Document:

Exhibit 10.5

 

Employment
Agreement

 

This
Employment Agreement (the “Agreement”) is made and entered into as of _______, 2020, by and between Laxminarayan
Bhat, Ph.D. (the “Executive”) and Reviva Pharmaceuticals Holdings, Inc. (the “Company”).

 

WHEREAS,
the Company desires to employ the Executive on the terms and conditions set forth herein; and

 

WHEREAS,
the Executive desires to be employed by the Company on such terms and conditions.

 

NOW,
THEREFORE, in consideration of the mutual covenants, promises, and obligations set forth herein, the parties agree as follows:

 

1.            
Term of Employment. The Executive’s
employment hereunder shall be effective as of _____, 2020 (the “Effective Date”) and shall continue thereafter
unless terminated earlier pursuant to this Agreement. The period during which the Executive is employed by the Company hereunder
is hereinafter referred to as the “Employment Term.”

 

2.            
Position and Duties.

 

2.1             
Position. During the Employment Term, the Executive shall serve as the Chief Executive
Officer of the Company and shall report to the Board of Directors (the “Board”). In such position, the Executive
shall have such duties, authority, and responsibility as are consistent with the Executive’s position.

 

2.2             
Duties. During the Employment Term, the Executive shall devote substantially all of
his business time and attention to the performance of the Executive's duties hereunder and will not engage in any other business,
profession, or occupation for compensation or otherwise which would conflict or interfere with the performance of such services
either directly or indirectly without the prior written consent of the Board. Notwithstanding the foregoing, the Executive will
be permitted to serve on up to an aggregate of two (2) corporate boards or advisory boards, provided that such activities do not,
individually or in the aggregate, conflict with the performance of the Executive’s duties under this Agreement and do not
cause the Executive to violate the commitment above to devote substantially all of his business time and attention to his duties
hereunder. Nothing herein shall prohibit Executive from purchasing or owning less than five percent (5%) of the publicly traded
securities of any corporation; provided that, such ownership represents a passive investment and that the Executive is not a controlling
person of, or a member of a group that controls, such corporation; provided further that, the activities described do not interfere
with the performance of the Executive's duties and responsibilities to the Company as provided hereunder, including, but not limited
to, the obligations set forth in Section 2 hereof.

 

3.            
Place of Performance. The principal place
of Executive's employment shall be the Company’s principal executive office which will be located in Cupertino, California;
provided that, the Executive may be required to travel on Company business during the Employment Term.

 

     

     

    

 

4.            
 Compensation.

 

4.1             
Base Salary. The Company shall pay the Executive an annual rate of base salary of
$400,000 (Four Hundred Thousand Dollars) in periodic installments in accordance with the Company's customary payroll practices
and applicable wage payment laws, but no less frequently than monthly. The Executive’s base salary may not be decreased
during the Employment Term other than as part of an across-the-board salary reduction that applies in the same manner to all senior
executives. The Executive’s annual base salary, as in effect from time to time, is hereinafter referred to as “Base
Salary.”

 

4.2             
Annual Bonus. The Executive will be eligible for an incentive bonus for each fiscal year of the Company, based on objective
or subjective criteria established and approved by the Compensation Committee of the Board (the “Committee”).
The Executive will have an opportunity to provide input to the Board and/or Committee with regard to the selection of such criteria,
which will be established within a reasonable time period following the first day of the applicable bonus period. The Executive’s
target bonus (“Target Bonus”) will be equal to up to fifty percent
(50%) of Base Salary as in effect during each fiscal year assuming all milestones set by the Committee are met as determined where
subjective in the sole discretion of the Board. Any consent, approval, determination or decision of the Board required in this
Agreement shall be a majority of the Board (excluding the Executive where the matter involves the Executive.) 

 

4.3             
Equity Awards. During the Employment
Term, the Executive shall be eligible to participate in the Company’s equity incentive plan(s) or any successor plan, subject
to the terms of the plan(s), as determined by the Board.

 

		a.	The
                                         Company Stock Option Program will provide for stock options subject to vesting in an
                                         amount equal to 5% (five percent) of the outstanding common stock of the Company to be
                                         divided among the participants in the program.

 

		b.	In
                                         its sole discretion, the Company will determine in its sole discretion the number of
                                         shares of Company stock on which Executive will be granted an option to purchase shares
                                         and the terms of such option grant.

 

		c.	Any
                                         option the Company chooses to grant will vest at the rate of one-twelfth (1/12th) every
                                         three months after the option is awards over a three-year period and will be subject
                                         to an option plan to be adopted by the Company and to the terms of an award agreement.
                                         The Company shall have complete discretion to set the terms of any option plan and any
                                         option award agreement.

 

4.4             
Fringe Benefits and Perquisites. During the Employment Term, the Executive shall be
entitled to fringe benefits and perquisites consistent with the practices of the Company, and to the extent the Company provides
similar benefits or perquisites (or both) to similarly situated executives of the Company.

 

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4.5              Employee
Benefits. During the Employment Term, the Executive shall be entitled to participate
in all employee benefit plans, practices, and programs maintained by the Company, as in effect from time to time
(collectively, “Employee Benefit Plans”), on a basis which is no less favorable than is provided to other
senior executives of the Company consistent with applicable law and the terms of the applicable Employee Benefit Plans. The
Company reserves the right to amend or cancel any Employee Benefit Plans at any time in its sole discretion, subject to the
terms of such Employee Benefit Plan and applicable law.

 

4.6             
Vacation; Paid Time-Off. During the Employment Term, the Executive shall be entitled
to twenty (20) paid vacation days per calendar year (prorated for partial years) in accordance with the Company's vacation policies,
as in effect from time to time. The Executive shall receive other paid time-off for holidays and sick leave in accordance with
the Company's policies for executive officers as such policies may exist from time to time.

 

4.7             
Business Expenses. The Executive shall be entitled to reimbursement for all reasonable
and necessary out-of-pocket business, entertainment, and travel expenses incurred by the Executive in connection with the performance
of the Executive's duties hereunder in accordance with the Company's expense reimbursement policies and procedures.

 

4.8             
Indemnification.  

 

(a)              
In the event that the Executive is made a party or threatened to be made a party to any action, suit, or proceeding, whether
civil, criminal, administrative, or investigative (a “Proceeding”), other than any Proceeding initiated by
the Executive or the Company related to any contest or dispute between the Executive and the Company or any of its affiliates
with respect to this Agreement or the Executive’s employment hereunder, by reason of the fact that the Executive is or was
a director or officer of the Company, or any affiliate of the Company, or is or was serving at the request of the Company as a
director, officer, member, employee, or agent of another corporation or a partnership, joint venture, trust, or other enterprise,
the Executive shall be indemnified and held harmless by the Company to the maximum extent permitted under applicable law and the
Company’s bylaws from and against any liabilities, costs, claims, and expenses, including all costs and expenses incurred
in defense of any Proceeding (including attorneys' fees) other than the Executive’s willful misconduct. Costs and expenses
incurred by the Executive in defense of such Proceeding (including attorneys’ fees) shall be paid by the Company in advance
of the final disposition of such litigation upon receipt by the Company of: (i) a written request for payment; (ii) appropriate
documentation evidencing the incurrence, amount, and nature of the costs and expenses for which payment is being sought; and (iii)
an undertaking adequate under applicable law made by or on behalf of the Executive to repay the amounts so paid if it shall ultimately
be determined that the Executive is not entitled to be indemnified by the Company under this Agreement.

 

(b)              
During the Employment Term and for a period of six (6) years thereafter, the Company or any successor to the Company shall
purchase and maintain, at its own expense, directors' and officers' liability insurance providing coverage to the Executive on
terms that are no less favorable than the coverage provided to other directors and similarly situated executives of the Company.

 

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5.            
 Termination of Employment.
Upon termination of the Executive’s employment during the Employment Term, the Executive shall be entitled to the compensation
and benefits described in this Section 5 and shall have no further rights to any compensation or any other benefits from the Company
or any of its affiliates.

 

5.1             
For Cause or Without Good Reason.  

 

(a)              
The Executive’s employment hereunder may be terminated by the Company for Cause, or by the Executive without Good
Reason. If the Executive's employment is terminated by the Company for Cause or by the Executive without Good Reason, the Executive
shall be entitled to receive:

 

(i)                
any accrued but unpaid Base Salary and accrued but unused vacation which shall be paid on the Termination Date (as defined
below);

 

(ii)             
reimbursement for unreimbursed business expenses properly incurred by the Executive, which shall be subject to and paid
in accordance with the Company's expense reimbursement policy; and

 

(iii)           
such employee benefits (including equity compensation if vested), if any, to which the Executive may be entitled under
the Company’s employee benefit plans as of the Termination Date; provided that, in no event shall the Executive be entitled
to any payments in the nature of severance or termination payments except as specifically provided herein.

 

Items
5.1(a)(i) through 5.1(a)(iii) are referred to herein collectively as the “Accrued Amounts.”

 

(b)              
For purposes of this Agreement, “Cause” shall mean, as determined by the Board in good faith:

 

(i)                
the Executive’s willful failure to perform his duties (other than any such failure resulting from incapacity due
to physical or mental illness);

 

(ii)             
the Executive’s willful failure to comply with any valid and legal directive of the Board;

 

(iii)           
the Executive’s willful engagement in dishonesty, illegal conduct, or gross misconduct, which is, in each case, materially
injurious to the Company or its affiliates;

 

(iv)            
the Executive’s conviction of or plea of guilty or nolo contendere to a crime that constitutes a felony (or state
law equivalent) or a crime that constitutes embezzlement, misappropriation, or fraud, or a misdemeanor involving moral turpitude;

 

(v)              
the Executive’s violation of a material policy of the Company;

 

(vi)            
 the Executive’s willful unauthorized disclosure of Confidential Information (as defined below);

 

(vii)         
the Executive’s material breach of any material obligation under this Agreement.

