Exhibit 4.4


 


WARRANT AGREEMENT


 


This WARRANT AGREEMENT
(this “Agreement”) is made as of [●], 2022 between Inkstone Feibo Acquisition Corporation, a Delaware
corporation, with offices at 221 W. 9th St., PMB 235, Wilmington, DE 19801 (“Company”), and Continental Stock
Transfer & Trust Company, a New York company, with offices at 1 State Street, 30th Floor, New York, NY 10004, as
warrant agent (“Warrant Agent”).


 


WHEREAS, the Company is
engaged in a public offering (the “Public Offering”) of up to 6,900,000 units (including 900,000 units which
may be issued pursuant to an overallotment option granted to the underwriters of the Public Offering), each unit (the “Units”)
comprised of one share of Class A common stock of the Company, par value $0.0001 per share (“Class A Common Stock”)
and one-half of one (1/2) warrant (“Public Warrants”), where each whole warrant entitles the holder to purchase
one share of Class A 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 3,450,000 warrants (the “Public Warrants”) to the public investors in
connection with the Public Offering; and


 


WHEREAS, the Company has
filed with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-1, No. 333-[●]
(“Registration Statement”) and prospectus (“Prospectus”), for the registration, under the
Securities Act of 1933, as amended (“Securities Act”) of, among other securities, the Public Warrants; and


 


WHEREAS, the Company has
received binding commitments (“Subscription Agreements”) from the Company’s sponsor, Inkstone Feibo Acquisition
Sponsor LLC (the “Sponsor”), simultaneously with the closing of the Public Offering, an aggregate of 414,000
units (or up to 450,000 units if the over-allotment option is exercised in full or in part) (the “Private Units”)
at a price of $10.00 per Private Unit. Each Private Unit comprised of one share of Class A Common Stock and one-half of one warrant
(a whole warrant of each such warrant, a “Private Warrant” and collectively, the “Private Warrants”).
Each whole Private Warrant entitles the holder thereof to purchase one share of Class A Common Stock at a price of $11.50 per share,
bearing the legend set forth in Exhibit B hereto; and


 


WHEREAS, the Company may
issue up to an additional 300,000 units (the “Working Capital Units” and together with the Public Units and
the Private Units, the “Units”) at a price of $10.00 per Working Capital Unit, with each Working Capital unit
consisting of one shares of Class A Common Stock and one half of one (1/2) warrant (each such warrant, a “Working Capital
Warrant”, collectively, “Working Capital Warrants”, and together with the Private Warrants, the Public
Warrants, the “Warrants”), in satisfaction of certain working capital loans made by the Company’s officers,
directors, initial stockholders and their affiliates; and


 


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


 


WHEREAS, the 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, the Warrant Agent, and the holders of the Warrants; and


 




    	 	 	 



     


    

 


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


  


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


 


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


 


2. Warrants.


 


2.1. Form of Warrant.
Each Warrant shall be issued in registered form only, shall be in substantially the form of Exhibit A hereto, the provisions of
which are incorporated herein 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 the Warrant Agent and/or the
facilities of The Depository Trust Company (the “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
have the same terms, force and effect as a certificated Warrant that has been duly countersigned by the Warrant Agent in accordance
with the terms of this Agreement.


 


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


 


2.4. Registration.


 


2.4.1. Warrant
Register. The Warrant Agent shall maintain books (“Warrant Register”) for the registration of original issuance
and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall issue and
register the Warrants in the names of the respective holders thereof in such denominations and otherwise in accordance with instructions
delivered to the Warrant Agent by the Company.


 


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.


 




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2.5. Detachability
of Warrants. The securities comprising the Units will not be separately transferable until the 52nd business day
following the date of the Prospectus or, if such 52nd business day is not on a day, other than a Saturday, Sunday or
federal holiday, on which banks in New York City are generally open for normal business (a “Business Day”),
then on the immediately succeeding Business Day following such date, or earlier with the announcement of US Tiger Securities, Inc.(the
“Representative”), but in no event will the Representative allows 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 and has filed a Current Report on
Form 8-K announcing when such separate trading shall begin (the “Detachment Date”).


 


2.6. Private Warrant
and Working Capital Warrant Attributes. The Private Warrants and Working Capital Warrants will be identical to the Public Warrants. 


 


3. Terms and Exercise
of Warrants


 


3.1. Warrant Price.
Each Warrant shall, when countersigned by the 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 the number of shares
of Class A Common Stock stated therein, at the price of $11.50 per share, subject to the adjustments provided in Section 4
hereof and in the last sentence of this Section 3.1. The term “Warrant Price” as used in this Agreement refers
to the price per share at which the shares of Class A 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.


