Document:

Exhibit 10.2

 

Execution Version

 

SUBSCRIPTION AGREEMENT

December 17,
2021

Rezolve Group Limited c/o Armada
Acquisition Corp. I

2005 Market Street, Suite 3120

Philadelphia, PA 19103

 

and

 

Armada Acquisition Corp. I

2005 Market Street, Suite 3120

Philadelphia, PA 19103

 

 

Ladies and Gentlemen:

This Subscription
Agreement (this “Subscription Agreement”) is being entered into as of the date set forth above by and between Armada
Acquisition Corp. I, a Delaware corporation (the “Armada”), Rezolve
Group Limited, a Cayman Islands exempted company (the “Company”), and the undersigned Investor (the
“Investor”), in connection with the proposed business combination (the “Transaction”) between
the Company, Armada and Rezolve, Limited, a private limited company registered under the laws of England and Wales with registration
number 09773823 (“Target”), pursuant to that certain Business Combination
Agreement, dated as of December 17, 2021, by and among Armada, Target, the Company,
Cayman Merger Sub, Inc., a Delaware corporation (“Cayman Merger Sub”), (as it may be amended from time to time, the
“Transaction Agreement”). In connection with the Transaction, the Company is seeking commitments from interested
investors to purchase, contingent upon, and substantially concurrently with the closing of the Transaction (the
“Transaction Closing”), ordinary shares of the Company par value $0.0001
per share (“Ordinary Shares”), for a purchase price of $10.00 per share (the “Per Share Purchase
Price”) in a private placement to be conducted by the Company (the “Offering”). On or about or
following the date of this Subscription Agreement, Armada and the Company are entering into subscription agreements with certain
other investors (the “Other Investors,” and together with the Investor, the “Investors”),
pursuant to which the Other Investors and the Investor have agreed or will agree to purchase Ordinary Shares, on date of the
Transaction Closing, at the Per Share Purchase Price (the “Other Subscription Agreements” and together with the
Subscription Agreement, the “Subscription Agreements”). The aggregate purchase price to be paid by the Investor
for the subscribed Shares (as set forth on the signature page hereto) is referred to herein as the “Subscription
Amount.” 

In connection therewith,
and in consideration of the foregoing and the mutual representations, warranties and covenants, and subject to the conditions, set forth
herein, and intending to be legally bound hereby, each of the Investor, Armada and the Company
acknowledges and agrees as follows:

1.
Subscription. As of the date written above, the Investor hereby irrevocably subscribes for
and agrees to purchase from the Company the number of Ordinary Shares set forth on the signature page of this Subscription Agreement
(the “Shares”) on the terms and subject to the conditions provided for herein and the Company hereby agrees to issue
and sell to Investor, upon the payment of the Subscription Amount, the Shares.

    

    

    

 

2.
Closing. On the basis of the representations, warranties
and covenants contained herein and subject to the satisfaction or waiver of the conditions precedent set forth in Section 3 below, the
closing of the sale of the Shares contemplated hereby (the “Closing,” to
occur on the “Closing Date”) is contingent upon the substantially concurrent consummation of the Transaction Closing
and the Closing shall occur on the date of, and immediately prior to the Transaction Closing. The Company shall provide written notice
(which may be via email) to the Investor (the “Closing Notice”), which Closing
Notice shall contain wire instructions for an escrow account (the “Escrow Account”) established by the Company with
a third party escrow agent (the “Escrow Agent”), to be identified in the Closing Notice, that the Company reasonably
expects the Transaction Closing to occur on a date specified in the notice (the “Scheduled Closing Date”) that is
not less than five (5) business days from the date of the Closing Notice and the Investor shall deliver, at least two (2) business days
prior to the Scheduled Closing Date, (i) to the Escrow Account, the Subscription Amount by wire transfer of United States dollars in
immediately available funds, to be held in escrow without any deductions or fees applied, and (ii) to the Escrow Agent any information
that is reasonably requested by the Company or the Escrow Agent in order for the Company to issue the Shares to the Investor, including,
without limitation, a duly executed Internal Revenue Service Form W-9 or W-8, as applicable. Upon the Closing, the Company shall provide
instructions to the Escrow Agent to release the funds in the Escrow Account to the Company against delivery to the Investor of the Shares.
On the Closing Date, promptly after the Closing, the Company shall deliver (or cause delivery of) the number of Shares set forth on the
signature page to this Subscription Agreement in book entry form with restrictive legends to the Investor as indicated on the signature
page or to a custodian designated by the Investor, as applicable, as indicated below; provided, however, that the Company’s obligation
to issue the Shares to the Investor is contingent upon the Company having received the Subscription Amount in full accordance with this
Section 2. If the consummation of the Transaction does not occur within three (3) Business Days after the anticipated Closing Date specified
in the Closing Notice, unless otherwise agreed to in writing by Armada, the Company and the Investor, the Company shall promptly (but
in no event later than three (3) Business Days thereafter) return the funds so delivered by Investor to the Company by wire transfer
in immediately available funds to the account specified by Investor, and any book entries shall be deemed cancelled. Notwithstanding
such return or cancellation (x) a failure to close on the anticipated Closing Date shall not, by itself, be deemed to be a failure of
any of the conditions to Closing set forth in this Section 2 to be satisfied or waived on or prior to the Closing Date, and (y) unless
and until this Subscription Agreement is terminated in accordance with Section 9 herein, Investor shall remain obligated (A) to redeliver
funds to the Company following the Company’s delivery to Investor of a new Closing Notice and (B) to consummate the Closing upon
satisfaction of the conditions set forth in this Section 2. For the purposes of this Subscription
Agreement, (w) “business day” shall mean a day other than a Saturday, Sunday or bank holiday in the UK or a legal holiday
on which commercial banking institutions in New York, New York are authorized or required by law to close (excluding as a result
of “stay at home”, “shelter-in-place”, “non-essential employee” or any other similar orders or restrictions
or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer
systems, including for wire transfers, of commercially banking institutions in New York, New York are generally open for use by customers
on such day); (x) “person” shall refer to any individual, corporation, partnership, trust, limited liability company or other
entity or association, including any governmental or regulatory body, whether acting in an individual, fiduciary or any other capacity;
(y) “affiliate” shall mean, with respect to any specified person, any other person or group of persons acting together that,
directly or indirectly, through one or more intermediaries controls, is controlled by or is under common control with such specified
person (where the term “control” (and any correlative terms) means the possession, direct or indirect, of the power to direct
or cause the direction of the management and policies of such person, whether through the ownership of voting securities or other ownership
interests, by contract or otherwise); and (z) “permitted transferee” shall mean, with respect to the Investor, (aa) any
of its affiliates or any related or controlled fund or sub-fund, partnership or investment vehicle or any general partner, managing limited
partner or management company who holds or manages any business of, or whose business is held or managed by, Investor or any of its affiliates
or (bb) any other person with the prior written consent of the Company (not to be unreasonably withheld, delayed or conditioned).
For the avoidance of doubt, any reference in this Subscription Agreement to an affiliate of Armada will include Armada’s sponsor,
Armada Sponsor LLC, as the context requires.

    2
 

     

    

 

3.
Closing Conditions.

a.
In addition to the conditions to Closing set forth in Section 2, the obligation of the parties hereto to consummate the Closing
is subject to the satisfaction or valid waiver by each party of the conditions that, on the Closing Date:

(i)
no suspension of the qualification of the Shares for offering or sale or trading in any jurisdiction, or initiation or threatening
of any proceedings for any of such purposes, shall have occurred;

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

(iii)
all conditions precedent to the Transaction Closing under the Transaction Agreement shall have been satisfied (as determined by
the parties to the Transaction Agreement) or waived, other than those conditions under the Transaction Agreement which, by their nature,
are to be satisfied at the Transaction Closing.

b.
The obligation of the Company to consummate the Closing is also subject to the satisfaction or waiver by the Company of the conditions
that: (i) all representations and warranties of the Investor contained in this Subscription Agreement are true and correct in all material
respects at and as of the Closing Date (except for representations and warranties made as of a specific date, which shall be true and
correct in all material respects, which representations and warranties shall be true in all respects) as of such date), and consummation
of the Closing shall constitute a reaffirmation by the Investor of each of the representations and warranties of the Investor contained
in this Subscription Agreement as of the Closing Date and (ii) all obligations, covenants and agreements of the Investor required by this
Subscription Agreement to be performed by it at or prior to the Closing Date shall have been performed in all material respects.

(i)
The obligation of the Investor to consummate the Closing is also subject to the satisfaction or waiver by the Investor of the conditions
that (i) all representations and warranties of Armada and the Company contained in this Subscription Agreement shall be true and correct
in all material respects (other than representations and warranties that are qualified as to materiality or an Armada Material Adverse
Effect (as defined herein), or Company Material Adverse Effect (as defined herein), which representations and warranties shall be true
in all respects) at and as of the Closing Date (except for representations and warranties made as of a specific date, which shall be true
and correct in all material respects (other than representations and warranties that are qualified as to materiality or an Armada Material
Adverse Effect (as defined herein), or Company Material Adverse Effect (as defined herein), which representations and warranties shall
be true in all respects) as of such date), (ii) all obligations, covenants and agreements of Armada and the Company required by this Subscription
Agreement to be performed by it at or prior to the Closing Date shall have been performed in all material respects, except where the failure
of such performance or compliance would not or would not reasonably be expected to prevent, materially delay, or materially impair the
ability of the Company or Armada to consummate the transactions contemplated by this Agreement and (iii) the terms and conditions of the
Transaction Agreement (include the conditions precedent thereto) shall not have been amended or waived in a manner that materially and
adversely affects the Investor’s economic benefits under this Subscription Agreement.

    3
 

     

    

 

4.
Further Assurances. At the Closing Date, the parties
hereto shall execute and deliver or cause to be executed and delivered such additional documents and take such additional actions as
the parties reasonably may deem to be practical and necessary in order to consummate the Offering as contemplated by this Subscription
Agreement. 

5.
Company Representations and Warranties. The Company
represents and warrants to the Investor that:

a.
As of the date hereof, the Company is duly formed, validly existing and in good standing under the laws of the Cayman
Islands, and has the corporate power and authority to own, lease and operate its properties and to conduct its business as presently
conducted and to enter into, deliver and perform its obligations under this Subscription Agreement.

b.
The Shares have been duly authorized and, when issued and delivered to the Investor against full payment therefor in accordance
with the terms of this Subscription Agreement, the Shares will be validly issued, fully paid and non-assessable and will not have been
issued in violation of or subject to any preemptive or similar rights created under the Company’s organizational documents or applicable
law.

c.
This Subscription Agreement has been duly authorized, executed and delivered by the Company and is enforceable against the Company
in accordance with its terms, except as may be limited or otherwise affected by bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium or other laws relating to or affecting creditors’ rights generally and principles of equity, whether considered at law
or equity.

d.
Assuming the accuracy of the representations and warranties of the Investor set forth herein, the Company is not required to obtain
any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or other federal,
state, local or other governmental authority, self-regulatory organization (including The Nasdaq Stock Market (“Nasdaq”))
or other person in connection with the execution and delivery of this Subscription Agreement and the issuance and sale of the Shares and
the compliance by the Company with all of the provisions of this Subscription Agreement and the consummation of the transactions herein
will be done in accordance with the rules of the Nasdaq and will not (i) conflict with or result in a breach or violation of any
of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance
upon any of the property or assets of the Company or any of its subsidiaries pursuant to the terms of any indenture, mortgage, deed of
trust, loan agreement, lease, license or other agreement or instrument to which the Company or any of its subsidiaries is a party or by
which the Company or any of its subsidiaries is bound or to which any of the property or assets of the Company is subject that would have
a material adverse effect on the business, financial condition or results of operations of the Company and its subsidiaries, taken as
a whole (a “Company Material Adverse Effect”) or materially affect the validity
of the Shares or the legal authority of the Company to comply in all material respects with the terms of this Subscription Agreement;
(ii) any violation of the provisions of the organizational documents of the Company; or (iii) any violation of any statute or any judgment,
order, rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction over the Company or any
of its properties that would have a Company Material Adverse Effect or materially affect the validity of the Shares or the legal authority
of the Company to comply in all material respects with its obligations under this Subscription Agreement.

e.
All reports (the “Company SEC Reports”) required to be filed by the Company with the Securities and Exchange
Commission (the “SEC”) complied in all material respects with the applicable requirements of the Securities Act of
1933, as amended (the “Securities Act”) and the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), and the rules and regulations of the SEC promulgated thereunder, and none of the Company SEC Reports, when filed, contained
any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make
the statements therein, in the light of the circumstances under which they were made, not misleading.

    4
 

     

    

 

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

g.
The Company has not entered into any agreement or arrangement entitling any agent, broker, investment banker, financial advisor
or other person to any broker’s or finder’s fee or any other commission or similar fee in connection with the transactions
contemplated by this Subscription Agreement for which the Investor could become liable. Other than Barclays Capital, Inc. (“Barclays”),
Cantor Fitzgerald & Co. (“Cantor”) and J.V.B. Financial Group, LLC acting through its Cohen & Company Capital
Markets division (“Cohen” and together with Cantor and Barclays, the “Placement Agents”) or otherwise
as disclosed in the proxy statement and/or prospectus, the Company is not aware of any person that has been or will be paid (directly
or indirectly) remuneration for solicitation of purchasers in connection with the sale of any Shares in the Offering.

h.
The Company is not, and immediately after receipt of payment for the Shares, will not be, an “investment company” within
the meaning of the Investment Company Act of 1940, as amended.

i.
Assuming the accuracy of the Investor’s representations and warranties set forth in Section 7 of this Subscription Agreement,
no registration under the Securities Act is required for the offer, sale and delivery of the Shares in the manner contemplated by this
Subscription Agreement is required. The Shares (i) were not offered by any form of general solicitation or general advertising, including
methods described in Section 502(c) of Regulation D under the Securities Act, and (ii) are not being offered in a manner involving a public
offering under, or in a distribution in violation of, the Securities Act, or any state securities laws.

j.
The authorized capital shares of the Company as of the date hereof consist of (i) 942,034,682 Ordinary Shares of a par value of
US$0.0001 each and (ii) 37,965,318 Series A Shares of a par value of US$0.0001 each. As of the date hereof, 1 Ordinary Share is issued
and outstanding. There are no securities or instruments issued by or to which the Company is a party containing anti-dilution or similar
provisions that will be triggered by the issuance of the Shares.

k.
As of the date hereof, the Company has no direct or indirect subsidiaries.

l.
The Company, and, to the knowledge of the Company, the officers, directors, employees, and agents of the Company, in each case,
acting on behalf of the Company, have been in compliance in all material respects with all applicable Anti-Corruption Laws (as herein
defined), (i) the Company has not been convicted of violating any Anti-Corruption Laws or, to the knowledge of the Company, subjected
to any investigation by a governmental authority for violation of any applicable Anti-Corruption Laws, (ii) the Company has not conducted
or initiated any internal investigation or made a voluntary, directed, or involuntary disclosure to any governmental authority regarding
any alleged act or omission arising under or relating to any noncompliance with any Anti-Corruption Laws and (iii) the Company has not
received any written notice or citation from a governmental authority for any actual or potential noncompliance with any applicable Anti-Corruption
Laws. As used herein, “Anti-Corruption Laws” means any applicable laws relating to corruption and bribery, including the U.S.
Foreign Corrupt Practices Act of 1977 (as amended), the UK Bribery Act 2010, and any similar law that prohibits bribery or corruption.

    5
 

     

    

 

m.
This Subscription Agreement reflects the same Per Share Purchase Price of $10.00 per Share and other material terms and conditions
with respect to the subscription of Shares that are no less favorable than the terms of any Other Subscription Agreement entered into
by Armada and/or the Company on or about or following the date of this Subscription Agreement with any Other Investor subscribing for
Ordinary Shares or other securities in any private placement in connection with the Transaction and/or contemplated by the Transaction
Agreement (other than terms particular to the regulatory requirements of such investor or its affiliates or related funds that are mutual
funds or are otherwise subject to regulations related to the timing of funding and the issuance of the related Ordinary Shares or other
securities).

n.
The Company acknowledges and agrees that neither Investor nor any of its affiliates, principals, stockholders, partners, managers,
directors, employees, agents or advisors (“Related Parties”) shall have any liability whatsoever to Company or any
of its Related Parties with respect to or relating to the non-disclosure of any information in connection with the Target or the Transaction
contemplated by the Transaction Agreement, and Company hereby irrevocably waives, on behalf of itself and its Related Parties, any claim
that they might have based on the failure of Investor or any of its Related Parties to disclose any information in connection with the
Target or the Transaction contemplated by the Transaction Agreement. Notwithstanding the foregoing, the provisions of this Section 5(n)
shall not in any manner limit or restrict the obligations of the Investor under Section 9(d)(ii) of this Subscription Agreement.

6.
Armada Representations and Warranties. Armada represents and warrants to the Investor that:

a.
As of the date hereof, Armada is duly formed, validly existing and in good standing under the laws of the State
of Delaware, and has the corporate power and authority to own, lease and operate its properties and to conduct its business as
presently conducted and to enter into, deliver and perform its obligations under this Subscription Agreement.

b.
This Subscription Agreement has been duly authorized, executed and delivered by Armada and is enforceable against Armada in accordance
with its terms, except as may be limited or otherwise affected by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium
or other laws relating to or affecting creditors’ rights generally and principles of equity, whether considered at law or equity.

c.
Assuming the accuracy of the representations and warranties of the Investor set forth herein, Armada is not required to obtain
any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or other federal,
state, local or other governmental authority, self-regulatory organization (including The Nasdaq Stock Market (“Nasdaq”))
or other person in connection with the execution and delivery of this Subscription Agreement by Armada and the consummation of the transactions
herein will be done in accordance with the rules of the Nasdaq and will not (i) conflict with or result in a breach or violation
of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance
upon any of the property or assets of Armada or any of its subsidiaries pursuant to the terms of any indenture, mortgage, deed of trust,
loan agreement, lease, license or other agreement or instrument to which Armada or any of its subsidiaries is a party or by which Armada
or any of its subsidiaries is bound or to which any of the property or assets of Armada is subject that would have a material adverse
effect on the business, financial condition or results of operations of Armada and its subsidiaries, taken as a whole (an “Armada
Material Adverse Effect”) or materially affect the validity of the Shares or the legal
authority of Armada to comply in all respects with the terms of this Subscription Agreement; (ii) any material violation of the provisions
of the organizational documents of Armada; or (iii) any violation of any statute or any judgment, order, rule or regulation of any court
or governmental agency or body, domestic or foreign, having jurisdiction over Armada or any of its properties that would have an Armada
Material Adverse Effect or materially affect the validity of the Shares or the legal authority of Armada to comply in all material respects
with its obligations under this Subscription Agreement.

