Document:

Exhibit 10.1

EXECUTION VERSION

 

AMERICAN PUBLIC UNIVERSITY SYSTEM, INC.

AMERICAN PUBLIC EDUCATION, INC.

AMENDED AND RESTATED EXECUTIVE EMPLOYMENT
AGREEMENT

 

THIS AMENDED AND RESTATED
EXECUTIVE EMPLOYMENT AGREEMENT (“Agreement”), entered into as of this 31st day of May, 2016, amends
and restates effective as of July 1, 2016 (the “Effective Date”), that certain Executive Employment Agreement
entered into as of November 4, 2011, as previously amended and restated as of August 1, 2014, by and among American Public University
System, Inc., a West Virginia corporation (the “Company”), American Public Education, Inc., a Delaware corporation
(the “Parent”) and Karan H. Powell (the “Executive”).

 

WHEREAS, the Company is a
wholly owned subsidiary of Parent; and

 

WHEREAS, effective as of the
Effective Date the Company desires to employ the Executive as President of the Company and the Executive desires to be employed
by the Company in that capacity, on the terms and conditions set forth herein.

 

NOW, THEREFORE, in consideration
of the mutual covenants and agreements set forth herein and other good and valuable consideration, the receipt and sufficiency
of which hereby are acknowledged, the parties hereto agree as follows:

 

1.          Employment.
On the terms and conditions set forth in this Agreement, the Parent agrees to cause the Company to, and the Company agrees to employ
the Executive, and the Executive agrees to be employed by the Company, for the term set forth in Section 2 hereof and in the position
and with the duties set forth in Section 3 hereof.

 

2.          Term.
The employment of the Executive by the Company as President as provided in Section 1 hereof shall be deemed to have commenced
on the Effective Date. Unless sooner terminated as hereinafter set forth, the term of this Agreement shall end on July 1, 2018;
provided, however, that this Agreement will automatically renew for additional one (1)-year periods (each
a “Renewal Term”) on each anniversary thereafter unless the Company and Parent deliver to the Executive written
notice of intent not to renew at least thirty (30) days prior to the expiration of the term or any Renewal Term. If this Agreement
is renewed for one (1) or more Renewal Terms, such Renewal Term shall be on the basis stated herein. For the avoidance of doubt,
the parties hereby acknowledge and agree that the Executive’s employment will not automatically terminate or end solely as
a result of the expiration of the Agreement at the end of the term or any Renewal Term.

 

3.          Position
and Duties. Effective as of the Effective Date, the Executive shall serve as the President of the Company or in another position
of equal or greater title, authority and responsibility, as assigned by the board of trustees of the Company (the “Board”),
with duties and responsibilities as the Board may from time to time determine and assign to the Executive. The Executive shall
devote the Executive’s best efforts and full business time to the performance of the Executive’s duties and the advancement
of the business and affairs of the Company.

 

     

     

    

 

4.          Place
of Performance. In connection with the Executive’s employment by the Company, the Executive shall be based at the principal
executive offices of the Company, which the Company retains the right to change in its discretion, or such other place as the Company
and the Executive mutually agree.

 

5.          Compensation.

 

		a.	Base Salary. The Company shall pay to the
Executive an annual base salary (the “Base Salary”) at the rate of $375,000 per year. The Base Salary shall
be reviewed no less frequently than annually and may be increased at the discretion of the Board and the Compensation Committee
(the “Compensation Committee”) of the Board of Directors of Parent (the “APEI Board”). If
the Executive’s Base Salary is increased, the increased amount shall be the Base Salary for the remainder of the employment
term hereunder, except that the Company may reduce the Executive’s Base Salary at any time as part of a general salary reduction
applied to all employees of the Company with annual salaries in excess of $150,000 (the “Senior Executive Group”)
in which case the Executive’s reduced Base Salary shall be the Base Salary for the remainder of the employment term hereunder.
Any such reduction in the Executive’s Base Salary shall be no more than the lesser of the median of the percentage salary
reductions applied to the Senior Executive Group or twenty percent (20%). The Base Salary shall be payable biweekly or in such
other installments as shall be consistent with the Company’s payroll procedures.

 

		b.	Annual Bonus. The Executive shall be eligible to
receive a bonus of up to fifty percent (50%) of the Executive’s Base Salary for each year as determined by the Compensation
Committee in its sole discretion (the “Annual Bonus”), based upon the achievement of certain performance goals
established by the Compensation Committee for each year. The Executive will also be eligible to receive an additional percentage
of up to thirty percent (30%) of the Executive’s Base Salary for each year as determined by the Compensation Committee in
its sole discretion, based upon the achievement of certain “stretch” performance goals established by the Compensation
Committee for each year. Any such bonus shall be paid by March 15 of the year following the year of performance.

 

		c.	Other Benefits. The Executive shall be entitled
to receive such other benefits approved by the Compensation Committee and made available to senior executives of the Company.
The Executive also shall be entitled to participate in such plans and to receive such bonuses, incentive compensation and fringe
benefits as may be granted or established by the Company from time to time. Nothing contained in this Agreement shall prevent
the Company from changing carriers or from effecting modifications in insurance coverage for the Executive.

 

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		d.	Vacation; Holidays. The Executive shall be entitled
to all public holidays observed by the Company and vacation days in accordance with the applicable vacation policies for senior
executives of the Company, which shall be taken at a reasonable time or times.

 

		e.	Withholding Taxes and Other Deductions. To the extent
required by law, the Company shall withhold from any payments due the Executive under this Agreement any applicable federal, state
or local taxes and such other deductions as are prescribed by law or Company policy.

 

6.          Expenses.
The Company shall reimburse the Executive for all reasonable expenses incurred by the Executive (in accordance with the policies
and procedures in effect for senior executives of the Company) in connection with the Executive’s services under this Agreement.
The Executive shall account to the Company for expenses in accordance with policies and procedures established by the Company.

 

7.          Confidential
Information.

 

		a.	Obligation of Confidentiality. The Executive covenants
and agrees that the Executive will not ever, without the prior written consent of the Board or a person authorized by the Board
or except as may be ordered by a court of competent jurisdiction, publish or disclose to any unaffiliated third party (other than
in the Executive’s good faith conduct of her position and duties with the Company and/or Parent and on behalf of the Company,
Parent or their affiliates) or use for the Executive’s personal benefit or advantage any confidential information with respect
to the Company’s, Parent’s or their affiliates’ past, present, or planned business, including but not limited
to all information and materials related to any Company, Parent or their affiliates’ business, business plan, product, service,
procedure, method, technique, technology, research, strategy, plan, customer or supplier information, customer or supplier list,
financial data, technical data, computer files, and computer software, including any of the foregoing that is in any stage of
research, development, or planning, and any other information which the Executive obtained while employed by, or otherwise serving
or acting on behalf of, the Company, Parent or their affiliates or which the Executive may possess or have under her control,
that is not generally known (except for unauthorized disclosures) to the public or within the industries in which the Company,
Parent or their affiliates, respectively, do business.

 

		b.	Reasonable Restrictions. The Executive acknowledges
that the restrictions contained in Section 7(a) hereof are reasonable and necessary, in view of the nature of the Company’s
or Parent business, in order to protect the legitimate interests of the Company or Parent, and that any violation thereof would
result in irreparable injury to the Company or Parent. Therefore, the Executive agrees that in the event of a breach or threatened
breach by the Executive of the provisions of Section 7(a) hereof, the Company or Parent shall be entitled to obtain from any court
of competent jurisdiction, preliminary or permanent injunctive relief restraining the Executive from disclosing or using any confidential
information. Nothing herein shall be construed as prohibiting the Company or Parent from pursuing any other remedies available
to it for breach or threatened breach, including, without limitation, recovery of damages from the Executive.

 

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		c.	Return of Materials. The Executive shall deliver
promptly to the Company or Parent on termination of employment, or at any other time the Company or Parent may so request, all
confidential materials, memoranda, notes, records, reports and other documents and materials (and all copies thereof), in whatever
form or medium, that contain any of the foregoing, including but not limited to computer data, files, software, and hardware,
relating to the Company’s, Parent’s or their respective affiliates’ respective businesses that the Executive
obtained while employed by, or otherwise serving or acting on behalf of, the Company or Parent or which the Executive may then
possess or have under her control.

 

8.          Non-Competition.

 

		a.	Non-Competition. The Executive covenants and agrees
that for the Restricted Period (as defined below), the Executive will not, in the United States or any other jurisdiction in which
the Company, the Parent or their respective corporate controlled affiliates is engaged or has reasonably firm plans to engage
in business, whether as a principal, investor, employee, consultant, independent contractor, officer, director, board member,
manager, partner, agent, or otherwise, alone or in association with any other person, firm, corporation, or business organization,
work for, become employed by, engage in, carry on, provide services to, or assist in any manner (whether or not for compensation
or gain) a person or entity that engages in any business in which the Company, the Parent, or any of their corporate controlled
affiliates is engaged (a “Competing Business”), where Executive’s position or service for such Competing
Business relates to Executive’s positions with or the types of services performed by the Executive for the Company, the
Parent, or any of their corporate controlled affiliates, or is otherwise competitive with the Company’s, the Parent’s,
or any of their corporate controlled affiliates’ products or services provided, however, that the foregoing will not prohibit
the Executive from (i) serving on a board of directors (or comparable bodies) of other entities where the Parent has given prior
permission, (ii) after the occurrence of both a Change of Control (as defined in Section 11) and the termination of the Executive’s
employment, being employed by (A) a campus-based institution of higher education that derives no more than twenty percent (20%)
of its revenues from online education, provided, that the Executive is not predominantly engaged in supporting the online education,
or (B) an online learning company that does not provide higher education, or (iii) serving as a faculty member, “scholar
in residence” or similar academic position, provided, that the Executive does not engage in administrative matters, other
than to a de minimis extent. Notwithstanding the foregoing, the ownership by the Executive of less than one percent (1%)
of the outstanding stock of any corporation listed on a national securities exchange shall not be deemed a violation of this Section 8(a).
For purposes of the foregoing, the “Restricted Period” means the period during the Executive’s employment
hereunder and (x) for a period of one (1) year thereafter (to the extent permitted by law), or (y) in the event of a termination
by the Executive of her employment after July 1, 2017 for other than Good Reason, and provided that within thirty (30) days of
notice by the Executive of such termination the Company does not notify the Executive that the Company had grounds for termination
of the Executive’s employment for Cause, for a period until the later of six (6) months after such termination or July 1,
2018.

