<SEC-DOCUMENT>0001104659-24-122375.txt : 20241125
<SEC-HEADER>0001104659-24-122375.hdr.sgml : 20241125
<ACCEPTANCE-DATETIME>20241125074639
ACCESSION NUMBER:		0001104659-24-122375
CONFORMED SUBMISSION TYPE:	SC 13D/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20241125
DATE AS OF CHANGE:		20241125
GROUP MEMBERS:		IMAGINATION AERO INVESTMENT LTD.

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Vertical Aerospace Ltd.
		CENTRAL INDEX KEY:			0001867102
		STANDARD INDUSTRIAL CLASSIFICATION:	AIRCRAFT [3721]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-93177
		FILM NUMBER:		241491971

	BUSINESS ADDRESS:	
		STREET 1:		UNIT 1 CAMWAL COURT
		STREET 2:		CHAPEL STREET
		CITY:			BRISTOL
		STATE:			X0
		ZIP:			BS2 0UW
		BUSINESS PHONE:		44 7799310595

	MAIL ADDRESS:	
		STREET 1:		UNIT 1 CAMWAL COURT
		STREET 2:		CHAPEL STREET
		CITY:			BRISTOL
		STATE:			X0
		ZIP:			BS2 0UW

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Fitzpatrick Stephen James
		CENTRAL INDEX KEY:			0001911254
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		SC 13D/A

	MAIL ADDRESS:	
		STREET 1:		C/O VERTICAL AEROSPACE LTD.
		STREET 2:		140-142 KENSINGTON CHURCH STREET
		CITY:			LONDON
		STATE:			X0
		ZIP:			W8 4BN
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>tm2429430d1_sc13da.htm
<DESCRIPTION>SC 13D/A
<TEXT>
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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 13D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Under the Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Amendment No.&nbsp;1)*</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>Vertical
Aerospace Ltd.</B></FONT><B><BR>
(Name of Issuer)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ordinary
Shares, par value $0.001 per share</B></FONT><B><BR>
(Title of Class&nbsp;of Securities)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>G9471C107</B></FONT><B><BR>
(CUSIP Number)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Benjamin Nutbeam<BR>
Level 4, 9 Pembridge Road, Notting Hill<BR>
+447802659250<BR>
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>August&nbsp;30, 2024<BR>
(Date of Event Which Requires Filing of This Statement)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule
13D, and is filing this schedule because of &sect;&sect; 240.13d-1(e), 240.13d-1(f)&nbsp;or 240.13d-1(g), check the following box. <FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

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<TD STYLE="width: 0.5in">*</TD><TD>The remainder of this cover page&nbsp;shall be filled out for a reporting person&rsquo;s initial filing on this form with respect
to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in
a prior cover page.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The information required on the remainder of this cover page&nbsp;shall
not be deemed to be &ldquo;filed&rdquo; for the purpose of Section&nbsp;18 of the Securities Exchange Act of 1934 (&ldquo;Act&rdquo;)
or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, <I>see</I>
the Notes).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 15%"><B>CUSIP NO.</b></TD><TD STYLE="width: 70%; text-align: left"><B>G9471C107</B></TD><TD STYLE="text-align: justify; width: 15%"><B>Page&nbsp;2
                                            of 7</B></TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-left: 5.4pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid">
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NAMES OF REPORTING PERSONS</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0; margin: 0pt 0">&nbsp;</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">STEPHEN FITZPATRICK</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-left: 5.4pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid">
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0; margin: 0pt 0">&nbsp;</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)&#8239;</FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>(b)&#8239;<FONT STYLE="font-family: Wingdings">&#168;</FONT></P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-left: 5.4pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SEC USE ONLY</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-left: 5.4pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid">
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOURCE OF FUNDS (See Instructions)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0; margin: 0pt 0">&nbsp;</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PF</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-left: 5.4pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid">
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
    ITEMS 2(d)&nbsp;OR 2(e)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0; margin: 0pt 0">&nbsp;</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT></P></TD></TR>
  <TR>
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-left: 5.4pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom">
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CITIZENSHIP OR PLACE OF ORGANIZATION</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0; margin: 0pt 0">&nbsp;</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United Kingdom and Republic of Ireland</P></TD></TR>
  <TR>
    <TD COLSPAN="2" ROWSPAN="4" STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NUMBER OF<BR>
 SHARES <BR>
BENEFICIALLY <BR>
OWNED BY <BR>
EACH <BR>
REPORTING <BR>
PERSON WITH</FONT></TD>
    <TD STYLE="text-align: center; border-top: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom">
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE VOTING POWER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0; margin: 0pt 0">&nbsp;</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">15,286,923</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-top: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid">
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED VOTING POWER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0; margin: 0pt 0">&nbsp;</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5,200,000<SUP>1</SUP></P></TD></TR>
  <TR>
    <TD STYLE="text-align: center; border-top: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom">
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE DISPOSITIVE POWER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0; margin: 0pt 0">&nbsp;</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">15,286,923</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid">
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED DISPOSITIVE POWER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0; margin: 0pt 0">&nbsp;</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5,200,000<SUP>1</SUP></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-left: 5.4pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid">
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0; margin: 0pt 0">&nbsp;</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">20,486,923</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-left: 5.4pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid">
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
    (See Instructions)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0; margin: 0pt 0">&nbsp;</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-left: 5.4pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid">
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PERCENT OF CLASS&nbsp;REPRESENTED BY AMOUNT IN ROW (11)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0; margin: 0pt 0">&nbsp;</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">74.98%<SUP>2</SUP></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-left: 5.4pt; border: Black 1pt solid">
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TYPE OF REPORTING PERSON (See Instructions)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0; margin: 0pt 0">&nbsp;</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">IN</P></TD></TR>
  <TR>
    <TD STYLE="text-align: center; width: 8%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 8%">&nbsp;</TD>
    <TD STYLE="padding-left: 5.4pt; width: 76%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT></TD><TD>Represents (i)&nbsp;5,000,000 ordinary shares, par value $0.001 per share (&ldquo;<B>Ordinary Shares</B>&rdquo;), issuable to Imagination
Aero Investment Ltd. (&ldquo;<B>Imagination Aero</B>&rdquo;) upon the exercise of outstanding warrants held by Imagination Aero (the &ldquo;<B>Warrants</B>&rdquo;)
and (ii)&nbsp;200,000 Ordinary Shares held by Imagination Aero. Stephen Fitzpatrick (&ldquo;<B>SF</B>&rdquo;) is the sole managing member