 

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(c)              
For purposes of this provision, no act or failure to act on the part of the Executive shall be considered “willful”
unless it is done, or omitted to be done, by the Executive in bad faith or without reasonable belief that the Executive’s
action or omission was in the best interests of the Company. Any act, or failure to act, based upon authority given pursuant to
a resolution duly adopted by the Board or upon the advice of counsel for the Company shall be conclusively presumed to be done,
or omitted to be done, by the Executive in good faith and in the best interests of the Company.

 

(d)              
Except for a failure, breach, or refusal which, by its nature, cannot reasonably be expected to be cured, the Executive
shall have fourteen (14) calendar days from the delivery of written notice by the Company within which to cure any acts constituting
Cause; provided however, that, if the Company reasonably expects irreparable injury from a delay of fourteen (14) calendar days,
the Company may give the Executive notice of such shorter period within which to cure as is reasonable under the circumstances,
which may include the termination of the Executive's employment without notice and with immediate effect. The Company may place
the Executive on paid leave for up to thirty (30) days while it is determining whether there is a basis to terminate the Executive’s
employment for Cause. Any such action by the Company will not constitute Good Reason.

 

(e)              
For purposes of this Agreement, “Good Reason” shall mean the occurrence of any of the following, in
each case during the Employment Term without the Executive's written consent:

 

(i)                
a material reduction in the Executive’s Base Salary or Target Bonus opportunity, provided it is not Good Reason as
to the Target Bonus opportunity to the extent the Committee annually or otherwise revises the milestones needed to be met for
a Target Bonus opportunity, so long as such revisions do not apply to a Target Bonus opportunity for the current fiscal year;

 

(ii)             
a relocation of the Executive’s principal place of employment by more than thirty (30) miles;

 

(iii)           
any material breach by the Company of any material provision of this Agreement;

 

(iv)            
the Company’s failure to obtain an agreement from any successor to the Company to assume and agree to perform this
Agreement in the same manner and to the same extent that the Company would be required to perform if no succession had taken place,
except where such assumption occurs by operation of law;

 

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(v)              
 the Company’s failure to nominate the Executive for election to the Board and to use its best efforts to have him
elected and re-elected as a director;

 

(vi)            
a material, adverse change in the Executive's title, authority, duties, or responsibilities (other than temporarily while
the Executive is physically or mentally incapacitated or as required by applicable law; and

 

(vii)         
a “Change in Control” as defined below herein.

 

(f)               
The Executive cannot terminate his employment for Good Reason unless he has provided written notice to the Company of the
existence of the circumstances providing grounds for termination for Good Reason within thirty (30) days of the initial existence
of such grounds and the Company has had at least thirty (30) days from the date on which such notice is provided to cure such
circumstances. If the Executive does not terminate his employment for Good Reason within ninety (90) days after the first occurrence
of the applicable grounds, then the Executive will be deemed to have waived his right to terminate for Good Reason with respect
to such grounds; provided, however, that such period shall be extended to six (6) months after the first occurrence of
applicable grounds for Good Reason following a “Change in Control.”

 

5.2             
Without Cause or for Good Reason.
The Employment Term and the Executive’s employment hereunder may be terminated by the Executive for Good Reason or by the
Company without Cause. In the event of such termination, the Executive shall be entitled to receive the Accrued Amounts and subject
to the Executive’s execution of a release of claims in favor of the Company, its affiliates and their respective officers
and directors in a form provided by the Company and currently expected to be substantially in the form annexed hereto as Exhibit
“A” (the “Release”) and such Release becoming effective within thirty (30) days following
the Termination Date (such 30-day period, the “Release Execution Period”), the Executive shall be entitled
to receive the following:

 

(a)              
Eighteen (18) months of the Executive’s Base Salary plus one and one-half times annual Target Bonus payable in equal
installment in accordance with the Company's normal payroll practices, but no less frequently than monthly, which shall begin
within 14 days after the end of the Release Execution Period; provided that, the first installment payment shall include all amounts
that would otherwise have been paid to the Executive during the period beginning on the Termination Date and ending on the first
payment date if no delay had been imposed;

 

(b)              
Executive shall receive twelve (12) months of service credit under all outstanding unvested equity incentive awards and
cash incentive payments granted to the Executive during the Employment Term based on actual performance; provided that, any delays
in the settlement or payment of such awards that are set forth in the applicable award agreement and that are required under Section
409A of the Code (“Section 409A”) shall remain in effect; and

 

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(c)              
 If the Executive timely and properly elects health continuation coverage under the Consolidated Omnibus Budget Reconciliation
Act of 1985 ("COBRA"), the Company shall reimburse the Executive for the monthly COBRA premium paid by the Executive
for himself and his dependents. The Executive shall be eligible to receive such reimbursement until the earliest of: (i) the eighteen-month
anniversary of the Termination Date; (ii) the date the Executive is no longer eligible to receive COBRA continuation coverage;
and (iii) the date on which the Executive receives/becomes eligible to receive substantially similar coverage from another employer
or other source.

 

(d)              
In the event Executive’s employment is terminated without Cause or Executive resigns for good reason after the third
anniversary of the Effective Date: (i) Executive’s payments under Section 5.2(a) shall be six (6) months of base salary
and one-half of Executive’s annual Target Bonus amount; and (ii) under Section 5.2(b), Executive shall receive six (6) months
of service credit under all outstanding equity incentive awards and cash payments referred to in Section 5.2(b).

 

5.3             
Death or Disability.  

 

(a)              
The Executive's employment hereunder shall terminate automatically upon the Executive's death during the Employment Term,
and the Company may terminate the Executive's employment on account of the Executive's Disability.

 

(b)              
If the Executive's employment is terminated during the Employment Term on account of the Executive’s death or Disability,
the Executive (or the Executive's estate and/or beneficiaries, as the case may be) shall be entitled to receive the following:

 

(i)                
the Accrued Amounts; and

 

(ii)             
a lump sum payment equal to eighteen (18) months’ Base Salary and Target Bonus.

 

(c)              
Notwithstanding any other provision contained herein, all payments made in connection with the Executive’s Disability
shall be provided in a manner which is consistent with federal and state law.

 

(d)              
For purposes of this Agreement, “Disability” shall mean the Executive's inability, due to physical or
mental incapacity, to perform the essential functions of his job, with or without reasonable accommodation, for one hundred eighty
(180) days out of any three hundred sixty-five (365) day period; provided however, in the event that the Company temporarily replaces
the Executive, or transfers the Executive's duties or responsibilities to another individual on account of the Executive's inability
to perform such duties due to a mental or physical incapacity which is, or is reasonably expected to become, a Disability, then
the Executive's employment shall not be deemed terminated by the Company and the Executive shall not be able to resign with Good
Reason as a result thereof. Any question as to the existence of the Executive's Disability as to which the Executive and the Company
cannot agree shall be determined in writing by a qualified independent physician mutually acceptable to the Executive and the
Company.

 

If
the Executive and the Company cannot agree as to a qualified independent physician, each shall appoint such a physician and those
two physicians shall select a third who shall make such determination in writing. The determination of Disability made in writing
to the Company and the Executive shall be final and conclusive for all purposes of this Agreement. Any period for vesting shall
be tolled and not included during a Disability period.

 

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5.4             
Change in Control Termination.  

 

(a)              
Notwithstanding any other provision contained herein, in the event of a change in control, if the Executive's employment
hereunder is terminated by the Executive for Good Reason, or by the Company without Cause (other than on account of the Executive's
death or Disability), in each case within twelve (12) months following a Change in Control, the Executive shall be entitled to
receive the Accrued Amounts and subject to the Executive’s execution of a Release as described in Section 5.2 of this Agreement,
the Executive shall be entitled to receive the following:

 

(i)                
a lump sum payment equal to 1.5 times the Executive’s Base Salary and Target Bonus for the year in which the Termination
Date occurs; and

 

(b)              
Notwithstanding the terms of any equity or cash incentive plans or any applicable award agreements:

 

(i)                
all outstanding unvested equity incentive awards and cash incentive payments granted to the Executive during the Employment
Term shall become fully vested and exercisable for the remainder of their full term and the restrictions thereon shall lapse and
become payable at the greater of actual performance or target; provided that, any delays in the settlement or payment of such
awards that are set forth in the applicable award agreement and that are required under Section 409A shall remain in effect; and

 

(c)              
the COBRA payments provided for in Section 5.2(b) of this Agreement;

 

(d)              
For purposes of this Agreement, “Change in Control” shall mean the occurrence of any of the following
after the Effective Date:

 

(i)                
one person (or more than one person acting as a group) acquires ownership of stock of the Company that, together with the
stock held by such person or group, constitutes more than fifty percent (50%) of the t total voting power of the stock of such
corporation; provided that, a Change in Control shall not occur if any person (or more than one person acting as a group) owns
more than fifty percent (50%) of the total voting power of the Company's stock and acquires additional stock;

 

(ii)             
one person (or more than one person acting as a group) acquires (or has acquired during the twelve-month period ending
on the date of the most recent acquisition) ownership of the Company’s stock possessing over thirty percent (30%) of the
total voting power of the stock of such corporation;

 

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(iii)           
 a majority of the members of the Board are replaced during any twelve-month period by directors whose appointment or election
is not endorsed by a majority of the Board before the date of appointment or election; or

 

(iv)            
the sale of all or substantially all of the Company's assets.