 

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		b.	Injunctive Relief. In the event the restrictions
against engaging in a competitive activity contained in Section 8(a) hereof shall be determined by any court of competent jurisdiction
to be unenforceable by reason of their extending for too great a period of time or over too great a geographical area or by reason
of their being too extensive in any other respect, Section 8(a) hereof shall be interpreted to extend only over the maximum period
of time for which it may be enforceable and over the maximum geographical area as to which it may be enforceable and to the maximum
extent in all other respects as to which it may be enforceable, all as determined by the court in the action.

 

		c.	Non-Solicitation. The Executive covenants and agrees
that the Executive will not, during the Executive’s employment and for a period of one (1) year thereafter solicit, induce,
entice, or encourage or attempt to solicit, induce, entice, or encourage any employee of the Company or Parent or any of the Company,
the Parent, or any of their corporate controlled affiliates to render services for any other person, firm, entity, or corporation
or to terminate her employment with the Company, the Parent, or any of their corporate controlled affiliates.

 

9.          Termination
of Employment.

 

		a.	Death. The Executive’s employment hereunder
shall terminate upon the Executive’s death.

 

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		b.	By the Company. The Company may terminate the Executive’s
employment hereunder under the following circumstances:

 

		i.	The Company may terminate the Executive’s employment
hereunder for “Disability.” For purposes of this Agreement, “Disability” shall mean the Executive
shall have been unable to perform all of the Executive’s duties hereunder by reason of illness, physical or mental disability
or other similar incapacity, which inability shall continue for more than three (3) consecutive months.

 

		ii.	The Company may
                                         terminate the Executive’s employment hereunder for “Cause.” For purposes
                                         of this Agreement, “Cause” shall mean (A) refusal by the Executive
                                         to follow a lawful written order of the Chair of the Board or the Board, (B) the Executive’s
                                         engagement in conduct materially injurious to the Company or Parent or their respective
                                         reputations, (C) dishonesty of a material nature that relates to the performance of the
                                         Executive’s duties under this Agreement, (D) the Executive’s conviction for
                                         any crime involving moral turpitude or any felony, or (E) the Executive’s continued
                                         failure to perform her duties under this Agreement (except due to the Executive’s
                                         incapacity as a result of physical or mental illness) to the satisfaction of the Board
                                         for a period of at least thirty (30) consecutive days after written notice is delivered
                                         to the Executive specifically identifying the manner in which the Executive has failed
                                         to perform her duties.

 

		iii.	The Company may
                                         terminate the Executive’s employment hereunder at any time other than for Disability
                                         or Cause, for any reason or for no reason at all.

 

		c.	By the Executive. The Executive may terminate the
Executive’s employment hereunder for “Good Reason.” For purposes of this Agreement, “Good Reason”
shall mean:

 

		i.	the assignment to the Executive of any duties inconsistent
in any material respect with the Executive’s position as contemplated by Section 3 of this Agreement, excluding for this
purpose an isolated, insubstantial and inadvertent action which is remedied by the Company promptly after receipt of notice thereof
given by the Executive;

 

		ii.	any material failure by the Company to comply with any
of the provisions of this Agreement, other than an isolated, insubstantial and inadvertent failure which is remedied by the Company
or Parent promptly after receipt of notice thereof given by the Executive, provided, that in no event will a failure to
pay the Annual Bonus by March 15 of the year following the performance year be considered a material failure by the Company or
Parent to comply with this Agreement;

 

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		iii.	after a Change of Control (as defined in Section 11), the
Executive does not continue as the President of American Public University System (or the most senior resulting entity succeeding
to the business of the Company), or any other more senior office of the Company she holds at the time of the Change of Control;
or

 

		iv.	any material failure by the Company or Parent to comply
with and satisfy Section 15(c) of this Agreement.

 

			In order to constitute Good Reason, Executive must provide
notice to the Company and Parent of the existence of the condition within ninety (90) days of the initial existence. None of the
foregoing events shall constitute Good Reason if the Executive consents in writing to such event. The Executive further understands
and agrees that none of the foregoing events shall constitute Good Reason unless the Company or Parent fails to cure such asserted
grounds for Good Reason within thirty (30) days of its receipt of notice from the Executive. In order to terminate her employment,
if at all, for Good Reason, Executive must terminate employment within thirty (30) days of the end of the cure period if the breach
has not been cured.

 

		d.	Notice of Termination. Any termination of the Executive’s
employment by the Company, the Parent or the Executive (other than pursuant to Section 9(a) hereof) shall be communicated by written
“Notice of Termination” to the other party hereto in accordance with Section 12 hereof. For purposes of this Agreement,
a “Notice of Termination” shall mean a notice which shall indicate the specific termination provision in this
Agreement relied upon, if any, and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis
for termination of the Executive’s employment under the provision so indicated.

 

		e.	Date of Termination. For purposes of this Agreement,
the “Date of Termination” shall mean (i) if the Executive’s employment is terminated by the Executive’s
death, the date of the Executive’s death; (ii) if the Executive’s employment is terminated pursuant to Section 9(b)(i)
hereof, thirty (30) days after Notice of Termination, provided, that the Executive shall not have returned to the performance
of the Executive’s duties on a full-time basis during this thirty (30)-day period; (iii) if the Executive’s employment
is terminated pursuant to Section 9(b)(ii) or 9(b)(iii) hereof, the date specified in the Notice of Termination; (iv) if the Executive
terminates the Executive’s employment for Good Reason pursuant to Section 9(c) hereof, the date specified in the Notice
of Termination, provided, however, that such date must occur after the cure period provided in Section 9(c); and
(v) if the Executive’s employment is terminated for any other reason, the date specified in the Notice of Termination. Notwithstanding
the foregoing, the Executive will be deemed to have a Date of Termination for purposes of determining the timing of any payments
or benefits hereunder that are classified as deferred compensation only upon a “separation from service” within the
meaning of Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations thereunder (the “Code”).

 

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10.         Compensation
Upon Termination.

 

		a.	If the Executive’s employment is terminated by the
Executive’s death, the Company shall pay to the Executive’s estate, or as may be directed by the legal representatives
of the estate, (i) the Executive’s full Base Salary through the Date of Termination to the extent not theretofore paid,
(ii) any compensation previously deferred by the Executive (together with any accrued interest or earnings thereon) and any accrued
vacation pay, in each case, to the extent not theretofore paid, and (iii) all other unpaid amounts, if any, to which the
Executive is entitled as of the Date of Termination in connection with any fringe benefits or under any incentive compensation
plan or program of the Company pursuant to Section 5(b) “Annual Bonus” and Section 5(c) “Other Benefits”
hereof (the sum of the amounts described in clauses (i), (ii) and (iii) shall be hereinafter referred to as the “Base
Amounts”), at the time these payments are due and the Company shall have no further obligations to the Executive under
this Agreement.

 

		b.	If the Company terminates the Executive’s employment
for Disability as provided in Section 9(b)(i) hereof, the Company shall pay the Executive the following amounts and shall
have no further obligations to the Executive, provided, that in the case of payments to be made pursuant to section (ii)
below, on or before the sixtieth day following the Date of Termination, the Executive executes a release of claims substantially
in the form attached hereto as Appendix A and all revocation periods applicable to such release have expired without the
release being revoked:

 

		i.	an amount equal to the sum of (A) the Executive’s
Base Salary through the Date of Termination to the extent not theretofore paid, (B) the product of (x) the Annual Bonus
(to the extent Company and Executive performance were satisfying the performance targets, adjusted for the short period through
the Date of Termination, for an Annual Bonus) and (y) a fraction, the numerator of which is the number of days in the current
fiscal year through the Date of Termination, and the denominator of which is 365, and (C) any compensation previously deferred
by the Executive (together with any accrued interest or earnings thereon) and any accrued vacation pay, in each case, to the extent
not theretofore paid, (the sum of the amounts described in clauses (A), (B), and (C) shall be hereinafter referred to as
the “Accrued Obligations”) in a lump sum in cash within thirty (30) days of the Date of Termination; and

 

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		ii.	an amount equal to the sum of (A) the Executive’s
Base Salary and (B) the Annual Bonus (to the extent Company and Executive performance were satisfying the performance targets,
adjusted for the short period, after the Date of Termination to the end of the calendar year for an Annual Bonus and as to the
remainder of the eighteen (18)-month period following the Date of Termination, only if net income has increased from the same
period in the prior year and the performance targets established for the President of the Company were being satisfied for that
period), in substantially equal proportionate installments in accordance with the Company’s normal payroll practices for
a period of eighteen (18) months, commencing within sixty (60) days following Executive’s Date of Termination, provided,
that if Executive’s Date of Termination occurs within sixty (60) days prior to the end of a calendar year, payments will
commence in the year after the Date of Termination, and in all cases, the first payment shall include all payments Executive would
have received if payments had been continuous after the Date of Termination; provided, that payments made to the Executive
under this section shall be reduced by the sum of the amounts, if any, payable to the Executive at or prior to the time of any
payment under disability benefit plans of the Company and which amounts were not previously applied to reduce any payment, provided,
further, that any such reduction shall be done in a manner that complies with Section 409A of the Code.

 

		c.	If the Company terminates the Executive’s employment
for Cause as provided in Section 9(b)(ii) hereof or if the Executive terminates the Executive’s employment other than for
Good Reason, the Company shall pay the Executive the Base Amounts, and the Company shall have no further obligations to the Executive
under this Agreement.

