Document:

EX-4.4

 Exhibit 4.4 

WARRANT AGREEMENT 

THIS WARRANT AGREEMENT ( “Agreement”) is made as of [•], 2021 between Advanced Merger Partners, Inc., a Delaware
corporation, with offices at c/o Saddle Point Management, L.P., 555 West 57th Street, Suite 1326, New York, NY 10019 (“Company”), and Continental Stock Transfer & Trust Company, a New York corporation, with offices at 1
State Street, New York, New York 10004 (“Warrant Agent”). 
 WHEREAS, the Company is engaged in an initial public
offering (“Public Offering”) of up to 28,750,000 units, each unit (“Unit”) comprised of one share of Class A common stock of the Company, par value $0.0001 per share (“Common Stock”), and one-[•] of one redeemable warrant, where each whole warrant entitles the holder to purchase one share of Common Stock at a price of $11.50 per share, subject to adjustment as described herein, and, in
connection therewith, will issue and deliver up to [•] warrants (the “Public Warrants”) to the public investors in connection with the Public Offering; 

WHEREAS, the Company has filed with the Securities and Exchange Commission (the “SEC”) a Registration Statement on
Form S-1, File No. 333-252624 (“Registration Statement”), and a prospectus (the “Prospectus”), for the registration, under the
Securities Act of 1933, as amended (“Securities Act”), of, among other securities, the Public Warrants; 
 WHEREAS,
the Company has received a binding commitment from HLI Sponsor, LLC (the “Sponsor”) to purchase redeemable warrants and, in connection therewith, will issue and deliver up to 5,666,667 redeemable warrants (the “Private
Warrants”) upon consummation of the Public Offering; 
 WHEREAS, the Company may issue up to an additional 1,333,333
redeemable warrants in satisfaction of certain working capital loans made by the Sponsor, affiliates of the Sponsor and the Company’s officers and directors (“Working Capital Warrants”); 

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

WHEREAS, the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in
connection with the issuance, registration, transfer, exchange, redemption, and exercise of the Warrants; 
 WHEREAS, the Company
desires to provide for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised, and the respective rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the
Warrants; and 
 WHEREAS, all acts and things have been done and performed which are necessary to make the Warrants, when executed on
behalf of the Company and countersigned by or on behalf of the Warrant Agent (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 be issued in registered form only and, subject to Section 2.2, shall be in substantially
the form of Exhibit A hereto, the provisions of which are incorporated herein and shall be signed by, or bear the facsimile signature of, the Chairman of the Board of Directors, the Chief Executive Officer, the Chief Financial Officer, the
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. 
 2.2 Uncertificated
Warrants. Notwithstanding anything herein to the contrary, any Warrant, or portion thereof, may be issued as part of, and be represented by, a Unit, and any Warrant may be issued in uncertificated or book-entry form through the Warrant Agent
and/or the facilities of The Depository Trust Company (the “Depositary”) or other book-entry depositary system, in each case as determined by the Board of Directors of the Company or by an authorized committee thereof. Any Warrant
so issued shall have the same terms, force and effect as a certificated Warrant that has been duly countersigned by the Warrant Agent in accordance with the terms of this Agreement. 

2.3 Effect of Countersignature. Except with respect to uncertificated Warrants as described above, unless and until countersigned by the
Warrant Agent pursuant to this Agreement, a Warrant shall be invalid and of no effect and may not be exercised by the holder thereof. 
 2.4
Registration. 
 2.4.1 Warrant Register. The Warrant Agent shall maintain books (“Warrant Register”) for the
registration of original issuance and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall issue and register the Warrants in the names of the respective holders thereof in such
denominations and otherwise in accordance with instructions delivered to the Warrant Agent by the Company. 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 the Depositary. 
 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. 

2.4.2 Registered Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may
deem and treat the person in whose name such Warrant is then registered in the Warrant Register (“registered holder”) as the absolute owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation of
ownership or other writing on the Warrant certificate made by anyone other than the Company or the Warrant Agent), for the purpose of any exercise thereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected
by any notice to the contrary. 
 2.5 Detachability of Warrants. The securities comprising the Units will not be separately
transferable until the 52nd day following the date of the Prospectus or, if such 52nd day is not on a day, other than Saturday, Sunday or
federal holiday, on which banks in New York City are generally open for normal business (a “Business Day”), then on the immediately succeeding Business Day following such date, or earlier with the consent of Goldman Sachs &
Co. LLC, the representative (the “Representative”) of the several underwriters of the Public Offering, but in no event shall the securities comprising the Units be separately traded earlier unless (i) the Company has filed a
Current Report on Form 8-K with the SEC which includes an 

  
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audited balance sheet reflecting the receipt by the Company of the gross proceeds of the Public Offering including the proceeds received by the Company from the exercise of the underwriters’
option to purchase additional Units in the Public Offering, if such option is exercised prior to the filing of the Form 8-K, and (ii) the Company has issued a press release announcing when such separate
trading shall begin (the “Detachment Date”). 
 2.6 Private Warrant and Working Capital Warrant Attributes. The
Private Warrants and Working Capital Warrants shall be identical to the Public Warrants, except that, so long as they are held by the initial recipients thereof or any of their Permitted Transferees (as defined below), (i) such Warrants shall not be
redeemable by the Company pursuant to Section 6.1.1 hereof, (ii) such Warrants may be exercised for cash or on a cashless basis at the holder’s option pursuant to Section 3.3.1(c) hereof and (iii) such Warrants shall be
subject to the transfer restrictions contained in Section 5.6 hereof. Once a Private Warrant or Working Capital Warrant is transferred to a holder other than to a Permitted Transferee, it shall be treated as a Public Warrant hereunder for all
purposes. 
 2.7 Post IPO Warrants. The Post IPO Warrants, when and if issued, shall have the same terms and be in the same form as
the Public Warrants except as may be agreed upon by the Company. 
 2.8 Fractional Warrants. The Company shall not issue fractional
Warrants other than as part of the Units, each of which is comprised of one share of Common Stock and one-[•] of one redeemable Public Warrant. If, upon the detachment of Public Warrants from the 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. 

3. Terms and Exercise of Warrants.  
 3.1
Warrant Price. Each whole Warrant shall, when countersigned by the Warrant Agent (if certificated in physical form), 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 refers to the price per share at which the shares of Common Stock may be purchased at the time a Warrant is exercised. The Company in its sole discretion may lower the Warrant Price at any time prior to the Expiration Date
(as defined below) for a period of not less than twenty (20) Business Days; provided, that the Company shall provide at least three (3) days prior written notice of such reduction to registered holders of the Warrants and, provided further
that any such reduction shall be applied consistently to all of the Warrants. 
 3.2 Duration of Warrants. A Warrant may be exercised
only during the period commencing on the later of thirty (30) days from the date the Company completes a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination with one or more
businesses or entities (“Business Combination”) (as described more fully in the Registration Statement) and twelve (12) months from the date of the closing of the Public Offering, and terminating on the earlier to occur of
(i) at 5:00 p.m., New York City time on the date that is five years from the date the Company consummates its initial Business Combination, (ii) other than with respect to the Private Warrants and Working Capital Warrants then held by the
initial recipients thereof or their respective Permitted Transferees with respect to a redemption pursuant to Section 6.1.1 hereof (an “Inapplicable Redemption”), at 5:00 p.m., New York City time on the Redemption Date, as
provided in Section 6.2 of this Agreement and (iii) the liquidation of the Company (“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 or a valid exemption therefrom being available. The period of time from the date the Warrants will first become exercisable until the expiration of the
Warrants shall hereafter be referred to as the “Exercise Period.” Except with respect to the right to receive the $18.00 Redemption Price or the $10.00 Redemption Price (as set forth in Section 6 hereunder), as applicable
(other than with respect to an Inapplicable Redemption), each Warrant (other than a Private Warrant or Working Capital Warrant in the event of an 

  
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Inapplicable Redemption) not exercised on or before the Expiration Date shall become void, and all rights thereunder and all rights in respect thereof under this Agreement shall cease at 5:00
p.m., New York City time on the Expiration Date. The Company in its sole discretion may extend the duration of the Warrants by delaying the Expiration Date; provided, however, that the Company shall provide at least twenty (20) days prior
written notice of any such extension to registered holders and, provided further that any such extension shall be applied consistently to all of the Warrants. 

