SUBSCRIPTION AGREEMENT
Exhibit 99.3
This SUBSCRIPTION AGREEMENT (this “Subscription Agreement”) is entered into on March 29, 2021, by and among Ajax I, a Cayman Islands exempted company (“Ajax”), Capri Listco, a Cayman
Islands exempted company (the “Company”), and the undersigned subscriber (“Subscriber”).
WHEREAS, concurrently with the execution of this Subscription Agreement, Ajax is entering into a definitive agreement with the Company and Cazoo Holdings Limited, a private limited company organized
under the law of England and Wales (“Cazoo”), providing for the combination of Ajax and Cazoo (the “Transaction Agreement” and the transactions contemplated by the Transaction Agreement, the “Transaction”);
WHEREAS, in connection with the Transaction, Subscriber desires to subscribe for and purchase from the Company, immediately prior to the consummation of the Transaction, that number of the Company’s
Class A ordinary shares, par value $0.0001 per share (the “Ordinary Shares”), set forth on the signature page hereto (the “Subscribed Shares”) for a purchase price of $10.00 per share (the “Per Share Price” and the aggregate of
such Per Share Price for all Subscribed Shares being referred to herein as the “Purchase Price”), and the Company desires to issue and sell to Subscriber the Subscribed Shares in consideration of the payment of the Purchase Price by or on
behalf of Subscriber to the Company; and
WHEREAS, on or about the date of this Subscription Agreement, the Company is entering into other subscription agreements (the “Other Subscription Agreements” and together with this
Subscription Agreement, the “Subscription Agreements”) with certain other investors (the “Other Subscribers” and together with Subscriber, the “Subscribers”), which are on substantially the same terms as the terms of this
Subscription Agreement, pursuant to which such Subscribers have agreed to purchase on the closing date of the Transaction, inclusive of the Subscribed Shares, an aggregate amount of up to 80,000,000 Ordinary Shares, at the Per Share 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:
Section 1. Subscription. Subject to the terms and conditions hereof, at the Closing (as defined below), Subscriber hereby agrees to subscribe for and purchase, and the Company hereby
agrees to issue and sell to Subscriber, upon the payment of the Purchase Price, the Subscribed Shares (such subscription and issuance, the “Subscription”).
Section 2. Closing.
(a) The consummation of the Subscription contemplated hereby (the “Closing”) shall occur on the closing date of the Transaction (the “Closing Date”), immediately prior to or
substantially concurrently with the consummation of the Transaction.
(b) At least five (5) Business Days before the anticipated Closing Date, the Company shall deliver 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 Company. No later than three (3) Business Days prior to the Closing Date, Subscriber shall deliver the Purchase Price for the Subscribed Shares by wire transfer of
United States dollars in immediately available funds to the account specified by the Company in the Closing Notice, such funds to be held by the Company in escrow until the Closing, and deliver to the Company such information as is reasonably
requested in the Closing Notice in order for the Company to issue the Subscribed Shares to Subscriber, including, without limitation, the legal name of the person (or nominee if so instructed by the Subscriber) in whose name the Subscribed Shares are
to be issued and a duly completed and executed Internal Revenue Service Form W-9 or appropriate Form W-8. Notwithstanding the foregoing and for the avoidance of doubt, in the case of a Subscriber that is an “investment company” registered under the
Investment Company Act of 1940, as amended, Subscriber shall deliver to the Company on the anticipated Closing Date the Purchase Price for the Subscribed Shares by wire transfer of U.S. dollars in immediately available funds to the account specified
by the Company in the Closing Notice (which account shall not be an escrow account) against delivery to the undersigned of the Subscribed Shares in book entry form, including evidence from the Company’s transfer agent of such issuance, on the Closing
Date as described below. Upon satisfaction (or, if applicable, waiver) of the conditions set forth in this Section 2, the Company shall deliver to Subscriber (i) at the Closing, the Subscribed Shares in book entry form, free and clear of any
liens or other restrictions (other than those arising under applicable securities laws), in the name of Subscriber (or its nominee in accordance with its delivery instructions), and (ii) as promptly as practicable after the Closing, evidence from the
Company’s transfer agent of the issuance to Subscriber of the Subscribed Shares on and as of the Closing Date. In the event that the consummation of the Transaction does not occur within three (3) Business Days after the anticipated Closing Date
specified in the Closing Notice, unless otherwise reasonably agreed to in writing by Ajax, the Company and the Subscriber, the Company shall promptly (but in no event later than two (2) Business Days thereafter) return the funds so delivered by
Subscriber to the Company by wire transfer in immediately available funds to the account specified by Subscriber, and any book entries shall be deemed cancelled. Notwithstanding such return or cancellation (x) a failure to close on the anticipated
Closing Date shall not, by itself, be deemed to be a failure of any of the conditions to Closing set forth in this Section 2 to be satisfied or waived on or prior to the Closing Date, and (y) unless and until this Subscription Agreement is
terminated in accordance with Section 7 herein, Subscriber shall remain obligated (A) to redeliver funds to the Company following the Company’s delivery to Subscriber of a new Closing Notice and (B) to consummate the Closing upon
satisfaction of the conditions set forth in this Section 2. For the purposes of this Subscription Agreement, “Business Day” means any day other than a Saturday, Sunday or any other day on which commercial banks are required or
authorized to remain closed in the State of New York or the United Kingdom.
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Each register and book entry for the Subscribed Shares shall contain a notation in substantially the following form:
“THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY NOT BE
TRANSFERRED IN VIOLATION OF SUCH ACT AND LAWS.”
(c) The Closing shall be subject to the satisfaction, or waiver by each of the parties hereto, of the conditions that, on the Closing Date:
(i) no suspension of the qualification of the Ordinary Shares for offering or sale or trading in any jurisdiction, or initiation of any proceedings for any of such
purposes, shall have occurred and the Subscribed Shares shall have been approved for listing on the Stock Exchange (as defined below), subject to official notice of issuance;
(ii) all conditions precedent to the closing of the Transaction set forth in the Transaction Agreement, including all necessary approvals of Ajax’s shareholders and
regulatory approvals, if any, shall have been satisfied (as determined by the parties to the Transaction Agreement) or waived (other than those conditions which, by their nature, are to be satisfied at the closing of the Transaction pursuant to the
Transaction Agreement), and the closing of the Transaction shall be scheduled to occur substantially concurrently with or immediately following the Closing; and
(iii) no governmental authority shall have enacted, issued, promulgated, enforced or entered any judgment, order, law, rule or regulation which is then in effect and has
the effect of making the consummation of the transactions contemplated hereby illegal or otherwise restraining or prohibiting consummation of the transactions contemplated hereby.
