Document:

Exhibit 4.6

 

CAZOO GROUP LTD

 

 

 

 

 

 

 

Cazoo Group Ltd Incentive Equity Plan 

 

 

Approved by shareholders on August 18, 2021

 

Adopted by the Board on September 1, 2021

 

     

     

    

 

Contents

 

	RULE	 	PAGE
	1.	Grant of Awards	 	1
	2.	Awards which take the form of a Restricted Share Award	 	1
	3.	Performance Conditions	 	2
	4.	Vesting of Awards	 	3
	5.	Holding Period	 	4
	6.	Entitlement to Dividend Equivalents	 	5
	7.	Leavers	 	5
	8.	Issue, Transfer or listing of Shares	 	7
	9.	Lapse of Awards	 	8
	10.	Change of Control Etc.	 	8
	11.	Other Corporate Events	 	10
	12.	Malus and claw-back arrangements	 	11
	13.	Taxation	 	12
	14.	Grant Limits	 	12
	15.	Amendment and Administration	 	13
	16.	General	 	14
	17.	Governing Law	 	15
	Appendix A - Definitions	 	16
	Appendix B - Eligible US Persons	 	21

 

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CAZOO GROUP LTD INCENTIVE EQUITY PLAN

 

RULES

 

	1.	Grant of Awards

 

	1.1	The Committee may, in its absolute discretion, determine
which Eligible Persons (if any) will be selected for the grant of an Award. The Committee may consider recommendations made by the executive
directors of the Company as to which Eligible Persons should be selected. Awards may then be granted to selected Eligible Persons at
any time.

 

	1.2	The Committee will determine whether an Award will take the
form of an Option, a Restricted Share Award, a Conditional Award or a Phantom Award. An Eligible Person may be granted any form of Award
or any combination of Awards, subject to Appendix B.

 

	1.3	Subject to the terms of any applicable executive or non-executive
directors’ compensation policy as may be approved by shareholders from time to time, the Committee will determine the number of
Shares subject to each Award granted under this Plan.

 

	1.4	Each Award will be evidenced by an Award Certificate or such
other documentation as the Committee may determine in its absolute discretion.

 

	1.5	Every Award granted under this Plan will be personal to the
Participant to whom it is granted and, except to the extent necessary to enable a personal representative to realise the Award following
the death of a Participant, neither the Award nor the benefit of that Award may be transferred, assigned, charged or otherwise alienated.
An Award will lapse immediately if the Participant to whom it was made purports to transfer, charge or otherwise alienate that Award
otherwise than as permitted by this Rule 1.5.

 

	1.6	The grant of any Award under the Plan will be subject to
any applicable Dealing Restrictions.

 

	2.	Awards which take
the form of a Restricted Share Award

 

	2.1	If an Award takes the form of a Restricted Share Award, the
Restricted Shares subject to the Award shall be subject to such restrictions on the transfer, assignment, sale, pledge, charge or other
disposal of the Restricted Shares during the Vesting Period as the Committee may prescribe and an Eligible Person may be required to
enter into an irrevocable agreement with the Company and, if necessary, the Eligible Person’s Employer, in such form as the Committee
may prescribe which may include an agreement by the Eligible Person:

 

		(a)	not to transfer, assign, sell, pledge, charge or otherwise dispose of any Restricted Shares subject to
the Award except to the extent that the Award has Vested; and

 

		(b)	to transfer (or procure the transfer) to or to the order of the Company, for a total of one penny (or
the equivalent in a Participant’s local currency), all the Restricted Shares in respect of which the Award does not Vest.

 

     

     

    

 

	2.2	If the Eligible Person does not enter into any required agreement
either before the Date of Grant or within such period after the Date of Grant as the Committee may specify, the Award shall not be granted
or if it has been granted, such grant shall be ineffective.

 

	2.3	On or before the Date of Grant for an Award which takes the
form of a Restricted Share Award, the Company shall transfer or procure the transfer to the Participant or his or her nominee or such
other person as the Committee may determine the number of Restricted Shares which are subject to the Award.

 

	2.4	To the extent that an Award which takes the form of a Restricted
Share Award Vests, any restrictions referred to in rule 2.1 shall cease to have effect in relation to the Shares subject to it.

 

	3.	Vesting Conditions

 

	3.1	Subject to Rule 3.2 the Committee may, in its absolute discretion,
determine that the Vesting of an Award will be dependent upon the satisfaction of Performance Conditions.

 

	3.2	The Vesting of Awards granted to executive or non-executive
directors of the Company will always be made subject to the terms of any applicable executive or non-executive directors’ compensation
policy as may be approved by shareholders from time to time.

 

	3.3	The Committee can set different conditions for Awards granted
in different years or to different Participants at the same time (in terms of the type of condition, the weighting given to that condition
and any targets applicable to each condition).

 

	3.4	The Committee may determine that an Award should be subject
to multiple Performance Conditions or that an Award should be sub-divided and that each part be subject to a different condition.

 

	3.5	Subject to these Rules, an Award subject to Performance Conditions
will Vest as to the percentage of Shares determined by the Committee in accordance with the Performance Conditions.

 

	3.6	As soon as reasonably practicable after the end of any applicable
Performance Period the Committee will notify Participants of the extent to which the Performance Conditions have been satisfied.

 

	3.7	The Committee may determine that an Award will lapse to the
extent that any applicable Performance Conditions are not met at the relevant Vesting Date.

 

	3.8	The Committee may vary the Performance Conditions applying
to existing Awards if an event occurs or there are circumstances (for example, an acquisition or disposal of a business or a significant
part of a business) such that the conditions are no longer a fair measure of performance, provided that in the reasonable opinion of
the Committee the new conditions are not materially less challenging than the original conditions would have been but for the event or
circumstances in question. In exercising any power to vary the Performance Conditions, the Committee will have regard to ensuring fairness
between Participants and shareholders.

 

	3.9	The Committee will, as soon as reasonably practicable, notify
a Participant of any determination made under Rule 3.8.

 

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	4.	Vesting of Awards

 

	4.1	Except as otherwise permitted in these Rules and unless the
Committee decides otherwise at the Date of Grant, an Award (or parts thereof) will Vest on the Vesting Date to the extent that any applicable
Performance Conditions which apply to that Award have been met.

 

	4.2	An Award will only Vest in accordance with Rule 4.1 if the
Participant:

 

		(a)	has complied with all regulatory and legal requirements that may apply to the Participant in respect of
or in connection with the Award;

 

		(b)	has provided any relevant information, and made any relevant elections, as reasonably requested by the
Company; and

 

		(c)	is free from any Dealing Restrictions, including any Dealing Restrictions that would apply in respect
of arrangements required by the Company to satisfy any tax liability in connection with the Award.

 

		The Award will, unless the Committee determines otherwise, lapse for no consideration on the Vesting
                                                                                Date to the extent these conditions have not been satisfied; provided, that, where condition (c) is not satisfied on the Vesting
                                                                                Date, the Award will Vest on the earliest date on which it is satisfied.

 

	4.3	Save as otherwise permitted in these Rules, and subject to
any applicable Holding Period, an Award may only be realised:

 

		(a)	if the Award has Vested; and

 

		(b)	by a Participant who has remained an Eligible Person from
the Date of Grant to the Vesting Date.

 

	4.4	Subject to any arrangements to give effect to the Holding
Period in accordance with Rule 5, Vested Shares under Conditional Awards or Restricted Share Awards will be released to Participants
as soon as reasonably practicable, but in any event within 30 days of the Vesting Date. A Participant need take no action to realise
a Conditional Award other than pay the Company any amount specified at the Date of Grant to realise the Award.

 

	4.5	Subject to any other period provided in these Rules or an
Award Certificate, Vested Options will be exercisable (i) by a Participant who continues to be an Eligible Person up until the tenth
anniversary of the Date of Grant (or such shorter period as the Committee may determine on the Date of Grant) after which they shall
lapse for no consideration; and (ii) by a Participant who ceases to be an Eligible Person for a period of six months following the date
on which they cease to be an Eligible Person after which they will lapse. Where an Award is granted in the form of an Option, a Participant
may, subject to any Dealing Restrictions, exercise a Vested Option by written notice to the Company in the form required by the Company
at any time during the specified exercise period following the Vesting Date. A notice of exercise will take effect on the date it is
accepted as valid by the Company or, if there are any Dealing Restrictions in place on that date, such later date when all Dealing Restrictions
have lifted. Subject to any Dealing Restrictions and any arrangements to give effect to the Holding Period in accordance with Rule 5,
the Shares comprised in a Vested Share Option will be issued or transferred to the Participant as soon as reasonably practicable, but
in any event within 30 days of receipt of the notice of exercise.

 

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	4.6	Vested Phantom Awards will be satisfied in the next available
payroll following the Vesting Date by a payment equal to the Market Value of the Vested Shares under the Phantom Award on the Vesting
Date.

 

	4.7	The Committee may, in its absolute discretion, decide to
amend the vesting outcome of an Award when it considers it appropriate to do so to reflect the wider performance of the Company or any
member of the Group and/or outcomes for shareholders over the Vesting Period. Any such amended vesting outcome may operate, at the Committee’s
absolute discretion, in respect of any Award or Awards held by:

 

		(a)	an individual Participant;

 

		(b)	such wider group of Participants, as the Committee may determine
to be appropriate; or

 

		(c)	all Participants.

 

	4.8	Notwithstanding the above, the Committee will have discretion
(to the extent permitted by any applicable law) to delay the vesting of a Participant’s Award if on the Vesting Date:

 

		(a)	the Participant is suspended for any period from the employment,
appointment or engagement which qualifies them as an Eligible Person, by reason of suspected Misconduct;

 

		(b)	the Committee considers that it is appropriate to do so for
the purposes of complying with Dealing Restrictions, the Share Dealing Code or any statute, regulation or similar code to which the Company
is subject; or

 

		(c)	the Committee is considering or intends to consider exercising
its discretion under Rule 12.1 in relation to the Award.

 

	5.	Holding Period

 

	5.1	The Committee may in its absolute discretion determine prior
to the Date of Grant whether or not to impose a mandatory Holding Period in respect of an Award. Notwithstanding any other provisions
of these Rules, the Shares or Options subject to the Holding Period may not be transferred, assigned, sold, pledged or otherwise disposed
of during the Holding Period save (in the case of Shares) as to satisfy any Tax liability of the Participant incurred in connection with
the Award.

 

	5.2	During the Holding Period, the Participant will (subject
to the terms of any applicable nominee arrangement) be entitled to vote and, subject to Rule 5.3, to receive dividends and have all other
rights of a shareholder in respect of any Vested Shares (excluding notional Shares) that are subject to such Holding Period.

 

	5.3	Unless the Committee determines otherwise, any cash dividends
or other cash payments received in respect of Vested Shares that are subject to a Holding Period will, where applicable, be held by the
nominee until the end of the Holding Period. Any interest or other income paid on such cash amounts will be subject to the same restrictions
as the cash amounts.

 

	5.4	A Participant will take such steps as the Committee may reasonably
require and respond to such information requests as may reasonably be made to satisfy the Committee as to the Participant’s observance
of the Holding Period.

 

	5.5	The Committee may at any time during a Holding Period determine
that the Holding Period shall cease to apply to all or some of the Shares or Options subject to that Holding Period.

 

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	6.	Entitlement to Dividend
Equivalents

 

	6.1	The Committee may in its discretion provide that an Award
carries a right to Dividend Equivalents, which determination may be made at the time of grant or at any time prior to the Award Vesting.

 

	6.2	If the Committee has provided that an Award carries a right
to Dividend Equivalents, the Participant will, subject to Rule 6.4, be entitled to be issued with or transferred Shares (or in the case
of a Phantom Award, cash), equal in value to the ordinary dividends which would have been paid on the Shares which Vested during the
Vesting Period, such Dividend Equivalent to accrue on the date on which the Company pays an interim or final dividend in respect of Shares
and to be paid subject to the Award Vesting, on or around the date an Award is satisfied by the Company.

