Document:

Exhibit 10.2

 

FORM OF AMENDED AND RESTATED REGISTRATION RIGHTS
AGREEMENT

 

THIS
AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of [󠄛●],
2022, is made and entered into by and among NAAC Holdco, Inc., a Delaware corporation, (the “Company”), NAAC
Sponsor LP, a Delaware limited partnership (the “Sponsor”), and each of the undersigned parties listed under
 “Holders” on the signature page hereto (each such party, together with the Sponsor, and any person or entity who hereafter
becomes a party to this Agreement pursuant to Section 6.2 or Section 6.10 of this Agreement, a “Holder”
and collectively the “Holders”). Except as otherwise stated, capitalized terms used but not otherwise defined
herein shall have the meanings provided in the Business Combination Agreement (as defined below).

 

RECITALS

 

WHEREAS,
on January 21, 2021, North Atlantic Acquisition Corporation, a Cayman Islands exempted company (“SPAC”), the
Sponsor and certain other security holders named therein (the “Existing Holders”) entered into that certain
Registration Rights Agreement (the “Existing Registration Rights Agreement”), pursuant to which the Company
granted the Sponsor and such other Existing Holders certain registration rights with respect to certain securities of SPAC;

 

WHEREAS,
on December 16, 2021, SPAC, North Atlantic Acquisition, LLC, a Delaware limited liability company and wholly owned subsidiary of the Company,
(“New SPAC”), BICS SA, a Belgian limited liability company (“BICS”), Torino Holding
Corp., a Delaware corporation (“Torino”) and the Company entered into that certain Business Combination Agreement
(the “Business Combination Agreement”), pursuant to which, among other things, SPAC will merge with and into
New SPAC with New SPAC being the surviving company in such Merger (the “SPAC Merger”), and following the SPAC
Merger, BICS shall convey all outstanding shares of Torino to the Company in exchange for the Cash Consideration and Common Stock of the
Company (as further described in the Business Combination Agreement, such transaction the “Share Acquisition”),
resulting in Torino being a wholly owned subsidiary of the Company (the “Business Combination”);

 

WHEREAS,
after the closing of the Business Combination (the “Closing”), the Holders will own all of the issued and outstanding
shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), and the Sponsor
will own warrants to purchase [●] shares of Common Stock (the “Private Placement Warrants”); and

 

WHEREAS,
the Company and the Existing Holders desire to amend and restate the Existing Registration Rights Agreement, pursuant to which the Company
shall grant the Holders certain registration rights with respect to certain securities of the Company, as set forth in this Agreement.

 

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 hereto, intending to be legally bound, hereby
agree as follows:

 

Article
I

DEFINITIONS

 

1.1          Definitions. The terms defined in this
Article I shall, for all purposes of this Agreement, have the respective meanings set forth
below:

 

“Additional
Holder” shall have the meaning given in Section 6.10.

 

    

     

    

 

“Additional
Holder Common Stock” shall have the meaning given in Section 6.10.

 

“Adverse Disclosure”
shall mean any public disclosure of material non-public information, which disclosure, in the good faith judgment of the Chief Executive
Officer or principal financial officer of the Company, after consultation with counsel to the Company, (a) would be required to be made
in (i) any Registration Statement in order for the applicable Registration Statement not to contain any untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading or (ii)
any Prospectus in order for the applicable Prospectus not to include any untrue statement of a material fact or omit to state a material
fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading,
(b) would not be required to be made at such time if the Registration Statement were not being filed, and (c) the Company has a bona fide
business purpose for not making such information public.

 

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

 

“BICS”
shall have the meaning given in the Recitals hereto.

 

“Blackout Period”
shall mean a broadly applicable and regularly scheduled period during which trading in the Company’s securities would not be permitted
under the Company’s insider trading policy.

 

“Block
Trade” shall have the meaning given to it in subsection 2.4.1.

 

“Board”
shall mean the board of directors of the Company.

 

“Business Combination”
shall have the meaning given in the Recitals hereto.

 

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

 

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

 

“Commission”
shall mean the Securities and Exchange Commission.

 

“Common Stock”
shall have the meaning given in the Recitals hereto.

 

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

 

“Demanding
Holder” shall have the meaning given in subsection 2.1.5.

 

“Effective Date”
shall have the meaning given in subsection 2.1.2.

 

“Effectiveness
Period” shall have the meaning given in subsection 3.1.1 of this Agreement.

 

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

 

“Existing Holders”
shall have the meaning given in the Recitals hereto.

 

“Existing Registration
Rights Agreement” shall have the meaning given in the Recitals hereto.

 

“Fall-Away Condition”
shall mean the closing price of the Common Stock being equal to or in excess of $15.00 per share (as adjusted for share sub-divisions,
share capitalizations, reorganizations or recapitalizations) for any 20 trading days within any 30-trading day period following the Closing.

 

    

     

    

 

“Financial
Counterparty” shall have the meaning given in subsection 3.1.10 of this Agreement.

 

“Holder
Indemnified Persons” shall have the meaning given in subsection 4.1.1 of this Agreement.

 

“Holder
Information” shall have the meaning given in subsection 4.1.2.

 

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

 

“Joinder”
shall have the meaning given in Section 6.10.

 

“Lock-up”
shall have the meaning given in Section 5.1.

 

“Lock-up
Period” shall mean the period beginning on the Acquisition Closing Date and ending on the earlier of the date that is 12
(twelve) months after the Acquisition Closing Date; provided, that if (a) at least one hundred-twenty (120) days have elapsed since
the Acquisition Closing Date and (b) the Lock-up Period is scheduled to end during a Blackout Period or within five Trading Days prior
to a Blackout Period, the Lock-up Period shall end ten (10) Trading Days prior to the commencement of the Blackout Period (the “Blackout-Related
Release”); provided that the Company shall announce the date of the expected Blackout-Related Release through a major
news service, or on a Form 8-K, at least two (2) Trading Days in advance of the Blackout-Related Release; and provided further
that the Blackout-Related Release shall not occur unless the Company shall have publicly released its earnings results for the quarterly
period during which the Closing occurred. For the avoidance of doubt, in no event shall the Lock-up Period end earlier than one hundred-twenty
(120) days after the Acquisition Closing Date pursuant to the Blackout-Related Release, subject to certain exceptions related to the satisfaction
of the Fall-Away Condition and Second Fall-Away Condition as set forth in Section 5.1.

 

“Lock-up
Shares” shall mean (i) the shares of Common Stock held by the Holders immediately following the Closing; and (ii)
any equity securities of the Company that may be issued or distributed or be issuable with respect to the securities referred to in clause
(i) by way of conversion, dividend, stock split or other distribution, merger, consolidation, exchange, recapitalization or reclassification
or similar transaction; provided that, for clarity, shares of common stock issued in connection with the private placements shall
not constitute Lock-up Shares.

 

“Maximum
Number of Securities” shall have the meaning given in subsection 2.1.6 of this Agreement.

 

“Minimum
Underwritten Offering Threshold” shall have the meaning given in subsection 2.1.5.

 

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

 

“New SPAC”
shall have the meaning given in the Recitals hereto.

 

“Other
Coordinated Offering” shall have the meaning given to it in subsection 2.4.1.

 

    

     

    

 

“Permitted
Transferees” shall mean (a) prior to the expiration of the Lock-up Period, any person or entity to whom a Holder is permitted
to transfer Registrable Securities pursuant to Section 5.2 and (b) after the expiration of the Lock-up Period, any
person or entity to whom a Holder is permitted to transfer Registrable Securities.

 

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

 

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

 

“Pro
Rata” shall have the meaning given in subsection 2.1.6 of this Agreement.

 

“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 (a) the Private Placement Warrants (including any shares of Common Stock issued or issuable upon the exercise of any such Private
Placement Warrants), (b) any equity securities (including the shares of Common Stock issued or issuable upon the exercise of any such
equity security) of the Company issuable upon conversion of any working capital loans in an amount up to $1,500,000 made to SPAC by a
Holder, (c) any outstanding shares of Common Stock or any other equity security (including the shares of Common Stock issued or issuable
upon the exercise of any other equity security) of the Company held by a Holder as of the date of this Agreement, (d) any Additional Holder
Common Stock, (e) any shares of the Company issued or to be issued to any Holders in connection with the Business Combination and (f)
any other equity security of the Company issued or issuable with respect to any such shares of Common Stock by way of a share capitalization
or share sub-division or in connection with a combination of shares, recapitalization, merger, consolidation 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, new certificates for such securities not bearing a legend restricting further transfer shall have been
delivered by the Company and subsequent public distribution of such securities shall not require registration under the Securities Act;
(C) such securities shall have ceased to be outstanding; or (D) such securities may be sold without registration pursuant to Rule 144
and Rule 145 (as applicable) promulgated under the Securities Act (or any successor rule promulgated thereafter by the Commission) (but
with no volume or other restrictions or limitations).

 

“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 any such registration statement having been
declared effective by, or become effective pursuant to the rules promulgated by, the Commission.

 

“Registration
Expenses” shall mean the out-of-pocket expenses of a Registration, including, without limitation, 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 national
securities exchange on which the shares of Common Stock is then listed);

 

    

     

    

 

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

 

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

 

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

 

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

 

(F) the fees and expenses
incurred in connection with the listing of any Registrable Securities on each national securities exchange on which the shares of Common
Stock is then listed;

 

(G) the fees and expenses
incurred by the Company in connection with any Underwritten Offerings or other offering involving an Underwriter; and

 

(H) reasonable fees and expenses
of one (1) legal counsel selected jointly by the majority-in-interest of Registrable Securities held by the Demanding Holders initiating
an Underwritten Demand, the Requesting Holders participating in an Underwritten Offering and the Holders participating in a Piggyback
Registration, as applicable.

 

“Registration
Statement” shall mean any registration statement under the Securities Act 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.

 

“Requesting
Holder” shall have the meaning given in subsection 2.1.5 of this Agreement.

 

“Second Fall-Away
Condition” shall mean the closing price of the Common Stock being equal to or in excess of $20.00 per share (as adjusted
for share sub-divisions, share capitalizations, reorganizations or recapitalizations) for any 20 trading days within any 30-trading day
period following the Closing.

 

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

 

“Share Acquisition”
shall have the meaning given in the Recitals hereto.

 

“Shelf
Registration” shall have the meaning given in subsection 2.1.1 of this Agreement.

 

“SPAC”
shall have the meaning given in the Recitals hereto.

 

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

 

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

 

“Subsequent
Shelf Registration Statement” shall have the meaning given in subsection 2.1.3.

 

“Torino”
shall have the meaning given in the Recitals hereto.

 

“Transfer”
shall mean the (a) sale or assignment of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option
to purchase or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent
position or liquidation with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Exchange Act
with respect to, any security, (b) entry into any swap or other arrangement that transfers to another, in whole or in part, any of the
economic consequences of ownership of any security, whether any such transaction is to be settled by delivery of such securities, in cash
or otherwise, or (c) public announcement of any intention to effect any transaction specified in clause (a) or (b).

 

    

     

    

 

“Trading Day”
means a day on which the New York Stock Exchange and the Nasdaq Stock Market are open for the buying and selling of securities.

 

“Underwriter”
shall mean a securities dealer who purchases any Registrable Securities as principal or as broker, placement agent or sales agent pursuant
to a Registration and not as part of such dealer’s market-making activities.

 

“Underwritten
Demand” shall have the meaning given in subsection 2.1.5 of this Agreement.

 

“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.

 

“Withdrawal
Notice” shall have the meaning given in subsection 2.1.7.

 

Article
II

REGISTRATIONS

 

2.1          Registration.

 

2.1.1        Shelf Registration. The Company agrees that, as soon as practicable (but in any case within thirty (30) calendar
days after the consummation of the Business Combination), the Company shall file with the Commission (at the Company’s sole cost
and expense) a Registration Statement registering the resale or other disposition of the Registrable Securities (a “Shelf
Registration”), which Shelf Registration may include shares of Common Stock that may be issuable upon exercise of outstanding
warrants, or shares that may have been purchased in any private placement that was consummated at the same time as the Closing.

 

2.1.2        Effective Registration. The Company shall use its commercially reasonable efforts to cause such Registration Statement
to become effective by the Commission as soon as reasonably practicable after the initial filing of the Registration Statement. Subject
to the limitations contained in this Agreement, the Company shall effect any Shelf Registration on such appropriate registration form
of the Commission (a) as shall be selected by the Company and (b) as shall permit the resale or other disposition of the Registrable Securities
by the Holders. The Company shall use its commercially reasonable efforts to have the Registration Statement declared effective as soon
as practicable after the filing thereof, but no later than the earlier of (i) the 60th calendar day (or 90th calendar day if the Commission
notifies the Company that it will “review” the Registration Statement) following the Closing and (ii) the 10th business day
after the date the Company is notified (orally or in writing, whichever is earlier) by the Commission that the Registration Statement
will not be “reviewed” or will not be subject to further review (such earlier date, the “Effective Date”);
provided, however, that if the Commission is closed for operations due to a government shutdown, the Effective Date shall be extended
by the same amount of days that the Commission remains closed for operations. If at any time a Registration Statement filed with the Commission
pursuant to subsection 2.1.1 is effective and a Holder provides written notice to the Company that it intends to effect an offering
of all or part of the Registrable Securities included on such Registration Statement, the Company will use its commercially reasonable
efforts to amend or supplement such Registration Statement as may be necessary in order to enable such offering to take place in accordance
with the terms of this Agreement.

 

    

     

    

 

2.1.3        Subsequent Shelf Registration. If any Registration Statement ceases to be effective under the Securities Act for
any reason at any time while Registrable Securities are still outstanding, the Company shall, subject to Section 3.4, use its commercially
reasonable efforts to as promptly as is reasonably practicable cause such Registration Statement to again become effective under the Securities
Act (including using its commercially reasonable efforts to obtain the prompt withdrawal of any order suspending the effectiveness of
such Registration Statement), and shall use its commercially reasonable efforts to as promptly as is reasonably practicable amend such
Registration Statement in a manner reasonably expected to result in the withdrawal of any order suspending the effectiveness of such Registration
Statement or file an additional Registration Statement as a Shelf Registration (a “Subsequent Shelf Registration Statement”)
registering the resale of all Registrable Securities (determined as of two (2) business days prior to such filing), and pursuant to any
method or combination of methods legally available to, and requested by, any Holder named therein. If a Subsequent Shelf Registration
Statement is filed, the Company shall use its commercially reasonable efforts to (i) cause such Subsequent Shelf Registration Statement
to become effective under the Securities Act as promptly as is reasonably practicable after the filing thereof (it being agreed that the
Subsequent Shelf Registration Statement shall be an automatic shelf registration statement (as defined in Rule 405 promulgated under the
Securities Act) if the Company is a well-known seasoned issuer (as defined in Rule 405 promulgated under the Securities Act) at the most
recent applicable eligibility determination date) and (ii) keep such Subsequent Shelf Registration Statement continuously effective, available
for use to permit the Holders named therein to sell their Registrable Securities included therein and in compliance with the provisions
of the Securities Act until such time as there are no longer any Registrable Securities. Any such Subsequent Shelf Registration Statement
shall be a Registration Statement on Form S-3 to the extent that the Company is eligible to use such form. Otherwise, such Subsequent
Shelf Registration Statement shall be on another appropriate form. The Company’s obligation under this subsection 2.1.3,
shall, for the avoidance of doubt, be subject to Section 3.4.

 

2.1.4         
Additional Registrable Securities. Subject to Section 3.4, in the event that any Holder holds Registrable
Securities that are not registered for resale on a delayed or continuous basis, the Company, upon written request of the Sponsor or a
Holder, shall promptly use its commercially reasonable efforts to cause the resale of such Registrable Securities to be covered, at the
Company’s option, by any then available Registration Statement (including by means of a post-effective amendment) or by filing a
Subsequent Shelf Registration Statement and cause the same to become effective as soon as practicable after such filing and such Registration
Statement or Subsequent Shelf Registration Statement shall be subject to the terms hereof; provided, however, that the Company
shall only be required to cause such Registrable Securities to be so covered twice per calendar year for each of the Sponsor and the Holders.

 

2.1.5        Underwritten Offering. Subject to the provisions of subsection 2.1.6 and Section 2.5 of this Agreement, the
Sponsor, a Holder or group of Holders (any of the Sponsor, Holder or group of Holders being in such case, a “Demanding Holder”)
may make a written demand for an Underwritten Offering pursuant to a Registration Statement filed with the Commission in accordance with
subsection 2.1.1 of this Agreement (an “Underwritten Demand”); provided, that the Company shall
only be obligated to effect an Underwritten Offering if such offering shall include Registrable Securities proposed to be sold by the
Demanding Holder, either individually or together with other Demanding Holders, with a total offering price reasonably expected to exceed,
in the aggregate, $40 million (the “Minimum Underwritten Offering Threshold”). The Demanding Holder shall have
the responsibility to engage an underwriter(s), which shall be reasonably acceptable to the Company, and the Company shall have no responsibility
for engaging any underwriter(s) for an Underwritten Offering. The Company shall, within five (5) business days of the Company’s
receipt of the Underwritten Demand, notify, in writing, all other Holders of such demand, and each Holder who thereafter requests to
include all or a portion of such Holder’s Registrable Securities in such Underwritten Offering pursuant to such Underwritten Demand
(each such Holder, a “Requesting Holder”) shall so notify the Company, in writing, within two (2) days (one
(1) day if such offering is an overnight or bought Underwritten Offering) after the receipt by such Holder of the notice from the Company.
Upon receipt by the Company of any such written notification from a Requesting Holder(s), such Requesting Holder(s) shall be entitled
to have their Registrable Securities included in such Underwritten Offering pursuant to such Underwritten Demand. In such event, the
right of any Holder or Requesting Holder to registration pursuant to this subsection 2.1.5, shall be conditioned upon such Holder’s
or Requesting Holder’s participation in such underwriting and the inclusion of such Holder’s or Requesting Holder’s
Registrable Securities in the underwriting to the extent provided herein. All such Holders or Requesting Holders proposing to distribute
their Registrable Securities through such Underwritten Offering under this subsection 2.1.5 shall enter into an underwriting agreement
in customary form with the Underwriter(s) selected for such Underwritten Offering by the Demanding Holders initiating such Underwritten
Offering. Notwithstanding the foregoing, the Company is not obligated to effect more than an aggregate of three (3) Underwritten Offerings
demanded by the Holders pursuant to this subsection 2.1.5 and is not obligated to effect an Underwritten Offering pursuant to
this subsection 2.1.5 within ninety (90) days after the closing of an Underwritten Offering.

