Exhibit 4.1


 


WARRANT AGREEMENT


 


This agreement is made
as of November 4, 2019 between Merida Merger Corp. I, a Delaware corporation, with offices at 641 Lexington Avenue, 18th Floor,
New York, NY 10022 (“Company”), and Continental Stock Transfer & Trust Company (the “US Warrant
Agent”), a New York corporation, with offices at 1 State Street, New York, New York 10004 and TSX Trust Company, a company
existing under the laws of Canada with offices at 301 - 100 Adelaide Street, Toronto, Ontario M5H 4H1 (the “Canadian Warrant
Agent”) the US Warrant Agent and the Canadian Warrant Agent are each herein referenced to as “Warrant Agent”.


 


WHEREAS, the Company
is engaged in a public offering (“Public Offering”) of up to 13,800,000 units, each unit (“Unit”)
comprised of one share of common stock of the Company, par value $.0001 per share (“Common Stock”), and one-half
of one warrant, where each whole warrant entitles the holder to purchase one share of Common Stock at a price of $11.50 per share,
subject to adjustment as described herein, and, in connection therewith, will issue and deliver up to 6,900,000 warrants (the “Public
Warrants”) to the public investors in connection with the Public Offering; and


 


WHEREAS, the Company
has filed (i) with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-1,
No. 333-234134 (“Registration Statement”), for the registration, under the Securities Act of 1933, as amended
(“Act”) and (ii) with the applicable Canadian securities regulators in all provinces of Canada (other than Québec)
(the “Canadian Securities Regulators”) a prospectus for the distribution, in each case of, among other securities,
the Public Warrants; and


 


WHEREAS, the Company
has received binding commitments (“Subscription Agreements”) from EarlyBirdCapital, Inc. (“EarlyBirdCapital”)
and Merida Capital Partners III LP and certain of the Company’s officers, directors, advisors and their respective affiliates
to purchase up to an aggregate of 4,110,000 Warrants (the “Private Warrants”) upon consummation of the Public
Offering; and


 


WHEREAS, the Company
may issue up to an additional 1,500,000 Warrants (“Working Capital Warrants”) in satisfaction of certain working
capital loans that may be made by the Company’s officers, directors, initial stockholders and affiliates; and


 


WHEREAS, following
consummation of the Public Offering, the Company may issue additional warrants (“Post IPO Warrants” and together
with the Public Warrants, Private Warrants, and Working Capital Warrants, the “Warrants”) in connection with,
or following the consummation by the Company of, a Business Combination (defined below); and


 


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


 


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


 


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


 


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


 


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


 






     


     


    

 


2. Warrants.


 


2.1. Form of
Warrant. Each Warrant which is issued in registered form, shall be in substantially the form of Exhibit A hereto, the provisions
of which are incorporated herein, shall be dated the date of issue and shall be signed by, or bear the facsimile signature of,
the Chairman of the Board of Directors or Chief Executive Officer and Treasurer, Secretary or Assistant Secretary of the Company.
In the event the person whose facsimile signature has been placed upon any Warrant shall have ceased to serve in the capacity in
which such person signed the Warrant before such Warrant is issued, it may be issued with the same effect as if he or she had not
ceased to be such at the date of issuance.


   


2.2. Uncertificated
Warrants. Notwithstanding anything herein to the contrary, any Warrant, or portion thereof, may be issued as part of, and be
represented by, a Unit, and any Warrant may be issued in uncertificated or book-entry form through a Warrant Agent and/or the facilities
of The Depository Trust Company, in the United States and/or the facilities of CDS Clearing and Depository Services Inc. in Canada
(each a “Depositary”) or other book-entry depositary system, in each case as determined by the Board of Directors
of the Company or by an authorized committee thereof. Any Warrant so issued shall be evidenced by a book position on the register
of holders to be maintained by the Warrant Agent pursuant to this Agreement and such Warrants shall have the same terms, force
and effect as a certificated Warrant that has been duly countersigned by a Warrant Agent in accordance with the terms of this Agreement.


 


Upon the written order
of the Company, the Warrant Agent shall authenticate uncertified warrants (whether upon original issuance, exchange, registration
of transfer or otherwise) by completing its internal procedures and the Company shall, and hereby acknowledges that it shall, thereupon
be deemed to have duly and validly issued such uncertified warrants under this Agreement. Such authentication shall be conclusive
evidence that such uncertificated warrant has been duly issued hereunder and that the holder or holders are entitled to the benefits
of this Agreement. The Warrant Register shall be final and conclusive evidence as to all matters relating to uncertificated warrants
with respect to which this Agreement requires the Warrant Agent to maintain records or accounts. In case of differences between
the register at any time and any other time, the register at the later time shall be controlling, absent manifest error and such
uncertificated warrants are binding on the Company.


 


2.3. Effect
of Countersignature. Certificated Warrants will be countersigned by a Warrant Agent upon the receipt of a written order of
the Company. Except with respect to uncertificated Warrants as described above, unless and until countersigned by a Warrant Agent
pursuant to this Agreement, a Warrant shall be invalid and of no effect and may not be exercised by the holder thereof.


 


No certified warrant
shall be considered issued and shall be obligatory or shall entitle the holder thereof to the benefits of this Indenture, until
it has been certified by manual signature by or on behalf of a Warrant Agent. The authentication of a Warrant Agent of the warrant
certificates and uncertificated warrants issued hereunder shall not be construed as a representation or warranty by such Warrant
Agent as to the validity of this Agreement or the Warrants (except the due authentication thereof) and such Warrant Agent shall
in no respect be liable or answerable for the use made of the Warrants or any of them or of the consideration thereof except as
otherwise specified herein.


 


2.4. Registration.


 


2.4.1. Warrant
Register. Each Warrant Agent shall maintain books (“Warrant Register”) for the registration of original
issuance and the registration of transfer of the Warrants relating to the Warrants held in their respective jurisdictions.. Upon
the initial issuance of the Warrants, the applicable Warrant Agent shall issue and register the Warrants in the names of the respective
holders thereof in such denominations and otherwise in accordance with instructions delivered to the applicable Warrant Agent by
the Company. Any registered holders of Warrants who hold such securities on the Warrant Register maintained by the Canadian Warrant
Agent shall surrender their Warrants for exchange, transfer or exercise to the Canadian Warrant Agent. Any registered holders of
Warrants who hold such securities on the Warrant Register maintained by the U.S. Warrant Agent shall surrender their Warrants for
exchange, transfer or exercise to the U.S. Warrant Agent.


