

 

	24.	 Sellers’ Representatives 

 

	24.1	 Subject to Clause 24.12, each of the Investor Sellers designates Sam Ryan to serve as its representative (the
“Investor Sellers’ Representative”) and each of the Management Sellers and the Minority Sellers designates John Slingsby as its representative (the “Management and Minority
Sellers’ Representative” and together with the Investor Sellers’ Representative, the “Sellers’ Representatives”). 

 

	24.2	 The Sellers’ Representatives shall act on its relevant Sellers’ behalf with respect to notices,
consents or approvals or requests, elections or proposals required to be given or accepted by the Sellers’ Representatives and otherwise with respect to the actions or decisions identified in this Agreement to be performed or made by the
Sellers’ Representatives. 

  

	24.3	 Each of the Investor Sellers and the Management Sellers irrevocably appoints the relevant Sellers’
Representative as its agent, proxy and attorney and gives its Sellers’ Representative full power and authority on such Seller’s behalf to do all acts and to execute and deliver and receive all such documents or deeds as may be required to
resolve or address all matters as are expressly contemplated by this Agreement and any Transaction Documents. 

  

	24.4	 Any action taken or document executed by a Sellers’ Representative on behalf of a Seller in connection
with this Agreement shall be deemed to have been made on behalf of such Seller and the Purchaser shall be entitled to rely upon such action or document as being binding on such Seller without further enquiry. 

 

	24.5	 The Purchaser shall exercise or refrain from exercising any obligation it has towards the Sellers in accordance
with any instructions given to it by the relevant Sellers’ Representative. 

  
 29 

	24.6	 Where any obligation of the Purchaser under this Agreement is discretionary, or requires confirmatory
instructions from the Sellers’ Representatives, the Purchaser shall be entitled to request such instructions, or clarification of any instruction, from the Sellers’ Representatives (or if a matter relates to a certain group of Sellers,
from the Sellers’ Representative of that group of Sellers) as to whether, and in what manner, it should exercise or refrain from exercising any of its obligations under this Agreement and the Purchaser may refrain from acting unless and until
it receives any instructions or clarification that it has requested. 

  

	24.7	 In the absence of instructions, or in the case of conflicting instructions being received from the
Sellers’ Representatives, in accordance with the provisions of Clause 24.6 the Purchaser may in its sole discretion refrain from performing the relevant obligation. 

 

	24.8	 The Purchaser shall not be liable for any delay (or any related consequences) in performing any of its
obligations under this Agreement to the extent that such delay is caused as a result of the Sellers’ Representatives failing to provide instructions or clarifications of instruction or providing conflicting instructions to the Purchaser in
accordance with the provisions of Clause 24.6. 

  

	24.9	 Each of the Sellers shall indemnify the Purchaser on demand and hold the Purchaser harmless against any claim,
demand, cost, loss or liability that arises as a result of the Purchaser performing any instruction of a Seller Representative or any delay (or any related consequences) in performing any of its obligations under this Agreement to the extent that
such delay is caused as a result of the Sellers’ Representatives failing to provide instructions or clarifications of instruction or providing conflicting instructions to the Purchaser. 

 

	24.10	 A Sellers’ Representative may resign and be discharged from its duties and obligations under this
Agreement by giving notice and specifying a date (which date shall be the later of the date specified in the notice and ten (10) Business Days after deemed receipt) on which such resignation shall take effect or be removed by the Sellers
provided, however, that until a successor Sellers’ Representatives shall have been appointed, such Sellers’ Representative shall continue to perform its duties and obligations under this Agreement. 

 

	24.11	 Each of the Sellers shall, prior to signing this Agreement, execute and provide to the Purchaser a certified
copy of a power of attorney granted by each Seller in favour of its respective Sellers’ Representative, authorising such Sellers’ Representative to act as its representative in accordance with this Clause 24 and to execute this Agreement
on its behalf. 

  

	24.12	 The Parties acknowledge and agree that: 

 

	 	(a)	 Clauses 24.2 to 24.7 (each inclusive) and Clause 24.11 shall not be applicable to UK FF Nominees Limited; and

  

	 	(b)	 the Investor Sellers’ Representative may act on behalf of InMotion Ventures Limited in accordance with
Clauses 24.2 to 24.7 (each inclusive) provided that any action taken by, or decision of, the Investor Sellers’ Representative has first been approved in writing by InMotion Ventures Limited and/or has been made in accordance with written
instructions of InMotion Ventures Limited (in each case, including by email), and further provided that: 

  

	 	(i)	 the Investor Sellers’ Representative and InMotion Ventures Limited shall immediately provide the Purchaser
with all approvals and/or instructions provided by InMotion Ventures Limited to the Investor Sellers’ Representative (in accordance with the aforementioned) in connection with this Agreement and/or any other Transaction Document, and shall
procure that each such approval and/or instruction is true and accurate, and there is no fact which would render any such approval and/or instruction being inaccurate, misleading, unenforceable, invalid and/or otherwise illegal; and

  
 30 

	 	(ii)	 in the event that either the Investor Sellers’ Representative or InMotion Ventures Limited breach the
provisions of this Clause 24.12(b)(i), the Investor Sellers’ Representative or InMotion Ventures Limited (as applicable) shall indemnify the Purchaser on demand and hold the Purchaser harmless against any claim, demand, cost, loss or liability
that arises in connection with such breach. 

 This Agreement has been entered into by the Parties on the date first above written.

  
 31 

 Signatures 

The Sellers 
  

							
	 Signed by SAM RYAN as duly appointed
attorney for WILLIAM CAREY-EVANS
under a power of attorney
dated 08 April 2022
	  	 )
 )

)
	  	 /s/ Sam Ryan
	  	 
 

                          
              

				
	 Signed by SAM RYAN as duly appointed
attorney for WALLEYE INVESTMENTS
LLC under a power of attorney
dated 22 April
2022
	  	 )
 )

)
	  	 /s/ Sam Ryan
  
	  	
				
	 Signed by SAM RYAN as duly appointed
attorney for STEVE COATES under a power
of attorney dated 08
April 2022
	  	 )
 )

)
	  	 /s/ Sam Ryan
	  	
				
	 Signed by SAM RYAN as duly appointed
attorney for STEPHANIE RIVET under a
power of attorney dated
08 April 2022
	  	 )
 )

)
	  	 /s/ Sam Ryan
	  	
				
	 Signed by SAM RYAN as duly appointed
attorney for STAFFORD SAINT under a
power of attorney dated 08
April 2022
	  	 )
 )

)
	  	 /s/ Sam Ryan
	  	
				
	 Signed by SAM RYAN as duly appointed
attorney for SIR JOHN HOOD under a power
of attorney dated 08
April 2022
	  	 )
 )

)
	  	 /s/ Sam Ryan
	  	
				
	 Signed by SAM RYAN as duly appointed
attorney for SIMON WOODROFFE under a
power of attorney dated
08 April 2022
	  	 )
 )

)
	  	 /s/ Sam Ryan
	  	
				
	 Signed by SAM RYAN as duly appointed
attorney for SIMON JAMES MORAN under a
power of attorney dated
08 April 2022
	  	 )
 )

)
	  	 /s/ Sam Ryan
	  	
				
	 Signed by SAM RYAN as duly appointed
attorney for RESHMA RUIA under a power of
attorney dated 08
April 2022
	  	 )
 )

)
	  	 /s/ Sam Ryan
	  	
				
	 Signed by SAM RYAN as duly appointed
attorney for PETER WILSON under a power
of attorney dated 08
April 2022
	  	 )
 )

)
	  	 /s/ Sam Ryan
	  	

  
 32 

							
	 Signed by SAM RYAN as duly appointed
attorney for NICHOLAS CHARLES
HOWARD under a power of attorney
dated 08 April 2022
	  	 )
 )

)
	  	 /s/ Sam Ryan
  
	  	 
 

                          
              

				
	 Signed by SAM RYAN as duly appointed
attorney for NEIL ESPIE SMITH under a
power of attorney dated
08 April 2022
	  	 )
 )

)
	  	 /s/ Sam Ryan
	  	
				
	 Signed by SAM RYAN as duly appointed
attorney for MORITZ SCHLENZIG under a
power of attorney dated
08 April 2022
	  	 )
 )

)
	  	 /s/ Sam Ryan
	  	
				
	 Signed by SAM RYAN as duly appointed
attorney for MICHAEL LIEBREICH under a
power of attorney dated
08 April 2022
	  	 )
 )

)
	  	 /s/ Sam Ryan
	  	
				
	 Signed by SAM RYAN as duly appointed
attorney for MICHAEL BAGGULEY under a
power of attorney dated
08 April 2022
	  	 )
 )

)
	  	 /s/ Sam Ryan
	  	
				
	 Signed by SAM RYAN as duly appointed
attorney for MATTHEW HINDS under a
power of attorney dated 08
April 2022
	  	 )
 )

)
	  	 /s/ Sam Ryan
	  	
				
	 Signed by SAM RYAN as duly appointed
attorney for MATTHEW FITZGERALD
under a power of attorney
dated 08 April 2022
	  	 )
 )

)
	  	 /s/ Sam Ryan
	  	
				
	 Signed by SAM RYAN as duly appointed
attorney for LIAM GRIFFIN under a power of
attorney dated 08
April 2022
	  	 )
 )

)
	  	 /s/ Sam Ryan
	  	
				
	 Signed by SAM RYAN as duly appointed
attorney for KEVIN JOSLING under a power
of attorney dated 08
April 2022
	  	 )
 )

)
	  	 /s/ Sam Ryan
	  	
				
	 Signed by SAM RYAN as duly appointed
attorney for KATJA HALL under a power of
attorney dated 08
April 2022
	  	 )
 )

)
	  	 /s/ Sam Ryan
	  	
				
	 Signed by SAM RYAN as duly appointed
attorney for KANE PIRIE under a power of
attorney dated 08
April 2022
	  	 )
 )

)
	  	 /s/ Sam Ryan
	  	

  
 33 

							
	 Signed by SAM RYAN as duly appointed
attorney for JULIAN MIALL under a power of
attorney dated
08 April 2022
	  	 )
 )

)
	  	 /s/ Sam Ryan
	  	
                          
              
 

				
	 Signed by SAM RYAN as duly appointed
attorney for JOANNE SWINDELLS under a
power of attorney dated
13 April 2022
	  	 )
 )

)
	  	 /s/ Sam Ryan
	  	
				
	 Signed by SAM RYAN as duly appointed
attorney for JASON MARCUS under a power
of attorney dated 08
April 2022
	  	 )
 )

)
	  	 /s/ Sam Ryan
	  	
				
	 Signed by SAM RYAN as duly appointed
attorney for JAMES DUNLOP under a power
of attorney dated
11 April 2022
	  	 )
 )

)
	  	 /s/ Sam Ryan
	  	
				
	 Signed by SAM RYAN as duly appointed
attorney for INMOTION VENTURES
LIMITED under a power of
attorney dated 26
April 2022
	  	 )
 )

)
	  	 /s/ Sam Ryan
  
	  	
				
	 Signed by SAM RYAN as duly appointed
attorney for GRAEME SPENCER TAYLOR
DICKSON under a power of
attorney dated 08
April 2022
	  	 )
 )

)
	  	 /s/ Sam Ryan
  
	  	
				
	 Signed by SAM RYAN as duly appointed
attorney for GAUMNITZ FAMILY
LIMITED PARTNERSHIP under a power
of
attorney dated 22 April 2022
	  	 )
 )

)
	  	 /s/ Sam Ryan
  
	  	
				
	 Signed by SAM RYAN as duly appointed
attorney for FLATZ AND PARTNERS AG
under a power of attorney
dated 22 April 2022
	  	 )
 )

)
	  	 /s/ Sam Ryan
	  	
				
	 Signed by SAM RYAN as duly appointed
attorney for DOMINIK WELLMAN under a
power of attorney dated
08 April 2022
	  	 )
 )

)
	  	 /s/ Sam Ryan
	  	
				
	 Signed by SAM RYAN as duly appointed
attorney for DAVID MYERS under a power of
attorney dated 08
April 2022
	  	 )
 )

)
	  	 /s/ Sam Ryan
	  	

  
 34 

							
	 Signed by SAM RYAN as duly appointed
attorney for DAVID LOWISH under a power
of attorney dated 08
April 2022
	  	 )
 )

)
	  	 /s/ Sam Ryan
	  	
                          
              
 

				
	 Signed by SAM RYAN as duly appointed
attorney for CAMERON HEPBURN under a
power of attorney dated
08 April 2022
	  	 )
 )

)
	  	 /s/ Sam Ryan
	  	
				
	 Signed by SAM RYAN as duly appointed
attorney for BENEDICT PHILIP
ALEXANDER MONRO-DAVIES under
a
power of attorney dated 08 April 2022
	  	 )
 )

)
	  	 /s/ Sam Ryan
  
	  	
				
	 Signed by SAM RYAN as duly appointed
attorney for ASIMILAR GROUP PLC under a
power of attorney
dated 12 April 2022
	  	 )
 )

)
	  	 /s/ Sam Ryan
  
	  	
				
	 Signed by SAM RYAN as duly appointed
attorney for ANNE MONRO-DAVIES under a
power of attorney dated
08 April 2022
	  	 )
 )

)
	  	 /s/ Sam Ryan
	  	
				
	 Signed by SAM RYAN as duly appointed
attorney for ANDREW SHAW under a power
of attorney dated 08
April 2022
	  	 )
 )

)
	  	 /s/ Sam Ryan
	  	
				
	 Signed by SAM RYAN as duly appointed
attorney for JAMESON LAMB under a power
of attorney dated 08
April 2022
	  	 )
 )

)
	  	 /s/ Sam Ryan
	  	
				
	 Signed by SAM RYAN as duly appointed
attorney for MICHAEL JOHN WILSHIRE
under a power of attorney
dated 25 April 2022
	  	 )
 )

)
	  	 /s/ Sam Ryan
	  	
				
	 Signed by SAM RYAN as duly appointed
attorney for ENVIRONMENTAL
TECHNOLOGIES FUND 3 LP under a
power
of attorney dated 19 April 2022
	  	 )
 )

)
	  	 /s/ Sam Ryan
  
	  	
				
