Document:

Exhibit 10.3

 

REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS AGREEMENT (this
 “Agreement”) is entered into as of July 8, 2021, by and between Galata Acquisition Corp., a Cayman Islands exempted
company (the “Company”), and the undersigned party listed under the heading “Holder” on the signature
page hereto (such party, together with any person or entity who hereafter becomes a party to this Agreement pursuant to Section 6.2
of this Agreement, a “Holder” and collectively, the “Holders”).

 

WHEREAS, the Sponsor (as defined below)
and the other Holders own an aggregate of 3,593,750 of the Company’s Class B Shares (as defined below) (the “Founder
Shares”), which include an aggregate of up to 468,750 shares subject to forfeiture to the extent that the underwriters in the
Company’s initial public offering do not exercise their option to purchase additional units;

 

WHEREAS, the Sponsor agreed to purchase
6,500,000 warrants (or 7,250,000 warrants if the underwriters in the Company’s initial public offering exercise in full their option
to purchase additional units), each such warrant entitling the holder thereof to purchase one Class A Share (as defined below) at
a price of $11.50 per share, subject to adjustment (the “Private Placement Warrants”), substantially simultaneously
with the consummation of the Company’s initial public offering;

 

WHEREAS, in order to finance the Company’s
transaction costs in connection with an intended initial Business Combination (as defined below) the Sponsor, an affiliate of the Sponsor
or certain of the Company’s officers and directors may loan to the Company funds, of which up to $1,500,000 of such loans may be
convertible into warrants, each such warrant entitling the holder thereof to purchase one Class A Share at a price of $11.50 per
share, subject to adjustment (the “Working Capital Loan Warrants”); and

 

WHEREAS, the Holders and the Company desire
to enter into this Agreement to provide the Holders with certain rights relating to the registration of the Registrable Securities (as
defined herein).

 

NOW, THEREFORE, in consideration of the
mutual representations, covenants and agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

 

1.            DEFINITIONS.
The following capitalized terms used herein have the following meanings:

 

“Adverse Disclosure” is defined
in Section 3.6.

 

“Agreement” means this Agreement,
as amended, restated, supplemented, or otherwise modified from time to time.

 

“Business Combination” means
effecting a merger, capital stock exchange, asset acquisition, stock purchase, or reorganization or engaging in any other similar business
combination with one or more businesses or entities.

 

“Class A Shares” means
Class A ordinary shares of the Company, par value $0.0001 per share.

 

“Class B Shares” means
Class B ordinary shares of the Company, par value $0.0001 per share.

 

“Commission” means the U.S.
Securities and Exchange Commission, or any other federal agency then administering the Securities Act or the Exchange Act.

 

“Company” is defined in the
preamble to this Agreement.

 

“Demand Registration” is defined
in Section 2.1.1.

 

“Demanding Holder” is defined
in Section 2.1.1.

 

“Exchange Act” means the Securities
Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder, all as the same shall
be in effect at the time.

 

     

     

    

 

“Form S-3” is defined
in Section 2.3.

 

“Founder Shares” is defined
in the recitals to this Agreement.

 

“Holder” is defined in the
preamble.

 

“Holder Indemnified Party”
is defined in Section 4.1.

 

“Indemnified Party” is defined
in Section 4.3.

 

“Indemnifying Party” is defined
in Section 4.3.

 

“Maximum Number of Securities”
is defined in Section 2.1.4.

 

“Misstatement” is defined in
Section 3.1.13.

 

“Notices” is defined in Section 6.3.

 

“Piggy-Back Registration” is
defined in Section 2.2.1.

 

“Private Placement Warrants”
is defined in the recitals to this Agreement.

 

“Pro Rata” is defined in Section 2.1.4.

 

“Register,” “Registered”
and “Registration” 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.

 

“Registrable Securities” means
(i) the Founder Shares, (ii) the Private Placement Warrants (and the underlying Class A Shares), and (iii) any equity
securities (including Class A Shares issued or issuable upon the exercise of any such equity securities) of the Company issuable
upon conversion of any Working Capital Loan Warrants. 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 Placement Warrants (and underlying Class A Shares) and securities issuable upon conversion of the Working Capital Loan Warrants.
As to any particular Registrable Securities, such securities shall cease to be Registrable Securities when: (a) a Registration Statement
(as defined below) 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 and pursuant to such Registration Statement; (b) such
securities shall have been otherwise transferred, new certificates for such securities 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 (d) the Registrable Securities are freely saleable under Rule 144
without volume limitations.

 

“Registration Statement” means
a registration statement filed by the Company with the Commission in compliance with the Securities Act and the rules and regulations
promulgated thereunder for a public offering and sale or resale of equity securities, or securities or other obligations exercisable
or exchangeable for, or convertible into, equity securities (other than a registration statement on Form S-4 or Form S-8, or
their successors, or any registration statement covering only securities proposed to be issued in exchange for securities or assets of
another entity).

 

“Securities Act” means the
Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder, all as the same shall
be in effect at the time.

 

“Sponsor” means Galata Acquisition
Sponsor, LLC, a Delaware limited liability company.

 

“Underwriter” means 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.

 

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“Working Capital Loan Warrants”
is defined in the recitals to this Agreement.

 

2.            REGISTRATION
RIGHTS.

 

2.1            Demand
Registration.

 

2.1.1            Request
for Registration. Subject to the provisions of subsection 2.1.4 hereof, at any time and from time to time on or after the
date that the Company consummates a Business Combination, the Holders of a majority-in-interest of the then issued and outstanding Registrable
Securities may make a written demand for Registration under the Securities Act of all or part of their Registrable Securities (a “Demand
Registration”). Any demand for a Demand Registration shall specify the number of Registrable Securities proposed to be included
in such Registration and the intended method(s) of distribution thereof. The Company will within ten (10) days of the Company’s
receipt of the Demand Registration notify all Holders of Registrable Securities of the demand, and each Holder who wishes to include
all or a portion of such Holder’s Registrable Securities in a Registration pursuant to the Demand Registration (each such Holder
including shares of Registrable Securities in such Registration, a “Demanding Holder”) shall so notify the Company
within fifteen (15) days after the receipt by the Holder of the notice from the Company. Upon receipt by the Company of any such written
notice, the Demanding Holders shall be entitled to have their Registrable Securities included in the Demand Registration, subject to
Section 2.1.4 and the provisos set forth in Section 3.1.1. The Company shall not be obligated to effect more than an aggregate
of three (3) Demand Registrations under this Section 2.1.1 in respect of all Registrable Securities.

 

2.1.2            Effective
Registration. Notwithstanding the provisions of subsection 2.1.1 above or any other part of this Agreement, a Registration will not
count as a Demand Registration until the Registration Statement filed with the Commission with respect to such Demand Registration has
been declared effective by the Commission and 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, the offering of Registrable Securities
pursuant to a Demand Registration is interfered with by any stop order or injunction of the Commission or any other governmental agency
or court, the Registration Statement with respect to such Demand Registration shall be deemed not to have been declared effective, unless
and until, (i) such stop order or injunction is removed, rescinded or otherwise terminated, and (ii) a majority-in-interest
of the Demanding Holders thereafter affirmatively elect to continue with such Registration and accordingly notify the Company in writing,
but in no event later than five (5) days, of such election; provided, further, that the Company shall not be obligated to file another
Registration Statement until the Registration Statement that has been previously filed pursuant to a Demand Registration becomes effective
or is subsequently terminated.