 






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2.4.2. Registered
Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may deem and
treat the person in whose name such Warrant is then registered in the Warrant Register (“registered holder”)
as the absolute owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation of ownership or other
writing on the Warrant certificate made by anyone other than the Company or the Warrant Agent), for the purpose of any exercise
thereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.


 


2.5. Detachability
of Warrants. The securities comprising the Units will not be separately transferable until the 40th day following
the date of this Agreement or, if such 40th day is not on a day, other than Saturday, Sunday or federal holiday,
on which banks in New York City and Toronto are generally open for normal business (a “Business Day”), then
on the immediately succeeding Business Day following such date, or earlier with the consent of EarlyBirdCapital, but in no event
will EarlyBirdCapital allow separate trading of the securities comprising the Units until (i) the Company has filed a Current Report
on Form 8-K which includes an audited balance sheet reflecting the receipt by the Company of the gross proceeds of the Public Offering
including the proceeds received by the Company from the exercise of the underwriters’over-allotment option in the Public
Offering, if the over-allotment option is exercised prior to the filing of the Form 8-K, and (ii) the Company has issued a press
release, has provided written notice to the Warrant Agent and has filed a Current Report on Form 8-K announcing when such separate
trading shall begin (the “Detachment Date”); provided that no fractional Warrants will be issued upon separation
of the Units and only whole Warrants will trade.


 


2.6. Private
Warrant and Working Capital Warrant Attributes. The Private Warrants and Working Capital Warrants will be issued in the same
form as the Public Warrants but they (i) will not be redeemable by the Company and (ii) may be exercised for cash or on a cashless
basis at the holder’s option, in either case as long as they are held by the initial purchasers or their permitted transferees
(as prescribed in Section 5.6 hereof). Once a Private Warrant or Working Capital Warrant is transferred to a holder other than
an affiliate or permitted transferee, it shall be treated as a Public Warrant hereunder for all purposes.


 


2.7. Post IPO
Warrants. The Post IPO Warrants, when and if issued, shall have the same terms and be in the same form as the Public Warrants
except as may be agreed upon by the Company.


 


2.8. Book Entry
(Non Certificated) Warrants. Notwithstanding any other provision in this Agreement, no Warrants issued in the name of a Depository
(“Global Warrants”) may be exchanged in whole or in part for Warrants registered, and no transfer of any Global Warrants
in whole or in part may be registered, in the name of any person other than the Depository for such Global Warrants or a nominee
thereof unless:


 


		a)	the Depository notifies the Company that it is unwilling or unable to continue to act as depository
in connection with the Warrants and the Company is unable to locate a qualified successor;



 


		b)	the Company determines that the Depository is no longer willing, able or qualified to discharge
properly its responsibilities as holder of the Global Warrants and the Company is unable to locate a qualified successor;



 


		c)	the Depository ceases to be a clearing agency or otherwise ceases to be eligible to be a depository
and the Company is unable to locate a qualified successor;



 


		d)	the Company determines that the Warrants shall no longer be held as uncertified warrants through
the Depository; or



 


		e)	such right is required by applicable law, as determined by the Company and the Company’s
counsel.



 


Following which, Warrants
for those holders requesting the same shall be registered to the beneficial owners of such Warrants or their nominees as directed
by the Depository. The Company shall provide an officer’s certificate giving notice to the Warrant Agent of the occurrence
of any event outlined in this Section 2.8.


 


Subject to the provisions
of this Section 2.8 any exchange of Global Warrants for Warrants which are not Global Warrants may be made in whole or in part
in accordance with the provisions of this Agreement. All such Warrants issued in exchange for a Global Warrant or any portion thereof
shall be registered in such names as the Depository for such Global Warrants shall direct and shall be entitled to the same benefits
and subject to the same terms and conditions (except insofar as they relate specifically to Global Warrants) as the Global Warrants
or portion thereof surrendered upon such exchange.


 






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The rights of beneficial
owners of Warrants who hold securities entitlements in respect of the Warrants through the book entry registration system shall
be limited to those established by applicable law and agreements between the Depository and institutions that participate in the
applicable Depository’s book-entry registration system (“Book Entry Participants”) and between such Book
Entry Participants and the beneficial owners of Warrants who hold securities entitlements in respect of the Warrants through the
book entry registration system, and such rights must be exercised through a Book Entry Participant in accordance with the rules
and procedures of the Depository.


 


Notwithstanding anything
herein to the contrary, neither the Company nor the Warrant Agent nor any agent thereof shall have any responsibility or liability
for:


 


		a)	the electronic records maintained by the Depository relating to any ownership interests or any
other interests in the Warrants or the depository system maintained by the Depository, or payments made on account of any ownership
interest or any other interest of any person in any Warrant represented by an electronic position in the book entry registration
system (other than the Depository or its nominee);



 


		b)	maintaining, supervising or reviewing any records of the Depository or any Book Entry Participant
relating to any such interest; or



 


		c)	any advice or representation made or given by the Depository or those contained herein that relate
to the rules and regulations of the Depository or any action to be taken by the Depository on its own direction or at the direction
of any Book Entry Participant.



 


The Company may terminate
the application of the Section 2.8 in its sole direction in which case all Warrants shall be evidenced by warrant certificates
registered in the name of a person other than the Depository.


 


2.9 Authorization
of Warrants and underlying shares of Common Stock. Subject to the terms and conditions of this Agreement, and subject to any
adjustment hereunder, a total of 12,510,000 Warrants (comprising the maximum amount of Public Warrants, Private Warrants and Working
Capital Warrants to be issued) plus any Post IPO Warrants issued after the date hereof, entitling the holders thereof to acquire
up to 12,510,000 shares of Common Stock, plus any shares underlying the exercise of any Post IPO Warrants, are hereby authorized
to be issued hereunder upon the terms and conditions herein set forth.