	 Signed by SAM RYAN as duly appointed
attorney for DYNAMO FUND I LP under a
power of attorney dated
19 April 2022
	  	 )
 )

)
	  	 /s/ Sam Ryan
	  	
				
	 Signed by JOHN SLINGSBY as duly
appointed attorney for WILLIAM GRAHAM
under a power of attorney
dated 11 April 2022
	  	 )
 )

)
	  	 /s/ John Slingsby
	  	

  
 35 

							
	 Signed by JOHN SLINGSBY as duly
appointed attorney for VIKKI TOWNSEND
under a power of attorney
dated 11 April 2022
	  	 )
 )

)
	  	 /s/ John Slingsby
	  	
                          
              
 

				
	 Signed by JOHN SLINGSBY as duly
appointed attorney for VICTOR SAAVEDRA
MARTINEZ under a power of
attorney dated
11 April 2022
	  	 )
 )

)
	  	 /s/ John Slingsby
  
	  	
				
	 Signed by JOHN SLINGSBY as duly
appointed attorney for VENESSA
BROADWAY under a power of attorney
dated
11 April 2022
	  	 )
 )

)
	  	 /s/ John Slingsby
  
	  	
				
	 Signed by JOHN SLINGSBY as duly
appointed attorney for SOPHIA JACKSON
under a power of attorney
dated 11 April 2022
	  	 )
 )

)
	  	 /s/ John Slingsby
	  	
				
	 Signed by JOHN SLINGSBY as duly
appointed attorney for SIMON OTT under a
power of attorney dated
11 April 2022
	  	 )
 )

)
	  	 /s/ John Slingsby
	  	
				
	 Signed by JOHN SLINGSBY as duly
appointed attorney for SIMON GRIMES under
a power of attorney dated
11 April 2022
	  	 )
 )

)
	  	 /s/ John Slingsby
	  	
				
	 Signed by JOHN SLINGSBY as duly
appointed attorney for SIMON BARKER
under a power of attorney dated
11 April 2022
	  	 )
 )

)
	  	 /s/ John Slingsby
	  	
				
	 Signed by JOHN SLINGSBY as duly
appointed attorney for SHAWN KELLY under
a power of attorney dated
11 April 2022
	  	 )
 )

)
	  	 /s/ John Slingsby
	  	
				
	 Signed by JOHN SLINGSBY as duly
appointed attorney for SBONGILE MEMELA
under a power of attorney
dated 11 April 2022
	  	 )
 )

)
	  	 /s/ John Slingsby
	  	
				
	 Signed by JOHN SLINGSBY as duly
appointed attorney for RUBEN SILLERO
under a power of attorney
dated 11 April 2022
	  	 )
 )

)
	  	 /s/ John Slingsby
	  	
				
	 Signed by JOHN SLINGSBY as duly
appointed attorney for RIKO PATTNI under a
power of attorney dated
11 April 2022
	  	 )
 )

)
	  	 /s/ John Slingsby
	  	

  
 36 

							
	 Signed by JOHN SLINGSBY as duly
appointed attorney for RAZINA SIVANATH
under a power of attorney
dated 11 April 2022
	  	 )
 )

)
	  	 /s/ John Slingsby
	  	
                          
              
 

				
	 Signed by JOHN SLINGSBY as duly
appointed attorney for PAUL STUMPKE
under a power of attorney dated
11 April 2022
	  	 )
 )

)
	  	 /s/ John Slingsby
	  	
				
	 Signed by JOHN SLINGSBY as duly
appointed attorney for OLOLADE OLOKE
under a power of attorney
dated 11 April 2022
	  	 )
 )

)
	  	 /s/ John Slingsby
	  	
				
	 Signed by JOHN SLINGSBY as duly
appointed attorney for NICHOLAS ABATE
under a power of attorney
dated 11 April 2022
	  	 )
 )

)
	  	 /s/ John Slingsby
	  	
				
	 Signed by JOHN SLINGSBY as duly
appointed attorney for NAWAL NUNU
AMARI under a power of attorney
dated
11 April 2022
	  	 )
 )

)
	  	 /s/ John Slingsby
  
	  	
				
	 Signed by JOHN SLINGSBY as duly
appointed attorney for NATASHA
SHANAHAN under a power of attorney
dated
11 April 2022
	  	 )
 )

)
	  	 /s/ John Slingsby
  
	  	
				
	 Signed by JOHN SLINGSBY as duly

appointed attorney for NAMRATA LALWANI
under a power of attorney dated 11 April 2022
	  	 )
 )

)
	  	 /s/ John Slingsby
	  	
				
	 Signed by JOHN SLINGSBY as duly
appointed attorney for MUJTABA AHMAD
under a power of attorney
dated 11 April 2022
	  	 )
 )

)
	  	 /s/ John Slingsby
	  	
				
	 Signed by JOHN SLINGSBY as duly
appointed attorney for MITCH COWIE under
a power of attorney dated
11 April 2022
	  	 )
 )

)
	  	 /s/ John Slingsby
	  	
				
	 Signed by JOHN SLINGSBY as duly
appointed attorney for MELISSA PARNABY
under a power of attorney
dated 11 April 2022
	  	 )
 )

)
	  	 /s/ John Slingsby
	  	

  
 37 

							
	 Signed by JOHN SLINGSBY as duly
appointed attorney for MBALI MKUMLA
under a power of attorney dated
11 April 2022
	  	 )
 )

)
	  	 /s/ John Slingsby
	  	
                          
              
 

				
	 Signed by JOHN SLINGSBY as duly
appointed attorney for MAYAN TURNER
under a power of attorney dated
11 April 2022
	  	 )
 )

)
	  	 /s/ John Slingsby
	  	
				
	 Signed by JOHN SLINGSBY as duly
appointed attorney for MARIA GASCON
under a power of attorney dated
11 April 2022
	  	 )
 )

)
	  	 /s/ John Slingsby
	  	
				
	 Signed by JOHN SLINGSBY as duly
appointed attorney for LUKE RYAN under a
power of attorney dated
11 April 2022
	  	 )
 )

)
	  	 /s/ John Slingsby
	  	
				
	 Signed by JOHN SLINGSBY as duly
appointed attorney for LIAM GRIMES under a
power of attorney dated
11 April 2022
	  	 )
 )

)
	  	 /s/ John Slingsby
	  	
				
	 Signed by JOHN SLINGSBY as duly
appointed attorney for LEA GOLDING under a
power of attorney
dated 11 April 2022
	  	 )
 )

)
	  	 /s/ John Slingsby
	  	
				
	 Signed by JOHN SLINGSBY as duly
appointed attorney for KALSIE
GRANDEMANGE under a power of
attorney
dated 11 April 2022
	  	 )
 )

)
	  	 /s/ John Slingsby
  
	  	
				
	 Signed by JOHN SLINGSBY as duly
appointed attorney for JOSE LUIS APUY
VILLEGAS under a power of
attorney dated 11
April 2022
	  	 )
 )

)
	  	 /s/ John Slingsby
  
	  	
				
	 Signed by JOHN SLINGSBY as duly
appointed attorney for JASON LENDRUM
under a power of attorney
dated 11 April 2022
	  	 )
 )

)
	  	 /s/ John Slingsby
	  	
				
	 Signed by JOHN SLINGSBY as duly
appointed attorney for JASON DRIVER under
a power of attorney dated
11 April 2022
	  	 )
 )

)
	  	 /s/ John Slingsby
	  	
				
	 Signed by JOHN SLINGSBY as duly
appointed attorney for JAMES CHAMPION
under a power of attorney
dated 11 April 2022
	  	 )
 )

)
	  	 /s/ John Slingsby
	  	

  
 38 

							
	 Signed by JOHN SLINGSBY as duly
appointed attorney for HECTOR MANRIQUE
under a power of attorney
dated 11 April 2022
	  	 )
 )

)
	  	 /s/ John Slingsby
	  	
                          
              
 

				
	 Signed by JOHN SLINGSBY as duly
appointed attorney for HAYLEY DUONG
under a power of attorney dated
11 April 2022
	  	 )
 )

)
	  	 /s/ John Slingsby
	  	
				
	 Signed by JOHN SLINGSBY as duly
appointed attorney for GEORGE GRUNDY
under a power of attorney
dated 11 April 2022
	  	 )
 )

)
	  	 /s/ John Slingsby
	  	
				
	 Signed by JOHN SLINGSBY as duly
appointed attorney for EMMA FERRIES
under a power of attorney dated
11 April 2022
	  	 )
 )

)
	  	 /s/ John Slingsby
	  	
				
	 Signed by JOHN SLINGSBY as duly
appointed attorney for DUYGU YILDIRIM
under a power of attorney
dated 11 April 2022
	  	 )
 )

)
	  	 /s/ John Slingsby
	  	
				
	 Signed by JOHN SLINGSBY as duly
appointed attorney for DAVID BERNIELL
GINER under a power
of
attorney dated 11 April 2022
	  	 )
 )

)
	  	 /s/ John Slingsby
  
	  	
				
	 Signed by JOHN SLINGSBY as duly
appointed attorney for DARREN NARDONI
under a power of attorney
dated 11 April 2022
	  	 )
 )

)
	  	 /s/ John Slingsby
	  	
				
	 Signed by JOHN SLINGSBY as duly
appointed attorney for DARREN DALY under
a power of attorney dated
11 April 2022
	  	 )
 )

)
	  	 /s/ John Slingsby
	  	
				
	 Signed by JOHN SLINGSBY as duly

appointed attorney for DANIEL RUIZ under a
power of attorney dated 11 April 2022
	  	 )
 )

)
	  	 /s/ John Slingsby
	  	
				
	 Signed by JOHN SLINGSBY as duly
appointed attorney for CRISTINA
GUIMARAES under a power of attorney
dated
11 April 2022
	  	 )
 )

)
	  	 /s/ John Slingsby
  
	  	
				
	 Signed by JOHN SLINGSBY as duly
appointed attorney for CRAIG NESTLER
under a power of attorney
dated 11 April 2022
	  	 )
 )

)
	  	 /s/ John Slingsby
	  	

  
 39 

							
	 Signed by JOHN SLINGSBY as duly
appointed attorney for CRAIG COKER under
a power of attorney dated
11 April 2022
	  	 )
 )

)
	  	 /s/ John Slingsby
	  	
                          
              
 

				
	 Signed by JOHN SLINGSBY as duly
appointed attorney for CHRIS HALL under a
power of attorney dated
11 April 2022
	  	 )
 )

)
	  	 /s/ John Slingsby
	  	
				
	 Signed by JOHN SLINGSBY as duly
appointed attorney for CARLOS MELLADO
under a power of attorney
dated 11 April 2022
	  	 )
 )

)
	  	 /s/ John Slingsby
	  	
				
	 Signed by JOHN SLINGSBY as duly
appointed attorney for CALE DE ANDRADE
PISSARRA under a power of
attorney dated
11 April 2022
	  	 )
 )

)
	  	 /s/ John Slingsby
  
	  	
				
	 Signed by JOHN SLINGSBY as duly
appointed attorney for BENJAMIN LEDOUX
under a power of attorney
dated 11 April 2022
	  	 )
 )

)
	  	 /s/ John Slingsby
	  	
				
	 Signed by JOHN SLINGSBY as duly
appointed attorney for BEN BHATTAL under
a power of attorney dated
11 April 2022
	  	 )
 )

)
	  	 /s/ John Slingsby
	  	
				
	 Signed by JOHN SLINGSBY as duly
appointed attorney for BARNABY
WILLIAMS under a power of attorney
dated
11 April 2022
	  	 )
 )

)
	  	 /s/ John Slingsby
  
	  	
				
	 Signed by JOHN SLINGSBY as duly
appointed attorney for BARAK SAS under a
power of attorney dated
11 April 2022
	  	 )
 )

)
	  	 /s/ John Slingsby
	  	
				
	 Signed by JOHN SLINGSBY as duly
appointed attorney for ANN SEWELL under a
power of attorney dated
11 April 2022
	  	 )
 )

)
	  	 /s/ John Slingsby
	  	
				
	 Signed by JOHN SLINGSBY as duly
appointed attorney for ANDREW ROBARTS
under a power of attorney
dated 11 April 2022
	  	 )
 )

)
	  	 /s/ John Slingsby
	  	

  
 40 

							
	 Signed by JOHN SLINGSBY as duly
appointed attorney for AMY GOVENDER
under a power of attorney dated
11 April 2022
	  	 )
 )

)
	  	 /s/ John Slingsby
	  	
                          
              
 

				
	 Signed by JOHN SLINGSBY as duly
appointed attorney for ALICE LANE under a
power of attorney dated
11 April 2022
	  	 )
 )

)
	  	 /s/ John Slingsby
	  	
				
	 Signed by JOHN SLINGSBY as duly
appointed attorney for ALEX CASASAYAS
under a power of attorney
dated 11 April 2022
	  	 )
 )

)
	  	 /s/ John Slingsby
	  	
				
	 Signed by JOHN SLINGSBY as duly
appointed attorney for ALBERT HORTA
LLOBET under a power of
attorney dated 11
April 2022
	  	 )
 )

)
	  	 /s/ John Slingsby
  
	  	
				
	 Signed by JOHN SLINGSBY as duly
appointed attorney for ALBA NAVARRO
VARGAS under a power of
attorney dated 11
April 2022
	  	 )
 )

)
	  	 /s/ John Slingsby
  
	  	
				
	 Signed by JOHN SLINGSBY as duly
appointed attorney for ADRIEN
LASSALMONIE under a power of
attorney
dated 11 April 2022
	  	 )
 )

)
	  	 /s/ John Slingsby
  
	  	
				
	 Signed by JOHN SLINGSBY as duly
appointed attorney for JENNIFER
BURROUGHS under a power of attorney
dated
19 April 2022
	  	 )
 )

)
	  	 /s/ John Slingsby
  
	  	
				
	 Signed by JOHN SLINGSBY as duly
appointed attorney for ASHLEY CLARK
under a power of attorney dated
11 April 2022
	  	 )
 )

)
	  	 /s/ John Slingsby
	  	
				
	 Signed by JOHN SLINGSBY
	  	 )
 )

)
	  	 /s/ John Slingsby
	  	
				
	 Signed by SAM RYAN
	  	 )
 )