 

2.1.3            Underwritten
Offering. If a majority-in-interest of the Demanding Holders so elect and such Holders so advise the Company as part of their written
demand for a Demand Registration, the offering of such Registrable Securities pursuant to such Demand Registration shall be in the form
of an underwritten offering. In such event, the right of any Holder 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 the underwritten offering to the extent provided herein. All Demanding Holders proposing to distribute their Registrable
Securities through such underwritten offering shall enter into an underwriting agreement in customary form with the Underwriter or Underwriters
selected for such underwritten offering by a majority-in-interest of the Demanding Holders initiating the Demand Registration.

 

2.1.4            Reduction
of Underwritten Offering. If the managing Underwriter or Underwriters in an underwritten offering pursuant to a Demand Registration,
advises the Company and the Demanding Holders in writing that the dollar amount or number of shares of Registrable Securities which the
Demanding Holders desire to sell, taken together with all other Class A Shares or other securities which the Company desires to
sell and the Class A Shares or other securities, if any, as to which Registration has been requested pursuant to separate written
contractual piggy-back registration rights held by other shareholders of the Company who desire to sell, exceeds the maximum dollar amount
or maximum number of securities that can be sold in such underwritten offering without adversely affecting 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
securities, as applicable, the “Maximum Number of Securities”), then the Company shall include in such underwritten
offering: (i) first, the Registrable Securities as to which Demand Registration has been requested by the Demanding Holders (pro
rata based on the respective number of shares that each such Demanding Holder has requested be included in such Registration, regardless
of the number of Registrable Securities held by each such Demanding Holder (such proportion is referred to herein as “Pro Rata”))
that can be sold without exceeding the Maximum Number of Securities; (ii) second, to the extent that the Maximum Number of Securities
has not been reached under the foregoing clause (i), the Class A Shares or other securities that the Company desires to sell for
its own account that 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), the Class A Shares or other securities
for the account 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.

 

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2.1.5            Demand
Registration Withdrawal. If a majority-in-interest of the Demanding Holders disapprove of the terms of any underwritten offering
or are not entitled to include all of their Registrable Securities in any underwritten offering, such majority-in-interest of the Demanding
Holders may elect to withdraw from such Registration by giving written notice to the Company and the Underwriter or Underwriters of their
request to withdraw prior to the effectiveness of the Registration Statement filed with the Commission with respect to such Demand Registration.
If the majority-in-interest of the Demanding Holders withdraws from a proposed underwritten offering relating to a Demand Registration,
then such Registration shall not count as a Demand Registration provided for in this Section 2.1.

 

2.2            Piggy-Back
Registration.

 

2.2.1            Piggy-Back
Rights. If at any time on or after the date the Company consummates a Business Combination the Company proposes to file a Registration
Statement under the Securities Act with respect to an offering of equity securities, or securities or other obligations exercisable or
exchangeable for, or convertible into, equity securities, by the Company for its own account or for the account of shareholders of the
Company (or by the Company and by shareholders of the Company including, without limitation, pursuant to Section 2.1), other than
a Registration Statement (i) filed in connection with any employee stock 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 equity securities of the Company or (iv) for a dividend reinvestment plan, then the Company shall (a) give written notice
of such proposed filing to the Holders of Registrable Securities as soon as practicable but in no event less than seven (7) days
before the anticipated filing date of such Registration Statement, which notice shall 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 or Underwriters,
if any, of the offering, and (b) offer to the Holders of Registrable Securities in such notice the opportunity to register the sale
of such number of shares of Registrable Securities as such Holders may request in writing within five (5) days following receipt
of such notice (such Registration, a “Piggy-Back Registration”). The Company shall cause such Registrable Securities
to be included in such Piggy-Back 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 Piggy-Back 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 Holders proposing to distribute their Registrable Securities through a Piggy-Back Registration that involves an Underwriter
or Underwriters shall enter into an underwriting agreement in customary form with the Underwriter or Underwriters selected for such Piggy-Back
Registration.

 

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2.2.2            Reduction
of Offering. If the managing Underwriter or Underwriters for a Piggy-Back Registration that is to be an underwritten offering advises
the Company and the Holders of Registrable Securities in writing that the dollar amount or number of Class A Shares or other securities
which the Company desires to sell, taken together with Class A Shares or other securities, if any, as to which Registration has
been demanded pursuant to written contractual arrangements with persons other than the Holders of Registrable Securities hereunder, the
Registrable Securities as to which Registration has been requested under this Section 2.2, and the Class A Shares or other
securities, if any, as to which Registration has been requested pursuant to the written contractual piggy-back registration rights of
other shareholders of the Company, exceeds the Maximum Number of Securities, then the Company shall include in any such Registration:

 

(i)             If
the Registration is undertaken for the Company’s account: (a) first, the Class A Shares or other securities that the
Company desires to sell that 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 Class A Shares or other securities, if any,
comprised of Registrable Securities, as to which Registration has been requested pursuant to the applicable written contractual piggy-back
registration rights of such security holders, Pro Rata, that 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), the Class A
Shares or other securities for the account of other persons that the Company is obligated to register pursuant to written contractual
piggy-back registration rights with such persons and that can be sold without exceeding the Maximum Number of Securities.

 

(ii)            If
the Registration is a “demand” registration undertaken at the demand of persons other than the Holders, (a) first, the
Class A Shares or other securities for the account of the demanding persons that 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),
collectively the Class A Shares or other securities comprised of Registrable Securities, Pro Rata, as to which Registration has
been requested pursuant to the terms hereof, that 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), the Class A
Shares or other securities that the Company desires to sell for its own account that 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), the Class A Shares or other securities for the account of other persons that the Company is obligated to
register pursuant to written contractual arrangements with such persons, that can be sold without exceeding the Maximum Number of Securities.

 

2.2.3            Withdrawal.
Any Holder may elect to withdraw such Holder’s request for inclusion of Registrable Securities in any Piggy-Back Registration by
giving written notice to the Company of such request to withdraw prior to the effectiveness of the Registration Statement filed with
the Commission with respect to such Piggy-Back Registration. The Company (whether on its own determination or as the result of a request
for withdrawal by persons making a demand pursuant to written contractual obligations) may withdraw a Registration Statement filed with
the Commission in connection with a Piggy-Back Registration at any time prior to the effectiveness of such Registration Statement. Notwithstanding
any such withdrawal, the Company shall pay all expenses incurred by the Holders in connection with such Piggy-Back Registration as provided
in Section 3.3.

 

2.2.4            Unlimited
Piggy-Back 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.

 

2.3            Registrations
on Form S-3. The Holders may at any time and from time to time, request in writing that the Company register the resale of any
or all of such Registrable Securities on Form S-3 or any similar short-form Registration Statement which may be available at such
time (“Form S-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, 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 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 S-3 is not available for such offering
or if the Company is not eligible to use Form S-3; or (ii) if the Holders of the Registrable Securities, together with the
holders of any other securities of the Company entitled to inclusion in such registration, propose to sell Registrable Securities and
such other 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.

 

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3.            REGISTRATION
PROCEDURES.

