Document:

formofglobalnotedue2031_

                                                                                      Exhibit 4.1                  THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE  HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A  NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A  SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE  REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE  THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.          UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE  DEPOSITORY TRUST COMPANY TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER,  EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE  & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE  DEPOSITORY TRUST COMPANY (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO  SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE  DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR  OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF,  CEDE & CO., HAS AN INTEREST HEREIN.                                   L3HARRIS TECHNOLOGIES, INC.                                       1.800% NOTES DUE 2031  Registered No. R-___                                                          CUSIP:  502431 AN9  Issue Date:  _______________                                                ISIN:  US502431AN98                                                                                 $_______________           L3HARRIS TECHNOLOGIES, INC., a corporation duly organized and existing under the laws of the State  of Delaware, promises to pay to Cede & Co. or registered assigns, the principal amount of $_______________ (as  may be increased or decreased as reflected on the Schedule of Increases or Decreases attached hereto) on January  15, 2031.          This Security shall bear interest at the rate of 1.800% per annum.                    Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which  further provisions shall for all purposes have the same effect as if set forth at this place. Unless the Trustee’s  Certificate of Authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual  signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any  purpose.   Dated:  _______________                      L3HARRIS TECHNOLOGIES, INC.                                                  By: _____________________________________                                                               Name:                                                       Title:                                                             TRUSTEE’S CERTIFICATE OF AUTHENTICATION          This is one of the Securities of the series designated herein and referred to in the within-mentioned  Indenture.                                                THE BANK OF NEW YORK MELLON TRUST                                               COMPANY, N.A., as Trustee                                                     By:                                                                                 Authorized Signatory  Dated:  _______________     

 

                              REVERSE OF SECURITY                              1.800% NOTES DUE 2031   1.    Interest.         This Security shall bear interest at the rate of 1.800% per year on the principal amount  hereof, from November 25, 2020 or from the most recent Interest Payment Date (as defined  below) to which interest has been paid or provided for, payable semi-annually in arrears on  January 15 and July 15 of each year (each, an “Interest Payment Date”), commencing July 15,  2021, or if any such Interest Payment Date is not a Business Day, then on the next succeeding  Business Day, to the persons in whose names the Securities (as defined below) are registered at  the close of business on January 1 or July 1 (each, a “Record Date”) (whether or not a Business  Day), as the case may be, next preceding such Interest Payment Date.  Interest on the Securities  will be computed on the basis of a 360-day year comprised of twelve 30-day months.         If the principal amount of this Security, plus accrued and unpaid interest, or any portion  thereof, is not paid when due (whether upon acceleration pursuant to Section 7.01 of the  Indenture, upon the date set for payment of the Redemption Price pursuant to Section 5 hereof,  or at maturity of this Security), then, in each such case, the overdue amount shall, to the extent  permitted by law, bear interest at the rate borne by this Security, compounded semi-annually,  which interest shall accrue from the date such overdue amount was originally due to the date  payment of such amount, including interest thereon, has been made or provided for.  All such  interest shall be payable on demand and shall be computed on the basis of a 360-day year  comprised of twelve 30-day months.         Interest will be paid:  (i) so long as this Security is in the form of a Global Security, to the  Depositary in immediately available funds; or (ii) if this Security is in the form of a definitive  Security, then (a) on the definitive Securities having an aggregate principal amount of  $10,000,000 or less, by check mailed to the Holders of such Securities, and (b) on the definitive  Securities having an aggregate principal amount of more than $10,000,000, by wire transfer in  immediately available funds at the written election of the Holders of these Securities; provided  that the paying agent shall have received appropriate wire transfer instructions at least ten  calendar days prior to the applicable Interest Payment Date.      2.    Method of Payment.         L3Harris Technologies, Inc. (the “Company”) shall pay interest on this Security (except  defaulted interest) to the persons who are registered Holders of the Securities (as defined below)  at the close of business on the Record Date next preceding the Interest Payment Date, even if  such Securities are cancelled after such Record Date and on or before such Interest Payment  Date; provided, however, interest payable at maturity will be paid to the person to whom the  principal is payable.  The Holder must surrender this Security to a paying agent to collect  principal payments.  Subject to the terms and conditions of the Indenture, the Company will  make payments in cash in respect of Redemption Prices (as defined below) and at maturity to  Holders who surrender Securities of this series to the paying agent to collect such payments in  respect of such Securities.  The Company will pay cash amounts in money of the United States                                         2   

 

   that at the time of payment is legal tender for payment of public and private debts.  However, the  Company may make such cash payments by wire transfer of immediately available funds or  check payable in such money.   3.    Paying Agent and Security Registrar.         Initially, the Trustee (as defined in Section 4 below) will act as paying agent and Security  Registrar.  The Company may appoint and change any paying agent or Security Registrar  without notice, other than notice to the Trustee; provided, however, that the Company will  maintain at least one paying agent in the State of New York, City of New York, Borough of  Manhattan, which shall initially be an office or agency of the Trustee.  The Company or any of  its Subsidiaries or any of their affiliates may act as paying agent or Security Registrar.   4.    Series.         This Security is one of a duly authorized issue of 1.800% Notes due 2031 (the  “Securities”) of the Company, issued or to be issued in one or more series under an indenture  dated as of September 3, 2003 (the “Indenture”), between the Company and The Bank of New  York Mellon Trust Company, N.A., as successor to The Bank of New York, as trustee (the  “Trustee,” which term includes any successor Trustee under the Indenture).  All terms used in  this Security which are defined in the Indenture shall have the meanings assigned to them in the  Indenture.  Pursuant to Section 2.03 of the Indenture, this series of Securities is issued under an  officers’ certificate of the Company, dated November 25, 2020 (the “Officers’ Certificate”), to  establish the terms of the Securities, setting forth such terms, to which Indenture and Officers’  Certificate reference is hereby made for a statement of the respective rights, limitations of rights,  duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities  and of the terms upon which the Securities are, and are to be, authenticated and delivered.  This  Security is one of the series designated on the face hereof.           The initial Securities of this series issued on November 25, 2020 (and any Securities of  such series issued in exchange therefor) and any additional Securities of such series issued upon  a further reopening of the Securities in accordance with the Indenture (and any Securities of such  series issued in exchange therefor) will be treated as a single class for all purposes under the  Indenture.         The Securities are unlimited in aggregate principal amount.     5.    Optional Redemption; No Sinking Fund.           At any time and from time to time prior to the Par Call Date (as defined below), the  Company may redeem the Securities, in whole or in part, at the Company’s option, at a “make- whole” redemption price (the “Redemption Price”) equal to the greater of:          (1)  100% of the principal amount of the Securities being redeemed; and          (2)  the sum of the present values of the remaining scheduled payments of principal and  interest (other than interest accruing to the date of redemption and assuming for these purposes  that the Securities matured on the Par Call Date), discounted to the redemption date on a semi-                                        3 

