Document:

Exhibit 10.1

 

AEROVATE THERAPEUTICS INC.

 

2018 EQUITY INCENTIVE PLAN

 

1.            Purpose
and Eligibility. The purpose of this 2018 Equity Incentive Plan (the “Plan”) of AEROVATE THERAPEUTICS INC.,
a Delaware corporation (the “Company”) is to provide stock options, stock issuances and other equity interests in the
Company (each, an “Award”) to (a) employees, officers, directors, consultants and advisors of the Company and
its Affiliates, Parents and Subsidiaries, and (b) any other Person who is determined by the Board to have made (or is expected to
make) contributions to the Company. Any person to whom an Award has been granted under the Plan is called a “Participant.”
Additional definitions are contained in Section 10.

 

2.           Administration

 

a.            Administration
by Board of Directors. The Plan will be administered by the Board of Directors of the Company (the “Board”). The
Board, in its sole discretion, shall have the authority to grant and amend Awards, to adopt, amend and repeal rules relating to the
Plan and to interpret and correct the provisions of the Plan and any Award. The Board shall have authority, subject to the express limitations
of the Plan, (i) to construe and determine the respective Award Agreement, Awards and the Plan, (ii) to prescribe, amend and
rescind rules and regulations relating to the Plan and any Awards, (iii) to determine the terms and provisions of the respective
Award Agreements and Awards, which need not be identical, (iv) to initiate an Option Exchange Program, and (v) to make all other
determinations in the judgment of the Board of Directors necessary or desirable for the administration and interpretation of the Plan.
The Board may correct any defect or supply any omission or reconcile any inconsistency in the Plan or in any Award Agreement or Award
in the manner and to the extent it shall deem expedient to carry the Plan, any Award Agreement or Award into effect and it shall be the
sole and final judge of such expediency. All decisions by the Board shall be final and binding on all interested persons. Neither the
Company nor any member of the Board shall be liable for any action or determination relating to the Plan.

 

b.            Appointment
of Committee. To the extent permitted by applicable law, the Board may delegate any or all of its powers under the Plan to one or
more committees or subcommittees of the Board (a “Committee”). If so delegated, all references in the Plan to the “Board”
shall mean such Committee or the Board.

 

c.            Delegation
to Executive Officers. To the extent permitted by applicable law, the Board may delegate to one or more executive officers of the
Company the power to grant Awards and exercise such other powers under the Plan as the Board may determine, provided that the Board
shall fix the maximum number of Awards to be granted and the maximum number of shares issuable to any one Participant pursuant to Awards
granted by such executive officers.

 

    	 

     

    

 

3.             Stock
Available for Awards.

 

a.            Number
of Shares. Subject to adjustment under Section 3(b), the aggregate number of shares of Common Stock that may be issued
pursuant to the Plan is the Available Shares (as specified on the last page hereof). If any Award expires, or is terminated, surrendered
or forfeited, in whole or in part, the unissued Common Stock covered by such Award shall again be available for the grant of Awards under
the Plan. If an Award granted under the Plan shall expire or terminate for any reason without having been exercised in full, the unpurchased
shares subject to such Award shall again be available for subsequent Awards under the Plan, and if shares of Common Stock issued pursuant
to the Plan are repurchased by, or are surrendered or forfeited to, the Company at no more than the price paid for such shares, such shares
of Common Stock shall again be available for the grant of Awards under the Plan. Shares issued under the Plan may consist in whole or
in part of authorized but unissued shares or treasury shares.

 

b.            Adjustment
to Common Stock. Subject to Section 7, in the event of any stock split, reverse stock split, stock dividend, extraordinary
cash dividend, recapitalization, reorganization, merger, consolidation, combination, exchange of shares, liquidation, spin-off, split-up,
or other similar change in capitalization or similar event, (i) the number and class of Available Shares and the per-Participant
share limit, (ii) the number and class of securities, vesting schedule and exercise price per share subject to each outstanding
Option, (iii) the repurchase price per security subject to repurchase, and (iv) the terms of each other outstanding Award shall
be adjusted by the Company (or substituted Awards may be made, if applicable) to the extent the Board shall determine, in good faith,
that such an adjustment (or substitution) is appropriate. Any such adjustment to outstanding Awards will be effected in a manner that
precludes the enlargement of rights and benefits under such Awards.

 

4.             Stock
Options.

 

a.            General.
The Board may grant options to purchase Common Stock (each, an “Option”) and determine the number of shares of Common
Stock to be covered by each Option, the exercise price of each Option and the conditions and limitations applicable to the exercise of
each Option and the shares of Common Stock issued upon the exercise of each Option, including, but not limited to, vesting provisions,
repurchase provisions and restrictions relating to applicable federal or state securities laws. Each Option will be evidenced by an Award
Agreement, consisting of a Notice of Stock Option Award and Stock Option Award Terms (collectively, an “Award Agreement”).

 

b.            Incentive
Stock Options. An Option that the Board intends to be an incentive stock option (an “Incentive Stock Option”) as
defined in Section 422 of the Code, as amended, or any successor statute (“Section 422”), shall be granted
only to an employee of the Company and shall be subject to and shall be construed consistently with the requirements of Section 422
and regulations thereunder. The Board and the Company shall have no liability if an Option or any part thereof that is intended to be
an Incentive Stock Option does not qualify as such. An Option or any part thereof that does not qualify as an Incentive Stock Option is
referred to herein as a “Nonstatutory Stock Option” or “Nonqualified Stock Option.”

 

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c.            Dollar
Limitation. For so long as the Code shall so provide, Options granted to any employee under the Plan (and any other incentive stock
option plans of the Company) which are intended to qualify as Incentive Stock Options shall not qualify as Incentive Stock Options to
the extent that such Options, in the aggregate, become exercisable for the first time in any one calendar year for shares of Common Stock
with an aggregate Fair Market Value (as defined below) (determined as of the respective date or dates of grant) of more than $100,000.
The amount of Incentive Stock Options which exceed such $100,000 limitation shall be deemed to be Nonqualified Stock Options. For the
purpose of this limitation, unless otherwise required by the Code or regulations of the Internal Revenue Service or determined by the
Board, Options shall be taken into account in the order granted, and the Board may designate that portion of any Incentive Stock Option
that shall be treated as Nonqualified Option in the event that the provisions of this paragraph apply to a portion of any Option. The
designation described in the preceding sentence may be made at such time as the Committee considers appropriate, including after the issuance
of the Option or at the time of its exercise.

 

d.           Exercise
Price. The Board shall establish the exercise price (or determine the method by which the exercise price shall be determined) at the
time each Option is granted and specify the exercise price in the applicable Award Agreement, provided, however, in no event may the per
share exercise price of an Option be less than the Fair Market Value of the Common Stock on the date such Option is granted, except in
accordance with Section 7. In the case of an Incentive Stock Option granted to a Participant who, at the time of grant of
such Option, owns stock representing more than ten percent (10%) of the voting power of all classes of stock of the Company, then the
exercise price shall be no less than 110% of the Fair Market Value of the Common Stock on the date of grant. In the case of a grant of
an Incentive Stock Option to any other Participant, the exercise price shall be no less than 100% of the Fair Market Value of the Common
Stock on the date of grant.

 

e.            Duration
of Options. Each Option shall be exercisable at such times and subject to such terms and conditions as the Board may specify in the
applicable Award Agreement; provided, that the term of any Incentive Stock Option may not be more than ten (10) years from the date
of grant. In the case of an Incentive Stock Option granted to a Participant who, at the time of grant of such Option, owns stock representing
more than ten percent (10%) of the voting power of all classes of stock of the Company, the term of the Option shall be no longer than
five (5) years from the date of grant.

 

f.            Exercise
of Option. Options may be exercised only by delivery to the Company of a written notice of exercise signed by the proper person together
with payment in full as specified in Section 4(g) and the Award Agreement for the number of shares for which the Option
is exercised.

 

g.          Payment
Upon Exercise. Common Stock purchased upon the exercise of an Option shall be paid for by one or any combination of the following
forms of payment as permitted by the Board in its sole and absolute discretion:

 

i.              by
check payable to the order of the Company;

 

ii.             only
if the Common Stock is then publicly traded, by delivery of an irrevocable and unconditional undertaking by a creditworthy broker to deliver
promptly to the Company sufficient funds to pay the exercise price, or delivery by the Participant to the Company of a copy of irrevocable
and unconditional instructions to a creditworthy broker to deliver promptly to the Company cash or a check sufficient to pay the exercise
price;

 

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iii.           to
the extent explicitly provided in the applicable Award Agreement, by delivery of shares of Common Stock owned by the Participant valued
at Fair Market Value;

 

iv.          by
delivery of a promissory note of the Participant, with full recourse to the Participant, to the Company (and delivery to the Company by
the Participant of a check in an amount equal to the par value of the shares purchased); or

 

 v.           payment of such other lawful consideration as the Board may determine.

 

Except as otherwise expressly set forth in a Award
Agreement, the Board shall have no obligation to accept consideration other than cash and in particular, unless the Board so expressly
provides, in no event will the Company accept the delivery of shares of Common Stock that have not been owned by the Participant at least
six months prior to the exercise. The fair market value of any shares of the Company's Common Stock or other non-cash consideration which
may be delivered upon exercise of an Option shall be determined in such manner as may be prescribed by the Board.

