Exhibit 10.21


 


Execution Version


 


OPAL Fuels Inc.


 


Dealer Manager and Solicitation Agent Agreement


 


New York, New York


November 18, 2022


 


BofA Securities, Inc.,


as Dealer Manager


 


c/o BofA Securities, Inc.

One Bryant Park

New York, New York 10036


 


Ladies and Gentlemen:


 


OPAL Fuels Inc., a Delaware
corporation (the “Company” or “we”), plans to make an offer (such offer as described in the Prospectus
(as defined below), together with the related Consent Solicitation (as defined below), the “Exchange Offer”), for any
and all of its outstanding public warrants and private placement warrants (as set forth in the Prospectus) (collectively, the “Warrants”)
in exchange for consideration consisting of 0.250 shares (the “Shares”) of Class A common stock for each Warrant tendered,
on the terms and subject to the conditions set forth in the Offering Documents. Certain terms used herein are defined in Section 19 of
this Dealer Manager and Solicitation Agent Agreement (this “Agreement”).


 


Concurrently with making the
offer to exchange described in the preceding paragraph, the Company plans to solicit consents (the “Consents”) from
the holders of Warrants (as described in the Offering Documents, the “Consent Solicitation”) to make certain amendments
to the terms of the Warrants. Subject to the terms and conditions set forth in the Offering Documents, if Consents are received from the
holders of at least 65% of the number of the outstanding public warrants and from at least 65% of the number of the outstanding private
placement warrants (which is the minimum number required to amend that certain warrant agreement, dated as of March 25, 2021, by and between
the Company (as successor to ArcLight Clean Transition Corp. II, the Company’s predecessor and a Cayman Islands exempted company)
and Continental Stock Transfer & Trust Company, as warrant agent (the “Warrant Agreement”)), the proposed amendment
to the Warrant Agreement set forth in the Offering Documents shall be adopted.


 


Any reference herein to the
Pre-Effective Registration Statement, the Registration Statement, the Preliminary Prospectus or the Prospectus shall be deemed to refer
to and include the documents incorporated by reference therein pursuant to Item 13 of Form S-4, if applicable, which were filed under
the Exchange Act on or before the filing of the Pre-Effective Registration Statement, the Effective Date or the issue date of the Preliminary
Prospectus or the Prospectus, as the case may be; and any reference herein to the terms “amend,” “amendment” or
“supplement” with respect to the Pre-Effective Registration Statement, the Registration Statement, the Preliminary Prospectus
or the Prospectus shall be deemed to refer to and include the filing of any document under the Exchange Act after the initial filing of
the Pre-Effective Registration Statement, the Effective Date or the issue date of the Preliminary Prospectus or the Prospectus, as the
case may be, deemed to be incorporated therein by reference.


 




     


     


    

 


1.
Appointment as Dealer Manager and Solicitation Agent.


 


(a) BofA Securities,
Inc. will act as the exclusive dealer manager and solicitation agent for the Exchange Offer and the Consent Solicitation (the “Dealer
Manager” or “you”) in accordance with your customary practices, including, without limitation, to use commercially
reasonable efforts to solicit tenders pursuant to the Exchange Offer, the solicitation of Consents pursuant to the Consent Solicitation
and assisting in the distribution of the Offering Documents and to perform such services as are customarily performed by investment banking
firms acting as dealer managers and solicitation agents of an exchange offer of like nature.


 


(b) You agree that
all actions taken by you as Dealer Manager have complied and will comply in all material respects with all applicable laws, regulations
and rules of the United States, including, without limitation, the applicable rules and regulations of the registered national securities
exchanges of which you are a member and of the Financial Industry Regulatory Authority, Inc. (“FINRA”).


 


(c) The Dealer Manager,
in its sole discretion, may continue to own or dispose of, in any manner it may elect, any Warrants it may beneficially own at the date
hereof or hereafter acquire, in any such case, subject to applicable law. The Dealer Manager has no obligation to the Company, pursuant
to this Agreement or otherwise, to tender or refrain from tendering Warrants beneficially owned by it in any Exchange Offer (or to deliver
Consents in any related Consent Solicitation). The Dealer Manager acknowledges and agrees that if any Exchange Offer is not consummated
for any reason, the Company shall have no obligation, pursuant to this Agreement or otherwise, to acquire any Warrants from the Dealer
Manager or otherwise to hold the Dealer Manager harmless with respect to any losses it may incur in connection with the resale to any
third parties of any Warrants.


 


(d) The Company
agrees that it will not file, use or publish any material in connection with the Exchange Offer, use the name BofA or BofA Securities,
Inc. or refer to you or your relationship with the Company, without your prior written consent to the form of such use or reference. There
shall be no fee for any such permitted use or reference other than as set forth herein.


 


2.
Compensation. The Company shall pay to you, promptly after the Expiration Date or as otherwise set forth in the attached
Schedule A, in respect of your services as Dealer Manager, the fee set forth in the attached Schedule A (the “Fee”).
The Company shall also promptly reimburse you, only in the event of the consummation of the Exchange Offer, for the reasonable and documented
fees, costs and out-of-pocket expenses of your counsel, Davis Polk & Wardwell LLP, for their representation of you incurred in connection
with the Exchange Offer. Notwithstanding the foregoing, the expenses to be reimbursed by the Company shall not exceed $150,000 in the
aggregate.


 




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3.
Representations and Warranties. The Company represents and warrants to, and agrees with, you as set forth below in this
Section 3:


 


(a) Form S-4.
The Company has prepared and, on or about the date hereof, has filed with the Commission the Pre-Effective Registration Statement
on Form S-4, including a related Preliminary Prospectus, for registration under the Securities Act of the Shares in connection with the
Exchange Offer. If the Exchange Offer is to be consummated, the Pre-Effective Registration Statement, as amended, will have been declared
effective by the Commission prior to the Expiration Date and any request on the part of the Commission or any other federal, state or
local or other governmental or regulatory agency, authority or instrumentality or court or arbitrator for the amending or supplementing
of the Offering Documents or for additional information will have been complied with in all material respects prior to the Expiration
Date. The Company meets the conditions for the use of Form S-4 with respect to the Pre-Effective Registration Statement and the Registration
Statement in connection with the Exchange Offer as contemplated by this Agreement.


 


(b) Pre-Effective
Registration Statement, Registration Statement, Preliminary Prospectus and Prospectus. (i) The Pre-Effective Registration Statement
and any amendment thereto, as of the Commencement Date, the Registration Statement, as of the Effective Date, the Expiration Date and
the Exchange Date, and the Preliminary Prospectus and any amendments and supplements thereto, as of its date, the Commencement Date and
the Exchange Date, comply, or will comply, as applicable, in all material respects with the Securities Act and the Exchange Act and the
rules and regulations of the Commission thereunder (including Rule 13e-4 and Rule 14e under the Exchange Act), (ii) the Prospectus (together
with any supplement and amendment thereto), as of the date it is first filed in accordance with Rule 424(b) under the Securities Act (if
it is so filed) and the Exchange Date, will comply in all material respects with the Securities Act and the Exchange Act and the rules
and regulations of the Commission thereunder (including Rule 13e-4 and Rule 14e under the Exchange Act), (iii) the Pre-Effective Registration
Statement together with any amendment thereto as of the Commencement Date did not contain, and the Registration Statement, as of the Effective
Date, the Expiration Date and the Exchange Date, will not contain, any untrue statement of a material fact and did not omit, or will not
omit, as applicable, to state a material fact required to be stated therein or necessary to make the statements therein not misleading,
(iv) the Preliminary Prospectus as of its date did not contain any untrue statement of a material fact and did not omit to state
a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading
and (v) the Prospectus (together with any supplement or amendment thereto), as of the date it is first filed in accordance with Rule
424(b) (if required), the Expiration Date and the Exchange Date, will not contain any untrue statement of a material fact and will not
omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made,
not misleading; provided, however, that the Company makes no representations or warranties as to the information contained in or
omitted from the Pre-Effective Registration Statement, the Registration Statement, any Preliminary Prospectus or the Prospectus (or any
supplement or amendment thereto) in reliance upon and in conformity with information furnished to the Company in writing by or on behalf
of the Dealer Manager expressly for inclusion therein (the “Dealer Manager Information”), it being understood that
the Dealer Manager Information shall include only the name and the contact information of the Dealer Manager.


 




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(c) Documents
Incorporated by Reference. The documents incorporated by reference in the Schedule TO, other than the Pre-Effective Registration Statement,
the Registration Statement, the Preliminary Prospectus and the Prospectus, which are addressed in the prior paragraph, when they became
effective or were filed with the Commission, as the case may be, conformed in all material respects to the requirements of the Securities
Act or the Exchange Act, as applicable, and the rules and regulations of the Commission thereunder, and none of such documents contained
an untrue statement of a material fact or omitted to state a material fact necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading; provided, however, that this representation and warranty shall
not apply to any statements or omissions made in reliance upon and in conformity with the Dealer Manager Information.


 


(d) Schedule
TO. (i) On the Commencement Date, the Company will duly file with the Commission the Schedule TO pursuant to Rule 13e-4 promulgated
by the Commission under the Exchange Act, a copy of which Schedule TO (including the documents required by Item 12 thereof to be filed
as exhibits thereto) in the form in which it is to be so filed has been or will be furnished to the Dealer Manager; (ii) any amendments
to the Schedule TO and the final form of all such documents filed with the Commission or published, sent or given to holders of Warrants
will be furnished to you prior to any such amendment, filing, publication or distribution; (iii) the Schedule TO as so filed and as amended
or supplemented from time to time will comply in all material respects with the provisions of the Exchange Act and the rules and regulations
thereunder; and (iv) the Schedule TO as filed or as amended or supplemented from time to time will not contain any untrue statement of
a material fact or omit to state a material fact necessary in order to make the statements made therein, in light of the circumstances
under which they are made, not misleading, except that the Company makes no representation or warranty with respect to any statement contained
in, or any matter omitted from, the Schedule TO made in reliance upon and in conformity with the Dealer Manager Information.


 


(e) [Reserved].