 

    

     

    

 

2.1.6        Reduction of Underwritten Offering. If the managing Underwriter or Underwriters in an Underwritten Offering, pursuant
to an Underwritten Demand, in good faith, advises or advise the Company, the Demanding Holders, the Requesting Holders and other persons
or entities holding Registrable Securities or other equity securities of the Company that were requested to be included in such Underwritten
Offering, taken together with all other shares of Common Stock or other securities which the Company desires to sell and the shares of
Common Stock or other securities, if any, as to which registration has been requested pursuant to written contractual piggyback registration
rights held by other equity holders of the Company who desire to sell (if any) that the dollar amount or number of Registrable Securities
or other equity securities of the Company requested to be included in such Underwritten Offering exceeds the maximum dollar amount or
maximum number of equity securities of the Company 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 Holders (pro rata based on the respective
number of Registrable Securities that each Demanding Holder has requested be included in such Underwritten Offering, regardless of the
number of shares held by each such person and the aggregate number of Registrable Securities that the Demanding Holders have requested
be included in such Underwritten Offering (such proportion is referred to herein as “Pro Rata”)) that can be
sold without exceeding the Maximum Number of Securities; (ii) second, to the extent that the Maximum Number of Securities has not been
reached under the foregoing clause (i), the Registrable Securities of the Requesting Holders, Pro Rata, which can be sold without
exceeding the Maximum Number of Securities; (iii) third, to the extent that the Maximum Number of Securities has not been reached under
the foregoing clauses (i) and (ii), the shares of Common Stock or other equity securities of the Company that the Company
desires to sell and that can be sold without exceeding the Maximum Number of Securities; and (iv) fourth, to the extent that the Maximum
Number of Securities has not been reached under the foregoing clauses (i), (ii) and (iii), the shares of Common Stock
or other equity securities of the Company held by other persons or entities that the Company is obligated to include pursuant to separate
written contractual arrangements with such persons or entities and that can be sold without exceeding the Maximum Number of Securities.

 

2.1.7        Withdrawal. Prior to the filing of the applicable “red herring” prospectus or prospectus supplement used
for marketing such Underwritten Offering, a majority-in-interest of the Demanding Holders initiating an Underwritten Offering shall have
the right to withdraw from such Underwritten Offering for any or no reason whatsoever upon written notification (a “Withdrawal
Notice”) to the Company and the Underwriter or Underwriters (if any) of their intention to withdraw from such Underwritten
Offering; provided that the Sponsor or a Holder may elect to have the Company continue an Underwritten Offering if the Minimum
Underwritten Offering Threshold would still be satisfied by the Registrable Securities proposed to be sold in the Underwritten Offering
by the Sponsor, the Holders or any of their respective Permitted Transferees, as applicable. If withdrawn, a demand for an Underwritten
Offering shall constitute a demand for an Underwritten Offering by the withdrawing Demanding Holder for purposes of subsection 2.1.6,
unless either (i) such Demanding Holder has not previously withdrawn any Underwritten Offering or (ii) such Demanding Holder reimburses
the Company for all Registration Expenses with respect to such Underwritten Offer (or, if there is more than one Demanding Holder, a pro
rata portion of such Registration Expenses based on the respective number of Registrable Securities that each Demanding Holder has requested
be included in such Underwritten Offering); provided that, if the Sponsor or a Holder elects to continue an Underwritten Offering
pursuant to the proviso in the immediately preceding sentence, such Underwritten Offering shall instead count as an Underwritten Offering
demanded by the Sponsor or such Holder, as applicable, for purposes of subsection 2.1.6. Following the receipt of any Withdrawal
Notice, the Company shall promptly forward such Withdrawal Notice to any other Holders that had elected to participate in such Underwritten
Offering. Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred
in connection with an Underwritten Offering prior to its withdrawal under this subsection 2.1.7, other than if a Demanding Holder
elects to pay such Registration Expenses pursuant to clause (ii) of the second sentence of this subsection 2.1.7.

 

    

     

    

 

2.2          Piggyback Registration.

 

2.2.1        Piggyback Rights. Subject to the provisions of subsection 2.2.2 and Section 2.5 hereof, if, at any
time on or after the date the Company consummates a Business Combination, the Company proposes to consummate an Underwritten Offering
for its own account or for the account of stockholders of the Company, then the Company shall give written notice of such proposed action
to all of the Holders as soon as practicable, which notice shall (x) describe the amount and type of securities to be included, the intended
method(s) of distribution and the name of the proposed managing Underwriter or Underwriters, if any, and (y) offer to all of the Holders
the opportunity to include such number of Registrable Securities as such Holders may request in writing within two (2) days (unless such
offering is an overnight or bought Underwritten Offering, then one (1) day), in each case 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 commercially reasonable efforts to cause the managing Underwriter or Underwriters of
a proposed Underwritten Offering to permit the Registrable Securities requested by the Holders pursuant to this subsection 2.2.1
to be included in a Piggyback Registration on the same terms and conditions as any similar securities of the Company included in such
Piggyback Registration and to permit the resale or other disposition of such Registrable Securities in accordance with the intended method(s)
of distribution thereof. All such Holders proposing to include Registrable Securities in 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 Offering 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 shares of equity securities of the Company that the Company desires to sell,
taken together with (i) the shares of equity securities of the Company, if any, as to which the Underwritten Offering has been demanded
pursuant to separate written contractual arrangements with persons or entities other than the Holders of Registrable Securities hereunder,
(ii) the Registrable Securities as to which a Piggyback Registration has been requested pursuant to Section 2.2 of this Agreement
and (iii) the shares of equity securities of the Company, if any, as to which inclusion in the Underwritten Offering has been requested
pursuant to separate written contractual piggyback registration rights of other stockholders of the Company, exceeds the Maximum Number
of Securities, then:

 

    

     

    

 

(a)           If the Underwritten Offering is undertaken for the Company’s account, the Company shall include in any such Underwritten
Offering (A) first, the shares of Common Stock or other equity securities of the Company 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 requesting a Piggyback Registration pursuant to subsection
2.2.1 of this Agreement, Pro Rata, 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), the shares of Common
Stock or other equity securities of the Company, if any, as to which inclusion in the Underwritten Offering has been requested pursuant
to written contractual piggyback registration rights of other stockholders of the Company, which can be sold without exceeding the Maximum
Number of Securities;

 

(b)           If the Underwritten Offering is pursuant to a request by persons or entities other than the Holders of Registrable Securities,
then the Company shall include in any such Underwritten Offering (A) first, the shares of Common Stock or other equity securities of the
Company, if any, of such requesting persons or entities, other than the Holders, 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 requesting a Piggyback Registration pursuant to subsection 2.2.1 of this Agreement, Pro Rata,
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), the shares of Common Stock or other equity securities of the Company
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), the shares
of Common Stock or other equity securities of the Company for the account of other persons or entities that the Company is obligated to
register pursuant to separate written contractual arrangements with such persons or entities, which can be sold without exceeding the
Maximum Number of Securities; or

 

(c)           If the Underwritten Offering is pursuant to a request by Holder(s) of Registrable Securities pursuant to Section 2.1 hereof,
then the Company shall include in any such Registration or registered offering securities in the priority set forth in subsection 2.1.6.

 

2.2.3        Piggyback Registration Withdrawal. Any Holder of Registrable Securities (other than a Demanding Holder, whose right
to withdraw from an Underwritten Offering, and related obligations, shall be governed by subsection 2.1.7) shall have the right
to withdraw from a Piggyback Registration 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 prior to the commencement of the Underwritten Offering. 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. The Company (whether on its own good faith determination
or as a result of a withdrawal by persons making a demand pursuant to written contractual obligations) may withdraw an Underwritten Offering
undertaken for the Company’s account at any time prior to the effectiveness of such Registration Statement.

 

2.2.4        Unlimited Piggyback Registration Rights. For purposes of clarity, subject to subsection 2.1.7, any Piggyback
Registration or Underwritten Offering effected pursuant to Section 2.2 of this Agreement shall not be counted as an Underwritten
Offering pursuant to an Underwritten Demand effected under Section 2.1 of this Agreement.

 

    

     

    

 

2.3          Market Stand-off. In connection with
any Underwritten Offering of equity securities of the Company (other than a Block Trade or Other Coordinated Offering), if requested by
the managing Underwriters, each Holder of Registrable Securities in excess of five percent (5%) of the outstanding Common Stock that participates
and sells Registrable Securities in such Underwritten Offering (and for which it is customary for such a Holder to agree to a lock-up)
agrees that it shall not Transfer any shares of Common Stock or other equity securities of the Company (other than those included in such
offering pursuant to this Agreement), without the prior written consent of the Company, during the sixty (60)-day period (or such shorter
time agreed to by the managing Underwriters) beginning on the date of pricing of such offering, except as expressly permitted by such
lock-up agreement or in the event the managing Underwriters otherwise agree by written consent. Each such Holder that participates and
sells Registrable Securities in such Underwritten Offering agrees to execute a customary lock-up agreement in favor of the Underwriters
to such effect (in each case on substantially the same terms and conditions as all such Holders that execute a lock-up agreement).

 

2.4          Block Trades Other Coordinated Offerings.

 

2.4.1        Notwithstanding any other provision of this Article II, but subject to Section 3.4, at any time and from time to
time when an effective Registration Statement is on file with the Commission, if a Demanding Holder wishes to engage in (a) an underwritten
registered offering not involving a “roadshow,” an offer commonly known as a “block trade” (a “Block
Trade”) or (b) an “at the market” or similar registered offering through a broker, sales agent or distribution
agent, whether as agent or principal, (an “Other Coordinated Offering”), in each case, with a total offering
price reasonably expected to exceed, in the aggregate, either (x) $25 million or (y) all remaining Registrable Securities held by the
Demanding Holder, then if such Demanding Holder requires any assistance from the Company pursuant to this Section 2.4, such Holder
shall notify the Company of the Block Trade or Other Coordinated Offering at least five (5) business days prior to the day such offering
is to commence and the Company shall as expeditiously as possible use its commercially reasonable efforts to facilitate such Block Trade
or Other Coordinated Offering; provided that the Demanding Holders representing a majority of the Registrable Securities wishing
to engage in the Block Trade or Other Coordinated Offering shall use commercially reasonable efforts to work with the Company and any
Underwriters or brokers, sales agents or placement agents (each, a “Financial Counterparty”) prior to making
such request in order to facilitate preparation of the registration statement, prospectus and other offering documentation related to
the Block Trade or Other Coordinated Offering.

 

2.4.2        Prior to the filing of the applicable “red herring” prospectus or prospectus supplement used in connection with a Block
Trade or Other Coordinated Offering, a majority-in interest of the Demanding Holders initiating such Block Trade or Other Coordinated
Offering shall have the right to submit a Withdrawal Notice to the Company, the Underwriter or Underwriters (if any) and Financial Counterparty
(if any) of their intention to withdraw from such Block Trade or Other Coordinated Offering. Notwithstanding anything to the contrary
in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with a Block Trade or Other Coordinated
Offering prior to its withdrawal under this subsection 2.4.2.

 

2.4.3        Notwithstanding anything to the contrary in this Agreement, Section 2.2 shall not apply to a Block Trade or Other Coordinated
Offering initiated by a Demanding Holder pursuant to Section 2.4 of this Agreement.

 

    

     

    

 

2.4.4        The Demanding Holder in a Block Trade or Other Coordinated Offering shall have the right to select the Underwriters and Financial
Counterparty (if any) for such Block Trade or Other Coordinated Offering (in each case, which shall consist of one or more reputable nationally
recognized investment banks).

 

2.4.5        A Holder in the aggregate may demand no more than four (4) Block Trades or Other Coordinated Offerings pursuant to this Section
2.4 in any twelve (12) month period. For the avoidance of doubt, any Block Trade or Other Coordinated Offering effected pursuant to
this Section 2.4 shall not be counted as a demand for an Underwritten Offering pursuant to subsection 2.1.5 hereof.

 

2.5          Restrictions on Registration Rights.
If the Holders have requested an Underwritten Offering pursuant to an Underwritten Demand and in the good faith judgment of the Board
such Underwritten Offering would be seriously detrimental to the Company and the Board concludes as a result that it is essential to defer
the undertaking of such Underwritten Offering at such time, then in each case the Company shall furnish to such Holders a certificate
signed by the Chairman of the Board stating that in the good faith judgment of the Board it would be seriously detrimental to the Company
to undertake such Underwritten Offering in the near future and that it is therefore essential to defer the undertaking of such Underwritten
Offering. In such event, the Company shall have the right to defer such offering for a period of not more than thirty (30) days; provided,
however, that the Company shall not defer its obligations in this manner more than once in any twelve (12) month period.

 

Article
III

COMPANY PROCEDURES

 

3.1          General Procedures. The Company shall
use its commercially reasonable efforts to effect such Registration or Underwritten Offering to permit the resale or other disposition
of such Registrable Securities in accordance with the intended plan of distribution thereof (and including all manners of distribution
in such Registration Statement as Holders may reasonably request in connection with the filing of such Registration Statement and as permitted
by law, including distribution of Registrable Securities to a Holder’s members, securityholders or partners), and pursuant thereto
the Company shall, as expeditiously as possible and to the extent applicable:

 

3.1.1        prepare and file with the Commission after the consummation of the Business Combination a Registration Statement with respect to
such Registrable Securities and use its commercially reasonable efforts to cause such Registration Statement to become effective in accordance
with Section 2.1, including filing a replacement Registration Statement, if necessary, and remain effective until all Registrable
Securities covered by such Registration Statement have been sold or are no longer outstanding (such period, the “Effectiveness
Period”);

 

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, (a) as may be reasonably requested by any Holder that holds at least five-percent (5%) of the Registrable Securities
registered on such Registration Statement, any Underwriter or the Sponsor (provided that at the time of such request, the Sponsor
holds at least 25% of the amount of outstanding shares of Common Stock of the Company that it held at the Closing), or (b) 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 plan of distribution provided by the Holders and as set forth in such Registration Statement or supplement
to the Prospectus or are no longer outstanding;

 

    

     

    

 

3.1.3        prior to filing a Registration Statement or Prospectus, or any amendment or supplement thereto, furnish without charge to the Underwriters,
if any, and the Holders of Registrable Securities included in such Registration or Underwritten Offering, 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 (including each preliminary
Prospectus) and such other documents as the Underwriters and the Holders of Registrable Securities included in such Registration or Underwritten
Offering or the legal counsel for any such Holders may reasonably request in order to facilitate the disposition of the Registrable Securities
owned by such Holders; provided that the Company will not have any obligation to provide any document pursuant to this subsection
3.1.3 that is available on the Commission’s EDGAR system;

 

3.1.4        prior to any Underwritten Offering of Registrable Securities, use its commercially reasonable 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 (or provide evidence satisfactory to such Holders that the Registrable Securities are exempt from such registration
or qualification) 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 national 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 or Underwritten Offering;

 

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 commercially reasonable efforts to prevent the issuance of any stop order or to obtain
its withdrawal if such stop order should be issued;

 

3.1.8        during the Effectiveness Period, furnish a conformed copy of each filing of any Registration Statement or Prospectus or any amendment
or supplement to such Registration Statement or Prospectus or any document that is to be incorporated by reference into such Registration
Statement or Prospectus, promptly after such filing of such documents with the Commission to each seller of such Registrable Securities
or its counsel; provided that the Company will not have any obligation to provide any document pursuant to this subsection 3.1.8
that is available on the Commission’s EDGAR system;

 

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 of this Agreement;

 

    

     

    

 

3.1.10      in the event of an Underwritten Offering, a Block Trade, an Other Coordinated Offering, or sale by a Financial Counterparty pursuant
to such Registration, permit a representative of the Holders (such representative to be selected by a majority of the Holders), the Underwriters
or other financial institutions facilitating such Underwritten Offering, Block Trade, Other Coordinated Offering or other sale pursuant
to such Registration, if any, and any attorney, consultant or accountant retained by such Holders or Underwriter to participate, at each
such person’s or entity’s own expense, in the preparation of the Registration Statement or the Prospectus, and cause the Company’s
officers, directors and employees to supply all information reasonably requested by any such representative, Underwriter, financial institution,
attorney, consultant or accountant in connection with the Registration; provided, however, that such representatives or
Underwriters or financial institutions agree to confidentiality arrangements in form and substance reasonably satisfactory to the Company,
prior to the release or disclosure of any such information;

 

3.1.11      obtain a comfort letter from the Company’s independent registered public accountants in the event of an Underwritten Offering,
a Block Trade or sale by a Financial Counterparty pursuant to such Registration (subject to such Financial Counterparty providing such
certification or representation reasonably requested by the Company’s independent registered public accountants and the Company’s
counsel), in customary form and covering such matters of the type customarily covered by comfort letters as the managing Underwriter may
reasonably request, and reasonably satisfactory to a majority-in-interest of the participating Holders;

 

3.1.12      in the event of an Underwritten Offering, a Block Trade, an Other Coordinated Offering or sale by a Financial Counterparty pursuant
to such Registration, 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 participating Holders, the
Financial Counterparty, if any, and the Underwriters, if any, covering such legal matters with respect to the Registration in respect
of which such opinion is being given as the participating Holders, Financial Counterparty or Underwriter may reasonably request and as
are customarily included in such opinions and negative assurance letters, and reasonably satisfactory to such participating Holders, Financial
Counterparty or Underwriter;

 

3.1.13      in the event of an Underwritten Offering or a Block Trade, or an Other Coordinated Offering or sale by a Financial Counterparty
pursuant to such Registration to which the Company has consented, to the extent reasonably requested by such Financial Counterparty in
order to engage in such offering, allow the Financial Counterparty to conduct customary “underwriter’s due diligence”
with respect to the Company;

 

3.1.14      in the event of any Underwritten Offering, a Block Trade, an Other Coordinated Offering or sale by a Financial Counterparty pursuant
to such Registration, enter into and perform its obligations under an underwriting or other purchase or sales agreement, in usual and
customary form, with the managing Underwriter or the Financial Counterparty of such offering or sale;

 

3.1.15      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);

 

3.1.16      with respect to an Underwritten Offering pursuant to subsection 2.1.5 use its commercially reasonable efforts to make available
senior executives of the Company to participate in customary “road show” presentations that may be reasonably requested by
the Underwriter in any Underwritten Offering; and

 

    

     

    

 

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

 

Notwithstanding the foregoing, the Company shall
not be required to provide any documents or information to an Underwriter or Financial Counterparty if such Underwriter or Financial Counterparty
has not then been named with respect to the applicable Underwritten Offering or other offering involving a registration as an Underwriter
or Financial Counterparty, as applicable.