 

		d.	Except where payments are required to be made under Section 10(e),
if the Company terminates the Executive’s employment other than for Cause or Disability or the Executive terminates the
Executive’s employment for Good Reason as provided in Section 9(c) hereof, the Company shall pay the Executive the following
amounts and shall have no further obligations to the Executive, provided, that, in the case of (ii) through (iv), on or
before the sixtieth day following the Date of Termination, the Executive executes a release of claims substantially in the form
attached hereto as Appendix A and all revocation periods applicable to such release have expired without the release being
revoked:

 

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		i.	the Accrued Obligations in a lump sum in cash within thirty
(30) days of the Date of Termination;

 

		ii.	an amount equal to the sum of (A) the Executive’s
Base Salary and (B) the Annual Bonus (to the extent Company and Executive performance were satisfying the performance targets,
adjusted for the short period, after the Date of Termination to the end of the calendar year for an Annual Bonus and as to the
remainder of the eighteen (18)-month period following the Date of Termination, only if net income has increased from the same
period in the prior year and the performance targets established for the successor President of the Company were being satisfied
for that period), in substantially equal proportionate installments in accordance with the Company’s normal payroll practices
for a period of eighteen (18) months, commencing within sixty (60) days following Executive’s Date of Termination, provided,
that if Executive’s Date of Termination occurs within sixty (60) days prior to the end of a calendar year, payments will
commence in the year after the Date of Termination, and in all cases, the first payment shall include all payments Executive would
have received if payments had been continuous after the Date of Termination;

 

		iii.	for twelve (12) months after the Date of Termination,
or any longer period as may be provided by the terms of the appropriate plan, program, practice or policy, the Company shall continue
benefits to the Executive and/or the Executive’s family at least equal to those which would have been provided to them in
accordance with the welfare benefit plans, practices, policies and programs provided by the Company and its affiliated companies
including, without limitation, medical, prescription, dental, disability, employee life, group life, accidental death and travel
accident insurance plans and programs) to the extent applicable generally to other peer employees of the Company and its affiliated
companies, as if the Executive’s employment had not been terminated; provided, however, that the Company may
elect, with respect to some or all of such benefits, that in lieu of the continuation of such benefits, the Company may pay to
the Executive a lump sum payment, less applicable withholdings for federal, state, and local taxes, equal to twelve (12) months’
premiums (at the rate and level of coverage applicable at the time of the Executive’s termination) under the Company’s
welfare benefit plans, practices, policies and programs (at the rate and level of coverage applicable at the time of the Executive’s
termination) for the benefits for which this election is made; provided, further, that if such a lump sum payment
is not permissible without incurring taxes under Section 409A of the Code, the Company may elect to make twelve (12) monthly payments
to the Executive to aggregate to the amounts that would otherwise have been paid a lump sum; and provided, further,
that if the Executive becomes reemployed with another employer and is eligible to receive medical or other welfare benefits under
another employer provided plan, the medical and other welfare benefits described herein shall be secondary to those provided under
the other plan during the applicable period of eligibility; and

 

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		iv.	to the extent not theretofore paid or provided, for twelve
(12) months after the Date of Termination, the Company shall timely pay or provide to the Executive any other amounts or benefits
required to be paid or provided or which the Executive is eligible to receive under any plan, program, policy or practice or contract
or agreement of the Company and its affiliated companies (these other amounts and benefits shall be hereinafter referred to as
the “Other Benefits”).

 

		e.	If within one hundred and eighty (180) days after
a Change of Control (as defined in Section 11), the Company terminates the Executive’s employment other than for Cause
or Disability or the Executive terminates the Executive’s employment for Good Reason as provided in Section 9(c) hereof,
the Company shall pay the Executive the following amounts and shall have no further obligations to the Executive, provided,
that, in the case of (ii) through (iv), on or before the sixtieth day following the Date of Termination, the Executive executes
a release of claims substantially in the form attached hereto as Appendix A and all revocation periods applicable to such
release have expired without the release being revoked:

 

		i.	an amount equal to the sum of (A) the Executive’s
Base Salary through the Date of Termination to the extent not theretofore paid, (B) the product of (x) the Annual Bonus (to
the extent Company and Executive performance were satisfying the performance targets, adjusted for the short period through the
Date of Termination, for an Annual Bonus) and (y) a fraction, the numerator of which is the number of days in the current
fiscal year through the effective date of termination of the Executive’s employment (the “Change of Control Date
of Termination”), and the denominator of which is 365, and (C) any compensation previously deferred by the
Executive (together with any accrued interest or earnings thereon) and any accrued vacation pay, in each case, to the extent not
theretofore paid, in a lump sum in cash within thirty (30) days of the Change of Control Date of Termination;

 

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		ii.	an amount equal to the sum of (A) two (2) times the Executive’s
Base Salary and (B) two (2) times the Annual Bonus (to the extent the Company and Executive performance were satisfying the performance
targets, adjusted for the short period), in a lump sum in cash within sixty (60) days of the Change of Control Date of Termination,
provided, that if Executive’s Change of Control Date of Termination occurs within sixty (60) days prior to the end
of a calendar year, payments will be paid on the first payroll date in the year after the Change of Control Date of Termination;

 

		iii.	for twelve (12) months after the Date of Termination,
or any longer period as may be provided by the terms of the appropriate plan, program, practice or policy, the Company shall continue
benefits to the Executive and/or the Executive’s family at least equal to those which would have been provided to them in
accordance with the welfare benefit plans, practices, policies and programs provided by the Company and its affiliated companies
including, without limitation, medical, prescription, dental, disability, employee life, group life, accidental death and travel
accident insurance plans and programs) to the extent applicable generally to other peer employees of the Company and its affiliated
companies, as if the Executive’s employment had not been terminated; provided, however, that the Company may
elect, with respect to some or all of such benefits, that in lieu of the continuation of such benefits, the Company may pay to
the Executive a lump sum payment, less applicable withholdings for federal, state, and local taxes, equal to twelve (12) months’
premiums (at the rate and level of coverage applicable at the time of the Executive’s termination) under the Company’s
welfare benefit plans, practices, policies and programs (at the rate and level of coverage applicable at the time of the Executive’s
termination) for the benefits for which this election is made; provided, further, that if such a lump sum payment
is not permissible without incurring taxes under Section 409A of the Code, the Company may elect to make twelve (12) monthly payments
to the Executive to aggregate to the amounts that would otherwise have been paid a lump sum; and provided, further,
that if the Executive becomes reemployed with another employer and is eligible to receive medical or other welfare benefits under
another employer provided plan, the medical and other welfare benefits described herein shall be secondary to those provided under
the other plan during the applicable period of eligibility; and

 

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		iv.	to the extent not theretofore paid or provided, for twelve
(12) months after the Date of Termination, the Company shall timely pay or provide to the Executive Other Benefits.

 

		v.	in the event that it is determined that any payment, benefit,
or distribution described in this Section 10(e) or in Section 11 made by the Company, by any of its affiliates, by any person
who acquires ownership or effective control or ownership of a substantial portion of the Company’s assets (within the meaning
of Section 280G of the Code) or by any affiliate of such person, whether paid or payable or distributed or distributable
pursuant to the terms of this Section 10(e), Section 11 or otherwise (the “Total Payments”), would be
subject to the excise tax imposed by Section 4999 of the Code or any interest or penalties with respect to such excise tax
(such excise tax, together with any such interest or penalties, are collectively referred to as the “Excise Tax”),
then the payments due under this Agreement shall be reduced so that the Total Payments will not result in the imposition of such
Excise Tax. The payment reduction contemplated by the preceding sentence shall be implemented by determining the “Parachute
Payment Ratio” (as defined below) for each “parachute payment” within the meaning of Section 280G of the
Code, and then reducing the “parachute payments” in order beginning with the “parachute payment” with
the highest Parachute Payment Ratio. For “parachute payments” with the same Parachute Payment Ratio, such “parachute
payments” shall be reduced based on the time of payment of such “parachute payments” with amounts having later
payment dates being reduced first. For “parachute payments” with the same Parachute Payment Ratio and the same
time of payment, such “parachute payments” shall be reduced on a pro rata basis (but not below zero) prior to reducing
“parachute payments” with a lower Parachute Payment Ratio. For purposes hereof, the term “Parachute
Payment Ratio” shall mean a fraction the numerator of which is the value of the applicable “parachute payment”
for purposes of Section 280G of the Code and the denominator of which is the intrinsic value of such “parachute payment.”
For purposes of determining whether any of the Total Payments will be subject to the Excise Tax and the amount of such Excise
Tax, (A) the entire amount of the Total Payments shall be treated as “parachute payments” within the meaning
of Code Section 280G(b)(2) and as subject to the Excise Tax, unless and to the extent, in the written opinion of the Company’s
independent accountants and reasonably acceptable to Executive, such payments (in whole or in part) are not subject to the Excise
Tax; and (B) the value of any noncash benefits or any deferred payment or benefit (constituting a part of the Total Payments)
shall be determined by the Company’s independent auditors in accordance with the principles of Code Sections 280G(d)(3)
and (4). Notwithstanding the foregoing, if (Y) the Total Payments exceed three (3) times the Executive’s
“base amount” as defined within Section 280G and (Z) the Executive would receive at least $50,000 more on
a net after-tax basis if the Total Payments were not reduced pursuant to this section (after payment of the Excise Tax), then
the Company will not reduce the Total Payments and Executive shall be responsible for the Excise Tax related thereto. For purposes
of determining the net after-tax benefit, the Executive shall be deemed to pay federal income taxes at the highest marginal rate
of the federal income taxation applicable to individuals (without taking into account surtaxes or loss or reduction of deductions)
for the calendar year in which the Date of Termination occurs and state and local income taxes at the highest marginal rates of
taxation in the state and locality of the Executive’s residence on the Date of Termination.

  

    		- 13 -	 

     

    

 

		f.	No Duty to Mitigate. The Executive shall not be
required to mitigate amounts payable pursuant to Section 10 hereof by seeking other employment.