 

h.         Acceleration,
Extension, Etc. The Board may, in its sole discretion, and in all instances subject to any relevant tax and accounting considerations
which may adversely impact or impair the Company, (i) accelerate the date or dates on which all or any particular Options or Awards
granted under the Plan may be exercised, or (ii) extend the dates during which all or any particular Options or Awards granted under
the Plan may be exercised or vest.

 

i.           Determination
of Fair Market Value. If, at the time an Option is granted under the Plan, the Company's Common Stock is publicly traded under the
Exchange Act, “Fair Market Value” shall mean (i) if the Common Stock is listed on any established stock exchange
or a national market system, including without limitation the Nasdaq National Market or The Nasdaq Small Cap Market of The Nasdaq Stock
Market, its fair market value shall be the last reported sales price for such stock (on that date) or the closing bid, if no sales were
reported as quoted on such exchange or system as reported in The Wall Street Journal or such other source as the Board deems reliable;
or (ii) the average of the closing bid and asked prices last quoted (on that date) by an established quotation service for over-the-counter
securities, if the Common Stock is not reported on a national market system. In the absence of an established market for the Common Stock,
the fair market value thereof shall be determined in good faith by the Board after taking into consideration all factors which it deems
appropriate.

 

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5.             Restricted
Stock

 

a.            Grants.
The Board may grant Awards to Participants of restricted shares of Common Stock, subject to (i) delivery to the Company by the Participant
of (a) a check in an amount at least equal to the par value of the shares purchased or (b) by delivery of a promissory note
of the Participant, with full recourse to the Participant, to the Company; or (c) any other form of consideration acceptable to
the Board in its sole discretion, and (ii) the right of the Company to repurchase all or part of such shares at their issue price
or other stated or formula price from the Participant in the event that conditions specified by the Board in the applicable Award are
not satisfied prior to the end of the applicable restriction period or periods established by the Board for such Award (each, a “Restricted
Stock Award”).

 

b.           Terms
and Conditions. The Board shall determine the terms and conditions of any such Restricted Stock Award. Any stock certificates issued
in respect of a Restricted Stock Award shall be registered in the name of the Participant and, unless otherwise determined by the Board,
deposited by the Participant, together with a stock power endorsed in blank, with the Company (or its designee). After the expiration
of the applicable restriction periods, the Company (or such designee) shall deliver the certificates no longer subject to such restrictions
to the Participant or, if the Participant has died, to the beneficiary designated by a Participant, in a manner determined by the Board,
to receive amounts due or exercise rights of the Participant in the event of the Participant’s death (the “Designated Beneficiary”).
In the absence of an effective designation by a Participant, Designated Beneficiary shall mean the Participant’s estate.

 

6.             Other
Stock-Based Awards.     The Board shall have the right to grant
other Awards based upon the Common Stock having such terms and conditions as the Board may determine, including, without limitation, the
grant of shares based upon certain conditions, the grant of securities convertible into Common Stock and the grant of stock appreciation
rights, phantom stock awards or stock units.

 

7.             General
Provisions Applicable to Awards.

 

a.            Transferability
of Awards. Except as the Board may otherwise determine or provide in an Award, Awards shall not be sold, assigned, transferred, pledged
or otherwise encumbered by the person to whom they are granted, either voluntarily or by operation of law, except by will or the laws
of descent and distribution, and, during the life of the Participant, shall be exercisable only by the Participant; provided, however,
except as the Board may otherwise determine or provide in an Award, that Nonstatutory Stock Options and Restricted Stock Awards may be
transferred pursuant to a qualified domestic relations order (as defined in Employee Retirement Income Security Act of 1974, as amended)
or to a grantor-retained annuity trust or a similar estate-planning vehicle in which the trust is bound by all provisions of the Award
Agreement and Restricted Stock Award, which are applicable to the Participant. References to a Participant, to the extent relevant in
the context, shall include references to authorized transferees.

 

b.           Documentation.
Each Award under the Plan shall be evidenced by a written instrument in such form as the Board shall determine or as executed by an officer
of the Company pursuant to authority delegated by the Board. Each Award may contain terms and conditions in addition to those set forth
in the Plan, provided that such terms and conditions do not contravene the provisions of the Plan or applicable law.

 

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c.            Board
Discretion. The terms of each type of Award need not be identical, and the Board need not treat Participants uniformly.

 

d.           Additional
Award Provisions. The Board may, in its sole discretion, include additional provisions in any Award Agreement, Restricted Stock Award
or other Award granted under the Plan, including without limitation restrictions on transfer, repurchase rights, commitments to pay cash
bonuses, to make, arrange for or guaranty loans or to transfer other property to Participants upon exercise of Awards, or transfer other
property to Participants upon exercise of Awards, or such other provisions as shall be determined by the Board; provided that such additional
provisions shall not be inconsistent with any other term or condition of the Plan or applicable law.

 

e.           Termination
of Status. The Board shall determine the effect on an Award of the disability (as defined in Code Section 22(e)(3)), death, retirement,
authorized leave of absence or other change in the employment or other status of a Participant and the extent to which, and the period
during which, the Participant, or the Participant's legal representative, conservator, guardian or Designated Beneficiary, may exercise
rights under the Award, subject to applicable law and the provisions of the Code related to Incentive Stock Options.

 

f.            Change
of Control of the Company

 

i.              Unless
otherwise expressly provided in the applicable Award Agreement or Restricted Stock Award or other Award, in connection with the occurrence
of a Change of Control (as defined below), the Board shall, in its sole discretion as to any outstanding Award (including any portion
thereof; on the same basis or on different bases, as the Board shall specify), take one or any combination of the following actions:

 

A.            make
appropriate provision for the continuation of such Award by the Company or the assumption of such Award by the surviving or acquiring
entity and by substituting on an equitable basis for the shares then subject to such Award either (x) the consideration payable with
respect to the outstanding shares of Common Stock in connection with the Change of Control, (y) shares of stock of the surviving
or acquiring corporation or (z) such other securities as the Board deems appropriate, the Fair Market Value of which shall not materially
differ from the Fair Market Value of the shares of Common Stock subject to such Award immediately preceding the Change of Control (as
determined by the Board in its sole discretion);

 

B.            accelerate
the date of exercise or vesting of such Award;

 

C.            permit
the exchange of such Award for the right to participate in any stock option or other employee benefit plan of any successor corporation;
or

 

D.            provide
for the repurchase of the Award for an amount equal to the difference of (i) the consideration received per share for the securities
underlying the Award in the Change of Control minus (ii) the per share exercise price of such securities. Such amount shall be payable
in cash or the property payable in respect of such securities in connection with the Change of Control. The value of any such property
shall be determined by the Board in its discretion.

 

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E.            provide
for the termination of such Award immediately prior to the consummation of the Change of Control; provided that no such termination will
be effective if the Change of Control is not consummated.

 

F.            For
the purpose of this Agreement, a “Change of Control” shall mean:

 

		(a)           The acquisition by any individual, entity or group (within the
                                                                                                                     meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act of beneficial ownership (within the meaning of
                                                                                                                     Rule 13d-3 promulgated under the Exchange Act) of 50% or more of the then outstanding shares of voting stock of the Company
                                                                                                                     (the “Voting Stock”); provided, however, that any acquisition by the Company or its subsidiaries, or any employee
                                                                                                                     benefit plan (or related trust) of the Company or its subsidiaries of 50% or more of Voting Stock shall not constitute a Change of
                                                                                                                     Control; and provided, further, that any acquisition by a corporation with respect to which, following such acquisition, more than
                                                                                                                     50% of the then outstanding shares of common stock of such corporation, is then beneficially owned, directly or indirectly, by all
                                                                                                                     or substantially all of the individuals and entities who were the beneficial owners of the Voting Stock immediately prior to such
                                                                                                                     acquisition in substantially the same proportion as their ownership, immediately prior to such acquisition, of the Voting Stock,
                                                                                                                     shall not constitute a Change of Control; and provided, further that the acquisition of 50% or more of the Voting Stock pursuant to
                                                                                                                     a transaction, the primary purpose of which was to effect an equity financing of the Company, shall not constitute a Change of
                                                                                                                     Control; or

 

		(b)           The consummation of (i) a reorganization, merger or
                                                                                                                     consolidation (any of the foregoing, a “Merger”), in each case, with respect to which the individuals and
                                                                                                                     entities who were the beneficial owners of the Voting Stock immediately prior to such Merger do not, following such Merger,
                                                                                                                     beneficially own, directly or indirectly, more than 50% of the then outstanding shares of common stock of the corporation resulting
                                                                                                                     from the Merger (the “Resulting Corporation”) as a result of the individuals’ and entities’
                                                                                                                     shareholdings in the Company immediately prior to the consummation of the Merger and without regard to any of the individual’s
                                                                                                                     and entities’ shareholdings in the Resulting Corporation immediately prior to the consummation of the Merger, (ii) a
                                                                                                                     complete liquidation or dissolution of the Company or (iii) the sale or other disposition of all or substantially all of the
                                                                                                                     assets of the Company, excluding a sale or other disposition of assets to a subsidiary of the Company.

