Document:

Exhibit 10.1

 

EXECUTION VERSION

 

FIRST AMENDMENT TO FOURTH AMENDED AND RESTATED

 

CREDIT AGREEMENT

 

This FIRST AMENDMENT TO
FOURTH AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”), is made and entered into as of December 7,
2021, by and among RESERVOIR MEDIA MANAGEMENT, INC., a Delaware corporation (the “Borrower”), RESERVOIR
MEDIA, INC., a Delaware corporation (“Parent”), the several banks and other financial institutions party hereto,
as Lenders, the other Loan Parties listed on the signatures pages party hereto, and TRUIST BANK, in its capacity as Administrative
Agent for the Lenders (the “Administrative Agent”).

 

W
I T N E S S E T H:

 

WHEREAS, the Borrower, Parent,
the Lenders listed on the signature pages thereto (the “Existing Lenders”) and the Administrative Agent are parties
to a certain Fourth Amended and Restated Credit Agreement dated as of July 28, 2021 (as may be amended, restated, supplemented or
otherwise modified from time to time, the “Credit Agreement”; capitalized terms used herein and not otherwise defined
shall have the meanings assigned to such terms in the Credit Agreement), pursuant to which the Existing Lenders have made certain financial
accommodations available to the Borrower;

 

WHEREAS, the Borrower has
requested that (a) the Committing Lenders (as defined below) increase the amount of the Aggregate Revolving Commitments by $101,250,000
for total Aggregate Revolving Commitments in an amount equal to $350,000,000 (such increase, the “Revolving Commitment Increase”)
on the date hereof and (b) the Existing Lenders and the Administrative Agent amend certain provisions of the Credit Agreement;

 

WHEREAS, the parties hereto
have agreed to add City National Bank (the “New Lender”) as a new Lender under the Credit Agreement on the terms and
conditions set forth herein; and

 

WHEREAS,
the Administrative Agent and the Required Lenders have agreed to the requested amendments, and the Existing Lenders as indicated
on the signature pages hereof have agreed to provide the Revolving Commitment Increase (such Lenders, together with the New Lender,
collectively, the “Committing Lenders”), in each case on the terms and conditions set forth herein.

 

NOW, THEREFORE, in consideration
of the premises herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows:

 

1.            Amendments
to Credit Agreement.

 

(a)            Section 1.1
of the Credit Agreement is hereby amended by replacing the definition of “Aggregate Revolving Commitment Amount”
in its entirety with the following:

 

“Aggregate
Revolving Commitment Amount” shall mean the aggregate principal amount of the Aggregate Revolving Commitments from time to time.
As of the First Amendment Closing Date, the Aggregate Revolving Commitment Amount is $350,000,000.

 

     

     

    

 

(b)            Section 1.1
of the Credit Agreement is hereby amended by replacing the definition of “Leverage Ratio” in its entirety with
the following:

 

“Leverage
Ratio” shall mean, as of any date, the ratio of (a) Consolidated Net Senior Debt as of such date to (b) Consolidated
EBITDA of the Consolidated Group for the most recent four consecutive Fiscal Quarters ending on or prior to such date.

 

(c)            Section 1.1
of the Credit Agreement is hereby amended by adding the following definitions in proper alphabetical order:

 

“Consolidated
Net Senior Debt” shall mean, as of any date, the sum of (a) Consolidated Senior Debt minus (b) Unrestricted Cash in
an aggregate amount not exceeding $20,000,000.

 

“First Amendment
Closing Date” shall mean December 7, 2021.

 

“Unrestricted
Cash” shall mean cash and cash equivalents of the Loan Parties in a Controlled Account as shown on the consolidated balance
sheet of Parent and its Subsidiaries and as reflected on the most recent Compliance Certificate delivered to Administrative Agent; provided,
however, that amounts calculated under this definition shall exclude any amounts held by any Loan Party in escrow, trust or other
fiduciary capacity for or on behalf of a holder of an Outside Interest, client, customer or similar Person of any Loan Party.

 

(d)            Section 6.1
of the Credit Agreement is hereby amended so that it reads, in its entirety, as follows:

 

Section 6.1.         Leverage
Ratio. Parent will maintain, as of the end of each Fiscal Quarter (beginning with the fiscal quarter ended December 31, 2021),
a Leverage Ratio of not greater than 7.50:1.00.

 

(e)            Section 6.3
of the Credit Agreement is hereby amended so that it reads, in its entirety, as follows:

 

Section 6.3.        Consolidated
Senior Debt to Library Value. Consolidated Senior Debt shall not exceed, as of the end of each Fiscal Quarter (beginning with
the fiscal quarter ended December 31, 2021), 47.5% multiplied by the Value of the Music Library of the Consolidated LTV Group as
of such date of determination; provided, however, (i) if an annual Valuation of the Continuing Music Library results
in a negative variance of greater than 15% but less than or equal to 20% from the prior year’s Valuation of the Continuing Music
Library, the ratio of the Consolidated Senior Debt to the Value of the Music Library of the Consolidated LTV Group as of the end of each
Fiscal Quarter during the Fiscal Year following such annual Valuation only shall not exceed 42.5%; (ii) if the annual Valuation of
the Continuing Music Library results in a negative variance greater than 20% but less than or equal to 25%, the ratio of the Consolidated
Senior Debt to the Value of the Music Library of the Consolidated LTV Group as of the end of each Fiscal Quarter during the Fiscal Year
following such annual Valuation only, shall not exceed 37.5%; (iii) if the annual Valuation of the Continuing Music Library results
in a negative variance greater than 25% but less than or equal to 30%, the ratio of the Consolidated Senior Debt to the Value of the Music
Library of the Consolidated LTV Group as of the end of each Fiscal Quarter during the Fiscal Year following such annual Valuation only,
shall not exceed 32.5%; and (iv) if the annual Valuation of the Continuing Music Library results in a negative variance greater than
30%, (a) the ratio of the Consolidated Senior Debt to the Value of the Music Library of the Consolidated LTV Group as of the end
of each Fiscal Quarter during the Fiscal Year following such annual Valuation only, shall not exceed 32.5% and (b) the Borrower shall
not be entitled to borrow additional Revolving Loans during the period from and after the delivery of such annual Valuation until the
end of the Fiscal Year following such annual Valuation.

 

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(f)            The
Credit Agreement is hereby amended by replacing Schedule I in its entirety with Schedule A attached to this Amendment.

 

2.            Joinder
of New Lender. Each party hereto (other than the New Lender) hereby consents to the joinder of the New Lender as a Lender under
the Credit Agreement. The New Lender hereby agrees to be bound by the terms of the Credit Agreement as a Lender thereunder.

 

3.            Acknowledgment
of Committing Lenders. Each Committing Lender (a) confirms that it has received such documents and information as it has
deemed appropriate to make its own credit analysis and decision to enter into this Amendment and provide its share of the Revolving Commitment
as set forth on Schedule A hereto (as applicable) and (b) agrees that it has, independently and without reliance upon the
Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit
decisions in entering into this Amendment and providing its share of the Revolving Commitment as set forth on Schedule A hereto.
Each Committing Lender acknowledges that upon the Amendment Effective Date (as defined below) its Revolving Commitment is accurately set
forth on Schedule A. The Administrative Agent and the Existing Lenders hereby agree that the Revolving Commitment Increase shall
not constitute an “Incremental Revolving Commitment” nor be counted against the “Incremental Commitment Amount”
under the Credit Agreement.

 

4.            Revolving
Credit Commitment Increase. Subject to the satisfaction of all conditions precedent to the effectiveness of this Amendment, each
Committing Lender hereby commits to provide on the Amendment Effective Date, its portion of the Revolving Commitment Increase, which together
with any Revolving Commitment of such Committing Lender immediately prior to this Amendment, is set forth for such Committing Lender on
Schedule A attached hereto, on the terms and subject to the conditions set forth in this Amendment and the Credit Agreement.