 

(v)              
Notwithstanding the foregoing, a Change in Control shall not occur unless such transaction constitutes a change in the
ownership of the Company, a change in the effective control of the Company, or a change in the ownership of a substantial portion
of the Company's assets under Section 409A.

 

5.5             
Notice of Termination. Any termination of the Executive’s employment hereunder
by the Company or by the Executive during the Employment Term (other than termination pursuant to Section 5.3(a) on account of
the Executive’s death) shall be communicated by written notice of termination (“Notice of Termination”)
to the other party hereto in accordance with notice provisions of this Agreement. The Notice of Termination shall specify:

 

(a)              
The termination provision of this Agreement relied upon;

 

(b)              
To the extent applicable, the facts and circumstances claimed to provide a basis for termination of the Executive's employment
under the provision so indicated; and

 

(c)              
The applicable Termination Date.

 

5.6             
Termination Date. The Executive’s “Termination Date” shall
be:

 

(a)              
If the Executive’s employment hereunder terminates on account of the Executive's death, the date of the Executive's
death;

 

(b)              
If the Executive’s employment hereunder is terminated on account of the Executive's Disability, the date that it
is determined that the Executive has a Disability;

 

(c)              
If the Company terminates the Executive’s employment hereunder for Cause, the date the Notice of Termination is delivered
to the Executive;

 

(d)              
If the Company terminates the Executive’s employment hereunder without Cause, the date specified in the Notice of
Termination.

 

(e)              
If the Executive terminates his/her employment hereunder with or without Good Reason, the date specified in the Executive's
Notice of Termination; and

 

(f)               
Notwithstanding anything contained herein, the Termination Date shall not occur until the date on which the Executive incurs
a “separation from service” within the meaning of Section 409A.

 

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5.7             
 Mitigation. In no event shall the Executive be obligated to seek other employment
or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement
and except as provided in Section 5.2(b), any amounts payable pursuant to this Section 5 shall not be reduced by compensation
the Executive earns on account of employment with another employer.

 

5.8             
Resignation of All Other Positions.
Upon termination of the Executive’s employment hereunder for any reason, the Executive agrees to resign, effective on the
Termination Date/shall be deemed to have resigned from all positions that the Executive holds as an officer or member of the Board
(or a committee thereof) of the Company or any of its affiliates.

 

6.            
Cooperation. The parties agree that certain
matters in which the Executive will be involved during the Employment Term may necessitate the Executive's cooperation in the
future. Accordingly, following the termination of the Executive's employment for any reason, to the extent reasonably requested
by the Board, the Executive shall cooperate with the Company in connection with matters arising out of the Executive's service
to the Company; provided that, the Company shall make reasonable efforts to minimize disruption of the Executive's other activities.
The Company shall reimburse the Executive for reasonable expenses incurred in connection with such cooperation and, to the extent
that the Executive is required to spend substantial time on such matters, the Company shall compensate the Executive at an hourly
rate based on the Executive's Base Salary on the Termination Date, with a four (4)-hour minimum daily amount.

 

7.            
Confidential Information. The Executive
understands and acknowledges that during the Employment Term, he will have access to and learn about Confidential Information,
as defined below.

 

7.1             
Confidential Information Defined.  

 

(a)               Definition.
For purposes of this Agreement, “Confidential Information” includes, but is not limited to, all
information not generally known to the public, in spoken, printed, electronic or any other form or medium, relating directly
or indirectly to: business processes, practices, methods, policies, plans, publications, documents, research, operations,
services, strategies, techniques, agreements, contracts, terms of agreements, transactions, potential transactions,
negotiations, pending negotiations, know-how, trade secrets, computer programs, computer software, applications, operating
systems, software design, web design, work-in-process, databases, manuals, records, articles, systems, material, sources of
material, supplier information, vendor information, financial information, results, accounting information, accounting
records, legal information, marketing information, advertising information, pricing information, credit information, design
information, payroll information, staffing information, personnel information, employee lists, supplier lists, vendor lists,
developments, reports, internal controls, security procedures, graphics, drawings, sketches, market studies, sales
information, revenue, costs, formulae, notes, communications, algorithms, product plans, designs, styles, models, ideas,
audiovisual programs, inventions, unpublished patent applications, original works of authorship, discoveries, experimental
processes, experimental results, specifications, customer information, customer lists, client information, client lists,
manufacturing information, factory lists, distributor lists, and buyer lists of the Company Group or its businesses or any
existing or prospective customer, supplier, investor or other associated third party, or of any other person or entity that
has entrusted information to the Company Group in confidence. The term “Company Group” shall mean, for
purposes of this Agreement, the Company and its parent companies, affiliates, subsidiaries, partners, and limited
partners.

 

		i)	The
                                         Executive understands that the above list is not exhaustive, and that Confidential Information
                                         also includes other information that is marked or otherwise identified as confidential
                                         or proprietary, or that would otherwise appear to a reasonable person to be confidential
                                         or proprietary in the context and circumstances in which the information is known or
                                         used.

 

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		ii)	The
                                         Executive understands and agrees that Confidential Information includes information developed
                                         by him/her in the course of his/her employment by the Company as if the Company furnished
                                         the same Confidential Information to the Executive in the first instance. Confidential
                                         Information shall not include information that is generally available to and known by
                                         the public at the time of disclosure to the Executive; provided that, such knowledge
                                         of the public is through no direct or indirect fault of the Executive or person(s) acting
                                         on the Executive's behalf.

 

(b)              
Company Creation and Use of Confidential Information.

 

The
Executive understands and acknowledges that the Company has invested, and continues to invest, substantial time, money, and specialized
knowledge into developing its resources, creating a customer base, generating customer and potential customer lists, training
its employees, and improving its offerings in the field of real estate investment management. The Executive understands and acknowledges
that as a result of these efforts, the Company has created, and continues to use and create Confidential Information. This Confidential
Information provides the Company with a competitive advantage over others in the marketplace.

 

(c)              
Disclosure and Use Restrictions.

 

The
Executive agrees and covenants: (i) to treat all Confidential Information as strictly confidential; (ii) not to directly or
indirectly disclose, publish, communicate, or make available Confidential Information, or allow it to be disclosed,
published, communicated, or made available, in whole or part, to any entity or person whatsoever (including other employees
of the Company Group) not having a need to know and authority to know and use the Confidential Information in connection with
the business of the Company Group and, in any event, not to anyone outside of the direct employ of the Company Group except
as required in the performance of the Executive's authorized employment duties to the Company or with the prior consent of a
majority of the Board in each instance (and then, such disclosure shall be made only within the limits and to the extent of
such duties or consent); and (iii) not to access or use any Confidential Information, and not to copy any documents, records,
files, media, or other resources containing any Confidential Information, or remove any such documents, records, files,
media, or other resources from the premises or control of the Company Group, except as required in the performance of the
Executive's authorized employment duties to the Company or with the prior consent of the Board. in each instance (and then,
such disclosure shall be made only within the limits and to the extent of such duties or consent). Nothing herein shall be
construed to prevent disclosure of Confidential Information as may be required by applicable law or regulation, or pursuant
to the valid order of a court of competent jurisdiction or an authorized government agency, provided that the disclosure does
not exceed the extent of disclosure required by such law, regulation, or order, provided that the Executive uses reasonable
efforts to give the Company notice of its disclosure so that the Company at its own expense can seek to avoid or narrow the
disclosure required.

 

(d)              
Notice of Immunity Under the Economic Espionage Act of 1996, as amended by the Defend Trade Secrets Act of 2016 ("DTSA").
Notwithstanding any other provision of this Agreement:

 

(i)                
The Executive will not be held criminally or civilly liable under any federal or state trade secret law for any disclosure
of a trade secret that:

 

(A)            
 is made (1) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney;
and (2) solely for the purpose of reporting or investigating a suspected violation of law; or

 

(B)             
is made in a complaint or other document filed under seal in a lawsuit or other proceeding.

 

(ii)             
If the Executive files a lawsuit for retaliation by the Company for reporting a suspected violation of law, the Executive
may disclose the Company's trade secrets to the Executive's attorney and use the trade secret information in the court proceeding
if the Executive:

 

(A)            
 files any document containing trade secrets under seal; and

 

(B)             
does not disclose trade secrets, except pursuant to court order.

 

8.             Remedies.
In the event of a breach or threatened breach by the Executive of Section 7, of this Agreement, the Executive hereby consents
and agrees that the Company shall be entitled to seek, in addition to other available remedies, a temporary or permanent
injunction or other equitable relief against such breach or threatened breach from any court of competent jurisdiction,
without the necessity of showing any actual damages or that money damages would not afford an adequate remedy, and without
the necessity of posting any bond or other security. The aforementioned equitable relief shall be in addition to, not in lieu
of, legal remedies, monetary damages, or other available forms of relief.

 

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9.            
Arbitration.

 

9.1             
Any dispute, controversy or claim arising out of or relating to this Agreement, its enforcement, arbitrability or interpretation,
or because of an alleged breach, default, or misrepresentation in connection with any of its provisions/Employee's employment
with Employer, including any alleged violation of statute, common law or public policy shall be submitted to final and binding
arbitration before The American Arbitration Association (“AAA”) to be held in Santa Clara County, California
before a single arbitrator, in accordance with the then-current AAA Employment Arbitration Rules. By initialing below, Employee
agrees to waive all rights to a jury trial. The arbitrator shall be selected by mutual agreement of the parties or, if the parties
cannot agree, then by striking from a list of arbitrators supplied by AAA. The arbitrator shall issue a written opinion stating
the essential findings and conclusions on which the arbitrator's award is based. Employer will pay the arbitrator's fees and arbitration
expenses and any other costs unique to the arbitration hearing (recognizing that each side bears its own deposition, witness,
expert and attorney's fees and other expenses to the same extent as if the matter were being heard in court). If, however, any
party prevails on a statutory claim that affords the prevailing party attorneys’ fees and costs, then the arbitrator may
award reasonable attorneys' fees and costs to the prevailing party. Any dispute as to who is a prevailing party and/or the reasonableness
of any fee or costs shall be resolved by the arbitrator.