3.3 Exercise of Warrants. 

3.3.1 Payment. Subject to the provisions of the Warrant and this Agreement, a Warrant, when countersigned by the Warrant Agent (if
certificated in physical form), may be exercised by the registered holder thereof by surrendering it, at the office of the Warrant Agent, or at the office of its successor as Warrant Agent, in the Borough of Manhattan, City and State of New York
(or, in the case of a Warrant represented by a book-entry, the Warrants to be exercised 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), with the subscription form, as set forth in the Warrant, duly executed (or, in the case of a Warrant represented by a book-entry, properly delivered by the Participant in accordance with the Depositary’s
procedures), and by paying in full the Warrant Price for each share of Common Stock as to which the Warrant is exercised and any and all applicable taxes due in connection with the exercise of the Warrant, as follows: 

(a) in lawful money of the United States, by good certified check or good bank draft payable to the order of the Warrant Agent
or wire transfer; or 
 (b) in the event of redemption pursuant to Section 6.1.1 hereof in which the Company’s
management has elected to require all holders of Warrants to exercise such Warrants on a “cashless basis,” by surrendering the Warrants for that number of shares of Common Stock equal to the quotient obtained by dividing
(x) the product of the number of shares of Common Stock underlying the Warrants, multiplied by the excess of the “Fair Market Value” (defined below) over the Warrant Price by (y) the Fair Market Value; provided, however,
that no cashless exercise shall be permitted unless the Fair Market Value is equal to or higher than the Warrant Price. Solely for purposes of this Section 3.3.1(b) and Section 6.1.2, the “Fair Market Value” shall mean the
average reported closing price of the Common Stock for the ten (10) trading days ending on the third trading day prior to the date on which the notice of exercise is received by the Warrant Agent or on which the notice of redemption is sent to
holders of the Warrants pursuant to Section 6 hereof; or 
 (c) with respect to any Private Warrants or Working Capital
Warrants, so long as such Private Warrants or Working Capital Warrants are held by the initial recipients or their Permitted Transferees, by surrendering such Private Warrants or Working Capital Warrants for that number of shares of Common Stock
equal to the quotient obtained by dividing (x) the product of the number of shares of Common Stock underlying the Warrants, multiplied by the excess of the “Private Warrant Fair Market Value” (defined below) over the Warrant
Price by (y) the Private Warrant Fair Market Value; provided, however, that no cashless exercise shall be permitted unless the Private Warrant Fair Market Value is equal to or higher than the Warrant Price. Solely for purposes of this
Section 3.3.1(c), the “Private Warrant Fair Market Value” shall mean the average closing price of the Common Stock for the ten (10) trading days ending on the third trading day prior to the date on which the notice of
exercise is sent to the Warrant Agent; or 
 (d) at any time beginning on the sixty-first (61st) Business Day after the
closing of the Company’s initial Business Combination if the registration statement required by Section 7.4 hereof is not then effective and current, by surrendering such 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 Warrant Price over the “Fair Market Value” by (y) the
Fair Market Value and (B) 0.361; provided, however, that no cashless exercise shall be permitted unless the Fair Market Value is equal to or higher than the Warrant Price. Solely for purposes of this Section 3.3.1(d), the “Fair Market
Value” shall mean the volume weighted average price of the Common Stock for the ten (10) trading days ending on the trading day prior to the date on which the notice of exercise is received by the Warrant Agent; or 

  
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 (e) as provided in Section 7.5; or 

(f) as provided in Section 6.1.2. 

3.3.2 Issuance of Shares of Common Stock. As soon as practicable after the exercise of any Warrant and the clearance of the funds in
payment of the Warrant Price (if any), the Company shall issue to the registered holder of such Warrant a certificate or certificates, or book entry position, as applicable, for the number of shares of Common Stock to which he, she or it is
entitled, registered in such name or names as may be directed by him, her or it, and if such Warrant shall not have been exercised in full, a new countersigned Warrant, or book entry position, as applicable, for the number of shares as to which such
Warrant shall not have been exercised. Notwithstanding the foregoing, in no event will the Company be required to net cash settle the Warrant exercise. 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 underlying the Warrants is then
effective and a prospectus relating thereto is current, subject to the Company’s satisfying its obligations under Section 7.4 or a valid exemption from registration being available. No Warrant shall be exercisable for cash and the Company
shall not be obligated to issue shares of Common Stock upon exercise of a Warrant unless the Common Stock issuable upon such Warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state 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. Warrants may not be exercised by, or securities issued to, any registered holder in any state in which such exercise or issuance would be unlawful. 

3.3.3 Valid Issuance. All shares of Common Stock issued upon the proper exercise of a Warrant in conformity with this Agreement shall be
validly issued, fully paid and nonassessable. 
 3.3.4 Date of Issuance. Each person in whose name any book entry position or
certificate for shares of Common Stock is issued shall for all purposes be deemed to have become the holder of record of such shares on the date on which the Warrant, or book entry position representing such Warrant, was surrendered and payment of
the Warrant Price was made, irrespective of the date of delivery of such certificate 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 at the close of business on the next succeeding date on which the share transfer books or book entry system are open. 

3.3.5 Maximum Percentage. A holder of a Warrant may notify the Company in writing in the event it elects to be subject to the provisions
contained in this subsection 3.3.5; however, no holder of a Warrant shall be subject to this subsection 3.3.5 unless he, she or it makes such election. If the election is made by a holder, the Warrant Agent shall not 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 4.9% or 9.8% (or such other amount as a 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

  
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owned by such person and its affiliates and (y) exercise or conversion of the unexercised or unconverted portion of any other securities of the Company beneficially owned by such person and
its affiliates (including, without limitation, any convertible notes or convertible preferred stock or warrants) subject to a limitation on conversion or exercise analogous to the limitation contained herein. Except as set forth in the preceding
sentence, for purposes of this paragraph, beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). For purposes of the Warrant, in
determining the number of outstanding shares of Common Stock, the holder may rely on the number of outstanding shares of Common Stock as reflected in (1) the Company’s most recent Annual Report on Form
10-K, Quarterly Report on Form 10-Q, Current Report on Form 8-K or other public filing with the SEC as the case may be,
(2) a more recent public announcement by the Company or (3) any other notice by the Company or the Company’s 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; Split Ups. If after the date hereof, and subject to the provisions of Section 4.6 below, the number of
outstanding shares of Common Stock is increased by a stock dividend payable in shares of Common Stock, or by a split up of shares of Common Stock, or other similar event, then, on the effective date of such stock dividend, split up or similar event,
the number of shares of Common Stock issuable on exercise of each Warrant shall be increased in proportion to such increase in outstanding shares of Common Stock. 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) and (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, (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. 
 4.2 Aggregation of Shares. If after the date hereof, the number of outstanding
shares of Common Stock is decreased by a consolidation, combination, reverse stock split or reclassification of shares of Common Stock or other similar event, then, on the effective date of such consolidation, combination, reverse stock split,
reclassification or similar event, the number of shares of Common Stock issuable on exercise of each Warrant shall be decreased in proportion to such decrease in outstanding shares of Common Stock. 

4.3 Extraordinary Dividends. If the Company, at any time while the Warrants are outstanding and unexpired, shall pay a dividend or make
a distribution in cash, securities or other assets to the holders of the shares of Common Stock on account of such shares of Common Stock (or other shares of the Company’s capital stock into which the Warrants are convertible) (an
“Extraordinary Dividend”), then the Warrant Price shall be decreased, effective immediately after the effective date of such Extraordinary Dividend, by the amount of cash and/or the fair market value (as determined by the
Company’s Board of Directors, in good 

  
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faith) of any securities or other assets paid on each share of Common Stock in respect of such Extraordinary Dividend; provided, however, that none of the following shall be deemed an
Extraordinary Dividend for purposes of this provision: (a) any adjustment described in subsection 4.1 above, (b) any cash dividends or cash distributions which, when combined on a per share basis with the per-share amount 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 to the extent it does not exceed $0.50 (as adjusted to appropriately reflect any of the events referred to in other subsections of this Section 4 and excluding cash dividends or cash distributions that resulted in an adjustment to
the Warrant Price or to the number of shares of Common Stock issuable on exercise of each Warrant) but only with respect to the amount of the aggregate cash dividends or cash distributions equal to or less than $0.50 per share, (c) any payment
to satisfy the redemption rights of the holders of the Common Stock in connection with a proposed initial Business Combination, (d) any payment to satisfy the redemption rights of the holders of the Common Stock in connection with a stockholder
vote to amend the Company’s amended and restated certificate of incorporation (i) to modify the substance or timing of the Company’s obligation to allow redemption in connection with the Company’s initial Business Combination or
in connection with certain amendments to the Company’s Amended and Restated Certificate of Incorporation prior thereto or to redeem 100% of the shares of Common Stock included in the Units sold in the Offering if the Company has not completed
its initial Business Combination within the time period set forth in the Company’s Amended and Restated Certificate of Incorporation or (ii) with respect to any other provision relating to stockholders’ rights or pre-initial Business Combination activity, or (e) any payment in connection with the redemption of the shares of Common Stock included in the Units sold in the Offering upon the failure of the Company to
complete its initial Business Combination and any subsequent distribution of its assets upon its liquidation. Solely for purposes of illustration, if the Company, at a time while the Warrants are outstanding and unexpired, pays a cash dividend of
$0.35 and previously paid an aggregate of $0.40 of cash dividends and cash distributions on the Common Stock during the 365-day period ending on the date of declaration of such $0.35 dividend, then the Warrant
Price will be decreased, effectively immediately after the effective date of such $0.35 dividend, by $0.25 (the absolute value of the difference between $0.75 (the aggregate amount of all cash dividends and cash distributions paid or made in such 365-day period, including such $0.35 dividend) and $0.50 (the greater of (x) $0.50 and (y) the aggregate amount of all cash dividends and cash distributions paid or made in such
365-day period prior to such $0.35 dividend)). 
 4.4 Adjustments in Exercise Price. 

