Document:

Exhibit 4.2

      

      

      FIRST SUPPLEMENTAL INDENTURE

      

      

      FIRST SUPPLEMENTAL INDENTURE, dated as of November 22,
          2022 (this “Supplemental Indenture”),
          between ZENDESK, INC., a Delaware corporation (the “Company”), and WILMINGTON TRUST, NATIONAL ASSOCIATION, a national banking association, as trustee (the “Trustee”).

      

      

      RECITALS OF THE COMPANY

      

      

      WHEREAS, the Company and the Trustee are parties to that certain Indenture, dated as of June 16, 2020 (the “Indenture”), pursuant to which the Company issued its 0.625% Convertible Senior Notes due 2025 (the “Notes”);

      

      

      WHEREAS, the Company is a party to that certain
          Agreement and Plan of Merger, dated as of June 24, 2022, by and among the Company, Zoro BidCo, Inc., a Delaware corporation (“Parent”), and Zoro Merger Sub, Inc., a Delaware corporation and a direct wholly owned subsidiary of Parent (“Merger Sub”) (such agreement, the “Merger Agreement”), pursuant to which, and subject to the terms and conditions contained in the Merger Agreement, each share of Common Stock, par
            value $0.01 per share (a “Share”) (other than treasury shares, shares
            owned by the Parent or its wholly owned subsidiaries and dissenting shares), will be converted into and shall thereafter represent only the right to receive
            $77.50 in cash per Share (the “Merger Consideration”);

       

      WHEREAS, the Merger Consideration is to be paid to each holder of Shares without interest thereon and less any applicable withholding taxes;

      

      

      WHEREAS, the merger of Merger Sub with and into the Company, with the Company as the surviving entity (the “Merger”), has been consummated on the date hereof in accordance with the Merger Agreement, substantially concurrently with the execution and delivery of this Supplemental Indenture;

      

      

      WHEREAS, the Merger constitutes a Fundamental Change and a Make-Whole Fundamental Change;

      

      

      WHEREAS, pursuant to Section 14.01(e) of the Indenture, no Additional Shares shall be added to the Conversion Rate as
        a result of the Make-Whole Fundamental Change resulting for the Merger;

      

      

      WHEREAS, in connection with the foregoing, Section 14.07(a) of the Indenture provides that the Company shall execute
        with the Trustee a supplemental indenture permitted under Section 10.01 of the Indenture providing that the right to convert each $1,000 principal amount of Notes shall be changed into a right to convert such principal amount of Notes into the
        Conversion Value (as defined below); and

      

      

      WHEREAS, all conditions for the execution and delivery of this Supplemental Indenture have been complied with or have
        been done or performed.

      

      

      
        
          

      

      
      NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH:

      

      

      In consideration of the foregoing and for other good
          and valuable consideration, receipt of which is hereby acknowledged, the Company and the Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the holders of the Notes:

      

      

      ARTICLE 1

      

      

      Definitions

      

      

      Section 1.01. General. Capitalized terms used
        but not defined herein shall have the meanings assigned to them in the Indenture.

      

      

      ARTICLE 2

      

      

      Agreements of Parties

      

      

      Section 2.01 Conversion of Notes. In
        accordance with Section 14.07 of the Indenture and the Officers’ Certificate, dated November 22, 2022, from and after the date of this Supplemental Indenture, the right to convert each $1,000 principal amount of Notes will be changed to a right to
        convert such principal amount of Notes into the kind and amount of shares of stock, other securities or other property or assets (including cash or any combination thereof) that a holder of a number of shares of Common Stock equal to the Conversion
        Rate immediately prior to the Merger (the “Conversion Value”), which shall be cash equal to $712.566 per $1,000 principal amount of Notes based on a Conversion Rate of 9.1944.
        Notwithstanding the foregoing, Holders that elect to convert their Notes at any time from November 22, 2022 (being the effective date of the Merger) until the close of business on the Business Day immediately prior to the Fundamental Change
        Repurchase Date (the “Make-Whole Conversion Period”) to be specified in a Fundamental Change Company Notice to be delivered in connection with the Merger, shall be entitled to
        receive cash equal to $712.566 per $1,000 principal amount of converted Notes based on a Conversion Rate of 9.1944, as adjusted in accordance with Section 14.03 of the Indenture as a result of the Merger which constitutes a Fundamental Change and a
        Make-Whole Fundamental Change (the “Make-Whole Conversion Value”). Accordingly, any reference in respect of a holders’ conversion rights to a share of Common Stock in the
        Indenture shall be deemed a reference to a right to receive a cash amount equal to $77.50 and the provisions of the Indenture, as modified herein, shall continue to apply,
          mutatis mutandis, to the holders’ right to convert the Notes into the Conversion Value or the Make-Whole Conversion Value, as applicable. For the avoidance of doubt, holders will not have the right to convert Notes into shares of Common
        Stock or other securities of the Company.

      

      

      
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      ARTICLE 3

      

      

      Miscellaneous Provisions

      

      

      Section 3.01 Effectiveness; Construction. This
        Supplemental Indenture shall become effective upon its execution and delivery by the Company and the Trustee as of the date hereof. Upon such effectiveness, the Indenture shall be supplemented in accordance herewith. Upon the execution of this
        Supplemental Indenture pursuant to Article 10 of the Indenture, the Indenture shall be and be deemed to be modified and amended in accordance therewith and the respective rights, limitation of rights, obligations, duties and immunities under the
        Indenture of the Trustee, the Company and the Holders shall hereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments and all the terms and conditions of the Supplemental Indenture shall
        be and be deemed to be part of the terms and conditions of the Indenture for any and all purposes. The Indenture and this Supplemental Indenture shall henceforth be read and construed together.

      

      

      Section 3.02 Indenture Remains in Full Force and Effect.
        Except as supplemented hereby, all provisions in the Indenture shall remain in full force and effect.