    6
 

     

    

 

d.
All reports (the “Armada SEC Reports”) required to be filed by Armada with the SEC complied in all material
respects with the applicable requirements of the Securities Act and the Exchange Act, and the rules and regulations of the SEC promulgated
thereunder, and none of Armada SEC Reports, when filed, contained any untrue statement of a material fact or omitted to state a material
fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading. As of the date hereof, there are no material outstanding or unresolved comments in comment letters received
from the staff of the Division of Corporation Finance of the SEC with respect to any of the SEC Reports.

e.
Armada has not entered into any agreement or arrangement entitling any agent, broker, investment banker, financial advisor or other
person to any broker’s or finder’s fee or any other commission or similar fee in connection with the transactions contemplated
by this Subscription Agreement for which the Investor could become liable. Other than the Placement Agents, Armada is not aware of any
person that has been or will be paid (directly or indirectly) remuneration for solicitation of purchasers in connection with the sale
of any Shares in the Offering.

f.
As of the date hereof, the authorized share capital of Armada consists of (i) 100,000,000 shares of common stock, par value $0.0001
per share, and (ii) 1,000,000 shares of preferred stock, par value of $0.0001 per share. As of the date of this Agreement, (A) 20,709,500
shares of common stock of Armada are issued and outstanding, (B) 7,500,00 redeemable public warrants to purchase shares of common stock
are issued and outstanding and (C) no shares of preferred stock are issued and outstanding. All issued and outstanding shares of common
stock of Armada are duly authorized and validly issued, are fully paid and are non-assessable. None of the outstanding shares of common
stock of Armada has been issued in violation of any applicable securities laws. Except as set forth above in this Subscription Agreement
and pursuant to the Other Subscription Agreements, the Transaction Agreement and the other agreements and arrangements referred to herein
or therein or in the Armada SEC Reports, as of the date hereof, there are no outstanding options, warrants or other rights to subscribe
for, purchase or acquire from Armada any ordinary shares or other equity interests in Armada, or securities convertible into or exchangeable
or exercisable for such equity interests. As of the date hereof, there are no shareholder agreements, voting trusts or other agreements
or understandings to which Armada is a party or by which it is bound relating to the voting of any securities of Armada other than as
set forth in the Armada SEC Reports and as contemplated by the Transaction Agreement.

g.
As of the date hereof, Armada’s issued and outstanding common stock shares are registered pursuant to Section 12(b) of the
Exchange Act and are listed for trading on the Nasdaq under the symbol “AACI” (it being understood that the trading symbol
will be changed in connection with the Transaction). As of the date hereof, there is no suit, action, proceeding or investigation pending
or, to the knowledge of Armada, threatened against Armada by the Nasdaq or the SEC, respectively, to prohibit or terminate the listing
of such shares on the Nasdaq, or to deregister the Shares under the Exchange Act.

h.
Armada acknowledges and agrees that neither Investor nor any of its Related Parties shall have any liability whatsoever to Company
or any of its Related Parties with respect to or relating to the non-disclosure of any information in connection with the Target or the
Transaction contemplated by the Transaction Agreement, and Company hereby irrevocably waives, on behalf of itself and its Related Parties,
any claim that they might have based on the failure of Investor or any of its Related Parties to disclose any information in connection
with the Target or the Transaction contemplated by the Transaction Agreement. Notwithstanding the foregoing, the provisions of this Section
7(h) shall not in any manner limit or restrict the obligations of the Investor under Section 9(d)(ii) of this Subscription Agreement.

    7
 

     

    

 

8.
Investor Representations and Warranties. The Investor represents and warrants to the Company
and the Placement Agents that:

a.
The Investor is either a U.S. investor or non-U.S. investor as set forth under its name on the signature page hereto, and accordingly
represents the applicable additional matters under clause (i) or (ii) below:

(i)
Applicable to U.S. investors: At the time the Investor was offered the Shares, it was, and as of the date hereof, the Investor
is (i) a “qualified institutional buyer” (within the meaning of Rule 144A under the Securities Act), an “accredited
investor” (within the meaning of Rule 501(a) of Regulation D under the Securities Act) as indicated in the questionnaire attached
hereto as Exhibit A and (ii) is acquiring the Shares only for its own account and (iii) not for the account of others, and not
on behalf of any other account or person or with a view to, or for offer or sale in connection with, any distribution thereof in violation
of the Securities Act. The Investor is not an entity formed for the specific purpose of acquiring the Shares.

(ii)
Applicable to non-U.S. investors: The Investor understands that the sale of the Shares is made pursuant to and in reliance upon
Regulation S promulgated under the Securities Act (“Regulation S”). The Investor is not a U.S. Person (as defined in
Regulation S), it is acquiring the Shares in an offshore transaction in reliance on Regulation S, and it has received all the information
that it considers necessary and appropriate to decide whether to acquire the Shares hereunder outside of the United States. The Investor
understands and agrees that Securities sold pursuant to Regulation S may be subject to restrictions thereunder, including compliance with
the distribution compliance period provisions therein.

 

b.
The Investor acknowledges and agrees that the Shares are being offered in a transaction not involving any public offering within
the meaning of the Securities Act and that the Shares have not been registered under the Securities Act. The Investor acknowledges and
agrees that the Shares may not be offered, resold, transferred, pledged (except as collateral to any financing source in the ordinary
course), mortgaged or otherwise disposed of by the Investor absent an effective registration statement under the Securities Act except
(i) to the Company or a subsidiary thereof, (ii) to non-U.S. persons pursuant to offers and sales that occur outside the United States
within the meaning of Regulation S or (iii) pursuant to another applicable exemption from the registration requirements of the Securities
Act, and in each of clauses (i) and (iii) in accordance with any applicable securities laws of the states and other jurisdictions of the
United States, and that any certificates (if any) or any book-entry shares representing the Shares shall contain a restrictive legend
to such effect. The Investor acknowledges and agrees that the Shares, until registered under an effective registration statement, will
be subject to transfer restrictions and, as a result of these transfer restrictions, the Investor may not be able to readily offer, resell,
transfer, pledge, mortgaged or otherwise dispose of the Shares and may be required to bear the financial risk of an investment in the
Shares for an indefinite period of time. The Investor acknowledges and agrees that the Shares will not be immediately eligible for offer,
resale, transfer, pledge, mortgage or disposition pursuant to Rule 144 promulgated under the Securities Act. The Investor acknowledges
and agrees that it has been advised to consult legal counsel and tax and accounting advisors prior to making any offer, resale, transfer,
pledge, mortgage or disposition of any of the Shares. The Investor has conducted its own investigation of the Company, the Target and
the Shares and the Investor has made its own assessment and have satisfied itself concerning the relevant tax and other economic considerations
relevant to its investment in the Shares.

    8
 

     

    

 

c.
The Investor acknowledges and agrees that the Investor is purchasing the Shares directly from the Company. The Investor further
acknowledges that there have been no representations, warranties, covenants and agreements made to the Investor by or on behalf of the
Company, the Target or any of their respective affiliates or any control persons, shareholders, officers, directors, employees, partners,
agents or representatives of any of the foregoing or any other person or entity, expressly or by implication in connection with the purchase
of the Shares, other than those representations, warranties, covenants and agreements of the Company expressly set forth in this Subscription
Agreement.

d.
The Investor’s acquisition and holding of the Shares will not constitute or result in a non-exempt prohibited transaction
under Section 406 of the Employee Retirement Income Security Act of 1974, as amended, Section 4975 of the Internal Revenue Code of 1986,
as amended, or any applicable similar law.

e.
The Investor acknowledges and agrees that the Investor has (i) received, reviewed and understood the Disclosure Documents (defined
below) made available to the Investor in connection with the Transaction and (ii) conducted and completed its own independent due diligence
with respect to the Transaction. Based on such information as the Investor deems appropriate and necessary in order to make an investment
decision with respect to the Shares, including, without limitation, with respect to the Company, the Transaction and the business of the
Target and its subsidiaries, the Investor has relied solely upon independent investigation made by the Investor and the representations
and warranties of the Company expressly set forth in Section 5 hereof, and not on the Placement Agents, or any statement or action by
the Placement Agents, to decide to enter into the transactions contemplated hereby. Without limiting the generality of the foregoing,
the Investor acknowledges that he, she or it has carefully reviewed the following items (collectively, the “Disclosure Documents”):
(i) the final prospectus of Armada, dated as of August 12, 2021 and filed with the SEC (File No. 333-257692) on August 16, 2021 (the “Prospectus”),
(ii) each of the other Armada SEC Reports, from the date of the Prospectus through the date of this Agreement, and (iii) the Transaction
Agreement and (v) the investor presentation by Armada, the Company and the Target (the “Investor Presentation”), a
copy of which will be furnished by the Company to the SEC. The Investor acknowledges the significant extent to which certain of the disclosures
contained in items (i) and (ii) above shall not apply following the Transaction Closing. Investor acknowledges and agrees that the Investor
and the Investor’s professional advisor(s), if any, have had the full opportunity to ask such questions, receive such answers and
obtain such information as the Investor and such Investor’s professional advisor(s), if any, have deemed necessary to make an investment
decision with respect to the Shares. The Investor further acknowledges that the information contained in the Disclosure Documents is subject
to change, and that any changes to the information contained in the Disclosure Documents, including any changes based on updated information
or changes in terms of the Transaction, shall in no way affect the Investor’s obligation to purchase the Shares hereunder, except
as otherwise provided herein, and that, in purchasing the Shares, the Investor is not relying upon any projections contained in the Investor
Presentation. Except for the representations, warranties and agreements of the Company expressly set forth in this Subscription Agreement,
the Investor is relying exclusively on its own sources of information, investment analysis and due diligence (including professional advice
it deems appropriate) with respect to the Transaction, the Shares and the business, condition (financial and otherwise), management, operations,
properties and prospects of the Company and the Target, including but not limited to all business, legal, regulatory, accounting, credit
and tax matters.

    9
 

     

    

 

f.
The Investor hereby acknowledges and agrees that (i) the Placement Agents are acting solely as placement agents and, in the case
of Cantor, capital markets advisor, to the Company and Armada in connection with the Transaction, and are not acting as underwriters or
in any other capacity, and are not and shall not be construed as fiduciaries or financial advisors for the Investor in connection with
subscription for Shares hereunder or the Transaction, (ii) the Placement Agents have not made and will not make any representation or
warranty, express or implied, to the Investor with regard to this Offering, the Shares, the Company or the Target and have not provided
any advice or recommendation to the Investor in connection with the transactions herein, (iii) the Placement Agents will have no responsibility
for the representations, warranties or agreements made by the Company, Armada or the Investor, or between them, hereunder; (iv) neither
the Placement Agents, nor any of their respective representatives or affiliates, has made any independent investigation with respect to
the Company, the Shares, Armada or the Target or the accuracy, completeness or adequacy of any information supplied to the Investor by
or on behalf of the Company, Armada or the Target, and (v) the Placement Agents shall not bear responsibility or liability to the Investor
for any losses or damages the Investor may incur as a result of or in connection with its purchase of the Shares or any transaction contemplated
hereby and, to the fullest extent permitted by law, the Investor hereby waives any claims or causes of action that the Investor may have,
now or in the future, against the Placement Agents in connection with any matter set forth herein. The Investor understands and acknowledges
that, in light of the Placement Agents’ role as capital markets advisors to the Company and Armada in addition to other roles as
a financial intermediary, the matters described in any Subscription Agreement and the fees in connection therewith may give rise to potential
conflicts of interest or the appearance thereof. The Investor consents to (and agrees, to the extent applicable and permitted by applicable
law, on behalf of its equity holders, to waive any claims the Investor or its equity holders may have based on any actual or potential
conflicts of interest that may arise or result from) the Placement Agents acting as a financial and equity capital markets advisors to
the Company in addition to other roles as a financial intermediary, and the Placement Agents or one or more of their affiliates engaging
in, and receiving any compensation in connection with, any of the activities described in any Subscription Agreement.

g.
The Investor became aware of this Offering of the Shares solely by means of direct contact between the Investor and the Company,
Armada or the Placement Agents or a representative of the Company, Armada or the Placement Agents, and the Shares were offered to the
Investor solely by direct contact between the Investor and the Company or Armada, the Placement Agents or a representative of the Company,
Armada or the Placement Agents. The Investor did not become aware of this Offering of the Shares, nor were the Shares offered to the Investor,
by any other means. The Investor acknowledges that the Shares (i) were not offered by any form of general solicitation or general advertising
and (ii) are not being offered in a manner involving a public offering under, or in a distribution in violation of, the Securities Act,
or any state securities laws. The Investor has a substantive pre-existing relationship with the Company, Armada, the Target or their respective
affiliates or the Placement Agents or their respective affiliates for this Offering of the Shares. The Investor acknowledges that it is
not relying upon, and has not relied upon, any statement, representation or warranty made by any person (including, without limitation,
the Company, the Target or any of their respective affiliates or any control persons, officers, directors, employees, partners, agents
or representatives of any of the foregoing), other than the representations and warranties of the Company contained in Section 5 of this
Subscription Agreement or Armada contained in Section 6 of this Subscription Agreement in making its decision to subscribe in the Offering.
Neither the Investor, nor any of its directors, officers, employees, agents, members or partners has either directly or indirectly, including
through a broker or finder, (i) to its knowledge, engaged in any general solicitation, or (ii) published any advertisement in connection
with the Offering.

h.
The Investor acknowledges that it is aware that there are substantial risks incident to the purchase and ownership of the Shares,
including those set forth in the Disclosure Documents and in the Company SEC Reports and the Armada SEC Reports. The Investor is (i) an
institutional account as defined in FINRA Rule 4512(c), (ii) is a sophisticated investor, experienced in investing in private placement
transactions and capable of evaluating investment risks independently, both in general and with regard to all transactions and investment
strategies involving a security or securities and (iii) has exercised independent judgment in evaluation its participation in the purchase
of the Shares. The Investor understands and acknowledges that the purchase and sale of the Shares hereunder meets (i) the exemptions from
filing under FINRA Rule 5123(b)(1)(A) and (ii) the institutional customer exemption under FINRA Rule 2111(b).

    10
 

     

    

 

i.
The Investor has sought such accounting, legal and tax advice as the Investor considered necessary to make an informed investment
decision regarding its purchase of Shares and participation in the Transaction and the Investor has made its own assessment and has satisfied
itself concerning relevant tax and other economic considerations relative to its purchase of the Shares. The Investor acknowledges that
Investor shall be responsible for any of the Investor’s tax liabilities that may arise as a result of the transactions contemplated
by this Subscription Agreement, and that none of the Company, the Target or the Placement Agents has provided any tax advice or any other
representations or guarantee regarding the tax consequence of the transactions contemplated by this Subscription Agreement.

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

k.
The Investor acknowledges and agrees that no federal or state agency has passed upon or endorsed the merits of this Offering or
made any findings or determination as to the fairness of this investment or the accuracy or adequacy of the SEC Reports.

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

m.
The execution, delivery and performance by the Investor of this Subscription Agreement are within the powers of the Investor, have
been duly authorized and will not constitute or result in a breach or default under or conflict with any law, statute, rule, order, subpoena,
judgment, ruling or regulation of any court or other tribunal or the rules of any governmental commission or agency or regulatory or self-regulatory
body, including the SEC or any applicable securities exchange, or any agreement or other undertaking to which the Investor is a party
or by which the Investor is bound, and, if the Investor is not an individual, will not violate any provisions of the Investor’s
organizational documents, including, without limitation, its incorporation or formation papers, bylaws, indenture of trust or partnership
or operating agreement, as may be applicable. The signature on this Subscription Agreement is genuine, and the signatory, if the Investor
is an individual, has legal competence and capacity to execute the same or, if the Investor is not an individual, the signatory has been
duly authorized to execute the same and this Subscription Agreement constitutes a legal, valid and binding obligation of the Investor,
enforceable against the Investor in accordance with its terms.

n.
Neither the due diligence investigation conducted by the Investor in connection with making its decision to acquire the Shares
nor any representation and warranty made by the Investor hereunder shall modify, amend or affect the Investor’s right to rely on
the truth, accuracy and completeness of the Company’s representations and warranties hereunder.

o.
The Investor is not (i) a person named on the List of Specially Designated Nationals and Blocked Persons administered by the U.S.
Treasury Department’s Office of Foreign Assets Control (“OFAC”) or in
any Executive Order issued by the President of the United States and administered by OFAC (“OFAC
List”), or a person or entity prohibited by any OFAC sanctions program, (ii) owned, directly or indirectly, or controlled
by, or acting on behalf of, one or more persons that are named on the OFAC List; (iii) organized, incorporated, established, located,
resident or born in, or a citizen, national or the government, including any political subdivision, agency or instrumentality thereof,
of, Cuba, Iran, North Korea, Syria, the Crimea region of Ukraine or any other country or territory embargoed or subject to substantial
trade restrictions by the United States, (iv) a Designated National as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part
515, or (v) a non-U.S. shell bank or providing banking services indirectly to a non-U.S. shell bank (each, a “Prohibited
Investor”). If the Investor is a financial institution subject to the Bank Secrecy Act (31 U.S.C. Section 5311 et seq.)
(the “BSA”), as amended by the USA PATRIOT Act of 2001 (the “PATRIOT
Act”), and its implementing regulations (collectively, the “BSA/PATRIOT Act”),
the Investor maintains policies and procedures reasonably designed to comply with applicable obligations under the BSA/PATRIOT Act. To
the extent required, it maintains policies and procedures reasonably designed to ensure compliance with OFAC-administered sanctions programs,
including for the screening of its investors against the OFAC sanctions programs, including the OFAC List. The Investor represents that
to the extent required by applicable law, the Investor maintains policies and procedures reasonably designed to ensure that the funds
held by the Investor and used to purchase the Shares were legally derived and were not obtained, directly or indirectly, from a Prohibited
Investor.

    11
 

     

    

 

p.
No disclosure or offering document has been prepared by the Placement Agents in connection with the offer and sale of the Shares.
The Investor agrees that each Placement Agent and each of its respective members, directors, officers, employees, representatives and
controlling persons have made no independent investigation with respect to the Company, Armada, the Target or the Shares or the accuracy,
completeness or adequacy of any information supplied to the Investor by the Company or Armada. In connection with the issue and purchase
of the Shares, neither Placement Agent has acted as the Investor’s financial advisor or fiduciary. The Investor acknowledges that
neither Placement Agent assumes any responsibility for independent verification of, or the accuracy or completeness of, any information
or projections provided to the Investor hereunder.

 

q.
Neither the Investor, nor, to the extent it has them, any of its equity holders, managers, general or limited partners, directors,
affiliates or executive officers (collectively with the Investor, the “Covered Persons”), are subject to any of the
“Bad Actor” disqualifications described in Rule 506(d) under the Securities Act (a “Disqualification Event”),
except for a Disqualification Event covered by Rule 506(d)(2) or (d)(3). The Investor has exercised reasonable care to determine whether
any Covered Person is subject to a Disqualification Event. The acquisition of Shares by the Investor will not subject the Company to any
Disqualification Event.

 

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

s.
The Investor has and, when required to deliver payment to the Escrow Agent pursuant
to Section 2 above, will have, sufficient immediately available funds to pay the Subscription Amount and consummate the purchase and sale
of the Shares pursuant to this Subscription Agreement.

t.
The Investor does not have, as of the date hereof, any “put equivalent position” as such term is defined in Rule 16a-1
under the Exchange Act or short sale positions with respect to the securities of the Company or Armada. Notwithstanding the foregoing,
in the case of an Investor that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of
such Investor’s assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers
managing other portions of such Investor’s assets, the representation set forth above shall only apply with respect to the portion
of assets managed by the portfolio manager that made the investment decision to purchase the Shares covered by this Subscription Agreement.

    12
 

     

    

 

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

v.
If the Investor is an employee benefit plan that is subject to Title I of the U.S. Employee Retirement Income Security Act of 1974,
as amended (“ERISA”), a plan, an individual retirement account or other arrangement that is subject to section 4975
of the Internal Revenue Code of 1986, as amended (the “Code”), or an employee benefit plan that is a governmental plan
(as defined in section 3(32) of ERISA), a church plan (as defined in section 3(33) of ERISA), a non-U.S. plan (as described in section
4(b)(4) of ERISA) or other plan that is not subject to the foregoing but may be subject to provisions under any other federal, state,
local, non-U.S. or other laws or regulations that are similar to such provisions of ERISA or the Code, or an entity whose underlying assets
are considered to include “plan assets” of any such plan, account or arrangement (each, a “Plan”) subject
to the fiduciary or prohibited transaction provisions of ERISA or section 4975 of the Code, The Investor represents and warrants that
(i) neither the Company, Armada nor any of their respective affiliates has acted as the Plan’s fiduciary, or has been relied on
for advice, with respect to its decision to acquire and hold the Shares, and none of the Company, Armada or any of their respective affiliates
shall at any time be relied upon as the Plan’s fiduciary with respect to any decision to acquire, continue to hold or transfer the
Shares and (ii) the acquisition and holding of the Shares.