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

4.4.2 If (i) the Company issues additional shares of Common Stock or equity-linked securities 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 (as adjusted for stock splits, stock dividends, rights issuances, subdivisions, reorganizations,
recapitalizations and the like), 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 or its affiliates, without taking into account any founder
shares (as defined in the Prospectus) held by the initial stockholders or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (ii) the aggregate gross proceeds from such issuances represent more than
60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the consummation thereof (net of redemptions) and (iii) the volume weighted average trading price of the Common
Stock during the 20 trading day period starting on the trading day after the day on which the Company consummates the initial Business Combination (such price, the “Market Value”) is below $9.20 per share (as adjusted for stock
splits, stock dividends, rights issuances, subdivisions, reorganizations, recapitalizations and the like), the Warrant Price shall be adjusted (to the nearest cent) to be equal to 115% of the greater of the Market Value and the Newly Issued Price
and the $10.00 Redemption Trigger Price and $18.00 Redemption Trigger Price shall be adjusted (to the nearest cent) to equal to 100% and 180% of the greater of the Market Value and the Newly Issued Price, respectively. 

  
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 4.5 Replacement of Securities upon Reorganization, etc. In case of any
reclassification or reorganization of the outstanding shares of Common Stock (other than a change covered by Section 4.1, 4.2 or 4.3 hereof or that solely affects the par value of the Common Stock), or in the case of any merger or consolidation
of the Company with or into another corporation (other than a consolidation or merger in which the Company is the continuing corporation and that does not result in any reclassification or reorganization of the outstanding Common Stock), or in the
case of any sale or conveyance to another corporation or entity of the assets or other property of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the Warrant holders shall thereafter
have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants and in lieu of the shares of Common Stock of the Company immediately theretofore purchasable and receivable upon the exercise of the
rights represented thereby, the kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or
transfer, that the Warrant holder would have received if such Warrant holder had exercised his, her or its Warrant(s) immediately prior to such event (the “Alternative Issuance”); provided, that if less than 70% of the consideration
receivable by the holders of the Common Stock in the applicable event is payable in the form of common stock in the successor entity that is listed for trading on a national securities exchange or is quoted in an established over-the-counter market, or is to be so listed for trading or quoted immediately following such event, and if the Registered Holder properly exercises the Warrant within
thirty (30) days following the public disclosure of the consummation of such applicable event by the Company pursuant to a Current Report on Form 8-K filed with the Commission, the Warrant Price shall be
reduced by an amount (in dollars) (but in no event less than zero) 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) minus (B) the
Black-Scholes Warrant Value (as defined below). The “Black-Scholes Warrant Value” means the value of a Warrant immediately prior to the consummation of the applicable event based on the Black-Scholes Warrant Model for a Capped
American Call on Bloomberg Financial Markets (“Bloomberg”). For purposes of calculating such amount, (1) Section 6 of this Agreement shall be taken into account, (2) the price of each share of Common Stock shall be
the volume weighted average price of the Common Stock as reported during the ten (10) trading day period ending on the trading day prior to the effective date of the applicable event, (3) the assumed volatility shall be the 90 day
volatility obtained from the HVT function on Bloomberg determined as of the trading day immediately prior to the day of the announcement of the applicable event, and (4) the assumed risk-free interest rate shall correspond to the U.S. Treasury
rate for a period equal to the remaining term of the Warrant. “Per Share Consideration” means (i) if the consideration paid to holders of the Common Stock consists exclusively of cash, the amount of such cash per share of
Common Stock, and (ii) in all other cases, the volume weighted average price of the Common Stock as reported during the ten (10) trading day period ending on the trading day prior to the effective date of the applicable event. If any
reclassification also results in a change in the Common Stock covered by Section 4.1, 4.2 or 4.3, then such adjustment shall be made pursuant to Sections 4.1, 4.2, 4.3, 4.4 and this Section 4.5. The provisions of this Section 4.5
shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers. In no event will the Warrant Price be reduced to less than the par value per share issuable upon exercise of the Warrant.

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

  
 8 

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

4.8 Form of Warrant. The form of Warrant need not be changed because of any adjustment pursuant to this Section 4, and Warrants
issued after such adjustment may state the same Warrant Price and the same number of shares as is stated in the Warrants initially issued pursuant to this Agreement. However, the Company may at any time in its sole discretion make any change in the
form of Warrant that the Company may deem appropriate and that does not affect the substance thereof, and any Warrant thereafter issued or countersigned, whether in exchange or substitution for an outstanding Warrant or otherwise, may be in the form
as so changed. 
 4.9 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; provided, however, that under no
circumstances shall the Warrants be adjusted pursuant to this Section 4.9 as a result of any issuance of securities in connection with a Business Combination. The Company shall adjust the terms of the Warrants in a manner that is consistent
with any adjustment recommended in such opinion. 
 4.10 No Adjustment. For the avoidance of doubt, no adjustment shall be made to the
terms of the Warrants solely as a result of an adjustment to the conversion ratio of the Class B common stock of the Company (the “Class B Common Stock”) into Common Stock or the conversion of the
Class B Common Stock into Common Stock, in each case, pursuant to the Company’s amended and restated certificate of incorporation, as amended from time to time. 

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

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

  
 9 

 5.3 Fractional Warrants. The Warrant Agent shall not be required to effect any
registration of transfer or exchange which will result in the issuance of a warrant certificate or book-entry position for a fraction of a warrant, 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. 
 5.6 Private Warrants and Working Capital Warrants. The Warrant Agent shall not register any transfer of
Private Warrants or Working Capital Warrants until 30 days after the consummation by the Company of an initial Business Combination, except (a) to the Company’s officers or directors, any affiliate or family member of any of the
Company’s officers or directors, any affiliate of the Sponsor or to any member of the Sponsor or any of their members or affiliates, (b) in the case of an individual, transfers by gift to a member of the individual’s immediate family,
to a trust, the beneficiary of which is a member of the individual’s immediate family or an affiliate of such person, or to a charitable organization; (c) in the case of an individual, transfers by virtue of laws of descent and
distribution upon death of the individual; (d) in the case of an individual, transfers pursuant to a qualified domestic relations order; (e) transfers by private sales or transfers made in connection with any forward purchase agreement or
similar arrangement or in connection with the consummation of a Business Combination at prices no greater than the price at which the Warrants were originally purchased; (f) in the case of an entity, transfers by virtue of the laws of its
jurisdiction or operating agreement upon dissolution; (g) transfers in the event of the Company’s liquidation prior to the completion of its initial Business Combination; or (h) in the event of the Company’s 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 our completion
of the Company’s initial Business Combination; provided, however, that in the case of clauses (a) through (f) these permitted transferees (the “Permitted Transferees”) must enter into a written agreement agreeing to be
bound by these transfer restrictions and the other restrictions contained in the letter agreement, dated as of the date hereof, by and among the Company, the Sponsor and the Company’s directors and officers and by the same agreements entered
into by the Sponsor with respect to such securities (including provisions relating to voting, the trust account and liquidation distributions described in the Prospectus). 

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

6. Redemption. 
 6.1 Redemption.
Subject to Section 6.4 hereof, not less than all of the outstanding Warrants may be redeemed, at the option of the Company, as follows: 

6.1.1 Redemption when the Price Per Share of Common Stock Equals or Exceeds $18.00. The Company may redeem all of the outstanding
Warrants at any time during the Exercise Period, at the office of the Warrant Agent, upon the notice referred to in Section 6.2, at the price of $0.01 per Warrant (the “$18.00 Redemption Price”), provided that the closing price
of the Common Stock equals or exceeds $18.00 per share (subject to adjustment in accordance with Section 4 hereof) (the “$18.00 Redemption Trigger Price”), for any 10 trading days within a
20-trading day period ending on the third trading day prior to the date on which notice of redemption is sent and provided that there is an effective registration statement covering the issuance of the shares
of Common Stock issuable upon exercise of the Warrants, and a current prospectus relating thereto, available throughout the 30-day redemption period or the Company has elected to require the exercise of the
Warrants on a “cashless basis” pursuant to subsection 3.3.1(b). 

  
 10 

 6.1.2 Redemption when the Price Per Share of Common Stock Equals or Exceeds $10.00.
The Company may redeem all of the outstanding Warrants once the Warrants become exercisable, at the office of the Warrant Agent, upon the notice pursuant to Section 6.2, at the price of $0.10 per Warrant (the “$10.00 Redemption
Price”), if and only if (i) the closing price of the Common Stock equals or exceeds $10.00 per share (subject to adjustment in accordance with Section 4 hereof) (the “$10.00 Redemption Trigger Price”), for any 10
trading days within a 20-trading day period ending on the third trading day prior to the date on which notice of redemption is sent, (ii) the Private Warrants and Working Capital Warrants, if any, are
also concurrently called for redemption on the same terms as described in this Section 6, and (iii) there is an effective registration statement covering the issuance of the shares of Common Stock issuable upon exercise of the Warrants and
a current prospectus relating thereto available throughout the thirty (30) day period after written notice of redemption is given (the “Redemption Period”). During the Redemption Period in connection with a redemption pursuant
to this Section 6.1.2, 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 the Company’s Common Stock to be
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” of the Company’s Common Stock (as defined
in Section 3.3.1(b)). 
  

																																					
	 Redemption Date
 (period
to
 expiration of
 warrants)
	  	Fair Market Value of Our Class A Common Stock	 
	  	£$10.00	 	  	$11.00	 	  	$12.00	 	  	$13.00	 	  	$14.00	 	  	$15.00	 	  	$16.00	 	  	$17.00	 	  	3$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	 

  
 11 

 The exact Fair Market Value and Redemption Date 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 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 0.365 shares of Common Stock per Warrant (subject to adjustment). 