      

      

      Section 3.03 Trustee Matters. The Trustee accepts the Indenture, as supplemented
          hereby, and agrees to perform the same upon the terms and conditions set forth therein, as supplemented hereby. The Trustee shall be entitled to the benefit of every provision of the Indenture relating to the
          conduct or affecting the liability or affording a right, privilege, protection, indemnity or benefit to the Trustee, whether or not elsewhere herein so provided. The
            recitals contained in this Supplemental Indenture shall be taken as the statements of the Company and the Trustee assumes no responsibility or liability for the correctness of the same. The Trustee makes no representation as to and
          shall not be responsible for the validity or sufficiency of this Supplemental Indenture, the Merger, the Merger Agreement, the Merger Consideration, the determination or calculation of the Conversion Value and the Make-Whole Conversion Value, the
          Fundamental Change Company Notice or any other transaction or transaction document described or referred to herein.

      

      

      Section 3.04 Benefits of Indenture. Nothing in
        this Supplemental Indenture, expressed or implied, shall give to any Person, other than the Holders, the parties hereto, any Paying Agent, any Conversion Agent, any authenticating agent, any Note Registrar and their successors hereunder, any
        benefit or any legal or equitable right, remedy or claim under the Indenture, as supplemented hereby.

      

      

      Section 3.05 Severability. In the event any
        provision of this Supplemental Indenture shall be invalid, illegal or unenforceable, then (to the extent permitted by law) the validity, legality or enforceability of the remaining provisions shall not in any way be affected or impaired.

      

      

      Section 3.06 Headings, Etc. The titles and headings of the articles and sections of this Supplemental Indenture have been inserted for convenience of reference only, are not to be considered a
        part hereof, and shall in no way modify or restrict any of the terms or provisions hereof.

      

      

      Section 3.09 Governing Law; Waiver of Jury Trial. THIS SUPPLEMENTAL INDENTURE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS SUPPLEMENTAL INDENTURE, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF
          THE STATE OF NEW YORK (WITHOUT REGARD TO THE CONFLICTS OF LAWS PROVISIONS THEREOF). EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND
          ALL RIGHT TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE OR THE TRANSACTIONS CONTEMPLATED HEREBY.

      

      

      
        3

        
          

      

      Section 3.10 Execution in Counterparts. This
        Supplemental Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Supplemental Indenture and of
        signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture for all purposes. Signatures
        of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.

      

      

      Section 3.11 Electronic Signatures. The words
        “execution,” “signed,” “signature,” and words of similar import in this Supplemental Indenture shall be deemed to include electronic or digital signatures or the keeping of records in electronic form, each of which shall be of the same effect,
        validity, and enforceability as manually executed signatures or a paper-based recordkeeping system, as the case may be, to the extent and as provided for under applicable law, including the Electronic Signatures in Global and National Commerce Act
        of 2000 (15 U.S.C. §§7001-7006), the Electronic Signatures and Records Act of 1999 (N.Y. State Tech. §§ 301-309), or any other similar state laws based on the Uniform Electronic Transactions Act; provided that, notwithstanding anything herein to the contrary, the Trustee is not under any obligation to agree to accept electronic signatures in any form or in any format unless expressly agreed to by the Trustee
        pursuant to procedures approved by the Trustee.

      

      

      [Signature page follows]

      
        4

        
          

      

      IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed as of the date first written above.

      

      

      	

            	
              ZENDESK, INC.

            
	

            	

            	

            
	

            	
              By:

            	
              /s Shanti Ariker

            

      	

            	
              Name:

            	
              Shanti Ariker

            
	

            	
              Title:

            	
              General Counsel, Corporate

            
	

            	

            	
              Secretary and Chief Privacy Officer

            

       

      
        
          
            [Signature Page to Supplemental Indenture (Governing 0.625% Convertible Senior
                Notes Due 2025)]

          

        

        
          

      

      	

            	
              WILMINGTON TRUST, NATIONAL
                  ASSOCIATION, as Trustee

            
	

            	

            	

            
	

            	
              By:

            	
              /s/ Quinton M. DePompolo

            

      	

            	
              Name:

            	
              Quinton M. DePompolo

            
	

            	
              Title:

            	
              Assistant Vice President

            

      

      

      

      

      [Signature Page to Supplemental Indenture (Governing 0.625% Convertible Senior Notes Due 2025)]EX-10.1

 Exhibit 10.1 

Execution version 
 INVESTOR
EXCHANGE AND SUPPORT AGREEMENT 
 This INVESTOR EXCHANGE AND SUPPORT AGREEMENT (this “Agreement”) is entered into as of
November     , 2022, by and among Zapp Electric Vehicles Group Limited, an exempted company incorporated with limited liability in the Cayman Islands (“PubCo”), Zapp Electric Vehicles Limited, a private
company limited by shares registered in England and Wales with registered number 10870546, and having its registered office at 5 Technology Park, Colindeep Lane, England, London NW9 6BX (the “Company”) and the Persons listed on
Schedule 1 to this Agreement (each, a “Shareholder” and the Shareholders together with PubCo and the Company, the “Parties”). 