 

	6.3	The number of Shares (or in the case of a Phantom Award,
cash) to which the Participant becomes entitled under Rule 6.2 will be calculated in such manner as the Committee in its absolute discretion
determines, save that unless the Committee determines otherwise it will be calculated by reference only to ordinary dividends and without
regard to special dividends or distributions, super dividends or dividends-in-specie.

 

	6.4	The Committee may in its absolute discretion satisfy any
entitlement to Dividend Equivalents arising in accordance with Rule 6.2 by making a cash payment with an equivalent Market Value to the
Shares representing Dividend Equivalents at the time of Vesting.

 

	6.5	For the avoidance of doubt, any payment referred to in this
Rule 6 does not represent an entitlement to actual dividends on the underlying Shares that are the subject of an Award.

 

	7.	Leavers

 

	7.1	If a Participant ceases to be an Eligible Person in circumstances
that constitute Misconduct, any Vested or unvested Award that they hold which has not been satisfied or realised (or, in the case of
an Option, exercised) will lapse automatically on the date that the Participant ceases to be an Eligible Person or, if earlier, the date
they give or receive notice of termination of employment, appointment or engagement. If a Participant ceases to be an Eligible Person
for any other reason, their Vested Awards will continue in accordance with these Rules or as otherwise determined by the Committee or
set forth in an Award Certificate.

 

	7.2	Save as otherwise provided in these Rules or unless the Committee
determines otherwise, an Award that has not Vested will lapse automatically on the Participant ceasing to be an Eligible Person or on
the date that the Participant gives or is given notice of termination of employment, appointment or engagement for any reason.

 

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	7.3	Where a Participant ceases to be an Eligible Person at any
time before the Vesting Date applicable to an Award by reason of:

 

		(a)	death;

 

		(b)	permanent incapacity or ill-health (evidenced to the satisfaction
of the Committee);

 

		(c)	redundancy (as determined by the Committee in its absolute
discretion);

 

		(d)	the sale of the business or company by which the Participant
is employed, appointed or engaged out of the Group;

 

		(e)	the expiry of the term of a Participant’s appointment
as a non-executive director without renewal at the instigation of the Company or its shareholders; or

 

		(f)	any other reason where the Committee so determines in its
absolute discretion,

 

their Award will Vest
as soon as reasonably practicable following the Termination Date subject to:

 

		(i)	in relation to Awards subject to Performance Conditions, the
achievement of any Performance Conditions at that time which shall be determined by the Committee; and

 

		(ii)	in relation to Awards subject to any time-based Vesting conditions, the reduction in the number of Shares
underlying the then-unvested portion of an Award that will Vest by multiplication by the fraction A/B (where A
is that part of the Vesting Period measured in complete months from the start of the Vesting Period to the Termination Date (and which
cannot be greater than B) and B is a number equal to the number of months in the Vesting Period), save that:

 

		(aa)	Awards (whether subject to Performance Conditions or not) may be realised on such other date as may be
determined by the Committee (being no earlier than the Termination Date);

 

		(bb)	the Committee may, in its absolute discretion, disapply or alter the relevant fraction to release fewer
Shares, or a greater number of Shares if it considers the Participant’s contribution to the business of the Group would not otherwise
be appropriately recognised;

 

		(cc)	the Committee may, in its absolute discretion, decide to adjust the vesting outcome of an Award in accordance
with Rule 4.7; and

 

		(dd)	Vesting may be delayed in accordance with Rule 4.8.

 

Failing any such realisation the Awards
will lapse automatically and, for the avoidance of doubt, an Award realisable under this Rule 7 may lapse at an earlier date by virtue
of Rule 10.

 

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	7.4	Where a Participant holds Vested Shares or Options that are
subject to a Holding Period and ceases to be an Eligible Person during that Holding Period (or where the Participant gives or is given
notice of termination of employment, appointment or engagement for any reason during that Holding Period) such Shares or Options will
continue to be subject to the Holding Period imposed by the Committee save that the Committee may, at its discretion, allow early release
of some or all of the Vested Shares or Options prior to the end of the Holding Period.

 

	7.5	A Participant will not cease to be an Eligible Person for
the purposes of this Rule 7 if they cease to be employed, appointed, or engaged, by a member of the Group but continue to be or are immediately
afterwards employed, appointed, or engaged, by another member of the Group.

 

	8.	Issue, Transfer or
listing of Shares

 

	8.1	Subject to Rule 8.2, the Committee will procure the issue
or the transfer of Shares (which may include treasury Shares) pursuant to: (i) the realisation of a Conditional Award, as soon as reasonably
practicable but in any event within 30 days following the Vesting Date of the Award; (ii) the exercise of an Option, as soon as reasonably
practicable but in any event within 30 days of receipt of the notice of exercise by the Company; and (iii) the realisation of a Restricted
Share Award when the Restricted Shares cease to be subject to forfeiture, as soon as reasonably practicable but in any event within 30
days following the Vesting Date of the Award.

 

	8.2	The Committee may (instead of delivering Shares following
Vesting of an Award) elect to pay or procure the payment of the equivalent Cash Amount, subject to deductions for any Tax or other levy
which the Committee reasonably determines should be or is required to be deducted from the Cash Amount. The Committee may in its discretion
pay or procure the payment of any cash sum in sterling or the equivalent in a Participant’s local currency (converted on the basis
of such exchange rate as the Committee may in its discretion determine).

 

	8.3	The Committee will arrange for a Participant to be notified
as soon as reasonably practicable of any determination pursuant to Rule 8.2 and, where relevant, to receive information on the revised
terms of their Award. Any Award subject to a determination pursuant to Rule 8.2 will not be treated as a grant of a new Award for the
purposes of these Rules so that the Date of Grant, number of Shares under the Award, Performance Conditions, Performance Period and Vesting
Date will be unaffected.

 

	8.4	Shares to be issued pursuant to the Plan will rank pari passu
in all respects with the Shares then in issue, except that they will not rank for any rights attaching to Shares by reference to a record
date preceding the date of issue.

 

	8.5	For so long as the Shares are listed or traded on any stock
exchange, application will be made to the appropriate body for any newly issued ordinary shares to be listed or admitted to trading on
that exchange.

 

	8.6	Shares to be transferred pursuant to the Plan will be transferred
free of all liens, charges and encumbrances and together with all rights attaching thereto.

 

	8.7	At the conclusion of the Lockup Period, each issued and outstanding
Award over the Company’s Class C ordinary shares shall be automatically converted into an Award over the Company’s Class
A ordinary shares on a one-for-one basis without any further action by the Award holder.

 

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	9.	Lapse of Awards

 

	9.1	Awards will lapse upon the occurrence of the earliest of
the following events:

 

		(a)	to the extent that it is determined by the Committee that
any Performance Conditions applicable to an Award have not been met, following the expiry of the relevant Performance Period;

 

		(b)	other than in the circumstances specified in Rule 7.3
or where a Participant holds a Vested Option and ceases to be an Eligible Person in circumstances which do not constitute Misconduct
as specified in Rule 7.1, the Participant ceasing to be an Eligible Person or if the Participant is given notice of termination of employment,
appointment or engagement for any reason;

 

		(c)	to the extent that all or part of the Award is not realised
pursuant to the operation of Rule 7.2;

 

		(d)	in relation to an Award which is granted in the form of an
Option, following the expiry of the exercise period specified by the Committee;

 

		(e)	the expiry of any relevant period specified in Rule 10;

 

		(f)	unless the Committee determines otherwise, the Participant
being deprived of the legal or beneficial ownership of the Award by operation of law, or doing or omitting to do anything which causes
them to be so deprived including becoming or being declared bankrupt; or

 

		(g)	any purported transfer, charge, assignment or alienation
of an Award otherwise than as permitted by Rule 1.5.

 

	10.	Change of Control
Etc.

 

	10.1	This Rule 10 applies if:

 

		(a)	any person (either alone or together with any person acting
in concert with him or her) obtains Control of the Company as a result of making:

 

		(i)	a general offer to acquire the whole of the issued and to be issued ordinary share capital of the Company
which is made on a condition such that if it is satisfied, the person making the offer will have Control of the Company; or

 

		(ii)	a general offer to acquire all of the Shares;

 

		(b)	any person proposes to obtain Control of the Company in pursuance
of a compromise or arrangement sanctioned by a court under applicable law; or

 

		(c)	notice is given of a resolution for the voluntary or compulsory
winding-up of the Company, (each a Relevant Event).

 

	10.2	Where this Rule 10 applies and subject to Rules 10.3 to 11.3
below, all outstanding Awards will automatically Vest and, in the case of an Award granted in the form of an Option will be automatically
exercised on the Relevant Date provided that any exercise price payable by the Participant on exercise is equal to or less than the relevant
offer price or consideration (as determined by the Committee). Where this Rule 10 applies and subject to Rules 10.3 to 11.3 below, any
outstanding Awards granted in the form of Options that are not exercised on the Relevant Date will lapse automatically.

 

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Proportion of Award that
Vests

 

	10.3	The number of Shares in respect of which the Award Vests
on the Relevant Date (to the extent then unvested) will be determined by the Committee as follows:

 

		(a)	by reference to the extent to which any applicable Performance
Conditions are met at the Relevant Date, subject to such modification as the Committee may consider appropriate in light of the Relevant
Event, including if it considers that the Performance Conditions would have been met to a greater or lesser extent at the end of the
original Performance Period; and

 

		(b)	subject to any adjustments under Rule 4.7, by multiplying
the resulting number of Shares by the fraction A/B (where A is the number of complete months from the Date
of Grant until the Relevant Date and which will not be greater than the total number of months in the Vesting Period and B is
equal to such number of months in the original Vesting Period), save that in any particular case, the Committee may, in its absolute
discretion, disapply, in whole or in part, the application of the time pro-rating fraction.

 

Internal Reorganisation

 

	10.4	Without prejudice to the operation of Rules 10.5 to 10.8
below, Awards will not Vest and Options will not be exercised without the consent of the Committee under this Rule 10 if the purpose
and effect of the Relevant Event, together with any associated transactions, is to create a new holding company for the Company, such
company having substantially the same shareholders and proportionate shareholdings as those of the Company immediately prior to the Relevant
Event. Unless the Committee determines otherwise in its absolute discretion, an Award will in such circumstances be exchanged automatically
for an equivalent award in accordance with Rules 10.5 to 10.8 below and notice of a replacement award will be issued to each affected
Participant accordingly.

 

Exchange of awards

 

	10.5	If any other business entity (the Acquiring Company):

 

		(a)	obtains Control of the Company as a result of making:

 

		(i)	a general offer to acquire the whole of the issued and to be issued ordinary share capital of the Company
which is made on a condition such that if it is satisfied the Acquiring Company will have Control of the Company; or

 

		(ii)	a general offer to acquire all the Shares; or

 

		(b)	proposes to obtain Control of the Company in pursuance of
a compromise or arrangement sanctioned by a court under applicable law, and the Acquiring Company notifies Participants or the Company
of an offer of a replacement Award, then, on the Relevant Date, for any Award which has not lapsed (the Old Award)

 

		(i)	a Participant may elect to release and accept in consideration
of  that release an award (the New Award) which (in the opinion of  the Committee) is equivalent to the Old Award
but relates to  shares in a different company (whether the Acquiring Company  itself or another company) (the New Grantor);
or

 

		(ii)	Old Awards will, if the Committee so determines, be exchanged
 automatically (either in whole or in part as determined by the  Committee) for the New Awards.

 

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	10.6	The provisions of the Plan will be construed as if:

 

		(a)	the New Award was an award granted under the Plan at the
same time as the Old Award;

 

		(b)	references to the Company in the Rules were references to
the New Grantor;

 

		(c)	references to the Committee in the Rules were references
to the board of directors of the New Grantor or any duly authorised committee thereof;

 

		(d)	references to Shares were references to shares or notional
shares in the New Grantor; and

 

		(e)	the Vesting Date in relation to the New Award was the same
as that in relation to the Old Award.