 

3.1            Filings;
Information. Whenever the Company is required to effect a Registration of any Registrable Securities pursuant to Section 2,
the Company shall use its best efforts to effect the registration and sale of such Registrable Securities in accordance with the intended
method(s) of distribution thereof as expeditiously as practicable, and in connection with any such request:

 

3.1.1            Filing
Registration Statement. The Company shall use its best efforts to, as expeditiously as possible after receipt of a request for a
Demand Registration pursuant to Section 2.1, prepare and file with the Commission a Registration Statement on any form for which
the Company then qualifies and which counsel for the Company shall deem appropriate and which form shall be available for the sale of
all Registrable Securities to be registered thereunder in accordance with the intended method(s) of distribution thereof, and shall
use its best efforts to cause such Registration Statement to become and remain effective for the period required by Section 3.1.3;
provided, however, that the Company shall have the right to defer any Demand Registration for up to thirty (30) days, and any Piggy-Back
Registration for such period as may be applicable to deferment of any demand registration to which such Piggy-Back Registration relates,
in each case if the Company shall furnish to the Holders a certificate signed by the Chairman of the Board of Directors of the Company
stating that, in the good faith judgment of the Board of Directors of the Company, it would be materially detrimental to the Company
and its shareholders for such Registration Statement to be effected at such time; provided further, however, that the Company shall not
have the right to exercise the right set forth in the immediately preceding proviso more than once in any 12-month period in respect
of a Demand Registration hereunder.

 

3.1.2            Copies.
The Company shall, prior to filing a Registration Statement or prospectus, or any amendment or supplement thereto, furnish without charge
to the Holders included in such Registration, 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 Holders included in such Registration or legal counsel for any such Holders may request in order to facilitate
the disposition of the Registrable Securities owned by such Holders.

 

3.1.3            Amendments
and Supplements. The Company shall prepare and file with the Commission such amendments, including post-effective amendments, and
supplements to such Registration Statement and the prospectus used in connection therewith as may be necessary to keep such Registration
Statement effective and in compliance with the provisions of the Securities Act until 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 (which period shall not exceed the sum of one hundred eighty (180) days plus any period during which any
such disposition is interfered with by any stop order or injunction of the Commission or any governmental agency or court) or such securities
have been withdrawn.

 

3.1.4            Notification.
After the filing of a Registration Statement, the Company shall promptly, and in no event more than two (2) business days after
such filing, notify the Holders whose Registrable Securities are included in such Registration Statement of such filing, and shall further
notify such Holders promptly and confirm such advice in writing in all events within two (2) business days of the occurrence of
any of the following: (i) when such Registration Statement becomes effective; (ii) when any post-effective amendment to such
Registration Statement becomes effective; (iii) the issuance or threatened issuance by the Commission of any stop order (and the
Company shall take all actions required to prevent the entry of such stop order or to remove it if entered); and (iv) any request
by the Commission for any amendment or supplement to such Registration Statement or any prospectus relating thereto or for additional
information or of the occurrence of an event requiring the preparation of a supplement or amendment to such prospectus so that, as thereafter
delivered to the purchasers of the securities covered by such Registration Statement, such prospectus will not contain an untrue statement
of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading,
and promptly make available to the Holders whose Registrable Securities are included in such Registration Statement any such supplement
or amendment; except that before filing with the Commission a Registration Statement or prospectus or any amendment or supplement thereto,
including documents incorporated by reference, the Company shall furnish to the Holders whose Registrable Securities are included in
such Registration Statement and to the legal counsel for any such Holders, copies of all such documents proposed to be filed sufficiently
in advance of filing to provide such Holders and legal counsel with a reasonable opportunity to review such documents and comment thereon,
and the Company shall not file any Registration Statement or prospectus or amendment or supplement thereto, including documents incorporated
by reference, to which such Holders or their legal counsel shall reasonably object.

 

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3.1.5            State
Securities Laws Compliance. Prior to any public offering of Registrable Securities, the Company shall use its 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 whose Registrable Securities are 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 or securities exchanges 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 whose Registrable Securities are 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 for which it would be subject
to general service of process or to taxation in any such jurisdiction where it is not then otherwise so subject.

 

3.1.6            Agreements
for Disposition. The Company shall enter into customary agreements (including, if applicable, an underwriting agreement in customary
form) and take such other actions as are reasonably required in order to expedite or facilitate the disposition of such Registrable Securities.
The representations, warranties and covenants of the Company in any underwriting agreement which are made to or for the benefit of any
Underwriters, to the extent applicable, shall also be made to and for the benefit of the Holders whose Registrable Securities are included
in such Registration Statement. No Holder whose Registrable Securities are included in such Registration Statement shall be required
to make any representations or warranties in the underwriting agreement except, if applicable, with respect to such Holder’s organization,
good standing, authority, title to Registrable Securities, lack of conflict of such sale with such Holder’s material agreements
and organizational documents, and with respect to written information relating to such Holder that such Holder has furnished in writing
expressly for inclusion in such Registration Statement.

 

3.1.7            Cooperation.
The principal executive officer of the Company, the principal financial officer of the Company, the principal accounting officer of the
Company and all other officers and members of the management of the Company shall cooperate fully in any offering of Registrable Securities
hereunder, which cooperation shall include, without limitation, the preparation of the Registration Statement with respect to such offering
and all other offering materials and related documents, and participation in meetings with Underwriters, attorneys, accountants and potential
investors.

 

3.1.8            Records.
The Company shall make available for inspection by the Holders whose Registrable Securities are included in such Registration Statement,
any Underwriter participating in any disposition pursuant to such Registration Statement and any attorney, accountant or other professional
retained by any Holder whose Registrable Securities are included in such Registration Statement or any Underwriter, all financial and
other records, pertinent corporate documents and properties of the Company, as shall be reasonably necessary to enable them to exercise
their due diligence responsibility, and cause the Company’s officers, directors and employees to supply all information reasonably
requested by any of them in connection with such Registration Statement.

 

3.1.9            Opinions
and Comfort Letters. (i) The Company shall, on the date the Registrable Securities are delivered for sale pursuant to a Registration,
obtain an opinion and negative assurance letter, dated such date, of counsel representing the Company for the purposes of such Registration,
addressed to the Holders thereof, the placement agent or sales agent, if any, and the Underwriters, if any, covering such legal matters
with respect to the Registration in respect of which such opinion is being given as such Holders, placement agent, sales agent, or Underwriter
may reasonably request and as are customarily included in such opinions and negative assurance letters, and reasonably satisfactory to
a majority-in-interest of the participating Holders. (ii) The Company shall obtain a “cold comfort” letter from the
Company’s independent registered public accountants in the event that a Registration is an underwritten offering, in customary
form and covering such matters of the type customarily covered by “cold comfort” letters as the managing Underwriter may
reasonably request, and reasonably satisfactory to a majority-in-interest of the participating Holders.

 

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3.1.10            Earnings
Statement. The Company shall comply with all applicable rules and regulations of the Commission and the Securities Act, and
make available to its shareholders, as soon as practicable, an earnings statement covering 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 earnings
statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder.

 

3.1.11            Listing.
The Company shall use its best efforts to cause all Registrable Securities included in any Registration to be listed on such exchanges
or otherwise designated for trading in the same manner as similar securities issued by the Company are then listed or designated or,
if no such similar securities are then listed or designated, in a manner satisfactory to the Holders of a majority of the Registrable
Securities included in such Registration.

 

3.1.12            Transfer
Agent. The Company shall provide a transfer agent or warrant agent, as applicable, and registrar for all such Registrable Securities
no later than the effective date of the Registration Statement.

 

3.1.13            Misstatements.
The Company shall 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 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 therein (in the case of a prospectus, in the light of the circumstances
under which they were made) not misleading (a “Misstatement”), and then to correct such Misstatement.

 

3.1.14            Road
Show. If the Registration involves the registration of Registrable Securities involving gross proceeds in excess of $25,000,000,
the Company shall 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 in any underwritten offering.

