Document:

Exhibit 4.4

		FORM OF WARRANT AGREEMENT

		THIS WARRANT AGREEMENT (this “Agreement”), dated as of ________, 2021, is between Capitol Investment Corp. VI, a Delaware corporation, (the “Company”), and Continental Stock Transfer & Trust Company, a New York corporation (the “Warrant Agent”).

		WHEREAS, the Company has received a binding commitment from Capitol Acquisition Management VI LLC and Capitol Acquisition Founder VI LLC (collectively, the “Sponsors”) and the Company’s independent directors to purchase an aggregate of 3,900,000 warrants (or 4,300,000 warrants if the underwriters’ over-allotment option is exercised in full) bearing the legend set forth in Exhibit A hereto (the “Private Placement Warrants”), pursuant to a private placement warrants purchase agreement (the “Private Placement Warrants Purchase Agreement”); 

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

		WHEREAS, the Company is engaged in an initial public offering (the “Public Offering”) of units of the Company’s equity securities, each such unit comprised of one share of Class A common stock of the Company, par value $0.0001 per share (the “Common Stock”), and one-fifth of one Public Warrant (as defined below) (the “Units”) and, in connection therewith, has determined to issue and deliver 5,000,000 redeemable warrants (or 5,750,000 redeemable warrants if the underwriters’ over-allotment option is exercised in full) to public investors in the Public Offering (the “Public Warrants” and, together with the Private Placement Warrants and the Working Capital Warrants, the “Warrants”). Each whole Warrant will entitle the holder thereof to purchase one share of Common Stock for $11.50, subject to adjustment as described herein. Only whole Warrants are exercisable. A holder of the Warrants will not be able to exercise any fraction of a Warrant; 

		WHEREAS, the Company has filed with the Securities and Exchange Commission (the “Commission”) a Registration Statement on Form S-1, File No. 333-252855 (the “Registration Statement”) for the registration, under the Securities Act of 1933, as amended (the “Securities Act”), of, the Units and the Public Warrants and shares of Common Stock included in the Units; 

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

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

		

		 

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

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

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

		2.    Warrants.

		2.1.    Form of Warrant. Each Warrant shall initially be issued in registered form only.

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

		2.3.    Registration.

		2.3.1.     Warrant Register. The Warrant Agent shall maintain books (the “Warrant Register”) for the registration of original issuance and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall issue and register the Warrants in the names of the respective holders thereof in such denominations and otherwise in accordance with instructions delivered to the Warrant Agent by the Company. All of the Public Warrants shall initially be issued in book-entry form through the facilities of The Depository Trust Company (the “Depositary”) and registered in the name of Cede & Co., a nominee of the Depositary. 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 (each such institution, with respect to a Warrant in its account, a “Participant”). 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 deliver to the Depositary (i) written instructions to deliver to the Warrant Agent for cancellation each book-entry Public Warrant and (ii) definitive certificates in physical form evidencing such Warrants (“Definitive Warrant Certificates”), which shall be in the form annexed hereto as Exhibit B. Physical certificates, if issued, shall be signed by, or bear the facsimile signature of, the Chairman or Co-Chairman of the Company’s board of directors (the “Board”), Chief Executive Officer, Chief Financial Officer, Secretary or other principal officer of the Company. In the event the person whose facsimile signature has been placed upon any Warrant shall have ceased to serve in the capacity in which such person signed the Warrant before such Warrant is issued, it may be issued with the same effect as if he or she had not ceased to be such at the date of issuance.

		

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

		2.4.    Detachability of Warrants. The shares of Common Stock and Public Warrants comprising the Units will not be separately transferable until the 52nd day following the date of the prospectus relating to the Public Offering or, if such 52nd day is not 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 Citigroup Global Markets Inc., as representative of the several underwriters in the Public Offering, but in no event shall the shares of Common Stock and Public Warrants comprising the Units be separately traded until (x) the Company has filed (i) a Current Report on Form 8-K that includes an audited balance sheet reflecting the receipt by the Company of the gross proceeds of the Public Offering, including the proceeds received by the Company from the exercise of the underwriters’ over-allotment option in the Public Offering, if such over-allotment option is exercised prior to the filing of the Current Report on Form 8-K, and (ii) if applicable, a second or amended Current Report on Form 8-K to provide updated financial information to reflect the exercise of the underwriters’ over-allotment option, if such over-allotment option is exercised following the initial filing of such Current Report on Form 8-K, and (B) the Company has issued a press release and filed with the Commission a Current Report on Form 8-K announcing when such separate trading shall begin (such date on when the Common Stock and Public Warrants comprising the Units are separately transferable, the “Detachment Date”).

		2.5.    Private Placement Warrant and Working Capital Warrant Attributes. The Private Placement Warrants and the Working Capital Warrants will be issued in the same form as the Public Warrants but they (i) will not be redeemable by the Company and (ii) may be exercised for cash or on a cashless basis at the holder’s option, in either case, as long as the Private Placement Warrants or the Working Capital Warrants are held by the initial purchasers or their Permitted Transferees (as defined in Section 5.7 hereof). Except as expressly provided herein or the context otherwise requires, the Working Capital Warrants shall be treated as Private Placement Warrants under this Agreement. Once a Private Placement Warrant or Working Capital Warrant is transferred to a holder other than a Permitted Transferee, it shall be treated as a Public Warrant hereunder for all purposes.

		

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		3.    Terms and Exercise of Warrants.

		3.1.    Warrant Price. Each whole Warrant shall, when countersigned by the Warrant Agent (if a physical certificate is issued), entitle the registered holder thereof, subject to the provisions of such Warrant and of this Agreement, to purchase from the Company one share of Common Stock at the price of $11.50 per share, subject to the adjustments provided in Section 4 hereof and in the last sentence of this Section 3.1. The term “Warrant Price” as used in this Agreement shall mean the price per share (including in cash or by payment of Warrants pursuant to a “cashless exercise,” to the extent permitted hereunder) described in the prior sentence at which the 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 20 Business Days; provided, that the Company shall provide at least 20 days prior written notice of such reduction to registered holders of the Warrants; 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 (the “Exercise Period”) commencing on the later of (x) the date that is 30 days after the consummation by the Company of a merger, stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination with one or more businesses or entities (a “Business Combination”) and (y) the date that is 12 months from the closing of the Public Offering, and terminating at 5:00 p.m., New York City time on the earliest to occur of (x) the date that is five years from the consummation of the Company’s initial Business Combination, (y) other than with respect to the Private Placement Warrants and Working Capital Warrants then held by the initial purchasers or their Permitted Transferees, the Redemption Date (as defined in Section 6.2 hereof) with respect to a redemption in accordance with Section 6 hereof and (z) the Company’s liquidation (the “Expiration Date”); provided, however, that the exercise of any Warrant shall be subject to the satisfaction of any applicable conditions, as set forth in Section 3.3.2 below with respect to an effective registration statement or a valid exemption therefrom being available. Except with respect to the right to receive the Redemption Price (as defined in Section 6.1 hereof), each Warrant (other than a Private Placement Warrant or a Working Capital Warrant held by the initial purchasers or their Permitted Transferees, in the event of a redemption pursuant to Section 6.1 hereof) not exercised on or before the Expiration Date shall become null and 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 20 days’ prior written notice of any such extension to registered holders.

