Exhibit
4.4


 


BOXWOOD MERGER Corp.


 


and


 


Continental Stock
Transfer & Trust Company


 


Warrant Agreement


 


Dated as of                           ,
2018


 


THIS WARRANT AGREEMENT
(this “Agreement”), dated as of                           ,
2018, is by and between Boxwood Merger Corp., a Delaware corporation (the “Corporation”), and Continental
Stock Transfer & Trust Company, a New York corporation, as warrant agent (the “Warrant Agent”, also referred to
herein as the “Transfer Agent”).


 


 WHEREAS, the Corporation
intends to enter into that certain Securities Purchase Agreement with Boxwood Sponsor, LLC, a Delaware limited liability company
(the “Sponsor”), pursuant to which the Sponsor will purchase (i) an aggregate of 250,000 units (the
“Private Placement Units”), with each Private Placement Unit consisting of one share of the Corporation’s
Common Stock (as defined below) and one warrant, at a purchase price of $10.00 per Private Placement Unit, and (ii) an aggregate
of 3,500,000 warrants (or up to 4,100,000 warrants if the Over-allotment Option is exercised in full) (such warrants, collectively
with the warrants underlying the Private Placement Units, the “Private Placement Warrants”), at a purchase
price of $1.00 per warrant, in each case in a private placement that will close simultaneously with the closing of the Offering
(as defined below) (and any closing of the underwriters’ Over-allotment Option, if applicable). The Private Placement Warrants
shall bear the legend set forth in Exhibit B hereto; and 


 


WHEREAS, in order to finance
the Corporation’s transaction costs in connection with an intended initial Business Combination (as defined below), the Sponsor
or an affiliate of the Sponsor or certain of the Corporation’s officers and directors may loan the Corporation funds as the
Corporation may require, of which up to $250,000 of such loans may be convertible into up to an additional 250,000 warrants (the
“Loan Warrants”) at a price of $1.00 per warrant. The Loan Warrants shall bear the legend set forth in
Exhibit B hereto; and


 


 WHEREAS, the Corporation
is engaged in an initial public offering (the “Offering”) of its units, each such unit consisting of
one share of Common Stock (as defined below) and one Public Warrant (as defined below) (the “Units”)
and, in connection therewith, has determined to issue and deliver up to 23,000,000 warrants (including up to 3,000,000 warrants
if the Over-allotment Option is exercised in full) to public investors in the Offering (the “Public Warrants”
and, together with the Private Placement Warrants and the Loan Warrants, the “Warrants”). Each Warrant
will entitle the holder thereof to purchase one share of Class A common stock of the Corporation, par value $0.0001 per share
(“Common Stock”), for $11.50 per share, subject to adjustment as described herein; and 


 


 WHEREAS, the Corporation
has filed with the U.S. Securities and Exchange Commission (the “Commission”) a registration statement
on Form S-1, File No. 333-228018 (the “Registration Statement”) and related prospectus (the “Prospectus”),
for the registration, under the Securities Act of 1933 (the “Securities Act”), of the Units, the Public
Warrants and the shares of Common Stock included in the Units; and 


 


WHEREAS, the Corporation
desires the Warrant Agent to act on behalf of the Corporation, and the Warrant Agent is willing to so act, in connection with the
issuance, registration, transfer, exchange, redemption and exercise of the Warrants; and


 




    	 	 	 



     


    

  


WHEREAS, the Corporation
desires to provide for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised, and the
respective rights, limitation of rights, and immunities of the Corporation, the Warrant Agent, and the holders of the Warrants;
and


 


WHEREAS, all acts and things
have been done and performed which are necessary to make the Warrants, when executed on behalf of the Corporation and countersigned
by or on behalf of the Warrant Agent, as provided herein, the valid, binding and legal obligations of the Corporation, and to authorize
the execution and delivery of this Agreement.


 


NOW, THEREFORE, in consideration
of the mutual agreements herein contained, the parties hereto agree as follows:


 


1.           Appointment
of Warrant Agent. The Corporation hereby appoints the Warrant Agent to act as agent for the Corporation for the Warrants, and
the Warrant Agent hereby accepts such appointment and agrees to perform the same in accordance with the terms and conditions set
forth in this Agreement.


 


2.           Warrants.


 


2.1         Form
of Warrant. Each Warrant shall initially be issued in registered form only.


 


2.2         Effect
of Countersignature. If a physical certificate is issued, unless and until countersigned by the Warrant Agent pursuant to this
Agreement, the Warrant represented by such certificate shall be invalid and of no effect and may not be exercised by the holder
thereof.


 


2.3         Registration.


 


2.3.1       Warrant
Register. The Warrant Agent shall maintain books (the “Warrant Register”), for the registration of
original issuance and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants in book-entry form,
the Warrant Agent shall issue and register the Warrants in the names of the respective holders thereof in such denominations and
otherwise in accordance with instructions delivered to the Warrant Agent by the Corporation. Ownership of beneficial interests
in the Public Warrants shall be shown on, and the transfer of such ownership shall be effected through, records maintained by institutions
that have accounts with the Depository Trust Company (the “Depositary”) (such institution, with respect
to a Warrant in its account, a “Participant”).


 


If the Depositary subsequently
ceases to make its book-entry settlement system available for the Public Warrants, the Corporation may instruct the Warrant Agent
regarding making other arrangements for book-entry settlement. In the event that the Public Warrants are not eligible for, or it
is no longer necessary to have the Public Warrants available in, book-entry form, the Warrant Agent shall provide written instructions
to the Depositary to deliver to the Warrant Agent for cancellation each book-entry Public Warrant, and the Corporation shall instruct
the Warrant Agent to deliver to the Depositary definitive certificates in physical form evidencing such Warrants (“Definitive
Warrant Certificates”) which shall be in the form annexed hereto as Exhibit A.


 


Physical certificates,
if issued, shall be signed by, or bear the facsimile signature of, the Chairman of the Board, Chief Executive Officer, Chief Financial
Officer, General Counsel, Secretary or other principal officer of the Corporation. In the event the person whose facsimile signature
has been placed upon any Warrant shall have ceased to serve in the capacity in which such person signed the Warrant before such
Warrant is issued, it may be issued with the same effect as if he or she had not ceased to be such at the date of issuance.


 


2.3.2       Registered
Holder. Prior to due presentment for registration of transfer of any Warrant, the Corporation and the Warrant Agent may deem
and treat the person in whose name such Warrant is registered in the Warrant Register (the “Registered Holder”)
as the absolute owner of such Warrant and of each Warrant represented thereby, for the purpose of any exercise thereof, and for
all other purposes, and neither the Corporation nor the Warrant Agent shall be affected by any notice to the contrary.


 




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2.4         Detachability
of Warrants. The shares of Common Stock and Public Warrants comprising the Units shall begin separate trading on the 52nd day
following the date of the Prospectus or, if such 52nd day is not on a day, other than a Saturday, Sunday or federal holiday, on
which banks in New York City are generally open for normal business (a “Business Day”), then on the immediately
succeeding Business Day following such date, or earlier (the “Detachment Date”) with the consent of Merrill
Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. LLC and Macquarie Capital (USA) Inc., as representatives
of the several underwriters, but in no event shall the shares of Common Stock and the Public Warrants comprising the Units be separately
traded until (A) the Corporation has filed a current report on Form 8-K with the Commission containing an audited balance sheet
of the Corporation reflecting the receipt by the Corporation of the gross proceeds of the Offering, including the proceeds received
by the Corporation from the exercise by the underwriters of their right to purchase additional Units in the Offering (the “Over-allotment
Option”), if the Over-allotment Option is exercised prior to the filing of such Form 8-K, and (B) the Corporation
has issued a press release and filed with the Commission a current report on Form 8-K announcing when such separate trading shall
begin.


 


2.5         Fractional
Warrants. The Corporation shall not issue fractional Warrants. If, upon the detachment of Public Warrants from the Units or
otherwise, a holder of Warrants would be entitled to receive a fractional Warrant, the Corporation shall round down to the nearest
whole number the number of Warrants to be issued to such holder.