 


3. Terms and Exercise of Warrants


 


3.1. Warrant
Price. Each whole Warrant shall, when countersigned by a Warrant Agent (except with respect to uncertificated Warrants), entitle
the registered holder thereof, subject to the provisions of such Warrant and of this Agreement, to purchase from the Company one
(1) share of Common Stock, at the price of $11.50 per share, subject to the adjustments provided in Section 4 hereof and in the
last sentence of this Section 3.1. The term “Warrant Price” as used in this Agreement refers to the price per share
at which the shares of Common Stock may be purchased at the time a Warrant is exercised. The Company in its sole discretion may
lower the Warrant Price at any time prior to the Expiration Date (as defined below) for a period of not less than twenty (20) Business
Days; provided, that the Company shall provide at least twenty (20) days’ prior written notice of such reduction to registered
holders of the Warrants and, provided further that any such reduction shall be applied consistently to all of the Warrants.


 






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3.2. Duration
of Warrants. A Warrant may be exercised only during the period commencing on, subject to the restriction below, the later of
30 days after the consummation by the Company of a merger, share exchange, asset acquisition, stock purchase, recapitalization,
reorganization or other similar business combination with one or more businesses or entities (“Business Combination”)
(as described more fully in the Registration Statement) or 12 months from the closing of the Public Offering, and terminating at
5:00 p.m., New York City time on the earlier to occur of (i) five years from the consummation of a Business Combination, (ii) the
Redemption Date as provided in Section 6.2 of this Agreement and (iii) the liquidation of the Company (“Expiration Date”).
The Company shall provide each Warrant Agent notice of the Expiration Date, once known. Notwithstanding the above, no Warrants
will be exercisable for cash unless there is an effective and current registration statement relating to the underlying shares
of Common Stock. The period of time from the date the Warrants will first become exercisable until the expiration of the Warrants
shall hereafter be referred to as the “Exercise Period.” Except with respect to the right to receive the Redemption
Price (as set forth in Section 6 hereunder), as applicable, each Warrant not exercised on or before the Expiration Date shall become
void, and all rights thereunder and all rights in respect thereof under this Agreement shall cease at the close of business on
the Expiration Date. The Company in its sole discretion may extend the duration of the Warrants by delaying the Expiration Date;
provided, however, that the Company will provide at least twenty (20) days’ prior written notice of any such extension to
registered holders and, provided further that any such extension shall be applied consistently to all of the Warrants.


  


3.3. Exercise
of Warrants.


 


3.3.1. Payment.
Subject to the provisions of the Warrant and this Agreement, a Warrant, when countersigned or authenticated by a Warrant Agent,
may be exercised by the registered holder thereof by surrendering it, at the offices of the US Warrant Agent or the Canadian Warrant
Agent, as applicable, or at the office of any successor as Warrant Agent, in the Borough of Manhattan, City and State of New York
or the City of Toronto in the Province of Ontario, with the subscription form, as set forth in the Warrant, duly executed, and
by paying in full the Warrant Price (in US dollars) for each share of Common Stock as to which the Warrant is exercised and any
and all applicable taxes due in connection with the exercise of the Warrant, as follows:


 


(a) by good
certified check or good bank draft payable to the order of the applicable Warrant Agent or wire transfer; or


 


(b) in the
event of redemption pursuant to Section 6 hereof in which the Company’s management has elected to force all holders of Warrants
to exercise such Warrants on a “cashless basis,” by surrendering the Warrants for that number of shares of Common Stock
equal to the quotient obtained by dividing (x) the product of the number of shares of Common Stock underlying the Warrants, multiplied
by the difference between the Warrant Price and the “Fair Market Value” (defined below) by (y) the Fair Market Value.
Solely for purposes of this Section 3.3.1(b), the “Fair Market Value” shall mean the average last reported sale
price of the Common Stock on NASDAQ for the five (5) trading days ending on the third trading day prior to the date on which the
notice of redemption is sent to holders of the Warrants pursuant to Section 6 hereof; or


 


(c) with
respect to any Private Warrants or Working Capital Warrants, so long as such Private Warrants or Working Capital Warrants are held
by the initial purchasers or their permitted transferees, on a “cashless basis” by surrendering such Private Warrants
or Working Capital Warrants for that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product
of the number of shares of Common Stock underlying the Warrants, multiplied by the difference between the exercise price of the
Warrants and the “Fair Market Value” by (y) the Fair Market Value; provided, however, that no cashless exercise shall
be permitted unless the Fair Market Value is equal to or higher than the exercise price. Solely for purposes of this Section 3.3.1(c),
the “Fair Market Value” shall mean the average reported last sale price of the Common Stock on NASDAQ for the
five (5) trading days ending on the third trading day prior to the date of exercise; or


 


(d) in the
event the registration statement required by Section 7.4 hereof is not effective and current within ninety (90) days after the
closing of a Business Combination, by surrendering such Warrants for that number of shares of Common Stock equal to the quotient
obtained by dividing (x) the product of the number of shares of Common Stock underlying the Warrants, multiplied by the difference
between the exercise price of the Warrants and the “Fair Market Value” by (y) the Fair Market Value; provided, however,
that no cashless exercise shall be permitted unless the Fair Market Value is equal to or higher than the exercise price. Solely
for purposes of this Section 3.3.1(d), the “Fair Market Value” shall mean the average reported last sale price
of the Common Stock on NASDAQ for the five (5) trading days ending on the trading day prior to the date of exercise.


 






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A beneficial owner
of uncertificated warrants evidenced by a security entitlement in respect of Warrants in the book-based registration system who
desires to exercise Warrants must do so by causing a Book Entry Participant to deliver to the Depository on behalf of the entitlement
holder, notice of the owner’s intention to exercise Warrants in a manner acceptable to the Depository. Forthwith upon receipt
by the Depository of such notice, as well as payment for the aggregate Warrant Price, the Depository shall deliver to the Warrant
Agent confirmation of its intention to exercise Warrants (“Confirmation”) in a manner acceptable to the Warrant
Agent, including by electronic means through the book-based registration system.


 


Payment representing
the aggregate Warrant Price must be provided to the appropriate office of the Book-Entry Participant in a manner acceptable to
it. A notice in form acceptable to the Book-Entry Participant and payment from such beneficial owner should be provided to the
Book-Entry Participant sufficiently in advance so as to permit the Book-Entry Participant to deliver notice and payment to the
Depository and for the Depository in turn to deliver notice and payment to the Warrant Agent prior to the Expiration Date. The
Depository will initiate the exercise by way of the Confirmation and forward the Warrant Price electronically to the Warrant Agent
and the Warrant Agent will execute the exercise by causing the issuance to the Depository through the book-based registration system
the Common Stock to which the exercising holder is entitled pursuant to the exercise. Any expense associated with the exercise
process will be for the account of the entitlement holder exercising the Warrants and/or the Book-Entry Participant exercising
the Warrants on its behalf.