and beneficial owner of Imagination Aero. The foregoing gives effect to Vertical Aerospace Ltd.&rsquo;s (the &ldquo;<B>Issuer</B>&rdquo;)
one-for-ten reverse stock split of the Ordinary Shares effected on September&nbsp;20, 2024 (the &ldquo;<B>Reverse Split</B>&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>2</SUP></FONT></TD><TD>The percentage used herein is calculated based on 22,324,924 Ordinary Shares outstanding as of June&nbsp;30, 2024, as reported in
Exhibit&nbsp;99.3 to the Issuer&rsquo;s Form&nbsp;6-K filed on September&nbsp;17, 2024, and giving effect to the Reverse Split, together
with the 5,000,000 Ordinary Shares issuable to Imagination Aero upon exercise of the Warrants.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15%"><B>CUSIP NO.</b></TD><TD STYLE="text-align: left; width: 70%"><B>G9471C107</B></TD><TD STYLE="text-align: justify; width: 15%"><B>Page&nbsp;3
                                            of 7</B></TD>
</TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-left: 5.4pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NAMES OF REPORTING PERSONS</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">IMAGINATION AERO INVESTMENT LTD.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-left: 5.4pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)&#8239;</FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT>&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;
</FONT>(b)&#8239;<FONT STYLE="font-family: Wingdings">&#168;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 46.1pt">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-left: 5.4pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SEC
                                            USE ONLY</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-left: 5.4pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOURCE OF FUNDS (See Instructions)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PF</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-left: 5.4pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
    TO ITEMS 2(d)&nbsp;OR 2(e)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#9744;</P></TD></TR>
  <TR>
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-left: 5.4pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CITIZENSHIP OR PLACE OF ORGANIZATION</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">England and Wales</P></TD></TR>
  <TR>
    <TD COLSPAN="2" ROWSPAN="4" STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NUMBER
    OF<BR>
    SHARES<BR>
    BENEFICIALLY<BR>
    OWNED BY<BR>
    EACH <BR>
    REPORTING PERSON WITH</FONT></TD>
    <TD STYLE="text-align: center; border-top: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE VOTING POWER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-top: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED VOTING POWER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5,200,000<SUP>1</SUP></P></TD></TR>
  <TR>
    <TD STYLE="text-align: center; border-top: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE DISPOSITIVE POWER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD>
    <TD STYLE="padding-left: 5.4pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED DISPOSITIVE POWER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5,200,000<SUP>1</SUP></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-left: 5.4pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5,200,000<SUP>1</SUP></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-left: 5.4pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
    SHARES (See Instructions)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-left: 5.4pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PERCENT OF CLASS&nbsp;REPRESENTED BY AMOUNT IN ROW (11)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">19.03%<SUP>2</SUP></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-left: 5.4pt; border: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TYPE OF REPORTING PERSON (See Instructions)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CO</P></TD></TR>
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 8%">&nbsp;</TD>
    <TD STYLE="padding-left: 5.4pt; width: 76%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT></TD><TD>Represents (i)&nbsp;5,000,000 Ordinary Shares issuable to Imagination Aero upon the exercise of outstanding Warrants and (ii)&nbsp;200,000
Ordinary Shares held by Imagination Aero. SF is the sole managing member and beneficial owner of Imagination Aero. The foregoing gives
effect to the Reverse Split.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>2</SUP></FONT></TD><TD>The percentage used herein is calculated based on 22,324,924 Ordinary Shares outstanding as of June&nbsp;30, 2024, as reported in
Exhibit&nbsp;99.3 to the Issuer&rsquo;s Form&nbsp;6-K filed on September&nbsp;17, 2024, and giving effect to the Reverse Split, together
with the 5,000,000 Ordinary Shares issuable to Imagination Aero upon exercise of the Warrants..</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15%"><B>CUSIP NO.</b></TD><TD STYLE="text-align: left; width: 70%"><B>G9471C107</B></TD><TD STYLE="text-align: justify; width: 15%"><B>Page&nbsp;4
                                            of 7</B></TD>
</TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Explanatory Note</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Amendment No.&nbsp;1 to the statement on Schedule 13D (this &ldquo;<B>Amendment</B>&rdquo;)
amends the Schedule 13D originally filed with the Securities and Exchange Commission (the &ldquo;<B>SEC</B>&rdquo;) on March&nbsp;22,
2024 (the &ldquo;<B>Original Schedule 13D</B>&rdquo; and, as amended by this Amendment, the &ldquo;<B>Schedule 13D</B>&rdquo;), which
relates to the ordinary shares, par value $0.001 per share (the &ldquo;<B>Ordinary Shares</B>&rdquo;), of Vertical Aerospace Ltd. (the
 &ldquo;<B>Issuer</B>&rdquo;). Capitalized terms used in this Amendment and not otherwise defined herein shall have the same meanings ascribed
to them in the Original Schedule 13D. Except as otherwise provided herein, each Item of the Original Schedule 13D remains unchanged.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All share numbers reported in this Amendment give effect to the Issuer&rsquo;s
one-for-ten reverse stock split of its Ordinary Shares effected on September&nbsp;20, 2024 (the &ldquo;<B>Reverse Split</B>&rdquo;). Information
presented in the Original Schedule 13D does not give effect to the Reverse Split.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.7in"><B>Item 4.</B></TD><TD><B>Purpose of Transaction</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 4 is hereby amended and restated in its entirety to read as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The information set forth in or incorporated by reference in Item 3
and Item 6 of this Schedule 13D is hereby incorporated by reference in its entirety into this Item 4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Reporting Persons acquired the securities described in this Schedule
13D for investment purposes. The Reporting Persons review their investment in the Issuer on a continuing basis. Depending on various factors,
including, without limitation, the outcome of any discussions referenced below, the Issuer&rsquo;s financial position and strategic direction,
actions taken by the Issuer&rsquo;s board of directors (the &ldquo;<B>Board</B>&rdquo;), price levels of the Ordinary Shares, other investment
opportunities available to the Reporting Persons, conditions in the securities market and general economic and industry conditions (&ldquo;<B>Evaluation
Factors</B>&rdquo;), the Reporting Persons may from time to time and at any time in the future determine (i)&nbsp;to acquire additional
Ordinary Shares and/or other equity, debt, notes or other securities of the Issuer, or derivative or other instruments that are based
upon or relate to the value of the Ordinary Shares or the Issuer (collectively, &ldquo;<B>Securities</B>&rdquo;) in the open market, through
private agreements or otherwise; (ii)&nbsp;to dispose of all or a portion of their Securities through public offerings or private transactions;
(iii)&nbsp;to engage in any hedging or similar transactions with respect to the Securities; or (iv)&nbsp;to take any other available course
of action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">From time to time, the Reporting Persons have taken action with respect
to certain actions specified in the instructions to Item 4 of Schedule 13D, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD>On August&nbsp;30, 2024, Stephen Fitzpatrick (&ldquo;<B>SF</B>&rdquo;), in his capacity as the holder of greater than 10.0% of the