 


2.6         Private
Placement Warrants and Loan Warrants. The Private Placement Warrants and the Loan Warrants shall be identical to the Public
Warrants, except that so long as they are held by the Sponsor or any of its Permitted Transferees (as defined below) the Private
Placement Warrants and the Loan Warrants: (i) may be exercised for cash or on a cashless basis, pursuant to subsection ‎3.3.1(c)
hereof, (ii) may not (and the shares of Common Stock issuable upon their exercise may not) be transferred, assigned or sold until
thirty (30) days after the completion by the Corporation of an initial Business Combination (as defined below), (iii) shall not
be redeemable by the Corporation, and (iv) will have (and shares of Common Stock issuable upon their exercise will have) certain
registration rights, as set forth in that certain registration rights agreement made and entered into by and among the Corporation,
the Sponsor and certain other stockholders of the Corporation included as signatories thereto; provided, however,
that, the Private Placement Warrants, the Loan Warrants and any shares of Common Stock issued upon exercise of the Private Placement
Warrants or the Loan Warrants may be transferred by the holders thereof:


 


(a)          to
affiliates of the Sponsor, to any of the Corporation’s officers or directors, to officers, directors, members or beneficial
owners of the Sponsor, to any affiliates or family members of any of the foregoing or to any trust where any of the foregoing is
the primary beneficiary;


 


(b)          in
the case of any beneficial owner of the Sponsor or an individual, by gift to a member of one of the members of the beneficial owners
of the Sponsor or individual’s immediate family, to a trust, the beneficiary of which is a member of one of the beneficial
owners of the Sponsor or individual’s immediate family, an affiliate of any such person or beneficial owner, or to a charitable
organization;


 


(c)          in
the case of an individual, by virtue of the laws of descent and distribution upon death of the individual;


 


(d)          in
the case of an individual, pursuant to a qualified domestic relations order;


 




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(e)          by
private sales or by transfers made in connection with any forward purchase agreement or similar arrangement or in connection with
the consummation of the Corporation’s initial Business Combination at prices no greater than the price at which the shares
were originally purchased;


 


(f)           in
the case of an entity, as a distribution to its partners, stockholders or members upon liquidation


 


(g)          in
the event of the Corporation’s liquidation prior to the Corporation’s completion of an initial Business Combination;


 


(h)          by
virtue of the laws of the State of Delaware or the Sponsor’s limited liability company agreement (as in effect at the time
of the proposed transfer) upon dissolution of the Sponsor; and


 


(i)           in
the event of the Corporation’s completion of a liquidation, merger, stock exchange or other similar transaction which results
in all of the Corporation’s stockholders having the right to exchange their shares of Common Stock for cash, securities or
other property subsequent to the completion of the Corporation’s initial Business Combination; provided, however,
that, in the case of clauses (a) through (f), these permitted transferees (the “Permitted Transferees”)
must enter into a written agreement with the Corporation agreeing to be bound by the transfer restrictions in this Agreement.


 


2.7         Macquarie
Warrants. Notwithstanding any provision contained in this Agreement, (i) the Private Placement Warrants to be acquired by an
affiliate of Macquarie Capital (USA) Inc. shall not be exercisable more than five (5) years from the effective date of the Registration
Statement and (ii) such Private Placement Warrants, and the shares of Common Stock issuable upon their exercise, shall be subject
to certain additional restrictions on transfer, in accordance with Financial Industry Regulatory Authority Rule 5110(g)(1), as
set forth under the terms of that certain letter agreement, dated as of ________, 2018, by and among the Corporation, the Sponsor
and the affiliate of Macquarie Capital (USA) Inc.


 


3.           Terms
and Exercise of Warrants.


 


 3.1         Warrant
Price. Each Warrant shall entitle the Registered Holder thereof, subject to the provisions of such Warrant and of this Agreement,
to purchase from the Corporation the number of shares of Common Stock stated therein, at the price of $11.50 per share, subject
to the adjustments provided in Section 4 hereof and in the last sentence of
this Section ‎3.1. The term “Warrant Price” as
used in this Agreement shall mean the price per share described in the prior sentence at which shares of Common Stock may be purchased
at the time a Warrant is exercised. The Corporation in its sole discretion may lower the Warrant Price at any time prior to the
Expiration Date (as defined below) for a period of not less than twenty (20) Business Days, provided, that the Corporation
shall provide at least twenty (20) days prior written notice of such reduction to Registered Holders of the Warrants and, provided
further that any such reduction shall be identical among all of the Warrants. 


 




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3.2         Duration
of Warrants. A Warrant may be exercised only during the period (the “Exercise Period”) commencing
on the later of: (i) the date that is thirty (30) days after the first date on which the Corporation completes a merger, capital
stock exchange, asset acquisition, stock purchase, reorganization, recapitalization or similar business combination, involving
the Corporation and one or more businesses (a “Business Combination”), or (ii) the date that is twelve
(12) months from the closing date of the Offering, and terminating at 5:00 p.m., New York City time on the earliest to occur of:
(x) the date that is five (5) years after the date on which the Corporation completes its initial Business Combination, (y) the
liquidation of the Corporation in accordance with the Corporation’s certificate of incorporation, as in effect from time
to time, if the Corporation fails to complete a Business Combination within 24 months from the closing date of the Offering, or
(z) solely with respect to the Public Warrants, the Redemption Date (as defined below) as provided in Section ‎6.2
hereof (the “Expiration Date”); provided, however, that the
exercise of any Warrant shall be subject to the satisfaction of any applicable conditions, as set forth in subsection ‎3.3.2
below, with respect to an effective registration statement. Except with respect to the right to receive
the Redemption Price (as defined below) (other than with respect to a Private Placement Warrant) in the event of a redemption (as
set forth in Section ‎6 hereof), each Warrant (other than a Private Placement Warrant in the event of a redemption)
not exercised on or before the Expiration Date shall become void, and all rights thereunder and all rights in respect thereof under
this Agreement shall cease at 5:00 p.m. New York City time on the Expiration Date. The Corporation in its sole discretion may extend
the duration of the Warrants by delaying the Expiration Date; provided, that the Corporation shall provide at least twenty
(20) days prior written notice of any such extension to the Registered Holders of the Warrants and, provided further that
any such extension shall be identical in duration among all Warrants.


 


3.3         Exercise
of Warrants.


 


3.3.1       Payment.
Subject to the provisions of the Warrant and this Agreement, a Warrant may be exercised by the Registered Holder thereof by delivering
to the Warrant Agent at its corporate trust department (i) the Definitive Warrant Certificate evidencing the Warrants to be exercised,
or, in the case of a Warrant represented by a book-entry, the Warrants to be exercised on the records of the Depositary to an account
of the Warrant Agent at the Depositary designated for such purposes in writing by the Warrant Agent to the Depositary from time
to time, (ii) an election to purchase (“Election to Purchase”) any shares of Common Stock pursuant to
the exercise of a Warrant, properly completed and executed by the Registered Holder as set forth in the Definitive Warrant Certificate
or, in the case of a Book-Entry Warrant, properly delivered by the Participant in accordance with the Depositary’s procedures,
and (iii) by paying in full the Warrant Price for each full share of Common Stock as to which the Warrant is exercised and any
and all applicable taxes due in connection with the exercise of the Warrant, the exchange of the Warrant for the shares of Common
Stock and the issuance of such shares of Common Stock, as follows:


 


(a)          in
lawful money of the United States, in good certified check or good bank draft payable to the order of the Warrant Agent or by wire
of immediately available funds;


 


(b)          in
the event of a redemption pursuant to Section ‎6 hereof in which the Corporation’s board of directors (the “Board”)
has elected to require all holders of the Warrants to exercise such Warrants on a “cashless basis,” by surrendering
the Warrants for that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product of the number
of shares of Common Stock underlying the Warrants, multiplied by the excess of the Fair Market Value, as defined in this subsection
‎3.3.1(b), over the Warrant Price, by (y) the Fair Market Value, rounded down to the nearest whole share. Solely for purposes
of this subsection ‎3.3.1(b) and Section ‎6.3, the “Fair
Market Value” shall mean the average reported last closing price of the shares of Common Stock for the ten (10) trading
days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of the Warrants,
pursuant to Section ‎6 hereof;


 


(c)          with
respect to any Private Placement Warrant, so long as such Private Placement Warrant is held by the Sponsor or a Permitted Transferee,
by surrendering the Warrants for that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product
of the number of shares of Common Stock underlying the Warrants, multiplied by the excess of the Fair Market Value, as defined
in this subsection ‎3.3.1(c), over the Warrant Price, by (y) the Fair Market Value, rounded down to the nearest whole
share. Solely for purposes of this subsection ‎3.3.1(c), the “Fair Market Value” shall mean
the average reported closing price of the Common Stock for the ten (10) trading days ending on the third trading day prior to the
date on which notice of exercise of the Warrant is sent to the Warrant Agent; or


 


(d)          as
provided in Section ‎7.4 hereof.