(d) In addition to the conditions set forth in Section 2(c), the obligation of the Company to consummate the Closing shall be subject to the satisfaction or waiver by the Company of
the additional conditions that, on the Closing Date:
(i) 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 below), which representations and warranties shall be true and correct in all respects) at and as of the Closing Date (unless they
specifically speak as of an earlier date, in which case they 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
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(ii) 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.
(e) In addition to the conditions set forth in Section 2(c), the obligation of Subscriber to consummate the Closing shall be subject to the satisfaction or waiver by Subscriber of the
additional conditions that, on the Closing Date:
(i) all representations and warranties of the Company and Ajax 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, Company Material Adverse Effect (as defined below) or Ajax Material Adverse Effect (as defined below), which representations and warranties shall be true and correct in all
respects) at and as of the Closing Date (unless they specifically speak as of an earlier date, in which case they shall be true and correct in all material respects (other than representations and warranties that are qualified as to materiality,
Company Material Adverse Effect or Ajax Material Adverse Effect, which representations and warranties shall be true and correct in all respects) as of such date);
(ii) each of the Company and Ajax 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 or compliance would not or would not reasonably be expected to prevent, materially delay, or materially
impair the ability of the Company or Ajax to consummate the transactions contemplated by this Agreement; and
(iii) (A) no amendment, modification or waiver of the Transaction Agreement shall have occurred that would reasonably be expected to materially and adversely affect the
legal or economic benefits that Subscriber would reasonably expect to receive under this Subscription Agreement without having received Subscriber’s prior written consent and (B) there shall have been no amendment, waiver or modification to any Other
Subscription Agreement that economically benefits such Other Subscriber thereunder unless the Subscriber has been offered the same benefits.
(f) Prior to or at the Closing, Subscriber shall deliver all such other information as is reasonably required in order for the Company to issue the Subscribed Shares to Subscriber.
Section 3. Company Representations and Warranties. The Company represents and warrants to Subscriber that:
(a) The Company (i) is duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation, (ii) has the requisite power and authority to own, lease and
operate its properties, to carry on its business as it is now being conducted and to enter into and perform its obligations under this Subscription Agreement, and (iii) is duly licensed or qualified to conduct its business and, if applicable, is in
good standing under the laws of each jurisdiction (other than its jurisdiction of incorporation) in which the conduct of its business or the ownership of its properties or assets requires such license or qualification, except, with respect to the
foregoing clause (iii), where the failure to be in good standing would not reasonably be expected to have a Company Material Adverse Effect. For purposes of this Subscription Agreement, a “Company Material Adverse Effect” means an
event, change, development or occurrence with respect to the Company and its subsidiaries, taken together as a whole (on a consolidated basis), that, individually or in the aggregate, would reasonably be expected to have a material adverse effect on
the Company’s ability to consummate the transactions contemplated hereby, including the issuance and sale of the Subscribed Shares.
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(b) As of the Closing Date, the Subscribed Shares will be duly authorized and, when issued and delivered to Subscriber against full payment therefor in accordance with the terms of this
Subscription Agreement, will be validly issued, fully paid and non-assessable, free and clear of any liens or other restrictions (other than those arising under applicable securities laws) and will not have been issued in violation of any preemptive
rights created under the Company’s organizational documents (as adopted on or prior to the Closing Date) or the laws of its jurisdiction of incorporation.
(c) This Subscription Agreement has been duly executed and delivered by the Company, and assuming the due authorization, execution and delivery of the same by Subscriber and Ajax, this
Subscription Agreement constitutes the valid and legally binding obligation of the Company, enforceable against the Company in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization,
moratorium and similar laws affecting creditors generally and by the availability of equitable remedies.
(d) Assuming the accuracy of the representations and warranties of Subscriber set forth herein, the execution and delivery of this Subscription Agreement, the issuance and sale of the
Subscribed Shares and the compliance by the Company with all of the provisions of this Subscription Agreement and the consummation of the 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 the Company pursuant to the terms of (i) any indenture, mortgage, deed of trust, loan
agreement, lease, license or other agreement or instrument to which the Company is a party or by which the Company is bound or to which any of the property or assets of the Company is subject; (ii) the organizational documents of the Company; 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 Company or any of its properties that, in the case of clauses (i) and (iii),
would reasonably be expected to have a Company Material Adverse Effect.
(e) Assuming the accuracy of the representations and warranties of Subscriber, the Company is not required to obtain any consent, waiver, authorization or order of, give any notice to, or
make any filing or registration with, any court or other federal, state, local or other governmental authority, self-regulatory organization (including New York Stock Exchange (the “Stock Exchange”)) or other person in connection with the
execution, delivery and performance of this Subscription Agreement (including, without limitation, the issuance of the Subscribed Shares), other than (i) filings required by applicable state securities laws, (ii) the filing of the Registration
Statement pursuant to Section 6 below, (iii) the filing of a Notice of Exempt Offering of Securities on Form D with the United States Securities and Exchange Commission (“Commission”) under Regulation D of the Securities Act of 1933,
as amended (the “Securities Act”), if applicable, (iv) those required by the Stock Exchange, including with respect to obtaining stockholder approval, (v) those required to consummate the Transaction as provided under the Transaction
Agreement, (vi) the filing of notification under the Xxxx-Xxxxx-Xxxxxx Antitrust Improvements Act of 1976, if applicable, and (vii) the failure of which to obtain would not be reasonably likely to have a Company Material Adverse Effect.
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(f) Other than the Other Subscription Agreements, the Transaction Agreement and any other agreement contemplated by the Transaction Agreement, the Company has not entered into any side
letter or similar agreement with any Other Subscriber in connection with such Other Subscriber’s direct or indirect investment in the Company or any Other Subscriber. No Other Subscription Agreement includes terms and conditions that are more
advantageous to any Other Subscriber thereunder than the Subscriber hereunder, other than terms particular to the regulatory requirements of such Other Subscriber or its affiliates or related funds that are mutual funds or are otherwise subject to
regulations related to the timing of funding and the issuance of the related Subscribed Shares.
(g) Except for such matters as have not had and would not be reasonably likely to have a Company Material Adverse Effect, there is no (i) suit, action, proceeding or arbitration before a
governmental authority or arbitrator pending, or, to the knowledge of the Company, threatened in writing against the Company or (ii) judgment, decree, injunction, ruling or order of any governmental authority or arbitrator outstanding against the
Company.
(h) Assuming the accuracy of Subscriber’s representations and warranties set forth in Section 5 of this Subscription Agreement, no registration under the Securities Act is required
for the offer and sale of the Subscribed Shares by the Company to Subscriber and the Subscribed 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.
(i) Neither the Company 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) in
connection with any offer or sale of the Subscribed Shares.