 


(f) No Stop Orders.
No stop order suspending the effectiveness of the Registration Statement is in effect, and no proceedings for such purpose or pursuant
to Section 8A under the Securities Act are pending before or, to the knowledge of the Company, threatened by the Commission.


 




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(g) Emerging
Growth Company. From the time of initial filing of the Pre-Effective Registration Statement with the Commission through the date hereof,
the Company has been and is an “emerging growth company,” as defined in Section 2(a) of the Securities Act (an “Emerging
Growth Company”).


 


(h) Testing-the-Waters
Materials. The Company (i) has not alone engaged in any Testing-the-Waters Communication with any person other than Testing-the-Waters
Communications with the consent of the Dealer Manager with entities that are reasonably believed to be qualified institutional buyers
within the meaning of Rule 144A under the Securities Act or institutions that are reasonably believed to be accredited investors within
the meaning of Rule 501 under the Securities Act and (ii) has not authorized anyone other than the Dealer Manager to engage in Testing-the-Waters
Communications. The Company reconfirms that the Dealer Manager has been authorized to act on its behalf in undertaking Testing-the-Waters
Communications. The Company has not distributed or approved for distribution any Testing-the-Waters Communication that is a written communication
within the meaning of Rule 405 under the Securities Act. “Testing-the-Waters Communication” means any communication
with potential investors undertaken in reliance on Section 5(d) or Rule 163B of the Securities Act.


 


(i) Financial
Statements. The financial statements included in each of the Pre-Effective Registration Statement, the Registration Statement, the
Preliminary Prospectus and the Prospectus, together with the related schedules and notes thereto, comply as to form in all material respects
with the applicable accounting requirements of the Securities Act and the Exchange Act, as applicable, and present fairly in all material
respects the consolidated financial position of the Company and its subsidiaries as of the dates shown and its results of operations and
cash flows for the periods shown, and such financial statements have been prepared in conformity with generally accepted accounting principles
in the United States (“U.S. GAAP”) applied on a consistent basis throughout the periods covered thereby except for
any normal year-end adjustments in the Company’s quarterly financial statements. The other financial information included in each
of the Pre-Effective Registration Statement, the Registration Statement, the Preliminary Prospectus and the Prospectus has been derived
from the accounting records of the Company and its consolidated subsidiaries and presents fairly in all material respects the information
shown thereby. The pro forma financial statements and the related notes thereto included in the Registration Statement and the Prospectus
present fairly the information shown therein, have been prepared in accordance with the Commission’s rules and guidelines with respect
to pro forma financial statements and have been properly compiled on the bases described therein, and the assumptions used in the preparation
thereof are reasonable and the adjustments used therein are appropriate to give effect to the transactions and circumstances referred
to therein. Except as included therein, no historical or pro forma financial statements or supporting schedules are required to be included
in the Registration Statement or the Prospectus under the Securities Act or the Securities Act regulations. The statistical, industry-related
and market-related data included in each of the Pre-Effective Registration Statement, the Registration Statement, the Preliminary Prospectus
and the Prospectus are based on or derived from sources which the Company reasonably and in good faith believes are reliable and accurate
and such data is consistent with the sources from which they are derived, in each case, in all material respects.


 


(j) No Material
Adverse Change. There has not occurred any Material Adverse Change, or any development involving a prospective Material Adverse Change,
in the condition, financial or otherwise, or in the earnings, business or operations of the Company and its subsidiaries, taken as a whole,
since the date of the latest audited financial statements included within the Commission Reports, except as disclosed in the Pre-Effective
Registration Statement, the Registration Statement, the Preliminary Prospectus or the Prospectus.


 




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(k) Organization
and Good Standing. The Company has been duly incorporated, is validly existing as a corporation in good standing under the laws of
the jurisdiction of its incorporation, has the corporate power and authority to own or lease its property and to conduct its business
as described in each of the Pre-Effective Registration Statement, the Registration Statement, the Preliminary Prospectus and the Prospectus
and is duly qualified to transact business and is in good standing in each jurisdiction in which the conduct of its business or its ownership
or leasing of property requires such qualification, except to the extent that the failure to be so qualified or be in good standing would
not reasonably be expected to have a Material Adverse Effect.


 


(l) Significant
Subsidiaries. Each “significant subsidiary” (as such term is defined in Rule 1-02 of Regulation S-X) of the Company (the
“Significant Subsidiaries”) has been duly incorporated, organized or formed, is validly existing as a corporation or
other business entity in good standing under the laws of the jurisdiction of its incorporation, organization or formation (to the extent
the concept of good standing or any functional equivalent is applicable in such jurisdiction), has the corporate or other business entity
power and authority to own or lease its property and to conduct its business as described in each of the Pre-Effective Registration Statement,
the Registration Statement, the Preliminary Prospectus and the Prospectus and is duly qualified to transact business and is in good standing
in each jurisdiction in which the conduct of its business or its ownership or leasing of property requires such qualification, except
to the extent that the failure to be so qualified or be in good standing would not reasonably be expected to have a Material Adverse Effect;
all of the issued shares of capital stock or other equity interests of each Significant Subsidiary of the Company have been duly and validly
authorized and issued, are fully paid and non-assessable and are owned directly or indirectly by the Company, free and clear of all liens,
encumbrances, equities or claims, except for such liens, encumbrances, equities or claims that would not be material to the Company and
its subsidiaries, taken as a whole.


 


(m) Capitalization.
All the outstanding shares of the Company have been duly and validly authorized and issued and are fully paid and non-assessable and
are not subject to any pre-emptive or similar rights; except as described in or expressly contemplated by the Preliminary Prospectus and
the Prospectus, there are no outstanding rights (including, without limitation, pre-emptive rights), warrants or options to acquire, or
instruments convertible into or exchangeable for, any shares or other equity interest in the Company or any of its subsidiaries, or any
contract, commitment, agreement, understanding or arrangement of any kind relating to the issuance of any shares of the Company or any
such subsidiary, any such convertible or exchangeable securities or any such rights, warrants or options; the share capital of the Company
conforms in all material respects to the description thereof contained in the Pre-Effective Registration Statement, the Registration Statement,
the Preliminary Prospectus and the Prospectus; the Shares to be issued in exchange for the Warrants as contemplated by the Offering Documents
have been duly authorized for issuance and sale by the Company, and, when issued and delivered as contemplated therein, will be duly and
validly issued, fully paid and nonassessable; neither the filing of the Registration Statement nor the issuance of the Shares as contemplated
by the Offering Documents will give rise to any preemptive or similar rights, other than those which have been waived or satisfied.


 




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(n) Required
Filings. The Company has filed with the Commission pursuant to Rule 13e-4(c)(1) under the Exchange Act (or Rule 425 under the Securities
Act) or otherwise all written communications made by the Company or any Affiliate of the Company in connection with or relating to the
Exchange Offer or the Consent Solicitation that are required to be filed with the Commission, in each case, on the date of their first
use.


 


(o) Compliance.
The Company has complied in all material respects with the Securities Act and the Exchange Act and the rules and regulations of the
Commission thereunder in connection with the Exchange Offer, the Consent Solicitation, the Offering Documents and the transactions contemplated
hereby and thereby. The Company is subject to and in full compliance with the reporting requirements of Section 13 or Section 15(d) of
the Exchange Act. The Company has not received from the Commission any written comments, questions or requests for modification of disclosure
in respect of any Commission Reports, except for comments, questions or requests (i) that have been satisfied by the provision of supplemental
information to the staff of the Commission or (ii) in respect of which the Company has agreed with the staff of the Commission to make
a prospective change in future Commission Reports, of which agreement the Dealer Manager and its counsel have been made aware.


 


(p) Stock Options.
Except as described in the Pre-Effective Registration Statement, the Registration Statement, the Preliminary Prospectus and the Prospectus,
the Company has not sold, issued or distributed any shares of Class A common stock during the six-month period preceding the date hereof,
including any sales pursuant to Rule 144A under, or Regulation D or S of, the Securities Act, other than shares issued pursuant
to employee benefit plans, qualified stock option plans or other employee compensation plans or pursuant to outstanding restricted stock
units, options, rights or warrants or exchange of common units of OPAL Fuels LLC.


 


(q) Due Authorization.
The Company has full right, power and authority to execute and deliver this Agreement and to perform its obligations hereunder; and all
action required to be taken for the due and proper authorization, execution and delivery by it of this Agreement and the consummation
by it of the transactions contemplated hereby has been duly and validly taken.


 


(r) Dealer Manager
and Solicitation Agent Agreement. This Agreement has been duly authorized, executed and delivered by the Company.


 




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(s) No Violation
or Default. Neither the Company nor any of its subsidiaries: (i) is in default under or in violation of (and no event has occurred
that has not been waived that, with notice or lapse of time or both, would reasonably be expected to result in a default by the Company
or any of its subsidiaries under), nor has the Company or any of its subsidiaries received notice of a claim that it is in default under
or that it is in violation of, any indenture, loan or credit agreement or any other agreement or instrument to which it is a party or
by which it or any of its properties is bound (whether or not such default or violation has been waived), (ii) is in violation of any
judgment, decree or order of any court, arbitrator or other governmental authority or (iii) is or has been in violation of any statute,
rule, ordinance or regulation of any governmental authority, including, without limitation, all foreign, federal, state and local laws
relating to taxes, environmental protection, occupational health and safety, product quality and safety and employment and labor matters,
except in the case of each of clauses (i), (ii) and (iii) as could not reasonably be expected to result in a Material Adverse Effect.


 


(t) No Conflicts.
The execution, delivery and performance by the Company of this Agreement, the conduct and consummation of the Exchange Offer and the consummation
by the Company of any other transactions contemplated by this Agreement or the Preliminary Prospectus and the Prospectus will not (i)
conflict with or violate any provision of the Company’s certificate of incorporation or bylaws, (ii) conflict with or violate any
provision of any of the Company’s subsidiaries’ certificates or articles of incorporation, bylaws or other organizational
or charter documents, (iii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become
a default) under, result in the creation of any lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive
right or other restriction upon any of the properties or assets of the Company or any of its subsidiaries or give to others any rights
of termination, amendment, anti-dilution or similar adjustments, acceleration or cancellation (with or without notice, lapse of time or
both) of, any agreement, credit facility, debt or other instrument (evidencing a Company or subsidiary debt or otherwise) or other understanding
to which the Company or any of its subsidiaries is a party or by which any property or asset of the Company or any of its subsidiaries
is bound or affected, or (iv) conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree
or other restriction of any court or governmental authority to which the Company or any of its subsidiaries is subject (including federal
and state securities laws and regulations), or by which any property or asset of the Company or any of its subsidiaries is bound or affected;
except in the case of each of clauses (ii), (iii) and (iv), such as could not reasonably be expected to result in a Material Adverse Effect.