 




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3.3.2       Issuance
of Shares of Common Stock on Exercise. As soon as practicable after the exercise of any Warrant and the clearance of the funds
in payment of the Warrant Price (if payment is pursuant to subsection ‎3.3.1(a)), the Corporation shall issue to the
Registered Holder of such Warrant a book-entry position or certificate, as applicable, for the number of full shares of Common
Stock to which he, she or it is entitled, registered in such name or names as may be directed by him, her or it, and if such Warrant
shall not have been exercised in full, a new book-entry position or countersigned Warrant Certificate, as applicable, for the number
of shares as to which such Warrant shall not have been exercised. Notwithstanding the foregoing, the Corporation shall not be obligated
to deliver any shares of Common Stock pursuant to the exercise of a Warrant and shall have no obligation to settle such Warrant
exercise unless a registration statement under the Securities Act with respect to the shares of Common Stock underlying the Warrants
is then effective and a prospectus relating thereto is current, subject to the Corporation satisfying its obligations under Section
‎7.4. No Warrant shall be exercisable and the Corporation shall not be obligated
to issue shares of Common Stock upon exercise of a Warrant unless the shares of Common Stock issuable upon such Warrant exercise
have been registered, qualified or deemed to be exempt from registration or qualification under the securities laws of the state
of residence of the Registered Holder of such Warrants. Subject to Section ‎4.6 of
this Agreement, a Registered Holder of Warrants may exercise its Warrants only for a whole number of shares of Common Stock (i.e.,
only whole Warrants are exercisable). The Corporation may require holders of Public Warrants that wish to exercise the Public Warrants
to settle such Warrant on a “cashless basis” pursuant to Section ‎7.4.
If, by reason of any exercise of warrants on a “cashless basis”, the holder of any Warrant would be entitled, upon
the exercise of such Warrant, to receive a fractional interest in a share of Common Stock, the Corporation shall round down to
the nearest whole number, the number of shares of Common Stock to be issued to such holder.


 


3.3.3       Valid
Issuance. All shares of Common Stock issued upon the proper exercise of a Warrant in conformity with this Agreement shall be
validly issued, fully paid and nonassessable.


 


3.3.4       Date
of Issuance. Each person in whose name any book-entry position or certificate, as applicable, for shares of Common Stock is
issued shall for all purposes be deemed to have become the holder of record of such shares of Common Stock on the date on which
the Warrant, or book-entry position representing such Warrant, was surrendered and payment of the Warrant Price was made, irrespective
of the date of delivery of such certificate in the case of a certificated Warrant, except that, if the date of such surrender and
payment is a date when the share transfer books of the Corporation or book-entry system of the Warrant Agent are closed, such person
shall be deemed to have become the holder of such shares at the close of business on the next succeeding date on which the share
transfer books or book-entry system are open.


 




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3.3.5       Maximum
Percentage. A holder of a Warrant may notify the Corporation in writing in the event it elects to be subject to the provisions
contained in this subsection ‎3.3.5; however, no holder of a Warrant
shall be subject to this subsection ‎3.3.5 unless he, she or it makes such
election. If the election is made by a holder, the Warrant Agent shall not affect the exercise of the holder’s Warrant, and
such holder shall not have the right to exercise such Warrant, to the extent that after giving effect to such exercise, such person
(together with such person’s affiliates), to the Warrant Agent’s actual knowledge, would beneficially own in excess
of 4.9% or 9.8% (as specified by the holder) (the “Maximum Percentage”) of the shares of Common Stock
outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of shares
of Common Stock beneficially owned by such person and its affiliates shall include the number of shares of Common Stock issuable
upon exercise of the Warrant with respect to which the determination of such sentence is being made, but shall exclude shares of
Common Stock that would be issuable upon (x) exercise of the remaining, unexercised portion of the Warrant beneficially owned by
such person and its affiliates and (y) exercise or conversion of the unexercised or unconverted portion of any other securities
of the Corporation beneficially owned by such person and its affiliates (including, without limitation, any convertible notes or
convertible preferred stock or warrants) subject to a limitation on conversion or exercise analogous to the limitation contained
herein. Except as set forth in the preceding sentence, for purposes of this paragraph, beneficial ownership shall be calculated
in accordance with Section 13(d) of the Securities Exchange Act of 1934 (the “Exchange Act”). For purposes
of the Warrant, in determining the number of outstanding shares of Common Stock, the holder may rely on the number of outstanding
shares of Common Stock as reflected in (1) the Corporation’s most recent annual report on Form 10-K, quarterly report on
Form 10-Q, current report on Form 8-K or other public filing with the Commission as the case may be, (2) a more recent public announcement
by the Corporation or (3) any other notice by the Corporation or Continental Stock Transfer & Trust Company (in such capacity,
the “Transfer Agent”) setting forth the number of shares of Common Stock outstanding. For any reason at any time, upon
the written request of the holder of the Warrant, the Corporation shall, within two (2) Business Days, confirm orally and in writing
to such holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock
shall be determined after giving effect to the conversion or exercise of equity securities of the Corporation by the holder and
its affiliates since the date as of which such number of outstanding shares of Common Stock was reported. By written notice to
the Corporation, the holder of a Warrant may from time to time increase or decrease the Maximum Percentage applicable to such holder
to any other percentage specified in such notice; provided, however, that any such increase shall not be effective
until the sixty-first (61st) day after such notice is delivered to the Corporation.


 


4.           Adjustments.


 


4.1         Stock
Dividends.


 


4.1.1       Split-Ups.
If after the date hereof, and subject to the provisions of Section ‎4.6 below,
the number of outstanding shares of Common Stock is increased by a stock dividend payable in shares of Common Stock, or by a split-up
of shares of Common Stock or other similar event, then, on the effective date of such stock dividend, split-up or similar event,
the number of shares of Common Stock issuable on exercise of each Warrant shall be increased in proportion to such increase in
the outstanding shares of Common Stock. A rights offering to holders of shares of Common Stock entitling holders to purchase shares
of Common Stock at a price less than the Fair Market Value (as defined below) shall be deemed a stock dividend of a number of shares
of Common Stock equal to the product of (i) the number of shares of Common Stock actually sold in such rights offering (or issuable
under any other equity securities sold in such rights offering that are convertible into or exercisable for the shares of Common
Stock) multiplied by (ii) one (1) minus the quotient of (x) the price per share of Common Stock paid in such rights offering divided
by (y) the Fair Market Value. For purposes of this subsection ‎4.1.1, (i)
if the rights offering is for securities convertible into or exercisable for shares of Common Stock, in determining the price payable
for shares of Common Stock, there shall be taken into account any consideration received for such rights, as well as any additional
amount payable upon exercise or conversion and (ii) ”Fair Market Value” means the volume weighted average
price of the Common Stock as reported during the ten (10) trading day period ending on the trading day prior to the first date
on which the shares of Common Stock trade on the applicable exchange or in the applicable market, regular way, without the right
to receive such rights.