9.
Registration Rights.

a.
The Company agrees that, within forty five (45) days after the Transaction Closing (the “Registration Deadline”),
it will file with the SEC (at the Company’s sole cost and expense) a registration statement registering the resale of the Shares
and any other Ordinary Shares of the Company held by the Investor or its Permitted Transferees from time to time (such Shares and other
Ordinary Shares, the “Registrable Securities”) (the “Registration Statement”),
and shall use its commercially reasonable efforts to have the Registration Statement declared effective as soon as practicable after the
filing thereof, but no later than the 60th calendar day (or 90th calendar day if the SEC notifies the Company that
it will “review” the Registration Statement) following the Registration Deadline (the “Effectiveness Date”).
The Company agrees to cause such Registration Statement, or another shelf registration statement that includes the Registrable Securities
to remain effective until the earliest of (i) the date on which the Investor and its Permitted Transferees cease to hold any Registrable
Securities, or (ii) on the first date on which the Investor and its Permitted Transferees are able to sell all of their Registrable Securities
under Rule 144 promulgated under the Securities Act (“Rule 144”) without limitation as to the manner of sale or the
amount of such securities that may be sold. Prior to the effective date of the Registration Statement, the Company will use commercially
reasonable efforts to qualify the Registrable Securities for listing on the applicable stock exchange. The Investor agrees to disclose
its beneficial ownership, as determined in accordance with Rule 13d-3 of the Exchange Act, of the Registrable Securities to the Company
(or its successor) upon request to assist the Company in making the determination described above. The Company’s obligations to
include the Registrable Securities for resale in the Registration Statement are contingent upon the Investor furnishing in writing to
the Company such information regarding the Investor or its Permitted Transferees, the securities of the Company held by the Investor or
its Permitted Transferees and the intended method of disposition of such Registrable Securities as shall be reasonably requested by the
Company to effect the registration of such Registrable Securities, and execution of such documents in connection with such registration
as the Company may reasonably request that are customary of a selling stockholder in similar situations. If the SEC prevents the Company
from including any or all of the Registrable Securities proposed to be registered for resale under the Registration Statement due to limitations
on the use of Rule 415 of the Securities Act for the resale of the Company’s securities by the applicable shareholders or otherwise,
(i) such Registration Statement shall register for resale such number of Company securities which is equal to the maximum number of Company
securities as is permitted by the SEC and (ii) the number of Company securities to be registered for each selling shareholder named in
the Registration Statement shall be reduced pro rata among all such selling shareholders. In no event shall the Investor or its Permitted
Transferees be identified as a statutory underwriter in the Registration Statement unless requested by the SEC; provided, that if the
SEC requests that the Investor or its Permitted Transferees be identified as a statutory underwriter in the Registration Statement, the
Investor and its Permitted Transferees will have an opportunity to withdraw from the Registration Statement.

    13
 

     

    

 

b.
The Company may amend the Registration Statement so as to convert the Registration Statement to a Registration Statement on Form
S-3 at such time after the Company becomes eligible to use such Form S-3. Further, the Investor acknowledges and agrees that the Company
may delay filing or suspend the use of any such registration statement if it determines that in order for such registration statement
not to contain a material misstatement or omission, an amendment thereto would be needed, if such filing or use could materially affect
a bona fide business or financing transaction of the Company or in the event that filing such registration statement would require premature
disclosure of information that could materially adversely affect the Company or would require premature disclosure of information that
could materially adversely affect the Company (each such circumstance, a “Suspension Event”), provided, that
the Company shall use commercially reasonable efforts to make such Registration Statement available for the sale by the Investor or its
Permitted Transferees of such securities as soon as practicable thereafter; provided, however, that the Company may not
delay or suspend the Registration Statement for more than ninety (90) consecutive calendar days, or for more than one hundred eighty (180)
total calendar days, in each case in any consecutive twelve month period.

c.
Upon receipt of any written notice from the Company of the occurrence of any Suspension Event during the period that the Registration
Statement is effective or if as a result of a Suspension Event the Registration Statement or related prospectus contains any untrue statement
of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein, in light
of the circumstances under which they were made (in the case of the prospectus) not misleading, the Investor agrees that it will (i) immediately
discontinue offers and sales of the Shares under the Registration Statement (excluding, for the avoidance of doubt, sales conducted pursuant
to Rule 144) until the Investor or its Permitted Transferees receives (A) (x) copies of a supplemental or amended prospectus that corrects
the misstatement(s) or omission(s) referred to above and (y) notice that any post-effective amendment has become effective or (B) notice
from the Company that it may resume such offers and sales, and (ii) maintain the confidentiality of any information included in such written
notice delivered by the Company unless otherwise required by applicable law. If so directed by the Company, the Investor and its Permitted
Transferees will deliver to the Company or destroy all copies of the prospectus covering the Shares in the Investor’s or its Permitted
Transferees’ possession; provided, however, that this obligation to deliver or destroy all copies of the prospectus covering the
Shares shall not apply to (i) the extent the Investor or its Permitted Transferees are required to retain a copy of such prospectus (A)
in order to comply with applicable legal, regulatory, self-regulatory or professional requirements or (B) in accordance with a bona fide
pre-existing document retention policy or (ii) copies stored electronically on archival servers as a result of automatic data back-up.

    14
 

     

    

 

d.
Indemnification. From and after the Closing,

(i)
The Company agrees to indemnify and hold Investor and its Permitted Transferees, each person, if any, who controls Investor within
the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act, and each affiliate of Investor within the meaning
of Rule 405 under the Securities Act, and each broker, placement agent or sales agent to or through which Investor or its Permitted Transferees
effects or executes the resale of any Shares (collectively, the “Investor Indemnified Parties”), harmless against any
and all losses, claims, damages and liabilities (including any out-of-pocket legal or other expenses reasonably incurred in connection
with defending or investigating any such action or claim) (collectively, “Losses”) incurred by the Investor Indemnified
Parties directly that are caused by any untrue statement or alleged untrue statement of a material fact contained in the Registration
Statement or any other registration statement which covers the Shares (including, in each case, the prospectus contained therein) or any
amendment thereof (including the prospectus contained therein) or caused by any omission or alleged omission to state therein a material
fact necessary in order to make the statements therein (in the case of a prospectus, in the light of the circumstances under which they
were made), not misleading, except to the extent insofar as the same are caused by or contained in any information or affidavit so furnished
in writing to the Company by Investor or its Permitted Transferees expressly for use therein. Notwithstanding the forgoing, in no event
shall the liability of the Company hereunder be greater in amount than the Subscription Amount and the Company’s indemnification
obligations shall not apply to amounts paid in settlement of any Losses if such settlement is effected without the prior written consent
of the Company (which consent shall not be unreasonably withheld, delayed or conditioned).

(ii)
The Investor agrees to, severally and not jointly with any other selling shareholders using the applicable registration statement,
indemnify and hold the Company, and the officers, employees, directors, partners, members, attorneys and agents of the Company, each person,
if any, who controls the Company within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act, and
each affiliate of the Company within the meaning of Rule 405 under the Securities Act and the directors, partners, members, attorneys
and agents of such person(s) (collectively, the “Company Indemnified Parties”), harmless against any and all Losses
incurred by the Company Indemnified Parties directly that are caused by any untrue statement or alleged untrue statement of a material
fact contained in the Registration Statement or any other registration statement which covers the Shares (including, in each case, the
prospectus contained therein) or any amendment thereof (including the prospectus contained therein) or caused by any omission or alleged
omission to state therein a material fact necessary in order to make the statements therein (in the case of a prospectus, in the light
of the circumstances under which they were made), not misleading, to the extent insofar as the same are caused by or contained in any
information or affidavit so furnished in writing to the Company by Investor or its Permitted Transferees expressly for use therein. Notwithstanding
the forgoing, in no event shall the liability of the Investor or its Permitted Transferees be greater in amount than the dollar amount
of the net proceeds received by the Investor or its Permitted Transferees upon the sale of the Shares purchased pursuant to this Subscription
Agreement (or in the absence of such a sale then an amount equal to the Subscription Amount) giving rise to such indemnification obligation
and the Investor’s or its Permitted Transferees’ indemnification obligations shall not apply to amounts paid in settlement
of any Losses if such settlement is effected without the prior written consent of the Investor or its Permitted Transferees (which consent
shall not be unreasonably withheld, delayed or conditioned).

e.
The Company will use commercially reasonable efforts to (A) make and keep public information available, as those terms are understood
and defined in Rule 144, (B) file in a timely manner all reports and other documents with the SEC required under the Exchange Act, as
long as the Company remains subject to such requirements, and (C) provide all customary and reasonable cooperation necessary, in each
case as required to enable the undersigned to resell the Shares pursuant to Rule 144.

    15
 

     

    

 

f.
Any failure by the Company to file the Registration Statement by the Filing Deadline or to effect such Registration Statement by
the Effectiveness Date shall not otherwise relieve the Company of its obligations to file or effect the Registration Statement set forth
in this Section 6.

10.
Investor’s Covenants. The Investor agrees that, from the date of this Subscription Agreement, none of the Investor
or any person acting on behalf of the Investor will engage in any hedging or other transactions or arrangements (including, without limitation,
any short sale or the purchase or sale of, or entry into, any put or call option, or combination thereof, forward, swap or any other derivative
transaction or similar instrument) designed or intended, or which could reasonably be expected to lead to or result in, a sale, loan,
pledge (except as collateral to any financing source in the ordinary course) or other disposition or transfer (whether by the Investor
or any other person) of any economic consequences of ownership, in whole or in part, directly or indirectly, of any Shares prior to the
Closing, whether any such transaction or arrangement (or instrument provided for thereunder) would be settled by delivery of securities
of the Company or Armada, in cash or otherwise, or to publicly disclose the intention to undertake any of the foregoing; provided further
that the provisions of this Section 10 shall not apply to (i) long sales (including sales of securities held by the Investor prior
to the date of this Subscription Agreement, (ii) securities purchased by the Investor in the open market after the date of this Subscription
Agreement), (iii) any transfers to any Permitted Transferees and (iv) any ordinary course, non-speculative hedging transactions.
Notwithstanding the foregoing, nothing in this Section 10 shall prohibit any entities under common management with the Investor that have
no knowledge (constructive or otherwise) of this Subscription Agreement or of Investor’s participation in the transactions contemplated
hereby from entering into any such transactions; and in the case of an Investor that is a multi-managed investment vehicle whereby separate
portfolio managers manage separate portions of such Investor’s assets and the portfolio managers have no knowledge of the investment
decisions made by the portfolio managers managing other portions of such Investor’s assets, this Section 10 shall only apply with
respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase the Shares hereunder.

11.
Termination. This Subscription Agreement shall terminate
and be void and of no further force and effect, and all rights and obligations of the parties hereunder shall terminate without any further
liability on the part of any party in respect thereof, upon the earlier to occur of (a) such date and time as the Transaction Agreement
is terminated in accordance with its terms, (b) upon the mutual written agreement of each of the parties hereto to terminate this Subscription
Agreement, or (c) written notice by either party to the other party to terminate this Subscription Agreement if the transactions contemplated
by this Subscription Agreement are not consummated on or prior to 31 August 2022 (any of (a) through (c), collectively, “Termination
Events”); provided that nothing herein will relieve any party from liability for fraud and/or any willful breach hereof
prior to the time of termination, and each party will be entitled to any remedies at law or in equity to recover losses, liabilities
or damages arising from any such fraud and/or willful breach. The Company or Armada or a Placement Agent shall notify the Investor of
the termination of the Transaction Agreement promptly after the termination of such agreement. Upon the occurrence of any Termination
Event, this Subscription Agreement shall be void and of no further effect (except that the provisions of Sections 9 through 13 of this
Subscription Agreement will survive any termination of this Subscription Agreement and continue indefinitely) and, promptly after any
such Termination Event, the Company shall instruct the Escrow Agent to promptly, in any event within two (2) Business Days, return any
monies paid by the Investor to the Escrow Account in connection herewith to the Investor by wire transfer of U.S. dollars in immediately
available funds to the account specified by the Investor, without any deduction for or on account of any tax withholding, charges or
set-off, whether or not the Transaction shall have been consummated.

    16
 

     

    

 

12.
Trust Account Waiver. Reference is made to the final
prospectus of Armada, dated as of August 12, 2021 and filed with the SEC (File No. 333-257692) on August 16, 2021 (the “Prospectus”).
The Investor understands that Armada has established a trust account (the “Trust Account”) containing the proceeds
of its initial public offering (the “IPO”) and the overallotment shares acquired by its underwriters and from certain
private placements occurring simultaneously with the IPO (including interest accrued from time to time thereon) for the benefit of Armada’s
public shareholders (including overallotment shares acquired by Armada’s underwriters, the “Public Shareholders”),
and that, except as otherwise described in the Prospectus, Armada may disburse monies from the Trust Account only: (a) to the Public
Shareholders in the event they elect to redeem some or all of the equity securities Armada in connection with the consummation of Armada’s
initial business combination (as such term is used in the Prospectus) (the “Business Combination”) or in connection
with an extension of its deadline to consummate a Business Combination, (b) to the Public Shareholders if Armada fails to consummate
a Business Combination within fifteen (15) months after the closing of the IPO (or up to eighteen (18) months from the closing of the
IPO if the Company extends the period of time to consummate a Business Combination, as described in the Prospectus), (c) with respect
to any interest earned on the amounts held in the Trust Account, amounts necessary to pay for any taxes and up to $100,000 in dissolution
expenses or (d) to the Company after or concurrently with the consummation of a Business Combination. For and in consideration of the
Company entering into this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
the Investor hereby agrees on behalf of itself and its affiliates that, notwithstanding anything to the contrary in this Subscription
Agreement, neither the Investor nor any of its affiliates do now or shall at any time hereafter have any right, title, interest or claim
of any kind in or to any monies in the Trust Account or distributions therefrom, or make any claim against the Trust Account (including
any distributions therefrom), regardless of whether such claim arises as a result of, in connection with or relating in any way to, this
Agreement or any proposed or actual business relationship between Armada, the Company or its Representatives, on the one hand, and the
Investor or its Representatives, on the other hand, or any other matter, and regardless of whether such claim arises based on contract,
tort, equity or any other theory of legal liability (collectively, the “Released Claims”). The Investor on behalf
of itself and its affiliates hereby irrevocably waives any Released Claims that the Investor or any of its affiliates may have against
the Trust Account (including any distributions therefrom) now or in the future as a result of, or arising out of, any negotiations, contracts
or agreements with Armada, the Company, the Target or their respective Representatives and will not seek recourse against the Trust Account
(including any distributions therefrom) for any reason whatsoever (including for an alleged breach of this Agreement or any other agreement
with the Company or its affiliates). The Investor agrees and acknowledges that such irrevocable waiver is material to this Agreement
and specifically relied upon by Armada, the Company and their respective affiliates to induce the Company to enter into this Subscription
Agreement, and the Investor further intends and understands such waiver to be valid, binding and enforceable against the Investor and
each of its affiliates under applicable law. To the extent the Investor or any of its affiliates commences any action or proceeding based
upon, in connection with, relating to or arising out of any matter relating to Armada, the Company, the Target or their respective Representatives,
which proceeding seeks, in whole or in part, monetary relief against Armada, the Company, the Target or their respective Representatives,
the Investor hereby acknowledges and agrees that the Investor’s and its affiliates’ sole remedy shall be against funds held
outside of the Trust Account and that such claim shall not permit the Investor or its affiliates (or any person claiming on any of their
behalves or in lieu of any of them) to have any claim against the Trust Account (including any distributions therefrom) or any amounts
contained therein. In the event the Investor or any of its affiliates commences any action or proceeding based upon, in connection with,
relating to or arising out of any matter relating to Armada, the Company, the Target or their respective Representatives, which proceeding
seeks, in whole or in part, relief against the Trust Account (including any distributions therefrom) or the Public Shareholders, whether
in the form of money damages or injunctive relief, Armada, the Company, the Target or their respective Representatives, as applicable,
shall be entitled to recover from the Investor and its affiliates the associated legal fees and costs in connection with any such action,
in the event Armada, the Company, the Target or their respective Representatives, as applicable, prevails in such action or proceeding.
Notwithstanding the foregoing, this Section 10 shall not affect any rights of the Investor or its affiliates to receive distributions
from the Trust Account in their capacities as Public Shareholders upon the redemption of their shares or the liquidation of Armada if
it does not consummate a Business Combination prior to its deadline to do so. For purposes of this Subscription Agreement, “Representatives”
with respect to any person shall mean such person’s affiliates and its and its affiliate’s respective directors, officers,
employees, consultants, advisors, agents and other representatives. Notwithstanding anything to the contrary contained in this Subscription
Agreement, the provisions of this Section 12 shall survive the Closing or any termination of this Subscription Agreement and last indefinitely.

    17
 

     

    

 

13.
Miscellaneous.

a.
The Investor shall be entitled to assign some or all of its rights under this Subscription Agreement (including the right to receive
the Shares), and to transfer some or all of its Shares, to Permitted Transferees (the “Assignee”); provided that such
Assignee assumes all obligations and liabilities of the Investor under this Subscription Agreement and provided that the Investor shall
remain jointly liable for all obligations and liabilities of the Investor under this Subscription Agreement.

b.
The Company may request from the Investor such additional information as the Company may deem reasonably necessary to evaluate
the eligibility of the Investor to acquire the Shares, and the Investor shall promptly provide such information as may reasonably be requested,
to the extent readily available and to the extent consistent with its internal policies and procedures; provided that, the Company agrees
to keep any such information provided by Investor confidential except (i) as necessary to include in any registration statement the Company
is required to file hereunder, (ii) as required by the federal securities law or pursuant to other routine proceedings of regulatory authorities
or (iii) to the extent such disclosure is required by Legal Requirement.

c.
The Investor acknowledges that Armada, the Company, the Placement Agents (as third party beneficiaries with rights of enforcement
only with respect to the waivers or obligations set forth therein that are specific to the Placement Agents) and the Target (as a third
party beneficiary with rights of enforcement only with respect to the waivers or obligations set forth therein that are specific to the
Target) will rely on the acknowledgments, understandings, agreements, representations and warranties of the Investor contained in Section
6 provided however that the foregoing clause of this Section 13(c) shall not give Armada, the Company or the Placement Agents any rights
other than those expressly set forth herein. Prior to the Closing, the Investor agrees to promptly notify the Company if any of the acknowledgments,
understandings, agreements, representations and warranties set forth in Section 7.h above are no longer accurate. The Investor acknowledges
and agrees that each purchase by the Investor of Shares from the Company will constitute a reaffirmation of the acknowledgments, understandings,
agreements, representations and warranties herein (as modified by any such notice) by the Investor as of the time of such purchase. Except
as expressly set forth herein, this Subscription Agreement shall not confer any rights or remedies upon any person other than the parties
hereto, and their respective successor and assigns.

d.
The Company, Armada, the Placement Agents and the Investor are irrevocably authorized to produce this Subscription Agreement or
a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered
hereby. The Investor shall not issue any press release or make any other similar public statement with respect to the transactions contemplated
hereby without the prior written consent of Armada or the Company (such consent not to be unreasonably withheld or delayed).