)
	  	 /s/ Sam Ryan
	  	

  
 41 

							
	 Signed by UK FF NOMINEES LIMITED
acting by its director CSC Corporate Services
(UK) Limited in turn acting
by
Charmaine de Castro, a director
	  	 )
 )

)
	  	 /s/ Charmaine de Castro
	  	
                          
              
 

  
 42 

 The Sellers’ Representatives 

 

							
	 Signed by JOHN SLINGSBY
	  	 )
 )

)
	  	 /s/ John Slingsby
	  	
                          
              
 

				
	 Signed by SAM RYAN
	  	 )
 )

)
	  	 /s/ Sam Ryan
	  	

  
 43 

 The Purchaser 
  

							
	 Signed for and on behalf of Swvl Holdco Corp
by Mostafa Kandil in his capacity as
Director
	  	 )
 )

)
	  	 /s/ Mostafa Kandil
	  	
                          
              
 

 Swvl Holdings Corp 
  

							
	 Signed for and on behalf of Swvl Holdings
Corp by Mostafa Kandil in his capacity
as
Director
	  	 )
 )

)
	  	 /s/ Mostafa Kandil
	  	
                          
              
 

 Swvl Global FZE 
  

							
	 Signed for and on behalf of Swvl Global FZE
by Mostafa Kandil in his capacity as
Manager
	  	 )
 )

)
	  	 /s/ Mostafa Kandil
	  	
                          
              
 

  
 44 

 Schedule 1     

  
 45 

 Part 2 Management Sellers 

  
 46 

 Part 3    Minority Sellers 

  
 47 

 Part 4    Employee Optionholders 

  
 48 

 Schedule 2 

The Group 
 Part 1

 Details of the Company 
  

					
	Company name	  	:	 	Zeelo Limited
			
	Company number	  	:	 	10274913
			
	Date and place of incorporation	  	:	 	12 July 2016, England
			
	Registered address	  	:	 	2 Underwood Row, London, United Kingdom, N1 7LQ
			
	Issued share capital	  	:	 	 60,619,167 ordinary shares of £0.00001 each
  

56,230,000 class A preferred shares of £0.00001 each
  

8,890,000 preferred shares of £0.00001 each

			
	Shareholders	  	:	 	See Schedule 1
			
	Directors	  	:	 	 Liam Griffin
  

Michael David Jonathan Liebreich
  

Sam Edward Ryan
  

Patrick Gerard Sheehan
  

John Slingsby

			
	Auditors	  	:	 	Mazars LLP
			
	Accounting reference date	  	:	 	31 December
			
	Tax residency	  	:	 	United Kingdom

  
 49 

 Part 2 

Details of the Subsidiaries 
  

					
	Company name	  	:	 	Zed Doublee LO, S.L. (Sociedad Unipersonal)
			
	Company number	  	:	 	B-67024224
			
	Date and place of incorporation          	  	:	 	03/08/2017, Spain
			
	Registered address	  	:	 	Calle Josep Irla I Bosch, 1 – 3 BJ 08034, Barcelona, Spain
			
	Issued share capital	  	:	 	10,000 ordinary shares of €0.10
			
	Shareholder	  	:	 	Zeelo Limited
			
	Directors	  	:	 	 Sam Edward Ryan
  

Daniel Ruiz

			
	Auditors	  	:	 	Mazars LLP
			
	Accounting reference date	  	:	 	31 December
			
	Tax residency	  	:	 	Spain
			
	Company name	  	:	 	ZeeloSA Midco Proprietary Limited
			
	Company number	  	:	 	2021 / 987820 / 07
			
	Date and place of incorporation	  	:	 	10.11.2021, South Africa
			
	Registered address	  	:	 	Connect Place – Suite 201 Beacon Rock, 21 Lighthouse Road, Umhlanga, Kwa-Zulu Natal, 4320
			
	Issued share capital	  	:	 	70 A Shares and 30 Ordinary Shares
			
	Shareholders	  	:	 	70 A Shares held by the Company and 30 Ordinary Shares held by the Trustees for the time being of the Entrepreneurship Development Trust
			
	Directors	  	:	 	John Slingsby, James Champion, Carla Prentice
			
	Auditors	  	:	 	Mazars LLP
			
	Accounting reference date	  	:	 	31 December
			
	Tax residency	  	:	 	South Africa
			
	Company name	  	:	 	ZeeloSA Proprietary Limited
			
	Company number	  	:	 	2018 / 471507 / 07
			
	Date and place of incorporation	  	:	 	06.09.2018, South Africa
			
	Registered address	  	:	 	Connect Place – Suite 201 Beacon Rock, 21 Lighthouse Road, Umhlanga, Kwa-Zulu Natal, 4320

  
 50 

					
	Issued share capital	  	:	 	10,000 A Shares and 4,286 Ordinary Shares
			
	Shareholders	  	:	 	10,000 A Shares held by ZeeloSA Midco Proprietary Limited and 4,286 Ordinary Shares held by Double X Investment Partners Proprietary Limited
			
	Directors	  	:	 	James Champion, John Slingsby, Mpumelelo Mnganga-Mokgatlhe and Sam Ryan
			
	Auditors	  	:	 	Mazars LLP
			
	Accounting reference date	  	:	 	31 December
			
	Tax residency	  	:	 	South Africa
			
	Company name	  	:	 	Zeelo, Inc.
			
	Company number	  	:	 	3469380
			
	Date and place of incorporation	  	:	 	18/08/2020, Delaware, United State of America
			
	Registered address	  	:	 	16192, Coastal Highway, Lewes, Delaware, 19958
			
	Issued share capital	  	:	 	100,000 Ordinary Shares of US$ 1.00
			
	Shareholder	  	:	 	Zeelo Limited
			
	Directors	  	:	 	Sam Edward Ryan, John Slingsby and Moritz Schlenzig
			
	Auditors	  	:	 	Mazars LLP
			
	Accounting reference date	  	:	 	31 December
			
	Tax residency	  	:	 	United States

  
 51 

 Schedule 3 

Completion Arrangements 

Part 1 
 Sellers’
Obligations 
 At Completion the Sellers shall: 
  

	1.	 Procure that board meetings of the Company and of each Subsidiary are held at which: 

 

	 	1.1	 in the case of the Company, the sale of the Shares to the Purchaser or such other person as the Purchaser may
nominate be approved and it shall be resolved that the transfer of the Shares shall be approved for registration and (subject only to the transfers being duly stamped) the transferee entered into the register of members; and 

 

	 	1.2	 Mostafa Kandil, Youssef Salem, and Shahzeb Memon shall be appointed as directors as the Purchaser’s
nominees; 

  

	2.	 Deliver to the Purchaser or the Purchaser’s Solicitors: 

 

	 	2.1	 duly executed transfers in respect of the Shares in favour of the Purchaser or such other person as the
Purchaser may nominate; 

  

	 	2.2	 the share certificates for the Shares or an indemnity in the agreed terms for any lost share certificates;

  

	 	2.3	 a power of attorney in the agreed terms duly executed as a deed by each of the Sellers in favour of the
Purchaser to enable the Purchaser to exercise voting and other rights attaching to the Shares with immediate effect from the Completion Date; 

  

	 	2.4	 a letter in the agreed terms confirming that the relevant Sellers (if any) have ceased to be a registrable
relevant legal entity for the purposes of section 790C of the Companies Act in relation to the Company. 

  

	3.	 Deliver to the Purchaser or such other person as the Purchaser may nominate: 

 

	 	3.1	 the statutory books (written up to but not including the Completion Date), electronic copies of the
certificates of incorporation (including all certificates of incorporation or change of name (if any) and common seal (if any)) of the Company and each Subsidiary; 

 

	 	3.2	 written resignations in the agreed terms to take effect from Completion of Liam Griffin, Michael Liebreich,
Patrick Sheehan as directors of the Company and of each of the Subsidiaries (as the case may be) in each case executed as a deed and relinquishing any right (past, present or future) against the Company or, as appropriate, the relevant Subsidiary
for loss of office (whether contractual, statutory or otherwise); 

  

	 	3.3	 statements from the banks at which the Company and each Subsidiary maintains an account giving the balance as
at the close of business on the last Business Day prior to Completion; 

  

	 	3.4	 the cash book balances of the Company and each Subsidiary with statements reconciling the same with the bank
statements in paragraph 3.3 above; 

  

	 	3.5	 the Employee Options Roll-over Agreements executed by the Employee Optionholders (Rolling);

  
 52 

	 	3.6	 the Employee Option Exercise Documents executed by the remaining Employee Optionholders; 

 

	 	3.7	 evidence in a form reasonably satisfactory to the Purchaser that all change of control provisions contained in
the following client contracts to which a Group Company is a party have been irrevocably waived: 

  

	 	•	 	 Wincanton 

  

	 	•	 	 Tesco 

  

	 	•	 	 Jaguar Land Rover 

  

	 	•	 	 2 Sisters Food Group 

  

	 	•	 	 Fidelity 

  

	 	•	 	 Rotherham College and Dearne Valley College (RNN Group); and 

 

	 	3.8	 evidence in a form reasonably satisfactory to the Purchaser that the change of control provisions contained in
the Close Brother Facility documents to which the Company is a party have been irrevocably waived. 

  
 53 

 Part 2 

Purchaser’s Obligations 
 At Completion the Purchaser
shall: 
  

	1.	 pay or procure that the Initial Cash Consideration shall be transferred to the Sellers’ Designated Account
by electronic transfer in immediately available cleared funds (without deduction of any bank charges, transaction fees, foreign exchange costs or other fees); 

 

	2.	 issue, credited as fully paid, the Consideration Shares to the Sellers and provide an updated share register
evidencing the same; 

  

	3.	 execute and deliver to the Sellers’ Solicitors counterparts of: 

 

	 	(a)	 the Management Warranty Deed; 

 

	 	(b)	 the Employee Options Roll-over Agreements; and 

 

	 	(c)	 duly executed deeds of variation in the agreed form in respect of the service agreements of Sam Ryan and John
Slingsby; 

  

	4.	 procure the execution and delivery to the Sellers Solicitors of certified copies: 

 

	 	(a)	 the Swvl Inc Loan Note Instrument; and 

 

	 	(b)	 the Put Option Agreements; 

 

	5.	 amend its memorandum and articles of association to reflect the form set out in Schedule 6 (Form of the
Purchaser’s Amended and Restated Memorandum and Articles); and 

  

	6.	 deliver to the Sellers’ Solicitors certified copies of its relevant corporate authorisations and of the
relevant corporate authorisations of Swvl Inc and Swvl TopCo, approving (in each case) the entry into of the transactions contemplated by this Agreement (including but not limited to the issue of the Consideration Shares). 

  
 54 

 Schedule 4 

Tax Covenant 
  

	1.	 Interpretation 

 

	1.1	 In this Tax Covenant: 

“Accounts Relief” means any Relief which was treated, shown or reflected as an asset in the Audited Accounts or was taken into
account in computing any Tax (including any deferred Tax) asset which appears in the Audited Accounts or which was taken into account in computing and so reducing or eliminating any provision for Tax (including deferred Tax) in the Audited Accounts
(or which but for such Relief would have been provided for in Audited Accounts); 
 “Actual Tax Liability” means any
liability to make an actual payment of, or in respect of, or on account of, Tax, whether or not the same is primarily payable and whether or not there is or may be any right of reimbursement against any other person (in which case the amount of the
Actual Tax Liability will be the amount of the actual payment); 
 “Assessment” means a claim, assessment, notice or demand
issued by a Taxation Authority by which a person is liable or is sought to be made liable to make a payment to a Taxation Authority or to another person or is denied or sought to be denied a Relief, in each case which could give rise to a Tax
Covenant Claim; 
 “Deemed Tax Liability” means: 
  

	 	(a)	 the Loss, otherwise than by use or setting off, of an Accounts Relief (other than a repayment of Tax or payment
in respect of Tax), and the amount of the Deemed Tax Liability will be the amount of Tax which would not have paid (on the basis of Tax rates current at the Accounts Date) but for the Loss of the Relief, assuming for this purpose that there were
sufficient profits to use the Relief (or that the Relief could otherwise have been used); 

  

	 	(b)	 the Loss of an Accounts Relief which was a right to repayment of Tax or to a payment in respect of Tax, and the
amount of the Deemed Tax Liability will be the amount of the repayment or payment; or 

  

	 	(c)	 the use or setting-off of any Purchaser’s Relief where, but for
that set-off or use, a Seller would have had a liability to make a payment to the Purchaser under this Schedule, and the amount of the Deemed Tax Liability will be the amount of Tax for which the Seller would
have been liable but for such use or set-off; 

 “Loss” means and
includes absence, failure to obtain, non-existence, non-availability, reduction, modification, loss, counteraction, nullification, use, utilisation, set off,
disallowance, withdrawal or clawback for whatever reason; 
 “Purchaser’s Relief” means: 

 

	 	(a)	 any Accounts Relief; 

 

	 	(b)	 any Relief which arises to a Group Company in the ordinary course of business between the Locked Box Date and
Completion; 

  
 55 

	 	(c)	 any Relief which arises to the Group Company in respect of an event occurring after the Completion Date or in
respect of a period (or part-period) commencing after the Completion Date; or 

  

	 	(d)	 a Relief which arises to a member of a Purchaser’s Group other than the Group Company;

 “Relief” means any relief, loss, allowance, credit, set-off,
deduction or exemption for any Tax purposes, any right to repayment of Tax or to a payment in respect of Tax from a Taxation Authority or otherwise, and: 
  

	 	(a)	 any reference to the use or set off of a Relief shall be construed accordingly and shall include the use of set-off in part; and 

  

	 	(b)	 any reference to the loss of a Relief shall include the failure to obtain, reduction, modification, loss,
counteraction, nullification, absence, unavailability, disallowance, withdrawal, clawback, non-existence or cancellation of any such Relief, or to such Relief being available only in a reduced amount;

 “Tax” or “Taxation” means and includes all forms of taxation and statutory and
governmental, state, provincial, local governmental or municipal charges, duties, contributions and levies, withholdings and deductions, in each case whether of the United Kingdom or elsewhere and whenever imposed and all related penalties, charges,
costs and interest; 
 “Tax Liability” means an Actual Tax Liability or a Deemed Tax Liability; and 

“Taxation Authority” means HM Revenue & Customs and any other governmental or other authority body or official
competent or authorised to impose, assess, administer or collect Taxation whether in the United Kingdom or elsewhere. 
  