 




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4.1.2       Extraordinary
Dividends. If the Corporation, at any time while the Warrants are outstanding and unexpired, shall pay a dividend or make a
distribution in cash, securities or other assets to the holders of the shares of Common Stock on account of such shares of Common
Stock (or other shares of the Corporation’s capital stock into which the Warrants are convertible), other than (a) as described
in subsection ‎4.1.1 above, (b) Ordinary Cash Dividends (as defined below),
(c) to satisfy the redemption rights of the holders of the shares of Common Stock in connection with a proposed initial Business
Combination, (d) to satisfy the redemption rights of the holders of the shares of Common Stock in connection with a vote to amend
the Corporation’s certificate of incorporation pursuant to Section 7 of Article X thereof, (e) as a result of the repurchase
of shares of Common Stock by the Corporation if a proposed initial Business Combination is presented to the stockholders of the
Corporation for approval or (f) in connection with the redemption of public shares upon the failure of the Corporation to complete
its initial Business Combination and any subsequent distribution of its assets upon its liquidation (any such non-excluded event
being referred to herein as an “Extraordinary Dividend”), then the Warrant Price shall be decreased, effective immediately
after the effective date of such Extraordinary Dividend, by the amount of cash and/or the fair market value (as determined by the
Board, in good faith) of any securities or other assets paid on each share of Common Stock in respect of such Extraordinary Dividend.
For purposes of this subsection ‎4.1.2, “Ordinary Cash Dividends”
means any cash dividend or cash distribution which, when combined on a per share basis, with the per share amounts of all other
cash dividends and cash distributions paid on the shares of Common Stock during the 365-day period ending on the date of declaration
of such dividend or distribution (as adjusted to appropriately reflect any of the events referred to in other subsections of this
Section ‎4 and excluding cash dividends or cash distributions that resulted in an adjustment to the Warrant Price or
to the number of shares of Common Stock issuable on exercise of each Warrant) does not exceed $0.50 (being 5% of the offering price
of the Units in the Offering).


 


4.2         Aggregation
of Shares. If after the date hereof, and subject to the provisions of Section ‎4.6 hereof,
the number of outstanding shares of Common Stock is decreased by a consolidation, combination, reverse stock split or reclassification
of shares of Common Stock or other similar event, then, on the effective date of such consolidation, combination, reverse stock
split, reclassification or similar event, the number of shares of Common Stock issuable on exercise of each Warrant shall be decreased
in proportion to such decrease in outstanding shares of Common Stock.


 


4.3         Adjustments
in Warrant Price. Whenever the number of shares of Common Stock purchasable upon the exercise of the Warrants is adjusted,
as provided in Sections 4.1 or 4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying
such Warrant Price immediately prior to such adjustment by a fraction (x) the numerator of which shall be the number of shares
of Common Stock purchasable upon the exercise of the Warrants immediately prior to such adjustment, and (y) the denominator of
which shall be the number of shares of Common Stock so purchasable immediately thereafter.


 




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4.4         Replacement
of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding shares of Common
Stock (other than a change under Sections ‎4.1 or ‎4.2
hereof or that solely affects the par value of such shares of Common Stock), or in the case of any
merger or consolidation of the Corporation with or into another corporation (other than a consolidation or merger in which the
Corporation is the continuing corporation and that does not result in any reclassification or reorganization of the outstanding
shares of Common Stock), or in the case of any sale or conveyance to another corporation or entity of the assets or other property
of the Corporation as an entirety or substantially as an entirety in connection with which the Corporation is dissolved, the holders
of the Warrants shall thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified
in the Warrants and in lieu of the shares of Common Stock of the Corporation immediately theretofore purchasable and receivable
upon the exercise of the rights represented thereby, the kind and amount of shares of stock or other securities or property (including
cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such
sale or transfer, that the holder of the Warrants would have received if such holder had exercised his, her or its Warrant(s) immediately
prior to such event (the “Alternative Issuance” ); provided, however, that (i) if the holders of the
shares of Common Stock were entitled to exercise a right of election as to the kind or amount of securities, cash or other assets
receivable upon such consolidation or merger, then the kind and amount of securities, cash or other assets constituting the Alternative
Issuance for which each Warrant shall become exercisable shall be deemed to be the weighted average of the kind and amount received
per share by the holders of the shares of Common Stock in such consolidation or merger that affirmatively make such election, and
(ii) if a tender, exchange or redemption offer shall have been made to and accepted by the holders of the shares of Common Stock
(other than a tender, exchange or redemption offer made by the Corporation in connection with redemption rights held by stockholders
of the Corporation as provided for in the Corporation’s amended and restated certificate of incorporation or as a result
of the repurchase of shares of Common Stock by the Corporation if a proposed initial Business Combination is presented to the stockholders
of the Corporation for approval) under circumstances in which, upon completion of such tender or exchange offer, the maker thereof,
together with members of any group (within the meaning of Rule 13d-5(b)(1) under the Exchange Act) of which such maker is a part,
and together with any affiliate or associate of such maker (within the meaning of Rule 12b-2 under the Exchange Act) and any members
of any such group of which any such affiliate or associate is a part, own beneficially (within the meaning of Rule 13d-3 under
the Exchange Act) more than 50% of the outstanding shares of Common Stock, the holder of a Warrant shall be entitled to receive
as the Alternative Issuance, the highest amount of cash, securities or other property to which such holder would actually have
been entitled as a stockholder if such Warrant holder had exercised the Warrant prior to the expiration of such tender or exchange
offer, accepted such offer and all of the shares of Common Stock held by such holder had been purchased pursuant to such tender
or exchange offer, subject to adjustments (from and after the consummation of such tender or exchange offer) as nearly equivalent
as possible to the adjustments provided for in this Section ‎4; provided, further, that if less than 70%
of the consideration receivable by the holders of the shares of Common Stock in the applicable event is payable in the form of
common stock in the successor entity that is listed for trading on a national securities exchange or is quoted in an established
over-the-counter market, or is to be so listed for trading or quoted immediately following such event, and if the Registered Holder
properly exercises the Warrant within thirty (30) days following the public disclosure of the consummation of such applicable event
by the Corporation pursuant to a Current Report on Form 8-K filed with the SEC, the Warrant Price shall be reduced by an amount
(in dollars) equal to the difference of (i) the Warrant Price in effect prior to such reduction minus (ii) (A) the Per Share Consideration
(as defined below) (but in no event less than zero) minus (B) the Black-Scholes Warrant Value (as defined below). The “Black-Scholes
Warrant Value” means the value of a Warrant immediately prior to the consummation of the applicable event based on the Black-Scholes
Warrant Model for a Capped American Call on Bloomberg Financial Markets (“Bloomberg”). For purposes of calculating
such amount, (1) Section ‎6 of this Agreement shall be taken into account, (2) the price of each share of Common Stock
shall be the volume weighted average price of the Common Stock as reported during the ten (10) trading day period ending on the
trading day prior to the effective date of the applicable event, (3) the assumed volatility shall be the 90 day volatility obtained
from the HVT function on Bloomberg determined as of the trading day immediately prior to the day of the announcement of the applicable
event, and (4) the assumed risk-free interest rate shall correspond to the U.S. Treasury rate for a period equal to the remaining
term of the Warrant. “Per Share Consideration” means (i) if the consideration paid to holders of the
shares of Common Stock consists exclusively of cash, the amount of such cash per share of Common Stock, and (ii) in all other cases,
the volume weighted average price of the Common Stock as reported during the ten (10) trading day period ending on the trading
day prior to the effective date of the applicable event. If any reclassification or reorganization also results in a change in
shares of Common Stock covered by subsection ‎4.1.1, then such adjustment
shall be made pursuant to subsection ‎4.1.1 or Sections ‎4.2,
‎4.3 and this Section ‎4.4.
The provisions of this Section ‎4.4 shall similarly apply to successive
reclassifications, reorganizations, mergers or consolidations, sales or other transfers. In no event will the Warrant Price be
reduced to less than the par value per share issuable upon exercise of such Warrant.


 


4.5         Notices
of Changes in Warrant. Upon every adjustment of the Warrant Price or the number of shares issuable upon exercise of a Warrant,
the Corporation shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting from
such adjustment and the increase or decrease, if any, in the number of shares purchasable at such price upon the exercise of a
Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Upon
the occurrence of any event specified in Sections ‎4.1, ‎4.2,
‎4.3 or 4.4, the Corporation
shall give written notice of the occurrence of such event to each holder of a Warrant, at the last address set forth for such holder
in the Warrant Register, of the record date or the effective date of the event. Failure to give such notice, or any defect therein,
shall not affect the legality or validity of such event.