issued and outstanding Ordinary Shares of the Issuer, delivered to the Issuer a shareholders&rsquo; requisition requesting that an Extraordinary
General Meeting (&ldquo;<B>EGM</B>&rdquo;) be convened for the sole purpose of considering a number of resolutions to amend the Issuer&rsquo;s
Amended and Restated Memorandum and Articles of Association (the &ldquo;<B>Articles</B>&rdquo;). Among other things, the amendments proposed
to remove the requirement for any of the directors that SF is entitled to appoint under the Articles to be independent (subject to NYSE
minimum independence requirements) and to introduce a right for shareholders of the Issuer holding a majority of the issued and outstanding
Ordinary Shares to remove any director by written instruction. Additional details were set forth in the Circular to Shareholders Relating
to an Extraordinary General Meeting that was filed as Exhibit&nbsp;99.1 to the Issuer&rsquo;s 6-K filed with the SEC on September&nbsp;17,
2024, which is incorporated by reference herein. The amendment to the Articles became effective immediately upon its adoption by the Shareholders
at the EGM, and a copy of the Third Amended and Restated Memorandum and Articles of Association of Vertical Aerospace Ltd., as amended,
is attached as Exhibit&nbsp;3.1 to the Issuer&rsquo;s Form&nbsp;6-K filed with the SEC on September&nbsp;30, 2024.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15%"><B>CUSIP NO.</b></TD><TD STYLE="text-align: left; width: 70%"><B>G9471C107</B></TD><TD STYLE="text-align: justify; width: 15%"><B>Page&nbsp;5
                                            of 7</B></TD>
</TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD>SF proposed the appointment of Stephen Welch to serve as a director of the Issuer pursuant to SF&rsquo;s director appointment rights
set forth in the Issuer&rsquo;s then-applicable amended and restated memorandum and articles of association. On September&nbsp;20, 2024,
upon recommendation of the Nominating and Corporate Governance Committee of the Issuer&rsquo;s Board, the Board appointed Mr.&nbsp;Welch
to serve as an independent, non-executive director of the Issuer, effective immediately.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD>On November&nbsp;24, 2024, the Reporting Persons entered into a term sheet setting forth the terms of an agreement in principle (the
 &ldquo;<B>Agreement in Principle</B>&rdquo;) among the Issuer, the Reporting Persons, and the Issuer&rsquo;s primary creditor and senior
secured lender, Mudrick Capital Management L.P., to address the Issuer&rsquo;s more immediate cash requirements and facilitate longer-term
fund raising, as more fully described in the Issuer&rsquo;s Form&nbsp;6-K, furnished to the SEC on November&nbsp;25, 2024. The Agreement
in Principle is subject to implementation and execution of final transaction agreements documenting the terms of the Agreement in Principle,
acceptable to the parties thereto, as well as all amendments to the Articles necessary to give effect to the transactions contemplated
by the Agreement in Principle. The Agreement in Principle is not legally binding, with certain exceptions, including, among others, SF&rsquo;s
agreement to use his best efforts to (and to cause his affiliates to) enter into final transaction agreements documenting the terms of
the Agreement in Principle. Among other matters, the Agreement in Principle contemplates that SF is to have the right to participate for
$25 million of Ordinary Shares or equity-linked securities in the Issuer&rsquo;s next funding round (the &ldquo;<B>First Equity Placement</B>&rdquo;)
on the same economic terms as other investors in the First Equity Placement, or in the event SF elects not to participate in the First
Equity Placement, a 12-month option to invest $25 million in Ordinary Shares at a strike price equal to the per share purchase price paid
by investors in the First Equity Placement. The Agreement in Principle also provides that for so long as the Reporting Persons beneficially
own more than 3% of the Ordinary Shares in issue, (i)&nbsp;SF will be entitled to remain on the Board and the board of directors of Vertical
Aerospace Group Ltd. and (ii)&nbsp;SF shall retain a right to participate on a <I>pro rata</I> basis in future equity raises by the Issuer,
subject to the above-mentioned 12-month option in respect of the First Equity Placement. For so long as SF remains on the Board or the
board of directors of Vertical Aerospace Group Ltd., the Agreement in Principle contemplates that he shall have the right to appoint a
representative for meetings of the Board or the board of directors of Vertical Aerospace Group Ltd. that he is unable to attend. In addition,
all veto rights and reserved matters in favor of SF are to be removed pursuant to the Agreement in Principle, provided that the Issuer
will be required to obtain SF&rsquo;s consent prior to proposing any amendment to the Articles or the Issuer&rsquo;s bylaws that, once
adopted, will materially and adversely affect SF&rsquo;s board rights, as contemplated by the Agreement in Principle. The Agreement in
Principle also contemplates that SF and his affiliates will enter into a lock-up agreement with the Issuer for a period of time to be
agreed in connection with the entry into definitive transaction documentation.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">From time to time, the Reporting Persons intend to engage in discussions
with the Board and/or members of the Issuer&rsquo;s management team concerning a broad range of operational and strategic matters, including,
without limitation, the Issuer&rsquo;s business, operations, capital structure, governance (including the need for, and scope of, any
special purpose committees of the Board), management, and strategy as well as potential financings, business combinations, strategic alternatives,
and other matters concerning the Issuer, including transactions and commercial arrangements in which the Reporting Persons may seek to
participate and potentially engage. The Reporting Persons intends to communicate with other stockholders or third parties regarding the
foregoing, including negotiating with such third parties regarding the terms of potential transactions or other proposals that may be
presented to the Reporting Persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The parties to the Agreement in Principle agreed and acknowledged that
all remaining obligations arising pursuant to the Investment Agreement have expired (including in respect of the second tranche $25 million
funding commitment) and that such obligations shall be replaced by the Reporting Persons&rsquo; participation rights contemplated by the
Agreement in Principle.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Further, with respect to SF&rsquo;s rights pursuant to the Articles,
as amended, and the SF Reserved Matters Letter Agreement, SF intends&mdash;in each case, subject to the Reporting Persons&rsquo; undertakings
under the Agreement in Principle&mdash;to evaluate relevant matters and to determine whether or not to exercise any available rights,
as SF determines appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding anything contained herein, the Reporting Persons specifically
reserve the right to change their intention with respect to any or all of such matters. In reaching any decision as to their course of
action (as well as to the specific elements thereof), the Reporting Persons currently intend to take some or all of the Evaluation Factors
into consideration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Except as set forth in this Item 4 of this Schedule 13D, the Reporting
Persons do not have any present plans or proposals that relate to or would result in any of the actions specified in clauses (a)&nbsp;through
(j)&nbsp;of the instructions to Item 4 of this Schedule 13D.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15%"><B>CUSIP NO.</b></TD><TD STYLE="text-align: left; width: 70%"><B>G9471C107</B></TD><TD STYLE="text-align: justify; width: 15%"><B>Page&nbsp;6
                                            of 7</B></TD>
</TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.7in"><B>Item 7.</B></TD><TD><B>Material to be Filed as Exhibits</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; width: 10%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit&nbsp;<BR>