 

   annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate  (as defined below) plus 15 basis points.          In each case, the Company will pay accrued interest on the principal amount of the  Securities being redeemed to, but not including, the redemption date of the Securities being  redeemed.         At any time and from time to time on or after the Par Call Date, the Company may  redeem the Securities, in whole or in part, at the Company’s option, at a redemption price equal  to 100% of the principal amount of the Securities being redeemed, plus accrued interest on the  principal amount of the Securities being redeemed to, but not including, the redemption date of  the Securities being redeemed.         “Comparable Treasury Issue” means the United States Treasury security selected by an  Independent Investment Banker as having a maturity comparable to the remaining term of the  Securities being redeemed, and assuming for these purposes that the Securities matured on the  Par Call Date (“Remaining Life”), that would be utilized, at the time of selection and in  accordance with customary financial practice, in pricing new issues of corporate debt securities  of comparable maturity to the Remaining Life of such Securities.          “Comparable Treasury Price” means, with respect to any redemption date, (1) the  average of the Reference Treasury Dealer Quotations for such redemption date, after excluding  the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Independent  Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the  average of all such quotations.          “Independent Investment Banker” means one of the Reference Treasury Dealers that the  Company appoints to act as the Independent Investment Banker from time to time.          “Par Call Date” means October 15, 2030 (the date that is three months prior to the  maturity date).         “Reference Treasury Dealer” means each of Barclays Capital Inc., HSBC Securities  (USA) Inc., J.P. Morgan Securities LLC, and Morgan Stanley & Co. LLC and, in each case, their  respective successors, provided, however, that if any of the foregoing ceases to be a primary U.S.  government securities dealer in New York City, the Company will appoint another primary U.S.  government securities dealer in New York City as a substitute.          “Reference Treasury Dealer Quotations” means, for each Reference Treasury Dealer and  any redemption date, the average, as determined by the Independent Investment Banker, of the  bid and asked prices for the applicable Comparable Treasury Issue (expressed in each case as a  percentage of its principal amount) quoted in writing to the Independent Investment Banker by  the Reference Treasury Dealer at 5:00 p.m. New York City time on the third Business Day  preceding the redemption date for the Securities being redeemed.          “Treasury Rate” means, with respect to any redemption date, the rate per year equal to:  (1) the yield, under the heading which represents the average for the immediately preceding  week, appearing in the most recently published statistical release designated “H.15” or any                                         4 

 

   successor publication which is published weekly by the Board of Governors of the Federal  Reserve System and which establishes yields on actively traded United States Treasury securities  adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity  corresponding to the applicable Comparable Treasury Issue; provided, however, that if no  maturity is within three months before or after the Remaining Life of the Securities to be  redeemed, yields for the two published maturities most closely corresponding to the applicable  Comparable Treasury Issue shall be determined and the Treasury Rate shall be interpolated or  extrapolated from those yields on a straight line basis, rounding to the nearest month; or (2) if  such release (or any successor release) is not published during the week preceding the calculation  date or does not contain such yields, the rate per year equal to the semi-annual equivalent yield to  maturity of the applicable Comparable Treasury Issue, calculated using a price for such  Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the  applicable Comparable Treasury Price for such redemption date. The Treasury Rate shall be  calculated on the third Business Day preceding the redemption date.          If the Company elects to redeem less than all of the Securities, then the Trustee will  select the particular Securities to be redeemed in such manner that complies with applicable legal  and securities exchange requirements, if any, and that it deems appropriate and fair; provided,  that if the Securities are represented by one or more global securities, beneficial interests in such  Securities will be selected for redemption by the Depositary in accordance with its standard  procedures therefor.          Notice of any optional redemption will be delivered at least 30 days but not more than 60  days before the date of redemption to each Holder of the Securities to be redeemed.  The notice  of such redemption will state, among other things, the amount of Securities to be redeemed, the  redemption date, the manner of calculating the Redemption Price and the place or places that  payment will be made upon presentation and surrender of Securities to be redeemed.  Unless the  Company defaults in payment of the Redemption Price, on and after the date of redemption,  interest will cease to accrue on the Securities or the portions called for redemption.          In connection with any optional redemption of the Securities, the Company shall give the  Trustee notice of the Redemption Price promptly after the Company’s calculation thereof, and  the Trustee shall have no responsibility for such calculation.          The Securities of this series will not be entitled to any sinking fund.    6.    Change of Control.         If a Change of Control Repurchase Event (as defined below) occurs, unless the Company  has previously exercised its right to redeem the Securities, the Company will make an offer to  each Holder of Securities to repurchase all or any part (in a principal amount of $2,000 or an  integral multiple of $1,000 above that amount) of that Holder’s Securities at a repurchase price in  cash equal to 101% of the aggregate principal amount of Securities being repurchased plus any  accrued and unpaid interest on the Securities being repurchased to, but not including, the date of  repurchase. Within 30 days following any Change of Control Repurchase Event or, at the  Company’s option, prior to any Change of Control (as defined below), but after the public  announcement of an impending Change of Control, the Company will deliver a notice to each                                         5 

 

   Holder of Securities, with a copy to the Trustee, describing the transaction or transactions that  constitute or may constitute the Change of Control Repurchase Event and offering to repurchase  Securities on the payment date specified in the notice, which date will be no earlier than 30 days  and no later than 60 days from the date such notice is delivered. The notice shall, if delivered  prior to the date of consummation of the Change of Control, state that the offer to repurchase is  conditioned on the Change of Control Repurchase Event occurring on or prior to the payment  date specified in the notice.          The Company will comply with the requirements of Rule 14e-1 under the Securities  Exchange Act of 1934, as amended (the “Exchange Act”), and any other securities laws and  regulations thereunder, to the extent those laws and regulations are applicable in connection with  the repurchase of the Securities as a result of a Change of Control Repurchase Event. To the  extent that the provisions of any securities laws or regulations conflict with the Change of  Control Repurchase Event provisions of the Securities, the Company will comply with the  applicable securities laws and regulations and will not be deemed to have breached its  obligations under the Change of Control Repurchase Event provisions of the Securities by virtue  of such conflict.          On the Change of Control Repurchase Event payment date, the Company will, to the  extent lawful:          (1)   accept for payment all Securities or portions of Securities (in a principal amount of  $2,000 or an integral multiple of $1,000 above that amount) properly tendered pursuant to the  Company’s offer;          (2)   deposit with the paying agent an amount equal to the aggregate purchase price in  respect of all Securities or portions of Securities properly tendered; and          (3)   deliver or cause to be delivered to the Trustee the Securities properly accepted,  together with an Officers’ Certificate stating the aggregate principal amount of Securities being  repurchased by the Company.         The paying agent will promptly deliver or arrange for delivery to each Holder of  Securities properly tendered the repurchase price for such Holder’s Securities being repurchased,  and the Trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to  each Holder a new Security equal in principal amount to any unpurchased portion of any  Securities surrendered; provided, that each new Security will be in a principal amount of $2,000  or an integral multiple of $1,000 above that amount.          The Company will not be required to make an offer to repurchase the Securities upon a  Change of Control Repurchase Event if a third party makes such an offer in the manner, at the  times and otherwise in compliance with the requirements for an offer made by the Company and  such third party purchases all Securities properly tendered and not withdrawn under its offer.  Notwithstanding anything to the contrary herein, an offer to repurchase the Securities upon a  Change of Control Repurchase Event may be made in advance of such Change of Control  Repurchase Event, conditional upon such Change of Control, if a definitive agreement is in place  for the Change of Control at the time of making the offer.                                         6 

 