 

		g.	No Additional Payments. Notwithstanding anything
to the contrary in this Agreement, the Executive acknowledges and agrees that in the event of the termination of her employment,
even if in breach of this Agreement, she will be entitled only to those payments specified herein for the circumstances of her
termination, and not to any other payments by way of damages or claims of any nature, whether under this Agreement or under any
other agreements between the Executive and the Company.

 

11.         Acceleration
of Equity Awards. All equity awards granted to the Executive under any equity incentive plan maintained for Company or Parent
employees that are outstanding immediately prior to the following events shall be vested and fully exercisable as follows: (a)
upon termination of the Executive’s employment by the Executive’s death as provided in Section 9(a) hereof, (b) upon
termination of the Executive’s employment by the Company or Parent for Disability as provided in Section 9(b)(i) hereof,
or (c) upon termination of the Executive’s employment by the Company as provided in Section 9(b)(iii) in the twelve (12)-month
period following a Change of Control or by the Executive for Good Reason as provided in Section 9(c) in the twelve (12)-month period
following a Change of Control; provided, that for purposes of clauses (a) and (b) any equity awards that are subject to
performance conditions for a performance period not yet completed will be deemed to be vested and exercisable in a pro-rated amount
equivalent to the portion of the performance period that has passed and assuming achievement of the performance conditions for
that period at the “target” level, and for purposes of clause (c) any equity awards that are subject to performance
conditions for a performance period not yet completed will be deemed to be vested and exercisable in full at the “target”
level. This Agreement is intended to amend all equity awards previously awarded to the Executive to modify vesting as described
above to the extent vesting would not otherwise accelerate under the terms of such equity award grants. For purposes of this Agreement,
“Change of Control” means (i) the dissolution or liquidation of the Parent or a merger, consolidation,
or reorganization of the Parent with one (1) or more other entities in which the Parent is not the surviving entity, (ii) a
sale of substantially all of the assets of the Parent to another person or entity, or (iii) any transaction (including without
limitation a merger or reorganization in which the Parent is the surviving entity) which results in any person or entity owning
fifty percent (50%) or more of the combined voting power of all classes of stock of the Parent, provided, that if an event
is a “Change of Control” as defined in this Agreement but is not a “change in control event” as defined
in Section 409A of the Code, any payments which are the same as the payments the Executive would have received under Section 10(d)
if there had not been a “Change of Control” will be paid at the time and in the manner specified in Section 10(d).

 

    		- 14 -	 

     

    

 

 

12.         Notices.
All notices, demands, requests or other communications required or permitted to be given or made hereunder shall be in writing
and shall be delivered, telecopied or mailed by first class registered or certified mail, postage prepaid, addressed as follows:

   

	 	a.	If to the Company:
	 	 	American Public University System, Inc.
	 	 	111 West Congress Street
	 	 	Charles Town, WV 25414
	 	 	Telecopy: (304) 724-3801
	 	 	Attention: Chair of the Board of Trustees

 

	 	b.	If to the Parent:
	 	 	American Public Education, Inc.
	 	 	111 West Congress Street
	 	 	Charles Town, WV 25414
	 	 	Telecopy: (304) 724-3801
	 	 	Attention: Chief Executive Officer

 

		c.	If to the Executive, to the Executive’s address set
forth on the signature page to this Agreement, or to the home address of the executive in the official records of the Company;
or, in the case of the Company or Parent, to such other address as the Company or Parent may designate in a notice to the other.
Each notice, demand, request or other communication that shall be given or made in the manner described above shall be deemed
sufficiently given or made for all purposes three (3) days after it is deposited in the U.S. mail, postage prepaid, or at such
time as it is delivered to the addressee (with the return receipt, the delivery receipt, the answer back or the affidavit of messenger
being deemed conclusive evidence of delivery) or at such time as delivery is refused by the addressee upon presentation

 

    		- 15 -	 

     

    

 

13.         Severability.
The invalidity or unenforceability of any one (1) or more provisions of this Agreement shall not affect the validity or enforceability
of the other provisions of this Agreement, which shall remain in full force and effect.

 

14.         Survival.
It is the express intention and agreement of the parties hereto that the provisions of Sections 7 and 8 hereof shall survive the
termination of employment of the Executive and the expiration of this Agreement.  It is the express intention and agreement
of the parties hereto that the provisions of Section 10(d) shall survive the expiration of this Agreement for a period of eighteen
(18) months.  In addition, all obligations of the Company to make payments hereunder shall survive any termination of
this Agreement on the terms and conditions set forth herein.

 

15.         Successors
and Assigns.

 

		a.	This Agreement is personal to the Executive and without
the prior written consent of the Company and Parent shall not be assignable by the Executive otherwise than by will or the laws
of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by the Executive’s legal representatives.

 

		b.	This Agreement shall inure to the benefit of and be binding
upon the Company and the Parent and their successors and assigns.

 

		c.	The Company and Parent will require any successor or any
party that acquires control of the Company and the Parent (whether direct or indirect, by purchase, merger, consolidation or otherwise)
or all or substantially all of the business and/or assets of the Company or the Parent to assume expressly and agree to perform
this Agreement in the same manner and to the same extent that the Company and the Parent would be required to perform it if no
succession had taken place. As used in this Agreement, “Company” and “Parent” shall mean the Company or
Parent, respectively, as hereinbefore defined and any successor to its business and/or assets as aforesaid which assumes and agrees
to perform this Agreement by operation of law, or otherwise.

 

16.         Binding
Effect. Subject to any provisions hereof restricting assignment, this Agreement shall be binding upon the parties hereto
and shall inure to the benefit of the parties and their respective heirs, devisees, executors, administrators, legal representatives,
successors and assigns.

 

17.         Amendment;
Waiver. This Agreement shall not be amended, altered or modified except by an instrument in writing duly executed by the parties
hereto. Neither the waiver by either of the parties hereto of a breach of or a default under any of the provisions of this Agreement,
nor the failure of either of the parties, on one (1) or more occasions, to enforce any of the provisions of this Agreement or to
exercise any right or privilege hereunder, shall thereafter be construed as a waiver of any subsequent breach or default of a similar
nature, or as a waiver of any provisions, rights or privileges hereunder.

 

    		- 16 -	 

     

    

 

18.         Headings.
Section and subsection headings contained in this Agreement are inserted for convenience of reference only, shall not be deemed
to be a part of this Agreement for any purpose, and shall not in any way define or affect the meaning, construction or scope of
any of the provisions hereof.

 

19.         Governing
Law. This Agreement, the rights and obligations of the parties hereto, and any claims or disputes relating thereto, shall
be governed by and construed in accordance with the laws of the State of West Virginia (but not including the choice of law rules
thereof).

 

20.         Entire
Agreement. This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof,
and it supersedes all prior oral or written agreements, commitments or understandings with respect to the matters provided for
herein.

 

21.         Counterparts.
This Agreement may be executed in two (2) or more counterparts, each of which shall be an original and all of which shall be deemed
to constitute one and the same instrument.

 

22.         Limitations
Under Code Section 409A. Anything in this Agreement to the contrary notwithstanding, if (a) on the date of termination of Executive’s
employment with the Company or a subsidiary, any of the Company’s stock is publicly traded on an established securities market
or otherwise (within the meaning of Section 409A(a)(2)(B)(i) of the Code, (b) if Executive is determined to be a “specified
employee” within the meaning of Section 409A(a)(2)(B) of the Code, (c) the payments exceed the amounts permitted to be paid
pursuant to Treasury Regulations section 1.409A-1(b)(9)(iii) and (d) such delay is required to avoid the imposition of the tax
set forth in Section 409A(a)(1) of the Code as a result of such termination, the Executive would receive any payment that, absent
the application of this Section 22, would be subject to interest and additional tax imposed pursuant to Section 409A(a) of the
Code as a result of the application of Section 409A(2)(B)(i) of the Code, then no such payment shall be payable prior to the date
that is the earliest of (x) six (6) months after the Executive’s termination date, (y) the Executive’s death or (z)
such other date as will cause such payment not to be subject to such interest and additional tax (with a catch-up payment equal
to the sum of all amounts that have been delayed to be made as of the date of the initial payment).

 

It is the intention of the
parties that payments or benefits payable under this Agreement not be subject to the additional tax imposed pursuant to Section
409A of the Code. To the extent such potential payments or benefits could become subject to such Section, the parties shall cooperate
to amend this Agreement with the goal of giving the Executive the economic benefits described herein in a manner that does not
result in such tax being imposed.

 

For purposes of
Section 409A, the Executive’s right to receive installment payments pursuant to this Agreement including, without limitation,
each severance payment and COBRA continuation reimbursement shall be treated as a right to receive a series of separate and distinct
payments.

 

    		- 17 -	 

     

    

 

Any amount that
the Executive is entitled to be reimbursed under this Agreement will be reimbursed to the Executive as promptly as practical and
in any event not later than the last day of the calendar year after the calendar year in which the expenses are incurred. Any right
to reimbursement or in kind benefits will not be subject to liquidation or exchange for another benefit. The amount of the expenses
eligible for reimbursement during any taxable year will not affect the amount of expenses eligible for reimbursement in any other
taxable year.

 

Whenever a payment
under this Agreement specifies a payment period with reference to a number of days (e.g., “payment shall be made within thirty
(30) days following the date of termination”), the actual date of payment within the specified period shall be within the
sole discretion of the Company.

 

    		- 18 -	 

     

    

 

IN WITNESS WHEREOF, the undersigned have duly
executed this Agreement, or have caused this Agreement to be duly executed on their behalf, as of the day and year first hereinabove
written.          

 

	 	AMERICAN PUBLIC UNIVERSITY SYSTEM, INC.
	 	 	 
	 	By:  	/s/ Wallace E. Boston, Jr.  
	 	 	Name:    
	 	 	Wallace E. Boston, Jr.
	 	 	Title:  President and Chief Executive Officer

 

	 	AMERICAN PUBLIC EDUCATION, INC.
	 	 	 