 

5.            Conditions
to Effectiveness of this Amendment. Notwithstanding any other provision of this Amendment and without affecting in any manner
the rights of the Lenders hereunder, it is understood and agreed that this Amendment shall not become effective, and the Borrower shall
have no rights under this Amendment, until the Administrative Agent shall have received (i) such fees as the Borrower has previously
agreed to pay the Administrative Agent or any of its Affiliates or the Lenders in connection with this Amendment, (ii) reimbursement
or payment of its reasonable and documented out-of-pocket costs and expenses incurred in connection with this Amendment or the Credit
Agreement (including reasonable fees, charges and disbursements of Greenberg Traurig, LLP, counsel to the Administrative Agent), and (iii) each
of the following documents (the “Amendment Effective Date”):

 

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(a)            executed
counterparts to this Amendment (which may include telecopy or other electronic submission of signed signature pages) from the Borrower,
Parent, the other Loan Parties, the Required Lenders, the Committing Lenders and the Administrative Agent;

 

(b)            at
the request of any Lender providing a Revolving Commitment Increase, promissory notes (or applicable replacements thereof);

 

(c)            a
certificate of the Secretary or Assistant Secretary (or, in the case of UK Loan Parties, an authorized signatory) of each Loan
Party in the form of Exhibit 3.1(b)(ii) attached to the Credit Agreement with such amendments as the Administrative Agent may
agree, attaching and certifying copies of its bylaws, or partnership agreement or limited liability company agreement, and of the resolutions
of such Loan Party’s board of directors or other equivalent governing body, or comparable organizational documents and authorizations,
authorizing the execution, delivery and performance of this Amendment (if applicable) and certifying the name, title and true signature
of each officer of such Loan Party executing the Loan Documents to which it is a party;

 

(d)            certified
copies of the articles or certificate of incorporation, certificate of organization or limited partnership, or other registered organizational
documents of each Loan Party, together (except with respect to UK Loan Parties) with certificates of good standing or existence,
as may be available from the Secretary of State of the jurisdiction of organization of such Loan Party and in the case of the Borrower,
a certificate from the Secretary of State of New York that the Borrower is qualified as a foreign corporation;

 

(e)            a
favorable written opinion of (i) Cravath, Swaine & Moore LLP, special New York counsel to the Borrower, addressed
to the Administrative Agent and each of the Lenders, and covering such matters relating to the Loan Parties, this Amendment, the other
Loan Documents and the transactions contemplated therein as the Administrative Agent or the Lenders shall reasonably request (ii) Slaughter
and May, special English counsel to the Borrower and each UK Loan Party, addressed to the Administrative Agent and each of the Lenders,
and covering such English law matters relating to the Loan Parties, this Amendment, the other Loan Documents and the transactions contemplated
therein as the Administrative Agent or the Required Lenders shall reasonably request and (iii) Greenberg Traurig, LLP (London), special
UK counsel to the Administrative Agent, addressed to the Administrative Agent and each of the Lenders, and covering such matters relating
to the this Amendment, the other Loan Documents and the transactions contemplated therein as the Administrative Agent or the Required
Lenders shall reasonably request;

 

(f)            copies
of favorable UCC, tax and judgment lien search reports (excluding, for the avoidance of doubt, intellectual property searches) in all
necessary or appropriate jurisdictions and under all legal and trade names of the Loan Parties as requested by the Administrative Agent;

 

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(g)            a
certificate from a Responsible Officer of the Borrower certifying that, on the date hereof and immediately after giving effect
to the transactions contemplated herein, no Default or Event of Default exists or is continuing, all representations and warranties of
each Loan Party set forth in the Loan Documents are true and correct in all material respects (other than those representations and warranties
that are expressly qualified by a Material Adverse Effect or other materiality, in which case such representations and warranties are
true and correct in all respects) except to the extent that any such representation or warranty specifically refers to an earlier date,
in which case it is true and correct in all material respects as of such earlier date (other than those representations and warranties
that are expressly qualified by a Material Adverse Effect or other materiality, in which case such representations and warranties are
true and correct in all respects as of such earlier date), and since March 31, 2020, there has been no change with respect to the
Borrower and its Subsidiaries which has had or could reasonably be expected to have, either individually or in the aggregate, a Material
Adverse Effect;

 

(h)            duly
executed copies of (i) that certain Supplemental Debenture dated as of the date hereof by and among the UK Loan Parties and Administrative
Agent and (ii) that certain Supplemental Charge Over Shares dated as of the date hereof by and between Borrower and Administrative
Agent; and

 

(i)            such
other documents, instruments, certificates and consents as the Administrative Agent may reasonably request.

 

6.            Representations
and Warranties. To induce the Lenders and the Administrative Agent to enter into this Amendment, the each Loan Party hereby
represents and warrants to the Lenders and the Administrative Agent:

 

(a)            such
Loan Party (i) is duly organized, validly existing and, to the extent that such concept is applicable in the relevant jurisdiction,
in good standing under the laws of the jurisdiction of its organization, (ii) has all requisite power and authority to carry on its
business as now conducted, and (iii) is duly qualified to do business, and, to the extent that such concept is applicable in the
relevant jurisdiction, is in good standing, in each jurisdiction where such qualification is required, except where a failure to be so
qualified, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect;

 

(b)            the
execution, delivery and performance by each Loan Party of the Loan Documents to which it is a party (including this Amendment) are within
such Loan Party’s organizational powers and have been duly authorized by all necessary organizational, and if required, shareholder,
partner or member, action;

 

(c)            the
execution, delivery and performance by each Loan Party of this Amendment and the other Loan Documents to which it is a party (i) do
not require any consent or approval of, registration or filing with, or any action by, any Governmental Authority, except those as have
been obtained or made and are in full force and effect, (ii) will not violate any material Requirement of Law applicable to such
Loan Party or any material judgment, order or ruling of any Governmental Authority, (iii) will not violate or result in a default
under any material Contractual Obligation of such Loan Party or any of its assets or give rise to a right thereunder to require any material
payment to be made by such Loan Party and (iv) will not result in the creation or imposition of any Lien on any asset of such Loan
Party, except Liens (if any) created under the Loan Documents;

 

    - 5 -

     

    

 

(d)            this
Amendment has been duly executed and delivered by the Loan Parties and constitutes a legal, valid and binding obligation of each
of the Loan Parties, enforceable against each such Loan Party in accordance with its terms except as the enforceability hereof may be
limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’
rights generally and by general principles of equity;

 

(e)            as
of the date hereof and after giving effect to this Amendment, the representations and warranties contained in the Credit Agreement and
the other Loan Documents are true and correct in all material respects (other than those representations and warranties that are expressly
qualified as to materiality or as to Material Adverse Effect, in which case such representations and warranties shall be true and correct
in all respects) except to the extent that any such representation and warranty specifically refers to an earlier date, in which case
it shall be true and correct in all material respects as of such earlier date;

 

(f)            since
March 31, 2020, there has been no change with respect to the Borrower and its Subsidiaries which has had or could reasonably
be expected to have, either individually or in the aggregate, a Material Adverse Effect; and

 

(g)            as
of the date hereof and after giving effect to this Amendment, no Default or Event of Default has occurred and is continuing.

 

7.            Reaffirmations
and Acknowledgments. Each Loan Party hereby (a) acknowledges that the Revolving Commitment Increase, and all interest,
fees and other amounts due in connection therewith, constitute Obligations under the Credit Agreement, (b) affirms and confirms its
pledges, grants, obligations and other commitments under each Collateral Document to which it is a party, (c) acknowledges and reaffirms
that, as of the date hereof, the security interests and Liens granted to the Administrative Agent, on behalf of the Secured Parties, under
the Loan Documents are in full force and effect and are enforceable in accordance with the terms of the applicable Loan Documents and
the Collateral encumbered thereby continues to secure payment of all Obligations as set forth therein and (d) confirms that all of
the Liens and security interests created and arising under the Collateral Documents remain in full force and effect on a continuous basis,
unimpaired, uninterrupted and undischarged, and having the same perfected status and priority as collateral security for the Obligations
as existed prior to giving effect to this Amendment. Each Loan Party acknowledges, consents and agrees that the execution and delivery
of this Amendment and any and all documents executed in connection therewith shall not alter, amend, reduce or modify its guaranty obligations
and liability under the Guaranty and Security Agreement.

 

8.            Effect
of Amendment. Except as expressly set forth herein, all terms of the Credit Agreement, as amended hereby, and the other Loan Documents
shall be and remain in full force and effect and shall constitute the legal, valid, binding and enforceable obligations of the Borrower
to the Lenders and the Administrative Agent. The execution, delivery and effectiveness of this Amendment shall not, except as expressly
provided herein, operate as a waiver of any right, power or remedy of the Lenders under the Credit Agreement, nor constitute a waiver
of any provision of the Credit Agreement. This Amendment shall constitute a Loan Document for all purposes of the Credit Agreement.

 

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9.            Governing
Law. This Amendment and any claim, controversy, dispute or cause of action (whether in contract, tort or otherwise) based upon,
arising out of or relating to this Amendment shall be construed in accordance with and be governed by the law (without giving effect to
the conflict of law principles thereof except for Sections 5-1401 and 5-1402 of the New York General Obligations Law) of the State of
New York.

 

10.            No
Novation. This Amendment is not intended by the parties to be, and shall not be construed to be, a novation of the Credit Agreement
or an accord and satisfaction in regard thereto.

 

11.            Costs
and Expenses. The Borrower agrees to pay on demand all reasonable and documented out-of-pocket costs and expenses of the Administrative
Agent in connection with the preparation, execution and delivery of this Amendment, including, without limitation, the reasonable fees
and out-of-pocket expenses of outside counsel for the Administrative Agent with respect thereto.

