Document:

tmst-ex101_247.htm

Exhibit 10.1

TIMKENSTEEL CORPORATION

 

Performance-Based Restricted Stock Unit Agreement

 

 

WHEREAS, __________________ (“Grantee”) is an employee of TimkenSteel Corporation (the “Company”) or a Subsidiary thereof; and

 

WHEREAS, the grant of performance-based Restricted Stock Units evidenced hereby was authorized by a resolution of the Compensation Committee (the “Committee”) of the Board that was duly adopted on February 11, 2020, and the execution of a performance-based Restricted Stock Unit agreement in the form hereof (this “Agreement”) was authorized by a resolution of the Committee duly adopted on February 11, 2020.

 

NOW, THEREFORE, pursuant to the TimkenSteel Corporation Amended and Restated 2014 Equity and Incentive Performance Plan (the “Plan”) and subject to the terms and conditions thereof and the terms and conditions hereinafter set forth, the Company hereby confirms to Grantee the grant, effective _____, 2020 (the “Date of Grant”), of _____ performance-based Restricted Stock Units (the “PRSUs”).  All terms used in this Agreement with initial capital letters that are defined in the Plan and not otherwise defined herein shall have the meanings assigned to them in the Plan.  Subject to the attainment of the Management Objectives described in Section 3 of this Agreement, Grantee may earn between 0% and 150% of the PRSUs.  

 

	
 
	
1.
	
Payment of PRSUs.  The PRSUs will become payable in accordance with the provisions of Section 6 of this Agreement if the Restriction Period lapses and Grantee’s right to receive payment for the PRSUs becomes nonforfeitable (“Vest,” “Vesting” or “Vested”) in accordance with Section 3 and Section 4 of this Agreement.

	
 
	
2.
	
PRSUs Not Transferrable.  None of the PRSUs nor any interest therein or in any Common Shares underlying such PRSUs is transferable prior to payment other than by will or the laws of descent and distribution upon the death of the Grantee.

	
 
	
3.
	
Vesting of PRSUs.  

	
 
	
(a)
	
Subject to the terms and conditions of Section 4 and Section 5 of this Agreement, the PRSUs will be earned and Vest on the basis of the relative achievement of the Management Objectives approved by the Committee on or before the Date of Grant (the “Performance Metrics”) for the period from January 1, 2020 through December 31, 2022, inclusive (the “Performance Period”), as set forth on Exhibit A of this Agreement.  The Vesting of the PRSUs pursuant to this Section 3 or pursuant to Section 4 is contingent upon a determination of the Committee that the Performance Metrics have been satisfied and the PRSUs have been earned, as described in this Section 3 and set forth in Exhibit A.

NAI-1511148714v4 

 

	
 
	
(b)
	
If the Committee determines that a change in the business, operations, corporate structure or capital structure of the Company, the manner in which it conducts business or other events or circumstances render the Performance Metrics specified in this Section 3 to be unsuitable, the Committee may modify such Performance Metrics or any related minimum acceptable level of achievement, in whole or in part, as the Committee deems appropriate.

	
 
	
(c)
	
Subject to Section 3(a) and Section 3(b), the PRSUs earned with respect to the Performance Period will Vest if Grantee is in the continuous employ of the Company or a Subsidiary from the Date of Grant through the last day of the Performance Period.  For purposes of this Agreement, the continuous employment of Grantee with the Company or a Subsidiary will not be deemed to have been interrupted, and Grantee shall not be deemed to have ceased to be an employee of the Company or a Subsidiary, by reason of the transfer of Grantee’s employment among the Company and its Subsidiaries.

	
 
	
4.
	
Alternative Vesting of PRSUs.  Notwithstanding the provisions of Section 3 of this Agreement, and subject to the payment provisions of Section 6 hereof, some or all of the PRSUs will Vest under the following circumstances: 

	
 
	
(a)
	
Death or Disability:  If Grantee dies or become permanently disabled while in the employ of the Company or a Subsidiary, then Grantee shall Vest in a number of PRSUs equal to the product of (i) the number of PRSUs in which Grantee would have Vested in accordance with the terms and conditions of Section 3 if Grantee had remained in the continuous employ of the Company or a Subsidiary from the Date of Grant until the end of the Performance Period or the occurrence of a Change in Control to the extent a Replacement Award is not provided, whichever occurs first, multiplied by (ii) a fraction (in no case greater than 1) the numerator of which is the number of whole months from the first day of the Performance Period through the date of such death or permanent disability and the denominator of which is 36.  PRSUs that Vest in accordance with this Section 4(a) will be paid as provided for in Section 6 of this Agreement.  As used herein, “permanently disabled” means that Grantee has qualified for long-term disability benefits under a disability plan or program of the Company or a Subsidiary  or, in the absence of a disability plan or program of the Company or a Subsidiary, under a government-sponsored disability program, and is “disabled” within the meaning of Section 409A(a)(2)(C) of the Code.  As used in this Agreement, “Code” means the Internal Revenue Code of 1986, as amended, including any regulations or any other formal guidance promulgated by the U.S. Department of the Treasury or the Internal Revenue Service with respect to the Sections of the Code referenced in this Agreement.

	
NAI- 1511148714v4
	
-2-

 

 

	
 
	
(b)
	
Retirement:  If Grantee retires with the Company’s consent, then Grantee shall Vest in a number of PRSUs equal to the product of (i) the number of PRSUs in which Grantee would have Vested in accordance with the terms and conditions of Section 3 if Grantee had remained in the continuous employ of the Company or a Subsidiary  from the Date of Grant until the end of the Performance Period or the occurrence of a Change in Control to the extent a Replacement Award is not provided, whichever occurs first, multiplied by (ii) a fraction (in no case greater than 1) the numerator of which is the number of whole months from the first day of the Performance Period through the date of such retirement and the denominator of which is 36.  PRSUs that Vest in accordance with this Section 4(b) will be paid as provided for in Section 6 of this Agreement.  As used herein, “retire with the Company’s consent” means: (i) the retirement of Grantee prior to age 62 and eligible to retire under a retirement plan of the Company or a Subsidiary, if the Board or the Committee determines that his or her retirement is for the convenience of the Company or a Subsidiary ; or (ii) the retirement of Grantee at or after age 62 and eligible to retire under a retirement plan of the Company or a Subsidiary.

	
 
	
(c)
	
Change in Control:

	
 
	
(i)
	
Upon a Change in Control occurring during the Restriction Period while Grantee is an employee of the Company or a Subsidiary  or during the period that Grantee is deemed to be in the continuous employ of the Company or a Subsidiary pursuant to Section 4(a), 4(b), 4(d) or 4(e), to the extent the PRSUs have not been forfeited, then, notwithstanding any provision of this Agreement (including Exhibit A) to the contrary, (A) the Committee as constituted immediately before such Change in Control shall determine and certify the number of earned PRSUs in accordance with Exhibit A to this Agreement based on achievement of the Performance Metrics as of the date of the Change in Control (the “Change in Control Payout Level”), and (B) a number of the PRSUs will Vest (except to the extent that a Replacement Award is provided to Grantee for the PRSUs to continue, replace or assume the PRSUs covered by this Agreement) equal to the product of (I) the number of PRSUs earned at the Change in Control Payout Level, multiplied by (II) a fraction (in no case greater than 1), the numerator of which is the number of whole months from the first day of the Performance Period through the date of the Change in Control, and the denominator of which is 36, but in no event may negative discretion be exercised with respect to the number of PRSUs Vested.    Any PRSUs that are not earned and do not Vest in accordance with this Section 4(c)(i) shall terminate and be forfeited (except to the extent that a Replacement Award is provided).  PRSUs that Vest in accordance with this Section 4(c)(i) will be paid as provided for in Section 6 of this Agreement.  