          “Below Investment Grade Rating Event” means the rating for the Securities is lowered to  below Investment Grade by both Rating Agencies on any date from the date of the public notice  of an arrangement that could result in a Change of Control until the end of the 60-day period  following public notice of the occurrence of a Change of Control (which period shall be  extended so long as the rating of the Securities is under publicly announced consideration for  possible downgrade by either of the Rating Agencies as a result of such Change of Control);  provided that a Below Investment Grade Rating Event otherwise arising by virtue of a particular  reduction in rating shall not be deemed to have occurred in respect of a particular Change of  Control (and thus shall not be deemed a Below Investment Grade Rating Event for purposes of  the definition of Change of Control Repurchase Event hereunder) if any of the Rating Agencies  making the reduction in rating to which this definition would otherwise apply does not announce  or publicly confirm or inform the Trustee in writing at the Company’s request that the reduction  was the result, in whole or in part, of any event or circumstance comprised of or arising as a  result of, or in respect of, the applicable Change of Control (whether or not the applicable  Change of Control shall have occurred at the time of the Below Investment Grade Rating Event).          “Change of Control” means the occurrence of any of the following:          (1)   the direct or indirect sale, transfer, conveyance or other disposition (other than by  way of merger or consolidation), in one or a series of related transactions, of all or substantially  all of the Company’s properties or assets and those of the Company’s Subsidiaries taken as a  whole to any “person” or “group” (as that term is used in Section 13(d)(3) of the Exchange Act),  other than the Company or one of its Subsidiaries;          (2)   the adoption by the holders of the Company’s Voting Stock of a plan relating to  the Company’s liquidation or dissolution;          (3)   the first day during any period of 24 consecutive months on which a majority of  the members of the Company’s Board of Directors are not Continuing Directors; or          (4)   the consummation of any transaction or series of related transactions (including,  without limitation, any merger or consolidation) the result of which is that any “person” or  “group” (as that term is used in Section 13(d)(3) of the Exchange Act), other than the Company  or one of its wholly-owned Subsidiaries, becomes the beneficial owner, directly or indirectly, of  more than 50% of the then outstanding number of shares of the Company’s Voting Stock,  measured by voting power rather than number of shares; provided that a merger shall not  constitute a “change of control” under this definition if:  (i) the sole purpose of the merger is the  Company’s reincorporation in another state, and (ii) the Company’s shareholders and the number  of shares of the Company’s Voting Stock, measured by voting power and number of shares,  owned by each of them immediately before and immediately following such merger are  identical.         “Change of Control Repurchase Event” means the occurrence of both a Change of  Control and a Below Investment Grade Rating Event.          “Continuing Director” means, as of any date of determination, any member of the  Company’s Board of Directors:  (i) who was a member of such Board of Directors on the date of                                         7 

 

   the issuance of the Securities; (ii) who was nominated for election or elected to such Board of  Directors with the approval of the individuals referred to in clause (i) above constituting at the  time of such nomination or election at least a majority of the Board of Directors (either by a  specific vote or by approval of the Company’s proxy statement in which such member was  named as a nominee recommended by the Continuing Directors for election as a director); or (iii)  whose nomination or election was approved by individuals referred to in clauses (i) and (ii)  above constituting at the time of such nomination or election at least a majority of the Board of  Directors.          “Investment Grade” means a rating of Baa3 or better by Moody’s (or its equivalent under  any successor rating categories of Moody’s) and a rating of BBB- or better by S&P (or its  equivalent under any successor rating categories of S&P) or the equivalent investment grade  credit rating from any additional Rating Agency or Rating Agencies selected by the Company.          “Moody’s” means Moody’s Investors Service, Inc., and its successors.         “Rating Agency” means (1) each of Moody’s and S&P; and (2) if either of Moody’s or  S&P ceases to rate the Securities or fails to make a rating of the Securities publicly available for  reasons outside of the Company’s control, a “nationally recognized statistical rating  organization” as defined in Section 3(a)(62) of the Exchange Act selected by the Company as a  replacement agency for Moody’s or S&P, as the case may be.          “S&P” means S&P Global Ratings, a division of S&P Global Inc., and its successors.          “Voting Stock” means, with respect to any person, capital stock of any class or kind the  holders of which are ordinarily, in the absence of contingencies, entitled to vote for the election  of directors (or persons performing similar functions) of such person, even if the right so to vote  has been suspended by the happening of such a contingency.   7.    Denominations; Transfer; Exchange.         The Securities are in fully registered form, without coupons, in minimum denominations  of $2,000 of principal amount and integral multiples of $1,000 above that amount.  A Holder  may transfer or exchange the Securities in accordance with the Indenture.  The Security Registrar  may require a Holder, among other things, to furnish appropriate endorsements and transfer  documents and to pay any taxes and fees required by law or permitted by the Indenture.           The Company shall not be required to exchange or register a transfer of:  (a) any Security  of this series for a period of fifteen days next preceding the first delivery of notice of redemption  of Securities of this series or (b) any Securities of this series selected, called or being called for  redemption, in whole or in part, except, in the case of any Security to be redeemed in part, the  portion thereof not so to be redeemed.   8.    Persons Deemed Owners.         The registered Holder of this Security may be treated as the owner of this Security for all  purposes subject to the Record Date provisions hereof.                                           8 

 

   9.    Unclaimed Money or Securities.         The Trustee and the paying agent shall return to the Company any money held by them  for the payment of any amount with respect to the Securities that remains unclaimed for two  years, subject to applicable unclaimed property law.  After return to the Company, Holders  entitled to the money or securities must look to the Company for payment as general creditors  unless an applicable abandoned property law designates another person.   10.   Amendment; Waiver.         The Indenture permits, with certain exceptions as therein provided, the amendment  thereof and the modification of the rights and obligations of the Company and the rights of the  Holders of the Securities to be affected under the Indenture at any time by the Company and the  Trustee with the consent of the Holders of not less than a majority in aggregate principal amount  of the outstanding Securities to be affected.  The Indenture also contains provisions permitting  the Holders of specified percentages in aggregate principal amount of the Securities of any series  at the time outstanding, on behalf of the Holders of all the Securities of such series, to waive  compliance by the Company with certain provisions of the Indenture and certain past defaults  under the Indenture and their consequences.  Any such consent or waiver by the Holder of this  Security shall be conclusive and binding upon such Holder and upon all future Holders of this  Security and of any Security issued upon the registration or transfer hereof or in exchange  herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this  Security.   11.   Obligations Absolute.         No reference herein to the Indenture and no provision of this Security or of the Indenture  shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay  the principal of and any premium and interest on this Security at the place, at the respective  times, at the rate and in the coin or currency herein prescribed.   12.   Trustee Dealings with the Company.         Subject to certain limitations imposed by the Trust Indenture Act of 1939, the Trustee  under the Indenture, in its individual or any other capacity, may become the owner or pledgee of  Securities and may otherwise deal with the Company or its affiliates with the same rights it  would have if it were not Trustee.   13.   Book-Entry Provisions for Global Securities.           This Security is in the form of a Global Security as provided in the Indenture.  The  Global Security for this series initially shall:  (i) be registered in the name of the Depositary, who  shall be The Depository Trust Company or as otherwise identified in or pursuant to the Officers’  Certificate authorizing the issuance of this series of Securities or the nominee of such  Depositary, (ii) be delivered to the Trustee as custodian for such Depositary and (iii) bear any  required legends.                                          9 

 

