Document:

Exhibit 10.46

  

   

    

  

    WAIVER AGREEMENT

     

    This Waiver Agreement (this “Waiver”) is entered into as of September 14, 2020, by and among OneWater Marine Inc., a Delaware
      corporation (“PubCo”), Special Situations Investing Group II, LLC, a Delaware limited liability company (“Goldman”),

      and the other parties listed on the signature pages hereto. Capitalized terms used but not defined herein shall have the meaning given to such terms in that certain Fourth Amended and Restated Limited Liability Company Agreement of One Water Marine
      Holdings, LLC (the “Company”), dated as of February 11, 2020 (the “LLC Agreement”), by and among the
      Company, PubCo, Goldman, OWM BIP Investor, LLC, a Delaware limited liability company, and the other parties listed on Exhibit A thereto (“Legacy Owners”).

     

    RECITALS

     

    WHEREAS, in connection with a proposed public underwritten offering of the Company’s Class A common stock, par value $0.01 per share (the “Offering”),

      PubCo has specified a Special Redemption Date;

     

    WHEREAS, Goldman and certain of the Legacy Owners desire to exercise their Redemption Right to redeem a stated number of Units, together with an equal number of Class B Shares, on such Special
      Redemption Date (the “Base Redemption”) for shares of Class A common stock of the Company (the “Base Class A Shares”)

      and to sell such Base Class A Shares in the Offering;

     

    WHEREAS, Goldman also desires to exercise its Redemption Right to redeem a stated number of Units, together with an equal number of Class B Shares, on the additional Special Redemption Date for
      additional Class A Shares (the “Option Redemption” and, together with the Base Redemption, the “Redemption”)

      to be sold pursuant to the exercise of the  Underwriters’ 30-day option (the “Underwriters’ Option”) to purchase additional shares of Class A common stock of the Company (the “Option Class A Shares,” and, together with the Base Class A Shares, the “Redeemed Class A Shares”) in the
      Offering;

     

    WHEREAS, pursuant to Section 4.6(e)(iv) of the LLC Agreement, the Company shall not effect any redemption of any Units, together with any Class B Shares, held by Goldman, and Goldman shall not have
      the right to redeem any of its Units, along with any Class B Shares, to the extent that, after giving effect to such redemption, Goldman (together with its affiliates and any persons acting as a group together with Goldman or any of its affiliates)
      would beneficially own in excess of the Beneficial Ownership Limitation;

     

    WHEREAS, the LLC Agreement defines “Beneficial Ownership Limitation” as 4.99% of the number of Class A Shares outstanding immediately after giving effect to the issuance of Class A Shares issuable
      upon redemption of Class B Shares held by Goldman and provides that Goldman may increase such Beneficial Ownership Limitation by providing written notice to PubCo, with such increase to become effective on the 61st day after such notice is delivered;

     

    WHEREAS, on September 4, 2020, Goldman provided written notice to PubCo (“Notice”) in accordance with the LLC Agreement wherein Goldman elected to increase the Beneficial Ownership Limitation to
      19.99% (the “Increase”) to be effective prior to and contingent on the Special Redemption
      Dates set in connection with the Offering; and

     

    WHEREAS, because the Special Redemption Date is expected to occur before the 61st day after delivery of the Notice,
      the undersigned parties to the LLC Agreement desire to waive, only with respect to this instance and solely in connection with the Special Redemption Date and the Offering, the requirement in the definition of “Beneficial Ownership Limitation” in the
      LLC Agreement that provides that effectiveness of such increase may only occur on the 61st day after delivery of the Notice so that the Increase may become effective
      immediately prior to and contingent on the Special Redemption Date.

     

    NOW, THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth and for other good and valuable consideration, the receipt, adequacy and sufficiency of which are hereby
      acknowledged, the parties hereby agree as follows:

    
      
        

    

     

    1.          

    Waiver.  Pursuant to Section 12.1 of the LLC Agreement, the undersigned Managing Member and holders of at least
        66 2/3% of the outstanding Units held by Members other than PubCo Holdings Group acknowledge and agree that (a) the Increase shall become effective immediately prior to and contingent on the initial Special Redemption Date specified in connection
        with the Offering notwithstanding anything to the contrary in the LLC Agreement; provided, that if the Redemption and the Offering are not consummated, then the Increase shall not take effect and the
        Beneficial Ownership Limitation shall remain at 4.99%; (b) immediately following the Redemption and the sale of the Redeemed Class A Shares in the Offering by Goldman, including any sale by Goldman of Redeemed Class A Shares pursuant to the
        exercise of the Underwriter’s Option, the Beneficial Ownership Limitation shall, with no further action on the part of Goldman or any other party hereto, revert to 4.99%; and (c) should the Underwriters’ Option fail to be exercised, after the
        expiration date of the Underwriters’ Option, the Beneficial Ownership Limitation shall, with no further action on the part of Goldman or any other party hereto, revert to 4.99%.

     

    2.          

    Limitation.  The acknowledgements and agreements in the foregoing Section 1 are only effective in the specific
        instance and for the specific purpose for which such acknowledgements and agreements are given and shall not be effective for any other purpose.  The foregoing Section 1 is intended to be a waiver of certain provisions in the LLC Agreement only in
        connection with the Redemption, and no provision of the LLC Agreement is amended in any way.

     

    3.          

    Miscellaneous

     

    (a)          

    Assignment.  Neither this Waiver nor any rights or obligations of any party hereto may be assigned by any party
        hereto, by operation of law or otherwise, without the prior written consent of the other parties, and any purported assignment without such consent shall be null and void ab initio.

     

    (b)          

    Amendments.  This Waiver may not be amended or modified except by an instrument in writing signed by, or on
        behalf of, the parties hereto.

     

    (c)          

    No Waiver.  The failure of any party hereto to exercise any right, power or remedy provided under this Waiver
        or otherwise available in respect hereof at law or in equity, or to insist upon compliance by any other party hereto with its obligations hereunder, and any custom or practice of the parties at variance with the terms hereof, shall not constitute a
        waiver by such party of its right to exercise any such or other right, power or remedy, or to demand such compliance.

     

    (d)          

    Entire Agreement.  This Waiver embodies the entire agreement and understanding between the parties hereto
        relating to the subject matter hereof and supersedes any prior agreements and understandings, both written and oral, relating to the subject matter hereof.

     

    (e)          

    Invalid Provisions.  If any provision of this Waiver is held to be illegal, invalid or unenforceable under
        present or future laws, such provision shall be fully severable; this Waiver shall be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part of this Waiver; and the remaining provisions of this
        Waiver shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance from this Waiver.  The parties further agree that if any provision contained herein is, to any extent,
        held invalid or unenforceable in any respect under the laws governing this Waiver, they shall take any actions necessary to render the remaining provisions of this Waiver valid and enforceable to the fullest extent permitted by law and, to the
        extent necessary, shall amend or otherwise modify this Waiver to replace any provision contained herein that is held invalid or unenforceable with a valid and enforceable provision giving effect to the intent of the parties.

    
      
        

    

     

    (f)          

    Governing Law.  This Waiver, the legal relations between the parties and any action, whether contractual or
        non-contractual, instituted by any party with respect to matters arising under or growing out of or in connection with or in respect of this Waiver shall be governed by and construed in accordance with the Laws of the State of Delaware applicable
        to contracts made and performed in such state and without regard to conflicts of law doctrines.

     

    (g)          

    Binding Effect and Assignment.  This Waiver shall be binding upon and inure to the benefit of the parties
        hereto and their respective successors and permitted assigns.

     

    (h)          

        

    Section Headings.  The section headings contained in this Waiver are inserted for convenience of reference only
        and shall not affect the meaning or interpretation of this Waiver.

     

    (i)          

    Counterparts.  This Waiver may be executed in two or more counterparts, by PDF or other electronic signature,
        and by the different parties hereto in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement.

     

    [Signature Pages Follow]

     

    

    

    
      
        

    

    IN WITNESS WHEREOF, the parties hereto have executed this Waiver as of the date first above written.

    
       

      	 	
              ONEWATER MARINE INC.

            
	 	 
	 	
              By:

            	
              /s/ Philip Austin Singleton, Jr.

            
	 	
              Name:

            	
              Philip Austin Singleton, Jr.

            
	 	
              Title:

            	
              Chief Executive Officer

            

       

      

      
        Signature Page to Waiver Agreement

      

      
        
          

      

      	 	
              SPECIAL SITUATIONS INVESTING GROUP II, LLC

            
	 	 
	 	
              By:

            	
              /s/ Greg Watts

            
	 	
              Name:

            	
              Greg Watts

            
	 	
              Title:

            	
              Authorized Signatory

            

      
         

        

        Signature Page to Waiver Agreement

      

      
        
          

      

      

      

      	 	
              AUBURN OWMH, LLLP

            
	 	 
	 	
              By:

            	
              /s/ Philip Austin Singleton, Jr.