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

    18
 

     

    

 

f.
This Subscription Agreement may not be amended, modified, waived or terminated (other than pursuant to the terms of Section 11
above) except by an instrument in writing, signed by each party against whom enforcement of such amendment, modification, waiver or termination
is sought. No failure or delay of either party in exercising any right or remedy hereunder shall operate as a waiver thereof, nor shall
any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such right or power,
or any course of conduct, preclude any other or further exercise thereof or the exercise of any other right or power.

g.
This Subscription Agreement (including the schedule hereto) constitutes the entire agreement, and supersedes all other prior agreements,
understandings, representations and warranties, both written and oral, among the parties, with respect to the subject matter hereof (other
than any confidentiality agreement entered into by Armada and/or the Company and the Investor in connection with the Offering). Except
as set forth in Section 13(c) with respect to the Placement Agents and the Target, this Subscription Agreement shall not confer any rights
or remedies upon any person other than the parties hereto and their respective successors and assigns.

h.
This Subscription Agreement shall be binding upon, and inure to the benefit of the parties hereto and their heirs, executors, administrators,
successors, legal representatives, and permitted assigns, and the agreements, representations, warranties, covenants and acknowledgments
contained herein shall be deemed to be made by, and be binding upon, such heirs, executors, administrators, successors, legal representatives
and permitted assigns.

i.
If any provision of this Subscription Agreement shall be adjudicated by a court of competent jurisdiction to be invalid, illegal
or unenforceable, the validity, legality or enforceability of the remaining provisions of this Subscription Agreement shall not in any
way be affected or impaired thereby and shall continue in full force and effect. Upon such determination that any provision is invalid,
illegal or unenforceable, the parties will substitute for any invalid, illegal or unenforceable provision a suitable and equitable provision
that carries out so far as may be valid, legal and enforceable, the intent and purpose of such invalid, illegal or unenforceable provision.

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

k.
The parties hereto acknowledge and agree that irreparable damage would occur in the event that any of the provisions of this Subscription
Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties
shall be entitled to an injunction or injunctions to prevent breaches of this Subscription Agreement, without posting a bond or undertaking
and without proof of damages, to enforce specifically the terms and provisions of this Subscription Agreement, this being in addition
to any other remedy to which such party is entitled at law, in equity, in contract, in tort or otherwise.

l.
If any change in the number, type or classes of authorized shares of Armada or the Company (including the Shares), other than as
contemplated by the Transaction Agreement or any agreement contemplated by the Transaction, shall occur between the date hereof and immediately
prior to the Closing by reason of reclassification, recapitalization, stock split (including reverse stock split) or combination, exchange
or readjustment of shares, or any stock dividend, the number of Shares issued to the Investor shall be appropriately adjusted to reflect
such change.

m.
The Investor shall pay all of its own expenses in connection with this Subscription Agreement and
the transactions contemplated herein.

    19
 

     

    

 

n.
This Subscription Agreement shall be governed by, and construed in accordance with, the laws of the
State of New York, without regard to principles relating to conflict of laws. Each party hereby irrevocably and unconditionally submits,
for itself and its property, to the exclusive jurisdiction of the state and federal courts seated in New York County, New York (and any
appellate courts thereof) in any action or proceeding arising out of or relating to this Subscription Agreement, and each of the parties
hereby irrevocably and unconditionally (a) agrees not to commence any such action or proceeding except in such courts, (b) agrees that
any claim in respect of any such action or proceeding may be heard and determined in such court, (c) waives, to the fullest extent it
may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any such action or proceeding
in any such court, and (d) waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of
such action or proceeding in any such court. Each party agrees that a final judgment in any such action or proceeding shall be conclusive
and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Each party irrevocably consents
to the service of the summons and complaint and any other process in any other Proceeding relating to the transactions contemplated by
this Subscription Agreement, on behalf of itself, or its property, by personal delivery of copies of such process to such party at the
applicable address set forth in Section 11(o). Nothing in this Section 11(n) shall affect the right of any party to serve legal process
in any other manner permitted by law. EACH PARTY HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY IRREVOCABLY WAIVES THE RIGHT TO A TRIAL
BY JURY IN RESPECT TO ANY LITIGATION, DISPUTE, CLAIM, LEGAL ACTION OR OTHER LEGAL PROCEEDING BASED HEREON, OR ARISING OUT OF, UNDER, OR
IN CONNECTION WITH, THIS SUBSCRIPTION AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY OR ENFORCEMENT HEREOF.

o.
Any notice or communication required or permitted hereunder to be given to the Investor shall be in writing and either delivered
personally, emailed or sent by overnight mail via a reputable overnight carrier, or sent by certified or registered mail, postage prepaid,
to such address(es) or email address(es) set forth on the signature page hereto, and shall be deemed to be given and received (i) when
so delivered personally, (ii) when sent, with no mail undeliverable or other rejection notice, if sent by email, or (iii) three (3) business
days after the date of mailing to the following address or to such other address or addresses as the Investor may hereafter designate
by notice to Armada and the Company.

	
    If to Armada or the Company, to:

    Armada Acquisition Corp. I

    2005 Market Street, Suite 3120

    Philadelphia, PA 19103

    Attn: Stephen P. Herbert

    Email: sherbert@suncvllc.com

     
	
    with copies (which shall not constitute notice)
    to:

    DLA Piper LLP (US)

    1201 W Peachtree St NE #2800

    Atlanta, GA 30309

    Attention: Gerry Williams

    Email: gerry.williams@dlapiper.com

     

	
    If to Investor, to:

    

     
	
    with copies (which shall not constitute notice)
    to:

    

     

 

    20
 

     

    

 

p.
The headings set forth in this Subscription Agreement are for convenience of reference only and shall not be used in interpreting
this Subscription Agreement. In this Subscription Agreement, unless the context otherwise requires: (i) whenever required by the context,
any pronoun used in this Subscription Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular
form of nouns, pronouns and verbs shall include the plural and vice versa; (ii) “including” (and with correlative meaning
“include”) means including without limiting the generality of any description preceding or succeeding such term and shall
be deemed in each case to be followed by the words “without limitation”; and (iii) the words “herein”, “hereto”
and “hereby” and other words of similar import in this Subscription Agreement shall be deemed in each case to refer to this
Subscription Agreement as a whole and not to any particular portion of this Subscription Agreement.

 

14.
Non-Reliance and Exculpation. The Investor acknowledges that it is not relying upon, and
has not relied upon, any statement, representation or warranty made by any person other than the statements, representations and warranties
of Armada and the Company contained in this Subscription Agreement in making its investment or decision to invest in the Company. The
Investor agrees that none of the Placement Agents, their affiliates or any of their or their affiliates’ respective control persons,
officers, directors, employees or other Representatives, shall be liable to the Investor pursuant to this Subscription Agreement for
any action heretofore or hereafter taken or omitted to be taken by any of them in connection with the purchase of the Shares. The Investor
acknowledges that neither the Placement Agents, nor their Representatives: (a) shall be liable to the Investor for any improper payment
made in accordance with the information provided by the Company; (b) make any representation or warranty, or have any responsibilities
as to the validity, accuracy, value or genuineness of any information, certificates or documentation delivered by or on behalf of the
Company or Armada pursuant to this Agreement or the Transaction Agreement (together with any related documents, the “Transaction
Documents”); or (c) shall be liable to the Investor (whether in tort, contract or otherwise) (x) for any action taken, suffered
or omitted by any of them in good faith and reasonably believed to be authorized or within the discretion or rights or powers conferred
upon it by this Agreement or any Transaction Document or (y) for anything which any of them may do or refrain from doing in connection
with this Agreement or any Transaction Document, except for their gross negligence, willful misconduct or bad faith.

    21
 

     

    

 

15.
Disclosure. The Company shall, by 9:00 a.m., New York City time, on the first business day immediately following the date
of this Subscription Agreement, issue one or more press releases or furnish or file with the SEC a Current Report on Form 8-K (collectively,
the “Disclosure Document”) disclosing, to the extent not previously publicly disclosed, the Offering, all material
terms of the Transaction and any other material, non-public information that the Company or Armada has provided to the Investor at any
time prior to the filing of the Disclosure Document. From and after the disclosure of the Disclosure Document, to the knowledge of the
Company and Armada, the Investor shall not be in possession of any material, non-public information received from the Company or Armada
or any of their respective officers, directors or employees. Notwithstanding anything in this Subscription Agreement to the contrary,
neither Armada nor the Company shall publicly disclose the name of the Investor or any of its affiliates or advisers, or include the name
of the Investor or any of its affiliates or advisers in any press release or in any filing with the SEC or any regulatory agency or trading
market, without the prior written consent of the Investor, except (i) as required by the federal securities law or pursuant to other routine
proceedings of regulatory authorities, (ii) to the extent such disclosure is required by law, at the request of the staff of the SEC or
regulatory agency or under the regulations of any national securities exchange on which Armada’s or the Company’s securities
are listed for trading or (iii) to the extent such announcements or other communications contain only information previously disclosed
in a public statement, press release or other communication previously approved in accordance with this Section 15; provided, however,
that the Investor hereby consents to the filing of the Disclosure Documents with the SEC in connection with the execution and delivery
of the Transaction Agreement and this Subscription Agreement and the filing of any related documentation with the SEC (and, as and to
the extent otherwise required by the federal securities laws or the SEC or any other securities authorities, any other documents or communications
provided by Armada or the Company to any governmental authority or to security holders of Armada or the Company) of Investor’s identity
and beneficial ownership of Shares and the nature of Investor’s commitments, arrangements and understandings under and relating
to this Subscription Agreement and, if deemed appropriate by Armada or the Company, a copy of this Subscription Agreement or the form
hereof. Investor will promptly provide any information reasonably requested by Armada or the Company for any regulatory application or
filing made or approval sought in connection with the Transaction (including filings with the SEC).

[SIGNATURE
PAGES FOLLOW]

    22
 

     

    

IN WITNESS WHEREOF, the
parties hereto have caused this Subscription Agreement to be duly executed by their respective authorized signatories as of the date
first indicated above.

	 	Rezolve Group Limited
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title	 

 

	 	Armada Acquisition
Corp. I
	 	 	 	 
	 	By:	 	 
	 		Name:	Stephen P. Herbert
	 		Title:	Chief Executive Officer and Chairman

 

    	 

    	 

    

 

{INVESTOR SIGNATURE PAGE TO THE SUBSCRIPTION AGREEMENT}

 

IN WITNESS WHEREOF, the undersigned
has caused this Subscription Agreement to be duly executed by its authorized signatory as of the date first indicated above.

 

 

Name(s) of Investor:   

 

Signature of Authorized Signatory of Investor:

 

Name of Authorized Signatory:    

 

Title of Authorized Signatory: Director

 

Address for Notice to Investor:

 

 

Attention:  

Email: 

Facsimile No.: n/a

Telephone No.:   

 

Address for Delivery of Shares to Investor (if not same as address for
notice):

 

 

 

 

 

Subscription Amount:    

 

Number of Shares:    

 

Investor status (mark one): £
U.S. investor £ Non-U.S. investor

 

       

 

 

 

 

    	 

    	 

    

Exhibit A

Accredited Investor Questionnaire

 

Capitalized terms used and not defined in this Exhibit
A shall have the meanings given in the Subscription Agreement to which this Exhibit A is attached.

 

The undersigned represents and warrants that the undersigned
is an “accredited investor” (an “Accredited Investor”) as such term is defined in Rule 501(a) of Regulation
D under the U.S. Securities Act of 1933, as amended (the “Securities Act”), for one or more of the reasons
specified below (please check all boxes that apply):

 

	_______	(i)          
	A natural person whose net worth, either individually or jointly with such person’s spouse
or spousal equivalent, at the time of the Investor’s purchase, exceeds $1,000,000;

The term “net worth” means
the excess of total assets over total liabilities (including personal and real property, but excluding the estimated fair market
value of the Investor’s primary home). For the purposes of calculating joint net worth with the person’s spouse or spousal
equivalent, joint net worth can be the aggregate net worth of the Investor and spouse or spousal equivalent; assets need not be held jointly
to be included in the calculation. There is no requirement that securities be purchased jointly. A spousal equivalent means a cohabitant
occupying a relationship generally equivalent to a spouse.

	_______	(ii)         
	A natural person who had an individual income in excess of $200,000, or joint income with
the Investor’s spouse or spousal equivalent in excess of $300,000, in each of the two most recent years and reasonably expects
to reach the same income level in the current year;

In determining individual “income,”
the Investor should add to the Investor’s individual taxable adjusted gross income (exclusive of any spousal or spousal equivalent
income) any amounts attributable to tax exempt income received, losses claimed as a limited partner in any limited partnership, deductions
claimed for depletion, contributions to an IRA or Keogh retirement plan, alimony payments, and any amount by which income from long-term
capital gains has been reduced in arriving at adjusted gross income.

 

	_______	(iii)        
	A director or executive officer of the Company;

 

	_______	(iv)        
	A natural person holding in good standing with one or more professional certifications
or designations or other credentials from an accredited educational institution that the U.S. Securities Exchange Commission (“SEC”)
has designated as qualifying an individual for accredited investor status;

The SEC has designated the General Securities
Representative license (Series 7), the Private Securities Offering Representative license (Series 82) and the Licensed Investment Adviser
Representative (Series 65) as the initial certifications that qualify for accredited investor status.

	_______	(v)         
	A natural person who is a “knowledgeable employee” as defined in Rule 3c-5(a)(4)
under the Investment Company Act of 1940 (the “Investment Company Act”), of the issuer of the securities being offered
or sold where the issuer would be an investment company, as defined in section 3 of the Investment Company Act, but for the exclusion
provided by either section 3(c)(1) or section 3(c)(7) of the Investment Company Act;

    
 

     

    

 

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

	_______	(vii)        
	A broker or dealer registered pursuant to Section 15 of the Securities Exchange Act of
1934, as amended (the “Exchange Act”);

	_______	(viii)        
	An investment adviser registered pursuant to section 203 of the Investment Advisers
Act of 1940 (the “Investment Advisers Act”) or registered pursuant to the laws of a state, or an investment adviser
relying on the exemption from registering with the SEC under the section 203(l) or (m) of the Investment Advisers Act;

	_______	(ix)        
	An insurance company as defined in section 2(13) of the Exchange Act;

	_______	(x)        
	An investment company registered under the Investment Company Act or a business development company
as defined in Section 2(a)(48) of that Act;

	_______	(xi)        
	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;

	_______	(xii)        
	A Rural Business Investment Company as defined in section 384A of the Consolidated Farm and Rural
Development Act;

	_______	(xiii)        
	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;

	_______	(xiv)        
	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;

	_______	(xv)        
	A private business development company as defined in Section 202(a)(22) of the Investment Advisers
Act of 1940;

	_______	(xvi)        
	An organization described in Section 501(c)(3) of the Internal Revenue Code, or a corporation, business
trust, partnership, or limited liability company, or any other entity not formed for the specific purpose of acquiring the Shares, with
total assets in excess of $5,000,000;

	_______	(xvii)        
	A trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring
the Securities, whose purchase is directed by a sophisticated person who has such knowledge and experience in financial and business
matters that such person is capable of evaluating the merits and risks of investing in the Company;

	_______	(xviii)        
	A “family office” as defined in Rule 202(a)(11)(G)-1 under the Investment Advisers Act
with assets under management in excess of $5,000,000 that is not formed for the specific purpose of acquiring the securities offered
and 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;

    
 

     

    

 

	_______	(xix)        
	A “family client” as defined in Rule 202(a)(11)(G)-1 under the Investment Advisers Act,
of a family office meeting the requirements set forth in (xviii) and whose prospective investment in the issuer is directed by a person
from a family office that is capable of evaluating the merits and risks of the prospective investment;

	_______	(xx)        
	A “qualified institutional buyer” as defined in Rule 144A under the Securities Act;

	_______	(xxi)        
	An entity, of a type not listed above, not formed for the specific purpose of acquiring the securities
offered, owning investments in excess of $5,000,000; and/or

	_______	(xxii)        
	An entity in which all of the equity owners qualify as an accredited investor under any of
the above subparagraphs.

	_______	(xxiii)        
	The Investor does not qualify under any of the investor categories set forth in (i) through (xxi)
above.

 

		2.1	Type of the Investor. Indicate the form of entity of the Investor:

	 ̈	Individual	 ̈	Limited Partnership
	 ̈	Corporation	 ̈	General Partnership
	 ̈	Revocable Trust	 ̈	Limited Liability Company
	 ̈	Other Type of Trust (indicate type):	________________________________
	 ̈	Other (indicate form of organization):	________________________________

                                                                                

   

		2.2.1	If the Investor is not an individual, indicate the approximate date the Investor entity was formed: _____________________.

 

		2.2.2	If the Investor is not an individual, initial the line below which correctly describes the
application of the following statement to the Investor’s situation: the Investor (x) was not organized or reorganized for the specific
purpose of acquiring the Securities and (y) has made investments prior to the date hereof, and each beneficial owner thereof has and will
share in the investment in proportion to his or her ownership interest in the Investor.

__________True

__________False

If the “False” line is initialed,
each person participating in the entity will be required to fill out a Subscription Agreement.

Investor:

Investor Name:___________________________

By:_____________________________

Signatory Name:

Signatory Title:

Date:Exhibit 10.3

 

 

 

Investor
RIGHTS AGREEMENT

This Investor Rights Agreement
(this “Agreement”) dated as of December 17, 2021 is made and entered into by and among Rezolve Group Limited, a Cayman
Islands exempted company (the “Company”), and the parties listed on Schedule A (each, a “Holder”
and collectively, the “Holders”). Capitalized terms used but not defined herein have the meanings assigned to them
in the Business Combination Agreement dated as of December 17, 2021 (the “Business Combination Agreement”), by and
among the Company, Armada Acquisition Corp. I, a Delaware corporation (“Armada”), and Rezolve Limited, a private limited
company organized under the law of England and Wales (“Rezolve”).

WHEREAS, the Company, Armada,
Cayman Merger Sub, Inc., a Delaware corporation (the "Merger Sub") and Rezolve are parties to the Business Combination
Agreement, pursuant to which, among other things, the Company acquired all of the outstanding capital shares of Rezolve pursuant to a
transfer and exchange agreement with the shareholders of Rezolve (the “Company Reorganization”), and thereafter, Merger
Sub (a wholly-owned subsidiary of the Company) merged with and into Armada, with Armada surviving as a subsidiary of the Company (the
“Merger” and the date on which it closed, the “Closing Date”);

WHEREAS, the Company (as
successor in interest to Armada) and the Holder designated as an “Original Holder” on Schedule A (the “Sponsor”)
and the other parties thereto, are parties to the Registration Rights Agreement dated as of August 12, 2021 (the “Prior Agreement”);

WHEREAS, the parties to
the Prior Agreement desire to terminate the Prior Agreement and to provide for certain rights and obligations included herein and to include
the New Holders; and

WHEREAS, the Company and
the Shareholder Parties (as defined below) wish to establish certain board nomination, corporate governance and other investor rights
in respect of the Company.