 


(u) No Consents
Required. The execution and delivery by the Company of, and the performance by the Company of its obligations under this Agreement
will not contravene any provision of applicable law or the certificate of incorporation or by-laws of the Company or any agreement or
other instrument binding upon the Company or any of its subsidiaries that is material to the Company and its subsidiaries, taken as a
whole, or any judgment, order or decree of any governmental body, agency or court having jurisdiction over the Company or any subsidiary,
and no consent, approval, authorization or order of, or qualification with, any governmental body, agency or court is required for the
performance by the Company of its obligations under this Agreement, except such as have been obtained or made, as may be required by the
securities or Blue Sky laws of the various states or the rules and regulations of FINRA in connection with the offer and sale of the Shares
or as could not reasonably be expected to have a Material Adverse Effect.


 




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(v) No Legal
Proceedings. There are no legal or governmental proceedings pending or, to the knowledge of the Company, threatened to which the Company
or any of its subsidiaries is a party or to which any of the properties of the Company or any of its subsidiaries is subject (i) other
than proceedings accurately described in all material respects in each of the Pre-Effective Registration Statement, the Registration Statement,
the Preliminary Prospectus and the Prospectus and proceedings that would not reasonably be expected to have a Material Adverse Effect,
or would not reasonably be expected to impact the power or ability of the Company to perform its obligations under this Agreement or to
consummate the transactions contemplated by each of the Pre-Effective Registration Statement, the Registration Statement, the Preliminary
Prospectus and the Prospectus or (ii) that are required to be described in the Pre-Effective Registration Statement, the Registration
Statement, the Preliminary Prospectus and the Prospectus and are not so described; and there are no statutes, regulations, contracts or
other documents that are required to be described in the Pre-Effective Registration Statement, the Registration Statement, the Preliminary
Prospectus and the Prospectus or to be filed as exhibits to the Registration Statement that are not described in all material respects
or filed as required.


 


(w) Independent
Accountants. BDO USA, LLP, who have certified certain financial statements of Opal Fuels LLC and Beacon RNG LLC, for the applicable
periods, and delivered their report with respect to the audited financial statements and schedules included in the Registration Statement
and included in each of the Pre-Effective Registration Statement, the Registration Statement, the Preliminary Prospectus and the Prospectus,
is an independent registered public accounting firm with respect to the Company within the meaning of the Securities Act and the applicable
rules and regulations thereunder adopted by the Commission and the Public Company Accounting Oversight Board (United States). 


 


(x) Title to
Real and Personal Property. The Company and each of its subsidiaries have good and marketable title in fee simple to all real property,
if any, and good and marketable title to all personal property owned by them which is material to the business of the Company and its
subsidiaries, taken as a whole, except to the extent that the failure to have good and marketable title to any real or personal property
would not reasonably be expected to have a Material Adverse Effect, in each case free and clear of all liens, encumbrances and defects
except such liens, encumbrances and defects would not reasonably be expected to have a Material Adverse Effect; and any real property
and buildings held under lease by the Company and its subsidiaries are held by them under valid, subsisting and enforceable leases with
such exceptions as are not material and do not interfere with the use made and proposed to be made of such property and buildings by the
Company and its subsidiaries except, in each case, as would not reasonably be expected to have a Material Adverse Effect.


 




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(y) Intellectual
Property. Except as would not reasonably be expected to have a Material Adverse Effect, (i) the Company and its subsidiaries own or
have a valid license to all patents, inventions, copyrights, know how (including trade secrets and other unpatented and/or unpatentable
proprietary or confidential information, systems or procedures), trademarks, service marks and trade names and all other worldwide intellectual
property and proprietary rights (including all registrations and applications for registration of, and all goodwill associated with, any
of the foregoing) (collectively, “Intellectual Property Rights”) used or held for use in any material respect, or reasonably
necessary to the conduct of their respective businesses as now conducted by them, and as proposed to be conducted in the Pre-Effective
Registration Statement, the Registration Statement, the Preliminary Prospectus or the Prospectus; (ii) the Intellectual Property Rights
owned by the Company and its subsidiaries and, to the Company’s knowledge, the Intellectual Property Rights licensed to the Company
and its subsidiaries, are valid, subsisting and enforceable, and there is no pending or, to the Company’s knowledge, threatened
action, suit, proceeding or claim by others challenging the validity, scope or enforceability of, or any rights of the Company or any
of its subsidiaries in, any such Intellectual Property Rights (excluding office actions and other similar prosecution-related processes
or proceedings by intellectual property registries and offices, including the United States Patent and Trademark Office); (iii) neither
the Company nor any of its subsidiaries has received any notice alleging any infringement, misappropriation or other violation of Intellectual
Property Rights; (iv) to the Company’s knowledge, no Person is infringing, misappropriating or otherwise violating, or has infringed,
misappropriated or otherwise violated, any Intellectual Property Rights owned or controlled by the Company or any of its subsidiaries;
(v) neither the Company nor any of its subsidiaries infringes, misappropriates or otherwise violates, or has infringed, misappropriated
or otherwise violated, any Intellectual Property Rights of any Person, and the conduct of each of the respective businesses of the Company
and its subsidiaries as described in Pre-Effective Registration Statement, the Registration Statement, the Preliminary Prospectus and
the Prospectus will not knowingly infringe, misappropriate, or otherwise violate any Intellectual Property Rights of any Person; (vi)
all employees or contractors engaged in the development of any Intellectual Property Rights on behalf of the Company or any of its subsidiaries
have executed an invention assignment agreement or are otherwise subject to contractual provisions whereby such employees or contractors
presently assign all of their right, title and interest in and to such Intellectual Property Rights to the Company or its applicable subsidiary,
and to the Company’s knowledge no such agreement has been breached or violated; and (vii) the Company and its subsidiaries use,
and have used, commercially reasonable efforts in accordance with customary industry practice to appropriately maintain the confidentiality
of all Intellectual Property Rights owned by them, including maintenance and protection of all information intended to be maintained as
a trade secret.


 


(z) Data Privacy.
(i) The Company and each of its subsidiaries have complied during the past three years and are presently in compliance, in all material
respects, with all internal and external privacy policies, contractual obligations, industry standards, applicable laws, statutes, judgments,
orders, rules and regulations of any court or arbitrator or other governmental or regulatory authority and any other legal obligations,
in each case, relating to the collection, use, transfer, import, export, storage, protection, disposal and disclosure by the Company or
any of its subsidiaries of personal, personally identifiable, household, sensitive, confidential or regulated data or information (“Data
Security Obligations”); (ii) the Company and its subsidiaries have not received any written notification of or written complaint
regarding and are unaware of any other facts that, individually or in the aggregate, would reasonably indicate non-compliance in any material
respect with any Data Security Obligation by the Company or any of its subsidiaries; and
(iii) to the knowledge of the Company, there is no action, suit or proceeding by or before any court or governmental agency, authority
or body pending or to the knowledge of the Company or its subsidiaries threatened alleging non-compliance with any Data Security Obligation
by the Company or any of its subsidiaries; except in the case of each of clauses (i), (ii)
and (iii) as could not reasonably be expected to result in a Material Adverse Effect.


 




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(aa) No Undisclosed
Relationships. No relationship, direct or indirect, exists between or among the Company or any of its subsidiaries, on the one hand,
and the directors, officers, shareholders or other Affiliates of the Company or any of its subsidiaries, on the other, that is required
by the Securities Act to be described in each of the Pre-Effective Registration Statement, the Registration Statement, the Preliminary
Prospectus and the Prospectus and that is not so described in such documents.


 


(bb) Investment
Company Act. The Company is not, and after giving effect to the consummation of the Exchange Offer and the Consent Solicitation will
not be, required to register as an “investment company” or an entity “controlled” by an “investment company”
within the meaning of the Investment Company Act of 1940, as amended, and the rules and regulations of the Commission thereunder.


 


(cc) Taxes. The
Company and each of its subsidiaries have filed all federal, state, local and foreign tax returns required to be filed through the date
of this Agreement or have requested extensions thereof (except where the failure to file would not reasonably be expected to have a Material
Adverse Effect) and have paid all taxes required to be paid thereon (except for cases in which the failure to file or pay would not reasonably
be expected to have a Material Adverse Effect, or, except as currently being contested in good faith and for which reserves required by
U.S. GAAP have been created in the financial statements of the Company), no tax deficiency has been determined adversely to the Company
or any of its subsidiaries which has not been paid and has had (nor does the Company nor any of its subsidiaries have any notice or knowledge
of any tax deficiency which could reasonably be expected to be determined adversely to the Company or its subsidiaries and which could
reasonably be expected to have) a Material Adverse Effect.


 


(dd) Licenses
and Permits. The Company and each of its subsidiaries possess all certificates, authorizations and permits issued by the appropriate
federal, state or foreign regulatory authorities necessary to conduct their respective businesses (“Permits”), except
to the extent that the failure to possess such Permits would not reasonably be expected to have a Material Adverse Effect, and neither
the Company nor any of its subsidiaries has received any written notice of proceedings relating to the revocation or modification of any
such Permit which if the subject of an unfavorable decision, ruling or finding, would have a Material Adverse Effect.


 




    11


     


    

 


(ee) No Labor
Disputes. No material labor dispute with the employees of the Company or any of its subsidiaries exists, or, to the knowledge of the
Company, is imminent; and the Company is not aware of any existing, threatened or imminent labor disturbance by the employees of any of
its principal suppliers, manufacturers or contractors that would reasonably be expected to have a Material Adverse Effect.