 

	10.7	The Committee may make such adjustments to the Performance
Conditions applicable to the New Award as it, in its absolute discretion, considers appropriate.

 

	10.8	Subject to Rule 10.4, if notice is given by an Acquiring
Company under Rule 10.5 and a Participant does not elect to release an Old Award and accept in consideration for that release a New Award
and Old Awards are not otherwise exchanged automatically for New Awards, the Old Award (or part thereof which has not been so exchanged)
will Vest in accordance with Rule 10.2.

 

	11.	Other Corporate Events

 

	11.1	If the Committee becomes aware that the Company is or is
expected to be affected by any demerger, dividend in specie, super-dividend or other transaction which, in the opinion of the Committee,
would affect the current or future value of any Awards, the Committee, acting fairly, reasonably and objectively, may in its absolute
discretion allow some or all Awards to be realised in accordance with Rule 10.3. The Committee will specify the period in which such
Awards will be realisable and whether such Awards will lapse at the end of the specified period.

 

Adjustment of awards

 

	11.2	Without prejudice to Rule 11.1, in the event of any Capital
Reorganisation (or the implementation by the Company of a demerger or payment of a super dividend which would otherwise materially affect
the value of an Award) the Committee may adjust the number of Shares subject to Awards (including, for the avoidance of doubt, Vested
Shares in respect of which any Award has been realised but Shares have not yet been transferred to the Participant) to such extent and
in such manner as it thinks fit.

 

	11.3	Any adjustments to Awards made pursuant to Rule 11.2 will
be notified to the relevant Participants as soon as is reasonably practicable and the Committee may call in, cancel, endorse, issue or
re-issue any Award Certificate as a result of that adjustment.

 

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	12.	Malus and claw-back
arrangements

 

	12.1	Notwithstanding any other Rule of the Plan, if circumstances
occur which in the reasonable opinion of the Committee justify such determination, the Committee may, prior to the second anniversary
of the date on which an Award Vests or, if later, the fifth anniversary of the Date of Grant, determine (acting fairly and reasonably
having taken into account the scale of loss or damage to the Company or the extent of the risk taken by the Company) to take one or more
of the following actions in relation to any one or more Participants:

 

		(a)	reduce (including to nil) the number of Shares in respect
of which any future Award is granted to a Participant; or

 

		(b)	reduce (including to nil) the number of Shares and/or Dividend
Equivalents under an unvested Award or under a Vested but unexercised Option held by a Participant, by such number as the Committee considers
appropriate in the circumstances; or

 

		(c)	in relation to a Vested Award or exercised Option require
a Participant to pay to the Company or such other person as the Company may direct within 30 days of a written demand from the Company
such number of Shares or such monetary amount with a value to be determined in the Committee’s absolute discretion provided such
value on the date of demand is no greater than the value of the Vested Shares and Dividend Equivalents under the Award at the Vesting
Date, less any amount paid by or in respect of the Participant in respect of a Tax liability incurred as a result of the Vesting of the
relevant Award (except to the extent the Participant is able to recover amounts paid in respect of such Tax liability).

 

	12.2	The circumstances in which the Committee may consider that
it is appropriate to exercise its discretion under Rule 12.1 may, without limitation, include the following:

 

		(a)	a material financial misstatement of the Company’s
audited financial accounts (other than as a result of a change in accounting practice);

 

		(b)	the Misconduct of a Participant;

 

		(c)	conduct or behaviour by the Participant that, following an
investigation, is reasonably considered by the Committee to constitute a breach of the Company’s values as stipulated by the Company’s
code of conduct in force from time to time;

 

		(d)	the member of the Group that employs or employed (or appointed
or engaged, as applicable) the Participant, or for which the Participant is responsible, having suffered a material corporate failure
or a failure of risk management; and

 

		(e)	evidence that an Award was granted or Vested based on erroneous
or misleading data.

 

If the Committee exercises its discretion
under this Rule 12, it will confirm this in writing to each affected Participant.

 

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	12.3	For the purposes of these Rules, if the Committee exercises
its discretion under Rule 12.1(b) before an Award vests:

 

		(a)	the Award will be deemed to have been granted with respect
to the reduced number of Shares; and

 

		(b)	any subsequent Vesting of the Award will be determined by
reference to this reduced number of Shares, save that if the number of Shares is reduced to nil, the Award will be treated as if it had
never been granted and such Participant (including a Participant whose Termination Date is before the Vesting Date) will have no rights
to any Cash Amount, Dividend Equivalents or Shares.

 

	12.4	By accepting an Award, a Participant will be bound by this
Rule 12 notwithstanding that it may only be applicable after the issue or transfer of Shares under these Rules.

 

	13.	Taxation

 

	13.1	Any liability of a Participant to Tax or social security
contributions in respect of an Award (including, for the avoidance of doubt, any cash amount paid) will be for the account of the relevant
Participant, and the release of any Shares which are the subject of a Conditional Award or a Restricted Share Award, or the exercise
of any Option, will be conditional on the Participant complying with any arrangements specified by the Company for the payment of taxation
and any social security contributions (including, without limitation, the sale of sufficient Shares or withholding from any Cash Amount
to enable the Company or any employing company in the Group to satisfy its obligations in respect of deduction of taxation and employee’s
social security contributions at source).

 

	13.2	The Company or, where the Committee so directs, any member
of the Group, will pay the appropriate stamp duty on behalf of Participants in respect of any transfer of Shares on the Vesting of a
Share Award or exercise of an Option under the Plan.

 

	14.	Grant Limits

 

	14.1	Subject to the provisions of this Rule 14, no limit will
apply to the Market Value of Shares over which an Award may be granted, save that the maximum aggregate Market Value of Awards which
an executive or non-executive director of the Company may be granted in respect of any financial year of the Company will not exceed
as at the Date of Grant the level specified in any applicable Company executive or non-executive directors’ compensation policy,
as may be approved by shareholders from time to time.

 

	14.2	Subject to Rules 14.4 and Rule 11 the aggregate number of
Shares which may be issued or transferred pursuant to Awards under the Plan shall be equal to 5%
of the total issued share capital of the Company issued and outstanding immediately following the Closing Date on a fully diluted basis
plus such number of Shares as is necessary to grant Substitute Awards to holders of options over shares in Cazoo Holdings Limited
immediately prior to the Closing Date.

 

	14.3	If any Shares subject to an Award are forfeited or expire,
are converted to shares of another person in connection with a recapitalisation, reorganisation, merger, consolidation, split-up, spin-off,
combination, exchange of shares or other similar event, or such Award is settled for cash (in whole or in part), the Shares subject to
such Award shall, to the extent of such forfeiture, expiration, conversion or cash settlement, again be available for future grants of
Awards under the Plan. The payment of Dividend Equivalents in cash in conjunction with any outstanding Awards shall not be counted against
the Shares available for issuance under the Plan.

 

	14.4	Substitute Awards may be granted on such terms as the Committee
deems appropriate, notwithstanding limitations on Awards in the Plan. Substitute Awards shall not reduce the Shares authorised for grant
under the Plan, except as may be required by reason of applicable law. Additionally, in the event that a company acquired by the Company
or any Subsidiary or with which the Company or any Subsidiary combines has shares available under a pre-existing plan approved by its
shareholders and not adopted in contemplation of such acquisition or combination, the shares available for grant pursuant to the terms
of such pre-existing plan (as adjusted, to the extent appropriate, using the exchange ratio or other adjustment or valuation ratio or
formula used in such acquisition or combination to determine the consideration payable to the holders of ordinary shares of the entities
party to such acquisition or combination) may subject to applicable law and/or listing authority, be used for Awards under the Plan and
shall not reduce the Shares authorised for grant under the Plan; provided that Awards using such available Shares shall not be made after
the date awards or grants could have been made under the terms of the pre-existing plan, absent the acquisition or combination, and shall
only be made to individuals who were not employed by or providing services to the Company or its Subsidiaries immediately prior to such
acquisition or combination.

 

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	15.	Amendment and Administration

 

	15.1	Subject to the terms of the Plan and applicable law, and
in addition to other express powers and authorisations conferred on the Committee by the Plan, the Committee shall have full power and
authority to: (i) designate Eligible Persons; (ii) determine the number of Shares subject to an Award; (iii) determine
the terms and conditions of any Award (including any time-based Vesting schedule); (iv) determine whether, to what extent, and under
what circumstances Awards may be settled, exercised, cancelled, forfeited, or suspended; (v) interpret, administer, reconcile any
inconsistency, correct any default and/or supply any omission in this Plan and any instrument or agreement relating to an Award made
under this Plan; (vi) establish, amend, suspend, or waive such rules and regulations and appoint such agents as it shall deem appropriate
for the proper administration of this Plan; and (vii) make any other determination and take any other action that the Committee
deems necessary or desirable for the administration of the Plan.

 

	15.2	The decision of the Committee will be final and binding in
all matters relating to the Plan and it may at any time discontinue the grant of further Awards.

 

	15.3	The Committee may amend any of the provisions of the Plan
in any way it thinks fit, PROVIDED THAT the Committee will not make any amendment that would materially prejudice the interests of existing
Participants except with the prior consent or sanction of the affected Participants or to the extent that they are minor amendments to
benefit the administration of the Plan, to take account of a change in legislation or to obtain or maintain favourable tax, exchange
control or regulatory treatment for Participants or for any member of the Group.

 

	15.4	Notwithstanding any other provision of the Plan, the Committee
may:

 

		(a)	establish appendices to the Plan setting out specific requirements
or terms in relation to granting Awards to Eligible Persons in particular jurisdictions if that is necessary or desirable to take account
of local tax, exchange control or securities laws in such jurisdictions (including, for the avoidance of doubt, the establishment of
‘tax-advantaged’ sub-plans); or

 

		(b)	amend or add to the provisions of the Plan and the terms
of Awards as the Committee may consider necessary or desirable to take account of, or to mitigate, or to comply with relevant overseas
taxation, securities or exchange control laws, provided, however, that no such subplans and/or modifications shall increase the share
limitation contained in Rule 14.

 

	15.5	The Plan, the granting and vesting of Awards under the Plan
and the issuance and delivery of Shares and the payment of money under the Plan or under Awards are subject to compliance with all applicable
laws (including but not limited to state, federal and non-U.S. securities law and margin requirements), and to such approvals by any
listing, regulatory or governmental authority as may, in the opinion of counsel for the Company, be necessary or advisable in connection
therewith. Any securities delivered under the Plan shall be subject to such restrictions, and the person acquiring such securities shall,
if requested by the Company, provide such assurances and representations to the Company as the Company may deem necessary or desirable
to assure compliance with all applicable law. The Committee, in its sole discretion, may take whatever actions it deems necessary or
appropriate to effect compliance with applicable law, including, without limitation, placing legends on share certificates and issuing
stop-transfer notices to agents and registrars. Notwithstanding anything to the contrary in the Plan, the Committee may not take any
actions hereunder, and no Awards shall be granted, that would violate applicable law, and to the extent permitted by applicable law,
the Plan and Awards shall be deemed amended to the extent necessary to conform to applicable law.

 

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	16.	General

 

	16.1	Any member of the Group may provide money to the trustee
of an employee benefit trust or any other person to enable them or such person to acquire Shares to be held for the purposes of the Plan,
or enter into any guarantee or indemnity for the purposes, to the extent permitted by any applicable law.

 

	16.2	The Plan will terminate on the tenth anniversary of the Adoption
Date or at any earlier time by the passing of a resolution by the Board or an ordinary resolution of the Company in general meeting.
Termination of the Plan will be without prejudice to the subsisting rights of Participants.

 

	16.3	An Award will not constitute a contract of employment. The
rights and obligations of any individual under the terms of their office or engagement or employment with the Group will not be affected
by their participation in the Plan or any right they may have to participate in the Plan. An individual who participates in the Plan
waives all and any rights to compensation or damages in consequence of the termination of their office or employment or engagement with
any company for any reason whatsoever (whether lawfully or unlawfully), insofar as those rights arise or may arise from their ceasing
to have rights under the Plan as a result of such termination, or from the loss or diminution in value of such rights or entitlements.
In the event of any conflict between the terms of this Rule 16.3 and the Participant’s terms of employment, this Rule will
take precedence.