Number</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 89%; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1867102/000110465924104257/tm2425017d1_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1867102/000110465924104257/tm2425017d1_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Third Amended and Restated Memorandum and Articles of Association of Vertical Aerospace Ltd., as amended (incorporated by reference to Exhibit&nbsp;3.1 to Report of Foreign Private Issuer Pursuant to Section&nbsp;13a-16 or 15d-16 of Vertical Aerospace Ltd. on Form&nbsp;6-K (File No.&nbsp;001-41169), filed with the SEC on September&nbsp;30, 2024).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><A HREF="tm2429430d1_ex2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><A HREF="tm2429430d1_ex2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Term Sheet (Agreement in
    Principle) among Vertical Aerospace Ltd., Vertical Aerospace Group Limited, Mudrick Capital Management L.P.,&nbsp;Imagination Aero
    Investment Ltd. and Stephen Fitzpatrick.</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15%"><B>CUSIP NO.</b></TD><TD STYLE="text-align: left; width: 70%"><B>G9471C107</B></TD><TD STYLE="text-align: justify; width: 15%"><B>Page&nbsp;7
                                            of 7</B></TD>
</TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
reasonable inquiry and to the best of my knowledge and belief,&nbsp;I certify that the information </FONT>set forth in this statement
is true, complete and correct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: November&nbsp;25, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">IMAGINATION AERO INVESTMENT LTD.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%"><FONT STYLE="font-size: 10pt">/s/ Stephen Fitzpatrick</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Stephen Fitzpatrick</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">STEPHEN FITZPATRICK</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Stephen Fitzpatrick</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Stephen Fitzpatrick</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2
<SEQUENCE>2
<FILENAME>tm2429430d1_ex2.htm
<DESCRIPTION>EXHIBIT 2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 2</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>VERTICAL AEROSPACE LTD.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Term Sheet &ndash; November&nbsp;24, 2024</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>PARTIES</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 26%; font-size: 10pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Company:
    </B></FONT></TD>
    <TD STYLE="width: 74%; font-size: 10pt; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Vertical
    Aerospace Ltd., a Cayman Islands exempted company.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>VAGL:
    </B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Vertical
    Aerospace Group Limited, a company incorporated under the laws of England and Wales, and a wholly-owned subsidiary of the Company.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Mudrick
    Capital: </B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Mudrick
    Capital Management L.P. or any fund, investor, entity or account that is managed, sponsored or advised by Mudrick Capital Management
    L.P. or its affiliates.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>SF Investors:</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Stephen
    Fitzpatrick,&nbsp;Imagination Aero Investments Limited or any other fund, entity or account that is affiliated with Stephen Fitzpatrick.</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>STEP
    A: AMENDMENTS TO INDENTURE AND PARTIAL CONVERSION OF NOTES</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; text-align: center">AMENDMENTS TO INDENTURE</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Capitalized
    terms used in this section without definition shall have the respective meanings ascribed to them in the Indenture, dated as of December&nbsp;16,
    2021, between, among others, the Company (as defined below) and U.S. Bank National Association as trustee and collateral agent (the
    &ldquo;<B>Indenture</B>&rdquo;), governing the 7.00% / 9.00% Convertible Senior Secured PIK Toggle Notes due 2026 (the &ldquo;<B>Notes</B>&rdquo;)
    issued by the Company.</I></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; width: 26%"><FONT STYLE="font-size: 10pt"><B>Amendments to the Indenture: </B></FONT></TD>
    <TD STYLE="width: 74%; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the Conditions set out below,
    the Indenture is to be amended by way of one or more supplemental indentures or replaced with a new indenture (collectively, the
    &ldquo;<B>Indenture Amendments</B>&rdquo;), as follows:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; width: 26%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; width: 4%">&nbsp;</TD>
  <TD STYLE="padding-right: 5.4pt; width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
  <TD STYLE="text-align: justify; width: 68%">to provide for a fixed Conversion Rate to reflect a Conversion Price that is (a)&nbsp;effective
  as of the date of the Supplemental Indenture, $2.75 per Ordinary Share, subject to a restriction that such fixed Conversion Rate is
  only applicable up to and including half (approximately $130.2 million assuming payment of PIK Interest on December&nbsp;15, 2024)
  of the total principal amount of the then-outstanding Notes, and (b)&nbsp;effective on and after the date that the Conversion Consideration
  in respect of half (approximately $130.2 million assuming payment of PIK Interest on December&nbsp;15, 2024) of the total principal
  amount of the then-outstanding Notes is delivered by the Company pursuant to Section&nbsp;5.03 of the Indenture (such date of delivery,
  the &ldquo;<B>Partial Conversion Date</B>&rdquo;), $3.50 per Ordinary Share. For the avoidance of doubt, such fixed Conversion Rate,
  in each case, shall not be subject to down-round adjustment as provided in Section&nbsp;5.05(A)(vi)&nbsp;of the existing Indenture);</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
  <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
  <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
  <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
  <TD STYLE="text-align: justify">with effect from December&nbsp;15, 2024, to provide for a fixed interest rate of 10.00% for Cash Interest
  and 12.00% for PIK Interest;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
  <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
  <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
  <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
  <TD STYLE="text-align: justify">the Maturity Date is to be December&nbsp;15, 2028; and</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
  <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
  <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
  <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
  <TD STYLE="text-align: justify">the definitions of Make-Whole Premium, Redemption Multiplier and Fundamental Change Redemption Multiplier
  are to reflect the following redemption profile:</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></TD>
  <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></TD>
  <TD STYLE="text-align: justify"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; width: 26%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; width: 8%">&nbsp;</TD>
  <TD STYLE="padding-right: 5.4pt; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD>
  <TD STYLE="padding-right: 5.4pt; width: 64%">for any redemption prior to the fourth anniversary of the Issue Date: make-whole premium
  payable;</TD></TR>


<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
  <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
  <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD>
  <TD>on or after the fourth anniversary of the Issue Date but prior to the fifth anniversary of the Issue Date, 112.0%;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 26%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
  <TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD>
  <TD STYLE="width: 64%"><FONT STYLE="font-family: Times New Roman, Times, Serif">on or after the fifth anniversary of the Issue Date
  but prior to the sixth anniversary of the Issue Date, 106.0%; and</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD>
  <TD>on or after the sixth anniversary of the Issue Date, 100.0%.</TD></TR>
</TABLE>





<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; font-size: 10pt; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>PARTIAL