            
	 	
              Name:

            	
              Philip Austin Singleton, Jr.

            
	 	
              Title:

            	
              Member

            
	 	 	 
	 	 	 
	 	
              PHILIP SINGLETON IRREVOCABLE TRUST, DATED DECEMBER 24, 2015

            
	 	 
	 	
              By:

            	
              /s/ Philip Austin Singleton, Jr.

            
	 	
              Name:

            	
              Philip Austin Singleton, Jr.

            
	 	
              Title:

            	
              Trustee

            
	 	 	 
	 	 	 
	 	
              AUSTIN SINGLETON IRREVOCABLE TRUST, DATED DECEMBER 30, 2015

            
	 	 
	 	
              By:

            	
              /s/ Philip Austin Singleton, Jr.

            
	 	
              Name:

            	
              Philip Austin Singleton, Jr.

            
	 	
              Title:

            	
              Trustee

            

      
         

        

        Signature Page to Waiver Agreement

      

      
        
          

      

       

      	 	
               /s/ Anthony Aisquith

            
	 	
              ANTHONY AISQUITH

            

      
         

        

        Signature Page to Waiver Agreement 

        

      

      
        
          

      

      	 	
              TERESA D. BOS 2015 TRUST

            
	 	 
	 	
              By:

            	
              /s/ Pete Knowles

            
	 	
              Name:

            	
              Pete Knowles

            
	 	
              Title:

            	
              Trustee

            

      
         

        

        Signature Page to Waiver AgreementExhibit 4.1

 

Execution version

 

WARRANT AGREEMENT

 

between

 

STARBOARD VALUE ACQUISITION CORP.

 

and

 

CONTINENTAL STOCK TRANSFER & TRUST COMPANY

 

THIS WARRANT AGREEMENT (this “Agreement”),
dated as of September 9, 2020, is by and between Starboard Value Acquisition Corp., a Delaware corporation (the “Company”),
and Continental Stock Transfer & Trust Company, a New York corporation, as warrant agent (the “Warrant Agent”,
also referred to herein as the “Transfer Agent”).

 

WHEREAS, the Company is engaged in an initial
public offering (the “Offering”) of units of its equity securities (the “Units”)
for the purposes of financing its initial business combination through a merger, capital stock exchange, asset acquisition, stock
purchase, reorganization or similar business combination involving the Company and one or more businesses (the “Business
Combination”);

 

WHEREAS, the Units to be sold in the Offering
will be comprised of one share of Class A common stock, par value $0.0001 per share (the “Class A common stock”),
one-sixth of one redeemable warrant (the “Detachable Redeemable Warrants” ) and a contingent right to
receive at least one-sixth of one redeemable warrant (the “Distributable Redeemable Warrants,” and collectively
with the Detachable Redeemable Warrants, the “Redeemable Warrants”) following the time at which the Company
redeems the shares of Class A common stock that the holders thereof have elected to redeem in connection with the Business Combination,
which will occur prior to the consummation of the Business Combination (the “Distribution Time”). Each
whole Redeemable Warrant entitles the holder thereof to purchase one share of Class A common stock for $11.50 per share, subject
to adjustment as described herein. Only whole Redeemable Warrants are exercisable. A holder of the Redeemable Warrants will not
be able to exercise any fraction of a Redeemable Warrant;

 

WHEREAS, the Company has determined to issue
and deliver in the Offering 36,000,000 (or up to 41,400,000 if the Over-allotment Option (as defined below) is exercised in full)
shares of Class A common stock (such shares, the “Offering Shares”) and 6,000,000 (or up to 6,900,000
if the Over-allotment Option is exercised in full) Detachable Redeemable Warrants to public investors in the Offering;

 

WHEREAS, on September 9, 2020, the Company
entered into that certain Amended and Restated Forward Purchase Agreement (the “Forward Purchase Agreement”)
with certain clients of Starboard Value LP, a Delaware limited partnership (“Starboard”), which are also
the majority-owners of SVAC Sponsor LLC (the “Sponsor”), pursuant to which (i) such clients (the “Forward
Purchasers”) will purchase shares of Class A common stock (“Forward Purchase Shares”) at
a price equal to $9.50 per share (subject to a maximum funding commitment by the Forward Purchasers of $100,000,000), in a private
placement that will close simultaneously with the closing of the initial Business Combination and (ii) the Forward Purchasers,
in connection with their purchase of any Forward Purchase Shares, will also acquire private placement warrants bearing the legend
set forth in Exhibit B hereto (the “Forward Purchase Private Placement Warrants”) as further described
below;

 

WHEREAS, on September 9, 2020, the Company
entered into that certain Amended and Restated Private Placement Warrants Purchase Agreement with the Sponsor, pursuant to which
the Sponsor will purchase 6,133,333 warrants (or up to 6,853,333 warrants if the Over-allotment Option in connection with the Offering
is exercised in full) simultaneously with the closing of the Offering bearing the legend set forth in Exhibit C hereto (the
 “Sponsor Private Placement Warrants”) at a purchase price of $1.50 per Sponsor Private Placement Warrant;

 

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

 

    

     

    

 

WHEREAS, the Company has filed with the
Securities and Exchange Commission (the “Commission”) registration statements on Form S-1 (collectively,
the “Registration Statement”) and prospectus (the “Prospectus”), for the registration,
under the Securities Act of 1933, as amended (the “Securities Act”), of the Units, the shares of Class
A common stock included in the Units, the Redeemable Warrants, and the contingent right to receive the Distributable Redeemable
Warrants;

 

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 Redeemable Warrants, the Forward Purchase Private Placement Warrants, the Sponsor
Private Placement Warrants and the Working Capital Warrants (collectively, the “Warrants”);

 

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

 

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

 

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

 

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

 

2.            Warrants.

 

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

 

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

 

2.3         
Registration.

 

2.3.1          
Warrant Register. The Warrant Agent shall maintain books (the “Warrant Register”), for
the registration of original issuance and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants
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 Redeemable Warrants shall be shown on, and the transfer of such ownership shall be effected through, records maintained
by institutions that have accounts with The Depository Trust Company (the “Depositary”) (such institution,
with respect to a Warrant in its account, a “Participant”).

 

If the Depositary subsequently ceases to
make its book-entry settlement system available for the Redeemable Warrants, the Company may instruct the Warrant Agent regarding
making other arrangements for book-entry settlement. In its sole discretion, the Company may instruct the Warrant Agent to deliver
to the Depositary (i) written instructions to deliver to the Warrant Agent for cancellation each book-entry Redeemable Warrant
and (ii) definitive certificates in physical form evidencing such Warrants which shall be in the form annexed hereto as Exhibit
A.

 

Physical certificates, if issued, shall
be signed by, or bear the facsimile signature of, the Chief Executive Officer, Chief Financial Officer, Secretary or other principal
officer of the Company. In the event the person whose facsimile signature has been placed upon any Warrant shall have ceased to
serve in the capacity in which such person signed the Warrant before such Warrant is issued, it may be issued with the same effect
as if he or she had not ceased to be such at the date of issuance.

 

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

 

    2

     

    

 

2.4         
Detachability of Detachable Redeemable Warrants. The shares of Class A common stock and Detachable Redeemable 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 with
the consent of UBS Securities LLC, as representative of the several underwriters (the “Detachment Date”),
but in no event shall the shares of Class A common stock and the Detachable Redeemable Warrants comprising the Units be separately
traded until (A) the Company has filed a Current Report on Form 8-K with the Commission containing an audited balance sheet reflecting
the receipt by the Company of the gross proceeds of the Offering, including the proceeds received by the Company from the exercise
by the underwriter of its 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 and files with the Commission a Current Report on Form 8-K announcing when such separate trading shall begin.