NOW, THEREFORE, in consideration
of the representations, covenants and agreements contained herein, and certain other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereby agree as follows:

ARTICLE I

DEFINITIONS

Section
1.1 Definitions.  For purposes of this Agreement, the following terms and variations
thereof have the meanings set forth below:

“Adverse Disclosure” shall
mean any public disclosure of material non-public information, which disclosure, in the good faith judgment of the Board, after consultation
with counsel to the Company, (i) would be required to be made in any Registration Statement or Prospectus in order for the applicable
Registration Statement or Prospectus not to contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements contained therein (in the case of any Prospectus and any preliminary Prospectus, in the light of the circumstances
under which they were made) not misleading, (ii) would not be required to be made at such time if the Registration Statement were not
being filed, and (iii) would materially impede, delay or interfere with any significant financing, significant acquisition, significant
corporate reorganization or other significant transaction then pending or proposed to be taken by the Company or any of its subsidiaries
(or any negotiations, discussions or pending proposals with respect thereto), or would otherwise materially adversely affect the Company.

    	 

    	 

    

 

 

“Affiliate” of any Person
means any other Person which (i) directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under
common control with, such Person, and (ii) as to any individual, in addition to any Person in clause (i), (a) any member of the immediate
family of an individual Holder, including parents, siblings, spouse and children (including those by adoption), the parents, siblings,
spouse, or children (including those by adoption) of such immediate family member, and, in any such case, any trust whose primary beneficiary
is such individual Holder or one or more members of such immediate family and/or such Holder’s lineal descendants, and (b) the legal
representative or guardian of such individual Holder or of any such immediate family member in the event such individual Holder or any
such immediate family member becomes mentally incompetent; provided, however, that in no event shall the Company or any
of its subsidiaries be deemed an Affiliate of any Holder. The term “control” (including the terms “controlling,”
“controlled” and “under common control with”) as used with respect to any Person means the possession, direct
or indirect, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership
of voting securities, by contract or otherwise.

“Agreement” shall have the
meaning given in the Preamble.

“Armada” shall have the
meaning given in the Preamble.

“Beneficially Own”, “Beneficial
Owner” and “Beneficial Ownership” have the meaning assigned to such terms in Rule 13d-3 under the Exchange
Act, and a Person’s beneficial ownership of securities shall be calculated in accordance with the provisions of such Rule (in each
case, irrespective of whether or not such Rule is actually applicable in such circumstance). For the purposes of calculating any Holder’s
Beneficial Ownership, rights and obligations under this Agreement shall not be taken into account.

“Board” shall mean the Board
of Directors of the Company.

“Board Seat Period” shall
mean, with respect to any Holder, the period during which such Holder is entitled to appoint designees to the Board pursuant to subsection
7.1.1.

“Business Combination Agreement”
shall have the meaning given in the Preamble.

“Business Day” shall mean
a day other than Saturday, Sunday or other day on which commercial banks in New York, New York are authorized or required by law to remain
closed.

“Closing Date” shall have
the meaning given in the Recitals.

“Commission” shall mean
the Securities and Exchange Commission.

“Company” shall have the
meaning given in the Preamble.

“Company Warrants” shall
have the meaning given in the Recitals.

“Confidential Information”
shall mean all information (irrespective of the form of communication) received by or on behalf of a Holder or its Representatives from
the Company, its Affiliates or their respective Representatives, through the Beneficial Ownership of Equity Securities or through the
rights granted pursuant hereto, other than information which (i) was or becomes generally available to the public other than as a result
of a breach of this Agreement by such Holder, its Affiliates or their respective Representatives, (ii) was or becomes available to such
Holder, its Affiliates or their respective Representatives on a non-confidential basis from a source other than the Company, its Affiliates
or their respective Representatives, or any other Holder or its Representatives, as the case may be, provided, that the source thereof
is not known by such Holder or such of its Affiliates or their respective Representatives to be bound by an obligation of confidentiality
to the Company or any of its Affiliates, or (iii) is independently developed by such Holder, its Affiliates or their respective Representatives
without the use of any information that would otherwise be Confidential Information hereunder.

“Convertible Loan Note”
means that certain loan note instrument constituting $20,000,000 secured convertible Loan Notes, dated December 17, 2021.

“Demand Registration” shall
have the meaning given in subsection 2.1.1.

“Demand Requesting Holder”
shall have the meaning given in subsection 2.1.1.

“Demanding Holder” shall
have the meaning given in subsection 2.1.1.

    	 

    	 

    

 

 

“Director” shall have the
meaning given in subsection 7.1.1.

“Equity Securities” shall
mean (i) all shares of capital stock of the Company, (ii) all securities convertible into or exchangeable for shares of capital stock
of the Company, and (iii) all options, warrants or other rights to purchase or otherwise acquire from the Company shares of such capital
stock, or securities convertible into or exchangeable for shares of such capital stock.

“Exchange Act” shall mean
the Securities Exchange Act of 1934, as it may be amended from time to time.

“Form F-1” shall mean a
Registration Statement on Form F-1 or any comparable successor form or forms thereto.

“Form F-3” shall mean a
Registration Statement on Form F-3 or any comparable successor form or forms thereto.

“Founder Shares” means collectively
(i) the 5,087,500 shares of Common Stock held by the Company’s sponsor, officers and directors, and (ii) 162,500 shares of the Common
Stock held by EarlyBird Capital, Inc. (the “EBC Shares”) that were issued prior to consummation of the Company’s
initial public offering.

“Governmental Authority”
shall mean any federal, state, provincial, municipal, local or foreign government, governmental authority, regulatory or administrative
agency, governmental commission, department, board, bureau, agency or instrumentality, court or tribunal.

“Holder” or “Holders”
shall have the meaning given in the Preamble (and any Person to whom rights under this Agreement is assigned in accordance with Section
10.5).

“Insider Letter” shall mean
that certain letter agreement, dated as of August 12, 2021, by and among Armada, the Sponsor and the other parties thereto.

“Law” shall mean any statute,
law, ordinance, rule, treaty, code, directive, regulation, governmental approval (whether granted or required) or order, in each case,
of any Governmental Authority.

“Lockup Period” shall mean
the Initial Lockup Period (as defined in Section 5.1), as may expire earlier with respect to such portion of the 10% Lockup Shares
in accordance with the terms of Section 5.1.

“Major Shareholder” means
any individual or entity that Beneficially Owns, as of the Closing Date, after giving effect to the consummation of the transactions contemplated
by the Business Combination Agreement, 10% or more of the issued and outstanding Ordinary Shares.

“Maximum Number of Securities”
shall have the meaning given in subsection 2.1.4.

“Memorandum and Articles of Association”
shall mean the Company’s Memorandum and Articles of Association, effective as of the Closing Date, as may be amended or amended
and restated.

“Merger” shall have the
meaning given in the Recitals.

“Merger Sub” shall have
the meaning given in the Preamble.

“Misstatement” shall mean
an untrue statement of a material fact or an omission to state a material fact required to be stated in a Registration Statement or Prospectus,
or necessary to make the statements in a Registration Statement or Prospectus (and in the case of any Prospectus and any preliminary Prospectus,
in the light of the circumstances under which they were made) not misleading.

“New Holders” shall have
the meaning given in the Recitals.

“New Registration Statement”
shall have the meaning given in subsection 2.3.4.

    	 

    	 

    

 

 

“Nominating Committee” shall
have the meaning given in subsection 7.1.1.

“Ordinary Shares” shall
mean the ordinary shares, par value $0.0001 per share, of the Company.

“Permitted Distribution in Kind”
shall mean a distribution by a Holder of all or substantially all the Ordinary Shares or Company Warrants (as applicable) held by such
Holder or its Permitted Transferees to the holders of capital stock of such Holder.

“Permitted Transferee” means,
with respect to a Holder, (a) any of its Affiliates or any related or controlled fund or sub-fund, partnership or investment vehicle or
any general partner, managing limited partner or management company who holds or manages any business of, or whose business is held or
managed by, that Holder or any of its Affiliates or (b) any other person with the prior written consent of the Company (not to be unreasonably
withheld, delayed or conditioned). With respect to the Sponsor, a “Permitted Transferee” shall also include any Person
to whom the Sponsor is required or permitted to transfer its Registrable Securities prior to the expiration of the applicable Lockup Period
and/or under any other applicable Agreement between the Sponsor and Armada. With respect to a Holder that is an individual, a “Permitted
Transferee” shall also include (x) as to any member of such Holder’s immediate family, or to a trust for the benefit of
Holder or any member of Holder’s immediate family, the sole trustees of which are such Holder or any member of such Holder’s
immediate family or (y) by will, other testamentary document, under the laws of intestacy or by virtue of laws of descent and distribution
upon the death of Holder. In all cases, a Permitted Transferee, shall concurrently with any assignment, transfer or conveyance of Registrable
Securities execute a counterpart to this Agreement or a joinder agreeing to become a party to this Agreement.

“Person” means any individual,
sole proprietorship, partnership, limited liability company, joint venture, trust, incorporated organization, association, corporation,
institution, public benefit corporation, Governmental Authority or any other entity.

“Piggyback Registration”
shall have the meaning given in subsection 2.2.1.

“PIPE Subscription Agreement”
shall mean that certain subscription agreement, dated as of December 17, 2021, by and among the Company, Armada and Apeiron Investment
Group Limited.

“Prior Agreement” shall
have the meaning given in the Recitals.

“Private Shares” means the
Shares the Company’s sponsor is privately purchasing simultaneously with the consummation of the Company’s initial public
offering.

“Prospectus” shall mean
the prospectus included in any Registration Statement, as supplemented by any and all prospectus supplements and as amended by any and
all post-effective amendments and including all material incorporated by reference in such prospectus.

“Release Date” means the
date on which the Founder Shares are disbursed from escrow pursuant to Section 3 of that certain Stock Escrow Agreement dated as of August
12, 2021 by and among the holders of Founder Shares and Continental Stock Transfer & Trust Company.

“Registrable Security” shall
mean (i) the Founder Shares, (ii) the Private Shares, (iii) the Working Capital Shares, if any, issued and outstanding as of the Closing
Date, (iv) any outstanding Ordinary Shares and (v) any other Equity Security (including the Ordinary Shares issued or issuable upon the
exercise of any other Equity Security) of the Company held by a Holder as of the Closing Date (including the Ordinary Shares issued pursuant
to the Reorganization, the Business Combination Agreement, the PIPE Subscription Agreement and/or the conversion of the Convertible Loan
Note). Registrable Securities include any warrants, shares of capital stock or other securities of the Company issued as a dividend or
other distribution with respect to or in exchange for or in replacement of such Founder Shares, Private Shares and Working Capital Shares
(if any). As to any particular Registrable Securities, such securities shall cease to be Registrable Securities when: (a) a Registration
Statement with respect to the sale of such securities shall have become effective under the Securities Act and such securities shall have
been sold, transferred, disposed of or exchanged in accordance with such Registration Statement; (b) such securities shall have been otherwise
transferred, new certificates for them not bearing a legend restricting further transfer shall have been delivered by the Company, and
subsequent public distribution of them shall not require registration under the Securities Act; (c) such securities shall have ceased
to be outstanding or shall have been sold without registration pursuant to Section 4(a)(1) of the Securities Act or Rule 144 (or any successor
rule promulgated thereafter by the Commission), (d) the Registrable Securities are freely saleable under Rule 144 under the Securities
Act without manner of sale or volume limitations, or (e) the Registrable Securities shall have been sold to, or through, a broker, dealer
or underwriter in a public distribution or other public securities transaction.

    	 

    	 

    

 

 

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

“Registration Expenses”
shall mean the out-of-pocket expenses of a Registration (including any Underwritten Offering), including the following:

(A) all registration and filing fees (including
fees with respect to filings required to be made with the Financial Industry Regulatory Authority, Inc.) and any listing fees of any securities
exchange on which any Ordinary Shares are then listed;

(B) fees and expenses of compliance with securities
or blue sky laws (including reasonable fees and disbursements of outside counsel for the Underwriter(s) in connection with blue sky qualifications
of Registrable Securities);

(C) printing, messenger, telephone and delivery
expenses;

(D) fees and disbursements of counsel for the
Company;

(E) fees and disbursements of all independent
registered public accountants of the Company incurred specifically in connection with such Registration or Underwritten Offering;

(F) the Company’s expenses with respect
to any roadshow related to the Registration or Underwritten Offering;

(G) fees and expenses of the Company’s
transfer agent; and

(H) reasonable fees and expenses of one (1)
legal counsel selected by the majority-in-interest of the Demanding Holders or the majority-in interest of the Takedown Requesting Holders,
as applicable.

Notwithstanding the foregoing, under no circumstances
shall the Company be obligated to pay any fees, discounts and/or commissions to any Underwriter or broker with respect to the Registrable
Securities.

“Registration Statement”
shall mean any registration statement that covers the Registrable Securities pursuant to the provisions of this Agreement, including the
Prospectus included in such registration statement, amendments (including post-effective amendments) and supplements to such registration
statement, and all exhibits to and all material incorporated by reference in such registration statement.

“Relevant Person” shall
have the meaning given in subsection 7.2.1.

“Representatives” shall
have the meaning given in Section 8.1.

“Rezolve” shall have the
meaning given in the Preamble.

“Rule 144” shall have the
meaning set forth in Section 10.3.

“Securities Act” shall mean
the Securities Act of 1933, as amended from time to time.

“SEC Guidance” shall have
the meaning given in subsection 2.3.4.

    	 

    	 

    

 

 

“Share Purchase” shall have
the meaning given in the Recitals.

“Shareholder Designee” shall
have the meaning given in subsection 7.1.4.

“Shareholder Parties” shall
mean the individuals identified on Exhibit A hereto and the Sponsor Group.

“Sponsor” shall have the
meaning given in the Recitals.

“Sponsor Group” shall mean
the Sponsor, any of its Permitted Transferees or any other Holder that has received Registrable Securities from the Sponsor or any of
its Permitted Transferees through a Permitted Distribution in Kind.

“Takedown Requesting Holder”
shall have the meaning given in subsection 2.3.5.

“Trading Price” shall mean
the trading price of the Ordinary Shares reported on The Nasdaq Stock Market LLC, the New York Stock Exchange or other national stock
exchange (or if not then reported on a national exchange, the average bid and ask price as reported on an over-the-counter bulletin board,
“pink sheets” or other quotation service).

“Underwriter” shall mean
a securities dealer who purchases any Registrable Securities as principal in an Underwritten Offering and not as part of such dealer’s
market-making activities.

“Underwritten Registration”
or “Underwritten Offering” shall mean a Registration in which securities of the Company are sold to an Underwriter
in a firm commitment underwriting for distribution to the public, including for the avoidance of doubt an Underwritten Shelf Takedown.

“Underwritten Shelf Takedown”
shall have the meaning given in subsection 2.3.5.

“Working Capital Shares”
means any shares of Common Stock held by the Company’s sponsor, officer, director or their respective affiliates which may be issued
in payment of working capital loans made to the Company.

ARTICLE II

REGISTRATION

Section
2.1 Demand Registration.

2.1.1 Request for Registration.
Subject to the provisions of subsection 2.1.4 and Section 2.4, at any time and from time to time following the Closing Date
(but subject to the Lockup Period), Holders of Registrable Securities representing at least five percent (5%) of the Ordinary Shares then
outstanding or members of the Sponsor Group holding Registrable Securities of any amount (such Holders or members of the Sponsor Group,
the “Demanding Holder”), may make a written demand for Registration of all or part of their Registrable Securities
on Form F-3 (or, if Form F-3 is not available to be used by the Company at such time, on Form F-1 or another appropriate form permitting
Registration of such Registrable Securities for resale by such Demanding Holders), which written demand shall describe the amount and
type of securities to be included in such Registration and the intended method(s) of distribution thereof (such written demand, a “Demand
Registration”). The Company shall, no later than fifteen (15) days following the Company’s receipt of the Demand Registration,
notify, in writing, all other Holders of Registrable Securities of such demand, and each Holder of Registrable Securities who thereafter
wishes to include all or a portion of such Holder’s Registrable Securities in a Registration pursuant to a Demand Registration (each
such Holder that includes all or a portion of such Holder’s Registrable Securities in such Registration, a “Demand Requesting
Holder”) shall so notify the Company, in writing, within five (5) days after the receipt by the Holder of the notice from
the Company. Upon receipt by the Company of any such written notification from a Demand Requesting Holder to the Company, such Demand
Requesting Holder shall be entitled to have its Registrable Securities included in a Registration pursuant to a Demand Registration and
the Company shall effect, as soon thereafter as practicable, the Registration of all Registrable Securities requested by the Demanding
Holder and the Demand Requesting Holder(s), if any, pursuant to such Demand Registration, including by filing a Registration Statement
relating thereto as soon as practicable, but no more than forty-five (45) days immediately after the Company’s receipt of the Demand
Registration. The Company shall not be obligated to effect more than an aggregate of two (2) Demand Registrations under this Section 2.1.1
on behalf of the Sponsor Group and an aggregate of two (2) Demand Registrations under this Section 2.1.1 on behalf of the other Holders,
in each case in respect of all Registrable Securities. The Company’s obligations to include the Registrable Securities held by a
Holder in a Demand Registration are contingent upon such Holder furnishing in writing to the Company such information regarding the Holder,
the securities of the Company held by the Holder and the intended method of disposition of the Registrable Securities as shall be reasonably
requested by the Company to effect the registration of the Registrable Securities, and the Holder shall execute such documents in connection
with such registration as the Company may reasonably request that are customary of a selling shareholder in similar situations.

    	 

    	 

    

 

 

2.1.2 Effective Registration.
Notwithstanding the provisions of subsection 2.1.1 or any other part of this Agreement, a Registration pursuant to a Demand Registration
shall not count as a Registration unless and until (i) the Registration Statement filed with the Commission with respect to a Registration
pursuant to a Demand Registration has been declared effective by the Commission, and (ii) the Company has complied with all of its obligations
under this Agreement with respect thereto; provided, however, that if, after such Registration Statement has been declared
effective, an offering of Registrable Securities in a Registration pursuant to a Demand Registration is subsequently interfered with by
any stop order or injunction of the Commission, federal or state court or any other governmental agency, the Registration Statement with
respect to such Registration shall be deemed not to have been declared effective for purposes of counting Registrations under subsection
2.1.1 unless and until (i) such stop order or injunction is removed, rescinded or otherwise terminated, and (ii) the Demanding Holder
initiating such Demand Registration thereafter affirmatively elects to continue with such Registration and so notifies the Company in
writing within five (5) days of written notice of such removal, rescission or termination; provided, further, however,
that the Company shall not be obligated or required to file another Registration Statement until the Registration Statement that has been
previously filed with respect to a Registration pursuant to a Demand Registration becomes effective or has been terminated.

2.1.3 Underwritten Offering.
Subject to the provisions of subsection 2.1.4 and Section 2.4, if the Demanding Holders advise the Company as part of its
Demand Registration that the offering of the Registrable Securities pursuant to such Demand Registration shall be in the form of an Underwritten
Offering, then the right of such Demanding Holder or any Demand Requesting Holder(s) to include its Registrable Securities in such Registration
shall be conditioned upon such Holder’s participation in such Underwritten Offering and the inclusion of such Holder’s Registrable
Securities in such Underwritten Offering to the extent provided herein. All such Holders proposing to distribute their Registrable Securities
through an Underwritten Offering under this subsection 2.1.3 shall enter into an underwriting agreement in customary form with
the Underwriter(s) selected for such Underwritten Offering by the majority-in-interest of the Demanding Holder and any Demand Requesting
Holder(s) participating in the Demand Registration, subject to the Company’s prior approval which shall not be unreasonably withheld,
conditioned or delayed.