		3.3.    Exercise of Warrants.

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

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

		

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		(b)      in the event of a redemption pursuant to Section 6 hereof in which the Company’s management or the Board 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 lesser of (1) the quotient obtained by dividing (x) the product of the number of shares of Common Stock underlying the Warrants, multiplied by the difference between the Warrant Price and the “Fair Market Value” (defined below) by (y) the Fair Market Value and (2) 0.361 shares of Common Stock. Solely for purposes of this Section 3.3.1(b), Section 6.2 and Section 6.4, the “Fair Market Value” shall mean the volume-weighted average price of the Common Stock for the ten trading days immediately following the date on which the notice of redemption is sent to the holders of Warrants pursuant to Section 6 hereof; 

		(c)      with respect to any Private Placement Warrant or Working Capital Warrant, so long as such Private Placement Warrant or Working Capital Warrant is held by an initial purchaser of such Warrant or its Permitted Transferees, by surrendering such Private Placement Warrant or Working Capital Warrant for that number of shares of Common Stock equal to the lesser of (1) 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” over the Warrant Price by (y) the Fair Market Value and (2) 0.361 shares of Common Stock. Solely for purposes of this Section 3.3.1(c), the “Fair Market Value” shall mean the volume-weighted average price of the shares of Common Stock for the ten trading days ending on the third trading day prior to the date on which notice of exercise of such Private Placement Warrants or Working Capital Warrants, as the case may be, is sent to the Warrant Agent; or

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

		(e)      as provided in Section 7.4 hereof.

		

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		3.3.2.     Issuance of Shares of Common Stock on Exercise. As soon as practicable after the exercise of any Warrant and the clearance of the funds in payment of the Warrant Price (if any), the Company shall issue to the registered holder of such Warrant a book-entry position or certificate or certificates, as applicable, for the number of full shares of Common Stock to which the registered holder is entitled, registered in such name or names as may be directed by the registered holder, and if such Warrant shall not have been exercised in full, a new book-entry position or countersigned Warrant, as applicable, for the number of shares of Common Stock as to which such Warrant shall not have been exercised. Notwithstanding the foregoing, the Company shall not be obligated to deliver any shares of Common Stock pursuant to the exercise of a Warrant and shall have no obligation to settle such Warrant exercise unless a registration statement under the Securities Act covering the issuance of the shares of Common Stock issuable upon exercise of the Public Warrants is then effective and a current prospectus relating to those shares of Common Stock is available, subject to the Company’s satisfying its obligations under Section 7.4 hereof. No Warrant shall be exercisable and the Company shall not be obligated to issue shares of Common Stock upon exercise of a Warrant unless the issuance of the shares of Common Stock issuable upon such exercise has been registered, qualified or deemed to be exempt from registration or qualification under the securities laws of the state of residence of the registered holder of the Warrants. Warrants may not be exercised by, or securities issued to, any registered holder in any state in which such exercise would be unlawful. In no event will the Company be required to net cash settle a Warrant exercise. The Company may require holders of Public Warrants to settle Warrants on a “cashless basis” pursuant to Section 7.4 hereof. 

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

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

		

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		3.3.5.     Maximum Percentage. A holder of a Warrant may notify the Company in writing in the event it elects to be subject to the provisions contained in this Section 3.3.5; provided, however, no holder of a Warrant shall be subject to this Section 3.3.5 unless such holder makes such election. If the election is made by a holder, the Warrant Agent shall not effect the exercise of the holder’s Warrant, and such holder shall not have the right to exercise such Warrant, to the extent that after giving effect to such exercise, such person (together with such person’s affiliates), to the Warrant Agent’s actual knowledge, would beneficially own in excess of 9.8% (or such other amount as such holder may specify) (the “Maximum Percentage”) of the shares of Common Stock outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of shares of Common Stock beneficially owned by such person and its affiliates shall include the number of shares of Common Stock issuable upon exercise of the Warrant with respect to which the determination of such sentence is being made, but shall exclude shares of Common Stock that would be issuable upon (x) exercise of the remaining, unexercised portion of the Warrant beneficially owned by such person and its affiliates and (y) exercise or conversion of the unexercised or unconverted portion of any other securities of the Company beneficially owned by such person and its affiliates (including, without limitation, any convertible notes or convertible preferred stock or warrants) subject to a limitation on conversion or exercise analogous to the limitation contained herein. Except as set forth in the preceding sentence, for purposes of this paragraph, beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). For purposes of the Warrant, in determining the number of outstanding shares of Common Stock, the holder may rely on the number of outstanding shares of Common Stock as reflected in (1) the Company’s most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, Current Report on Form 8-K or other public filing with the Commission, as the case may be, (2) a more recent public announcement by the Company or (3) any other notice by the Company or the 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 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 61st day after such notice is delivered to the Company.

		4.    Adjustments.

		4.1.    Stock Dividends.

		4.1.1.     Split-Ups. If after the date hereof, and subject to the provisions of Section 4.6 below, the number of outstanding shares of Common Stock is increased by a stock dividend payable in shares of Common Stock, or by a split-up of shares of Common Stock or other similar event, then, on the effective date of such stock dividend, split-up or similar event, the number of shares of Common Stock issuable on exercise of each Warrant shall be increased in proportion to such increase in outstanding shares of Common Stock. A rights offering to holders of 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 (x) 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 Common Stock) multiplied by (y) one minus the quotient of (1) the price per share of Common Stock paid in such rights offering divided by (2) the Fair Market Value. For purposes of this Section 4.1.1, (i) if the rights offering is for securities convertible into or exercisable for Common Stock, in determining the price payable for Common Stock, there shall be taken into account any consideration received for such rights, as well as any additional amount payable upon exercise or conversion, and (ii) “Fair Market Value” means the volume-weighted average price of the Common Stock as reported during the ten trading day period ending on the trading day prior to the first date on which the shares of Common Stock trade on the applicable exchange or in the applicable market, regular way, without the right to receive such rights.

		

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		4.1.2.     Extraordinary Dividends. If the Company, at any time while the Warrants are outstanding and unexpired, shall pay a dividend or make a distribution in cash, securities or other assets to the holders 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 Board in good faith) of any securities or other assets paid on each share of Common Stock in respect of such Extraordinary Dividend; provided, however, that none of the following dividends or distributions shall be deemed an Extraordinary Dividend for purposes of this provision: (a) as described in Section 4.1.1 above; (b) any cash dividend or cash distribution which, when combined on a per share basis with the per share amounts of all other cash dividends and cash distributions paid on the Common Stock during the 365-day period ending on the date of declaration of such dividend or distribution (as adjusted to appropriately reflect any of the events referred to in other subsections of this Section 4 and excluding cash dividends or cash distributions that resulted in an adjustment to the Warrant Price or to the number of shares of Common Stock issuable on exercise of each Warrant) to the extent it does not exceed $0.50; (c) to satisfy the redemption rights of the holders of Common Stock in connection with a proposed initial Business Combination; (d) to satisfy the redemption rights of the holders of Common Stock in connection with a stockholder vote to amend the Company’s amended and restated certificate of incorporation (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 to redeem 100% of the Common Stock if the Company does not complete the initial Business Combination within 24 months from the closing of the Public Offering or any extended time that the Company has to complete a Business Combination beyond 24 months as a result of a stockholder vote to amend 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) in connection with the redemption of all of the Company’s public shares upon the failure of the Company to complete its initial Business Combination and any subsequent distribution of its assets upon its liquidation.

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

		4.3.    Adjustments in Exercise Price. 

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

		

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		4.3.2.     If (i) the Company issues additional shares of Common Stock or securities convertible into or exercisable or exchangeable for shares of Common Stock for capital raising purposes in connection with the closing of its initial Business Combination at an issue price or effective issue price of less than $9.20 per share of Common Stock (with such issue price or effective issue price to be determined in good faith by the Board (and, in the case of any such issuance to the initial stockholders (as defined in the Registration Statement) or their respective affiliates, without taking into account any shares of Class B common stock of the Company, par value $0.0001 per share (the “Class B Common Stock”), held by the initial stockholders or their affiliates, as applicable, prior to such issuance) (such price, the “New Issuance 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 of the initial Business Combination (net of redemptions) and (iii) the volume-weighted average trading price of the Common Stock during the ten-trading day period starting on the trading day after the closing of the initial Business Combination (such price, the “Market Value”), is below $9.20 per share of Common Stock, then the Warrant Price will be adjusted (to the nearest cent) to be equal to 115% of the higher of (x) the Market Value and (y) the New Issuance Price, and (1) the $18.00 per share redemption trigger price described in Section 6.1 hereof will be adjusted (to the nearest cent) to be equal to 180% of the higher of (x) the Market Value and (y) the New Issuance Price and (2) the $10.00 per share redemption trigger price described in Section 6.2 hereof will be adjusted (to the nearest cent) to be equal to the higher of (x) the Market Value and (y) the New Issuance Price.