 

12.            Counterparts.
This Amendment may be executed by one or more of the parties hereto in any number of separate counterparts, each of which shall be deemed
an original and all of which, taken together, shall be deemed to constitute one and the same instrument. Delivery of an executed
counterpart of a signature page to this Amendment by telecopier or by electronic transmission (in pdf form) shall be as effective
as delivery of a manually executed counterpart hereof. The words “execution,” “signed,” “signature,”
 “delivery,” and words of like import in or relating to this Amendment and/or any document to be signed in connection with
this Amendment and the transactions contemplated hereby shall be deemed to include Electronic Signatures (as defined below), deliveries
or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually
executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be. As used herein, “Electronic
Signatures” means any electronic symbol or process attached to, or associated with, any contract or other record and adopted
by a person with the intent to sign, authenticate or accept such contract or record.

 

13.            Binding
Nature. This Amendment shall be binding upon and inure to the benefit of the parties hereto, their respective successors, successors-in-titles
and assigns.

 

14.            Entire
Understanding. This Amendment sets forth the entire understanding of the parties with respect to the matters set forth herein,
and shall supersede any prior negotiations or agreements, whether written or oral, with respect thereto.

 

[Signature Pages to Follow]

 

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IN WITNESS WHEREOF, the parties
hereto have caused this Amendment to be duly executed by their respective authorized officers as of the day and year first above written.

 

	BORROWER:	RESERVOIR MEDIA MANAGEMENT, INC.
	 	 
	 	 
	 	By:	/s/Golnar Khosrowshahi
	 	 	Name: Golnar Khosrowshahi
	 	 	Title: Chief Executive Officer
	 	 	 
	 	 	 
	PARENT:	RESERVOIR MEDIA, INC.
	 	 
	 	 
	 	By:	/s/Golnar Khosrowshahi
	 	 	Name: Golnar Khosrowshahi
	 	 	Title: Chief Executive Officer
	 	 	 
	 	 	 
	LOAN PARTIES:	BLUE RAINCOAT MUSIC LIMITED
	 	 
	 	 	 
	 	By:	/s/Golnar Khosrowshahi
	 	 	Name: Golnar Khosrowshahi
	 	 	Title: Director
	 	 	 
	 	 	 
	 	RESERVOIR/REVERB MUSIC LIMITED
	 	 	 
	 	 	 
	 	By:	/s/Golnar Khosrowshahi
	 	 	Name: Golnar Khosrowshahi
	 	 	Title: Sole Director, Secretary
	 	 	 
	 	 	 
	 	CHRYSALIS RECORDS LIMITED
	 	 	 
	 	 	 
	 	By:	/s/Golnar Khosrowshahi
	 	 	Name: Golnar Khosrowshahi
	 	 	Title: Director

 

First Amendment to Fourth Amended
and

Restated Credit Agreement

 

    

     

    

 

	 	RESERVOIR HOLDINGS, INC.
	 	 	 
	 	 	 
	 	By:	/s/Golnar Khosrowshahi
	 	 	Name: Golnar Khosrowshahi
	 	 	Title: Sole Director and President
	 	 	 
	 	 	 
	 	TOMMY BOY MUSIC, LLC
	 	 	 
	 	 	 
	 	By:	/s/Golnar Khosrowshahi
	 	 	Name: Golnar Khosrowshahi
	 	 	Title: Chief Executive Officer

 

First Amendment to Fourth Amended
and

Restated Credit Agreement

 

    

     

    

 

	ADMINISTRATIVE AGENT, COMMITTING LENDER AND LENDER:	TRUIST BANK, as Administrative Agent, a Committing Lender and a Lender
	 	 
	 	 
	 	By:	/s/Carmen Malizia
	 		Name:
Carmen Malizia
	 		Title:
Director

 

First Amendment to Fourth Amended
and

Restated Credit Agreement

 

    

     

    

 

	COMMITTING LENDERS AND LENDERS:	PINNACLE BANK, as a Committing Lender and a Lender
	 	 
	 	 
	 	By:	/s/Jason Dobbs
	 	 	Name: Jason Dobbs
	 	 	Title: Senior Vice President 

 

First Amendment to Fourth Amended
and

Restated Credit Agreement

 

    

     

    

 

	 	FIFTH THIRD BANK, NATIONAL ASSOCIATION, as Committing Lender and a Lender
	 	 
	 	 
	 	By:	/s/Jon Long
	 	 	Name: Jon Long
	 	 	Title: Senior Vice President

 

First Amendment to Fourth Amended
and

Restated Credit Agreement

 

    

     

    

 

	 	NEW YORK COMMUNITY BANK, as a Committing Lender and a Lender
	 	 
	 	 
	 	By:	/s/Richard
    Sheehan
	 	 	Name: Richard Sheehan
	 	 	Title: First Vice President

 

First Amendment to Fourth Amended
and

Restated Credit Agreement

 

    

     

    

 

	 	REGIONS BANK, as a Committing Lender and a Lender
	 	 
	 	 
	 	By:	/s/Bradley
    H. Peterson
	 	 	Name: Bradley H. Peterson
	 	 	Title: SVP Music & Entertainment

 

First Amendment to Fourth Amended
and

Restated Credit Agreement

 

    

     

    

 

	 	FIRST HORIZON BANK, as a Committing Lender and a Lender
	 	 
	 	 
	 	By:	/s/Mark
    Ford
	 	 	Name: Mark Ford
	 	 	Title: SVP

 

First Amendment to Fourth Amended
and

Restated Credit Agreement

 

    

     

    

 

	 	CITY NATIONAL BANK, as New Lender and a Committing Lender
	 	 
	 	 
	 	By:	/s/Steve
    Scott
	 	 	Name: Steve Scott
	 	 	Title: Senior Vice President 

 

First Amendment to Fourth Amended
and

Restated Credit Agreement

 

    

     

    

 

SCHEDULE A

 

SCHEDULE I

 

Revolving Commitment Amounts

 

	Lender	 	Revolving
 Commitment Amount	 
	Truist Bank	 	$	85,000,000	 
	Fifth Third Bank,
 National Association	 	$	75,250,000	 
	Pinnacle Bank	 	$	58,750,000	 
	Regions Bank	 	$	58,750,000	 
	First Horizon Bank	 	$	33,500,000	 
	City National Bank	 	$	30,000,000	 
	New York Community Bank	 	$	8,750,000	 
	TOTAL	 	$	350,000,000Exhibit 4.1

   

  

  WARRANT AGREEMENT

   

  Bullpen Parlay Acquisition Company

   

  and

   

  American Stock Transfer & Trust Company, LLC

   

  Dated December 7, 2021

   

  THIS WARRANT AGREEMENT (this “Agreement”), dated December
      7, 2021, is by and between Bullpen Parlay Acquisition Company, a Cayman Islands exempted company (the “Company”), and American Stock Transfer & Trust Company, LLC, a New York limited liability company, as warrant agent (in such
      capacity, the “Warrant Agent”).

   

  WHEREAS, it is proposed that the Company enter into that certain Private
      Placement Warrants Purchase Agreement, with BPAC Partners LLC, a Delaware limited liability company (the “Sponsor”), pursuant to which the Sponsor will purchase an aggregate of 10,500,000 warrants (or 11,700,000 warrants if the Option
      (as defined below) is exercised in full) simultaneously with the closing of the Offering, bearing the legend set forth in Exhibit B hereto (the “Private Placement Warrants”) at a purchase price of $1.00 per Private Placement
      Warrant. Each Private Placement Warrant entitles the holder thereof to purchase one Ordinary Share (as defined below) at a price of $11.50 per share, subject to adjustment as described herein; and 

   

  WHEREAS, in order to finance the Company’s
      transaction costs in connection with an intended initial merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination, involving the Company and one or more businesses (a “Business Combination”),

      the Sponsor or an affiliate of the Sponsor or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as the Company may require, of which up to $1,500,000 of such loans may be convertible into up to an
      additional 1,500,000 Private Placement Warrants at a price of $1.00 per Private Placement Warrant; and 

   

  WHEREAS, the Company is engaged in an initial public offering (the “Offering”)

      of units of the Company’s equity securities, each such unit comprised of one Ordinary Share and one-half of one Public Warrant (as defined below) (the “Units”) and, in connection therewith, has determined to issue and deliver up to
      11,500,000 redeemable warrants (including up to 1,500,000 redeemable warrants subject to the Over-allotment Option) to public investors in the Offering (the “Public Warrants” and, together with the Private Placement Warrants, the “Warrants”).