(j) The Company is not, and immediately after receipt of payment for the Subscribed Shares will not be, an “investment company” within the meaning of the Investment Company Act of 1940, as
amended.
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(k) Except for Xxxxxxx Sachs International (“GS”), X.X. Xxxxxx Securities LLC (“JPM”) and Citigroup Global Markets Inc. (collectively, the “Placement Agents”), no broker or
finder is entitled to any brokerage or finder’s fee or commission solely in connection with the sale of the Subscribed Shares to Subscriber.
(l) A copy of each form, report, statement, schedule, prospectus, proxy, registration statement and other document, if any, filed by the Company on or prior to the date hereof (the “Company
SEC Documents”) is available to the Subscriber via the Commission’s XXXXX system. None of the Company SEC Documents contained, when filed or, if amended, as of the date of such amendment with respect to those disclosures that are amended, 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, in the light of the circumstances under which they were made, not misleading; provided, that with
respect to the information about the Company’s affiliates contained in any Company SEC Document filed by the Company the representation and warranty in this sentence is made to the Company’s knowledge. There are no material outstanding or unresolved
comments in comment letters from the staff of the Division of Corporation Finance of the Commission with respect to any of the Company SEC Documents.
(m) The Company is in compliance with all applicable laws, except where such non-compliance would not reasonably be expected to have, individually or in the aggregate, a Company Material
Adverse Effect. The Company has not received any written communication from a governmental authority that alleges that the Company is not in compliance with or is in default or violation of any applicable law, except where such non-compliance,
default or violation would not reasonably be expected to have, individually or in the aggregate, a Company Material Adverse Effect.
(n) The Company acknowledges and agrees that, notwithstanding anything herein to the contrary, the Subscribed Shares may be pledged by Subscriber in connection with a bona fide margin
agreement, which shall not be deemed to be a transfer, sale or assignment of the Subscribed Shares hereunder, provided such pledge shall be (i) pursuant to an available exemption from the registration requirements of the Securities Act or (ii)
pursuant to, and in accordance with, a registration statement that is effective under the Securities Act at the time of such pledge, and the Subscriber effecting a pledge of the Subscribed Shares shall not be required to provide the Company with any
notice thereof; provided, however, that none of the Company, Ajax or their respective counsels shall be required to take any action (or refrain from taking any action) in connection with any such pledge, other than providing any such lender of such
margin agreement with an acknowledgment that the Subscribed Shares are not subject to any contractual prohibition on pledging or lock up, the form of such acknowledgment to be subject to review and comment by Ajax and the Company in all respects.
(o) The authorized capital shares of the Company as of the date hereof consist of (i) 1,100,000,000 Class A ordinary shares, par value $0.0001 per share (“Existing Class A Shares”);
(ii) 50,000,000 Class B ordinary shares, par value $0.0001 per share (“Existing Class B Shares”); and (iii) 1,000,000,000 Class C ordinary shares, par value $0.0001 per share (“Class C Shares”). As of the date hereof: (i) no Existing Class A
Shares or Class C Shares are issued and outstanding and (ii) 1,000 Existing Class B Shares are issued and outstanding.
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Section 4. Ajax Representations and Warranties. Ajax represents and warrants to the Subscriber that:
(a) Ajax (i) is duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation, (ii) has the requisite power and authority to own, lease and
operate its properties, to carry on its business as it is now being conducted and to enter into and perform its obligations under this Subscription Agreement, and (iii) is duly licensed or qualified to conduct its business and, if applicable, is in
good standing under the laws of each jurisdiction (other than its jurisdiction of incorporation) in which the conduct of its business or the ownership of its properties or assets requires such license or qualification, except, with respect to the
foregoing clause (iii), where the failure to be in good standing would not reasonably be expected to have an Ajax Material Adverse Effect. For purposes of this Subscription Agreement, an “Ajax Material Adverse Effect” means an event, change,
development or occurrence with respect to Ajax and its subsidiaries, taken together as a whole (on a consolidated basis), that, individually or in the aggregate, would reasonably be expected to have a material adverse effect on Ajax’s ability to
consummate the transactions contemplated hereby.
(b) This Subscription Agreement has been duly executed and delivered by Ajax, and assuming the due authorization, execution and delivery of the same by Subscriber and the Company, this
Subscription Agreement constitutes the valid and legally binding obligation of Ajax, enforceable against Ajax in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium and similar
laws affecting creditors generally and by the availability of equitable remedies.
(c) Assuming the accuracy of the representations and warranties of Subscriber set forth herein, the execution and delivery of this Subscription Agreement and the compliance by Ajax with
all of the provisions of this Subscription Agreement and the consummation of the 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 Ajax pursuant to the terms of (i) any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which
Ajax is a party or by which Ajax is bound or to which any of the property or assets of Ajax is subject; (ii) the organizational documents of Ajax; 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 Ajax or any of its properties that, in the case of clauses (i) and (iii), would reasonably be expected to have an Ajax Material Adverse Effect.
(d) Ajax is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or
other governmental authority, self-regulatory organization (including the Stock Exchange) or other person in connection with the execution, delivery and performance of this Subscription Agreement, other than (i) filings required by applicable state
securities laws, (ii) those required by the Stock Exchange, including with respect to obtaining stockholder approval, (iii) those required to consummate the Transaction as provided under the Transaction Agreement, (iv) the filing of notification
under the Xxxx-Xxxxx-Xxxxxx Antitrust Improvements Act of 1976, if applicable, and (v) the failure of which to obtain would not be reasonably likely to have an Ajax Material Adverse Effect.
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(e) Except for such matters as have not had and would not be reasonably likely to have an Ajax Material Adverse Effect, there is no (i) suit, action, proceeding or arbitration before a
governmental authority or arbitrator pending, or, to the knowledge of Ajax, threatened in writing against Ajax or (ii) judgment, decree, injunction, ruling or order of any governmental authority or arbitrator outstanding against Ajax.
(f) A copy of each form, report, statement, schedule, prospectus, proxy, registration statement and other document, if any, filed by Ajax on or prior to the date hereof (the “Ajax SEC
Documents”) is available to the Subscriber via the Commission’s XXXXX system. None of the Ajax SEC Documents contained, when filed or, if amended, as of the date of such amendment with respect to those disclosures that are amended, 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, in the light of the circumstances under which they were made, not misleading; provided, that with respect to
the information about Ajax’s affiliates contained in any Ajax SEC Document filed by Ajax the representation and warranty in this sentence is made to Ajax’s knowledge. There are no material outstanding or unresolved comments in comment letters from
the staff of the Division of Corporation Finance of the Commission with respect to any of the Ajax SEC Documents.