    CONVERSION</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; font-size: 10pt; text-align: center; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; width: 26%; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Partial Conversion:</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify; width: 74%; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Promptly
    following entry into the Indenture Amendments, Mudrick Capital shall, pursuant to Section&nbsp;5.02 of the Indenture, provide a Notice
    of Conversion in respect of $130 million principal amount of the outstanding Notes at the Conversion Price of $2.75 per Ordinary
    Share (the &ldquo;<B>Partial Conversion</B>&rdquo;). </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Conversion Consideration:
    </B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Upon receipt
    of the Notice of Conversion, the Company shall deliver the Conversion Consideration pursuant to Section&nbsp;5.03 of the Indenture,
    amounting to approximately 47,343,585 Ordinary Shares and representing approximately 71% of the total number of voting Ordinary Shares
    in issue based on the number of such Ordinary Shares as at the date of this Term Sheet. </FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>CONDITIONS</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; width: 26%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Mudrick
    Capital <BR>
    Conditions to Indenture <BR>
    Amendments and Partial<BR>
    Conversion Date:</B></FONT></TD>
    <TD STYLE="padding-left: 5.4pt; width: 74%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to waiver by Mudrick Capital, the
    Indenture Amendments and Partial Conversion shall be conditional upon:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">(a)&#8239;&#8239;&#8239;&#8239;entry
    into a subscription agreement among the Company, VAGL, Mudrick Capital and the SF Investors (the &ldquo;<B>Subscription Agreement</B>&rdquo;),
    documenting the terms of the Committed Funding, First Equity Placement and Mr.&nbsp;Fitzpatrick&rsquo;s Participation Rights as set
    forth in this Term Sheet;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">(b)&#8239;&#8239;&#8239;entry
    into a forbearance agreement (the &ldquo;<B>Forbearance Agreement</B>&rdquo;), which shall include:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">o&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;support
    undertakings from all parties in respect of the transactions contemplated by this Term Sheet (including, the Company Undertakings
    and Majority Shareholder Undertakings set out below);</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">o&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;milestones
    to be agreed (including completion of the Indenture Amendments and the Partial Conversion by December&nbsp;31, 2024);</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">o&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;a
    forbearance in respect of any outstanding Defaults or Events of Default under the Indenture until (i)&nbsp;February&nbsp;1, 2025,
    in respect of Sections&nbsp;3.15(a)&nbsp;and 3.16(a)&nbsp;of the Indenture and (ii)&nbsp;until the earlier of February&nbsp;1, 2025
    and the date that the Committed Funding (as defined below) is received by the Company, in respect of Section&nbsp;3.13 of the Indenture,
    in each case subject to:</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 5.4pt">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="margin: 0"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 26%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
  <TD STYLE="text-align: left; width: 3%; vertical-align: top"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD>
  <TD STYLE="text-align: justify; width: 56%"><FONT STYLE="font-family: Times New Roman, Times, Serif">the Company, VAGL and the SF Investors complying with
  their forbearance undertakings;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
  <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TD><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD>
  <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">compliance with customary information rights (including delivery of financial
  information); and</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TD><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD>
  <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">customary termination events (including upon breach of any milestone,
  insolvency, steps taken to file for insolvency or MAE); and</FONT></TD></TR>
</TABLE>





<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; width: 26%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 74%; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">o&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;a
    waiver in respect of the Fundamental Change repurchase provisions in the Indenture in connection with the transactions contemplated
    by this Term Sheet;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">(c)&#8239;&#8239;&#8239;Mudrick
    Capital&rsquo;s consent, as sole noteholder, to the Indenture Amendments, which consent Mudrick Capital undertakes to procure;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">(d)&#8239;&#8239;&#8239;the
    Company granting fixed and floating charges over all of its assets as security for the Notes and all liabilities under the Indenture
    (as amended);</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">(e)&#8239;&#8239;&#8239;Company
    shareholder approval with respect to the Indenture Amendments, Partial Conversion and all amendments to the Company&rsquo;s memorandum
    and articles of association required to facilitate the Partial Conversion and the Governance Changes set out below, including, for
    the avoidance of doubt, an increase in the number of authorized shares to cover the Ordinary Shares to be issued pursuant to the
    Indenture Amendments and the Partial Conversion, if necessary;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">(f)&#8239;&#8239;&#8239;&#8239;entry
    into, and effectiveness of, all amendments to the Company&rsquo;s memorandum and articles of association required to (a)&nbsp;provide
    for the governance provisions contemplated in this Term Sheet and (b)&nbsp;terminate all of the SF Investors&rsquo; rights thereunder
    in accordance with this Term Sheet;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">(g)&#8239;&#8239;&#8239;the
    termination of the SF Reserved Matters Letter Agreement between the Company and Mr.&nbsp;Fitzpatrick dated March&nbsp;13, 2024; and</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">(h)&#8239;&#8239;&#8239;entry
    into one or more registration rights agreements between the Company and Mudrick Capital.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The foregoing actions shall be inter-conditional
    on each of such other actions being effected.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Further
    Condition to Partial Conversion:</B></FONT></TD>
    <TD STYLE="padding-left: 5.4pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Partial Conversion shall be conditional upon receipt of any required regulatory approvals.</FONT></TD></TR>
  </TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; font-size: 10pt; text-align: center; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>OTher
    matters</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; font-size: 10pt; text-align: center; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; padding-left: 5.4pt; width: 26%"><FONT STYLE="font-size: 10pt"><B>Headquarters
    of the<BR>
    Company:</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify; padding-left: 5.4pt; width: 74%"><FONT STYLE="font-size: 10pt">Mudrick
    Capital is to provide good faith assurances to the Company that the Company will remain headquartered and based in the United Kingdom,
    subject to parameters to be determined. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Branding, Name and <BR>
    Identity of the Company:&#8239;&#8239;</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Mudrick
    Capital is to commit to retaining the Company&rsquo;s &ldquo;Vertical Aerospace&rdquo; name and brand identity. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-size: 10pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>IAIL&rsquo;s Prior <BR>
    Commitment: </B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">All parties
    to this Term Sheet agree and acknowledge that all remaining obligations arising pursuant to the Investment Agreement by and between