 

	16.4	The existence of any Award will not affect in any way the
right or power of the Company or its shareholders to make or authorise any or all adjustments, recapitalisations, reorganisations or
other changes in the Company’s capital structure, or any merger or consolidation of the Company, or any issue of Company shares,
bonds, debentures, preferred or prior preference stocks ahead of, or convertible into, or otherwise affecting the Shares or the rights
thereof, or the dissolution or liquidation of the Company or any sale or transfer of all or any part of its assets or business, or any
other corporate act or proceeding, whether of a similar character or otherwise.

 

	16.5	Any notice or other document which has to be given to a Participant
under or in connection with the Plan may be

 

		(i)	delivered or sent by post to him or her at his or her home
address according to the records of his or her employing company,

 

		(ii)	sent by email to any email address according to the records
of his or her employing company or, in either case, such other address as may appear to the Company to be appropriate, or

 

		(iii)	provided electronically through a website or electronic portal
hosted by the Company or an agent of the Company, provided that the Participant is notified by email or post that such notice
or document has been or will be provided in this manner.

 

	16.6	Notices sent by post to a Participant will be deemed to have
been given on the day after the date of posting. Notices sent by email, in the absence of evidence to the contrary, will be deemed to
have been received on the day of sending.

 

	16.7	Notices provided electronically through a website or electronic
portal will be deemed to have been received on the day they are posted on the website or, if later, the day the Participant is deemed
in accordance with Rule 16.6 to have received the notification that the notice has been provided there.

 

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	16.8	Any notice or other document required to be given to the
Company under or in connection with the Plan may be delivered or sent by post to it at its registered office (or such other place or
places as the Committee may from time to time determine and notify to Participants) or sent by email to any email address notified to
the sender for the purposes of the Plan.

 

	16.9	All Share certificates, Award Certificates and other communications
relating to the Plan will be sent at the Participant’s risk.

 

	16.10	Benefits under the Plan will not be pensionable.

 

	16.11	Any Shares acquired under the Plan will be subject to the
Governing Documents of the Company as amended from time to time.

 

	16.12	The invalidity or non-enforceability of one or more provisions
of the Plan will not affect the validity or enforceability of the other provisions of the Plan, which will remain in full force and effect.

 

	16.13	Nothing in this Plan confers any benefit, right or expectation
on a person who is not an Employee. No third party has any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any
term of this Plan. This does not affect any other right or remedy of a third party which may exist.

 

	16.14	The decision of the Committee in any dispute or question
concerning the interpretation, construction or effect of the Plan or any other questions arising in connection with the Plan will be
final and conclusive.

 

	16.15	By participating in the Plan, the Participant’s attention
where applicable under local law is drawn to the Company’s privacy notice, which sets out how the Participant’s personal
data will be used and shared by the Company and other Group Companies. The data privacy notice does not form part of these Rules and
may be updated from time to time. Any such updates will be notified to the Participant.

 

	17.	Governing Law and
Jurisdiction

 

	17.1	These Rules and any non-contractual obligations arising out
of or in connection with these Rules will be governed by, and interpreted in accordance with, English law.

 

	17.2	The English courts will have exclusive jurisdiction in relation
to all disputes (including claims for set-off and counterclaims) arising out of or in connection with these Rules including, without
limitation, disputes arising out of or in connection with:

 

		(i)	the creation, validity, effect, interpretation, performance
or non-performance of, or the legal relationships established by, these Rules; and

 

		(ii)	any non-contractual obligations arising out of or in connection
with these Rules. For such purposes each party irrevocably submits to the jurisdiction of the English courts and waives any objection
to the exercise of such jurisdiction.

 

    15ï22

     

    

 

Appendix
A

 

		1.	Definitions

 

In this Plan, unless the context otherwise
requires, the following words and expressions will have the following meanings, namely:

 

Acquiring Company has
the meaning given in Rule 10.5;

 

Adoption Date means the
earlier of the date of adoption of the Plan by the Company in a general meeting of the shareholders or the adoption of the Plan by the
Board;

 

Award means an award granted
under the Plan in the form of an Option, a Conditional Award, a Restricted Share Award or a Phantom Award and will where applicable mean
the relevant part of any Award;

 

Award Certificate means
the notification to a Participant setting out the specific conditions of an Award in such form and containing such information as the
Committee may determine from time to time. Each Award Certificate shall be subject to the terms and conditions of the Plan;

 

Board means the board
of directors of the Company;

 

Capital Reorganisation
means any variation in the share capital or reserves of the Company (including, without limitation, by way of capitalisation issue, rights
issue, open offer, sub-division, consolidation or reduction);

 

Cash Amount means, in
relation to an Award which has Vested, an amount which, in the opinion of the Committee, is equal to the Market Value on the Vesting Date
of the Vested Shares less any amount which the Participant is required to pay under these Rules in order to realise the Award;

 

Closing Date has the meaning
given to it in the business combination agreement between the Company, Cazoo Holdings Limited and Ajax I dated 29 March 2021;

 

Committee means the compensation
committee of the Board or such other or some other duly authorised committee of the Board;

 

Company means Cazoo Group
Ltd a Cayman Islands exempted company with company number 373409 whose registered office is at PO Box 309, Ugland House, Grand Cayman,
KY1-1104, Cayman Islands;

 

Conditional Award means
an Award which takes the form of a conditional right to acquire or receive Shares at no or nominal cost;

 

Control has the meaning
given by section 719 the Income Tax (Earnings and Pensions) Act 2003;

 

Date of Grant means the
date on which the Committee grants an Award under Rule 1;

 

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Dealing Restriction means
a restriction imposed by any law, order, regulation or directive, the Share Dealing Code, the rules applying to any listing of the Company
and/or any other code adopted by the Company regulating dealings in Shares;

 

Dividend Equivalent means
an entitlement to Shares which reflects the value of dividends paid on the Vested Shares under an Award between the Date of Grant and
the Vesting Date of the Award;

 

Eligible Person means
a person who, at the Date of Grant, is an Employee, non-executive director or consultant of any member of the Group;

 

Employee means a person
who, at the Date of Grant, is an employee (including an executive director) of any member of the Group;

 

Governing Documents means
the legal document(s) by which any partnership, corporation, limited liability company, joint stock company, unincorporated organisation
or association, trust, joint venture or other similar entity, whether or not a legal entity, establishes its legal existence or which
govern its internal affairs. For example, the “Governing Documents” of a U.K. private limited company are its memorandum and
articles of association, the “Governing Documents” of a Cayman Islands exempted company are its memorandum and articles of
association, and the “Governing Documents” of a U.S. corporation are its certificate or articles of incorporation (or analogous
document) and by-laws, the “Governing Documents” of a U.S. limited partnership are its limited partnership agreement and certificate
of limited partnership (or analogous document), the “Governing Documents” of a U.S. limited liability company are its operating
or limited liability company agreement and certificate of formation (or analogous document);

 

Group means the Company
and its Subsidiaries and member of the Group will be construed accordingly;

 

Holding Period means a
post-Vesting period of such period as the Committee in its discretion will determine prior to the Date of Grant applied to Vested Shares
or Vested but unexercised Options in accordance with Rule 5, during which the Participant must retain either the Shares which Vest under
an Award (including any Shares delivered in satisfaction of Dividend Equivalents) or, as applicable, the Option itself;

 

Lockup Period has the
meaning given to it in the articles of association of the Company;

 

Market Value means, as
of any given date, the closing sales price for a Share as quoted on the New York Stock Exchange for such date or, if there is no closing
sales price for a Share on the date in question, the closing sales price for a Share on the last preceding date for which such quotation
exists, as reported in The Wall Street Journal or such other source as the Committee deems reliable or, if the Committee determines
it appropriate in any case, the average of the closing sales price over a period of up to 30 days before or after any such given date;

 

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Misconduct means any of:

 

		(a)	material misconduct in the course of a Participant’s employment, appointment or engagement;

 

		(b)	conduct in which the Participant has participated or was responsible for which has resulted or could result
in material financial loss or reputational harm to any member of the Group; and

 

		(c)	any other misconduct as determined by the Committee in its discretion;

 

New Award has the meaning
given in Rule 10.5;

 

New Grantor has the meaning
given in Rule 10.5;

 

the New York Stock Exchange means
New York Stock Exchange, Inc. or any successor body thereto;

 

Old Award has the meaning
given in Rule 10.5;

 

Option means an Award
which takes the form of an option to acquire Shares at either no or nominal cost or up to Market Value, to be determined at the discretion
of the Committee;

 

Participant means an individual
who holds a subsisting Award (including, where the context permits, the legal personal representatives of a deceased Participant);

 

Performance Conditions
means the performance conditions that may be applied to an Award under Rule 3;

 

Performance Period means,
in relation to an Award with Performance Conditions attached to it, the period over which performance is measured to determine whether
the Performance Conditions have been achieved, which period shall be determined by the Committee at the Date of Grant;

 

Phantom Award means an
Award which takes the form of a right to call for a cash payment calculated by reference to the Market Value of a notional Share and references
in these Rules to Shares will, in the case of a Phantom Award, be read as a reference to notional Shares as appropriate;

 

the Plan means this Cazoo
Group Ltd Incentive Equity Plan as amended from time to time in accordance with the Rules;

 

Relevant Date means:

 

		(a)	if the Relevant Event falls within Rule 10.1(a), the date on which Control is obtained and any conditions
to which the offer is made subject are satisfied;

 

		(b)	if the Relevant Event falls within Rule 10.1(b), either the date on which the scheme of arrangement (or
its equivalent under applicable law) is approved at the shareholders’ meeting or is sanctioned by a court (as determined by the
Committee in its absolute discretion); or

 

		(c)	if the Relevant Event falls within Rule 10.1(c), the date on which notice of the resolution for winding
up is given;

 

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Relevant Event has the
meaning given in Rule 10.1;

 

Restricted Shares means
Shares subject to a Restricted Share Award which are subject to restrictions in accordance with Rule 2;

 

Restricted Shares Award means
an award comprising Restricted Shares and references in these Rules to Shares will, in the case of a Restricted Shares Award,
be read as a reference to Restricted Shares as appropriate;

 

Share Dealing Code means
any applicable Company code on share dealing or insider trading as may be in force from time to time;

 

Shares means either the
Company’s Class A ordinary shares or the Company’s Class C ordinary shares, each with a per share par value of $0.0001 and
having the rights set out in the Governing Documents of the Company, including shares representing those shares following any Capital
Reorganisation (or other reorganisation of the share capital of the Company);

 

Subsidiary means any company
which is a subsidiary of the Company within the meaning of section 1159 of and Schedule 6 to the Companies Act 2006;

 

Substitute Awards means,
in accordance with Rule 14.4, Awards granted under the Plan in connection with a corporate transaction, such as a merger, combination,
consolidation or acquisition of property or shares, in any case, upon the assumption of, or in substitution for, outstanding equity awards
previously granted by a company or other entity including, for the avoidance of doubt, the business combination with Cazoo Holdings Limited;

 

Tax means all liability
to income tax (or overseas equivalent) which any member of the Group is liable to account for on behalf of the Participant directly to
any taxation authority (including, but without limitation, through the PAYE system) and all liability to social security (or overseas
equivalent) which any member of the Group is liable to account for on behalf of the Participant to any taxation authority (including,
but without limitation, primary Class 1 (employee’s) National Insurance contributions) which arises in connection with an Award,
a Cash Amount or Shares;

 

Termination Date means
the date on which a Participant ceases to be employed, appointed or engaged by the Group;

 

Vesting Date means in
respect of an Award, such date or dates, as determined by the Committee in its sole discretion, on which an Award (or part thereof) shall
ordinarily Vest which, unless the Committee determines otherwise, will be:

 

		(a)	in the case of an Award granted in the form of an Option,
when the Option becomes exercisable, or

 

		(b)	in the case of an Award granted in the form of a Restricted
Share Award, when the Restricted Shares cease to be subject to forfeiture, or

 

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		(c)	in the case of an Award granted in the form of a Conditional
Share Award, when the Participant becomes entitled to have the Shares which are the subject of the Conditional Share Award transferred
to him or her, or

 

		(d)	in the case of an Award granted in the form of a Phantom
Award, a Participant becoming entitled to call for a cash sum in accordance with Rule 4.6;

 

Vesting Period means in
relation to an Award, the period beginning on the Date of Grant of such Award and ending on the Vesting Date; and

 

Vested Shares means, subject
to Rules 4, 7 and 10, Shares that are the subject of Awards in respect of which the Vesting Date has passed, and Vest, Vested
and Vesting will be construed accordingly.