 

3.1.15            FINRA.
The Company shall cooperate with each Underwriter participating in the disposition of such Registrable Securities and Underwriters’
counsel in connection with any filings required to be made with The Financial Industry Regulatory Authority, Inc., including using
commercially reasonable efforts to obtain pre-clearance and pre-approval of the Registration Statement and applicable prospectus upon
filing with the Commission.

 

3.1.16            Certificated
Securities. The Company shall, in the case of certificated Registrable Securities, cooperate with the Holders and the managing Underwriters
to facilitate the timely preparation and delivery of certificates (not bearing any legends) representing Registrable Securities to be
sold after receiving written representations from the Holders participating in such offering that the Registrable Securities represented
by the certificates so delivered by such Holders will be transferred in accordance with the Registration Statement, and enable such Registrable
Securities to be in such denominations and registered in such names as such Holders or managing Underwriters may reasonably request at
least two business days prior to any sale of such Registrable Securities.

 

3.1.17            Further
Assurances. The Company shall 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.

 

3.2            Obligation
to Suspend Distribution. Upon receipt of any notice from the Company of the happening of any event of the kind described in Section 3.1.4(iv),
or, in the case of a resale Registration, including on Form S-3 pursuant to Section 2.3 hereof, upon any suspension by the
Company, pursuant to a written insider trading compliance program adopted by the Company’s Board of Directors, of the ability of
all “insiders” covered by such program to transact in the Company’s securities because of the existence of material
non-public information, each Holder whose Registrable Securities are included in any Registration shall immediately discontinue disposition
of such Registrable Securities pursuant to the Registration Statement covering such Registrable Securities until such Holder receives
the supplemented or amended prospectus contemplated by Section 3.1.4(iv) or the restriction on the ability of “insiders”
to transact in the Company’s securities is removed, as applicable, and, if so directed by the Company, each such Holder will deliver
to the Company all copies, other than permanent file copies then in such Holder’s possession, of the most recent prospectus covering
such Registrable Securities at the time of receipt of such notice.

 

    8 

     

    

 

3.3            Registration
Expenses. The Company shall bear all costs and expenses incurred in connection with any Demand Registration pursuant to Section 2.1,
any Piggy-Back Registration pursuant to Section 2.2, and any Registration on Form S-3 effected pursuant to Section 2.3,
and all expenses incurred in performing or complying with its other obligations under this Agreement, whether or not the Registration
Statement becomes effective, including, without limitation: (i) all Registration and filing fees and fees of any securities exchange
on which Registrable Securities are then listed; (ii) fees and expenses of compliance with securities or “blue sky”
laws (including fees and disbursements of counsel for the Underwriters in connection with blue sky qualifications of the Registrable
Securities); (iii) printing, messenger, telephone and delivery expenses; (iv) the Company’s internal expenses (including,
without limitation, all salaries and expenses of its officers and employees); (v) the fees and expenses incurred in connection with
the listing of the Registrable Securities as required by Section 3.1.11; (vi) Financial Industry Regulatory Authority, Inc.
fees; (vii) fees and disbursements of counsel for the Company and fees and expenses for independent certified public accountants
retained by the Company (including the expenses or costs associated with the delivery of any opinions or comfort letters requested pursuant
to Section 3.1.9); (viii) the reasonable fees and expenses of any special experts retained by the Company in connection with
such Registration and (ix) the reasonable fees and expenses of one legal counsel selected by the Holders of a majority-in-interest
of the Registrable Securities included in such Registration. The Company shall have no obligation to pay any underwriting discounts or
selling commissions attributable to the Registrable Securities being sold by the Holders thereof, which underwriting discounts or selling
commissions shall be borne by such Holders. Additionally, in an underwritten offering, all selling shareholders and the Company shall
bear the expenses of the Underwriter(s) pro rata in proportion to the respective amount of shares each is selling in such offering.

 

3.4            Information.
The Holders shall provide such information as may reasonably be requested by the Company, or the managing Underwriter, if any, in connection
with the preparation of any Registration Statement, including amendments and supplements thereto, in order to effect the Registration
of any Registrable Securities under the Securities Act pursuant to Section 2 and in connection with the Company’s obligation
to comply with Federal and applicable state securities laws.

 

3.5            Requirements
for Participation in Underwritten Offerings. No person may participate in any underwritten offering for equity securities of the
Company pursuant to a Registration initiated by the Company hereunder 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, stock powers, underwriting agreements and other customary documents
as may be reasonably required under the terms of such underwriting arrangements.

 

3.6            Suspension
of Sales; Adverse Disclosure. Upon receipt of written notice from the Company that a Registration Statement or prospectus contains
a Misstatement, each of the Holders shall forthwith discontinue disposition of Registrable Securities until it has received copies of
a supplemented or amended prospectus correcting the Misstatement (it being understood that the Company hereby covenants to prepare and
file such supplement or amendment as soon as practicable after the time of such notice), or until it is advised in writing by the Company
that the use of the prospectus may be resumed. If the filing, initial effectiveness or continued use of a Registration Statement in respect
of any Registration at any time would require the Company to make an Adverse Disclosure or would require the inclusion in such Registration
the statement of financial statements that are unavailable to the Company for reasons beyond the Company’s control, the Company
may, upon giving prompt written notice of such action to the Holders, delay the filing or initial effectiveness of, or suspend use of,
such Registration Statement for the shortest period of time, but in no event more than thirty (30) days, determined in good faith by
the Company to be necessary for such purpose. In the event the Company exercises its rights under the preceding sentence, the Holders
agree to suspend, immediately upon their receipt of the notice referred to above, their use of the prospectus relating to any Registration
in connection with any sale or offer to sell Registrable Securities. The Company shall immediately notify the Holders of the expiration
of any period during which it exercised its rights under this Section 3.6. “Adverse Disclosure” shall mean any public
disclosure of material non-public information, which disclosure, in the good faith judgment of the Chief Executive Officer or principal
financial officer of the Company, 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) the Company has a bona fide business purpose for not
making such information public.

    9 

     

    

 

 

4.            INDEMNIFICATION
AND CONTRIBUTION.

 

4.1            Indemnification
by the Company. The Company agrees to indemnify and hold harmless each Holder, and each of their respective officers, employees,
affiliates, directors, partners, members, attorneys and agents, and each person, if any, who controls such Holder (within the meaning
of Section 15 of the Securities Act or Section 20 of the Exchange Act) (each, a “Holder Indemnified Party”),
from and against any expenses, losses, judgments, claims, damages or liabilities, whether joint or several, arising out of or based upon
any untrue statement (or allegedly untrue statement) of a material fact contained in any Registration Statement under which the sale
of such Registrable Securities was registered under the Securities Act, any preliminary prospectus, final prospectus or summary prospectus
contained in the Registration Statement, or any amendment or supplement to such Registration Statement, or arising out of or based upon
any omission (or alleged omission) to state 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 Holder Indemnified Party for any legal and any other expenses reasonably incurred by such Holder Indemnified Party
in connection with investigating and defending any such expense, loss, judgment, claim, damage, liability or action; provided, however,
that the Company will not be liable in any such case to the extent that any such expense, loss, claim, damage or liability arises out
of or is based upon any untrue statement or allegedly untrue statement or omission or alleged omission made in such Registration Statement,
preliminary prospectus, final prospectus, or summary prospectus, or any such amendment or supplement, in reliance upon and in conformity
with information furnished to the Company, in writing, by such selling Holder expressly for use therein. The Company also shall indemnify
any Underwriter of the Registrable Securities, their officers, affiliates, directors, partners, members and agents and each person who
controls such Underwriter on substantially the same basis as that of the indemnification provided above in this Section 4.1.