 

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g.           Dissolution
or Liquidation. In the event of the proposed dissolution or liquidation of the Company, the Board shall notify each Participant as
soon as practicable prior to the effective date of such proposed transaction. The Board in its sole discretion may provide for a Participant
to have the right to exercise his or her Award until fifteen (15) days prior to such transaction as to all of the shares of Common Stock
covered by the Option or Award, including shares as to which the Option or Award would not otherwise be exercisable, which exercise may
in the sole discretion of the Board, be made subject to and conditioned upon the consummation of such proposed transaction. In addition,
the Board may provide that any Company repurchase option applicable to any shares of Common Stock purchased upon exercise of an Option
or Award shall lapse as to all such shares of Common Stock, provided the proposed dissolution and liquidation takes place at the time
and in the manner contemplated. To the extent it has not been previously exercised, an Award will terminate upon the consummation of
such proposed action.

 

h.           Assumption
of Options Upon Certain Events. In connection with a merger or consolidation of an entity with the Company, the acquisition by the
Company of property or stock of an entity, a corporate transaction, within the meaning of Treasury Regulation 1.424-1(a)(3), involving
the Company, or an Affiliate, Parent or Subsidiary, or as otherwise may be permitted by Section 409A of the Code, the Board may grant
Awards under the Plan in substitution for stock and stock-based awards issued by such entity or an affiliate thereof. The substitute Awards
shall be granted on such terms and conditions as the Board considers appropriate in the circumstances.

 

i.            Parachute
Payments and Parachute Awards. Notwithstanding the provisions of Section 7(f), if, in connection with a Change of Control
described therein, a tax under Section 4999 of the Code would be imposed on the Participant (after taking into account the exceptions
set forth in Sections 280G(b)(4) and 280G(b)(5) of the Code), then the number of Awards which shall become exercisable, realizable
or vested as provided in such Section shall be reduced (or delayed), to the minimum extent necessary, so that no such tax would be
imposed on the Participant (the Awards not becoming so accelerated, realizable or vested, the “Parachute Awards”);
provided, however, that if the “aggregate present value” of the Parachute Awards would exceed the tax that, but for this sentence,
would be imposed on the Participant under Section 4999 of the Code in connection with the Change of Control, then the Awards shall
become immediately exercisable, realizable and vested without regard to the provisions of this sentence. For purposes of the preceding
sentence, the “aggregate present value” of an Award shall be calculated on an after-tax basis (other than taxes imposed by
Section 4999 of the Code) and shall be based on economic principles rather than the principles set forth under Section 280G
of the Code and the regulations promulgated thereunder. All determinations required to be made under this Section 7(i) shall
be made by the Company.

 

j.           Amendment
of Awards. The Board may amend, modify or terminate any outstanding Award including, but not limited to, substituting therefor another
Award of the same or a different type, changing the date of exercise or realization, and converting an Incentive Stock Option to a Nonstatutory
Stock Option, provided that the Participant's consent to such action shall be required unless the Board determines that the action,
taking into account any related action, would not materially and adversely affect the Participant.

 

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k.            Conditions
on Delivery of Stock. The Company will not be obligated to deliver any shares of Common Stock pursuant to the Plan or to remove restrictions
from shares previously delivered under the Plan until (i) all conditions of the Award have been met or removed to the satisfaction
of the Company, (ii) in the opinion of the Company's counsel, all other legal matters in connection with the issuance and delivery
of such shares have been satisfied, including any applicable securities laws and any applicable stock exchange or stock market rules and
regulations, and (iii) the Participant has executed and delivered to the Company such representations or agreements as the Company
may consider appropriate to satisfy the requirements of any applicable laws, rules or regulations.

 

l.            Acceleration.
The Board may at any time provide that any Options shall become immediately exercisable in full or in part, that any Restricted Stock
Awards shall be free of some or all restrictions, or that any other stock-based Awards may become exercisable in full or in part or free
of some or all restrictions or conditions, or otherwise realizable in full or in part, as the case may be, despite the fact that the foregoing
actions may (i) cause the application of Sections 280G and 4999 of the Code if a Change of Control of the Company occurs, or (ii) disqualify
all or part of the Option as an Incentive Stock Option.

 

m.           Time
of Granting Awards. The grant of an Award shall, for all purposes, be the date on which the Company completes the corporate action
relating to the grant of such Award and all conditions to the grant have been satisfied, provided that conditions to the grant, exercise
or vesting of an Award shall not defer the date of grant. Notice of a grant shall be given to each Participant to whom an Award is so
granted within a reasonable time after the determination has been made.

 

n.           Participation
in Foreign Countries. The Board shall have the authority to adopt such modifications, procedures, and subplans as may be necessary
or desirable to comply with provisions of the laws of foreign countries in which the Company or its Subsidiaries may operate to assure
the viability of the benefits from Awards granted to Participants performing services in such countries and to meet the objectives of
the Plan.

 

8.             Withholding.
The Company shall have the right to deduct from payments of any kind otherwise due to the optionee or recipient of an Award any federal,
state or local taxes of any kind required by law to be withheld with respect to any shares issued upon exercise of Options under the Plan
or the purchase of shares subject to the Award. Subject to the prior approval of the Company, which may be withheld by the Company in
its sole discretion, the optionee or recipient of an Award may elect to satisfy such obligation, in whole or in part, (a) by causing
the Company to withhold shares of Common Stock otherwise issuable pursuant to the exercise of an Option or the purchase of shares subject
to an Award or (b) by delivering to the Company shares of Common Stock already owned by the optionee or Award recipient of an Award.
The shares so delivered or withheld shall have a Fair Market Value of the shares used to satisfy such withholding obligation as shall
be determined by the Company as of the date that the amount of tax to be withheld is to be determined. An optionee or recipient of an
Award who has made an election pursuant to this Section may only satisfy his or her withholding obligation with shares of Common
Stock which are not subject to any repurchase, forfeiture, unfulfilled vesting or other similar requirements.

 

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9.             No
Exercise of Option if Engagement or Employment Terminated for Cause. If the employment or engagement of any Participant is terminated
 “for Cause”, the Award may terminate, upon a determination of the Board, on the date of such termination and the Option shall
thereupon not be exercisable to any extent whatsoever and the Company shall have the right to repurchase any shares of Common Stock subject
to a Restricted Stock Award whether or not such shares have vested. For purposes of this Section 9, “for Cause”
shall be defined as follows: (i) if the Participant has executed an employment agreement, the definition of “cause”
contained therein, if any, shall govern, or (ii) conduct, as determined by the Board of Directors, involving one or more of the
following: (a) gross misconduct or inadequate performance by the Participant which is injurious to the Company; or (b) the
commission of an act of embezzlement, fraud or theft, which results in economic loss, damage or injury to the Company; or (c) the
unauthorized disclosure of any trade secret or confidential information of the Company (or any client, customer, supplier or other third
party who has a business relationship with the Company) or the violation of any noncompetition or nonsolicitation covenant or assignment
of inventions obligation with the Company; or (d) the commission of an act which constitutes unfair competition with the Company
or which induces any customer or prospective customer of the Company to breach a contract with the Company or to decline to do business
with the Company; or (e) the indictment of the Participant for a felony or serious misdemeanor offense, either in connection with
the performance of his or her obligations to the Company or which shall adversely affect the Participant's ability to perform such obligations;
or (f) the commission of an act of fraud or breach of fiduciary duty which results in loss, damage or injury to the Company; or
(g) the failure of the Participant to perform in a material respect his or her employment, consulting or advisory obligations without
proper cause. In making such determination, the Board shall act fairly and in utmost good faith. The Board may in its discretion waive
or modify the provisions of this Section at a meeting of the Board with respect to any individual Participant with regard to the
facts and circumstances of any particular situation involving a determination under this Section.

 

10.           Miscellaneous.

 

a.            Definitions.

 

i.             “Affiliate”
means any corporation or trade or business under common control with the Company, within the meaning of Section 414(c) of the
Code, or in a controlled group of corporations with the Company, within the meaning of Section 414(b) of the Code.

 

ii.            “Common
Stock” means the common stock, par value $0.0001, per share, of the Company.

 

iii.           “Company”
means AEROVATE THERAPEUTICS INC. For purposes of eligibility under the Plan, shall include any Affiliate, Parent or Subsidiary
of AEROVATE THERAPEUTICS INC. For purposes of Awards of Incentive Stock Options, the term “Company” shall include a
Parent or Subsidiary, as determined on the date of an applicable Award. For purposes of Awards other than Incentive Stock Options, the
term “Company” shall include any other business venture in which the Company has a direct or indirect significant interest,
as determined by the Board in its sole discretion.

 

iv.           “Code”
means the Internal Revenue Code of 1986, as amended, and any regulations promulgated thereunder.

 

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v.             “Effective
Date” means the date the Plan is adopted by the Company’s Board of Directors.

 

vi.            “Employee”
for purposes of eligibility under the Plan shall include a person to whom an offer of employment has been extended by the Company.

 

vii.          “Option
Exchange Program” means a program whereby outstanding options are exchanged for options with a lower exercise price.

 

viii.          “Parent”
means a parent corporation, as defined in Section 424(e) of the Code.

 

ix.            “Subsidiary”
means a subsidiary corporation, as defined in Section 424(f) of the Code.

 

b.          No
Right To Employment or Other Status. No person shall have any claim or right to be granted an Award, and the grant of an Award shall
not be construed as giving a Participant the right to continued employment or any other relationship with the Company. The Company expressly
reserves the right at any time to dismiss or otherwise terminate its relationship with a Participant free from any liability or claim
under the Plan.

 

c.           No
Rights As Stockholder. Subject to the provisions of the applicable Award, no Participant or Designated Beneficiary shall have any
rights as a stockholder with respect to any shares of Common Stock to be distributed with respect to an Award until becoming the record
holder thereof.