 


4.6         No
Fractional Shares. Notwithstanding any provision contained in this Agreement to the contrary, the Corporation shall not issue
fractional shares upon the exercise of Warrants. If, by reason of any adjustment made pursuant to this Section ‎4, the
holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the Corporation
shall, upon such exercise, round down to the nearest whole number the number of shares of Common Stock to be issued to such holder.


 




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4.7         Form
of Warrant. The form of Warrant need not be changed because of any adjustment pursuant to this Section ‎4, and Warrants
issued after such adjustment may state the same Warrant Price and the same number of shares as is stated in the Warrants initially
issued pursuant to this Agreement; provided, however, that the Corporation may at any time in its sole discretion
make any change in the form of Warrant that the Corporation may deem appropriate and that does not affect the substance thereof,
and any Warrant thereafter issued or countersigned, whether in exchange or substitution for an outstanding Warrant or otherwise,
may be in the form as so changed.


 


 4.8         Other
Events. In case any event shall occur affecting the Corporation as to which none of the provisions of preceding subsections
of this Section ‎4 are strictly applicable, but which would require an adjustment to the terms of the Warrants in order
to (i) avoid an adverse impact on the Warrants and (ii) effectuate the intent and purpose of this Section ‎4, then,
in each such case, the Corporation shall appoint an independent public accountant, investment banking or other appraisal firm
of recognized national standing, which shall give its opinion as to whether or not any adjustment to the rights represented by
the Warrants is necessary to effectuate the intent and purpose of this Section ‎4 and, if they determine that an adjustment
is necessary, the terms of such adjustment; provided, however, that under no circumstances shall the Warrants be
adjusted pursuant to this Section 4 as a result of (x) any issuance of securities in connection with the Business Combination
or (y) any issuance of securities in and of itself upon the conversion of shares of the Company’s Class F common stock,
par value $0.0001 per share, pursuant to the Company’s amended and restated certificate of incorporation. The Corporation
shall adjust the terms of the Warrants in a manner that is consistent with any adjustment recommended in such opinion. 


 


5.           Transfer
and Exchange of Warrants.


 


5.1         Registration
of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant upon the Warrant
Register, upon surrender of such Warrant for transfer, properly endorsed with signatures properly guaranteed and accompanied by
appropriate instructions for transfer. Upon any such transfer, a new Warrant representing an equal aggregate number of Warrants
shall be issued and the old Warrant shall be cancelled by the Warrant Agent. The Warrants so cancelled shall be delivered by the
Warrant Agent to the Corporation from time to time upon request.


 


5.2         Procedure
for Surrender of Warrants. Warrants may be surrendered to the Warrant Agent, together with a written request for exchange or
transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by the Registered
Holder of the Warrants so surrendered, representing an equal aggregate number of Warrants; provided, however, that
in the event that a Warrant surrendered for transfer bears a restrictive legend (as in the case of the Private Placement Warrants
and the Loan Warrants), the Warrant Agent shall not cancel such Warrant and issue new Warrants in exchange thereof until the Warrant
Agent has received an opinion of counsel for the Corporation (which may be the Corporation’s internal counsel) stating that
such transfer may be made and indicating whether the new Warrants must also bear a restrictive legend.


 


5.3         Fractional
Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange which shall result in
the issuance of a warrant certificate or book-entry position for a fraction of a warrant, except as part of the Units.


 


5.4         Service
Charges. No service charge shall be made for any exchange or registration of transfer of Warrants.


 


5.5         Warrant
Execution and Countersignature. The Warrant Agent is hereby authorized to countersign and to deliver, in accordance with the
terms of this Agreement, the Warrants required to be issued pursuant to the provisions of this Section ‎5, and the Corporation,
whenever required by the Warrant Agent, shall supply the Warrant Agent with Warrants duly executed on behalf of the Corporation
for such purpose.


 




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5.6         Transfer
of Warrants. Prior to the Detachment Date, the Public Warrants may be transferred or exchanged only together with the Unit
in which such Warrant is included, and only for the purpose of effecting, or in conjunction with, a transfer or exchange of such
Unit. Furthermore, each transfer of a Unit on the register relating to such Units shall operate also to transfer the Warrants included
in such Unit. Notwithstanding the foregoing, the provisions of this Section ‎5.6 shall
have no effect on any transfer of Warrants on and after the Detachment Date.


 


6.           Redemption.


 


6.1         Redemption.
Subject to Section ‎6.4 hereof, not less than all of the outstanding Warrants
may be redeemed, at the option of the Corporation, at any time while they are exercisable and prior to their expiration, at the
office of the Warrant Agent, upon notice to the Registered Holders of the Warrants, as described in Section ‎6.2
below, at the price of $0.01 per Warrant (the “Redemption Price”), provided that
the last reported closing price of the Common Stock equals or exceeds $18.00 per share (subject to adjustment in compliance with
Section ‎4 hereof), for any twenty (20) trading days within a thirty (30) trading day period ending on the third trading
day prior to the date on which notice of the redemption is given and provided that there is an effective registration statement
covering the shares of Common Stock issuable upon exercise of the Warrants, and a current prospectus relating thereto, available
throughout the 30-day Redemption Period (as defined in Section ‎6.2 below)
or the Corporation has elected to require the exercise of the Warrants on a “cashless basis” pursuant to subsection
‎3.3.1(b) and such cashless exercise is exempt from registration under the Securities Act.


 


6.2         Date
Fixed for, and Notice of, Redemption. In the event that the Corporation elects to redeem all of the Warrants, the Corporation
shall fix a date for the redemption (the “Redemption Date”). Notice of redemption shall be mailed by
first class mail, postage prepaid, by the Corporation not less than thirty (30) days prior to the Redemption Date (the 30 day period,
the “Redemption Period”) to the Registered Holders of the Warrants to be redeemed at their last addresses
as they shall appear on the registration books. Any notice mailed in the manner herein provided shall be conclusively presumed
to have been duly given whether or not the Registered Holder received such notice.


 


6.3         Exercise
After Notice of Redemption. The Warrants may be exercised, for cash (or on a “cashless basis” in accordance with
subsection ‎3.3.1(b) of this Agreement) at any time after notice of redemption shall have been given by the Corporation
pursuant to Section ‎6.2 hereof and prior to the Redemption Date. In the
event that the Corporation determines to require all holders of Warrants to exercise their Warrants on a “cashless basis”
pursuant to subsection ‎3.3.1, the notice of redemption shall contain the
information necessary to calculate the number of shares of Common Stock to be received upon exercise of the Warrants, including
the Fair Market Value (as such term is defined in subsection ‎3.3.1(b) hereof) in such case. On and after the Redemption
Date, the record holder of the Warrants shall have no further rights except to receive, upon surrender of the Warrants, the Redemption
Price.


 


6.4         Exclusion
of Private Placement Warrants and Loan Warrants. The Corporation agrees that the redemption rights provided in this Section
‎6 shall not apply to the Private Placement Warrants or the Loan Warrants if at the time of the redemption such Private
Placement Warrants or Loan Warrants continue to be held by the Sponsor or its Permitted Transferees. However, once such
Private Placement Warrants or Loan Warrants are transferred (other than to Permitted Transferees under Section ‎2.6),
the Corporation may redeem the Private Placement Warrants or Loan Warrants, as applicable, provided that the criteria for
redemption are met, including the opportunity of the holder of such Private Placement Warrants or Loan Warrants to exercise the
Private Placement Warrants or Loan Warrants prior to redemption pursuant to Section ‎6.3.
Private Placement Warrants or Loan Warrants that are transferred to persons other than Permitted Transferees shall upon such transfer
cease to be Private Placement Warrants or Loan Warrants, as applicable, and shall become Public Warrants under this Agreement.


 




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7.           Other
Provisions Relating to Rights of Holders of Warrants.


 


7.1         No
Rights as Stockholder. A Warrant does not entitle the Registered Holder thereof to any of the rights of a stockholder of the
Corporation, including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights
to vote or to consent or to receive notice as stockholders in respect of the meetings of stockholders or the election of directors
of the Corporation or any other matter.