 

		2.	Interpretation. In these Rules, unless the context otherwise
requires:

 

		(a)	references to a person include any individual, firm, body corporate (wherever incorporated),
government, state or agency of a state or any joint venture, association, partnership, works council or employee representative body (whether
or not having separate legal personality); and

 

		(b)	references to “realise”, “realised” or “realisable” will be construed
as “call for”, “called for” or “may be called for” respectively where appropriate depending on the
nature of the Award; and

 

		(c)	headings do not affect the interpretation of these Rules; the singular will include the plural and vice
versa; and references to one gender include all genders.

 

		3.	Enactments. Except as otherwise expressly provided in these
Rules, any express reference to an enactment includes references to:

 

		(i)	that enactment as amended, consolidated or re-enacted by
or under any other enactment before or after the Adoption Date;

 

		(ii)	any enactment which that enactment re-enacts (with or without
modification); and

 

		(iii)	any subordinate legislation (including regulations) made
(before or after the Adoption Date) under that enactment, as amended, consolidated or re-enacted as described at (i) or (ii) above.

 

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Appendix
B

 

Rules of the CAZOO GROUP LTD Incentive EQUITY Plan – Eligible US PERSONS

 

This Appendix B shall apply for each individual
who is (i) a Participant and (ii) resident in the United States or subject to U.S. taxation (a U.S. Participant). In the
event that a Participant becomes a U.S. Participant after the grant of an Award, such Award shall be modified in a manner consistent with
this Appendix. Words and phrases in this Appendix shall have the same meaning as defined in the Plan, except as provided below. To the
extent there is any conflict between the Plan and this Appendix, the terms of this Appendix shall prevail.

 

1.1 Awards
granted to or otherwise held by U.S. Participants are intended to be exempt from Section 409A of the United States Internal Revenue Code
of 1986, as amended, and the regulations and guidance promulgated thereunder (the Code) (Section 409A of the Code hereinafter
referred to as Section 409A) and Section 457A of the Code (Section 457A of the Code hereinafter referred to as Section
457A) and shall be limited, construed and interpreted in accordance with such intent. Except as otherwise permitted under Section
409A and Section 457A, no payment hereunder shall be accelerated or deferred unless such acceleration or deferral would not result in
additional tax or interest pursuant to Section 409A and Section 457A. Notwithstanding any other provision of the Plan or a U.S. Participant’s
Award Certificate, if at any time the Committee determines that a U.S. Participant’s Award (or any portion thereof) may be subject
to Section 409A or Section 457A, the Committee shall have the right in its sole discretion, without the U.S. Participant’s consent
and without any obligation to do so or to indemnify the U.S. Participant or any other person for failure to do so, to adopt such amendments
to the Plan or such Award Certificate, or adopt other policies and procedures (including amendments, policies and procedures with retroactive
effect), or take any other actions, as the Committee determines are necessary or appropriate for such Award to be exempt from Section
409A and Section 457A and/or to preserve the intended tax treatment with respect to the Award. The Group shall have no obligation under
this Section 1.1 of this Appendix or otherwise to take any action (whether or not described herein) to avoid the imposition of taxes,
penalties or interest under Section 409A or Section 457A with respect to any Award and shall have no liability to any U.S. Participant
or any other person if any Award, compensation or other benefit under the Plan is determined to constitute deferred compensation subject
to the imposition of taxes, penalties and/or interest under Section 409A or Section 457A.

 

1.2 Options
granted to U.S. Participants are intended to either

 

		(i)	satisfy the stock rights exemption provided in Treasury Regulation
§ 1.409A-1(b)(5)(i), in which case the exercise price per Share for an Option shall in no event be less than the Market Value on
the Date of Grant; provided that any determination by the Committee to use a trailing average closing sales price must be made prior
to the period over which the prices are averaged and such , or

 

		(ii)	be treated as automatically exercised in respect of all of
the vested Shares underlying the Option no later than the earlier to occur of (a) March 15 of the calendar year following the end of
the calendar year that includes the vesting date of the Option (within the meaning of Section 409A (generally, based on service and/or
performance requirements)), and (b) the first (1st) anniversary of the last day of the Company’s taxable year that includes
the vesting date of the Option (within the meaning of Section 457A (only based on service requirements)) (such Option described in this
clause (ii), a Short-Term Deferral Option).

 

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1.3 The
Shares underlying any Award of a U.S. Participant (other than an Option) will be delivered by the date set forth in Section 1.2(ii).

 

1.4 Notwithstanding
anything to the contrary in Rule 7 of the Plan, in the event a U.S. Participant incurs a termination of employment, appointment or engagement
and the Board determines that some or all of the unvested portion of an Award (other than an Option) shall vest and delivery of the cash
or shares underlying such portion of the Award shall occur by the date set forth in Section 1.2(ii).

 

1.5 With
respect to Sections 1.2(ii), 1.3 and 1.4, if the Award is subject to performance-vesting conditions as well as service-vesting conditions,
and such performance-vesting conditions could otherwise continue to apply following the latest payment date set forth in Section 1.2(ii),
the Board shall make a good faith determination as to the level of achievement of such performance-vesting conditions so that the payment
timing requirements of Section 1.2(ii) can be met; provided further that notwithstanding anything to the contrary in Rule 4.8 of the Plan,
under no circumstances (including if there is a failure by the U.S. Participant to obtain any necessary consents or file any necessary
registrations or any Dealing Restrictions) shall there be a delay in the delivery of Shares (or, in the case of a Short-Term Deferral
Option, exercise of such Short-Term Deferral Option) beyond the date required by Section 1.2(ii).

 

1.6 Notwithstanding
anything to the contrary in the Plan,

 

		(i)	no Dividend Equivalents shall be granted to any U.S. Participant
with respect to Options and

 

		(ii)	cash or Shares underlying any Dividend Equivalents with respect
to Conditional Awards granted to U.S. Participants shall be issued or transferred to the U.S. Participant at time(s) that do not result
in adverse tax consequences under Section 409A and Section 457A.

 

1.7 Notwithstanding
anything in the Plan to the contrary, no deductions or offsets shall be made by any member of the Group from any payment owing to a U.S.
Participant, including as a result of malus, to the extent that such deduction or offset would result in adverse tax consequences under
Section 409A or Section 457A or otherwise violate applicable state or local law.

 

1.8 No
Shares issued or payments made in respect of an Award to any U.S. Participant shall be funded with any assets set aside in a trust or
other arrangement in violation of Section 409A(b)(1) of the Code.

 

1.9 The
Plan is intended to be an “unfunded” plan for incentive compensation for U.S. Participants. With respect to any payments not
yet made to a U.S. Participant pursuant to an Award, nothing contained in the Plan or any Award Certificate or other written policy or
program shall give the U.S. Participant any rights that are greater than those of a general creditor of the Group.

 

1.10 If
any U.S. Participant makes an election under Section 83(b) of the Code to be taxed with respect to any Restricted Shares as of the date
of transfer of the Restricted Shares rather than as of the date or dates upon which such U.S. Participant would otherwise be taxable under
Section 83(a) of the Code, the U.S. Participant shall be required to deliver a copy of such election to the Company promptly after filing
such election with the U.S. Internal Revenue Service along with proof of the timely filing thereof with the U.S. Internal Revenue Service.

 

1.11 Rule
8.2 of the Plan shall not apply to any Option that is granted to a U.S. Participant other than a Short-Term Deferral Option.

 

1.12 The
Participant election contemplated by Rule 10.5 of Plan shall not be applicable to U.S. Participants and, in lieu thereof, the Committee
shall determine in its sole discretion upon a triggering event under Rule 10.5 of the Plan whether Awards held by U.S. Participants shall:

 

		(i)	vest in accordance with Rule 10.2 of the Plan or

 

		(ii)	be exchanged automatically for the New Awards.

 

    22ï22Exhibit 4.7

 

Investor
RIGHTS AGREEMENT

 

This Investor Rights Agreement
(this “Agreement”) dated as of August 26, 2021 is made and entered into by and among Capri Listco, a Cayman Islands
exempted company (the “Company”), and the parties listed on Schedule A (each, a “Holder”
and collectively, the “Holders”). Capitalized terms used but not defined herein have the meanings assigned to them
in the Business Combination Agreement dated as of March 29, 2021 (the “Business Combination Agreement”), by and among
the Company, Ajax I, a Cayman Islands exempted company (“AJAX”), and Cazoo Holdings Limited, a private limited company
organized under the law of England and Wales (“Cazoo”).

 

WHEREAS, the Company, AJAX
and Cazoo are parties to the Business Combination Agreement, pursuant to which, among other things, (i) AJAX merged with and into the
Company, with the Company surviving (the “Merger”), and (ii) thereafter, the Company acquired all of the outstanding
capital shares of Cazoo (the “Share Purchase” and the date on which it closed, the “Closing Date”);

 

WHEREAS, the Company and the
Holder designated as an “Original Holder” on Schedule A (the “Sponsor”) are parties to the Registration
Rights Agreement dated as of October 27, 2020 (the “Prior Agreement”);

 

WHEREAS, the Sponsor held
(i) 8,944,343 AJAX Class B Shares (as defined below) as of immediately prior to the consummation of the Merger, which shares, upon consummation
of the Merger, converted into Company Class B Shares (as defined below), and which shares, upon consummation of the Share Purchase, converted
into Company Class A Shares (as defined below), and (ii) 21,128,818 warrants (the “AJAX Private Placement Warrants”)
to purchase AJAX Class A Shares (as defined below), at an exercise price of $11.50 per share, which, upon consummation of the Merger,
converted into warrants (the “Company Warrants”) to purchase Company Class A Shares, at an exercise price of $11.50
per share;

 

WHEREAS, the Holders designated
as “New Holders” on Schedule A (the “New Holders”) have received (i) upon consummation of the Share
Purchase, Company Class C Shares (as defined below), which, under the conditions set forth in the Memorandum and Articles of Association
(as defined below), are convertible or exchangeable into Company Class A Shares and/or (ii) PIPE Shares (as defined below);

 

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

 

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

 

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

 

Article
I

DEFINITIONS

 

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

 

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

 

    

     

    

 

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

 

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

 

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

 

“AJAX Private Placement
Warrants” shall have the meaning given in the Recitals.

 

“AJAX Private Placement Warrants Lock-up
Period” shall mean, with respect to holders of Company Warrants issued upon conversion of the AJAX Private Placement Warrants
or their Permitted Transferees, and any of the Ordinary Shares issued or issuable upon the exercise or conversion of such Company Warrants
or their Permitted Transferees, the period ending 30 days after the Closing Date.

 

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

 

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

 

“Board Seat Period”
shall mean, with respect to any Holder, the period during which such Holder is entitled to appoint designees to the Board pursuant to
subsection 6.1.1.

 

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

 

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

 

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

 

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

 

“Commission”
shall mean the Securities and Exchange Commission.

 

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

 

“Company Class A
Shares” means the Company’s Class A ordinary shares with a per share par value of $0.0001 each having the rights set out
in the Memorandum and Articles of Association.