 

3.2          Registration Expenses. The Registration
Expenses in respect of all Registrations shall be borne by the Company. It is acknowledged by the Holders that the Holders shall bear
all incremental selling expenses relating to the sale of Registrable Securities, such as Underwriters’ commissions and discounts,
brokerage fees, Underwriter marketing costs and, other than as set forth in the definition of “Registration Expenses,” all
fees and expenses of any legal counsel representing the Holders.

 

3.3          Requirements for Participation in Underwritten Offerings.
Notwithstanding anything in this Agreement to the contrary, if any Holder does not provide the Company with its requested Holder Information,
the Company may exclude such Holder’s Registrable Securities from the applicable Registration Statement or Prospectus if the Company
determines, based on the advice of counsel, that such information is necessary to effect the registration and such Holder continues thereafter
to withhold such information. No person or entity may participate in any Underwritten Offering for equity securities of the Company pursuant
to a Registration initiated by the Company hereunder unless such person or entity (i) agrees to sell such person’s or entity’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.

 

3.4          Suspension of Sales; Adverse Disclosure; Restrictions on Registration Rights.

 

3.4.1         
Upon receipt of written notice from the Company that a Registration Statement or Prospectus contains or includes a Misstatement,
each of the Holders shall forthwith discontinue disposition of Registrable Securities until he, she or it has received copies of a supplemented
or amended Registration Statement or Prospectus correcting the Misstatement (it being understood that the Company hereby covenants to
prepare and file such supplement or amendment as soon as practicable after the time of such notice), or until he, she or it is advised
in writing by the Company that the use of the Registration Statement or Prospectus may be resumed.

 

3.4.2        Subject to subsection 3.4.4, if the filing, initial effectiveness or continued use of a Registration Statement in respect
of any Registration or Underwritten Offering at any time would (a) require the Company to make an Adverse Disclosure, (b) require the
inclusion in such Registration Statement of financial statements that are unavailable to the Company for reasons beyond the Company’s
control, or (c) in the good faith judgment of the majority of the Board, be seriously detrimental to the Company and the majority of the
Board concludes as a result that it is essential to defer such filing, initial effectiveness or continued use at such time, the Company
may, upon giving prompt written notice of such action to the Holders, delay the filing or initial effectiveness of, or suspend use of,
such Registration Statement for the shortest period of time determined in good faith by the Company to be necessary for such purpose.
Notwithstanding the foregoing, the Company may delay or suspend continued use of a Registration Statement or Prospectus in respect of
a Registration or Underwritten Offering in order to file and make effective a post-effective amendment to such Registration Statement
in connection with the filing of the Company’s Annual Report on Form 10-K, and such suspension shall not be subject to the provisions
of subsection 3.4.4. In the event the Company exercises its rights under the preceding sentences in this Section 3.4, the
Holders agree to suspend, immediately upon their receipt of the notices referred to in this Section 3.4, their use of the Registration
Statement or Prospectus in connection with any resale or other disposition of Registrable Securities. The Company shall immediately notify
the Holders of the expiration of any period during which it exercised its rights under this Section 3.4.

 

    

     

    

 

3.4.3        Subject to subsection 3.4.4, (a) during the period starting with the date thirty (30) days prior to the Company’s
good faith estimate of the date of the filing of, and ending on a date sixty (60) days after the effective date of, a Company-initiated
Registration and provided that the Company continues to actively employ, in good faith, all reasonable efforts to maintain the effectiveness
of the applicable Registration Statement, or (b) if, pursuant to subsection 2.1.5, Holders have requested an Underwritten Offering
and the Company and Holders are unable to obtain the commitment of underwriters to firmly underwrite such offering, the Company may, upon
giving prompt written notice of such action to the Holders, delay any other registered offering pursuant to subsection 2.1.5 or
Section 2.4.

 

3.4.4        The right to delay or suspend any filing, initial effectiveness or continued use of a Registration Statement pursuant to subsection
3.4.2 or a registered offering pursuant to subsection 3.4.3 shall be exercised by the Company on not more than two (2) occasions
and, in the aggregate, for not more than sixty (60) consecutive calendar days or more than one hundred-twenty (120) total calendar days
in each case, during any twelve (12)-month period.

 

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. 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 resell
or otherwise dispose of shares of Registrable Securities 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 customary 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.

 

Article
IV

INDEMNIFICATION AND CONTRIBUTION

 

4.1          Indemnification.

 

4.1.1        The Company agrees to indemnify, to the extent permitted by law, each Holder of Registrable Securities, its officers, directors,
employees, advisors, agents, representatives, members and each person who controls such Holder (within the meaning of the Securities Act)
(collectively, the “Holder Indemnified Persons”) against all losses, claims, damages, liabilities and expenses
(including reasonable attorneys’ fees and inclusive of all reasonable attorneys’ fees arising out of the enforcement of each
such persons’ rights under this Section 4.1) resulting from any Misstatement or alleged Misstatement, except insofar as the
same are caused by or contained or included in any information furnished in writing to the Company by or on behalf of such Holder Indemnified
Person specifically for use therein.

 

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 (the “Holder Information”) and, to the extent permitted by law, shall, severally and
not jointly, indemnify the Company, its officers, directors, employees, advisors, agents, representatives and each person who controls
the Company (within the meaning of the Securities Act) against all losses, claims, damages, liabilities and expenses (including reasonable
attorneys’ fees and inclusive of all reasonable attorneys’ fees arising out of the enforcement of each such persons’
rights under this Section 4.1) resulting from any Misstatement or alleged Misstatement, but only to the extent that the same are
made in reliance on and in conformity with information relating to the Holder so furnished in writing to the Company by or on behalf of
such Holder specifically for use therein. In no event shall the liability of any selling Holder hereunder be greater in amount than the
net proceeds received by such Holder from the sale of Registrable Securities pursuant to such Registration Statement giving rise to such
indemnification obligation.

 

    

     

    

 

4.1.3        Any person or entity 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 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 or there may be reasonable defenses available to the indemnified party that are different from or additional
to those available to the indemnifying party, 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). 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, not to be unreasonably withheld or delayed,
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 includes a statement or
admission of fault and culpability on the part of such indemnified party 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, employee, advisor, agent, representative, member or controlling person
or entity 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
to such party in the event the Company’s or such Holder’s indemnification is unavailable for any reason.

 

4.1.5        If the indemnification provided under Section 4.1 of this Agreement is held by a court of competent jurisdiction to be unavailable
to 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 to the extent permitted by law 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 a court of law by reference to, among other things, whether
the Misstatement or alleged Misstatement relates to information supplied by such indemnifying party or such 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 of this Agreement, any reasonable 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

LOCK-UP

 

5.1          Lock-up. Subject to Section 5.2,
the Holders agree that they shall not Transfer any Lock-up Shares until the end of the Lock-up Period (the “Lock-up”).
Notwithstanding the foregoing, (a) upon the satisfaction of the Fall-Away Condition within the Lock-up Period, 10% of each Holder’s
total Lock-up Shares shall be released from the Lock-up restrictions, and (b) upon the satisfaction of the Second Fall-Away Condition
within the Lock-up Period, an incremental 10% of each Holder’s total Lock-up Shares shall be released from the Lock-up restrictions.

 

5.2          Permitted Transferees. Notwithstanding
the provisions set forth in Section 5.1, the Holders
or their respective Permitted Transferees may Transfer the Lock-up Shares during the Lock-up Period (a) to (i) the Company’s officers
or directors, (ii) any affiliates or family members of the Company’s officers or directors or (iii) the Holders or any direct or
indirect partners, members or equity holders of the Holders, any affiliates of the Holders or any related investment funds or vehicles
controlled or managed by such persons or entities or their respective affiliates; (b) in the case of an individual, by gift to a member
of the individual’s immediate family or to a trust, the beneficiary of which is a member of the individual’s immediate family
or an affiliate of such person or entity, or to a charitable organization; (c) in the case of an individual, by virtue of laws of descent
and distribution upon death of the individual; (d) in the case of an individual, pursuant to a qualified domestic relations order; (e)
by virtue of a Holder’s organizational documents, upon dissolution of such Holder; (f) in connection with any bona fide mortgage,
encumbrance or pledge to a financial institution in connection with any bona fide loan or debt transaction or enforcement thereunder,
including foreclosure thereof; (g) to the Company; or (h) in connection with a liquidation, merger, stock exchange, reorganization, tender
offer approved by the Board or a duly authorized committee thereof or other similar transaction which results in all of the Company’s
stockholders having the right to exchange their shares of Common Stock for cash, securities or other property subsequent to the Acquisition
Closing Date; provided that in connection with any Transfer of such Lock-up Shares, the restrictions and obligations contained in Section
5.1 will continue to apply to such Lock-up Shares after any Transfer of such Lock-up Shares and such transferee shall continue to
be bound by such restrictions and obligations for the balance of the Lock-up Period; provided further, however, that in
the case of clauses (a) through (e) these permitted transferees must enter into a written agreement with the Company agreeing
to be bound by the transfer restrictions in this Article V.

 

    

     

    

 

Article
VI

MISCELLANEOUS

 

6.1          Notices. Any notice or communication
under this Agreement must be in writing and given by (i) deposit in the United States mail, addressed to the party to be notified, postage
prepaid and registered or certified with return receipt requested, (ii) delivery in person or by courier service or sent by overnight
mail via a reputable overnight carrier, in each case providing evidence of delivery or (iii) transmission by facsimile or email. Each
notice or communication that is mailed, delivered or transmitted in the manner described above shall be deemed sufficiently given, served,
sent, and received, in the case of mailed notices, on the third (3rd) business day following the date on which it is mailed, in the case
of notices delivered by courier service, hand delivery, or overnight mail at such time as it is delivered to the addressee (with the delivery
receipt or the affidavit of messenger) or at such time as delivery is refused by the addressee upon presentation, and in the case of notices
delivered by facsimile or email, at such time as it is successfully transmitted to the addressee. Any notice or communication under this
Agreement must be addressed, (a) if to the Company, to NAAC Holdco, Inc., 13274 Fiji Way, Suite 600, Marina Del Rey, CA 90292, Attention:
Legal or by email at legal@telesign.com, with a copy, which shall not constitute notice (1) to Linklaters LLP, 1290 Avenue of the Americas,
New York, NY 10104, Attention Jeffrey Cohen and Peter Cohen-Millstein or by email at Jeffrey.cohen@linklaters.com and Peter.cohen-millstein@linklaters.com,
and (2) if before the Closing and so long thereafter an NAAC director remains on the Board of Directors of the Company, to Reed Smith
LLP, 2850 N. Harwood St., Suite 1500, Dallas, TX 75201, Attention: Lynwood Reinhardt, or (b) to any Holder, to the address of such Holder
as it appears in the applicable register for the Registrable Securities or such other address as may be designated in writing by such
Holder (including on the signature pages hereto). Any party may change its address for notice at any time and from time to time by written
notice to the other parties hereto, and such change of address shall become effective thirty (30) days after delivery of such notice as
provided in this Section 6.1.

 

6.2          Assignment; No Third Party Beneficiaries.

 

6.2.1        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.

 

6.2.2        This Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties and its successors.

 

6.2.3        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 Section 6.2 of this Agreement.

 

6.2.4        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 6.1 of
this Agreement and (ii) the written agreement of the assignee, in a form reasonably satisfactory to the Company, to be bound by the terms
and provisions of this Agreement (which may be accomplished by an addendum or certificate of joinder to this Agreement). Any transfer
or assignment made other than as provided in this Section 6.2 shall be null and void.

 

6.3          Counterparts. This Agreement may be
executed in multiple counterparts (including facsimile or PDF counterparts), each of which shall be deemed an original, and all of which
together shall constitute the same instrument, but only one of which need be produced.

 

    

     

    

 

6.4          Governing Law; Venue. NOTWITHSTANDING
THE PLACE WHERE THIS AGREEMENT MAY BE EXECUTED BY ANY OF THE PARTIES HERETO, THE PARTIES EXPRESSLY AGREE THAT THIS AGREEMENT SHALL BE
GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE OF NEW YORK AS APPLIED TO AGREEMENTS AMONG NEW YORK RESIDENTS ENTERED INTO AND TO
BE PERFORMED ENTIRELY WITHIN NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAW PROVISIONS OF SUCH JURISDICTION.

 

6.5          Trial by Jury. EACH PARTY HERETO ACKNOWLEDGES
AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND, THEREFORE,
EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT SUCH PARTY
MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH OR RELATING TO
THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT.

 

6.6          Amendments and Modifications. Upon
the written consent of (i) the Company, (ii) the Holders of at least a majority in interest of the Registrable Securities held by the
Holders at the time in question and (iii) the Sponsor (provided that at the time of such consent, the Sponsor holds at least 25%
of the amount of outstanding shares of Common Stock of the Company that it held at the Closing), compliance with any of the provisions,
covenants and conditions set forth in this Agreement may be waived, or any of such provisions, covenants or conditions may be amended
or modified; provided, however, that notwithstanding the foregoing, (a) any amendment hereto or waiver hereof that adversely
affects any Holder, solely in his, her or its capacity as a holder of the shares of capital stock of the Company, in a manner that is
materially different from the other Holders (in such capacity) shall require the consent of each such Holder so affected and (b) any amendment
or waiver hereof that adversely affects the rights expressly granted to the Sponsor shall require the consent of the Sponsor. No course
of dealing between any Holder or the Company and any other party hereto or any failure or delay on the part of a Holder or the Company
in exercising any rights or remedies under this Agreement shall operate as a waiver of any rights or remedies of any Holder or the Company.
No single or partial exercise of any rights or remedies under this Agreement by a party shall operate as a waiver or preclude the exercise
of any other rights or remedies hereunder or thereunder by such party.

 

6.7          Other Registration Rights. The Company
represents and warrants that no person, other than (a) a Holder, (b) the parties to those certain Subscription Agreements, dated as of
December 16, 2021, by and between the Company and certain investors and (c) holders of the Company’s warrants pursuant to that certain
Warrant Agreement, dated as of January 21, 2021 by and between the Company and Continental Stock Transfer & Trust Company, has any
right to require the Company to register any securities of the Company for sale or to include such securities of the Company in any Registration
filed by the Company for the sale of securities for its own account or for the account of any other person. Further, the Company represents
and warrants that this Agreement supersedes any other registration rights agreement or agreement with similar terms and conditions and
in the event of a conflict between any such agreement or agreements and this Agreement, the terms of this Agreement shall prevail.

 

6.8          Term. This Agreement shall terminate
upon the earlier of (i) the fifth (5th) anniversary of the date of this Agreement and (ii) with respect to any Holder, the date as of
which such Holder ceases to hold any Registrable Securities. The provisions of Article IV
shall survive any termination.

 

6.9          Holder Information. Each Holder agrees,
if requested in writing, to represent to the Company the total number of Registrable Securities held by such Holder in order for the Company
to make determinations hereunder.

 

    

     

    

 

6.10        Additional Holders; Joinder. In addition
to persons or entities who may become Holders pursuant to Section 6.2
hereof, subject to the prior written consent of each of the Sponsor (so long as the Sponsor holds at least 25% of the amount of outstanding
shares of Common Stock of the Company that it held at the Closing) and each Holder (in each case, so long as such Holder (other than the
Sponsor) and its affiliates hold, in the aggregate, at least five percent (5%) of the outstanding shares of Common Stock of the Company),
the Company may make any person or entity who acquires Common Stock or rights to acquire Common Stock after the date hereof a party to
this Agreement (each such person or entity, an “Additional Holder”) by obtaining an executed joinder to this
Agreement from such Additional Holder in the form of Exhibit A attached hereto (a “Joinder”). Such Joinder
shall specify the rights and obligations of the applicable Additional Holder under this Agreement. Upon the execution and delivery and
subject to the terms of a Joinder by such Additional Holder, the Common Stock of the Company then owned, or underlying any rights then
owned, by such Additional Holder (the “Additional Holder Common Stock”) shall be Registrable Securities to the
extent provided herein and therein and such Additional Holder shall be a Holder under this Agreement with respect to such Additional Holder
Common Stock.