    the Company and Imagination Aero Investments Limited (&ldquo;<B>IAIL</B>&rdquo;) dated February&nbsp;22, 2024 (the &ldquo;<B>IAIL
    Investment Agreement</B>&rdquo;) have expired (including in respect of the second tranche $25 million funding commitment) and that
    such obligations shall be replaced by the participation rights as set out below. Further, the Company agrees that it shall cover
    IAIL&rsquo;s, Mr.&nbsp;Fitzpatrick&rsquo;s and Mudrick Capital&rsquo;s reasonable legal costs in connection therewith. </FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>STEP
    B: GOVERNANCE AND RELEASES</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>INDENTURE
    ENHANCEMENTS</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 5.4pt; font-size: 10pt; padding-left: 5.4pt; width: 26%"><FONT STYLE="font-size: 10pt"><B>Additional
    Guarantor and <BR>
    Collateral / Waiver:</B></FONT></TD>
    <TD STYLE="padding-left: 5.4pt; width: 74%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Promptly following the Partial Conversion
    Date:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34.9pt; text-align: justify; text-indent: -0.25in">(a)&#8239;&#8239;&#8239;&#8239;VAGL
    shall become a Guarantor and Security Provider in respect of the Notes and the Indenture, including granting a fixed and floating
    charge over all its assets; and</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34.9pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34.9pt; text-align: justify; text-indent: -0.25in">(b)&#8239;&#8239;&#8239;Mudrick
    Capital shall waive all existing defaults and events of default under the Indenture as amended and restated in accordance with the
    terms of this term herein.</P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>GOVERNANCE
    CHANGES</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; width: 26%"><FONT STYLE="font-size: 10pt"><B>Board Composition:</B></FONT></TD>
    <TD STYLE="padding-left: 5.4pt; width: 74%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">So long as the SF Investors beneficially
    own more than 3% of the Ordinary Shares in issue, Mr.&nbsp;Fitzpatrick shall have the right and be entitled to remain on the board
    of directors of the Company (the &ldquo;<B>Board</B>&rdquo;) and VAGL (while receiving no compensation for service on either board),
    and Mudrick Capital shall take all actions necessary to implement the foregoing, including voting in favor of any resolution to appoint
    Mr.&nbsp;Fitzpatrick to the board of the Company and VAGL (&ldquo;<B>Mr Fitzpatrick&rsquo;s Board Rights</B>&rdquo;).</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Immediately upon the Partial Conversion Date
    and without limitation to Mr.&nbsp;Fitzpatrick&rsquo;s Board Rights, the Board shall otherwise consist of a majority of independent
    directors (as determined by the Nomination and Corporate Governance Committee and as set forth in the NYSE rules) nominated for election
    by Mudrick Capital, and the Company and the Nominating and Corporate Governance Committee of the Board shall cause such nominees
    to be put forth for appointments in accordance with the Company&rsquo;s memorandum and articles of association.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Thereafter and, in each case, without limitation
    to Mr.&nbsp;Fitzpatrick&rsquo;s Board Rights:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">(a)&#8239;&#8239;&#8239;So
    long as Mudrick Capital owns at least 10% of the outstanding Ordinary Shares (assuming the Notes that have not been converted to
    Ordinary Shares are not converted to Ordinary Shares), Mudrick Capital shall be entitled to nominate for election a proportionate
    number of directors to serve on the Board (rounded to the nearest whole number), and to nominate directors to fill any vacancies
    resulting from the departure from the Board of a director so-nominated by Mudrick Capital, and the Company and the Nominating and
    Corporate Governance Committee of the Board shall cause such nominees to be put forth for appointments in accordance with the Company&rsquo;s
    memorandum and articles of association.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">(b)&#8239;&#8239;&#8239;Subject
    to applicable law and NYSE rules, Mudrick Capital&rsquo;s Board designees shall also be entitled to proportionate representation
    (with a minimum of one member) on the compensation committee and all other committees of the Board; provided that if applicable law
    or NYSE rules&nbsp;prevent Mudrick Capital&rsquo;s Board designee(s)&nbsp;from serving on any committee, Mudrick Capital shall be
    entitled to appoint an observer to serve on such committee.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">(c)&#8239;&#8239;&#8239;Mudrick
    Capital&rsquo;s right to nominate member(s)&nbsp;of the Board shall terminate on the first date on which Mudrick Capital beneficially
    owns less than 10% of the outstanding Ordinary Shares (on a fully converted basis).</P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; width: 26%"><FONT STYLE="font-size: 10pt"><B>Mudrick Capital&rsquo;s<BR>
    Consent Rights:</B></FONT></TD>
    <TD STYLE="padding-left: 5.4pt; width: 74%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From and after the Partial Conversion Date
    until the date as of which Mudrick Capital beneficially owns less than 35% of the Ordinary Shares (on a fully converted basis), the
    Company shall be required to obtain Mudrick Capital&rsquo;s consent prior to:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">(a)&#8239;&#8239;&#8239;the
    Company&rsquo;s proposing of any amendment to any provision of the Company&rsquo;s memorandum and articles of association or bylaws
    (by merger, consolidation, reclassification, amendment or otherwise) that, once adopted, will materially and adversely affect the
    rights of Mudrick Capital in respect of the appointment of directors to the Board; and</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">(b)&#8239;&#8239;&#8239;any
    change to the Board (other than in accordance with the Company&rsquo;s memorandum and articles of association, as amended, as contemplated
    by this Term Sheet).</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.5in">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Mudrick Capital&rsquo;s <BR>
    Pre-Emptive Rights:</B></FONT></TD>
    <TD STYLE="padding-left: 5.4pt; font-size: 10pt; text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">From
                                            and after the Partial Conversion Date, the Company will grant Mudrick Capital a customary
                                            pre-emptive right to maintain its ownership percentage of the Company for so long as Mudrick
                                            Capital and its affiliates maintain at least a 20% beneficial ownership position (on a fully
                                            diluted basis), with customary exclusions for acquisitions and issuances to employees and
                                            directors.</FONT></P>
                                                                          <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Mr.&nbsp;Fitzpatrick&rsquo;s
    Rights: </B></FONT></TD>
    <TD STYLE="padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">So long as the SF Investors beneficially
    own more than 3% of the Ordinary Shares:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">(a)&#8239;&#8239;&#8239;decisions
    relating to future equity raises by the Company shall be taken by a majority of (i)&nbsp;the independent members of the then-constituted
    Board or (ii)&nbsp;a committee of such independent members; and</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">(b)&#8239;&#8239;&#8239;Mr.&nbsp;Fitzpatrick
    shall retain a right to participate on a pro rata basis in any such future equity raises by the Company, subject to his 12-month
    option in respect of only the First Equity Placement (as set forth below).</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For so long as Mr.&nbsp;Fitzpatrick remains
    on the Board or the board of directors of VAGL, (a)&nbsp;he shall have the right to appoint a representative for meetings of the
    Board or the board of directors of VAGL that he is unable to attend and (b)&nbsp;the Company shall cover the cost of his executive/administrative
    support, subject to a cap to be agreed.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company shall be required to obtain Mr.&nbsp;Fitzpatrick&rsquo;s