 


3.3.2. Issuance
of Shares of Common Stock. As soon as practicable after the exercise of any Warrant and the clearance of the funds in payment
of the Warrant Price (if any), the Company shall issue to the registered holder of such Warrant a certificate or certificates,
or book entry position, for the number of shares of Common Stock to which he, she or it is entitled, registered in such name or
names as may be directed by him, her or it, and if such Warrant shall not have been exercised in full, a new countersigned Warrant,
or book entry position, for the number of Warrants not then exercised. Notwithstanding the foregoing, in no event will the Company
be required to net cash settle the Warrant exercise. No Warrant shall be exercisable for cash and the Company shall not be obligated
to issue shares of Common Stock upon exercise of a Warrant unless the Common Stock issuable upon such Warrant exercise has been
registered, qualified or deemed to be exempt under the securities laws of the state, province or territory of residence of the
registered holder of the Warrants. In the event that the condition in the immediately preceding sentence is not satisfied with
respect to a Warrant, the holder of such Warrant shall not be entitled to exercise such Warrant for cash and such Warrant may have
no value and expire worthless, in which case the purchaser of a Unit containing such Public Warrants shall have paid the full purchase
price for the Unit solely for the shares of Common Stock underlying such Unit. Warrants may not be exercised by, or securities
issued to, any registered holder in any state, province or territory in which such exercise would be unlawful.


 


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


 


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


 






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


 


As a result of these
limitations, in all instances whereby the holder of a Warrant has elected to be subject to the provisions contained in this subsection
3.3.5, such warrant exercises will be forwarded to the Company for their approval. Such approval will be provided to the Warrant
Agent in the form of a certificate of the Company confirming that such holder will not beneficially own in excess of the Maximum
Percentage of the issued and outstanding Common Stock as a result of such exercise and therefore instructing the Warrant Agent
to proceed with the exercise requested and the Warrant Agent shall be fully protected in relying on such certificate.


 


The Warrant Agent will
not process any exercise of Warrants from holders of a Warrant who have elected to be subject to the provisions contained in this
subsection 3.3.5 unless it has received the above certificate from the Company. For greater certainty, the Warrant Agent will have
no responsibility for monitoring the beneficial ownership level of the Common Stock held by holders and will have no liability
in regards to the determinations made of whether or not a holder would become a beneficial holder in excess of the Maximum Percentage
of the issued and outstanding Common Stock, such determinations will be the sole responsibility of the Company.


 


3.3.6 Accounting
and Recording. The Warrant Agent shall promptly, and in any event within five Business Days following any exercise of Warrants,
notify the Company with respect to Warrants exercised, and shall promptly forward to the Company (or into an account or accounts
of the Company as designated by the Company) all monies received by the Warrant Agent on the exercise of Warrants. All such monies,
and any securities or other instruments, from time to time received by the Warrant Agent, shall be received as agent for, and shall
be segregated and kept apart by, the Warrant Agent for the Company.


 


4. Adjustments.


 


4.1. Stock
Dividends; Split Ups. If after the date hereof, and subject to the provisions of Section 4.6 below, the number of outstanding
shares of Common Stock is increased by a stock dividend payable in shares of Common Stock, or by a split up of shares of Common
Stock, or other similar event, then, on the effective date of such stock dividend, split up or similar event, the number of shares
of Common Stock issuable on exercise of each Warrant shall be increased in proportion to such increase in outstanding shares of
Common Stock.


 


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


 






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4.3 Extraordinary
Dividends. If the Company, at any time while the Warrants are outstanding and unexpired, shall pay a dividend or make a distribution
in cash, securities or other assets to the holders of the shares of Common Stock or other shares of the Company’s capital
stock into which the Warrants are convertible (an “Extraordinary Dividend”), then the Warrant Price shall be
decreased, effective immediately after the effective date of such Extraordinary Dividend, by the amount of cash and the fair market
value (as determined by the Company’s Board of Directors, in good faith) of any securities or other assets paid on each share
of Common Stock in respect of such Extraordinary Dividend; provided, however, that none of the following shall be deemed an Extraordinary
Dividend for purposes of this provision: (a) any adjustment described in subsection 4.1 above, (b) any cash dividends or cash distributions
which, when combined on a per share basis with all other cash dividends and cash distributions paid on the Common Stock during
the 365-day period ending on the date of declaration of such dividend or distribution does not exceed $0.50 (as adjusted to appropriately
reflect any of the events referred to in other subsections of this Section 4 and excluding cash dividends or cash distributions
that resulted in an adjustment to the Warrant Price or to the number of shares of Common Stock issuable on exercise of each Warrant)
but only with respect to the amount of the aggregate cash dividends or cash distributions equal to or less than $0.50, (c) any
payment to satisfy the conversion rights of the holders of the shares of Common Stock in connection with a proposed initial Business
Combination or (d) any payment in connection with the Company’s liquidation and the distribution of its assets upon its failure
to consummate a Business Combination. Solely for purposes of illustration, if the Company, at a time while the Warrants are outstanding
and unexpired, pays a cash dividend of $0.35 and previously paid an aggregate of $0.40 of cash dividends and cash distributions
on the Common Stock during the 365-day period ending on the date of declaration of such $0.35 dividend, then the Warrant Price
will be decreased, effectively immediately after the effective date of such $0.35 dividend, by $0.25 (the absolute value of the
difference between $0.75 (the aggregate amount of all cash dividends and cash distributions paid or made in such 365-day period,
including such $0.35 dividend) and $0.50 (the greater of (x) $0.50 and (y) the aggregate amount of all cash dividends and cash
distributions paid or made in such 365-day period prior to such $0.35 dividend)).