         Members of, or participants in, the Depositary (“Agent Members”) shall have no rights  under the Indenture with respect to this Global Security held on their behalf by the Depositary, or  the Trustee as its custodian, or under this Global Security, and the Depositary may be treated by  the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner of  this Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein  shall prevent the Company, the Trustee or any agent of the Company or the Trustee from giving  effect to any written certification, proxy or other authorization furnished by the Depositary or  impair, as between the Depositary and its Agent Members, the operation of customary practices  governing the exercise of the rights of a Holder of this Security.         Transfers of this Global Security shall be limited to transfers in whole, but not in part, to  the Depositary, its successors or their respective nominees. Interests of beneficial owners in this  Global Security may be transferred or exchanged for definitive Securities in accordance with the  rules and procedures of the Depositary. Definitive Securities shall be transferred to all beneficial  owners in exchange for their beneficial interests in this Global Security only if:  (i) the  Depositary notifies the Company that it is unwilling or unable to continue as Depositary for this  Global Security, or the Depositary has ceased to be a “clearing agency” registered under the  Exchange Act, and a successor depositary is not appointed by the Company within 90 days of  such notice, (ii) the Company in its sole discretion and subject to the Depositary’s procedures  elects not to have the Securities represented by a Global Security and to cause the issuance of  definitive Securities or (iii) an Event of Default has occurred and is continuing.         In connection with any transfer or exchange of a portion of the beneficial interest in this  Global Security to beneficial owners pursuant to the immediately preceding paragraph, the  Security Registrar shall (if one or more definitive Securities are to be issued) reflect on the  Security Register the date and a decrease in the principal amount of this Global Security in an  amount equal to the principal amount of the beneficial interest in this Global Security to be  transferred, and the Company shall execute, and the Trustee shall authenticate and deliver, one or  more definitive Securities of like tenor and amount.  In connection with the transfer of this entire  Global Security to beneficial owners pursuant to the immediately preceding paragraph, this  Global Security shall be deemed to be surrendered to the Trustee for cancellation, and the  Company shall execute, and the Trustee shall authenticate and deliver, to each beneficial owner  identified by the Depositary in exchange for its beneficial interest in this Global Security, an  equal aggregate principal amount of definitive Securities of authorized denominations.         The Holder of this Global Security may grant proxies and otherwise authorize any  person, including Agent Members and persons that may hold interests through Agent Members,  to take any action which a Holder is entitled to take under the Indenture or the Securities.   14.   Restrictive Covenants.         The Indenture imposes certain limitations on the ability of the Company to consolidate or  merge with or into any other person, or sell or transfer all or substantially all of its property and  assets to any other person, and on the ability of the Company and its Restricted Subsidiaries to:   (i) create, incur, assume or suffer to exist specified liens; and (ii) enter into sale and leaseback  transactions.  On or before the first day of October in each year, the Company must report to the  Trustee on compliance with such limitations.                                         10 

 

   15.   No Recourse Against Others.         A director, officer, employee, or stockholder, as such, of the Company or the Trustee  shall not have any liability for any obligations of the Company under the Securities or the  Indenture or for any claim based on, in respect of or by reason of such obligations or their  creation.  By accepting a Security, each Holder waives and releases all such liability.  The waiver  and release are part of the consideration for the issue of the Securities.    16.   Authentication.         This Security shall not be valid until an authorized signatory of the Trustee manually  signs the Trustee’s Certificate of Authentication on the other side of this Security.     17.   Abbreviations.         Customary abbreviations may be used in the name of a Holder or an assignee, such as  TEN COM (=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint tenants  with right of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A  (=Uniform Gifts to Minors Act).   18.   Defeasance.         The Indenture contains provisions for defeasance at any time of:  (i) the entire  indebtedness of the Company on this Security, and (ii) certain restrictive covenants and the  related Events of Default, upon compliance by the Company with certain conditions set forth  therein, which provisions apply to this Security.  These provisions shall not apply to Section 6  above after a Change of Control Repurchase Event occurs.   19.   GOVERNING LAW.         THE INDENTURE AND THIS SECURITY WILL BE GOVERNED BY, AND  CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK  WITHOUT REGARD AS TO CONFLICT OF LAW PRINCIPLES.                                    *        *        *         The Company will furnish to any Holder upon written request and without charge a copy  of the Indenture.  Requests may be made to:          L3Harris Technologies, Inc.        1025 West NASA Boulevard        Melbourne, FL 32919        Attn: Treasurer                                                   11 

 

                                                                                                                  ASSIGNMENT FORM               To assign this Security, fill in the form below:                             (I) or (we) assign and transfer this Security to   ---------------------------------------------------------------------------------------------------------------------                     (Insert assignee’s social security or tax I.D. no.)   ---------------------------------------------------------------------------------------------------------------------   ---------------------------------------------------------------------------------------------------------------------                   (Print or type assignee’s name, address and zip code)   and irrevocably appoint ____________________________________ agent to transfer this  Security on the books of the Company.  The agent may substitute another to act for him.               Your Signature: ________________________________________________                           (Sign exactly as your name appears on the other side of this                           Security)               Date: __________________________               Medallion Signature Guarantee: _________________________________                       SCHEDULE OF INCREASES OR DECREASES    The following increases or decreases in the principal amount of this Security have been made:                                                                              Amount of decrease               Principal amount of               in principal  Amount of increase this Security    Signature of                amount       in principal amount following such authorized signatory     Date     of this Security    of this Security    decrease or increase   of TrusteeExhibit 4.1

 

WARRANT AGREEMENT

 

between

 

AEQUI ACQUISITION CORP.

 

and

 

CONTINENTAL STOCK TRANSFER & TRUST
COMPANY

 

THIS WARRANT AGREEMENT (this “Agreement”),
dated as of November 19, 2020, is by and between Aequi Acquisition Corp., 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 November 19, 2020, the Company
entered into that certain Private Placement Warrants Purchase Agreement with Aequi Sponsor LLC, a Delaware limited liability company
(the “Sponsor”), pursuant to which the Sponsor will purchase an aggregate of 4,000,000 redeemable warrants
(or up to 4,400,000 warrants if the Over-allotment Option (as defined below) in connection with the Company’s Offering (as
defined below) is exercised in full) simultaneously with the closing of the Offering bearing the legend set forth in Exhibit
B hereto (the “Private Placement Warrants”) at a purchase price of $1.50 per Private Placement
Warrant; and

 

WHEREAS, in order to finance the Company’s
transaction costs in connection with an intended initial Business Combination (as defined below), the Sponsor or an affiliate of
the Sponsor or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as the
Company may require, of which up to $1,500,000 may be convertible into up to an additional 1,000,000 Private Placement Warrants
of the post Business Combination entity at a price of $1.50 per warrant; and

 

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-third of one Public Warrant (as defined below) (the “Units”)
and, in connection therewith, has determined to issue and deliver up to 7,666,667 redeemable warrants (including up to 1,000,000
redeemable warrants subject to the Over-allotment Option) to public investors in the Offering (the “Public Warrants”
and, together with the Private Placement Warrants, the “Warrants”). Each whole Warrant entitles the holder
thereof to purchase one share of Class A common stock of the Company, par value $0.0001 per share (“Common Stock”),
for $11.50 per share, subject to adjustment as described herein; and

 

WHEREAS, the Company has filed with the
Securities and Exchange Commission (the “Commission”) a registration statement on Form S-1, No. 333-249337
(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 shares of Common Stock included in the Units; and

 

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

 

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

 

WHEREAS, all acts and things have been done
and performed which are necessary to make the Warrants, when executed on behalf of the Company and countersigned by or on behalf
of the Warrant Agent (if a physical certificate is issued), 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 initially be issued in registered form only.