WHEREAS, each Shareholder is, as of the date of this Agreement, the sole legal and beneficial owner of: (i) such number of fully-paid ordinary shares of
GBP 0.00001 each in the Company (“Company Shares”); and (ii) such number of warrants in the Company (“Company Warrants”), set forth opposite such Shareholder’s name on Schedule 1 under the heading
“Company Shares” and “Company Warrants” respectively. 
 WHEREAS, PubCo, the Company, CIIG Capital Partners II, Inc., a Delaware
corporation (“SPAC”) and Zapp Electric Vehicles, Inc. are entering into an Agreement and Plan of Merger (the “Merger Agreement”) dated as of November     , 2022, providing for, inter
alia, each Shareholder’s transfer of its respective Company Shares and Company Warrants to PubCo in exchange for newly issued ordinary shares, with $0.0001 par value per share, of PubCo (“PubCo Shares”) and warrants in
PubCo (“PubCo Exchange Warrants”) (as applicable) on the terms and subject to the conditions of this Agreement; 
 NOW THEREFORE, intending
to be legally bound, as a condition and inducement to the entry into and performance of the Merger Agreement, in consideration of the mutual covenants and agreements herein contained, and for other good and valuable consideration, the Parties hereby
agree as follows: 
 1. DEFINITIONS; INTERPRETATION 

Unless otherwise expressly indicated, capitalized terms used but not defined in this Agreement have the meanings ascribed to such terms in the Merger
Agreement, and this Agreement shall be interpreted and applied in accordance with the rules of construction applicable to the Merger Agreement, mutatis mutandis. 

2. SHARE AND WARRANT EXCHANGE 
 2.1 Acquisition. On
the Closing Date (and immediately prior to the Effective Time), and upon the terms and conditions of this Agreement and the Merger Agreement, the Shareholders shall sell and transfer to PubCo, and PubCo shall purchase from the Shareholders, all of
the legal and beneficial title to the Company Shares and Company Warrants set out in Schedule 1 with full title guarantee, free from all Liens and together with all rights attaching to the Company Shares and Company Warrants, respectively, at the
Closing (which, for the avoidance of doubt, shall be immediately prior to the Effective Time of the Merger). 
 2.2 Initial Consideration. Subject to
Section 2.4, the aggregate consideration to be paid to each Shareholder in respect of the transfer of its Company Shares and Company Warrants to PubCo at the Closing shall be the due issuance and allotment to such Shareholder of that number of
PubCo Shares and PubCo Exchange Warrants, credited as fully paid, set out opposite such Shareholder’s name on Schedule 1 under the heading “PubCo Shares” and “PubCo Exchange Warrants” respectively.  
 2.3 Exchange Deliveries. At the Closing, each Shareholder shall deliver or procure the
delivery to PubCo of: 

 (a) a duly executed stock transfer form in the form attached hereto as Exhibit A in
respect of its Company Shares to effect the transfer of its Company Shares to PubCo (a “STF”); and 
 (b) any and all share
certificates representing its Company Shares; 
 and the Company shall deliver to PubCo a copy of the executed resolution of the Company board of directors
approving (x) the form of the STF and the transfer of the Company Shares to PubCo, (y) PubCo’s entry in the register of members as the sole holder of all such Shareholder’s Company Shares (subject to the completion of any
applicable UK stamp duty formalities), and (z) the necessary filings and notifications in connection with the aforementioned matters. In the event that a Shareholder does not deliver share certificates in respect of its Company Shares to PubCo
in accordance with this Section 2.3, if and to the extent a share certificate has previously been issued by the Company, such Shareholder severally agrees to indemnify PubCo (to the extent permitted by law) and the Company
from and against all claims, actions, proceedings and demands which may be brought against PubCo and the Company and all losses, liabilities, charges, costs, damages and expenses which PubCo or the Company may suffer or reasonably incur, in each
case as a result of allowing the registration of the transfer of all or any part of such Shareholder’s Company Shares without the production of the original share certificates. 

2.4 Earnout. 
 (a) A Shareholder’s
right to receive Earnout Shares pursuant to this Section 2.4, if any, is subject to the closing price of PubCo Shares equaling or exceeding, for any 20 trading days during a 30 consecutive trading day period, (i) $12.00 per
share (the “First Earnout Condition”), (ii) $14.00 per share (the “Second Earnout Condition”) or (iii) $16.00 per share (the “Third Earnout Condition”; and each of the First, Second and Third
Earnout Conditions an “Earnout Condition”), as applicable, in each case as equitably adjusted for share splits, share dividends, reorganizations and recapitalisations. 

(b) As additional consideration for the transfer of Company Shares to PubCo pursuant to this Section 2, as promptly
as reasonably practicable (but in any event, within ten Business Days) after the satisfaction of an Earnout Condition, PubCo shall issue and allot or cause to be issued and allotted to each applicable Shareholder the applicable Earnout Shares. 

(c) In the event that an Earnout Condition is not satisfied prior to the fifth anniversary of the Closing, the contingent right and entitlement
of such Shareholders to the applicable Earnout Shares shall be forfeited and cease to exist. 
 (d) Any issuance of Earnout Shares shall be
treated as an adjustment to the consideration paid at the Closing, except to the extent otherwise required by Law, and an amount equal to the aggregate par value of the Earnout Shares so issued will be credited to the capital account of PubCo. 

(e) To the extent that, prior to the fifth anniversary of the Closing, there is a bona fide third party transaction that results in PubCo
Shares being converted into the right to receive cash or other consideration having a per share value (as adjusted for share splits, share dividends, reorganizations and recapitalisations, and in the case of any
non-cash consideration, as provided in the definitive transactions documents for such transaction, or if not so provided, determined by the board of directors of PubCo in good faith) (i) equal to or in
excess of any Earnout Condition that has not yet been satisfied, then the applicable Earnout Shares shall be issued to the relevant Shareholders effective as of immediately prior to the consummation of such transaction, or otherwise treated as so
issued in connection therewith, so as to ensure that the recipients of such Earnout Shares shall receive such Earnout Shares, and all proceeds thereof, in connection with such transaction, and (ii) less than any Earnout Condition that has not
yet been satisfied, then the contingent right and entitlement of such Shareholders to the applicable Earnout Shares shall be forfeited and cease to exist. 

  
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 (f) “Earnout Shares” means, as to a given Shareholder, the number of PubCo
Shares set forth opposite such Shareholder’s name on Schedule 1 under the headings (i) “First Earnout”, with respect to the First Earnout Condition, (ii) “Second Earnout”, with respect to the Second Earnout Condition,
and (iii) “Third Earnout”, with respect to the Third Earnout Condition, if any, in each case as equitably adjusted for share splits, share dividends, reorganizations and recapitalisations. 