		

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		4.4.    Replacement of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding shares of Common Stock (other than a change covered by Section 4.1.1, Section 4.1.2 or Section 4.2 hereof or that solely affects the par value of such shares of Common Stock), or in the case of any merger or consolidation of the Company with or into another corporation (other than a consolidation or merger in which the Company is the continuing corporation and that does not result in any reclassification or reorganization of the outstanding shares of Common Stock), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the 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 such holder’s Warrant(s) immediately prior to such event (the “Alternative Issuance”); provided, however, that (i) if the holders of the Common Stock were entitled to exercise a right of election as to the kind or amount of securities, cash or other assets receivable upon such consolidation or merger, then the kind and amount of securities, cash or other assets constituting the Alternative Issuance for which each Warrant shall become exercisable shall be deemed to be the weighted average of the kind and amount received per share of Common Stock by the holders of the Common Stock in such consolidation or merger that affirmatively make such election, and (ii) if a tender, exchange or redemption offer shall have been made to and accepted by the holders of the Common Stock (other than a tender, exchange or redemption offer made by the Company in connection with redemption rights held by stockholders of the Company as provided for in the Company’s amended and restated certificate of incorporation or as a result of the redemption of shares of Common Stock by the Company if a proposed initial Business Combination is presented to the stockholders of the Company for approval) under circumstances in which, upon completion of such tender or exchange offer, the maker thereof, together with members of any group (within the meaning of Rule 13d-5(b)(1) under the Exchange Act) of which such maker is a part, and together with any affiliate or associate of such maker (within the meaning of Rule 12b-2 under the Exchange Act) and any members of any such group of which any such affiliate or associate is a part, own beneficially (within the meaning of Rule 13d-3 under the Exchange Act) more than 50% of the outstanding shares of Common Stock, the holder of a Warrant shall be entitled to receive as the Alternative Issuance the highest amount of cash, securities or other property to which such holder would actually have been entitled as a stockholder if such Warrant holder had exercised the Warrant prior to the expiration of such tender or exchange offer, accepted such offer and all of the Common Stock held by such holder had been purchased pursuant to such tender or exchange offer, subject to adjustments (from and after the consummation of such tender or exchange offer) as nearly equivalent as possible to the adjustments provided for in this Section 4; provided, further that, if less than 70% of the consideration receivable by the holders of Common Stock in the applicable event is payable in the form of common equity 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 30 days following public disclosure of the consummation of such applicable event by the Company pursuant to a Current Report on Form 8-K filed with the Commission, the Warrant Price shall be reduced by an amount (in dollars) equal to the difference of (i) the Warrant Price in effect prior to such reduction minus (ii) (A) the Per Share Consideration (as defined below) (but in no event less than zero) minus (B) the Black-Scholes Warrant Value (as defined below). The “Black-Scholes Warrant Value” means the value of a Warrant immediately prior to the consummation of the applicable event based on the Black-Scholes Warrant Model for a Capped American Call on Bloomberg Financial Markets (“Bloomberg”). For purposes of calculating such amount, (1) Section 6 of this Agreement shall be taken into account, (2) the price of each share of Common Stock shall be the volume-weighted average price of the shares of Common Stock as reported during the ten trading day period ending on the trading day prior to the effective date of the applicable event, (3) the assumed volatility shall be the 90-day volatility obtained from the HVT function on Bloomberg determined as of the trading day immediately prior to the day of the announcement of the applicable event and (4) the assumed risk-free interest rate shall correspond to the U.S. Treasury rate for a period equal to the remaining term of the Warrant. “Per Share Consideration” means (i) if the consideration paid to holders of the shares of Common Stock consists exclusively of cash, the amount of such cash per share of Common Stock, and (ii) in all other cases, the volume-weighted average price of the shares of Common Stock as reported during the ten trading day period ending on the trading day prior to the effective date of the applicable event. If any reclassification or reorganization also results in a change in shares of Common Stock covered by Section 4.1.1, then such adjustment shall be made pursuant to Section 4.1.1 or Sections 4.2 and 4.3 and this Section 4.4. The provisions of this Section 4.4 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers. In no event will the Warrant Price be reduced to less than the par value per share issuable upon exercise of the Warrant.

		

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

		4.6.    No Fractional Shares. Notwithstanding any provision contained in this Agreement to the contrary, the Company shall not issue fractional shares of Common Stock upon the exercise of Warrants (including upon settlement on a “cashless basis” pursuant to Section 7.4 hereof). 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 of Common Stock, the Company shall, upon such exercise, round down to the nearest whole number of shares of Common Stock to be issued to such holder.

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

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

		

		11

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

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

		5.3.    Fractional Warrants. The Company shall not issue fractional Warrants other than as part of Units, each of which is comprised of one share of Common Stock and one-fifth of one Public Warrant. If, upon the detachment of Public Warrants from Units following the Detachment Date 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. The Warrant Agent shall not be required to effect any registration of transfer or exchange of Warrants which would 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.

		

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

		5.7.    Transfer of Private Placement Warrants. The Warrant Agent shall not register any transfer of Private Placement Warrants or Working Capital Warrants until 30 days after the consummation by the Company of an initial Business Combination, except for transfers (i) to the Company’s sponsors, officers, directors, employees, consultants or affiliates, or any affiliates or family members of any of the Company’s sponsors, officers, directors, employees, consultants or affiliates, any members of a Sponsor, or any affiliates of a Sponsor, (ii) to a holder’s officers, directors, employees or members upon the holder’s liquidation, in each case if the holder is an entity, (iii) by bona fide gift to a member of the holder’s immediate family or to a trust, the beneficiary of which is the holder or a member of the holder’s immediate family or an affiliate of such person, or to a charitable organization, (iv) by virtue of the laws of descent and distribution upon death, (v) pursuant to a qualified domestic relations order, (vi) to the Company for no value for cancellation in connection with the consummation of a Business Combination, (vii) by private sales or transfers made at, prior to or in connection with the consummation of a Business Combination at prices no greater than the price at which the applicable Warrants were originally purchased, (viii) in the event of the Company’s liquidation prior to the completion of its initial Business Combination, (ix) by virtue of the laws of the State of Delaware or the Sponsors’ limited liability company agreements, as amended, upon dissolution of a Sponsor or (x) in the event of the Company’s completion of a liquidation, merger, stock exchange, reorganization or other similar transaction that results in all of the Company’s public stockholders having the right to exchange their shares of Common Stock for cash, securities or other property subsequent to the completion of the Company’s initial Business Combination (the transferees in each of clauses (i) through (x), the “Permitted Transferees”), in each case (except for clause (x) or with the prior written consent of the Company), on the condition that prior to such registration for transfer, the Warrant Agent shall be presented with written documentation pursuant to which each transferee or the trustee or legal guardian for such transferee agrees to be bound by the terms of the Private Placement Warrants Purchase Agreement.