    consent prior to the Company&rsquo;s proposing of any amendment to any provision of the Company&rsquo;s memorandum and articles of
    association or bylaws (by merger, consolidation, reclassification, amendment or otherwise) that, once adopted, will materially and
    adversely affect Mr.&nbsp;Fitzpatrick&rsquo;s Board Rights.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>releases</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Release of Claims:</B></FONT></TD>
    <TD STYLE="padding-left: 5.4pt; font-size: 10pt; text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">With
                                            effect from the date on which each of the Indenture Amendments, the Partial Conversion, the
                                            Indenture Enhancements and, for the avoidance of doubt, the Governance Changes have taken
                                            place, each of Mudrick Capital, Mr.&nbsp;Fitzpatrick and the Company agree to release any
                                            and all claims against one another under or in connection with the Indenture, the Indenture
                                            Amendments, the Indenture Enhancements, the IAIL Investment Agreement and the Governance
                                            Changes.</FONT></P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>step c: FUNDING
COMMITMENT and FIRST equity placement</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; width: 26%"><FONT STYLE="font-size: 10pt"><B>Commitments:
    </B></FONT></TD>
    <TD STYLE="padding-left: 5.4pt; width: 74%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As soon as reasonably practicable following
    the Partial Conversion Date, Mudrick Capital shall commit to the Company to purchase up to $50 million of equity securities issued
    by the Company (the &ldquo;<B>Committed Funding</B>&rdquo;) in and on the same economic terms as its next funding round (the &ldquo;<B>First
    Equity Placement</B>&rdquo;), as follows:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">(a)&#8239;&#8239;&#8239;&#8239;$25
    million of the Committed Funding is to be purchased by Mudrick Capital on a non-contingent basis; and</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">(b)&#8239;&#8239;&#8239;Mudrick
    Capital is to provide a backstop commitment of an additional $25 million to be purchased by Mudrick Capital if the Company is not
    able to raise such amount in the First Equity Placement (with such backstop commitment reducing dollar-for-dollar for any amounts
    raised from third parties, including existing shareholders of the Company).</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any funding by Mudrick Capital pursuant to
    its foregoing Committed Funding shall constitute the First Equity Placement.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Conditions to Committed<BR>
    Funding: </B></FONT></TD>
    <TD STYLE="padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to waiver by Mudrick Capital, the
    closing of the Committed Funding by Mudrick Capital shall be conditional upon:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">(a)&#8239;&#8239;&#8239;the
    Company, in Mudrick Capital&rsquo;s reasonable determination, conducting in good faith a robust equity process for the First Equity
    Placement;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">(b)&#8239;&#8239;&#8239;receipt
    of any required regulatory approvals;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">(c)&#8239;&#8239;&#8239;Company
    shareholder approval with respect to the amendments to the Company&rsquo;s memorandum and articles of association, including, for
    the avoidance of doubt, an increase in the number of authorized shares to cover the Ordinary Shares issued and underlying all equity-linked
    securities, if necessary;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">(d)&#8239;&#8239;&#8239;entry
    into the Registration Rights Agreement (as defined below);</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">(e)&#8239;&#8239;&#8239;customary
    opinions of the Company&rsquo;s counsel in connection with the Transaction Documentation (as defined below); and</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;no
    material adverse effect having occurred, or an event or occurrence that would reasonably be likely to give rise to a material adverse
    effect, on the Company since its last audited financial statements.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Mr.&nbsp;Fitzpatrick&rsquo;s
    <BR>
    Participation Rights:</B></FONT></TD>
    <TD STYLE="padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr.&nbsp;Fitzpatrick shall have:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">(a)&#8239;&#8239;&#8239;the
    right to participate in the First Equity Placement to purchase up to $25 million in Ordinary Shares or equity-linked securities on
    the same economic terms as other investors in the First Equity Placement; or</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">(b)&#8239;&#8239;&#8239;in
    the event he elects not to participate in the First Equity Placement, a 12-month option to purchase $25 million in Ordinary Shares
    from the Company at a strike price equal to the per share purchase price paid by investors in the First Equity Placement.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>GENERAL</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Lock-Up:</B></FONT></TD>
    <TD STYLE="padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">From the
    Partial Conversion Date until a date to be agreed (the &ldquo;<B>Lock-Up Period</B>&rdquo;),&#8239;&#8239;each of Mudrick Capital
    and Mr.&nbsp;Fitzpatrick and his affiliates (subject to customary exclusions to be agreed) will agree with the Company not to (i)&nbsp;sell,
    offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase or otherwise dispose of or agree to dispose
    of, directly or indirectly, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position
    within the meaning of Section&nbsp;16 of the Securities and Exchange Act of 1934, as amended (the &ldquo;<B>Exchange Act</B>&rdquo;),
    and the rules&nbsp;and regulations of the Securities and Exchange Commission promulgated thereunder, with respect to the&#8239;&#8239;Ordinary
    Shares (a &ldquo;<B>Transfer</B>&rdquo;), (ii)&nbsp;enter into any swap or other arrangement that transfers to another, in whole
    or in part, any of the economic consequences of ownership of any of the Ordinary Shares, whether any such transaction is to be settled
    by delivery of&#8239;&#8239;Ordinary Shares or other securities, in cash or otherwise, or (iii)&nbsp;publicly announce any intention
    to effect any transaction specified in the immediately preceding subsections (i)&nbsp;or (ii)&nbsp;(any of the foregoing actions
    in clauses (i)-(iii), the &ldquo;<B>Transfer Restrictions</B>&rdquo;).</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; width: 26%"><FONT STYLE="font-size: 10pt"><B>Registration
    Rights:</B></FONT></TD>
    <TD STYLE="padding-left: 5.4pt; width: 74%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mudrick Capital shall be granted customary
    registration rights (including demand and piggyback registration rights to be agreed) with respect to the Ordinary Shares issued
    and issuable pursuant to the transactions set forth in this Term Sheet (including, for the avoidance of doubt, any additional Ordinary
    Shares issuable to Mudrick Capital pursuant to the Indenture Amendments) (subject to the &ldquo;Lock-Up&rdquo; and &ldquo;Market
    Manipulation&rdquo; provisions set forth in this Term Sheet).</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Without limiting the foregoing, the Company
    will (i)&nbsp;promptly (and in any event no later than 30 days) following the Partial Conversion Date, file and cause to become effective
    a customary shelf registration statement covering (a)&nbsp;the Ordinary Shares issued and issuable to Mudrick Capital pursuant to
    the transactions set forth in this Term Sheet and (b)&nbsp;any additional Ordinary Shares issuable to Mudrick Capital pursuant to
    the Indenture and (ii)&nbsp;have such registration statements deemed effective by the Securities and Exchange Commission within 30
    days of the Partial Conversion Date. The Company will cause such registration statement to remain effective until the earlier of
    the date (a)&nbsp;all registrable securities are sold by the holders thereof and (b)&nbsp;such securities are freely tradable under