	
NAI- 1511148714v4
	
-3-

 

 

	
 
	
(ii)
	
As used in this Agreement, a “Replacement Award” means an award (A) of service-based restricted stock units with no performance-based vesting requirements, (B) that has a value at least equal to the value of the PRSUs earned at the Change in Control Payout Level, (C) that relates to publicly traded equity securities of the Company or its successor in the Change in Control (or another entity that is affiliated with the Company or its successor following the Change in Control), (D) the tax consequences of which, under the Code, if Grantee is subject to U.S. federal income tax under the Code, are not less favorable to Grantee than the tax consequences relative to the PRSUs, (E) that Vests upon a termination of Grantee’s employment with the Company or a Subsidiary or their successors in the Change in Control (or another entity that is affiliated with the Company or a Subsidiary or their successors following the Change in Control) (as applicable, the “Successor”) for Good Reason by Grantee or without Cause by such employer or upon the death of Grantee or Grantee becoming permanently disabled (as defined in Section 4(a)), in each case prior to the end of the Performance Period and within a period of two years after the Change in Control; provided, that the number of PRSUs in which Grantee shall so Vest shall be equal to the product of (X) the number of PRSUs earned at the Change in Control Payout Level, multiplied by (Y) a fraction (in no case greater than 1) the numerator of which is the number of whole months from the first day of the Performance Period through the date of such termination, death or permanent disability, and the denominator of which is 36, and (F) the other terms and conditions of which are not less favorable to Grantee than the terms and conditions of the PRSUs (including the provisions that would apply in the event of a subsequent Change in Control).  A Replacement Award may be granted only to the extent it conforms to the requirements of Treasury Regulation 1.409A-3(i)(5)(iv)(B) or otherwise does not result in the PRSUs or Replacement Award failing to comply with or be exempt from Section 409A of the Code.  Without limiting the generality of the foregoing, the Replacement Award may take the form of a continuation of the PRSUs if the requirements of the preceding sentence are satisfied.  The determination of whether the conditions of this Section 4(c)(ii) are satisfied will be made by the Committee, as constituted immediately before the Change in Control, in its sole discretion.

	
NAI- 1511148714v4
	
-4-

 

 

	
 
	
(iii)
	
For purposes of Section 4(c)(ii), “Cause” will be defined not less favorably with respect to Grantee than: any intentional act of fraud, embezzlement or theft in connection with the Grantee’s duties with the Successor, any intentional wrongful disclosure of secret processes or confidential information of the Successor, or any intentional wrongful engagement in any competitive activity that would constitute a material breach of Grantee’s duty of loyalty to the Successor, and no act, or failure to act, on the part of Grantee shall be deemed “intentional” unless done or omitted to be done by Grantee not in good faith and without reasonable belief that Grantee’s action or omission was in or not opposed to the best interest of the Successor; provided, that for any Grantee who is party to an individual severance or employment agreement defining Cause, “Cause” will have the meaning set forth in such agreement.  Also for purposes of Section 4(c)(ii), “Good Reason” means: a material reduction in the nature or scope of the responsibilities, authorities or duties of Grantee attached to Grantee’s position held immediately prior to the Change in Control, or a change of more than 60 miles in the location of Grantee’s principal office immediately prior to the Change in Control, or a material reduction in Grantee’s remuneration upon or after the Change in Control; provided, that, no later than 90 days following an event constituting Good Reason, Grantee gives notice to the Successor of the occurrence of such event and the Successor fails to cure the event within 30 days following the receipt of such notice.  

	
 
	
(iv)
	
If a Replacement Award is provided, notwithstanding anything in this Agreement to the contrary, any outstanding PRSUs which at the time of the Change in Control are not subject to a “substantial risk of forfeiture” (within the meaning of Section 409A of the Code) will be deemed to be Vested at the time of such Change in Control and will be paid as provided for in Section 6 of this Agreement.

	
 
	
(d)
	
Divestiture:  If Grantee’s employment with the Company or a Subsidiary terminates as the result of a divestiture, then Grantee shall Vest in a number of PRSUs equal to the product of (i) the number of PRSUs in which Grantee would have Vested in accordance with the terms and conditions of Section 3 if Grantee had remained in the continuous employ of the Company or a Subsidiary from the Date of Grant until the end of the Performance Period or the occurrence of a Change in Control to the extent a Replacement Award is not provided, whichever occurs first, multiplied by (ii) a fraction (in no case greater than 1) the numerator of which is the number of whole months from the first day of the Performance Period through the date of such termination and the denominator of which is 36.  PRSUs that Vest in accordance with this Section 4(d) will be paid as provided for in Section 6 of this Agreement.  As used herein, the term “divestiture” means a permanent disposition to a Person other than the Company or any Subsidiary of a plant or other facility or property at which Grantee performs a majority of Grantee’s services, whether such disposition is effected by means of a sale of assets, a sale of Subsidiary stock or otherwise.

	
NAI- 1511148714v4
	
-5-

 

 

	
 
	
(e)
	
Layoff:  If (i) Grantee’s employment with the Company or a Subsidiary terminates as the result of a layoff and (ii) Grantee is entitled to receive severance pay pursuant to the terms of any severance pay plan of the Company in effect at the time of Grantee’s termination of employment that provides for severance pay calculated by multiplying Grantee’s base compensation by a specified severance period, then Grantee shall Vest in a number of PRSUs equal to the product of (x) the number of PRSUs in which Grantee would have Vested in accordance with the terms and conditions of Section 3 if Grantee had remained in the continuous employ of the Company or a Subsidiary from the Date of Grant until the end of the Performance Period or the occurrence of a Change in Control to the extent a Replacement Award is not provided, whichever occurs first, multiplied by (y) a fraction (in no case greater than 1) the numerator of which is the number of whole months from the first day of the Performance Period through the end of the specified severance period and the denominator of which is 36.  PRSUs that Vest in accordance with this Section 4(e) will be paid as provided for in Section 6 of this Agreement.  As used herein, “layoff” means the involuntary termination by the Company or any Subsidiary of Grantee’s employment with the Company or any Subsidiary due to (A) a reduction in force leading to a permanent downsizing of the salaried workforce, (B) a permanent shutdown of the plant, department or subdivision in which Grantee works, (C) an elimination of position; or (D) any or no reason, except for Cause, at the Company’s discretion; provided that a termination under clause (D) shall constitute a “layoff” for purposes of this Agreement only (i) upon the prior approval of the Compensation Committee in the case of an executive officer, or (ii) upon the prior approval of the Executive Vice President—Human Resources and Corporate Relations or the Executive Vice President,  General Counsel and Secretary in the case of any other terminated Grantee.

	
 
	
5.
	
Forfeiture of PRSUs.  Any PRSUs that have not Vested pursuant to Section 3 or Section 4 at the end of the Performance Period will be forfeited automatically and without further notice after the end of the Performance Period (or earlier if, and on such date that, Grantee ceases to be an employee of the Company or a Subsidiary prior to the end of the Performance Period for any reason other than as described in Section 4).

	
 
	
6.
	
Form and Time of Payment of PRSUs.

	
 
	
(a)
	
General.  Subject to Section 5, Section 6(b), and Section 6(c), payment for Vested PRSUs will be made in cash or Common Shares (as determined by the Committee) in the year following the last day of the Performance Period but in no event later than March 15 of that year.

	
NAI- 1511148714v4
	
-6-

 

 

	
 
	
(b)
	
Change in Control.  Notwithstanding Section 6(a), to the extent PRSUs are Vested on the date of a Change in Control, Grantee will receive payment for Vested PRSUs in cash or Common Shares (as determined by the Committee) on the date of the Change in Control; provided, however, that if such Change in Control would not qualify as a permissible date of distribution under Section 409A(a)(2)(A) of the Code, and where Section 409A of the Code applies to such distribution, Grantee will receive the corresponding payment on the date that would have otherwise applied pursuant to this Section 6.

	
 
	
(c)
	
Payment Following a Change in Control.  Notwithstanding Section 6(a), if, during the two-year period following a Change in Control, Grantee experiences a “separation from service” (within the meaning of Treasury Regulation section 1.409A-1(h)), the PRSUs that are Vested as of the date of such separation from service shall be paid in cash or Common Shares (as determined by the Committee) within 10 days of the separation from service to the extent they have not been previously paid to Grantee; provided, however, that if such Change in Control would not qualify as a permissible date of distribution under Section 409A(a)(2)(A) of the Code, and where Section 409A of the Code applies to such distribution, Grantee will receive the corresponding payment on the date that would have otherwise applied pursuant to this Section 6.  

	
 
	
7.
	
Dividend Equivalents.  Grantee shall be credited with cash per PRSU equal to the amount of each cash dividend paid by the Company (if any) to holders of Common Shares generally with a record date occurring on or after the Date of Grant and prior to the time when the PRSUs are paid in accordance with Section 6 hereof.  Any amounts credited pursuant to the immediately preceding sentence shall be subject to the same applicable terms and conditions (including earning, Vesting, payment, and forfeitability) as apply to the PRSUs based on which the dividend equivalents were credited, and such amounts shall be paid in either cash or Common Shares, as determined by the Committee in its sole discretion, at the same time as the PRSUs to which they relate.  If such amounts are paid in Common Shares, the number of shares so paid shall be rounded down to the nearest whole number and shall be determined by dividing such credited amounts by the Market Value per Share on the payment date.

	
NAI- 1511148714v4
	
-7-

 

 

	
 
	
8.
	
Detrimental Activity and Recapture.  