 


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


 


4.5. Replacement
of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding shares of Common
Stock (other than a change covered by Section 4.1, 4.2 or 4.3 hereof or that solely affects the par value of the Common Stock),
or in the case of any merger or consolidation of the Company with or into another corporation (other than a consolidation or merger
in which the Company is the continuing corporation and that does not result in any reclassification or reorganization of the outstanding
Common Stock), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of the
Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the Warrant holders shall
thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants and
in lieu of the shares of Common Stock of the Company immediately theretofore purchasable and receivable upon the exercise of the
rights represented thereby, the kind and amount of shares of stock or other securities or property (including cash) receivable
upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer,
that the Warrant holder would have received if such Warrant holder had exercised his, her or its Warrant(s) immediately prior to
such event. If any reclassification also results in a change in the Common Stock covered by Section 4.1, 4.2 or 4.3, then such
adjustment shall be made pursuant to Sections 4.1, 4.2, 4.3, 4.4 and this Section 4.5. The provisions of this Section 4.5 shall
similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers. In no event
will the Warrant Price be reduced to less than the par value per share issuable upon exercise of the Warrant.


 


4.6 Issuance in
connection with a Business Combination. If, in connection with a Business Combination, the Company (a) issues additional shares
of Common Stock or equity-linked securities at an issue price or effective issue price of less than $9.20 per share (with such
issue price or effective issue price as determined by the Company’s Board of Directors, in good faith, and in the case of
any such issuance to the Company’s initial stockholders, or their affiliates, without taking into account any founders’
shares held by them prior to such issuance), (b) the aggregate gross proceeds from such issuances represent more than 60% of the
total equity proceeds, and interest thereon, available for the funding of the Business Combination on the date of the consummation
of such Business Combination (net of redemptions), and (c) the Fair Market Value (as defined below) is below $9.20 per share, the
exercise price of the warrants and the Redemption Trigger Price (as defined below) will be adjusted (to the nearest cent) to be
equal to 115% of the greater of (i) the Fair Market Value or (ii) the price at which the Company issues the Common Stock or equity-linked
securities. Solely for purposes of this Section 4.6, the “Fair Market Value” shall mean the volume weighted
average trading price of the Common Stock on NASDAQ during the 20 trading day period starting on the trading day prior to the day
on which the Company consummates the Business Combination.


 



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4.7. Notices
of Changes in Warrant. Upon every adjustment of the Warrant Price or the number of shares issuable upon exercise of a Warrant,
the Company shall give written notice thereof to each Warrant Agent, which notice shall state the Warrant Price resulting from
such adjustment and the increase or decrease, if any, in the number of shares purchasable at such price upon the exercise of a
Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Upon
the occurrence of any event specified in Sections 4.1, 4.2, 4.3, 4.4, 4.5, or 4.6, then, in any such event, the Company shall give
written notice to each Warrant holder, at the last address set forth for such holder in the Warrant Register, of the record date
or the effective date of the event as well as details of the adjustment completed. Failure to give such notice, or any defect therein,
shall not affect the legality or validity of such event.


 


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


 


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


 


4.10 Other
Events. In case any event shall occur affecting the Company as to which none of the provisions of preceding subsections of
this Section 4 are strictly applicable, but which would require an adjustment to the terms of the Warrants in order to (i) avoid
an adverse impact on the Warrants and (ii) effectuate the intent and purpose of this Section 4, then, in each such case, the Company
shall appoint a firm of independent public accountants, investment banking or other appraisal firm of recognized national standing,
which shall give its opinion as to whether or not any adjustment to the rights represented by the Warrants is necessary to effectuate
the intent and purpose of this Section 4 and, if they determine that an adjustment is necessary, the terms of such adjustment.
The Company shall adjust the terms of the Warrants in a manner that is consistent with any adjustment recommended in such opinion.


 


4.11 Protection
of Warrant Agent. The Warrant Agent shall not:


 


(a) at
any time be under any duty or responsibility to any holder to determine whether any facts exist which may require any adjustment
contemplated by Section 4 or with respect to the nature or extent of any such adjustment when made, or with respect to the method
employed in making the same;


 


(b) be
accountable with respect to the validity or value (or the kind of amount) of any Common Stock or any shares or other securities
or property which may at any time be issued or delivered upon the exercise of the rights attaching to any Warrant; or


 


(c) be
responsible for any failure of the Company to issue, transfer or deliver shares or certificates for the same upon the surrender
of any Warrants for the purpose of the exercise of such rights or to comply with any of the covenants contained in this Article
4.


 


The Warrant
Agent shall be entitled to act and rely upon the certificates or adjustment calculations for the Company or the Company’s
auditors and any other documents filed by the Company pursuant to Section 4 without verification or liability.


 






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5. Transfer and Exchange of Warrants.


 


5.1. Registration
of Transfer. The applicable Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant upon the
Warrant Register, upon surrender of such Warrant for transfer, properly endorsed with signatures, in the case of certificated Warrants,
properly guaranteed and accompanied by appropriate instructions for transfer. Upon any such transfer, a new Warrant representing
an equal aggregate number of Warrants shall be issued and the old Warrant shall be cancelled by the applicable Warrant Agent. In
the case of certificated Warrants, the Warrants so cancelled by the U.S. Warrant Agent shall be delivered by the U.S. Warrant Agent
to the Company from time to time upon request. All transfers of Warrants held in book entry form with the applicable Depository
will not be reflected on the Warrant Register.


 


5.2. Procedure
for Surrender of Warrants. Warrants may be surrendered to a Warrant Agent, either in certificated form or in book entry position,
together with a written request for exchange or transfer, and thereupon the applicable Warrant Agent shall issue in exchange therefor
one or more new Warrants, or book entry positions, as requested by the registered holder of the Warrants so surrendered, representing
an equal aggregate number of Warrants; provided, however, that in the event that a Warrant surrendered for transfer bears a restrictive
legend, the Warrant Agent shall not cancel such Warrant and issue new Warrants in exchange therefor until the applicable Warrant
Agent has received an opinion of counsel for the Company stating that such transfer may be made and indicating whether the new
Warrants must also bear a restrictive legend.


 


5.3. Fractional
Warrants. No Warrant Agent shall be required to effect any registration of transfer or exchange which will result in the issuance
of a warrant certificate or book-entry position for a fraction of a warrant.