3. PRE-CLOSING MATTERS 

Each Shareholder, severally and not jointly, hereby covenants and irrevocably undertakes to PubCo during the term of this Agreement as follows: 

3.1 Subject Shares. As to a Shareholder, the term “Subject Shares” means its respective Company Shares, Company Warrants and any other
equity securities of the Company or any successor thereto by whatever name called, now owned or subsequently acquired by such Shareholder from time to time, howsoever acquired, or as to which such Shareholder has any right or power to vote or
direct, cause or control the voting. 
 3.2 Consent. Such Shareholder unconditionally and irrevocably agrees that, during the period from the date
hereof through the date on which this Agreement terminates in accordance with Section 6.6 (the “Expiration Time”), at any duly called meeting of the shareholders of the Company (or any adjournment or postponement
thereof), and in any action by written consent of the shareholders of the Company requested by the Company’s board of directors or undertaken as contemplated by the Transactions, such Shareholder shall, if a meeting is held, appear at the
meeting, in person or by proxy, or otherwise cause all of its Subject Shares to be counted as present thereat for purposes of establishing a quorum, and it shall vote or consent (or cause to be voted or consented), in person or by proxy, all of its
Subject Shares in favor of the Closing, the Company Exchange and the other Transactions, in each case as may be required to approve, implement and give effect to the Transactions at the Closing in accordance with the Merger Agreement. 

3.3 Additional Purchases. Each Shareholder agrees that any Subject Shares that it purchases or otherwise hereinafter acquires or with respect to which
it otherwise acquires sole or shared voting power after the execution of this Agreement and prior to the Expiration Time shall be subject to the terms and conditions of this Agreement to the same extent as if they constituted the Subject Shares set
forth on Schedule 1 attached hereto. 
 3.4 Waiver. Such Shareholder shall not apply to any Governmental Authority claiming that any Transaction is
oppressive or unfairly discriminatory to or otherwise prejudicial to, or undertaken without due regard to the interests of, any Person, or commence, join in, facilitate, assist or encourage any claim or action challenging the validity of this
Agreement or the Merger Agreement or alleging any breach of any Law or duty in connection with the Transactions. Such Shareholder hereby waives any and all pre-emption rights, rights of first refusal, tag
along, drag along and other rights which may have been conferred on it under the Company’s organizational documents, Law or otherwise as may affect the Transactions (other than its rights pursuant to this Agreement). 

3.5 Power of Attorney. Such Shareholder hereby irrevocably and unconditionally grants to, and appoints the Company and any individual designated in
writing by the Company, and each of them individually, as such Shareholder’s lawful attorney and proxy (with full power of substitution), for and in the name, place and stead of such Shareholder, to vote such Shareholder’s Subject Shares,
grant a written consent or approval in respect of such Subject Shares, and agree or amend the form, terms and conditions of, certify and execute, deliver, take, perform, waive and 

  
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terminate on each such Shareholder’s behalf and in the name of such Shareholder, all deeds, instruments, agreements, documents, steps or actions necessary or desirable for giving effect to
Sections 2, 3 or 6 of this Agreement or the Transactions pursuant to the Merger Agreement. Such Shareholder acknowledges that the Merger Agreement is being made in reliance upon its grant of such irrevocable power of attorney,
and that such irrevocable power of attorney is given in connection with the Merger Agreement to secure the performance by such Shareholder under this Agreement, and is coupled with a proprietary interest and may not be revoked under any
circumstances. Such Shareholder hereby ratifies and confirms all that the attorney and proxy may lawfully do or cause to be done by virtue hereof. This power of attorney shall terminate immediately upon the earlier of (i) when the PubCo is
entered in the register of members of the Company as the holder of the Subject Shares; or (ii) the Expiration Time. 
 3.6 No Pre-Closing Transfer. Other than pursuant to this Agreement or as expressly contemplated by the Merger Agreement, from the date hereof and until the Expiration Time, such Shareholder shall not, directly or
indirectly: 
 (a) sell, transfer, tender, grant, lend, mortgage, pledge, charge, assign, sell options in respect of, or otherwise dispose of
(including by gift, tender or exchange offer, merger or operation of law), encumber, hedge, swap, convert or utilize a derivative to transfer the economic interest in (collectively, “Transfer”), or enter into any Contract, option or
other binding arrangement (including any profit sharing arrangement) with respect to the Transfer of, any Subject Shares (or any interest therein or in respect thereto) or any other securities exchangeable for or convertible into, or substantially
similar to, Subject Shares to any person or enter into any transaction with the same economic effect as, or agree to do, any of the foregoing; 

(b) grant or suffer to exist any proxies or enter or suffer to exist any voting arrangement, whether by proxy, voting agreement, voting trust,
voting deed or otherwise (including pursuant to any loan of Subject Shares) with respect to any Subject Shares, or enter into or suffer to exist any other Contract with respect to any Subject Shares that would prohibit or prevent the satisfaction of
its obligations pursuant to this Agreement; 
 (c) take any action that would make any representation or warranty of such Shareholder herein
untrue or incorrect, or have the effect of preventing or disabling such Shareholder from performing its obligations hereunder; 
 (d) commit,
agree or publicly announce any intention to take any of the foregoing actions. 
 Any action attempted to be taken in violation of the preceding sentence
shall be null and void. 
 4. POST-CLOSING LOCK-UP 

4.1 Definitions. As used in this Section 4: 

(a) “affiliate” has the meaning set forth in Rule 405 under the Securities Act. 