(g) Ajax is in compliance with all applicable laws, except where such non-compliance would not reasonably be expected to have, individually or in the aggregate, an Ajax Material Adverse
Effect. Ajax has not received any written communication from a governmental authority that alleges that Ajax is not in compliance with or is in default or violation of any applicable law, except where such non-compliance, default or violation would
not reasonably be expected to have, individually or in the aggregate, an Ajax Material Adverse Effect.
(h) The authorized capital shares of Ajax as of the date hereof consist of (i) 500,000,000 Class A ordinary shares, par value $0.0001 per share (“Existing Ajax Class A Shares”); (ii)
50,000,000 Class B ordinary shares, par value $0.0001 per share (“Existing Ajax Class B Shares”); and (iii) 5,000,000 preference shares, par value $0.0001 per share (“Ajax Preference Shares”). As of the date hereof, (i) no Ajax
Preference Shares are issued and outstanding; (ii) 80,499,090 Existing Ajax Class A Shares are issued and outstanding; (iii) 8,944,343 Existing Ajax Class B Shares are issued and outstanding; and (iv) 41,254,590 warrants to purchase 41,254,590
Existing Ajax Class A Shares are outstanding.
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Section 5. Subscriber Representations and Warranties. Subscriber represents and warrants to the Company that:
(a) Subscriber (i) is duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation, and (ii) has the requisite power and authority to enter
into and perform its obligations under this Subscription Agreement.
(b) This Subscription Agreement has been duly executed and delivered by Subscriber, and assuming the due authorization, execution and delivery of the same by the Company and Ajax, 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 by bankruptcy, insolvency, reorganization, moratorium
and similar laws affecting creditors generally and by the availability of equitable remedies.
(c) The execution and delivery of this Subscription Agreement, the purchase of the Subscribed Shares and the compliance by Subscriber with all of the provisions of this Subscription
Agreement and the consummation of the 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; (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 its properties that, in the case of clauses (i) and (iii), would reasonably be expected to have a Subscriber Material Adverse Effect. For purposes of this Subscription
Agreement, a “Subscriber Material Adverse Effect” means an event, change, development, occurrence, condition or effect with respect to Subscriber that would reasonably be expected to have a material adverse effect on Subscriber’s ability to
consummate the transactions contemplated hereby, including the purchase of the Subscribed Shares.
(d) 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(a)(1), (2), (3) or (7)
under the Securities Act) satisfying the applicable requirements set forth on Annex A, (ii) is acquiring the Subscribed Shares only for its own account and not for the account of others, or if Subscriber is subscribing for the Subscribed Shares as a
fiduciary or agent for one or more investor accounts, each owner of such account is a qualified institutional buyer 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 Subscribed Shares with a view to, or for offer or sale in connection with, any distribution thereof in violation of
the Securities Act (and has provided the Company with the requested information on Annex A following the signature page hereto). Subscriber is not an entity formed for the specific purpose of acquiring the Subscribed Shares. Subscriber (i) is an
institutional account as defined in FINRA Rule 4512(c), (ii) is a sophisticated investor, experienced in investing in private equity transactions and capable of evaluating investment risks independently, both in general and with regard to all
transactions and investment strategies involving a security or Subscribed Shares and (iii) has exercised independent judgment in evaluating its participation in the purchase of the Subscribed Shares. Subscriber understands that the offering meets the
exemptions from filing under FINRA Rule 5123(b)(1)(A), (C) or (J) and the institutional customer exemption under FINRA Rule 2111(b).
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(e) Together with its investment adviser, if applicable, Subscriber understands that the Subscribed Shares have not been registered under the Securities Act. Subscriber understands that the
Subscribed 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 Company or a subsidiary thereof, or (ii) pursuant to an
applicable exemption from the registration requirements of the Securities Act, and, in each of cases (i) and (ii), in accordance with any applicable securities laws of the applicable states and other jurisdictions of the United States, and as a
result of these transfer restrictions, Subscriber may not be able to readily resell the Subscribed Shares and may be required to bear the financial risk of an investment in the Subscribed Shares for an indefinite period of time. Subscriber
acknowledges and agrees that the Subscribed Shares will not be eligible for offer, resale, transfer, pledge or disposition pursuant to Rule 144 promulgated under the Securities Act (“Rule 144”) until at least one year from 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 Subscribed Shares.
(f) Subscriber understands and agrees that Subscriber is purchasing the Subscribed Shares directly from the Company. Subscriber further acknowledges that there have not been, and
Subscriber hereby agrees that it is not relying on, in connection with its purchase of the Subscribed Shares from the Company, any representations, warranties, covenants or agreements made to Subscriber by the Company, Ajax, the Placement Agents,
Cazoo, any of their respective affiliates or any of their respective control persons, officers, directors, employees, partners, agents or representatives, any other party to the Transaction or any other person or entity, expressly or by implication,
other than those representations, warranties, covenants and agreements of the Company and Ajax set forth in this Subscription Agreement. Subscriber acknowledges that certain information provided by the Company to the Subscriber was based on
projections, and such projections were prepared based on assumptions and estimates that are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual
results to differ materially from those contained in the projections.
(g) Together with its investment adviser, if applicable, in making its decision to purchase the Subscribed Shares, Subscriber has relied solely upon independent investigation made by
Subscriber and the representations contained herein. Subscriber acknowledges and agrees that Subscriber has received such information as Subscriber deems necessary in order to make an investment decision with respect to the Subscribed Shares,
including with respect to Cazoo and its subsidiaries (collectively, the “Acquired Companies”), Ajax and the Transaction. Subscriber represents and agrees that Subscriber and Subscriber’s professional advisor(s), if any, have had the
opportunity to ask such questions, receive such answers and obtain such information as Subscriber and such undersigned’s professional advisor(s), if any, have deemed necessary to make an investment decision with respect to the Subscribed Shares.
Without limiting the generality of the foregoing, the Subscriber acknowledges that it has reviewed the Ajax SEC Documents. Subscriber acknowledges and agrees that none of the Placement Agents, or any affiliate of the Placement Agents, has provided
Subscriber with any information or advice with respect to the Subscribed Shares nor is such information or advice necessary or desired. None of the Placement Agents or any of their respective affiliates has made or makes any representation as to Ajax
or the Acquired Companies or the quality or value of the Subscribed Shares and the Placement Agents and any of their respective affiliates may have acquired non-public information with respect to Ajax or the Acquired Companies which Subscriber agrees
need not be provided to it. In connection with the issuance of the Subscribed Shares to Subscriber, none of the Placement Agents or any of their respective affiliates has acted as a financial advisor or fiduciary to Subscriber. The Subscriber agrees
that none of the Placement Agents, their affiliates or any of its or their control persons, officers, directors or employees shall be liable to any Subscriber for any action heretofore or hereafter taken or omitted to be taken by any of them in
connection with the Subscriber’s purchase of the Subscribed Shares or with respect to any claim (whether in tort, contract or otherwise) for breach of this Subscription Agreement or in respect of any written or oral representations made or alleged to
be made in connection herewith, as expressly provided herein, or for any actual or alleged inaccuracies, misstatements or omissions with respect to any information or materials of any kind provided to the Subscriber concerning Ajax, the Company or
the Acquired Companies, this Subscription Agreement or the transactions contemplated hereby.