		6.    Redemption.

		6.1.    Redemption of Warrants When the Price per Share of Common Stock Equals or Exceeds $18.00. Subject to Section 6.5 hereof, not less than all of the outstanding Warrants may be redeemed, at the option of the Company, at any time while they are exercisable and prior to their expiration, at the office of the Warrant Agent, upon notice as provided Section 6.3 hereof, at a price (the “Redemption Price”) of $0.01 per Warrant; provided that the last reported sales price of the Common Stock equals or exceeds $18.00 per share (subject to adjustment in accordance with Section 4 hereof) on each of 20 trading days within the 30 trading day period ending on the third Business Day prior to the date on which notice of redemption is given; provided, further, that there is an effective registration statement covering the shares of Common Stock issuable upon exercise of the Warrants, and a current prospectus relating thereto, available throughout the 30-day Redemption Period (as defined in Section 6.3 below) or the Company has elected to require the exercise of the Warrants on a “cashless basis” pursuant to Section 3.3.1 hereof.

		

		13

	
		6.2.    Redemption of Warrants When the Price per Share of Common Stock Equals or Exceeds $10.00. Subject to Section 6.5 hereof, not less than all of the outstanding Warrants may be redeemed, at the option of the Company, while they are exercisable and prior to their expiration, at the office of the Warrant Agent, upon notice as provided Section 6.3 hereof, at a Redemption Price of $0.10 per Warrant; provided that the last reported sales price of the Common Stock equals or exceeds $10.00 per share (subject to adjustment in accordance with Section 4 hereof) on the trading day prior to the date on which notice of the redemption is given, the Private Placement Warrants are also concurrently called for redemption on the same terms as the outstanding Public Warrants and there is an effective registration statement covering the Common Stock issuable upon exercise of the Warrants, and a current prospectus relating thereto, available throughout the 30-day Redemption Period. During the 30-day Redemption Period in connection with a redemption pursuant to this Section ٦.٢, registered holders of the Warrants may elect to exercise their Warrants on a “cashless basis” pursuant to Section 3.3.1 and receive a number of shares of Common Stock determined by reference to the table below, based on the Redemption Date (calculated for purposes of the table as the period to expiration of the Warrants) and the “Fair Market Value” (as such term is defined in Section 3.3.1(b)) (a “Make-Whole Exercise”).

			

						Redemption Date (period to expiration of Warrants)

						 	
						

Fair Market Value of Common Stock

					
	
						≤$10.00

						 	
						$11.00

						 	
						$12.00

						 	
						$13.00

						 	
						$14.00

						 	
						$15.00

						 	
						$16.00

						 	
						$17.00

						 	
						≥$18.00

					
	
						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

					

		The exact Fair Market Value and the 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 in a Make-Whole Exercise will be determined by a straight-line interpolation between the number of shares of Common Stock 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.

		

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		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 of Common Stock issuable upon exercise of a Warrant is adjusted pursuant to Section 4.1 or Section 4.2. In such an event, the number of shares of Common Stock in the table above shall be adjusted by multiplying such share amounts by a fraction, the numerator of which is the number of shares of Common Stock deliverable upon exercise of a Warrant immediately prior to such adjustment and the denominator of which is the number of shares of Common Stock deliverable upon exercise of a Warrant as so adjusted. The number of shares of Common Stock in the table above shall be adjusted in the same manner and at the same time as the number of shares of Common Stock issuable upon exercise of a Warrant. If the Warrant Price is adjusted (i) pursuant to Section 4.3.2, the adjusted share prices set forth in the column headings of the table above shall be multiplied by a fraction, the numerator of which is the higher of the Market Value and the New Issuance Price and the denominator of which is $10.00 and (ii) in the case of an adjustment pursuant to Section 4.1.2, the adjusted share prices set forth in the column headings of the table above shall equal the unadjusted share price less the decrease in the Warrant Price of a Warrant pursuant to such exercise price adjustment. In no event will the number of shares of Common Stock issued in connection with a Make-Whole Exercise exceed 0.361 shares of Common Stock per Warrant (subject to adjustment).

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

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

		

		15

	
		6.4.    Exclusion of Private Placement Warrants and Working Capital Warrants. The Company agrees that the redemption rights provided in Section 6.1 hereof shall not apply to the Private Placement Warrants or the Working Capital Warrants if, at the time of the redemption, such Private Placement Warrants or Working Capital Warrants continue to be held by the initial purchasers or their Permitted Transferees. However, once such Private Placement Warrants or Working Capital Warrants are transferred (other than to Permitted Transferees in accordance with Section 5.7 hereof), the Company may redeem such Private Placement Warrants or Working Capital Warrants pursuant to Section 6.1 hereof; provided that the criteria for redemption are met, including the opportunity of the holder of such Private Placement Warrants or Working Capital Warrants to exercise such Private Placement Warrants or Working Capital Warrants prior to redemption pursuant to Section 6.4. Private Placement Warrants or Working Capital Warrants that are transferred to persons other than Permitted Transferees shall, upon such transfer, cease to be Private Placement Warrants or Working Capital Warrants, respectively, and shall become Public Warrants under this Agreement. The Company agrees that the provisions of Section 6.2 shall apply to the Private Placement Warrants and Working Capital Warrants parri passu with 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 a stockholder in respect of the meetings of stockholders or the election of directors of the Company or any other matter.

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

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

		

		16

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

		7.4.1.     Registration of Common Stock. The Company agrees that as soon as practicable, but in no event later than 20 Business Days after the closing of its initial Business Combination, it shall use its commercially reasonable efforts to file with the Commission a registration statement for the registration, under the Securities Act, of the shares of Common Stock issuable upon exercise of the Warrants. The Company will use its commercially reasonable efforts to cause the same to become effective and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the redemption or expiration of the Warrants in accordance with the provisions of this Agreement. If any such registration statement has not been declared effective by the 60th Business Day following the closing of the Business Combination, holders of the Warrants shall have the right, during the period beginning on the 61st Business Day after the closing of the Business Combination and ending upon such registration statement being declared effective by the Commission, and during any other period when the Company shall fail to have maintained an effective registration statement covering the shares of Common Stock issuable upon exercise of the Warrants, to exercise such Warrants on a “cashless basis,” by exchanging the Warrants (in accordance with Section 3(a)(9) of the Securities Act or another exemption from registration under the Securities Act) 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 difference between the Warrant Price and the “Fair Market Value” (as defined below) by (y) the Fair Market Value and (B) 0.361 shares of Common Stock. Solely for purposes of this Section 7.4.1, “Fair Market Value” shall mean the volume-weighted average price of the Common Stock as reported during the ten trading day period ending on the trading day prior to the date that notice of exercise is received by the Warrant Agent from the holder of such Warrants or its securities broker or intermediary. The date that notice of cashless exercise is received by the Warrant Agent shall be conclusively determined by the Warrant Agent. In connection with the “cashless exercise” of a Public Warrant, the Company shall, upon request, provide the Warrant Agent with an opinion of counsel for the Company (which shall be an outside law firm with securities law experience) stating that (i) the exercise of the Warrants on a cashless basis in accordance with this Section 7.4.1 is not required to be registered under the Securities Act and (ii) the shares of Common Stock issued upon such exercise shall be freely tradable under U.S. federal securities laws by anyone who is not an affiliate (as such term is defined in Rule 144 under the Securities Act) of the Company and, accordingly, shall not be required to bear a restrictive legend. For the avoidance of any doubt, except as provided in Section 7.4.2 hereof, 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 Section 7.4.1.

		7.4.2.     Cashless Exercise at Company’s Option. If the Common Stock is at the time of any exercise of a Warrant not listed on a national securities exchange such that it satisfies the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, (i) require holders of Public Warrants who exercise Public Warrants to exercise such Public Warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act as described in Section 7.4.1 hereof 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 commercially reasonable efforts to register or qualify the Common Stock issuable upon exercise of the Public Warrant under the blue sky laws of the state of residence of the exercising Public Warrant holder to the extent an exemption is not available.

		

		17

	
		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 of Common Stock.