2.1.4 Reduction of Underwritten
Offering. If the managing Underwriter or Underwriters in an Underwritten Registration pursuant to a Demand Registration, in good faith,
advises the Company, the Demanding Holder and any other Demand Requesting Holders in writing that the dollar amount or number of Registrable
Securities that the Demanding Holder and the Demand Requesting Holders (if any) desire to sell, taken together with all other Ordinary
Shares or other Equity Securities that the Company desires to sell and the Ordinary Shares, if any, as to which a Registration has been
requested pursuant to separate written contractual piggyback registration rights held by any other shareholders who desire to sell, exceeds
the maximum dollar amount or maximum number of Equity Securities that can be sold in the Underwritten Offering without, in reasonable
opinion of the Underwriter or Underwriters, would likely adversely affect the proposed offering price, the timing, the distribution method,
or the probability of success of such offering (such maximum dollar amount or maximum number of such securities, as applicable, the “Maximum
Number of Securities”), then the Company shall include in such Underwritten Offering, as follows: (i) first, the Registrable
Securities of the Demanding Holder and the Demand Requesting Holders (if any) (on a pro rata basis based on the respective number of Registrable
Securities then owned by such Demanding Holder and each Demand Requesting Holder (if any) in relation to the aggregate number of Registrable
Securities owned by such Demanding Holder and each Demand Requesting Holder (if any)), which can be sold without exceeding the Maximum
Number of Securities and for which a Registration Statement with respect to the sale of such Registrable Securities shall not have already
become effective under the Securities Act; (ii) second, to the extent that the Maximum Number of Securities has not been reached under
the foregoing clause (i), Ordinary Shares or other Equity Securities that the Company desires to sell, which can be sold without exceeding
the Maximum Number of Securities; and (iii) third, to the extent that the Maximum Number of Securities has not been reached under the
foregoing clauses (i) and (ii), Ordinary Shares or other Equity Securities of other Persons that the Company is obligated to register
in a Registration pursuant to separate written contractual arrangements with such Persons and that can be sold without exceeding the Maximum
Number of Securities. Notwithstanding the foregoing, the Underwriter or Underwriters shall consult with the Board and the Sponsor in advance
of Closing with regard to the Maximum Number of Securities (including the number of Registrable Securities that the Demanding Holder and
the Demand Requesting Holders (if any) desire to sell in connection therewith) and the allocation of securities in connection with the
Underwritten Offering. The final allocation shall be subject to the prior written approval of the Board and Sponsor (not be unreasonably
withheld or delayed).

    	 

    	 

    

 

 

2.1.5 Demand Registration
Withdrawal. A majority-in-interest of the Demand Requesting Holders (if any) shall have the right to withdraw from a Registration
pursuant to such Demand Registration for any or no reason whatsoever upon written notification to the Company and the Underwriter(s) (if
any) of their intention to withdraw from such Registration prior to the effectiveness of the Registration Statement filed with the Commission
with respect to the Registration of their Registrable Securities pursuant to such Demand Registration (or, in the case of an Underwritten
Registration pursuant to Rule 415 under the Securities Act, at least two (2) Business Days prior to the time of pricing of the applicable
offering). If a Demanding Holder initiating a Demand Registration withdraws from a proposed offering pursuant to this subsection 2.1.5,
then such registration shall not count as a Demand Registration provided for in Section 2.1. Notwithstanding anything to the contrary
in this Agreement, (i) the Company may effect any Underwritten Registration pursuant to any then effective Registration Statement, including
a Form F-3, that is then available for such offering, and (ii) the Company shall be responsible for the Registration Expenses incurred
in connection with a Registration pursuant to a Demand Registration prior to its withdrawal under this subsection 2.1.5.

Section
2.2 Piggyback Registration.

2.2.1 Piggyback Rights.
If at any time and from time to time following the Closing Date (but subject to the Lockup Period) the Company proposes to file a Registration
Statement under the Securities Act with respect to an offering of Equity Securities for its own account or for the account of shareholders
of the Company (or by the Company and by the shareholders of the Company, including pursuant to Section 2.1), other than a Registration
Statement (i) filed in connection with any employee share option or other benefit plan, (ii) for an exchange offer or offering of securities
solely to the Company’s existing shareholders, (iii) for an offering of debt that is convertible into shares of capital stock of
the Company, (iv) for a dividend reinvestment plan, or (v) a Form F-4 or S-4 (or any successor form thereto) in connection with a business
combination, then the Company shall give written notice of such proposed registration to all of the Holders of Registrable Securities
as soon as practicable but no later than ten (10 days) prior to the anticipated filing date of such Registration Statement, which notice
shall (A) describe the amount and type of securities to be included in such offering, the intended method(s) of distribution, and the
name of the proposed managing Underwriter(s), if any, in such offering, and (B) offer to all of the Holders of Registrable Securities
the opportunity to register the sale of such number of Registrable Securities as such Holders may request in writing within five (5) days
after receipt of such written notice (such Registration a “Piggyback Registration”). The Company shall, in good faith,
cause such Registrable Securities to be included in such Piggyback Registration and shall use its best efforts to cause the managing Underwriter
or Underwriters of a proposed Underwritten Offering to permit the Registrable Securities requested by the Holders pursuant to this subsection
2.2.1 to be included in a Piggyback Registration on the same terms and conditions as any similar securities of the Company included
in such Registration and to permit the sale or other disposition of such Registrable Securities in accordance with the intended method(s)
of distribution thereof. All such Holders proposing to distribute their Registrable Securities through an Underwritten Offering under
this subsection 2.2.1 shall enter into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten
Offering by the Company.

    	 

    	 

    

 

 

2.2.2 Reduction of Piggyback
Registration. If the managing Underwriter or Underwriters in an Underwritten Registration that is to be a Piggyback Registration,
in good faith, advises the Company and the Holders of Registrable Securities participating in the Piggyback Registration in writing that
the dollar amount or number of Ordinary Shares that the Company desires to sell, taken together with (x) the Ordinary Shares, if any,
as to which Registration has been demanded pursuant to separate written contractual arrangements with Persons other than the Holders of
Registrable Securities hereunder, (y) the Registrable Securities as to which registration has been requested pursuant to Section 2.2
hereof, and (z) the Ordinary Shares, if any, as to which Registration has been requested pursuant to separate written contractual piggyback
registration rights of other shareholders of the Company, exceeds the Maximum Number of Securities, then:

(i)  If
the Registration is undertaken for the Company’s account, the Company shall include in any such Registration (A) first, Ordinary
Shares or other Equity Securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities;
(B) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (A), the Registrable Securities
of Holders exercising their rights to register their Registrable Securities pursuant to subsection 2.2.1 hereof, pro rata, based
on the respective number of Registrable Securities that each Holder has so requested be included in such Piggyback Registration and the
aggregate number of Registrable Securities that Holders have requested be included in such Piggyback Registration, which can be sold without
exceeding the Maximum Number of Securities; and (C) third, to the extent that the Maximum Number of Securities has not been reached under
the foregoing clauses (A) and (B), Ordinary Shares, if any, as to which Registration has been requested pursuant to written contractual
piggyback registration rights of other shareholders of the Company, which can be sold without exceeding the Maximum Number of Securities;
and

(ii)  If
the Registration is pursuant to a request by Persons other than the Holders of Registrable Securities, then the Company shall include
in any such Registration (A) first, Ordinary Shares or other Equity Securities, if any, of such requesting Persons, which can be sold
without exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not been reached
under the foregoing clause (A), the Registrable Securities of Holders exercising their rights to register their Registrable Securities
pursuant to subsection 2.2.1, pro rata, based on the respective number of Registrable Securities that each Holder has requested
be included in such Piggyback Registration and the aggregate number of Registrable Securities that the Holders have requested be included
in such Piggyback Registration, which can be sold without exceeding the Maximum Number of Securities; (C) third, to the extent that the
Maximum Number of Securities has not been reached under the foregoing clauses (A) and (B), Ordinary Shares or other Equity Securities
that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities; and (D) fourth, to the extent
that the Maximum Number of Securities has not been reached under the foregoing clauses (A), (B) and (C), Ordinary Shares or other Equity
Securities for the account of other Persons that the Company is obligated to register pursuant to separate written contractual arrangements
with such Persons, which can be sold without exceeding the Maximum Number of Securities.

2.2.3 Piggyback Registration
Withdrawal. Any Holder of Registrable Securities shall have the right to withdraw from a Piggyback Registration for any or no reason
whatsoever upon written notification to the Company and the Underwriter or Underwriters (if any) of his, her or its intention to withdraw
from such Piggyback Registration at least two (2) Business Days prior to the effectiveness of the Registration Statement filed with the
Commission with respect to such Piggyback Registration. The Company (whether on its own good faith determination or as the result of a
request for withdrawal by Persons pursuant to separate written contractual obligations) may withdraw a Registration Statement filed with
the Commission in connection with a Piggyback Registration at any time prior to the effectiveness of such Registration Statement. Notwithstanding
anything to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with
the Piggyback Registration prior to its withdrawal under this subsection 2.2.3.

2.2.4 Unlimited Piggyback
Registration Rights. For purposes of clarity, any Registration effected pursuant to Section 2.2 hereof shall not be counted
as a Registration pursuant to a Demand Registration effected under Section 2.1 hereof, and there shall be no limit on the number
of Piggyback Registrations.

    	 

    	 

    

 

 

Section
2.3 Shelf Registration Rights

2.3.1 Registration Statement
Covering Resale of Registrable Securities. The Holders of Registrable Securities at any time and from time to time following the Closing
Date (but subject to the Lockup Period) may request in writing that the Company register the resale of any or all of such Registrable
Securities on Form F-3 or any similar short-form registration which may be available at such time (“Form F-3”);
provided, however, that the Company shall not be obligated to effect such request through an Underwritten Offering. Upon receipt of such
written request, the Company will promptly give written notice of the proposed Registration to all other holders of Registrable Securities,
and, as soon as practicable thereafter, effect the Registration of all or such portion of such Holder’s or Holders’ Registrable
Securities as are specified in such request, together with all or such portion of the Registrable Securities or other Equity Securities
of the Company, if any, of any other Holder or Holders joining in such request as are specified in a written request given within fifteen
(15) days after receipt of such written notice from the Company; provided, however, that the Company shall not be obligated to effect
any such Registration pursuant to this Section 2.3: (i) if Form F-3 is not available for such offering; or (ii) if the Holders of the
Registrable Securities, together with the holders of any other Equity Securities of the Company entitled to inclusion in such Registration,
propose to sell Registrable Securities and such other Equity Securities (if any) at any aggregate price to the public of less than $500,000.
Registrations effected pursuant to this Section 2.3 shall not be counted as Demand Registrations effected pursuant to Section 2.1. The
Company shall use reasonable best efforts to cause the Form F-3 to be declared effective as soon as possible after filing but no later
than the 90th day (or 120th day if the SEC notifies the Company that it will “review” the Registration Statement) following
the filing date thereof; provided, however, that the Company’s obligations to include the Registrable Securities held
by a Holder in the Form F-3 are contingent upon such Holder furnishing in writing to the Company such information regarding the Holder,
the securities of the Company held by the Holder and the intended method of disposition of the Registrable Securities as shall be reasonably
requested by the Company to effect the registration of the Registrable Securities, and the Holder shall execute such documents in connection
with such registration as the Company may reasonably request that are customary of a selling shareholder in similar situations. Once effective,
the Company shall use reasonable best efforts to keep the Form F-3 and Prospectus included therein continuously effective and to be supplemented
and amended to the extent necessary to ensure that such Registration Statement is available or, if not available, to ensure that another
Registration Statement is available, under the Securities Act at all times until the earliest of (i) the date on which all Registrable
Securities and other securities covered by such Registration Statement have been disposed of in accordance with the intended method(s)
of distribution set forth in such Registration Statement and (ii) the date on which all Registrable Securities and other securities covered
by such Registration Statement have ceased to be Registrable Securities. The Registration Statement filed with the Commission pursuant
to this subsection 2.3.1 shall contain a Prospectus in such form as to permit any Holder to sell such Registrable Securities pursuant
to Rule 415 under the Securities Act (or any successor or similar provision adopted by the Commission then in effect) at any time beginning
on the effective date for such Registration Statement, and shall provide that such Registrable Securities may be sold pursuant to any
method or combination of methods legally available to, and requested by, Holders, including through a Permitted Distribution in Kind.

2.3.2 Notification and
Distribution of Materials. The Company shall notify the Holders in writing of the effectiveness of the Registration Statement on Form
F-3 as soon as practicable, and in any event within five (5) Business Days after the Registration Statement becomes effective, and shall
furnish to them, without charge, such number of copies of the Form F-3 (including any amendments, supplements and exhibits), the Prospectus
contained therein (including each preliminary Prospectus and all related amendments and supplements) and any documents incorporated by
reference in the Form F-3 or such other documents as the Holders may reasonably request in order to facilitate the sale of the Registrable
Securities in the manner described in the Form F-3 (to the extent that any of such documents is not available on EDGAR).

2.3.3 Amendments and
Supplements. Subject to the provisions of subsection 2.3.1 above, the Company shall promptly prepare and file with the Commission
from time to time such amendments and supplements to the Registration Statement on Form F-3 and Prospectus used in connection therewith
as may be necessary to keep the Registration Statement effective and to comply with the provisions of the Securities Act with respect
to the disposition of all the Registrable Securities. If any Form F-3 filed pursuant to subsection 2.3.1 is filed on Form F-3 and
thereafter the Company becomes ineligible to use Form F-3 for secondary sales, the Company shall promptly notify the Holders of such ineligibility
and use its best efforts to file a shelf registration on an appropriate form as promptly as practicable to replace the shelf registration
statement on Form F-3 and have such replacement Form F-3 declared effective as promptly as practicable and to cause such replacement Form
F-3 to remain effective, and to be supplemented and amended to the extent necessary to ensure that such Form F-3 is available or, if not
available, that another Form F-3 is available, for the resale of all the Registrable Securities held by the Holders until all such Registrable
Securities have ceased to be Registrable Securities; provided, however, that at any time the Company once again becomes
eligible to use Form F-3, the Company shall cause such replacement Form F-3 to be amended, or shall file a new replacement Form F-3, such
that the Form F-3 is once again on Form F-3.

    	 

    	 

    

 

 

2.3.4 SEC Cutback.
Notwithstanding the registration obligations set forth in this Section 2.3, in the event the Commission informs the Company that
all of the Registrable Securities cannot, as a result of the application of Rule 415, be registered for resale as a secondary offering
on a single registration statement, the Company agrees to promptly (i) inform each of the Holders thereof and use its reasonable best
efforts to file amendments to the Form F-3 as required by the Commission and/or (ii) withdraw the Form F-3 and file a new registration
statement (a “New Registration Statement”) on Form F-3, or if Form F-3 is not then available to the Company for such
registration statement, on such other form available to register for resale the Registrable Securities as a secondary offering; provided,
however, that prior to filing such amendment or New Registration Statement, the Company shall use its reasonable best efforts to
advocate with the Commission for the registration of all of the Registrable Securities in accordance with any publicly-available written
or oral guidance, comments, requirements or requests of the Commission staff (the “SEC Guidance”). Notwithstanding
any other provision of this Agreement, if any SEC Guidance sets forth a limitation on the number of Registrable Securities permitted to
be registered on a particular Registration Statement as a secondary offering (and notwithstanding that the Company used diligent efforts
to advocate with the Commission for the registration of all or a greater number of Registrable Securities), unless otherwise directed
in writing by a Holder as to further limit its Registrable Securities to be included on the Registration Statement, the number of Registrable
Securities to be registered on such Registration Statement will be reduced on a pro rata basis based on the total number of Registrable
Securities held by the Holders, subject to a determination by the Commission that certain Holders must be reduced first based on the number
of Registrable Securities held by such Holders. In the event the Company amends the Form F-3 or files a New Registration Statement, as
the case may be, under clauses (i) or (ii) above, the Company will use its reasonable best efforts to file with the Commission, as promptly
as allowed by Commission or SEC Guidance provided to the Company or to registrants of securities in general, one or more registration
statements on Form F-3 or such other form available to register for resale those Registrable Securities that were not registered for resale
on the Form F-3, as amended, or the New Registration Statement.

2.3.5 Underwritten Shelf
Takedown. At any time and from time to time after a Form F-3 has been declared effective by the Commission, any of the Demanding Holders
may request to sell all or any portion of their Registrable Securities in an underwritten offering that is registered pursuant to such
Form F-3 (each, an “Underwritten Shelf Takedown”); provided, however, that the Company shall only be
obligated to effect an Underwritten Shelf Takedown if such offering shall include securities with a total offering price (including piggyback
securities and before deduction of underwriting discounts) reasonably expected to exceed, in the aggregate, $25,000,000. All requests
for Underwritten Shelf Takedowns shall be made by giving written notice to the Company, which shall specify the approximate number of
Registrable Securities proposed to be sold in the Underwritten Shelf Takedown. Promptly upon receiving such notice (but no later than
10 days after receipt of such notice), the Company shall notify all of the other Holders of Registrable Securities regarding the potential
Underwritten Shelf Takedown. The Company shall include in any Underwritten Shelf Takedown the securities requested to be included by any
such other Holder (each a “Takedown Requesting Holder”) within 5 days of receipt of notice of such Underwritten Shelf
Takedown pursuant to written contractual piggyback registration rights of such Holder (including those set forth herein). All Holders
proposing to distribute their Registrable Securities through an Underwritten Shelf Takedown under this subsection 2.3.5 shall enter
into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten Offering by the majority-in-interest
of the Demanding Holder and any Takedown Requesting Holder(s) participating in the Underwritten Shelf Takedown, subject to the Company’s
prior approval which shall not be unreasonably withheld, conditioned or delayed.

2.3.6 Reduction of Underwritten
Shelf Takedown. If the managing Underwriter(s) in an Underwritten Shelf Takedown, in good faith, advise the Company and the Takedown
Requesting Holders in writing that the dollar amount or number of Registrable Securities that the Takedown Requesting Holders desire to
sell, taken together with all other Ordinary Shares or other Equity Securities that the Company desires to sell, exceeds the Maximum Number
of Securities, then the Company shall include in such Underwritten Shelf Takedown, as follows: (i) first, the Registrable Securities of
the Takedown Requesting Holders, on a pro rata basis based on the respective number of Registrable Securities then owned by a Takedown
Requesting Holder in relation to the aggregate number of Registrable Securities owned by all of the Takedown Requesting Holders, which
can be sold without exceeding the Maximum Number of Securities; and (ii) second, to the extent that the Maximum Number of Securities has
not been reached under the foregoing clause (i), the Ordinary Shares or other Equity Securities that the Company desires to sell, which
can be sold without exceeding the Maximum Number of Securities.

    	 

    	 

    

 

 

2.3.7 Registrations effected
pursuant to this Section 2.3 shall not be counted as Demand Registrations effected pursuant to Section 2.1. Under no circumstances
shall the Company be obligated to effect more than an aggregate of four (4) Underwritten Shelf Takedowns in any 12-month period.

Section
2.4 Restrictions on Registration Rights. Notwithstanding anything to the contrary contained herein,
the Company shall not be obligated to (but may, at its sole option) file a Registration Statement pursuant to a Demand Registration request
made under Section 2.1 within 90 days after any other Demand Registration or effect an Underwritten Shelf Takedown within 90 days
after any other Underwritten Shelf Takedown, provided that the Company has delivered written notice to the Holders prior to receipt of
a Demand Registration pursuant to subsection 2.1.1 or a request for an Underwritten Shelf Takedown and that the Company continues
to actively employ, in good faith, all reasonable efforts to cause the applicable Registration Statement to become effective or Underwritten
Shelf Takedown to be consummated.