 

2.2 Effect of Countersignature.
If a physical certificate is issued, unless and until countersigned by the Warrant Agent pursuant to this Agreement, a Warrant
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. Ownership of beneficial interests in the Public Warrants shall be shown on, and
the transfer of such ownership shall be effected through, records maintained by institutions that have accounts with (i) The
Depository Trust Company (the “Depositary”) (such institution, with respect to a Warrant in its account,
a “Participant”) or (ii) the Depositary or its nominee for each book-entry Warrant Certificate.

 

If the Depositary 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 Depositary
to deliver to the Warrant Agent for cancellation each book-entry Public Warrant, and the Company shall instruct the Warrant Agent
to deliver to the Depositary definitive certificates in physical form evidencing such Warrants which shall be in the form annexed
hereto as Exhibit A.

 

Physical certificates, if issued, shall
be signed by, or bear the facsimile signature of, the Chairperson of the Board, 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.

 

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 any
physical certificate made by anyone other than the Company or the Warrant Agent), for the purpose of any exercise thereof, and
for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.

 

2.4 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 RBC Capital Markets, LLC as representative
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 Units 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

     

    

  

2.5 No Fractional Warrants Other Than
as Part of Units. The Company shall not issue fractional Warrants other than as part of Units, each of which is comprised of
one share of Common Stock and one-third of one Public Warrant. If, upon the detachment of Public Warrants from Units or otherwise,
a holder of Warrants would be entitled to receive a fractional Warrant, the Company shall round down to the nearest whole number
the number of Warrants to be issued to such holder.

 

2.6 Private Placement Warrants.
The Private Placement Warrants shall be identical to the Public Warrants, except that so long as they are held by the Sponsor or
any of its Permitted Transferees (as defined below) the Private Placement Warrants: (i) may be exercised for cash or on a
cashless basis, pursuant to subsection 3.3.1(c) hereof, (ii) may not be (including the shares of Common Stock issuable
upon exercise of the Private Placement Warrants) 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 pursuant
to Section 6.1 hereof; provided, however, that in the case of (ii), the Private Placement Warrants and any shares
of Common Stock held by the Sponsor or any of its Permitted Transferees issued upon exercise of the Private Placement Warrants
may be transferred by the holders thereof:

 

(a) to the Company’s officers or
directors, any affiliates or family members of any of the Company’s officers or directors, any members of the Sponsor, or
any affiliates of the Sponsor;

 

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

 

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

 

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

 

(e) by 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) in the event of the Company’s
liquidation prior to the completion of its initial Business Combination; or

 

(g) by virtue of the laws of the State
of Delaware or the Sponsor’s limited liability company agreement upon dissolution of the Sponsor; or

 

(h) in the event of the Company’s
completion of a liquidation, merger, capital stock exchange, reorganization or other similar transaction which results in all of
the Company’s stockholders having the right to exchange their shares of Common Stock for cash, securities or other property
subsequent to the completion of the Company’s initial Business Combination;

 

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

 

3. Terms and Exercise of Warrants.

 

3.1 Warrant Price. Each Warrant
shall, when countersigned by the Warrant Agent (if a physical certificate is issued), 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 $11.50 per share, subject to the adjustments provided in Section 4 hereof and in the last
sentence of this Section 3.1. The term “Warrant Price” as used in this Agreement shall mean the price per
share 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

     

    

 

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”), and (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 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, and (z) other than with respect to the Private Placement Warrants
then held by the Sponsor or any Permitted Transferees with respect to a redemption pursuant to Section 6.1 hereof,
the Redemption Date (as defined below) as provided in Section 6.3 hereof (the “Expiration Date”);
provided, however, that the exercise of any Warrant shall be subject to the satisfaction of any applicable conditions,
as set forth in subsection 3.3.2 below with respect to an effective registration statement. Except with respect to the right
to receive the Redemption Price (as defined below) (other than with respect to a Private Placement Warrant then held by the Sponsor
or any Permitted Transferees with respect to a redemption pursuant to Section 6.1 hereof) in the event of a redemption
(as set forth in Section 6 hereof), each Warrant (other than a Private Placement Warrant then held by the Sponsor or
any Permitted Transferees with respect to a redemption pursuant to Section 6.1 hereof) 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, when countersigned by the Warrant Agent (if in the form of a physical certificate),
may be exercised by the Registered Holder thereof by delivering to the Warrant Agent at its corporate trust department (i) the
definitive warrant certificate evidencing the Warrants to be exercised, or, in the case of a Warrant represented by a book-entry,
the Warrants to be exercised (the “Book-Entry Warrants”) on the records of the Depositary to an
account of the Warrant Agent at the Depositary designated for such purposes in writing by the Warrant Agent to the Depositary from
time to time, (ii) an election to purchase 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,
properly delivered by the Participant in accordance with the Depositary’s procedures, and (iii) the payment in full
of the Warrant Price for each full share of Common Stock as to which the Warrant is exercised and any and all applicable taxes
due in connection with the exercise of the Warrant, the exchange of the Warrant for the shares of Common Stock and the issuance
of such shares of Common Stock, as follows:

 

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

 

(b) in the event of a redemption pursuant
to Section 6.1 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 lesser of (A) the quotient obtained by dividing (x) the
product of the number of shares of Common Stock underlying the Warrants, multiplied by the excess of the “Fair Market Value,”
as defined in this subsection 3.3.1(b), over the Warrant Price by (y) the Fair Market Value and (B) 0.361 per
warrant. Solely for purposes of this subsection 3.3.1(b), Section 6.1 and Section 6.4,
the “Fair Market Value” shall mean the average last reported sale price of the shares of Common Stock for the ten (10) trading
days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of the Warrants,
pursuant to Section 6 hereof;

 

    4

     

    

 

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

  

(d) as provided for in Section 6.2
with respect to a Make-Whole Exercise; or

 

(e) 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 book-entry position or certificate, as applicable, for the number of full shares of Common Stock to which he, she or
it is entitled, registered in such name or names as may be directed by him, her or it, and if such Warrant shall not have been
exercised in full, a new book-entry position or countersigned Warrant, as applicable, for the number of shares of Common Stock
as to which such Warrant shall not have been exercised. 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 covering the issuance of the shares of Common Stock issuable upon the exercise
of the Public Warrants is then effective and a current prospectus relating thereto is available, subject to the Company’s
satisfying its obligations under Section 7.4, or a valid exemption from registration is available. 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 shares
of 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. 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 of Common Stock, the Company shall round down to the nearest whole number, the number of shares
of Common Stock to be issued to such holder.

 

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

 

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

 

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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 all or substantially all 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) to satisfy the redemption rights
of the holders of Common Stock in connection with a stockholder vote to amend the Company’s amended and restated certificate
of incorporation to modify the substance or timing of the Company’s obligation to allow redemption in connection with the
Company’s initial Business Combination or to redeem 100% of the shares of Common Stock included in the Units sold in the
Offering (the “Public Shares”) if the Company does not complete the initial Business Combination within
the time period set forth in the Company’s amended and restated certificate of incorporation or with respect to any other
provision relating to stockholders’ rights or pre-initial Business Combination activity or (e) in connection with the
redemption of the Public Shares upon the failure of the Company to complete its initial Business Combination and any subsequent
distribution of its assets upon its liquidation (any such non-excluded event being referred to herein as an “Extraordinary
Dividend”), then the Warrant Price shall be decreased, effective immediately after the effective date of such Extraordinary
Dividend, by the amount of cash and/or the fair market value (as determined by the Board, in good faith) of any securities or other
assets paid on each share of Common Stock in respect of such Extraordinary Dividend. For purposes of this subsection 4.1.2,
“Ordinary Cash Dividends” means any cash dividend or cash distribution which, when combined on a per
share basis, with the per share amounts of all other cash dividends and cash distributions paid on the 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)
to the extent it does not exceed $0.50 (being 5% of the offering price of the Units in the Offering).