 


3.2. Duration of
Warrants. A Warrant may be exercised only during the period (a) commencing on the later of: (i) 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), and (ii) the date that is twelve (12) months from the date of the closing of the Public Offering,
and (b) terminating at 5:00 p.m., New York City time on the earlier to occur of (i) the date that is five (5) years after
the date on which the Company consummates a Business Combination, (ii) at 5:00 p.m., New York City time on the Redemption
Date as provided in Section 6.2 of this Agreement and (iii) the liquidation of the Trust Account (defined below) (“Expiration
Date”). 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 outstanding 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. Notwithstanding anything to the contrary contained herein, for so long as any Private Warrant is held by the Sponsor
and/or its designees, such Private Warrant may not be exercised after five years from the effective date of the Registration Statement.


 




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3.3.  Exercise of Warrants.


 


3.3.1. Payment.
Subject to the provisions of the Warrant and this Agreement, a Warrant, when countersigned by the Warrant Agent, may be exercised
by the registered holder thereof by surrendering it, at the office of the Warrant Agent, or at the office of its successor as Warrant
Agent, in the Borough of Manhattan, City and State of New York, with the subscription form, as set forth in the Warrant, duly executed,
and by paying in full the Warrant Price for each shares of Class A 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) in lawful
money of the United States, by good certified check or good bank draft payable to the order of the Warrant Agent or wire transfer;


 


(b) in the event
of a redemption pursuant to Section 6.1 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
Class A Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares of Class A 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 Class A Common Stock for the ten (10) trading days ending on the third
trading day prior to the date on which the notice of redemption is sent to holders of the Warrants pursuant to Section 6 hereof;
or


  


(c) as provided
in Section 7.4 hereof.


 


3.3.2. Issuance
of Shares of Class A 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 Class A 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 shares as to which such Warrant shall not have been 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 Class A Common Stock upon exercise of a Warrant unless the shares
of Class A Common Stock issuable upon such Warrant exercise has been registered, qualified or deemed to be exempt under the securities
laws of the state 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 Warrants
shall have paid the full purchase price for the Unit solely for the shares of Class A Common Stock underlying such Unit. Warrants
may not be exercised by, or securities issued to, any registered holder in any state in which such exercise or issuance would be
unlawful.


 




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3.3.3. Valid
Issuance. All shares of Class A 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 Class A 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 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.


 


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 cause the exercise of the holder’s
Warrant, and such holder shall not have the right to exercise such Warrant, to the extent that after giving effect to such exercise,
such person (together with such person’s affiliates), to the Warrant Agent’s actual knowledge, would beneficially own
in excess of 9.8% (the “Maximum Percentage”) of the shares of Class A Common outstanding immediately after giving
effect to such exercise. For purposes of the foregoing sentence, the aggregate number of shares of Class A Common Stock beneficially
owned by such person and its affiliates shall include the number of shares of Class A 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 Class A 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 Class A Common Stock, the holder may rely on the number of outstanding
shares of Class A 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 Warrant Agent setting forth the
number of shares of Common Stock outstanding. For any reason at any time, upon the written request of the holder of the Warrant,
the Company shall, within two (2) Business Days, confirm orally and in writing to such holder the number of shares of Class
A Common Stock then outstanding. In any case, the number of outstanding shares of Class A 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.


 




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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 Class A Common Stock is increased by a stock dividend payable in Class A Common Stock, or by a split up of Class A 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
Class A Common Stock issuable on exercise of each Warrant shall be increased in proportion to such increase in outstanding shares
of Class A Common Stock.


 


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


 


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 Class A 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
in respect of such Extraordinary Dividend divided by all outstanding shares of the Company at such time (whether or not any shareholders
waived their right to receive such 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 shares
of Class A Common Stock during the 365-day period ending on the date of declaration of such dividend or distribution
does not exceed $0.50 per share (taking into account all of the outstanding shares of the Company at such time (whether or not
any shareholders waived their right to receive such dividend) and 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 Class A 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 Class A Common Stock in connection with a proposed initial Business Combination
or certain amendments to the Company’s Amended and Restated Certificate of Incorporation (as described in the Registration
Statement) 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 shares of Class A 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)). Furthermore, solely for the purposes of illustration, if following the closing of the Company’s initial Business
Combination, there were 100,000,000 shares outstanding and the Company paid a $1.00 dividend to 17,500,000 of such shares (with
the remaining 82,500,000 shares waiving their right to receive such dividend), then no adjustment to the Warrant Price would occur
as a $17.5 million dividend payment divided by 100,000,000 shares equals $0.175 per share which is less than $0.50 per share.