    Rule&nbsp;144 without limitation as to volume or manner of sale.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Transaction<BR>
    Documentation:</B></FONT></TD>
    <TD STYLE="padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Forbearance Agreement, the Subscription
    Agreement, the supplemental indenture(s)&nbsp;and any security documents to be entered into in connection with the Indenture Amendments
    and the Indenture Enhancements, and other documents required to effect the matters set forth in this Term Sheet shall be referred
    to as the &ldquo;<B>Transaction Documentation</B>&rdquo;.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Transaction Documentation will incorporate
    review from the accounting, tax, diligence, trustee, local counsel and stock exchange perspectives, among other inputs for public
    company issuers.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Company Undertakings: </B></FONT></TD>
    <TD STYLE="padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prior to execution of the Forbearance Agreement,
    the Company shall (subject to applicable fiduciary duties) progress contingency planning in connection with existing defaults under
    the Indenture and update Mudrick Capital (periodically or upon request) on such contingency planning.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prior to execution of the remaining Transaction
    Documentation, the Company shall (subject to applicable fiduciary duties):</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">(a)&#8239;&#8239;&#8239;&#8239;use
    best endeavors to agree and enter into the Transaction Documentation;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">(b)&#8239;&#8239;&#8239;&#8239;notify
    Mudrick Capital prior to taking any steps to commence any insolvency-related proceedings; and</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">(c)&#8239;&#8239;&#8239;&#8239;other
    than as part of good faith contingency planning referred to above, not solicit or pursue any alternative funding or restructuring
    proposals and notify Mudrick Capital of any alternative financing and/or restructuring proposals received.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; width: 26%"><FONT STYLE="font-size: 10pt"><B>Majority Shareholder
    <BR>
    Undertaking:</B></FONT></TD>
    <TD STYLE="padding-left: 5.4pt; font-size: 10pt; text-align: justify; width: 74%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Mr.&nbsp;Fitzpatrick,
                                            in his capacity as majority shareholder of the Company, agrees to use his best efforts to
                                            (and cause his affiliates to) enter into one or more agreements (as applicable) to effectuate
                                            the transactions contemplated by this Term Sheet.&#8239;&#8239;</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Expenses:</B></FONT></TD>
    <TD STYLE="padding-left: 5.4pt; font-size: 10pt; text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">The&#8239;&#8239;Forbearance
                                            Agreement will contain customary provisions for expenses, including reimbursement by the
                                            Company of reasonable and documented expenses of legal counsel to Mudrick Capital (including
                                            one firm of Cayman counsel) and the SF Investors (including one firm of Cayman counsel),
                                            in connection with the transactions contemplated by this Term Sheet and the Forbearance Agreement.</FONT></P>
                                                                          <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&#8239;&#8239;</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Governing Law and <BR>
    Forum; Applicable <BR>
    Securities Laws:</B></FONT></TD>
    <TD STYLE="padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Term Sheet and the Transaction Documentation
    (other than the Company&rsquo;s governing documents) will be governed by the laws of the State of New York. All disputes, legal actions,
    suits and proceedings arising out of or relating to this Term Sheet and the Transaction Documentation must be brought exclusively
    in the state courts of New York or in the federal courts located in the state and county of New York.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s governing documents will
    be governed by Cayman Islands law. VAGL&rsquo;s governing documents will be governed by English law.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Nothing in this Term Sheet (or any related
    or final documentation) shall be interpreted as creating or forming a &ldquo;group&rdquo;, including with Mudrick Capital, Mr.&nbsp;Fitzpatrick
    or any other SF Investor, or any other person, for the purposes of Rule&nbsp;13d-5(b)(1)&nbsp;under the U.S. Securities Exchange
    Act of 1934, as amended, or for any other similar provision of applicable law. The Company acknowledges and agrees that the obligations
    of each of Mudrick Capital and Mr.&nbsp;Fitzpatrick and the other SF Investors under this Term Sheet (and any related or final documentation)
    shall be several (and not joint) and none of the parties shall be responsible in any way for the actions or omissions of the other
    parties.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Generally Non-Binding:</B></FONT></TD>
    <TD STYLE="padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">This Term
    Sheet is intended solely as a basis for further discussion among the parties. Except as set forth in the sections of this Term Sheet
    opposite the headings &ldquo;Company Undertakings&rdquo;, &ldquo;Majority Shareholder Undertakings&rdquo;, &ldquo;Governing Law and
    Forum; Applicable Securities Laws&rdquo; and &ldquo;Generally Non-Binding&rdquo;, which shall be binding, this Term Sheet does not
    constitute a contract, agreement or commitment of any kind or otherwise establish any legal obligation whatsoever (including, but
    not limited to, any obligation to negotiate) with regards to any potential transaction or otherwise, and no such obligation shall
    be deemed to exist between the parties or any of their respective affiliates, except to the extent set forth in written definitive
    agreements that have been executed and delivered by the parties hereto. Entering into any definitive agreements will be subject to
    receipt of all necessary internal and third party approvals.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">IN WITNESS WHEREOF, the parties hereto have caused
this term sheet to be duly executed as of the day and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>MUDRICK CAPITAL MANAGEMENT L.P.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On behalf of certain funds or accounts managed,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">sponsored or advised by it</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 47%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Jason Mudrick</FONT></TD>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Jason Mudrick</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Chief Investment
    Officer</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>VERTICAL
    AEROSPACE LTD.</B></FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 47%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Stephen Welch</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Stephen Welch</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Chairman</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>VERTICAL
    AEROSPACE GROUP LIMITED </B></FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 47%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Stephen Welch</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Stephen Welch</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Director </FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>STEPHEN FITZPATRICK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="border-bottom: Black 1pt solid; width: 50%">/s/Stephen Fitzpatrick</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IMAGINATION
    AERO INVESTMENT LTD.</B></FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 47%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Stephen Fitzpatrick</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Stephen Fitzpatrick</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Director</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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