 

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

  

4.3 Adjustments in Warrant Price.

 

4.3.1 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 Section 4.2
above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price immediately prior to such adjustment
by a fraction (x) the numerator of which shall be the number of shares of Common Stock purchasable upon the exercise of the
Warrants immediately prior to such adjustment, and (y) the denominator of which shall be the number of shares of Common Stock
so purchasable immediately thereafter.

 

4.3.2 If the Company issues additional
shares of Common Stock or securities convertible into or exercisable or exchangeable for shares of Common Stock for capital raising
purposes in connection with the closing of its initial Business Combination at an issue price or effective issue price of less
than $9.20 per share of Common Stock, with such issue price or effective issue price to be determined in good faith by the Board
(and in the case of any such issuance to the initial stockholders (as defined in the Prospectus) or their affiliates, without taking
into account any founder shares held by such stockholders or their affiliates, as applicable, prior to such issuance) (the “New
Issuance Price”), the Warrant Price shall be adjusted (to the nearest cent) to be equal to 115% of the New Issuance
Price.

 

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4.4 Replacement of Securities upon Reorganization,
etc. In case of any reclassification or reorganization of the outstanding shares of Common Stock (other than a change under
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 bylaws or as a result
of the redemption 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 (or any successor rule)) 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 (or any successor rule)) 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 (or any successor rule)) more than 50% of the outstanding shares of Common
Stock, the holder of a Warrant shall be entitled to receive as the Alternative Issuance, the highest amount of cash, securities
or other property to which such holder would actually have been entitled as a stockholder if such Warrant holder had exercised
the Warrant prior to the expiration of such tender or exchange offer, accepted such offer and all of the shares of Common Stock
held by such holder had been purchased pursuant to such tender or exchange offer, subject to adjustments (from and after the consummation
of such tender or exchange offer) as nearly equivalent as possible to the adjustments provided for in this Section 4;
provided, further, that if less than 70% of the consideration receivable by the holders of the Common Stock in the
applicable event is payable in the form of capital stock or shares 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
Commission, 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 shares of Common Stock as reported during the ten (10) trading
day period ending on the trading day prior to the effective date of the applicable event, (3) the assumed volatility shall
be the 90 day volatility obtained from the HVT function on Bloomberg determined as of the trading day immediately prior to the
day of the announcement of the applicable event, and (4) the assumed risk-free interest rate shall correspond to the U.S.
Treasury rate for a period equal to the remaining term of the Warrant. “Per Share Consideration” means
(i) if the consideration paid to holders of the shares of Common Stock consists exclusively of cash, the amount of such cash
per share of Common Stock, and (ii) in all other cases, the volume weighted average price of the shares of 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 the Warrant.

 

4.5 Notices of Changes in Warrant.
Upon every adjustment of the Warrant Price or the number of shares of Common Stock 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 of Common Stock 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.

 

    8

     

    

 

4.6 No Fractional Shares. Notwithstanding
any provision contained in this Agreement to the contrary, the Company shall not issue fractional shares of Common Stock 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 of Common Stock 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.

 

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, and, if in the form of a physical certificate, 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 in the event that a Warrant surrendered
for transfer bears a restrictive legend (as in the case of the Private Placement 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 or book-entry position for a fraction of a warrant, except as part of the Units.

 

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

 

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

 

    9

     

    

 

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 of Warrants for Cash.
Subject to Section 6.5 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 6.3 below, at the price of $0.01 per Warrant (the
“Redemption Price”), provided that the last reported sales price of the Common Stock 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 6.3
below) or the Company has elected to require the exercise of the Warrants on a “cashless basis” pursuant to subsection
3.3.1. 

 

6.2 Redemption of Warrants for $0.10
or for Shares of Common Stock. Subject to Section 6.5 hereof, not less than all of the outstanding Warrants may
be redeemed, at the option of the Company, commencing ninety (90) days after they are first 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 6.3
below, at a Redemption Price of $0.10 per Warrant, provided that the last reported sales price of the Common Stock reported has
been at least $10.00 per share (subject to adjustment in compliance with Section 4 hereof), on the trading day prior
to the date on which notice of the redemption is given, the Private Placement Warrants are also concurrently exchanged at the same
price (equal to a number of shares of Common Stock) as the outstanding Public Warrants and there is an effective registration statement
covering the 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 6.3 below). During the Redemption Period in connection with a redemption
pursuant to this Section 6.2, Registered Holders of the Warrants may elect to exercise their Warrants on a “cashless
basis” pursuant to subsection 3.3.1 and receive a number of shares of Common Stock determined by reference to the
table below, based on the Redemption Date (calculated for purposes of the table as the period to expiration of the Warrants) and
the “Fair Market Value” (as such term is defined in subsection 3.3.1(b)) (a “Make-Whole Exercise”).

 