 

d.          Compliance
with Law. The Company shall not be required to sell or issue any shares of Common Stock under any Award if the sale or issuance of
such shares would constitute a violation by the Participant, any other individual exercising an Option, or the Company of any provision
of any law or regulation of any governmental authority, including without limitation any federal or state securities laws or regulation.
If at any time the Company shall determine, in its discretion, that the listing, registration or qualification of any share subject to
an Award up on any security exchange or under any governmental regulatory body is necessary or desirable as a condition of, or in connection
with, the issuance or purchase of shares hereunder, no shares of Common Stock may be issued or sold to the Participant or any other individual
exercising an Option pursuant to such Award unless such listing, registration, qualification, consent, or approval shall have been effected
or obtained free of any conditions not acceptable to the Company, and any delay caused thereby shall in no way effect the date of termination
of the Award. Any determination in this connection by the Board shall be final, binding and conclusive. The Company may, but shall in
no event be obligated to, register any securities covered hereby pursuant to the Securities Act. The Company shall not be obligated to
take any affirmative action in order to cause the exercise of an Option or the issuance of shares of Common Stock pursuant to the Plan
to comply with any law or regulation of any governmental authority. As to any jurisdiction that expressly imposes that a Option shall
not be exercised until the shares of Common Stock covered by such Option are registered or exempt from registration, the exercise of such
Option (under circumstances in which the laws of such jurisdiction apply) shall be deemed conditioned up on the effectiveness of such
registration or availability of such an exemption.

 

    	-11 -

     

    

 

e.          Effective
Date and Term of Plan. The Plan shall become effective on the date on which it is adopted by the Board. No Awards shall be granted
under the Plan after the completion of ten years from the date on which the Plan was adopted by the Board, but Awards previously granted
may extend beyond that date.

 

f.           Amendment
of Plan. The Board may amend, suspend or terminate the Plan or any portion thereof at any time.

 

g.           Governing
Law. The provisions of the Plan and all Awards made hereunder shall be governed by and interpreted in accordance with the laws of
the State of Delaware, without regard to any applicable conflicts of law principles.

 

    	-12 -

     

    

 

Approvals

Original Plan:

 

	Available Shares:	
    250,000

     

	Adopted by the Board of Directors on:	August 3, 2018

     

	Approved by the Stockholders on:	August 3, 2018

 

    	-13 -

     

    

 

AEROVATE THERAPEUTICS INC. 

2018 EQUITY INCENTIVE PLAN

RESTRICTED STOCK NOTICE

 

This Restricted Stock Notice
(the “Notice”) incorporates herein by reference the Aerovate Therapeutics Inc. 2018 Equity Incentive Plan (the “Plan”)
and the attached Restricted Stock Terms (together, the “Agreement).

 

Participant (the “Participant”)

[NAME]

Address:

 

_________________

 

_________________

 

Restricted Stock: In connection with Participant’s
engagement with Aerovate Therapeutics Inc. (the “Company”) as an [TYPE OF ENGAGEMENT] (the “Engagement”),
the Participant has been granted a right to purchase shares of common stock of the Company and hereby does agree to purchase such shares,
subject to the terms and conditions of this Agreement, as follows:

 

	
    Total Number of Shares (the “Restricted
    Shares”):

     
	
     

    [SHARE #]
	
     

    Purchase Price per Share
	
     

    [PRICE PER SHARE]

	
    Date of Purchase:

     
	[DATE]	Aggregate Purchase Price	[TOTAL PRICE]
	Vesting Commencement Date:	[VESTING DATE]	 	 

 

Vesting Schedule: The Participant’s
right to retain the Restricted Shares shall vest and the Repurchase Right (as defined below) shall lapse according to the following schedule:

 

	
    Number of Months (Years) from Vesting Commencement
    Date

     
	% of Grant (or # of Shares) Vested
	 	 

 

Vesting of the Restricted Shares shall cease upon
the later to occur of the termination of (i) the Engagement, (ii) the Participant engagement as a consultant to the Company
or (iii) the Participants engagement as an employee of the Company. Each of (i), (ii) and (iii) above a “Business
Relationship.”

 

	Participant	 	Company:
    AEROVATE THERAPEUTICS INC.
	 	 	 
	 	 	By	                       
	[NAME]	 	 	Name:
	 	 	 	Title:
	 	 	 
	Residence Address	 	 

 

    	-14 -

     

    

 

AEROVATE THERAPEUTICS INC. 

RESTRICTED STOCK TERMS

 

ARTICLE 1.

 

1.1            Purchase
of Shares. The Participant shall purchase on the Date of Purchase the Restricted Shares, subject to the terms and conditions set forth
in this Agreement and the terms and conditions of the Aerovate Therapeutics Inc. 2018 Equity Incentive Plan, and at the purchase price
per Restricted Share listed on the Notice. The aggregate purchase price for the Restricted Shares listed on the Notice shall be paid by
the Participant in cash, or in the sole discretion of the Company, by the issuance of a promissory note in favor of the Company or its
assigns indorsed by the Participant, by forgiveness of obligations owed to the Participant by the Company (provided that such forgiveness
of such obligations must include a release of claims by the Participant against the Company with respect to such obligations), or in such
other manner acceptable to the Company in its sole discretion. Upon receipt of the aggregate purchase price by the Company, the Company
shall issue one or more certificates in the name of the Participant for the Restricted Shares. Participant understands and agrees that
the Restricted Shares are subject to certain restrictions on transfer and voting, as set forth in the Bylaws of the Company.

 

1.2            Investment
Representations. The Participant represents, warrants and covenants as follows:

 

(a)            The
Participant is acquiring the Restricted Shares for his own account for investment only, and not with a view to, or for sale in connection
with, any distribution of the Restricted Shares in violation of the Securities Act of 1933, as amended (the “Securities Act”),
or any rule or regulation under the Securities.

 

(b)            The
Participant has had such opportunity as he has deemed adequate to obtain from representatives of the Company such information as is necessary
to permit him to evaluate the merits and risks of an investment in the Company. The Participant acknowledges that certain of such information
may be forward-looking and is therefore speculative and subject to known and unknown risks and uncertainties and other factors which may
cause the actual performance of the Company to be materially and adversely different from any performance expressed or implied by such
forward-looking statements.

 

(c)            The
Participant has sufficient experience in business, financial and investment matters to be able to evaluate the risks involved in an investment
in the Restricted Shares and to make an informed investment decision with respect to such investment.

 

(d)            The
Participant can afford the complete loss of the value of the Restricted Shares and is able to bear the economic risk of holding such Restricted
Shares for an indefinite period of time.

 

(e)            The
Participant understands that (i) the Restricted Shares have not been registered under the Securities Act and are “restricted
securities” within the meaning of Rule 144 under the Securities Act; (ii) the Restricted Shares cannot be sold, transferred
or otherwise disposed of unless they are subsequently registered under the Securities Act or an exemption from registration is then available;
(iii) in any event, the exemption from registration under Rule 144 will not be available unless a public market then exists
for the common stock, adequate information concerning the Company is then available to the public, and other terms and conditions of Rule 144
are complied with; and (iv) there is now no registration statement on file with the Securities and Exchange Commission with respect
to any stock of the Company and the Company has no obligation or current intention to register the Restricted Shares under the Securities
Act or to create a public market for the Restricted Shares or its common stock.

 

    	

     

    

 

ARTICLE 2.          COMPANY
REPURCHASE RIGHT; RIGHT OF FIRST REFUSAL

 

2.1            Vesting.

 

(a)            On
any given date, the Restricted Shares that have not vested in accordance with the schedule in the Notice (the “Schedule”)
shall be referred to as the “Unvested Shares” and shall be subject to repurchase by the Company as provided herein
(the “Repurchase Right”). On any given date, the Restricted Shares that shall have vested in accordance with the Schedule
are referred to herein as the “Vested Shares”. Subject to the provisions of Section 2.1(b) hereof,
in the event that the Business Relationship ceases for any reason or no reason or in the event of an Acquisition, the Company may repurchase
(the “Repurchase Right”) from the Participant, (i) all or any portion of the Unvested Shares for the original
purchase price indicated on the Notice (the “Issue Price”) and (ii) all or any portion of the Vested Shares for
the then fair market value of such Vested Shares (as reasonably determined by the Company’s Board of Directors) (“Fair
Market Value” and together with the Issue Price, the “Repurchase Price”). In no event shall the Repurchase
Right obligate the Company to purchase from the Participant any Restricted Shares.

 

(b)            For
purposes of this Agreement, a Business Relationship with the Company shall include a Business Relationship with an affiliate of the Company
(i.e., any business organization controlling, controlled by, or under common control with, the Company).

 

2.2            Exercise
of Repurchase Right and Closing.

 

(a)            The
Company shall exercise the Repurchase Right by delivering or mailing to the Participant (or his estate), in accordance with Section 3.7,
written notice of exercise within 90 days after the termination of the Relationship of the Participant with the Company.

 

(b)            Within
10 days after his receipt of the Company’s notice of the exercise of the Repurchase Right pursuant to subsection (a) above,
the Participant (or his estate) shall tender to the Company at its principal offices the certificate or certificates, if applicable, representing
the Restricted Shares which the Company has elected to purchase, duly endorsed in blank by the Participant or with duly executed stock
powers attached thereto, all in form suitable for the transfer of such Restricted Shares to the Company after which the Company shall
deliver to Participant the Repurchase Price.