	
 
	
(a)
	
Notwithstanding anything in this Agreement to the contrary, in the event that, as determined by the Committee, Grantee engages in Detrimental Activity during employment with the Company or a Subsidiary, the PRSUs will be forfeited automatically and without further notice at the time of that determination.  As used herein, “Detrimental Activity” means:

	
 
	
(i)
	
engaging in any activity, as an employee, principal, agent, or consultant, for another entity that competes with the Company in any actual, researched, or prospective product, service, system, or business activity for which Grantee has had any direct responsibility during the last two years of his or her employment with the Company or a Subsidiary, in any territory in which the Company or a Subsidiary manufactures, sells, markets, services, or installs such product, service, or system, or engages in such business activity;

	
 
	
(ii)
	
soliciting any employee of the Company or a Subsidiary to terminate his or her employment with the Company or a Subsidiary;

	
 
	
(iii)
	
the disclosure to anyone outside the Company or a Subsidiary, or the use in other than the Company’s or one of its Subsidiary’s business, without prior written authorization from the Company, of any confidential, proprietary or trade secret information or material relating to the business of the Company and its Subsidiaries, acquired by Grantee during his or her employment with the Company or its Subsidiaries or while acting as a director of or consultant for the Company or its Subsidiaries thereafter;

	
 
	
(iv)
	
the failure or refusal to disclose promptly and to assign to the Company upon request all right, title and interest in any invention or idea, patentable or not, made or conceived by Grantee during employment by the Company and any Subsidiary, relating in any manner to the actual or anticipated business, research or development work of the Company or any Subsidiary or the failure or refusal to do anything reasonably necessary to enable the Company or any Subsidiary to secure a patent where appropriate in the United States and in other countries;

	
 
	
(v)
	
activity that results in Termination for Cause.  As used herein, “Termination for Cause” means a termination: (A) due to Grantee’s willful and continuous gross neglect of his or her duties for which he or she is employed; or (B) due to an act of dishonesty on the part of Grantee constituting a felony resulting or intended to result, directly or indirectly, in his or her gain for personal enrichment at the expense of the Company or a Subsidiary; or

	
NAI- 1511148714v4
	
-8-

 

 

	
 
	
(vi)
	
any other conduct or act determined to be injurious, detrimental or prejudicial to any significant interest of the Company or any Subsidiary unless Grantee acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company.

Nothing in this Agreement prevents Grantee from providing, without prior notice to the Company, information to governmental authorities regarding possible legal violations or otherwise testifying or participating in any investigation or proceeding by any governmental authorities regarding possible legal violations.

	
 
	
(b)
	
If a Restatement occurs and the Committee determines that Grantee is personally responsible in whole or in part for causing the Restatement as a result of Grantee’s personal misconduct or any fraudulent activity on the part of Grantee, then the Committee has discretion to, based on applicable facts and circumstances and subject to applicable law, cause the Company to recover all or any portion (but no more than 100%) of the PRSUs (plus dividend equivalent payments) earned or payable to Grantee for some or all of the years covered by the Restatement.  The amount of any earned or payable PRSUs (and dividend equivalent payments)  recovered by the Company shall be limited to the amount by which such earned or payable PRSUs (and dividend equivalent payments) exceeded the amount that would have been earned by or paid to Grantee had the Company’s financial statements for the applicable restated fiscal year or years been initially filed as restated, as reasonably determined by the Committee. The Committee also shall determine whether the Company shall effect any recovery under this Section 8(b) by: (i) seeking repayment from Grantee; (ii) reducing, except with respect to any non-qualified deferred compensation under Section 409A of the Code, the amount that would otherwise be payable to Grantee under any compensatory plan, program or arrangement maintained by the Company (subject to applicable law and the terms and conditions of such plan, program or arrangement); (iii) by withholding, except with respect to any non-qualified deferred compensation under Section 409A of the Code, payment of future increases in compensation (including the payment of any discretionary bonus amount) that would otherwise have been made to Grantee in accordance with the Company’s compensation practices; or (iv) by any combination of these alternatives.  As used herein, “Restatement” means a restatement (made within 24 months of the publication of the financial statements that are required to be restated) of any part of the Company’s financial statements for any fiscal year or years beginning with the year in which the Date of Grant occurs due to material noncompliance with any financial reporting requirement under the U.S. securities laws applicable to such fiscal year or years.  Notwithstanding anything in this Agreement to the contrary, Grantee acknowledges and agrees that this Agreement and the award described herein (and any settlement thereof) are subject to the terms and conditions of the Company’s clawback policy (if any) as may be in effect from time to time, including specifically to implement Section 10D of the Exchange Act and any applicable rules or regulations promulgated thereunder (including applicable rules and regulations of any national securities exchange on which the Common Shares are traded) (the “Compensation Recovery Policy”), and that this Section 8 shall be deemed superseded by and subject to the terms and conditions of the Compensation Recovery Policy from and after the effective date thereof.

	
NAI- 1511148714v4
	
-9-

 

 

	
 
	
9.
	
Compliance with Law.  The Company shall not be obligated to issue any of the Common Shares covered by this Agreement if the issuance thereof would result in violation of any law or regulation to which the Company is subject.

	
 
	
10.
	
Adjustments.  Subject to Section 13 of the Plan, the Committee shall make any adjustments in the number of PRSUs or kind of shares of stock or other securities underlying the PRSUs covered by this Agreement, or in any other terms of this award, that the Committee determines to be equitably required to prevent any dilution or enlargement of Grantee’s rights under this Agreement that otherwise would result from any (a) stock dividend, stock split, combination of shares, recapitalization or other change in the capital structure of the Company, (b) merger, consolidation, separation, reorganization or partial or complete liquidation involving the Company or (c) other transaction or event having an effect similar to any of those referred to in Section 10(a) or 10(b) hereof.  Furthermore, in the event any transaction or event described or referred to in the immediately preceding sentence shall occur, or in the event of a Change in Control, the Committee shall provide in substitution of any or all of Grantee’s rights under this Agreement such alternative consideration (including cash) as the Committee determines in good faith to be equitable under the circumstances.

	
 
	
11.
	
Withholding Taxes.  If the Company is required to withhold federal, state, local, employment, or foreign taxes, or, to the extent permitted under Section 409A of the Code, any other applicable taxes, in connection with Grantee’s right to receive Common Shares under this Agreement (regardless whether Grantee is entitled to the delivery of any Common Shares at that time), and the amounts available to the Company for such withholding are insufficient, it shall be a condition to the receipt of any Common Shares or any other benefit provided for under this Agreement that Grantee make arrangements satisfactory to the Company for payment of the balance of the taxes.  Grantee may satisfy such tax obligation by paying the Company cash via personal check.  Alternatively, Grantee may elect that all or any part of such tax obligation be satisfied by the Company’s retention of a portion of the Common Shares provided for under this Agreement or by Grantee’s surrender of a portion of the Common Shares that he or she has owned for at least 6 months.  In no event, however, shall the Company accept Common Shares for payment of taxes in excess of required tax withholding rates (unless such higher withholding amounts would not result in adverse accounting implications for the Company).  If an election is made to satisfy Grantee’s tax obligation with the release or surrender of Common Shares, the Common Shares shall be credited in the following manner: (a) at the Market Value per Share on the date of delivery if the tax obligations arise due to the delivery of Common Shares under this Agreement; or (b) at the Market Value per Share on the date the tax obligation arises, if for a reason other than the delivery of Common Shares under this Agreement.

	
 
	
12.
	
Right to Terminate Employment.  Nothing in this Agreement limits in any way whatsoever any right the Company or a Subsidiary may otherwise have to terminate the employment of Grantee at any time.

	
NAI- 1511148714v4
	
-10-

 

 

	
 
	
13.
	
Relation to Other Benefits.  Any economic or other benefit to Grantee under this Agreement or the Plan will not be taken into account in determining any benefits to which Grantee may be entitled under any profit‐sharing, retirement or other benefit or compensation plan maintained by the Company or a Subsidiary and will not affect the amount of any life insurance coverage available to any beneficiary under any life insurance plan covering employees of the Company or a Subsidiary.

	
 
	
14.
	
Amendments.  Any amendment to the Plan will be deemed to be an amendment to this Agreement to the extent the amendment is applicable to this Agreement; provided, however, that (a) no amendment will adversely affect the rights of Grantee with respect to the Common Shares or other securities covered by this Agreement without Grantee’s consent and (b) Grantee’s consent shall not be required to an amendment that is deemed necessary by the Company to ensure compliance with Section 10D of the Exchange Act.  Notwithstanding the foregoing, the limitation requiring the consent of Grantee to certain amendments will not apply to any amendment that is deemed necessary by the Company to ensure compliance with Section 409A of the Code.

	
 
	
15.
	