 


7.2         Lost,
Stolen, Mutilated, or Destroyed Warrants. If any Warrant is lost, stolen, mutilated, or destroyed, the Corporation and the
Warrant Agent may on such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of
a mutilated Warrant, include the surrender thereof), issue a new Warrant of like denomination, tenor, and date as the Warrant so
lost, stolen, mutilated, or destroyed. Any such new Warrant shall constitute a substitute contractual obligation of the Corporation,
whether or not the allegedly lost, stolen, mutilated, or destroyed Warrant shall be at any time enforceable by anyone.


 


7.3         Reservation
of Shares of Common Stock. The Corporation shall at all times reserve and keep available a number of its authorized but unissued
shares of Common Stock that shall be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this
Agreement.


 


7.4         Registration
of Shares of Common Stock; Cashless Exercise at Corporation’s Option.


 


7.4.1       Registration
of Shares of Common Stock. The Corporation agrees that as soon as practicable, but in no event later than fifteen (15) Business
Days after the closing of its initial Business Combination, it shall use its best efforts to file with the Commission a registration
statement for the registration, under the Securities Act, of the shares of Common Stock issuable upon exercise of the Public Warrants.
The Corporation shall use its best efforts to cause the same to become effective and to maintain the effectiveness of such registration
statement, and a current prospectus relating thereto, until the expiration of the Public Warrants in accordance with the provisions
of this Agreement. If any such registration statement has not been declared effective by the 60th Business Day following the closing
of the Business Combination, holders of the Public Warrants shall have the right, during the period beginning on the 61st Business
Day after the closing of the Business Combination and ending upon such date the registration statement is declared effective by
the Commission, and during any other period when the Corporation shall fail to have maintained an effective registration statement
covering the shares of Common Stock issuable upon exercise of the Public Warrants, to exercise such Public Warrants on a “cashless
basis,” by exchanging the Public Warrants (in accordance with Section 3(a)(9) of the Securities Act or another exemption)
for that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares of
Common Stock underlying the Public Warrants, multiplied by the excess of the Fair Market Value (as defined below) over the Warrant
Price by (y) the Fair Market Value. Solely for purposes of this subsection ‎7.4.1,
“Fair Market Value” shall mean the volume weighted average price of the Common Stock as reported during
the ten (10) trading day period ending on the trading day prior to the date that notice of exercise is received by the Warrant
Agent from the holder of such Warrants or its securities broker or intermediary. The date that notice of “cashless exercise”
is received by the Warrant Agent shall be conclusively determined by the Warrant Agent. In connection with the “cashless
exercise” of a Public Warrant, the Corporation shall, upon request, provide the Warrant Agent with an opinion of counsel
for the Corporation (which shall be an outside law firm with securities law experience) stating that (i) the exercise of the Warrants
on a “cashless basis” in accordance with this subsection ‎7.4.1 is
not required to be registered under the Securities Act and (ii) the shares of Common Stock issued upon such exercise shall be freely
tradable under United States federal securities laws by anyone who is not an affiliate (as such term is defined in Rule 144 under
the Securities Act) of the Corporation and, accordingly, shall not be required to bear a restrictive legend. Except as provided
in subsection ‎7.4.2, for the avoidance of any doubt, unless and until all
of the Public Warrants have been exercised, the Corporation shall continue to be obligated to comply with its registration obligations
under the first three sentences of this subsection ‎7.4.1.


 




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7.4.2       Cashless
Exercise at Corporation’s Option. If the shares of Common Stock are at the time of any exercise of a Warrant not listed
on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1)
of the Securities Act, the Corporation may, at its option, (i) require holders of Public Warrants who exercise Public Warrants
to exercise such Public Warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act as
described in subsection ‎7.4.1 and (ii) in the event the Corporation so
elects, the Corporation shall (x) not be required to file or maintain in effect a registration statement for the registration,
under the Securities Act, of the shares of Common Stock issuable upon exercise of the Warrants, notwithstanding anything in this
Agreement to the contrary, and (y) use its best efforts to register or qualify for sale the shares of Common Stock issuable upon
exercise of the Public Warrant under the blue sky laws of the state of residence of the exercising Public Warrant holder to the
extent an exemption is not available.


 


8.           Concerning
the Warrant Agent and Other Matters.


 


8.1         Payment
of Taxes. The Corporation shall from time to time promptly pay all taxes and charges that may be imposed upon the Corporation
or the Warrant Agent in respect of the issuance or delivery of shares of Common Stock upon the exercise of the Warrants, but the
Corporation shall not be obligated to pay any transfer taxes in respect of the Warrants or such shares.


 


8.2         Resignation,
Consolidation, or Merger of Warrant Agent.


 


8.2.1       Appointment
of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged
from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Corporation. If
the office of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Corporation shall appoint
in writing a successor Warrant Agent in place of the Warrant Agent. If the Corporation shall fail to make such appointment within
a period of thirty (30) days after it has been notified in writing of such resignation or incapacity by the Warrant Agent or by
the holder of a Warrant (who shall, with such notice, submit his Warrant for inspection by the Corporation), then the holder of
any Warrant may apply to the Supreme Court of the State of New York for the County of New York for the appointment of a successor
Warrant Agent at the Corporation’s cost. Any successor Warrant Agent, whether appointed by the Corporation or by such court,
shall be a corporation organized and existing under the laws of the State of New York, in good standing and having its principal
office in the Borough of Manhattan, City and State of New York, and authorized under such laws to exercise corporate trust powers
and subject to supervision or examination by federal or state authority. After appointment, any successor Warrant Agent shall be
vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor Warrant Agent with like effect
as if originally named as Warrant Agent hereunder, without any further act or deed; but if for any reason it becomes necessary
or appropriate, the predecessor Warrant Agent shall execute and deliver, at the expense of the Corporation, an instrument transferring
to such successor Warrant Agent all the authority, powers, and rights of such predecessor Warrant Agent hereunder; and upon request
of any successor Warrant Agent the Corporation shall make, execute, acknowledge, and deliver any and all instruments in writing
for more fully and effectually vesting in and confirming to such successor Warrant Agent all such authority, powers, rights, immunities,
duties, and obligations.


 


8.2.2       Notice
of Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Corporation shall give notice thereof
to the predecessor Warrant Agent and the Transfer Agent for the shares of Common Stock not later than the effective date of any
such appointment.


 


8.2.3       Merger
or Consolidation of Warrant Agent. Any corporation into which the Warrant Agent may be merged or with which it may be consolidated
or any corporation resulting from any merger or consolidation to which the Warrant Agent shall be a party shall be the successor
Warrant Agent under this Agreement without any further act.


 




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8.3         Fees
and Expenses of Warrant Agent.


 


8.3.1       Remuneration.
The Corporation agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent hereunder and shall,
pursuant to its obligations under this Agreement, reimburse the Warrant Agent upon demand for all expenditures that the Warrant
Agent may reasonably incur in the execution of its duties hereunder.


 


8.3.2       Further
Assurances. The Corporation agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed, acknowledged,
and delivered all such further and other acts, instruments, and assurances as may reasonably be required by the Warrant Agent for
the carrying out or performing of the provisions of this Agreement.


 


8.4         Liability
of Warrant Agent.


 


8.4.1       Reliance
on Corporation Statement. Whenever in the performance of its duties under this Agreement, the Warrant Agent shall deem it necessary
or desirable that any fact or matter be proved or established by the Corporation prior to taking or suffering any action hereunder,
such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively
proved and established by a statement signed by the President, Chief Executive Officer, the Chief Financial Officer, the General
Counsel or the Chairman of the Board of the Corporation and delivered to the Warrant Agent. The Warrant Agent may rely upon such
statement for any action taken or suffered in good faith by it pursuant to the provisions of this Agreement.


 


8.4.2       Indemnity.
The Warrant Agent shall be liable hereunder only for its own gross negligence, willful misconduct, fraud or bad faith. The Corporation
agrees to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, costs and reasonable
counsel fees, for anything done or omitted by the Warrant Agent in the execution of this Agreement, except as a result of the Warrant
Agent’s gross negligence, willful misconduct, fraud or bad faith.