		8.2.    Resignation, Consolidation or Merger of Warrant Agent.

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

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

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

		

		18

	
		8.3.    Fees and Expenses of Warrant Agent.

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

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

		8.4.    Liability of Warrant Agent.

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

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

		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 non-assessable.

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

		

		19

	
		8.6     Trust Account Waiver. The Warrant Agent acknowledges and agrees that it has no right of set-off or any other right, title, interest or claim of any kind (any “Claim”) in, or to any distribution of, the trust account established by the Company in connection with the Public Offering (as more fully described in the Registration Statement) (the “Trust Account”), and shall not be entitled to any funds in the Trust Account under any circumstance. The Warrant Agent hereby waives any and all Claims against the Trust Account and any and all rights to seek access to the Trust Account. 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.    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 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:

		Capitol Investment Corp. VI

		1300 17th Street North, Suite 820

		Arlington, Virginia 22209

		Attn: Mark D. Ein, Chief Executive Officer

		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

		One State Street, 30th Floor

		New York, New York 10004

		Attn: Compliance Department

		with a copy in each case to:

		Latham & Watkins LLP

		555 Eleventh Street, NW, Suite 1000

		Washington, District of Columbia 20004

		Attn: Rachel W. Sheridan; Jason M. Licht; Christopher J. Clark

		and

		

		20

	
		Davis Polk & Wardwell LLP

		450 Lexington Avenue

		New York, New York 10017

		Attn: Deanna L. Kirkpatrick; Derek S. Dostal

		and

		Citigroup Global Markets Inc.

		388 Greenwich Street

		New York, New York 10013

		Attn: General Counsel

		Fax No.: (646) 291-1469

		9.3.    Applicable
Law. The validity, interpretation and performance of this Agreement and of the Warrants shall be governed in all respects by
the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of
the substantive laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim against it arising
out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United
States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall
be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient
forum. Notwithstanding the foregoing, the provisions of this paragraph will not apply to suits brought to enforce any liability
or duty created by the Exchange Act or any other claim for which the federal district courts of the United States of America are
the sole and exclusive forum. Any 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 any right, remedy or claim under or by reason of this Agreement or of any covenant, condition, stipulation, promise or agreement hereof. All covenants, conditions, stipulations, promises and agreements contained in this Agreement shall be for the sole and exclusive benefit of the parties hereto and their successors and assigns and of the registered holders of the Warrants.

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

		

		21

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

		9.8.    Amendments. This Agreement may be amended by the parties hereto without the consent of any registered holder for the purpose of curing any ambiguity, or of curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions with respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable and that the parties deem shall not adversely affect the interest of the registered holders. All other modifications or amendments, including any 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. Notwithstanding the foregoing, the Company may lower the Warrant Price or extend the duration of the Exercise Period pursuant to Sections 3.1 and 3.2, respectively, without the consent of the registered holders. 

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

		[Signature Pages Follow]

		

		22

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

			

						 	
						CAPITOL INVESTMENT CORP. VI

					
	 	 	 	 	 
	 	 	
						By:

						 	
						 

					
	 	 	 	 	
						Name:

					
	 	 	 	 	
						Title:

					
	 	 	 	 	 
	 	 	 	 	 
	 	 	
						CONTINENTAL STOCK TRANSFER & TRUST COMPANY

					
	 	 	 	 	 
	 	 	
						By:

						 	
						 

					
	 	 	 	 	
						Name:

					
	 	 	 	 	
						Title:

					

		[Signature Page to Warrant Agreement]

		

		 

	
		Exhibit A

		Legend

		THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE. IN ADDITION, SUBJECT TO ANY ADDITIONAL LIMITATIONS ON TRANSFER DESCRIBED IN THE LETTER AGREEMENT BY AND AMONG CAPITOL INVESTMENT CORP. VI (THE “COMPANY”) AND THE OTHER PARTIES THERETO, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD OR TRANSFERRED PRIOR TO THE DATE THAT IS 30 DAYS AFTER THE DATE UPON WHICH THE COMPANY COMPLETES ITS INITIAL BUSINESS COMBINATION (AS DEFINED IN SECTION 3 OF THE WARRANT AGREEMENT BETWEEN THE COMPANY AND CONTINENTAL STOCK TRANSFER & TRUST COMPANY, AS WARRANT AGENT (THE “WARRANT AGREEMENT”)) EXCEPT TO A PERMITTED TRANSFEREE (AS DEFINED IN SECTION 5 OF THE WARRANT AGREEMENT) WHO AGREES IN WRITING WITH THE COMPANY TO BE SUBJECT TO SUCH TRANSFER PROVISIONS. SECURITIES EVIDENCED BY THIS CERTIFICATE AND SHARES OF CLASS A COMMON STOCK OF THE COMPANY ISSUED UPON EXERCISE OF SUCH SECURITIES SHALL BE ENTITLED TO REGISTRATION RIGHTS UNDER A REGISTRATION RIGHTS AGREEMENT TO BE EXECUTED BY THE COMPANY.

		

		A-1

	
		Exhibit B

		Form of Warrant Certificate

		

		B-1Exhibit
4.3

 

Description
of Securities Registered Pursuant to

Section 12 of the Securities Exchange Act of 1934

 

The
following description sets forth certain material terms and provisions of the securities of SOC Telemed, Inc. (“we,”
“us,” “our” or the “Company”) that are registered under Section 12 of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”). The following description of our securities is not complete and may
not contain all the information you should consider before investing in our securities. This description is summarized from, and
qualified in its entirety by reference to, our amended and restated certificate of incorporation (the “charter”) and
amended and restated by-laws (the “by-laws”), each of which is incorporated herein by reference and attached as an
exhibit to our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”).
The summary below is also qualified by reference to the provisions of the General Corporation Law of the State of Delaware (the
“DGCL”).

 

As
of December 31, 2020, we had two classes of securities registered under the Exchange Act: our Class A common stock, par value
$0.0001 per share, and warrants to purchase shares of our Class A common stock. Our Class A common stock and warrants are listed
on the Nasdaq Global Select Market (the “Nasdaq”) under the symbols “TLMD” and “TLMDW,” respectively.

 

Authorized
and Outstanding Stock

 

Our
charter authorizes the issuance of shares of capital stock, each with a par value of $0.0001, consisting of (a) 500,000,000
shares of Class A common stock and (b) 5,000,000 shares of preferred stock.

 

Class A
Common Stock

 

Voting
Power

 

Except
as otherwise required by law or as otherwise provided in any certificate of designation for any series of preferred stock, the
holders of Class A common stock possess all voting power for the election of directors and all other matters requiring stockholder
action and are entitled to one vote per share on matters to be voted on by stockholders.

 

Dividends

 

Subject
to the rights, if any, of the holders of any outstanding shares of preferred stock, the holders of Class A common stock will
be entitled to receive such dividends and other distributions, if any, as may be declared from time to time by our board of directors
in its discretion out of funds legally available therefor and shall share equally on a per share basis in such dividends and distributions.

 

Liquidation,
Dissolution and Winding Up

 

In
we are involved in the voluntary or involuntary liquidation, dissolution, or winding-up of our affairs, the holders of Class A
common stock will be entitled to receive all of our remaining assets available for distribution to stockholders, ratably in proportion
to the number of shares of Class A common stock held by them, after the rights of our creditors and the holders of the preferred
stock have been satisfied.

 

Preemptive
or Other Rights

 

The
holders of Class A common stock will not have preemptive or other subscription rights and there will be no sinking fund or
redemption provisions applicable to the Class A common stock.

 

Election
of Directors

 

The
board of directors is divided into three classes, each of which will generally serve for a term of three years with only one class
of directors being elected in each year.

 

There
is no cumulative voting with respect to the election of directors, with the result that directors will be elected by a plurality
of the votes cast at a meeting of stockholders by holders of Class A common stock.