6.2 Date Fixed for, and Notice of, Redemption. In the event the Company shall elect to redeem all of the Warrants that are subject to
redemption pursuant to Section 6.1, the Company shall fix a date for the redemption (the “Redemption Date”). Notice of redemption shall be mailed by first class mail, postage prepaid, by the Company not less than thirty
(30) days prior to the Redemption Date to the registered holders of the Warrants to be redeemed at their last addresses as they shall appear on the registration books. Any notice mailed in the manner herein provided shall be conclusively
presumed to have been duly given whether or not the registered holder received such notice. 
 6.3 Exercise After Notice of
Redemption. The Warrants may be exercised, for cash (or on a “cashless basis” in accordance with Section 6.1.2 of this Agreement or Section 3.3.1(b) of this Agreement) at any time after notice of redemption shall have
been given by the Company pursuant to Section 6.2 hereof and prior to the Redemption Date. In the event the Company determines to require all holders of Public Warrants to exercise their Warrants on a “cashless basis” pursuant
to Section 3.3.1(b), the notice of redemption will contain the information necessary to calculate the number of shares of Common Stock to be received upon exercise of the Warrants, including the “Fair Market Value” in such
case. On and after the Redemption Date, the record holder of the Warrants shall have no further rights except to receive, upon surrender of the Warrants, the Redemption Price. 

6.4 Exclusion of Certain Warrants. The Company agrees that the redemption rights provided in this Section 6 (excluding
Section 6.1.2) shall not apply to (i) the Private Warrants and Working Capital Warrants if at the time of the redemption such Private Warrants or Working Capital Warrants continue to be held by the initial recipients or their Permitted
Transferees or (ii) Post IPO Warrants if such warrants provide that they are non-redeemable by the Company. However, with respect to the Private Warrants or Working Capital Warrants, once such Private
Warrants or Working Capital Warrants are transferred (other than to Permitted Transferees under Section 5.6), the Company may redeem the Private Warrants and Working Capital Warrants in the same manner as the Public Warrants. 

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. 

  
 12 

 7.2 Lost, Stolen, Mutilated, or Destroyed Warrants. If any Warrant is lost, stolen,
mutilated, or destroyed, the Company and the Warrant Agent may on such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated Warrant, include the surrender thereof), issue a new Warrant of
like denomination, tenor, and date as the Warrant so lost, stolen, mutilated, or destroyed. Any such new Warrant shall constitute a substitute contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated, or destroyed
Warrant shall be at any time enforceable by anyone. 
 7.3 Reservation of Shares of 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 Shares of 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 reasonable best efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the issuance of the shares of
Common Stock issuable upon exercise of the Warrants. The Company shall use its reasonable best efforts to cause the same to become effective within sixty (60) Business Days after the closing of its initial Business Combination, and to maintain
the effectiveness of such registration statement until the expiration or redemption 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 SEC, and during any other period when the Company shall fail to have maintained an effective registration statement covering the shares of Common Stock issuable
upon exercise of the Warrants, to exercise such Warrants on a “cashless basis” as determined in accordance with Section 3.3.1(d). The Company shall, upon request by the Warrant Agent, 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 Section 7.4 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 U.S. 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 Section 7.5, 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. 
 7.5
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 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 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
for sale the Common Stock issuable upon exercise of the Public Warrants under the blue sky laws of the state of residence of the exercising Public Warrant holder to the extent an exemption is not available. 

8. Concerning the Warrant Agent and Other Matters. 

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

  
 13 

 8.2 Resignation, Consolidation, or Merger of Warrant Agent. 

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

  
 14 

 8.4.2 Indemnity. The Warrant Agent shall be liable hereunder only for its own fraud,
gross negligence, willful misconduct or bad faith. The Company agrees to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments,
out-of-pocket costs and reasonable outside counsel fees, for anything done or omitted by the Warrant Agent in the execution of this Agreement except as a result of the
Warrant Agent’s fraud, gross negligence, willful misconduct or bad faith. 
 8.4.3 Exclusions. The Warrant Agent shall have no
responsibility with respect to the validity of this Agreement or with respect to the validity or execution of any Warrant (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or condition
contained in this Agreement or in any Warrant; nor shall it be responsible to make any adjustments required under the provisions of Section 4 hereof or responsible for the manner, method, or amount of any such adjustment or the ascertaining of
the existence of facts that would require any such adjustment; nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any shares of Common Stock to be issued pursuant to this
Agreement or any Warrant or as to whether any shares of Common Stock will, when issued, be valid and fully paid and nonassessable. 
 8.5
Acceptance of Agency. The Warrant Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon the terms and conditions herein set forth and among other things, shall account promptly to the Company with
respect to Warrants exercised and concurrently account for, and pay to the Company, all monies received by the Warrant Agent for the purchase of shares of Common Stock through the exercise of Warrants. 

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: 
 Advanced Merger Partners, Inc.

 c/o Saddle Point Management, L.P. 

555 West 57th Street, Suite 1326 

New York, NY 10019 
 Attn: Roy J.
Katzovicz 
 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 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 
 New York, New
York 10004 
 Attn: Compliance Department 
 with
a copy in each case to: 
 Greenberg Traurig, LLP 

1750 Tysons Boulevard 
 Suite 1000

 McLean, VA 22102 
 Attn: Alan
I. Annex, Esq. and Jason T. Simon, Esq. 

  
 15 

 and 

Goldman Sachs & Co. LLC 

200 West Street, 
 New York, New
York 10282-2198 
 Attn: General Counsel 
 and

 Ropes & Gray LLP 

1211 Avenue of the Americas 
 New
York, NY 10036 
 Attn: Paul D. Tropp, Esq. and Christopher Capuzzi, Esq. 

9.3 Applicable Law. The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed in all
respects by the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim
against it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York, and irrevocably submits to such
jurisdiction (which jurisdiction shall be non-exclusive). The Company hereby waives any objection that such courts represent an inconvenient forum. Any such process or summons to be served upon the Company may
be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 9.2 hereof. Such mailing shall be deemed personal service and shall be
legal and binding upon the Company in any action, proceeding or claim. 
 9.4 Persons Having Rights under this Agreement. Nothing in
this Agreement expressed and nothing that may be implied from any of the provisions hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto and the registered holders of the
Warrants and, for the purposes of Sections 7.4, 9.4 and 9.8 hereof, the Representative, any right, remedy, or claim under or by reason of this Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. The
Representative shall be deemed to be a third-party beneficiary of this Agreement with respect to Sections 7.4, 9.4 and 9.8 hereof. All covenants, conditions, stipulations, promises, and agreements contained in this Agreement shall be for the
sole and exclusive benefit of the parties hereto (and the Representative with respect to the Sections 7.4, 9.4 and 9.8 hereof) and their successors and assigns and of the registered holders of the Warrants. 

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

9.6 Counterparts. This Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall
for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. 
 9.7
Effect of Headings. The section headings herein are for convenience only and are not part of this Agreement and shall not affect the interpretation thereof. 

9.8 Amendments. This Agreement may be amended by the parties hereto without the consent of any registered holder (i) for the
purpose of curing any ambiguity or to correct any mistake including to conform the provisions hereof to the description of the terms of the Warrants and this Agreement set forth in the Prospectus, or of curing, correcting or supplementing any
defective provision contained herein or adding or changing any other provisions with respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable and that the parties deem shall not adversely affect the
interest of the 

  
 16 

 
registered holders and (ii) to provide for the delivery of Alternative Issuance pursuant to Section 4.4. All other modifications or amendments, including any modification or amendment
to increase the Warrant Price or shorten the Exercise Period, shall require the written consent or vote of the registered holders of at least 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 Trust Account Waiver. The Warrant Agent acknowledges and agrees that it shall not make any claims or proceed against the trust
account established by the Company in connection with the Public Offering (as more fully described in the Registration Statement) (“Trust Account”), including by way of set-off, and shall not
be entitled to any funds in the Trust Account under any circumstance. In the event that the Warrant Agent has a claim against the Company under this Agreement, the Warrant Agent will pursue such claim solely against the Company and not against the
property held in the Trust Account. 
 9.10 Severability. This Agreement shall be deemed severable, and the invalidity or
unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties
hereto intend that there shall be added as a part of this Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable. 

[Signature Page Follows] 

  
 17 

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

			
	ADVANCED MERGER PARTNERS, INC.
		
	By:	 	  

		 	Name: Roy J. Katzovicz
		 	Title: Chief Executive Officer
	
	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
		
	By:	 	  

		 	Name:
		 	Title:

 [Signature Page to Warrant Agreement]by-ex101_15.htm

Exhibit 10.1

 

February 19, 2021

 

Roberto R. Herencia
Byline Bancorp, Inc. and Byline Bank
180 N. LaSalle St.,Suite 300
Chicago, IL 60601

	
 
	
Re:
	
Employment Terms 
	
 

Dear Roberto:

On behalf of the Board of Directors of each of Byline Bancorp, Inc., a Delaware corporation (the “Holding Company”), and Byline Bank, an Illinois chartered bank (the “Bank”), (the “Holding Company Board” and the “Bank Board”, respectively), I am pleased to confirm your employment with the Holding Company and Bank on the terms set forth in this letter (this “Agreement”), effective as of February 12, 2021.  As used herein, “Company” shall refer collectively to the Holding Company and Bank such that references to your employment by the Company or to your duties or obligations to the Company shall include your duties and obligations to the Holding Company and Bank, as applicable, and references in this Agreement to the Company’s obligations to provide compensation or make payments to you shall include obligations of the Holding Company and Bank to pay or provide, or to cause to be paid or provided, in either case without duplication, such compensation or payments to you.  Capitalized terms used in this Agreement shall have the meanings ascribed to such terms in the body of this Agreement or the attachment hereto. 