 




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4.4 Adjustments
in Exercise Price. Whenever the number of shares of Class A 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 Class
A 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 Class A 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 Class
A 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 Class
A 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 shares of Class A 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 Class A 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 shares of Class A 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. Notwithstanding anything to the contrary herein, in the event of any tender offer
for shares of Class A Common Stock, the offeror shall not make any tender offer for Warrants if the effect of such offer would
be to require the Warrants to be accounted for as liabilities under applicable accounting principles.


 


4.6. Issuance in
connection with a Business Combination. If, in connection with a Business Combination, the Company (a) issues additional shares
of Class A 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 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 shares of Class A Common Stock or equity-linked securities, and the $16.50
per share redemption trigger price will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Fair Market
Value and the price at which the Company issues shares of Class A Common Stock or equity-linked securities. Solely for purposes
of this Section 4.6, the “Fair Market Value” shall mean the volume weighted average reported trading price of
Class A Common Stock for the ten (10) trading days starting on the trading day prior to the date of the consummation of 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 the Warrant Agent, which notice shall state the Warrant Price resulting from such adjustment
and the increase or decrease, if any, in the number of shares purchasable at such price upon the exercise of a Warrant, setting
forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Upon the occurrence of
any event specified in Sections 4.1, 4.2, 4.3, 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. 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 down to the nearest whole number of shares of Class A 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.
Nevertheless, the Warrants may not be adjusted solely as a result of issuance of any securities in connection with a Business Combination
or of an adjustment to the conversation ratio of the Company’s Class B common stock, par value $0.0001 per share into Class
A Common Stock.


 




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5. Transfer and
Exchange of Warrants.


 


5.1. Registration
of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant upon the Warrant
Register, upon surrender of such Warrant for transfer, properly endorsed with signatures, 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 Warrant Agent. In the case
of certificated Warrants, the Warrants so cancelled shall be delivered by the Warrant Agent to the Company from time to time upon
request.


 


5.2. Procedure
for Surrender of Warrants. Warrants may be surrendered to the Warrant Agent, either in certificated form or in book entry position,
together with a written request for exchange or transfer, and thereupon the 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 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. The Warrant Agent shall not 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. The Warrant Agent is hereby authorized to countersign and to deliver, in accordance with the terms of
this Agreement, the Warrants required to be issued pursuant to the provisions of this Section 5, and the Company, whenever
required by the Warrant Agent, will supply the Warrant Agent with Warrants duly executed on behalf of the Company for such purpose.


 


5.6. Private Warrants
and Working Capital Warrants. The Warrant Agent shall not register any transfer of Private Warrants or Working Capital Warrants
until 30 days after the consummation by the Company of an initial Business Combination, except for transfers (i) to the Company’s
officers or directors, any affiliates or family members of any of the Company’s officers or directors, any affiliate of the
Company’s founders, any members of the founders, or any of their affiliates, officers, directors, direct and indirect equity
holders, (ii) in the case of an individual, by gift to a member of the individual’s immediate family, to a trust, the beneficiary
of which is a member of the individual’s immediate family or an affiliate of such person, or to a charitable organization,
(iii) in the case of an individual, by virtue of laws of descent and distribution upon death of the individual. (iv) in the case
of an individual, pursuant to a qualified domestic relations order; (v) by private sales or transfers made in connection with the
consummation of a Business Combination at prices no greater than the price at which the securities were originally purchased, (vi)
in the event of our liquidation prior to the completion of an initial Business Combination, or (vii) by virtue of the laws of Delaware
or the Company’s founders’ limited liability company agreement upon dissolution of the founders, in each case of clauses
(i) through (v), or (vii), on the condition that prior to such registration for transfer, the Warrant Agent shall be presented
with written documentation pursuant to which each transferee (each, a “Permitted Transferee”) or the trustee
or legal guardian for such transferee agrees to be bound by the transfer restrictions contained in this section and any other applicable
agreement the transferor is bound by.


 




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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.


 


6. Redemption.


 


6.1. Redemption.
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 the 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 sale price of the Class A Common Stock equals or exceeds $16.50 per share (subject to
adjustment in accordance with Section 4 hereof), on each of twenty (20) trading days within any thirty (30) trading
day period commencing after the Warrants become exercisable and 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 Class A Common Stock
issuable upon exercise of the Warrants, and a current prospectus relating thereto, available throughout the 30-day redemption
or the Company has elected 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 Warrants become redeemable by the Company, the Company may not exercise such redemption
right if the issuance of shares of Class A Common Stock upon exercise of the 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 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 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 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 Class A 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.