	Redemption Date	 	Fair Market Value of Class A Common Stock	 
	(period to expiration of warrants)	 	≤10.00	 	 	11.00	 	 	12.00	 	 	13.00	 	 	14.00	 	 	15.00	 	 	16.00	 	 	17.00	 	 	≥18.00	 
	60 months	 	 	0.261	 	 	 	0.281	 	 	 	0.297	 	 	 	0.311	 	 	 	0.324	 	 	 	0.337	 	 	 	0.348	 	 	 	0.358	 	 	 	0.361	 
	57 months	 	 	0.257	 	 	 	0.277	 	 	 	0.294	 	 	 	0.310	 	 	 	0.324	 	 	 	0.337	 	 	 	0.348	 	 	 	0.358	 	 	 	0.361	 
	54 months	 	 	0.252	 	 	 	0.272	 	 	 	0.291	 	 	 	0.307	 	 	 	0.322	 	 	 	0.335	 	 	 	0.347	 	 	 	0.357	 	 	 	0.361	 
	51 months	 	 	0.246	 	 	 	0.268	 	 	 	0.287	 	 	 	0.304	 	 	 	0.320	 	 	 	0.333	 	 	 	0.346	 	 	 	0.357	 	 	 	0.361	 
	48 months	 	 	0.241	 	 	 	0.263	 	 	 	0.283	 	 	 	0.301	 	 	 	0.317	 	 	 	0.332	 	 	 	0.344	 	 	 	0.356	 	 	 	0.361	 
	45 months	 	 	0.235	 	 	 	0.258	 	 	 	0.279	 	 	 	0.298	 	 	 	0.315	 	 	 	0.330	 	 	 	0.343	 	 	 	0.356	 	 	 	0.361	 
	42 months	 	 	0.228	 	 	 	0.252	 	 	 	0.274	 	 	 	0.294	 	 	 	0.312	 	 	 	0.328	 	 	 	0.342	 	 	 	0.355	 	 	 	0.361	 
	39 months	 	 	0.221	 	 	 	0.246	 	 	 	0.269	 	 	 	0.290	 	 	 	0.309	 	 	 	0.325	 	 	 	0.340	 	 	 	0.354	 	 	 	0.361	 
	36 months	 	 	0.213	 	 	 	0.239	 	 	 	0.263	 	 	 	0.285	 	 	 	0.305	 	 	 	0.323	 	 	 	0.339	 	 	 	0.353	 	 	 	0.361	 
	33 months	 	 	0.205	 	 	 	0.232	 	 	 	0.257	 	 	 	0.280	 	 	 	0.301	 	 	 	0.320	 	 	 	0.337	 	 	 	0.352	 	 	 	0.361	 
	30 months	 	 	0.196	 	 	 	0.224	 	 	 	0.250	 	 	 	0.274	 	 	 	0.297	 	 	 	0.316	 	 	 	0.335	 	 	 	0.351	 	 	 	0.361	 
	27 months	 	 	0.185	 	 	 	0.214	 	 	 	0.242	 	 	 	0.268	 	 	 	0.291	 	 	 	0.313	 	 	 	0.332	 	 	 	0.350	 	 	 	0.361	 
	24 months	 	 	0.173	 	 	 	0.204	 	 	 	0.233	 	 	 	0.260	 	 	 	0.285	 	 	 	0.308	 	 	 	0.329	 	 	 	0.348	 	 	 	0.361	 
	21 months	 	 	0.161	 	 	 	0.193	 	 	 	0.223	 	 	 	0.252	 	 	 	0.279	 	 	 	0.304	 	 	 	0.326	 	 	 	0.347	 	 	 	0.361	 
	18 months	 	 	0.146	 	 	 	0.179	 	 	 	0.211	 	 	 	0.242	 	 	 	0.271	 	 	 	0.298	 	 	 	0.322	 	 	 	0.345	 	 	 	0.361	 
	15 months	 	 	0.130	 	 	 	0.164	 	 	 	0.197	 	 	 	0.230	 	 	 	0.262	 	 	 	0.291	 	 	 	0.317	 	 	 	0.342	 	 	 	0.361	 
	12 months	 	 	0.111	 	 	 	0.146	 	 	 	0.181	 	 	 	0.216	 	 	 	0.250	 	 	 	0.282	 	 	 	0.312	 	 	 	0.339	 	 	 	0.361	 
	9 months	 	 	0.090	 	 	 	0.125	 	 	 	0.162	 	 	 	0.199	 	 	 	0.237	 	 	 	0.272	 	 	 	0.305	 	 	 	0.336	 	 	 	0.361	 
	6 months	 	 	0.065	 	 	 	0.099	 	 	 	0.137	 	 	 	0.178	 	 	 	0.219	 	 	 	0.259	 	 	 	0.296	 	 	 	0.331	 	 	 	0.361	 
	3 months	 	 	0.034	 	 	 	0.065	 	 	 	0.104	 	 	 	0.150	 	 	 	0.197	 	 	 	0.243	 	 	 	0.286	 	 	 	0.326	 	 	 	0.361	 
	0 months	 	 	—	 	 	 	—	 	 	 	0.042	 	 	 	0.115	 	 	 	0.179	 	 	 	0.233	 	 	 	0.281	 	 	 	0.323	 	 	 	0.361	 

 

    10

     

    

 

The exact Fair Market Value and Redemption
Date (as defined below) may not be set forth in the table above, in which case, if the Fair Market Value is between two values
in the table or the Redemption Date is between two redemption dates in the table, the number of shares of Common Stock to be issued
for each Warrant exercised in a Make-Whole Exercise will be determined by a straight-line interpolation between the number of shares
set forth for the higher and lower Fair Market Values and the earlier and later redemption dates, as applicable, based on a 365-
or 366-day year, as applicable.

 

The stock prices set forth in the column
headings of the table above shall be adjusted as of any date on which the number of shares issuable upon exercise of a Warrant
is adjusted pursuant to Section 4. The adjusted stock prices in the column headings shall equal the stock prices
immediately prior to such adjustment, multiplied by a fraction, the numerator of which is the number of shares deliverable upon
exercise of a Warrant immediately prior to such adjustment and the denominator of which is the number of shares deliverable upon
exercise of a Warrant as so adjusted. The number of shares in the table above shall be adjusted in the same manner and at the same
time as the number of shares issuable upon exercise of a Warrant. In no event will the number of shares issued in connection with
a Make-Whole Exercise exceed 0.361 shares of Common Stock per Warrant (subject to adjustment). 

 

6.3 Date Fixed for, and Notice of, Redemption.
In the event that the Company elects to redeem all of the Warrants pursuant to Section 6.1 or Section 6.2,
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 (the
“30-day Redemption Period”) to the Registered Holders of the Warrants to be redeemed at their last addresses
as they shall appear on the registration books. Any notice mailed in the manner herein provided shall be conclusively presumed
to have been duly given whether or not the Registered Holder received such notice.

 

6.4 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) or
Section 6.2 of this Agreement) at any time after notice of redemption shall have been given by the Company pursuant
to Section 6.3 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.

 

6.5 Exclusion of Private Placement Warrants.
The Company agrees that the redemption rights provided in Section 6.1 shall not apply to the Private Placement Warrants
if at the time of the redemption such Private Placement Warrants continue to be held by the Sponsor or its Permitted Transferees.
However, once such Private Placement Warrants are transferred (other than to Permitted Transferees under Section 2.6),
the Company may redeem the Private Placement Warrants pursuant to Section 6.1 hereof as well, provided that the criteria
for redemption are met, including the opportunity of the holder of such Private Placement Warrants to exercise the Private Placement
Warrants prior to redemption pursuant to Section 6.4. Private Placement Warrants that are transferred to persons other
than Permitted Transferees shall upon such transfer cease to be Private Placement 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.

 

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

 

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.

 

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, and within sixty (60) Business
Days following the closing of its initial Business Combination have declared effective, 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 any successor rule) or another exemption) for that number of shares of Common Stock equal to the lesser
of (A) the quotient obtained by dividing (x) the product of the number of shares of Common Stock underlying the Warrants,
multiplied by the excess of the “Fair Market Value” (as defined below) over the Warrant Price by (y) the Fair
Market Value and (B) 0.361 per warrant. Solely for purposes of this subsection 7.4.1, “Fair Market Value”
shall mean the average last reported sale 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 (or any successor rule)) 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 (or any successor
rule), 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 (or any successor
rule) as described in subsection 7.4.1 and (ii) in the event the Company so elects, the Company shall (x) not
be required to file or maintain in effect a registration statement for the registration, under the Securities Act, of the shares
of Common Stock issuable upon exercise of the Warrants, notwithstanding anything in this Agreement to the contrary, and (y) use
its best efforts to register or qualify the shares of Common Stock issuable upon exercise of the Public Warrant under the blue
sky laws of the state of residence of the exercising Public Warrant holder to the extent an exemption is not available.

 

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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 of Common Stock.

 

8.2 Resignation, Consolidation, or Merger
of Warrant Agent.

 

8.2.1 Appointment of Successor Warrant
Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged from all further
duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If the office of the
Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing a successor
Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period of thirty (30) days
after it has been notified in writing of such resignation or incapacity by the Warrant Agent or by the holder of 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 Chief Executive Officer, Chief Financial Officer, Secretary or Chairperson 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.

 

    13

     

    

 

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.

 

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 non-assessable.

 

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

 

Aequi Acquisition Corp.