 


(ff) Certain
Environmental Matters. Except as described in the Preliminary Prospectus and the Prospectus or would not reasonably be expected to
result in a Material Adverse Effect, (A) neither the Company nor any of its subsidiaries is in violation of any federal, state, local
or foreign statute, law, rule, regulation, ordinance, code, judicial or administrative order, consent decree or judgment, relating to
pollution or protection of human health (to the extent related to Hazardous Materials exposure), the environment (including, without limitation,
ambient air, surface water, groundwater, land surface or subsurface strata) or wildlife, including, without limitation, laws and regulations
relating to the release or threatened release of chemicals, pollutants, contaminants, wastes, toxic substances, hazardous substances,
petroleum or petroleum products, asbestos-containing materials or mold (collectively, “Hazardous Materials”) or to
the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials (collectively,
“Environmental Laws”), (B) the Company and its subsidiaries have all permits, authorizations and approvals required
under any applicable Environmental Laws and are each in compliance with their requirements, (C) there are no pending or threatened (in
writing) administrative, regulatory or judicial actions, suits, demands, demand letters, claims, liens, notices of noncompliance or violation,
investigations or proceedings relating to any Environmental Law against the Company or any of its subsidiaries and (D) there are no pending
or unresolved orders against the Company for clean-up or remediation, nor are there any pending or unresolved actions, suits or proceedings
by any private party or any arbitrator, court, governmental body, regulatory body, administrative agency or other authority, body or agency
having jurisdiction over the Company or any of its subsidiaries or any of their respective properties, assets or operations, against or
affecting the Company or any of its subsidiaries relating to Hazardous Materials or any Environmental Laws.


 


(gg) Compliance
with ERISA. (i) Each employee benefit plan, within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974,
as amended (“ERISA”), that is sponsored or maintained by the Company or with respect to which the Company would have
any liability (each, a “Plan”) has been maintained in compliance with its terms and the requirements of any applicable
statutes, orders, rules and regulations, including, but not limited to, ERISA and the Code; (ii) no prohibited transaction, within the
meaning of Section 406 of ERISA or Section 4975 of the Code, has occurred with respect to any Plan, excluding transactions effected pursuant
to a statutory or administrative exemption; and (iii) each Plan that is intended to be qualified under Section 401(a) of the Code is subject
to a favorable determination, advisor or opinion letter, as applicable, from the Internal Revenue Service, and nothing has occurred, whether
by action or by failure to act, that, to the best knowledge of the Company, is reasonably likely to result in the revocation of any such
determination, advisor or opinion letter, as applicable, except in each case with respect to the events or conditions set forth in (i)
through (iii) hereof, as would not reasonably be expected to have a Material Adverse Effect. The Company does not have any obligations
or liabilities with respect to any Plan that is (i) a “pension plan” within the meaning of Section 3(2) of ERISA that is subject
to Section 412 of the Code or Title IV of ERISA or Section 302 of ERISA, or (ii) a “multiemployer plan” within the meaning
of Section 3(37) of ERISA.


 




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(hh) Sarbanes-Oxley;
Internal Accounting Controls. Except as disclosed in the Preliminary Prospectus and Prospectus (A) the Company and its subsidiaries
are in compliance with any and all applicable requirements of the Sarbanes-Oxley Act of 2002, as amended, that are effective as of the
date hereof, and any and all applicable rules and regulations promulgated by the Commission thereunder that are effective as of the date
hereof, as of the Commencement Date and as of the Exchange Date; (B) the Company and its subsidiaries maintain a system of internal accounting
controls sufficient to provide reasonable assurance that: (i) transactions are executed in accordance with management’s general
or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with
U.S. GAAP and to maintain asset accountability; (iii) access to assets is permitted only in accordance with management’s general
or specific authorization; and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals
and appropriate action is taken with respect to any differences; and (C) the Company and its subsidiaries have established disclosure
controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Company and its subsidiaries and designed such
disclosure controls and procedures to ensure that information required to be disclosed by the Company in the Commission Reports is recorded,
processed, summarized and reported, within the time periods specified in the Commission’s rules and forms. The Company’s certifying
officers have evaluated the effectiveness of the disclosure controls and procedures of the Company and its subsidiaries as of the end
of the period covered by the most recently filed periodic report under the Exchange Act (such date, the “Evaluation Date”).
The Company presented in its most recently filed periodic report under the Exchange Act the conclusions of the certifying officers about
the effectiveness of the disclosure controls and procedures based on their evaluations as of the Evaluation Date. Since the Evaluation
Date, there have been (i) no material weakness in the Company’s internal control over financial reporting (whether or not remediated),
except as disclosed in the most recently filed periodic report under the Exchange Act and in the Preliminary Prospectus and Prospectus
and (ii) no change in the Company’s internal control over financial reporting that has materially affected, or is reasonably likely
to materially affect, the Company’s internal control over financial reporting.


 


(ii) Insurance.
Except as would not reasonably be expected to have a Material Adverse Effect, (i) the Company and each of its subsidiaries are insured
by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the
businesses in which they are engaged; (ii) neither the Company nor any of its subsidiaries has been refused any insurance coverage sought
or applied for; and (iii) the Company has no reason to believe that it or its subsidiaries will not be able to renew its existing insurance
coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business
at a cost that would not reasonably be expected to have a Material Adverse Effect.


 




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(jj) Foreign
Corrupt Practices Act and UK Bribery Act 2010. None of the Company, any of its subsidiaries, directors, officers or, to the knowledge
of the Company, any agent, employee, controlled Affiliate or other person acting on behalf of the Company or any of its subsidiaries is
aware of or has taken any action, directly or indirectly, that would result in a violation by such persons of the Foreign Corrupt Practices
Act of 1977, as amended, and the rules and regulations thereunder (the “FCPA”), the U.K. Bribery Act of 2010, as amended,
and the rules thereunder (the “UK Act”), or similar applicable law of any other jurisdiction or the rules and regulations
under the FCPA, UK Act or similar applicable law of any other jurisdiction including, without limitation, (i) using any corporate funds
for any offer, payment, promise to pay, or authorization or approval of the payment, giving or receipt of money, property, gifts or anything
else of value, directly or indirectly, to any government official (including any officer or employee of a government or government-owned
or controlled entity or of a public international organization, or any person acting in an official capacity for or on behalf of any of
the foregoing, or any political party or party official or candidate for political office) in order to influence official action, or to
any person in violation of any applicable anti-corruption laws or (ii) making use of the mails or any means or instrumentality of interstate
commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of any money, or other property,
gift, promise to give, or authorization of the giving of anything of value to any “foreign official” (as such term is defined
in the FCPA) or any foreign political party or official thereof or any candidate for foreign political office, in contravention of the
FCPA, the UK Act or similar applicable law of any other jurisdiction and the Company and, to the knowledge of the Company, its controlled
Affiliates have conducted their businesses in compliance with the FCPA, the UK Act or similar applicable law of any other jurisdiction
and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure,
continued compliance therewith and with the representations and warranties contained herein.


 


(kk) Compliance
with Anti-Money Laundering Laws. The operations of the Company and each of its subsidiaries are and have been conducted at all times
in material compliance with all applicable financial recordkeeping and reporting requirements, including those of the Bank Secrecy Act,
as amended by Title III of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism
Act of 2001 (“USA PATRIOT Act”), and the applicable anti-money laundering statutes of jurisdictions where the Company
and each of its subsidiaries conduct business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines,
issued, administered or enforced by any governmental agency (collectively, the “Anti-Money Laundering Laws”), and no
action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or
any of its subsidiaries with respect to the Anti-Money Laundering Laws is pending or, to the best knowledge of the Company, threatened.


 




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(ll) OFAC. None
of the Company, any of its subsidiaries, directors, officers or, to the knowledge of the Company, any agent, employee, Affiliate or representative
of the Company or any of its subsidiaries acting on behalf of the Company or any of its subsidiaries is an individual or entity (“Person”)
currently the subject or target of applicable sanctions administered or enforced by the United States Government, including, the U.S.
Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) or the U.S. Department of State, the United
Nations Security Council, the European Union, or His Majesty’s Treasury (“HMT”) (collectively, “Sanctions”),
nor is the Company located, organized or resident in a country or territory that is the subject of country-wide or territory-wide Sanctions
(as of the date of this Agreement, the Crimea region of Ukraine, the so-called Donetsk People’s Republic, the so-called Luhansk
People’s Republic, Cuba, Iran, Syria or North Korea) (each a “Sanctioned Country”). None of the Company, any
of its subsidiaries, or any director, officer, or, to the Company’s knowledge, any employee, agent, affiliate or representative
of the Company or any of its subsidiaries, is a Person that is, or is 50% or more owned or controlled by one or more Persons that are
the subject of applicable Sanctions, or located, organized or resident in a Sanctioned Country. For the past five years, the Company and
its subsidiaries have not knowingly engaged in, are not now knowingly engaged in any and will not knowingly engage in any dealings or
transactions with any person that at the time of the dealing or transaction is or was the subject or the target of comprehensive Sanctions
or with a Sanctioned Country, except as would be permissible under relevant Sanctions.


 


(mm) No Restrictions
on Subsidiaries. Except as described in the Pre-Effective Registration Statement, the Registration Statement, the Preliminary Prospectus
and the Prospectus, no subsidiary of the Company is currently prohibited, directly or indirectly, under any agreement or other instrument
to which it is a party or is subject, from paying any dividends to the Company, from making any other distribution on such subsidiary’s
capital stock or similar ownership interest, from repaying to the Company any loans or advances to such subsidiary from the Company or
form transferring any of such subsidiary’s properties or assets to the Company or any other subsidiary of the Company.


 


(nn) No Solicitation.
The Company has not paid or agreed to pay to any person any compensation for (i) soliciting another to purchase any of its securities
or (ii) soliciting tenders or Consents by holders of Warrants pursuant to the Exchange Offer (except as contemplated in this Agreement).


 


(oo) No Registration
Rights. Except as described in the Pre-Effective Registration Statement, the Registration Statement, the Preliminary Prospectus and
the Prospectus, no person has the right to require the Company or any of its subsidiaries to register any securities for sale under the
Securities Act by reason of the filing of the Pre-Effective Registration Statement or the Registration Statement with the Commission.