 

9.2             
This Agreement to arbitrate is freely negotiated between Employee and Employer and is mutually entered into between the
parties. Each party fully understands and agrees that they are giving up certain rights otherwise afforded to them by civil court
actions, including but not limited to the right to a jury trial.

 

________By
initialing here, Executive acknowledges [he/she] has read this paragraph and agrees with the arbitration provision herein.

 

10.        
Proprietary Rights.

 

10.1          Work
Product. The Executive acknowledges and agrees that all right, title, and interest in and to all writings,
works of authorship, technology, inventions, discoveries, processes, techniques, methods, ideas, concepts, research,
proposals, materials, and all other work product of any nature whatsoever, that are created, prepared, produced, authored,
edited, amended, conceived, or reduced to practice by the Executive individually or jointly with others during the period of
his/her employment by the Company and relate in any way to the business or contemplated business, products, activities,
research, or development of the Company or result from any work performed by the Executive for the Company (in each case,
regardless of when or where prepared or whose equipment or other resources is used in preparing the same), all rights and
claims related to the foregoing, and all printed, physical and electronic copies, and other tangible embodiments thereof
(collectively, “Work Product”), as well as any and all rights in and to US and foreign (a) patents, patent
disclosures and inventions (whether patentable or not), (b) trademarks, service marks, trade dress, trade names, logos,
corporate names, and domain names, and other similar designations of source or origin, together with the goodwill symbolized
by any of the foregoing, (c) copyrights and copyrightable works (including computer programs), mask works, and rights in data
and databases, (d) trade secrets, know-how, and other confidential information, and (e) all other intellectual property
rights, in each case whether registered or unregistered and including all registrations and applications for, and renewals
and extensions of, such rights, all improvements thereto and all similar or equivalent rights or forms of protection in any
part of the world (collectively, “Intellectual Property Rights”), shall be the sole and exclusive property
of the Company. The assignment provisions in this Section 10 shall apply only to “Employer Inventions” as
defined herein and shall not apply to any invention covered by Section 2870 of the California Labor Code, a copy of which is
annexed hereto as Exhibit “B.” Employer Inventions shall mean any Invention that meets any one of
the following criteria:

 

(i)                
Relates, at the time of conception or reduction to practice of the Invention to: (A) the Employer's business, project or
products, or to the manufacture or utilization thereof; or (B) the actual or demonstrably anticipated research or development
of the Employer.

 

    12

     

    

 

(ii)             
 Results from any work performed directly or indirectly by the Employee for the Employer.

 

(iii)           
(Results, at least in part, from the Employee's use of the Employer's time, equipment, supplies, facilities or trade secret
information.

 

(iv)            
Provided, however, that an Employer Invention shall not include any Invention which is developed entirely on the Employee's
own time without using the Employer's equipment, supplies, facilities or trade secret information, and which is not related to
the Employer's business (either actual or demonstrably anticipated), and which does not result from work performed for the Employer.

 

10.2             
For purposes of this Agreement, Work Product includes, but is not limited to, Company information, including plans, publications,
research, strategies, techniques, agreements, documents, contracts, terms of agreements, negotiations, know-how, computer programs,
computer applications, software design, web design, work in process, databases, manuals, results, developments, reports, graphics,
drawings, sketches, market studies, formulae, notes, communications, algorithms, product plans, product designs, styles, models,
audiovisual programs, inventions, unpublished patent applications, original works of authorship, discoveries, experimental processes,
experimental results, specifications, customer information, client information, customer lists, client lists, manufacturing information,
marketing information, advertising information, and sales information.

 

10.3              Work
Made for Hire; Assignment. The Executive acknowledges that, by reason of being
employed by the Company at the relevant times, to the extent permitted by law, all of the Work Product consisting of
copyrightable subject matter is "work made for hire" as defined in 17 U.S.C. § 101 and such copyrights are
therefore owned by the Company. To the extent that the foregoing does not apply, the Executive hereby irrevocably assigns to
the Company, for no additional consideration, the Executive's entire right, title, and interest in and to all Work Product
and Intellectual Property Rights therein, including the right to sue, counterclaim, and recover for all past, present, and
future infringement, misappropriation, or dilution thereof, and all rights corresponding thereto throughout the world.
Nothing contained in this Agreement shall be construed to reduce or limit the Company's rights, title, or interest in any
Work Product or Intellectual Property Rights so as to be less in any respect than that the Company would have had in the
absence of this Agreement.

 

    13

     

    

 

10.4             
Further Assurances; Power of Attorney. During and after his/her employment, the Executive
agrees to reasonably cooperate with the Company to (a) apply for, obtain, perfect, and transfer to the Company the Work Product
as well as any and all Intellectual Property Rights in the Work Product in any jurisdiction in the world; and (b) maintain, protect
and enforce the same, including, without limitation, giving testimony and executing and delivering to the Company any and all
applications, oaths, declarations, affidavits, waivers, assignments, and other documents and instruments as shall be requested
by the Company. The Executive hereby irrevocably grants the Company power of attorney to execute and deliver any such documents
on the Executive's behalf in his/her name and to do all other lawfully permitted acts to transfer the Work Product to the Company
and further the transfer, prosecution, issuance, and maintenance of all Intellectual Property Rights therein, to the full extent
permitted by law, if the Executive does not promptly cooperate with the Company's request (without limiting the rights the Company
shall have in such circumstances by operation of law). The power of attorney is coupled with an interest and shall not be affected
by the Executive's subsequent incapacity.

 

10.5             
No License. The Executive understands that this Agreement does not, and shall not
be construed to, grant the Executive any license or right of any nature with respect to any Work Product or Intellectual Property
Rights or any Confidential Information, materials, software, or other tools made available to him/her by the Company.

 

11.        
Security.

 

11.1          Security
and Access. The Executive agrees and covenants (a) to comply with all Company
security policies and procedures as in force from time to time including without limitation those regarding computer
equipment, telephone systems, voicemail systems, facilities access, monitoring, key cards, access codes, Company Group
intranet, internet, social media and instant messaging systems, computer systems, e-mail systems, computer networks, document
storage systems, software, data security, encryption, firewalls, passwords and any and all other Company Group facilities, IT
resources and communication technologies (“Facilities and Information Technology Resources”); (b) not to
access or use any Facilities and Information Technology Resources except as authorized by the Company; and (iii) not to
access or use any Facilities and Information Technology Resources in any manner after the termination of the Executive's
employment by the Company, whether termination is voluntary or involuntary. The Executive agrees to notify the Company
promptly in the event he/she learns of any violation of the foregoing by others, or of any other misappropriation or
unauthorized access, use, reproduction, or reverse engineering of, or tampering with any Facilities and Information
Technology Resources or other Company Group property or materials by others.

 

    14

     

    

 

11.2         
Exit Obligations. Upon (a) voluntary or involuntary termination of the Executive's
employment or (b) the Company's request at any time during the Executive's employment, the Executive shall (i) provide or return
to the Company any and all Company Group property, including keys, key cards, access cards, identification cards, security devices,
employer credit cards, network access devices, computers, cell phones, smartphones, PDAs, pagers, fax machines, equipment, speakers,
webcams, manuals, reports, files, books, compilations, work product, e-mail messages, recordings, tapes, disks, thumb drives or
other removable information storage devices, hard drives, negatives and data and all Company Group documents and materials belonging
to the Company and stored in any fashion, including but not limited to those that constitute or contain any Confidential Information
or Work Product, that are in the possession or control of the Executive, whether they were provided to the Executive by the Company
Group or any of its business associates or created by the Executive in connection with his/her employment by the Company; and
(ii) delete or destroy all copies of any such documents and materials not returned to the Company that remain in the Executive's
possession or control, including those stored on any non-Company Group devices, networks, storage locations, and media in the
Executive's possession or control.

 

12.        
Publicity. The Executive hereby irrevocably
consents to any and all uses and displays, by the Company and its agents, representatives and licensees, of the Executive’s
name, voice, likeness, image, appearance, and biographical information in, on or in connection with any pictures, photographs,
audio and video recordings, digital images, websites, television programs and advertising, other advertising and publicity, sales
and marketing brochures, books, magazines, other publications, CDs, DVDs, tapes, and all other printed and electronic forms and
media throughout the world, at any time during the Employment Term for all legitimate commercial and business purposes of the
Company (“Permitted Uses”) without further consent from or royalty, payment, or other compensation to the Executive
during Executive’s Employment Term and for a period of five (5) years after Executive’s employment ends, for any reason.
The Executive hereby forever waives and releases the Company and its directors, officers, employees, and agents from any and all
claims, actions, damages, losses, costs, expenses, and liability of any kind, arising under any legal or equitable theory whatsoever
at any time during, and the five-year period following, the Employment Term, arising directly or indirectly from the Company’s
and its agents’, representatives’, and licensees’ exercise of their rights in connection with any Permitted
Uses. Following the the fifth anniversary of the end of the Employment Term, any Permitted Uses will require the Executive’s
prior approval, which may be given or withheld in the Executive’s sole discretion.