 




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


 


7.1. No Rights
as Stockholder. A Warrant does not entitle the registered holder thereof to any of the rights of a stockholder of the 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 shareholders in respect of the meetings of shareholders or the election of directors of the
Company or any other matter.


 


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.


 


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


 


7.4. Registration
of Shares of Class A Common Stock. The Company agrees that as soon as practicable, but in no event later than thirty (30) Business
Days after the closing of its initial Business Combination, it shall use its reasonable best efforts to file with the Securities
and Exchange Commission a registration statement for the registration, under the Securities Act, of the shares of Class A Common
Stock issuable upon exercise of the Warrants, and it shall use its reasonable 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 Class A Common Stock issuable upon exercise of the Warrants, to the extent
an exemption is not available. The Company will use its reasonable best efforts to cause the same to become effective within sixty
(60) Business Days following the closing of its initial Business Combination and to maintain the effectiveness of such registration
statement, and a current prospectus relating thereto, 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 60th day following the closing of the
Business Combination, holders of the Warrants shall have the right, during the period beginning on the 61st 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 Class A Common Stock issuable upon exercise of the Warrants, to exercise such Warrants on a “cashless basis”
by exchanging the Warrants (in accordance with Section 3(a)(9) of the Securities Act or another exemption) for that number of shares
of Class A Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares of Class A Common Stock
underlying the Warrants, multiplied by the excess of the “Fair Market Value” (as defined below) over the Warrant Price
by (y) the Fair Market Value. Solely for purposes of this subsection 7.4.1, “Fair Market Value” shall mean the volume
weighted average price of the Class A Common Stock as reported during the ten (10) trading day period ending on the trading day
prior to the date that notice of exercise is received by the Warrant Agent from the holder of such Warrants or its securities broker
or intermediary. The date that notice of cashless exercise is received by the Warrant Agent shall be conclusively determined by
the Warrant Agent. In connection with the “cashless exercise” of a Warrant, the Company shall, upon request, provide
the Warrant Agent with an opinion of counsel for the Company (which shall be an outside law firm with securities law experience)
stating that (i) the exercise of the Warrants on a cashless basis in accordance with this subsection 7.4.1 is not required to be
registered under the Securities Act and (ii) the shares of Class A Common Stock issued upon such exercise shall be freely tradable
under United States federal securities laws by anyone who is not an affiliate (as such term is defined in Rule 144 under the Securities
Act) of the Company and, accordingly, shall not be required to bear a restrictive legend. Except as provided in subsection 7.4.2,
for the avoidance of any doubt, unless and until all of the Warrants have been exercised or have expired, the Company shall continue
to be obligated to comply with its registration obligations under the first three sentences of this subsection 7.4.1.


 




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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 the Warrant
Agent in respect of the issuance or delivery of shares of Class A 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 of Class A Common Stock.


 


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


 


8.2.1. Appointment
of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged
from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If
the office of the 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 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 the 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, and authorized under such laws to exercise corporate trust powers and subject to supervision
or examination by federal or state authority. After appointment, any successor Warrant Agent shall be vested with all the authority,
powers, rights, immunities, duties, and obligations of its predecessor Warrant Agent with like effect as if originally named as
Warrant Agent hereunder, without any further act or deed; but if for any reason it becomes necessary or appropriate, the predecessor
Warrant Agent shall execute and deliver, at the expense of the 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 Class A Common Stock not later than the effective date
of any such appointment.


 




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


 


8.3. Fees and Expenses
of Warrant Agent.


 


8.3.1. Remuneration.
The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent hereunder and will reimburse
the Warrant Agent upon demand for all expenditures that the Warrant Agent may reasonably incur in the execution of its duties hereunder.


 


8.3.2. Further
Assurances. The 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.


 


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


 


8.4.3. Exclusions.
The Warrant Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the validity or
execution of any Warrant (except its countersignature thereof); 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 adjustments required
under the provisions of Section 4 hereof or responsible for the manner, method, or amount of any such adjustment or the ascertaining
of the existence of facts that would require any such adjustment; nor shall it by any act hereunder be deemed to make any representation
or warranty as to the authorization or reservation of any shares of Class A Common Stock to be issued pursuant to this Agreement,
the Amended and Restated Certificate of Incorporation of the Company, or any Warrant or as to whether any shares of Class A Common
Stock will, when issued, be valid and fully paid and non-assessable.


 


8.5. Acceptance
of Agency. The Warrant Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon the
terms and conditions herein set forth and among other things, shall account promptly to the 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 Class
A Common Stock through the exercise of Warrants.