 

     

     

    

 

Under
the Investor Rights Agreement, dated as of October 30, 2020 (the “Investor Rights Agreement”), between us and SOC
Holdings LLC, an entity affiliated with Warburg Pincus LLC (“Warburg Pincus”), (a) for so long as SOC Holdings LLC
holds at least fifty percent (50%) of the outstanding shares of our Class A common stock, it will have the right to designate
up to five (5) directors for election to the board of directors, and the size of the board of directors will be set at nine (9)
directors; (b) for so long as SOC Holdings LLC holds at least thirty-five percent (35%) but less than fifty percent (50%) of the
outstanding shares of our Class A common stock, it will have the right to designate up to three (3) directors for election to
the board of directors, and the size of the board of directors will be set at nine (9) directors; (c) for so long as SOC Holdings
LLC holds at least fifteen percent (15%) but less than thirty-five percent (35%) of the outstanding shares of our Class A common
stock, it will have the right to designate up to two (2) directors for election to the board of directors, and the size of the
board of directors will be set at seven (7) directors; and (d) for so long as SOC Holdings LLC holds at least five percent (5%)
but less than fifteen percent (15%) of the outstanding shares of our Class A common stock, it will have the right to designate
one (1) director for election to the board of directors, and the size of the board of directors will be set at seven (7) directors.
Pursuant to the Investor Rights Agreement, we will take all necessary and desirable actions within our control such that the size
of the board of directors is set at either seven (7) directors or nine (9) directors (in accordance with the terms above), unless
the board of directors takes authorized action to increase the size of the board of directors and SOC Holdings LLC approves such
action. For more information, see the Investor Rights Agreement attached as an exhibit to our most recent Annual Report on Form
10-K filed with the SEC.

 

Under
the Board Nomination Rights Agreement, dated as of March 26, 2021 (the “Board Nomination Rights Agreement”),
between us and Christopher Gallagher, M.D., for so long as Dr. Gallagher beneficially owns at least 75% of the shares of our Class
A common stock that he acquired at the closing of our acquisition of Access Physicians Management Services Organization, LLC and
remains employed by us, and subject to compliance with applicable law and our guidelines with respect to the nomination of directors,
Dr. Gallagher is entitled to serve as a member of our board of directors. For more information, see the Board Nomination Rights
Agreement attached as an exhibit to our most recent Annual Report on Form 10-K filed with the SEC.

 

Preferred
Stock

 

The
charter provides that shares of preferred stock may be issued from time to time in one or more series. The board of directors
is authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other
special rights and any qualifications, limitations and restrictions thereof, applicable to the shares of each series. The board
of directors will be able to, without stockholder approval, issue preferred stock with voting and other rights that could adversely
affect the voting power and other rights of the holders of the Class A common stock and could have anti-takeover effects.
The ability of the board of directors to issue preferred stock without stockholder approval could have the effect of delaying,
deferring or preventing a change of control of us or the removal of existing management. No shares of preferred stock are currently
outstanding, and we have no present plan to issue any shares of preferred stock.

 

Warrants

 

Our
outstanding warrants consist of warrants initially sold in our initial public offering (the “public warrants”) and
warrants initially sold in a private placement concurrently with our initial public offering (the “private placement warrants”
and, together with the public warrants, the “warrants”) to HCMC Sponsor LLC (the “Sponsor”). The private
placement warrants are identical to the public warrants, except that, for so long as they are held by the Sponsor or its permitted
transferees, the private placement warrants may be exercised for cash or on a “cashless basis” and are not redeemable
by us.

 

Our
warrants are issued in registered (book-entry) form under the Warrant Agreement, dated December 12, 2019 (the “Warrant Agreement”),
by and between us and Continental Stock Transfer & Trust Company, as warrant agent (the “Warrant Agent”). The
following summary of certain provisions relating to our warrants does not purport to be complete and is subject to, and is qualified
in its entirety by reference to, the Warrant Agreement. You should review the Warrant Agreement, a copy of which is attached as
an exhibit to our most recent Annual Report on Form 10-K filed with the SEC, for a complete description of the terms and conditions
applicable to the warrants.

 

General

 

Each
whole warrant entitles the registered holder to purchase one whole share of Class A common stock at a price of $11.50 per
share, subject to adjustment as discussed below. The warrants will expire at 5:00 p.m., New York City time, on October 30, 2025,
or earlier upon redemption or liquidation.

 

The
warrants may be exercised by delivering to the Warrant Agent, on or prior to the expiration date, the warrants together with an
election to purchase, a form of which is attached to the Warrant Agreement, completed and executed as indicated, and accompanied
by full payment of the exercise price (or on a “cashless basis,” if applicable, as described below), by certified
or official bank check payable to us, for the number of warrants being exercised. Pursuant to the Warrant Agreement, a warrantholder
may exercise its warrants only for a whole number of shares of Class A common stock. This means that only a whole warrant
may be exercised at any given time by a warrantholder.

 

No
fractional shares will be issued upon exercise of the warrants. If, upon exercise of the warrants, a holder would be entitled
to receive a fractional interest in a share, we will, upon exercise, round down to the nearest whole number of shares of Class
A common stock to be issued to the warrantholder.

 

    2

     

    

 

The
warrantholders do not have the rights or privileges of holders of Class A common stock or any voting rights until they exercise
their warrants and receive shares of Class A common stock. After the issuance of shares of Class A common stock upon
exercise of the warrants, each holder will be entitled to one (1) vote for each share held of record on all matters to be
voted on by stockholders.

 

Public
Warrants

 

We
will not be obligated to deliver any shares of Class A common stock pursuant to the exercise of a public warrant and will
have no obligation to settle such warrant exercise unless a registration statement under the Securities Act with respect to the
shares of Class A common stock underlying the public warrants is then effective and a prospectus relating thereto is current,
subject to the Company’s satisfying its obligations described below with respect to registration. No public warrant will
be exercisable and we will not be obligated to issue shares of Class A common stock upon exercise of a public warrant unless
Class A common stock issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the
securities laws of the state of residence of the registered holder of the public warrants. In the event that the conditions in
the two immediately preceding sentences are not satisfied with respect to a public warrant, the holder of such public warrant
will not be entitled to exercise such public warrant and such public warrant may have no value and expire worthless. In no event
will we be required to net cash settle any public warrant.

 

We
have agreed pursuant to the Warrant Agreement to use our best efforts to file with the SEC a registration statement covering the
shares of Class A common stock issuable upon exercise of the public warrants, to cause such registration statement to become
effective and to maintain a current prospectus relating to those shares of Class A common stock until the public warrants
expire or are redeemed, as specified in the Warrant Agreement. Warrantholders have the right, until such registration statement
is declared effective and during any period when we may have failed to maintain an effective registration statement, to exercise
public warrants on a “cashless basis” (as described below) in accordance with Section 3(a)(9) of the Securities
Act, provided that such exemption is available. If that exemption, or another exemption, is not available, holders will not be
able to exercise their public warrants on a cashless basis.

 

Once
the public warrants become exercisable, we may call the public warrants for redemption:

 

		●	in
whole and not in part;

 

		●	at
a price of $0.01 per public warrant;

 

		●	upon
not less than 30 days’ prior written notice of redemption given after the public warrants become exercisable (the “30-day
redemption period”) to each warrantholder; and

 

		●	if,
and only if, the reported last sale price of the Class A common stock equals or exceeds $18.00 per share (as adjusted
for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading
day period commencing once the public warrants become exercisable and ending three business days before we send the notice of
redemption to the warrantholders.

 

If
and when the public warrants become redeemable by us, we may not exercise this redemption right if the issuance of shares of Class A
common stock upon exercise of the public warrants is not exempt from registration or qualification under applicable state blue
sky laws or we are unable to effect such registration or qualification.