ARTICLE III

COMPANY PROCEDURES

Section
3.1 General Procedures. If at any time on or after the Closing Date the Company is required to
effect the Registration of Registrable Securities, whether pursuant to the filing of a new Registration Statement, effecting an Underwritten
Shelf Takedown or otherwise, the Company shall use its reasonable best efforts to effect such Registration to permit the sale of such
Registrable Securities in accordance with the intended plan of distribution thereof, and pursuant thereto the Company shall, as expeditiously
as possible:

3.1.1 prepare and file
with the Commission as soon as practicable a Registration Statement with respect to such Registrable Securities and use its reasonable
best efforts to cause such Registration Statement to become effective and remain effective until all Registrable Securities covered by
such Registration Statement have been sold;

3.1.2 prepare and file
with the Commission such amendments and post-effective amendments to the Registration Statement, and such supplements to the Prospectus,
as may be reasonably requested by the majority-in-interest of the Holders with Registrable Securities registered on such Registration
Statement or any Underwriter of Registrable Securities or as may be required by the rules, regulations or instructions applicable to the
registration form used by the Company or by the Securities Act or rules and regulations thereunder to keep the Registration Statement
effective until all Registrable Securities covered by such Registration Statement are sold in accordance with the intended plan of distribution
set forth in such Registration Statement or supplement to the Prospectus;

3.1.3 prior to filing a
Registration Statement or Prospectus, or any amendment or supplement thereto, furnish without charge to the Underwriter(s), if any, and
the Holders of Registrable Securities included in such Registration that are Demanding Holders, and such Holders’ legal counsel,
copies of such Registration Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in each case
including all exhibits thereto and documents incorporated by reference therein), the Prospectus included in such Registration Statement
(including each preliminary Prospectus), and such other documents as the Underwriter(s) and the Holders of Registrable Securities included
in such Registration or the legal counsel for any such Holders may request in order to facilitate the disposition of the Registrable Securities
owned by such Holders;

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

    	 

    	 

    

 

 

3.1.5 cause all such Registrable
Securities to be listed on each securities exchange or automated quotation system on which similar securities issued by the Company are
then listed;

3.1.6 provide a transfer
agent or warrant agent, as applicable, and registrar for all such Registrable Securities no later than the effective date of such Registration
Statement;

3.1.7 advise each seller
of such Registrable Securities, promptly after it shall receive notice or obtain knowledge thereof, of the issuance of any stop order
by the Commission suspending the effectiveness of such Registration Statement or the initiation or threatening of any proceeding for such
purpose and promptly use its reasonable best efforts to prevent the issuance of any stop order or to obtain its withdrawal if such stop
order should be issued;

3.1.8 advise each Holder
of Registrable Securities covered by such Registration Statement, promptly after the Company receives notice thereof, of the time when
such registration statement has been declared effective (which may be satisfied by the issuance of a press release by the Company);

3.1.9 notify the Holders
at any time when a Prospectus relating to such Registration Statement is required to be delivered under the Securities Act, of the happening
of any event as a result of which the Prospectus included in such Registration Statement, as then in effect, includes a Misstatement,
and then to correct such Misstatement as set forth in Section 3.4 hereof;

3.1.10 permit Representatives
of the Holders and the Underwriter(s), if any, to participate, at each such Person’s own expense, in the preparation of the Registration
Statement, and cause the Company’s officers, directors and employees to supply all information reasonably requested by any such
Representative in connection with the Registration; provided, however, that the participating Holder(s) shall inform their
Representatives and the Underwriter(s) of the confidential nature of the process;

3.1.11 obtain a “cold
comfort” letter from the Company’s independent registered public accountants in the event of an Underwritten Registration,
in customary form and covering such matters of the type customarily covered by “cold comfort” letters as the managing Underwriter(s)
may reasonably request, and reasonably satisfactory to a majority-in-interest of the participating Holders and such managing Underwriter(s);

3.1.12 on the date the
Registrable Securities are delivered for sale pursuant to such Registration, obtain an opinion, dated such date, of counsel representing
the Company for the purposes of such Registration, addressed to the Underwriter(s), if any, covering such legal matters with respect to
the Registration in respect of which such opinion is being given as the Underwriter(s) may reasonably request and as are customarily included
in such opinions and negative assurance letters; provided, however, that counsel for the Company shall not be required to
provide any opinions with respect to any Holder;

3.1.13 in the event of
any Underwritten Offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the
managing Underwriter(s) of such offering;

3.1.14 make available to
its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve (12) months beginning
with the first day of the Company’s first full calendar quarter after the effective date of the Registration Statement which satisfies
the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any successor rule promulgated thereafter by the Commission);

3.1.15 in connection with
an Underwritten Offering, cause its senior management, officers, employees and independent public accountants (in the case of the independent
public accountants, subject to any applicable accounting guidance regarding their participation in the offering or the due diligence process)
to participate in, make themselves available, supply such information as may reasonably be requested and to otherwise facilitate and cooperate
with the preparation of the Registration Statement and Prospectus and any amendments or supplements thereto (including participating in
meetings, drafting sessions, due diligence sessions and rating agency presentations) taking into account the Company’s reasonable
business needs;

    	 

    	 

    

 

 

3.1.16 if a Registration
relates to an Underwritten Offering with gross proceeds in excess of $25,000,000, use its reasonable efforts to make available senior
executives of the Company to participate in customary “road show” presentations that may be reasonably requested by the Underwriter(s)
in any Underwritten Offering; and

3.1.17 otherwise, in good
faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by the Holders, in connection with such
Registration.

Section
3.2 Registration Expenses. All Registration Expenses shall be borne by the Company, including
as set forth in subsection 2.1.5. It is acknowledged by the Holders that the Holders shall pay the Underwriters’ commissions
and discounts and, other than as set forth in the definition of “Registration Expenses,” all reasonable fees and expenses
of any legal counsel representing the Holders.

Section
3.3 Requirements for Participation in Underwritten Offerings. No Person may participate in any
Underwritten Offering for Equity Securities of the Company unless such Person (i) agrees to sell such Person’s securities on the
basis provided in any underwriting arrangements approved by the Company and (ii) completes and executes all customary questionnaires,
powers of attorney, indemnities, lock-up agreements, underwriting agreements and other customary documents as may be reasonably required
under the terms of such underwriting arrangements.

Section
3.4 Suspension of Sales; Adverse Disclosure. The Company shall promptly notify each of the Holders
in writing if a Registration Statement or Prospectus contains a Misstatement and, upon receipt of such written notice from the Company,
each of the Holders shall forthwith discontinue disposition of Registrable Securities until he, she or it is advised in writing by the
Company that the use of the Prospectus may be resumed or has received copies of a supplemented or amended Prospectus correcting the Misstatement,
provided that the Company hereby covenants promptly to prepare and file any required supplement or amendment correcting any Misstatement
promptly after the time of such notice and, if necessary, to request the immediate effectiveness thereof. If the filing, initial effectiveness
or continued use of a Registration Statement or Prospectus included in any Registration Statement at any time (i) would require the Company
to make an Adverse Disclosure or (ii) would require the inclusion in such Registration Statement of financial statements that are unavailable
to the Company for reasons beyond the Company’s control, the Company shall have the right to defer the filing, initial effectiveness
or continued use of any Registration Statement pursuant to (i) or (ii) for a period of not more than sixty (60) consecutive days and the
Company shall not defer any such filing, initial effectiveness or use of a Registration Statement pursuant to this Section 3.4
for more than three times or for more than a total of 120 days (in each case counting deferrals initiated pursuant to (i) or (ii) in the
aggregate) in any 12-month period.

Section
3.5 Reporting Obligations. As long as any Holder shall own Registrable Securities, the Company,
at all times while it shall be a reporting company under the Exchange Act, covenants to file timely (or obtain extensions in respect thereof
and file within the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant to Sections
13(a) or 15(d) of the Exchange Act and to promptly furnish the Holders with true and complete copies of all such filings (unless such
filings are otherwise available on EDGAR). The Company further covenants that it shall take such further action as any Holder may reasonably
request, all to the extent required from time to time to enable such Holder to sell Ordinary Shares held by such Holder without registration
under the Securities Act within the limitation of the exemptions provided by Rule 144 promulgated under the Securities Act (or any successor
rule promulgated thereafter by the Commission), including providing any legal opinions. Upon the request of any Holder, the Company shall
deliver to such Holder a written certification of a duly authorized officer as to whether it has complied with such requirements.

Section
3.6 Limitations on Registration Rights. The Company shall not hereafter enter into any agreement
with respect to its securities which is inconsistent with or violates the rights granted to the Holders of Registrable Securities in this
Agreement and in the event of any conflict between any such agreement or agreements and this Agreement, the terms of this Agreement shall
prevail. Notwithstanding anything herein to the contrary, EarlyBirdCapital, Inc. may not exercise its rights under Section 2.2 hereunder
after seven (7) years after the effective date of the registration statement relating to the Company’s initial public offering.

    	 

    	 

    

 

 

ARTICLE IV

INDEMNIFICATION AND CONTRIBUTION

Section
4.1 Indemnification

4.1.1 The Company agrees
to indemnify and hold harmless each Holder of Registrable Securities, its officers and directors and agents and each Person who controls
such Holder (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) against all expense, loss, judgment,
claim, damage, liability or action (including attorneys’ fees) ("Loss"), to the extent such Loss is attributable
to any untrue or alleged untrue statement of material fact contained in any Registration Statement, Prospectus or preliminary Prospectus
or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or
necessary to make the statements therein not misleading or any violation by the Company of the Securities Act or any rule or regulation
promulgated thereunder applicable to the Company and relating to action or inaction required of the Company in connection with any such
registration; and the Company shall promptly reimburse the Investor Indemnified Party for any legal and any other expenses reasonably
incurred by such Holder entitled to indemnification hereunder in connection with investigating and defending any such expense, loss, judgment,
claim, damage, liability or action whether or not any such person is a party to any such claim or action and including reasonable legal
and other expenses incurred in giving testimony or furnishing documents in response to a subpoena or otherwise, except, in each case,
insofar as the same are caused by or contained in any information furnished in writing to the Company by such Holder expressly for use
therein. The Company shall indemnify the Underwriter(s), their officers and directors and each Person who controls (within the meaning
of the Securities Act) such Underwriter(s) to the same extent as provided in the foregoing with respect to the indemnification of the
Holder.

4.1.2 In connection with
any Registration Statement in which a Holder of Registrable Securities is participating, such Holder shall furnish to the Company in writing
such information and affidavits as the Company reasonably requests for use in connection with any such Registration Statement or Prospectus
and, to the extent permitted by law, shall indemnify the Company and any of its subsidiaries (including Rezolve), and their respective
directors, officers, employees, consultant, agents and professional advisers and each Person who controls (within the meaning of the Securities
Act) the Company against any losses, claims, damages, liabilities and expenses (including reasonable attorneys’ fees) resulting
from any untrue or alleged untrue statement of material fact contained in the Registration Statement, Prospectus or preliminary Prospectus
or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or
necessary to make the statements therein not misleading, but only to the extent that such untrue statement or omission is contained in
any information or affidavit so furnished in writing by such Holder expressly for use therein; provided, however, that the
obligation to indemnify shall be several, not joint and several, among such Holders of Registrable Securities, and the aggregate liability
of each such Holder of Registrable Securities shall be in proportion to and limited to the net proceeds received by such Holder from the
sale of Registrable Securities pursuant to the Registration Statement. The Holders of Registrable Securities shall indemnify the Underwriter(s),
their officers, directors and each Person who controls (within the meaning of the Securities Act) such Underwriter(s) to the same extent
as provided in the foregoing with respect to indemnification of the Company.

4.1.3 Any Person entitled
to indemnification herein shall (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification
(provided, however, that the failure to give prompt notice shall not impair any Person’s right to indemnification
hereunder to the extent such failure has not materially prejudiced the indemnifying party) and (ii) unless in such indemnified party’s
reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim, permit
such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense
is assumed, the indemnifying party shall not be subject to any liability for any settlement made by the indemnified party without its
consent (but such consent shall not be unreasonably withheld, conditioned or delayed). An indemnifying party who is not entitled to, or
elects not to, assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel for all parties
indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict
of interest may exist between such indemnified party and any other of such indemnified parties with respect to such claim. No indemnifying
party shall, without the consent of the indemnified party, consent to the entry of any judgment or enter into any settlement which cannot
be settled in all respects by the payment of money (and such money is so paid by the indemnifying party pursuant to the terms of such
settlement) or which settlement does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified
party of a release from all liability in respect to such claim or litigation.

    	 

    	 

    

 

 

4.1.4 The indemnification
provided for under this Agreement shall remain in full force and effect regardless of any investigation made by or on behalf of the indemnified
party or any officer, director or controlling Person of such indemnified party and shall survive the transfer of securities. The Company
and each Holder of Registrable Securities participating in an offering also agrees to make such provisions as are reasonably requested
by any indemnified party for contribution (pursuant to subsection 4.1.5) to such party in the event the Company’s or such
Holder’s indemnification is unavailable for any reason.

4.1.5 If the indemnification
provided under Section 4.1 hereof from the indemnifying party is unavailable or insufficient to hold harmless an indemnified party
in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the indemnifying party, in lieu of indemnifying
the indemnified party, shall contribute to the amount paid or payable by the indemnified party as a result of such losses, claims, damages,
liabilities and expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying party and the indemnified
party, as well as any other relevant equitable considerations. The relative fault of the indemnifying party and indemnified party shall
be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of
a material fact or omission or alleged omission to state a material fact, was made by, or relates to information supplied by, such indemnifying
party or indemnified party, and the indemnifying party’s and indemnified party’s relative intent, knowledge, access to information
and opportunity to correct or prevent such action; provided, however, that the liability of any Holder under this subsection
4.1.5 shall be limited to the amount of the net proceeds received by such Holder in such offering giving rise to such liability. The
amount paid or payable by a party as a result of the losses or other liabilities referred to above shall be deemed to include, subject
to the limitations set forth in subsections 4.1.1, 4.1.2 and 4.1.3 above, any legal or other fees, charges or expenses
reasonably incurred by such party in connection with any investigation or proceeding. The parties hereto agree that it would not be just
and equitable if contribution pursuant to this subsection 4.1.5 were determined by pro rata allocation or by any other method of
allocation, which does not take account of the equitable considerations referred to in this subsection 4.1.5. No Person guilty
of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution pursuant
to this subsection 4.1.5 from any Person who was not guilty of such fraudulent misrepresentation.

ARTICLE V

LOCKUP

Section
5.1 Lockup. For the one hundred eighty (180) day period after the Closing Date (the “Initial
Lockup Period”), none of the Holders (excluding EBC) will:

5.1.1 sell, offer to sell,
contract or agree to sell, hypothecate, pledge (except as collateral to any financing source in the ordinary course), grant any option
to purchase or otherwise dispose of or agree to dispose of, directly or indirectly, or establish or increase a put equivalent position
or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Exchange Act, with respect to any Registrable
Securities,

5.1.2 enter into any swap
or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any of the Registrable
Securities, in cash or otherwise, or

5.1.3 publicly announce
any intention to effect any transaction specified in clause (a) or (b);

provided, that the foregoing shall not prohibit
the transfer of Registrable Securities to a Permitted Transferee, but only if such Permitted Transferee shall concurrently execute this
Agreement or a joinder agreeing to become a party to this Agreement; and except, that, with respect to ten percent (10%) of the Registrable
Securities (the “10% Lockup Shares”), the Initial Lockup Period shall expire earlier as follows: (x) with respect to
one-third of the 10% Lockup Shares, on the date on which the Trading Price is greater than $12.00 per share (as adjusted for stock splits,
stock dividends, reorganizations, recapitalizations and the like) for any twenty (20) trading days within any thirty (30)-trading day
period, (y) with respect to an additional one-third of the 10% Lockup Shares, on the date on which the Trading Price of the Ordinary Shared
is greater than $14.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for
any twenty (20) trading days within any thirty (30)-trading day period; and (z) with respect to the remaining one-third of the 10% Lockup
Shares, on the date on which the Trading Price of the Ordinary Shares is greater than $16.00 per share (as adjusted for stock splits,
stock dividends, reorganizations, recapitalizations and the like) for any twenty (20) trading days within any thirty (30)-trading day
period. Notwithstanding the foregoing, the provisions of this Section 5.1 shall not apply to any Ordinary Shares issued pursuant to the
PIPE Subscription Agreement and/or the conversion of the Convertible Loan Note.

    	 

    	 

    

 

 

ARTICLE VI

GOVERNANCE

Section
6.1 Board Composition. The business and affairs of the Company shall be managed by or under the
direction of its Board. The Shareholder Parties shall take all necessary and desirable actions within their control such that (i) the
size of the Board shall initially be set at ten (10) members but shall be reduced to nine (9) in the event that the Aggregate Transaction
Proceeds (as defined in the Business Combination Agreement) are equal to or in excess of $150m, and thereafter may be changed from time
to time by resolution of the Board in accordance with the Memorandum and Articles of Association and (ii) while the size of the Board
is nine (9) or ten (10) members, at least five (5) of those members shall satisfy the independence criteria of the applicable national
exchange on which the Ordinary Shares are then listed. 

Section
6.2 Staggered Board. The Memorandum and Articles of Association of the Company shall provide
that the Company shall have a classified Board, with three classes of directors. While the size of the Board is ten (10) members, three
Directors shall be in Class I, three Directors in Class II and four Directors in Class III (or if the Board size reduces to nine (9) then
there shall be three Directors in Class III). One Class of Directors will be elected each year. The term of office of the Class I Directors
will expire at the Company’s first annual meeting of shareholders following the Closing Date. The term of office of the Class II
Directors will expire at the Company’s second annual meeting of shareholders following the Closing Date. The term of office of the
Class III Directors will expire at the Company’s third annual meeting of shareholders following the Closing Date.

ARTICLE VII

NOMINATION RIGHTS

Section
7.1 Right to Nominate Directors.

7.1.1 After the date hereof, the Company and
the Shareholder Parties shall take all necessary and desirable actions within their control to cause the nominating committee of the Board
(the “Nominating Committee”) to nominate and recommend to the Board, including self-nominations, the following individuals
for election to the Board as directors (each, a “Director”):

(a) for so long as Dan Wagner together with
his Affiliates, Beneficially Owns any of the issued and outstanding Ordinary Shares of the Company, seven (7) individuals who will initially
be: Dan Wagner, Igor Lychagov, Anthony Sharp, Sir David Wright, Dr. Steve Perry, John Wagner and Derek Smith. In the event that the size
of the Board reduces to nine (9) members in accordance with section 6.1then the number of nominated individuals under this section 7.1.1(a)
shall be six (6) individuals and John Wagner shall no longer be a nominated individual;

(b) for the period of 12 months from the date
hereof and for so long as Sponsor Group Beneficially Owns any of the issued and outstanding Ordinary Shares of the Company, two (2) individuals
designated in writing by the Sponsor, at least one of whom shall satisfy the independence criteria of the applicable national exchange
on which the Ordinary Shares are then listed; and

(c) for so long as the Sponsor Group has nomination
rights pursuant to Section 7.1.1(b), one director to be mutually determined by the Nominating Committee and the Sponsor Group,
who shall satisfy the independence criteria of the applicable national exchange on which the Ordinary Shares are then listed.

    	 

    	 

    

 

 

7.1.2 The Memorandum and Articles of Association
shall (to the extent permitted by applicable Law) provide that Directors may designate alternate directors.

7.1.3 Directors are subject to removal pursuant
to the applicable provisions of the Memorandum and Articles of Association.