 


(pp) No Stabilization.
The Company has not taken, directly or indirectly, any action designed to or that could reasonably be expected to cause or result
in any stabilization or manipulation of the price of any security of the Company to facilitate the Exchange Offer.


 




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(qq) Forward-Looking
Statements. No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange
Act) included in any of the Pre-Effective Registration Statement, the Registration Statement, the Preliminary Prospectus or the Prospectus
has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith.


 


(rr) Sarbanes-Oxley
Act. There is and has been no failure on the part of the Company or any of the Company’s directors or officers, in their capacities
as such, to comply with any provision of the Sarbanes-Oxley Act of 2002, as amended, and the rules and regulations promulgated in connection
therewith, including Section 402 related to loans and Sections 302 and 906 related to certifications.


 


(ss) Registration
Fees. The Company has paid the registration fee for Registration Statement pursuant to Rule 456(a) under the Securities Act or will
pay such fee within the time period required by such rule and in any event prior to the Exchange Date.


 


(tt) No Ratings.
There are (and prior to the Exchange Date, will be) no debt securities or preferred stock issued or guaranteed by the Company or any
of its subsidiaries that are rated by a “nationally recognized statistical rating organization,” as such term is defined under
Section 3(a)(62) under the Exchange Act.


 


Any certificate signed by
any officer of the Company and delivered to the Dealer Manager or counsel for the Dealer Manager in connection with the Exchange Offer
shall be deemed a representation and warranty by the Company as to matters covered thereby to the Dealer Manager. The Company acknowledges
that, for purposes of the opinions to be delivered pursuant to Section 6 hereof, counsel to the Company and counsel to the Dealer Manager
will rely upon the accuracy and truthfulness of the foregoing representations and hereby consents to such reliance.


 


4.
Representations, Warranties and Agreements of the Dealer Manager. The Dealer Manager hereby represents, warrants and agrees
that the Dealer Manager will not (1) cause to be disseminated to holders, dealers or the public any written material for or
in connection with the Exchange Offer or Consent Solicitation other than one or more of the Offering Documents, or (2) make any public
oral communications relating to the Exchange Offer or the Consent Solicitation that have not been previously approved by the Company except
as contemplated in the penultimate sentence of Section 6 of this Agreement.


 


5.
Agreements. The Company agrees with the Dealer Manager that:


 


(a) The Company
will furnish to the Dealer Manager and to counsel for the Dealer Manager, without charge, during the period beginning on the Commencement
Date and continuing to and including the Exchange Date, copies of the Offering Documents and any amendments and supplements thereto in
such quantities as the Dealer Manager may reasonably request.


 




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(b) Prior to the
termination of the Exchange Offer and the Consent Solicitation, the Company will not file any amendment to the Pre-Effective Registration
Statement or the Registration Statement or supplement to the Preliminary Prospectus or the Prospectus unless the Company has furnished
the Dealer Manager a copy of such proposed amendment or supplement, as applicable, for its review prior to filing and will not file any
such proposed amendment or supplement to which the Dealer Manager reasonably objects. Subject to the foregoing sentence, if the Registration
Statement has become or becomes effective, or filing of the Preliminary Prospectus or the Prospectus is otherwise required under the Securities
Act or the Exchange Act and the rules and regulations of the Commission thereunder, the Company will cause the Preliminary Prospectus
or the Prospectus, properly completed, and any supplement thereto to be filed with the Commission pursuant to the applicable paragraph
of Rule 424(b) or in an amendment to the Registration Statement, whichever is applicable, within the time period prescribed. The Company
will promptly advise the Dealer Manager (i) when the Registration Statement, and any amendment thereto, shall have become effective,
(ii) when the Preliminary Prospectus or the Prospectus, and any supplement thereto, shall have been filed (if required) with the
Commission, (iii) when, prior to termination of the Exchange Offer and the Consent Solicitation, any amendment to the Registration
Statement shall have been filed or become effective, (iv) of any request by the Commission or its staff for any amendment of the
Pre-Effective Registration Statement or the Registration Statement or supplement to the Preliminary Prospectus or the Prospectus or for
any additional information, (v) of the issuance by the Commission of any stop order or of any order preventing or suspending the
use of the Preliminary Prospectus or the Prospectus, or the initiation or threatening of any proceeding for any such purpose, and (vi) of
the receipt by the Company of any notification with respect to the suspension of the qualification of the Shares for sale in any jurisdiction
within the United States or the initiation or threatening of any proceeding for such purpose. In the event of the issuance of any such
stop order or of any such order preventing or suspending the use of the Preliminary Prospectus or the Prospectus, the Company will use
its reasonable best efforts to obtain its withdrawal. The Company agrees to use its reasonable best efforts to cause the Registration
Statement to become effective as soon as practicable and as much in advance of the Expiration Date as practicable.


 


(c) The Company
will comply with the Securities Act and the Exchange Act and the rules and regulations of the Commission thereunder so as to permit the
completion of the distribution of the Shares issued in the Exchange Offer and Consent Solicitation, as contemplated by this Agreement,
the Registration Statement and the Prospectus. If, at any time when a prospectus relating to the Exchange Offer or Consent Solicitation
is required to be delivered under the Securities Act or the Exchange Act and the rules and regulations of the Commission thereunder, any
event occurs as a result of which the Offering Documents, as then amended or supplemented, would include any untrue statement of a material
fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were
made, not misleading, or if it should be necessary to amend or supplement the Offering Documents to comply with applicable law, the Company
will promptly: (i) notify the Dealer Manager of any such event or non-compliance at which time the Dealer Manager shall be entitled to
cease soliciting tenders until such time as the Company has complied with clause (iii) of this sentence; (ii) subject to the requirements
of the first sentence of the above paragraph (b), prepare an amendment or supplement that will correct such statement or omission or effect
such compliance; and (iii) supply any such amendment or supplement to the Dealer Manager and counsel for the Dealer Manager without charge
in such quantities as the Dealer Manager may reasonably request. The Company will also promptly inform the Dealer Manager of any litigation
or administrative action with respect to the Exchange Offer.


 




    17


     


    

 


(d) The Company
agrees to advise the Dealer Manager promptly of (i) any proposal by the Company to withdraw, rescind or modify the Offering Documents
or to withdraw, rescind or terminate the Exchange Offer or the Consent Solicitation or the exercise by the Company of any right not to
exchange the Warrants pursuant to the Exchange Offer or the Consent Solicitation, (ii) its awareness of the issuance of a stop order
suspending the effectiveness of the Registration Statement or of any notice objecting to its use by the Commission or any other regulatory
authority, or the institution or threatening of any proceedings for that purpose (and will promptly furnish the Dealer Manager with a
copy of any such order), (iii) its awareness of the occurrence of any development that could reasonably be expected to result in a Material
Adverse Change relating to or affecting the Exchange Offer or the Consent Solicitation and (iv) any other non-privileged information
relating to the Exchange Offer, the Consent Solicitation, the Offering Documents or this Agreement which the Dealer Manager may from time
to time reasonably request.


 


(e) The Company
will make generally available (which may be satisfied by filing with the Commission’s Electronic Data Gathering Analysis and Retrieval
System) to its security holders and the Dealer Manager as soon as practicable an earning statement (which need not be audited) that satisfies
the provisions of Section 11(a) of the Securities Act and Rule 158 of the Commission promulgated thereunder covering a period of at least
12 months beginning with the first fiscal quarter of the Company occurring after the “effective date” (as defined in Rule
158) of the Registration Statement.


 


(f) The Company
will arrange, if necessary, for the qualification of the Shares for offer or sale in connection with the Exchange Offer under the laws
of such jurisdictions as the Dealer Manager may designate and will maintain such qualifications in effect so long as required for such
offer or sale; provided that in no event shall the Company be obligated to qualify to do business in any jurisdiction in which
it is not now so qualified or to take any action that would subject it to service of process in suits, other than those arising out of
the offering or sale of the Shares in connection with the Exchange Offer, in any jurisdiction in which it is not now so subject or to
subject itself to taxation in any jurisdiction in which it is not now so subject. The Company will promptly advise the Dealer Manager
of the receipt by the Company of any notification with respect to the suspension of the qualification of the Shares for sale in any jurisdiction
or the initiation or threatening of any proceeding for such purpose.


 


(g) Prior to the
termination of the Exchange Offer, the Company will not, and will not permit any of its Affiliates to, resell any Shares that have been
acquired by them. The Company will cause all Warrants accepted in the Exchange Offer to be cancelled.


 


(h) The Company
will cooperate with the Dealer Manager to permit the Shares to be eligible for clearance and settlement through The Depository Trust Company.


 




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(i) The Company
agrees not to exchange any Warrants during the period beginning on the Commencement Date and ending on the Exchange Date except pursuant
to and in accordance with the Exchange Offer, the Consent Solicitation or as otherwise agreed to in writing by the parties hereto and
permitted under applicable laws and regulations.


 


(j) None of the
Company, its Affiliates or any person acting on its or their behalf will take, directly or indirectly, any action that is designed to
cause or result, or which might reasonably be expected to cause or result, under the Exchange Act or otherwise, in stabilization or manipulation
of the price of any security of the Company to facilitate the sale of the Shares or the tender of Warrants in the Exchange Offer.


 


(k) The Company
has arranged for D.F. King & Co., Inc. to serve as Information Agent and for Continental Stock Transfer & Trust Company to serve
as Exchange Agent and authorizes the Dealer Manager to communicate with each of the Information Agent and the Exchange Agent to facilitate
the Exchange Offer and the Consent Solicitation.


 


(l) The Company
will comply in all material respects with the Securities Act and the Exchange Act and the rules and regulations of the Commission thereunder,
including Rule 13e-4 and Rule 14e-1 under the Exchange Act (including taking the actions necessary to ensure that the procedural requirements
of Rule 14e-1 are satisfied), in connection with the Exchange Offer, the Consent Solicitation, the Offering Documents and the transactions
contemplated hereby and thereby. The Company will file with the Commission pursuant to Rule 13e-4(c)(1) under the Exchange Act (or Rule
425 under the Securities Act) or otherwise all written communications made by the Company or any Affiliate of the Company in connection
with or relating to the Exchange Offer or the Consent Solicitation that are required to be filed with the Commission, in each case on
the date of their first use.