      Each whole Warrant entitles the holder thereof to purchase one Class A ordinary share of the Company, par value $0.0001 per share (“Ordinary Shares”), for $11.50 per share, subject to adjustment as described herein. Only whole Warrants
      are exercisable. A holder of the Public Warrants will not be able to exercise any fraction of a Warrant; and 

   

  WHEREAS, the Company has filed with the Securities and Exchange
      Commission (the “Commission”) registration statement on Form S-1, File No. 333-261135, and a prospectus (the “Prospectus”), for the registration, under the Securities Act of 1933, as amended (the “Securities Act”),

      of the Units, the Public Warrants and the Ordinary Shares included in the Units; and 

   

  
     

    
      
 

  

   

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

   

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

   

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

   

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

   

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

   

  2.            Warrants. 

   

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

   

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

   

  2.3.           Registration. 

   

  2.3.1.            Warrant Register. The Warrant Agent shall maintain books (the “Warrant Register”), for the registration of original issuance and the registration of transfer of the Warrants. Upon the
      initial issuance of the Warrants in book-entry form, the Warrant Agent shall issue and register the Warrants in the names of the respective holders thereof in such denominations and otherwise in accordance with instructions delivered to the Warrant
      Agent by the Company. Ownership of beneficial interests in the Public Warrants shall be shown on, and the transfer of such ownership shall be effected through, records maintained by institutions that have accounts with The Depository Trust Company
      (the “Depositary”) (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 provide written instructions to the Depositary to deliver to the Warrant Agent for cancellation each book-entry Public Warrant, and the Company shall instruct the Warrant Agent to
      deliver to the Depositary definitive certificates in physical form evidencing such Warrants (“Definitive Warrant Certificates”) which shall be in the form annexed hereto as Exhibit A. 

   

  
     

    
      
 

  

   

  Physical certificates, if issued, shall be signed by, or bear the
      facsimile signature of, the Executive Chairman of the Board, Chief Executive Officer, President, Chief Financial Officer, Chief Operating Officer, General Counsel, 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 serve in
      such capacity at the date of issuance. 

   

  2.3.2.            Registered Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may deem and treat the person in whose name such Warrant is registered in the
      Warrant Register (the “Registered Holder”) as the absolute owner of such Warrant and of each Warrant represented thereby, 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 Ordinary Shares and Public Warrants comprising the Units shall begin separate trading on the 52nd day following the date of the Prospectus or, if such 52nd day is not on a
      day, other than a Saturday, Sunday or federal holiday, on which banks in New York City are generally open for normal business (a “Business Day”), then on the immediately succeeding Business Day following such date, or earlier (the “Detachment

          Date”) with the consent of Citigroup Global Markets Inc., but in no event shall the Ordinary Shares and the Public Warrants comprising the Units be separately traded until (A) the Company has filed a Current Report on Form 8-K with the
      Commission containing an audited balance sheet of the Company reflecting the receipt by the Company of the gross proceeds of the Offering, including the proceeds then received by the Company from the exercise by the underwriters of their right to
      purchase additional Units in the Offering (the “Over-allotment Option”), if the Over-allotment Option is exercised prior to the filing of the Current Report on Form 8-K, and (B) the Company issues a press release announcing when such
      separate trading shall begin. 

   

  2.5.            Fractional Warrants. The Company shall not issue fractional Warrants other than as part of the Units, each of which is comprised of one Ordinary Share and one-half of one whole Warrant. If, upon the
      detachment of Public Warrants from the Units or otherwise, a holder of Warrants would be entitled to receive a fractional Warrant, the Company shall round down to the nearest whole number the number of Warrants to be issued to such holder. 

   

  
     

    
      
 

  

   

  

  2.6.            Private Placement Warrants.

   

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

    

  (a)            to the Company’s officers or directors, any affiliate or family member of any of the Company’s officers or directors, any members or partners of the Sponsor or their affiliates, any affiliates of the Sponsor,
      or any employees of such affiliates; 

   

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

   

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

   

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

   

  (e)            by private sales or transfers made in connection with any forward purchase agreement or similar arrangement or in connection with the consummation of a Business Combination at prices no greater than the price
      at which the Private Placement Warrants or Ordinary Shares, as applicable, were originally purchased; 

   

  (f)            by virtue of the laws of the State of Delaware or the Sponsor’s organizational documents upon liquidation or dissolution of the Sponsor; 

   

  (g)            to the Company for no value for cancellation in connection with the consummation of our initial Business Combination;

   

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

   

  (i)            in the event of the Company’s completion of a liquidation, merger, share exchange or other similar transaction which results in all of the public shareholders having the right to exchange their Ordinary
      Shares for cash, securities or other property subsequent to the completion of the Company’s initial Business Combination; 

   

  provided, however, that, in the case of clauses (a) through (f), these
      permitted transferees (the “Permitted Transferees”) must enter into a written agreement with the Company agreeing to be bound by the transfer restrictions in this Agreement and that certain letter agreement, dated as of the date hereof
      (commonly referred to as an “Insider Letter”), among the Company, the Sponsor and certain other parties thereto.

    

  
     

    
      
 

  

   

  

  3.            Terms
and

        Exercise of Warrants.

    

  3.1.            Warrant Price. Each whole Warrant shall entitle the Registered Holder thereof, subject to the provisions of such Warrant and of this Agreement, to purchase from the Company the number of Ordinary Shares
      stated therein, at the price of $11.50 per share, subject to the adjustments provided in Section 4 hereof and in the last sentence of this Section 3.1. The term “Warrant Price” as used in this Agreement shall mean the
      price per share (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 Ordinary Shares 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 fifteen Business Days (unless otherwise required by the Commission, any national securities exchange
      on which the Warrants are listed or applicable law); provided that the Company shall provide at least five days’ prior written notice of such reduction to Registered Holders of the Warrants; and provided further, that any such reduction shall be
      identical among all of the Warrants. 

   

  3.2.            Duration of Warrants. A Warrant may be exercised only during the period (the “Exercise Period”) (A) commencing on the later of: (i) the date that is thirty (30) days after the first date on
      which the Company completes a Business Combination, and (ii) the date that is twelve (12) months from the date of the closing of the Offering, and (B) terminating at the earliest to occur of (x) 5:00 p.m., New York City time on the date that is five
      (5) years after the date on which the Company completes its initial Business Combination, (y) the liquidation of the Company in accordance with the Company’s amended and restated memorandum and articles of association, as amended from time to time,
      if the Company fails to complete a Business Combination, and (z) other than with respect to the Private Placement Warrants then held by the Sponsor or its Permitted Transferees, 5:00 p.m., New York City time on the Redemption Date (as defined below)
      as provided in Section 6.3 hereof (the “Expiration Date”); provided, however, that the exercise of any Warrant shall be subject to the satisfaction of any applicable conditions, as set forth in subsection 3.3.2 below, with
      respect to an effective registration statement or a valid exemption therefrom being available. Except with respect to the right to receive the Redemption Price (as defined below), each Warrant not exercised on or before the Expiration Date shall
      become void, and all rights thereunder and all rights in respect thereof under this Agreement shall cease at 5:00 p.m. New York City time on the Expiration Date. The Company in its sole discretion may extend the duration of the Warrants by delaying
      the Expiration Date; provided that the Company shall provide at least twenty (20) days prior written notice of any such extension to Registered Holders of the Warrants and, provided further that any such extension shall be identical in duration among
      all the Warrants.  

    

  
     

    
      
 

  

   

  

  3.3.            Exercise
of

        Warrants.

   

  3.3.1.            Payment. Subject to the provisions of the Warrant and this Agreement, a Warrant may be exercised by the Registered Holder thereof by delivering to the Warrant Agent at its corporate trust department (i) the Definitive Warrant
      Certificate evidencing the Warrants to be exercised, or, in the case of a Warrant represented by a book-entry, the Warrants to be exercised (the “Book-Entry Warrants”) on the records of the Depositary to an account of the Warrant Agent
      at the Depositary designated for such purposes in writing by the Warrant Agent to the Depositary from time to time, (ii) an election to purchase (“Election to Purchase”) any Ordinary Shares pursuant to the exercise of a Warrant,
      properly completed and executed by the Registered Holder on the reverse of the Definitive Warrant Certificate or, in the case of a Book-Entry Warrant, properly delivered by the Participant in accordance with the Depositary’s procedures, and (iii) the
      payment in full of the Warrant Price for each Ordinary Share 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 Ordinary Shares and the
      issuance of such Ordinary Shares, as follows: 

   

  (a)            in lawful money of the United States, in good certified check or good bank draft payable to the order of the Warrant Agent or by wire transfer of immediately available funds; 

   

  (b)            [Reserved]; 

   

  (c)            with respect to any Private Placement Warrant, so long as such Private Placement Warrant is held by the Sponsor or a Permitted Transferee, by surrendering the Warrants for that number of Ordinary Shares equal
      to the quotient obtained by dividing (x) the product of the number of Ordinary Shares underlying the Warrants, multiplied by the excess of the “Sponsor Exercise Fair Market Value” (as defined in this subsection 3.3.1(c)) less the
      Warrant Price by (y) the Sponsor Exercise Fair Market Value. Solely for purposes of this subsection 3.3.1(c), the “Sponsor Exercise Fair Market Value” shall mean the average last reported sale price of the Ordinary Shares for the
      ten (10) trading days ending on the third (3rd) trading day prior to the date on which notice of exercise of the Private Placement Warrant is sent to the Warrant Agent; 

   

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

   

  (e)            as provided in Section 7.4 hereof. 