 

6.11        Severability. It is the desire and
intent of the parties that the provisions of this Agreement be enforced to the fullest extent permissible under the laws and public policies
applied in each jurisdiction in which enforcement is sought. Accordingly, if any particular provision of this Agreement shall be adjudicated
by a court of competent jurisdiction to be invalid, prohibited or unenforceable for any reason, such provision, as to such jurisdiction,
shall be ineffective, without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of this
Agreement or affecting the validity or enforceability of such provision in any other jurisdiction. Notwithstanding the foregoing, if such
provision could be more narrowly drawn so as not to be invalid, prohibited or unenforceable in such jurisdiction, it shall, as to such
jurisdiction, be so narrowly drawn, without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability
of such provision in any other jurisdiction.

 

6.12        Entire Agreement; Restatement. This
Agreement constitutes the full and entire agreement and understanding between the parties with respect to the subject matter hereof and
supersedes all prior agreements and understandings relating to such subject matter. Upon the Closing, the Existing Registration Rights
Agreement shall no longer be of any force or effect.

 

[Signature page follows.]

 

    

     

    

 

IN
WITNESS WHEREOF, the undersigned have caused this Agreement to be executed as of the date first written above.

 

	 	COMPANY:
	 	 
	 	NAAC HOLDCO, INC., a Delaware corporation
	 	 
	 	By:	                 
	 	Name:
	 	Title:

 

 

[Signature Page to Amended
and Restated Registration Rights Agreement]

 

    

     

    

 

IN
WITNESS WHEREOF, the undersigned have caused this Agreement to be executed as of the date first written above.

 

	 	COMPANY:
	 	 
	 	NAAC HOLDCO, INC., a Delaware corporation
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	HOLDERS:
	 	 
	 	NAAC SPONSOR, LP, a Delaware limited partnership
	 	 
	 	By:	                      
	 	Name: Mark Keating
	 	Title: Chief Financial Officer
	 	 
	 	 
	 	Andrew Morgan
	 	 
	 	 
	 	Gary Quin
	 	 
	 	 
	 	Patrik Doran
	 	 
	 	 
	 	Mark Keating
	 	 
	 	 
	 	Dimitri Panayotopoulos
	 	 
	 	 
	 	Tamara Sakovska
	 	 
	 	BICS SA, a Belgian limited liability company
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

 

[Signature Page to Amended
and Restated Registration Rights Agreement]

 

    

     

    

 

EXHIBIT A

REGISTRATION RIGHTS AGREEMENT JOINDER

 

The
undersigned is executing and delivering this joinder (this “Joinder”) pursuant to the Amended and Restated Registration
Rights Agreement, dated as of [●], 2022 (as the same may hereafter be amended, the “Registration Rights Agreement”),
among NAAC Holdco, Inc., a Delaware corporation (the “Company”), and the other persons or entities named as
parties therein. Capitalized terms used but not otherwise defined herein shall have the meanings provided in the Registration Rights Agreement.

 

By executing and delivering
this Joinder to the Company, and upon acceptance hereof by the Company upon the execution of a counterpart hereof, the undersigned hereby
agrees to become a party to, to be bound by, and to comply with the Registration Rights Agreement as a Holder of Registrable Securities
in the same manner as if the undersigned were an original signatory to the Registration Rights Agreement, and the undersigned’s
shares of Common Stock shall be included as Registrable Securities under the Registration Rights Agreement to the extent provided therein;
provided, however, that the undersigned and its permitted assigns (if any) shall not have any rights as Holders, and the
undersigned’s (and its transferees’) shares of Common Stock shall not be included as Registrable Securities, for purposes
of the Excluded Sections.

 

For purposes of this Joinder,
 “Excluded Sections” shall mean [ ].

 

Accordingly, the undersigned
has executed and delivered this Joinder as of the __________ day of __________, 20__.

	 	 
	 	 
	 	Signature of Stockholder
	 	 
	 	 
	 	Print Name of Stockholder
	 	Its:
	 	 
	 	Address:	                    
	 	 
	 	 
	 	 
	 	 

 

Agreed and Accepted as

of ____________, 20__

 

	NAAC Holdco, Inc.	 
	 	 
	By:	             	 
	Name:	 
	Its:	 

 

    A-1Exhibit 10.3

 

EXECUTION
VERSION

 

SUBSCRIPTION AGREEMENT

 

This SUBSCRIPTION AGREEMENT
(this “Subscription Agreement”) is entered into this 16th of December, 2021, by and among North Atlantic Acquisition
Corporation, a Cayman Islands exempted company (“NAAC”), NAAC Holdco, Inc., a Delaware corporation (the “Issuer”
and together with NAAC, the “Issuer Parties”) and the undersigned (“Subscriber”).

 

WHEREAS, substantially concurrently
with the execution and delivery of this Subscription Agreement, NAAC is entering into that certain Business Combination Agreement, dated
as of the date of this Subscription Agreement (as may be amended or supplemented from time to time, the “Business Combination
Agreement”), by and among NAAC, the Issuer, North Atlantic Acquisition, LLC, a Delaware limited liability company and a wholly-owned
subsidiary of the Issuer (“Merger Sub”), Torino Holdings, Inc., a Delaware corporation (together with its direct
and indirect subsidiaries, “Target”) and BICS SA, the shareholder of Target (the “Target Shareholder”),
pursuant to which, among other things, (i) NAAC will reincorporate in the State of Delaware by merging with and into Merger Sub (the
 “Domestication Merger”), with Merger Sub surviving the Domestication Merger, and (ii) immediately following the
closing of the Domestication Merger, the Target Shareholder will sell to the Issuer, and the Issuer will purchase from the Target Shareholder,
one hundred percent (100%) of the equity shares of Target in exchange for (a) cash consideration and (b) equity shares of the
Issuer issued to the Target Shareholder (the “Share Exchange”, and together with the Domestication Merger, the “Transactions”);

 

WHEREAS, in connection with
the Transaction, the Issuer is seeking commitments from interested investors to purchase, following the Domestication Merger and prior
to the closing of the Share Exchange, the Issuer’s common stock, par value $0.0001 per share (the “Common Shares”);
and

 

WHEREAS, in connection with
the Transaction, on the terms and subject to the conditions set forth in this Subscription Agreement, Subscriber desires to subscribe
for and purchase from the Issuer the number of Common Shares, set forth on the signature page hereto (the “Acquired Shares”)
for a purchase price of $9.19 per share (the “Share Purchase Price,” and the aggregate purchase price set forth on
the signature page hereto for the Acquired Shares, the “Purchase Price”), and the Issuer desires to issue and
sell to Subscriber the Acquired Shares in consideration of the payment of the Purchase Price by or on behalf of Subscriber to the Issuer
at or prior to the Closing Date (as defined herein);

 

WHEREAS, in connection with
the Transactions, certain other “qualified institutional buyers” (as defined in Rule 144A under the Securities Act of
1933, as amended (the “Securities Act”) or “accredited investors” (as such term is defined in Rule 501
under the Securities Act, and each such “qualified institutional buyer” or “accredited investor,” an “Other
Subscriber”), have entered into separate subscription agreements with NAAC and the Issuer (the “Other Subscription
Agreements”) substantially similar to this Subscription Agreement, pursuant to which such Other Subscribers have agreed to subscribe
for and purchase, and NAAC and the Issuer have agreed that the Issuer shall issue and sell to such Other Subscribers, on the Closing Date,
Common Shares at the Share Purchase Price (the “Other Acquired Shares”).

 

WHEREAS, the aggregate number
of Common Shares to be sold by the Issuer pursuant to this Subscription Agreement and the Other Subscription Agreements as of the date
hereof equals 11,698,750 Common Shares at the Share Purchase Price.

 

     

     

    

 

NOW, THEREFORE, in consideration
of the foregoing and the mutual representations, warranties and covenants, and subject to the conditions, herein contained, and intending
to be legally bound hereby, the parties hereto hereby agree as follows:

 

1.            Subscription.
Subject to the terms and conditions hereof, Subscriber hereby agrees to subscribe for and purchase from the Issuer, and NAAC and the Issuer
hereby agree that the Issuer shall issue and sell to Subscriber, upon the payment of the Purchase Price, the Acquired Shares (such subscription
and issuance, the “Subscription”). Subscriber acknowledges and agrees that, as a result of the Domestication Merger,
the Acquired Shares issued pursuant hereto shall be Common Shares of the Issuer (and not, for the avoidance of doubt, ordinary shares
of NAAC).

 

2.            Closing.

 

2.1            Subject
to the satisfaction or waiver of the conditions set forth in Section 2 (other than those conditions that by their nature are
to be satisfied at the closing of the Subscription contemplated hereby (the “Closing”), but without affecting the requirement
that such conditions be satisfied or waived at the Closing), the Closing shall occur following the Domestication Merger and at a time
immediately prior to or substantially concurrently with, the consummation of the Share Exchange (such date, the “Closing Date”)
in the sequence contemplated in the recitals to this Subscription Agreement and is contingent upon the subsequent occurrence of the consummation
of the Transactions. Not less than five business days (as defined herein) prior to the anticipated Closing Date, the Issuer shall provide
written notice to Subscriber (the “Closing Notice”) specifying (i) the anticipated Closing Date and (ii) the
wire instructions for delivery of the Purchase Price to the Issuer. For the purposes of this Subscription Agreement, “business day”
means any other day other than a Saturday, Sunday or any other day on which commercial banks are required or authorized to be closed in
the State of New York or Brussels, Belgium.

 

2.2            Subject
to the satisfaction or waiver of the conditions set forth in Section 2.3 and Section 2.4 (other than those conditions
that by their nature are to be satisfied at Closing, but without affecting the requirement that such conditions be satisfied or waived
at Closing):

 

2.2.1            Subscriber
shall deliver to the Issuer, no later than one business day before the Closing Date (as specified in the Closing Notice) or such other
date as otherwise agreed to by the Issuer and Subscriber (such date, the “Purchase Price Payment Date”) the Purchase
Price for the Acquired Shares by wire transfer of U.S. dollars in immediately available funds to the account specified by the Issuer in
the Closing Notice (which account shall be for the benefit of Subscriber until the Closing Date), and any information that is reasonably
requested in the Closing Notice that is required in order to enable the Issuer to issue the Acquired Shares, including, without limitation,
the legal name of the person (or nominee) in whose name such Acquired Shares are to be issued and a duly executed Internal Revenue Service
Form W-9 or W-8, as applicable, provided, however, in the case of a Subscriber that is an “investment company”
registered under the Investment Company Act of 1940, as amended, payment may be made to an account specified by the Issuer and subject
to such procedures otherwise mutually agreed by Subscriber and the Issuer (“Alternative Settlement Procedures”).

 

2.2.2            On
the Closing Date, the Issuer shall deliver to Subscriber (i) the Acquired Shares against and upon payment by Subscriber in book-entry
form, free and clear of any liens or other restrictions whatsoever (other than those arising under state or federal securities laws),
in the name of Subscriber (or its nominee in accordance with its delivery instructions) or to a custodian designated by Subscriber, as
applicable and (ii) evidence from the Issuer’s transfer agent of the issuance of the Acquired Shares were issued to Subscriber
in book-entry form on and as of the Closing Date; provided, however, that the Issuer’s obligation to issue the Acquired Shares
to Subscriber is contingent upon the Issuer having received the Purchase Price in full in accordance with this Section 2.

 

2.2.3            Each
book entry for the Acquired Shares shall contain a legend in substantially the following form:

 

THE OFFER AND SALE OF THE SECURITIES REPRESENTED
HEREBY HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE OR OTHER
JURISDICTION, AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM.

 

    -2-

     

    

 

2.3            The
Issuer’s obligation to effect the Closing shall be subject to the satisfaction on the Closing Date, or, to the extent permitted
by applicable law, the waiver by the Issuer, of each of the following conditions:

 

2.3.1            all
representations and warranties of Subscriber contained in this Subscription Agreement shall be true and correct in all material respects
(other than representations and warranties that are qualified as to materiality or Subscriber Material Adverse Effect (as defined herein),
which representations and warranties shall be true and correct in all respects) at and as of the Closing Date (except for representations
and warranties made as of a specific date, which shall be true and correct in all material respects (other than representations and warranties
that are qualified as to materiality or Subscriber Material Adverse Effect, which representations and warranties shall be true and correct
in all respects) as of such date) and the consummation of the Closing shall constitute a reaffirmation by Subscriber of each of the representations
and warranties of Subscriber contained in this Subscription Agreement as of the Closing Date;

 

2.3.2            Subscriber
shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions required by this Subscription
Agreement to be performed, satisfied or complied with by it at or prior to the Closing; provided, that, this condition shall be
deemed satisfied unless written notice of such noncompliance is provided by the Issuer to Subscriber and Subscriber fails to cure such
noncompliance in all material respects within five business days of receipt of such notice;

 

2.3.3            no
governmental authority shall have issued, enforced or entered any judgment or order (whether temporary, preliminary or permanent) which
is then in effect and has the effect of making consummation of the Subscription illegal or otherwise preventing or prohibiting consummation
of the Subscription;

 

2.3.4            all
conditions precedent to the Issuer’s obligation to effect the Transactions set forth in the Business Combination Agreement shall
have been satisfied or waived (other than those conditions that (i) may only be satisfied at the closing of the Transactions, but
subject to the satisfaction or waiver of such conditions as of the closing of the Transactions or (ii) will be satisfied by the Closing
and the closing of the transactions contemplated by the Other Subscription Agreements);

 

2.3.5            the
Domestication Merger shall have been completed and effective in all respects.

 

2.4            Subscriber’s
obligation to effect the Closing shall be subject to the satisfaction on the Closing Date, or to the extent permitted by applicable law,
the written waiver by Subscriber, of each of the following conditions:

 

2.4.1            no
suspension of the listing or qualification for offering or sale or trading on the Nasdaq Capital Market (“Nasdaq”),
of the Common Shares, and to NAAC’s knowledge, no initiation nor threatening of any proceedings for any of such purposes, shall
have occurred and be continuing, and the Acquired Shares shall have been approved for listing, subject to official notice of issuance,
on Nasdaq;

 

    -3-

     

    

 

2.4.2            all
representations and warranties of the Issuer Parties contained in this Subscription Agreement shall be true and correct in all material
respects (other than representations and warranties that are qualified as to materiality, Material Adverse Effect, which representations
and warranties shall be true and correct in all respects) at and as of the Closing Date (except for representations and warranties made
as of a specific date, which shall be true and correct in all material respects as of such date), and consummation of the Closing shall
constitute a reaffirmation by each of the Issuer Parties of each of their respective representations and warranties contained in this
Subscription Agreement as of the Closing Date;

 

2.4.3            the
Issuer Parties shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions required
by this Subscription Agreement to be performed, satisfied or complied with by it at or prior to the Closing, except where the failure
of such performance, satisfaction or compliance would not or would not reasonably be expected to prevent, materially delay or materially
impair the ability of the Issuer Parties to consummate the Closing;

 

2.4.4            no
governmental authority shall have issued, enforced or entered any judgment or order (whether temporary, preliminary or permanent) which
is then in effect and has the effect of making consummation of the Subscription illegal or otherwise preventing or prohibiting consummation
of the Subscription;

 

2.4.5            without
limiting Section 2.4.6, all conditions precedent to the closing of the Transactions as set forth in the Business Combination Agreement
shall have been satisfied or waived (as determined by the parties to the Business Combination Agreement and other than those conditions
that (i) may only be satisfied at the closing of the Transactions, but subject to the satisfaction or waiver of such conditions as
of the closing of the Transactions or (ii) will be satisfied by the Closing and the closing of the transactions contemplated by the
Other Subscription Agreements); and

 

2.4.6            except
to the extent consented to in writing by Subscriber, (x) the Business Combination Agreement (as the same exists on the date hereof
as provided to the Investor) shall not have been amended, modified, supplemented or waived in a manner that would reasonably be expected
to materially and adversely affect the economic benefits that Subscriber (in its capacity as such) would reasonably expect to receive
under this Subscription Agreement, (y) without limiting the foregoing, Section 8.3.5 of the Business Combination Agreement (as
the same exists on the date hereof as provided to the Investor) shall not have been amended, modified, supplemented or waived in any respect
and (z) there shall have been no amendment, modification, supplement or waiver to any Other Subscription Agreement that economically
benefits such Other Subscriber thereunder unless Subscriber has been offered the same benefits.

 

2.5            Prior
to or at the Closing, the parties hereto shall execute and deliver such additional documents and take such additional actions as the parties
reasonably may deem to be practical and necessary in order to consummate the Subscription as contemplated by this Subscription Agreement.

 

2.6            In
the event that the closing of the Transactions does not occur within three business days of the Closing Date specified in the Closing
Notice, unless otherwise agreed by the Issuer and Subscriber, the Issuer shall promptly (but not later than two business days thereafter)
return the Purchase Price to Subscriber by wire transfer of U.S. dollars in immediately available funds to the account specified by Subscriber,
and any book entries representing the Acquired Shares shall be deemed cancelled. Notwithstanding such cancellation, failure to close on
the Closing Date specified in the Closing Notice shall not, by itself, be deemed to be a failure of any of the conditions to Closing set
forth in this Section 2 to be satisfied or waived, unless and until this Subscription Agreement is terminated in accordance
with Section 6 herein, Subscriber shall remain obligated (i) to redeliver funds to the Issuer following the Issuer’s
delivery to Subscriber of a new Closing Notice with a new Closing Date in accordance with the terms and conditions of this Section 2
and (ii) upon satisfaction or waiver of the conditions set forth in this Section 2 to consummate the Closing immediately
prior to or substantially concurrently with the consummation of the Transactions. For the avoidance of doubt, if any termination hereof
occurs after the delivery by Subscriber of the Purchase Price for the Acquired Shares, the Issuer shall promptly (and no later than two
business days after such termination) return the Purchase Price to Subscriber by wire transfer of U.S. dollars in immediately available
funds to the account specified by Subscriber without any deduction for or on account of any tax, withholding, charges or set-off.