 

    2 

     

    

 

“Company Class B
Shares” means the Company’s Class B ordinary shares with a per share par value of $0.0001 each having the rights set out
in the Memorandum and Articles of Association.

 

“Company Class C
Shares” means the Company’s Class C ordinary shares with a per share par value of $0.0001 each having the rights set out
in the Memorandum and Articles of Association.

 

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

 

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

 

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

 

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

 

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

 

“Director”
shall have the meaning given in subsection 6.1.1.

 

“DMGV”
shall mean DMGV Limited.

 

“DMGV Group”
shall mean, collectively, DMGV and each of its Permitted Transferees that is Rothermere Continuation Limited, DMGT or a controlled Affiliate
of DMGT.

 

“DMGV Observer”
shall mean a non-voting observer of the Board selected by DMGV.

 

“DMGT”
shall mean Daily Mail and General Trust plc.

 

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

 

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

 

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

 

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

 

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

 

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

 

    3 

     

    

 

“Insider Letter” shall mean
that certain letter agreement, dated as of October 27, 2020, by and among AJAX, the Sponsor and the other parties thereto.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Nominating Committee”
shall have the meaning given in subsection 6.1.1.

 

“Offer”
shall have the meaning given in Section 7.1.

 

“Offer Period”
shall have the meaning given in Section 7.1.

 

“Ordinary Shares”
shall mean the Company Class A Shares, the Company Class B Shares and the Company Class C Shares.

 

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

 

“Permitted Transferees”
shall mean a Person to whom a Holder of Registrable Securities is permitted to transfer such Registrable Securities prior to the expiration
of the Sponsor Shares Lock-up Period, the AJAX Private Placement Warrants Lock-up Period or the applicable lock-up period set forth in
Article 11 of the Memorandum and Articles of Association, as the case may be, under the Insider Letter, and any other applicable agreement
between such Holder and the Company.

 

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

 

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

 

“PIPE Shares”
shall mean Ordinary Shares issued in the PIPE Financing contemplated by the Business Combination Agreement.

 

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

 

    4 

     

    

 

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

 

“Registrable Security”
shall mean (i) the Company Class A Shares issued or issuable upon the conversion or exchange of any Company Class B Shares or Company
Class C Shares, (ii) the Company Warrants (including any Company Class A Shares issued or issuable upon the exercise of any such Company
Warrants) held by a Holder as of the Closing Date, (iii) any outstanding Ordinary Shares or any other Equity Security (including the Ordinary
Shares issued or issuable upon the exercise of any other Equity Security) of the Company held by a Holder as of the Closing Date (including
the Ordinary Shares issued pursuant to the Business Combination Agreement), (iv) any PIPE Shares and (v) any other Equity Security of
the Company or any of its subsidiaries, or any successor, issued or issuable with respect to any such Ordinary Shares described in clauses
(i) through (iv) hereof by way of a share dividend or share split or in connection with a combination of shares, recapitalization, merger,
consolidation, spin-off or reorganization; provided, however, that, as to any particular Registrable Securities, such securities
shall cease to be Registrable Securities when: (A) a Registration Statement with respect to the sale of such securities shall have become
effective under the Securities Act and such securities shall have been sold, transferred, disposed of or exchanged in accordance with
such Registration Statement; (B) such securities shall have been otherwise transferred, and new certificates for such securities not bearing
a legend restricting further transfer shall have been delivered by the Company to the transferee; (C) such securities shall have ceased
to be outstanding; (D) such securities shall have been sold without registration pursuant to Section 4(a)(1) of the Securities Act or
Rule 144 (or any successor rule promulgated thereafter by the Commission); or (E) such securities shall have been sold to, or through,
a broker, dealer or underwriter in a public distribution or other public securities transaction.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    5 

     

    

 

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

 

“Relevant Person”
shall have the meaning given in subsection 6.2.1.

 

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

 

“Resale Shelf Registration
Statement” shall have the meaning given in subsection 2.3.1.

 

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

 

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

 

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

 

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

 

“Shareholder Designee”
shall have the meaning given in subsection 6.1.6.

 

“Shareholder Parties”
shall mean Alex Chesterman, DMGV and the Sponsor.

 

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

 

“Sponsor Group”
shall mean (i) the Sponsor, any of its Permitted Transferees or any other Holder that has received Registrable Securities from the Sponsor
or any of its Permitted Transferees through a Permitted Distribution in Kind and (ii) any controlled Affiliate of any member of the Sponsor
that has received Registrable Securities through the PIPE Financing.

 

“Sponsor Shares Lock-up
Period” shall mean, with respect to the Company Class A Shares issued upon conversion of the AJAX Class B Shares, the period
ending on the earlier of (A) two years after the Closing Date and (B) subsequent to the Closing Date, (x) if the last reported sale price
of the Company Class A Shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share dividends, rights issuances,
reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days
after the Closing Date or (y) the date on which the Company completes a liquidation, merger, share exchange, reorganization or other similar
transaction that results in all of the Company’s shareholders having the right to exchange their Ordinary Shares for cash, securities
or other property.

 

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

 

“Triggering Issuance”
shall have the meaning given in Section 7.1.

 

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

 

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

 

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

 

    6 

     

    

 

Article
II

REGISTRATION

 

Section
2.1. Demand Registration.

 

2.1.1 Request
for Registration.  Subject to the provisions of subsection 2.1.4 and Section 2.4, at any time and from
time to time following the Closing Date (but subject to the Sponsor Shares Lock-up Period, the AJAX Private Placement Warrants Lock-up
Period or any lock-up restrictions set forth in the Memorandum and Articles of Association, as applicable), (i) Alex Chesterman,
(ii) any member of the DMGV Group holding Registrable Securities, or (iii) Holders of a majority-in-interest of Registrable Securities
held by the Sponsor Group (Alex Chesterman, such member of the DMGV Group or the Holders in clause (iii), as the case may be, the “Demanding
Holder”), may make a written demand for Registration of all or part of their Registrable Securities on Form F-3 (or, if
Form F-3 is not available to be used by the Company at such time, on Form F-1 or another appropriate form permitting Registration
of such Registrable Securities for resale by such Demanding Holders), which written demand shall describe the amount and type of securities
to be included in such Registration and the intended method(s) of distribution thereof (such written demand, a “Demand Registration”). 
The Company shall, no later than (5) days following the Company’s receipt of the Demand Registration, notify, in writing, all
other Holders of Registrable Securities of such demand, and each Holder of Registrable Securities who thereafter wishes to include all
or a portion of such Holder’s Registrable Securities in a Registration pursuant to a Demand Registration (each such Holder that
includes all or a portion of such Holder’s Registrable Securities in such Registration, a “Demand Requesting Holder”)
shall so notify the Company, in writing, within five (5) days after the receipt by the Holder of the notice from the Company. 
Upon receipt by the Company of any such written notification from a Demand Requesting Holder to the Company, such Demand Requesting
Holder shall be entitled to have its Registrable Securities included in a Registration pursuant to a Demand Registration and the
Company shall effect, as soon thereafter as practicable, the Registration of all Registrable Securities requested by the Demanding Holder
and the Demand Requesting Holder(s), if any, pursuant to such Demand Registration, including by filing a Registration Statement relating
thereto as soon as practicable, but no more than forty-five (45) days immediately after the Company’s receipt of the Demand Registration. 
Under no circumstances shall the Company be obligated to effect more than an aggregate of (i) three (3) Registrations pursuant to
a Demand Registration under this subsection 2.1.1 initiated by Alex Chesterman, (ii) three (3) Registrations pursuant to a
Demand Registration under this subsection 2.1.1 initiated by a member of the DMGV Group, or (iii) two (2) Registrations
pursuant to a Demand Registration under this subsection 2.1.1 initiated by the Sponsor Group; provided, however,
that to the extent that the Sponsor Group continues to own any Registrable Securities following the exercise of its two (2) Demand Registrations
as a result of its Registrable Securities included in an Underwritten Offering being reduced in accordance with subsection 2.1.4,
the Sponsor Group shall be entitled to one (1) additional Registration pursuant to a Demand Registration under this subsection 2.1.1.
The Company’s obligations to include the Registrable Securities held by a Holder in a Demand Registration are contingent upon such
Holder furnishing in writing to the Company such information regarding the Holder, the securities of the Company held by the Holder and
the intended method of disposition of the Registrable Securities as shall be reasonably requested by the Company to effect the registration
of the Registrable Securities, and the Holder shall execute such documents in connection with such registration as the Company may reasonably
request that are customary of a selling shareholder in similar situations. If any Demanding Holder or Demand Requesting Holder so elects,
a Demand Registration may involve a Permitted Distribution in Kind, and the Company will reasonably assist with such distribution in the
manner reasonably requested by such Demanding Holder or Demand Requesting Holder and in compliance with the Securities Act and the Exchange
Act, as applicable.

 

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

 

    7 

     

    

 

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

 

2.1.4 Reduction
of Underwritten Offering.  If the managing Underwriter or Underwriters in an Underwritten Registration pursuant to a Demand Registration,
in good faith, advises the Company, the Demanding Holder and any other Demand Requesting Holders in writing that the dollar amount or
number of Registrable Securities that the Demanding Holder and the Demand Requesting Holders (if any) desire to sell, taken together with
all other Ordinary Shares or other Equity Securities that the Company desires to sell and the Ordinary Shares, if any, as to which a Registration
has been requested pursuant to separate written contractual piggyback registration rights held by any other shareholders who desire to
sell, exceeds the maximum dollar amount or maximum number of Equity Securities that can be sold in the Underwritten Offering without 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 such securities, as applicable, the “Maximum Number of Securities”), then the Company
shall include in such Underwritten Offering, as follows: (i) first, the Registrable Securities of the Demanding Holder and the Demand
Requesting Holders (if any) (on a pro rata basis based on the respective number of Registrable Securities then owned by such Demanding
Holder and each Demand Requesting Holder (if any) in relation to the aggregate number of Registrable Securities owned by such Demanding
Holder and each Demand Requesting Holder (if any)), which can be sold without exceeding the Maximum Number of Securities; (ii) second,
to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (i), Ordinary Shares or other Equity
Securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities; and (iii) third,
to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (i) and (ii), Ordinary Shares
or other Equity Securities of other Persons that the Company is obligated to register in a Registration pursuant to separate written contractual
arrangements with such Persons and that can be sold without exceeding the Maximum Number of Securities.

 

2.1.5 Demand
Registration Withdrawal.  Alex Chesterman, in the case of a Registration under subsection 2.1.1 initiated by Alex Chesterman,
DMGV, in the case of a Registration under subsection 2.1.1 initiated by a member of the DMGV Group, or the Sponsor Group, in the
case of a Registration under subsection 2.1.1 initiated by the Sponsor Group, as the case may be, or a majority-in-interest of
the Demand Requesting Holders (if any) shall have the right to withdraw from a Registration pursuant to such Demand Registration for any
or no reason whatsoever upon written notification to the Company and the Underwriter(s) (if any) of their intention to withdraw from such
Registration at least two (2) Business Days prior to the effectiveness of the Registration Statement filed with the Commission with respect
to the Registration of their Registrable Securities pursuant to such Demand Registration (or, in the case of an Underwritten Registration
pursuant to Rule 415 under the Securities Act, at least two (2) Business Days prior to the time of pricing of the applicable offering). 
If a Demanding Holder initiating a Demand Registration withdraws from a proposed offering pursuant to this subsection 2.1.5,
then such registration shall not count as a Demand Registration provided for in Section 2.1. Notwithstanding anything to the
contrary in this Agreement, (i) the Company may effect any Underwritten Registration pursuant to any then effective Registration Statement,
including a Form F-3, that is then available for such offering, and (ii) the Company shall be responsible for the Registration Expenses
incurred in connection with a Registration pursuant to a Demand Registration prior to its withdrawal under this subsection 2.1.5.

 

    8 

     

    

 

Section
2.2. Piggyback Registration.