 

13.        
Governing Law. This Agreement, for all
purposes, shall be construed in accordance with the laws of the State of California without regard to conflicts of law principles,
except for the arbitration provisions which shall be governed solely by the Federal Arbitration Act, 9 U.S.C. §§ 1-4.

 

14.         Entire
Agreement. Unless specifically provided herein, this Agreement contains all
of the understandings and representations between the Executive and the Company pertaining to the subject matter hereof and
supersedes all prior and contemporaneous understandings, agreements, representations and warranties, both written and oral,
with respect to such subject matter. The parties mutually agree that the Agreement can be specifically enforced in court and
can be cited as evidence in legal proceedings alleging breach of the Agreement.

 

    15

     

    

 

15.        
Modification and Waiver. No provision
of this Agreement may be amended or modified unless such amendment or modification is agreed to in writing and signed by the Executive
and by a majority of the Board of the Company or its designee. No waiver by either of the parties of any breach by the other party
hereto of any condition or provision of this Agreement to be performed by the other party hereto shall be deemed a waiver of any
similar or dissimilar provision or condition at the same or any prior or subsequent time, nor shall the failure of or delay by
either of the parties in exercising any right, power, or privilege hereunder operate as a waiver thereof to preclude any other
or further exercise thereof or the exercise of any other such right, power, or privilege.

 

16.        
Severability.

 

16.1         
Should any provision of this Agreement be held by a court of competent jurisdiction to be enforceable only if modified,
or if any portion of this Agreement shall be held as unenforceable and thus stricken, such holding shall not affect the validity
of the remainder of this Agreement, the balance of which shall continue to be binding upon the parties with any such modification
to become a part hereof and treated as though originally set forth in this Agreement.

 

16.2         
The parties further agree that any such court is expressly authorized to modify any such unenforceable provision of this
Agreement in lieu of severing such unenforceable provision from this Agreement in its entirety, whether by rewriting the offending
provision, deleting any or all of the offending provision, adding additional language to this Agreement, or by making such other
modifications as it deems warranted to carry out the intent and agreement of the parties as embodied herein to the maximum extent
permitted by law.

 

16.3         
The parties expressly agree that this Agreement as so modified by the court shall be binding upon and enforceable against
each of them. In any event, should one or more of the provisions of this Agreement be held to be invalid, illegal, or unenforceable
in any respect, such invalidity, illegality, or unenforceability shall not affect any other provisions hereof, and if such provision
or provisions are not modified as provided above, this Agreement shall be construed as if such invalid, illegal, or unenforceable
provisions had not been set forth herein.

 

17.        
Captions. Captions and headings of the
sections and paragraphs of this Agreement are intended solely for convenience and no provision of this Agreement is to be construed
by reference to the caption or heading of any section or paragraph.

 

18.        
Counterparts. This Agreement may be executed
in separate counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and
the same instrument.

 

    16

     

    

 

19.        
Section 409A.

 

19.1         
 General Compliance. This Agreement is intended to comply with Section 409A or an exemption
thereunder and shall be construed and administered in accordance with Section 409A. Notwithstanding any other provision of this
Agreement, payments provided under this Agreement may only be made upon an event and in a manner that complies with Section 409A
or an applicable exemption. Any payments under this Agreement that may be excluded from Section 409A either as separation pay
due to an involuntary separation from service or as a short-term deferral shall be excluded from Section 409A to the maximum extent
possible. For purposes of Section 409A, each installment payment provided under this Agreement shall be treated as a separate
payment. Any payments to be made under this Agreement upon a termination of employment shall only be made upon a “separation
from service” under Section 409A. Notwithstanding the foregoing, the Company makes no representations that the payments
and benefits provided under this Agreement comply with Section 409A, and in no event shall the Company be liable for all or any
portion of any taxes, penalties, interest, or other expenses that may be incurred by the Executive on account of non-compliance
with Section 409A.

 

19.2         
Specified Employees. Notwithstanding any other provision of this Agreement, if any
payment or benefit provided to the Executive in connection with his/her termination of employment is determined to constitute
“nonqualified deferred compensation” within the meaning of Section 409A and the Executive is determined to be a “specified
employee” as defined in Section 409A(a)(2)(b)(i), then such payment or benefit shall not be paid until the first payroll
date to occur following the six-month anniversary of the Termination Date or, if earlier, on the Executive's death (the “Specified
Employee Payment Date”). The aggregate of any payments that would otherwise have been paid before the Specified Employee
Payment Date and interest on such amounts calculated based on the applicable federal rate published by the Internal Revenue Service
for the month in which the Executive’s separation from service occurs shall be paid to the Executive in a lump sum on the
Specified Employee Payment Date and thereafter, any remaining payments shall be paid without delay in accordance with their original
schedule.

 

19.3         
Reimbursements. To the extent required by Section 409A, each reimbursement or in-kind
benefit provided under this Agreement shall be provided in accordance with the following:

 

(a)              
the amount of expenses eligible for reimbursement, or in-kind benefits provided, during each calendar year cannot affect
the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year;

 

(b)              
any reimbursement of an eligible expense shall be paid to the Executive on or before the last day of the calendar year
following the calendar year in which the expense was incurred; and

 

(c)              
any right to reimbursements or in-kind benefits under this Agreement shall not be subject to liquidation or exchange for
another benefit.

 

    17

     

    

 

20.         Successors
and Assigns. This Agreement is personal to the Executive and shall not be
assigned by the Executive. Any purported assignment by the Executive shall be null and void from the initial date of the
purported assignment. The Company may assign this Agreement to any successor or assign (whether direct or indirect, by
purchase, merger, consolidation, or otherwise) to all or substantially all of the business or assets of the Company. This
Agreement shall inure to the benefit of the Company and permitted successors and assigns.

 

21.        
Notice. Notices and all other communications
provided for in this Agreement shall be in writing and shall be delivered personally or sent by registered or certified mail,
return receipt requested, or by overnight carrier to the parties at the addresses set forth below (or such other addresses as
specified by the parties by like notice):

 

If to the
Company:

 

19925 Stevens
Creek Blvd., Suite 100

Cupertino,
CA 95014

Attn: Board
of Directors

 

If to the
Executive:

Address on
the most recent Form W-4

On file with
the Company

 

22.        
Representations of the Executive. The
Executive represents and warrants to the Company that:

 

23.1       The
Executive’s acceptance of employment with the Company and the performance of his/her duties hereunder will not conflict
with or result in a violation of, a breach of, or a default under any contract, agreement, or understanding to which he/she is
a party or is otherwise bound.

23.2       The
Executive’s acceptance of employment with the Company and the performance of his/her duties hereunder will not violate any
non-solicitation, non-competition, or other similar covenant or agreement of a prior employer.

 

23.        
Withholding. The Company shall have the
right to withhold from any amount payable hereunder any Federal, state, and local taxes in order for the Company to satisfy any
withholding tax obligation it may have under any applicable law or regulation.

 

24.        
Survival. Upon the expiration or other
termination of this Agreement, the respective rights and obligations of the parties hereto shall survive such expiration or other
termination to the extent necessary to carry out the intentions of the parties under this Agreement.

 

25.        
Acknowledgement of Full Understanding.
THE EXECUTIVE ACKNOWLEDGES AND AGREES THAT HE/SHE HAS FULLY READ, UNDERSTANDS AND VOLUNTARILY ENTERS INTO THIS AGREEMENT. THE
EXECUTIVE ACKNOWLEDGES AND AGREES THAT HE HAS HAD AN OPPORTUNITY TO ASK QUESTIONS AND CONSULT WITH AN ATTORNEY OF HIS/HER CHOICE
BEFORE SIGNING THIS AGREEMENT.

 

[Signature
Page Follows]

 

    18

     

    

 

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

 

	 	Reviva
    Pharmaceuticals Holdings, Inc.
	 	 
	 	 
	 	By	                          
	 	Name:
	 	Title:
	 	 
	 	 
	 	 
	 	Laxminarayan
    Bhat, Ph.D., Executive

 

    19

     

    

 

EXHIBIT
A

 

General
Release and Covenant Not to Sue

 

TO ALL WHOM THESE PRESENTS
SHALL COME OR MAY CONCERN, KNOW THAT:

 

1.                 
Laxminarayan Bhat, Ph.D., (“Executive”), on Executive’s own
behalf and on behalf of Executive’s descendants, dependents, heirs, executors and administrators and permitted assigns,
past and present, in consideration for the amounts payable and benefits to be provided to Executive under that employment agreement
dated as of ________, 2020, and effective as of ___________________, 2020 (the “Employment Agreement”) by and
between Executive and Reviva Pharmaceuticals Holdings, Inc. (“Company”), does hereby covenant not to sue or
pursue any litigation or arbitration against, and waives, releases and discharges the Company, its assigns, affiliates, subsidiaries,
parents, predecessors and successors, and the past and present employees, officers, directors, representatives and agents of any
of them, including but not limited to the Company (collectively, the “Releasees”), from any and all claims,
demands, rights, judgments, defenses, actions, charges or causes of action whatsoever, of any and every kind and description,
whether known or unknown, accrued or not accrued, that Executive ever had, now has or shall or may have or assert as of the date
of this General Release and Covenant Not to Sue against the Releasees relating to his employment with the Company or the termination
thereof or her service as an officer or director of any subsidiary or affiliate of the Company or the termination of such service,
including, without limiting the generality of the foregoing, any claims, demands, rights, judgments, defenses, actions, charges
or causes of action related to employment or termination of employment or that arise out of or relate in any way to the Age Discrimination
in Employment Act of 1967 (“ADEA,” a law that prohibits discrimination on the basis of age), the National Labor
Relations Act, the Civil Rights Act of 1991, the Americans With Disabilities Act of 1990, Title VII of the Civil Rights Act of
1964, the Employee Retirement Income Security Act of 1974, the Family and Medical Leave Act, the Sarbanes-Oxley Act of 2002, all
as amended, and other Federal, state and local laws relating to discrimination on the basis of age, sex or other protected class,
all claims under Federal, state or local laws for express or implied breach of contract, wrongful discharge, defamation, intentional
infliction of emotional distress, and any related claims for attorneys’ fees and costs; provided, however,
that nothing herein shall release the Company from any of its obligations to Executive under the Employment Agreement (including,
without limitation, its obligation to pay the amounts and provide the benefits upon which this General Release and Covenant Not
to Sue is conditioned) or any rights Executive may have to indemnification under any charter or by-laws (or similar documents)
of any member of the Releasees or any insurance coverage under any directors and officers insurance or similar policies.