   

  3.3.2.            Issuance of Ordinary Shares on Exercise. As soon as practicable after the exercise of any Warrant and the clearance of the funds in payment of the Warrant Price (if payment is pursuant to subsection
        3.3.1(a)), the Company shall issue to the Registered Holder of such Warrant a book-entry position or certificate, as applicable, for the number of Ordinary Shares to which he, she or it is entitled, registered in such name or names as may be
      directed by him, her or it on the register of members of the Company, 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 as to which such Warrant
      shall not have been exercised. Notwithstanding the foregoing, the Company shall not be obligated to deliver any Ordinary Shares pursuant to the exercise of a Warrant and shall have no obligation to settle such Warrant exercise unless a registration
      statement under the Securities Act with respect to the Ordinary Shares underlying the Public Warrants is then effective and a prospectus relating thereto is current, subject to the Company’s satisfying its obligations under Section 7.4 or a
      valid exemption from registration is available. No Warrant shall be exercisable and the Company shall not be obligated to issue Ordinary Shares upon exercise of a Warrant unless the Ordinary Shares issuable upon such Warrant exercise have 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. Subject to Section 4.6 of this Agreement, a Registered Holder of
      Warrants may exercise its Warrants only for a whole number of Ordinary Shares. The Company may require holders of Public Warrants to settle the Warrant on a “cashless basis” pursuant to Section 7.4. If, by reason of any exercise of Warrants on
      a “cashless basis”, the holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in an Ordinary Share, the Company shall round down to the nearest whole number, the number of Ordinary Shares to be
      issued to such holder. 

   

  
     

    
      
 

  

   

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

   

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

   

  3.3.5.            Maximum Percentage. A holder of a Warrant may notify the Company in writing in the event it elects to be subject to the provisions contained in this subsection 3.3.5; however, no holder
      of a Warrant shall be subject to this subsection 3.3.5 unless he, she or it makes such election. If the election is made by a holder, the Warrant Agent shall not effect the exercise of the holder’s Warrant, and such holder shall not have the
      right to exercise such Warrant, to the extent that after giving effect to such exercise, such person (together with such person’s affiliates), to the Warrant Agent’s actual knowledge, would beneficially own in excess of 9.8% (the “Maximum
          Percentage”) of the Ordinary Shares outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of Ordinary Shares beneficially owned by such person and its affiliates shall
      include the number of Ordinary Shares issuable upon exercise of the Warrant with respect to which the determination of such sentence is being made, but shall exclude Ordinary Shares 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 shares 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 Ordinary Shares, the holder may rely on the number of outstanding Ordinary Shares 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 American Stock Transfer & Trust Company, LLC, as transfer agent (in such capacity, the “Transfer

          Agent”), setting forth the number of Ordinary Shares outstanding. For any reason at any time, upon the written request of the holder of the Warrant, the Company shall, within two (2) Business Days, confirm orally and in writing to such
      holder the number of Ordinary Shares then outstanding. In any case, the number of issued and outstanding Ordinary Shares 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 issued and outstanding Ordinary Shares was reported. By written notice to the Company, the holder of a Warrant may from time to time increase or decrease the Maximum Percentage applicable to such
      holder to any other percentage specified in such notice; provided, however, that any such increase shall not be effective until the sixty-first (61st) day after such notice is delivered to the Company. 

   

  
     

    
      
 

  

   

  4.            Adjustments.

   

  4.1.            Share Capitalizations.

   

  4.1.1.            Sub-Divisions. If after the date hereof, and subject to the provisions of Section 4.6 below, the number of issued and outstanding Ordinary Shares is increased by a capitalization or share
      dividend of Ordinary Shares, or by a sub-division of Ordinary Shares or other similar event, then, on the effective date of such share capitalization, sub-division or similar event, the number of Ordinary Shares issuable on exercise of each Warrant
      shall be increased in proportion to such increase in the issued and outstanding Ordinary Shares. A rights offering made to all or substantially all holders of Ordinary Shares entitling holders to purchase Ordinary Shares at a price less than the
      “Historical Fair Market Value” (as defined below) shall be deemed a capitalization of a number of Ordinary Shares equal to the product of (i) the number of Ordinary Shares actually sold in such rights offering (or issuable under any other equity
      securities sold in such rights offering that are convertible into or exercisable for the Ordinary Shares) multiplied by (ii) one (1) minus the quotient of (x) the price per Ordinary Share paid in such rights offering divided by (y) the Historical
      Fair Market Value. For purposes of this subsection 4.1.1, (i) if the rights offering is for securities convertible into or exercisable for Ordinary Shares, in determining the price payable for Ordinary Shares, 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) “Historical Fair Market Value” means the volume weighted average price of the Ordinary Shares during the ten
      (10) trading day period ending on the trading day prior to the first date on which the Ordinary Shares trade on the applicable exchange or in the applicable market, regular way, without the right to receive such rights. No Ordinary Shares shall be
      issued at less than their par value.

   

  4.1.2.            Extraordinary Dividends. If the Company, at any time while the Warrants are outstanding and unexpired, pays to all or substantially all of the holders of the Ordinary Shares a dividend or make a
      distribution in cash, securities or other assets on account of such Ordinary Shares (or other shares into which the Warrants are convertible), other than (a) as described in subsection 4.1.1 above, (b) Ordinary Cash Dividends (as defined
      below), (c) to satisfy the redemption rights of the holders of the Ordinary Shares in connection with a proposed initial Business Combination, (d) to satisfy the redemption rights of the holders of the Ordinary Shares in connection with a shareholder
      vote to amend the Company’s amended and restated memorandum and articles of association (i) to affect the substance or timing of the Company’s obligation to provide for the redemption of Ordinary Shares in connection with an initial Business
      Combination or to redeem 100% of the Company’s public shares if the Company does not consummate its initial Business Combination within 18 months from the closing of the Offering, or in connection with the redemption of public shares upon the failure
      of the Company to complete its initial Business Combination and any subsequent distribution of its assets upon its liquidation (any such non-excluded event being referred to herein as an “Extraordinary Dividend”), then the Warrant Price
      shall be decreased, effective immediately after the effective date of such Extraordinary Dividend, by the amount of cash and/or the fair market value (as determined by the Company’s board of directors (the “Board”), in good faith) of
      any securities or other assets paid on each Ordinary Share in respect of such Extraordinary Dividend. For purposes of this subsection 4.1.2, “Ordinary Cash Dividends” means any cash dividend or cash distribution which, when
      combined on a per share basis, with the per share amounts of all other cash dividends and cash distributions paid on the Ordinary Shares during the 365-day period ending on the date of declaration of such dividend or distribution to the extent it
      does not exceed $0.50 (which amount shall be 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 Ordinary Shares issuable on exercise of each Warrant) but only with respect to the amount of the aggregate cash dividends or cash distributions equal to or less than $0.50 per share.

   

  
     

    
      
 

  

   

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

   

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

   

  4.4.            Raising of the Capital in Connection
        with the Initial Business Combination. If (x) the Company issues additional Ordinary Shares or equity-linked securities for capital raising purposes in connection with the closing of its initial Business Combination at an issue price or
      effective issue price of less than $9.20 per Ordinary Share (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 Sponsor, any other holder of the Company’s Class B
      ordinary shares, par value $0.0001 (the “Class B Ordinary Shares”), or their respective affiliates, without taking into account any Class B Ordinary Shares held by the Sponsor, any other holder of the Class B Ordinary Shares or their
      respective affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) 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 completion of the Company’s initial Business Combination (net of redemptions), and (z) the volume-weighted average trading price of Ordinary Shares during the twenty (20) trading day
      period starting on the trading day prior to the day on which the Company consummates its initial Business Combination (such price, the “Market Value”) is below $9.20 per share, the Warrant Price shall be adjusted (to the nearest cent)
      to be equal to 115% of the greater of the Market Value and the Newly Issued Price, the $18.00 per share redemption trigger price described in Section 6.1 shall be adjusted (to the nearest cent) to be equal to 180% of the greater of the Market
      Value and the Newly Issued Price, and the $10.00 per share redemption trigger price described in Section 6.2 shall be adjusted (to the nearest cent) to be equal to the greater of the Market Value and the Newly Issued Price.