	 	By:  	/s/ Wallace E. Boston, Jr.  
	 	 	Name:    
	 	 	Wallace E. Boston, Jr.
	 	 	Title:  President and Chief Executive Officer

 

	 	THE EXECUTIVE:  
	 	 
	 	/s/ Karan H. Powell  
	 	Karan H. Powell  

 

    		- 19 -	 

     

    

 

APPENDIX A

 

FORM OF RELEASE

 

THIS RELEASE (“Release”) is entered
into this [_____] day of [_____], 20[__], by and among American Public University System, Inc., a West Virginia corporation (the
“Company”), American Public Education, Inc., a Delaware corporation (the “Parent”) and Karan H. Powell
(the “Executive”).

 

WHEREAS, the Company, the Parent and the Executive
are parties to that certain Amended and Restated Executive Employment Agreement, dated as of [________], 2016 (the “Employment
Agreement”), which provides that certain severance payments and other benefits be made and provided by the Company to the
Executive following termination of the Executive’s employment under certain circumstances; and

 

WHEREAS, as a condition of receiving such severance
payments and in accordance with the terms of the Employment Agreement, the Executive has agreed to enter into this Release;

 

NOW, THEREFORE, in consideration of the mutual
covenants and agreements set forth herein and other good and valuable consideration, the receipt and sufficiency of which hereby
are acknowledged, the Parties hereto agree as follows:

 

1.          Separation
and Payment. The Executive performed her duties in accordance with the Employment Agreement through [_______]. The Executive’s
Date of Termination (as such term is defined in Section 9(e) of the Employment Agreement) is [_______]. The Executive shall be
entitled to the compensation and benefits set forth in Section 10 of the Employment Agreement, subject to compliance with the terms
of the Employment Agreement and this Release. Other than the payments referred to in Section 10 of the Employment Agreement, the
Executive has been paid all compensation due and owing to her under this Release and under any employment or other contract the
Executive has or may have had with the Company (including but not limited to the Employment Agreement) or from any other source
of entitlement, including all wages, salary, bonuses, incentive payments, profit-sharing payments, leave, severance pay or other
benefits.

 

     

     

    

 

2.          Release. On
behalf of himself and her agents, heirs, executors, administrators, successors and assigns, the Executive hereby releases and forever
discharges the Company, and any and all of the affiliates (excluding members), officers, directors, employees, agents, counsel,
and successors and assigns of the Company, from any and all complaints, claims, demands, damages, lawsuits, actions, and causes
of action, whether known, unknown or unforeseen, arising out of or in connection with any event, transaction or matter occurring
or existing prior to or at the time of her execution of this Release, which she has or may have against any of them for any reason
whatsoever in law or in equity, under federal, state, local, or other law, whether the same be upon statutory claim, contract,
tort or other basis, including without limitation any and all claims arising from or relating to her employment or the termination
of her employment and any and all claims relating to any employment contract (including but not limited to her Employment Agreement),
any employment statute or regulation, or any employment discrimination law, including without limitation the Age Discrimination
in Employment Act of 1967 (“ADEA”), the Older Workers Benefit Protection Act, Title VII of the Civil Rights Act of
1964, the Americans with Disabilities Act of 1990, the Civil Rights Act of 1866 and the Equal Pay Act of 1963, all as amended,
all state and local laws, regulations and ordinances prohibiting discrimination in employment, and other laws and regulations relating
to employment, including but not limited to the Family and Medical Leave Act and the Fair Labor Standards Act, all as amended.
The Executive agrees, without limiting the generality of the above release, not to file any claim or lawsuit seeking damages or
other relief and asserting any claims that are lawfully released in this paragraph. The Executive further hereby irrevocably and
unconditionally waives any and all rights to recover any relief and damages concerning the claims that are lawfully released in
this paragraph. The Executive represents and warrants that she has not previously filed or joined in any such claims against the
Company or any of its affiliates, and that she has not given or sold any portion of any claims released herein to anyone else,
and that she will indemnify and hold harmless the persons and entities released herein from all liabilities, claims, demands, costs,
expenses and/or attorneys’ fees incurred as a result of any such assignment or transfer. THE EXECUTIVE HEREBY ACKNOWLEDGES
AND AGREES THAT THIS RELEASE IS A GENERAL RELEASE (EXCEPT AS PROVIDED HEREIN) AND THAT BY SIGNING THIS RELEASE, THE EXECUTIVE IS
SIGNING AND AGREEING TO THIS RELEASE. Notwithstanding any term or provision of this Release or the Employment Agreement
to the contrary, and specifically notwithstanding the foregoing releases, this Release does not relate to, and the Executive does
not release, any rights the Executive may have with respect to any of the following: (a) any claim of the Executive for the
payments and benefits due to her under the Employment Agreement and this Release; (b) any contribution, indemnity, or other
claim the Executive may have under the Charter or Bylaws of the Company (or any successor or similar provision), under any applicable
policy of insurance, or under applicable law as a result of any action, suit or proceeding (whether civil, criminal, administrative
or investigative) by reason of the fact that the Executive is or was a director, officer, executive or agent of the Company or
serves or served any other enterprise at the request of the Company; (b) any claim relating solely to the validity of this Release
under the ADEA, as amended; (d) any non-waivable right to file a change with the U.S. Equal Employment Opportunity Commission;
or (e) any rights that may not be waived as a matter of law.

  

3.          No
Admission. The Parties agree that nothing contained in this Release shall constitute or be treated as an admission of liability
or wrongdoing by either of them.

 

4.          No
Obligation to Hire. The Executive agrees that neither the Company nor the Parent nor any of their subsidiaries or affiliates
have any obligation to hire, reemploy or reinstate the Executive in the future. The Executive agrees that she will not apply for
employment with the Company, the Parent or any of their respective subsidiaries or affiliates.

 

5.          Cooperation
and Non-Disparagement. The Executive agrees to cooperate with the Company and the Parent to the extent reasonably requested
by the Company or the Parent for the purpose of transitioning her duties and responsibilities. Such cooperation shall include,
but is not limited to, at the Company’s or the Parent’s request during the six (6) months following her Date of Termination,
the Executive making himself available by telephone to answer questions regarding any matter or project in which she was involved
while employed by the Company or the Parent. The Executive further agrees that, other than as may be required by law or as part
of a governmental investigation or proceeding, she shall make no statements disparaging the Company, the Parent or any of their
subsidiaries, affiliates, officers, directors, employees, or any of their business practices.

 

    	 	- 2 -	 

     

    

 

6.          Modification;
Severability. The Parties agree that if a court of competent jurisdiction finds that any term of this Release is for any
reason excessively broad in scope, duration, or otherwise, such term shall be construed or modified in a manner to enable it to
be enforced to the maximum extent possible. Further, the covenants in this Release shall be deemed to be a series of separate covenants
and agreements. If, in any judicial proceeding, a court of competent jurisdiction shall refuse to enforce any of the separate covenants
deemed included herein, then at the option of the Company, wholly unenforceable covenants shall be deemed eliminated from this
Release for the purpose of such proceeding to the extent necessary to permit the remaining separate covenants to be enforced in
such proceeding.

 

7.          Certain
Representations. The Parties represent and acknowledge that in executing this Release such Party does not rely and has
not relied upon any representation or statement made by the other Party or the other Party’s agents, representatives or attorneys
with regard to the subject matter, basis or effect of this Release or otherwise.

 

8.          Entire
Agreement. This Release, together with the Employment Agreement contains the entire agreement between the Parties relating
to the subject matter of this Release, and may not be altered or amended except by an instrument in writing signed by both Parties
hereto.

 

9.          Assignment. This
Release and the rights and obligations of the Parties hereunder may not be assigned by either Party without the prior written consent
of the other Party.

 

10.        Binding
Agreement. This Release shall be binding upon and inure to the benefit of the Parties and their respective representatives,
successors and permitted assigns.

 

11.        Waiver. Neither
the waiver by either Party of a breach of or default under any of the provisions of this Release, nor the failure of such Party,
on one (1) or more occasions, to enforce any of the provisions of this Release or to exercise any right or privilege hereunder
shall thereafter be construed as a waiver of any subsequent breach or default of a similar nature, or as a waiver of any provisions,
rights or privileges hereunder.

 

12.        Further
Assurances. The Parties agree to take or cause to be taken such further actions as may be necessary or as may be reasonably
requested in order to fully effectuate the purposes, terms, and conditions of this Release.

 

13.        Governing
Law. This Release, for all purposes, shall be construed in accordance with the laws of the State of West Virginia without
regard to conflicts of law principles. Subject to paragraph 14 below, any action or proceeding by either of the
Parties to enforce this Release shall be brought only in a state or federal court located in the State of West Virginia, and the
Parties hereby irrevocably submit to the exclusive jurisdiction of such courts and waive the defense of inconvenient forum to the
maintenance of any such action or proceeding in such venue.

 

    	 	- 3 -	 

     

    

 

14.        Arbitration. 
Any controversy, dispute or claim arising out of or relating to this Release, including the obligations to make payments pursuant
to the Employment Agreement, any modification or extension hereof, or any breach hereof (including the question whether any particular
matter is arbitrable hereunder) shall be settled exclusively by arbitration, in the District of Columbia in accordance with the
rules of the American Arbitration Association then in force (the “Rules”). Such arbitration shall be effected by arbitrator(s)
appointed by the American Arbitration Association in accordance with the Rules. The Parties hereto agree to abide by all awards
and decisions rendered in an arbitration proceeding in accordance with the foregoing, and all such awards and decisions may be
filed by the prevailing Party with any court having jurisdiction over the person or property of the other Party as a basis for
judgment and the issuance of execution thereon. The fees of the arbitrator(s) and related expenses of arbitration shall be apportioned
among the Parties as determined by the arbitrator(s). Unless otherwise agreed by the Parties to the arbitration, all hearings shall
be held, and all submissions shall be made by the Parties, within thirty (30) days of the date of the selection of the last arbitrator,
and the decisions of the arbitrator(s) shall be made within thirty (30) days of the later of the date of the closing of the hearings
or the date of the final submissions by the Parties. The Parties consent to the jurisdiction of the Courts of the District of Columbia
and of the United States District Court for the District of Columbia, for all purposes in connection with the arbitration. The
Parties consent that any process or notice of motion or other application to either of said courts, and any paper in connection
with arbitration, may be served by certified mail, return receipt requested, or by personal service, or in such other manner as
may be permissible under the rules of the applicable court or arbitration tribunal, provided that a reasonable time for appearance
is allowed.