 


8.4.3       Exclusions.
The Warrant Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the validity or
execution of any Warrant (except its countersignature thereof). The Warrant Agent shall not be responsible for any breach by the
Corporation of any covenant or condition contained in this Agreement or in any Warrant. The Warrant Agent shall not be responsible
to make any adjustments required under the provisions of Section ‎4 hereof or responsible for the manner, method, or
amount of any such adjustment or the ascertaining of the existence of facts that would require any such adjustment; nor shall it
by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any shares of Common
Stock to be issued pursuant to this Agreement or any Warrant or as to whether any shares of Common Stock shall, when issued, be
valid and fully paid and nonassessable.


 


8.5         Acceptance
of Agency. The Warrant Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon the
terms and conditions herein set forth and among other things, shall account promptly to the Corporation with respect to Warrants
exercised and concurrently account for, and pay to the Corporation, all monies received by the Warrant Agent for the purchase of
shares of Common Stock through the exercise of the Warrants.


 


8.6         Waiver.
The Warrant Agent has no right of set-off or any other right, title, interest or claim of any kind (“Claim”)
in, or to any distribution of, the Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of
the date hereof, by and between the Corporation and the Warrant Agent as trustee thereunder) and hereby agrees not to seek recourse,
reimbursement, payment or satisfaction for any Claim against the Trust Account for any reason whatsoever. The Warrant Agent hereby
waives any and all Claims against the Trust Account and any and all rights to seek access to the Trust Account.


 




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9.           Miscellaneous
Provisions.


 


9.1         Successors.
All the covenants and provisions of this Agreement by or for the benefit of the Corporation or the Warrant Agent shall bind and
inure to the benefit of their respective successors and assigns.


 


9.2         Notices.
Any notice, statement or demand authorized by this Agreement to be given or made by the Warrant Agent or by the holder of any Warrant
to or on the Corporation shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified
mail or private courier service within five (5) days after deposit of such notice, postage prepaid, addressed (until another address
is filed in writing by the Corporation with the Warrant Agent), as follows:


 


Boxwood Merger Corp.

1112 Montana Avenue, Suite 901

Santa Monica, CA 90403

Attention: Stephen M. Kadenacy


 


with copies to:


 


Greenberg Traurig, LLP

MetLife Building.

200 Park Avenue

New York, NY 10166

Attn: Alan Annex, Esq.

Fax No.: (212) 801-9200

Email: annexa@gtlaw.com


 


Any notice, statement or demand authorized
by this Agreement to be given or made by the holder of any Warrant or by the Corporation to or on the Warrant Agent shall be sufficiently
given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five (5)
days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Warrant Agent with
the Corporation), as follows:


 


Continental Stock Transfer & Trust Company

1 State Street Plaza - 30th Floor

New York, NY 10004

Attention: Compliance Department


 


9.3         Applicable
Law. The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed in all respects
by the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application
of the substantive laws of another jurisdiction. The Corporation hereby agrees that any action, proceeding or claim against it
arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or
the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction
shall be exclusive. The Corporation hereby waives any objection to such exclusive jurisdiction and that such courts represent an
inconvenient forum.


 


9.4         Persons
Having Rights under this Agreement. Nothing in this Agreement shall be construed to confer upon, or give to, any person or
corporation other than the parties hereto and the Registered Holders of the Warrants any right, remedy, or claim under or by reason
of this Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. All covenants, conditions, stipulations,
promises, and agreements contained in this Agreement shall be for the sole and exclusive benefit of the parties hereto and their
successors and assigns and of the Registered Holders of the Warrants.


 




    	 	15	 



     


    

  


9.5         Examination
of the Warrant Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the Warrant
Agent in the Borough of Manhattan, City and State of New York, for inspection by the Registered Holder of any Warrant. The Warrant
Agent may require any such holder to submit his Warrant for inspection by it.


 


9.6         Counterparts.
This Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all
purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.


 


9.7         Effect
of Headings. The section headings herein are for convenience only and are not part of this Agreement and shall not affect the
interpretation thereof.


 


9.8         Amendments.
This Agreement may be amended by the parties hereto without the consent of any Registered Holder for the purpose of curing any
ambiguity, or curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions
with respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable and that the parties
deem shall not adversely affect the interest of the Registered Holders. All other modifications or amendments, including any amendment
to increase the Warrant Price or shorten the Exercise Period and any amendment to the terms of only the Private Placement Warrants
and Loan Warrants, shall require the vote or written consent of the Registered Holders of a majority of the then outstanding Warrants
and, solely with respect to any amendment to the terms of the Private Placement Warrants and Loan Warrants or any provision of
this Agreement with respect to the Private Placement Warrants and Loan Warrants, a majority of the then outstanding Private Placement
Warrants and Loan Warrants, collectively. Notwithstanding the foregoing, the Corporation may lower the Warrant Price or extend
the duration of the Exercise Period pursuant to Sections 3.1 and 3.2, respectively, without the consent of the Registered
Holders.


 


9.9         Severability.
This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect
the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid
or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision
as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.


 




    	 	16	 



     


    

 


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


 


	 	BOXWOOD MERGER CORP.


 


	 	By:	 





	 	Name:	Stephen M. Kadenacy
	 	Title:	Chief Executive Officer


 


	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Warrant Agent and Transfer Agent


 


	 	By:	 
	 	 	Name:
	 	 	Title:


 


[Signature Page to Warrant Agreement] 


 




    	 	 	 



     


    

 


EXHIBIT A


 


[Form of Warrant Certificate]


 


[FACE]


 


	Number	CUSIP            


 


BOXWOOD MERGER CORP.

INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE

WARRANTS

THIS WARRANT SHALL BE VOID IF NOT EXERCISED PRIOR TO


THE EXPIRATION OF THE EXERCISE PERIOD PROVIDED
FOR


IN THE WARRANT AGREEMENT DESCRIBED BELOW


 


	This Certifies that	 	is the
	 	 	 
	registered holder of	 	Warrant(s)


 


 (the “Warrants” and each, a
“Warrant”) to purchase shares of Class A common stock, $0.0001 par value (“Common Stock”), of Boxwood
Merger Corp., a Delaware corporation (the “Corporation”). 


 


Each Warrant entitles the
holder, upon exercise during the Exercise Period set forth in the Warrant Agreement referred to below, to receive from the Corporation
that number of fully paid and nonassessable shares of Common Stock as set forth below, at the exercise price (the “Warrant
Price”) as determined pursuant to the Warrant Agreement, payable in lawful money (or through “cashless exercise”
as provided for in the Warrant Agreement) of the United States of America upon surrender of this Warrant Certificate and payment
of the Warrant Price at the office or agency of the Warrant Agent referred to below, subject to the conditions set forth herein
and in the Warrant Agreement. Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given
to them in the Warrant Agreement.


 


 Each Warrant is initially
exercisable for one fully paid and non-assessable share of Common Stock. The number of the shares of Common Stock issuable upon
exercise of the Warrants is subject to adjustment upon the occurrence of certain events as set forth in the Warrant Agreement. 


 


The initial Warrant Price
per share of Common Stock for any Warrant is equal to $11.50 per share. The Warrant Price is subject to adjustment upon the occurrence
of certain events as set forth in the Warrant Agreement.


 


Subject to the conditions
set forth in the Warrant Agreement, the Warrants may be exercised only during the Exercise Period and to the extent not exercised
by the end of such Exercise Period, such Warrants shall become void.


 


Reference is hereby made
to the further provisions of this Warrant Certificate set forth on the reverse hereof and such further provisions shall for all
purposes have the same effect as though fully set forth at this place.


 


This Warrant Certificate
shall not be valid unless countersigned by the Warrant Agent, as such term is used in the Warrant Agreement.


 




    	 	 	 



     


    

  


This Warrant Certificate
shall be governed by and construed in accordance with the internal laws of the State of New York, without regard to conflicts of
laws principles thereof.


 


	 	BOXWOOD MERGER CORP.