   

  
     

    
      
 

  

   

   

  4.5.            Replacement of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the issued and outstanding Ordinary Shares (other than a change under Section 4.1 or Section 4.2 hereof

      or that solely affects the par value of such Ordinary Shares), 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 issued and outstanding Ordinary Shares), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of the Company as an entirety or
      substantially as an entirety in connection with which the Company is dissolved, the holders of the Warrants shall thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants and in
      lieu of the Ordinary Shares immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares or stock or other securities or property (including cash) receivable upon such
      reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the Warrants would have received if such holder had exercised his, her or its Warrant(s) immediately prior to
      such event (the “Alternative Issuance”); provided, however, that (i) if the holders of the Ordinary Shares were entitled to exercise a right of election as to the kind or amount of securities, cash or other assets receivable upon such
      consolidation or merger, then the kind and amount of securities, cash or other assets constituting the Alternative Issuance for which each Warrant shall become exercisable shall be deemed to be the weighted average of the kind and amount received per
      share by the holders of the Ordinary Shares 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 Ordinary Shares (other
      than a tender, exchange or redemption offer made by the Company in connection with redemption rights held by shareholders of the Company as provided for in the Company’s amended and restated memorandum and articles of association or as a result of
      the repurchase of Ordinary Shares by the Company if a proposed initial Business Combination is presented to the shareholders 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 issued and outstanding Ordinary Shares, 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 shareholder 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 Ordinary Shares held by such holder had been purchased pursuant to such tender or exchange offer, subject to adjustments (from and after the consummation of such tender
      or exchange offer) as nearly equivalent as possible to the adjustments provided for in this Section 4; provided further that if less than 70% of the consideration receivable by the holders of the Ordinary Shares in the applicable event
      is payable in the form of shares in the successor entity that is listed for trading on a national securities exchange or is quoted in an established over-the-counter market, or is to be so listed for trading or quoted immediately following such
      event, and if the Registered Holder properly exercises the Warrant within thirty (30) days following the public disclosure of the consummation of such applicable event by the Company pursuant to a Current Report on Form 8-K filed with the Commission,
      the Warrant Price shall be reduced by an amount (in dollars) equal to the difference of (i) the Warrant Price in effect prior to such reduction minus (ii) (A) the Per Share Consideration (as defined below) (but in no event less than zero) minus
      (B) the Black-Scholes Warrant Value (as defined below). The “Black-Scholes Warrant Value” means the value of a Warrant immediately prior to the consummation of the applicable event based on the Black-Scholes Warrant Model for a Capped
      American Call on Bloomberg Financial Markets (assuming zero dividends) (“Bloomberg”). For purposes of calculating such amount, (i) Section 6 of this Agreement shall be taken into account, (ii) the price of each Ordinary Share
      shall be the volume weighted average price of the Ordinary Shares during the ten (10) trading day period ending on the trading day prior to the effective date of the applicable event, (iii) 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 (iv) 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 Ordinary Shares consists exclusively of cash, the amount of such cash per Ordinary Share, and (ii) in all other
      cases, the volume weighted average price of the Ordinary Shares during the ten (10) trading day period ending on the trading day prior to the effective date of the applicable event. If any reclassification or reorganization also results in a change
      in Ordinary Shares covered by subsection 4.1.1, then such adjustment shall be made pursuant to subsection 4.1.1 or Sections 4.2, 4.3 and this Section 4.5. The provisions of this Section 4.5 shall similarly
      apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers. In no event shall the Warrant Price be reduced to less than the par value per share issuable upon exercise of such Warrant.

   

  
     

    
      
 

  

   

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

   

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

   

  
     

    
      
 

  

   

   

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

   

  5.            Transfer and Exchange of Warrants.

   

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

   

  5.2.            Procedure for Surrender of Warrants. Warrants may be surrendered to the Warrant Agent, together with a written request for exchange or transfer, and thereupon the Warrant Agent shall issue in exchange
      therefor one or more new Warrants as requested by the Registered Holder of the Warrants so surrendered, representing an equal aggregate number of Warrants; provided, however, that except as otherwise provided herein or with respect to any Book-Entry
      Warrant, each Book-Entry Warrant may be transferred only in whole and only to the Depositary, to another nominee of the Depositary, to a successor depository, or to a nominee of a successor depository; provided further, however that in
      the event that a Warrant surrendered for transfer bears a restrictive legend (as in the case of the Private Placement Warrants), the Warrant Agent shall not cancel such Warrant and issue new Warrants in exchange thereof until the Warrant Agent has
      received an opinion of counsel for the Company stating that such transfer may be made and indicating whether the new Warrants must also bear a restrictive legend.

   

  5.3.            Fractional Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange which shall result in the issuance of a warrant certificate or book-entry position for a
      fraction of a warrant, except as part of the Units.

   

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

   

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

   

  
     

    
      
 

  

   

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

   

  6.            Redemption.

   

  6.1.            Redemption of Warrants When Ordinary Shares Trade At or Above $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 during the Exercise Period, at the office of the Warrant Agent, upon notice to the Registered Holders of the Warrants, as described in Section 6.3 below, at a Redemption Price of $0.01 per Warrant, provided that (a) the Reference
      Value equals or exceeds $18.00 per share (subject to adjustment in compliance with Section 4 hereof) for any twenty (20) trading days within a thirty (30) trading day period ending three trading days before the date on which notice of
      redemption pursuant to this Section 6.1 is sent to the Registered Holders and (b) there is an effective registration statement covering the issuance of the Ordinary Shares 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).

   

  6.2.            Redemption of Warrants When Ordinary Shares Trade At or Above $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, at
      any time during the Exercise Period, at the office of the Warrant Agent, upon notice to the Registered Holders of the Warrants, as described in Section 6.3 below, at a Redemption Price of $0.10 per Warrant, provided that the Reference Value
      equals or exceeds $10.00 per share (subject to adjustment in compliance with Section 4 hereof) for any twenty (20) trading days within a thirty (30) trading day period ending three trading days before the date on which notice of redemption
      pursuant to this Section 6.2 is sent to the Registered Holders. During the thirty (30) day Redemption Period in connection with a redemption pursuant to this Section 6.2, Registered Holders of the Warrants may elect to exercise their
      Warrants on a “cashless basis” pursuant to subsection 3.3.1 and receive a number of Ordinary Shares 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 “Redemption Fair Market Value” (as such term is defined in this Section 6.2) (a “Make-Whole Exercise”). Solely for purposes of this Section 6.2, the “Redemption Fair Market Value” shall
      mean the volume weighted average price of the Ordinary Shares for the ten (10) trading days immediately following the date on which notice of redemption pursuant to this Section 6.2 is sent to the Registered Holders. In connection with any
      redemption pursuant to this Section 6.2, the Company shall provide the Registered Holders with the Redemption Fair Market Value no later than one (1) Business Day after the ten (10) trading day period described above ends.

   

  	 	
          Fair Market Value of Class A Ordinary Shares

        
	
          Redemption Date

          (period to expiration of warrants)

        	
          ≤10.00

        	
          11.00

        	
          12.00

        	
          13.00

        	
          14.00

        	
          15.00

        	
          16.00

        	
          17.00

        	
          ≥18.00

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

   

  
     

    
      
 

  

   

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

   

  The share prices set forth in the column headings of the table above
      shall be adjusted as of any date on which the number of shares issuable upon exercise of a Warrant or the Exercise Price is adjusted pursuant to Section 4 hereof. If the number of shares issuable upon exercise of a Warrant is adjusted pursuant
      to Section 4 hereof, the adjusted share prices in the column headings shall equal the share prices immediately prior to such adjustment, multiplied by a fraction, the numerator of which is the number of shares deliverable upon exercise of a
      Warrant immediately prior to such adjustment and the denominator of which is the number of shares deliverable upon exercise of a Warrant as so adjusted. The number of shares in the table above shall be adjusted in the same manner and at the same time
      as the number of shares issuable upon exercise of a Warrant. If the Exercise Price of a Warrant is adjusted, (a) in the case of an adjustment pursuant to Section 4.4 hereof, the adjusted share prices in the column headings shall equal the
      share prices immediately prior to such adjustment multiplied by a fraction, the numerator of which is the higher of the Market Value and the Newly Issued Price and the denominator of which is $10.00 and (b) in the case of an adjustment pursuant to Section

        4.1.2 hereof, the adjusted share prices in the column headings shall equal the share prices immediately prior to such adjustment less the decrease in the Exercise Price pursuant to such Exercise Price adjustment. In no event shall the number of
      shares issued in connection with a Make-Whole Exercise exceed 0.361 Ordinary Shares per Warrant (subject to adjustment).

   

  6.3.            Date Fixed for, and Notice of, Redemption; Redemption Price; Reference Value. In the event that the Company elects to redeem the Warrants pursuant to Sections 6.1 or 6.2, the Company shall
      fix a date for the redemption (the “Redemption Date”). Notice of redemption shall be mailed by first class mail, postage prepaid, by the Company not less than thirty (30) days prior to the Redemption Date (the “30-day Redemption
          Period”) to the Registered Holders of the Warrants to be redeemed at their last addresses as they shall appear on the registration books. Any notice mailed in the manner herein provided shall be conclusively presumed to have been duly
      given whether or not the Registered Holder received such notice. As used in this Agreement, (a) “Redemption Price” shall mean the price per Warrant at which any Warrants are redeemed pursuant to Sections 6.1 or 6.2 and
      (b) “Reference Value” shall mean the last reported sales price of the Ordinary Shares for any twenty (20) trading days within the thirty (30) trading-day period ending on the third (3rd) trading day prior to the date on which notice of
      the redemption is given.