 

2.5         
Distributable Redeemable Warrants. At the Distribution Time, 6,000,000 (or 6,900,000 if the Over-allotment Option
is exercised in full) warrants (the “Aggregate Warrant Amount”) will be distributed by the Company as
follows: (i) to the extent that no holders of Offering Shares (such holders, the “Public Stockholders”)
redeem their Offering Shares in connection with the Business Combination, each Public Stockholder will receive one-sixth of one
Distributable Redeemable Warrant per Offering Share and (ii) to the extent that any Public Stockholders redeem any of their Offering
Shares in connection with the Business Combination, then (A) one-sixth of one Distributable Redeemable Warrant will be distributed
per each non-redeemed Offering Share (the “Remaining Offering Shares”) and (B) the warrants in an amount
equal to the Aggregate Warrant Amount less the number of warrants distributed pursuant to the foregoing clause (A) will be distributed
on a pro rata basis (x) to the holders of the Remaining Offering Shares based on their percentage of Class A common stock held
after redemptions and the issuance of any Forward Purchase Shares, as Distributable Redeemable Warrants, and (y) to the holders
of the Forward Purchase Shares based on their percentage of Class A common stock held after redemptions and the issuance of any
Forward Purchase Shares, as Forward Purchase Private Placement Warrants. The right to receive the Distributable Redeemable Warrants
will not trade separately from the Units (prior to the Detachment Date) or from the Offering Shares (on and after the Detachment
Date), and will not be transferrable, assignable or salable. The Distributable Redeemable Warrants will be issued in the same form
as the Detachable Redeemable Warrants, in book-entry form or as otherwise provided in Section 2.3.1 hereof. Upon the issuance and
distribution of the Distributable Redeemable Warrants, the Distributable Redeemable Warrants will be fully fungible with the Detachable
Redeemable Warrants, and will begin trading on the first trading day following the Distribution Time under the same stock symbol
and CUSIP as the Detachable Redeemable Warrants.

 

2.6         
No Fractional Warrants. The Company shall not issue fractional Warrants other than as part of the Units, each of
which is comprised of one share of Class A common stock, one-sixth of one whole Detachable Redeemable Warrant and the contingent
right to receive Distributable Redeemable Warrants (as set forth above). If, upon the detachment of the Detachable Redeemable Warrants
from the Units, the issuance of the Distributable Redeemable Warrants, the issuance of the Forward Purchase Private Placement Warrants,
or otherwise, a holder 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

     

    

 

2.7         
Forward Purchase Private Placement Warrants, Sponsor Private Placement Warrants and Working Capital Warrants. The
Forward Purchase Private Placement Warrants, the Sponsor Private Placement Warrants and the Working Capital Warrants shall be identical
to the Redeemable Warrants, except that so long as they are held by (i) the Forward Purchasers or their Permitted Transferees (as
defined below), in the case of the Forward Purchase Private Placement Warrants, (ii) the Sponsor or any of its Permitted Transferees
in the case of the Sponsor Private Placement Warrants or (iii) Starboard, the Sponsor or an affiliate of the Sponsor or certain
of the Company’s officers and directors or their Permitted Transferees in the case of the Working Capital Warrants, the Forward
Purchase Private Placement Warrants, the Sponsor Private Placement Warrants and the Working Capital Warrants: (i) may be exercised
for cash or on a cashless basis, pursuant to subsection 3.3.1(c) hereof, (ii) may not be transferred, assigned or sold until
thirty (30) days after the completion by the Company of an initial Business Combination, and (iii) shall not be redeemable by the
Company pursuant to Section 6.1 hereof; provided, however, that in the case of (ii), the Forward Purchase Private Placement
Warrants, the Sponsor Private Placement Warrants, the Working Capital Warrants and any shares of Class A common stock (A) held
by the Forward Purchasers or any of its Permitted Transferees and issued upon exercise of the Forward Purchase Private Placement
Warrants, (B) held by the Sponsor or any of its Permitted Transferees and issued upon exercise of the Sponsor Private Placement
Warrants or (C) held by Starboard Value LP, the Sponsor or an affiliate of the Sponsor or certain of the Company’s officers
and directors or their Permitted Transferees and issued upon exercise of the Working Capital Warrants, may be transferred by the
holders thereof:

 

(a)                
to the Company’s officers or directors, any affiliates or family members of any of the Company’s officers
or directors, any members of the Sponsor, or any affiliates of the Sponsor, including to funds affiliated with Starboard Value
LP, and to limited partners of funds affiliated with Starboard Value LP, provided that any such transfers to limited partners are
made on a pro rata basis pursuant to the organizational documents of such funds and internal allocation policy;

 

(b)                
in the case of an individual, by gift to a member of the individual’s immediate family, to a trust, the beneficiary
of which is a member of the individual’s immediate family or an affiliate of such individual, 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 a Business Combination at prices no greater
than the price at which the securities were originally purchased;

 

(f)                 
in the event of the Company’s liquidation prior to the completion of an initial Business Combination;

 

(g)                
by virtue of the laws of the State of Delaware or (1) in the case of the Forward Purchase Private Placement Warrants,
the applicable Forward Purchaser’s operating agreement upon dissolution of such Forward Purchaser (2) in the case of the
Sponsor Private Placement Warrants, the governing documents of the Sponsor and (3) in the case of the Working Capital Warrants,
the governing documents of the Sponsor, the applicable Sponsor affiliate or Starboard upon dissolution of the Sponsor, such Sponsor
affiliate or Starboard, as applicable;

 

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

 

(i)                 
to any “transferee” as defined in the Forward Purchase Agreement; or

 

(j)                 
to a nominee or custodian of a person or entity to whom a disposition or transfer would be permissible under clauses
(a) through (i) above provided, however, that in the case of clauses (a) through (e) and (i) and (j), these permitted transferees
(the “Permitted Transferees”) must enter into a written agreement agreeing to be bound by these transfer
restrictions.

 

2.8            
Working Capital Warrants. Each of the Working Capital Warrants shall be identical to the Sponsor Private Placement
Warrants.

 

3.           
Terms and Exercise of Warrants.

 

3.1            
Warrant Price. Each whole Warrant shall, when countersigned by the Warrant Agent, entitle the Registered Holder thereof,
subject to the provisions of such Warrant and of this Agreement, to purchase from the Company the number of shares of Class A common
stock stated therein, at the price of $11.50 per share, subject to the adjustments provided in Section 4 hereof and in the
last sentence of this Section 3.1. The term “Warrant Price” as used in this Agreement shall mean the price per
share at which shares of Class A common stock may be purchased at the time a Warrant is exercised. The Company in its sole discretion
may lower the Warrant Price at any time prior to the Expiration Date (as defined below) for a period of not less than twenty (20)
Business Days, provided, that the Company shall provide at least three (3) days prior written notice of such reduction to Registered
Holders of the Warrants and, provided further that any such reduction shall be identical among all of the Warrants.

 

    4

     

    

 

3.2          
Duration of Warrants. A Warrant may be exercised only during the period (the “Exercise Period”)
commencing on the later of: (i) the date that is thirty (30) days after the completion of the initial Business Combination or (ii)
the date that is twelve (12) months from the date of the closing of the Offering, and terminating at 5:00 p.m., New York City time
on the earliest to occur of: (x) the date that is five (5) years after the date on which the Company completes its Business Combination,
(y) the liquidation of the Company if the Company fails to complete a Business Combination, and (z) other than with respect to
(i) the Forward Purchase Private Placement Warrants then held by the Forward Purchasers or their Permitted Transferees, (ii) the
Sponsor Private Placement Warrants then held by the Sponsor or any of its Permitted Transferees and (iii) the Working Capital Warrants
then held by Starboard, the Sponsor or an affiliate of the Sponsor, certain of the Company’s officers and directors or their
Permitted Transferees with respect to Section 6.1, 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 (i) the Forward Purchase Private Placement Warrants then held by the Forward Purchasers
or their Permitted Transferees, (ii) the Sponsor Private Placement Warrants then held by the Sponsor or any of its Permitted Transferees
and (iii) the Working Capital Warrants then held by Starboard, the Sponsor or an affiliate of the Sponsor or certain of the Company’s
officers and directors or their Permitted Transferees in connection with a redemption pursuant to Section 6.1 hereof), in
the event of a redemption (as set forth in Section 6.1), each Warrant (other than (i) the Forward Purchase Private Placement
Warrants then held by the Forward Purchasers or their Permitted Transferees and (ii) the Sponsor Private Placement Warrants then
held by the Sponsor or any of its Permitted Transferees and (iii) the Working Capital Warrants then held by Starboard, the Sponsor
or an affiliate of the Sponsor or certain of the Company’s officers and directors, as applicable, in connection with a redemption
pursuant to Section 6.1 hereof) not exercised on or before the Expiration Date shall become void, and all rights thereunder
and all rights in respect thereof under this Agreement shall cease at 5:00 p.m. New York City time on the Expiration Date. The
Company in its sole discretion may extend the duration of the Warrants by delaying the Expiration Date; provided, that the Company
shall provide at least twenty (20) days prior written notice of any such extension to Registered Holders of the Warrants and, provided
further that any such extension shall be identical in duration among all the Warrants.