 

4.2            Indemnification
by Holders of Registrable Securities. Each selling Holder will, in the event that any Registration is being effected under the Securities
Act pursuant to this Agreement of any Registrable Securities held by such selling Holder, indemnify and hold harmless the Company, each
of its directors and officers and each Underwriter (if any), and each other selling Holder and each other person, if any, who controls
another selling Holder or such Underwriter within the meaning of the Securities Act, against any losses, claims, judgments, damages or
liabilities, whether joint or several, insofar as such losses, claims, judgments, damages or liabilities (or actions in respect thereof)
arise out of or are based upon any untrue statement or allegedly untrue statement of a material fact contained in any Registration Statement
under which the sale of such Registrable Securities was registered under the Securities Act, any preliminary prospectus, final prospectus
or summary prospectus contained in the Registration Statement, or any amendment or supplement to the Registration Statement, or arise
out of or are based upon any omission or the alleged omission to state a material fact required to be stated therein or necessary to
make the statement therein not misleading, if the statement or omission was made in reliance upon and in conformity with information
furnished in writing to the Company by such selling Holder expressly for use therein, and shall reimburse the Company, its directors
and officers, and each other selling Holder or controlling person for any legal or other expenses reasonably incurred by any of them
in connection with investigation or defending any such loss, claim, damage, liability or action. Each selling Holder’s indemnification
obligations hereunder shall be several and not joint and shall be limited to the amount of any net proceeds actually received by such
selling Holder. Each selling Holder shall indemnify any Underwriter of the Registrable Securities, their officers, affiliates, directors,
partners, members and agents and each person who controls such Underwriter to the same extent as provided in the foregoing with respect
to indemnification of the Company.

 

    10 

     

    

 

4.3            Conduct
of Indemnification Proceedings. Promptly after receipt by any person of any notice of any loss, claim, damage or liability or any
action in respect of which indemnity may be sought pursuant to Section 4.1 or 4.2, such person (the “Indemnified Party”)
shall, if a claim in respect thereof is to be made against any other person for indemnification hereunder, notify such other person (the
 “Indemnifying Party”) in writing of the loss, claim, judgment, damage, liability or action; provided, however, that
the failure by the Indemnified Party to notify the Indemnifying Party shall not relieve the Indemnifying Party from any liability which
the Indemnifying Party may have to such Indemnified Party hereunder, except and solely to the extent the Indemnifying Party is actually
prejudiced by such failure. If the Indemnified Party is seeking indemnification with respect to any claim or action brought against the
Indemnified Party, then the Indemnifying Party shall be entitled to participate in such claim or action, and, to the extent that it wishes,
jointly with all other Indemnifying Parties, to assume control of the defense thereof with counsel satisfactory to the Indemnified Party.
After notice from the Indemnifying Party to the Indemnified Party of its election to assume control of the defense of such claim or action,
the Indemnifying Party shall not be liable to the Indemnified Party for any legal or other expenses subsequently incurred by the Indemnified
Party in connection with the defense thereof other than reasonable costs of investigation; provided, however, that in any action in which
both the Indemnified Party and the Indemnifying Party are named as defendants, the Indemnified Party shall have the right to employ separate
counsel (but no more than one such separate counsel) to represent the Indemnified Party and its controlling persons who may be subject
to liability arising out of any claim in respect of which indemnity may be sought by the Indemnified Party against the Indemnifying Party,
with the fees and expenses of such counsel to be paid by such Indemnifying Party if, based upon the written opinion of counsel of such
Indemnified Party, representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests
between them. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, consent to entry of judgment or
effect any settlement of any claim or pending or threatened proceeding in respect of which the Indemnified Party is or could have been
a party and indemnity could have been sought hereunder by such Indemnified Party, unless such judgment or settlement includes an unconditional
release of such Indemnified Party from all liability arising out of such claim or proceeding.

 

4.4            Contribution.

 

4.4.1            If
the indemnification provided for in the foregoing Sections 4.1, 4.2 and 4.3 is unavailable to any Indemnified Party in respect of any
loss, claim, damage, liability or action referred to herein, then each such Indemnifying Party, in lieu of indemnifying such Indemnified
Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such loss, claim, damage, liability or
action in such proportion as is appropriate to reflect the relative fault of the Indemnified Parties and the Indemnifying Parties in
connection with the actions or omissions which resulted in such loss, claim, damage, liability or action, as well as any other relevant
equitable considerations. The relative fault of any Indemnified Party and any Indemnifying Party shall be determined by reference to,
among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a
material fact relates to information supplied by such Indemnified Party or such Indemnifying Party and the parties’ relative intent,
knowledge, access to information and opportunity to correct or prevent such statement or omission.

 

4.4.2            The
parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 4.4 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 the immediately
preceding Section 4.4.1.

 

4.4.3            The
amount paid or payable by an Indemnified Party as a result of any loss, claim, damage, liability or action referred to in the immediately
preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses incurred by such
Indemnified Party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 4.4,
no Holder shall be required to contribute any amount in excess of the dollar amount of the net proceeds (after payment of any underwriting
fees, discounts, commissions or taxes) actually received by such Holder from the sale of Registrable Securities which gave rise to such
contribution obligation. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities
Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.

 

4.5            Survival.
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.

 

5.            RULE
144.

 

5.1            Rule 144.
The Company covenants that it shall file any reports required to be filed by it under the Securities Act and the Exchange Act and shall
take such further action as the Holders may reasonably request, all to the extent required from time to time to enable such Holders to
sell Registrable Securities without Registration under the Securities Act within the limitation of the exemptions provided by Rule 144
under the Securities Act, as such rules may be amended from time to time, or any similar rule or regulation hereafter adopted
by the Commission.

 

    11 

     

    

 

6.            MISCELLANEOUS.

 

6.1            Other
Registration Rights. The Company represents and warrants that no person, other than the Holders, has any right to require the Company
to register any shares in the capital of the Company for sale or to include shares in the capital of the Company in any Registration
filed by the Company for the sale of shares for its own account or for the account of any other person.

 

6.2            Assignment;
No Third Party Beneficiaries. 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. This Agreement and the rights, duties and obligations of the Holders hereunder may not
be freely assigned or delegated by such Holder except in conjunction with and to the extent of any transfer of Registrable Securities
by any such Holder. This Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties,
to the permitted assigns of the Holders or of any assignee of the Holders. This Agreement is not intended to confer any rights or benefits
on any persons that are not party hereto other than as expressly set forth in Article 4 and this Section 6.2. 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 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 6.2
shall be null and void.

 

6.3            Notices.
All notices, demands, requests, consents, approvals or other communications (collectively, “Notices”) required or
permitted to be given hereunder or which are given with respect to this Agreement shall be in writing and shall be personally served,
delivered by reputable air courier service with charges prepaid, or transmitted by hand delivery or electronic mail, addressed as set
forth below, or to such other address as such party shall have specified most recently by written notice. Notice shall be deemed given
on the date of service or transmission if personally served; provided, that if such service or transmission is not on a business day
or is after normal business hours, then such notice shall be deemed given on the next business day. Notice otherwise sent as provided
herein shall be deemed given on the next business day following timely delivery of such notice to a reputable air courier service with
an order for next-day delivery.

 

To the Company:

 

Galata Acquisition Corp.