 

(c)            After
the time at which any Restricted Shares are required to be delivered to the Company for transfer to the Company pursuant to subsection
(b) above, the Company shall not pay any dividend to the Participant on account of such Restricted Shares or permit the Participant
to exercise any of the privileges or rights of a Participant with respect to such Restricted Shares, but shall, insofar as permitted by
law, treat the Company as the owner of such Restricted Shares.

 

    	2

     

    

 

(d)            The
Company shall not purchase any fraction of a Restricted Share upon exercise of the Repurchase Right, and any fraction of a Restricted
Share resulting from a computation made pursuant to Section 2.1 of this Agreement shall be rounded to the nearest whole Restricted
Share (with any one-half Restricted Share being rounded upward).

 

2.3            Restrictions
on Transfer. The Participant shall not, during the term of this Agreement, sell, assign, transfer, pledge, hypothecate or otherwise
dispose of, by operation of law or otherwise (collectively “transfer”), any of the Restricted Shares, or any interest
therein; except Vested Shares may be transferred in compliance with Section 2.4 or 2.5 hereof.

 

2.4            Company’s
Right of First Refusal.

 

(a)             Exercise
of Right: If the Participant or any Authorized Transferee (the “Transferor”) desires to transfer all or any part
of the Vested Shares to any person other than the Company (an “Offeror”) the Transferor shall: (i) obtain in writing
an irrevocable and unconditional bona fide offer (the “Offer”) for the purchase thereof from the Offeror; and (ii) give
written notice (the “Transfer Notice”) to the Company setting forth the Participant’s desire to transfer such
shares, which Transfer Notice shall be accompanied by a photocopy of the Offer and shall set forth at least the name and address of the
Offeror and the price and terms of the bona fide offer. Upon receipt of the Transfer Notice, the Company shall have an assignable option
to purchase any or all of such shares (the “Company Option Shares”) specified in the Transfer Notice, such option to
be exercisable by giving, within 30 days after receipt of the Transfer Notice, a written counter-notice to the Transferor. If the Company
elects to purchase any or all of such Company Option Shares, it shall be obligated to purchase, and the Participant shall be obligated
to sell to the Company, such Company Option Shares at the price and terms indicated in the Offer within 30 days from the date of delivery
by the Company of such counter-notice.

 

(b)            Sale
of Company Option Shares to Offeror: The Transferor may, for 60 days after the expiration of the 30-day period during which the Company
may give the counter-notice, sell, pursuant to the terms of the Offer, any or all of such Company Option Shares not purchased or agreed
to be purchased by the Company or its assignee; provided, however, that the Transferor shall not sell such Company Option Shares to the
Offeror if the Offeror is a competitor of the Company and the Company gives written notice to the Transferor, within 30 days of its receipt
of the Transfer Notice, stating that the Transferor shall not sell such Company Option Shares to such Offeror; and provided, further,
that prior to the sale of such Company Option Shares to the Offeror, the Offeror shall execute an agreement with the Company pursuant
to which the Offeror agrees to be subject to the restrictions set forth in this Section 2.4. If any or all of such Company
Option Shares are not sold pursuant to an Offer within the time permitted above, the unsold Company Option Shares shall remain subject
to the terms of this Section 2.4.

 

(c)             Adjustments
for Changes in Capital Structure: If there shall be any change in the common stock of the Company through merger, consolidation, reorganization,
recapitalization, stock dividend, stock split, combination or exchange of shares, or the like, the restrictions contained in this Section 2.4
shall apply with equal force to additional and/or substitute securities, if any, received by the Participant in exchange for, or by virtue
of his or her ownership of, Company Option Shares.

 

    	3

     

    

 

(d)            Expiration
of Company’s Right of First Refusal: The first refusal rights of the Company set forth above shall remain in effect until such
time, if ever, (i) as a distribution to the public is made of shares of the Company’s common stock pursuant to a registration
statement filed under the Securities Act or a successor statute (a “Public Offering”), or (ii) as an Acquisition
is consummated at which time the first refusal rights of the Company or any assignee set forth herein will automatically expire, provided
however, that the Company’s Repurchase Right with respect to any Unvested Shares as set forth Section 2.1 shall remain
in effect in connection with an Acquisition.

 

2.5            Authorized
Transferees. Notwithstanding anything to the contrary set forth in Sections 2.3 and 2.4, but subject to the transfer
restrictions of the Bylaws of the Company, the Participant may transfer Vested Shares to the following persons (hereinafter “Authorized
Transferees”):

 

(a)            the
Participant as the sole trustee of a trust revocable by the Participant alone;

 

(b)            a
corporation of which the Participant owns, directly or indirectly, not less than a majority of the capital stock which is entitled to
vote for the election of directors;

 

(c)            the
Participant’s executor, administrator, guardian, conservator or other legal representative; or

 

(d)            the
Participant’s spouse, or to any of his children or their issue (or to custodians for the benefit of minor children or issue) or
transfers of Vested Shares of any such children to their issue (or custodians for the benefit of minor issue);

 

provided, that in any such case, the Authorized
Transferee agrees in writing to be bound by the provisions of this Agreement.

 

2.6            Market
 “Stand-Off” Agreement. The Participant hereby agrees that, during the period of duration (not to exceed one hundred eighty
(180) days) specified by the Company and an underwriter of common stock or other securities of the Company, following the effective date
of a registration statement of the Company filed under the Act, such Participant shall not, to the extent requested by the Company and
such underwriter, directly or indirectly sell, offer to sell, contract to sell (including without limitation, any short sale), grant any
option to purchase or otherwise transfer or dispose of (other than to donees who agree to be similarly bound) any securities of the Company
held by the Participant at any time during such period except shares included in such registration; provided, however, that all officers
and directors of the Company enter into similar agreements. The market “stand-off” agreement established pursuant to this
Section 2.6 shall have perpetual duration.

 

    	4

     

    

 

2.7            Transfers
in Violation of Agreement. If any transfer of the Restricted Shares is made or attempted contrary to the provisions of this Agreement,
the Company shall have the right to purchase the Restricted Shares from the owner thereof or his transferee at any time before or after
the transfer, as herein provided. In the event that the Company elects to exercise its Repurchase Right or Right of First Refusal hereunder,
it may do so by canceling the certificate(s) representing the Restricted Shares and depositing the purchase price, which shall be
the Issue Price, in a bank account for the benefit of Participant, whereupon such Restricted Shares, as applicable, shall be, for all
purposes, canceled and neither the Participant nor any transferee shall have any rights as one of its Participants with respect to such
Restricted Shares for any purpose, including without limitation dividend and voting rights, until there has been compliance with all
applicable provisions of this Agreement. In addition to any other legal or equitable remedies which it may have, the Company may enforce
its rights by actions for specific performance (to the extent permitted by law).

 

2.8            Take-Along
Agreement. If owners of more than 50% of the common stock of the Company (the “Majority Owners”) shall determine
to sell or exchange (in a business combination or otherwise) their common stock to a third-party (“Proposed Transferee”),
then upon the written request of the Majority Owners each Participant shall be obligated to and shall (i) sell, transfer and deliver
to such Proposed Transferee the same percentage of the common stock as is being transferred by the Majority Owners, at the same price
and upon the same terms, and (ii) if Participant approval is required, vote all common stock in favor of such transaction.

 

ARTICLE 3.          MISCELLANEOUS

 

3.1            Adjustments
for Stock Splits, Stock Dividends, etc. If from time to time during the term of the Repurchase Right there is any stock split-up,
stock dividend, stock distribution or other reclassification of the common stock of the Company, any and all new, substituted or additional
securities to which the Participant is entitled by reason of his or her ownership of the Restricted Shares shall be immediately subject
to the Repurchase Right, the restrictions on transfer and the other provisions of this Agreement in the same manner and to the same extent
as the Restricted Shares, and the Issue Price shall be appropriately adjusted.

 

3.2            Withholding
Taxes.

 

(a)            The
Participant acknowledges and agrees that the Company has the right to deduct from payments of any kind otherwise due to the Participant
any federal, state or local taxes of any kind required by law to be withheld with respect to the purchase of the Restricted Shares by
the Participant.

 

(b)            If
the Participant elects, in accordance with Section 83(b) of the Internal Revenue Code of 1986, as amended, to recognize ordinary
income in the year of acquisition of the Restricted Shares, the Company will require at the time of such election an additional payment
for withholding tax purposes based on the difference, if any, between the purchase price for such Restricted Shares and the fair market
value of such Restricted Shares as of the date of the purchase of such Restricted Shares by the Participant.

 

3.3            No
Rights to Relationship. Nothing contained in this Agreement shall be construed as giving the Participant any right to continue the
Business Relationship.

 

    	5

     

    

 

3.4            Waiver;
Disposition of Stock. From time to time the Company may waive its rights hereunder either generally or with respect to one or more
specific transfers which have been proposed, attempted or made. All action to be taken by the Company hereunder shall be taken by vote
of a majority of its disinterested members of the Board of Directors then in office. Any Restricted Shares which the Company has elected
to purchase hereunder may be disposed of by the Board of Directors in such manner as it deems appropriate, with or without further restrictions
upon the transfer thereof.

 

3.5            Restrictive
Legends. All certificates representing Restricted Shares shall have affixed thereto legends in substantially the following form:

 

“The shares of stock represented
by this certificate are subject to restrictions on transfer and an option to purchase set forth in a certain Restricted Stock Agreement
between the corporation and the registered owner of this certificate (or his predecessor in interest), and such Agreement is available
for inspection without charge at the office of the Secretary of the Corporation.”