 

3.3          
Exercise of Warrants.

 

3.3.1          
Payment. Subject to the provisions of the Warrant and this Agreement, a Warrant, when countersigned by the Warrant
Agent, may be exercised by the Registered Holder thereof by surrendering it, at the office of the Warrant Agent, or at the office
of its successor as Warrant Agent, in the Borough of Manhattan, City and State of New York, with the subscription form, as set
forth in the Warrant, duly executed, and by paying in full the Warrant Price for each full share of Class A common stock as to
which the Warrant is exercised and any and all applicable taxes due in connection with the exercise of the Warrant, the exchange
of the Warrant for the shares of Class A common stock and the issuance of such shares of Class A common stock, as follows:

 

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

 

(b)           
in the event of a redemption pursuant to Section 6 hereof in which the Company’s board of directors
(the “Board”) has elected to require all holders of the Warrants to exercise such Warrants on a “cashless
basis,” by surrendering the Warrants for that number of shares of Class A common stock equal to the quotient obtained by
dividing (x) the product of the number of shares of Common Stock underlying the Warrants, multiplied by the excess of the “Fair
Market Value”, as defined in this subsection 3.3.1(b), over the Warrant Price by (y) the Fair Market Value. Solely
for purposes of this subsection 3.3.1(b), Section 6.2 and Section 6.4, the “Fair Market Value”
shall mean the average reported last sale price of the Class A common stock for the ten (10) trading days ending on the third trading
day prior to the date on which the notice of redemption is sent to the holders of the Warrants, pursuant to Section 6 hereof;

 

    5

     

    

 

(c)           
with respect to any Forward Purchase Private Placement Warrant, Sponsor Private Placement Warrant or Working Capital
Warrant, so long as such Forward Purchase Private Placement Warrant, Sponsor Private Placement Warrant or Working Capital Warrant
is held by the Forward Purchasers or their Permitted Transferees, the Sponsor or its Permitted Transferees, or Starboard, the Sponsor
or an affiliate of the Sponsor or certain of the Company’s officers and directors or their Permitted Transferees, as applicable,
by surrendering the Warrants for that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product
of the number of shares of Common Stock underlying the Warrants, multiplied by the excess of the “Fair Market Value”,
as defined in this subsection 3.3.1(c), over the Warrant Price by (y) the Fair Market Value. Solely for purposes of this
subsection 3.3.1(c), the “Fair Market Value” shall mean the average reported last sale price of the Class A
common stock for the ten (10) trading days ending on the third trading day prior to the date on which notice of exercise of the
Forward Purchase Private Placement Warrant, Sponsor Private Placement Warrant or Working Capital Warrant is sent to the Warrant
Agent;

 

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

 

(e)           
as provided in Section 7.4 hereof.

 

3.3.2          Issuance
of Shares of Class A common stock on Exercise. As soon as practicable after the exercise of any Warrant and the clearance of the
funds in payment of the Warrant Price (if payment is pursuant to subsection 3.3.1(a)) or the surrender of Warrants in connection
with a cashless exercise, the Company shall issue to the Registered Holder of such Warrant a book-entry position or certificate,
as applicable, for the number of full shares of Class A common stock to which he, she or it is entitled, registered in such name
or names as may be directed by him, her or it, and if such Warrant shall not have been exercised in full, a new book-entry position
or countersigned Warrant, as applicable, for the number of shares of Class A common stock as to which such Warrant shall not have
been exercised. Notwithstanding the foregoing, the Company shall not be obligated to deliver any shares of Class A common stock
pursuant to the exercise of a Warrant and shall have no obligation to settle such Warrant exercise unless a registration statement
under the Securities Act with respect to the shares of Class A common stock underlying the Warrants is then effective and a prospectus
relating thereto is current, subject to the Company’s satisfying its obligations under Section 7.4, or a valid exemption
from registration is available. No Warrant shall be exercisable and the Company shall not be obligated to issue shares of Class
A common stock upon exercise of a Warrant unless the Class A common stock issuable upon such Warrant exercise has been registered,
qualified or deemed to be exempt under the securities laws of the state of residence of the Registered Holder of the Warrants.
The Company may require holders of Redeemable Warrants to settle the Warrant on a “cashless basis” pursuant to Section
7.4. If, by reason of any exercise of warrants on a “cashless basis”, the holder of any Warrant would be entitled,
upon the exercise of such Warrant, to receive a fractional interest in a share of Class A common stock, the Company shall round
down to the nearest whole number, the number of shares of Class A common stock to be issued to such holder.

 

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

 

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

 

    6

     

    

 

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 shares of Class
A common stock outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate
number of shares of Class A common stock beneficially owned by such person and its affiliates shall include the number of shares
of Class A common stock issuable upon exercise of the Warrant with respect to which the determination of such sentence is being
made, but shall exclude shares of Class A common stock that would be issuable upon (x) exercise of the remaining, unexercised portion
of the Warrant beneficially owned by such person and its affiliates and (y) exercise or conversion of the unexercised or unconverted
portion of any other securities of the Company beneficially owned by such person and its affiliates (including, without limitation,
any convertible notes or convertible preferred stock or warrants) subject to a limitation on conversion or exercise analogous to
the limitation contained herein. Except as set forth in the preceding sentence, for purposes of this paragraph, beneficial ownership
shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”). For purposes of the Warrant, in determining the number of outstanding shares of Common Stock, the holder may
rely on the number of outstanding shares of Class A common stock as reflected in (1) the Company’s most recent Annual Report
on Form 10-K, quarterly report on Form 10-Q, Current Report on Form 8-K or other public filing with the Commission as the case
may be, (2) a more recent public announcement by the Company or (3) any other notice by the Company or the Transfer Agent setting
forth the number of shares of Class A common stock outstanding. For any reason at any time, upon the written request of the holder
of the Warrant, the Company shall, within two (2) Business Days, confirm orally and in writing to such holder the number of shares
of Class A common stock then outstanding. In any case, the number of outstanding shares of Class A common stock shall be determined
after giving effect to the conversion or exercise of equity securities of the Company by the holder and its affiliates since the
date as of which such number of outstanding shares of Class A common stock was reported. By written notice to the Company, the
holder of a Warrant may from time to time increase or decrease the Maximum Percentage applicable to such holder to any other percentage
specified in such notice; provided, however, that any such increase shall not be effective until the sixty-first (61st) day after
such notice is delivered to the Company.

 

4.           
Adjustments.

 

4.1         
Stock Dividends.

 

4.1.1          
Split-Ups. If after the date hereof, and subject to the provisions of Section 4.6 below, the number of outstanding
shares of Common Stock is increased by a stock dividend payable in shares of Common Stock, or by a split-up of shares of Common
Stock or other similar event, then, on the effective date of such stock dividend, split-up or similar event, the number of shares
of Common Stock issuable on exercise of each Warrant shall be increased in proportion to such increase in the outstanding shares
of Common Stock. A rights offering (other than with respect to the right of public stockholders to acquire the Distributable Redeemable
Warrants) to holders of the Common Stock entitling holders to purchase shares of Common Stock at a price less than the “Fair
Market Value” (as defined below) shall be deemed a stock dividend of a number of shares of Common Stock equal to the product
of (i) the number of shares of Common Stock actually sold in such rights offering (or issuable under any other equity securities
sold in such rights offering that are convertible into or exercisable for the Common Stock) multiplied by (ii) one (1) minus the
quotient of (x) the price per share of Common Stock paid in such rights offering divided by (y) the Fair Market Value. For purposes
of this subsection 4.1.1, (i) if the rights offering is for securities convertible into or exercisable for Common Stock,
in determining the price payable for Common Stock, there shall be taken into account any consideration received for such rights,
as well as any additional amount payable upon exercise or conversion and (ii) “Fair Market Value” means the volume
weighted average price of the Common Stock as reported during the ten (10) trading day period ending on the trading day prior to
the first date on which the shares of Common Stock trade on the applicable exchange or in the applicable market, regular way, without
the right to receive such rights.

 

4.1.2          
Extraordinary Dividends. If the Company, at any time while the Warrants are outstanding and unexpired, shall pay
a dividend or make a distribution in cash, securities or other assets to all or substantially all holders of the Class A common
stock on account of such shares of Class A common stock (or other shares of the Company’s capital stock into which the Warrants
are convertible), other than (a) as described in subsection 4.1.1 above, (b) Ordinary Cash Dividends (as defined below),
(c) to satisfy the redemption rights of the holders of the Class A common stock in connection with a proposed initial Business
Combination, (d) to satisfy the redemption rights of the holders of Class A common stock in connection with a stockholder vote
to amend the Company’s amended and restated certificate of incorporation to modify the substance or timing of the Company’s
obligation to redeem 100% of Common Stock if the Company does not complete the Business Combination within 24 months from the closing
of the Offering or with respect to any other material provision relating to stockholder rights or pre-initial business combination
activity, (e) 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 or (f) the issuance and distribution of the Distributable
Redeemable Warrants and the Forward Purchase Private Placement Warrants (any such non-excluded event being referred to herein as
an “Extraordinary Dividend”), then the Warrant Price shall be decreased, effective immediately after
the effective date of such Extraordinary Dividend, by the amount of cash and/or the fair market value (as determined by the Board,
in good faith) of any securities or other assets paid on each share of Common Stock in respect of such Extraordinary Dividend.
For purposes of this subsection 4.1.2, “Ordinary Cash Dividends” means any cash dividend or cash distribution
which, when combined on a per share basis, with the per share amounts of all other cash dividends and cash distributions paid on
the Common Stock during the 365-day period ending on the date of declaration of such dividend or distribution (as adjusted to appropriately
reflect any of the events referred to in other subsections of this Section 4 and excluding cash dividends or cash distributions
that resulted in an adjustment to the Warrant Price or to the number of shares of Common Stock issuable on exercise of each Warrant)
does not exceed $0.50 (being 5% of the offering price of the Units in the Offering).