 

2.                  Executive
further agrees that her General Release and Covenant Not to Sue may be pleaded as a full defense to any action, suit or other
proceeding covered by the terms hereof that is or may be initiated, prosecuted or maintained by Executive or
Executive’s heirs or assigns.  Executive understands and confirms that Executive is executing this General Release
and Covenant Not to Sue voluntarily and knowingly, but that this General Release and Covenant Not to Sue does not affect
Executive’s right to claim otherwise under ADEA.  In addition, Executive shall not be precluded by this General
Release and Covenant Not to Sue from filing a charge with any relevant Federal, state or local administrative agency, but
Executive agrees to waive Executive’s rights with respect to any monetary or other financial relief arising from any
such administrative proceeding.

 

    20

     

    

 

3.                 
In furtherance of the agreements set forth above, Executive hereby expressly waives and relinquishes
any and all rights under any applicable statute, doctrine or principle of law restricting the right of any person to release claims
that such person does not know or suspect to exist at the time of executing a release, which claims, if known, may have materially
affected such person’s decision to give such a release.  In connection with such waiver and relinquishment, Executive
acknowledges that Executive is aware that Executive may hereafter discover claims presently unknown or unsuspected, or facts in
addition to or different from those that Executive now knows or believes to be true, with respect to the matters released herein. 
Nevertheless, it is the intention of Executive to release all such matters fully, finally and forever, and all claims relating
thereto, that now exist, may exist or theretofore have existed, as specifically provided herein.  The parties hereto acknowledge
and agree that this waiver shall be an essential and material term of the release contained above.  Nothing in this paragraph
is intended to expand the scope of the release as specified herein.

 

 

4.                 
Executive agrees that at any time following the date hereof he will not make, endorse or
solicit and shall use all reasonable endeavors to prevent the making, endorsing or soliciting of any disparaging or derogatory
statements whether or not the statements are true, whether in writing or otherwise concerning the Company or its past or current
directors or officers and the Company undertakes that at any time following the date hereof its senior executives will not make,
endorse or solicit and shall use all reasonable endeavors to prevent the making, endorsing or soliciting of any disparaging or
derogatory statements whether or not the statement is true, whether in writing or otherwise concerning the Executive or Executive’s
work on behalf of the Company, excluding in all events any statements required to be made by law, regulation or under the public
disclosure requirements of any jurisdiction. Nothing herein shall prevent Executive from making a report, or bringing a claim,
to any governmental agency, including the U.S. Equal Employment Opportunity Commission, the National Labor Relations Board, the
U.S. Department of Justice, or the Attorney General of the State where the Executive resides, provided, however, that Executive
may not personally win any damages or other relief as a result of any such reports or claims. Nothing herein shall restrict the
Company, its affiliates or any of their employees, officers, directors, agents or representatives from providing truthful testimony
or information in response to a subpoena or investigation by a Governmental Authority or in connection with any legal action by
the Company or any of their affiliates

 

5.                 
This General Release and Covenant Not to Sue shall be governed by and construed in accordance
with the laws of the State of California applicable to agreements made and to be performed entirely within such State without
regard to principles of conflicts of laws.

 

    21

     

    

 

6.                 
 Waiver of California Civil Code Section 1542. This Agreement is intended to be effective
as a general release of and bar to all claims as stated in this Agreement. Accordingly, Executive expressly waive all rights under
Section 1542 of the California Civil Code, which states, “A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR
DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST
HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.” The Executive acknowledges that the Executive may later
discover claims or facts in addition to or different from those which the Executive now knows or believes to exist with regards
to the subject matter of this Agreement, and which, if known or suspected at the time of executing this Agreement, may have materially
affected its terms. Nevertheless, Executive waives any and all Claims that might arise as a result of such different or additional
claims or facts.

 

7.                 
To the extent that Executive is forty (40) years of age or older, this paragraph shall apply. 
Executive acknowledges that Executive has been offered a period of time of at least twenty-one (21) days to consider whether to
sign this General Release and Covenant Not to Sue, which Executive has waived, and the Company agrees that Executive may cancel
this General Release and Covenant Not to Sue at any time during the seven (7) days following the date on which this General Release
and Covenant Not to Sue has been signed by all parties to this General Release and Covenant Not to Sue.  To cancel or revoke
this General Release and Covenant Not to Sue, Executive must deliver to the Company written notice stating that Executive is canceling
or revoking this General Release and Covenant Not to Sue.  If this General Release and Covenant Not to Sue is timely cancelled
or revoked, none of the provisions of this General Release and Covenant Not to Sue shall be effective or enforceable and the Company
shall not be obligated to make the payments to Executive or to provide Executive with the other benefits described in the Employment
Agreement and known as Severance, and all contracts and provisions modified, relinquished or rescinded hereunder shall be reinstated
to the extent in effect immediately prior hereto. Executive is hereby advised to seek legal counsel prior to signing this General
Release and Covenant Not to Sue.

 

8.                 
Executive acknowledges and agrees that Executive has entered this General Release and Covenant
Not to Sue knowingly and willingly and has had ample opportunity to consider the terms and provisions of this General Release
and Covenant Not to Sue.

 

IN WITNESS
WHEREOF, the undersigned has caused this General Release and Covenant Not to Sue to be executed on this _____day of ________________,
20__.

 

 

 

	 	 
	 	Laxminarayan
    Bhat, Ph.D.

 

    22

     

    

 

Exhibit
B

 

West's
Ann.Cal.Labor Code § 2870

 

§
2870. Employment agreements; assignment of rights

 

(a) Any provision
in an employment agreement which provides that an employee shall assign, or offer to assign, any of his or his rights in an invention
to his or his employer shall not apply to an invention that the employee developed entirely on his or his own time without using
the employer's equipment, supplies, facilities, or trade secret information except for those inventions that either:

 

(1) Relate at
the time of conception or reduction to practice of the invention to the employer's business, or actual or demonstrably anticipated
research or development of the employer; or

 

(2) Result from
any work performed by the employee for the employer.

 

(b) To the extent
a provision in an employment agreement purports to require an employee to assign an invention otherwise excluded from being required
to be assigned under subdivision (a), the provision is against the public policy of this state and is unenforceable.

 

Credits

 

(Added by Stats.1979,
c. 1001, p. 3401, § 1. Amended by Stats.1986, c. 346, § 1; Stats.1991, c. 647 (S.B.879), § 5.)

 

    23Exhibit 4.1

 

WARRANT AGREEMENT

 

This agreement
is made as of July 21, 2020 between Property Solutions Acquisition Corp., a Delaware corporation, with offices at 654 Madison
Avenue, Suite 1009 New York, New York 10065 (“Company”), and Continental Stock Transfer & Trust Company,
a New York limited purpose trust company, with offices at 1 State Street, New York, New York 10004 (“Warrant Agent”).

 

WHEREAS, the Company
is engaged in a public offering (“Public Offering”) of up to 23,000,000 units, each unit (“Unit”)
comprised of one share of common stock of the Company, par value $.0001 per share (“Common Stock”), and one
warrant, where each warrant entitles the holder to purchase one share of Common Stock at a price of $11.50 per share, subject to
adjustment as described herein, and, in connection therewith, will issue and deliver up to 23,000,000 warrants (the “Public
Warrants”) to the public investors in connection with the Public Offering; and

 

WHEREAS, the Company
has filed with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-1,
No. 333-239622 (“Registration Statement”), for the registration, under the Securities Act of 1933,
as amended (“Act”) of, among other securities, the Public Warrants; and

 

WHEREAS, the Company
has received binding commitments (“Subscription Agreements”) from Property Solutions Acquisition Sponsor, LLC
and EarlyBirdCapital, Inc. (“EarlyBirdCapital”) to purchase up to an aggregate of 595,000 units which will include
up to an aggregate of 595,000 Warrants (the “Private Warrants”) upon consummation of the Public Offering; and

 

WHEREAS, the Company
may issue up to an additional 150,000 Units which will include up to an additional 150,000 Warrants (“Working Capital
Warrants”) in satisfaction of certain working capital loans made by the Company’s officers, directors, initial
stockholders and affiliates; and

 

WHEREAS, following
consummation of the Public Offering, the Company may issue additional warrants (“Post IPO Warrants” and together
with the Public Warrants, Private Warrants, and Working Capital Warrants, the “Warrants”) in connection with,
or following the consummation by the Company of, a Business Combination (defined below); and

 

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

 

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

 

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

 

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

 

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

 

2. Warrants.

 

2.1. Form
of Warrant. Each Warrant shall be issued in registered form only, shall be in substantially the form of Exhibit A hereto, the
provisions of which are incorporated herein and shall be signed by, or bear the facsimile signature of, the Chairman of the Board
of Directors or Chief Executive Officer and Treasurer, Secretary or Assistant Secretary of the Company and shall bear a facsimile
of the Company’s seal. In the event the person whose facsimile signature has been placed upon any Warrant shall have ceased
to serve in the capacity in which such person signed the Warrant before such Warrant is issued, it may be issued with the same
effect as if he or she had not ceased to be such at the date of issuance.