   

  
     

    
      
 

  

   

  6.4.            Exercise After Notice of Redemption. The Warrants may be exercised, for cash (or 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. On and after the Redemption Date, the record holder of the Warrants shall have no further rights except to receive, upon surrender of the Warrants,
      the Redemption Price.

   

  6.5.            Exclusion of Private Placement Warrants. The Company agrees that (i) the redemption rights provided in Section 6.1 hereof shall not apply to the Private Placement Warrants and (ii) the redemption
      rights provided in Section 6.2 hereof shall not apply to the Private Placement Warrants if the Reference Value equals or exceeds $18.00 per share (subject to adjustment in compliance with Section 4 hereof). However, once such Private
      Placement Warrants are transferred (other than to Permitted Transferees in accordance with Section 2.6 hereof), the Company may redeem the Private Placement Warrants pursuant to Sections 6.1 or 6.2 hereof, provided that the
      criteria for redemption are met, including the opportunity of the holder of such Private Placement Warrants to exercise the Private Placement Warrants prior to redemption pursuant to Section 6.4 hereof. Private Placement Warrants that are
      transferred to persons other than Permitted Transferees shall upon such transfer cease to be Private Placement Warrants and shall become Public Warrants under this Agreement, including for purposes of Section 9.8 hereof.

   

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

   

  7.1.            No Rights as Shareholder. A Warrant does not entitle the Registered Holder thereof to any of the rights of a shareholder of the Company, including, without limitation, the right to receive dividends, or
      other distributions, exercise any preemptive rights to vote or to consent or to receive notice as shareholders in respect of the meetings of shareholders or the election of directors of the Company or any other matter.

   

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

   

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

   

  
     

    
      
 

  

   

  7.4.            Registration of Ordinary Shares; Cashless Exercise at Company’s Option.

   

  7.4.1.            Registration of the Ordinary Shares. The Company agrees that as soon as practicable, but in no event later than twenty (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 Ordinary Shares issuable upon exercise of the Warrants. The Company shall use its commercially
      reasonable efforts to cause the same to become effective within sixty (60) Business Days following the closing of its initial Business Combination and to maintain the effectiveness of such registration statement, and a current prospectus relating
      thereto, until the expiration or redemption of the Warrants in accordance with the provisions of this Agreement. If any such registration statement has not been declared effective by the sixtieth (60th) Business Day following the closing of
      the Business Combination, holders of the Warrants shall have the right, during the period beginning on the sixty-first (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 issuance of the Ordinary Shares issuable upon exercise of the Warrants, to exercise such Warrants
      on a “cashless basis,” by exchanging the Warrants (in accordance with Section 3(a)(9) of the Securities Act or another exemption) for that number of Ordinary Shares equal to the lesser of (A) the quotient obtained by dividing (x) the product of the
      number of Ordinary Shares underlying the Warrants, multiplied by the excess of the “Fair Market Value” (as defined below) less the Warrant Price by (y) the Fair Market Value and (B) 0.361. Solely for purposes of this subsection 7.4.1, “Fair

          Market Value” shall mean the volume-weighted average price of the Ordinary Shares as reported during the ten (10) trading day period ending on the trading day prior to the date that notice of exercise is received by the Warrant Agent from
      the holder of such Warrants or its securities broker or intermediary. The date that notice of “cashless exercise” is received by the Warrant Agent shall be conclusively determined by the Warrant Agent. In connection with the “cashless exercise” of a
      Public Warrant, the Company shall, upon request, provide the Warrant Agent with an opinion of counsel for the Company (which shall be an outside law firm with securities law experience) stating that (i) the exercise of the Warrants on a “cashless
      basis” in accordance with this subsection 7.4.1 is not required to be registered under the Securities Act and (ii) the Ordinary Shares issued upon such exercise shall be freely tradable under United States federal securities laws by anyone who
      is not an affiliate (as such term is defined in Rule 144 under the Securities Act) of the Company and, accordingly, shall not be required to bear a restrictive legend. Except as provided in subsection 7.4.2, for the avoidance of doubt, unless
      and until all of the Warrants have been exercised or have expired, the Company shall continue to be obligated to comply with its registration obligations under the first three sentences of this subsection 7.4.1.

   

  7.4.2.            Cashless Exercise at Company’s Option. If the Ordinary Shares are at the time of any exercise of a Public Warrant not listed on a national securities exchange such that they satisfy the definition of a
      “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, (i) require holders of Public Warrants who exercise Public Warrants to exercise such Public Warrants on a “cashless basis” in accordance with
      Section 3(a)(9) of the Securities Act as described in subsection 7.4.1 and (ii) in the event the Company so elects, the Company shall (x) not be required to file or maintain in effect a registration statement for the registration, under the
      Securities Act, of the Ordinary Shares 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 for sale the Ordinary Shares issuable
      upon exercise of the Public Warrant under applicable blue sky laws to the extent an exemption is not available.

   

  
     

    
      
 

  

   

  8.            Concerning the Warrant Agent and Other Matters.

   

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

   

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

   

  8.2.1.            Appointment of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged from all further duties and liabilities hereunder after
      giving sixty (60) days’ notice in writing to the Company. If the office of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing a successor Warrant Agent in place of the Warrant
      Agent. If the Company shall fail to make such appointment within a period of thirty (30) days after it has been notified in writing of such resignation or incapacity by the Warrant Agent or by the holder of a Warrant (who shall, with such notice,
      submit his, her or its 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 or other entity organized and existing under the laws of the State of New York, in good standing and having its principal office in the United
      States of America, 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
      Ordinary Shares not later than the effective date of any such appointment.

   

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

   

  
     

    
      
 

  

   

  8.3.            Fees and Expenses of Warrant Agent.

   

  8.3.1.            Remuneration. The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent hereunder and shall, pursuant to its obligations under this Agreement, reimburse
      the Warrant Agent upon demand for all reasonable and documented third-party 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, the President, the Chief Financial Officer, Chief Operating Officer, the General Counsel, the Secretary or the Chairman of the Board of the Company and delivered to the Warrant Agent. The Warrant Agent may rely upon such statement
      for any action taken or suffered in good faith by it pursuant to the provisions of this Agreement.

   

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

   

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

   

  
     

    
      
 

  

   

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

   

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

   

  9.            Miscellaneous Provisions.

   

  9.1.            Successors. All the covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure to the benefit of their respective successors and assigns.

   

  9.2.            Notices. Any notice, statement or demand authorized by this Agreement to be given or made by the Warrant Agent or by the holder of any Warrant to or on the Company shall be sufficiently given when so
      delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five (5) days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Company with the
      Warrant Agent), as follows:

   

  Bullpen Parlay Acquisition Company 

  c/o Bullpen Capital 

  215 2nd St, Floor 3 

  San Francisco, CA 94105 

  Attention: David VanEgmond

   

  Any notice, statement or demand authorized by this Agreement to be given or made by the
      holder of any Warrant or by the Company to or on the Warrant Agent shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five (5) days after deposit of such
      notice, postage prepaid, addressed (until another address is filed in writing by the Warrant Agent with the Company), as follows:

   

  American Stock Transfer & Trust Company, LLC 

  6201 15th Ave 

  Brooklyn, 

  New York, New York 11219 

  Attention: Reorg Dept

   

  
     

    
      
 

  

   

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

   

  Sidley Austin LLP 

  787 7th Avenue 

  New York, New York 10019 

  Attention: David Ni and George Vlahakos

    

   

  and

   

  Citigroup Global Markets Inc.

      388 Greenwich Street

      New York, New York 10013

   

  and

   

  Edward Bromley III 

  Reed Smith LLP 

  599 Lexington Ave 

  New York, NY 10022 

  Attention: Edward Bromley III

      email: ebromley@reedsmith.com

   

  9.3.            Applicable Law and Exclusive Forum. The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed in all respects by the laws of the State of New York. Subject to
      applicable law, the Company hereby agrees that any action, proceeding or claim against it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court
      for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive forum for any such action, proceeding or claim. The Company hereby waives any objection to such exclusive jurisdiction and that
      such courts represent an inconvenient forum. Notwithstanding the foregoing, the provisions of this paragraph will not apply to suits brought to enforce any liability or duty created by the Exchange Act or any other claim for which the federal
      district courts of the United States of America are the sole and exclusive forum.

   

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

   

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

   

  
     

    
      
 

  

   

  9.5.            Examination of the Warrant Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the Warrant Agent in the United States of America, for inspection by the
      Registered Holder of any Warrant. The Warrant Agent may require any such holder to submit such holder’s Warrant for inspection by the Warrant Agent.