11
(h) Subscriber became aware of this offering of the Subscribed Shares solely by means of direct contact between Subscriber and Ajax and/or Cazoo, or their respective representatives or
affiliates, or by means of contact from the Placement Agents and the Subscribed Shares were offered to Subscriber solely by direct contact between Subscriber and Ajax and/or Cazoo, or their respective affiliates. Subscriber did not become aware of
this offering of the Subscribed Shares, nor were the Subscribed Shares offered to Subscriber, by any other means. Subscriber acknowledges that the Company represents and warrants that the Subscribed 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.
(i) Together with its investment adviser, if applicable, Subscriber acknowledges that it is aware that there are substantial risks incident to the purchase and ownership of the Subscribed
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 Subscribed Shares, and Subscriber has had an opportunity to seek, and has sought, such
accounting, legal, business and tax advice as Subscriber has considered necessary to make an informed investment decision.
12
(j) Subscriber has considered the risks of an investment in the Subscribed Shares and determined that the Subscribed 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 Company. Subscriber acknowledges specifically that a possibility of total loss exists.
(k) Subscriber understands that no federal or state agency has passed upon or endorsed the merits of the offering of the Subscribed Shares or made any findings or determination as to the
fairness of this investment.
(l) Subscriber is not, and is not owned or controlled by or acting on behalf of (in connection with the Transaction), a Sanctioned Person. Subscriber is not a non-U.S. shell bank or
providing banking services 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
by applicable law, it maintains, either directly or through the use of a third-party administrator, policies and procedures reasonably designed for the screening of any investors against Sanctions-related lists of blocked or restricted persons.
Subscriber further represents and warrants that the funds held by Subscriber and used to purchase the Subscribed Shares are derived from lawful activities. For purposes of this Agreement, “Sanctioned Person” means at any time any person or
entity: (a) who is the subject of any Sanctions-related list of designated or blocked or restricted persons; (b) organized, located or resident in Cuba, Iran, North Korea, Syria, the Crimea region or Ukraine, or any other country or territory
embargoed or subject to comprehensive territorial Sanctions; or (c) owned or controlled by or acting on behalf of any of the foregoing. “Sanctions” means those trade, economic and financial sanctions laws, regulations, embargoes, and
restrictive measures (in each case having the force of law) administered, enacted or enforced from time to time by (a) the United States (including without limitation the U.S. Department of the Treasury, Office of Foreign Assets Control, the U.S.
Department of State, and the U.S. Department of Commerce), (b) the European Union and enforced by its member states, (c) the United Nations and (d) Her Majesty’s Treasury.
(m) If Subscriber is an employee benefit plan that is subject to Title I of ERISA, a plan, an individual retirement account or other arrangement that is subject to section 4975 of the
Internal Revenue Code of 1986, as amended (the “Code”) or an employee benefit plan that is a governmental plan (as defined in section 3(32) of ERISA), a church plan (as defined in section 3(33) of ERISA), a non-U.S. plan (as described in
section 4(b)(4) of ERISA) or other plan that is not subject to the foregoing but may be subject to provisions under any other federal, state, local, non-U.S. or other laws or regulations that are similar to such provisions of ERISA or the Code, or an
entity whose underlying assets are considered to include “plan assets” of any such plan, account or arrangement (each, a “Plan”) subject to the fiduciary or prohibited transaction provisions of ERISA or section 4975 of the Code, Subscriber
represents and warrants that (i) neither the Company nor any of its respective affiliates (the “Transaction Parties”) has acted as the Plan’s fiduciary, or has been relied on for advice, with respect to its decision to acquire and hold the
Subscribed Shares, and none of the Transaction Parties shall at any time be relied upon as the Plan’s fiduciary with respect to any decision to acquire, continue to hold or transfer the Subscribed Shares and (ii) the acquisition and holding of the
Subscribed Shares will not result in a non-exempt prohibited transaction under ERISA or Section 4975 of the Code.
13
(n) Subscriber has, and at the Closing will have, sufficient funds to pay the Purchase Price pursuant to Section 2.
(o) Subscriber agrees that, from the date of this Agreement, none of the Subscriber nor any person or entity acting on behalf of the Subscriber or pursuant to any understanding with the
Subscriber will engage in any Short Sales with respect to securities of Ajax prior to the Closing. For the purposes hereof, “Short Sales” shall mean all “short sales” as defined in Rule 200 promulgated under Regulation SHO under the Exchange Act, and
all short positions effected through any direct or indirect stock pledges (other than pledges in the ordinary course of business as part of prime brokerage arrangements), forward sale contracts, options, puts, calls, swaps and similar arrangements
(including on a total return basis), or sales or other short transactions through non-U.S. broker dealers or foreign regulated brokers. Notwithstanding the foregoing, nothing herein (i) shall prohibit other entities under common management with the
Subscriber that have no knowledge of this Agreement or of Subscriber’s participation in this transaction (including the Subscriber’s controlled affiliates and/or affiliates) from entering into any Short Sales and (ii) in the case of a Subscriber that
is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such Subscriber’s assets and the portfolio managers have no knowledge of the investment decisions made by the portfolio managers managing other
portions of such Subscriber’s assets, this Section 5(o) shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase the Subscribed Shares.
(p) No broker or finder is entitled to any brokerage or finder’s fee or commission pursuant to any agreement between the Subscriber and such broker or finder in connection with the sale of
the Subscribed Shares to Subscriber.
(q) Subscriber has been informed that (i) the Placement Agents are acting as the Company’s placement agents, (ii) GS is acting as financial advisor to Cazoo in connection with the
Transaction and (iii) JPM is acting as financial advisor to Ajax in connection with the Transaction.
Section 6. Registration of Subscribed Shares. Subscriber, the Company and Ajax hereby acknowledge and agree that all of the Subscribed Shares acquired by the Subscriber hereunder
shall in all respects be subject to the terms and conditions of the Investor Rights Agreement (as defined in the Transaction Agreement) and, for all purposes of the Investor Rights Agreement, shall constitute Registrable Securities (as defined in the
Investor Rights Agreement).