 

    -4-

     

    

 

3.            Issuer
Parties Representations, Warranties and Covenants. NAAC and the Issuer represent and warrant as of the date hereof and covenant on
the Closing Date, that:

 

3.1            As
of the date hereof, NAAC is an exempted company duly incorporated, validly existing and in good standing under the laws of the Cayman
Islands. As of the Closing Date, following the Domestication Merger, the Issuer will be duly incorporated, validly existing as a corporation
and in good standing under the laws of the State of Delaware. The Issuer has, and will have following the Domestication Merger, the requisite
power and authority to own, lease and operate its properties and conduct its business as presently conducted and as shall be conducted
following the Domestication Merger and to enter into, deliver and perform its obligations under this Subscription Agreement.

 

3.2            As
of the Closing Date, the Acquired Shares will have been duly authorized and, when issued and delivered to Subscriber against full payment
for the Acquired Shares in accordance with the terms of this Subscription Agreement, the Acquired Shares will be validly issued, fully
paid and non-assessable, free and clear of any liens or other restrictions whatsoever (other than those arising under state or federal
securities laws) and will not have been issued in violation of or subject to any preemptive or similar rights created under the Issuer’s
certificate of incorporation and bylaws (as in effect at such time of issuance) or under the laws of the State of Delaware.

 

3.3            This
Subscription Agreement, the Other Subscription Agreements and the Business Combination Agreement (collectively, the “Transaction
Documents”) have been duly authorized, executed and delivered by the Issuer Parties and, assuming that the Transaction Documents
have been duly authorized, executed and delivered by the other parties thereto, constitute the valid and legally binding obligation of
the Issuer Parties, enforceable against the Issuer Parties in accordance with their respective terms, except as may be limited or otherwise
affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting
the rights of creditors generally and (ii) principles of equity, whether considered at law or equity.

 

3.4            Assuming
the accuracy of Subscriber’s representations and warranties in Section 4, the execution and delivery by the Issuer Parties
of the Transaction Documents, and the performance by the Issuer Parties of their obligations under the Transaction Documents, including
the issuance and sale of the Acquired Shares and the consummation of the other transactions contemplated herein and therein, do not and
will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result
in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of the Issuer Parties pursuant to
the terms of (i) any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which
either Issuer Party is a party or by which either Issuer Party is bound or to which any of the property or assets of the Issuer Parties
is subject, which would reasonably be expected to have, individually or in the aggregate, a material adverse effect on the business, properties,
financial condition, shareholders’ equity or results of operations of the Issuer Parties (a “Material Adverse Effect”)
or materially affect the validity of the Acquired Shares or the legal authority of the Issuer Parties to comply in all material respects
with the terms of this Subscription Agreement; (ii) the organizational documents of the Issuer Parties; or (iii) any statute
or any judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction
over the Issuer Parties or any of their properties that would reasonably be expected to have, individually or in the aggregate, a Material
Adverse Effect or materially affect the validity of the Acquired Shares or the legal authority of the Issuer Parties to comply in all
material respects with the terms of this Subscription Agreement.

 

    -5-

     

    

 

3.5            There
are no securities or instruments issued by or to which the Issuer Parties are a party containing anti-dilution or similar provisions that
will be triggered by the issuance of (i) the Acquired Shares or (ii) the Common Shares to be issued pursuant to any Other Subscription
Agreement, in each case, that have not been or will not be validly waived on or prior to the Closing Date.

 

3.6            The
Issuer Parties are not in default or violation (and no event has occurred which, with notice or the lapse of time or both, would constitute
a default or violation) of any term, condition or provision of (i) the organizational documents of the Issuer Parties, (ii) any
loan or credit agreement, guarantee, note, bond, mortgage, indenture, lease or other agreement, permit, franchise or license to which
the Issuer Parties are now a party or by which the Issuer Parties’ properties or assets are bound, or (iii) any statute or
any judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction over
the Issuer Parties or any of their properties, except, in the case of clauses (ii) and (iii), for defaults or violations that have
not had and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

3.7            Assuming
the accuracy of Subscriber’s representations and warranties in Section 4, the Issuer is not required to obtain any consent,
waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or other federal, state, local
or other governmental authority, self-regulatory organization, or other person in connection with the execution, delivery and performance
by the Issuer of this Subscription Agreement (including, without limitation, the issuance of the Acquired Shares), other than: (i) the
filing with the Securities and Exchange Commission (the “Commission”) of the Registration Statement (as defined below);
(ii) the filings required by applicable state or federal securities laws; (iii) the filings required in accordance with Section 8.13,
(iv) those required by Nasdaq, including with respect to obtaining shareholder approval; (v) any filing, the failure of which
to obtain would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect or have a material adverse
effect of the Issuer’s ability to consummate the transactions contemplated hereby, including the sale and issuance of the Acquired
Shares; and (vi) as set forth in the Business Combination Agreement.

 

3.8            As
of the date hereof, the authorized share capital of NAAC consists of (i) 1,000,000 preference shares, par value $0.0001 per share
(the “NAAC Preference Shares”), (ii) 200,000,000 Class A ordinary shares, par value $0.0001 per share (the
 “NAAC Class A Shares”) and (iii) 20,000,000 Class B ordinary shares, par value $0.0001 per share (the
 “NAAC Class B Shares”). As of the date hereof and as of immediately prior to the Domestication Merger: (A) no
NAAC Preference Shares are or will be issued and outstanding, (B) 37,950,000 NAAC Class A Shares are and will be issued and
outstanding, (C) 9,487,500 NAAC Class B Shares are and will be issued and outstanding, and (D) 19,776,667 warrants (the
 “NAAC Warrants”), each evidencing the right to purchase one NAAC Class A Share at an exercise price of $11.50
per NAAC Class A Share, are and will be outstanding. All (i) issued and outstanding NAAC Class A Shares and NAAC Class B
Shares have been duly authorized and validly issued, are fully paid and are non-assessable and are not subject to preemptive rights and
(ii) outstanding warrants have been duly authorized and validly issued, are fully paid and are not subject to preemptive rights.
Except as set forth above and pursuant to the Other Subscription Agreements and the Business Combination Agreement, there are no outstanding
options, warrants or other rights to subscribe for, purchase or acquire from NAAC any NAAC Class A Shares, NAAC Class B Shares,
or other equity interests in NAAC, or securities convertible into or exchangeable or exercisable for such equity interests. As of the
date hereof, NAAC has no direct subsidiaries (other than the Issuer) and does not own, directly or indirectly, interests or investments
(whether equity or debt) in any person, whether incorporated or unincorporated. There are no shareholder agreements, voting trusts or
other agreements or understandings to which NAAC is a party or by which it is bound relating to the voting of any securities of NAAC,
other than (A) as set forth in the SEC Documents (as defined below) and (B) as contemplated by the Business Combination Agreement.

 

    -6-

     

    

 

3.9            As
of immediately prior to the Domestication Merger, the authorized share capital of the Issuer will consist of (i) 1,000,000 shares
of preferred stock, par value $0.0001 per share (the “Preferred Stock”) and (ii) 500,000,000 Common Shares. As
of immediately prior to the Domestication Merger: (A) no shares of Preferred Stock will be issued and outstanding, (B)  Common
Shares will be issued and outstanding, and (C) 0 warrants, each evidencing the right to purchase one Common Share at an exercise
price of $11.50 per Common Share, will be outstanding. All (i) issued and outstanding Common Shares will have been duly authorized
and validly issued, fully paid and are non-assessable and are not subject to preemptive rights, and (ii) outstanding warrants will
have been duly authorized and validly issued, fully paid and will not be subject to preemptive rights. Except as set forth above and pursuant
to the Other Subscription Agreements and the Business Combination Agreement, there will be no outstanding options, warrants or other rights
to subscribe for, purchase or acquire from the Issuer any Common Shares or other equity interests in the Issuer, or securities convertible
into or exchangeable or exercisable for such equity interests. As of immediately prior to the Domestication Merger, the Issuer will have
no direct subsidiaries (other than Merger Sub) and will not own, directly or indirectly, interests or investments (whether equity or debt)
in any person, whether incorporated or unincorporated. There will be no shareholder agreements, voting trusts or other agreements or understandings
to which the Issuer is a party or by which it is bound relating to the voting of any securities of the Issuer, other than (A) as
set forth in the SEC Documents (as defined below) and (B) as contemplated by the Business Combination Agreement.

 

3.10            The
Issuer Parties are in compliance with all applicable laws, except where such non-compliance would not reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect. The Issuer Parties have not received any written communication from a governmental
entity that alleges that the Issuer Parties are not in compliance with or are in default or violation of any applicable law, except where
such non- compliance, default or violation would not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect.

 

3.11            The
issued and outstanding NAAC Class A Shares are (and following the Closing, the Common Shares will be) registered pursuant to Section 12(b) of
the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and are listed for trading on Nasdaq. There is
no suit, action, proceeding or investigation pending or, to the knowledge of the Issuer Parties, threatened against the Issuer Parties
by Nasdaq or the Commission with respect to any intention by such entity to deregister the NAAC Class A Shares or prohibit or terminate
the listing of the NAAC Class A Shares or Common Shares on Nasdaq. Except in the connection with the Transactions, the Issuer Parties
have taken no action that is designed to terminate the registration of the NAAC Class A Shares under the Exchange Act or the listing
of the NAAC Class A Shares on Nasdaq.

 

3.12            Assuming
the accuracy of Subscriber’s representations and warranties set forth in Section 4, no registration under the Securities
Act is required for the offer and sale of the Acquired Shares by the Issuer to Subscriber in the manner contemplated by this Subscription
Agreement, and the Acquired Shares are not being offered in a manner involving a public offering under, or in a distribution in violation
of, the Securities Act or any state securities laws.

 

3.13            Neither
the Issuer nor any person acting on its behalf has engaged or will engage in any form of general solicitation or general advertising (within
the meaning of Regulation D of the Securities Act) in connection with any offer or sale of the Acquired Shares.

 

    -7-

     

    

 

3.14            The
Issuer has made available to Subscriber (including via the Commission’s EDGAR system) a copy of each form, report, statement, schedule,
prospectus, proxy, registration statement and other document, if any, filed by the Issuer with the Commission since its initial registration
of the NAAC Class A Shares (the “SEC Documents”), which SEC Documents, as of their respective filing dates, complied
in all material respects with the requirements of the Exchange Act and Securities Act applicable to the SEC Documents and the rules and
regulations of the Commission promulgated thereunder applicable to the SEC Documents. None of the SEC Documents filed under the Exchange
Act (except to the extent that information contained in any SEC Document has been superseded by a later timely filed SEC Document) contained,
when filed, any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to
make the statements therein not misleading, in the case of any SEC Document that is a registration statement, or included, when filed,
any untrue statement of a material fact or omitted to state a material fact necessary in order to make the statements therein, in the
light of the circumstances under which they were made, not misleading, in the case of all other SEC Documents; provided, that,
with respect to the Transactions or any other information relating to the Transactions or to Target or any of its affiliates that is included
the proxy statement/prospectus to be filed by the Issuer in connection with the Transactions, any SEC Document or exhibit thereto filed
by the Issuer, the representation and warranty in this sentence is made to the Issuer’s knowledge. NAAC has timely filed each SEC
Document that the Issuer was required to file with the Commission since its inception. There are no material outstanding or unresolved
comments in comment letters from the staff of the Commission with respect to any of the SEC Documents.

 

3.15            Except
for such matters as have not had and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect,
there is no (i) action, suit, claim or other proceeding pending, or, to the knowledge of the Issuer Parties, threatened against the
Issuer Parties or (ii) judgment, decree, injunction, ruling or order of any governmental entity or arbitrator outstanding against
the Issuer Parties.

 

3.16            Other
than (i) the Other Subscription Agreements, (ii) any other agreement expressly contemplated by the Business Combination Agreement,
(iii) any other subscription agreement entered into after the date hereof on terms substantially consistent with the terms hereof
and (iv) any agreement described in the SEC Documents as of the date hereof, none of Issuer Parties has entered into any side letter
or similar agreement with any investor in connection with such investor’s direct or indirect investment in any of the Issuer Parties.
No Other Subscription Agreement includes terms and conditions that are materially more advantageous to any such Other Investor than Investor
hereunder, other than representations, warranties and terms particular to the regulatory requirements of such investor or its affiliates
or related funds, and such Other Subscription Agreements have not been amended (including via a side letter or other agreement) in any
material respect following the date of this Subscription Agreement.

 

3.17            For
the avoidance of doubt, neither J.P. Morgan Securities LLC nor Morgan Stanley & Co. LLC are acting as placement agents for the
offer and sale of the Acquired Shares and neither is making any recommendation to Subscriber in respect of the Acquired Shares. Furthermore,
Subscriber is deemed not to be “retail investors” or “retail customers” of J.P. Morgan Securities LLC or Morgan
Stanley & Co. LLC, for purposes of either SEC Form CRS or Regulation Best Interest under the Securities Exchange Act of
1934.

 

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

 

3.19            None
of the Issuer Parties, their respective subsidiaries or any of their affiliates, nor any person acting on their behalf has, directly or
indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would require
registration of the issuance of any of the Acquired Shares under the Securities Act, whether through integration with prior offerings
pursuant to Rule 502(a) of the Securities Act or otherwise.

 

    -8-

     

    

 

3.20            The
Issuer will not directly or indirectly use the proceeds of the sale of the Acquired Shares, or lend, contribute or otherwise make available
such proceeds to a subsidiary, joint venture partner or other person or entity, (i) to fund a person or entity named on the List
of Specially Designated Nationals and Blocked Persons, the Executive Order 13599 List, the Foreign Sanctions Evaders List, or the Sectoral
Sanctions Identification List, each of which is administered by the U.S. Treasury Department’s Office of Foreign Assets Control
(“OFAC”) (collectively “OFAC Lists”), (ii) owned or controlled by, or acting on behalf of,
a person, that is named on an OFAC List, (iii) organized, incorporated, established, located, resident or born in, or a citizen,
national, or the government, including any political subdivision, agency, or instrumentality thereof, of, Cuba, Iran, North Korea,
Syria, the Crimea region of Ukraine, or any other country or territory embargoed or subject to substantial trade restrictions by the United
States, (iv) that is a Designated National (as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515) or (v) that
is a non-U.S. shell bank or providing banking services indirectly to a non-U.S. shell bank.

 

4.            Subscriber
Representations and Warranties. Subscriber represents and warrants as of the date hereof and covenants that on the Closing Date, that:

 

4.1            Subscriber
has been duly formed or incorporated and is validly existing in good standing (to the extent the concept of good standing is applicable
in such jurisdiction) under the laws of its jurisdiction of incorporation or formation, with the requisite entity power and authority
to enter into, deliver and perform its obligations under this Subscription Agreement.

 

4.2            This
Subscription Agreement has been duly authorized, executed and delivered by Subscriber. Assuming the due authorization, execution and delivery
of the same by the Issuer Parties, this Subscription Agreement constitutes the valid and legally binding obligation of Subscriber, enforceable
against Subscriber in accordance with its terms, except as such enforceability may be limited or otherwise affected by (i) bankruptcy,
insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting the rights of creditors generally
and (ii) principles of equity, whether considered at law or equity.

 

4.3            The
execution and delivery by Subscriber of this Subscription Agreement, and the performance by Subscriber of its obligations under this Subscription
Agreement, including the purchase of the Acquired Shares and the consummation of the other transactions contemplated herein, will not
conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the
creation or imposition of any lien, charge or encumbrance upon any of the property or assets of Subscriber pursuant to the terms of (i) any
indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which Subscriber is a party or
by which Subscriber is bound or to which any of the property or assets of Subscriber is subject, which would reasonably be expected to
have a material adverse effect on the business, properties, financial condition, shareholders’ equity or results of operations of
Subscriber, taken as a whole (a “Subscriber Material Adverse Effect”), or materially affect the legal authority of
Subscriber to comply in all material respects with the terms of this Subscription Agreement; (ii) the organizational documents of
Subscriber; or (iii) any statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic
or foreign, having jurisdiction over Subscriber or any of Subscriber’s properties that would reasonably be expected to have a Subscriber
Material Adverse Effect or materially affect the legal authority of Subscriber to comply in all material respects with this Subscription
Agreement.

 

    -9-

     

    

 

4.4            Subscriber
(i) is a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act) or an “accredited
investor” (within the meaning of Rule 501) under the Securities Act), in each case, satisfying the applicable requirements
set forth on Schedule A, (ii) is acquiring the Acquired Shares only for its own account and not for the account of others,
or if Subscriber is subscribing for the Acquired Shares as a fiduciary or agent for one or more investor accounts, each owner of such
account is a “qualified institutional buyer” or an “accredited investor” (each as defined above) and Subscriber
has full investment discretion with respect to each such account, and the full power and authority to make the acknowledgements, representations
and agreements herein on behalf of each owner of each such account and (iii) is not acquiring the Acquired Shares with a view to,
or for offer or sale in connection with, any distribution thereof in violation of the Securities Act. Subscriber has completed Schedule
A following the signature page hereto and the information contained therein is accurate and complete in all material respects.
Subscriber is not an entity formed for the specific purpose of acquiring the Acquired Shares, unless Subscriber is a newly formed entity
in which all of the equity owners are accredited investors, and is an “institutional account” as defined by FINRA Rule 4512(c).
Accordingly, Subscriber is aware that this offering of the Acquired Shares meets the exemptions from filing under FINRA Rule 5123(b)(1)(A),
(C) or (J).