(b) “Applicable Period” means the period commencing on the Closing Date and ending: 

(i) with respect to the Lock-Up Securities listed on Schedule 1 under the heading “First
Release”, upon PubCo issuing its first quarterly earnings release that occurs at least 60 days after the Closing; 
 (ii) with respect
to the Lock-Up Securities listed on Schedule 1 under the heading “Second Release”, upon PubCo issuing its second quarterly earnings release after the Closing; and 

  
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 (iii) with respect to the Lock-Up Securities listed
on Schedule 1 under the heading “Third Release”, upon PubCo issuing its third quarterly earnings release after the Closing; 
 (in each
case as equitably adjusted for share splits, share dividends, reorganizations and recapitalisations) or, if earlier, the date on which PubCo completes any amalgamation, merger, scheme of arrangement, business combination, consolidation, combination,
sale of substantial assets, reorganization, recapitalization, dissolution, liquidation or winding up or other similar transaction that results in all of PubCo’s shareholders having the right to exchange their PubCo Shares for cash, securities
or other property following the Closing. 
 (c) “Immediate Family” means, as to a natural person, such individual’s
spouse, former spouse, domestic partner, child (including by adoption), father, mother, brother or sister, and lineal descendant (including by adoption) of any of the foregoing persons. 

(d) “Lock-Up Securities” means, as to a Shareholder during the Applicable Period, 80%
of the PubCo Shares or other Equity Securities of PubCo held by a Shareholder (or which a Shareholder is entitled to receive by virtue of the Transactions) immediately after the Closing and shall include any other Equity Security of PubCo issued or
issuable to a Shareholder with respect to any securities referenced above by way of a share dividend or share split or in connection with a recapitalization, merger, consolidation, spin-off, reorganization or
similar transaction. Each Shareholder’s anticipated total number of Lock-Up Securities is listed opposite such Shareholder’s name on Schedule 1 under the heading
“Lock-Up Securities”. 
 (e) “Lock-Up
Transfer” means the (i) 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 Commission promulgated thereunder, with
respect to, any Lock-Up Security, (ii) 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 Lock-Up Security, whether or not any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (iii) public announcement of any intention to effect any transaction specified in
clause (i) or (ii). 
 4.2 Post-Closing Lock-Up. Subject to the consummation of the Closing, each
Shareholder covenants and agrees that it shall not, during the Applicable Period, without the prior written consent of the board of directors of PubCo, effect, undertake, enter into or publicly announce any
Lock-Up Transfer of any applicable Lock-Up Security. For avoidance of doubt, each Shareholder shall retain all of its rights as a shareholder of PubCo with respect to
all Lock-Up Securities during the Applicable Period, including the right to vote any Lock-Up Securities that are entitled to vote and the right to receive any dividends
or distributions in respect of such Lock-Up Securities. 
 4.3 Authorization. Each Shareholder hereby:
(a) authorizes PubCo to cause its transfer agent to decline to transfer, and to note stop transfer restrictions on the share register and other records relating to, applicable Lock-Up Securities for which
such Shareholder is the record holder; and (b) in the case of Lock-Up Securities for which such Shareholder is the beneficial but not the record holder, agrees to cause the record holder to cause the
relevant transfer agent to decline to transfer, and to note stop transfer restrictions on the share register and other records relating to, such Lock-Up Securities; in each case, if and to the extent such
transfer would constitute a Lock-Up Transfer in breach of this Agreement. PubCo agrees to instruct its transfer agent to remove any stop transfer restrictions on the share register and other records related to
applicable Lock-Up Securities within three Business Days of a request by a Shareholder after expiration of the Applicable Period. 

  
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 4.4 Legend. During the Applicable Period, each certificate, if any, evidencing applicable Lock-Up Securities shall be stamped or otherwise imprinted with a legend in substantially the following form, in addition to any other applicable legends: 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER SET FORTH IN AN INVESTOR EXCHANGE AND SUPPORT
AGREEMENT, DATED AS OF [ ], 2022, BY AND AMONG ZAPP ELECTRIC VEHICLES GROUP LIMITED (“ISSUER”), THE HOLDER NAMED THEREIN AND THE OTHER PARTIES THERETO. A COPY OF SUCH AGREEMENT WILL BE FURNISHED WITHOUT CHARGE BY ISSUER TO THE HOLDER
HEREOF UPON WRITTEN REQUEST.” 
 4.5 Lock-Up Exceptions. The provisions of Section 4.2 shall
not apply to: 
 (a) Lock-Up Transfers to a partnership, limited liability company or other entity of
which such Shareholder is the legal and beneficial owner of all of the outstanding Equity Securities; 
 (b) if such Shareholder is a natural
person, Lock-Up Transfers (i) by bona fide gift to any member of such Shareholder’s Immediate Family, (ii) to a family trust, established for the exclusive benefit of such Shareholder or any of
their Immediate Family for estate planning purposes, (iii) by virtue of laws of descent and distribution upon death of such Shareholder or (iv) pursuant to a court order or settlement agreement related to the distribution of assets in
connection with the dissolution of marriage or civil union; 
 (c) Lock-Up Transfers of PubCo Shares
acquired in open market transactions after the Closing; 
 (d) the exercise of share options or warrants to purchase PubCo Shares and any
related transfer of PubCo Shares to PubCo in connection therewith (i) deemed to occur upon the “cashless” or “net” exercise of any such options or warrants or (ii) for the purpose of paying the exercise price of such
options or warrants or for paying taxes due as a result of the exercise of such options or warrants, it being understood that all PubCo Shares received upon such exercise, settlement, vesting or transfer will remain subject to the restrictions of
this Section 4 during the Applicable Period; 
 (e) the entry, at any time after the Closing, into any trading plan
meeting the requirements of Rule 10b5-1(c) under the Exchange Act, provided that such plan does not provide for, or permit, the sale of PubCo Shares during the Applicable Period and no public
announcement or filing is voluntarily made or required regarding such plan during the Applicable Period; 
 (f) Lock-Up Transfers in the event of completion of a bona fide amalgamation, merger, scheme of arrangement, business combination, consolidation, combination sale of substantial assets, reorganization, recapitalization,
dissolution, liquidation or winding up or other similar transaction which results in all of holders having the right to exchange their PubCo Shares for cash, securities or other property; 