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Section 7. Termination. This Subscription Agreement shall terminate and be void and of no further force and effect, and all rights and obligations of the parties hereunder shall
terminate without any further liability on the part of any party in respect thereof, upon the earliest to occur of (a) the Transaction Agreement is terminated in accordance with its terms, (b) upon the mutual written agreement of all parties hereto
to terminate this Subscription Agreement, (c) if, on the Closing Date of the Transaction, any of the conditions to Closing set forth in Section 2 of this Subscription Agreement have not been satisfied as of the time required hereunder to be
so satisfied or waived by the party entitled to grant such waiver and, as a result thereof, the transactions contemplated by this Subscription Agreement are not consummated, or (d) November 28, 2021, if the Closing has not occurred by such date other
than as a result of a breach of Subscriber’s obligations hereunder; provided, that nothing herein will relieve any party from liability for any willful breach hereof prior to the time of termination, and each party will be entitled to any
remedies at law or in equity to recover losses, liabilities or damages arising from such breach. The Company shall notify Subscriber of the termination of the Transaction Agreement promptly after the termination thereof.
Section 8. Trust Account Waiver. Subscriber hereby acknowledges that Ajax has established a trust account (the “Trust Account”) containing the proceeds of its initial public
offering (the “IPO”) and from certain private placements occurring simultaneously with the IPO (including interest accrued from time to time thereon) for the benefit of Ajax’s public shareholders and certain other parties (including the
underwriters of the IPO). For and in consideration of the Company entering into this Subscription Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Subscriber hereby (a) agrees
that it does not now and shall not at any time hereafter have any right, title, interest or claim of any kind in or to any assets held in the Trust Account, and shall not make any claim against the Trust Account, that arises as a result of, in
connection with or relating in any way to this Subscription Agreement, regardless of whether such claim arises based on contract, tort, equity or any other theory of legal liability (any and all such claims are collectively referred to hereafter as
the “Released Claims”), (b) irrevocably waives any Released Claims that it may have against the Trust Account now or in the future as a result of, or arising out of, this Subscription Agreement, and (c) will not seek recourse against the Trust
Account as a result of, or arising out of, this Subscription Agreement; provided, however, that nothing in this Section 8 shall be deemed to limit any Subscriber’s right to distributions from the Trust Account in accordance
with Ajax’s amended and restated memorandum and articles of association in respect of Class A ordinary shares of Ajax acquired by any means other than pursuant to this Subscription Agreement.
Section 9. [Reserved].
Section 10. Miscellaneous.
(a) All notices, requests, demands, claims, and other communications hereunder shall be in writing. Any notice, request, demand, claim, or other communication hereunder shall be deemed duly
given (i) when delivered personally to the recipient, (ii) when sent by electronic mail, on the date of transmission to such recipient; provided, that such notice, request, demand, claim or other communication is also sent to the recipient
pursuant to clauses (i), (iii) or (iv) of this Section 10(a), (iii) one Business Day after being sent to the recipient by reputable overnight courier service (charges prepaid), or (iv) four (4) Business Days after
being mailed to the recipient by certified or registered mail, return receipt requested and postage prepaid, and, in each case, addressed to the intended recipient at its address specified on the signature page hereof or to such electronic mail
address or address as subsequently modified by written notice given in accordance with this Section 10(a). A courtesy electronic copy of any notice sent by methods (i), (iii), or (iv) above shall also be sent to the recipient via electronic
mail if provided in the applicable signature page hereof or to an electronic mail address as subsequently modified by written notice given in accordance with this Section 10(a).
15
(b) Subscriber acknowledges that the Company and Ajax will rely on the acknowledgments, understandings, agreements, representations and warranties of Subscriber contained in this
Subscription Agreement and that the Placement Agents will rely on this Section 10(b), Section 10(c) and the representations and warranties of Subscriber contained in Section 5; provided, however, that the foregoing clause of
this Section 10(b) shall not give Ajax or the Placement Agents any rights other than those expressly set forth herein. Prior to the Closing, Subscriber agrees to promptly notify the Company, Ajax and the Placement Agents if it becomes aware that any
of the acknowledgments, understandings, agreements, representations and warranties of Subscriber set forth herein are no longer accurate in all material respects. Subscriber acknowledges and agrees that each purchase by Subscriber of Subscribed
Shares from the Company will constitute a reaffirmation of the acknowledgments, understandings, agreements, representations and warranties herein (as modified by any such notice) by Subscriber as of the time of such purchase. Each of the Company and
Ajax acknowledges that Subscriber will rely on the acknowledgments, understandings, agreements, representations and warranties contained in this Subscription Agreement. Prior to the Closing, the Company and Ajax each agree to promptly notify
Subscriber if it becomes aware that any of the acknowledgments, understandings, agreements, representations and warranties of the Company or Ajax set forth herein are no longer accurate in all material respects.
(c) Each of the Company, Ajax, Cazoo, the Placement Agents 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.
(d) Subscriber shall pay all of its own expenses in connection with this Subscription Agreement and the transactions contemplated herein.
(e) Neither this Subscription Agreement nor any rights that may accrue to Subscriber hereunder (other than the Subscribed Shares acquired hereunder, if any) may be transferred or assigned.
Neither this Subscription Agreement nor any rights that may accrue to the Company hereunder may be transferred or assigned (provided that, for the avoidance of doubt, the Company may transfer the Subscription Agreement and its rights hereunder
solely in connection with the consummation of the Transaction and exclusively to another entity under the control of, or under common control with, the Company). Notwithstanding the foregoing, Subscriber may assign its rights and obligations under
this Subscription Agreement to one or more of its affiliates, to other investment funds or accounts managed or advised by the investment manager who acts on behalf of Subscriber, or, with the Company’s prior written consent, to another person, provided
that no such assignment shall relieve Subscriber of its obligations hereunder if any such assignee fails to perform such obligations.
16
(f) All the agreements, representations and warranties made by each party hereto in this Subscription Agreement shall survive the Closing. For the avoidance of doubt, if for any reason the
Closing does not occur prior to the consummation of the Transaction, all representations, warranties, covenants and agreements of the parties hereunder shall survive the consummation of the Transaction and remain in full force and effect.
(g) The Company may request from Subscriber such additional information as the Company may reasonably deem necessary to evaluate the eligibility of Subscriber to acquire the Subscribed Shares
and to register the Subscribed Shares for resale, 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. Subscriber
acknowledges that the Company and/or Ajax may file a copy of this Subscription Agreement with the Commission as an exhibit to a periodic report of Ajax and/or the Company or a registration statement of Ajax and/or the Company.
(h) This Subscription Agreement may not be amended, modified or waived except by an instrument in writing, signed by each of the parties hereto.
(i) 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.