 

15.        Acknowledgment. With
respect to the Release in paragraph 2 above, Executive agrees and understands that she is specifically releasing all claims
under the Age Discrimination in Employment Act (29 U.S.C. § 621 et seq.), as amended. The Executive
acknowledges that she has read and understands this Release and executes it voluntarily and without coercion. The Executive further
acknowledges that she has had full opportunity to consult with an attorney prior to executing this Release, and that she has been
advised in writing herein to do so. In addition, the Executive has been given twenty-one (21) days, to consider, execute, and deliver
this Release to the Chairman of the Board of Directors of the Parent at the Parent’s principal business address, unless the
Executive voluntarily chooses to execute this Release before the end of the twenty-one (21)-day period. The Executive understands
that she has seven (7) days following her execution of this Release to revoke it in writing, and that this Release is not effective
or enforceable until after this seven (7)-day period. For such revocation to be effective, notice must be delivered to the Parent
at the Parent’s principal business address, addressed to the attention of the Chairman of the Board of Directors, no later
than the end of the seventh calendar day after the date by which the Executive signed this Release. The Executive expressly agrees
that, in the event she revokes this Release, this Release shall be null and void and have no legal or binding effect whatsoever,
and she shall not be entitled to the payments described in paragraph 1 above, other than the Base Amounts, including pursuant
to the Employment Agreement. The Parties recognize that she may elect to sign this Release prior to the expiration of the twenty-one
(21)-day consideration period specified herein, and the Executive agrees that if she elects to do so such election is knowing and
voluntary and comes after full opportunity to consult with an attorney.

 

[Signature page follows]

 

    	 	- 4 -	 

     

    

 

IN WITNESS WHEREOF, the undersigned have duly
executed this Release, or have caused this Release to be duly executed on their behalf, as of the day and year first hereinabove
written.

 

	 	AMERICAN PUBLIC UNIVERSITY SYSTEM,  INC.	 
	 	 	 
	 	By:	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 
	 	 	 
	 	AMERICAN PUBLIC EDUCATION, INC.	 
	 	 	 
	 	By:	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 
	 	 	 
	 	THE EXECUTIVE:	 
	 	 	 
	 	 	 
	 	Karan H. Powell	 

 

    	 	- 5 -Exhibit 4.4

 

WARRANT AGREEMENT

 

LANDCADIA HOLDINGS, INC.

 

and

 

CONTINENTAL STOCK TRANSFER & TRUST COMPANY

 

WARRANT AGREEMENT

 

Dated as of May 25, 2016

 

THIS WARRANT AGREEMENT
(this “Agreement”), dated as of May 25, 2016, is by and between Landcadia Holdings, Inc., a Delaware
corporation (the “Company”), and Continental Stock Transfer & Trust Company, a New York corporation,
as warrant agent (the “Warrant Agent”, also referred to herein as the “Transfer Agent”).

 

WHEREAS, on October
2, 2015, the Company granted a right (the “Rights”) to each of holder of a share of its Common Stock
(as defined below) as of the record date to subscribe to purchase up to 15,800,000 warrants, at a purchase price of $0.50 per warrant,
bearing the legend set forth in Exhibit B hereto (the “Sponsor Warrants”) for an aggregate of
up to 31,600,000 Sponsor Warrants;

 

WHEREAS, on October
2, 2015, the holders of all of the Rights, Fertitta Entertainment, Inc., a Texas corporation, and Leucadia National Corporation,
a New York corporation (together, the “Sponsors”), exercised all of their rights and entered into those
certain Warrant Subscription Agreements with the Company, pursuant to which the Sponsors subscribed to purchase their pro-rata
share of all of the Sponsor Warrants on the date(s) and in the amount(s) specified by the Company in one or more sale notices;

 

WHEREAS, the Company
is engaged in an initial public offering (the “Offering”) of units of the Company’s equity securities,
each such unit comprised of one share of Common Stock (as defined below) and one Public Warrant (as defined below) (the “Units”)
and, in connection therewith, has determined to issue and deliver up to 28,750,000 warrants (including up to 3,750,000 warrants
subject to the Over-allotment Option (as defined below)) to public investors in the Offering (the “Public Warrants”
and, together with the Sponsor Warrants, the “Warrants”). Each Warrant entitles the holder thereof to
purchase one-half of one share of Class A common stock of the Company, par value $0.0001 per share (“Common Stock”),
for $5.75 per half share, subject to adjustment as described herein; provided, however, that no Warrant may be exercised
for a fractional share of Common Stock and only an even number of Warrants may be exercised at a given time;

 

WHEREAS, the Company
has filed with the Securities and Exchange Commission (the “Commission”) a registration statement on
Form S-1, No. 333-210980 (the “Registration Statement”) and prospectus (the “Prospectus”),
for the registration, under the Securities Act of 1933, as amended (the “Securities Act”), of the Units,
the Public Warrants and the Common Stock included in the Units;

 

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;

 

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 and 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, President, Chief Executive Officer, Chief Financial Officer, Secretary or other principal officer 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. All of the Public Warrants shall initially be represented by one or more book-entry
certificates (each a “Book-Entry Warrant Certificate”).

 

2.2         Effect
of Countersignature. Unless and until countersigned by the Warrant Agent pursuant to this Agreement, a Warrant certificate
shall be invalid and of no effect and may not be exercised by the holder thereof.

 

2.3         Registration.

 

2.3.1           Warrant
Register. The Warrant Agent shall maintain books (the “Warrant Register”)
for the registration of original issuance and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants,
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. All of the Public Warrants shall initially
be represented by one or more Book-Entry Warrant Certificates deposited with the Depository Trust Company (the “Depository”)
and registered in the name of Cede & Co., a nominee of the Depository. Ownership of beneficial interests in the Public Warrants
shall be shown on, and the transfer of such ownership shall be effected through, records maintained by (i) the Depository or its
nominee for each Book-Entry Warrant Certificate, or (ii) institutions that have accounts with the Depository (such institution,
with respect to a Warrant in its account, a “Participant”).

 

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

 

2.3.2           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 registered in the Warrant Register (the “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 (as defined below) 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	 

     

    

 

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

 

2.5           Sponsor
Warrants. The Sponsor Warrants shall be identical to the Public Warrants, except that so long as they are held by the Sponsors
or any of their Permitted Transferees (as defined below) the Sponsor Warrants: (i) may be exercised for cash or on a cashless basis,
pursuant to subsection 3.3.1(c) hereof, (ii) may not be transferred, assigned or sold until thirty (30) days after the completion
by the Company of an initial Business Combination (as defined below), and (iii) shall not be redeemable by the Company; provided,
however, that in the case of (ii), the Sponsor Warrants and any shares of Common Stock held by the members of the Sponsors
and issued upon exercise of the Sponsor Warrants may be transferred by the holders thereof:

 

(a)          in
the case of an individual, by gift to such person’s immediate family or to a trust, the beneficiary of which is a member
of such person’s immediate family, an affiliate of such person or to a charitable organization;

 

(b)          to
the Company’s officers or directors, any affiliate or family member of any of the Company’s officers or directors or
any member or affiliate of the Sponsors;

 

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

 

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

 

(e)          through
private sales or transfers made in connection with the consummation of the Company’s initial Business Combination at prices
no greater than the price at which the Warrants were originally purchased;

 

(f)          by
virtue of the laws of the state of Delaware or the organizational documents of either of the Sponsors upon dissolution of a Sponsor;

 

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

 

(h)          in
the event that, subsequent to the consummation of the Company’s initial Business Combination, the Company consummates a merger,
stock exchange or other similar transaction that results in all of the holders of the Company’s equity securities issued
in the Offering having the right to exchange their shares of Common Stock for cash, securities or other property;

 

provided, however, that,
in the case of clauses (a) through (e), these permitted transferees (the “Permitted Transferees”) enter
into a written agreement with the Company agreeing to be bound by the transfer restrictions in this Agreement.

 

    	 	3	 

     

    

 

3.           Terms
and Exercise of Warrants.

 

3.1         Warrant
Price. Each Warrant shall entitle the Registered Holder thereof, subject to the provisions of such Warrant and of this Agreement,
to purchase from the Company the number of shares of Common Stock stated therein, at the price of $5.75 per half share, subject
to the adjustments provided in Section 4 hereof and in the last sentence of this Section 3.1. The term “Warrant
Price” as used in this Agreement shall mean the price per share at which 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 identical among all of the Warrants.

 

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

 

3.3         Exercise
of Warrants.

 

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

 

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

 

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

 

    	 	4	 

     

    

 

(c)          with
respect to any Sponsor Warrant, so long as such Sponsor Warrant is held by the Sponsors or a Permitted Transferee, by surrendering
the Sponsor 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 Sponsor Warrants, multiplied by the difference between the Warrant Price and the
“Fair Market Value”, as defined in this subsection 3.3.1(c), by (y) the Fair Market Value. Solely for purposes
of this subsection 3.3.1(c), the “Fair Market Value” shall mean the average last sale price of the Common
Stock for the ten (10) trading days ending on the third trading day prior to the date on which notice of exercise of the Warrant
is sent to the Warrant Agent; or

 

(d)          as
provided in Section 7.4 hereof.