 


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


 


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


 


5.6. Private
Warrants. No Warrant Agent shall register any transfer of Private Warrants or Working Capital Warrants until after the consummation
by the Company of an initial Business Combination, except for transfers (i) among the initial stockholders or to the initial stockholders’
or the Company’s officers, directors, consultants or their affiliates, (ii) to a holder’s stockholders or members upon
the holder’s liquidation, in each case if the holder is an entity, (iii) by bona fide gift to a member of the holder’s
immediate family or to a trust, the beneficiary of which is the holder or a member of the holder’s immediate family, in each
case for estate planning purposes, (iv) by virtue of the laws of descent and distribution upon death, (v) pursuant to a qualified
domestic relations order, (vi) to the Company for no value for cancellation in connection with the consummation of a Business Combination,
(vii) in connection with the consummation of a Business Combination by private sales at prices no greater than the price at which
the Private Warrants were originally purchased, (viii) in the event of the Company’s liquidation prior to its consummation
of an initial Business Combination or (ix) in the event that, subsequent to the consummation of an initial Business Combination,
the Company completes a liquidation, merger, share exchange or other similar transaction which results in all of the Company’s
stockholders having the right to exchange their Common Stock for cash, securities or other property, in each case (except for clauses
(vi), (viii) or (ix) or with the Company’s prior written consent) on the condition that prior to such registration for transfer,
the applicable Warrant Agent shall be presented with written documentation pursuant to which each transferee or the trustee or
legal guardian for such transferee agrees to be bound by the terms of the Subscription Agreement and any other applicable agreement
the transferor is bound by.


 


5.7. Transfers
prior to Detachment. Prior to the Detachment Date, the Public Warrants may be transferred or exchanged only together with the
Unit in which such Warrant is included, and only for the purpose of effecting, or in conjunction with, a transfer or exchange of
such Unit. Furthermore, each transfer of a Unit on the register relating to such Units shall operate also to transfer the Warrants
included in such Unit. Notwithstanding the foregoing, the provisions of this Section 5.7 shall have no effect on any transfer of
Warrants on or after the Detachment Date.


 






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6. Redemption.


 


6.1. Redemption.
Subject to Section 6.4 hereof, not less than all of the outstanding Warrants may be redeemed, at the option of the Company, at
any time during the Exercise Period, at the office of a Warrant Agent, upon the notice referred to in Section 6.2, at the price
of $0.01 per Warrant (“Redemption Price”), provided that the last sales price of the Common Stock equals or
exceeds $18.00 per share (subject to adjustment in accordance with Section 4 hereof) (the “Redemption Trigger Price”),
on each of twenty (20) trading days on NASDAQ within any thirty (30) trading day period ending on the third trading day prior to
the date on which notice of redemption is given and provided that there is an effective registration statement covering the shares
of Common Stock issuable upon exercise of the Warrants, and a current prospectus relating thereto, and the Company may also elect
to require the exercise of the Warrants on a “cashless basis” pursuant to subsection 3.3.1(b); provided, however, that
if and when the Public Warrants become redeemable by the Company, the Company may not exercise such redemption right if the issuance
of shares of Common Stock upon exercise of the Public Warrants is not exempt from registration or qualification under applicable
state blue sky laws or the Company is unable to effect such registration or qualification.


  


6.2. Date Fixed
for, and Notice of, Redemption. In the event the Company shall elect to redeem all of the Warrants that are subject to redemption,
the Company shall fix a date for the redemption (the “Redemption Date”). Notice of redemption shall be given
to each Warrant Agent and mailed by first class mail, postage prepaid, by the Company not less than thirty (30) days prior to the
Redemption Date to the registered holders of the Warrants to be redeemed at their last addresses as they shall appear on the registration
books. Any notice mailed in the manner herein provided shall be conclusively presumed to have been duly given whether or not the
registered holder received such notice.


 


6.3. Exercise
After Notice of Redemption. The Public Warrants may be exercised, for cash (or on a “cashless basis” in accordance
with Section 3 of this Agreement) at any time after notice of redemption shall have been given by the Company pursuant to Section
6.2 hereof and prior to the Redemption Date. In the event the Company determines to require all holders of Public Warrants to exercise
their Warrants on a “cashless basis” pursuant to Section 3.3.1(b), the notice of redemption will contain the information
necessary to calculate the number of shares of Common Stock to be received upon exercise of the Warrants, including the “Fair
Market Value” in such case. On and after the Redemption Date, the record holder of the Warrants shall have no further rights
except to receive, upon surrender of the Warrants, the Redemption Price.


 


6.4 Exclusion
of Certain Warrants. The Company agrees that the redemption rights provided in this Section 6 shall not apply to (i) the Private
Warrants and Working Capital Warrants if at the time of the redemption such Private Warrants or Working Capital Warrants continue
to be held by the initial purchasers or their permitted transferees or (ii) Post IPO Warrants if such warrants provide that they
are non-redeemable by the Company. However, with respect to the Private Warrants or Working Capital Warrants, once such Private
Warrants or Working Capital Warrants are transferred (other than to permitted transferees under Section 5.6), the Company may redeem
the Private Warrants and Working Capital Warrants in the same manner as the Public Warrants.


 


6.5 Responsibility
for Calculations. All calculations required to be made under Section 3.3.1(b), Section 3.3.1(c), Section 3.3.1(d), Section
3.3.5 and Section 6 will be the responsibility of the Company and confirmed by written notice to each Warrant Agent of which can
be relied upon for all purposes.


 


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


 


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


 






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7.2. Lost,
Stolen, Mutilated, or Destroyed Warrants. If any Warrant is lost, stolen, mutilated, or destroyed, the Company and the Warrant
Agent may on such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated
Warrant, include the surrender thereof), issue a new Warrant of like denomination, tenor, and date as the Warrant so lost, stolen,
mutilated, or destroyed. Any such new Warrant shall constitute a substitute contractual obligation of the Company, whether or not
the allegedly lost, stolen, mutilated, or destroyed Warrant shall be at any time enforceable by anyone. The applicant for the issuance
of a new warrant certificate pursuant to this Section 7.2 shall bear the reasonable cost of the issue thereof and in case of loss,
destruction or theft shall, as a condition precedent to the issue thereof, furnish to the Company and to the Warrant Agent evidence
of ownership and of the loss, destruction or theft of the warrant certificate so lost, destroyed or stolen satisfactory to the
Warrant Agent and the Company in its sole discretion, acting reasonably, and such applicant may also be required to furnish an
indemnity and surety bond in amount and form satisfactory to the Warrant Agent in its sole discretion, acting reasonably, and shall
pay the reasonable charges of the Company and the Warrant Agent in connection therewith.