 

    7

     

    

 

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

 

4.3         
Adjustments in Exercise Price.

 

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

 

4.3.2          
If (x) the Company issues additional shares of Class A common stock or securities convertible into or exercisable
or exchangeable for shares of Common Stock for capital raising purposes in connection with the closing of an initial Business Combination
at an issue price or effective issue price of less than $9.20 per share (with such issue price or effective issue price to be determined
in good faith by the Company and, (i) in the case of any such issuance to the Sponsor or its affiliates, without taking into account
any shares of Class B common stock of the Company, par value $0.0001 per share (the “Class B Common Stock”),
held by the Sponsor or its affiliates, prior to such issuance, and (ii) without taking into account (A) the transfer of shares
of Class B Common Stock or Sponsor Private Placement Warrants (including if such transfer is effectuated as a surrender to the
Company and subsequent reissuance by the Company) by the Sponsor in connection with such issuance or (B) any Forward Purchase Private
Placement Warrants) (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 an initial Business Combination
on the date of the consummation of such initial Business Combination (net of redemptions), and (z) the volume weighted average
trading price of the Common Stock during the 20 trading day period starting on the trading day prior to the day on which the Company
consummates an initial Business Combination (such price, the “Market Value”) is below $9.20 per share,
the Warrant Price will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued
Price, and the $18.00 per share redemption trigger price under Section 6.1 will be adjusted (to the nearest cent) to be
equal to 180% of the higher of the Market Value and the Newly Issued Price.

 

    8

     

    

 

4.4         
Replacement of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding
shares of Class A common stock (other than a change under Section 4.1 or Section 4.2 hereof or that solely affects
the par value of such shares of Common Stock), or in the case of any merger or consolidation of the Company with or into another
corporation (other than a consolidation or merger in which the Company is the continuing corporation and that does not result
in any reclassification or reorganization of the outstanding shares of Class A common stock), or in the case of any sale or conveyance
to another corporation or entity of the assets or other property of the Company as an entirety or substantially as an entirety
in connection with which the Company is dissolved, the holders of the Warrants shall thereafter have the right to purchase and
receive, upon the basis and upon the terms and conditions specified in the Warrants and in lieu of the shares of Class A common
stock of the Company immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the
kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization,
merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the Warrants would have
received if such holder had exercised his, her or its Warrant(s) immediately prior to such event (the “Alternative
Issuance”); provided, however, that (i) if the holders of the Class A common stock were entitled to
exercise a right of election as to the kind or amount of securities, cash or other assets receivable upon such consolidation or
merger, then the kind and amount of securities, cash or other assets constituting the Alternative Issuance for which each Warrant
shall become exercisable shall be deemed to be the weighted average of the kind and amount received per share by the holders of
the Class A common stock in such consolidation or merger that affirmatively make such election, and (ii) if a tender, exchange
or redemption offer shall have been made to and accepted by the holders of the Class A common stock (other than a tender, exchange
or redemption offer made by the Company in connection with redemption rights held by stockholders of the Company as provided for
in the Company’s amended and restated certificate of incorporation or as a result of the repurchase of shares of Class A
common stock by the Company if a proposed initial Business Combination is presented to the stockholders of the Company for approval)
under circumstances in which, upon completion of such tender or exchange offer, the maker thereof, together with members of any
group (within the meaning of Rule 13d-5(b)(1) under the Exchange Act (or any successor rule)) of which such maker is a part, and
together with any affiliate or associate of such maker (within the meaning of Rule 12b-2 under the Exchange Act (or any successor
rule)) and any members of any such group of which any such affiliate or associate is a part, own beneficially (within the meaning
of Rule 13d-3 under the Exchange Act (or any successor rule)) more than 50% of the outstanding shares of Class A common stock,
the holder of a Warrant shall be entitled to receive as the Alternative Issuance, the highest amount of cash, securities or other
property to which such holder would actually have been entitled as a stockholder if such Warrant holder had exercised the Warrant
prior to the expiration of such tender or exchange offer, accepted such offer and all of the Class A common stock held by such
holder had been purchased pursuant to such tender or exchange offer, subject to adjustments (from and after the consummation of
such tender or exchange offer) as nearly equivalent as possible to the adjustments provided for in this Section 4, provided,
further, that if less than 70% of the consideration receivable by the holders of the Class A common stock in the applicable event
is payable in the form of shares of Class A common stock in the successor entity that is listed for trading on a national securities
exchange or is quoted in an established over-the-counter market, or is to be so listed for trading or quoted immediately following
such event, and if the Registered Holder properly exercises the Warrant within thirty (30) days following the public disclosure
of the consummation of such applicable event by the Company pursuant to a Current Report on Form 8-K filed with the Commission,
the Warrant Price shall be reduced by an amount (in dollars) (but in no event less than zero) equal to the difference of (i) the
Warrant Price in effect prior to such reduction minus (ii) (A) the Per Share Consideration (as defined below) minus (B) the Black-Scholes
Warrant Value (as defined below). The “Black-Scholes Warrant Value” means the value of a Warrant immediately prior
to the consummation of the applicable event based on the Black-Scholes Warrant Model for a Capped American Call on Bloomberg Financial
Markets (“Bloomberg”). For purposes of calculating such amount, (1) Section 6 of this Agreement shall be taken
into account, (2) the price of each share of Class A common stock shall be the volume weighted average price of the Class A common
stock as reported during the ten (10) trading day period ending on the trading day prior to the effective date of the applicable
event, (3) the assumed volatility shall be the 90-day volatility obtained from the HVT function on Bloomberg determined as of
the trading day immediately prior to the day of the announcement of the applicable event, and (4) the assumed risk-free interest
rate shall correspond to the U.S. Treasury rate for a period equal to the remaining term of the Warrant. “Per Share Consideration”
means (i) if the consideration paid to holders of the Class A common stock consists exclusively of cash, the amount of such cash
per share of Class A common stock, and (ii) in all other cases, the amount of cash per share of Class A common stock, if any,
plus the volume weighted average price of the Common Stock as reported during the ten (10) trading day period ending on the trading
day prior to the effective date of the applicable event. If any reclassification or reorganization also results in a change in
shares of Class A common stock covered by subsection 4.1.1, then such adjustment shall be made pursuant to subsection
4.1.1 or Sections 4.2, 4.3 and this Section 4.4. The provisions of this Section 4.4 shall similarly
apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers. In no event will
the Warrant Price be reduced to less than the par value per share issuable upon exercise of the Warrant.

 

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

 

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4.6           
No Fractional Shares. Notwithstanding any provision contained in this Agreement to the contrary, the Company shall
not issue fractional shares of Class A common stock upon the exercise of Warrants. If, by reason of any adjustment made pursuant
to this Section 4, the holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional
interest in a share, the Company shall, upon such exercise, round down to the nearest whole number the number of shares of Class
A common stock to be issued to such holder.

 

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

 

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

 

4.9           
No Adjustment. For the avoidance of doubt, no adjustment shall be made to the terms of the Warrants solely as a result
of (i) an adjustment to the conversion ratio of the Class B common stock into shares of Class A common stock or the conversion
of the Class B Common Stock into shares of Class A common stock, or (ii) the distribution of the Distributable Redeemable Warrants,
in each case, pursuant to the Company’s amended and restated certificate of incorporation, as amended from time to time.

 

5.           
Transfer and Exchange of Warrants.

 

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

 

5.2         
Procedure for Surrender of Warrants. Warrants may be surrendered to the Warrant Agent, together with a written request
for exchange or transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested
by the Registered Holder of the Warrants so surrendered, representing an equal aggregate number of Warrants; provided, however,
that in the event that a Warrant surrendered for transfer bears a restrictive legend (as in the case of the Forward Purchase Private
Placement Warrants, the Sponsor Private Placement Warrants and the Working Capital 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
(who may be in-house counsel) stating that such transfer may be made and indicating whether the new Warrants must also bear a restrictive
legend.

 

5.3         
Service Charges. No service charge shall be made for any exchange or registration of transfer of Warrants.

 

5.4         
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.