7.1.4 During the Sponsor’s
Board Seat Period, in the event that (i) a vacancy is created at any time by the death, retirement, disability, removal or resignation
of any of the members nominated by the Sponsor (the “Shareholder Designees”) or (ii) a Shareholder Designee fails to
be elected to the Board at any annual or special meeting of the shareholders of the Company at which such Shareholder Designee stood for
election but was nevertheless not elected, the remaining directors and the Company shall cause such open seat to be filled by a new member
designated in writing by the Shareholder Party that designated such Shareholder Designee, as soon as possible, and the Company and the
Shareholder Parties hereby agree to take all necessary and desirable actions within their control to accomplish the same. The Sponsor
shall have the right to propose to remove their respective Shareholder Designee and designate another Shareholder Designee in his or her
place, provided that the Board shall be notified in advance with regard to the identity of the replacement Shareholder Designee. If the
Sponsor, during its Board Seat Period, wishes to remove its Shareholder Designee and designate another Shareholder Designee in his or
her place pursuant to this subsection 7.1.4, the Company and the Shareholder Parties shall take all necessary and desirable actions
within their control, upon written notice from the Sponsor, as applicable, to the Company, to fill the vacancy resulting from such removal
with such replacement Shareholder Designee in accordance with this subsection 7.1.4.

7.1.5 The Company agrees
to include, in the slate of nominees recommended by the Board for election at any meeting of shareholders called for the purpose of electing
directors, the Persons nominated pursuant to this Article VII (to the extent that directors of such nominee’s class are to
be elected at such meeting, for so long as the Board is classified) and to nominate and recommend each such individual to be elected as
a director as provided herein, and to solicit proxies or consents in favor thereof and to cause the applicable proxies to vote in accordance
with the foregoing. The Company shall use its commercially reasonable efforts to support the election of the Shareholder Designees and,
in any event, not less than the efforts used by the Company to obtain the election of any other nominee nominated by it to serve on the
Board. The Company and the Shareholder Parties shall take all necessary and desirable actions within their control to enable the Shareholder
Parties to nominate their respective Shareholder Designees.

7.1.6 Each member of the
Board shall be entitled to the same rights and privileges applicable to all other members of the Board generally or to which all such
members of the Board are entitled. In furtherance of the foregoing, the Company shall indemnify, exculpate, and reimburse fees and expenses
of the Directors and provide them with director and officer insurance to the same extent it indemnifies, exculpates, reimburses and provides
insurance for the other members of the Board pursuant to the Memorandum and Articles of Association of the Company, Law or otherwise.
The Company acknowledges and agrees that it (i) is the indemnitor of first resort (i.e., its and its insurers’ obligations to advance
expenses and to indemnify any Shareholder Designee are primary and any obligation of any Shareholder Party, their Affiliates or their
insurers to advance fees and expenses or to provide indemnification for the same fees and expenses or liabilities incurred by any Shareholder
Designee is secondary and excess), and (ii) shall be required to advance the amount of fees and expenses incurred by any Shareholder Designee
and shall be liable for the amount of all fees, expenses and liabilities incurred by any such Shareholder Designee, in each case (a) to
the same extent as it advances fees and expenses to other members of the Board pursuant to the Memorandum and Articles of Association,
Law or otherwise, and (b) without regard to any rights such a Shareholder Designee may have against his or her designating Shareholder
Party or any of its Affiliates; provided that such Shareholder Designee shall have delivered to the Company an undertaking, by or on behalf
of such Shareholder Designee, to repay all amounts so advanced if it shall ultimately be determined by final judicial decision of a court
of competent jurisdiction from which there is no further right to appeal that such Shareholder Designee is not entitled to be indemnified
for such expenses.

    	 

    	 

    

 

 

Section
7.2 Outside Activities.

7.2.1 To the fullest extent
permitted by applicable Law, (i) no Holder, in such capacity, or any Affiliates of such Holder in such capacity (collectively, the “Relevant
Persons”) shall have any fiduciary duty to refrain from engaging directly or indirectly in other business ventures of every
type and description, including those engaged in the same or similar business activities or lines of business as the Company or its subsidiaries
or deemed to be competing with the Company or any of its subsidiaries, on its own account, or in partnership with, or as an employee,
officer, director or shareholder of any other person, with no obligation to offer to the Company or any of its subsidiaries the right
to participate therein and (ii) any Relevant Person may invest in, or provide services to, any Person that directly or indirectly competes
with the Company or any of its subsidiaries. To the fullest extent permitted by Law, the Company renounces any interest or expectancy
of the Company in, or in being offered an opportunity to participate in, any potential transaction or matter which may be a corporate
opportunity for any Relevant Person, on the one hand, and the Company or any of its subsidiaries, on the other. To the fullest extent
permitted by Law, the Relevant Persons shall have no fiduciary duty to communicate or offer any such corporate opportunity to the Company
or any of its subsidiaries and shall not be liable to the Company or any of its subsidiaries or shareholders for breach of any fiduciary
duty as a shareholder, Director, officer or shareholder, as applicable, solely by reason of the fact that such Relevant Person, directly
or indirectly, pursues or acquires such corporate opportunity for itself, himself or herself, directs such corporate opportunity to another
person, or does not communicate information regarding such corporate opportunity to the Company or any of its subsidiaries.

7.2.2 The Company hereby
renounces any interest or expectancy of the Company or any of its subsidiaries in, or in being offered an opportunity to participate in,
any potential transaction or matter which may be a corporate opportunity of any Relevant Person.

7.2.3 To the extent a court
might hold that the conduct of any activity related to a corporate opportunity that is renounced in this Section 7.2 to be a breach
of fiduciary duty to the Company (including any of its subsidiaries) or its shareholders, the Company, on behalf of itself and each of
its subsidiaries, hereby waives, to the fullest extent permitted by Law, any and all claims and causes of action that the Company or any
of its subsidiaries may have for such activities. To the fullest extent permitted by Law, the provisions of this Section 6.2 apply
equally to activities conducted in the future and that have been conducted in the past.

ARTICLE VIII

CONFIDENTIALITY AND ANNOUNCEMENTS

Section
8.1 Confidentiality. Each Holder hereby agrees that all Confidential Information with respect
to the Company shall be kept confidential by it and shall not be disclosed by it in any manner whatsoever, except as permitted herein;
provided, however, that without limiting any other confidentiality obligations to which any Holder may be subject, this
Section 8.1 shall not apply to any Holder who is an employee or officer of the Company. Notwithstanding anything contained in this
Agreement or any additional confidentiality obligations to the Company or its or any Holder or Shareholder Designee may be bound, Confidential
Information received by each Holder or Shareholder Designee may be disclosed:

(a) with respect to any Shareholder Designee,
to such Shareholder Designee’s designating Shareholder Party and its Representatives;

(b) with respect to any Holder, to its Affiliates
or its or their respective directors, officers, employees and authorized representatives (including attorneys, accountants, consultants,
bankers and financial advisors) (such Persons, collectively, with respect to any Person, such Person’s “Representatives”);
provided such Representatives owe a contractual or other duty of confidentiality to such Shareholder Party or any of its Affiliates with
respect to any Confidential Information so disclosed;

(c) by each Shareholder Designee, Holder and
each of its Representatives, to the extent the Company consents in writing; and

(d) to the extent required by Law or the rules
of any stock exchange upon which such Holder’s or any of its Affiliates’ securities are listed or traded or as requested or
required by any Governmental Authority; provided, however, that, prior to making such a disclosure, such Person has, to
the extent practicable and permitted by Law, consulted with the Company regarding the scope, timing and contents of such disclosure.

    	 

    	 

    

 

 

Section
8.2 Announcements. Prior to making any public announcement of information which the Company reasonably
believes, prior to its public disclosure, may constitute material non-public information or inside information with respect to any Holder
that has securities listed or traded on any stock exchange, the Company shall use commercially reasonable efforts to consult with such
Holder regarding the scope, timing and contents of such announcement and, if reasonably requested by such Holder in writing, to the extent
permitted by Law, cooperate with such Holder in the reasonable coordination of such announcement, in each case so as to permit such Holder
to comply with its obligations under applicable securities Laws and rules of such stock exchange with respect to dissemination of information.

ARTICLE IX

TERMINATION

Section
9.1 Termination. This Agreement shall terminate with respect to a Holder upon the date on which
(i) neither such Holder nor any of its permitted assignees (or any member of the Sponsor Group, with respect to the Sponsor) hold any
Registrable Securities and (ii) such Holder holds no director nomination rights under Article VII hereof; provided, however,
that Article IV and Section 7.1.6 shall survive any such termination with respect to any Holder.

ARTICLE X

GENERAL PROVISIONS

Section
10.1 Notices. All notices, requests, claims, demands and other communications hereunder shall
be in writing and shall be given (and shall be deemed to have been duly given upon receipt) by delivery in Person, by e-mail or by registered
or certified mail (postage prepaid, return receipt requested) to the respective parties at the following addresses or e-mail addresses
(or at such other address or email address for a party as shall be specified in a notice given in accordance with this Section 10.1.):

If to the Company, to it at:

Rezolve Group Limited

 

Attention: Dan Wagner

E-mail: danwagner@rezolve.com

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

Taylor Wessing LLP - 5 New Street Square, London EC4A 3TW

Attention: Robert Fenner

Email: r.fenner@taylorwessing.com

If to a Holder, to the address or email address
set forth for Holder on the signature page hereof.

Section
10.2 Severability. If any term or other provision of this Agreement is invalid, illegal or incapable
of being enforced by any rule of law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain
in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner
materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced,
the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely
as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated
to the fullest extent possible.

    	 

    	 

    

 

 

Section
10.3 Rule 144. If the Company shall have filed a registration statement pursuant to the requirements
of Section 12 of the Exchange Act or a registration statement pursuant to the requirements of the Securities Act in respect of the Ordinary
Shares, the Company covenants that (i) so long as it remains subject to the reporting provisions of the Exchange Act, it will timely file
the reports required to be filed by it under the Securities Act or the Exchange Act (including, but not limited to, the reports under
Sections 13 and 15(d) of the Exchange Act referred to in subparagraph (c)(1)(i) of Rule 144 under the Securities Act, as such Rule may
be amended (“Rule 144”)) or, if the Company is not required to file such reports, it will, upon the request of any Holder,
make publicly available other information so long as necessary to permit sales by such Holder under Rule 144 or any similar rules or regulations
hereafter adopted by the SEC, and (ii) it will take such further action as any Holder may reasonably request, all to the extent required
from time to time to enable such Holder to sell Registrable Securities without registration under the Securities Act within the limitation
of the exemptions provided by (A) Rule 144 or (B) any similar rule or regulation hereafter adopted by the SEC. Upon the request of any
Holder of Registrable Securities, the Company will deliver to such Holder a written statement as to whether it has complied with such
requirements.

Section
10.4 Entire Agreement. This Agreement constitutes the entire agreement among the parties with
respect to the subject matter hereof and supersedes all prior agreements and undertakings, both written and oral, among the parties, or
any of them, with respect to the subject matter hereof.

Section
10.5 Assignment; No Third-Party Beneficiary.

10.5.1 This Agreement and the rights, duties
and obligations of the Company hereunder may not be assigned or delegated by the Company in whole or in part.

10.5.2 Prior to the expiration of the Lockup
Period, no Holder may assign or delegate such Holder’s rights, duties or obligations under this Agreement, in whole or in part,
except in connection with a transfer of Registrable Securities by such Holder to a Permitted Transferee (subject to subsection 10.5.4).

10.5.3 This Agreement and the provisions hereof
shall be binding upon and shall inure to the benefit of each of the parties and its successors and the permitted assigns of the Holders,
which shall include Permitted Transferees, except as provided in Section 7.4 and subsection 10.5.4.

10.5.4 Notwithstanding the foregoing, no Holder
may assign its rights under Article VII and Article X (except that the Sponsor may assign its rights under such Articles to its members
in connection with the transfer of substantially all the Ordinary Shares held by the Sponsor to such member or in connection with a Permitted
Distribution in Kind of substantially all the Ordinary Shares held by the Sponsor).

10.5.5 This Agreement shall not confer any rights
or benefits on any Persons that are not parties hereto, other than as expressly set forth in this Agreement and this Section 10.5.

10.5.6 No assignment by any party hereto of
such party’s rights, duties and obligations hereunder shall be binding upon or obligate the Company unless and until the Company
shall have received (i) written notice of such assignment as provided in Section 10.1 hereof and (ii) the written agreement of
the assignee, in a form reasonably satisfactory to the Company, to be bound by the terms and provisions of this Agreement (which may be
accomplished by an addendum or certificate of joinder to this Agreement). Any transfer or assignment made other than as provided in this
Section 10.5 shall be null and void.

Section
10.6 Parties in Interest. This Agreement shall be binding upon and inure solely to the benefit
of each party hereto (and its respective permitted assigns), and nothing in this Agreement, express or implied, is intended to or shall
confer upon any other Person any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement; provided,
however, that notwithstanding anything contained in this Agreement, each Shareholder Designee shall be an express third-party beneficiary
of subsection 7.1.6.

    	 

    	 

    

 

 

Section
10.7 Governing Law. This Agreement shall be governed by, and construed in accordance with, the
laws of the State of Delaware applicable to contracts executed in and to be performed in that State (and, in respect of the fiduciary
duties of the members of the board of directors of the Company, the Companies Law (2020 Revision) of the Cayman Islands). All legal actions
and proceedings arising out of or relating to this Agreement shall be heard and determined exclusively in any Delaware Chancery Court;
provided, however, that if jurisdiction is not then available in the Delaware Chancery Court, then any such legal action
may be brought in any federal court located in the State of Delaware or any other Delaware state court. The parties hereto hereby (i)
irrevocably submit to the exclusive jurisdiction of the aforesaid courts for themselves and with respect to their respective properties
for the purpose of any action arising out of or relating to this Agreement brought by any party hereto, and (ii) agree not to commence
any action relating thereto except in the courts described above in Delaware, other than actions in any court of competent jurisdiction
to enforce any judgment, decree or award rendered by any such court in Delaware as described herein. Each of the parties further agrees
that notice as provided herein shall constitute sufficient service of process and the parties further waive any argument that such service
is insufficient. Each of the parties hereby irrevocably and unconditionally waives, and agrees not to assert, by way of motion or as a
defense, counterclaim or otherwise, in any action arising out of or relating to this Agreement or the transactions contemplated hereby,
(a) any claim that it is not personally subject to the jurisdiction of the courts in Delaware as described herein for any reason, (b)
that it or its property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts (whether
through service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise)
and (c) that (1) the action in any such court is brought in an inconvenient forum, (ii) the venue of such action is improper or (2) this
Agreement, or the subject matter hereof, may not be enforced in or by such courts.

Section
10.8 Waiver of Jury Trial. Each of the parties hereto
hereby waives to the fullest extent permitted by applicable law any right it may have to a trial by jury with respect to any litigation
directly or indirectly arising out of, under or in connection with this Agreement. Each of the parties hereto (i) certifies that no representative,
agent or attorney of any other party has represented, expressly or otherwise, that such other party would not, in the event of litigation,
seek to enforce that foregoing waiver and (ii) acknowledges that it and the other parties hereto have been induced to enter into this
Agreement and the transactions contemplated hereby, as applicable, by, among other things, the mutual waivers and certifications in this
Section 10.8.

Section
10.9 Headings; Interpretation. The descriptive headings contained in this Agreement are included
for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement. The parties have participated
jointly in the negotiation and drafting of this Agreement. If any ambiguity or question of intent arises, this Agreement will be construed
as if drafted jointly by the parties and no presumption or burden of proof will arise favoring or disfavoring any party because of the
authorship of any provision of this Agreement. Unless the context of this Agreement clearly requires otherwise, use of the masculine gender
shall include the feminine and neutral genders and vice versa, and the definitions of terms contained in this Agreement are applicable
to the singular as well as the plural forms of such terms. The words “includes” or “including” shall mean “including
without limitation.” The words “hereof,” “hereby,” “herein,” “hereunder” and similar
terms in this Agreement shall refer to this Agreement as a whole and not any particular section or article in which such words appear,
the word “extent” in the phrase “to the extent” shall mean the degree to which a subject or other thing extends
and such phrase shall not mean simply “if.” Any reference to a law shall include any rules and regulations promulgated thereunder,
and shall mean such law as from time to time amended, modified or supplemented. References herein to any contract (including this Agreement)
mean such contract as amended, supplemented or modified from time to time in accordance with the terms thereof.

Section
10.10 Counterparts. This Agreement may be executed and delivered (including by facsimile or portable
document format (pdf) transmission) in counterparts, and by the different parties hereto in separate counterparts, each of which when
executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement.

Section
10.11 Specific Performance. The parties hereto agree that irreparable damage would occur in the
event any provision of this Agreement was not performed in accordance with the terms hereof and that the parties shall be entitled to
specific performance of the terms hereof, in addition to any other remedy at law or in equity. Each of the parties hereby further waives
(a) any defense in any action for specific performance that a remedy at law would be adequate and (b) any requirement under any Law to
post security or a bond as a prerequisite to obtaining equitable relief.

    	 

    	 

    

 

 

Section
10.12 Expenses. Except as otherwise provided herein, all costs and expenses incurred in connection
with this Agreement and the transactions contemplated hereby shall be paid by the party incurring such costs and expenses, whether or
not the transactions contemplated hereby are consummated.

Section
10.13 Amendment. This Agreement may not be amended except by an instrument in writing signed
by (i) the Company, (ii) the Sponsor (provided (x) the Sponsor or its Permitted Transferee(s) holds Registrable Securities at the time
of such amendment, or (y) the Sponsor retains a Board nomination right pursuant to subsection 7.1.1 at the time of such amendment),
and (iii) Dan Wagner (provided (x) Dan Wagner or his Permitted Transferee(s) holds Registrable Securities at the time of such amendment,
or (y) Dan Wagner retains a Board nomination right pursuant to subsection 7.1.1 at the time of such amendment). Notwithstanding
the foregoing, the consent of a Holder to an amendment will not be required to the extent that such amendment does not adversely impact
the rights and obligations of such Holder under this Agreement.

Section
10.14 Waiver. At any time, the Company may (i) extend the time for the performance of any obligation
or other act of any Holder, (ii) waive any inaccuracy in the representations and warranties of any Holder contained herein or in any document
delivered by such Holder pursuant hereto, and (iii) waive compliance with any agreement of such Holder or any condition to its own obligations
contained herein. At any time, any Holder may, in respect of itself and not other Holders, (i) extend the time for the performance of
any obligation or other act of the Company, (ii) waive any inaccuracy in the representations and warranties of the Company contained herein
or in any document delivered by the Company pursuant hereto, and (iii) waive compliance with any agreement of the Company or any condition
to their own obligations contained herein. Any such extension or waiver shall be valid if set forth in an instrument in writing signed
by the party or parties to be bound thereby.

Section
10.15 No Strict Construction. The language used in this Agreement shall be deemed to be the language
chosen by the parties to express their mutual intent and no rule of strict construction shall be applied against any party.

(Next Page is Signature Page)

    	 

    	 

    

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

	 	COMPANY:
	 	 
	 	REZOLVE GROUP LIMITED
	 	 
	 	By 	 
	 	 	Name: 
	 	 	Title:

[Signature Page to Investor Rights Agreement]

    	 

    	 

    

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

	 	HOLDER:
	 	 	 
	 	ARMADA SPONSOR LLC
	 	 	 
	 	By  	 
	 	 	Name: 	 
	 	 	Title: 	 

[Signature Page to Investor Rights Agreement]

    	 

    	 

    

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

	 	HOLDER:
	 	 
	 	[l]
	 	 
	 	 	 
	 	Print Name: 	 
	 	 	 
	 	Address:	 
	 	 	 
	 	 	 
	 	Email:	 

[Signature Page to Investor Rights Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00337-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00337-of-00352.parquet"}]]