 


(m) The Company
agrees to pay the costs and expenses relating to the transactions contemplated hereunder, including, without limitation, the following:
(i) the preparation of this Agreement, the issuance of the Shares and the fees of the Information Agent and the Exchange Agent; (ii) the
preparation, printing or reproduction of the Offering Documents and each amendment or supplement thereto; (iii) the printing (or reproduction)
and delivery (including postage, air freight charges and charges for counting and packaging) of such copies of the Offering Documents
(and all amendments or supplements thereto) as may, in each case, be reasonably requested for use in connection with the Exchange Offer;
(iv) the preparation, authentication, issuance and delivery of the Shares, including any stamp or transfer taxes in connection with the
original issuance and sale of the Shares; (v) the printing (or reproduction) and delivery of this Agreement, any blue sky memorandum and
all other agreements or documents printed (or reproduced) and delivered in connection with the Exchange Offer; (vi) any registration or
qualification of the Shares for offer and sale under the blue sky laws of the several states or any non-U.S. jurisdiction; (vii) transportation
and other expenses incurred by or on behalf of Company representatives in connection with presentations to prospective participants in
the Exchange Offer; (viii) the fees and expenses of the Company’s accountants and the fees and expenses of counsel (including local
and special counsel) for the Company; (ix) the fees and expenses incurred in connection with listing the Shares on The Nasdaq Capital
Market; (x) the fees, documented fees, costs and out-of-pocket expenses of counsel for the Dealer Manager as provided for in Section 2
hereof; and (xi) all other costs and expenses incident to the performance by the Company of its obligations hereunder and in connection
with the Exchange Offer.


 




    19


     


    

 


(n) The Company
will promptly notify the Dealer Manager if the Company ceases to be an Emerging Growth Company at any time prior to the Exchange Date.


 


6.
Conditions to the Obligations of the Dealer Manager. The obligations of the Dealer Manager under this Agreement shall be
subject to the accuracy of the representations and warranties on the part of the Company contained herein at the Commencement Date, any
date on which Offering Documents are distributed to holders of the Warrants, the Effective Date, the Expiration Date and the Exchange
Date, to the accuracy of the statements of the Company made in any certificates pursuant to the provisions hereof, to the performance
by the Company of its obligations hereunder and to the following additional conditions:


 


(a) The Registration
Statement shall have become effective on or prior to the Expiration Date.


 


(b) As of the Exchange
Date, no stop order suspending the effectiveness of the Registration Statement or any notice objecting to its use shall have been issued
and no proceedings for that purpose shall have been instituted or, to the knowledge of the Company, threatened by the Commission; and
the Prospectus shall have been timely filed with the Commission under the Securities Act; and all requests by the Commission for additional
information shall have been complied with to the reasonable satisfaction of the Dealer Manager.


 


(c) At the Commencement
Date and the Exchange Date, the Company shall have requested and caused an opinion and negative assurance letter of Sheppard, Mullin,
Richter & Hampton LLP, counsel to the Company, dated the Commencement Date or Exchange Date, as applicable, to have been delivered
to the Dealer Manager, in each case addressed to, and in form and substance reasonably satisfactory to, the Dealer Manager.


 


(d) At the Commencement
Date and the Exchange Date, the Dealer Manager shall have received from Davis Polk & Wardwell LLP, counsel for the Dealer Manager,
such opinion and negative assurance letter, in each case addressed to the Dealer Manager with respect to the Exchange Offer, as the Dealer
Manager may reasonably require, and the Company shall have furnished to such counsel such documents as they request for the purposes of
enabling them to pass upon such matters.


 




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(e) At the Exchange
Date, the Company shall have furnished to the Dealer Manager a certificate of the Company, signed by the chief executive officer and the
principal financial or accounting officer of the Company, dated as of the Exchange Date, to the effect that the signers of such certificate
have carefully examined the Offering Documents, any amendment or supplement to the Offering Documents and this Agreement and that:


 


(i) the representations
and warranties of the Company in this Agreement are true and correct as of the Exchange Date with the same effect as if made on the Exchange
Date, and the Company has complied with all the agreements and satisfied all the conditions on its part to be performed or satisfied hereunder
at or prior to the Exchange Date;


 


(ii) no stop order
suspending the effectiveness of the Registration Statement has been issued and no proceedings for that purpose have been instituted or
threatened by the Commission; and


 


(iii) since the date
of the most recent financial statements included or incorporated by reference in the Offering Documents, there has been no Material Adverse
Change, except as set forth in or contemplated in the Offering Documents.


 


(f) At each of the
Commencement Date and the Exchange Date, the Company shall have requested and caused BDO USA, LLP to furnish to the Dealer Manager comfort
letters, dated respectively as of the Commencement Date and the Exchange Date, in form and substance reasonably satisfactory to the Dealer
Manager.


 


(g) [Reserved].


 


(h) Subsequent to
the Commencement Date or, if earlier, the dates as of which information is given in the Offering Documents, there shall not have been
any change, or any development involving a prospective change, in or affecting the condition (financial or otherwise), prospects, earnings,
business or properties the Company and its subsidiaries, taken as a whole, whether or not arising from transactions in the ordinary course
of business, except as set forth in or contemplated in the Offering Documents, the effect of which, in any case referred to in clause
(i) or (ii) above, is, in the reasonable judgment of the Dealer Manager, so material and adverse as to make it impractical or inadvisable
to market or deliver the Shares or solicit tenders of Warrants as contemplated by the Offering Documents.


 


(i) Prior to the
Exchange Date, the Company shall have obtained all consents, approvals, authorizations and orders of, and shall have duly made all registrations,
qualifications and filing with, any court or regulatory authority or other governmental agency or instrumentality required in connection
with the making and consummation of the Exchange Offer and the execution, delivery and performance of this Agreement.


 


(j) Prior to the
Exchange Date, the Company shall have delivered to the Dealer Manager and its counsel such further information, certificates and documents
as they may reasonably request.


 




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(k) Prior to the
Exchange Date, the Company shall have filed a listing of additional shares notification form with The Nasdaq Capital Market for the listing
of the Shares.


 


If (i) any of the conditions
specified in this Section 6 shall not have been fulfilled when and as provided in this Agreement or (ii) any of the opinions and certificates
mentioned above or elsewhere in this Agreement shall not be reasonably satisfactory in form and substance to the Dealer Manager and its
counsel, this Agreement and all obligations of the Dealer Manager hereunder may be cancelled by the Dealer Manager at, or at any time
prior to, the Exchange Date. In such event, the Dealer Managers shall be entitled to publicly disclose the cancellation of its participation
in the Exchange Offer via press release, subject to prior notification of the Company. Notice of such cancellation shall be given
to the Company in writing or by telephone or facsimile confirmed in writing.


 


7.
Indemnification and Contribution.


 


(a) The Company
agrees to indemnify and hold harmless the Dealer Manager, the directors, officers, employees, agents and Affiliates of the Dealer Manager
and each person who controls the Dealer Manager within the meaning of either the Securities Act or the Exchange Act against any and all
losses, claims, damages or liabilities, joint or several, to which the Dealer Manager may become subject under the Securities Act, the
Exchange Act or other federal, state or foreign statutory law or regulation, at common law or otherwise, insofar as such losses, claims,
damages or liabilities (or actions in respect thereof) relate to, arise out of or are based upon (1) any untrue statement or alleged untrue
statement of a material fact contained in the Registration Statement (or any amendment or supplement thereto), or the omission or alleged
omission therefrom of a material fact required to be stated therein or necessary in order to make the statements therein not misleading,
(2) any untrue statement or alleged untrue statement of a material fact contained in the Preliminary Prospectus, the Prospectus, the accompanying
letter of transmittal and consent, the Schedule TO, the notice of guaranteed delivery and all other documents filed or to be filed with
any federal, state or local government or regulatory agency or authority in connection with the Exchange Offer or the Consent Solicitation,
each as prepared or approved by the Company, or the omission or alleged omission therefrom of a material fact necessary in order to make
the statements therein, in the light of the circumstances under which they were made, not misleading, (3) the Company’s failure
to make or consummate the Exchange Offer or the withdrawal, rescission, termination, amendment or extension of the Exchange Offer or any
failure on the Company’s part to comply with the terms and conditions contained in the Offering Documents, (4) any action or failure
to act by the Company or its respective directors, officers, agents or employees or by any indemnified party at the request or with the
consent of the Company in connection with the consummation of the Exchange Offer in accordance with the terms and conditions contained
in the Offering Documents or (5) otherwise related to or arising out of the Dealer Manager’s engagement hereunder or any transaction
or conduct in connection therewith, except that clauses (3), (4) and (5) shall not apply with respect to the portion of any losses that
are finally judicially determined by a court of competent jurisdiction to have resulted primarily from the bad faith, gross negligence
or willful misconduct of such indemnified party, and in the case of clause (1), (2), (3) or (4) of this sentence, the Company agrees to
reimburse each such indemnified party, as incurred, for any legal or other expenses reasonably incurred by it in connection with investigating
or defending any such loss, claim, damage, liability or action; provided, however, that the Company will not be liable in any such
case to the extent that any such loss, claim, damage or liability arises out of or is based upon any such untrue statement or alleged
untrue statement or omission or alleged omission made in the Offering Documents, or in any amendment thereof or supplement thereto, in
reliance upon and in conformity with the Dealer Manager Information. This indemnity agreement will be in addition to any liability that
the Company may otherwise have.


 




    22


     


    

 


(b) The Dealer Manager
agrees to indemnify and hold harmless the Company, each of its directors, officers, employees and agents and each person who controls
the Company within the meaning of the Securities Act or the Exchange Act to the same extent as the foregoing indemnity from the Company
to the Dealer Manager, but only with reference to the Dealer Manager Information. This indemnity agreement will be in addition to any
liability that the Dealer Manager may otherwise have.