 

4.5            Subscriber
understands that the Acquired Shares are being offered in a transaction not involving any public offering within the meaning of the Securities
Act and that the Acquired Shares have not been registered under the Securities Act. Subscriber understands that the Acquired Shares may
not be offered, resold, transferred, pledged or otherwise disposed of by Subscriber absent an effective registration statement under the
Securities Act, except: (i) to the Issuer or a subsidiary thereof; (ii) to non-U.S. persons pursuant to offers and sales that
occur outside the United States within the meaning of Regulation S under the Securities Act; (iii) pursuant to Rule 144 promulgated
under the Securities Act (“Rule 144”), provided that all of the applicable conditions thereof have been
met; or (iv) pursuant to another applicable exemption from the registration requirements of the Securities Act, including pursuant
to a private sale effected under Section 4(a)(7) of the Securities Act or applicable formal or informal Commission interpretation
or guidance, such as a so-called “4(a)(1) and a half” sale, and that any book-entry records representing the Acquired
Shares shall contain a legend to such effect. Subscriber acknowledges that the Acquired Shares will not be eligible for resale pursuant
to Rule 144A under the Securities Act. Subscriber understands and agrees that the Acquired Shares will be subject to the foregoing
transfer restrictions and, as a result of these transfer restrictions, Subscriber may not be able to readily resell the Acquired Shares
and may be required to bear the financial risk of an investment in the Acquired Shares for an indefinite period of time. Subscriber acknowledges
and agrees that the Acquired Shares will not be eligible for offer, resale, transfer, pledge or disposition pursuant to Rule 144
until at least one year from the filing of certain required information with the Commission after the Closing Date. Subscriber understands
that it has been advised to consult legal counsel prior to making any offer, resale, pledge or transfer of any of the Acquired Shares.

 

4.6            Subscriber
understands and agrees that Subscriber is purchasing the Acquired Shares directly from the Issuer. Subscriber further acknowledges that
there have been no representations, warranties, covenants and agreements made to Subscriber by the Issuer or any of its control persons,
officers, directors, employees, partners, agents or representatives, any other party to the Transactions or any other person or entity,
expressly or by implication, other than those representations, warranties, covenants and agreements included in this Subscription Agreement.

 

4.7            Subscriber’s
acquisition and holding of the Acquired Shares will not constitute or result in a non-exempt prohibited transaction under section 406
of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), section 4975 of the Internal Revenue
Code of 1986, as amended (the “Code”), or any applicable similar law.

 

    -10-

     

    

 

4.8            In
making its decision to subscribe for and purchase the Acquired Shares, Subscriber represents that it has relied solely upon its own independent
investigation and the Issuer’s representations and warranties in Section 3. Subscriber acknowledges and agrees that
Subscriber has received and has had the opportunity to review such information as Subscriber deems necessary in order to make an investment
decision with respect to the Acquired Shares, including with respect to the Issuer, Target, and the Transaction. Subscriber represents
and agrees that Subscriber and Subscriber’s professional advisor(s), if any, have (i) had the full opportunity to ask such
questions, receive such answers and obtain such information as Subscriber and such Subscriber’s professional advisor(s), if any,
have deemed necessary to make an investment decision with respect to the Acquired Shares and (ii) conducted and completed its own
independent due diligence with respect to the Transaction. Except for the representations, warranties and agreements of the Issuer expressly
set forth in this Subscription Agreement, Subscriber is relying exclusively on its own sources of information, investment analysis and
due diligence (including professional advice it deems appropriate) with respect to the Transaction, the Acquired Shares and the business,
condition (financial and otherwise), management, operations, properties and prospects of the Issuer including, but not limited to, all
business, legal, regulatory, accounting, credit and tax matters.

 

4.9            Subscriber
became aware of this offering of the Acquired Shares solely by means of direct contact between Subscriber and the Issuer Target or a representative
of the Issuer and the Acquired Shares were offered to Subscriber solely by direct contact between Subscriber and the Issuer or Target
or a representative of the Issuer. Subscriber did not become aware of this offering of the Acquired Shares, nor were the Acquired Shares
offered to Subscriber, by any other means. Subscriber acknowledges that the Issuer represents and warrants that the Acquired Shares (i) were
not offered by any form of general solicitation or general advertising and (ii) are not being offered in a manner involving a public
offering under, or in a distribution in violation of, the Securities Act, or any state securities laws.

 

4.10            Subscriber
acknowledges that it is aware that there are substantial risks incident to the purchase and ownership of the Acquired Shares. Subscriber
has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment
in the Acquired Shares, and Subscriber has sought such accounting, legal and tax advice as Subscriber has considered necessary to make
an informed investment decision. Accordingly, Subscriber acknowledges that the offering of the Acquired Shares meets the institutional
account exemptions from filing under FINRA Rule 2111(b).

 

4.11            Subscriber
acknowledges and agrees that none of the Issuer Parties nor any of their respective affiliates (nor any officer, director, employee or
representative of any of the Issuer Parties or their respective affiliates) has provided Subscriber with any advice with respect to the
Acquired Shares, nor is such advice necessary or desired. Subscriber acknowledges that none of the Issuer Parties, the respective affiliates
of any of the Issuer Parties, nor any of their respective officers, directors, employees, representatives or controlling persons have
acted as Subscriber’s financial advisor or fiduciary in connection with the issuance and purchase of the Acquired Shares.

 

4.12            Subscriber
acknowledges and agrees that none of the Issuer Parties, any affiliate of any of the Issuer Parties or any of their respective officers,
directors, employees, representatives or controlling persons will have any liability to Subscriber or any Other Subscriber in connection
with each Subscriber or Other Subscriber’s purchase of the Acquired Shares. Without limitation of the foregoing, Subscriber hereby
further acknowledges and agrees that the Issuer Parties will have no responsibility with respect to any representations, warranties or
agreements made by any other person or entity under or in connection with the transactions contemplated hereby or any of the documents
furnished pursuant thereto or in connection therewith, or the execution, legality, validity or enforceability (with respect to any person)
of any thereof.

 

4.13            Subscriber
represents and acknowledges that Subscriber, alone or together with any professional advisor(s), has analyzed and considered the risks
of an investment in the Acquired Shares and determined that the Acquired Shares are a suitable investment for Subscriber and that Subscriber
is able at this time and in the foreseeable future to bear the economic risk of a total loss of Subscriber’s investment in the Issuer.
Subscriber acknowledges specifically that a possibility of total loss exists.

 

    -11-

     

    

 

4.14            Subscriber
understands that no federal or state agency has passed upon or endorsed the merits of the offering of the Acquired Shares or made any
findings or determination as to the fairness of an investment in the Acquired Shares.

 

4.15            Subscriber
is not (i) a person or entity named on the OFAC Lists, (ii) owned or controlled by, or acting on behalf of, a person, that is
named on an OFAC List, (iii) organized, incorporated, established, located, resident or born in, or a citizen, national, or the government,
including any political subdivision, agency, or instrumentality thereof, of, Cuba, Iran, North Korea, Syria, the Crimea region of
Ukraine, or any other country or territory embargoed or subject to substantial trade restrictions by the United States, (iv) a Designated
National as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515, or (v) a non-U.S. shell bank or providing banking
services indirectly to a non-U.S. shell bank. Subscriber represents that if it is a financial institution subject to the Bank Secrecy
Act (31 U.S.C. section 5311 et seq.), as amended by the USA PATRIOT Act of 2001, and its implementing regulations (collectively, the “BSA/PATRIOT
Act”), that Subscriber maintains policies and procedures reasonably designed to comply with applicable obligations under the
BSA/PATRIOT Act. Subscriber also represents that, to the extent required, it maintains policies and procedures reasonably designed to
ensure compliance with OFAC-administered sanctions programs, including for the screening of its investors against the OFAC Lists. Subscriber
further represents and warrants that, to the extent required, it maintains policies and procedures reasonably designed to ensure that
the funds held by Subscriber and used to purchase the Acquired Shares were legally derived.

 

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

 

4.17            If
Subscriber is or is acting on behalf of (i) an employee benefit plan that is subject to Title I of ERISA, (ii) a plan, an individual
retirement account or other arrangement that is subject to section 4975 of the Code, (iii) an entity whose underlying assets are
considered to include “plan assets” of any such plan, account or arrangement described in clauses (i) and (ii) (each,
an “ERISA Plan”), or (iv) an employee benefit plan that is a governmental plan (as defined in section 3(32) of
ERISA), a church plan (as defined in section 3(33) of ERISA), a non-U.S. plan (as described in section 4(b)(4) of ERISA) or other
plan that is not subject to the foregoing clauses (i), (ii) or (iii) but may be subject to provisions under any other federal,
state, local, non-U.S. or other laws or regulations that are similar to such provisions of ERISA or the Code (collectively, “Similar
Laws,” and together with the ERISA Plans, the “Plans”) Subscriber represents and warrants that (i) neither
the Issuer, nor any of its respective affiliates (the “Transaction Parties”) has provided investment advice or has
otherwise acted as a Plan’s fiduciary, with respect to its decision to acquire and hold the Acquired Shares, and none of the Transaction
Parties is or shall at any time be a Plan’s fiduciary with respect to any decision to acquire and hold the Acquired Shares, and
none of the Transaction Parties is or shall at any time be a Plan’s fiduciary with respect to any decision in connection with Subscriber’s
investment in the Acquired Shares; and (ii) its purchase of the Acquired Shares will not result in a non-exempt prohibited transaction
under section 406 of ERISA or section 4975 of the Code, or any applicable Similar Law.

 

4.18            At
the Purchase Price Payment Date, Subscriber will have sufficient funds to pay the Purchase Price pursuant to Section 2.2.1.

 

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4.19            Subscriber
agrees that none of (i) the Other Subscribers pursuant to the Other Subscription Agreements entered into in connection with the offer
and sale of Common Shares (including the controlling persons, members, officers, directors, partners, agents or employees of any such
Other Subscribers) or (ii) any party to the Business Combination Agreement, including any such party’s representatives, affiliates
or any of its or their control persons, officers, directors or employees, that is not a party hereto, shall be liable to Subscriber pursuant
to this Subscription Agreement for any action heretofore or hereafter taken or omitted to be taken by any of them in connection with the
purchase of the Acquired Shares.

 

5.            Registration
Rights.

 

5.1            The
Issuer agrees that, as soon as practicable (but in any case within 30 calendar days after the consummation of the Transactions (the “Filing
Date”)), the Issuer shall file with the Commission (at the Issuer’s sole cost and expense) a registration statement on
Form S-1 (the “Registration Statement”), registering the resale of the Acquired Shares, which Registration Statement
may include shares of the Issuer’s common stock issuable upon exercise of outstanding warrants or those held by NAAC Sponsor LP,
a Delaware limited partnership, and the Issuer shall use its commercially reasonable efforts to have the Registration Statement declared
effective as soon as practicable after the filing thereof, but no later than the earlier of (i) the 60th calendar day (or 90th calendar
day if the Commission notifies the Issuer that it will “review” the Registration Statement) following the Closing and (ii) the
10th business day after the date the Issuer is notified (orally or in writing, whichever is earlier) by the Commission that the Registration
Statement will not be “reviewed” or will not be subject to further review (such earlier date, the “Effective Date”);
provided, however, that if the Commission is closed for operations due to a government shutdown, the Effective Date shall be extended
by the same amount of days that the Commission remains closed for operations, provided, however, that the Issuer’s
obligations to include the Acquired Shares in the Registration Statement are contingent upon Subscriber furnishing in writing to the Issuer
such information regarding Subscriber, the securities of the Issuer held by Subscriber, and the intended method of disposition of the
Acquired Shares as shall be reasonably requested by the Issuer to effect the registration of the Acquired Shares, and Subscriber shall
execute such documents in connection with such registration as the Issuer may reasonably request that are customary of a selling stockholder
in similar situations; provided, that, Subscriber shall not in connection with the foregoing be required to execute any lock-up
or similar agreement or otherwise be subject to any contractual restriction on the ability to transfer the Acquired Shares (other than
any such restrictions that may exist hereunder). Notwithstanding the foregoing, if the Commission prevents the Issuer from including any
or all of the shares proposed to be registered under the Registration Statement due to limitations on the use of Rule 415 of the
Securities Act for the resale of the Acquired Shares or other shares included in the Registration Statement by the applicable stockholders
or otherwise, such Registration Statement shall register for resale such number of Acquired Shares which is equal to the maximum number
of Acquired Shares as is permitted by the Commission. In such event, the number of Common Shares to be registered for each selling stockholder
named in the Registration Statement shall be reduced pro rata among all such selling stockholders and as promptly as practicable after
being permitted to register additional shares under Rule 415 of the Securities Act, the Issuer shall amend the Registration Statement
or file a new Registration Statement to register such shares not included in the initial Registration Statement and cause such amendment
or Registration Statement to become effective as promptly as practicable. Upon notification by the Commission that the Registration Statement
has been declared effective by the Commission, within two business days thereafter, the Issuer shall file the final prospectus under Rule 424
of the Securities Act. The Issuer will provide a draft of the Registration Statement to Subscriber for review at least two business days
in advance of filing the Registration Statement; provided, that, for the avoidance of doubt, in no event shall the Issuer be required
to delay or postpone the filing of such Registration Statement as a result of or in connection with Subscriber’s review. In no event
shall Subscriber be identified as a statutory underwriter in the Registration Statement unless requested by the Commission; provided,
that if the Commission requests that Subscriber be identified as a statutory underwriter in the Registration Statement, Subscriber will
have an opportunity to withdraw from the Registration Statement. Subscriber shall not be entitled to use the Registration Statement for
an underwritten offering of Acquired Shares. For purposes of clarification, any failure by the Issuer to file the Registration Statement
by the Filing Date or to effect such Registration Statement by the Effective Date shall not otherwise relieve the Issuer of its obligations
to file the Registration Statement or effect the registration of the Acquired Shares set forth in this Section 5. For purposes
of this Section 5, “Acquired Shares” shall include any equity security of the Issuer issued or issuable
with respect to the Acquired Shares by way of share split, dividend, distribution, recapitalization, merger, exchange, replacement or
similar event or otherwise.

 

    -13-

     

    

 

5.2            In
the case of the registration effected by the Issuer pursuant to this Subscription Agreement, the Issuer shall, upon reasonable request,
inform Subscriber as to the status of such registration. At its expense the Issuer shall:

 

5.2.1            except
for such times as the Issuer is permitted hereunder to suspend the use of the prospectus forming part of a Registration Statement, use
its commercially reasonable efforts to keep such registration, and any qualification, exemption or compliance under state securities laws
that the Issuer determines to obtain, continuously effective with respect to Subscriber, and to keep the applicable Registration Statement
or any subsequent shelf registration statement free of any material misstatements or omissions, until the earliest of the following to
occur: (i) Subscriber ceases to hold any Acquired Shares, (ii) the first date all Acquired Shares held by Subscriber may be
sold under Rule 144, without limitation as to any public information, volume and manner of sale restrictions and without the requirement
for the Issuer to be in compliance with the current public information required under Rule 144(c)(1) or Rule 144(i)(2),
and (iii) the date that is two years from the Effective Date of the Registration Statement.

 

5.2.2            advise
Subscriber within three business days:

 

(a)            when
a Registration Statement or any amendment thereto has been filed with the Commission and when such Registration Statement or any post-effective
amendment thereto has become effective;

 

(b)            of
any request by the Commission for amendments or supplements to any Registration Statement or the prospectus included therein or for additional
information;

 

(c)            of
the issuance by the Commission of any stop order suspending the effectiveness of any Registration Statement or the initiation of any proceedings
for such purpose;

 

(d)            of
the receipt by the Issuer of any notification with respect to the suspension of the qualification of the Acquired Shares included therein
for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and

 

(e)            in
accordance with Section 5.3 of this Subscription Agreement, of the occurrence of any event that requires the making of any
changes in any Registration Statement or prospectus so that, as of such date, any Registration Statement does not contain an untrue statement
of a material fact or does not omit to state a material fact required to be stated therein or necessary to make the statements therein
not misleading, or any prospectus does not include an untrue statement of a material fact or does not omit to state a material fact necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.

 

Notwithstanding anything to
the contrary set forth herein, the Issuer shall not, when so advising Subscriber of such events, provide Subscriber with any material,
nonpublic information regarding the Issuer other than to the extent that providing notice to Subscriber of the occurrence of the events
listed in Section 5.2.2(a) through Section 5.2.2(e) above constitutes material, nonpublic information
regarding the Issuer;

 

    -14-

     

    

 

5.2.3            use
its commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of any Registration Statement as
soon as reasonably practicable;

 

5.2.4            upon
the occurrence of any event contemplated in Section 5.2.2(e), except for such times as the Issuer is permitted hereunder to
suspend, and has suspended, the use of a prospectus forming part of a Registration Statement, the Issuer shall use its commercially reasonable
efforts to as soon as reasonably practicable prepare a post-effective amendment to such Registration Statement or a supplement to the
related prospectus, or file any other required document so that, as thereafter delivered to purchasers of the Acquired Shares included
therein, such prospectus will not include any untrue statement of a material fact or omit to state any material fact necessary in order
to make the statements therein, in the light of the circumstances under which they were made, not misleading;

 

5.2.5            use
its commercially reasonable efforts to cause all Acquired Shares to be listed on each securities exchange or market, if any, on which
the NAAC Class A Shares issued by the Issuer have been listed;

 

5.2.6            use
its commercially reasonable efforts to timely file all reports and other materials, and provide all customary and reasonable cooperation,
necessary to enable Subscriber to sell the Acquired Shares under Rule 144;

 

5.2.7            in
good faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by Subscriber, consistent with the
terms of this Subscription Agreement, in connection with the registration of the resale of the Acquired Shares; and

 

5.2.8            subject
to receipt from Subscriber by the Issuer and its transfer agent of customary representations and other documentation reasonably acceptable
to the Issuer and the transfer agent in connection therewith, including, if required by the transfer agent, an opinion of the Issuer’s
counsel, in a form reasonably acceptable to the transfer agent, to the effect that the removal of such restrictive legends in such circumstances
may be effected under the Securities Act, upon Subscriber’s request, the Issuer shall promptly (and no later than five business
days following such request and receipt of such customary representations and other documentation) cause the removal of any legend from
the book entry position evidencing its Acquired Shares following the earliest of such time as such Acquired Shares (i) are subject
to or have been or are about to be sold or transferred pursuant to an effective registration statement or (ii) have been or are about
to be sold pursuant to Rule 144. The Issuer shall be responsible for the fees of its transfer agent, its legal counsel and all Depository
Trust Company fees associated with such issuance.