 




    	 	13	 



     


    

 


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 (i) if by email when the email is sent, (ii) if by hand or overnight delivery,
when so delivered, or (iii) 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:


 


Inkstone Feibo Acquisition Corporation


221 W 9th St, PMB 235


Wilmington, DE 19801Attn: I-Fa Chang,
Chief Executive Officer


 


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


 


Robinson & Cole LLP


666 Third Avenue, 20th Floor


New York, NY 10017


Attn: Arila E. Zhou, Esq.


 


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 (i) if by email, when the email is sent, (ii) if by hand or overnight delivery, when so delivered, or (iii) 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 Warrant Agent with the Company), as follows:


 


Continental Stock
Transfer & Trust Company


1 State Street,
30th Floor,


New York, NY
10004


Attn: Compliance
Department


 


9.3. Applicable
Law and Exclusive Forum. 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. 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 forum for any such action, proceeding or claim. The Company hereby waives any objection to such exclusive jurisdiction
and that such courts represent an inconvenient forum. The provisions of this paragraph will apply to suit, action, proceeding or
claim brought to enforce any liability or duty arising under the Securities Act. Notwithstanding the foregoing, the provisions
of this paragraph will not apply to suits brought to enforce any liability or duty created by the Exchange Act or any other claim
for which the federal district courts of the United States of America are the sole and exclusive forum.


 




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Any person or entity purchasing
or otherwise acquiring any interest in the Warrants shall be deemed to have notice of and to have consented to the forum provisions
in this Agreement. If any action, the subject matter of which is within the scope the forum provisions of this Warrant Agreement,
is filed in a court other than a court of the State of New York or the United States District Court for the Southern District of
New York (a “foreign action”) in the name of any holder of our warrants, such holder shall be deemed to have consented
to: (x) the personal jurisdiction of the state and federal courts located in the State of New York in connection with any action
brought in any such court to enforce the forum provisions (an “enforcement action”), and (y) having service of process
made upon such warrant holder in any such enforcement action by service upon such warrant holder’s counsel in the foreign
action as agent for such warrant holder.


 


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, the Representative, any right,
remedy, or claim under or by reason of this Warrant Agreement or of any covenant, condition, stipulation, promise, or agreement
hereof. The Representative 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 the Representative 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 Warrant Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the Warrant
Agent in the Borough of Manhattan, City and State of New York, for inspection by the registered holder of any Warrant. The Warrant
Agent may require any such holder to submit his Warrant for inspection by it.


 


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


  


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


 


9.8 Amendments.
This Agreement may be amended by the parties hereto without the consent of any registered holder for the purpose of curing
any ambiguity, or 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 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 then outstanding Public 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 the Representative.


 




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9.9 Trust Account
Waiver. The 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 the Warrant Agent has a claim against the Company under this Agreement, the 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.


  


[signature page follows]




    	 	16	 



     


    

 


 


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


  


	 	
        INKSTONE FEIBO ACQUISITION 

        CORPORATION
	 
	 	By:	 	 
	 	 	Name: I-Fa Chang	 
	 	 	Title: Chief Executive Officer	 
	 	 	 	 
	 	
        CONTINENTAL STOCK 

        TRANSFER & TRUST COMPANY
	 
	 	By:	 	 
	 	 	Name: [●]	 
	 	 	Title: [●]	 


 


[signature page to the Warrant Agreement]


 




    	 	17	 



     


    

 


EXHIBIT A


 


WARRANT CERTIFICATE


 




    	 	18	 



     


    

  


EXHIBIT B


 


LEGEND FOR PRIVATE WARRANTS AND WORKING CAPITAL
WARRANTS


 


THE SECURITIES REPRESENTED BY THIS CERTIFICATE
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD,
TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES
LAWS OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE. IN ADDITION, SUBJECT TO ANY ADDITIONAL LIMITATIONS ON TRANSFER DESCRIBED IN
THE LETTER AGREEMENT BY AND AMONG INKSTONE FEIBO ACQUISITION CORPORATION (THE “COMPANY”), INKSTONE FEIBO
ACQUISITION SPONSOR LLC AND THE OTHER PARTIES THERETO, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD OR TRANSFERRED
PRIOR TO THE DATE THAT IS THIRTY (30) DAYS AFTER THE DATE UPON WHICH THE COMPANY COMPLETES ITS INITIAL BUSINESS COMBINATION (AS
DEFINED IN SECTION 3.2 OF THE WARRANT AGREEMENT REFERRED TO HEREIN) EXCEPT TO A PERMITTED TRANSFEREE (AS DEFINED IN SECTION 5.6
OF THE WARRANT AGREEMENT) WHO AGREES IN WRITING WITH THE COMPANY TO BE SUBJECT TO SUCH TRANSFER PROVISIONS.


 


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


 




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