 

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

 

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

 

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

 

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

 

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

 

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

 

Section
2.3. Resale Shelf Registration Rights

 

2.3.1 Registration
Statement Covering Resale of Registrable Securities. The Company shall prepare and file or cause to be prepared and filed with the
Commission, no later than forty-five (45) days following the Closing Date, a Registration Statement for an offering to be made on a continuous
basis pursuant to Rule 415 of the Securities Act or any successor thereto registering the resale from time to time by Holders of
all of the Registrable Securities held by the Holders (which may also include the PIPE Shares) (the “Resale Shelf Registration
Statement”). The Resale Shelf Registration Statement shall be on Form F-3 (or, if Form F-3 is not available to be
used by the Company at such time, on Form F-1 or another appropriate form permitting Registration of such Registrable Securities
for resale). If the Resale Shelf Registration Statement is initially filed on Form F-1 and thereafter the Company becomes eligible
to use Form F-3 for secondary sales, the Company shall, as promptly as practicable, cause such Resale Shelf Registration Statement
to be amended, or shall file a new replacement Resale Shelf Registration Statement, such that the Resale Shelf Registration Statement
is on Form F-3. The Company shall use reasonable best efforts to cause the Resale Shelf Registration Statement to be declared effective
as soon as possible after filing but no later than the 90th day (or 120th day if the SEC notifies the Company that it will “review”
the Resale Shelf Registration Statement) following the Closing Date; provided, however, that the Company’s obligations
to include the Registrable Securities held by a Holder in the Resale Shelf Registration Statement are contingent upon such Holder furnishing
in writing to the Company such information regarding the Holder, the securities of the Company held by the Holder and the intended method
of disposition of the Registrable Securities as shall be reasonably requested by the Company to effect the registration of the Registrable
Securities, and the Holder shall execute such documents in connection with such registration as the Company may reasonably request that
are customary of a selling shareholder in similar situations. Once effective, the Company shall use reasonable best efforts to keep the
Resale Shelf Registration Statement and Prospectus included therein continuously effective and to be supplemented and amended to the extent
necessary to ensure that such Registration Statement is available or, if not available, to ensure that another Registration Statement
is available, under the Securities Act at all times until the earliest of (i) the date on which all Registrable Securities and other securities
covered by such Registration Statement have been disposed of in accordance with the intended method(s) of distribution set forth
in such Registration Statement and (ii) the date on which all Registrable Securities and other securities covered by such Registration
Statement have ceased to be Registrable Securities. The Registration Statement filed with the Commission pursuant to this subsection
2.3.1 shall contain a Prospectus in such form as to permit any Holder to sell such Registrable Securities pursuant to Rule 415
under the Securities Act (or any successor or similar provision adopted by the Commission then in effect) at any time beginning on the
effective date for such Registration Statement, and shall provide that such Registrable Securities may be sold pursuant to any method
or combination of methods legally available to, and requested by, Holders, including through a Permitted Distribution in Kind.

 

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

 

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

 

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

 

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

 

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

 

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

 

2.3.8 Block
Trades. If a Demanding Holder wishes to consummate an overnight block trade (on either an SEC registered or non-registered basis),
then notwithstanding the time periods and piggyback rights otherwise provided herein, such Demanding Holder shall, if it would like the
assistance of the Company, endeavor to give the Company sufficient advance notice in order to prepare the appropriate documentation for
such transaction. Such Demanding Holder, if requesting an SEC registered underwritten block trade, (i) shall give the Company written
notice of the transaction and the anticipated launch date of the transaction at least two (2) Business Days prior to the anticipated launch
date of the transaction, (ii) the Company shall be required to only notify the other Demanding Holders of the transaction and none of
the other Holders, (iii) the other Demanding Holders shall have one (1) Business Day prior to the launch of the transaction to determine
if they wish to participate in the block trade, and (iv) the Company shall include in the block trade only shares held by the Demanding
Holders. Any Registration effected pursuant to this subsection 2.3.8. shall not be counted as Demand Registrations effected pursuant
to Section 2.1 but shall be deemed an Underwritten Shelf Takedown and within the cap on Underwritten Shelf Takedowns provided in
subsection 2.3.7.

 

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

 

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Article
III

COMPANY PROCEDURES

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section
3.6. Limitations on Registration Rights. The Company shall not hereafter enter into any agreement with respect to its
securities which is inconsistent with or violates the rights granted to the Holders of Registrable Securities in this Agreement and in
the event of any conflict between any such agreement or agreements and this Agreement, the terms of this Agreement shall prevail.

 

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Article
IV

INDEMNIFICATION AND CONTRIBUTION

 

Section
4.1. Indemnification

 

4.1.1 The
Company agrees to indemnify, to the extent permitted by law, each Holder of Registrable Securities, its officers and directors and agents
and each Person who controls such Holder (within the meaning of the Securities Act) against all losses, claims, damages, liabilities and
expenses (including attorneys’ fees) resulting from any untrue or alleged untrue statement of material fact contained in any Registration
Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of
a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as the same are
caused by or contained in any information furnished in writing to the Company by such Holder expressly for use therein.  The Company
shall indemnify the Underwriter(s), their officers and directors and each Person who controls (within the meaning of the Securities Act)
such Underwriter(s) to the same extent as provided in the foregoing with respect to the indemnification of the Holder.

 

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

 

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

 

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

 

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

 

Article
V

GOVERNANCE

 

Section
5.1. Board Composition. The business and affairs of the Company shall be managed by or under the direction of its Board.
The Shareholder Parties shall take all necessary and desirable actions within their control such that (i) the size of the Board shall
initially be set at nine (9) members, and thereafter may be changed from time to time by resolution of the Board in accordance with the
Memorandum and Articles of Association and (ii) while the size of the Board is nine (9) members, at least three (3) of those members shall
satisfy the independence criteria applicable to the audit committee of the Company. A majority of the members of the Board shall be neither
a citizen nor a resident of the United States of America.

 

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

 

Article
VI

NOMINATION RIGHTS

 

Section
6.1. Right to Nominate Directors.

 

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

 

(a) for
so long as Alex Chesterman is the Chief Executive Officer of the Company, or, together with his Affiliates, Beneficially Owns at least
five percent (5%) of the issued and outstanding voting shares of the Company, Alex Chesterman;

 

(b) for
so long as Stephen Morana is the Chief Financial Officer of the Company, Stephen Morana;

 

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(c) until
the expiration of the term of office of the Class III Directors in office on the date hereof, one individual designated in writing by
the Sponsor, who shall initially be as specified in the Business Combination Agreement; and

 

(d) until
the later of (i) the expiration of the term of office of the Class III Directors in office on the date hereof and (ii) such time as the
DMGV Group no longer Beneficially Owns ten percent (10%) or more of the issued and outstanding voting shares of the Company, one individual
designated in writing by DMGV, who shall initially be as specified in the Business Combination Agreement.

 

6.1.2 The
remaining Directors will be nominated by the Nominating Committee in accordance with its policies and procedures.

 

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

 

6.1.4 For
so long as DMGV has a designee on the Board, DMGV may, at its election and at any time by written notice to the Company, appoint a DMGV
Observer to the Board to attend all meetings of the Board (and any committee thereof). The DMGV Observer shall be entitled to receive
all notices, written documents and materials provided to the Directors and to be invited to, attend and speak at all meetings of the Board
and its committees in a non-voting capacity. For the avoidance of doubt, no observer shall be liable toward the Company or any shareholder
with respect to any action or inaction of the Board or its committees. DMGV shall treat all information it learns through its DMGV Observer
as Confidential Information. The DMGV Observer shall execute a confidentiality agreement in a form reasonably approved by the Board. Notwithstanding
the above, the Company shall have the right to exclude the DMGV Observer from portions of meetings of the Board or omit to provide the
DMGV Observer with certain information or analysis if the Board reasonably determines in good faith that: (a) the information or meeting
involves competitors of DMGV, or would reasonably be expected to pose a conflict of interest or material potential conflict of interest
between DMGV and the Company, or would reasonably be expected and determined to have a material adverse effect on the Company or its business
(including to jeopardize any potential transaction); (b) upon advice of counsel, such exclusion or omission is necessary to preserve an
attorney-client privilege; (c) such exclusion or omission is reasonably necessary to protect confidential proprietary information or trade
secrets of the Company, or to fulfill the Company’s obligations with respect to confidential or proprietary information of third
parties; or (d) the DMGV Observer’s access to the information or attendance at any meeting would be prohibited under Law. The foregoing
exclusion and restriction on information that is otherwise required to be provided to the DMGV Observer pursuant to this subsection
6.1.4 shall also permit the Company to redact from minutes of the Board, or committee meetings and withhold from notices of meetings
any reference and details to matters and documents, notices, deliberations and resolutions reasonably relating to any such matters or
information. The designation, dismissal and replacement of the DMGV Observer shall be made by written notice to the Company and signed
by a duly authorized officer of DMGV and shall become valid and effective upon the day on which such written notice was received by the
Company or upon such later date as may be noted in such notice.

 

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

 

6.1.6 During
the Sponsor’s and DMGV’s respective Board Seat Period, in the event that (i) a vacancy is created at any time by the death,
retirement, disability, removal or resignation of any of the members nominated by the Sponsor or DMGV (the “Shareholder Designees”)
or (ii) a Shareholder Designee fails to be elected to the Board at any annual or special meeting of the shareholders of the Company at
which such Shareholder Designee stood for election but was nevertheless not elected, the remaining directors and the Company shall cause
such open seat to be filled by a new member designated in writing by the Shareholder Party that designated such Shareholder Designee,
as soon as possible, and the Company and the Shareholder Parties hereby agree to take all necessary and desirable actions within their
control to accomplish the same. The Sponsor and DMGV shall have the right to propose to remove their respective Shareholder Designee and
designate another Shareholder Designee in his or her place. If either the Sponsor or DMGV, during its respective Board Seat Period, wishes
to remove its Shareholder Designee and designate another Shareholder Designee in his or her place pursuant to this subsection 6.1.6,
the Company and the Shareholder Parties shall take all necessary and desirable actions within their control, upon written notice from
the Sponsor or DMGV, as applicable, to the Company, to fill the vacancy resulting from such removal with such replacement Shareholder
Designee in accordance with this subsection 6.1.6.

 

    18 

     

    

 

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

 

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

 

Section
6.2. Outside Activities.

 

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

 

    19 

     

    

 

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

 

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

 

Article
VII

PREEMPTIVE RIGHTS

 

Section
7.1. Preemptive Rights. If the Company intends to issue Equity Securities within one year of the Closing Date which
would result in a Major Shareholder having Beneficial Ownership of less than ten percent (10%) of the issued and outstanding ordinary
shares of the Company (a “Triggering Issuance”) then, at least 15 Business Days prior to the issuance of the Equity
Securities, the Company shall deliver to such Major Shareholder an offer (the “Offer”) to issue a portion of such Equity
Securities to such Major Shareholder in an aggregate amount, on a pro forma basis after giving effect to the issuance of such Equity Securities,
that would result in such Major Shareholder maintaining Beneficial Ownership of at least ten percent (10%) of the issued and outstanding
Ordinary Shares. The Offer shall state that the Company proposes to issue the Equity Securities and shall specify their number and terms
(including any cash purchase price or the fair market value of any non-cash consideration as reasonably determined by the Board). The
Offer shall remain open and irrevocable for a period of 15 Business Days from the date of its delivery (the “Offer Period”).

 

Section
7.2. Preemptive Rights Closing. Any Major Shareholder to whom an Offer is made as a result of a Triggering Issuance
shall have the right to purchase Equity Securities on the terms and conditions set forth in the Offer for cash (at the cash purchase price
or the fair market value as set forth in the Offer) by delivering written notice of acceptance thereof to the Company during the Offer
Period. The closing of the purchase of Equity Securities by such Major Shareholder shall be held at the principal office of the Company
at 9:00 a.m. local time on the closing date set forth in the Offer or at such other time and place as the parties to the transaction may
agree. At such closing, the Company shall deliver the Equity Securities to such Major Shareholder against payment of the purchase price
therefor by or on behalf of such Major Shareholder. At such closing, all of the parties to such transaction shall execute such additional
documents as are otherwise necessary or appropriate to consummate such transaction.