Severability.  In the event one or more of the provisions of this Agreement is invalidated for any reason by a court of competent jurisdiction, any provision so invalidated will be deemed to be separable from the other provisions of this Agreement, and the remaining provisions of this Agreement will continue to be valid and fully enforceable.

	
 
	
16.
	
Governing Law.  This Agreement is made under, and shall be construed in accordance with, the internal substantive laws of the State of Ohio.

	
 
	
17.
	
Compliance with Section 409A of the Code.  To the extent applicable, it is intended that this Agreement and the Plan comply with the provisions of Section 409A of the Code, so that the income inclusion provisions of Section 409A(a)(1) of the Code do not apply to Grantee.  This Agreement and the Plan shall be administered in a manner consistent with this intent.  Notwithstanding any provision of the Agreement to the contrary, if, at the time of Grantee’s separation from service (within the meaning of Section 409A of the Code), (a) Grantee is a specified employee (within the meaning of Section 409A of the Code and using the identification methodology selected by the Company from time to time) and (b) the Company makes a good faith determination that an amount payable hereunder constitutes deferred compensation (within the meaning of Section 409A of the Code) the payment of which is required to be delayed pursuant to the six-month delay rule set forth in Section 409A of the Code in order to avoid taxes or penalties under Section 409A of the Code, then the Company shall not pay such amount on the otherwise scheduled payment date but shall instead pay it, without interest, on the first business day of the seventh month after Grantee’s separation from service.

 

[SIGNATURES ON FOLLOWING PAGE]

 

	
NAI- 1511148714v4
	
-11-

 

Exhibit 10.1

 

The undersigned Grantee hereby acknowledges receipt of an executed original of this Agreement and accepts the award of PRSUs covered hereby, subject to the terms and conditions of the Plan and the terms and conditions herein above set forth.

 

 

	
 

	
Grantee

	
 
	
 
	
 

	
Date:
	
 
	
 

 

 

This Agreement is executed by the Company on this ___ day of ____________, 20__.

 

TimkenSteel Corporation

 

 

	
By:
	
 
	
 
	
 

	
 
	
 
	
Frank A. DiPiero
	
 

	
 
	
 
	
Executive Vice President, General Counsel & Secretary
	
 

 

NAI-1511148714v4 

 

Exhibit A

Statement of Management Objectives

This Statement of Management Objectives applies to the PRSUs granted to the Grantee on the Date of Grant memorialized in the Agreement.  Capitalized terms used in the Agreement that are not specifically defined in this Statement of Management Objectives have the meanings assigned to them in the Agreement or in the Plan, as applicable.

	
Section 1.
	
Definitions.  For purposes hereof:

	
 
	
(a)
	
“Peer Group” means, of a benchmark group of 17 entities, the names of which are attached hereto as Annex A, those entities that remain in the Peer Group as of the end of the Performance Period (or the date of the Change in Control if Section 1(e)(ii) of this Exhibit A is applicable) after application of the Peer Group Adjustment Protocol.

	
 
	
(b)
	
“Peer Group Adjustment Protocol” means:  (i) if an entity listed in Annex A files for bankruptcy and/or liquidation, is operating under bankruptcy protection, or is delisted from its primary stock exchange because it fails to meet the exchange listing requirement, then such entity will remain in the Peer Group, but RTSR for the Performance Period will be calculated as if such entity achieved Total Shareholder Return placing it at the bottom (chronologically, if more than one such entity) of the Peer Group; (ii) if, by the last day of the Performance Period (or the date of the Change in Control if Section 1(e)(ii) of this Exhibit A is applicable), an entity listed in Annex A has been acquired, or has announced that it has entered into a definitive agreement the consummation of which will result in such entity’s acquisition, and/or the entity is no longer existing as a public company that is traded on its primary stock exchange (other than for the reasons as described in subsection (i) above), then such entity will not remain in the Peer Group and RTSR for the Performance Period will be calculated as if such entity had never been a member of the Peer Group; and (iii) except as otherwise described in subsection (i) and (ii) above, for purposes of this Statement of Management Objectives, for each of the entities listed in Annex A, such entity shall be deemed to include any successor to all or substantially all of the primary business of such entity at end of the Performance Period.

	
 
	
(c)
	
“Relative Total Shareholder Return” or “RTSR” means the percentile rank of the Company’s Total Shareholder Return among the Total Shareholder Returns of all members of the Peer Group (including the Company), ranked in descending order, at the end of the Performance Period (or the date of the Change in Control if Section 1(e)(ii) of this Exhibit A is applicable).  

	
 
	
(e)
	
“Total Shareholder Return” means, with respect to each of the Common Shares and the common stock of each of the members of the Peer Group, a rate of return reflecting stock price appreciation, plus the reinvestment of dividends in additional shares of stock, from the beginning of the Performance Period through the end of the Performance Period.  Total Shareholder Return will be calculated as follows:

	
NAI- 1511148714v4
	
 

 

 

	
 
	
(i) 
	
Except as provided in clause (ii), Total Shareholder Return will be calculated for the Company and each member of the Peer Group by averaging the Company’s and member’s shareholder return for each calendar year during the Performance Period measured at the last day of each calendar year against the beginning price at the start of the Performance Period.  For purposes of calculating Total Shareholder Return for each of the Company and the members of the Peer Group, the beginning stock price will be based on the average closing stock price for the 20 trading days immediately preceding the first day of the Performance Period on the principal stock exchange on which the stock then traded and the ending stock price for each calendar year during the Performance Period will be based on the average closing stock price for the 20 trading days ending on December 31 of each calendar year in the Performance Period on the principal stock exchange on which the stock then trades.

	
 
	
(ii)
	
If a Change in Control occurs during the Restriction Period, and Section 4(c) of the Agreement applies to the PRSUs, (A) for purposes of determining Total Shareholder Return, the last day of the Performance Period will be the date of the Change in Control, and (B) Total Shareholder Return will be calculated for the Company and each member of the Peer Group using a beginning stock price based on the average closing stock price for the 20 trading days immediately preceding the first day of the Performance Period on the principal stock exchange on which the stock then traded, and the ending stock price for the Company will be the “Sale Price” (as defined below) and for each member of the Peer Group will be based on the average closing stock price for the 20 trading days ending on the date of the Change in Control on the principal stock exchange on which the stock then traded.  The “Sale Price” will be the amount of consideration per Common Share that shareholders of the Company receive upon consummation of the Change in Control (including the fair market value, as determined by the Committee, of any non-cash consideration); provided that if the Change in Control is not the result of a transaction in which shareholders receive consideration, the “Sale Price” will be the closing price of a Common Share on the last trading day immediately preceding the date of the Change in Control. 

	
Section 2.
	
Performance Matrices.

From 0% to 150% of the PRSUs will be earned based on achievement of the Management Objectives measured by RTSR performance during the Performance Period, in each case as follows:

 

			
	
Performance Level
	
Relative Total Shareholder Return
	
PRSUs Earned

	
Below Threshold
	
Ranked below 25th percentile
	
0%

	
Threshold
	
Ranked at 25th percentile
	
50%

	
Target
	
Ranked at 50th percentile
	
100%

	
Maximum
	
Ranked at or above 75th percentile
	
150%

 

	
NAI- 1511148714v4
	
 

 

 

	
Section 3.
	
Number of PRSUs Earned.  The Committee shall determine whether and to what extent the goals relating to the Management Objectives have been satisfied for the Performance Period and shall determine the number of PRSUs that shall become earned hereunder and under the Agreement on the basis of the following:

	
 
	
(a)
	
Below Threshold.  If, upon the conclusion of the Performance Period (or the date of the Change in Control if Section 1(e)(ii) of this Exhibit A is applicable), RTSR for the Performance Period falls below the threshold level, as set forth in the Performance Matrices, no PRSUs shall become earned.

	
 
	
(b)
	
Threshold.  If, upon the conclusion of the Performance Period (or the date of the Change in Control if Section 1(e)(ii) of this Exhibit A is applicable), RTSR for the Performance Period equals the threshold level, as set forth in the Performance Matrices, 50% of the PRSUs (rounded down to the nearest whole number of PRSUs) shall become earned.

	
 
	
(c)
	
Between Threshold and Target.  If, upon the conclusion of the Performance Period (or the date of the Change in Control if Section 1(e)(ii) of this Exhibit A is applicable), RTSR for the Performance Period exceeds the threshold level, but is less than the target level, as set forth in the Performance Matrices, a percentage between 50% and 100% (determined on the basis of straight-line mathematical interpolation) of the PRSUs (rounded down to the nearest whole number of PRSUs) shall become earned.

	
 
	
(d)
	
Target.  If, upon the conclusion of the Performance Period (or the date of the Change in Control if Section 1(e)(ii) of this Exhibit A is applicable), RTSR for the Performance Period equals the target level, as set forth in the Performance Matrices, 100% of the PRSUs shall become earned.