 

     

     

    

 

2.2. Uncertificated
Warrants. Notwithstanding anything herein to the contrary, any Warrant, or portion thereof, may be issued as part of, and be
represented by, a Unit, and any Warrant may be issued in uncertificated or book-entry form through the Warrant Agent and/or the
facilities of The Depository Trust Company (the “Depositary”) or other book-entry depositary system, in each
case as determined by the Board of Directors of the Company or by an authorized committee thereof. Any Warrant so issued shall
have the same terms, force and effect as a certificated Warrant that has been duly countersigned by the Warrant Agent in accordance
with the terms of this Agreement.

 

2.3. Effect
of Countersignature. Except with respect to uncertificated Warrants as described above, unless and until countersigned by the
Warrant Agent pursuant to this Agreement, a Warrant shall be invalid and of no effect and may not be exercised by the holder thereof.

 

2.4. Registration.

 

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

 

2.4.2. Registered
Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may deem and
treat the person in whose name such Warrant is then registered in 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.

 

2.5. Detachability
of Warrants. The securities comprising the Units will not be separately transferable until the 90th day following
the date of the prospectus or, if such 90th day is not on a day, other than Saturday, Sunday or federal holiday, on
which banks in New York City are generally open for normal business (a “Business Day”), then on the immediately
succeeding Business Day following such date, or earlier with the consent of EarlyBirdCapital (the “Representative”),
but in no event will the Representative allow separate trading of the securities comprising the Units until (i) the Company
has filed a Current Report on Form 8-K which includes an audited balance sheet reflecting the receipt by the Company
of the gross proceeds of the Public Offering including the proceeds received by the Company from the exercise of the underwriters’
over-allotment option in the Public Offering, if the over-allotment option is exercised prior to the filing of the Form 8-K, and
(ii) the Company has issued a press release and has filed a Current Report on Form 8-K announcing when such separate
trading shall begin (the “Detachment Date”); provided that no fractional Warrants will be issued upon separation
of the Units and only whole Warrants will trade.

 

2.6. Private
Warrant and Working Capital Warrant Attributes. The Private Warrants and Working Capital Warrants will be issued in the same
form as the Public Warrants but they (i) will not be redeemable by the Company and (ii) may be exercised for cash or
on a cashless basis at the holder’s option, in either case as long as they are held by the initial purchasers or their permitted
transferees (as prescribed in Section 5.6 hereof). Once a Private Warrant or Working Capital Warrant is transferred to a holder
other than an affiliate or permitted transferee, it shall be treated as a Public Warrant hereunder for all purposes.

 

2.7.  Post
IPO Warrants. The Post IPO Warrants, when and if issued, shall have the same terms and be in the same form as the Public Warrants
except as may be agreed upon by the Company.

 

    2

     

    

 

3. Terms and Exercise of Warrants

 

3.1. Warrant
Price. Each whole Warrant shall, when countersigned by the Warrant Agent (except with respect to uncertificated Warrants),
entitle the registered holder thereof, subject to the provisions of such Warrant and of this Agreement, to purchase from the Company
the number of shares of Common Stock stated therein, at the price of $11.50 per share, subject to the adjustments provided in Section 4
hereof and in the last sentence of this Section 3.1. The term “Warrant Price” as used in this Agreement refers
to the price per share at which the shares of Common Stock may be purchased at the time a Warrant is exercised. The Company in
its sole discretion may lower the Warrant Price at any time prior to the Expiration Date (as defined below) for a period of not
less than twenty (20) Business Days; provided, that the Company shall provide at least twenty (20) days’ prior
written notice of such reduction to registered holders of the Warrants and, provided further that any such reduction shall be applied
consistently to all of the Warrants.

 

3.2. Duration
of Warrants. A Warrant may be exercised only during the period commencing on the later of 30 days after the consummation by
the Company of a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business
combination with one or more businesses or entities (“Business Combination”) (as described more fully in the
Registration Statement) or 12 months from the closing of the Public Offering, and terminating at 5:00 p.m., New York City time
on the earlier to occur of (i) five years from the consummation of a Business Combination, (ii) the Redemption Date as
provided in Section 6.2 of this Agreement and (iii) the liquidation of the Company (“Expiration Date”).
The period of time from the date the Warrants will first become exercisable until the expiration of the Warrants shall hereafter
be referred to as the “Exercise Period.” Except with respect to the right to receive the Redemption Price (as set forth
in Section 6 hereunder), as applicable, each Warrant not exercised on or before the Expiration Date shall become void, and
all rights thereunder and all rights in respect thereof under this Agreement shall cease at the close of business on the Expiration
Date. The Company in its sole discretion may extend the duration of the Warrants by delaying the Expiration Date; provided, however,
that the Company will provide at least twenty (20) days’ prior written notice of any such extension to registered holders
and, provided further that any such extension shall be applied consistently to all of the Warrants.

 

3.3. Exercise
of Warrants.

 

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

 

(a)
by good certified check or good bank draft payable to the order of the Warrant Agent or wire transfer; or

 

(b)
in the event of redemption pursuant to Section 6 hereof in which the Company’s management has elected to force all holders
of Warrants to exercise such Warrants on a “cashless basis,” by surrendering the Warrants for that number of shares
of Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares of Common Stock underlying
the Warrants, multiplied by the difference between the Warrant Price and the “Fair Market Value” (defined below) by
(y) the Fair Market Value. Solely for purposes of this Section 3.3.1(b), the “Fair Market Value” shall mean
the average last reported sale price of the Common Stock for the five (5) trading days ending on the third trading day prior
to the date on which the notice of redemption is sent to holders of the Warrants pursuant to Section 6 hereof; or

 

(c)
with respect to any Private Warrants or Working Capital Warrants, so long as such Private Warrants or Working Capital Warrants
are held by the initial purchasers or their permitted transferees, by surrendering such Private Warrants or Working Capital Warrants
for that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares
of Common Stock underlying the Warrants, multiplied by the difference between the exercise price of the Warrants and the “Fair
Market Value” by (y) the Fair Market Value; provided, however, that no cashless exercise shall be permitted unless the
Fair Market Value is equal to or higher than the exercise price. Solely for purposes of this Section 3.3.1(c), the “Fair
Market Value” shall mean the average reported last sale price of the Common Stock for the five (5) trading days ending
on the third trading day prior to the date of exercise; or

 

(d)
in the event the registration statement required by Section 7.4 hereof is not effective and current within ninety (90) days
after the closing of a Business Combination, by surrendering such Warrants for that number of shares of Common Stock equal to the
quotient obtained by dividing (x) the product of the number of shares of Common Stock underlying the Warrants, multiplied
by the difference between the exercise price of the Warrants and the “Fair Market Value” by (y) the Fair Market
Value; provided, however, that no cashless exercise shall be permitted unless the Fair Market Value is equal to or higher than
the exercise price. Solely for purposes of this Section 3.3.1(d), the “Fair Market Value” shall mean the average
reported last sale price of the Common Stock for the five (5) trading days ending on the trading day prior to the date of
exercise.

 

    3

     

    

 

3.3.2. Issuance
of Shares of Common Stock. As soon as practicable after the exercise of any Warrant and the clearance of the funds in payment
of the Warrant Price (if any), the Company shall issue to the registered holder of such Warrant a certificate or certificates,
or book entry position, for the number of 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 in full, a new countersigned Warrant,
or book entry position, for the number of shares as to which such Warrant shall not have been exercised. Notwithstanding the foregoing,
in no event will the Company be required to net cash settle the Warrant exercise. No Warrant shall be exercisable for cash and
the Company shall not be obligated to issue shares of Common Stock upon exercise of a Warrant unless the Common Stock issuable
upon such Warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence
of the registered holder of the Warrants. In the event that the condition in the immediately preceding sentence is not satisfied
with respect to a Warrant, the holder of such Warrant shall not be entitled to exercise such Warrant for cash and such Warrant
may have no value and expire worthless, in which case the purchaser of a Unit containing such Public Warrants shall have paid the
full purchase price for the Unit solely for the shares of Common Stock underlying such Unit. Warrants may not be exercised by,
or securities issued to, any registered holder in any state in which such exercise would be unlawful.

 

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

 

3.3.4. Date
of Issuance. Each person in whose name any book entry position or 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, or book entry position
representing such Warrant, was surrendered and payment of the Warrant Price was made, irrespective of the date of delivery of such
certificate, except that, if the date of such surrender and payment is a date when the share transfer books of the Company or book
entry system of the Warrant Agent are closed, such person shall be deemed to have become the holder of such shares at the close
of business on the next succeeding date on which the share transfer books or book entry system are open.

 

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

 

    4

     

    

 

4. Adjustments.

 

4.1. Stock
Dividends; Split Ups. If after the date hereof, and subject to the provisions of Section 4.6 below, the number of outstanding
shares of Common Stock is increased by a stock dividend payable in shares of Common Stock, or by a split up of shares of Common
Stock, or other similar event, then, on the effective date of such stock dividend, split up or similar event, the number of shares
of Common Stock issuable on exercise of each Warrant shall be increased in proportion to such increase in outstanding shares of
Common Stock.