	1.2	 For the purposes of this Schedule and in particular for computing any Tax liability or Relief an accounting
period of the Group Company shall be deemed to have ended on the Completion date. 

  

	1.3	 References to any “income”, “profits” or “gains” earned, accrued or received
shall include income, profits and gains which are deemed to have been earned, accrued or received for Tax purposes. 

  

	1.4	 References to any “income”, “profits” or “gains” earned, accrued or received
before a particular date or in respect of a particular period include income, profits or gains which are deemed for the purposes of any Tax to have been earned, accrued or received at or before the date or in respect of that period.

  

	1.5	 Any stamp duty that is payable in respect of any document, or in the case of a document that is outside the
United Kingdom, any stamp duty which would be payable in respect of such document if it were brought into the United Kingdom, which is necessary to establish the title of a Group Company to any asset or to enable the Group Company or any other
member of the Purchaser’s Group to produce the relevant document in evidence in any civil proceedings or to use the document for any other official purpose, and any interest, fine or penalty relating to such stamp duty, shall be deemed to be a
liability of the Group Company to make an actual payment of Tax, and the execution of the document (or, in the case of a bearer instrument, the issue of the instrument or the first transfer in the United Kingdom of the property constituted by it (as
applicable)) shall be deemed to be the Event which gave rise to such liability. 

  
 56 

	1.6	 Each of the covenants contained in paragraph 2 shall be construed as a separate and independent covenant and
shall not be limited or restricted by reference to or inference from any other covenant contained in paragraph 2. 

  

	1.7	 References to a repayment of Tax shall include any repayment supplement or interest in respect of it.

  

	2.	 Covenant 

The Sellers severally covenant to pay to the Purchaser, by way (to the extent possible) of a reduction in consideration, an amount equal to:

  

	2.1	 any Actual Tax Liability arising to a Group Company in respect of, by reference to or in consequence of:

  

	 	(a)	 an event occurring on or before Completion; or 

 

	 	(b)	 any income, profits or gains which were earned, accrued or received on or before Completion or in respect of a
period ending on or before Completion; 

  

	2.2	 any Deemed Tax Liability; 

 

	2.3	 any Tax Liability that arises (whether before, on or after Completion) to a Group Company or any member of a
Purchaser’s Group due to the relationship for Tax purposes before Completion of a Group Company with any person other than a member of the Purchaser’s Group; 

 

	2.4	 any liability of a Group Company arising from an obligation to repay the whole or any part of any payment
received for any surrender or transfer of any Relief pursuant to an arrangement entered into by a Group Company on or before Completion; 

  

	2.5	 any amount paid (or payable to the extent it is not yet actually paid) by a Group Company for a surrender or
transfer to it of any Relief in respect of any period ended on or prior to Completion to the extent that such Relief is lost, cancelled or disallowed or otherwise proves to be unavailable to set off against income, profits or gains or Tax for the
period in respect of which the surrender is made; 

  

	2.6	 any liability of a Group Company relating to employment taxes or social security contributions in respect of
the grant, exercise, surrender, exchange or other disposal of an option or other right to acquire securities, or in respect of any acquisition, holding, variation or disposal of securities where the acquisition of the security or the grant of the
option, or other right to acquire the security occurred on or before Completion; 

  

	2.7	 any liability relating to, in connection with or arising as a result of a Group Company entering into any
transaction or arrangement otherwise than on arm’s length terms and/or the lack of documentation relating to the processes by which prices and terms have been arrived at for any transaction or arrangement entered into by the Group Company;

  

	2.8	 any liability of a Group Company to pay or account for any employment or payroll taxes or any other Tax under
any withholding regime or payroll system or national insurance/social security contributions (in each case together with any related interest and/or penalties) which arises at any time as a result of, in consequence of or in connection with the
remuneration paid, or otherwise referable to any period, on or prior to Completion of any person engaged by the Group Company, whether engaged by the Group Company as an employee or office-holder or otherwise (including through a personal services
company and/or agency); 

  

	2.9	 any liability relating to, in connection with or in respect of ZeeloSA Proprietary Limited, arising directly as
a result of the Broad-Based Black Economic Empowerment restructuring of that Group Company; and 

  
 57 

	2.10	 any costs and expenses reasonably and properly incurred by the Purchaser, any member of a Purchaser’s
Group and/or a Group Company in connection with any liability under this Schedule or in connection with any action taken in taking, defending or settling any action under this Schedule. 

 

	3.	 Exclusions 

The Sellers are not liable in respect of a Tax Covenant Claim under paragraph 2.1 with respect to a Tax Liability to the extent that: 

 

	3.1	 a specific provision or reserve was included in the Audited Accounts in respect of the matter giving rise to
the Tax Liability; or 

  

	3.2	 payment or discharge of the Tax Liability has been made prior to the Completion Date; or 

 

	3.3	 it arises as a result of a transaction in the ordinary course of business of any Group Company between the
Locked Box Date and Completion; or 

  

	3.4	 the matter giving rise to the Tax Liability has been discharged or made good without loss or cost to any member
of a Purchaser’s Group and/or the Group Company; or 

  

	3.5	 the matter giving rise to the Tax Liability would not have arisen but for the passing of, or a change in, a
law, rule, regulation, rate of Tax, published interpretation of the law or published administrative practice of a Taxation Authority after the date of the Agreement, in each case not actually or prospectively in force at the date of the Agreement;
or 

  

	3.6	 the matter giving rise to the Tax Liability would not have arisen but for the Group Company’s failure or
omission after Completion to make a claim, election, surrender or disclaimer, or give a notice or consent in connection with, a provision of an enactment or regulation relating to Tax, the anticipated making, giving or doing of which was taken into
account in computing the provision for Tax in the Audited Accounts, but only to the extent that the Purchaser was aware or reasonably ought to have been aware of the need to make or give any such claim, election, surrender, disclaimer, notice or
consent and such claim, election, surrender, disclaimer, notice or consent may be validly and legally made; or 

  

	3.7	 a Relief (other than a Purchaser’s Relief) is immediately available to reduce or eliminate the Tax
Liability giving rise to such Claim and such Relief is capable of actual and immediate utilisation; or 

  

	3.8	 the Tax Liability giving rise to such Tax Covenant Claim results from any voluntary act or omission carried out
or effected by any Group Company after Completion, where the Purchaser was aware, other than any act: 

  

	 	(a)	 occurring in the ordinary course of the business of the Company as carried on at Completion; or

  

	 	(b)	 occurring in the ordinary course of management of the tax affairs of the Company; or 

 

	 	(c)	 carried out or omitted pursuant to a legally binding obligation entered into by the Company before or on
Completion; or 

  

	 	(d)	 carried out or omitted as required by law, regulation, generally accepted accounting principles or requirement
having the force of law whether coming into force before, on or after Completion; or 

  

	 	(e)	 carried out or omitted for the purpose of avoiding or mitigating a penalty which would otherwise have been be
imposed by such law, regulation or request referred to in paragraph 3.8(c) above or pursuant to any such obligation referred to in paragraph 3.8 (b) above; or 

  
 58 

	 	(f)	 consisting of the presentation for stamping of any instrument which was entered into prior to Completion where
such presentation was made (i) at the request of or with the consent of the Sellers’ Representatives, or (ii) in order to prove title to any asset of a Group Company, or (iii) to rely on any document before or in any court of
law; or 

  

	 	(g)	 carried out or omitted with the written consent or at the written request or the direction of any of the
Sellers or their authorised representatives; or 

  

	 	(h)	 in accordance with the terms of this Agreement or any other Transaction Document; or 

 

	3.9	 the Tax Liability giving rise to such Tax Covenant Claim arises by reason of a voluntary disclaimer, revocation
or revision by a Group Company after Completion of any Relief validly claimed by a Group Company before or on Completion; or 

  

	3.10	 the Tax Liability giving rise to such Tax Covenant Claim arises by virtue of any change after Completion in the
bases, methods or policies of accounting of a Group Company, except where such change is necessary to comply with law or generally accepted accounting practice in force in the relevant jurisdiction of such Group Company at Completion; or

  

	3.11	 the Tax Liability giving rise to such Tax Covenant Claim is one of interest and penalties and arises due to the
fact that any instalment of corporation tax paid before Completion pursuant to the Corporation Tax (Instalment Payments) Regulations 1998 (SI 1998/3175) as a result of or in consequence of income, profits or gains accrued or recovered after
Completion; or 

  

	3.12	 the Tax Liability giving rise to such Tax Covenant Claim would not have arisen but for a cessation of any trade
carried on by the Company, being a cessation or change (i) occurring after Completion and (ii) which did not commence or was otherwise contributed to, wholly or partly prior to Completion; or 

 

	3.13	 the liability in question is a liability to penalties or interest which would not have arisen but for a delay
by the Purchaser in paying over to a Tax Authority any payment previously made by the Sellers under this Deed. 

  

	4.	 Date for Payment 

The Sellers shall pay to the Purchaser amounts due under this Schedule in cleared, immediately available funds: 

 

	4.1	 in the case of amounts due in relation to an Actual Tax Liability, within five Business Days following the date
on which the Purchasers give written notice to the Sellers of the amount so payable or, if later, two Business Days before the date on which the relevant Tax is payable; 

 

	4.2	 in the case of amounts due in relation to limb (c) of the definition of Deemed Tax Liability, within five
Business Days following the date on which the Purchasers give written notice to the Sellers of the amount so payable or, if later, two Business Days before the date on which the Tax would have been due for payment; and 

 

	4.3	 in all other cases, within seven Business days following the date on which the Purchasers give written notice
to the Sellers of the amount so payable. 

  

	5.	 Conduct of Claims 

 

	5.1	 If the Purchaser becomes aware of an Assessment, the Purchaser shall give written notice thereof to the
Sellers’ Representatives as soon as reasonably practicable and in any event within 15 Business Days of becoming aware, such notice containing reasonable particulars of the circumstances relating to such issue of which the Purchaser becomes
aware (including all relevant time frames and a reasonable estimate of the amount of any potential Tax Covenant Claim) to the extent available to the Purchaser at that time, provided that giving that notice shall not be a condition precedent to the
Sellers’ liability under this Schedule. 

  
 59 

	5.2	 If a Seller becomes aware of an Assessment, that Seller or its designated Sellers’ Representatives shall
give written notice thereof to the Purchaser as soon as reasonably practicable (and in any event within 5 Business Days of becoming aware), such notice containing reasonable particulars of the circumstances relating to such issue to the extent
available to that Seller at that time, including (where available) a calculation setting out, in that Seller’s reasonable opinion, an estimate of the amount of any potential Claim under this Schedule, provided that giving that notice shall not
be a condition precedent to any Seller’s liability under this Schedule. 

  

	5.3	 The Purchaser shall be entitled to resist any Assessment and to have the conduct (including without limitation,
the right to control any proceedings and deal directly with any Taxation Authority) of any such Assessment. 

  

	5.4	 Subject to the provisions of paragraph 5 and to the Sellers’ compliance with paragraph 5.5, the Purchaser
shall, in relation to the Assessment or the matters to which the Assessment relates: 

  

	 	(a)	 procure that no Assessment is settled or otherwise compromised without the prior written consent of the Seller,
or the Sellers’ Representatives, such consent not to be unreasonably withheld or delayed; 

  

	 	(b)	 use their reasonable endeavours to resolve the Assessment with the relevant Taxation Authority as soon as
reasonably practicable; 

  

	 	(c)	 keep the Sellers’ Representatives informed of all actual or proposed material developments known to the
Purchaser; 

  

	 	(d)	 promptly notify the Sellers’ Representatives of any intended material oral communication or any meeting
with a relevant Taxation Authority and the Sellers shall be entitled to nominate one individual each to attend such meeting or oral communication; 

  

	 	(e)	 promptly provide the Sellers’ Representatives with copies of or extracts from all material documents and
material correspondence with a Taxation Authority; and 

  

	 	(f)	 at least 5 Business Days prior to the date of any intended submission, provide to the Sellers’
Representatives for prior review any material document or correspondence which is to be submitted to the relevant Taxation Authority and (to the extent provided on a timely basis) take such reasonable comments of the Sellers’ Representatives
into account when finalising the relevant document or correspondence, provided that the Purchaser nor any Group Company shall be required to submit any document or correspondence (or make any other statement) which is not to the best of any Group
Company’s knowledge correct and complete. 

  

	5.5	 The Sellers shall indemnify the Purchaser and each Group Company in respect of third party costs and expenses
reasonably and properly incurred by the Purchaser and/or each Group Company in taking any action or proceedings pursuant to paragraph 5.4. 

  

	5.6	 The Purchaser or the relevant Group Company shall, without reference to the Sellers’ Representatives, be
entitled to admit, compromise, settle, discharge or otherwise deal, in good faith, with an Assessment on such terms as are reasonable: 

  

	 	(a)	 if written notice is served on the Purchaser by the Sellers’ Representatives to the effect that they
consider the Assessment should no longer be resisted; 

  

	 	(b)	 if the Sellers fail to comply with their obligation in paragraph 5.5, but only if such failure has first been
notified to the Sellers’ Representatives by the Purchasers and such failure has not ceased by the date falling one month after such notification; 

  
 60 

	 	(c)	 upon the expiry of any period prescribed by applicable legislation for the making of an appeal against either
the Assessment in question or the decision of any court or tribunal in respect of any such Assessment, as the case may be; or 

  

	 	(d)	 where the liability derives from or arises out of any dishonest or fraudulent act by any Seller or by any Group
Company (on or before Completion) or, in either case, any director or officer thereof. 

  

	6.	 Tax Affairs 

  

	6.1	 The Purchaser shall prepare the Tax returns of each Group Company for: (1) all periods ended on or before
Completion (each such period a “Pre-Completion Period”) which have not been submitted before Completion; and (2) for the period beginning on or before, but ending after, Completion (the
“Straddle Period”). 