2001 S Street NW, Suite 320

Washington, DC 20009

Attention: Kemal Kaya, Chief Executive Officer

Email: s.kemalkaya@gmail.com

 

with a copy to:

 

Greenberg Traurig, LLP

1750 Tysons Boulevard

McLean, VA 22102

Attention: Jason T. Simon, Esq. and Yangyang Jia, Esq.

Email: simonj@gtlaw.com and jiay@gtlaw.com

 

To a Holder, to the address set forth below such
Holder’s name on Exhibit A hereto.

 

6.4            Severability.
This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the
validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable
term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision as similar in terms to
such invalid or unenforceable provision as may be possible that is valid and enforceable.

 

    12 

     

    

 

6.5            Counterparts.
This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, and all of which taken together shall
constitute one and the same instrument.

 

6.6            Entire
Agreement. This Agreement (including all agreements entered into pursuant hereto and all certificates and instruments delivered pursuant
hereto and thereto) constitute the entire agreement of the parties with respect to the subject matter hereof and supersede all prior
and contemporaneous agreements, representations, understandings, negotiations and discussions between the parties, whether oral or written.

 

6.7            Modifications
and Amendments. Upon the written consent of the Company and the Holders
of a majority in interest of the Registrable Securities at the time in question, compliance with any of the provisions, covenants and
conditions set forth in this Agreement may be waived, or any of such provisions, covenants or conditions may be amended or modified;
provided, however, that notwithstanding the foregoing, any amendment hereto or waiver hereof that adversely affects one Holder, solely
in its capacity as a Holder, in a manner that is materially different from the other Holders (in such capacity) shall require the consent
of the Holder so affected. No course of dealing between any Holders or the Company and any other party hereto or any failure or delay
on the part of a Holder or the Company in exercising any rights or remedies under this Agreement shall operate as a waiver of any rights
or remedies of any Holder or the Company. No single or partial exercise of any rights or remedies under this Agreement by a party shall
operate as a waiver or preclude the exercise of any other rights or remedies hereunder or thereunder by such party.

 

6.8            Titles
and Headings. Titles and headings of sections of this Agreement are for convenience only and shall not affect the construction of
any provision of this Agreement.

 

6.9            Waivers
and Extensions. Any party to this Agreement may waive any right, breach or default which such party has the right to waive, provided,
however, that such waiver will not be effective against the waiving party unless it is in writing, is signed by such party, and specifically
refers to this Agreement. Waivers may be made in advance or after the right waived has arisen or the breach or default waived has occurred.
Any waiver may be conditional. No waiver of any breach of any agreement or provision herein contained shall be deemed a waiver of any
preceding or succeeding breach thereof nor of any other agreement or provision herein contained. No waiver or extension of time for performance
of any obligations or acts shall be deemed a waiver or extension of the time for performance of any other obligations or acts.

 

6.10            Remedies
Cumulative. In the event that the Company fails to observe or perform any covenant or agreement to be observed or performed under
this Agreement, the Holders may proceed to protect and enforce its rights by suit in equity or action at law, whether for specific performance
of any term contained in this Agreement or for an injunction against the breach of any such term or in aid of the exercise of any power
granted in this Agreement or to enforce any other legal or equitable right, or to take any one or more of such actions, without being
required to post a bond. None of the rights, powers or remedies conferred under this Agreement shall be mutually exclusive, and each
such right, power or remedy shall be cumulative and in addition to any other right, power or remedy, whether conferred by this Agreement
or now or hereafter available at law, in equity, by statute or otherwise.

 

6.11            Governing
Law. This Agreement shall be governed by, interpreted under, and construed in accordance with the internal laws of the State of New
York applicable to agreements made and to be performed within the State of New York, without giving effect to any choice-of-law provisions
thereof that would compel the application of the substantive laws of any other jurisdiction.

 

6.12            Waiver
of Trial by Jury. EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES THE RIGHT TO A TRIAL BY JURY IN ANY ACTION, SUIT, COUNTERCLAIM
OR OTHER PROCEEDING (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF, CONNECTED WITH OR RELATING TO THIS AGREEMENT, THE
TRANSACTIONS CONTEMPLATED HEREBY, OR THE ACTIONS OF THE HOLDER IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT HEREOF.

 

[Signature Page Follows]

 

    13 

     

    

 

IN WITNESS WHEREOF, the parties have caused this
Registration Rights Agreement to be executed and delivered by their duly authorized representatives as of the date first written above.

 

	 	COMPANY:

    

    

    

	 	 
	 	GALATA ACQUISITION CORP.
	 	 
	 	By:	/s/ Daniel Freifeld
	 	Name:	Daniel Freifeld
	 	Title:	President
	 	 
	 	HOLDERS:

    

    

    

	 	 
	 	GALATA ACQUISITION SPONSOR, LLC
	 	 
	 	By:	/s/ Daniel Freifeld
	 	Name:	Daniel Freifeld
	 	Title:	Managing Member

 

	 	By:	/s/Adam S. Metz
	 	Name:	Adam S. Metz
	 	 
	 	By:	/s/ Shelley Guiley
	 	Name:	Shelley Guiley
	 	 
	 	By:	/s/ Tim Shannon
	 	Name:	Tim Shannon

 

[Signature Page to Registration Rights Agreement]

 

    14 

     

    

 

EXHIBIT A

 

Name and Address of Holders:

 

Galata Acquisition Sponsor, LLC

2001 S Street NW, Suite 320

Washington, DC 20009

Attention: Daniel Freifeld, President and Manager

Email: dsf@callawaycap.com

 

Adam S. Metz

c/o Galata Acquisition Corp.

2001 S Street NW, Suite 320

Washington, DC 20009

Email:

 

Shelley Guiley

c/o Galata Acquisition Corp.

2001 S Street NW, Suite 320

Washington, DC 20009

Email:

 

Tim Shannon

c/o Galata Acquisition Corp.

2001 S Street NW, Suite 320

Washington, DC 20009

Email:Exhibit 10.5

 

LETTER
AGREEMENT

 

July 8, 2021

 

Galata Acquisition Corp.

2001 S Street NW, Suite 320

Washington, DC 20009

 

B. Riley Securities, Inc.

299 Park Avenue

New York, NY 10171

 

Re: Initial Public Offering.

 

Ladies and Gentlemen:

 

This letter agreement (this
 “Letter Agreement”) is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting
Agreement”) entered into by and between Galata Acquisition Corp., a Cayman Islands exempted company (the “Company”),
and B. Riley Securities, Inc. as representative (the “Representative”) of the Underwriters (the “Underwriters”),
relating to the underwritten initial public offering (the “IPO”) of the Company’s units (the “Units”),
each comprised of one Class A ordinary share of the Company, $0.0001 par value (the “Ordinary Shares”), and one-half
of one warrant.  Each whole warrant (each, a “Warrant”) entitles the holder thereof to purchase one Ordinary Share
at a price of $11.50 per share, subject to adjustment. The Units shall be sold in the IPO pursuant to a Registration Statement on Form S-1
and prospectus (the “Prospectus”) filed by the Company with the U.S. Securities and Exchange Commission (the “SEC”).
Certain capitalized terms used herein are defined in paragraph 11 hereof.

 

In order to induce the Company
and the Underwriters to enter into the Underwriting Agreement and to proceed with the IPO and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the undersigned hereby agrees with the Company as follows:

 

1.             If
the Company solicits approval of its shareholders of a Business Combination, the undersigned will vote all Ordinary Shares and Founder
Shares beneficially owned by it, whether acquired before, in or after the IPO, in favor of such Business Combination.