(g) in the case of an entity, a Lock-Up Transfer (i) to another entity that is an affiliate of
such Shareholder, or to any investment fund or other entity controlling, controlled by, managing or managed by or under common control with such Shareholder or affiliates of such Lock-Up Shareholder or who
shares a common investment advisor with such Lock-Up Shareholder or (ii) as part of a distribution to members, partners or shareholders of such Lock-Up Shareholder;
and 
 (h) in the case of an entity, Lock-Up Transfers by virtue of the Laws of the jurisdiction of
the entity’s organization and the entity’s Organizational Documents upon dissolution of the entity; 

  
 6 

 provided, however, that in the case of clauses (a), (b) and (g), prior to such Lock-Up Transfer, these permitted transferees shall have entered into a written agreement, in substantially the same form of this Section 4, agreeing to be bound by these Lock-Up Transfer restrictions. 
 4.6 Effect of Section 4. If any
Lock-Up Transfer is made or attempted contrary to the provisions of this Section 4, such purported Lock-Up Transfer shall be null and void ab initio. 

5. REPRESENTATIONS AND WARRANTIES OF THE SHAREHOLDERS 

Each Shareholder, severally and not jointly, hereby represents and warrants to PubCo and the Company as of the date of this Agreement as follows: 

5.1 Organization. If such Shareholder is not a natural person, such Shareholder has been duly incorporated and is validly existing and in good standing
under the Laws of its jurisdiction of incorporation, has the requisite corporate power and authority to conduct its business as it is now being conducted, and is in good standing (to the extent such concept is applicable in such Shareholder’s
jurisdiction of organization), except where the failure to be so would not reasonably be expected to prevent or materially adversely affect the ability of such Shareholder to consummate the transactions contemplated by this Agreement. 

5.2 Authorization. 
 (a) Such Shareholder
has full legal capacity, right and authority to execute, deliver and perform its obligations under this Agreement. If such Shareholder is not a natural person, it has all requisite
corporate power and authority to execute, deliver and perform its obligations under this Agreement, and the same have been duly, fully and validly authorized and approved by such Shareholder in accordance with its respective organizational
documents.  
 (b) This Agreement has been duly and validly executed and
delivered by such Shareholder, and constitutes a legal, valid and binding obligation of such Shareholder, enforceable against such Shareholder in accordance with its terms, subject only to the Enforceability Exceptions. 

5.3 No Conflict. None of the execution, delivery or performance of this Agreement by such Shareholder or the consummation of the Transactions does or
shall violate or conflict with, require any consent, waiver, exemption or further approval under, or result in any breach, default, acceleration, termination, Lien or cancellation under, any organizational document, Law, Governmental Order or
Contract binding upon such Shareholder. 
 5.4 Company Shares and Company Warrants. Such Shareholder is the sole legal and beneficial owner of
the Company Shares and Company Warrants (as applicable) set forth opposite such Shareholder’s name on Schedule 1, and has the sole right to vote such Company Shares and Company Warrants (as applicable). Such Company Shares and Company
Warrants are owned free and clear of all Liens, and such Shareholder does not own legally or beneficially any other Company Shares and Company Warrants. 

5.5 Information; Merger Agreement. Such Shareholder is a sophisticated investor, has adequate information to make an informed decision regarding
this Agreement and the Transactions and (independently and without reliance on any other Party or any representation and warranty not expressly set forth in a Transaction Agreement) made its own analysis and decision to enter into this Agreement.
Such Shareholder received a copy of the substantially finalized Merger Agreement on     , 2022, is familiar with the provisions of the Merger Agreement, has consented to (and hereby consents to) the Company’s entry into the
Merger Agreement, and understands and acknowledges that the Merger Agreement is being made in reliance upon such Shareholder’s execution, delivery and performance of this Agreement. 

  
 7 

 5.6 Restricted Securities. Such Shareholder understands that the PubCo Shares that it may receive in
connection with the Transactions may be “restricted securities” under applicable U.S. federal and state securities laws and, if such Shareholder is an affiliate of PubCo, “control securities” as such term is used under Rule 144
promulgated under the Securities Act, and that, pursuant to these laws, such Shareholder must hold such PubCo Shares indefinitely unless (a) they are registered with the SEC and qualified by state authorities, or (b) an exemption from such
registration and qualification requirements is available. 
 5.7 No Inconsistent Agreement. As of the date hereof, such Shareholder (a) has not
entered into any voting agreement, voting trust or similar agreement (other than this Agreement) with respect to any of the Subject Shares indicated on Schedule 1 hereto, (b) has not granted a proxy, consent or power of attorney with respect to
any such Subject Shares, and (c) has not taken any action that would reasonably be expected to constitute a breach hereof, make any of its representations or warranties contained herein untrue or incorrect or have the effect of preventing or
disabling it from performing any of its obligations under this Agreement. 
 5.8 Accredited Investor; Sophisticated Investor. Such Shareholder is:
(i) an “accredited investor” as such term is defined in Regulation D under the Securities Act; and/or (ii) not a “U.S. Person” as defined in Rule 902 of Regulation S of the Securities Act. Such Shareholder is a
sophisticated investor, able to fend for itself in the transactions contemplated by this Agreement, and has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of the transactions
contemplated by the Merger Agreement. Such Shareholder has a substantive preexisting personal or business relationship with the Company and certain of its officers, directors or controlling persons of a nature and duration that enables such
Shareholder to be aware of the character, business acumen and financial circumstances of such persons. 
 5.9 Litigation. As of the date of this
Agreement, there are no Actions pending or, to the knowledge of such Shareholder, threatened against such Shareholder, before any Governmental Authority that would prevent, impair or delay such Shareholder from performing their obligations
hereunder. 
 6. OTHER AGREEMENTS 
 6.1 Fractional
Shares. Notwithstanding anything to the contrary contained herein, no fraction of a PubCo Share or Earnout Share shall be issued by virtue of this Agreement. Each Person who would otherwise be entitled to a fraction of a PubCo Share or Earnout
Share (after aggregating all fractional PubCo Shares or Earnout Shares, as applicable, that would otherwise be received by such Person) shall instead have the number of PubCo Shares or Earnout Shares, respectively, issued to such Person rounded down
in the aggregate to the nearest whole PubCo Share or Earnout Share, respectively. 
  