  

	6.2	 The Purchaser shall (or shall procure that the Group Company shall) submit the Tax returns relating to Pre-Completion Periods referred to in paragraph 6.1 in draft form to the Sellers’ Representatives, at least 30 Business Days before the last date on which the return may be filed with the applicable Taxation
Authority without incurring interest and penalties (the “filing date”) and the Sellers’ Representatives shall be given an opportunity to make comments thereon. The Purchasers shall (or shall procure that the Group Company
shall) take into consideration in the relevant Tax return all reasonable comments of the Sellers’ Representatives that are received at least 10 Business Days before the filing date. 

 

	6.3	 The Purchaser shall procure that each Group Company shall cause the completed returns mentioned in paragraph
6.2 to be signed and submitted to the appropriate Taxation Authority on a timely basis, provided that the Purchasers shall not be obliged to procure that any Group Company takes any such action as is mentioned in this paragraph 6.3 in relation to
any Tax return that is not to the best of any Group Company’s knowledge correct and complete. 

  

	6.4	 The Purchaser shall prepare all documentation and deal with all matters (including correspondence) relating to
the Tax returns of each Group Company for all Pre-Completion Periods, provided that, where there is or is to be any correspondence, meeting or telephone call with any Taxation Authority in relation to such Tax
returns or that correspondence: 

  

	 	(a)	 the Purchaser shall (or shall procure that the relevant Group Company shall) promptly send copies of all such
material correspondence received and copies of all draft replies to the Sellers’ Representatives and shall give to the Sellers’ Representatives an opportunity to make comments thereon a reasonable time in advance of the submission of those
replies to the relevant Taxation Authority. The Purchasers shall (or shall procure that the relevant Group Company shall) take into consideration in those replies all reasonable comments of the Purchasers received before their submission; and

  

	 	(b)	 the Purchaser shall (or shall procure that the relevant Group Company shall) give reasonable advance notice of
any such meeting or call to the Sellers’ Representatives, and the Sellers’ Representatives shall be entitled to nominate one individual to attend such meeting or call. 

 

	6.5	 The Purchaser shall provide all such available information as may reasonably be requested by the Sellers’
Representatives to enable the Sellers’ Representatives to exercise its rights under this paragraph 6. 

  

	6.6	 The Purchaser shall not be obliged to take or to procure that any Group Company takes any action pursuant to
paragraph 6 which: 

  

	 	(a)	 in relation to the submission of any document or correspondence or the making of any statement, is not to the
best of any Group Company’s knowledge correct and complete; or 

  
 61 

	 	(b)	 it reasonably considers would materially affect the future liabilities or obligations of any member of a
Purchaser’s Group or the relationship of any member of a Purchaser’s Group with any Taxation Authority. 

  

	6.7	 Where there is conflict between the foregoing provisions of this paragraph 6 and paragraph 5, paragraph 5 shall
take precedence over the foregoing provisions of this paragraph 6. 

  

	7.	 Third Party Recovery 

 

	7.1	 Subject to this paragraph 7, in circumstances where: (i) the Sellers have actually made a cash payment to
the Purchasers under this Schedule in respect of a Tax Liability (and such payment has not been refunded by the Purchasers); and (ii) any member of a Purchaser’s Group receives from any person (other than any other member of a
Purchaser’s Group) a payment in respect of that Tax Liability (a “Recovered Sum”), then: 

  

	 	(a)	 upon the Purchasers becoming so aware, the Purchasers shall notify the Sellers’ Representatives of that
fact as soon as reasonably practicable; 

  

	 	(b)	 and the lessor of: 

  

	 	(i)	 the Recovered Sum less: (1) any Tax suffered thereon; and (2) any costs, expenses and losses incurred
in establishing or obtaining such payment; and 

  

	 	(ii)	 the amount already paid by the Sellers in respect of the relevant Tax Liability (and not previously refunded
under this Schedule) (the “Recovery Amount”), 

 shall be dealt with in accordance with paragraph 7.2.

  

	7.2	 Where this paragraph 7.2 applies, any Recovery Amount shall: 

 

	 	(a)	 first be set off against any amounts due by the Sellers under this Schedule; and 

 

	 	(b)	 to the extent there is any excess, be paid to the Sellers’ Representatives within 10 Business Days.

  

	7.3	 If the Purchaser or the Company becomes aware that it is entitled to recover any amount mentioned in paragraph
7.1, the Purchaser will as soon as reasonably practicable give notice of that fact to the Sellers Representatives and provided that the Sellers indemnify the Purchaser to the reasonable satisfaction of the Purchaser against all losses, costs,
damages and expenses (including additional Tax) which may be incurred thereby, the Purchaser shall procure that the Company, at the Sellers’ cost and expense shall take such action as the Sellers may reasonably and promptly request in writing
to effect such recovery. 

  

	8.	 Corresponding Benefits 

 

	8.1	 Where: 

  

	 	(a)	 a liability of a Group Company has resulted in a Relief arising (the “Relevant Relief”); and

  

	 	(b)	 the Sellers have made a payment in full to the Purchasers in respect of that liability under this Schedule; or

  

	 	(c)	 any provision for Tax (other than a provision for deferred Tax) in the Locked Box Accounts is found to be
overstated otherwise than by reason of any Purchaser’s Relief or any act of the Purchaser carried out after Completion, 

the amount of any cash Tax benefit realised by the Purchasers or the Group Company with respect to any such Relevant Relief less: (1) any
Tax suffered thereon; and (2) any costs, expenses and losses reasonably and properly incurred in establishing, utilising or obtaining such benefit (the “Tax Saving”) shall be treated in accordance with paragraph 8.2, apart from
when such Tax Saving arises as a result of or in relation to: 

  
 62 

	 	(d)	 any change in law (or a change in the interpretation on the basis of case law), regulation or directive that is
made after the date of the Agreement; 

  

	 	(e)	 any change in the rates of Tax after the date of the Agreement; 

 

	 	(f)	 any change in the published practice of, or any change in a published extra statutory concession of, any
Taxation Authority or any change in generally accepted accounting policies or practices, in each case where the same occurs or is made after the date of the Agreement; 

 

	 	(g)	 any voluntary act after Completion of the Group Company or any other member of a Purchaser’s Group;

  

	 	(h)	 any failure or omission as described in paragraph 3.6; and 

 

	 	(i)	 any changes after Completion of the date to which the Group Company makes up its accounts or in the bases,
methods or policies of accounting of the Group Company or any other member of a Purchaser’s Group. 

  

	8.2	 Subject to paragraph 8.3, the amount of any Tax Saving shall: 

 

	 	(a)	 first be set off against any amounts due by the Sellers under this Schedule; and 

 

	 	(b)	 to the extent there is any excess in Tax Savings actually received in cash, be paid to the Sellers’ within
10 Business Days. 

  

	8.3	 Where there would otherwise be any two or more of a Recovery Amount and a Tax Saving in respect of the same
matter, the Sellers shall only be entitled to the benefit of one such amount. 

  

	8.4	 No claim shall be made under paragraph 7 or 8 to the extent that the Sellers have already benefitted from the
relevant Recovery Amount or Tax Saving. 

  

	9.	 Purchaser’s covenant 

 

	9.1	 Subject to paragraph 9.2, the Purchaser hereby covenants to pay to the Sellers an amount equal to:

  

	 	(a)	 any liability or increased liability to Tax of any Seller arising as a consequence of any failure by the
Company or a member of the Purchaser’s Group after Completion to pay any Tax which is the primary liability of the Company or the relevant member of the Purchaser’s Group; and 

 

	 	(b)	 all reasonable costs and expenses properly incurred by the Sellers in connection with any liability under this
paragraph 9 or in connection with any action taken in taking, defending or settling any action under this paragraph 9. 

  

	9.2	 Paragraph 9.1 shall not apply to the extent that: 

 

	 	(a)	 the Purchaser has validly claimed against the Sellers under this Schedule in respect of the amount of Tax which
the Company or a member of the Purchaser’s Group has failed to pay under paragraph 9.1(a) and for which no payment has yet been made by the Sellers; or 

  

	 	(b)	 the Purchaser could validly claim against the Sellers under this Schedule for payment of the amount of Tax
which the Company or a member of the Purchaser’s Group has failed to pay under paragraph 9.1(a); or 

  
 63 

	 	(c)	 an amount in respect of Tax has been recovered by the Sellers under any relevant Tax Statute (and the Sellers
shall procure that no such recovery is sought to the extent that payment is made hereunder). 

  

	9.3	 The provisions of clauses 6.3 and 20.3 of this agreement, and paragraphs 4 and 5 of this schedule, shall apply
to the covenant contained in this paragraph 9 as they apply to the covenant in paragraph 2 with references to the Sellers being replaced with references to the Purchaser and vice versa and with any other necessary modifications.

  
 64 

 Schedule 5 

Earn-out Consideration 
  

	1.	 Definitions 

In this Agreement: 

“Achievement Notice” has the meaning given to it in paragraph 3.2 of this Schedule; 

“Acquired Revenue” means any amounts of revenue that are directly or indirectly acquired by a Group Company, by way of an
asset or share purchase, or introduced by a Group Company but acquired by a company that is an affiliated entity of Swvl TopCo (other than, for the avoidance of doubt, the Group) which shall, as applicable, be calculated as such revenue figure minus
one third of the total consideration paid or payable in connection with any such acquisition; 
 “Bad Leaver” means a
Leaver: 
  

	 	(a)	 who has voluntarily resigned from the Group prior to expiry of the Earn Out Period (other than (i) in
circumstances found by a competent authority to constitute constructive dismissal, or (ii) as a consequence of permanent incapacity due to ill-health or disability (of either the Leaver or a Family Member
(provided that if the Family Member is a child or adopted or stepchild, such child is under the age of 18)); or; 

  

	 	(b)	 whose employment was validly terminated as a result of having been convicted of Fraud; 

 

	 	(c)	 whose employment was validly terminated as a result of: 

 

	 	(i)	 being convicted of a custodial criminal offence; or 

 

	 	(ii)	 committing act(s) of gross misconduct (as such term is defined in the relevant Leaver’s employment
contract); 

 “Earn-out Consideration” means each of the
First Earn-out Consideration, the Second Earn-out Consideration and the Third Earn-out Consideration; 

“Earn-out Period” means each of the First
Earn-out Period, the Second Earn-out Period or the Third Earn-out Period; 

“Earn-out Statement” has the meaning set out in paragraph 3.3(b) of this
Schedule; 
 “Earn-out Target” means each of the Second Earn-out Interim Target, the Second Earn-out Target, the Third Earn-out Interim Target and the Third
Earn-out Target; 
 “EC Trading Price” means the three (3) month volume
weighted average trading price of each of the TopCo Consideration Shares immediately following Completion, provided that if such volume weighted average trading price is: 

 

	 	(a)	 less than US$ 5.00, the EC Trading Price shall be deemed to be US$ 5.00; or 

 

	 	(b)	 more than US$ 15.00, the EC Trading Price shall be deemed to be US$ 15.00; 

“Expert” means an independent firm of chartered accountants appointed in accordance with paragraph 4 of this Schedule to
resolve any dispute arising among the Parties in connection with the preparation of the Earn-out Statement or the calculation of the corresponding Earn-out Payment; 

  
 65 

 “Family Member” means in relation to a Leaver who is a natural person,
their spouse or common law spouse, civil partner and/or any one or more of their children (including adopted and step-children); 

“First Earn-out Consideration” has the meaning given to it in paragraph 2.1(a) of this
Schedule; 
 “First Earn-out Period” means the annual accounting period of the Group
ending 31 December 2022; 
 “Good Leaver” means any Leaver who is not a Bad Leaver; 

“Leaver” means a person who has ceased to be employed or engaged by the Group prior to the expiry of the Third Earn-out Period; 
 “Objection Notice” has the meaning set out in paragraph 3.4 of
this Schedule; 
 “Reference Accounts” means in relation to an Earn-out Period, such
management accounts comprising, in each case, a balance sheet, a profit and loss account and a cash flow statement, in each case for that Earn-out Period; 

“Resolution Notice” has the meaning set out in paragraph 3.6 of this Schedule; 

“Revenue” means revenue generated by the Group, where such revenue is recognised in accordance with the Revenue Recognition
Policy, from: 
  

	 	(a)	 all Transport as a Service (TaaS) and Software as a Service (SaaS) gross revenue in the United States of
America and the United Kingdom; and 

  

	 	(b)	 all gross revenue of the Business in South Africa, 

together with any Acquired Revenue; 

“Revenue Recognition Policy” means the Group’s revenue recognition policy attached as Annex 1 to this Schedule; 

“Review Period” has the meaning set out in paragraph 3.4 of this Schedule; 

“Second Earn-out Consideration” has the meaning given to it in paragraph 2.1(b) of
this Schedule; 
 “Second Earn-out Interim Target” means US$ 64,000,000; 

“Second Earn-out Period” means any consecutive
12-month period following the date of this Agreement and ending on or before 31 December 2023; 

“Second Earn-out Target” means US$ 80,000,000; 

“Third Earn-out Consideration” has the meaning given to it in paragraph 2.1(c) of this
schedule; 
 “Third Earn-out Interim Target” means US$ 96,000,000; 

“Third Earn-out Period” means any consecutive
12-month period following the date of this Agreement and ending on or before 31 December 2024; and 

“Third Earn-out Target” means US$ 120,000,000. 