 

Section
7.3. Acceptance or Declination of Preemptive Rights. If a Major Shareholder does not elect to purchase its allotment
of any Triggering Issuance pursuant to this Article VII, the Company may sell the Equity Securities on terms and conditions that
are no more favorable in the aggregate to the applicable purchaser than those set forth in the Offer. If such sale is not consummated
within 60 days of the date upon which the Offer is given, then no Triggering Issuance may be made thereafter by the Company without again
offering the same to such Major Shareholder in accordance with this Article VII.

 

Section
7.4. Rights Personal. The rights granted in this Article VII are personal to each Major Shareholder, are not
transferable by a Major Shareholder and do not constitute a right of holders of any securities of the Company, as such, and will terminate
on the date that is one year after the Closing Date.

 

    20 

     

    

 

Article
VIII

CONFIDENTIALITY and Announcements

 

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

 

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

 

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

 

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

 

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

 

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

 

Article
IX

TERMINATION

 

Section
9.1. Termination. This Agreement shall terminate with respect to a Holder upon the date on which (i) neither such Holder
nor any of its permitted assignees (or any member of the DMGV Group, with respect to DMGV, or any member of the Sponsor Group, with respect
to the Sponsor) hold any Registrable Securities and (ii) such Holder holds no director nomination rights under Article VI hereof;
provided, however, that Article IV and Section 6.1.8 shall survive any such termination with respect to any
Holder.

 

    21 

     

    

 

Article
X

GENERAL PROVISIONS

 

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

 

If to the Company, to it at:

Cazoo Holdings Limited

41 Chalton Street

London

NW1 1JD

Attention: Ned Staple

E-mail: ned.staple@cazoo.co.uk

 

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

 

Freshfields Bruckhaus Deringer US LLP

601 Lexington Avenue

New York, NY 10022

Attention: Valerie Ford Jacob

Sebastian L. Fain

E-mail: valerie.jacob@freshfields.com

sebastian.fain@freshfields.com

 

and to:

 

Freshfields Bruckhaus Deringer LLP

100 Bishopsgate

London

EC2P 2SR

United Kingdom

Attention:Natasha Good

E-mail:natasha.good@freshfields.com

 

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

 

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

 

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

 

    22 

     

    

 

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

 

Section
10.5. Assignment; No Third-Party Beneficiary.

 

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

 

10.5.2 Prior
to the expiration of the Sponsor Shares Lock-up Period, the AJAX Private Placement Warrants Lock-up Period or any applicable lock-up period
set forth in the Memorandum and Articles of Association, as the case may be, no Holder may assign or delegate such Holder’s rights,
duties or obligations under this Agreement, in whole or in part, except in connection with a transfer of Registrable Securities by such
Holder to a Permitted Transferee (subject to subsection 10.5.4).

 

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

 

10.5.4 Notwithstanding
the foregoing, no Holder may assign its rights under Article VI and Article VIII (except that (a) DMGV may assign its rights under such
Articles to a member of the DMGV Group in connection with the transfer of substantially all the Ordinary Shares held by DMGV to such member
or in connection with a Permitted Distribution in Kind of substantially all the Ordinary Shares held by DMGT and (b) the Sponsor may assign
its rights under such Articles to any member of the Sponsor controlled by Dan Och that receives Ordinary Shares in connection with the
Sponsor’s dissolution).

 

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

 

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

 

Section
10.6. Parties in Interest. This Agreement shall be binding upon and inure solely to the benefit of each party hereto
(and its respective permitted assigns), and nothing in this Agreement, express or implied, is intended to or shall confer upon any other
Person any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement; provided, however, that
notwithstanding anything contained in this Agreement, each Shareholder Designee shall be an express third-party beneficiary of subsection
6.1.8.

 

    23 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    24 

     

    

 

Section
10.13. Amendment. This Agreement may not be amended except by an instrument in writing signed by (i) the Company, (ii)
the Sponsor (provided (x) the Sponsor or its Permitted Transferee(s) holds Registrable Securities at the time of such amendment, or (y)
the Sponsor retains a Board nomination right pursuant to subsection 6.1.1 at the time of such amendment), (iii) Alex Chesterman
(provided (x) Alex Chesterman or his Permitted Transferee(s) holds Registrable Securities at the time of such amendment, or (y) Alex Chesterman
retains a Board nomination right pursuant to subsection 6.1.1 at the time of such amendment), and (iv) DMGV (provided (x) the DMGV
Group holds Registrable Securities at the time of such amendment, or (y) DMGV retains a Board nomination right pursuant to subsection
6.1.1 at the time of such amendment). Notwithstanding the foregoing, the consent of a Holder to an amendment will not be required
to the extent that such amendment does not adversely impact the rights and obligations of such Holder under this Agreement.

 

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

 

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

 

(Next Page is Signature Page)

 

    25 

     

    

 

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

 

	 	COMPANY:
	 	 
	 	CAPRI LISTCO
	 	 
	 	By 	/s/ J. Morgan Rutman
	 	 	Name: J. Morgan Rutman
	 	 	Title: Director

 

[Signature Page to Investor Rights Agreement]

 

     

     

    

 

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

 

	 	HOLDER:
	 	 
	
    
	Alex Chesterman
	 	 
	 	
    By:
	/s/ Alex Chesterman
	 	Print Name: 	Alex Chesterman
	 	 	 
	 	Address:	 
	 	 	 
	 	 	 
	 	Email:	 

 

[Signature Page to Investor Rights Agreement]

 

     

     

    

 

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

 

	 	HOLDER:
	 	 
	 	DMGV Limited
	 	 
	 	By 	/s/ Manuel Lopo De Carvalho
	 	 	Name: Manuel Lopo De Carvalho
	 	 	Title: Director

 

[Signature Page to Investor Rights Agreement]

 

     

     

    

 

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

 

	 	HOLDER:
	
     

     
	Stephen Morana
	 	 
	 	
    By:
	/s/ Stephen Morana
	 	Print Name:	Stephen Morana
	 	 	 
	 	Address:	 
	 	 	 
	 	 	 
	 	Email:	 

 

[Signature Page to Investor Rights Agreement]

 

     

     

    

 

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

 

	 	HOLDER:
	 	 	 
	 	AJAX I Holdings, LLC
	 	 	 
	 	By  	/s/ J. Morgan Rutman
	 	 	Name: 	 J. Morgan Rutman
	 	 	Title: 	Chief Financial Officer

 

[Signature Page to Investor Rights Agreement]

 

     

     

    

 

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

 

	 	
    HOLDER:

    

	 	 
	 	WCH
    2021 Quad, LLC
	 	 
	 	By 	/s/ Daniel S. Och
	 	 	
    Name: Daniel S. Och

    

	 	 	Title: Manager

 

[Signature Page to Investor Rights Agreement]

 

     

     

    

 

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

 

	 	
    

    HOLDER:

    

	 	 
	 	JADOFF
    INVESTMENTS, LP
	 	 
	 	By	 /s/ Daniel S. Och
	 	 	
    Name: Daniel S. Och

    

	 	 	Title: Sole Member of the General Partner

 

[Signature Page to Investor Rights Agreement]

 

     

     

    

 

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

 

	 	
    HOLDER:

	 	 
	 	WCHS
    HOLDINGS 1, LLC
	 	 
	 	By 	/s/ Daniel S. Och
	 	 	
    Name: Daniel S. Och

    Title: President

 

[Signature Page to Investor Rights Agreement]

 

     

     

    

 

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

 

	 	HOLDER:
	 	 
	 	GST VII HOLDINGS, LLC
	 	 
	 	By: 	WCH GP, LLC 
	 	Its:	Manager
	 	 
	 	By 	/s/ Daniel S. Och
	 	 	
    Name: Daniel S. Och

    Title: President

 

[Signature Page to Investor Rights Agreement]

 

     

     

    

 

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

 

	 	
    HOLDER:

     

    ASO
    GST HOLDINGS, LLC

	 	 
	 	
     By:
	WCH GP, LLC

    

	 	Its:	Manager
	 	 
	 	By 	/s/ Daniel S. Och
	 	 	
    Name: Daniel S. Och

    Title: President

 

[Signature Page to Investor Rights Agreement]

 

     

     

    

 

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

 

	 	HOLDER:
	 	 
	 	ASO GST HOLDINGS, LLC
	 	 
	 	By: 	WCH GP, LLC 
	 	Its:	Manager
	 	 
	 	By 	/s/
    Daniel S. Och
	 	 	Name: Daniel S. Och
	 	 	Title: President

 

[Signature Page to Investor Rights Agreement]

 

     

     

    

 

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

 

	 	
    HOLDER:

     

    AJO
    GST HOLDINGS, LLC

	 	 
	 	
    By:
	WCH GP, LLC

    

	 	Its:	Manager
	 	 
	 	By 	/s/ Daniel S. Och
	 	 	
    Name: Daniel S. Och

    Title: President

 

[Signature Page to Investor Rights Agreement]

 

     

     

    

 

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

 

	 	HOLDER:
	 	 
	 	D1 MASTER HOLDCO I LLC
	 	 
	 	By:	 D1 Capital Partners Master LP,
	 	 	its Managing Partner
	 	 
	 	By: 	D1 Capital Partners GP Sub LLC,
	 	 	its General Partner
	 	 
	 	By	/s/ Dan Sundheim
	 	 	Name: Dan Sundheim
	 	 	Title: Authorized Signatory

 

[Signature Page to Investor Rights Agreement]

 

     

     

    

 

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

 

	 	HOLDER:
	 	 
	 	D1  CAPITAL PARTNERS MASTER LP
	 	 
	 	By: 	D1 Capital Partners GP Sub LLC,
	 	 	its General Partner
	 	 
	 	By	/s/ Dan Sundheim
	 	 	
    Name: Dan Sundheim

    Title: Authorized Signatory

 

[Signature Page to Investor Rights Agreement]

 

     

     

    

 

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

 

	 	HOLDER:
	 	 
	
     
	NED STAPLE
	 	 
	 	
    By:
	/s/ Ned Staple
	 	Print Name:	Ned Staple
	 	 	 
	 	Address:	 
	 	 	 
	 	 	 
	 	Email:	 

   

[Signature Page to Investor Rights Agreement]

 

     

     

    

 

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

 

	 	
    HOLDER:

     

    Saloniki
    Investments, LLC

	 	 
	 	By 	/s/ James McKelvey
	 	 	
    Name: James McKelvey

    Title: Member

   

[Signature Page to Investor Rights Agreement]

 

     

     

    

 

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

 

	 	
    HOLDER:

     

    KEVIN
    SYSTROM REVOCABLE TRUST

	 	 
	 	By 	/s/ Kevin Systrom
	 	 	
    Name: Kevin Systrom

    Title: Trustee

 

[Signature Page to Investor Rights Agreement]

 

     

     

    

 

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

 

	 	HOLDER:
	 	 
	
     
	STEVE ELLS
	 	 
	 	
    By:
	/s/ Steve Ells
	 	Name:	Steve Ells
	 	 	 
	 	Address:	 
	 	 	 
	 	 	 
	 	Email:	 

 

[Signature Page to Investor Rights Agreement]

 

     

     

    

 

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

 

	 	
    HOLDER:

     

    ABeeC
    2.0, LLC

	 	 
	 	By 	/s/ Beth Maxwell-Lyons
	 	 	
    Name: Beth Maxwell-Lyons

    Title: Manager & Authorized Signatory

 

[Signature Page to Investor Rights Agreement]

 

     

     

    

 

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

 

	 	
    HOLDER:

     

    The
    Anne Wojcicki Foundation

	 	 
	 	By 	/s/ Beth Maxwell-Lyons
	 	 	
    Name: Beth Maxwell-Lyons

    Title: Manager & Authorized Signatory

 

[Signature Page to Investor Rights Agreement]

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