	
 
	
(e)
	
Between Target and Maximum.  If, upon the conclusion of the Performance Period (or the date of the Change in Control if Section 1(e)(ii) of this Exhibit A is applicable), RTSR for the Performance Period exceeds the target level, but is less than the maximum level, as set forth in the Performance Matrices, a percentage between 100% and 150% (determined on the basis of straight-line mathematical interpolation) of the PRSUs (rounded down to the nearest whole number of PRSUs) shall become earned.

	
 
	
(f)
	
Equals or Exceeds Maximum.  If, upon the conclusion of the Performance Period (or the date of the Change in Control if Section 1(e)(ii) of this Exhibit A is applicable), RTSR for the Performance Period equals or exceeds the maximum level, as set forth in the Performance Matrices, 150% of the PRSUs shall become earned.

 

	
NAI- 1511148714v4
	
 

 

 

Annex A

2020 Peer Group

	
Company Name
	
Ticker Symbol

	
AK Steel
	
 

	
Allegheny Technologies Incorporated
	
 

	
Ampco-Pittsburgh Corporation
	
 

	
Carpenter Technology Corporation
	
 

	
Commercial Metals Company
	
 

	
Friedman Industries, Incorporated
	
 

	
Haynes International, Inc.
	
 

	
Nucor Corporation
	
 

	
Olympic Steel, Inc.
	
 

	
Reliance Steel & Aluminum Company
	
 

	
Ryerson Holding Corporation
	
 

	
Schnitzer Steel Industries
	
 

	
Steel Dynamics, Inc.
	
 

	
Synalloy Corporation
	
 

	
United States Steel Corporation
	
 

	
Universal Stainless & Alloy Products, Inc.
	
 

	
Worthington Industries, Inc.
	
 

	
 
	
 

 

NAI-1511148714v4Exhibit 4.1

 

WARRANT
AGREEMENT

 

This
Warrant Agreement (“Warrant Agreement”) is made as of May 4, 2020, by and between Roth CH Acquisition I Co.,
a Delaware corporation (the “Company”), and Continental Stock Transfer & Trust Company (the “Warrant
Agent”).

 

WHEREAS,
the Company is engaged in a public offering (the “Public Offering”) of 7,500,000 units (the “Public
Units”) of the Company (and up to 1,125,000 additional Units if the underwriters’ over-allotment option is exercised
in full), each Unit consisting of one share of common stock, par value $.0001 per share (the “Common Stock”),
and three quarters of one redeemable warrant (the “Public Warrant” or “Public Warrants”),
each whole Warrant entitling its holder to purchase one share of Common Stock (the “Warrant Shares”) and, in
connection therewith, will issue and deliver up to an aggregate of 5,625,000 Public Warrants underlying such Public Units;

 

WHEREAS,
the Company has received a binding commitment from its initial stockholders to purchase up to an aggregate of 262,500 Units (or
285,000 Units if the overallotment is exercised in full) (collectively, the “Private Units” together with the
Public Units, the “Units”), each Private Unit consisting of one share of Common Stock and three quarters of
one redeemable warrant with each whole warrant entitling its holder to purchase one share of Common Stock pursuant to a Subscription
Agreement dated May 4, 2020 (the “Subscription Agreement”), and, in connection therewith, will issue and deliver
up to an aggregate of 196,875 warrants underlying such units (the “Private Warrants”); and

 

WHEREAS,
the Company may issue additional warrants to purchase shares of Common Stock hereafter from time to time which shall have the
same terms and be in the same form as the Private Warrants (together with the Public Warrants and Private Warrants, the “Warrants”);
and

 

WHEREAS,
the Company has filed with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form
S-1, No. 333-236852 (“Registration Statement”), for the registration, under the Securities Act of 1933, as
amended (the “Act”) of, among other securities, the Public Warrants; and

 

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

 

WHEREAS,
the Company desires to provide for the form, terms and provisions of the Warrants, including 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, as provided herein, the legally valid and binding obligations of the Company,
and to authorize the execution and delivery of this Warrant 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 Warrant Agreement.

 

2.            
Warrants.

 

2.1         
Form of Warrant. Each whole Warrant shall be issued in registered or book-entry form, as requested by the Company or the
holder of the Warrant. If the Warrant is issued in registered form, such Warrant shall be (a) in substantially the form of
Exhibit A hereto, the provisions of which are incorporated herein and (b) signed by, or bear the facsimile signature
of, the Chairman of the Board, the Chief Executive Officer or the Chief Financial 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.

 

     1

     

    

 

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

 

2.3         
Registration.

 

2.3.1       
Warrant Register. The Warrant Agent shall maintain books (the “Warrant Register”), for the registration
of the original issuance and transfers of the Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall issue
and register the Warrants in the names of the respective holders thereof in such denominations and otherwise in accordance with
instructions delivered to the Warrant Agent by the Company.

 

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 shall be registered upon the Warrant Register (“Registered Holder”)
as the absolute owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation of ownership or other
writing on the Warrant certificate made by anyone other than the Company or the Warrant Agent), for the purpose of any exercise
thereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.

 

2.4          
Detachability of Public Warrants. Each of the securities comprising the Public Units will begin to trade separately on
(i) the ninetieth (90th) day after the effectiveness of the Registration Statement, or (ii) such earlier date as Roth
Capital Partners, LLC and Craig-Hallum Capital Group LLC, as representatives of the underwriters (the “Representatives”),
shall determine is acceptable (such date, the “Detachment Date”). In no event will separate trading of the
securities comprising the Public Units commence until the Company (i) files a Current Report on Form 8-K with the SEC including
audited balance sheet reflecting the Company’s receipt of the gross proceeds of this Public Offering and (ii) issues a press
release announcing when such separate trading will begin. The Company shall not issue fractional Warrants other than as part of
the Units, each of which is comprised of one share of Common Stock and three quarters of one Public Warrant. If, upon the detachment
of Public Warrants from Units or otherwise, a holder of Warrants would be entitled to receive a fractional Warrant, the Company
shall round down to the nearest whole number the number of Warrants to be issued to such holder.

 

2.5         
Private Warrants. The Private Warrants (i) will be exercisable either for cash or on a cashless basis at the holder’s
option pursuant to Section 3.3 and (ii) will not be redeemable by the Company, in either case as long as the Private Warrants
are held by the initial purchasers or any of their permitted transferees (as prescribed in the Subscription Agreement). The provisions
of this Section 2.5 may not be modified, amended or deleted without the prior written consent of the Representatives.

 

3.            
Terms and Exercise of Warrants.

 

3.1         
Warrant Price. Each Warrant shall, when countersigned by the Warrant Agent, entitle the Registered Holder thereof, subject
to the provisions of such Warrant and of this Warrant Agreement, to purchase from the Company the number of shares of Common Stock
stated therein, at $11.50 per full share, subject to the adjustments provided in Section 4 hereof. The term “Warrant
Price” as used in this Warrant Agreement refers to the price per whole share at which shares of Common Stock may be
purchased at the time such Warrants are exercised. The Company will not issue fractional shares. As a result, such Registered
Holder must exercise Warrants in multiples of two at the Warrant Price (subject to adjustment) in order to validly exercise his,
her or its Warrants.

 

3.2         
Duration of Warrants. A Warrant may be exercised only during the period (“Exercise Period”) commencing
on the later to occur of (i) the completion of the Company’s initial merger, share exchange, asset acquisition, share purchase,
recapitalization, reorganization or other similar business combination with one or more businesses or entities (a “Business
Combination”) and (ii) 12 months following the effective date of the Registration Statement, and terminating at 5:00
p.m., New York City time, on the earlier to occur of (i) five years from the date of the completion of an initial Business
Combination, and (ii) the date fixed for redemption of the Warrants as provided in Section 6 of this Warrant Agreement
(“Expiration Date”). Except with respect to the right to receive the Redemption Price (as set forth in Section 6
hereunder), each Warrant not exercised on or before the Expiration Date shall become void, and all rights thereunder and all rights
in respect thereof under this Warrant Agreement shall cease at the close of business on the Expiration Date. The Company may extend
the duration of the Warrants by delaying the Expiration Date; provided, however, that the Company will provide written notice
of not less than 10 days to Registered Holders and the Warrant Agent of such extension and that such extension shall be identical
in duration among all of the then outstanding Warrants.