 


7.3. Reservation
of Shares of Common Stock. The Company shall at all times reserve and keep available a number of its authorized but unissued
shares of Common Stock that will be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this
Agreement and will cause all shares of Common Stock to be issued as fully paid and non-assessable.


 


7.4. Registration
of Shares of Common Stock. The Company agrees that as soon as practicable after the closing of its initial Business Combination,
it shall use its best efforts to file with the Securities and Exchange Commission a registration statement for the registration,
under the Act, of the shares of Common Stock issuable upon exercise of the Warrants, and it shall use its best efforts to take
such action as is necessary to register or qualify for sale, in those states in which the Warrants were initially offered by the
Company and in those states where holders of Warrants then reside, the shares of Common Stock issuable upon exercise of the Warrants,
to the extent an exemption is not available. The Company will use its best efforts to cause the same to become effective and to
maintain the effectiveness of such registration statement until the expiration of the Warrants in accordance with the provisions
of this Agreement. If any such registration statement has not been declared effective by the 90th day following the closing of
the Business Combination, holders of the Warrants shall have the right, during the period beginning on the 91st day after the closing
of the Business Combination and ending upon such registration statement being declared effective by the Securities and Exchange
Commission, and during any other period when the Company shall fail to have maintained an effective registration statement covering
the shares of Common Stock issuable upon exercise of the Warrants, to exercise such Warrants on a “cashless basis”
as determined in accordance with Section 3.3.1(d). The Company shall provide each Warrant Agent with an opinion of counsel for
the Company (which shall be an outside law firm with securities law experience acceptable to the Warrant Agent) stating that (i)
the exercise of the Warrants on a cashless basis in accordance with this Section 7.4 is not required to be registered under the
Act and (ii) the shares of Common Stock issued upon such exercise will be freely tradable under U.S. federal securities laws by
anyone who is not an affiliate (as such term is defined in Rule 144 under the Act) of the Company and, accordingly, will not be
required to bear a restrictive legend. For the avoidance of any doubt, unless and until all of the Warrants have been exercised
on a cashless basis, the Company shall continue to be obligated to comply with its registration obligations under the first three
sentences of this Section 7.4. The provisions of this Section 7.4 may not be modified, amended or deleted without the prior written
consent of EarlyBirdCapital.


 


8. Concerning the Warrant Agent and Other Matters.


 


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


 






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8.2. Resignation,
Consolidation, or Merger of Warrant Agent.


 


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


 


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


 


8.2.3. Merger
or Consolidation of Warrant Agent. Any corporation into which the Warrant Agent is amalgamated or with which it is consolidated
or to which all or substantially all of its corporate trust business is sold or is otherwise transferred or any corporation resulting
from any consolidation or amalgamation to which the Warrant Agent is a party shall become the successor Warrant Agent under this
Agreement, without the execution of any document or any further act.


 


8.3. Fees and
Expenses of Warrant Agent.


 


8.3.1. Remuneration.
The Company covenants that it shall pay to the Warrant Agent from time to time reasonable remuneration for its services hereunder
and shall pay or reimburse the Warrant Agent upon its request for all reasonable expenses, disbursements and advances incurred
or made by the Warrant Agent in the administration or execution of its duties hereunder (including the reasonable compensation
and the disbursements of its counsel and all other advisers and assistants not regularly in its employ) both before any default
hereunder and thereafter until all duties of the Warrant Agent hereunder shall be finally and fully performed, except any such
expenses, disbursements or advances as may arise out of or result from the Warrant Agent’s gross negligence, willful misconduct
or bad faith. Any amount owing under this Section 8.3.1 and remaining unpaid after 30 days from the invoice date will bear interest
at the then current rate charged by the Warrant Agent against unpaid invoices and shall be payable upon demand. This Section 8.3.1
shall survive the resignation or removal of the Warrant Agent or the termination of this Agreement.


 


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


 






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8.3.3 Experts and
Advisors. The Warrant Agent may, at the expense of the Company, employ or retain such counsel, accountants, appraisers or other
experts or advisors as it may reasonably require for the purpose of discharging its duties hereunder and may pay reasonable remuneration
for all services so performed by any of them, without taxation of costs of any counsel, and shall not be responsible for any misconduct
or negligence on the part of any such experts or advisors who have been appointed with reasonable care by the Warrant Agent. The
Warrant Agent may act and rely and shall be protected in acting and relying in good faith on the opinion or advice of or information
obtained from any counsel, accountant, appraiser, engineer or other expert or advisor, whether retained or employed by the Company
or by the Warrant Agent, in relation to any matter arising in the administration of the agency hereof. The Company shall pay or
reimburse the Warrant Agent for any reasonable fees, expenses and disbursements of such counsel or advisors.


 


8.4. Liability
of Warrant Agent.


 


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


 


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


 


8.4.3. Exclusions.
No Warrant Agent shall have responsibility with respect to the validity of this Agreement or with respect to the validity or execution
of any Warrant (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant
or condition contained in this Agreement or in any Warrant; nor shall it be responsible to make any calculations or adjustments
required under the provisions of Sections’ 3, 4 and 6 hereof or responsible for the manner, method, or amount of any such
adjustment or the ascertaining of the existence of facts that would require any such adjustment; nor shall it by any act hereunder
be deemed to make any representation or warranty as to the authorization or reservation of any shares of Common Stock to be issued
pursuant to this Agreement or any Warrant or as to whether any shares of Common Stock will, when issued, be valid and fully paid
and non-assessable. No duty shall rest with the Warrant Agent to determine compliance of the transferor or transferee with applicable
securities laws. The Warrant Agent shall be entitled to assume that all transfers are legal and proper. The Warrant Agent shall
not incur any liability or responsibility whatever or be in any way responsible for the consequence of any breach on the part of
the Company of any of the covenants herein contained or of any acts of any directors, officers, employees, agents or servants of
the Company.