	6.2	 Disclosure. 

(a) Each Shareholder shall be bound by and comply with Section 9.06 (Confidentiality; Publicity) of the Merger Agreement (including
any relevant defined terms used in such provisions) as if such Shareholder was an original signatory to the Merger Agreement with respect to such provisions. 

(b) Each Shareholder hereby authorizes PubCo and the Company to publish and disclose in any announcement or disclosure required by the SEC or
pursuant to any applicable Law such Shareholder’s identity and ownership of Subject Shares and Lock-Up Securities, the nature of such Shareholder’s obligations under this Agreement and (if deemed
appropriate by PubCo and the Company) a copy of this Agreement. Each Shareholder shall promptly provide any information reasonably requested by PubCo, the Company and SPAC for any regulatory application or filing made or approval sought in
connection with the Transactions. 

  
 8 

 6.3 Resale F-1 Shelf Registration. Each Shareholder
acknowledges that PubCo intends to use its reasonable efforts to file within 45 calendar days following the Closing, and use reasonable efforts to cause to be declared effective as soon as practicable thereafter, a registration statement on Form F-1 (the “F-1 Registration Statement”) registering the resale of such Shareholder’s PubCo Shares on a delayed or continuous basis, provided, however,
that PubCo’s obligations to include such shares in the F-1 Registration Statement are contingent upon each Shareholder furnishing in writing to PubCo such information regarding such Shareholder, the PubCo
Shares beneficially owned by such Shareholder and the intended method of disposition of the PubCo Shares as shall be reasonably requested by PubCo to effect the registration of the PubCo Shares, and such Shareholder shall execute such documents in
connection with such registration as PubCo may reasonably request in writing that are customary of a selling shareholder in similar situations, including providing that PubCo shall be entitled to postpone and suspend the effectiveness or use of the
registration statement as permitted hereunder. 
 6.4 UK Employee Taxation. The following provisions shall apply to any Shareholder that is a UK tax
resident individual or who is subject to UK income tax on all or a proportion of their employment income and who is, was or will be an employee or director of PubCo, the Company or any of their subsidiaries (a “UK Shareholder”):

 (a) Each UK Shareholder shall and PubCo shall (or shall procure that the Company or its subsidiary, as applicable) enter into an election
pursuant ITEPA in the form prescribed by HMRC in relation to any PubCo Shares subscribed for or acquired by that Shareholder. Such election shall be made no later than 14 days after the subscription or acquisition of such Shareholder’s PubCo
Shares or such shorter or longer period as may be required by law or as HMRC may direct. 
 (b) Each UK Shareholder shall provide to the
PubCo such information as it (or its subsidiaries) shall require for the purpose of fulfilling its obligations as a responsible person within the meaning of Section 421L of ITEPA. 

(c) In the event that PubCo, the Company or any of their subsidiaries or affiliates is obliged to account to any tax authority in respect of
income tax and/or employee national insurance contributions (or any equivalent or replacement tax, charge or levy in any jurisdiction) and/or related interest, penalties, fines, costs and expenses (together “employee related tax
liability”) as a result of or in respect of: 
 (i) the subscription for or acquisition of a UK Shareholder’s PubCo Shares; 

(ii) the entering into of the election referred to in Section 6.4(a); 

(iii) the transfer of PubCo Shares by a UK Shareholder; or 

(iv) any action, event or thing done following the subscription or acquisition of UK Shareholder’s PubCo Shares which gives rise to an
employee related tax liability, 
 then (except to the extent that such employee related tax liability may not lawfully be demanded) the UK Shareholder
concerned shall be liable on demand by PubCo or the Company, without right of reimbursement, to make payment to PubCo (or any subsidiary as PubCo directs) of such amount as on an after tax basis will meet the employee related tax liability concerned
and PubCo shall have a lien, as security for any such amount payable, over the shares concerned and over any proceeds of sale or other disposal thereof and (without limitation to the foregoing) each UK Shareholder hereby irrevocably agrees that
PubCo, the Company or any relevant subsidiary may recover the employee related tax liability via deductions from salary or any bonuses or other amounts otherwise payable to the UK Shareholder for any relevant period. 