1.Term.  The term of this Agreement commences upon your written acceptance below and will expire on the third anniversary of your acceptance date; provided, the term will automatically renew on such date for one (1) year, and for one (1) year on each subsequent anniversary of such date thereafter, unless at any time not less than one hundred twenty (120) days prior to the end of such term either the Company or you notify the other in writing of the intention not to further extend the term; provided further, (a) the term of this Agreement shall terminate on any termination of your employment and (b) upon the occurrence of a Change in Control (as defined on the Attachment) the term of this Agreement shall renew for the period expiring on the second anniversary of such Change in Control and shall automatically renew for one (1) year on each subsequent anniversary of such date thereafter, unless at any time not less than one hundred twenty (120) days prior to the end of such term either the Company or you notify the other in writing of the intention not to further extend the term.  The period under this Section 1, as may be so renewed, is referred to herein as the “Term”.  Absent a written agreement by the parties to the contrary, upon the expiration of the Term, this Agreement (all rights and obligations herein) will terminate (except for those provisions that specifically survive) and your employment will continue thereafter at-will.

			
	
 
	
 
	
 

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2.Position; Principal Place of Employment.  You will be the executive Chairman and Chief Executive Officer of the Holding Company, reporting to the Holding Company Board, the executive Chairman of the Bank Board and an employee of the Bank.  Your principal place of employment will be at the Company’s corporate offices designated from time to time by you.  Your duties shall be as may be prescribed by the by-laws of the Holding Company and Bank, and as may be assigned by the Holding Company Board from time to time commensurate with your positions.  During your employment, you owe an undivided duty of loyalty to the Company and, except as provided below, agree to devote your full business time and attention to the performance of your duties and responsibilities.  You shall perform your duties under this Agreement professionally, in accordance with the applicable laws, rules and regulations and such standards, policies and procedures established by the Company and the banking industry from time to time.  You may serve on charitable boards or committees at your discretion, and may continue to serve on the board of directors of First Bancorp, Inc., First Bank Puerto Rico, Banner Corporation and Banner Bank, and, in addition, on other public company boards with prior notice to the Holding Company Board, so long as such activities do not interfere materially with performance of your responsibilities hereunder.  In addition, you are subject to the Company’s codes of ethics or similar policies which you are advised are applicable to you and all such other activities are subject to the principles thereunder not to engage in any activity that may, in the sole discretion of the Board, be determined to be a conflict of interest.  You agree to serve without additional compensation as a member of the board of directors and as an officer and/or director of any of the Company’s subsidiaries as the Holding Company Board may request.

3.Base Salary.  You will be paid a base salary at an annual rate of $825,000 (the “Base Salary”), subject to applicable withholdings and payable in accordance with the regular payroll practices of the Bank.  The Base Salary is effective as of January 1, 2021 and your first paycheck will include a catch-up amount back to such date.  The amount of the Base Salary may be increased, but not decreased from time to time in accordance with the amounts of salary approved by the Holding Company Board or a committee thereof (without limiting the applicability of Section 7(c) pursuant to a voluntary termination for Good Reason).  In order to effectuate the purpose of the preceding sentence, the amount of the Base Salary shall be reviewed by such committee or the Holding Company Board at least every year during the term of this Agreement.

4.Annual Incentive.  You will be eligible to participate in the Company’s Executive Incentive Plan (the “EIP”) as in effect from time to time.  Under the EIP, you will have the opportunity to earn an annual target cash bonus of 75% of your Base Salary (or such other percentage as the Holding Company Board or a committee thereof may establish from time to time), in accordance with the terms thereof, based upon your achievement of applicable performance objectives as determined in the sole discretion of the Holding Company Board (or a committee thereof).  Your annual bonus, to the extent earned under the EIP, will be paid not later than March 31 of the fiscal year following the fiscal year of performance.  You will not be entitled to a bonus for any particular year unless you are employed on the date such bonus is paid (unless otherwise provided herein or in the EIP).

5.Long-Term Incentive Program.  (a) You will be eligible to receive long-term incentive (“LTI”) awards annually under the Holding Company’s 2017 Omnibus Incentive Compensation Plan and any successor or replacement plan (the “2017 Plan”).  You will have an 

			
	
 
	
 
	
 

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Roberto R. Herencia
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annual LTI award target equal to 85% of your Base Salary.  Your annual LTI award will be made at the same time and subject to the same terms and conditions as the annual LTI awards are made to other senior officers of the Company.

(a)On the date hereof you will be awarded a sign-on restricted stock award under the 2017 Plan.  The number of shares of restricted stock will be equal to $2,062,500 divided by the closing price reported for the Holding Company’s common stock by the New York Stock Exchange on the date hereof.  The restricted stock award shall be evidenced by an award agreement substantially in the Company’s customary form for such award agreements and shall vest in equal installments on each of December 31, 2021, December 30, 2022 and December 29, 2023, respectively.

6.Employee Benefits; Vacation; Expenses; Non-Employee Director Compensation.  

(a)You will be entitled to participate in all employee benefit plans that the Company has adopted or may adopt, maintain or contribute to for the benefit of its employees, subject to satisfying the applicable eligibility requirements.  Unless otherwise provided in this Agreement, all benefits are subject to the terms and conditions of the plan or arrangement under which such benefits accrue, as may be amended or terminated at any time and from time to time in the sole discretion of the Company.

(b)You will be entitled to annual paid time off in accordance with the Company’s policy applicable to senior executives, but in no event less than four (4) weeks per calendar year (prorated for any partial calendar year of employment).

(c)You will be entitled to a benefit at Company expense that pays upon your death a lump sum cash amount equal to $750,000.  The Company may provide this benefit, in its sole discretion, through its purchase of a life insurance policy, in which event you will fully cooperate with any physical examination and other underwriting requirements to obtain such life insurance.  The Company will deduct any applicable tax withholdings from other compensation due to you or from the proceeds of such benefit, as may apply.

(d)During the Term, the Company shall pay or reimburse you for the monthly dues (but not any capital assessments) of membership in one social and one business club selected at your reasonable discretion.

(e)Upon presentation of appropriate documentation, you will be reimbursed in accordance with the Company’s expense reimbursement policy for all reasonable and necessary business expenses (including your cell phone expenses) incurred in connection with the performance of your duties hereunder.  You will also be paid a car allowance of $750 per month.

(f)You agree that you are not entitled to receive any compensation under the Holding Company’s Non-Employee Director Compensation Program for periods after December 31, 2020; provided, however, that you will be entitled to receive the $200,000 special incentive installment payment attributable to service in 2020 that is payable in March 2021.

			
	
 
	
 
	
 

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(g)You will be reimbursed for reasonable professional fees (attorneys, accountants, tax advisers) incurred by you in the preparation, negotiation and execution of this Agreement (and other agreements referenced herein) in an amount not to exceed $10,000.

7.Termination; Change in Control.  Your employment may be terminated by the Company or you for any reason at any time pursuant to written notice, and will terminate automatically on your death; provided, you shall give the Company not less than 30 days’ prior written notice of any termination by you, with or without Good Reason.  Any payments made and benefits provided to you under this Agreement will be in lieu of any termination or severance payments or benefits for which you (or your estate in the event of your death) otherwise may be eligible under any of the plans, practices, policies or programs of the Company or its affiliates.  If termination occurs at a time when the Bank is deemed to be in troubled condition by the Federal Deposit Insurance Corporation (the “FDIC”) and is subject to the FDIC’s golden parachute regulations under 12 C.F.R. Part 359, the payments referenced in this Section 7 shall be subject to prior regulatory approval.

(a)Death; Disability.  In the event that your employment terminates due to your death or Disability, you will be entitled to: (i) any unpaid Base Salary, and any unused paid time off, accrued through the date of termination, payable as promptly as practicable after your employment terminates; (i) reimbursement of any unreimbursed expenses incurred through the date of termination in accordance with Section 6(e), payable as promptly as practicable after your employment terminates; and (iii) all other payments or benefits to which you may be entitled under the terms of any applicable employee benefit plans and programs in which you participated immediately prior to such termination (clauses (i), (ii) and (iii) collectively being the “Accrued Amounts”).  On such termination, you will also be entitled to (iv) any unpaid EIP bonus earned with respect to any fiscal year ending on or preceding the date of termination (“Unpaid EIP”); and (v) a pro rata portion of your EIP bonus for the fiscal year in which your termination occurs, payable at the time that EIP bonuses are paid to other senior executives for such year, in an amount equal to (x) the amount that you would have earned based upon actual performance had your employment continued through the end of the fiscal year multiplied by (y) a fraction the numerator of which is the number of days you were employed during the fiscal year and the denominator of which is 365 (“Pro Rata Bonus”). 

(b)Termination For Cause or Without Good Reason.  If your employment should be terminated by the Company for Cause or by you without Good Reason, you will be entitled to only the Accrued Amounts.

(c)Termination Without Cause or For Good Reason; Change in Control. 