 

5.5         
Transfer of Warrants.

 

5.5.1          
Detachable Redeemable Warrants. Prior to the Detachment Date, the Detachable Redeemable 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 5.5 shall
have no effect on any transfer of Detachable Redeemable Warrants on and after the Detachment Date.

 

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5.5.2          
Distributable Redeemable Warrants. Prior to the Distribution Time, the right to receive the Distributable Redeemable
Warrants may be transferred or exchanged only together with the (i) Unit, if prior to the Detachment Date or (ii) if on or after
the Detachment Date, the share of Class A common stock to which such right to receive Distributable Redeemable Warrants is attached,
and only for the purpose of effecting, or in conjunction with, a transfer or exchange of such Unit or share of Class A common stock,
as applicable. Notwithstanding the foregoing, the provisions of this Section 5.5 shall have no effect on any transfer of
Distributable Redeemable Warrants on and after the Distribution Time.

 

6.            
Redemption.

 

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

 

6.2           
Redemption of Warrants When the Price Per Share of Class A Common Stock Equals or Exceeds $10.00 Per Share. Subject
to Section 6.5 hereof, not less than all of the outstanding Warrants may be redeemed, at the option of the Company, ninety
(90) days after they are first exercisable and prior to their expiration, at the office of the Warrant Agent, upon notice to the
Registered Holders of the Warrants, as described in Section 6.3 below, at a Redemption Price of $0.10 per Warrant, provided
that the last sales price of the Common Stock reported has been at least $10.00 per share (subject to adjustment in compliance
with Section 4 hereof), on the trading day prior to the date on which notice of the redemption is given, provided that the
Sponsor Private Placement Warrants and the Forward Purchase Private Placement Warrants are also concurrently called for redemption
at the same price as the outstanding Redeemable Warrants, and provided that there is an effective registration statement covering
the issuance of the Common Stock issuable upon exercise of the Warrants, and a current prospectus relating thereto, available throughout
the 30-day Redemption Period (as defined in Section 6.3 below) or an exemption from registration is available or the Company
has elected to require the exercise of the Warrants on a “cashless basis” pursuant to subsection 3.3.1. During
the Redemption Period in connection with a redemption pursuant to this Section 6.2, Registered Holders of the Warrants may
elect to exercise their Warrants on a “cashless basis” pursuant to subsection 3.3.1 and receive a number of
shares of Common Stock determined by reference to the table below, based on the Redemption Date (calculated for purposes of the
table as the period to expiration of the Warrants) and the “Fair Market Value” (as such term is defined in subsection
3.3.1(b)) (a “Make-Whole Exercise”).

 

	 	 	Fair Market Value of Class A Common Stock	 
	Redemption Date (period to expiration of warrants)	 	$10.00	 	$11.00	 	$12.00	 	$13.00	 	$14.00	 	$15.00	 	$16.00	 	$17.00	 	$18.00	 
	57 months	 	0.257	 	0.277	 	0.294	 	0.31	 	0.324	 	0.337	 	0.348	 	0.358	 	0.365	 
	54 months	 	0.252	 	0.272	 	0.291	 	0.307	 	0.322	 	0.335	 	0.347	 	0.357	 	0.365	 
	51 months	 	0.246	 	0.268	 	0.287	 	0.304	 	0.32	 	0.333	 	0.346	 	0.357	 	0.365	 
	48 months	 	0.241	 	0.263	 	0.283	 	0.301	 	0.317	 	0.332	 	0.344	 	0.356	 	0.365	 
	45 months	 	0.235	 	0.258	 	0.279	 	0.298	 	0.315	 	0.33	 	0.343	 	0.356	 	0.365	 
	42 months	 	0.228	 	0.252	 	0.274	 	0.294	 	0.312	 	0.328	 	0.342	 	0.355	 	0.364	 
	39 months	 	0.221	 	0.246	 	0.269	 	0.29	 	0.309	 	0.325	 	0.34	 	0.354	 	0.364	 
	36 months	 	0.213	 	0.239	 	0.263	 	0.285	 	0.305	 	0.323	 	0.339	 	0.353	 	0.364	 
	33 months	 	0.205	 	0.232	 	0.257	 	0.28	 	0.301	 	0.32	 	0.337	 	0.352	 	0.364	 
	30 months	 	0.196	 	0.224	 	0.25	 	0.274	 	0.297	 	0.316	 	0.335	 	0.351	 	0.364	 
	27 months	 	0.185	 	0.214	 	0.242	 	0.268	 	0.291	 	0.313	 	0.332	 	0.35	 	0.364	 
	24 months	 	0.173	 	0.204	 	0.233	 	0.26	 	0.285	 	0.308	 	0.329	 	0.348	 	0.364	 
	21 months	 	0.161	 	0.193	 	0.223	 	0.252	 	0.279	 	0.304	 	0.326	 	0.347	 	0.364	 
	18 months	 	0.146	 	0.179	 	0.211	 	0.242	 	0.271	 	0.298	 	0.322	 	0.345	 	0.363	 
	15 months	 	0.13	 	0.164	 	0.197	 	0.23	 	0.262	 	0.291	 	0.317	 	0.342	 	0.363	 
	12 months	 	0.111	 	0.146	 	0.181	 	0.216	 	0.25	 	0.282	 	0.312	 	0.339	 	0.363	 
	9 months	 	0.09	 	0.125	 	0.162	 	0.199	 	0.237	 	0.272	 	0.305	 	0.336	 	0.362	 
	6 months	 	0.065	 	0.099	 	0.137	 	0.178	 	0.219	 	0.259	 	0.296	 	0.331	 	0.362	 
	3 months	 	0.034	 	0.065	 	0.104	 	0.15	 	0.197	 	0.243	 	0.286	 	0.326	 	0.361	 
	0 months	 	—	 	—	 	0.042	 	0.115	 	0.179	 	0.233	 	0.281	 	0.323	 	0.361	 

 

    11

     

    

 

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

 

The stock prices set forth in the column
headings of the table above shall be adjusted as of any date on which the number of shares issuable upon exercise of a Warrant
is adjusted pursuant to Section 4. The adjusted stock prices in the column headings shall equal the stock prices immediately
prior to such adjustment, multiplied by a fraction, the numerator of which is the number of shares deliverable upon exercise of
a Warrant immediately prior to such adjustment and the denominator of which is the number of shares deliverable upon exercise of
a Warrant as so adjusted. The number of shares in the table above shall be adjusted in the same manner and at the same time as
the number of shares issuable upon exercise of a Warrant. In no event will the number of shares issued in connection with a Make-Whole
Exercise exceed 0.365 shares of Class A common stock per Warrant (subject to adjustment).

 

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

 

6.4           
Exercise After Notice of Redemption. The Warrants may be exercised for cash (or on a “cashless basis”
in accordance with subsection 3.3.1(b) or Section 6 of this Agreement) at any time after notice of redemption shall
have been given by the Company pursuant to Section 6.3 hereof and prior to the Redemption Date. In the event that the Company
determines to require all holders of Warrants to exercise their Warrants on a “cashless basis” pursuant to subsection
3.3.1, the notice of redemption shall contain the information necessary to calculate the number of shares of Class A common
stock to be received upon exercise of the Warrants, including the “Fair Market Value” (as such term is defined in subsection
3.3.1(b) hereof) in such case. On and after the Redemption Date, the record holder of the Warrants shall have no further rights
except to receive, upon surrender of the Warrants, the Redemption Price.

 

6.5           
Exclusion of Forward Purchase Private Placement Warrants, Sponsor Private Placement Warrants and Working Capital
Warrants. The Company agrees that the redemption rights provided in Section 6.1 hereof shall not apply to the Forward Purchase
Private Placement Warrants, Sponsor Private Placement Warrants or the Working Capital Warrants if at the time of the redemption
(i) such Forward Purchase Private Placement Warrant continue to be held by the Forward Purchasers or their Permitted Transferees,
(ii) the Sponsor Private Placement Warrants continue to be held by the Sponsor or its Permitted Transferees and (iii) the Working
Capital Warrants continue to be held by Starboard, the Sponsor or an affiliate of the Sponsor or certain of the Company’s
officers and directors or their Permitted Transferees. However, once such Forward Purchase Private Placement Warrants, Sponsor
Private Placement Warrants or Working Capital Warrants are transferred (other than to Permitted Transferees in accordance with
Section 2.7), the Company may redeem the Forward Purchase Private Placement Warrants, Sponsor Private Placement Warrants
or the Working Capital Warrants pursuant to Section 6.1, provided that the criteria for redemption are met. Forward Purchase
Private Placement Warrants, Sponsor Private Placement Warrants or Working Capital Warrants that are transferred to persons other
than Permitted Transferees shall upon such transfer cease to be Forward Purchase Private Placement Warrants, Sponsor Private Placement
Warrants or Working Capital Warrants and shall become Redeemable Warrants under this Agreement.