 

We
established the last of the redemption criterion discussed above to prevent a redemption call unless there is at the time of the
call a significant premium to the warrant exercise price. If the foregoing conditions are satisfied and we issue a notice of redemption
of the public warrants, each warrantholder will be entitled to exercise its public warrant prior to the scheduled redemption date.
However, the price of the Class A common stock may fall below the $18.00 redemption trigger price (as adjusted for stock
splits, stock dividends, reorganizations, recapitalizations and the like) as well as the $11.50 warrant exercise price after the
redemption notice is issued.

 

If
we call the public warrants for redemption as described above, our management will have the option to require any holder that
wishes to exercise its public warrant to do so on a “cashless basis.” In determining whether to require all holders
to exercise their public warrants on a “cashless basis,” our management will consider, among other factors, our cash
position, the number of public warrants that are outstanding and the dilutive effect on our stockholders of issuing the maximum
number of shares of Class A common stock issuable upon the exercise of the public warrants. If management takes advantage
of this option, all holders of public warrants would surrender their public warrants for that number of shares of Class A
common stock equal to the quotient obtained by dividing (x) the product of the number of shares of Class A common stock
underlying the public warrants, multiplied by the difference between the exercise price of the public warrants and the “fair
market value” (defined below) by (y) the fair market value. The “fair market value” shall mean the average
reported last sale price of the Class A common stock for the 10 trading days ending on the third trading day prior to
the date on which the notice of redemption is sent to the holders of public warrants. If management takes advantage of this option,
the notice of redemption will contain the information necessary to calculate the number of shares of Class A common stock
to be received upon exercise of the public warrants, including the “fair market value” in such case. Requiring a cashless
exercise in this manner will reduce the number of shares to be issued and thereby lessen the dilutive effect of a warrant redemption.

 

    3

     

    

 

A
holder of a public warrant may notify us in writing in the event it elects to be subject to a requirement that such holder
will not have the right to exercise such public 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) of the shares of Class A common stock outstanding immediately
after giving effect to such exercise.

 

If
the number of outstanding shares of Class A common stock is increased by a stock dividend payable in shares of Class A
common stock, or by a split-up of shares of Class A common stock or other similar event, then, on the effective date of such
stock dividend, split-up or similar event, the number of shares of Class A common stock issuable on exercise of each whole
warrant will be increased in proportion to such increase in the outstanding shares of Class A common stock. A rights offering
to holders of Class A common stock entitling holders to purchase shares of Class A common stock at a price less than
the fair market value will be deemed a stock dividend of a number of shares of Class A common stock equal to the product
of (i) the number of shares of Class A 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 Class A common stock) and (ii) one
(1) minus the quotient of (x) the price per share of Class A common stock paid in such rights offering divided
by (y) the fair market value. For these purposes (i) if the rights offering is for securities convertible into or exercisable
for Class A common stock, in determining the price payable for Class A common stock, there will 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 Class A 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 Class A common stock trade on the applicable
exchange or in the applicable market, regular way, without the right to receive such rights.

 

In
addition, if we, at any time while the public warrants are outstanding and unexpired, pay a dividend or make a distribution in
cash, securities or other assets to the holders of Class A common stock on account of such shares of Class A common
stock (or other shares of our capital stock into which the public warrants are convertible), other than as described above or
certain ordinary cash dividends, then the warrant exercise price will be decreased, effective immediately after the effective
date of such event, by the amount of cash and/or the fair market value of any securities or other assets paid on each share of
Class A common stock in respect of such event.

 

If
the number of outstanding shares of Class A common stock is decreased by a consolidation, combination, reverse stock split
or reclassification of shares of Class A common stock or other similar event, then, on the effective date of such consolidation,
combination, reverse stock split, reclassification or similar event, the number of shares of Class A common stock issuable
on exercise of each public warrant will be decreased in proportion to such decrease in outstanding shares of Class A common
stock.

 

Whenever
the number of shares of Class A common stock purchasable upon the exercise of the public warrants is adjusted, as described
above, the warrant exercise price will be adjusted by multiplying the warrant exercise price immediately prior to such adjustment
by a fraction (x) the numerator of which will be the number of shares of Class A common stock purchasable upon the exercise
of the public warrants immediately prior to such adjustment, and (y) the denominator of which will be the number of shares
of Class A common stock so purchasable immediately thereafter.

 

In
case of any reclassification or reorganization of the outstanding shares of Class A common stock (other than those described
above or that solely affects the par value of such shares of Class A common stock), or in the case of any merger or consolidation
of us with or into another corporation (other than a consolidation or merger in which we are the continuing corporation and that
does not result in any reclassification or reorganization of out outstanding shares of Class A common stock), or in the case
of any sale or conveyance to another corporation or entity of the assets or other property of us as an entirety or substantially
as an entirety in connection with which we are dissolved, the holders of the public warrants will thereafter have the right to
purchase and receive, upon the basis and upon the terms and conditions specified in the public warrants and in lieu of the shares
of Class A common stock immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby,
the kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification,
reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the public
warrants would have received if such holder had exercised their public warrants immediately prior to such event. If less than
70% of the consideration receivable by the holders of Class A common stock in such a transaction is payable in the form of
Class A 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 of the public warrant properly exercises the public warrant within thirty days following public disclosure of
such transaction, the warrant exercise price will be reduced as specified in the Warrant Agreement based on the Black-Scholes
value (as defined in the Warrant Agreement) of the public warrant. The purpose of such exercise price reduction is to provide
additional value to holders of the public warrants when an extraordinary transaction occurs during the exercise period of the
public warrants pursuant to which the holders of the public warrants otherwise do not receive the full potential value of the
public warrants in order to determine and realize the option value component of the public warrant. This formula is to compensate
the holder for the loss of the option value portion of the public warrant due to the requirement that the holder exercise the
public warrant within 30 days of the event. The Black-Scholes model is an accepted pricing model for estimating fair market
value where no quoted market price for an instrument is available.

 

    4

     

    

 

The
Warrant Agreement provides that the terms of the public warrants may be amended without the consent of any holder to cure any
ambiguity or correct any defective provision, but requires the approval by the holders of at least a majority of the then outstanding
public warrants to make any change that adversely affects the interests of the registered holders of public warrants.

 

Private
Placement Warrants

 

Except
as described below, the private placement warrants have terms and provisions that are identical to those of the public warrants,
including as to exercise price, exercisability and exercise period. The private placement warrants are exercisable for cash or
on a cashless basis, at the holder’s option, and will not be redeemable by us, in each case so long as they are held by
the Sponsor or its permitted transferees. If the private placement warrants are held by holders other than the Sponsor or its
permitted transferees, the private placement warrants will be redeemable by us and exercisable by the holders on the same basis
as the public warrants.

 

If
holders of the private placement warrants elect to exercise them on a cashless basis, they would surrender their private placement
warrants for that number of shares of Class A common stock equal to the quotient obtained by dividing (x) the product
of the number of shares of Class A common stock underlying the private placement warrants, multiplied by the difference between
the exercise price of the private placement warrants and the “fair market value” (defined below) by (y) the fair
market value. The “fair market value” shall mean the average reported last sale price of the Class A common stock
for the 10 trading days ending on the third trading day prior to the date on which the notice of warrant exercise is sent
to the Warrant Agent.

 

Certain
Anti-Takeover Provisions of Delaware Law and Our Charter and By-Laws

 

Provisions
of the DGCL and our charter and by-laws could make it more difficult to acquire control of our company by means of a tender offer,
a proxy contest or otherwise, or to remove incumbent officers and directors. These provisions, summarized below, are intended
to discourage coercive takeover practices and inadequate takeover bids and to encourage persons seeking to acquire control of
our company to first negotiate with the board of directors. We believe that the benefits of these provisions outweigh the disadvantages
of discouraging certain takeover or acquisition proposals because, among other things, negotiation of these proposals could result
in an improvement of their terms and enhance the ability of our board of directors to maximize stockholder value. However, these
provisions may delay, deter or prevent a merger or acquisition that a stockholder might consider is in its best interest, including
those attempts that might result in a premium over the prevailing market price of our Class A common stock.