(j) Except as otherwise provided herein, this Subscription Agreement is intended for the benefit of the parties hereto and their heirs, executors, administrators, successors, legal
representatives, and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other person. Except as set forth in Section 10(b), Section 10(c) and this Section 10(j) with respect to
the persons specifically referenced therein, this Subscription Agreement shall not confer any rights or remedies upon any person other than the parties hereto, and their respective successor and assigns, and the parties hereto acknowledge that such
persons so referenced are third party beneficiaries of this Subscription Agreement for the purposes of, and to the extent of, the rights granted to them, if any, pursuant to the applicable provisions.
(k) The parties hereto acknowledge and agree that (i) this Subscription Agreement is being entered into in order to induce the Company to execute and deliver the Transaction Agreement and (ii)
irreparable damage would occur in the event that any of the provisions of this Subscription Agreement were not performed in accordance with their specific terms or were otherwise breached and that money or other legal remedies would not be an
adequate remedy for such damage. It is accordingly agreed that the parties shall be entitled to equitable relief, including in the form of an injunction or injunctions to prevent breaches or threatened breaches of this Subscription Agreement and to
enforce specifically the terms and provisions of this Subscription Agreement, this being in addition to any other remedy to which such party is entitled at law, in equity, in contract, in tort or otherwise. The parties hereto acknowledge and agree
that the Company and Ajax shall be entitled to specifically enforce Subscriber’s obligations to fund the Purchase Price and the provisions of the Subscription Agreement, in each case, on the terms and subject to the conditions set forth herein. The
parties hereto further acknowledge and agree: (x) to waive any requirement for the security or posting of any bond in connection with any such equitable remedy; (y) not to assert that a remedy of specific enforcement pursuant to this Section
10(k) is unenforceable, invalid, contrary to applicable law or inequitable for any reason; and (z) to waive any defenses in any action for specific performance, including the defense that a remedy at law would be adequate.
17
(l) 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.
(m) 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.
(n) This Subscription Agreement may be executed and delivered in one or more counterparts (including by facsimile or electronic mail or in .pdf) and by different parties in separate
counterparts, with the same effect as if all parties hereto had signed the same document. All counterparts so executed and delivered shall be construed together and shall constitute one and the same agreement.
(o) This Subscription Agreement shall be governed by, and construed in accordance with, the laws of the State of New York, without regard to the principles of conflicts of laws that would
otherwise require the application of the law of any other state.
(p) EACH PARTY AND ANY PERSON ASSERTING RIGHTS AS A THIRD PARTY BENEFICIARY HEREBY WAIVES ITS RIGHTS TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OR RELATED
TO THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY IN ANY ACTION, PROCEEDING OR OTHER LITIGATION OF ANY TYPE BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY OR ANY AFFILIATE OF ANY OTHER SUCH PARTY, WHETHER WITH RESPECT TO CONTRACT
CLAIMS, TORT CLAIMS OR OTHERWISE. THE PARTIES AGREE THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING THE FOREGOING, THE PARTIES FURTHER AGREE THAT THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY IS
WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF THIS SUBSCRIPTION AGREEMENT OR ANY PROVISION HEREOF. THIS WAIVER SHALL APPLY TO
ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS SUBSCRIPTION AGREEMENT.
18
(q) The parties agree that all disputes, legal actions, suits and proceedings arising out of or relating to this Subscription Agreement must be brought exclusively in 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 (collectively the “Designated Courts”). Each party hereby
consents and submits to the exclusive jurisdiction of the Designated Courts. No legal action, suit or proceeding with respect to this Subscription Agreement may be brought in any other forum. Each party hereby irrevocably waives all claims of
immunity from jurisdiction, and any objection which such party may now or hereafter have to the laying of venue of any suit, action or proceeding in any Designated Court, including any right to object on the basis that any dispute, action, suit or
proceeding brought in the Designated Courts has been brought in an improper or inconvenient forum or venue. Each of the parties also agrees that delivery of any process, summons, notice or document to a party hereof in compliance with Section
10(a) of this Subscription Agreement shall be effective service of process for any action, suit or proceeding in a Designated Court with respect to any matters to which the parties have submitted to jurisdiction as set forth above.
(r) This Subscription Agreement may only be enforced against, and any claim, action, suit or other legal proceeding based upon, arising out of, or related to this Subscription Agreement, or
the negotiation, execution or performance of this Subscription Agreement, may only be brought against the entities that are expressly named as parties or third party beneficiaries hereto and then only with respect to the specific obligations set
forth herein with respect to such party or third party beneficiary.
(s) Subscriber hereby consents to the publication and disclosure in any Form 8-K or Form 6-K filed by the Company or Ajax with the Commission in connection with the execution and delivery of
the Transaction Agreement or the transactions contemplated thereby and the Proxy Statement/Prospectus (as defined in the Transaction Agreement), and, as and to the extent otherwise required by the federal securities laws, exchange rules, the
Commission or any other securities authorities or any rules and regulations promulgated thereby, any other documents or communications provided by the Company, Ajax or Cazoo to any governmental entity or to any securityholders of the Company, of
Subscriber’s identity and beneficial ownership of the Subscribed Shares and the nature of Subscriber’s commitments, arrangements and understandings under and relating to this Agreement and, if deemed appropriate by the Company or Ajax, a copy of this
Agreement, all solely to the extent required by applicable law or any regulation or stock exchange listing requirement. Subscriber will promptly provide any information reasonably requested by the Company or Ajax for any regulatory application or
filing made or approval sought in connection with the Transaction (including filings with the Commission). Notwithstanding the foregoing, the Company shall provide to Subscriber a copy of any proposed disclosure relating to the Subscriber in
accordance with the provisions of this Section 10(t) in advance of any publication thereof and shall include such revisions to such proposed disclosure as Subscriber shall reasonably request.
19
(t) Ajax shall, by 9:00 a.m., New York City time, on the first (1st) 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 and by the Other Subscription Agreements, the Transaction and any other material,
nonpublic information that the Company has provided to Subscriber at any time prior to the filing of the Disclosure Document. Upon the issuance of the Disclosure Document, to Ajax’s knowledge, Subscriber shall not be in possession of any material,
non-public information received from Ajax or any of its officers, directors, or employees or agents, and Subscriber shall no longer be subject to any confidentiality or similar obligations under any current agreement, whether written or oral with
Company, the Placement Agents, Ajax or any of their affiliates in connection with the Transaction. Notwithstanding anything in this Subscription Agreement to the contrary, neither Ajax nor the Company (i) shall publicly disclose the name of
Subscriber or any of its affiliates or advisers, or include the name of Subscriber or any of its affiliates or advisers in any press release or marketing materials, without the prior written consent of Subscriber and (ii) shall publicly disclose the
name of the Subscriber or any of its affiliates or advisers, or include the name of the Subscriber or any of its affiliates or advisers in any filing with the Commission or any regulatory agency or trading market, without the prior written consent of
Subscriber, except (A) as required by the federal securities law and (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 NYSE. Subscriber will promptly
provide any information reasonably requested by Ajax, the Company or Cazoo for any regulatory application or filing made or approval sought in connection with the Transaction (including filings with the Commission).