 

    12

     

    

 

 

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

 

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

 

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

 

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

 

7.4          
Registration of Shares of Class A Common Stock Underlying the Redeemable Warrants; Cashless Exercise at Company’s
Option.

 

7.4.1          
Registration of the Common Stock Underlying the Redeemable Warrants. The Company agrees that as soon as practicable,
but in no event later than fifteen (15) Business Days after the closing of its initial Business Combination, it shall use its reasonable
best efforts to file with the Commission a registration statement for the registration, under the Securities Act, of the shares
of Class A common stock issuable upon exercise of the Redeemable Warrants. The Company shall use its reasonable best efforts to
cause the same to become effective and to maintain the effectiveness of such registration statement, and a current prospectus relating
thereto, until the expiration of the Redeemable Warrants in accordance with the provisions of this Agreement. If any such registration
statement has not been declared effective by the 60th Business Day following the closing of the Business Combination, holders of
the Redeemable Warrants shall have the right, during the period beginning on the 61st Business Day after the closing of the Business
Combination and ending upon such registration statement being declared effective by the Commission, and during any other period
when the Company shall fail to have maintained an effective registration statement covering the shares of Common Stock issuable
upon exercise of the Redeemable Warrants, to exercise such Redeemable Warrants on a “cashless basis,” by exchanging
the Redeemable Warrants (in accordance with Section 3(a)(9) of the Securities Act (or any successor rule) or another exemption)
for that number of shares of Class A common stock equal to the quotient obtained by dividing (x) the product of the number of shares
of Common Stock underlying the Redeemable Warrants, multiplied by the excess of the “Fair Market Value” (as defined
below) over the Warrant Price by (y) the Fair Market Value. Solely for purposes of this subsection 7.4.1, “Fair Market
Value” shall mean the volume weighted average price of the Common Stock as reported during the ten (10) trading day period
ending on the trading day prior to the 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 Redeemable Warrant, the Company shall,
upon request, provide the Warrant Agent with an opinion of counsel for the Company (which shall be an outside law firm with securities
law experience) stating that (i) the exercise of the Warrants on a cashless basis in accordance with this subsection 7.4.1
is not required to be registered under the Securities Act and (ii) the shares of Class A common stock issued upon such exercise
shall be freely tradable under United States federal securities laws by anyone who is not an affiliate (as such term is defined
in Rule 144 under the Securities Act (or any successor rule)) of the Company and, accordingly, shall not be required to bear a
restrictive legend. Except as provided in subsection 7.4.2, for the avoidance of any doubt, unless and until all of the
Warrants have been exercised, the Company shall continue to be obligated to comply with its registration obligations under the
first three sentences of this subsection 7.4.1.

 

7.4.2          
Cashless Exercise at Company’s Option. If the shares of Class A common stock is at the time of any exercise
of a Warrant not listed on a national securities exchange such that it satisfies the definition of a “covered security”
under Section 18(b)(1) of the Securities Act (or any successor rule), the Company may, at its option, (i) require holders of Redeemable
Warrants who exercise Redeemable Warrants to exercise such Redeemable Warrants on a “cashless basis” in accordance
with Section 3(a)(9) of the Securities Act (or any successor rule) as described in subsection 7.4.1 and (ii) in the event
the Company so elects, the Company shall (x) not be required to file or maintain in effect a registration statement for the registration,
under the Securities Act, of the Common Stock issuable upon exercise of the Warrants, notwithstanding anything in this Agreement
to the contrary, and (y) use its reasonable best efforts to qualify the shares of Class A common stock issuable upon exercise of
the Redeemable Warrant under the blue sky laws of the state of residence of the exercising Redeemable Warrant holder to the extent
an exemption is not available.

 

    13

     

    

 

8.            
Concerning the Warrant Agent and Other Matters.

 

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

 

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 ninety (90) 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 organized and existing under the laws of the State of New York, in good standing and having its principal
office in the Borough of Manhattan, City and State of New York, and authorized under such laws to exercise corporate trust powers
and subject to supervision or examination by federal or state authority. After appointment, any successor Warrant Agent shall be
vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor Warrant Agent with like effect
as if originally named as Warrant Agent hereunder, without any further act or deed; but if for any reason it becomes necessary
or appropriate, the predecessor Warrant Agent shall execute and deliver, at the expense of the Company, an instrument transferring
to such successor Warrant Agent all the authority, powers, and rights of such predecessor Warrant Agent hereunder; and upon request
of any successor Warrant Agent the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for
more fully and effectually vesting in and confirming to such successor Warrant Agent all such authority, powers, rights, immunities,
duties, and obligations.

 

8.2.2          
Notice of Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give
notice thereof to the predecessor Warrant Agent and the Transfer Agent for the shares of Class A common stock not later than the
effective date of any such appointment.

 

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

 

8.3         
Fees and Expenses of Warrant Agent.

 

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

 

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

 

8.4         
Liability of Warrant Agent.

 

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

 

    14

     

    

 

8.4.2          
Indemnity. The Warrant Agent shall be liable hereunder only for its own or its representatives’ gross negligence,
willful misconduct, fraud, bad faith or material breach of this Agreement. 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
or its representatives’ gross negligence, willful misconduct, bad faith or material breach of this Agreement.

 

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,
other than making such adjustments as directed by the Company; nor shall it by any act hereunder be deemed to make any representation
or warranty as to the authorization or reservation of any shares of Class A common stock to be issued pursuant to this Agreement
or any Warrant or as to whether any shares of Class A common stock shall, when issued, be valid and fully paid and non-assessable.

 

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

 

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

 

9.            
Miscellaneous Provisions.

 

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

 

9.2          
Notices. Any notice, statement or demand authorized by this Agreement to be given or made by the Warrant Agent or
by the holder of any Warrant to or on the Company shall be sufficiently given (i) if by email, when the email is sent, or (ii)
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:

 

Starboard Value Acquisition Corp.

777 Third Avenue, 18th Floor

New York, New York 10017

Attention: Martin D. McNulty, Jr.

Email: Mmcnulty@starboardvalue.com

 

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 (i) if
by email, when the email is sent, or (ii) when so delivered if by hand or overnight delivery or if sent by certified mail or private
courier service within five (5) days after deposit of such notice, postage prepaid, addressed (until another address is filed in
writing by the Warrant Agent with the Company), as follows:

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, NY 10004

Attention: Compliance Department

Email: compliance@continentalstock.com

 

    15

     

    

 

With a copy in each case to:

 

Akin, Gump, Strauss, Hauer & Feld LLP

1 Bryant Park

New York, New York 10036

Attn: Alice Hsu

 

and

 

Kirkland & Ellis LLP

601 Lexington Avenue

New York, New York 10022

Attn: Christian O. Nagler

 

and

 

UBS Securities LLC

1285 Avenue of Americas

New York, New York 10019

Attn: Thomas Schadewald

 

9.3          
Applicable Law. The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed
in all respects by the laws of the State of New York, without giving effect to conflicts of law principles that would result in
the application of the substantive laws of another jurisdiction. Subject to applicable law, the Company hereby agrees that any
action, proceeding or claim against it arising out of or relating in any way to this Agreement shall be brought and enforced in
the courts of the State of New York or the United States District Court for the Southern District of New York, and irrevocably
submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive
jurisdiction and that such courts represent an inconvenient forum. Notwithstanding the foregoing, the provisions of this paragraph
will not apply to suits brought to enforce any liability or duty created by the Exchange Act or any other claim for which the federal
district courts of the United States of America are the sole and exclusive forum. Any person or entity purchasing or otherwise
acquiring any interest in the Warrants shall be deemed to have notice of and to have consented to the forum provisions in this
Section 9.3. If any action, the subject matter of which is within the scope of the forum provisions above, is filed in a court
other than a court located within the State of New York or the United States District Court for the Southern District of New York
(a “foreign action”) in the name of any warrant holder, such warrant holder shall be deemed to have consented
to: (x) the personal jurisdiction of the state and federal courts located within the State of New York or the United States District
Court for the Southern District of New York in connection with any action brought in any such court to enforce the forum provisions
(an “enforcement action”), and (y) having service of process made upon such warrant holder in any such
enforcement action by service upon such warrant holder’s counsel in the foreign action as agent for such warrant holder.

 

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

 

9.5          
Compliance and Confidentiality. The Warrant Agent shall perform its duties under this Agreement in compliance with
all applicable laws and keep confidential all information relating to this Agreement and, except as required by applicable law,
shall not use such information for any purpose other than the performance of the Warrant Agent’s obligations under this Agreement.