500 West Putnam Avenue, Suite 400

Greenwich, CT 06830

Attention: Hope S. Taitz

 

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

 

Ellenoff Grossman & Schole LLP

1345 Avenue of the Americans

New York, New York 10105

Attn: Douglas Ellenoff and Tamar Donikyan

 

    14

     

    

 

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

1 State Street, 30th Floor

New York, NY 10004

Attention: Compliance Department

 

With a copy in each case to:

 

Skadden, Arps, Slate, Meagher &
Flom LLP

525 University Avenue, Suite 1400

Palo Alto, CA 94301

Attn: Gregg A. Noel and Michael J. Mies

 

Skadden, Arps, Slate, Meagher & Flom
LLP

One Manhattan West

New York, New York 10001

Attention: Michael J. Schwartz

 

and

 

RBC Capital Markets, LLC

200 Vesey Street

New York, New York 10281

Attn: Equity Syndicate

 

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

 

Any person or entity purchasing or otherwise
acquiring any interest in the Warrants shall be deemed to have notice of and to have consented to the forum provisions in this
Section 9.3. If any action, the subject matter of which is within the scope the forum provisions above, is filed in a court
other than a court located within the State of New York or the United States District Court for the Southern District of New York
(a “foreign action”) in the name of any warrant holder, such warrant holder shall be deemed to have consented
to: (x) the personal jurisdiction of the state and federal courts located within the State of New York or the United States District
Court for the Southern District of New York in connection with any action brought in any such court to enforce the forum provisions
(an “enforcement action”), and (y) having service of process made upon such warrant holder in any such
enforcement action by service upon such warrant holder’s counsel in the foreign action as agent for such warrant holder.

 

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

 

    15

     

    

 

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

 

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

 

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

 

9.8 Amendments. This Agreement may
be amended by the parties hereto without the consent of any Registered Holder for the purpose of curing any ambiguity, or curing,
correcting or supplementing any defective provision contained herein or adding or changing any other provisions with respect to
matters or questions arising under this Agreement as the parties may deem necessary or desirable and that the parties deem shall
not adversely affect the interest of the Registered Holders. All other modifications or amendments, including any amendment to
increase the Warrant Price or shorten the Exercise Period and any amendment to the terms of only the Private Placement Warrants,
shall require the vote or written consent of the Registered Holders of 50% 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 — Private Placement Warrants

 

    16

     

    

 

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

 

	 	AEQUI ACQUISITION CORP.
	 	 	 
	 	By:	/s/ Hope S. Taitz 
	 	Name: 	Hope S. Taitz
	 	Title:	Chief Executive Officer
	 	 
	 	CONTINENTAL STOCK TRANSFER &
	 	TRUST COMPANY, as Warrant Agent
	 	 	 
	 	By:	/s/ Erika Young
	 	Name:	 Erika Young
	 	Title:	 Vice President

 

[Signature Page to Warrant Agreement]

 

     

     

    

 

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

 

AEQUI ACQUISITION CORP. 

Incorporated Under the Laws of the State
of Delaware 

 

CUSIP 00775W 110

 

Warrant Certificate 

 

This Warrant Certificate certifies
that                         ,
or registered assigns, is the registered holder of                        warrant(s)
evidenced hereby (the “Warrants” and each, a “Warrant”) to purchase shares
of Class A common stock, $0.0001 par value per share (“Common Stock”), of Aequi Acquisition Corp.,
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 non-assessable
shares of Common Stock as set forth below, at the exercise price (the “Warrant Price”) as determined
pursuant to the Warrant Agreement, payable in lawful money (or through “cashless exercise” as provided
for in the Warrant Agreement) of the United States of America upon surrender of this Warrant Certificate and payment of the Warrant
Price at the office or agency of the Warrant Agent referred to below, subject to the conditions set forth herein and in the Warrant
Agreement. Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant
Agreement.

 

Each whole Warrant is initially exercisable
for 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 Warrant Price per share of Common
Stock for any Warrant is equal to $11.50 per share. If, upon the exercise of Warrants, a holder would be entitled to receive a
fractional interest in a share of Common Stock, the Company will round down to the nearest whole number the number of shares of
Common Stock to be issued to the Warrant holder. The Warrant 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. The Warrants may be redeemed, subject to certain conditions, as set forth
in the Warrant Agreement.

 

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.

 

	 	AEQUI ACQUISITION CORP.
	 	 	 
	 	By:	 
	 	Name: 	                            
	 	Title:	 
	 	 
	 	CONTINENTAL STOCK TRANSFER
	 	& TRUST COMPANY, as Warrant Agent
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

[Signature Page to Warrant Certificate]

 

     

     

    

 

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 November 19, 2020 (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 Warrant Price as specified in the Warrant Agreement (or through “cashless exercise” as
provided for in the Warrant Agreement) at the principal corporate trust office of the Warrant Agent. In the event that upon any
exercise of Warrants evidenced hereby the number of Warrants exercised shall be less than the total number of Warrants evidenced
hereby, there shall be issued to the holder hereof or his, her or its assignee, a new Warrant Certificate evidencing the number
of Warrants not exercised.

 

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

 

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

 

     

     

    

 

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 of Common Stock to the order of Aequi Acquisition Corp. (the
“Company”) in the amount of $                
in accordance with the terms hereof. The undersigned requests that a certificate for such shares of Common Stock be registered
in the name of     , whose address is                 
and that such shares of Common Stock be delivered to                 
     whose address is                 .
If said number of shares of Common Stock 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 of Common Stock 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 6.4 of the Warrant Agreement, the number of shares of Common Stock that this Warrant is
exercisable for shall be determined in accordance with subsection 3.3.1(b) and Section 6.4 of the Warrant Agreement.

 

In the event that the Warrant has been called
for redemption by the Company pursuant to Section 6.2 of the Warrant Agreement and a holder thereof elects to exercise
its Warrant pursuant to a Make-Whole Exercise, the number of shares of Common Stock that this Warrant is exercisable for shall
be determined in accordance with Section 6.2 of the Warrant Agreement.

 

In the event that the Warrant is a Private
Placement Warrant that is to be exercised on a “cashless” basis pursuant to subsection 3.3.1(c) of the Warrant
Agreement, the number of shares of Common Stock 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 of Common
Stock 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 of Common Stock 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 of Common Stock be registered in the name of                 ,
whose address is                and that such Warrant Certificate be
delivered to                 , whose address is
                .

 

[Signature Page Follows]

 

     

     

    

 

	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 (OR ANY SUCCESSOR RULE)).

 

     

     

    

 

EXHIBIT B

 

LEGEND

 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD, TRANSFERRED
OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS
OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE. IN ADDITION, SUBJECT TO ANY ADDITIONAL LIMITATIONS ON TRANSFER DESCRIBED IN THE
LETTER AGREEMENT BY AND AMONG AEQUI ACQUISITION CORP. (THE “COMPANY”), AEQUI SPONSOR LLC AND THE OTHER PARTIES THERETO,
THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD OR TRANSFERRED PRIOR TO THE DATE THAT IS THIRTY (30) DAYS AFTER
THE DATE UPON WHICH THE COMPANY COMPLETES ITS INITIAL BUSINESS COMBINATION (AS DEFINED IN SECTION 3 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 CLASS
A COMMON STOCK OF THE COMPANY ISSUED UPON EXERCISE OF SUCH SECURITIES SHALL BE ENTITLED TO REGISTRATION RIGHTS UNDER A REGISTRATION
RIGHTS AGREEMENT TO BE EXECUTED BY THE COMPANY.”

 

	 	 	 
	No.    	 	Warrants

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