(i)If your employment is terminated by the Company without Cause (and not due to Disability) or by you for Good Reason at any time during the Term (and not upon the expiration of the Term; provided that the expiration of the Term following the delivery by the Company of a notice of non-renewal of the Term in accordance with Section 1 shall be deemed to be a termination of your employment by the Company without Cause for purposes of this Agreement), other than on or following the occurrence of a Change in Control, the Company will pay or provide you: (A) the Accrued Amounts and any Unpaid EIP; (B) a Pro Rata Bonus; and (C) a cash amount equal to the sum of (I) the 

			
	
 
	
 
	
 

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Roberto R. Herencia
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Severance Amount plus (II) the Applicable COBRA Amount, which amount under this clause (C) will be payable in substantially equal installments in accordance with the Company’s regular payroll cycle over a period of twenty-four (24) months from your date of termination commencing on the first complete payroll payment date following the date that the Release (defined below) becomes effective.  The amount payable under clause (C) above will not be reduced or terminated due to compensation you may receive from any subsequent employment or self-employment. 

(ii)If your employment is terminated by the Company without Cause (and not due to Disability) or by you for Good Reason at any time during the Term (and not upon the expiration of the Term), and on or within two (2) years following the occurrence of a Change in Control, the Company (or its successor) will pay or provide you: (A) the Accrued Amounts and any Unpaid EIP;  (B) a Pro Rata Bonus; and (C) a cash amount equal to the sum of (I) the CIC Severance Amount plus (II) the Applicable COBRA Amount, which amount under this clause (C) will be payable in a lump sum within fifteen (15) days after the Release becomes effective.

(iii)Conditions.  Any payments or benefits made or provided pursuant to Section 7(c)(i) or (ii), as the case may be, other than Accrued Amounts, are subject to your (A) compliance with the Agreement Protecting Company Interests (as provided at Section 8 hereof); (B) delivery to the Company of an executed general release of claims in a form substantially identical to the form of release attached hereto as Exhibit A (“Release”) within forty-five (45) days of presentation thereof by the Company to you; and (C) if such payments are due in connection with a termination of your employment, delivery to the Company of a resignation from all offices, directorships and fiduciary positions with the Company, its affiliates and employee benefit plans.  Anything in this Section 7(c) to the contrary notwithstanding, to the extent that any payment conditioned upon such effective Release is deferred compensation under Section 409A (defined below) and the period during which you have discretion to execute or revoke the Release straddles two calendar years, then, to the extent required to avoid accelerated taxation and/or tax penalties under Section 409A, the Company will make or commence, as may apply, such payments on the earliest practicable date in such second year after the Release becomes effective.

(iv)Except as provided herein, you will not be obligated to mitigate amounts payable or arrangements made under the provisions of this Agreement and the obtaining of other employment shall in no event effect any reduction of the Company’s obligations under this Agreement.  Except as provided herein, the Company’s obligation to make payments provided for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense or other claim, right or action which the Company may have against you or others.

(d)Long Term Incentive Awards.  The terms of the applicable award agreement shall govern the treatment of your LTI awards under the Holding Company’s 2017 Plan upon a termination of your employment for any reason.

 

			
	
 
	
 
	
 

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8.Agreement Protecting Company Interests.  As a condition of the Company entering into this Agreement and your continuing employment hereunder, you have or will enter into the Company’s standard form of Agreement Protecting Company Interests, with a “Restriction Period” thereunder of eighteen (18) months.  The Agreement Protecting Company Interests and the covenants thereunder will survive any expiration of this Agreement or termination of your employment.

9.Possible Reduction to Avoid Excise Tax on Golden Parachute Payments.  In the event that any amounts payable pursuant to Section 7 hereof or other payments or benefits otherwise payable to you under this Agreement or under any other agreement, plan or program or otherwise payable to you by the Company or an affiliate thereof (a) constitute “parachute payments” within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (“Code”), and (b) but for this Section 9 would be subject to the excise tax imposed by Section 4999 of the Code, then such amounts payable under this Agreement and under such other plans, programs and agreements shall be either (i) delivered in full, or (ii) delivered in such lesser amount that would result in no portion of such payments and benefits being subject to excise tax under Section 4999 of the Code, whichever of the foregoing amounts under clause (i) or clause (ii), taking into account the applicable federal, state and local income and employment taxes and the excise tax imposed by Section 4999 of the Code (and any equivalent state or local excise taxes), results in the receipt by you, on an after-tax basis, of the greatest amount of payments and benefits, notwithstanding that all or some portion of such benefits may be taxable under Section 4999 of the Code.  To the extent required to avoid accelerated taxation and/or tax penalties under Section 409A, any reduction in payments or benefits required by this Section 9 shall occur in the following order: (1) any long-term cash incentive payments due to you upon the occurrence of the event triggering such parachute payments, (2) cash severance pay, (3) any Pro Rata Bonus, and (4) reduction of vesting acceleration of equity awards (in reverse order of the date of the grant).  All determinations required to be made under this Section 9 shall be made by the Company’s independent tax preparer or, if the Company in its sole discretion determines not to use such tax preparer, such other nationally or regionally recognized certified public accounting firm selected by the Company and reasonably acceptable to you (the “Firm”).  All fees and expenses of the Firm shall be borne by the Company.

10.Standard Regulatory Provisions.

(a)If you are prohibited from participating in the conduct of the Bank’s affairs by a notice served under Section 8(e)(3) or 8(g)(1) of the Federal Deposit Insurance Act, (12 U.S.C. §1818(e)(3) or (g)(1)), the Bank’s obligations under this contract shall be suspended as of the date of such service, unless stayed by appropriate proceedings.

(b)If you are removed and/or permanently prohibited from participating in the conduct of the Bank’s affairs by an order issued under Section 8(e)(4) or 8(g)(1) of the Federal Deposit Insurance Act, (12 U.S.C. §1818(e)(4) or (g)(1)), all obligations of the Bank under this Agreement shall terminate as of the effective date of such order.

(c)If the Bank is in default (as defined in Section 3(x)(1) of the Federal Deposit Insurance Act, 12 U.S.C. §1813(x)(1)), all obligations of the Bank under this Agreement shall terminate as of the date of default.

			
	
 
	
 
	
 

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(d)All obligations under this Agreement may be terminated except to the extent determined that the continuation of the Agreement is necessary for the continued operation of the Bank: (i) by the FDIC, at the time the FDIC enters into an agreement to provide assistance to or on behalf of the Bank under the authority contained in Section 13(c) of the Federal Deposit Insurance Act (12 U.S.C. §1823(c)); or (ii) by the FDIC at the time the FDIC approves a supervisory merger to resolve problems related to operation of the Bank or when the Bank is determined to be in an unsafe and unsound condition.  All obligations of the Bank under this Agreement shall terminate as of the effective date of any of the foregoing FDIC actions.

(e)Any payments made to you pursuant to this Agreement, or otherwise, are subject to and conditioned upon compliance with 12 U.S.C. §1828(k) and FDIC Regulation 12 CFR Part 359, regarding “golden parachute payments” and “prohibited indemnification payments”.

11.Arbitration.  To the fullest extent permitted by law, all claims that you may have against Company (or any other released party under the Release), or which the Company may have against you, in any way related to the subject matter, interpretation, application, or alleged breach of this Agreement (“Arbitrable Claims”) shall be resolved by binding arbitration in Chicago, Illinois.  The Arbitration will be held pursuant to the American Arbitration Association’s Commercial Rules and Mediation Procedures (other than for large or complex disputes).  The decision of the arbitrator shall be in writing and shall include a statement of the essential conclusions and findings upon which the decision is based.  Arbitration shall be final and binding upon the parties and shall be the exclusive remedy for all Arbitrable Claims.  Either party may bring an action in a court situated in Cook County, Illinois to compel arbitration under this Agreement and to enforce an arbitration award.  Otherwise, neither party shall initiate or prosecute any lawsuit or administrative action in any way related to any Arbitrable Claim.  Notwithstanding the foregoing, either party may, in the event of an actual or threatened breach of this Agreement (including but not limited to the provisions of the Agreement to Protect Company Interests), seek a temporary restraining order or injunction in a court situated in Cook County, Illinois restraining such breach pending a determination on the merits by the arbitrator.  THE PARTIES HEREBY WAIVE ANY RIGHTS THEY MAY HAVE TO TRIAL BY JURY IN REGARD TO ARBITRABLE CLAIMS, INCLUDING WITHOUT LIMITATION ANY RIGHT TO TRIAL BY JURY AS TO THE MAKING, EXISTENCE, VALIDITY, OR ENFORCEABILITY OF THE AGREEMENT TO ARBITRATE.

12.Indemnification; Liability Insurance.  Each of the Holding Company and the Bank agrees to indemnify you and hold you harmless to the maximum extent permitted by the Holding Company’s and Bank’s charter and by-laws (as in effect on the date hereof and without regard for any adverse amendment or repeal hereafter that is not applicable to members of the Holding Company Board or the Bank Board, as applicable).  During the Term and at all times thereafter during which you may be subject to a liability to be indemnified under the preceding sentence, each of the Holding Company and the Bank will cover you as an insured under any directors and officers liability insurance that insures its directors and officers.  This Section 12 will survive any termination or expiration of this Agreement or termination of your employment.