(u) 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 under this Subscription Agreement or any Other Subscriber or other investor under the Other Subscription Agreements. The
decision of Subscriber to purchase Subscribed 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 Company, Ajax, Cazoo or any of their respective subsidiaries which 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 Subscribed 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.
20
(v) If Subscriber is a Massachusetts Business Trust, a copy of the Agreement and 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.]
21
IN WITNESS WHEREOF, each of the Company, Ajax and Subscriber has executed or caused this Subscription Agreement to be executed by its duly authorized
representative as of the date first set forth above.
| CAPRI LISTCO | ||||
|
By:
|
/s/ J. Xxxxxx Xxxxxx | |||
| Name: | J. Xxxxxx Xxxxxx | |||
| Title: | Director | |||
| Address for Notices: | |||
| 000 Xxxxxxx Xxxxxx | |||
| Xxx Xxxx, XX 00000 | |||
| Attn: |
Xxxxxx Xxx | ||
| Xxxxx Xxxxxxx | |||
| Email: |
xxxxxx@xxxxxxx.xxx | ||
| xxxxx@xxxxxxx.xxx | |||
| with a copy (not to constitute notice) to: | |||
| Xxxxxxxx & Xxxxx LLP | |||
| 000 Xxxxx Xxxxxxx Xxxxx | |||
| Xxxxxxx, XX 00000 | |||
| Attn: | Xxxx Xxxxxx, P.C. | ||
| Email: | xxxx.xxxxxx@xxxxxxxx.xxx | ||
| Xxxxxxxx & Xxxxx LLP | |||
| 000 Xxxx Xxxxxx | |||
| Xxxxxxx, XX 00000 | |||
| Attn: | Xxxxxx X. Xxx, P.C. | ||
| Email: | xxxxxx.xxx@xxxxxxxx.xxx | ||
[Signature Page to Subscription Agreement]
| AJAX I | ||||
|
By:
|
/s/ J. Xxxxxx Xxxxxx | |||
| Name: | J. Xxxxxx Xxxxxx | |||
| Title: | Chief Financial Officer | |||
| Address for Notices: | |||
| 000 XXXXXXX XXXXXX | |||
| XXX XXXX, XX 00000 | |||
| Attn: |
Xxxxxx Xxx | ||
| Xxxxx Xxxxxxx | |||
| Email: |
xxxxxx@xxxxxxx.xxx | ||
| xxxxx@xxxxxxx.xxx | |||
| with a copy (not to constitute notice) to: | |||
| Xxxxxxxx & Xxxxx LLP | |||
| 000 Xxxxx Xxxxxxx Xxxxx | |||
| Xxxxxxx, XX 00000 | |||
| Attn: | Xxxx Xxxxxx, P.C. | ||
| Email: | xxxx.xxxxxx@xxxxxxxx.xxx | ||
| Xxxxxxxx & Xxxxx LLP | |||
| 000 Xxxx Xxxxxx | |||
| Xxxxxxx, XX 00000 | |||
| Attn: | Xxxxxx X. Xxx, P.C. | ||
| Email: | xxxxxx.xxx@xxxxxxxx.xxx | ||
[Signature Page to Subscription Agreement]
| DMGV LIMITED | ||||
|
By:
|
/s/ Xxxxxx Xxxx Xx Xxxxxxxx | |||
| Name: | Xxxxxx Xxxx Xx Xxxxxxxx | |||
| Title: | Director | |||
| Address for Notices: | ||
| Xxxxxxxxxxx Xxxxx, 0 Xxxxx Xxxxxx | ||
| Xxxxxx, X0 0XX, XX | ||
| Name in which shares are to be registered: | ||
| DMGV Limited |
|
Number of Subscribed Shares subscribed for:
|
2,500,000
|
|
||
|
Price Per Subscribed Share:
|
$ 10.00
|
|||
|
Aggregate Purchase Price:
|
$25,000,000.00
|
You must pay the Purchase Price by wire transfer of United States dollars in immediately available funds to the account of the Company specified by the Company in the Closing Notice.
[Signature Page to Subscription Agreement]
ANNEX A
ELIGIBILITY REPRESENTATIONS OF SUBSCRIBER
This Annex A should be completed and signed by Subscriber
and constitutes a part of the Subscription Agreement.
|
A.
|
QUALIFIED INSTITUTIONAL BUYER STATUS (Please check the box, if applicable)
|
|
|
☐
|
Subscriber is a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act).
|
|
|
**OR**
|
||
|
B.
|
ACCREDITED INVESTOR STATUS (Please check the box, if applicable)
|
|
|
☒
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Subscriber is an “accredited investor” (within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act) and has marked and initialed the appropriate box below indicating the provision under
which it qualifies as an “accredited investor.”
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**AND**
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C.
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AFFILIATE STATUS (Please check the applicable box)
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SUBSCRIBER:
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☒
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is:
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☐
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is not:
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an “affiliate” (as defined in Rule 144 under the Securities Act) of the Company or acting on behalf of an affiliate of the Company.
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Rule 501(a), in relevant part, states that an “accredited investor” shall mean any person who comes within any of the below listed categories, or who the issuer reasonably believes comes
within any of the below listed categories, at the time of the sale of the securities to that person. Subscriber has indicated, by marking and initialing the appropriate box below, the provision(s) below which apply to Subscriber and under
which Subscriber accordingly qualifies as an “accredited investor.”
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☐
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Any bank, registered broker or dealer, insurance company, registered investment company, business development company, or small business investment company;
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☐
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Any plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions for the benefit of its employees, if such plan has total
assets in excess of $5,000,000;
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☐
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Any employee benefit plan, within the meaning of the Employee Retirement Income Security Act of 1974, if a bank, insurance company, or registered investment adviser makes the investment decisions, or if the
plan has total assets in excess of $5,000,000;
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☒
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Any corporation, similar business trust, partnership or any organization described in Section 501(c)(3) of the Internal Revenue Code, not formed for the specific purpose of acquiring the securities offered,
with total assets in excess of $5,000,000; or
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☐
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Any trust with assets in excess of $5,000,000, not formed to acquire the securities offered, whose purchase is directed by a sophisticated person.
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| SUBSCRIBER: | ||||
| Print Name: DMVG Limited | ||||
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By:
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/s/ Xxxxxx Xxxx Xx Xxxxxxxx | ||
| Name: | Xxxxxx Xxxx Xx Xxxxxxxx | |||
| Title: | Director | |||