 

9.6          
Examination of the Warrant Agreement. A copy of this Agreement shall be available at all reasonable times at the
office of the Warrant Agent in the Borough of Manhattan, City and State of New York, for inspection by the Registered Holder of
any Warrant. The Warrant Agent may require any such holder to submit his Warrant for inspection by it.

 

    16

     

    

 

9.7          
Counterparts. This Agreement may be executed in any number of original, electronic 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.

 

9.8          
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.

 

9.9          
Amendments. This Agreement may be amended by the parties hereto without the consent of any Registered Holder for
the purpose of curing any ambiguity, mistake (including to conform this Agreement to the description thereof in the Prospectus)
or curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions with
respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable and that the parties
deem shall not adversely affect the interest of the Registered Holders. All other modifications or amendments, including any amendment
to increase the Warrant Price or shorten the Exercise Period, shall require the vote or written consent of the Registered Holders
of 50% of the then outstanding Redeemable Warrants, and with respect to any amendment to the terms of only the Sponsor Private
Placement Warrants, Forward Purchase Private Placement Warrants or Working Capital Warrants, shall require the vote or written
consent of the Registered Holders of 50% of the then outstanding Sponsor Private Placement Warrants, Forward Purchase Private Placement
Warrants or Working Capital Warrants, as applicable. 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.

 

9.10        
Severability. This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision
hereof shall not affect the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore,
in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of
this Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

Exhibit A             Form of Warrant Certificate

Exhibit B             Legend — Forward Purchase Warrants

Exhibit C             Legend — Private Placement Warrants

 

    17

     

    

 

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

 

	 	Starboard Value Acquisition Corp.
	 
	 	By:	/s/ Martin D. McNulty, Jr.
	 	Name:	Martin D. McNulty, Jr.
	 	Title:	Chief Executive Officer
	 
	 	CONTINENTAL STOCK TRANSFER &

TRUST COMPANY, as Warrant Agent
	 
	 	By:	/s/ Erika Young
	 	Name:	Erika Young
	 	Title:	Vice President

 

[Signature Page to Warrant Agreement]

 

    

     

    

 

EXHIBIT
A

Form of Warrant Certificate

 

[FACE]

 

Number

 

Warrants

 

 

 

THIS WARRANT
SHALL BE VOID IF NOT EXERCISED PRIOR TO

THE EXPIRATION OF THE EXERCISE PERIOD PROVIDED FOR

IN THE WARRANT AGREEMENT DESCRIBED BELOW

Starboard value acquisition corp.

Incorporated Under the Laws of the State
of Delaware

 

CUSIP 85521J 117

 

Warrant Certificate

 

This Warrant Certificate certifies
that _________________, or registered assigns, is the registered holder of warrant(s) evidenced hereby (the “Warrants”
and each, a “Warrant”) to purchase shares of Class A common stock, $0.0001 par value (the “Class
A common stock”), of Starboard Value Acquisition Corp., a Delaware corporation (the “Company”).
Each Warrant entitles the holder, upon exercise during the period set forth in the Warrant Agreement referred to below, to receive
from the Company that number of fully paid and non-assessable shares of Class A common stock 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 share of Class A common stock. No fractional shares will be issued upon exercise of any Warrant.
If, upon the exercise of Warrants, a holder would be entitled to receive a fractional interest in a share of Class A common stock,
the Company will, upon exercise, round down to the nearest whole number the number of shares of Class A common stock to be issued
to the Warrant holder. The number of shares of Class A common stock issuable upon exercise of the Warrants is subject to adjustment
upon the occurrence of certain events set forth in the Warrant Agreement.

 

The initial Exercise Price per share of
Class A common stock for any Warrant is equal to $11.50 per share. The Exercise Price is subject to adjustment upon the occurrence
of certain events set forth in the Warrant Agreement.

 

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

 

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

 

This Warrant Certificate shall not be valid
unless countersigned by the Warrant Agent, as such term is used in the Warrant Agreement.

 

This Warrant Certificate shall be governed
by and construed in accordance with the internal laws of the State of New York, without regard to conflicts of laws principles
thereof.

 

    A-1

     

    

 

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

 

    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 shares of Class A common stock and
are issued or to be issued pursuant to a Warrant Agreement dated as of September 9, 2020 (the “Warrant Agreement”),
duly executed and delivered by the Company to Continental Stock Transfer & Trust Company, a New York corporation, as warrant
agent (the “Warrant Agent”), which Warrant Agreement is hereby incorporated by reference in and made
a part of this instrument and is hereby referred to for a description of the rights, limitation of rights, obligations, duties
and immunities thereunder of the Warrant Agent, the Company and the holders (the words “holders” or “holder”
meaning the Registered Holders or Registered Holder) of the Warrants. A copy of the Warrant Agreement may be obtained by the holder
hereof upon written request to the Company. Defined terms used in this Warrant Certificate but not defined herein shall have the
meanings given to them in the Warrant Agreement.

 

Warrants may be exercised at any time during
the Exercise Period set forth in the Warrant Agreement. The holder of Warrants evidenced by this Warrant Certificate may exercise
them by surrendering this Warrant Certificate, with the form of election to purchase set forth hereon properly completed and executed,
together with payment of the 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 (a)(i) a registration statement
covering the issuance of the shares of Class A common stock to be issued upon exercise is effective under the Securities Act, and
(ii) a prospectus thereunder relating to the shares of Class A common stock is current or (b) a valid exemption from registration
is available, except through “cashless exercise” as provided for in the Warrant Agreement.

 

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

 

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

 

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

 

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

 

    A-3

     

    

 

Election to Purchase

(To Be Executed Upon Exercise of Warrant)

 

The undersigned hereby irrevocably elects
to exercise the right, represented by this Warrant Certificate, to receive shares of Class A common stock and herewith tenders
payment for such shares of Class A common stock to the order of Starboard Value Acquisition Corp. (the “Company”)
in the amount of $______ in accordance with the terms hereof. The undersigned requests that a certificate for such shares of Class
A common stock be registered in the name of __________________, whose address is and that such shares of Class A common stock be
delivered to whose address is ____________. If said number of shares of Class A common stock is less than all of the shares of
Class A common stock purchasable hereunder, the undersigned requests that a new Warrant Certificate representing the remaining
balance of such shares of Class A common stock be registered in the name of __________________, whose address is and that such
Warrant Certificate be delivered to _______________, whose address is ___________.

 

In the event that the Warrant has been called
for redemption by the Company pursuant to Section 6 of the Warrant Agreement and the Company has required cashless exercise
pursuant to Section 6.4 of the Warrant Agreement, the number of shares of Class A common stock that this Warrant is exercisable
for shall be determined in accordance with subsection 3.3.1(b) and Section 6.4 of the Warrant Agreement.

 

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

 

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

 

In the event that the Warrant is to be exercised
on a “cashless” basis pursuant to Section 7.4 of the Warrant Agreement, the number of shares of Class A common
stock that this Warrant is exercisable for shall be determined in accordance with Section 7.4 of the Warrant Agreement.

 

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

 

[Signature Page Follows]

 

    A-4

     

    

 

Date:                 , 20

	 	 
	 	(Signature)
	 	 
	 	(Address)
	 	 
	 	(Tax Identification Number)

 

	Signature Guaranteed:	 
	 	 

 

THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR
INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE
MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15 (OR ANY SUCCESSOR RULE)).

 

    A-5

     

    

 

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
WARRANT AGREEMENT BY AND AMONG STARBOARD VALUE ACQUISITION CORP. (THE “COMPANY”) AND CONTINENTAL STOCK TRANSFER &
TRUST COMPANY, 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 THE WARRANT AGREEMENT REFERRED
TO HEREIN) EXCEPT TO A PERMITTED TRANSFEREE (AS DEFINED THE WARRANT AGREEMENT REFERRED TO HEREIN) WHO AGREES IN WRITING WITH THE
COMPANY TO BE SUBJECT TO SUCH TRANSFER PROVISIONS.

 

SECURITIES EVIDENCED BY THIS CERTIFICATE AND SHARES OF CLASS
A COMMON STOCK OF THE COMPANY ISSUED UPON EXERCISE OF SUCH SECURITIES SHALL BE ENTITLED TO REGISTRATION RIGHTS UNDER A FORWARD
PURCHASE AGREEMENT TO BE EXECUTED BY THE COMPANY.”

 

    B-1

     

    

 

EXHIBIT
C

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 STARBOARD VALUE ACQUISITION CORP. (THE “COMPANY”), SVAC 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 THE WARRANT AGREEMENT REFERRED
TO HEREIN) EXCEPT TO A PERMITTED TRANSFEREE (AS DEFINED IN THE WARRANT AGREEMENT) WHO AGREES IN WRITING WITH THE COMPANY TO BE
SUBJECT TO SUCH TRANSFER PROVISIONS.

 

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

 

	No.          Warrant	 

 

    B-2

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