 

3.3.2           Issuance
of Shares of Common Stock on Exercise. As soon as practicable after the exercise of any Warrant and the clearance of the funds
in payment of the Warrant Price (if payment is pursuant to subsection 3.3.1(a)), the Company shall issue to the Registered
Holder of such Warrant a certificate or certificates for the number of full shares of Common Stock to which he, she or it is entitled,
registered in such name or names as may be directed by him, her or it, and if such Warrant shall not have been exercised in full,
a new countersigned Warrant for the number of shares as to which such Warrant shall not have been exercised. If fewer than all
the Warrants evidenced by a Book-Entry Warrant Certificate are exercised, a notation shall be made to the records maintained by
the Depository, its nominee for each Book-Entry Warrant Certificate, or a Participant, as appropriate, evidencing the balance of
the Warrants remaining after such exercise. Notwithstanding the foregoing, the Company shall not be obligated to deliver any shares
of Common Stock pursuant to the exercise of a Warrant and shall have no obligation to settle such Warrant exercise unless a registration
statement under the Securities Act with respect to the shares of Common Stock underlying the Public Warrants is then effective
and a prospectus relating thereto is current, subject to the Company’s satisfying its obligations under Section 7.4.
No Warrant shall be exercisable 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 of residence of the Registered Holder of the Warrants. In the event that the conditions in the two immediately
preceding sentences are not satisfied with respect to a Warrant, the holder of such Warrant shall not be entitled to exercise such
Warrant 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. Subject to Section
4.6 of this Agreement, a Registered Holder of Warrants may exercise its Warrants only for a whole number of shares of Common
Stock (i.e., only an even number of Warrants may be exercised at any given time by a Registered Holder). In no event will the Company
be required to net cash settle the Warrant exercise. The Company may require holders of Public Warrants to settle the Warrant on
a “cashless basis” pursuant to Section 7.4. If, by reason of any exercise of warrants on a “cashless basis”,
the holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the
Company shall round down to the nearest whole number, the number of shares to be issued to such holder.

 

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

 

3.3.4           Date
of Issuance. Each person in whose name any certificate for shares of Common Stock is issued shall for all purposes be deemed
to have become the holder of record of such shares of Common Stock on the date on which the Warrant 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 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 are open.

 

    	 	5	 

     

    

 

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 the 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 Commission as the case
may be, (2) a more recent public announcement by the Company or (3) any other notice by the Company the Transfer Agent setting
forth the number of shares of Common Stock outstanding. For any reason at any time, upon the written request of the holder of the
Warrant, the 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.

 

4.           Adjustments.

 

4.1         Stock
Dividends.

 

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

 

    	 	6	 

     

    

 

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

 

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

 

4.3         Adjustments
in Exercise Price. Whenever the number of shares of Common Stock purchasable upon the exercise of the Warrants is adjusted,
as provided in subsection 4.1.1 or 4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying
such Warrant Price immediately prior to such adjustment by a fraction (x) the numerator of which shall be the number of shares
of Common Stock purchasable upon the exercise of the Warrants immediately prior to such adjustment, and (y) the denominator of
which shall be the number of shares of Common Stock so purchasable immediately thereafter.

 

    	 	7	 

     

    

 

4.4         Replacement
of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding shares of Common
Stock (other than a change under subsections 4.1.1 or 4.1.2 or Section 4.2 hereof or that solely affects the
par value of such shares of Common Stock), or in the case of any merger or consolidation of the 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 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 holders of the Warrants shall thereafter have the right to purchase and receive, upon the basis and upon
the terms and conditions specified in the Warrants and in lieu of the shares of Common Stock of the 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 holder of the Warrants would have received if such holder had exercised
his, her or its Warrant(s) immediately prior to such event (the “Alternative Issuance”
); provided, however, that (i) if the holders of the Common Stock were entitled to exercise a right of election as
to the kind or amount of securities, cash or other assets receivable upon such consolidation or merger, then the kind and amount
of securities, cash or other assets constituting the Alternative Issuance for which each Warrant shall become exercisable shall
be deemed to be the weighted average of the kind and amount received per share by the holders of the Common Stock in such consolidation
or merger that affirmatively make such election, and (ii) if a tender, exchange or redemption offer shall have been made to and
accepted by the holders of the Common Stock (other than a tender, exchange or redemption offer made by the Company in connection
with redemption rights held by stockholders of the Company as provided for in the Company’s amended and restated certificate
of incorporation or as a result of the repurchase of shares of Common Stock by the Company if a proposed initial Business Combination
is presented to the stockholders of the Company for approval) under circumstances in which, upon completion of such tender or exchange
offer, the maker thereof, together with members of any group (within the meaning of Rule 13d-5(b)(1) under the Exchange Act) of
which such maker is a part, and together with any affiliate or associate of such maker (within the meaning of Rule 12b-2 under
the Exchange Act) and any members of any such group of which any such affiliate or associate is a part, own beneficially (within
the meaning of Rule 13d-3 under the Exchange Act) more than 50% of the outstanding shares of Common Stock, the holder of a Warrant
shall be entitled to receive as the Alternative Issuance, the highest amount of cash, securities or other property to which such
holder would actually have been entitled as a stockholder if such Warrant holder had exercised the Warrant prior to the expiration
of such tender or exchange offer, accepted such offer and all of the Common Stock held by such holder had been purchased pursuant
to such tender or exchange offer, subject to adjustments (from and after the consummation of such tender or exchange offer) as
nearly equivalent as possible to the adjustments provided for in this Section 4; provided further, however,
that if less than 70% of the consideration receivable by the holders of the Common Stock in the applicable event is payable in
the form of common stock in the successor entity that is listed for trading on a national securities exchange or is quoted in an
established over-the-counter market, or is to be so listed for trading or quoted immediately following such event, and if the Registered
Holder properly exercises the Warrant within thirty (30) days following the public disclosure of the consummation of such applicable
event by the Company pursuant to a Current Report on Form 8-K filed with the SEC, the Warrant Price shall be reduced by an amount
(in dollars) equal to the difference of (i) the Warrant Price in effect prior to such reduction minus (ii) (A) the Per Share Consideration
(as defined below) (but in no event less than zero) minus (B) the Black-Scholes Warrant Value (as defined below). The "Black-Scholes
Warrant Value" means the value of a Warrant immediately prior to the consummation of the applicable event based on the Black-Scholes
Warrant Model for a Capped American Call on Bloomberg Financial Markets ("Bloomberg"). For purposes of calculating such
amount, (1) Section 6 of this Agreement shall be taken into account, (2) the price of each share of Common Stock shall be
the volume weighted average price of the Common Stock as reported during the ten (10) trading day period ending on the trading
day prior to the effective date of the applicable event, (3) the assumed volatility shall be the 90 day volatility obtained from
the HVT function on Bloomberg determined as of the trading day immediately prior to the day of the announcement of the applicable
event, and (4) the assumed risk-free interest rate shall correspond to the U.S. Treasury rate for a period equal to the remaining
term of the Warrant. “Per Share Consideration” means (i) if the consideration paid to holders of the
Common Stock consists exclusively of cash, the amount of such cash per share of Common Stock, and (ii) in all other cases, the
volume weighted average price of the Common Stock as reported during the ten (10) trading day period ending on the trading day
prior to the effective date of the applicable event. If any reclassification or reorganization also results in a change in shares
of Common Stock covered by subsection 4.1.1, then such adjustment shall be made pursuant to subsection 4.1.1 or Sections
4.2, 4.3 and this Section 4.4. The provisions of this Section 4.4 shall similarly apply to successive
reclassifications, reorganizations, mergers or consolidations, sales or other transfers. In no event will the Warrant Price be
reduced to less than the par value per share issuable upon exercise of such Warrant.

 

4.5         Notices
of Changes in Warrant. Upon every adjustment of the Warrant Price or the number of shares issuable upon exercise of a Warrant,
the 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 or 4.4, the Company shall give written notice of the
occurrence of such event to each holder of a Warrant, at the last address set forth for such holder in the Warrant Register, of
the record date or the effective date of the event. Failure to give such notice, or any defect therein, shall not affect the legality
or validity of such event.

 

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

 

4.7         Form
of Warrant. The form of Warrant need not be changed because of any adjustment pursuant to this Section 4, and Warrants
issued after such adjustment may state the same Warrant Price and the same number of shares as is stated in the Warrants initially
issued pursuant to this Agreement; provided, however, that the 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.

 

    	 	8	 

     

    

 

4.8         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.

 

5.           Transfer
and Exchange of Warrants.

 

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

 

5.2         Procedure
for Surrender of Warrants. Warrants may be surrendered to the Warrant Agent, together with a written request for exchange or
transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by the Registered
Holder of the Warrants so surrendered, representing an equal aggregate number of Warrants; provided, however, that
except as otherwise provided herein or in any Book-Entry Warrant Certificate, each Book-Entry Warrant Certificate may be transferred
only in whole and only to the Depository, to another nominee of the Depository, to a successor depository, or to a nominee of a
successor depository; provided further, however, that in the event that a Warrant surrendered for transfer bears
a restrictive legend (as in the case of the Sponsor Warrants), the Warrant Agent shall not cancel such Warrant and issue new Warrants
in exchange thereof until the Warrant Agent has received an opinion of counsel for the 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 shall result in
the issuance of a warrant certificate 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, shall supply the Warrant Agent with Warrants duly executed on behalf of the Company for
such purpose.

 

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

 

6.           Redemption.

 

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

 

    	 	9	 

     

    

 

6.2         Date
Fixed for, and Notice of, Redemption. In the event that the Company elects to redeem all of the Warrants, 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
subsection 3.3.1(b) 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 that the Company determines to require all holders
of Warrants to exercise their Warrants on a “cashless basis” pursuant to subsection 3.3.1 , the notice of redemption
shall contain the information necessary to calculate the number of shares of Common Stock to be received upon exercise of the Warrants,
including the “Fair Market Value” (as such term is defined in subsection 3.3.1(b) hereof) in such case. On and
after the Redemption Date, the record holder of the Warrants shall have no further rights except to receive, upon surrender of
the Warrants, the Redemption Price.