 

2.             (a) In
the event that the Company fails to consummate a Business Combination within 24 months from the closing of the IPO, or such later period
approved by the Company’s shareholders in accordance with the Memorandum and Articles of Association, the undersigned shall take
all reasonable steps to (i) cause the Company to cease all operations except for the purpose of winding up, (ii) as promptly
as reasonably possible, but no more than ten business days after the expiration of such period, subject to applicable Cayman Islands law,
redeem the IPO Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Fund including
interest earned on the funds held in the Trust Fund (which interest shall be net of taxes payable and less up to $100,000 of interest
to pay dissolution expenses), divided by the number of then-outstanding IPO Shares, which redemption will completely extinguish public
shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any), and (iii) as
promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining holders of Ordinary
Shares and the Board of Directors, cause the Company to dissolve and liquidate, subject in the case of (ii) and (iii) above
to the Company’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable
laws. The undersigned agrees not to propose any amendment to the Memorandum and Articles of Association that would affect the substance
or timing of the Company’s obligation to provide holders of the IPO Shares the right to have their shares redeemed in connection
with an initial Business Combination or to redeem 100% of the IPO Shares if the Company does not complete an initial Business Combination
within 24 months from the consummation of the IPO unless the Company provides holders of the IPO Shares with the opportunity to redeem
their IPO Shares upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then
on deposit in the Trust Fund, including interest earned on the funds held in the Trust Fund and not previously released to the Company
to pay taxes, if any, divided by the number of then-outstanding IPO Shares.

 

    

     

    

 

(b)           The
undersigned hereby waives any and all right, title, interest or claim of any kind in or to any distribution of the Trust Fund and any
remaining net assets of the Company as a result of such liquidation with respect to its Founder Shares and Private Placement Warrants
(and the underlying Ordinary Shares) (“Claim”) and hereby waives any Claim the undersigned may have in the future as
a result of, or arising out of, any contracts or agreements with the Company and will not seek recourse against the Trust Fund for any
reason whatsoever. The undersigned acknowledges and agrees that there will be no distribution from the Trust Fund with respect to any
Private Placement Warrants, which will terminate upon the Company’s liquidation.

 

3.            To
the extent that the Underwriters do not exercise their over-allotment option to purchase up to an additional 1,875,000 Units (as described
in the Prospectus), the undersigned agrees that it shall return to the Company, on a pro rata basis in accordance with the percentage
of Founder Shares held by it, for cancellation at no cost, a number of Founder Shares equal to 468,750 multiplied by a fraction, (a) the
numerator of which is 1,875,000 minus the number of Units purchased by the Underwriters upon the exercise of their over-allotment option,
and (b) the denominator of which is 1,875,000.  The undersigned further agrees that to the extent that (i) the size of
the IPO is increased or decreased and (ii) the undersigned has either purchased or sold Ordinary Shares or an adjustment to the number
of Founder Shares has been effected by way of a share split, share dividend, reverse share split, contribution back to capital or otherwise,
in each case in connection with such increase or decrease in the size of the IPO, then (A) the references 1,875,000 in the numerator
and denominator of the formula in the immediately preceding sentence shall be changed to a number equal to 15% of the number of Ordinary
Shares included in the Units issued in the IPO and (B) the reference to 468,750 in the formula set forth in the immediately preceding
sentence shall be adjusted to such number of Ordinary Shares that the undersigned would have to return to the Company in order to hold an
aggregate of 20.0% of the sum of (x) the Company’s issued and outstanding IPO Shares and Founder Shares immediately after the
IPO and (y) the number of Ordinary Shares to be sold pursuant to the forward purchase agreement to be entered into between the Company
and the undersigned (or an affiliate of the undersigned) on or about the date hereof.

 

4.             (a) The
undersigned agrees that it shall not effectuate a Transfer of the Founder Shares until the earlier to occur of (i) one year after
the date of the consummation of a Business Combination or (ii) such time, at least 150 days after the Business Combination, that
the closing price of the Company’s Ordinary Shares equals or exceeds $12.00 per Ordinary Share (as adjusted for share splits, share
dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period (the “Lock-up”).

 

(b)           Notwithstanding
the foregoing, the Lock-up restrictions will be removed earlier if, after a Business Combination, the Company consummates a subsequent
liquidation, merger, capital stock exchange or other similar transaction which results in all of the Company’s shareholders having
the right to exchange their Ordinary Shares for cash, securities or other property.

 

(c)           The
undersigned agrees that it shall not effectuate a Transfer of the Private Placement Warrants or the Ordinary Shares underlying such Private
Placement Warrants, until 30 days after the completion of a Business Combination and as further subject to the transfer restrictions described
in the Private Placement Warrant Purchase Agreement relating to the Private Placement Warrants.

 

(d)           Notwithstanding
the provisions set forth in this paragraph 4, Transfers of the Founder Shares and Private Placement Warrants (and the underlying Ordinary
Shares) are permitted (i) to the Company’s officers or directors, any affiliates or family members of any of the Company’s
officers or directors, or any affiliates of the undersigned, (ii) by private sales or transfers made in connection with any forward
purchase agreement or similar arrangement or in connection with the consummation of a Business Combination at prices no greater than the
price at which the securities were originally purchased, (iii) in the event of the Company’s liquidation prior to the completion
of a Business Combination, (iv) by virtue of the laws of the Cayman Islands or the Sponsor’s constitutional documents or the
rights attaching to the equity interests in the Sponsor upon dissolution of the Sponsor, or (v) in the event of the Company’s
liquidation, merger, capital share exchange, reorganization or other similar transaction which results in all of the Company’s shareholders
having the right to exchange their Ordinary Shares for cash, securities or other property subsequent to the completion of a Business Combination;
provided that in clauses (i) and (ii), the transferee must enter into a written agreement agreeing to be bound by the terms of the
Lock-up. If dividends are declared and payable in Ordinary Shares, such dividends will also be subject to the Lock-up.

 

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5.             During
the period commencing on the effective date of the Underwriting Agreement and ending 180 days after such date, the undersigned will not,
without the prior written consent of the Representative pursuant to the Underwriting Agreement, (i) sell, offer to sell, contract
or agree to sell, hypothecate, pledge, hedge or otherwise dispose of or agree to dispose of (or enter into any transaction that is designed
to, or might reasonably be expected to, result in the disposition (whether by actual disposition or effective economic disposition due
to cash settlement or otherwise) by the undersigned or any affiliate of the undersigned or any person in privity with the undersigned
or any affiliate of the undersigned), directly or indirectly, including the filing (or participation in the filing) of a registration
statement with the SEC in respect of, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position
within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC
promulgated thereunder with respect to, any Units, Ordinary Shares or Warrants or any securities convertible into, or exercisable, or
exchangeable for, Ordinary Shares owned by him, (ii) 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 Units, Ordinary Shares, Warrants or any securities convertible into,
or exercisable, or exchangeable for, Ordinary Shares owned by him, whether any such transaction is to be settled by delivery of such securities,
in cash or otherwise, or (iii) publicly announce any intention to effect any transaction, including the filing of a registration
statement, specified in clause (i) or (ii). The undersigned acknowledges and agrees that, prior to the effective date of any release
or waiver of the restrictions set forth in this paragraph 5, the Company shall announce the impending release or waiver by press release
through a major news service at least two business days before the effective date of the release or waiver. Any release or waiver granted
shall only be effective two business days after the publication of such press release. The provisions of this paragraph will not apply
to any transfer not for consideration provided that the transferee in each case has agreed in writing to be bound by the same terms described
in this Letter Agreement to the extent and for the duration that such terms remain in effect at the time of the transfer.