  
 66 

	2.	 Earn-out Consideration 

 

	2.1	 As additional consideration for the Shares, if, 

 

	 	(a)	 during the First Earn-out Period, the Company generates Revenue:

  

	 	(i)	 that is greater than or equal to US$ 32,000,000, the Sellers shall have the right to exercise the First C Put
Option pursuant to which they shall be entitled to require Swvl Inc, and Swvl Inc shall be required, to acquire all of the Consideration C Shares then held by the Sellers in consideration for the issue of C Loan Notes with an aggregate value of US$
28,131,210, upon and subject to the terms and conditions of the First C Put Option; or 

  

	 	(ii)	 that is greater than or equal to US$ 25,600,000 but less than US$ 32,000,000, the Sellers shall have the right
to exercise the First C Put Option pursuant to which they shall be entitled to require Swvl Inc, and Swvl Inc shall be required, to acquire all of the Consideration C Shares then held by the Sellers in consideration for the issue of First C Loan
Notes with an aggregate value of US$ 28,131,210.00, upon and subject to the terms and conditions of the First C Put Option; and 

  

	 	(iii)	 upon completion of the First C Put Option, the Sellers shall have the right to exercise the Second C Put Option
pursuant to which they shall be entitled to require Swvl TopCo, and Swvl TopCo shall be required to acquire all of the C Loan Notes in consideration for the issuance of such number of TopCo Consideration Shares as is calculated by dividing the
aggregate value of the C Loan Notes by the EC Trading Price (provided always that the relevant number of TopCo Consideration Shares issued shall be rounded up (if 0.5 or over) or down to the nearest whole number), 

   (the “First Earn-out Consideration”); and 

 

	 	(b)	 during the Second Earn-out Period, the Company generates Revenue:

  

	 	(i)	 that is greater than or equal to the Second Earn-out Target, the
Sellers shall have the right to exercise the First D Put Option pursuant to which they shall be entitled to require Swvl Inc, and Swvl Inc shall be required, to acquire all of the Consideration D Shares then held by the Sellers in consideration for
the issue of D Loan Notes with an aggregate value of US$ 28,131,210, upon and subject to the terms and conditions of the First D Put Option; or 

  

	 	(ii)	 that is greater than or equal to the Second Earn-out Interim Target but
less than the Second Earn-out Target: 

  

	 	(A)	 the Sellers shall have the right to exercise the First D Put Option pursuant to which they shall be entitled to
require Swvl Inc, and Swvl Inc shall be required, to acquire 80% (eighty per cent) of the Consideration D Shares then held by the Sellers in consideration for the issue of D Loan Notes with an aggregate value of US$ 22,504,968, upon and subject to
the terms and conditions of the First D Put Option, provided that 

  

	 	(B)	 if following the issuance of the D Loan Notes referred to in paragraph (b)(ii)(A) above, but during the
remainder of the Second Earn-out Period, the Company generates further Revenue that is equal to the difference between of the Second Earn-out Interim Target and the
Second Earn-out Target, the Sellers shall have the right to exercise a further D Put Option pursuant to which they shall be entitled to require

  
 67 

	 	
Swvl Inc, and Swvl Inc shall be required, to acquire all of the remaining Consideration D Shares then held by the Sellers in consideration for issue of further D Loan Notes with an aggregate
value of US$ 5,626,242, upon and subject to the terms and conditions of the First D Put Option; and 

  

	 	(iii)	 upon completion of any exercise of the First D Put Option, the Sellers shall have the right to exercise the
Second D Put Option pursuant to which they shall be entitled to require Swvl TopCo, and Swvl TopCo shall be required, to acquire all of the D Loan Notes then held by the Sellers in consideration for the issuance of such number of TopCo Consideration
Shares as is calculated by dividing the aggregate value of the relevant D Loan Notes by the EC Trading Price (provided always that the relevant number of TopCo Consideration Shares issued shall be rounded up (if 0.5 or over) or down to the
nearest whole number), 

    (the “Second
Earn-out Consideration”); and 
  

	 	(c)	 during the Third Earn-out Period, the Company generates Revenue:

  

	 	(i)	 that is greater than or equal to the Third Earn-out Target, the Sellers
shall have the right to exercise the First E Put Option pursuant to which they shall be entitled to require Swvl Inc, and Swvl Inc shall be required, to acquire all of the Consideration E Shares then held by the Sellers in consideration for the
issue of First E Loan Notes with an aggregate value of US$ 28,131,210, upon and subject to the terms and conditions of the First E Put Option; or 

  

	 	(ii)	 that is greater than or equal to the Third Earn-out Interim Target but
less than the Third Earn-out Target: 

  

	 	(A)	 the Sellers shall have the right to exercise the First E Put Option pursuant to which they shall be entitled to
require Swvl Inc, and Swvl Inc shall be required, to acquire 80% (eighty per cent) of the Consideration E Shares then held by the Sellers in consideration for the issue of First E Loan Notes with an aggregate value of US$ 22,504,968, upon and
subject to the terms and conditions of the First E Put Option, provided that 

  

	 	(B)	 if following the issuance of the First E Loan Note referred to in paragraph (c)(ii)(A) above, but during the
remainder of the Third Earn-out Period, the Company generates further Revenue that is equal to the difference between of the Third Earn-out Interim Target and the Third Earn-out Target, the Sellers shall have the right to exercise a further First E Put Option pursuant to which they shall be entitled to require Swvl Inc, and Swvl Inc shall be required, to acquire all of the
remaining Consideration E Shares then held by the Sellers in consideration for issue of further First E Loan Notes with an aggregate value of US$ 5,626,242, upon and subject to the terms and conditions of the First E Put Option; and

  

	 	(iii)	 upon completion of any exercise of the First E Put Option, the Sellers shall have the right to exercise the
Second E Put Option pursuant to which they shall be entitled to require Swvl TopCo, and Swvl TopCo shall be required, to acquire all of the E Loan Notes then held by the Sellers in consideration for the issuance of such number of TopCo Consideration
Shares as is calculated by dividing the aggregate value of the relevant E Loan Notes by the EC Trading Price (provided always that the relevant number of TopCo Consideration Shares issued shall be rounded up (if 0.5 or over) or down to the
nearest whole number), 

  
 68 

 (the “Third Earn-out
Consideration”). 
 For the purposes of this paragraph 2.1, any Loan Notes and/or any TopCo Consideration Shares to be issued to the
Sellers shall be apportioned among the Sellers as confirmed in writing to the Purchaser by the Sellers’ Representatives upon service of relevant notice(s) pursuant to the relevant Put Option Agreements in accordance with the Seller’s
respective Pro Rata Portion A. 
  

	2.2	 Any Earn-out Consideration shall be determined in accordance with
paragraph 3 and paragraph 4 of this Schedule and shall be issued to the Sellers by Swvl TopCo in accordance with paragraph 2.3 of this Schedule. A worked example of the determination of the Earn-out
Consideration in set out in Annex 2 to this Schedule. 

  

	2.3	 The Purchaser shall procure that the requisite number of Loan Notes and/or TopCo Consideration Shares (as the
case may be) (as determined in accordance with this Schedule) in respect of an Earn-out Consideration are issued to the Sellers within twenty (20) Business Days after: 

 

	 	(a)	 the Sellers agreeing (or being deemed to have agreed in accordance with paragraph 3.5 of this Schedule) the Earn-out Statement specifying the amount of the relevant Earn-out Consideration; or 

  

	 	(b)	 if an Objection Notice is served in accordance with paragraph 3.4 of this Schedule, the Parties:

  

	 	(i)	 agreeing in writing all disputed matters concerning the Earn-out
Statement and the calculation of the corresponding Earn-out Consideration; or 

  

	 	(ii)	 receiving notice of the Expert’s determination of the relevant
Earn-out Consideration in accordance with paragraph 4 of this Schedule. 

  

	2.4	 The Purchaser shall be entitled to withhold and set off against any
Earn-out Payment otherwise due and payable to a Seller under this Schedule any amount due and payable by that Seller to the Purchaser in respect of any Claim that is Resolved arising out of or in connection
with this Agreement. 

  

	3.	 Earn-out Statement and Agreeing the Earn-out Consideration 

  

	3.1	 In respect of the First Earn-out Period, the Purchaser shall procure
that the Reference Accounts are prepared and audited as soon as practicable within sixty (60) days after the last day of the First Earn-out Period. 

 

	3.2	 In respect of the Second Earn-out Period or the Third Earn-out Period, if the Sellers believe that an Earn-out Target was achieved in the relevant Earn-out Period, the Sellers’
Representatives shall notify the Purchaser in writing (the “Achievement Notice”) as soon as reasonably practicable and in any event within thirty (30) days following the last day of the relevant
Earn-out Period, and the Purchaser shall procure that Reference Accounts are prepared in respect of such period and audited as soon as practicable within sixty (60) days after receipt of such Achievement
Notice. 

  

	3.3	 Within ten (10) Business Days after completion of the audit of the Reference Accounts, the Purchaser shall
deliver to the Sellers’ Representatives: 

  

	 	(a)	 a copy of the relevant Reference Accounts; and 

  
 69 

	 	(b)	 a statement prepared by the Group Auditors (the “Earn-out
Statement”) setting out: 

  

	 	(i)	 its calculation of the Revenue; and 

 

	 	(ii)	 its calculation of the resulting Earn-out Consideration due (if any).

  

	3.4	 The Sellers’ Representatives shall, within twenty (20) Business Days after receipt of the Reference
Accounts and the Earn-out Statement (the “Review Period”), deliver to the Purchaser a written notice stating whether it agrees with the Earn-out
Statement and the Purchaser’s calculation of the relevant Earn-out Consideration. In the event of any disagreement, the notice (the “Objection Notice”) shall specify the areas disputed by
the Sellers and describe, in reasonable detail, the basis for the dispute, provided that the only ground on which the Sellers may dispute any matter in the Earn-out Statement is manifest error.

  

	3.5	 If a Sellers’ Representative fails to deliver an Objection Notice during the Review Period its relevant
Sellers shall, with effect from the expiry of the Review Period, be deemed to agree the Earn-out Statement and the amount of any Earn-out Consideration specified in it.

  

	3.6	 If a Sellers’ Representative serves an Objection Notice in accordance with paragraph 3.4 of this Schedule,
the Purchaser and the Seller Representatives shall seek in good faith to resolve the disputed matters and agree the amount of the Revenue and the Earn-out Consideration as soon as reasonably possible. If the
Purchaser and the Seller Representatives are unable to reach agreement within ten (10) Business Days after the service of the Objection Notice, then at any time following the expiry of such period either the Purchaser or the Seller
Representatives (acting collectively) may, by written notice to the other (the “Resolution Notice”), require the disputed matters to be referred to an Expert for determination in accordance with paragraph 4 of this Schedule.

  

	3.7	 Each Party shall bear and pay its own costs incurred in connection with the review and agreement of the Earn-out Statement and the calculation of the Earn-out Consideration. 

  

	4.	 Expert Determination 

 

	4.1	 If a Resolution Notice is served by either the Purchaser or the Sellers’ Representatives (acting
collectively), the Purchaser and the Sellers’ Representatives shall use all reasonable endeavours to reach agreement regarding the identity of the person to be appointed as the Expert and to agree terms of appointment with the Expert as soon as
reasonably possible. 

  

	4.2	 If the Purchaser and the Sellers’ Representatives fail to agree on an Expert and their terms of
appointment within 10 Business Days of either party serving details of a proposed Expert on the other, the Purchaser shall appoint a ‘Big 4’ accounting firm as the Expert and, acting reasonably and in good faith, agree the terms of
appointment with the Expert. 

  

	4.3	 Except for any procedural matters, or as otherwise expressly provided in this Schedule, the scope of the
Expert’s determination shall be limited to determining the unresolved matters in the Objection Notice relating to: 

  

	 	(a)	 whether the Earn-out Statement has been prepared, and the corresponding
calculation of the Earn-out Consideration has been made, in accordance with the requirements of this Schedule; 

  

	 	(b)	 whether any errors have been made in the preparation of the Earn-out
Statement and the corresponding calculation of the Earn-out Consideration; and 

  

	 	(c)	 any consequential adjustments, corrections or modifications that are required for the Earn-out Statement to have been prepared, and the corresponding calculation of the Earn-out Consideration to have been made, in accordance with the requirements of this
Schedule. 

  
 70 

	4.4	 The Parties shall co-operate with the Expert and shall provide (and in
the case of the Purchaser shall procure that each Group Company provides) such assistance and access to such documents, personnel, books and records as the Expert may reasonably require for the purpose of making its determination.

  

	4.5	 The parties shall be entitled to make submissions to the Expert, and each party shall, with reasonable
promptness, supply the other party with all such necessary information and access to the Group’s documentation, books and records as the other party may reasonably require in order to make a submission to the Expert in accordance with this
paragraph 4. 

  

	4.6	 Unless otherwise agreed by the Parties, the Expert shall be required to make its determination in writing
(including the reasons for its determination) and to provide a copy to each Party as soon as reasonably practicable and in any event within thirty (30) Business Days after its appointment. 

 

	4.7	 All matters under this paragraph 4 shall be conducted, and the Expert’s decision shall be written, in the
English language. 

  

	4.8	 The Expert shall act as an expert and not as an arbitrator. Save in the event of manifest error or fraud the
Expert’s determination of any matters referred to the Expert in accordance with this Schedule shall be final and binding on the Parties. 

  

	4.9	 Each Party shall act reasonably and co-operate to give effect to the
provisions of this paragraph 4 and shall not do anything to hinder or prevent the Expert from reaching its determination. 

  

	4.10	 Each Party shall bear and pay its own costs incurred in connection with the Expert’s determination
pursuant to this paragraph 4. The Expert’s fees and any costs or expenses incurred in making its determination (including the fees and costs of any advisers appointed by the Expert) shall be borne equally between the Purchaser on the one hand
and the Sellers on the other, or in such other proportions as the Expert may direct. 