 

Pursuant
to the charter, we are subject to the provisions of Section 203 of the DGCL, which we refer to as “Section 203,”
regulating corporate takeovers. Section 203 prevents certain Delaware corporations, under certain circumstances, from engaging
in a “business combination” with:

 

		●	A
stockholder who owns fifteen percent (15%) or more of the corporation’s outstanding voting stock (otherwise known as an
“interested stockholder”);

 

		●	an
affiliate of an interested stockholder; or

 

		●	an
associate of an interested stockholder, for three years following the date that the stockholder became an interested stockholder.

 

A
“business combination” includes a merger or sale of more than ten percent (10%) of the corporation’s assets.

 

However,
the above provisions of Section 203 do not apply if:

 

		●	the
corporation’s board of directors approves the transaction that made the stockholder an “interested stockholder,”
prior to the date of the transaction;

 

		●	after
the completion of the transaction that resulted in the stockholder becoming an interested stockholder, that stockholder owned
at least 85% of the corporation’s voting stock outstanding at the time the transaction commenced, other than statutorily
excluded shares of common stock; or

 

		●	on
or subsequent to the date of the transaction, the business combination is approved by the corporation’s board of directors
and authorized at a meeting of the corporation’s stockholders, and not by written consent, by an affirmative vote of two-thirds
of the outstanding voting stock not owned by the interested stockholder.

 

In
addition, the charter provides for certain other provisions that may have an anti-takeover effect:

 

		●	a
classified board of directors whose members serve staggered three-year terms;

 

		●	the
authorization of “blank check” preferred stock, which could be issued by the board of directors without stockholder
approval and may contain voting, liquidation, dividend and other rights superior to the Class A common stock;

 

		●	a
limitation on the ability of, and providing indemnification to, our directors and officers;

    5

     

    

 

		●	a
requirement that special meetings of our stockholders can be called only by the board of directors, the Chairperson of the board
of directors, or our Chief Executive Officer, which may delay the ability of our stockholders to force consideration of a proposal
or to take action, including the removal of directors;

 

		●	a
requirement of advance notice of stockholder proposals for business to be conducted at meetings of our stockholders and for nominations
of candidates for election to the board of directors, which may discourage or deter a potential acquirer from conducting a solicitation
of proxies to elect the acquirer’s own slate of directors or otherwise attempting to obtain control of the Company;

 

		●	a
prohibition on cumulative voting in the election of directors, which limits the ability of minority stockholders to elect director
candidates;

 

		●	a
requirement that our directors may be removed only for cause and by a majority vote of the stockholders;

 

		●	a
prohibition on stockholder action by written consent;

 

		●	a
requirement that vacancies on the board of directors may be filled only by a majority of directors then in office (subject to
limited exceptions), even though less than a quorum, which prevents stockholders from being able to fill vacancies on the board
of directors; and

 

		●	a
requirement of the approval of the board of directors or the holders of at least two-thirds of our outstanding shares of capital
stock to amend the by-laws and certain provisions of the charter.

 

Choice
of Forum

 

Our
charter provides that unless we consent to the selection of an alternative forum, the Court of Chancery of the State of Delaware
will be the exclusive forum for (i) any derivative action or proceeding brought on behalf of us; (ii) any action asserting a claim
of breach of a fiduciary duty owed by or other wrongdoing by any current or former director, officer, employee, agent or stockholder
to us or our stockholders; (iii) any action asserting a claim against us arising pursuant to any provision of the DGCL, the
charter or our by-laws, or as to which the DGCL confers jurisdiction on the Court of Chancery of the State of Delaware; or (iv)
any action asserting a claim governed by the internal affairs doctrine; except for, as to each of the above clauses, any action
as to which the Court of Chancery of the State of Delaware determines that there is an indispensable party not subject to the
personal jurisdiction of the Court of Chancery of the State of Delaware (and the indispensable party does not consent to the personal
jurisdiction of the Court of Chancery of the State of Delaware within ten (10) days following such determination), in which case
the United States District Court for the District of Delaware or other state courts of the State of Delaware, as applicable, shall,
to the fullest extent permitted by law, be the sole and exclusive forum for any such claims. The charter further provides that
such exclusive forum provision does not apply to any suits brought to enforce any duty or liability under the Securities Act or
the Exchange Act, or any other claim for which the federal courts have exclusive or concurrent jurisdiction. In addition, the
charter adopts, unless we consent in writing to the selection of an alternative forum, to the fullest extent permitted by law,
the federal district courts of the United States of America as the sole and exclusive forum for the resolution of any action
asserting a claim arising under the Securities Act, or the rules and regulations promulgated thereunder.

 

Limitations
on Liability and Indemnification of Directors and Officers

 

Our
charter provides that our directors and officers will be indemnified by us to the fullest extent authorized by Delaware law as
it now exists or may in the future be amended. In addition, the charter provides that our directors will not be personally liable
for monetary damages to us for breaches of their fiduciary duty as directors, unless they violated their duty of loyalty to us
or our stockholders, acted in bad faith, knowingly or intentionally violated the law, authorized unlawful payments of dividends,
unlawful stock purchases or unlawful redemptions, or derived an improper personal benefit from their actions as directors.

 

Delaware
law and the by-laws provide that we will, in certain situations, indemnify our directors and officers and may indemnify other
employees and other agents, to the fullest extent permitted by law. Any indemnified person is also entitled, subject to certain
limitations, to advancement, direct payment, or reimbursement of reasonable expenses (including attorneys’ fees and disbursements)
in advance of the final disposition of the proceeding.

 

In
addition, we have entered into separate indemnification agreements with our directors and officers. These agreements, among other
things, require us to indemnify our directors and officers for certain expenses, including attorneys’ fees, judgments, fines,
and settlement amounts incurred by a director or officer in any action or proceeding arising out of their services as one of our
directors or officers or any other company or enterprise to which the person provides services at our request.

 

The
limitation of liability, advancement and indemnification provisions in the charter and the by-laws may discourage stockholders
from bringing a lawsuit against directors for breach of their fiduciary duty. These provisions also may have the effect of reducing
the likelihood of derivative litigation against directors and officers, even though such an action, if successful, might otherwise
benefit us and our stockholders. In addition, your investment may be adversely affected to the extent we pay the costs of settlement
and damage awards against directors and officers pursuant to these indemnification provisions.

 

    6

     

    

 

Corporate
Opportunities

 

Delaware
law permits corporations to adopt provisions renouncing any interest or expectancy in certain opportunities that are presented
to the corporation or its officers, directors or stockholders. Our charter provides that we renounce any interest or expectancy
in, or right to be offered an opportunity to participate in, certain corporate opportunities that are from time to time presented
to certain affiliates of Warburg Pincus, even if the opportunity is one that we or our subsidiaries might reasonably be deemed
to have pursued or had the ability or desire to pursue if granted the opportunity to do so. Neither Warburg Pincus nor any of
its affiliates, directors, principals, officers, employees or other representatives will generally be liable to us or our stockholders
for breach of any fiduciary or other duty, as a director of the Company or otherwise, by reason of the fact that such person directly
or indirectly engages in such corporate opportunity or otherwise competes with us or our affiliates, unless, in the case of any
such person who is a director of the Company, such corporate opportunity is expressly offered to such director in writing solely
in his or her capacity as a director of the Company. To the fullest extent permitted by law, by becoming a stockholder in the
Company, stockholders will be deemed to have notice of and consented to this provision of our charter.

 

Transfer
Agent and Warrant Agent

 

The
transfer agent, warrant agent and registrar for our Class A common stock and warrants is Continental Stock Transfer & Trust
Company.

 

    7

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