 

     2

     

    

 

3.3         
Exercise of Warrants.

 

3.3.1       
Cash Exercise. Subject to the provisions of the Warrant and this Warrant Agreement, a Warrant, when countersigned by the
Company, 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, currently being:

 

Continental
Stock Transfer & Trust Company

1
State Street, 30th Floor

New
York, NY 10004

 

with
the subscription form, as set forth in the Warrant, duly executed, and by paying in full, in lawful money of the United States,
by certified or bank cashier’s check payable to the order of the Warrant Agent or by wire transfer to the Warrant Agent’s
bank account, the Warrant Price for each whole Warrant Share as to which the Warrant is exercised and any and all applicable taxes
due in connection with the exercise of the Warrant, the exchange of the Warrant for the Warrant Shares, and the issuance of the
Warrant Shares (such exercise, a “Cash Exercise”). A Cash Exercise in accordance with this Section 3.3.1 is
available to the Registered Holder only during such times that there is an effective registration statement registering the Warrant
Shares, with the prospectus contained therein being available for the resale of the Warrant Shares.

 

3.3.2       
Cashless Exercise. Notwithstanding anything contained herein to the contrary, if there is no effective registration statement
registering the Warrant Shares on any day the Registered Holder desires to exercise the Warrants and more than 120 days have passed
since the Company completed its initial Business Combination, the Registered Holder may exercise the Warrants in whole or in part
in lieu of making a cash payment, by providing notice to the Chief Executive Officer of the Company in a subscription form of
its election to utilize cashless exercise, in which event the Company shall issue to the Holder the number of Warrant Shares determined
as follows:

 

X
= Y [(A-B)/A]

 

where:

 

X
= the number of Warrant Shares to be issued to the Holder.

 

Y
= the number of Warrant Shares with respect to which this Warrant is being exercised.

 

A
= the fair market value of one share of Common Stock.

 

B
= the Warrant Price.

 

The
Registered Holder may not exercise any Warrants in the absence of a registration statement except pursuant to this Section
3.3.2. For purposes of this Section 3.3.2 and Section 4.1, the fair market value of one share of Common Stock
(“Fair Market Value”) is defined as follows:

 

(i)
if the Company’s shares of Common Stock are listed and traded on the New York Stock Exchange, the NYSE American, the NASDAQ
Global Select Market, the NASDAQ Global Market or the NASDAQ Capital Market (each, a “Trading Market”), the
fair market value shall be deemed the volume weighted average of the closing price on such Trading Market for the 20 trading days
ending on the third trading day immediately prior to the date the subscription form is submitted to the Company in connection
with the exercise of the Warrant; or

 

     3

     

    

 

(ii)
if the Company’s shares of Common Stock are not listed on a Trading Market, but is traded in the over-the-counter market,
the fair market value shall be deemed to be the volume weighted average of the bid price on such Trading Market for the 20 trading
days ending on the third trading day immediately prior to the date the subscription form is submitted in connection with the exercise
of the Warrant; or

 

(iii)
if there is no active public market for the Company’s shares of Common Stock, the fair market value of the shares of Common
Stock shall be determined in good faith by the Company’s board of directors.

 

3.3.3       
Fractional Shares. Notwithstanding any provision to the contrary contained in this Warrant Agreement, the Company shall
not be required to issue any fraction of a Warrant Share in connection with the exercise of Warrants, and in any case where the
Registered Holder would be entitled under the terms of the Warrants to receive a fraction of a Warrant Share upon the exercise
of such Registered Holder’s Warrants, issue or cause to be issued only the largest whole number of Warrant Shares issuable
on such exercise (and such fraction of a Warrant Share will be disregarded); provided, that if more than one Warrant certificate
is presented for exercise at the same time by the same Registered Holder, the number of whole Warrant Shares which shall be issuable
upon the exercise thereof shall be computed on the basis of the aggregate number of Warrant Shares issuable on exercise of all
such Warrants.

 

3.3.4       
Issuance of Certificates. No later than three (3) business days following the exercise of any Warrant and the clearance
of the funds in payment of the Warrant Price pursuant to Section 3.3.1 or cashless exercise pursuant to Section 3.3.2, the Company
shall issue, or cause to be issued, to the Registered Holder of such Warrant a certificate or certificates representing (or at
the option of the Registered Holder, deliver electronically through the facilities of the Depository Trust Corporation) the number
of full shares of Common Stock to which he, she or it is entitled, registered in such name or names as may be directed by him,
her or it, and, if such Warrant shall not have been exercised or surrendered in full, a new countersigned Warrant for the number
of shares as to which such Warrant shall not have been exercised or surrendered. Notwithstanding the foregoing, the Company shall
not deliver, or cause to be delivered, any securities without applicable restrictive legend pursuant to the exercise of a Warrant
unless (a) a registration statement under the Act with respect to the shares of Common Stock issuable upon exercise of such
Warrants is effective and a current prospectus relating to the shares of Common Stock issuable upon exercise of the Warrants is
available for delivery to the Registered Holder of the Warrant or (b) in the opinion of counsel to the Company, the exercise
of the Warrants is exempt from the registration requirements of the Act and such securities are qualified for sale or exempt from
qualification under applicable securities laws of the states or other jurisdictions in which the Registered Holder resides. Warrants
may not be exercised by, or securities issued to, any Registered Holder in any state in which such exercise or issuance would
be unlawful. In addition, in no event will the Company be obligated to pay such Registered Holder any cash consideration upon
exercise or otherwise “net cash settle” the Warrant.

 

3.3.5       
Valid Issuance. All shares of Common Stock issued upon the proper exercise or surrender of a Warrant in conformity with
this Warrant Agreement shall be validly issued, fully paid and non-assessable.

 

3.3.6       
Date of Issuance. Each person or entity in whose name any such certificate for shares of Common Stock is issued shall,
for all purposes, be deemed to have become the holder of record of such shares on the date on which the Warrant was surrendered
and payment of the Warrant Price was made, irrespective of the date of delivery of such certificate, except that, if the date
of such surrender and payment is a date when the stock transfer books of the Company are closed, such person shall be deemed to
have become the holder of such shares at the close of business on the next succeeding date on which the stock transfer books are
open.

 

     4

     

    

 

3.3.7       
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 3.3.7; however, no holder of a Warrant shall be subject to this subsection 3.3.7 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 9.99% (the “Maximum Percentage”) of the shares of Common Stock outstanding immediately
after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of shares of Common Stock beneficially
owned by such person and its affiliates shall include the number of shares of Common Stock issuable upon exercise of the Warrant
with respect to which the determination of such sentence is being made, but shall exclude shares of Common Stock that would be
issuable upon (x) exercise of the remaining, unexercised portion of the Warrant beneficially owned by such person and its affiliates
and (y) exercise or conversion of the unexercised or unconverted portion of any other securities of the Company beneficially owned
by such person and its affiliates (including, without limitation, any convertible notes or convertible preferred shares or warrants)
subject to a limitation on conversion or exercise analogous to the limitation contained herein. Except as set forth in the preceding
sentence, for purposes of this paragraph, beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”). For purposes of the Warrant, in determining the number
of outstanding shares of Common Stock, the holder may rely on the number of outstanding shares of Common Stock as reflected in
(1) the Company’s most recent annual report on Form 10-K, quarterly report on Form 10-Q, current report on Form 8-K or other
public filing with the SEC as the case may be, (2) a more recent public announcement by the Company, or (3) any other notice by
the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding. For any reason at any time,
upon the written request of the holder of the Warrant, the Company shall, within two (2) business days, confirm orally and in
writing to such holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of
Common Stock shall be determined after giving effect to the conversion or exercise of equity securities of the Company by the
holder and its affiliates since the date as of which such number of outstanding shares of Common Stock was reported.

 

4.            
Adjustments.

 

4.1          
Stock Dividends, Splits. If, after the date hereof, and subject to the provisions of Section 4.5 below, the number
of outstanding shares of Common Stock is increased by a stock dividend payable in shares of Common Stock, or by a forward or reverse
split of shares of Common Stock, or other similar event, then, on the effective date of such stock dividend, split or similar
event, the number of shares of Common Stock issuable on exercise of each Warrant shall be increased or decreased in proportion
to such increase or decrease in outstanding shares of Common Stock. A rights offering to all holders of the shares of Common Stock
entitling holders to purchase shares of Common Stock at a price less than the Fair Market Value 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 shares of 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, if the rights offering is for
securities convertible into or exercisable for shares of Common Stock, in determining the price payable for the shares of 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.