  
 9 

 6.5 UK Stamp Duty. Any UK stamp duty or stamp duty reserve tax arising in respect of the transactions
contemplated by this Agreement shall be payable by PubCo and PubCo shall be responsible for completing and submitting any relevant returns and other filings relating to UK stamp duty or stamp duty reserve tax to HMRC within the applicable time
limits prescribed by law. 
 6.6 General Waiver and Release. Each Shareholder does hereby, on behalf of itself and its Affiliates, successors and
assigns and any other Person or entity claiming by, through or under any of the foregoing (collectively, the “Releasing Parties”), effective as of, and contingent upon, the Closing, unconditionally and irrevocably release, waive and
forever discharge the Company, PubCo, SPAC, each of their predecessors and successors and each of their respective past, present and future directors, officers, employees, agents, assigns, stockholders, partners, Subsidiaries and Affiliates
(collectively, the “Company Parties”) from any and all claims, demands, judgments, causes of action and liabilities of any nature whatsoever, whether or not known, suspected or claimed, arising directly or indirectly from such Releasing
Party’s actual or purported ownership of Company Shares or Company Warrants or the Transactions including arising from such Shareholder’s status on or prior to the Closing of the Transactions as a stockholder, equity interest holder,
investor, lender, debtor, representative or Affiliate of the Company, including, without limitation, in connection with the adoption by the board of directors of the Company and the shareholders thereof of the Merger Agreement (the “Released
Claims”), provided in no event shall the Released Claims be deemed to include a release or discharge of (a) any of such Releasing Party’s rights expressly set forth in this Agreement, the Merger Agreement or the exhibits thereto, or
the Transaction Agreements, (b) any rights to indemnification, exculpation, reimbursement, contribution, payment or advancement of expenses, or hold harmless and liability exculpation covenants, agreements and obligations of the Company or any
of its Subsidiaries that such Shareholder may have as a director, officer or employee of the Company or any of its Subsidiaries, or any of their respective successors under or pursuant to (i) any contract of insurance covering directors and
officers of the Company or its Subsidiaries prior to the Closing, or in the case of such Affiliate’s capacity as a director or officer of the Company or its Subsidiaries prior to the Closing, under the indemnification provisions of the Company
(or any such Subsidiary’s) certificate of incorporation or bylaws, (ii) under applicable Law or (iii) as otherwise set forth in the Merger Agreement, or (c) any rights to receive unpaid compensation or benefits as an employee of
any Company Party. Each Shareholder represents and warrants that (x) there are no liens, or claims of lien, or assignments in law or equity or otherwise of or against any of the claims or causes of action released herein, (y) such
Shareholder has not transferred or otherwise alienated any such claims or causes of action, and (z) such Shareholder is fully authorized and entitled to give the releases specified herein. 

6.7 Effectiveness; Termination. This Agreement shall have effect from the date first written above and shall terminate upon the earliest of (i) the
Closing (provided, however, that upon such termination, each of Sections 3.4, 3.5 and 4 shall survive in accordance with its terms, and this Section 6 shall survive indefinitely) and
(ii) the termination of the Merger Agreement in accordance with its terms, and upon such termination, no party shall have any liability hereunder other than for its willful and material breach of this Agreement prior to such termination. 

6.8 Further Assurances. Each Shareholder shall, from time to time, (a) execute and deliver, or cause to be executed and delivered, such additional
or further consents, documents and other instruments as PubCo or the Company may reasonably request for the purpose of effectively carrying out the transactions contemplated by this Agreement, the Merger Agreement and the other Transaction
Agreements and (b) refrain from exercising any right under the Company’s organizational documents or Law which would materially impede, disrupt, prevent or otherwise adversely affect the consummation of any Transaction. 

  
 10 

 6.9 Adjustment of Schedule 1. If any Shareholder has reason to believe that its record or beneficial
ownership of Subject Shares differs from the number of Company Shares and Company Warrants set forth on Schedule 1, such Shareholder shall promptly notify PubCo and the Company, and Schedule 1 shall be updated to reflect the same. Each
Party acknowledges and agrees that, at any time prior to the Closing, the Company may equitably adjust the figures in Schedule 1 either upward or downward to correct any manifest error or account for certain issuances and conversions of
Company equity securities in accordance with the Merger Agreement; provided that the Company provides notice of such adjustments and a copy of the adjusted schedule to each affected Shareholder in advance of the Closing. For the avoidance of
doubt, no such adjustment pursuant to this Section 6.9 shall increase the Closing Transaction Consideration, as adjusted in accordance with the terms thereof. 

6.10 Shareholder Parties. Each Shareholder signs this Agreement solely in such Shareholder’s capacity as a shareholder of the Company, and not in
any other capacity. No Shareholder shall be liable or responsible for any breach, default, or violation of any representation, warranty, covenant or agreement hereunder by any other Shareholder that is also a Party and each Shareholder shall solely
be required to perform its obligations hereunder in its individual capacity. Holders of Company Shares may join this Agreement as Shareholders by delivery of a counterpart signature page
hereto to both PubCo and the Company, upon which joinder (a) Schedule 1 shall be updated accordingly and (b) such holder of Company Shares shall thereafter be bound by all obligations of a Shareholder hereunder. 

6.11 Notice. All notices and other communications hereunder shall be in writing and shall be deemed given if delivered to PubCo or the Company in
accordance with Section 12.02 of the Merger Agreement and to each Shareholder at its address set forth on its respective signature page to this Agreement (or at such other address for a party as shall be specified by like notice). 

6.12 Miscellaneous. The provisions of Section 9.07 and Article XII of the Merger Agreement are incorporated herein by reference, mutatis
mutandis, as if set forth in full herein. 
 [Signature Pages Follow] 

 

  
 11 

 IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be duly executed as of the date first
indicated above. 
  

							
	SHAREHOLDER:	 		  	Address for Notices:
	(if an entity)	 		  	
				
	Entity Name:	 	  
	 		  	
				
	By:	 	  
	 		  	
	Name:	 		  	
	Title:	 		  	
			
	SHAREHOLDER:	 		  	Address for Notices:
	(if an individual)	 		  	
			
	  
	 		  	
	Name:	 		  	

 [Signature Page to Investor Exchange and Support Agreement] 

					
	ZAPP ELECTRIC VEHICLES GROUP LIMITED	 	Address for Notices:
			
	By:	 	  
	 	
	Name:	 		 	
	Title:	 		 	

 [Signature Page to Investor Exchange and Support Agreement] 

					
	ZAPP ELECTRIC VEHICLES LIMITED 	 	Address for Notices:
			
	By:	 	  
	 	
	Name:	 		 	
	Title:	 		 	

 [Signature Page to Investor Exchange and Support Agreement] 

 SCHEDULE 1 

INVESTOR SHAREHOLDERS AND SECURITIES 

(see attached) 

  
 Schedule 1 to Investor
Exchange and Support Agreement 

 EXHIBIT A 

FORM OF STF 
 (see attached)

  

  
 Exhibit A to Investor
Exchange and Support Agreement

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