13.Your Representations.  You represent and warrant that your entering into this Agreement and your employment with the Company will not be in breach of any agreement with 

			
	
 
	
 
	
 

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any current or former employer and that you are not subject to any other restrictions on solicitation of clients or customers or competing against another entity.  You understand that the Company has relied on this representation in entering into this Agreement.

14.Clawback.  In addition to any compensation recovery (clawback) which may be required by law and regulation, you acknowledge and agree that any compensation paid or awarded to you in connection with your employment with the Company shall be subject to any clawback requirements as set forth in the Company’s corporate governance guidelines or policies and to any similar or successor provisions as may be in effect from time to time; provided, that such requirements shall not be applied in a manner that discriminates against you unless otherwise required by law or regulation.  This Section 14 will survive any termination or expiration of this Agreement or termination of your employment.

15.Code Section 409A.  This Section 15 controls over anything in this Agreement to the contrary.  It is intended that any amounts payable under this Agreement shall either be exempt from or comply with Section 409A of the Code and all regulations, guidance and other interpretive authority issued thereunder (collectively, “Section 409A”) so as not to subject you to payment of any additional tax, penalty or interest imposed under Section 409A and this Agreement shall be interpreted accordingly.  To the extent necessary to comply with Section 409A, references in this Agreement to “termination of employment” or “terminates employment” (and similar references) shall have the same meaning as “separation from service” under Section 409A(a)(2)(A)(i) and any governing Internal Revenue Service guidance and Treasury regulations (“Separation from Service”), and no payment subject to Section 409A that is payable upon a termination of employment shall be paid unless and until (and not later than applicable in compliance with Section 409A) you incur a Separation from Service.  To the extent that the reimbursement of any expenses or the provision of any in-kind benefits under this Agreement is subject to Section 409A, (a) the amount of such expenses eligible for reimbursement, or in-kind benefits to be provided, during any one calendar year shall not affect the amount of such expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year; (b) reimbursement of any such expense shall be made by no later than December 31 of the year following the calendar year in which such expense is incurred; and (c) your right to receive such reimbursements or in-kind benefits shall not be subject to liquidation or exchange for another benefit.  To the extent that Section 409A(a)(2)(B)(i) applies and you are a “specified employee” on the date of your separation from service, then any payment treated as deferred compensation under Section 409A will be postponed until the first business day after the expiration of six (6) months from the date of your separation from service (or your death if earlier).  To the extent necessary for a change in the time or manner of a payment due to a Change in Control to comply with Section 409A, such change shall be effective only if the Change in Control constitutes a change in the effective ownership or effective control of the Holding Company or the Bank, as applicable, or a change in the ownership of a substantial portion of the assets of the Holding Company or the Bank, as applicable, in each case within the meaning of Treasury Regulation section 1.409A-3(i)(5).

16.General Provisions.

(a)Notices.  All notices, consents, and other communications to be given under this Agreement shall be in writing and (i) personally delivered, (ii) mailed by registered or certified mail, postage prepaid with return receipt requested, or (iii) delivered by overnight express delivery 

			
	
 
	
 
	
 

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service or same-day local courier service, to the address set forth below, or to such other address as may be designated by the parties from time to time in accordance with this Section 16(a):

If to the Holding Company and/or Bank:

Byline Bancorp, Inc. and/or Byline Bank
180 North LaSalle Street
Suite 300
Chicago, Illinois 60601
(or such address hereafter where the Company locates its corporate offices) Attention: Chief Human Resources Officer

If to you: At the most recent address on the payroll files of the Company

(b)Entire Agreement; Amendments; No Waiver.  This Agreement and the Agreement to Protect Company Interests supersedes all previous employment agreements, whether written or oral, between you and the Company, and constitutes the entire agreement and understanding between the Company and you concerning the subject matter hereof.  If, and to the extent that, any other written or oral agreement between you and the Company is inconsistent with or contradictory to the terms of this Agreement or the Agreement to Protect Company Interests, the terms of this Agreement or the Agreement to Protect Company Interests, as applies, shall control.  No modification, amendment, termination, or waiver of this Agreement shall be binding unless in writing and signed by you and a duly authorized officer of the Company.  Failure of the any party to insist upon strict compliance with any of the terms, covenants, or conditions hereof shall not be deemed a waiver of such terms, covenants, and conditions.

(c)Successors and Assigns.  This Agreement is binding upon and shall inure to the benefit of you and your heirs, executors, assigns and administrators or your estate and property and the Company and its successors and permitted assigns.  You may not assign or transfer to others your rights or obligation to perform your duties hereunder.

(d)Counterparts.  This Agreement may be signed in counterparts each of which will be deemed an original, but all of which will constitute one and the same instrument.

(e)Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of Illinois without regard to its conflicts of law principles.

[Signature Page Follows This Page]

 

 

			
	
 
	
 
	
 

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On behalf of the Holding Company and the Bank Board, I am excited to confirm your continuing employment under this Agreement and look forward to a mutually rewarding relationship.

	
 
	
Very truly yours,

BYLINE BANCORP, INC.

 

 

/s/Antonio del Valle Perochena

Antonio del Valle Perochena

Chair, Compensation Committee and Governance and Nominating Committee

BYLINE BANK

 

/s/Antonio del Valle Perochena

Antonio del Valle Perochena

Chair, Compensation Committee and Governance and Nominating Committee

Date:  February 19, 2021

	
Agreed and Accepted:

/s/Roberto R. Herencia_____
Roberto R. Herencia 

Date: February 19, 2021
	
 

 

 

 

			
	
 
	
 
	
 

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ATTACHMENT

Definitions

“Applicable Bonus Amount” shall mean (A) your target EIP bonus amount with respect to a termination of employment which occurs prior to February 12, 2023 and (B) the higher of the two immediately preceding completed fiscal years’ earned bonuses (regardless of whether the most recent year’s bonus has been paid), with respect to a termination of employment which occurs after February 12, 2023. 

“Applicable COBRA Amount” means 18 times the  monthly COBRA premium applicable to you to continue health, dental and vision care benefits you have in effect as of the date of termination. 

“Cause” shall mean (A) your willful and continued failure to perform substantially your duties (after written notice and a reasonable period to cure); (B) your willfully engaging in illegal conduct, an act of dishonesty or gross misconduct related to the performance of your duties and responsibilities; (C) your being charged with a crime involving moral turpitude, dishonesty, fraud, theft or financial impropriety; (D) your willful violation of a material requirement of any code of ethics or standards of conduct of the Company applicable to you (after written notice and a reasonable period to cure, if curable) or your violation of your fiduciary duty to the Company; or (E) a breach of the Agreement Protecting Company Interests; provided, that no act or failure to act by you shall be considered “willful” if such act or omission was conducted in good faith and with a reasonable belief that the action or omission was in the best interests of the Company.  Any such termination for Cause shall be predicated by notice to you together with a copy of a resolution, duly adopted by the Holding Company Board (after a reasonable opportunity for you, together with your counsel, to be heard before the Holding Company Board), describing the particulars of such “for Cause” termination.

“Change in Control” shall mean the first to occur of:

	
(A)
	
Any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended), other than (i) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or a subsidiary, or (ii) a corporation owned directly or indirectly by the stockholders of the Holding Company in substantially the same proportions as their ownership of stock of the Holding Company, is or becomes the “beneficial owner” (as defined in Rule 13d-3 under said Act), directly or indirectly, of securities of the Holding Company representing more than 50% of both (x) the total voting power of the then outstanding shares of capital stock of the Holding Company entitled to vote generally in the election of directors (the “Voting Stock”) and (y) the fair market value of the outstanding shares of capital stock of the Holding Company (“Economic Stock”);

	
(B)
	
Consummation of a reorganization, merger or consolidation, the sale or other disposition of all or substantially all of the assets of the Company (in each such case, a “Business Combination”), unless all or substantially all of the individuals and entities who were the beneficial owners, respectively, of both the Voting Stock and the Economic Stock immediately prior to such Business Combination beneficially own, directly or indirectly, 

			
	
 
	
 
	
 

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more than 50% of either (x) the total voting power represented by the voting securities entitled to vote generally in the election of directors of the corporation resulting from the Business Combination or (y) the total fair market value represented by all the voting and nonvoting equity securities of the corporation resulting from the Business Combination (in each such case including, without limitation, an entity which as a result of the Business Combination owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to the Business Combination, of the Voting Stock and Economic Stock (combined) of the Holding Company; or

	
(C)
	
The stockholders of the Holding Company approve a plan of complete liquidation or dissolution of the Holding Company.

The Holding Company Board has final authority to construe and interpret the provisions of the foregoing paragraphs (A), (B), and (C) and to determine whether, and the exact date on which, a “Change in Control” has been deemed to have occurred thereunder.

“CIC Severance Amount” means 2.99 multiplied by the sum of (A) your Base Salary plus (B) your Applicable Bonus Amount.

“Disability” shall have the meaning defined under Treasury Regulation Section 1.409A-3(i)(4).

“Good Reason” means the occurrence of any of the following without your written consent: (A) any material reduction in your Base Salary; (B) any material adverse change by the Company in your title, position, authority or reporting relationships with the Company, including, without limitation, your ceasing to be the executive Chairman and Chief Executive Officer of a publicly-traded company; (C) the Company’s requirement that you relocate your principal place of employment to a location in excess of fifty (50) miles from your principal work location on the date of the Agreement or (D) the failure to nominate you to, or your removal from, the Holding Company Board or the Bank Board; provided, “Good Reason” shall not exist unless and until you provide the Company with written notice of the acts alleged to constitute Good Reason within ninety (90) days of the initial occurrence of such event, and the Company fails to cure such acts within thirty (30) days of receipt of such notice.  You must terminate your employment within 120 days following the initial occurrence of such event for the termination to be on account of Good Reason. 