 

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

 

4.3          
Extraordinary Dividends. If the Company, at any time while the Warrants (or rights to purchase the Warrants) are outstanding
and unexpired, shall pay a dividend or make a distribution in cash, securities or other assets to the holders of the shares of
Common Stock on account of such shares of Common Stock (or other shares of the Company’s capital stock into which the Warrants
are convertible), other than (a) as described in subsection 4.1 above, (b) Ordinary Cash Dividends (as defined below), (c) to
satisfy the conversion rights of the holders of the shares of Common Stock in connection with a proposed initial Business Combination
or an amendment to the Company’s amended and restated certificate of incorporation, (d) as a result of the repurchase of
shares of Common Stock by the Company in connection with a tender offer as part of an initial Business Combination or (e) in connection
with the Company’s liquidation and the distribution of its assets upon its failure to consummate a Business Combination
(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 the fair
market value (as determined by the Company’s board of directors, 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 4.3, “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 shares of 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).

 

     5

     

    

 

4.4          
Adjustments in Exercise Price. Whenever the number of shares of Common Stock purchasable upon the exercise of the Warrants
is adjusted, as provided in Sections 4.1 and 4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying
such Warrant Price, immediately prior to such adjustment, by a fraction, (a) the numerator of which shall be the number of
shares of Common Stock purchasable upon the exercise of the Warrants immediately prior to such adjustment, and (b) the denominator
of which shall be the number of shares of Common Stock so purchasable immediately thereafter.

 

4.5          
Replacement of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding
shares of Common Stock (other than a change covered by Sections 4.1, 4.2 or 4.3 hereof or one that solely affects the par value
of such shares of Common Stock), or, in the case of any merger or consolidation of the Company with or into another corporation
(other than a consolidation or merger in which the Company is the continuing corporation and that does not result in any reclassification
or reorganization of the outstanding shares of Common Stock), or, in the case of any sale or conveyance to another corporation
or entity of the assets or other property of the Company as an entirety or substantially as an entirety, in connection with which
the Company is dissolved, the Registered Holders shall thereafter have the right to purchase and receive, upon the basis and upon
the terms and conditions specified in the Warrants and in lieu of the shares of Common Stock of the Company immediately theretofore
purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares of stock or other
securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon
a dissolution following any such sale or transfer, that the Registered Holder would have received if such Registered Holder had
exercised his, her or its Warrant(s) immediately prior to such event; and if any reclassification also results in a change in
the shares of Common Stock covered by Sections 4.1, 4.2 or 4.3, then such adjustment shall be made pursuant to Sections 4.1, 4.2,
4.3 and this Section 4.5. The provisions of this Section 4.5 shall similarly apply to successive reclassifications,
reorganizations, mergers or consolidations, sales or other transfers.

 

4.6          
Issuance in Connection with a Business Combination. If, in connection with a Business Combination, the Company (a) issues
additional shares of Common Stock or equity-linked securities for capital raising purposes at an issue price or effective issue
price of less than $9.20 per share (with such issue price or effective issue price as determined by the Company’s Board
of Directors, in good faith), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity
proceeds, and interest thereon, available for the funding of the Business Combination on the date of the consummation of such
Business Combination (net of redemptions), and (z) the Market Price (as defined below) is below $9.20 per share, the Warrant Price
shall be adjusted (to the nearest cent) to be equal to 115% of the Market Price, and the Redemption Trigger Price (as defined
in Section 6.1 below) shall be adjusted (to the nearest cent) to be equal to 180% of the Market Price. For purposes of
this Section 4.6, the “Market Price” shall mean the volume weighted average reported last sale price of the
shares of Common Stock for the 20 trading days ending on the trading day prior to the date of the completion of the Business Combination.

 

4.7          
Notices of Changes in Warrant. Upon every adjustment of the Warrant Price or the number of shares issuable upon exercise
of a Warrant, the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting
from such adjustment and the increase or decrease, if any, in the number of shares purchasable at such price upon the exercise
of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based.
Upon the occurrence of any event specified in Sections 4.1 – 4.6 the Company shall give written notice to each Registered
Holder, at the last address set forth for such Registered Holder in the Warrant Register, of the record date or the effective
date of the event.

 

     6

     

    

Failure
to give such notice, or any defect therein, shall not affect the legality or validity of such event.

 

4.8          
Form of Warrant. The form of Warrant need not be changed because of any adjustment pursuant to this Section 4, and
Warrants issued after such adjustment may state the same Warrant Price and the same number of shares as is stated in the Warrants
initially issued pursuant to this Warrant Agreement. However, the Company may, at any time, in its sole discretion, make any change
in the form of Warrant that the Company may deem appropriate and that does not affect the substance thereof, and any Warrant thereafter
issued or countersigned, whether in exchange or substitution for an outstanding Warrant or otherwise, may be in the form as so
changed.

 

4.9          
Notice of Certain Transactions. In the event that the Company shall (a) offer to holders of all its shares of Common
Stock rights to subscribe for or to purchase any securities convertible into shares of Common Stock or shares of stock of any
class or any other securities, rights or options, (b) issue any rights, options or warrants entitling all the holders of
shares of Common Stock to subscribe for shares of Common Stock, or (c) make a tender offer, redemption offer or exchange
offer with respect to the shares of Common Stock, the Company shall send to the Registered Holders a notice of such action or
offer. Such notice shall be mailed to the Registered Holders at their addresses as they appear in the Warrant Register, which
shall specify the record date for the purposes of such dividend, distribution or rights, or the date such issuance or event is
to take place and the date of participation therein by the holders of shares of Common Stock, if any such date is to be fixed,
and shall briefly indicate the effect of such action on the shares of Common Stock and on the number and kind of any other shares
of stock and on other property, if any, and the number of shares of Common Stock and other property, if any, issuable upon exercise
of each Warrant and the Warrant Price after giving effect to any adjustment pursuant to this Section 4 which would be required
as a result of such action. Such notice shall be given as promptly as practicable after the Company has taken any such action.

 

4.10        
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 such firm determines 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

 

5.           
Transfer and Exchange of Warrants.

 

5.1          
Transfer of Public Warrants. Prior to the Detachment Date, the Public Warrants may be transferred or exchanged only together
with the Unit in which such Public 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 Public Warrants included in such Unit. From and after the Detachment Date, this Section 5.1 will have no further force
and effect.

 

5.2          
Registration of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant
into 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 the Company’s request.

 

5.3          
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 a Warrant surrendered for transfer bears a restrictive legend, the Warrant Agent shall not cancel such Warrant
and shall issue new Warrants in exchange therefor until the Warrant Agent has received an opinion of counsel for the Company stating
that such transfer may be made and indicating whether the new Warrants must also bear a restrictive legend.

 

     7

     

    

 

5.4          
Fractional Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange which will
result in the issuance of a warrant certificate for a fraction of a warrant.

 

5.5          
Service Charges. There shall be a reasonable service charge paid to the Warrant Agent for any exchange or registration
of transfer of Warrants.

 

5.6          
Warrant Execution and Countersignature. The Warrant Agent is hereby authorized to countersign and to deliver, in accordance
with the terms of this Warrant Agreement, the Warrants required to be issued pursuant to the provisions of this Section 5,
and the Company, whenever required by the Warrant Agent, will supply the Warrant Agent with Warrants duly executed on behalf of
the Company for such purpose.

 

5.7          
Private Warrants. The Warrant Agent shall not register any transfer of Private Warrants until after the consummation by
the Company of a Business Combination, except for transfers made in accordance with the terms of the Subscription Agreement.

 

6.           
Redemption.

 

6.1          
Redemption. Subject to Section 6.5, all (and not less than all) of the outstanding Warrants may be redeemed, in whole
and not in part, at the option of the Company, at any time after the Warrants become exerciseble, and prior to their expiration,
at the office of the Warrant Agent, upon the notice referred to in Section 6.2, at the price of $.01 per Warrant (“Redemption
Price”); provided that the last sales price of the shares of Common Stock has been equal to or greater than $18.00 per
share (subject to adjustment for splits, dividends, recapitalizations and other similar events) (the “Redemption Trigger
Price”), for any twenty (20) trading days within a thirty (30) trading day period commencing after the Warrants
become exercisable and ending on the third business day prior to the date on which notice of redemption is given and provided
further that there is a current registration statement in effect with respect to the shares of Common Stock underlying the Warrants
for each day in the 30-Day Trading Period and continuing each day thereafter until the Redemption Date (defined below).

 

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

 

6.3          
Exercise After Notice of Redemption. The Warrants may be exercised in accordance with Section 3 of this Warrant Agreement
at any time after notice of redemption shall have been given by the Company pursuant to Section 6.2 hereof and prior to the
Redemption Date; provided that the Company may require the Registered Holder who desires to exercise the Warrant to elect cashless
exercise as set forth under Section 3.3.2, and such Registered Holder must exercise the Warrants on a cashless basis if the Company
so requires. On and after the Redemption Date, the Registered Holder of the Warrants shall have no further rights except to receive,
upon surrender of the Warrants, the Redemption Price.