 


(c) Promptly after
receipt by an indemnified party under this Section 7 of notice of the commencement of any action, such indemnified party will, if a claim
in respect thereof is to be made against the indemnifying party under this Section 7, notify the indemnifying party in writing of the
commencement thereof; but the failure so to notify the indemnifying party (i) will not relieve it from liability under paragraph (a) or
(b) above unless and to the extent it did not otherwise learn of such action and such failure results in the forfeiture by the indemnifying
party of substantial rights and defenses and (ii) will not, in any event, relieve the indemnifying party from any obligations to any indemnified
party other than the indemnification obligation provided in paragraph (a) or (b) above. The indemnifying party shall be entitled to appoint
counsel (including local counsel) of the indemnifying party’s choice at the indemnifying party’s expense to represent the
indemnified party in any action for which indemnification is sought (in which case the indemnifying party shall not thereafter be responsible
for the fees and expenses of any separate counsel, other than local counsel if not appointed by the indemnifying party, retained by the
indemnified party or parties except as set forth below); provided, however, that such counsel shall be reasonably satisfactory
to the indemnified party. Notwithstanding the indemnifying party’s election to appoint counsel (including local counsel) to represent
the indemnified party in an action, the indemnified party shall have the right to employ separate counsel (including local counsel), and
the indemnifying party shall bear the reasonable and documented fees, costs and expenses of such separate counsel if: (i) the use of counsel
chosen by the indemnifying party to represent the indemnified party would present such counsel with a conflict of interest; (ii) the actual
or potential defendants in, or targets of, any such action include both the indemnified party and the indemnifying party and the indemnified
party shall have reasonably concluded that there may be legal defenses available to it and/or other indemnified parties that are different
from or additional to those available to the indemnifying party; (iii) the indemnifying party shall not have employed counsel satisfactory
to the indemnified party to represent the indemnified party within a reasonable time after notice of the institution of such action; or
(iv) the indemnifying party shall authorize the indemnified party to employ separate counsel at the expense of the indemnifying party.
An indemnifying party will not, without the prior written consent of the indemnified parties, settle or compromise or consent to the entry
of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification or contribution
may be sought hereunder (whether or not the indemnified parties are actual or potential parties to such claim or action) unless such settlement,
compromise or consent includes an unconditional release of each indemnified party from all liability arising out of such claim, action,
suit or proceeding.


 




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(d) In the event
that the indemnity provided in paragraph (a) or (b) of this Section 7 is unavailable to or insufficient to hold harmless an indemnified
party for any reason, the Company and the Dealer Manager agree to contribute to the aggregate losses, claims, damages and liabilities
(including legal or other expenses reasonably incurred in connection with investigating or defending same) (collectively, the “Losses”)
to which the Company and the Dealer Manager may be subject in such proportion as is appropriate to reflect the relative benefits received
by the Dealer Manager on the one hand and the Company on the other from the Exchange Offer. If the allocation provided by the immediately
preceding sentence is unavailable for any reason, the Company and the Dealer Manager shall contribute in such proportion as is appropriate
to reflect not only such relative benefits but also the relative fault of the Company on the one hand and of the Dealer Manager on the
other in connection with the statements, omissions, actions or failure to act that resulted in such Losses, as well as any other relevant
equitable considerations. The relative benefits received by the Company on the one hand and the Dealer Manager on the other shall be deemed
to be in the same proportion as the total value paid or proposed to be paid to holders of Warrants pursuant to the Exchange Offer and
the Consent Solicitation (whether or not consummated) bears to the fees actually received by the Dealer Manager pursuant to Section 2
hereof (exclusive of amounts paid for reimbursement of expenses or paid under this Agreement). For purposes of the preceding sentence,
the total value paid or proposed to be paid to holders of Warrants pursuant to the Exchange Offer and the Consent Solicitation shall equal
(i) if the Exchange Offer or the Consent Solicitation is consummated, the total market value of the Shares (as of the Expiration
Date) issued (plus any cash in lieu of fractional shares paid) in the Exchange Offer and the Consent Solicitation, or (ii) if the
Exchange Offer and the Consent Solicitation is not consummated, the total market value (as of the date when the Exchange Offer is terminated
or otherwise withdrawn by the Company) of the Shares issuable in the Exchange Offer and the Consent Solicitation, based on the maximum
number of Warrants that could be exchanged in the Exchange Offer and the Consent Solicitation as described in the Preliminary Prospectus
or Prospectus immediately before the termination or withdrawal of the Exchange Offer and the Consent Solicitation. Relative fault shall
be determined by reference to, among other things, whether any untrue or any alleged untrue statement of a material fact or the omission
or alleged omission to state a material fact or any other alleged conduct relates to information provided by the Company or other conduct
by the Company on the one hand or the Dealer Manager on the other, the intent of the parties and their relative knowledge, access to information
and opportunity to correct or prevent such untrue statement or omission. The Company and the Dealer Manager agree that it would not be
just and equitable if contribution were determined by pro rata allocation or any other method of allocation that does not take account
of the equitable considerations referred to above. Notwithstanding anything to the contrary above (other than with respect to uncovered
losses), in no event shall BofA Securities, Inc. be responsible under this paragraph for any amounts in excess of the amount of the compensation
actually paid by the Company to BofA Securities, Inc. in connection with the engagement (exclusive of amounts paid for reimbursement of
expenses under the Agreement, including this Section 7, and amounts paid under this Section 7). Notwithstanding the provisions of this
paragraph (d), no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled
to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this Section 7, each person who
controls the Dealer Manager within the meaning of either the Securities Act or the Exchange Act and each director, officer, employee,
agent and Affiliate of the Dealer Manager shall have the same rights to contribution as such Dealer Manager, and each person who controls
the Company within the meaning of either the Securities Act or the Exchange Act and each director, officer, employee and agent of the
Company shall have the same rights to contribution as the Company, subject in each case to the applicable terms and conditions of this
paragraph (d).


 




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8.
Certain Acknowledgments. The Company understands that you and your Affiliates (together, the “Group”)
are engaged in a wide range of financial services and businesses (including investment management, financing, securities trading, corporate
and investment banking and research). Members of the Group and businesses within the Group generally act independently of each other,
both for their own account and for the account of clients. Accordingly, there may be situations where parts of the Group and/or their
clients either now have or may in the future have interests, or take actions, that may conflict with our interests. For example, the Group
may, in the ordinary course of business, engage in trading in financial products or undertake other investment businesses for their own
account or on behalf of other clients, including, but not limited to, trading in or holding long, short or derivative positions in securities,
loans or other financial products of the Company or other entities connected with the Exchange Offer.


 


In recognition of the foregoing,
the Company agrees that the Group is not required to restrict its activities as a result of this engagement, and that the Group may undertake
any business activity without further consultation with or notification to the Company. Neither this Agreement, the receipt by the Group
of confidential information nor any other matter shall give rise to any fiduciary, equitable or contractual duties (including, without
limitation, any duty of trust or confidence) that would prevent or restrict the Group from acting on behalf of other customers or for
its own account. Furthermore, the Company agrees that neither the Group nor any member or business of the Group is under a duty to disclose
to the Company or use on behalf of the Company any information whatsoever about or derived from those activities or to account for any
revenue or profits obtained in connection with such activities. However, consistent with the Group’s long-standing policy to hold
in confidence the affairs of its customers, the Group will not use confidential information obtained from the Company except in connection
with its services to, and its relationship with the Company.


 


The Company hereby acknowledges
that you are acting as principal and not as a fiduciary of the Company and the Company’s engagement of you in connection with the
transactions contemplated herein is as an independent contractor, on an arms-length basis under this Agreement with duties solely to the
Company, and not in any other capacity including as a fiduciary. Neither this Agreement, your performance hereunder nor any previous or
existing relationship between the Company and any member of or business within the Group will be deemed to create any fiduciary relationship.
Neither this engagement, nor the delivery of any advice in connection with this engagement, is intended to confer rights upon any persons
not a party hereto (including security holders, employees or creditors of the Company) as against the Group or their respective directors,
officers, agents and employees. Furthermore, the Company agrees that it is solely responsible for making its own judgments in connection
with the transactions contemplated herein (irrespective of whether any member of or business within the Group has advised or is currently
advising the Company on related or other matters).


 




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9.
Termination; Representations, Acknowledgments and Indemnities to Survive.


 


(a) Subject to clause
(c) below, this Agreement may be terminated by the Company, at any time upon notice to the Dealer Manager, if (i) at any time prior
to the Exchange Date, the Exchange Offer and the Consent Solicitation is terminated or withdrawn by the Company for any reason, or (ii)
the Dealer Manager does not comply with all of its covenants under this Agreement.


 


(b) Subject to clause
(c) below, this Agreement may be terminated by the Dealer Manager, at any time upon notice to the Company, if (i) at any time prior
to the Exchange Date, the Exchange Offer and the Consent Solicitation is terminated or withdrawn by the Company for any reason, (ii) the
Company does not comply in all material respects with any covenant specified in Section 1, (iii) the Company shall publish, send or otherwise
publicly distribute any amendment or supplement to the Offering Documents to which the Dealer Manager shall reasonably object or which
shall be reasonably disapproved by the counsel to the Dealer Manager or (iv) the Dealer Manager cancels the Agreement pursuant to Section
6.


 


(c) The respective
agreements, representations, warranties, acknowledgments, indemnities and other statements of the Company or its officers and of the Dealer
Manager set forth in or made pursuant to this Agreement will remain in full force and effect, regardless of any investigation made by
or on behalf of the Dealer Manager or the Company or any of the officers, directors or controlling person of the Company, and will survive
delivery of and payment for the Shares. The provisions of Section 2, Section 5(m), Section 7, and Section 18 hereof, and this Section
9(c), shall survive the termination or cancellation of this Agreement.


 


10.
Compliance with USA PATRIOT Act. In accordance with the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56
(signed into law October 26, 2001)), the Dealer Manager is required to obtain, verify and record information that identifies its clients,
including the Company, which information may include the name and address of its clients, as well as other information that will allow
the Dealer Manager to properly identify its clients.