 

“The shares represented by this
certificate have not been registered under the Securities Act of 1933, as amended, and may not be sold, transferred or otherwise disposed
of in the absence of an effective registration statement under such Act or an opinion of counsel satisfactory to the corporation to the
effect that such registration is not required.”

 

3.6            Successors
and Assigns; Assignment. This Agreement shall be binding upon the parties hereto and their heirs, representatives, successors and
assigns. The Company may assign its rights hereunder either generally or from time to time.

 

3.7            Notices.
All notices to a party hereto shall be in writing and shall be deemed to have been adequately given if delivered in person or if given
by registered or certified mail, postage prepaid:

 

If to the Company:

 

Aerovate Therapeutics
Inc.

20 Park Plaza, Suite 1200

Boston, MA 02116

Attention: President
and Secretary

 

with a copy to:

 

Brown Rudnick LLP

One Financial Center

Boston, MA 02111

Attn: Michael J. Cohen, Esq.

 

    	6

     

    

 

If to
the Participant:         to the address on the Notice.

 

or to such other address as any party may from
time to time designate for itself by notice in writing given to the other parties hereto.

 

3.8            Term
and Termination. This Agreement (other than the provisions of Sections 2.4 through 2.7 hereof) shall remain in effect
until the Repurchase Right and Right of First Refusal have expired under Sections 2.1 and 2.4 above.

 

3.9            Amendments.
This Agreement may be amended or modified in whole or in part only by an instrument in writing signed by the Company and the Participant.

 

3.10          Entire
Agreement. This Agreement constitutes the entire agreement between the parties, and all premises, representations, understandings,
warranties and agreements with reference to the subject matter hereof have been expressed herein or in the documents incorporated herein
by reference.

 

3.11          Applicable
Law; Severability. This Agreement shall be governed by and construed and enforced in accordance with law of the State of Delaware.
Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision hereof shall be prohibited by or invalid under any such law, that provision shall be ineffective only to the
extent of such prohibition or invalidity, without invalidating or nullifying the remainder of that provision or any other provisions of
this Agreement.

 

3.12          Counterparts.
This Agreement may be executed in multiple counterparts, each of which shall be deemed in original but all of which together shall constitute
one and the same instrument.

 

3.13          Effect
of Heading. Any table of contents, title of any article or section heading herein contained is for convenience or reference only and
shall not affect the meaning of construction of any of the provisions hereof.

 

[END OF TERMS]

 

    	7

     

    

 

AEROVATE THERAPEUTICS INC.

2018 EQUITY INCENTIVE PLAN

NOTICE OF STOCK OPTION AWARD

 

Unless otherwise defined herein,
the terms defined in the 2018 Equity Incentive Plan shall have the same meanings in this Notice of Stock Option Award and the attached
Stock Option Award Terms, which is incorporated herein by reference (together, the “Award Agreement”).

 

Participant (the
“Participant”)

 

«Name»

«Address»

 

Grant

 

The undersigned Participant has been granted
an option to purchase Common Stock of Aerovate Therapeutics Inc. (the “Company”), subject to the terms and
conditions of the Plan and this Award Agreement, as follows:

 

	Date of Grant	«Grant_Date»	Total Exercise Price	$«Total_Exercise_Price»
	 	 	 	 
	Vesting Commencement Date	«Vesting_Date»	Type of Option	 ̈ Incentive Stock Option
	 	 	 	 
	Exercise Price per Share	$«Exercise_Price»	 	 ̈ Nonstatutory Stock Option
	 	 	 	 
	Total Number of Shares Granted	«Shares_Granted»	Term/Expiration Date	«Expiration_Date»

 

Vesting
Schedule:

 

This Option shall be exercisable, in whole or
in part, according to the following vesting schedule:

 

	Number of Months (or years) after Vesting

Commencement Date	% of Grant (or # of Shares) Vested
	 	 
	 	 

Vesting of this Option shall cease upon the complete
termination of the Relationship of the Participant with the Company.

 

[Describe Acceleration upon Change of Control
IF APPROPRIATE]

 

	Participant	 	Aerovate
    Therapeutics Inc.
	 	 	 
	 	 	 
	Signature	 	By
	 	 	 
	 	 	 
	Print Name	 	Title
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	Residence Address	 	 

 

    	8

     

    

 

AEROVATE THERAPEUTICS INC.

STOCK OPTION

AWARD TERMS

 

		1.	Grant of Option. The Committee hereby grants
to the Participant named in the Notice of Stock Option Award an option (the “Option”) to purchase the number of Shares
set forth in the Notice of Stock Option Award, at the exercise price per Share set forth in the Notice of Stock Option Award (the “Exercise
Price”), and subject to the terms and conditions of the 2018 Equity Incentive Plan (the “Plan”), which is
incorporated herein by reference. In the event of a conflict between the terms and conditions of the Plan and this Award Agreement, the
terms and conditions of the Plan shall prevail.

 

If designated in the Notice of Stock Option
Award as an Incentive Stock Option (“ISO”), this Option is intended to qualify as an Incentive Stock Option as defined
in Section 422 of the Code. Nevertheless, to the extent that it exceeds the $100,000 limitation rule of Code Section 422(d) or
otherwise fails to satisfy the rules of Code Section 422, this Option shall be treated as a Nonstatutory Stock Option (“NSO”).

 

2.             Exercise
of Option.

 

		i.	Right to Exercise. This Option may be exercised during its term in accordance with the Vesting
Schedule set out on the Notice of Stock Option Award and with the applicable provisions of the Plan and this Award Agreement.

 

		ii.	Method of Exercise. This Option shall be exercisable by delivery of an exercise notice in the form
attached as Exhibit A (the “Exercise Notice”) which shall state the election to exercise the Option, the
number of Shares with respect to which the Option is being exercised (the “Exercised Shares”), the Participant’s
agreement to be subject to a right of first refusal with respect to Exercised Shares and such other representations and agreements as
may be required by the Company. The Exercise Notice shall be accompanied by payment of the aggregate Exercise Price as to all Exercised
Shares. This Option shall be deemed to be exercised upon receipt by the Company of such fully executed Exercise Notice accompanied by
payment of the aggregate Exercise Price. No Shares shall be issued pursuant to the exercise of an Option unless such issuance and such
exercise complies with applicable laws. Assuming such compliance, for income tax purposes the Shares shall be considered transferred to
the Participant on the date on which the Option is exercised with respect to such Shares.

 

    	

     

    

 

		3.	Termination. This Option shall be exercisable for
three months after the Relationship ceases; provided, however, if the Relationship is terminated by the Company for cause,
the Option shall terminate immediately. Upon Participant's death or Disability, this Option may be exercised for twelve (12) months after
the Relationship ceases. In no event may Participant exercise this Option after the Term/Expiration Date as provided in the Notice of
Stock Option Award. The “Relationship” shall mean the service relationship of the Participant, whether as an employee,
officer, director, consultant, advisor, or otherwise, with the Company or its past, present, or future Affiliates, Parents or Subsidiaries,
as applicable. For the avoidance of doubt, “Relationship” shall include any service relationship with Aerovate Therapeutics
Inc.

 

		4.	Participant's Representations. In the event the Shares
have not been registered under the Securities Act of 1933, as amended, (the “Securities Act”) at the time this Option
is exercised and as a condition of such exercise, the Participant shall, if required by the Company, concurrently with the exercise of
all or any portion of this Option, deliver to the Company his or her Investment Representation Statement in the form attached hereto as
Exhibit B.

 

		5.	Restrictions on Transfer. By executing this Award
Agreement, the Participant acknowledges and agrees that as a condition to exercising this Option, the Shares acquired upon exercise of
this Option shall be Shares subject to the terms and conditions of the Bylaws of the Company, which Bylaws impose transfer, voting and
other restrictions on the Shares.

 

		6.	Lock-Up Period. Participant hereby agrees that, if
so requested by the Company or any representative of the underwriters (the “Managing Underwriter”) in connection with
any registration of the offering of any securities of the Company under the Securities Act, Participant shall not sell or otherwise transfer
any Shares or other securities of the Company during the 180-day period (or such other period as may be requested in writing by the Managing
Underwriter and agreed to in writing by the Company) (the “Market Standoff Period”) following the effective date of
a registration statement of the Company filed under the Securities Act. The Company may impose stop-transfer instructions with respect
to securities subject to the foregoing restrictions until the end of such Market Standoff Period.

 

		7.	Take-Along Agreement. If owners of more than 50%
of the common stock of the Company (the “Majority Owners”) shall determine to sell or exchange (in a business combination
or otherwise) their common stock to a third-party (“Proposed Transferee”), then upon the written request of the Majority
Owners each Participant shall be obligated to and shall (i) sell, transfer and deliver to such Proposed Transferee the same percentage
of the Shares as is being transferred by the Majority Owners, at the same price and upon the same terms, and (ii) if Participant
approval is required, vote all Shares in favor of such transaction.

 

    	2

     

    

 

		8.	Restrictions on Exercise.  This Option may
not be exercised until such time as the Plan has been approved by the stockholders of the Company, or if the issuance of such Shares upon
such exercise or the method of payment of consideration for such shares would constitute a violation of any applicable law.

 

		9.	Non-Transferability of Option. This Option may not
be transferred in any manner otherwise than by will or by the laws of descent or distribution and may be exercised during the lifetime
of Participant only by Participant. The terms of the Plan and this Award Agreement shall be binding upon the executors, Committees, heirs,
successors and assigns of the Participant.