 

6.             The
undersigned acknowledges and agrees that prior to entering into a Business Combination with a target business that is affiliated with
the undersigned or any Insiders of the Company or their affiliates, including any company that is a portfolio company of, or otherwise
affiliated with an entity with which the undersigned or any Insider or their affiliates is affiliated, such transaction must be approved
by a majority of the Company’s disinterested independent directors and the Company must obtain an opinion from an independent investment
banking firm that is a member of the Financial Industry Regulatory Authority or an independent accounting firm that such Business Combination
is fair to the Company’s unaffiliated shareholders from a financial point of view.

 

7.             Neither
the undersigned nor any affiliate of the undersigned, will be entitled to receive or accept a finder’s fee, reimbursement, cash
payment, or any other compensation in connection with any services rendered prior to or in connection with the completion of the Business
Combination; provided that the Company shall be allowed to make the payments set forth in the Prospectus adjacent to the caption “Summary—The
Offering—Limited payments to insiders.”

 

8.             The
undersigned hereby waives its right to exercise redemption rights with respect to any Ordinary Shares owned or to be owned by the undersigned,
directly or indirectly, whether purchased prior to the IPO, in the IPO or in the aftermarket, and agrees that it will not seek redemption
with respect to or otherwise sell such shares to the Company in connection with any Business Combination.

 

9.             In
the event of the liquidation of the Trust Fund, the undersigned (in such capacity, the “Indemnitor”), agrees to
indemnify and hold harmless the Company against any and all loss, liability, claims, damage and expense whatsoever (including, but not
limited to, any and all legal or other expenses reasonably incurred in investigating, preparing or defending against any litigation, whether
pending or threatened, or any claim whatsoever) to which the Company may become subject as a result of any claim by (i) a prospective
target business with which the Company has had discussions or entered into an acquisition agreement (a “Target”) or
(ii) any vendor or other person who is owed money by the Company for services rendered or products sold to, or contracted for, the
Company, but only to the extent necessary to ensure that such loss, liability, claim, damage or expense does not reduce the amount of
funds in the Trust Fund to below the lesser of (i) $10.00 per IPO Share and (ii) the actual amount per IPO Share held in the
Trust Fund as of the date of the liquidation of the Trust Fund if less than $10.00 per IPO Share due to reductions in the value of the
trust assets, in each case net of interest that may be withdrawn to pay the Company’s taxes; provided, that such indemnity
shall not apply if such Target, vendor or other person has executed an agreement waiving any claims against the Trust Fund and all rights
to seek access to the Trust Fund whether or not such agreement is enforceable. In the event that any such executed waiver is deemed unenforceable
against such third party, the Indemnitor shall not be responsible for any liability as a result of any such third party claims. Notwithstanding
any of the foregoing, such indemnification of the Company by the Indemnitor shall not apply as to any claims under the Company’s
obligation to indemnify the Underwriters against certain liabilities, including liabilities under the Securities Act, as amended. In the
event that the Company does not consummate a Business Combination and must liquidate and its remaining net assets are insufficient to
complete such liquidation, Indemnitor agrees to advance such funds necessary to complete such liquidation and agrees not to seek
repayment for such expenses. The undersigned shall have the right to defend against any such claim with counsel of its choice reasonably
satisfactory to the Company if, within 15 days following written receipt of notice of the claim to the undersigned, the undersigned notifies
the Company in writing that it shall undertake such defense.

 

    3

     

    

 

10.           This
Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving
effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. The parties
hereto (i) all agree that any action, proceeding, claim or dispute arising out of, or relating in any way to, this Letter Agreement
shall be brought and enforced in the courts of New York City, in the State of New York, and irrevocably submits to such jurisdiction and
venue, which jurisdiction and venue shall be exclusive, and (ii) waives any objection to such exclusive jurisdiction and venue or
that such courts represent an inconvenient forum.

 

11.           As
used herein, (i) a “Business Combination” shall mean an acquisition, share exchange, share reconstruction and
amalgamation, contractual control arrangement with, purchasing all or substantially all of the assets of, or engaging in any other similar
business combination with one or more businesses or entities; (ii) “Memorandum and Articles of Association” shall
mean the Company’s Amended and Restated Memorandum and Articles of Association, as the same shall be amended from time to time;
(iii) “Insiders” shall mean all officers, directors and shareholders of the Company immediately prior to the IPO;
(iv) “Founder Shares” shall mean all of the Class B ordinary shares of the Company, par value $0.001 per
share, acquired by the undersigned prior to the consummation of the IPO; (v) “IPO Shares” shall mean the Ordinary
Shares issued in the Company’s IPO; (vi) “Private Placement Warrants” shall mean the warrants purchased
in a private placement taking place simultaneously with the consummation of the Company’s IPO and the over-allotment option, if
any; (vii) “Transfer” shall mean the (a) sale of, offer to sell, contract or agreement to sell, hypothecate,
pledge, grant of any option to purchase or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment or
increase of a put equivalent position or liquidation with respect to or decrease of a call equivalent position within the meaning of Section 16
of the Exchange Act, and the rules and regulations of the SEC promulgated thereunder with respect to, any security, (b) entry
into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any
security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (c) public announcement
of any intention to effect any transaction specified in clause (a) or (b); and (viii) “Trust Fund” shall
mean the trust fund into which a portion of the net proceeds of the Company’s IPO and a portion of the proceeds from the sale of
the Private Placement Warrants will be deposited.

 

12.           Any
notice, consent or request to be given in connection with any of the terms or provisions of this Letter Agreement shall be in writing
and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery,
facsimile transmission, or electronic mail.

 

13.           No
party hereto may assign either this Letter Agreement or any of its rights, interests, or obligations hereunder without the prior written
consent of the other party. Any purported assignment in violation of this paragraph 13 shall be void and ineffectual and shall not operate
to transfer or assign any interest or title to the purported assignee. This Letter Agreement shall be binding on the parties hereto and
any successors and assigns thereof.

 

14.           This
Letter Agreement shall terminate on the earlier of (i) the expiration of the Lock-up or (ii) the liquidation of the Company;
provided, however, that this Letter Agreement shall earlier terminate in the event that the IPO is not consummated and closed by July 31,
2021, provided further that paragraph 9 of this Letter Agreement shall survive such liquidation.

 

15.           The
undersigned acknowledges and understands that the Underwriters and the Company will rely upon the agreements, representations and warranties
set forth herein in proceeding with the IPO. Nothing contained herein shall be deemed to render any Underwriter a representative of, or
a fiduciary with respect to, the Company, its shareholders or any creditor or vendor of the Company with respect to the subject matter
hereof.

 

[Signature Page Follows]

 

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	 	 	Sincerely,
	 	 	 
	 	 	GALATA ACQUISITION SPONSOR, LLC
	 	 	 
	 	 	 
	 	 	By:	/s/ Daniel Freifeld
	 	 	 	Name: Daniel Freifeld
	 	 	 	Title: Managing Member
	 	 	 	 
	 	 	 	 
	Acknowledged and Agreed:	 	 	 
	 	 	 	 
	galata acquisition corp.	 	 	 
	 	 	 	 
	 	 	 	 
	By:	/s/ Daniel Freifeld	 	 	 
	Name:	Daniel Freifeld	 	 	 
	Title:	President	 	 	 

 

[Signature Page to Letter Agreement (Sponsor)]

 

    5

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