 




    26


     


    

 


11.
Notices. All communications hereunder will be in writing and effective only on receipt, and, if sent to the Dealer Manager,
will be mailed or delivered to


 


BofA Securities, Inc.


One Bryant Park,


New York, NY 10036


Email: dg.ecm_execution_services@bofa.com


Attention: Syndicate Department with a copy to:


Email: dg.ecm_legal@bofa.com


Attention: ECM Legal


 


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


 


Davis Polk & Wardwell LLP


450 Lexington Avenue,


New York, New York 10017


Email: derek.dostal@davispolk.com


Attention: Derek Dostal


 


or, if sent to the Company, will be mailed or delivered
to


 


OPAL Fuels Inc.


One North Lexington Avenue,


Suite 1450


White Plains, New York 10601


Email: jcoghlin@opalfuels.com


Attention: John H. Coghlin, General Counsel


 


Sheppard, Mullin, Richter & Hampton LLP


30 Rockefeller Plaza


New York, New York 10112


Email: ewelch@sheppardmullin.com


Attention: Edward Welch, Esq.


 


12.
Successors. This Agreement will inure to the benefit of and be binding upon the parties hereto and their respective successors
and the officers and directors and controlling persons referred to in Section 7 hereof, and no other person will have any right or obligation
hereunder.


 


13.
Entire Agreement. Except for that certain engagement letter dated as of November 8, 2022, between the Company and the Dealer
Manager, this Agreement, and any documents referred to in it, constitute the whole agreement between the parties and supersede any arrangements,
understanding or previous agreement between them relating to the subject matter they cover. In the event of any inconsistency between
this Agreement and any documents referred to in it, the terms of this Agreement shall prevail.


 


14.
Submission to Jurisdiction. Each party hereby submits to the jurisdiction of the U.S. federal and New York state courts
in the Borough of Manhattan in The City of New York in any suit or proceeding arising out of or relating to this Agreement or the transactions
contemplated hereby. Each party waives any objection which it may now or hereafter have to the laying of venue of any such suit or proceeding
in such courts. Each party agrees that final judgment in any such suit, action or proceeding brought in such court shall be conclusive
and binding upon such party and may be enforced in any court to the jurisdiction of which such party is subject by a suit upon such judgment.
Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding
by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address
in effect for notices to it under this Agreement and agrees that such service shall be deemed in every respect effective service of process
upon such party in any such suit or proceeding.


 




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15.
Applicable Law. This Agreement will be governed by and construed in accordance with the laws of the State of New York applicable
to contracts made and to be performed within the State of New York.


 


16.
Waiver of Jury Trial. Each of the parties hereto hereby waives any right to trial by jury in any suit or proceeding
arising out of or relating to this Agreement.


 


17.
Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original,
but all such counterparts shall together constitute one and the same Agreement. Electronic signatures complying with the New York Electronic
Signatures and Records Act (N.Y. State Tech. §§ 301-309), as amended from time to time, or other applicable law will be deemed
original signatures for purposes of this Agreement. Transmission by telecopy, electronic mail or other transmission method of an executed
counterpart of this Agreement will constitute due and sufficient delivery of such counterpart.


 


18.
Headings. The headings of the sections of this Agreement have been inserted for convenience of reference only and shall
not be deemed a part of this Agreement.


 


19.
Definitions. The following terms, when used in this Agreement, shall have the meanings indicated.


 


“Affiliate”
shall have the meaning specified in Rule 501(b) of Regulation D.


 


“Class A common stock”
means the Class A common stock of the Company, par value $0.0001 per share, and any other class of securities into which such securities
may hereafter be reclassified or changed.


 


“Commencement Date”
shall mean the date of commencement (as defined in Rule 13e-4 under the Exchange Act) of the Exchange Offer.


 


“Commission”
shall mean the U.S. Securities and Exchange Commission.


 


“Commission Reports”
shall mean any reports the Company files with the Commission pursuant to the Exchange Act.


 


“Effective Date”
shall mean the time the Registration Statement is declared effective under the Securities Act.


 


“Exchange Act”
shall mean the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder.


 




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“Exchange Agent”
shall mean Continental Stock Transfer & Trust Company.


 


“Exchange Date”
shall mean the date on which the Company issues the Shares in exchange for the tendered Warrants pursuant to the Exchange Offer.


 


“Expiration Date”
shall mean one minute after 11:59 p.m., Eastern Time, on December 16, 2022, or such later time and date as may be extended by the Company
in its sole discretion.


 


“FINRA” shall
mean the Financial Industry Regulatory Authority, Inc.


 


“Information Agent”
shall mean D.F. King & Co., Inc.


 


“Material Adverse Change”
shall mean, with respect to the Company, any change that is materially adverse to the condition (financial or otherwise), prospects, earnings,
business or properties of the Company and its subsidiaries, taken as a whole, whether or not arising from transactions in the ordinary
course of business.


 


“Material Adverse Effect”
means (i) a material adverse effect on the legality, validity or enforceability of any Transaction Document, (ii) a material adverse effect
on the results of operations, assets, business or condition (financial or otherwise) of the Company and its subsidiaries, taken as a whole
or (iii) a material adverse effect on the Company’s ability to perform in any material respect on a timely basis its obligations
under any Transaction Document.


 


“Offering Documents”
shall mean the Pre-Effective Registration Statement, the Registration Statement, the Preliminary Prospectus, the Prospectus, the accompanying
letter of transmittal and consent, the Schedule TO, the notice of guaranteed delivery and all other documents filed or to be filed with
any federal, state or local government or regulatory agency or authority in connection with the Exchange Offer or the Consent Solicitation,
each as prepared or approved by the Company.


 


“Pre-Effective Registration
Statement” shall mean the registration statement, filed by the Company with the Commission registering the Exchange Offer under
the Securities Act, including exhibits thereto and any documents deemed part of or incorporated by reference into such registration statement
pursuant to Rule 430C under the Securities Act, in the form in which it is initially filed with the Commission.


 


“Preliminary Prospectus”
shall mean the preliminary prospectus that is used prior to the filing of the Prospectus, as amended or supplemented from time to time,
including the documents incorporated or deemed to be incorporated by reference therein.


 


“private placement
warrants” shall mean the warrants issued to certain parties in a private placement in connection with the closing of the initial
public offering of the Company’s predecessor, ArcLight Clean Transition Corp. II.


 


“proceeding”
means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial proceeding,
such as a deposition), whether commenced or threatened.


 




    29


     


    

 


“Prospectus”
shall mean the final prospectus included in the Registration Statement (together with any supplement and amendment thereto and including
the documents incorporated or deemed to be incorporated by reference therein), except that if the final prospectus furnished to the Dealer
Manager for use in connection with the Exchange Offer differs from the prospectus set forth in the Registration Statement (whether or
not such prospectus is required to be filed pursuant to Rule 424(b) under the Securities Act), the term “Prospectus”
shall refer to the final prospectus furnished to the Dealer Manager for such use.


 


“public warrants”
shall mean the warrants sold as part of the units in the initial public offering of the Company’s predecessor, ArcLight Clean Transition
Corp. II (whether they were purchased in the initial public offering or thereafter in the open market).


 


“Registration Statement”
shall mean the registration statement filed by the Company with the Commission registering the Exchange Offer under the Securities Act,
including exhibits thereto and any documents deemed part of or incorporated by reference into such registration statement pursuant to
Rule 430C under the Securities Act, in the form in which it becomes effective and, in the event of any amendment or supplement thereto
or the filing of any abbreviated registration statement pursuant to Rule 462(b) under the Securities Act relating thereto after the effective
date of such registration statement, shall mean such registration statement as so amended or supplemented, together with any such abbreviated
registration statement.


 


“Schedule TO”
shall mean the tender offer statement filed with the Commission on Schedule TO, including any documents incorporated by reference therein,
with respect to the Exchange Offer, including any amendment or supplement thereto.


 


“Securities Act”
shall mean the U.S. Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder.


 


“Trading Day”
means a day on which the principal Trading Market is open for trading.


 


“Trading Market”
means any of the following markets or exchanges on which the Class A common stock is listed or quoted for trading on the date in question:
The Nasdaq Capital Market (or any successors to any of the foregoing).


 


“Transaction Documents”
means this Agreement and any other documents or agreements executed in connection with the transactions contemplated hereunder.


 


“U.S.” or
the “United States” shall mean the United States of America.


 


[Signature Pages to Follow]


 




    30


     


    

 


If the foregoing is in accordance
with your understanding of our agreement, please sign and return to us the enclosed duplicate hereof, whereupon this Agreement and your
acceptance shall represent a binding agreement between the Company and the Dealer Manager.


 


	 	Very truly yours,
	 	 
	 	OPAL Fuels Inc.


 


	 	By:	/s/ Jonathan Maurer
	 	Name:	Jonathan Maurer
	 	Title:	Co-Chief Executive Officer


 


The foregoing Agreement is hereby


confirmed and accepted as of the


date first above written:


 


BOFA SECURITIES, INC.


 


	By:	/s/ Fabrizio Wittenburg	 
	 	Name: Fabrizio Wittenburg	 
	 	Title: Managing Director	 


 




     


     


    

 


Schedule A


 


Dealer Manager Fee


 


The Fee paid to BofA Securities,
Inc., as Dealer Manager, shall be equal to $1,250,000, provided that the Company shall pay the Dealer Manager the Fee in accordance
with the terms of the engagement letter between the Dealer Manager dated November 8, 2022.


 


All payments due under the
Agreement to which this Schedule relates are to be made in U.S. dollars, free and clear of, and without deduction for, any set-off, claim
or applicable taxes except as otherwise required by applicable law. The Dealer Manager shall provide the Company a duly executed Internal
Revenue Source W-9 prior to the date of the Agreement. For this purpose, “taxes” means all forms of taxation, duties
(including stamp duty), levies, imposts, charges and withholdings (including any related or incidental penalty, fine, interest or surcharge),
in each case, in the nature of a tax and imposed by a taxing authority, and whether required by the law or regulations of the United States
or elsewhere.


 


Capitalized terms used, but
not defined, herein shall have the meanings ascribed to them by the Agreement of which this schedule is a part.