 

6.4          
No Other Rights to Cash Payment. Except for a redemption in accordance with this Section 6, no Registered Holder of
any Warrant shall be entitled to any cash payment whatsoever from the Company in connection with the ownership, exercise or surrender
of any Warrant under this Warrant Agreement.

 

6.5          
Exclusion of Certain Warrants. The Company understands that the redemption rights provided for by this Section 6 apply
only to outstanding Warrants. To the extent a person holds rights to purchase Warrants, such purchase rights shall not be extinguished
by redemption. However, once such purchase rights are exercised, the Company may redeem the Warrants issued upon such exercise
provided that the criteria for redemption is met. Additionally, any of the Private Warrants shall not be redeemable by the Company
as long as such Private Warrants continue to be held by initial purchasers and affiliates or their permitted transferees (as prescribed
in Section 5.7 hereof). However, once such Private Warrants are no longer held by the initial purchasers or their affiliates or
permitted transferees, such Private Warrants shall then be redeemable by the Company pursuant to Section 6 hereof. The provisions
of this Section 6.5 may not be modified, amended or deleted without the prior written consent of the Representatives.

 

     8

     

    

 

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

 

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

 

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

 

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

 

7.4          
Registration of shares of Common Stock. The Company agrees that as soon as practicable, but in no event later than thirty
(30) business days after the closing of a Business Combination, it shall use its best efforts to file with the SEC a registration
statement for the registration under the Act of the shares of Common Stock issuable upon exercise of the Warrants, and 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 Warrants in accordance with the provisions of this Agreement. In addition, the Company agrees
to use its best efforts to register the shares of Common Stock issuable upon exercise of the Warrants under state blue sky laws,
to the extent an exemption is not available.

 

8.           
Concerning the Warrant Agent and Other Matters.

 

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

 

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 30 days after it has been notified in writing of such resignation or incapacity by the Warrant Agent or by
the Registered Holder of the Warrant (who shall, with such notice, submit his, her or its Warrant for inspection by the Company),
then the Registered 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. 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 be authorized under such laws to exercise corporate trust
powers and subject to supervision or examination by federal or state authorities. 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.

 

     9

     

    

 

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 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 Warrant Agreement without any further act on the part of the Company or the Warrant
Agent.

 

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 Warrant Agent hereunder
and will 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 Warrant Agreement.

 

8.4         
Liability of Warrant Agent.

 

8.4.1       
Reliance on Company Statement. Whenever, in the performance of its duties under this Warrant 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 Chairman of the Board of the Company and delivered to the Warrant Agent. The Warrant Agent may rely upon such statement for
any action taken or suffered in good faith by it pursuant to the provisions of this Warrant Agreement.

 

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

 

8.4.3       
Exclusions. The Warrant Agent shall have no responsibility with respect to the validity of this Warrant Agreement or with
respect to the validity or execution of any Warrant (except its countersignature thereof); nor shall it be responsible for any
breach by the Company of any covenant or condition contained in this Warrant Agreement or in any Warrant; nor shall it be responsible
to make any adjustments required under the provisions of Section 4 hereof or responsible for the manner, method or amount
of any such adjustment or the ascertaining of the existence of facts that would require any such adjustment; nor shall it, by
any act hereunder, be deemed to make any representation or warranty as to the authorization or reservation of any shares of Common
Stock to be issued pursuant to this Warrant Agreement or any Warrant or as to whether any shares of Common Stock will when issued
be valid and fully paid and non-assessable.

 

8.5          
Acceptance of Agency. The Warrant Agent hereby accepts the agency established by this Warrant 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 moneys received by the Warrant Agent for the purchase
of shares of the Company’s shares of Common Stock through the exercise of Warrants.

 

     10

     

    

 

8.6          
Waiver. The Warrant Agent hereby waives any 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.

 

9.           
Miscellaneous Provisions.

 

9.1          
Successors. All the covenants and provisions of this Warrant 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 Warrant Agreement to be given or made by the Warrant Agent
or by the Registered Holder of any Warrant to or on the Company shall be delivered by hand or sent by registered or certified
mail or overnight courier service, addressed (until another address is filed in writing by the Company with the Warrant Agent)
as follows:

 

Roth
CH Acquisition I Co.

888
San Clemente Drive, Suite 400

Newport
Beach, CA 92660

Attn: Byron Roth

 

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

 

Loeb
 & Loeb LLP

345
Park Avenue

New
York, New York 10154

Attn:
Giovanni Caruso

 

Any
notice, statement or demand authorized by this Warrant Agreement to be given or made by the Registered Holder of any Warrant or
by the Company to or on the Warrant Agent shall be delivered by hand or sent by registered or certified mail or overnight courier
service, 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

 

Any
notice, sent pursuant to this Warrant Agreement shall be effective, if delivered by hand, upon receipt thereof by the party to
whom it is addressed, if sent by overnight courier, on the next business day of the delivery to the courier, and if sent by registered
or certified mail on the third day after registration or certification thereof.

 

9.3          
Applicable Law. The validity, interpretation, and performance of this Warrant Agreement and of the Warrants shall be governed
in all respects by the laws of the State of New York, without giving effect to conflict of laws. The Company and the Warrant Agent
hereby agree that any action, proceeding or claim against either of them arising out of or relating in any way to this Warrant
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 and the
Warrant Agent hereby waive any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum.
Any such process or summons to be served upon the Company or the Warrant Agent may be served by transmitting a copy thereof by
registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 9.2
hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the party receiving such service in
any action, proceeding or claim.

 

     11

     

    

 

9.4          
Persons Having Rights under this Warrant Agreement. Nothing in this Warrant Agreement expressed and nothing that may be
implied from any of the provisions hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation
other than the parties hereto and the Registered Holders of the Warrants and, for the purposes of Section 2.5 hereof, the Representatives
and the underwriters, any right, remedy, or claim under or by reason of this Warrant Agreement or of any covenant, condition,
stipulation, promise, or agreement hereof. All covenants, conditions, stipulations, promises, and agreements contained in this
Warrant Agreement shall be for the sole and exclusive benefit of the parties hereto and their successors and assigns and of the
Registered Holders of the Warrants.

 

9.5           
Examination of the Warrant Agreement. A copy of this Warrant 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 Registered Holder to submit his, her or its Warrant for inspection.

 

9.6          
Counterparts- Facsimile Signatures. This Warrant Agreement may be executed in any number of counterparts, and each of such
counterparts shall, for all purposes, be deemed to be an original, and all such counterparts shall together constitute one and
the same instrument. Facsimile signatures shall constitute original signatures for all purposes of this Warrant Agreement.

 

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

 

9.8          
Amendments. This Warrant Agreement and any Warrant certificate may be amended by the parties hereto by executing a supplemental
warrant agreement (a “Supplemental Agreement”), without the consent of any of the Warrant Holders, for the
purpose of (i) curing any ambiguity, or curing, correcting or supplementing any defective provision contained herein, or
making any other provisions with respect to matters or questions arising under this Warrant Agreement that is not inconsistent
with the provisions of this Warrant Agreement or the Warrant certificates, (ii) evidencing the succession of another corporation
to the Company and the assumption by any such successor of the covenants of the Company contained in this Warrant Agreement and
the Warrants, (iii) evidencing and providing for the acceptance of appointment by a successor Warrant Agent with respect
to the Warrants, (iv) adding to the covenants of the Company for the benefit of the Registered Holders or surrendering any
right or power conferred upon the Company under this Warrant Agreement, or (viii) amending this Warrant Agreement and the
Warrants in any manner that the Company may deem to be necessary or desirable and that will not adversely affect the interests
of the Registered Holders in any material respect. All other modifications or amendments to this Warrant Agreement, including
any amendment to increase the Warrant Price or shorten the Exercise Period, shall require the written consent of the Registered
Holders of a majority of the then outstanding Warrants. Notwithstanding the foregoing, the Company may extend the duration of
the Exercise Period in accordance with Section 3.2 without such consent.

 

9.9          
Severability. This Warrant 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 Warrant 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 Warrant Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be
valid and enforceable.

 

[SIGNATURE
PAGE FOLLOWS]

 

     12

     

    

 

[SIGNATURE
PAGE TO THE WARRANT AGREEMENT]

 

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

 

	 	ROTH CH ACQUISITION I CO.
	 	 	 
	 	By:	/s/
    Byron Roth
	 	 	Name:   Byron
    Roth  
	 	 	Title:     Chief
    Executive Officer
	 	 
	 	CONTINENTAL STOCK TRANSFER &
    TRUST COMPANY
	 	 	 
	 	By:	/s/
    Erika Young
	 	 	Name:  Erika
    Young
	 	 	Title:    Vice
    President

 

 

 

     13

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00308-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00308-of-00352.parquet"}]]