 


	 	By:	 
	 	 	Name:
	 	 	Title:


 


	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Warrant Agent


 


	 	By:	 
	 	 	Name:
	 	 	Title:


 




    	 	 	 



     


    

 


[Form of Warrant
Certificate]


 


[BACK]


 


 The Warrants evidenced
by this Warrant Certificate are part of a duly authorized issue of Warrants entitling the holder on exercise to receive                   shares
of Common Stock and are issued or to be issued pursuant to a Warrant Agreement dated as of                   ,
2018 (the “Warrant Agreement”), duly executed and delivered by the Corporation to Continental Stock Transfer &
Trust Company, a New York corporation, as warrant agent (the “Warrant Agent”), which Warrant Agreement is hereby incorporated
by reference in and made a part of this instrument and is hereby referred to for a description of the rights, limitation of rights,
obligations, duties and immunities thereunder of the Warrant Agent, the Corporation and the holders (the words “holders”
or “holder” meaning the Registered Holders or Registered Holder, respectively) of the Warrants. A copy of the Warrant
Agreement may be obtained by the holder hereof upon written request to the Corporation. Defined terms used in this Warrant Certificate
but not defined herein shall have the meanings given to them in the Warrant Agreement. 


 


Warrants may be exercised
at any time during the Exercise Period set forth in the Warrant Agreement. The holder of Warrants evidenced by this Warrant Certificate
may exercise them by surrendering this Warrant Certificate, with the form of Election to Purchase set forth hereon properly completed
and executed, together with payment of the Warrant Price as specified in the Warrant Agreement (or through “cashless exercise”
as provided for in the Warrant Agreement) at the principal corporate trust office of the Warrant Agent. In the event that upon
any exercise of Warrants evidenced hereby the number of Warrants exercised shall be less than the total number of Warrants evidenced
hereby, there shall be issued to the holder hereof or his, her or its assignee, a new Warrant Certificate evidencing the number
of Warrants not exercised.


 


Notwithstanding anything
else in this Warrant Certificate or the Warrant Agreement, no Warrant may be exercised unless at the time of exercise (i) a registration
statement covering the shares of Common Stock to be issued upon exercise is effective under the Securities Act and (ii) a prospectus
thereunder relating to the shares of Common Stock is current, except through “cashless exercise” as provided for in
the Warrant Agreement.


 


 The Warrant Agreement
provides that upon the occurrence of certain events the number of shares of Common Stock issuable upon exercise of the Warrants
set forth on the face hereof may, subject to certain conditions, be adjusted. 


 


Warrant Certificates, when
surrendered at the principal corporate trust office of the Warrant Agent by the Registered Holder thereof in person or by legal
representative or attorney duly authorized in writing, may be exchanged, in the manner and subject to the limitations provided
in the Warrant Agreement, but without payment of any service charge, for another Warrant Certificate or Warrant Certificates of
like tenor evidencing in the aggregate a like number of Warrants.


 


Upon due presentation for
registration of transfer of this Warrant Certificate at the office of the Warrant Agent a new Warrant Certificate or Warrant Certificates
of like tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee(s) in exchange for this
Warrant Certificate, subject to the limitations provided in the Warrant Agreement, without charge except for any tax or other governmental
charge imposed in connection therewith.


 


The Corporation and the
Warrant Agent may deem and treat the Registered Holder(s) hereof as the absolute owner(s) of this Warrant Certificate (notwithstanding
any notation of ownership or other writing hereon made by anyone), for the purpose of any exercise hereof, of any distribution
to the holder(s) hereof, and for all other purposes, and neither the Corporation nor the Warrant Agent shall be affected by any
notice to the contrary. Neither the Warrants nor this Warrant Certificate entitles any holder hereof to any rights of a stockholder
of the Corporation.


 




    	 	 	 



     


    

  


Election To Purchase


 


(To Be Executed Upon Exercise of Warrant)


 


The undersigned hereby
irrevocably elects to exercise the right, represented by this Warrant Certificate, to receive                   
shares of Common Stock and herewith tenders payment for such shares to the order of Boxwood Merger Corp. (the “Corporation”)
in the amount of $                   
in accordance with the terms hereof. The undersigned requests that a Certificate for such shares be registered in the name of                   ,
whose address is                   
and that such shares be delivered to                   ,
whose address is                   .
If said number of shares is less than all of the shares of Common Stock purchasable hereunder, the undersigned requests that a
new Warrant Certificate representing the remaining balance of such shares be registered in the name of                   ,
whose address is                   ,
and that such Warrant Certificate be delivered to                   ,
whose address is                   .


 


In the event that the Warrant
has been called for redemption by the Corporation pursuant to Section 6 of the Warrant Agreement and the Corporation
has required cashless exercise pursuant to Section 6.3 of the Warrant Agreement, the number of shares that this Warrant
is exercisable for shall be determined in accordance with subsection 3.3.1(b) and Section 6.3 of the Warrant
Agreement.


 


In the event that the Warrant
is a Private Placement Warrant that is to be exercised on a “cashless” basis pursuant to subsection 3.3.1(c)
of the Warrant Agreement, the number of shares that this Warrant is exercisable for shall be determined in accordance with subsection 3.3.1(c)
of the Warrant Agreement.


 


In the event that the Warrant
is to be exercised on a “cashless” basis pursuant to Section 7.4 of the Warrant Agreement, the number of
shares that this Warrant is exercisable for shall be determined in accordance with Section 7.4 of the Warrant Agreement.


 


In the event that the Warrant
may be exercised, to the extent allowed by the Warrant Agreement, through cashless exercise (i) the number of shares that this
Warrant is exercisable for would be determined in accordance with the relevant section of the Warrant Agreement which allows for
such cashless exercise and (ii) the holder hereof shall complete the following: The undersigned hereby irrevocably elects to exercise
the right, represented by this Warrant Certificate, through the cashless exercise provisions of the Warrant Agreement, to receive
shares of Common Stock. If said number of shares is less than all of the shares of Common Stock purchasable hereunder (after giving
effect to the cashless exercise), the undersigned requests that a new Warrant Certificate representing the remaining balance of
such shares be registered in the name of                   ,
whose address is                   ,
and that such Warrant Certificate be delivered to                   ,
whose address is                   .


 


	Date:                    , 	 
	 	(Signature)
	 	 
	 	 
	 	 
	 	 
	 	 
	 	(Address)
	 	 
	 	 
	 	(Tax Identification Number)


 




    	 	 	 



     


    

  


Signature(s) Guaranteed:


By


	 
	 


 


THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION
(BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION
PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15 UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED).


 




    	 	 	 



     


    

 


EXHIBIT B


 


LEGEND


 


THE SECURITIES REPRESENTED BY THIS CERTIFICATE
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD,
TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES
LAWS OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE. IN ADDITION, SUBJECT TO ANY ADDITIONAL LIMITATIONS ON TRANSFER DESCRIBED IN
THE LETTER AGREEMENT BY AND AMONG BOXWOOD MERGER CORP. (THE “COMPANY”), BOXWOOD SPONSOR, LLC AND THE OTHER PARTIES
THERETO, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE TRANSFERRED, ASSIGNED OR SOLD UNTIL THE DATE THAT IS THIRTY
(30) DAYS AFTER THE DATE UPON WHICH THE COMPANY COMPLETES ITS INITIAL BUSINESS COMBINATION (AS DEFINED IN SECTION ‎3 OF THE
WARRANT AGREEMENT REFERRED TO HEREIN) EXCEPT TO A PERMITTED TRANSFEREE (AS DEFINED IN SECTION ‎2 OF THE WARRANT AGREEMENT)
WHO AGREES IN WRITING WITH THE COMPANY TO BE SUBJECT TO SUCH TRANSFER PROVISIONS.


 


SECURITIES EVIDENCED BY THIS CERTIFICATE AND
SHARES OF COMMON STOCK OF THE COMPANY ISSUED UPON EXERCISE OF SUCH SECURITIES SHALL BE ENTITLED TO REGISTRATION RIGHTS UNDER A
REGISTRATION RIGHTS AGREEMENT TO BE EXECUTED BY THE COMPANY.