 

		10.	Term of Option. This Option may be exercised only
within the Term set out in the Notice of Stock Option Award which Term may not exceed ten (10) years from the Date of Grant, and
may be exercised during such Term only in accordance with the Plan and the terms of this Award Agreement.

 

		11.	United States Tax Consequences. Set forth below is
a brief summary as of the date of this Option of some of the United States federal tax consequences of exercise of this Option and disposition
of the Shares. THIS SUMMARY IS NECESSARILY INCOMPLETE, AND THE TAX LAWS AND REGULATIONS ARE SUBJECT TO CHANGE. THE PARTICIPANT SHOULD
CONSULT A TAX ADVISER BEFORE EXERCISING THIS OPTION OR DISPOSING OF THE SHARES.

 

		i.	Exercise of ISO. If this Option qualifies as an Incentive Stock Option, there will be no regular
federal income tax liability upon the exercise of the Option, although the excess, if any, of the Fair Market Value of the Shares on the
date of exercise over the Exercise Price will be treated as an adjustment to the alternative minimum tax for federal tax purposes and
may subject the Participant to the alternative minimum tax in the year of exercise.

 

		ii.	Exercise of Nonstatutory Stock Option. There may be a regular federal income tax liability upon
the exercise of a Nonstatutory Stock Option. The Participant will be treated as having received compensation income (taxable at ordinary
income tax rates) equal to the excess, if any, of the Fair Market Value of the Shares on the date of exercise over the Exercise Price.
If the Participant is an employee or a former employee, the Company will be required to withhold from the Participant's compensation or
collect from the Participant and pay to the applicable taxing authorities an amount in cash equal to a percentage of this compensation
income at the time of exercise, and may refuse to honor the exercise and refuse to deliver Shares if such withholding amounts are not
delivered at the time of exercise.

 

    	3

     

    

 

		iii.	Disposition of Shares. In the case of a Nonstatutory Stock Option, if Shares are held for at least
one year, any gain realized on disposition of the Shares will be treated as long-term capital gain for federal income tax purposes. In
the case of an Incentive Stock Option, if Shares transferred pursuant to the Option are held for at least one year after exercise and
for at least two years after the Date of Grant, any gain realized on disposition of the Shares will also be treated as long-term capital
gain for federal income tax purposes. If Shares purchased under an Incentive Stock Option are disposed of within one year after exercise
or two years after the Date of Grant, any gain realized on such disposition will be treated as compensation income (taxable at ordinary
income rates) to the extent of the difference between the Exercise Price and the lesser of (1) the Fair Market Value of the Shares
on the date of exercise, or (2) the sale price of the Shares. Any additional gain will be taxed as capital gain, short-term or long-term
depending on the period that the Incentive Stock Option Shares were held.

 

		iv.	Notice of Disqualifying Disposition of Incentive Stock Option Shares. If this Option is an Incentive
Stock Option, and if the Participant sells or otherwise disposes of any of the Shares acquired pursuant to the Incentive Stock Option
on or before the later of (1) the date two years after the Date of Grant, or (2) the date one year after the date of exercise,
the Participant shall immediately notify the Company in writing of such disposition. The Participant agrees that the Participant may be
subject to income tax withholding by the Company on the compensation income recognized by the Participant.

 

		v.	Withholding. Pursuant to applicable federal, state, local or foreign laws, the Company may be required
to collect income or other taxes on the grant of this Option, the exercise of this Option, the lapse of a restriction placed on this Option
or the Shares issued upon exercise of this Option, or at other times. The Company may require, at such time as it considers appropriate,
that the Participant pay the Company the amount of any taxes which the Company may determine is required to be withheld or collected,
and the Participant shall comply with the requirement or demand of the Company. In its discretion, the Company may withhold Shares to
be received upon exercise of this Option or offset against any amount owed by the Company to the Participant, including compensation amounts,
if in its sole discretion it deems this to be an appropriate method for withholding or collecting taxes.

 

		12.	Entire Agreement; Governing Law. The Plan is incorporated
herein by reference. The Plan and this Award Agreement constitute the entire agreement of the parties with respect to the subject matter
hereof and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject
matter hereof, and may not be modified (except as provided herein and in the Plan) adversely to the Participant's interest except by means
of a writing signed by the Company and Participant. This agreement is governed by the internal substantive laws but not the choice of
law rules of the State of Delaware.

 

    	4

     

    

 

		13.	No Guarantee of Continued Service. PARTICIPANT ACKNOWLEDGES
AND AGREES THAT THE VESTING OF SHARES PURSUANT TO THE VESTING SCHEDULE HEREOF IS EARNED ONLY BY CONTINUING IN THE RELATIONSHIP AT THE
WILL OF THE COMPANY (NOT THROUGH THE ACT OF BEING ENGAGED, BEING GRANTED THIS OPTION OR ACQUIRING SHARES HEREUNDER). PARTICIPANT FURTHER
ACKNOWLEDGES AND AGREES THAT THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT
CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND SHALL NOT INTERFERE
IN ANY WAY WITH PARTICIPANT'S RIGHT OR THE COMPANY'S RIGHT TO TERMINATE THE RELATIONSHIP AT ANY TIME, WITH OR WITHOUT CAUSE.

 

Participant acknowledges receipt of a
copy of the Plan and represents that he or she is familiar with the terms and provisions thereof, and hereby accepts this Option subject
to all of the terms and provisions thereof. Participant has reviewed the Plan, this Award Agreement and this Option in their entirety,
has had an opportunity to obtain the advice of counsel prior to executing this Option and fully understands all provisions of the Plan,
this Award Agreement and this Option. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations
of the Committee upon any questions arising under the Plan, this Award Agreement or this Option. Participant further agrees to notify
the Company upon any change in the residence address indicated above.

 

    	5Exhibit
4.4

 

WARRANT AGREEMENT

 

JAWS JUGGERNAUT ACQUISITION CORPORATION

 

and

 

CONTINENTAL STOCK TRANSFER & TRUST COMPANY

  

Dated            , 2021

  

THIS WARRANT AGREEMENT
(this “Agreement”), dated            , 2021, is by and between Jaws Juggernaut Acquisition
Corporation, a Cayman Islands exempted company (the “Company”), and Continental Stock Transfer &
Trust Company, a New York corporation, as warrant agent (in such capacity, the “Warrant Agent”).

 

WHEREAS, it is proposed
that the Company enter into that certain Sponsor Warrants Purchase Agreement, with Juggernaut Sponsor LLC, a Delaware limited liability
company (the “Sponsor”), pursuant to which the Sponsor will purchase an aggregate of 3,000,000 warrants
(or up to 3,300,000 warrants if the underwriters in the Public Offering (defined below) exercise their Over-allotment Option (as
defined below) in full) simultaneously with the closing of the Offering (and the closing of the Over-allotment Option, if applicable),
bearing the legend set forth in Exhibit B hereto (the “Private Placement Warrants”) at a
purchase price of $2.00 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 750,000 Private Placement Warrants at a price of $2.00 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-fourth of one Public Warrant (as defined below) (the “Units”)
and, in connection therewith, has determined to issue and deliver up to 5,750,000 redeemable warrants (including up to 750,000
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. 333-253076 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”).

 

    2

     

    

 

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 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 be such at the date of issuance.

 

2.3.2.
Registered Holder. Prior to due presentment
for registration of transfer of any Warrant, the Company and the Warrant Agent may deem and treat the person in whose name such
Warrant is registered in the Warrant Register (the “Registered Holder”) as the absolute owner of such
Warrant and of each Warrant represented thereby, 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 Credit Suisse Securities (USA) LLC,
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 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 earlier 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-fourth
of one whole Public Warrant. If, upon the detachment of Public Warrants from the Units or otherwise, a holder of Warrants would
be entitled to receive a fractional Warrant, the Company shall round down to the nearest whole number the number of Warrants to
be issued to such holder.

 

    3

     

    

 

2.6.
Private Placement Warrants. The
Private Placement Warrants shall be identical to the Public Warrants, except that so long as they are held by the Sponsor or
any of its Permitted Transferees (as defined below) the Private Placement Warrants: (i) may be exercised for cash or on a
“cashless basis,” pursuant to subsection 3.3.1(c) hereof, (ii) 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 pursuant to
Section 6.1 hereof and (iv) shall only be
redeemable by the Company pursuant to Section 6.2 if the Reference Value (as defined below) is less than $18.00 per
share (subject to adjustment in compliance with Section 4 hereof); 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 affiliates or family members 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 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 the consummation of the Company’s 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 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.

 

    4

     

    

 

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 with respect to a redemption pursuant to Section 6.1
hereof or, if the Reference Value equals or exceeds $18.00 per share (subject to adjustment in compliance with Section 4
hereof), Section 6.2 hereof, 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) (other than with respect to a Private Placement Warrant then held
by the Sponsor or its Permitted Transferees in connection with a redemption pursuant to Section 6.1 hereof or, if
the Reference Value equals or exceeds $18.00 per share (subject to adjustment in compliance with Section 4 hereof),
Section 6.2 hereof) in the event of a redemption (as set forth in Section 6 hereof), each Warrant (other
than a Private Placement Warrant then held by the Sponsor or its Permitted Transferees in the event of a redemption pursuant to
Section 6.1 hereof or, if the Reference Value equals or exceeds $18.00 per share (subject to adjustment in compliance
with Section 4 hereof), Section 6.2 hereof) not exercised on or before the Expiration Date shall become
void, and all rights thereunder and all rights in respect thereof under this Agreement shall cease at 5:00 p.m. New York City
time on the Expiration Date. The Company in its sole discretion may extend the duration of the Warrants by delaying the Expiration
Date; provided that the Company shall provide at least twenty (20) days prior written notice of any such extension to Registered
Holders of the Warrants and, provided, further that any such extension shall be identical in duration among all
the Warrants.