“Severance Amount” means 2.0 multiplied by the sum of (A) your Base Salary plus (B) your Applicable Bonus Amount.

 

 

			
	
 
	
 
	
 

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EXHIBIT A

GENERAL RELEASE

1.In accordance with Section 7(c)(iii) of the employment agreement entered into by and among Byline Bancorp, Inc., Byline Bank (Byline Bancorp and Byline Bank, collectively, the “Company”) and Roberto R. Herencia (“Executive”) dated ____________, 2021 (“Employment Agreement”), Executive’s employment with the Company and all affiliates and subsidiaries terminated on ____________, 20__ “Separation Date”).  As a condition of entitlement to, and in consideration for, the separation benefits described in Section 7(c) of the Employment Agreement, Executive, on behalf of himself, him spouse, family, agents, attorneys, heirs, executors, administrators, and anyone else who has or obtains any legal rights or claims through Executive, hereby waives and releases any and all claims and causes of action that Executive has or may have as of the day Executive signs this General Release, whether known or unknown, against the Company, and any of the Company’s other affiliated, related or associated companies, subsidiaries, divisions, parents, predecessors, successors, current and former officers, members of their boards of directors, and all managers, employees, shareholders, agents, attorneys, representatives, insurance companies, insurers, and assigns of such named companies and entities (collectively, the “Released Parties”), arising from any reason or cause, including but not limited to Executive’s employment and Executive’s separation from employment.  The claims Executive is releasing include, but are not limited to, any and all allegations that the Company or the other Released Parties:

(a)have discriminated or retaliated against Executive in violation of Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1866 (42 U.S.C. section 1981), the Equal Pay Act of 1963, the Age Discrimination in Employment Act (ADEA), the Americans with Disabilities Act (ADA), the Rehabilitation Act of 1973, the Older Worker’s Benefit Protection Act (OWBPA), the Illinois Human Rights Act, and any and all other applicable federal, state and local fair employment practices and discrimination laws, or on the basis of race, color, sex (including sexual harassment), national origin, ancestry, disability, religion, sexual orientation, marital status, parental status, veteran status, source of income, entitlement to benefits, union activities, or any other status protected by federal, state or local law; or

(b)have violated any other employment-related laws including but not limited to the Family and Medical Leave Act (FMLA), the Employee Retirement Income Security Act (ERISA), the Worker Adjustment and Retraining Notification Act (WARN Act), or any federal, state or local laws or statutes whether employment related or not; or

(c)have violated personnel policies, procedures, handbooks, any covenant of good faith and fair dealing, or any express or implied contract of any kind; or

(d)have violated 31 U.S.C. §§ 3730(h)(1) and (2) of the False Claims Act and similar state or local statutes; or

(e)have violated public policy or statutory or common law, including claims for: personal injury; invasion of privacy; retaliatory discharge; negligent hiring, retention, or supervision; defamation; intentional or negligent infliction of emotional distress and/or mental 

			
	
 
	
 
	
 

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anguish; intentional interference with contract or prospective economic advantage; negligence; detrimental reliance; loss of consortium to Executive or any member of Executive’s family; and/or promissory estoppel; or

(f)are in any way obligated for any reason to pay Executive damages, expenses, litigation costs (including attorneys’ fees), back pay, front pay, disability or other benefits, compensatory damages, punitive damages, and/or interest.

ADDITIONALLY, THIS AGREEMENT SPECIFICALLY WAIVES ALL OF EXECUTIVE’S RIGHTS AND POTENTIAL CLAIMS ARISING UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967 (29 U.S.C. § 621 et seq.), AS AMENDED, AND THE OLDER WORKERS’ BENEFIT PROTECTION ACT, AS AMENDED.  In connection with this age discrimination waiver, Executive acknowledges and agrees to the following:

(i)Executive is not waiving any rights or claims under the Age Discrimination in Employment Act of 1967, as amended, that may arise after this Agreement is executed, or any rights or claims to test the knowing and voluntary nature of this Agreement under the Older Workers’ Benefit Protection Act, as amended.

(ii)Executive acknowledges that this Agreement provides Executive consideration that is in addition to anything of value to which Executive is already entitled.

(iii)Executive acknowledges that by this Agreement, Executive was encouraged and advised in writing to consult counsel by the Company prior to signing this Agreement and has done so.

(iv)Executive further understands that Executive was given forty-five (45) days to consider this Agreement.

(v)Executive further understands that he may revoke this Agreement at any time within seven days after he signs it, and that this Agreement shall not become effective or enforceable until the 7-day revocation period has expired.  If Executive desires to revoke this Agreement during the 7 days after signing it, he shall do so by sending written notice of same to the attention of                     [Name]                    , Director of Human Resources, Byline Bank, 180 North LaSalle Street, Suite 300, Chicago, Illinois 60601, certified mail, return receipt requested, within that 7-day period.  This General Release shall become effective, and the Company’s obligations under Section 7(c) of the Employment Agreement binding, on the day following expiration of such revocation period provided that this Agreement is not revoked.

(vi)If Executive signs this Agreement prior to the end of the 45-day time period, Executive certifies that, in accordance with 29 CFR §1625.22(e)(6), Executive knowingly and voluntarily decided to sign the Agreement after considering it less than 21 days and him decision to do so was not induced by the Released Parties through fraud, misrepresentation, or a threat to withdraw or alter the offer prior to the expiration of the 45-day time period.

			
	
 
	
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(vii)Executive has carefully read and fully understands all of the provisions and effects of this Agreement and he knowingly and voluntarily entered into all of the terms set forth in this Agreement.

(viii)Executive knowingly and voluntarily intends to be legally bound by all of the terms set forth in this Agreement.

(ix)Executive relied solely and completely upon him own judgment or the advice of him attorney(s) in entering into this Agreement.

(x)Executive is, through this Agreement, releasing the Released Parties from any and all claims Executive may have against the Released Parties, relating to him employment and separation, including claims arising under the Age Discrimination in Employment Act of 1967 (29 U.S.C. § 621, et. seq.).

2.Exclusions from General Release.  Excluded from the general release in Section 1 are (a) any claims or rights that cannot be waived by law, (b) any claims that arise after the date this General Release is executed, (c) Executive’s right to file a workers’ compensation claim, and (d) Executive’s rights to indemnification and coverage under any applicable directors and officers liability insurance in accordance with Section 12 of the Employment Agreement.  Also excluded from the General Release is Executive’s right to file a charge with an administrative agency or participate in any agency investigation.  Executive is, however, waiving him right to recover any money in connection with such a charge or investigation.  Except for any claims or rights that cannot be waived by law, Executive also is waiving him right to recover money in connection with a charge or legal action filed by any other individual or by the Equal Employment Opportunity Commission (EEOC) or any other federal, state or local agency.  Finally, Executive acknowledges by him acceptance of the consideration provided under this Agreement, that Executive has previously been paid for all wages due, including any amounts for any vested wages, benefits or other incentive compensation payable through the date of termination of Executive’s employment.

3.Confidentiality.  Executive shall keep all of the terms of this General Release confidential, including but not limited to the fact and amount(s) of the payments and benefits referred to herein, except as required by law and except that Executive may disclose such information to him immediate family members, attorneys, and tax advisors, provided that if such person is not bound by professional rules of conduct to maintain the confidentiality of such information Executive shall first secure the person’s agreement to not disclose such information to others, and on the condition that any disclosure by any of those persons not required by law shall be deemed a breach of this General Release as if Executive personally made such disclosure.  For its part the Company will keep the terms of this Agreement confidential except that it may disclose same to those with a need to know or who are reasonably necessary to execute the Agreement or comply with its terms or for other legitimate business purposes.

4.Restrictive Covenants Affirmed.  Executive acknowledges and reaffirms that he is bound by certain restrictive covenants pursuant to the Agreement Protecting Company Interests entered into pursuant to Section 8 of the Employment Agreement, the terms of which are incorporated by reference herein.

			
	
 
	
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5.Company Property.  To the extent that Executive has not already done so as of the date of this General Release, prior to commencement of any payments due hereunder, Executive shall return to the Company all Company property in him possession or control.

6.Section 409A.  The intent of the parties is that payments and benefits under this General Release either comply with Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), or be exempt from the application of Section 409A and, accordingly, to the maximum extent permitted, this General Release shall be interpreted to be in compliance therewith.  To the extent that any provision hereof is modified in order to comply with Section 409A, such modification shall be made in good faith and shall, to the maximum extent reasonably possible, maintain the original intent and economic benefit to the undersigned and the Company of the applicable provision without violating the provisions of Section 409A.

7.Miscellaneous.  All payments to be made or benefits to be provided to Executive in accordance with this General Release shall be made net of all applicable income and employment taxes required to be withheld from such payments.  This General Release shall be governed by and construed in accordance with the laws of the State of Illinois without regard to its conflicts of law principles.

IN WITNESS WHEREOF, this General Release has been executed by Executive:  ____________, 20__

 

_________________________
Roberto R. Herencia 

			
	
 
	
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