 

    -15-

     

    

 

5.3            Notwithstanding
anything to the contrary in this Subscription Agreement, the Issuer shall be entitled to delay or postpone the filing or effectiveness
of the Registration Statement, and from time to time to require Subscriber not to sell under the Registration Statement or to suspend
the effectiveness or use thereof (a “Suspension Event”), if Issuer reasonably determines, upon the advice of outside
legal counsel, that the Registration Statement fails to comply with the applicable disclosure requirements because either (i) it
contains any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make
the statements therein not misleading, or any related prospectus includes any untrue statement of a material fact or omits to state any
material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading
or (ii) the negotiation or consummation of a transaction by the Issuer or its subsidiaries is pending or an event has occurred, which
negotiation, consummation or event, the board of the Issuer reasonably believes would require additional disclosure by the Issuer in the
Registration Statement of material information that the Issuer has a bona fide business purpose for keeping confidential and the non-disclosure
of which in the Registration Statement would be required); provided, however, that the Issuer may not delay or postpone filing
or effectiveness, or suspend the effectiveness or use of any Registration Statement, on (x) more than two occasions or (y) for
more than 60 consecutive calendar days or more than 90 total calendar days in any 12-month period. Upon receipt of any written notice
from the Issuer of the happening of any Suspension Event (which notice shall not contain any material non-public information regarding
the Issuer), Subscriber agrees that (i) it will immediately discontinue offers and sales of the Acquired Shares under the Registration
Statement until Subscriber receives copies of a supplemental or amended prospectus (which the Issuer agrees to promptly prepare) that
corrects the misstatement(s) or omission(s) referred to above and receives notice that any post-effective amendment has become
effective or unless otherwise notified by the Issuer that it may resume such offers and sales and (ii) it will maintain the confidentiality
of any information included in such written notice delivered by the Issuer unless otherwise required by law or subpoena. Notwithstanding
anything to the contrary, the Issuer shall use its commercially reasonable efforts to cause its transfer agent to deliver unlegended shares
to a transferee of Subscriber in connection with any sale of Acquired Shares with respect to which Subscriber has entered into a contract
for sale, prior to Subscriber’s receipt of the notice of a Suspension Event and which has not yet settled. If so directed by the
Issuer, Subscriber will deliver to the Issuer or, in Subscriber’s sole discretion destroy, all copies of the prospectus covering
the Acquired Shares in Subscriber’s possession; provided, however, that this obligation to deliver or destroy all
copies of the prospectus covering the Acquired Shares shall not apply (A) to the extent Subscriber is required to retain a copy of
such prospectus (x) in order to comply with applicable legal, regulatory, self-regulatory or professional requirements or (y) in
accordance with a bona fide pre-existing document retention policy or (B) to copies stored electronically on archival servers as
a result of automatic data back-up. The Issuer shall use its commercially reasonable efforts to limit any Suspension Event and shall notify
Subscriber when sales can recommence under the Registration Statement within two business days.

 

5.4            Subscriber
may deliver written notice (an “Opt-Out Notice”) to the Issuer requesting that Subscriber not receive notices from
the Issuer otherwise required by this Section 5; provided, however, that Subscriber may later revoke any such
Opt-Out Notice in writing. Following receipt of an Opt-Out Notice from Subscriber (unless subsequently revoked), (i) the Issuer shall
not deliver any such notices to Subscriber and Subscriber shall no longer be entitled to the rights associated with any such notice and
(ii) each time prior to Subscriber’s intended use of an effective Registration Statement, Subscriber will notify the Issuer
in writing at least two business days in advance of such intended use, and if a notice of a Suspension Event was previously delivered
(or would have been delivered but for the provisions of this Section 5.4) and the related Suspension Event remains in effect,
the Issuer will so notify Subscriber, within one business day of Subscriber’s notification to the Issuer, by delivering to Subscriber
a copy of such previous notice of Suspension Event, and thereafter will provide Subscriber with the related notice of the conclusion of
such Suspension Event or other event immediately upon its availability.

 

    -16-

     

    

 

5.5            The
Issuer shall, indemnify, defend and hold harmless Subscriber (to the extent a seller under the Registration Statement), its directors,
officers, agents, trustees, affiliates, advisers and employees and each person who controls Subscriber (within the meaning of Section 15
of the Securities Act or Section 20 of the Exchange Act) to the fullest extent permitted by applicable law, from and against any
and all out-of-pocket losses, claims, damages, liabilities, costs (including reasonable attorneys’ fees) and expenses (collectively,
 “Losses”), as incurred, that arise out of or are based upon (i) any untrue or alleged untrue statement of a material
fact contained in the Registration Statement or in any amendment or supplement thereto, or arising out of or relating to any omission
or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading
or (ii) any untrue or alleged untrue statement of a material fact included in any prospectus included in the Registration Statement,
or any form of prospectus, or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to
any omission or alleged omission to state a material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading, or (iii) any violation or alleged violation by the Issuer of the Securities Act, Exchange
Act or any state securities law or any rule or regulation thereunder in connection with the performance of its obligations under
this Section 5, except to the extent, but only to the extent, that such untrue statements, alleged untrue statements, omissions
or alleged omissions are based upon information regarding Subscriber furnished in writing to the Issuer by Subscriber expressly for use
therein or Subscriber has omitted a material fact from such information; provided, however, that the indemnification contained
in this Section 5 shall not apply to amounts paid in settlement of any Losses if such settlement is effected without the consent
of the Issuer (which consent shall not be unreasonably withheld, conditioned or delayed), nor shall the Issuer be liable for any Losses
to the extent they arise out of or are based upon a violation that occurs (A) in reliance upon and in conformity with written information
furnished by Subscriber, (B) in connection with any failure of such person to deliver or cause to be delivered a prospectus made
available by the Issuer in a timely manner or (C) in connection with any offers or sales effected by or on behalf of Subscriber in
violation of Section 5.3 hereof. The Issuer shall notify Subscriber promptly of the institution, threat or assertion of any
proceeding arising from or in connection with the transactions contemplated by this Section 5 of which the Issuer receives
notice in writing.

 

5.6            Subscriber
shall, severally and not jointly with any person that is a party to the Other Subscription Agreements, indemnify and hold harmless the
Issuer, its directors, officers, agents and employees, and each person who controls the Issuer (within the meaning of Section 15
of the Securities Act and Section 20 of the Exchange Act), to the fullest extent permitted by applicable law, from and against all
Losses, as incurred, that arise out of or are based upon (i) any untrue or alleged untrue statement of a material fact contained
in any Registration Statement or in any amendment or supplement thereto or arising out of or relating to any omission or alleged omission
of a material fact required to be stated therein or necessary to make the statements therein not misleading or (ii) any untrue or
alleged untrue statement of a material fact included in any prospectus included in the Registration Statement, or any form of prospectus,
or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission
of a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not
misleading but, with respect to both clause (i) or (ii), only to the extent, that such untrue or alleged untrue statements or omissions
or alleged omissions, are based upon information regarding Subscriber furnished in writing to the Issuer by Subscriber expressly for use
therein or a material fact that Subscriber has omitted from such information; provided, however, that the indemnification contained
in this Section 5.6 shall not apply to amounts paid in settlement of any Losses if such settlement is effected without the
consent of Subscriber (which consent shall not be unreasonably withheld, conditioned or delayed). In no event shall the liability of Subscriber
be greater in amount than the dollar amount of the net proceeds received by Subscriber upon the sale of the Acquired Shares giving rise
to such indemnification obligation. Subscriber shall notify the Issuer promptly of the institution, threat or assertion of any proceeding
arising from or in connection with the transactions contemplated by this Section 5.6 of which Subscriber is aware.

 

5.7            Any
person or entity 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 that the failure to give prompt notice shall not impair any person’s
or entity’s right to indemnification hereunder to the extent such failure has not 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 legal counsel to any indemnified party a conflict of interest exists 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 that 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 includes a statement or admission of fault and culpability
on the part of such indemnified party or which 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.

 

    -17-

     

    

 

5.8            The
indemnification provided for under this Subscription 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, employee, agent, affiliate or controlling person or entity of such
indemnified party and shall survive the transfer of the Acquired Shares purchased pursuant to this Subscription Agreement.

 

5.9            If
the indemnification provided under Section 5.5 and Section 5.6 from the indemnifying party is unavailable or insufficient
to hold harmless an indemnified party in respect of any Losses 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 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; provided, however, the liability of Subscriber shall be limited to the net proceeds received by Subscriber from
the sale of the Acquired Shares giving rise to such indemnification obligation. 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 not made by, in the case of an
omission), or relates to information supplied by or on behalf of (or not supplied by or on behalf of, in the case of an omission), 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. 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 this Section 5,
any legal or other fees, charges or expenses reasonably incurred by such party in connection with any investigation or proceeding. 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 Section 5.9 from any person or entity who was not guilty of such fraudulent misrepresentation.
Notwithstanding anything to the contrary herein, in no event will any party be liable for consequential, special, exemplary or punitive
damages in connection with this Subscription Agreement or the transactions contemplated hereby.

 

6.            Termination.
This Subscription Agreement shall terminate and be void and of no further force and effect (except for those provisions expressly contemplated
to survive termination of this Subscription Agreement in accordance with Section 8.4), and all rights and obligations of the
parties hereunder shall terminate without any further liability on the part of any party in respect thereof (except for those provisions
expressly contemplated to survive termination of this Subscription Agreement in accordance with Section 8.4), upon the earliest
to occur of (i) such date and time as the Business Combination Agreement is terminated in accordance with its terms without being
consummated, (ii) upon the mutual written agreement of each of the parties hereto to terminate this Subscription Agreement, (iii) if
any of the conditions of Closing set forth in Section 2 are not satisfied on or prior to the earlier of the Closing Date and
the Outside Date (as defined in the Business Combination Agreement as the same exists on the date hereof as provided to the Investor)
and, as a result thereof, the transactions contemplated by this Subscription Agreement are not consummated at the Closing, and (iv) June 30,
2022; provided that nothing herein will relieve any party from liability for any willful breach hereof prior to the time of termination
or common law intentional fraud in the making of any representation or warranty hereunder, and each party will be entitled to any remedies
at law or in equity to recover losses, liabilities or damages arising from such breach or fraud. The Issuer shall promptly notify Subscriber
of the termination of the Business Combination Agreement promptly after the termination of such agreement.

 

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7.            Trust
Account Waiver. Subscriber acknowledges that the Issuer is a blank check company with the powers and privileges to effect a merger,
amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination involving the Issuer and
one or more businesses or assets. Subscriber further acknowledges that, as described in the Issuer’s prospectus relating to its
initial public offering dated January 21, 2021 (the “Prospectus”), available at www.sec.gov, substantially all
of the Issuer’s assets consist of the cash proceeds of the Issuer’s initial public offering and private placements of its
securities, and substantially all of those proceeds have been deposited in a trust account (the “Trust Account”) for
the benefit of the Issuer, its public shareholders and the underwriters of the Issuer’s initial public offering. Except with respect
to interest earned on the funds held in the Trust Account that may be released to the Issuer to pay its tax obligations, if any, the cash
in the Trust Account may be disbursed only for the purposes set forth in the Prospectus. For and in consideration of the Issuer entering
into this Subscription Agreement, the receipt and sufficiency of which are hereby acknowledged, Subscriber, on behalf of itself and its
affiliates, hereby irrevocably waives any and all right, title and interest, or any claim of any kind they have or may have in the future
arising out of this Subscription Agreement, in or to any monies held in the Trust Account, and agrees not to seek recourse against the
Trust Account as a result of, or arising out of, this Subscription Agreement, the transactions contemplated hereby, or the Acquired Shares,
regardless of whether such claim arises based on contract, tort, equity or any other theory of legal liability; provided, however,
that nothing in this Section 7 shall (i) serve to limit or prohibit Subscriber’s right to pursue a claim against
the Issuer for legal relief against assets held outside the Trust Account, for specific performance or other equitable relief, (ii) serve
to limit or prohibit any claims that Subscriber may have in the future against the Issuer’s assets or funds that are not held in
the Trust Account (including any funds that have been released from the Trust Account and any assets that have been purchased or acquired
with any such funds) or (iii) be deemed to limit any Subscriber’s right, title, interest or claim to the Trust Account by virtue
of such Subscriber’s record or beneficial ownership of NAAC Class A Shares acquired by any means other than pursuant to this
Subscription Agreement, including, but not limited to, any redemption right with respect to any such securities of the Issuer.

 

8.            Miscellaneous.

 

8.1            Each
party hereto acknowledges that the other party hereto will rely on the acknowledgments, understandings, agreements, representations and
warranties contained in this Subscription Agreement; provided, however, that this Section 8.1 shall not give
any such party any rights other than those expressly set forth herein. Prior to the Closing, each party hereto agrees to promptly notify
the other party hereto if any of the acknowledgments, understandings, agreements, representations and warranties made by such party as
set forth herein are no longer accurate in all material respects. Subscriber acknowledges and agrees that each purchase by Subscriber
of Acquired Shares from the Company will constitute a reaffirmation to the Company of the acknowledgments, understandings, agreements,
representations and warranties herein (as modified by any such notice) by Subscriber as of the time of such purchase.

 

8.2            Each
of the Issuer and Subscriber is irrevocably authorized to produce this Subscription Agreement or a copy hereof to any interested party
in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby to the extent required by law
or by regulatory bodies.

 

8.3            Notwithstanding
anything to the contrary in this Subscription Agreement, prior to the Closing, Subscriber may not transfer or assign all or a portion
of its rights under this Subscription Agreement, other than to one or more of its affiliates (including other investment funds or accounts
managed or advised by Subscriber or the investment manager or advisor who acts on behalf of Subscriber or an affiliate thereof or by an
affiliate of such investment manager or advisor) without the prior consent of the Issuer; provided that such transferee or assignee
agrees in writing to be bound by and subject to the terms and conditions of this Subscription Agreement, makes the representations and
warranties in Section 4 and completes Schedule A hereto. In the event of such a transfer or assignment, Subscriber
shall complete the form of assignment attached as Schedule B hereto.

 

    -19-

     

    

 

8.4            All
the agreements, representations, warranties, and covenants made by each party hereto in this Subscription Agreement shall survive the
Closing. All of the covenants and agreements made by each party in this Subscription Agreement shall survive the Closing until the applicable
statute of limitations or in accordance with their respective terms.

 

8.5            The
Issuer may request from Subscriber such additional information as the Issuer may reasonably deem necessary to evaluate the eligibility
of Subscriber to acquire the Acquired Shares and to register the resale of the Acquired Shares, and Subscriber shall provide such information
as may be reasonably requested, to the extent readily available and to the extent consistent with its internal policies and procedures;
provided that the Issuer agrees to keep any such information provided by Subscriber confidential.

 

8.6            This
Subscription Agreement constitutes the entire agreement, and supersedes all other prior agreements, understandings, representations and
warranties, both written and oral, among the parties, with respect to the subject matter hereof.

 

8.7            Except
as otherwise provided herein, this Subscription Agreement shall be binding upon, and inure to the benefit of the parties hereto and their
respective affiliates and their respective heirs, executors, administrators, successors, legal representatives and permitted assigns,
and the agreements, representations, warranties, covenants and acknowledgments contained herein shall be deemed to be made by, and be
binding upon, such heirs, executors, administrators, successors, legal representatives and permitted assigns.

 

8.8            If
any provision of this Subscription Agreement shall be invalid, illegal or unenforceable, the validity, legality or enforceability of the
remaining provisions of this Subscription Agreement shall not in any way be affected or impaired thereby and shall continue in full force
and effect.

 

8.9            This
Subscription Agreement may be executed in two or more counterparts (including by electronic means), all of which shall be considered one
and the same agreement and shall become effective when signed by each of the parties and delivered to the other parties, it being understood
that all parties need not sign the same counterpart.

 

8.10            Each
party shall pay all of its own expenses in connection with this Subscription Agreement and the transactions contemplated herein.

 

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8.11            Any
notice or communication required or permitted hereunder shall be in writing and either delivered personally, emailed or telecopied, sent
by overnight mail via a reputable overnight carrier, or sent by certified or registered mail, postage prepaid, and shall be deemed to
be given and received (i) when so delivered personally, (ii) upon receipt of an appropriate electronic answerback or confirmation
when so delivered by telecopy (to such number specified below or another number or numbers as such person may subsequently designate by
notice given hereunder), (iii) when sent, with no mail undeliverable or other rejection notice, if sent by email or (iv) five
business days after the date of mailing to the address below or to such other address or addresses as such person may hereafter designate
by notice given hereunder:

 

if to Subscriber, to such address or addresses set forth on
the signature page hereto;

 

if to the Issuer prior to the completion of the Domestication
Merger, to:

 

North Atlantic Acquisition Corporation

c/o Reed Smith LLP

2850 N. Harwood St., Suite 1500

Dallas, TX 75201

Attention: Lynwood Reinhardt

Email: lreinhardt@reedsmith.com

 

with required copies (which copies shall not constitute notice)
to:

 

c/o Reed Smith LLP

2850 N. Harwood St., Suite 1500

Dallas, TX 75201

Attention: Lynwood Reinhardt

Email: lreinhardt@reedsmith.com

 

if to the Issuer after the completion of the Domestication
Merger, to:

 

North Atlantic Acquisition Corporation

c/o Reed Smith LLP

2850 N. Harwood St., Suite 1500

Dallas, TX 75201

Attention: Lynwood Reinhardt

Email: lreinhardt@reedsmith.com

 

with required copies (which copies shall not constitute notice)
to:

 

c/o Reed Smith LLP

2850 N. Harwood St., Suite 1500

Dallas, TX 75201

Attention: Lynwood Reinhardt

Email: lreinhardt@reedsmith.com

 

8.12            This
Subscription Agreement, and any claim or cause of action hereunder based upon, arising out of or related to this Subscription Agreement
(whether based on law, in equity, in contract, in tort or any other theory) or the negotiation, execution, performance or enforcement
of this Subscription Agreement, shall be governed by and construed in accordance with the laws of the State of New York, without giving
effect to the principles of conflicts of law thereof.