 


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


 


8.6 Action by the
Warrant Agent. The obligation of the Warrant Agent to commence or continue any act, action or proceeding for the purpose of
enforcing any rights of the Warrant Agent or the holders hereunder shall be conditional upon holders furnishing, when required
by notice by the Warrant Agent, sufficient funds to commence or continue such act, action or proceeding and indemnity reasonably
satisfactory to the Warrant Agent to protect and hold harmless the Warrant Agent against the costs, charges and expenses and liabilities
to be incurred thereby and any loss and damage it may suffer by reason thereof. None of the provisions contained in this Agreement
shall require the Warrant Agent to expend or risk its own funds or otherwise incur financial liability in the performance of any
of its duties or in the exercise of any of its rights or powers unless indemnified as aforesaid.


 






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9. Miscellaneous Provisions.


 


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


 


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


 


Merida Merger Corp. I


641 Lexington Avenue, 18th Floor


New York, NY 10022


Attn: Peter Lee


Email: plee@meridacap.com


 


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


 


	
        Continental Stock Transfer & Trust
        Company

        1 State Street

        New York, New York 10004

        Attn: Compliance Department

        Email:
	 	
        TSX Trust Company

        301 - 100 Adelaide Street

        Toronto, Ontario M5H 4H1

        Attn: Vice President, Trust Services

        Email: tmxestaff-corporatetrust@tmx.com





 


with a copy in each case to:


 


	
        Graubard Miller

        The Chrysler Building

        405 Lexington Avenue

        New York, New York 10174

        Attn: David Alan Miller, Esq.

        Email: dmiller@graubard.com
	 	 


 


and


 


	
        Loeb & Loeb LLP

        345 Park Avenue

        New York, New York 10154

        Attn: Mitchell S. Nussbaum, Esq.

        Email: mnussbaum@loeb.com
	 	 


 


and


 


	
        EarlyBirdCapital, Inc.

        366 Madison Avenue, 8th Floor

        New York, NY 10017

        Attn: Steven Levine

        Email: slevine@ebcap.com
	 	 


 






    15


     


    

 


9.3. Applicable
Law. The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed in all respects
by the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application
of the substantive laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim against it arising
out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United
States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall
be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient
forum. Any such process or summons to be served upon the Company may be served by transmitting a copy thereof by registered or
certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 9.2 hereof. Such
mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim.


 


9.4. Persons
Having Rights under this Agreement. Nothing in this Agreement expressed and nothing that may be implied from any of the provisions
hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto
and the registered holders of the Warrants and, for the purposes of Sections 7.4, 9.4 and 9.8 hereof, EarlyBirdCapital, any right,
remedy, or claim under or by reason of this Warrant Agreement or of any covenant, condition, stipulation, promise, or agreement
hereof. EarlyBirdCapital shall be deemed to be a third-party beneficiary of this Agreement with respect to Sections 7.4, 9.4 and
9.8 hereof. All covenants, conditions, stipulations, promises, and agreements contained in this Warrant Agreement shall be for
the sole and exclusive benefit of the parties hereto (and EarlyBirdCapital with respect to the Sections 7.4, 9.4 and 9.8 hereof)
and their successors and assigns and of the registered holders of the Warrants.


 


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


 


9.6. Counterparts.
Each of the parties hereto shall be entitled to rely on delivery of a facsimile or PDF copy of this Agreement and acceptance by
each such party of such facsimile or PDF copy shall be legally effective to create a valid and binding agreement between the parties
hereto in accordance with the terms hereof. This Agreement may be executed in any number of original or facsimile counterparts
and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute
but one and the same instrument and notwithstanding the date of their execution will be deemed to be dated as of the date of this
Agreement.


 


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


 


9.8 Amendments.
This Agreement may be amended by the parties hereto without the consent of any registered holder for the purpose of curing any
ambiguity, or of curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions
with respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable and that the parties,
relying on the advice of counsel, deem shall not adversely affect the interest of the registered holders. All other modifications
or amendments, including any amendment to increase the Warrant Price or shorten the Exercise Period, shall require the written
consent or vote of the registered holders of (i) a majority of the aggregate of the then outstanding Public Warrants and Private
Warrants if such modification or amendment is being undertaken prior to, or in connection with, the consummation of a Business
Combination or (ii) a majority of the then outstanding Warrants if such modification or amendment is being undertaken after the
consummation of a Business Combination. Notwithstanding the foregoing, the Company may lower the Warrant Price or extend the duration
of the Exercise Period pursuant to Sections 3.1 and 3.2, respectively, without the consent of the registered holders. The provisions
of this Section 9.8 may not be modified, amended or deleted without the prior written consent of EarlyBirdCapital.


 






    16


     


    

 


9.9 Trust Account
Waiver. Each Warrant Agent acknowledges and agrees that it shall not make any claims or proceed against the trust account established
by the Company in connection with the Public Offering (as more fully described in the Registration Statement) (“Trust
Account”), including by way of set-off, and shall not be entitled to any funds in the Trust Account under any circumstance.
In the event that a Warrant Agent has a claim against the Company under this Agreement, such Warrant Agent will pursue such claim
solely against the Company and not against the property held in the Trust Account.


  


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


 


9.10 Currency.
All dollar amounts herein are expressed in United States dollars.


 


9.11 Day not a Business
Day. If any day on or before which any action or notice is required to be taken or given hereunder is not a Business Day, then
such action or notice shall be required to be taken or given on or before the requisite time on the next succeeding day that is
a Business Day.


 


[signature page follows]


 






    17


     


    

 


IN WITNESS WHEREOF,
this Agreement has been duly executed by the parties hereto as of the day and year first above written.


 


	 	MERIDA MERGER CORP. I
	 	 	 	 
	 	By:	/s/ Peter Lee
	 	 	Name:	Peter Lee
	 	 	Title:	President and Chief Financial Officer
	 	 	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
	 	 	 	 
	 	By:	/s/ Steven Vacante
	 	 	Name:	Steven Vacante
	 	 	Title:	Vice President
	 	 	 	 
	 	TSX TRUST COMPANY
	 	 	 	 
	 	By:	/s/ Don Crawford
	 	 	Name:	Don Crawford
	 	 	Title:	Sr. Trust Officer
	 	 	 	 
	 	By:	/s/ Chris McGregor
	 	 	Name:	 Chris McGregor
	 	 	Title:	Senior Manager, Corporate Trust