  

	5.	 Undertakings and Conduct of Business During the Earn-out Period

  

	5.1	 Unless otherwise agreed between the Parties, the Purchaser undertakes to the Sellers that:

  

	 	(a)	 at all times between Completion and the expiry of all Earn-out Periods
it shall procure the provision of funding of not less than US$ 15,000,000 to the Group, by way of equity or debt injections over the course of the Earn-out Periods (the “Funding Plan
Obligation”); 

  

	 	(b)	 it shall procure on the date of this Agreement, the provision of funding to the Group of not less than US$
5,000,000 of the Funding Plan Obligation pursuant to and in accordance with the terms of the Convertible Promissory Note (Signing); 

  

	 	(c)	 it shall direct (and shall procure that: (i) any wholly-owned subsidiary of Swvl TopCo; and (ii) any
subsidiary of Swvl TopCo that is: (x) at least seventy five per cent (75%) owned by Swvl TopCo; (y) is not wholly-owned by Swvl TopCo solely due to applicable structuring and compliance with laws considerations; and (z) is otherwise
treated by Swvl TopCo as a consolidated wholly-owned subsidiary for governance purposes, in each case, directs) to the Company or a relevant Group Company all trading and business opportunities which reasonably relate to the Business in the
jurisdictions in which the Company trades as at the date of this Agreement, and shall not deliberately and intentionally divert any trading or business opportunities addressed by the aforementioned in circumvention of the obligations of this sub-paragraph (c); 

  
 71 

	 	(d)	 it shall not terminate the employment of any of the Management Warrantors other than in circumstances which
would constitute the relevant Management Warrantor qualifying as a Bad Leaver. For the avoidance of doubt: 

  

	 	(i)	 if a Management Warrantor’s employment is terminated for a matter that would constitute the relevant
Management Warrantor qualifying as a Bad Leaver, such Management Warrantor shall no longer be entitled to any Consideration that has not yet been paid to them as of the time they became a Bad Leaver; or 

 

	 	(ii)	 a Management Warrantor who is a Good Leaver shall remain fully entitled to any Consideration that has not yet
been paid to them as of the time they became a Leaver (including but not limited to pursuant to any Employee Options Roll-over Agreement to which they are a party); 

 

	 	(e)	 subject to applicable law and public company disclosure regulations to which it is subject, it shall provide
the Sellers with quarterly management accounts in relation the Group in order to monitor the performance of the Group in connection with the Earn Out Consideration, provided that, such information shall only be available following market
announcements of the Purchaser’s group in each relevant reporting period; 

  

	 	(f)	 it shall not, directly or indirectly, take any action or cause or permit anything to be done which could
reasonably distort the financial performance of the Company or any of the Group Companies, or with the intention of avoiding or reducing the amount of the Earn-out Consideration; 

 

	 	(g)	 it shall not sell, transfer or otherwise dispose of any of the shares in the capital of the Company or any of
the Subsidiaries (or enter into any agreement to do so); and 

  

	 	(h)	 it shall procure that neither the Company nor any of the Group Companies shall sell, transfer or otherwise
dispose of all or a material part of its business, assets or undertaking, or any shares in the capital of any Group Company (or enter into an agreement to do so). 

 

	5.2	 Swvl TopCo undertakes to the Sellers that, until such time as the Third
Earn-out Consideration has been settled in accordance with the applicable provisions of this Schedule, it shall not, and shall exercise all voting rights and powers of control available to it in relation to
the Purchaser and otherwise to procure that the Purchaser shall not, effect any of the following matters in a manner which will have the effect of adversely affecting the rights attaching to the Consideration Shares or in any way reduce the Sellers
rights relating thereto in such a manner as to deprive them of any right or benefit under the Put Option Agreements without the prior written consent of the Sellers’ Representatives: 

 

	 	(a)	 permit or cause to be proposed any alteration to its issued share capital or the rights attaching to its
shares; 

  

	 	(b)	 create, allot, issue, buy-in or redeem any share or loan capital or
grant or agree to grant any options or warrants for the issue of any share or loan capital or issue any securities convertible into shares; 

  

	 	(c)	 permit, effect, or cause to be proposed any amendment to the Purchaser M&As; 

 

	 	(d)	 permit, cause, approve, or register any transfer of any share or loan capital other than in accordance with
this Agreement and/or the Put Option Agreements; 

  

	 	(e)	 offer or grant any superior registration rights to any future shareholder in the Purchaser or Swvl TopCo
without offering the same rights to the Sellers; 

  
 72 

	 	(f)	 the proposal or passing of a resolution to wind up the Company or any of the Group Companies;

  

	 	(g)	 levy any management charges, fees or other intra-group charges or any interest payments on intra-group
borrowings on the Company or any of the Group Companies by another member of the Purchaser’s Group which has the effect of reducing or having a material adverse impact on the Company or any of the Group Companies of their ability to achieve the
Earn-Out Targets; 

  

	 	(h)	 effect any intra-group transactions between the Company or any of the Group Companies and another member of the
Purchaser’s Group other than transaction on an arm’s length basis and upon reasonable commercial terms; or 

  

	 	(i)	 it shall not divert or redirect any trading or business opportunities away from the Company or any of the Group
Companies in breach of paragraph 5.1(c) above in such a manner that has the effect of reducing or having a material impact on the Company or any of the Group Companies or their ability to achieve the Earn-Out
Targets. 

  

	5.3	 As a separate obligation, severable from the obligations in paragraph 5.2, the Purchaser agrees that, for so
long as any of the Sellers hold any Consideration Shares, it shall not effect any of the matters referred to in paragraph 5.2 without the prior written consent of the Sellers’ Representatives. 

 

	6.	 Redemption of Consideration Shares 

 

	6.1	 On the Business Day immediately following the date on which the
Earn-out Statement in relation to the First Earn-out Period is finally determined in accordance with paragraph 3 and paragraph 4 of this Schedule, if there are any
Consideration C Shares in respect of which the First C Put Option has not been exercised as set out in paragraph 2.1 above: 

  

	 	(a)	 all such Consideration C Shares held by the Sellers at such time shall be deemed to be immediately cancelled
and returned to the Purchaser (at no cost to the Purchaser) and such Seller shall immediately surrender his respective Consideration C Shares to the Company in accordance with the provision of section 59(1A) of the BCA, each relevant Seller by
entering into this Agreement, provides its consent in writing to the surrender of such Consideration C Shares as required under section 59(1B) of the BCA and for any other purposes; and 

 

	 	(b)	 (without prejudice to paragraph (a) above) the Purchaser shall have the right to redeem or otherwise
acquire such Consideration C Shares from the Sellers for nil consideration in accordance with Section 59(1)(b) of the BCA and on the terms as more fully provided for in the Purchaser’s M&As and following such redemption or acquisition,
the Consideration C Shares shall be immediately cancelled. Each relevant Seller by entering into this Agreement, provides its consent in writing to the redemption of such Consideration C Shares as required under section 59(3) of the BCA and for any
other purposes. 

  

	6.2	 On the Business Day immediately following the date, (i) on which the
Earn-out Statement in relation to the Second Earn-out Period is finally determined in accordance with paragraph 3 and paragraph 4 of this Schedule (which in any
case should be the date following the last day of the Second Earn-out Period), or (ii) if no Achievement Notice in respect of the Second Earn-out Target is
delivered by the Sellers’ Representatives, that is thirty (30) days after the end of the Second Earn-out Period, if there are any Consideration D Shares in respect of which the First D Put Option has
not been exercised as set out in paragraph 2.1 above: 

  

	 	(a)	 all such Consideration D Shares held by the Sellers at such time shall be deemed to be immediately cancelled
and returned to the Purchaser (at no cost to the Purchaser) and such Seller shall immediately surrender his respective Consideration D Shares to the 

  
 73 

	 	
Company in accordance with the provision of section 59(1A) of the BCA, each relevant Seller by entering into this Agreement, provides its consent in writing to the surrender of such Consideration
D Shares as required under section 59(1B) of the BCA and for any other purposes; and 

  

	 	(b)	 (without prejudice to paragraph (c) above) the Purchaser shall have the right to redeem or otherwise
acquire such Consideration D Shares from the Sellers for nil consideration in accordance with Section 59(1)(b) of the BCA and on the terms as more fully provided for in the Purchaser’s M&As and following such redemption or acquisition,
the Consideration D Shares shall be immediately cancelled. Each relevant Seller by entering into this Agreement, provides its consent in writing to the redemption of such Consideration D Shares as required under section 59(3) of the BCA and for any
other purposes. 

  

	6.3	 On the Business Day immediately following the date, (i) on which the
Earn-out Statement in relation to the Third Earn-out Period is finally determined in accordance with paragraphs 3 and 4 of this Schedule (which in any case should be the
date following the last day of the Third Earn-out Period), or (ii) if no Achievement Notice in respect of the Third Earn-out Target is delivered by the
Sellers’ Representatives, that is thirty (30) days after the end of the Third Earn-out Period, if there are any Consideration E Shares in respect of which the First E Put Option has not been
exercised as set out in paragraph 2.1 above: 

  

	 	(a)	 all such Consideration E Shares held by the Sellers at such time shall be deemed to be immediately cancelled
and returned to the Purchaser (at no cost to the Purchaser) and such Seller shall immediately surrender his respective Consideration E Shares to the Company in accordance with the provision of section 59(1A) of the BCA, each relevant Seller by
entering into this Agreement, provides its consent in writing to the surrender of such Consideration E Shares as required under section 59(1B) of the BCA and for any other purposes; and 

 

	 	(b)	 (without prejudice to paragraph (c) above) the Purchaser shall have the right to redeem or otherwise
acquire such Consideration E Shares from the Sellers for nil consideration in accordance with Section 59(1)(b) of the BCA and on the terms as more fully provided for in the Purchaser’s M&As and following such redemption or acquisition,
the Consideration E Shares shall be immediately cancelled. Each relevant Seller by entering into this Agreement, provides its consent in writing to the redemption of such Consideration E Shares as required under section 59(3) of the BCA and for any
other purposes. 

  
 74 

 Annex 1 

Revenue Recognition Policy 
 Revenue is recognised to the
extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax
and other sales taxes. The following criteria must also be met before revenue is recognised: 
 Rendering of services 

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the
contract when all of the following conditions are satisfied: 
  

	 	•	 	 the amount of revenue can be measured reliably; 

 

	 	•	 	 it is probable that the Group will receive the consideration due under the contract; 

 

	 	•	 	 the stage of completion of the contract at the end of the reporting period can be measured reliably; and

  

	 	•	 	 the costs incurred and the costs to complete the contract can be measured reliably. 

  
 75 

 Annex 2 

Worked Example of Earn-out calculations 

 

																																																	
	 Zeelo Ltd
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Example Revenue for Earnout
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Jan-22	 	 	Feb-22	 	 	Mar-22	 	 	Apr-22	 	 	May-22	 	 	Jun-22	 	 	Jul-22	 	 	Aug-22	 	 	Sep-22	 	 	Oct-22	 	 	Nov-22	 	 	Dec-22	 
	 Total Revenue (£)
	 	£	2,016,351	 	 	£	2,059,851	 	 	£	2,118,351	 	 	£	2,191,851	 	 	£	2,265,351	 	 	£	2,338,851	 	 	£	2,412,351	 	 	£	2,485,851	 	 	£	2,964,351	 	 	£	3,037,851	 	 	£	3,111,351	 	 	£	3,184,851	 
	 LTM (£)
	 				 				 				 				 				 				 				 				 				 				 				 	£	30,187,208	 
													
	 Total Revenue ($)
	 	$	2,701,910	 	 	$	2,760,200	 	 	$	2,838,590	 	 	$	2,937,080	 	 	$	3,035,570	 	 	$	3,134,060	 	 	$	3,232,550	 	 	$	3,331,040	 	 	$	3,972,230	 	 	$	4,070,720	 	 	$	4,169,210	 	 	$	4,267,700	 
	 LTM ($)
	 				 				 				 				 				 				 				 				 				 				 				 	$	40,450,858	 
													
	 Example: we do better than plan
	 				 				 				 				 				 				 				 				 				 				 				 			
	 Total Revenue (£)
	 	£	2,117,168	 	 	£	2,162,843	 	 	£	2,224,268	 	 	£	2,301,443	 	 	£	2,378,618	 	 	£	2,455,793	 	 	£	2,532,968	 	 	£	2,610,143	 	 	£	3,112,568	 	 	£	3,189,743	 	 	£	3,266,918	 	 	£	3,344,093	 
	 LTM (£)
	 				 				 				 				 				 				 				 				 				 				 				 	£	31,696,568	 
													
	 Total Revenue ($)
	 	$	2,837,005	 	 	$	2,898,210	 	 	$	2,980,519	 	 	$	3,083,934	 	 	$	3,187,348	 	 	$	3,290,763	 	 	$	3,394,177	 	 	$	3,497,592	 	 	$	4,170,841	 	 	$	4,274,256	 	 	$	4,377,670	 	 	$	4,481,085	 
	 LTM ($)
	 	$	2,837,005	 	 	$	5,735,215	 	 	$	8,715,735	 	 	$	11,799,668	 	 	$	14,987,017	 	 	$	18,277,780	 	 	$	21,671,957	 	 	$	25,169,549	 	 	$	29,340,390	 	 	$	33,614,646	 	 	$	37,992,317	 	 	$	42,473,401	 
													
	 $32M Target
	 	 	1	 	 	 	2	 	 	 	3	 	 	 	4	 	 	 	5	 	 	 	6	 	 	 	7	 	 	 	8	 	 	 	9	 	 	 	10	 	 				 			
	 $40M Target
	 	 	1	 	 	 	2	 	 	 	3	 	 	 	4	 	 	 	5	 	 	 	6	 	 	 	7	 	 	 	8	 	 	 	9	 	 	 	10	 	 	 	11	 	 	 	12	 
	 $64M Target
	 				 				 				 				 				 				 				 	 	1	 	 	 	2	 	 	 	3	 	 	 	4	 	 	 	5	 
	 $80M Target
	 				 				 				 				 				 				 				 				 				 				 	 	1	 	 	 	2	 
	 $96M Target
	 				 				 				 				 				 				 				 				 				 				 				 			
	 $120M Target
	 				 				 				 				 				 				 				 				 				 				 				 			

  

																																																	
	 Zeelo Ltd
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Example Revenue for Earnout
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	        	 	 	        	 	 	        	 
	 	 	Jan-23	 	 	Feb-23	 	 	Mar-23	 	 	Apr-23	 	 	May-23	 	 	Jun-23	 	 	Jul-23	 	 	Aug-23	 	 	Sep-23	 	 	Oct-23	 	 	Nov-23	 	 	Dec-23	 
	 Total Revenue (£)
	 	£	3,703,351	 	 	£	3,896,851	 	 	£	4,090,351	 	 	£	4,283,851	 	 	£	4,477,351	 	 	£	4,745,851	 	 	£	5,014,351	 	 	£	5,282,851	 	 	£	5,813,851	 	 	£	6,082,351	 	 	£	6,350,851	 	 	£	6,619,351	 
	 LTM (£)
	 	£	31,874,208	 	 	£	33,711,208	 	 	£	35,683,208	 	 	£	37,775,208	 	 	£	39,987,208	 	 	£	42,394,208	 	 	£	44,996,208	 	 	£	47,793,208	 	 	£	50,642,708	 	 	£	53,687,208	 	 	£	56,926,708	 	 	£	60,361,208	 
													