 

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8.12.1            THE
PARTIES HERETO IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK,
THE SUPREME COURT OF THE STATE OF NEW YORK AND THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA LOCATED IN THE STATE OF NEW YORK, SOLELY
IN RESPECT OF THE INTERPRETATION AND ENFORCEMENT OF THE PROVISIONS OF THIS SUBSCRIPTION AGREEMENT AND THE DOCUMENTS REFERRED TO IN THIS
SUBSCRIPTION AGREEMENT AND IN RESPECT OF THE TRANSACTIONS CONTEMPLATED HEREBY, AND HEREBY WAIVE, AND AGREE NOT TO ASSERT, AS A DEFENSE
IN ANY ACTION, SUIT OR PROCEEDING FOR INTERPRETATION OR ENFORCEMENT HEREOF OR ANY SUCH DOCUMENT THAT IS NOT SUBJECT THERETO OR THAT SUCH
ACTION, SUIT OR PROCEEDING MAY NOT BE BROUGHT OR IS NOT MAINTAINABLE IN SAID COURTS OR THAT VENUE THEREOF MAY NOT BE APPROPRIATE
OR THAT THIS SUBSCRIPTION AGREEMENT OR ANY SUCH DOCUMENT MAY NOT BE ENFORCED IN OR BY SUCH COURTS, AND THE PARTIES HERETO IRREVOCABLY
AGREE THAT ALL CLAIMS WITH RESPECT TO SUCH ACTION, SUIT OR PROCEEDING SHALL BE HEARD AND DETERMINED BY SUCH A NEW YORK STATE OR FEDERAL
COURT. THE PARTIES HEREBY CONSENT TO AND GRANT ANY SUCH COURT JURISDICTION OVER THE PERSON OF SUCH PARTIES AND OVER THE SUBJECT MATTER
OF SUCH DISPUTE AND AGREE THAT MAILING OF PROCESS OR OTHER PAPERS IN CONNECTION WITH SUCH ACTION, SUIT OR PROCEEDING IN THE MANNER PROVIDED
IN SECTION 8.11 OR IN SUCH OTHER MANNER AS MAY BE PERMITTED BY LAW SHALL BE VALID AND SUFFICIENT SERVICE THEREOF.

 

8.12.2            EACH
PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES
ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO
THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS SUBSCRIPTION AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT
(I) 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 THE FOREGOING WAIVER; (II) SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS
OF THE FOREGOING WAIVER; (III) SUCH PARTY MAKES THE FOREGOING WAIVER VOLUNTARILY AND (IV) SUCH PARTY HAS BEEN INDUCED TO ENTER
INTO THIS SUBSCRIPTION AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS SECTION 8.12.

 

8.13            The
Issuer shall, by 9:00 a.m., New York City time, on the second business day immediately following the date of this Subscription Agreement,
issue one or more press releases or file with the Commission a Current Report on Form 8-K (collectively, the “Disclosure
Document”) disclosing all material terms of the transactions contemplated hereby, the Transactions and any other material, nonpublic
information that the Issuer Parties have provided to Subscriber at any time prior to the filing of the Disclosure Document. From and after
the issuance of the Disclosure Document, to the Issuer’s knowledge, Subscriber shall not be in possession of any material, nonpublic
information received from the Issuer or any of its officers, directors or employees. Notwithstanding anything in this Subscription Agreement
to the contrary, the Issuer shall not publicly disclose the name of Subscriber or any of its affiliates, or include the name of Subscriber
or any of its affiliates, without the prior written consent of Subscriber, (i) in any press release (ii) or in any filing with
the Commission or any regulatory agency or trading market, except (A) as required by the federal securities law in connection with
the Registration Statement, or (B) to the extent such disclosure is required by law, at the request of the staff of the Commission
or regulatory agency or under the regulations of Nasdaq or by any other governmental authority, in which case the Issuer shall provide
Subscriber with prior written notice of such disclosure permitted under the foregoing clause (ii).

 

8.14            This
Subscription Agreement may not be amended, modified, supplemented or waived except by an instrument in writing, signed by the party against
whom enforcement of such amendment, modification, supplement or waiver is sought; provided that any rights (but not obligations)
of a party under this Subscription Agreement may be waived, in whole or in part, by an instrument in writing, signed by the party against
whom enforcement of such waiver is sought.

 

    -22-

     

    

 

8.15            No
failure or delay by a party hereto in exercising any right, power or remedy under this Subscription Agreement, and no course of dealing
between the parties hereto, shall operate as a waiver of any such right, power or remedy of such party. No single or partial exercise
of any right, power or remedy under this Subscription Agreement by a party hereto, nor any abandonment or discontinuance of steps to enforce
any such right, power or remedy, shall preclude such party from any other or further exercise thereof or the exercise of any other right,
power or remedy hereunder. The election of any remedy by a party hereto shall not constitute a waiver of the right of such party to pursue
other available remedies. No notice to or demand on a party not expressly required under this Subscription Agreement shall entitle the
party receiving such notice or demand to any other or further notice or demand in similar or other circumstances or constitute a waiver
of the rights of the party giving such notice or demand to any other or further action in any circumstances without such notice or demand.

 

8.16            The
obligations of Subscriber under this Subscription Agreement are several and not joint with the obligations of any Other Subscriber or
any other investor under the Other Subscription Agreements, and Subscriber shall not be responsible in any way for the performance of
the obligations of any Other Subscriber or other investor under the Other Subscription Agreements. The decision of Subscriber to purchase
Acquired Shares pursuant to this Subscription Agreement has been made by Subscriber independently of any Other Subscriber or any other
investor and independently of any information, materials, statements or opinions as to the business, affairs, operations, assets, properties,
liabilities, results of operations, condition (financial or otherwise) or prospects of the Issuer or any of its subsidiaries that may
have been made or given by any Other Subscriber or investor or by any agent or employee of any Other Subscriber or investor, and neither
Subscriber nor any of its agents or employees shall have any liability to any Other Subscriber or investor (or any other person) relating
to or arising from any such information, materials, statements or opinions. Nothing contained herein or in any Other Subscription Agreement,
and no action taken by Subscriber or investor pursuant hereto or thereto, shall be deemed to constitute Subscriber and Other Subscribers
or other investors as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that Subscriber
and Other Subscribers or other investors are in any way acting in concert or as a group with respect to such obligations or the transactions
contemplated by this Subscription Agreement and the Other Subscription Agreements. Subscriber acknowledges that no Other Subscriber has
acted as agent for Subscriber in connection with making its investment hereunder and no Other Subscriber will be acting as agent of Subscriber
in connection with monitoring its investment in the Acquired Shares or enforcing its rights under this Subscription Agreement. Subscriber
shall be entitled to independently protect and enforce its rights, including without limitation the rights arising out of this Subscription
Agreement, and it shall not be necessary for any Other Subscriber or investor to be joined as an additional party in any proceeding for
such purpose.

 

8.17            If
Subscriber is a Massachusetts Business Trust, a copy of the Declaration of Trust of Subscriber or any affiliate thereof is on file with
the Secretary of State of the Commonwealth of Massachusetts and notice is hereby given that the Subscription Agreement is executed on
behalf of the trustees of Subscriber or any affiliate thereof as trustees and not individually and that the obligations of the Subscription
Agreement are not binding on any of the trustees, officers or stockholders of Subscriber or any affiliate thereof individually but are
binding only upon Subscriber or any affiliate thereof and its assets and property.

 

[Signature pages follow.]

 

    -23-

     

    

 

IN
WITNESS WHEREOF, each of NAAC, the Issuer, and Subscriber has executed or caused this Subscription Agreement to be executed
by its duly authorized representative as of the date first written above.

 

	 	NORTH ATLANTIC ACQUISITION CORP.
	 	 
	 	By:	               
	 	Name: Gary Quin
	 	Title: Chief Executive Officer
	 	 
	 	 
	 	NAAC HOLDCO, INC.
	 	 
	 	By:	 
	 	Name: Gary Quin
	 	Title: President

 

Signature Page to

Subscription
Agreement

 

    

     

    

 

	SUBSCRIBER: 	 
	 Name of Subscriber:	 
	Signature of Subscriber:	 
	 	 	 
	By:	                                                    	 
	Name:	 	 
	Title:	 	 
	 	 
	Name in which securities are to be registered 	 
	(if different):	 
	 	 
	Email Address: 	 
	 	 
	Subscriber’s EIN: _______________	 
	 	 
	Address:	 
	Attn: 	 
	_______________________________	 
	 	 
	Telephone No.:	 
	__________________________	 
	 	 
	Facsimile No.:	 
	__________________________	 
	 	 
	Aggregate Number of Acquired Shares subscribed for: _________	 
	 	 
	Aggregate Purchase Price: $_________	 

 

You must pay the Purchase Price by wire transfer of U.S. dollars in
immediately available funds to the account specified by the Issuer in the Closing Notice.

 

Signature Page to

Subscription
Agreement

 

    

     

    

 

SCHEDULE A

ELIGIBILITY REPRESENTATIONS OF SUBSCRIBER

 

This Schedule must be completed by Subscriber and forms a part
of the Subscription Agreement to which it is attached. Capitalized terms used and not otherwise defined in this Schedule have the meanings
given to them in the Subscription Agreement. Subscriber must check the applicable box in either Part A or Part B below and
the applicable box in Part C below.

 

	A.	QUALIFIED INSTITUTIONAL BUYER STATUS 

(Please check the applicable subparagraphs):

	 ̈	Subscriber is a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act (a “QIB”)). 
	 ̈	Subscriber is subscribing for the Acquired Shares as a fiduciary or agent for one or more investor accounts, and each owner of such accounts is a QIB. 

 

*** OR ***

 

	B.	ACCREDITED INVESTOR STATUS 

(Please check the applicable subparagraphs):

 

Subscriber is an “accredited investor” (within the meaning
of Rule 501(a) under the Securities Act) and has checked below the box(es) for the applicable provision under which Subscriber
qualifies as such:

	 ̈	Subscriber is an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, corporation, Massachusetts or similar business trust, limited liability company or partnership not formed for the specific purpose of acquiring the securities of the Issuer being offered in this offering, with total assets in excess of $5,000,000. 
	 ̈	Subscriber is a “private business development company” as defined in Section 202(a)(22) of the Investment Advisers Act of 1940. 
	 ̈	Subscriber is a “bank” as defined in Section 3(a)(2) of the Securities Act. 
	 ̈	Subscriber is a “savings and loan association” or other institution as defined in Section 3(a)(5)(A) of the Securities Act, whether acting in its individual or fiduciary capacity. 
	 ̈	Subscriber is a broker or dealer registered pursuant to Section 15 of the Exchange Act. 
	 ̈	Subscriber is an “insurance company” as defined in Section 2(a)(13) of the Securities Act. 

 

	 ̈	Subscriber is an investment adviser registered pursuant to Section 203 of the Investment Advisers Act of 1940 or registered pursuant to the laws of a state. 
	 ̈	Subscriber is an investment adviser relying on the exemption from registering with the Commission under Section 203(l) or (m) of the Investment Advisers Act of 1940. 
	 ̈	Subscriber is an investment company registered under the Investment Company Act of 1940. 
	 ̈	Subscriber is a “business development company” as defined in Section 2(a)(48) of the Investment Company Act of 1940. 
	 ̈	Subscriber is a “Small Business Investment Company” licensed by the U.S. Small Business Administration under either Section 301(c) or (d) of the Small Business Investment Act of 1958. 
	 ̈	Subscriber is a “Rural Business Investment Company” as defined in Section 384A of the Consolidated Farm and Rural Development Act. 
	 ̈	Subscriber is a plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, and such plan has total assets in excess of $5,000,000. 

 

    Schedule A-1

     

    

 

	 ̈	Subscriber is an employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974 if the investment decision is made by a plan fiduciary, as defined in Section 3(21) of such act, which is one of the following. 
	 	 ̈	A bank; 
	 	 ̈	A savings and loan association; 
	 	 ̈	An insurance company; or 
	 	 ̈	A registered investment adviser. 
	 ̈	Subscriber is an employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974 with total assets in excess of $5,000,000. 
	 ̈	Subscriber is an employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974 that is a self-directed plan with investment decisions made solely by persons that are accredited investors. 
	 ̈	Subscriber is a trust with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the securities offered by the Issuer in this offering, whose purchase is directed by a sophisticated person as described in Rule 506(b)(2)(ii) under the Securities Act. 

 

	 ̈	Subscriber is an entity, including Indian tribes, governmental bodies, funds, and entities organized under the laws of foreign countries, that own “investments,” as defined in Rule 2a51-1(b) under the Investment Company Act, in excess of $5,000,000 and that was not formed for the specific purpose of acquiring the securities of the Issuer being offered in this offering. 
	 ̈	Subscriber is a “family office,” as defined in rule 202(a)(11)(G)-1 under the Investment Advisers Act of 1940 that was not formed for the specific purpose of acquiring the securities of the Issuer being offered in this offering, with total assets in excess of $5,000,000 and whose prospective investment is directed by a person who has such knowledge and experience in financial and business matters that such family office is capable of evaluating the merits and risks of the prospective investment. 
	 ̈	Subscriber is a “family client,” as defined in rule 202(a)(11)(G)-1 under the Investment Advisers Act of 1940 (17 CFR 275.202(a)(11)(G)-1), of a family office meeting the requirements in paragraph (a)(12) of Rule 501(a) and whose prospective investment in the Issuer is directed by such family office pursuant to paragraph (a)(12)(iii) of Rule 501(a). 

 

*** AND ***

 

	C.	AFFILIATE STATUS 

(Please check the applicable box)

 

SUBSCRIBER:

	 ̈	is: 
	 ̈	is not: 

 

an “affiliate” (as defined in Rule 144 under the Securities
Act) of the Issuer or acting on behalf of an affiliate of the Issuer.

 

    Schedule A-2

     

    

 

SCHEDULE B

FORM OF ASSIGNMENT

 

This Subscription Assignment and Joinder Agreement
(this “Assignment Agreement”), dated          , 2021, is
made and entered into by and between (“Subscriber”) and (“Assignee”) and acknowledged by North Atlantic
Acquisition Corporation, a Cayman Islands exempted company (“NAAC”). Capitalized terms used but not defined herein
shall have the meanings ascribed to such terms in the Subscription Agreement (as defined below).

 

WHEREAS,
NAAC and Subscriber entered into that certain Subscription Agreement (the “Subscription Agreement”), dated          ,
2021, pursuant to which Subscriber agreed to subscribe for and purchase the Issuer’s Common Shares (the “Acquired Shares”)
and NAAC has agreed that the Issuer shall issue and sell to Subscriber such Acquired Shares;

 

WHEREAS,
Subscriber and Assignee are affiliated investment funds; and

 

WHEREAS,
for administrative reasons, Subscriber desires to assign its rights to subscribe for and purchase of the Acquired Shares along with the
rights and obligations set forth in the Subscription Agreement of such Acquired Shares (the “Assigned Shares”) to Assignee.

 

NOW,
THEREFORE, pursuant to Section 8.3 of the Subscription Agreement, and as further described in the table below,
Subscriber hereby assigns its rights to subscribe for and purchase the Assigned Shares to Assignee and Assignee hereby (i) accepts
the rights to subscribe for and purchase the Assigned Shares and agrees to be bound by and subject to the terms and conditions of the
Subscription Agreement, (ii) expressly makes the representations and warranties in Section 4 of the Subscription Agreement
with respect to the Assigned Shares and (iii) completed Schedule A to the Subscription Agreement and attached it hereto. Notwithstanding
the foregoing, this Assignment Agreement shall not relieve Subscriber of any of its obligations under the Subscription Agreement.

 

The following assignment by Subscriber to Assignee of its rights to
subscribe for and purchase all or a portion of the Acquired Shares have been made:

 

	Date of 

Assignment	 	Subscriber	 	Assignee	 	Number of
 Acquired Shares
 Assigned	 	Subscriber Revised
 Subscription
 Amount	 	Assignee
 Subscription
 Amount
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

 

[Signature Page Follows]

 

    Schedule B-1

     

    

 

IN
WITNESS WHEREOF, this Subscription Assignment and Joinder Agreement has been executed by Subscriber and Assignee acknowledged
by NAAC by its duly authorized representative as of the date set forth above.

 

	 	SUBSCRIBER
	 	 
	 	By:	                                                         
	 	 	Name:
	 	 	Title:
	 	 
	 	ASSIGNEE
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	Assignee’s EIN: _______________
	 	 
	 	Address:
	 	Attn:
	 	_______________________________

 

	Acknowledgement by NAAC:	 
	NORTH ATLANTIC ACQUISITION CORPORATION 	 
	 	 	 
	By:	                       	 
	Name:	 	 
	Title:	 	 

 

[Signature Page to Assignment]

 

    Schedule B-2

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