 

    5

     

    

 

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;

 

(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 (i) if in connection with a redemption of Private Placement Warrants pursuant to Section 6.2
hereof, as provided in Section 6.2 hereof with respect to a Make-Whole Exercise and (ii) in all other scenarios
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 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.

 

    6

     

    

 

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 non-assessable.

 

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 share transfer books or book-entry system are open.

 

    7

     

    

 

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 Continental Stock Transfer & Trust Company, 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.

 

    8

     

    

 

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 modify the substance or timing of the Company’s obligation to provide holders of
Ordinary Shares the right to have their shares redeemed in connection with the Company’s initial Business Combination
or to redeem 100% of the Company’s public shares if it does not complete its initial Business Combination within the
time period required by the Company’s Amended and Restated Memorandum and Articles of Association, as amended from time
to time, or (ii) with respect to any other provision relating to the rights of holders of Ordinary Shares, (e) 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 or (f) 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).

 

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 or its affiliates,
without taking into account any Class B ordinary shares, par value $0.0001 per share, of the Company held by the Sponsor or
such 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 Company’s 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 higher of the Market Value and
the Newly Issued Price, the $18.00 per share redemption trigger price described in Section 6.1 and Section 6.2 shall
be adjusted (to the nearest cent) to be equal to 180% of the higher 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
higher of the Market Value and the Newly Issued Price.

 

    9

     

    

 

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 of the Company 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 4.4. The provisions of this Section 4.4
shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers.
In no event shall the Warrant Price be reduced to less than the par value per share issuable upon exercise of such
Warrant.

 

    10

     

    

 

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.

 

    11

     

    

 

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 the Price per Class A Ordinary Share Equals or Exceeds $18.00. Subject to Section 6.5 hereof, not
less than all of the outstanding Warrants may be redeemed, at the option of the Company, at any time 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) 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).

 

    12

     

    

 

6.2. Redemption
of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $10.00. Subject to Section 6.5 hereof, not
less than all of the outstanding Warrants may be redeemed, at the option of the Company, 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 (i) the Reference Value equals or exceeds $10.00 per share
(subject to adjustment in compliance with Section 4 hereof) and (ii) if the Reference Value is less than $18.00 per
share (subject to adjustment in compliance with Section 4 hereof), the Private Placement Warrants are also concurrently
called for redemption on the same terms as the outstanding Public Warrants. During the 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.

 

		 	Redemption Fair Market Value of Ordinary Shares (period to expiration of warrants)	 
	Redemption Date	 	≤ 10.00	 	 	11.00	 	 	12.00	 	 	13.00	 	 	14.00	 	 	15.00	 	 	16.00	 	 	17.00	 	 	≥ 18.00	 
	60 months	 	0.261	 	 	0.280	 	 	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.

 

    13

     

    

 

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 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, if in connection with a redemption pursuant to Section 6.2
of this Agreement on a “cashless basis” in accordance with such section) 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 (a) the redemption rights provided in Section 6.1
hereof shall not apply to the Private Placement Warrants if at the time of the redemption such Private Placement Warrants
continue to be held by the Sponsor or its Permitted Transferees and (b) if the Reference Value equals or exceeds $18.00 per
share (subject to adjustment in compliance with Section 4 hereof), the redemption rights provided in Section 6.2
hereof shall not apply to the Private Placement Warrants if at the time of the redemption such Private Placement Warrants
continue to be held by the Sponsor or its Permitted Transferees. However, once such Private Placement Warrants are
transferred (other than to Permitted Transferees in accordance with Section 2.6 hereof), the Company may redeem
the Private Placement Warrants pursuant to Section 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.

 

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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.

 

    15

     

    

 

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.

 

    16

     

    

 

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 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.

 

    17

     

    

 

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 Continental 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.

 

    18

     

    

 

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:

 

Jaws
Juggernaut Acquisition Corporation

1601
Washington Avenue, Suite 800

Miami
Beach, FL 33139

Attention:
Chief Executive Officer

 

with
a copy to:

 

Kirkland
& Ellis LLP

601
Lexington Avenue

New
York, New York 10022

Attention:
Christian O. Nagler

 

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

 

Continental
Stock Transfer & Trust Company

One
State Street, 30th Floor

New
York, NY 10004

Attention:
Compliance Department

 

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, including under the Securities Act, 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.

 

    19

     

    

 

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, (iii) making any amendments that are necessary in the
good faith determination of the Board (taking into account then existing market precedents for initial public offerings of special purpose
acquisition companies underwritten by bulge bracket investment banks) to allow for the Warrants to be classified as equity in the Company’s
financial statements; provided that this clause (iii) shall not allow any modification or amendment to this Agreement that would adversely
affect the rights of the Registered Holders, including by increasing the Warrant Price or shortening the Exercise Period, which shall
require the vote or consent as provided in the immediately succeeding sentence, (iv) removing any cap on the number of Ordinary Shares
issuable upon a “cashless exercise,” deleting Section 6.2 or amending the terms of the Private Placement Warrants, to provide
that the terms of the Private Placement Warrants will not change if transferred to persons other than Permitted Transferees or to conform
the provisions of the Private Placement Warrants to the terms of the Public Warrants or (v) adding or changing any provisions 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 in any material respect. All other modifications or amendments, including any modification
or amendment to increase the Warrant Price or shorten the Exercise Period, shall require the vote or written consent of the Registered
Holders of 50% of the then-outstanding Public Warrants and, 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.

 

 

[Signature
Page Follows]

 

    20

     

    

 

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

 

	 	JAWS JUGGERNAUT ACQUISITION CORPORATION
	 	
	 	By:	
	 	 	Name:
	 	 	Title:

 

 

[Signature Page
to Warrant Agreement]

 

    21

     

    

 

	 	CONTINENTAL
STOCK TRANSFER & TRUST COMPANY, as Warrant Agent
	 	
	 	By:	
	 	 	Name:
	 	 	Title:

 

 

[Signature Page
to Warrant Agreement]

 

    22

     

    

 

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

 

Jaws
Juggernaut Acquisition Corporation

Incorporated Under the Laws of the Cayman Islands

 

CUSIP G50735110

 

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 Jaws Juggernaut Acquisition Corporation, 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.

 

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.

 

 

[Exhibit
A to Warrant Agreement]

 

    A-1

     

    

 

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.

 

	 	JAWS
    JUGGERNAUT ACQUISITION CORPORATION
	 	 
	 	By:	
	 	 	Name:	 
	 	 	Title:	Authorized Signatory

 

 

	 	CONTINENTAL
STOCK TRANSFER & TRUST COMPANY, AS WARRANT AGENT
	 	 
	 	By:	
	 	 	Name:
	 	 	Title:

 

 

[Exhibit
A to Warrant Agreement]

 

    A-2

     

    

 

[Form
of Warrant Certificate]

 

[Reverse]

 

The
Warrants evidenced by this Warrant Certificate are part of a duly authorized issue of Warrants entitling the holder on exercise
to receive [                    ] 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 Continental Stock Transfer
& Trust Company, a New York corporation, as warrant agent (the “Warrant Agent”), which Warrant Agreement
is hereby incorporated by reference in and made a part of this instrument and is hereby referred to for a description of the rights,
limitation of rights, obligations, duties and immunities thereunder of the Warrant Agent, the Company and the holders (the words
“holders” or “holder” meaning the Registered Holders or Registered Holder,
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.

 

 

[Exhibit
A to Warrant Agreement]

 

    A-3

     

    

 

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.

 

 

[Exhibit A to
Warrant Agreement]

 

    A-4

     

    

 

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 Jaws Juggernaut Acquisition Corporation
(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 subsection 3.3.1(c) or Section 6.2 of
the Warrant Agreement, as applicable.

 

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]

 

[Exhibit A to
Warrant Agreement]

 

    A-5

     

    

 

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).

 

 

[Exhibit
A to Warrant Agreement]

 

    A-6

     

    

 

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 JAWS JUGGERNAUT ACQUISITION CORPORATION
(THE “COMPANY”), JUGGERNAUT SPONSOR LLC AND THE OTHER PARTIES THERETO, THE SECURITIES REPRESENTED BY
THIS CERTIFICATE MAY NOT BE SOLD OR TRANSFERRED PRIOR TO THE DATE THAT IS THIRTY (30) DAYS AFTER THE DATE UPON WHICH THE COMPANY
COMPLETES ITS INITIAL BUSINESS COMBINATION (AS DEFINED IN SECTION 3 OF THE WARRANT AGREEMENT REFERRED TO HEREIN) EXCEPT TO
A PERMITTED TRANSFEREE (AS DEFINED IN SECTION 2 OF THE WARRANT AGREEMENT) WHO AGREES IN WRITING WITH THE COMPANY TO BE SUBJECT
TO SUCH TRANSFER PROVISIONS.

 

SECURITIES
EVIDENCED BY THIS CERTIFICATE AND 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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