 

6.4         Exclusion
of Sponsor Warrants. The Company agrees that the redemption rights provided in this Section 6 shall not apply to the
Sponsor Warrants if at the time of the redemption such Sponsor Warrants continue to be held by the Sponsors or their Permitted
Transferees. However, once such Sponsor Warrants are transferred (other than to Permitted Transferees under subsection 2.5),
the Company may redeem the Sponsor Warrants, provided that the criteria for redemption are met, including the opportunity of the
holder of such Sponsor Warrants to exercise the Sponsor Warrants prior to redemption pursuant to Section 6.3. Sponsor Warrants
that are transferred to persons other than Permitted Transferees shall upon such transfer cease to be Sponsor Warrants and shall
become Public Warrants under this Agreement.

 

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.

 

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

 

    	 	10	 

     

    

 

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

 

7.4.1           Registration
of the Common Stock. The Company agrees that as soon as practicable, but in no event later than fifteen (15) Business Days
after the closing of its initial Business Combination, it shall use its best efforts to file with the Commission a registration
statement for the registration, under the Securities Act, of the shares of Common Stock issuable upon exercise of the Warrants.
The Company shall use its best efforts to cause the same to become effective and to maintain the effectiveness of such registration
statement, and a current prospectus relating thereto, until the expiration of the Warrants in accordance with the provisions of
this Agreement. If any such registration statement has not been declared effective by the 60th Business Day following the closing
of the Business Combination, holders of the Warrants shall have the right, during the period beginning on the 61st Business Day
after the closing of the Business Combination and ending upon such registration statement being declared effective by the 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,” by exchanging
the Warrants (in accordance with Section 3(a)(9) of the Securities Act or another exemption) for that number of shares of Common
Stock equal to the quotient obtained by dividing (x) the product of the number of shares of Common Stock underlying the Warrants,
multiplied by the difference between the Warrant Price and the “Fair Market Value” (as defined below) by (y) the Fair
Market Value. Solely for purposes of this subsection 7.4.1, “Fair Market Value” shall mean the volume weighted
average price of the Common Stock as reported during the ten (10) trading day period ending on the trading day prior to the date
that notice of exercise is received by the Warrant Agent from the holder of such Warrants or its securities broker or intermediary.
The date that notice of cashless exercise is received by the Warrant Agent shall be conclusively determined by the Warrant Agent.
In connection with the “cashless exercise” of a Public Warrant, the 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 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, the Company shall continue to be obligated
to comply with its registration obligations under the first three sentences of this subsection 7.4.1.

 

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

 

8.           Concerning
the Warrant Agent and Other Matters.

 

8.1         Payment
of Taxes. The Company shall 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 Common Stock upon the exercise of the Warrants, but the Company
shall not be obligated to pay any transfer taxes in respect of the Warrants or such shares.

 

    	 	11	 

     

    

 

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 a 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 Common Stock not later than the effective date of any such appointment.

 

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

 

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 shall,
pursuant to its obligations under this Agreement, reimburse the Warrant Agent upon demand for all expenditures that the Warrant
Agent may reasonably incur in the execution of its duties hereunder.

 

8.3.2           Further
Assurances. The 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 President, Chief Executive Officer or Chairman of the Board 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 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 gross negligence, willful misconduct or bad faith.

 

    	 	12	 

     

    

 

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

 

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

 

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

 

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 Warrant 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 or overnight delivery or if sent by
certified mail or private courier service within five (5) days after deposit of such notice, postage prepaid, addressed (until
another address is filed in writing by the Company with the Warrant Agent), as follows:

 

Landcadia Holdings, Inc.

1510 West Loop South

Houston, Texas 77027

Attention: Steven L. Scheinthal

 

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 or overnight delivery or if sent by certified mail or private courier service within five (5)
days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Warrant Agent with
the Company), as follows:

 

Continental Stock Transfer &
Trust Company

17 Battery Place

New York, NY 10004

Attention: Compliance Department

 

9.3         Applicable
Law. The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed in all respects
by the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application
of the substantive laws of another jurisdiction. The 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.

 

    	 	13	 

     

    

 

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

 

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

 

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

 

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

 

9.8         Amendments.
This Agreement may be amended by the parties hereto without the consent of any Registered Holder for the purpose of curing any
ambiguity, or curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions
with respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable and that the parties
deem shall not adversely affect the interest of the Registered Holders.  All other modifications or amendments, including
any amendment to increase the Warrant Price or shorten the Exercise Period and any amendment to the terms of only the Sponsor Warrants,
shall require the affirmative vote or written consent of the Registered Holders of 65% of the then outstanding Public Warrants.
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.

 

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

 

Exhibit A Form of Warrant Certificate

Exhibit B Legend — Sponsors’ Warrants

 

[Remainder of page intentionally
left blank]

 

    	 	14	 

     

    

 

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

 

	 	Landcadia Holdings, Inc.
	 	 	 
	 	By	/s/ Nicholas Daraviras
	 	 	Name: Nicholas Daraviras
	 	 	Title: Vice President
	 	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Warrant Agent
	 	 	 
	 	By	/s/ Margaret B. Lloyd
	 	 	Name: Margaret B. Lloyd
	 	 	Title: Vice President

 

[Signature Page to Warrant Agreement]

 

    	 	15	 

     

    

 

EXHIBIT A

 

[Form of Warrant Certificate]

 

[FACE]

 

Number

 

Warrants

 

THIS WARRANT SHALL BE VOID IF NOT EXERCISED
PRIOR TO

THE EXPIRATION OF THE EXERCISE PERIOD PROVIDED FOR

IN THE WARRANT AGREEMENT DESCRIBED BELOW

 

LANDCADIA HOLDINGS, INC.

Incorporated Under the Laws of the State of Delaware

 

CUSIP [_____]

 

Warrant Certificate

 

This Warrant
Certificate certifies that ____________________, or registered assigns, is the registered holder of _______________ warrants
(the “Warrants”) to purchase shares of Class A Common Stock, $0.0001 par value (“Common
Stock”), of Landcadia Holdings, Inc., a Delaware corporation (the “Company”). Each Warrant
entitles the holder, upon exercise during the period set forth in the Warrant Agreement referred to below, to receive from the
Company that number of fully paid and nonassessable shares of Common Stock (each, a “Warrant”) as set
forth below, at the exercise price (the “Exercise Price”) as determined pursuant to the Warrant Agreement,
payable in lawful money (or through “cashless exercise” as provided for in the Warrant Agreement) of
the United States of America upon surrender of this Warrant Certificate and payment of the Exercise Price at the office or agency
of the Warrant Agent referred to below, subject to the conditions set forth herein and in the Warrant Agreement. Defined terms
used in this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement.

 

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

 

The initial Exercise
Price is equal to $5.75 per half share; provided, however, that a Warrant may not be exercised for a fractional share of Common
Stock, so that only an even number of Warrants may be exercised at a given time. The Exercise Price is subject to adjustment upon
the occurrence of certain events set forth in the Warrant Agreement.

 

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

 

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

 

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

 

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

 

     

     

    

 

	 	LANDCADIA HOLDINGS, INC.
	 	 	 
	 	By	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Warrant Agent
	 	 	 
	 	By	 
	 	 	Name:
	 	 	Title:

 

    	 	2	 

     

    

 

[Form of Warrant Certificate]

 

[Reverse]

 

The Warrants evidenced
by this Warrant Certificate are part of a duly authorized issue of Warrants entitling the holder on exercise to receive shares
of Common Stock and are issued or to be issued pursuant to a Warrant Agreement dated as of [________], 201[_] (the “Warrant
Agreement”), duly executed and delivered by the Company to Continental Stock Transfer & Trust Company, a New
York corporation, as warrant agent (the “Warrant Agent”), which Warrant Agreement is hereby incorporated
by reference in and made a part of this instrument and is hereby referred to for a description of the rights, limitation of rights,
obligations, duties and immunities thereunder of the Warrant Agent, the Company and the holders (the words “holders”
or “holder” meaning the Registered Holders or Registered Holder) of the Warrants. A copy of the Warrant
Agreement may be obtained by the holder hereof upon written request to the Company. Defined terms used in this Warrant Certificate
but not defined herein shall have the meanings given to them in the Warrant Agreement.

 

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

 

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

 

The Warrant Agreement
provides that upon the occurrence of certain events the number of shares of Common Stock issuable upon exercise of the Warrants
set forth on the face hereof may, subject to certain conditions, be adjusted. If, upon exercise of a Warrant, the holder thereof
would be entitled to receive a fractional interest in a share of Common Stock, the Company shall, upon exercise, round down to
the nearest whole number of shares of Common Stock to be issued to the holder of the Warrant.

 

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

 

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

 

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

 

    	 	3	 

     

    

 

Election to Purchase

 

(To Be Executed Upon Exercise of Warrant)

 

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

 

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

 

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

 

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

 

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

 

	Date: ____________, 20__	 
	 	(Signature)
	 	 
	 	 
	 	 
	 	(Address)
	 	 
	 	(Tax Identification Number)

 

Signature Guaranteed:

 

 

 

THE SIGNATURE(S) SHOULD BE GUARANTEED BY
AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED
SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).

 

    	 	4	 

     

    

 

EXHIBIT B

 

LEGEND – SPONSORS’ 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 LETTER AGREEMENTS BY AND AMONG LANDCADIA HOLDINGS, INC. (THE “COMPANY”), FERTITTA ENTERTAINMENT,
INC., LEUCADIA NATIONAL CORPORATION 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 OF THE WARRANT AGREEMENT REFERRED TO HEREIN) EXCEPT TO A PERMITTED TRANSFEREE (AS DEFINED
IN SECTION 2 OF THE WARRANT AGREEMENT) WHO AGREES IN WRITING WITH THE COMPANY TO BE SUBJECT TO SUCH TRANSFER PROVISIONS.

 

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

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