	 Total Revenue ($)
	 	$	4,962,490	 	 	$	5,221,780	 	 	$	5,481,070	 	 	$	5,740,360	 	 	$	5,999,650	 	 	$	6,359,440	 	 	$	6,719,230	 	 	$	7,079,020	 	 	$	7,790,560	 	 	$	8,150,350	 	 	$	8,510,140	 	 	$	8,869,930	 
	 LTM ($)
	 	$	42,711,438	 	 	$	45,173,018	 	 	$	47,815,498	 	 	$	50,618,778	 	 	$	53,582,858	 	 	$	56,808,238	 	 	$	60,294,918	 	 	$	64,042,898	 	 	$	67,861,228	 	 	$	71,940,858	 	 	$	76,281,788	 	 	$	80,884,018	 
													
	 Example: we do better than plan
	 				 				 				 				 				 				 				 				 				 				 				 			
	 Total Revenue (£)
	 	£	4,258,853	 	 	£	4,481,378	 	 	£	4,703,903	 	 	£	4,926,428	 	 	£	5,148,953	 	 	£	5,457,728	 	 	£	5,766,503	 	 	£	6,075,278	 	 	£	6,685,928	 	 	£	6,994,703	 	 	£	7,303,478	 	 	£	7,612,253	 
	 LTM (£)
	 	£	33,838,253	 	 	£	36,156,788	 	 	£	38,636,423	 	 	£	41,261,408	 	 	£	44,031,744	 	 	£	47,033,679	 	 	£	50,267,214	 	 	£	53,732,349	 	 	£	57,305,709	 	 	£	61,110,669	 	 	£	65,147,229	 	 	£	69,415,389	 
													
	 Total Revenue ($)
	 	$	5,706,863	 	 	$	6,005,047	 	 	$	6,303,230	 	 	$	6,601,414	 	 	$	6,899,597	 	 	$	7,313,356	 	 	$	7,727,114	 	 	$	8,140,873	 	 	$	8,959,144	 	 	$	9,372,902	 	 	$	9,786,661	 	 	$	10,200,419	 
	 LTM ($)
	 	$	45,343,259	 	 	$	48,450,096	 	 	$	51,772,807	 	 	$	55,290,287	 	 	$	59,002,536	 	 	$	63,025,129	 	 	$	67,358,066	 	 	$	72,001,347	 	 	$	76,789,650	 	 	$	81,888,296	 	 	$	87,297,287	 	 	$	93,016,621	 
													
	 $32M Target
	 				 				 				 				 				 				 				 				 				 				 				 			
	 $40M Target
	 				 				 				 				 				 				 				 				 				 				 				 			
	 $64M Target
	 	 	6	 	 	 	7	 	 	 	8	 	 	 	9	 	 	 	10	 	 	 	11	 	 	 	12	 	 				 				 				 				 			
	 $80M Target
	 	 	3	 	 	 	4	 	 	 	5	 	 	 	6	 	 	 	7	 	 	 	8	 	 	 	9	 	 	 	10	 	 	 	11	 	 	 	12	 	 				 			
	 $96M Target
	 				 	 	1	 	 	 	2	 	 	 	3	 	 	 	4	 	 	 	5	 	 	 	6	 	 	 	7	 	 	 	8	 	 	 	9	 	 	 	10	 	 	 	11	 
	 $120M Target
	 				 				 				 				 				 	 	1	 	 	 	2	 	 	 	3	 	 	 	4	 	 	 	5	 	 	 	6	 	 	 	7	 

 
  

																																																	
	 Zeelo Ltd
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Example Revenue for Earnout
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	        	 	 	        	 	 	        	 
	 	 	Jan-24	 	 	Feb-24	 	 	Mar-24	 	 	Apr-24	 	 	May-24	 	 	Jun-24	 	 	Jul-24	 	 	Aug-24	 	 	Sep-24	 	 	Oct-24	 	 	Nov-24	 	 	Dec-24	 
	 Total Revenue (£)
	 	£	6,877,851	 	 	£	6,943,851	 	 	£	7,009,851	 	 	£	7,075,851	 	 	£	7,141,851	 	 	£	7,207,851	 	 	£	7,273,851	 	 	£	7,339,851	 	 	£	8,105,851	 	 	£	8,171,851	 	 	£	8,237,851	 	 	£	8,303,851	 
	 LTM (£)
	 	£	63,535,708	 	 	£	66,582,708	 	 	£	69,502,208	 	 	£	72,294,208	 	 	£	74,958,708	 	 	£	77,420,708	 	 	£	79,680,208	 	 	£	81,737,208	 	 	£	84,029,208	 	 	£	86,118,708	 	 	£	88,005,708	 	 	£	89,690,208	 
													
	 Total Revenue ($)
	 	$	9,216,320	 	 	$	9,304,760	 	 	$	9,393,200	 	 	$	9,481,640	 	 	$	9,570,080	 	 	$	9,658,520	 	 	$	9,746,960	 	 	$	9,835,400	 	 	$	10,861,840	 	 	$	10,950,280	 	 	$	11,038,720	 	 	$	11,127,160	 
	 LTM ($)
	 	$	85,137,848	 	 	$	89,220,828	 	 	$	93,132,958	 	 	$	96,874,238	 	 	$	100,444,668	 	 	$	103,743,748	 	 	$	106,771,478	 	 	$	109,527,858	 	 	$	112,599,138	 	 	$	115,399,068	 	 	$	117,927,648	 	 	$	120,184,878	 
													
	 Example: we do better than plan
	 				 				 				 				 				 				 				 				 				 				 				 			
	 Total Revenue (£)
	 	£	8,597,313	 	 	£	8,679,813	 	 	£	8,762,313	 	 	£	8,844,813	 	 	£	8,927,313	 	 	£	9,009,813	 	 	£	9,092,313	 	 	£	9,174,813	 	 	£	10,132,313	 	 	£	10,214,813	 	 	£	10,297,313	 	 	£	10,379,813	 
	 LTM (£)
	 	£	73,753,849	 	 	£	77,952,284	 	 	£	82,010,694	 	 	£	85,929,079	 	 	£	89,707,439	 	 	£	93,259,524	 	 	£	96,585,334	 	 	£	99,684,869	 	 	£	103,131,255	 	 	£	106,351,365	 	 	£	109,345,200	 	 	£	112,112,760	 
													
	 Total Revenue ($)
	 	$	11,520,400	 	 	$	11,630,950	 	 	$	11,741,500	 	 	$	11,852,050	 	 	$	11,962,600	 	 	$	12,073,150	 	 	$	12,183,700	 	 	$	12,294,250	 	 	$	13,577,300	 	 	$	13,687,850	 	 	$	13,798,400	 	 	$	13,908,950	 
	 LTM ($)
	 	$	98,830,158	 	 	$	104,456,061	 	 	$	109,894,330	 	 	$	115,144,966	 	 	$	120,207,969	 	 	$	124,967,763	 	 	$	129,424,348	 	 	$	133,577,725	 	 	$	138,195,881	 	 	$	142,510,829	 	 	$	146,522,568	 	 	$	150,231,098	 
													
	 $32M Target
	 				 				 				 				 				 				 				 				 				 				 				 			
	 $40M Target
	 				 				 				 				 				 				 				 				 				 				 				 			
	 $64M Target
	 				 				 				 				 				 				 				 				 				 				 				 			
	 $80M Target
	 				 				 				 				 				 				 				 				 				 				 				 			
	 $96M Target
	 	 	12	 	 				 				 				 				 				 				 				 				 				 				 			
	 $120M Target
	 	 	8	 	 	 	9	 	 	 	10	 	 	 	11	 	 	 	12	 	 				 				 				 				 				 				 			

  
 76 

 Schedule 6     

  
 77 

 Schedule 7 

Form of Accredited Investor Certificate 

The undersigned is interested in participating in the sale and issuance of certain securities described in the Share Sale and Purchase
Agreement (the “Agreement”) by and between certain Investor Sellers, Management Sellers, Minority Sellers, Swvl Holdco Corp, Swvl Global FZE and Swvl Global FZE relating to the sale and issuance of certain preferred Shares, Common
Shares and Loan Notes (the “Securities”) and hereby certifies that: 
  

	1.	 Accredited Investor. The undersigned is an “accredited investor” as that term is
defined in Rule 501(a) under the Securities Act of 1933, as amended (the “Securities Act”), and that the undersigned is (check all that apply): 

 

	 	(a)	 If the undersigned is an individual: 

 

	 	☐	 Any natural person whose individual net worth, or joint net worth with that person’s spouse or spousal
equivalent (as defined in Rule 501(j) under the Securities Act), exceeds $1,000,0002; 

  

	 	☐	 Any natural person who had an individual income in excess of $200,000 in 2020 and 2021 or joint income with
that person’s spouse or spousal equivalent (as defined in Rule 501(j) under the Securities Act) in excess of $300,000 in each of those years and who reasonably expects to reach the same income level in 2022; 

 

	 	☐	 an individual who is a director, executive officer or general partner of Swvl Holdco Corp, Swvl Inc. or Swvl
Holdings Corp (each, an “Issuer”); 

  

	 	☐	 an individual holding in good standing one or more of the following certifications, designations and/or
credentials: (i) Licensed General Securities Representative (Series 7); (ii) Licensed Investment Adviser Representative (Series 65); and/or (iii) Licensed Private Securities Offerings Representative (Series 82); or 

 

	 	☐	 an individual who is a knowledgeable employee (as defined in Rule
3c-5(a)(4) under the Investment Company Act of 1940) of any Issuer. 

  

	 	(b)	 If the undersigned is an institution: 

 

	 	☐	 A bank as defined in section 3(a)(2) of the Securities Act, or a savings and loan association or other
institution as defined in section 3(a)(5)(A) of the Securities Act whether acting in its individual or fiduciary capacity; a broker or dealer registered pursuant to section 15 of the Securities Exchange Act of 1934; an investment adviser registered
pursuant to section 203 of the Investment Advisers Act of 1940 or registered pursuant to the laws of a state; an investment adviser relying on the exemption from registering with the Securities and Exchange Commission under section 203(l) or
(m) of the Investment Advisers Act of 1940; an insurance company as defined in section 2(a)(13) of the Securities Act; an investment company registered 

 

	2 	 For purposes of this item, “net worth” means the excess of total assets at fair market value,
including home and personal property, over total liabilities, but excluding the value of the primary residence and any indebtedness secured by the person’s primary residence at the time of the sale of the Securities. Note, however, that
(i) the amount of such outstanding indebtedness at the time of sale of the Securities that exceeds the amount outstanding 60 days before such time, except as a result of the acquisition of the primary residence, will be included in liability;
and (ii) any indebtedness secured by the person’s primary residence that is in excess of the estimated fair market value of the primary residence will also be included in liability.

  
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under the Investment Company Act of 1940 or a business development company as defined in section 2(a)(48) of that Act; a Small Business Investment
Company licensed by the U.S. Small Business Administration under section 301(c) or (d) of the Small Business Investment Act of 1958; a Rural Business Investment Company as defined in section 384A of the Consolidated
Farm and Rural Development Act; a plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, if
such plan has total assets in excess of $5,000,000; an employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974 if the investment decision is made by a plan fiduciary, as
defined in section 3(21) of such Act, which is either a bank, savings and loan association, insurance company, or registered investment adviser, or if the employee benefit plan has total assets in excess of $5,000,000 or, if a
self-directed plan, with investment decisions made solely by persons that are accredited investors; 

  

	 	☐	 a private business development company as defined in section 202(a)(22) of the Investment Advisers Act of 1940;

  

	 	☐	 an organization described in section 501(c)(3) of the Internal Revenue Code, corporation, Massachusetts or
similar business trust, partnership, or limited liability company, not formed for the specific purpose of acquiring the securities offered, with total assets in excess of $5,000,000; 

 

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

  

	 	☐	 an entity in which all of the equity owners are accredited investors; 

 

	 	☐	 an entity, of a type not listed in this paragraph 1(b), not formed for the specific purpose of acquiring the
securities offered, owning investments (as defined in Rule 2a51-1(b) under the Investment Company Act of 1940) in excess of $5,000,000; 

 

	 	☐	 A family office (as defined in Rule 202(a)(11)(G)-1 under the
Investment Advisers Act of 1940), (i) with assets under management in excess of $5,000,000, (ii) that is not formed for the specific purpose of acquiring the securities offered, and (iii) whose prospective investment is directed by a person who
has such knowledge and experience in financial and business matters that such family office is capable of evaluating the merits and risks of the prospective investment (a “Family Office”); or 

 

	 	☐	 A family client (as defined in Rule 202(a)(11)(G)-1 under the
Investment Advisers Act of 1940) of a Family Office whose prospective investment in any Issuer is directed by such Family Office pursuant to the immediately preceding paragraph in this Section 1(b). 

 

	2.	 No Solicitation. The undersigned acknowledges that neither any Issuer nor any other person
offered to sell the Securities to the undersigned by means of any form of general advertising, such as media advertising or seminars. 

  

	3.	 No Purchaser Representative. The undersigned has not used any person as a “Purchaser
Representative” within the meaning of Regulation D under the Securities Act to represent him in determining whether he should acquire the Securities. 

  
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	4.	 Investment for Own Account. The undersigned represents that the Securities to be acquired
by the undersigned will be acquired for investment for the undersigned’s own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and that the undersigned has no present intention of
selling, granting any participation in, or otherwise distributing the same. The undersigned further represents that it does not presently have any contract or arrangement with any person to sell, transfer or grant participations to such person or to
any third person with respect to any of the Securities. 

  

	5.	 Blue Sky. The address for the undersigned provided to any Issuer by the undersigned is the
undersigned’s true and correct residence and jurisdiction, and the undersigned has no present intention of becoming a resident of any other state or jurisdiction; all offers or solicitations of interest about any Issuer were made to the
undersigned at that address or elsewhere within that state; no offers or solicitations were made to the undersigned in any state other than that state; and the undersigned executed the Agreement and this certificate within that state.

 IN WITNESS WHEREOF, the undersigned has executed this Accredited Investor Certificate as of the
     day of                 , 2022. 
  

	
	  

	Name:

  
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