   

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

   

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

   

  9.8.            Amendments. This Agreement may be amended by the parties hereto without the consent of any Registered Holder for the purpose of (i) curing any ambiguity or to correct any mistake, including to conform the
      provisions hereof to the description of the terms of the Warrants and this Agreement set forth in the Prospectus, or defective provision contained herein, (ii) amending the definition of “Ordinary Cash Dividend” as contemplated by and in accordance
      with the second sentence of subsection 4.1.2 or (iii) adding or changing any 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 rights of the Registered Holders under this Agreement. All other modifications or amendments, including any modification or amendment to increase the Warrant Price or shorten the Exercise Period and any amendment to the terms of
      only the Private Placement Warrants, shall require the vote or written consent of the Registered Holders of 50% of the then-outstanding Public Warrants and, solely with respect to any amendment to the terms of the Private Placement Warrants or any
      provision of this Agreement with respect to the Private Placement Warrants, 50% of the then-outstanding Private Placement Warrants. Notwithstanding the foregoing, the Company may lower the Warrant Price or extend the duration of the Exercise Period
      pursuant to Sections 3.1 and 3.2, respectively, without the consent of the Registered Holders.

   

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

   

  Exhibit A — Form of Warrant Certificate

   

  Exhibit B Legend — Private Placement Warrants

   

  
     

    
      
 

  

   

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

   

  	 	Bullpen Parlay Acquisition Company
	 	 
	 	By:	/s/ David VanEgmond

        
	 	 	 
	 	 	Name: David VanEgmond
	 	 	 
	 	 	Title:   Chief Executive Officer

   

  	 	American Stock Transfer & Trust Company, LLC,

            as Warrant Agent
	 	 
	 	By:	/s/ Michael Legregin

        
	 	 	 
	 	 	Name: Michael Legregin
	 	 	 
	 	 	Title:   Senior Vice President, Attorney Advisory Group

          

   

  
     

    
      
 

  

  
   

  EXHIBIT A

   

  [FACE]

   

  Number

   

  Warrants

   

  THIS WARRANT SHALL BE VOID IF NOT EXERCISED PRIOR TO

      THE EXPIRATION OF THE EXERCISE PERIOD PROVIDED FOR

      IN THE WARRANT AGREEMENT DESCRIBED BELOW

   

  Bullpen Parlay Acquisition Company

   

  Incorporated Under the Laws of the Cayman Islands

   

  CUSIP [●]

   

  Warrant Certificate

   

  This Warrant Certificate certifies that [               ],
      or registered assigns, is the registered holder of [               ] warrant(s) (the “Warrants” and each, a “Warrant”) to purchase Class A ordinary shares, $0.0001 par value (“Ordinary Shares”), of Bullpen
      Parlay Acquisition Company, a Cayman Islands exempted company (the “Company”). Each Warrant entitles the holder, upon exercise during the period set forth in the Warrant Agreement referred to below, to receive from the Company that
      number of fully paid and nonassessable Ordinary Shares as set forth below, at the exercise price (the “Exercise Price”) as determined pursuant to the Warrant Agreement, payable in lawful money (or through “cashless exercise”
      as provided for in the Warrant Agreement) of the United States of America upon surrender of this Warrant Certificate and payment of the Exercise Price at the office or agency of the Warrant Agent referred to below, subject to the conditions set forth
      herein and in the Warrant Agreement. Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement.

   

  Each whole Warrant is initially exercisable for one fully paid and
      non-assessable Ordinary Share. Fractional shares shall not be issued upon exercise of any Warrant. If, upon the exercise of Warrants, a holder would be entitled to receive a fractional interest in an Ordinary Share, the Company shall, upon exercise,
      round down to the nearest whole number the number of Ordinary Shares to be issued to the Warrant holder. The number of Ordinary Shares issuable upon exercise of the Warrants is subject to adjustment upon the occurrence of certain events as set forth
      in the Warrant Agreement. 

   

  The initial Exercise Price per one Ordinary Share for any Warrant is
      equal to $11.50 per share. The Exercise Price is subject to adjustment upon the occurrence of certain events as set forth in the Warrant Agreement.

   

  
    A-1

    
      
 

  

   

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

   

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

   

  This Warrant Certificate shall not be valid unless countersigned by the
      Warrant Agent, as such term is used in the Warrant Agreement. This Warrant Certificate shall be governed by and construed in accordance with the internal laws of the State of New York.

   

  
    A-2

    
      
 

  

   

  	 	Bullpen Parlay Acquisition Company
	 	 

  	 	By:	

        
	 	 	Name:

          
	 	 	Title:

   

  	 	American Stock Transfer & Trust Company, LLC,

            AS WARRANT AGENT
	 	 

  	 	By:	

        
	 	 	Name: 

          
	 	 	
          Title: 

            

        

   

  
    A-3

    
      
 

  

   

  [Form of Warrant Certificate] 

   

  [Reverse]

   

  The Warrants evidenced by this Warrant Certificate are part of a duly
      authorized issue of Warrants entitling the holder on exercise to receive [               ] Ordinary Shares and are issued or to be issued pursuant to a Warrant Agreement dated as of [•], 2021 (the “Warrant Agreement”), duly executed and
      delivered by the Company to American Stock Transfer & Trust Company, LLC, a New York limited liability company, as warrant agent (the “Warrant Agent”), which Warrant Agreement is hereby incorporated by reference in and made a part
      of this instrument and is hereby referred to for a description of the rights, limitation of rights, obligations, duties and immunities thereunder of the Warrant Agent, the Company and the holders (the words “holders” or “holder”
      meaning the Registered Holders or Registered Holder, respectively) of the Warrants. A copy of the Warrant Agreement may be obtained by the holder hereof upon written request to the Company. Defined terms used in this Warrant Certificate but not
      defined herein shall have the meanings given to them in the Warrant Agreement.

   

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

   

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

   

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

   

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

   

  
    A-4

    
      
 

  

   

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

   

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

   

  
    A-5

    
      
 

  

   

  Election to Purchase 

   

  (To Be Executed Upon Exercise of Warrant)

   

  The undersigned hereby irrevocably elects to exercise the right,
      represented by this Warrant Certificate, to receive [               ] Ordinary Shares and herewith tenders payment for such Ordinary Shares to the order of Bullpen Parlay Acquisition Company (the “Company”) in the amount of
      $[               ] in accordance with the terms hereof. The undersigned requests that a certificate for such Ordinary Shares be registered in the name of [               ], whose address is [               ] and that such Ordinary Shares be delivered
      to [               ] whose address is [               ]. If said [               ] number of Ordinary Shares is less than all of the Ordinary Shares purchasable hereunder, the undersigned requests that a new Warrant Certificate representing the
      remaining balance of such Ordinary Shares be registered in the name of [               ], whose address is [               ] and that such Warrant Certificate be delivered to [               ], whose address is [               ].

   

  In the event that the Warrant has been called for redemption by the Company pursuant to Section 6.2 of

      the Warrant Agreement and a holder thereof elects to exercise its Warrant pursuant to a Make-Whole Exercise, the number of Ordinary Shares that this Warrant is exercisable for shall be determined in accordance with Section 6.2 of the Warrant
      Agreement. 

   

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

   

  In the event that the Warrant is to be exercised on a “cashless” basis pursuant to Section 7.4 of

      the Warrant Agreement, the number of Ordinary Shares that this Warrant is exercisable for shall be determined in accordance with Section 7.4 of the Warrant Agreement. 

   

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

   

  (Signature Page Follows)

   

  
    A-6

    
      
 

  

   

  Date: [               ], 20

   

  	 	(Signature)

  	 	(Address)

  	 	 
	 	(Tax Identification Number)

  Signature Guaranteed:

   

  	 	 

   

  THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR
      INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15 UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED).

   

  
    A-7

    
      
 

  

   

  EXHIBIT B

   

  LEGEND

   

  THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
      ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM
      REGISTRATION IS AVAILABLE. IN ADDITION, SUBJECT TO ANY ADDITIONAL LIMITATIONS ON TRANSFER DESCRIBED IN THE LETTER AGREEMENT BY AND AMONG Bullpen Parlay Acquisition Company (THE “COMPANY”),
      BPAC Partners LLC AND THE OTHER PARTIES THERETO, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD OR TRANSFERRED PRIOR TO THE DATE THAT IS THIRTY (30) DAYS AFTER THE DATE UPON WHICH THE
      COMPANY COMPLETES ITS INITIAL BUSINESS COMBINATION (AS DEFINED IN SECTION 3 OF THE WARRANT AGREEMENT REFERRED TO HEREIN) EXCEPT TO A PERMITTED TRANSFEREE (AS DEFINED IN SECTION 2 OF THE WARRANT AGREEMENT) WHO AGREES IN WRITING WITH THE
      COMPANY TO BE SUBJECT TO SUCH TRANSFER PROVISIONS.

   

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

   

  NO. [               ] WARRANT

   

   B-1

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