 

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

 

4.3 Extraordinary
Dividends. If the Company, at any time while the Warrants are outstanding and unexpired, shall pay a dividend or make a distribution
in cash, securities or other assets to the holders of the shares of Common Stock or other shares of the Company’s capital
stock into which the Warrants are convertible (an “Extraordinary Dividend”), then the Warrant Price shall be
decreased, effective immediately after the effective date of such Extraordinary Dividend, by the amount of cash and the fair market
value (as determined by the Company’s Board of Directors, in good faith) of any securities or other assets paid in respect
of such Extraordinary Dividend divided by all outstanding shares of the Company at such time (whether or not any shareholders waived
their right to receive such dividend); provided, however, that none of the following shall be deemed an Extraordinary Dividend
for purposes of this provision: (a) any adjustment described in subsection 4.1 above, (b) any cash dividends or cash
distributions which, when combined on a per share basis with all other cash dividends and cash distributions paid on the Common
Stock during the 365-day period ending on the date of declaration of such dividend or distribution does not exceed $0.50
per share (taking into account all of the outstanding shares of the Company at such time (whether or not any shareholders waived
their right to receive such dividend) and 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) but only with respect to the amount of the aggregate
cash dividends or cash distributions equal to or less than $0.50, (c) any payment to satisfy the conversion rights of the holders
of the shares of Common Stock in connection with a proposed initial Business Combination or certain amendments to the Company’s
Amended and Restated Certificate of Incorporation (as described in the Registration Statement) or (d) any payment in connection
with the Company’s liquidation and the distribution of its assets upon its failure to consummate a Business Combination.
Solely for purposes of illustration, if the Company, at a time while the Warrants are outstanding and unexpired, pays a cash dividend
of $0.35 and previously paid an aggregate of $0.40 of cash dividends and cash distributions on the Common Stock during the 365-day period
ending on the date of declaration of such $0.35 dividend, then the Warrant Price will be decreased, effectively immediately after
the effective date of such $0.35 dividend, by $0.25 (the absolute value of the difference between $0.75 (the aggregate amount of
all cash dividends and cash distributions paid or made in such 365-day period, including such $0.35 dividend) and $0.50
(the greater of (x) $0.50 and (y) the aggregate amount of all cash dividends and cash distributions paid or made in such 365-day period
prior to such $0.35 dividend)). Furthermore, solely for the purposes of illustration, if following the closing of the Company’s
initial Business Combination, there were total shares outstanding of 100,000,000 and the Company paid a $1.00 dividend to 17,500,000
of such shares (with the remaining 82,500,000 shares waiving their right to receive such dividend), then no adjustment to the Warrant
Price would occur as a $17.5 million dividend payment divided by 100,000,000 shares equals $0.175 per share which is less than
$0.50 per share.

 

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 (x) the numerator of which shall be the number of shares of Common
Stock purchasable upon the exercise of the Warrants immediately prior to such adjustment, and (y) the denominator of which
shall be the number of shares of Common Stock so purchasable immediately thereafter.

 

    5

     

    

 

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 Section 4.1, 4.2 or 4.3 hereof or that solely affects the par value of the 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
Common Stock), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of the
Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the Warrant holders shall
thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants and
in lieu of the shares of Common Stock of the Company immediately theretofore purchasable and receivable upon the exercise of the
rights represented thereby, the kind and amount of shares of stock or other securities or property (including cash) receivable
upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer,
that the Warrant holder would have received if such Warrant holder had exercised his, her or its Warrant(s) immediately prior to
such event. If any reclassification also results in a change in the Common Stock covered by Section 4.1, 4.2 or 4.3, then
such adjustment shall be made pursuant to Sections 4.1, 4.2, 4.3, 4.4 and this Section 4.5. The provisions of this Section 4.5
shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers. In
no event will the Warrant Price be reduced to less than the par value per share issuable upon exercise of the Warrant.

 

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 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, and in
the case of any such issuance to Property Solutions Acquisition Sponsor, LLC, the initial stockholders, or their affiliates, without
taking into account any founders’ shares held by them prior to such issuance), (b) 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 (c) the Fair Market Value (as
defined below) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal
to 115% of the greater of (i) the Fair Market Value or (ii) the price at which the Company issues the Common Stock or equity-linked
securities. Solely for purposes of this Section 4.6, the “Fair Market Value” shall mean the volume weighted
average reported trading price of the Common Stock for the twenty (20) trading days starting on the trading day prior to the date
of the consummation 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, 4.2, 4.3, 4.4, 4.5, or 4.6, then, in any such event, the Company shall give written notice
to each Warrant holder, at the last address set forth for such holder in the Warrant Register, of the record date or the effective
date of the event. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such event.

 

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

 

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

 

    6

     

    

 

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 they determine that an adjustment is necessary, the terms of
such adjustment. The Company shall adjust the terms of the Warrants in a manner that is consistent with any adjustment recommended
in such opinion.

 

5. Transfer and Exchange of
Warrants.

 

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

 

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

 

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

 

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

 

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

 

5.6. Private
Warrants and Working Capital Warrants. The Warrant Agent shall not register any transfer of Private Warrants or Working Capital
Warrants until after the consummation by the Company of an initial Business Combination, except for transfers (i) among the
initial stockholders or to the initial stockholders’ or the Company’s officers, directors, consultants or their affiliates,
(ii) to a holder’s stockholders or members upon the holder’s liquidation, in each case if the holder is an entity,
(iii) by bona fide gift to a member of the holder’s immediate family or to a trust, the beneficiary of which is the
holder or a member of the holder’s immediate family, in each case for estate planning purposes, (iv) by virtue of the
laws of descent and distribution upon death, (v) pursuant to a qualified domestic relations order, (vi) to the Company
for no value for cancellation in connection with the consummation of a Business Combination, (vii) in connection with the
consummation of a Business Combination by private sales at prices no greater than the price at which the Private Warrants were
originally purchased, (viii) in the event of the Company’s liquidation prior to its consummation of an initial Business
Combination or (ix) in the event that, subsequent to the consummation of an initial Business Combination, the Company completes
a liquidation, merger, share exchange or other similar transaction which results in all of the Company’s stockholders having
the right to exchange their Common Stock for cash, securities or other property, in each case (except for clauses (vi), (viii)
or (ix) or with the Company’s prior written consent) on the condition that prior to such registration for transfer,
the Warrant Agent shall be presented with written documentation pursuant to which each transferee or the trustee or legal guardian
for such transferee agrees to be bound by the transfer restrictions contained in this section and any other applicable agreement
the transferor is bound by.

 

    7

     

    

 

5.7. Transfers
prior to Detachment. Prior to the Detachment Date, the Public Warrants may be transferred or exchanged only together with the
Unit in which such Warrant is included, and only for the purpose of effecting, or in conjunction with, a transfer or exchange of
such Unit. Furthermore, each transfer of a Unit on the register relating to such Units shall operate also to transfer the Warrants
included in such Unit. Notwithstanding the foregoing, the provisions of this Section 5.7 shall have no effect on any transfer
of Warrants on or after the Detachment Date.

 

6. Redemption.

 

6.1. Redemption.
Subject to Section 6.4 hereof, not less than all of the outstanding Warrants may be redeemed, at the option of the Company,
at any time during the Exercise Period, at the office of the Warrant Agent, upon the notice referred to in Section 6.2, at
the price of $0.01 per Warrant (“Redemption Price”), provided that the last sales price of the Common Stock
equals or exceeds $18.00 per share (subject to adjustment in accordance with Section 4 hereof), on each of twenty (20) trading
days within any thirty (30) trading day period commencing after the Warrants become exercisable and ending on the third trading
day prior to the date on which notice of redemption is given and provided that there is an effective registration statement covering
the shares of Common Stock issuable upon exercise of the Warrants, and a current prospectus relating thereto, available throughout
the 30-day redemption or the Company has elected to require the exercise of the Warrants on a “cashless basis”
pursuant to subsection 3.3.1(b); provided, however, that if and when the Public Warrants become redeemable by the Company, the
Company may not exercise such redemption right if the issuance of shares of Common Stock upon exercise of the Public Warrants is
not exempt from registration or qualification under applicable state blue sky laws or the Company is unable to effect such registration
or qualification.

 

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

 

6.3. Exercise
After Notice of Redemption. The Public Warrants may be exercised, for cash (or on a “cashless basis” in accordance
with Section 3 of this 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. In the event the Company determines to require all holders of Public
Warrants to exercise their Warrants on a “cashless basis” pursuant to Section 3.3.1(b), the notice of redemption
will contain the information necessary to calculate the number of shares of Common Stock to be received upon exercise of the Warrants,
including the “Fair Market Value” in such case. On and after the Redemption Date, the record holder of the Warrants
shall have no further rights except to receive, upon surrender of the Warrants, the Redemption Price.

 

6.4 Exclusion
of Certain Warrants. The Company agrees that the redemption rights provided in this Section 6 shall not apply to (i) the
Private Warrants and Working Capital Warrants if at the time of the redemption such Private Warrants or Working Capital Warrants
continue to be held by the initial purchasers or their permitted transferees or (ii) Post IPO Warrants if such warrants provide
that they are non-redeemable by the Company. However, with respect to the Private Warrants or Working Capital Warrants,
once such Private Warrants or Working Capital Warrants are transferred (other than to permitted transferees under Section 5.6),
the Company may redeem the Private Warrants and Working Capital Warrants in the same manner as the Public Warrants.

 

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

 

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

 

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

 

    8

     

    

 

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
Agreement.

 

7.4. Registration
of Shares of Common Stock. The Company agrees that as soon as practicable after the closing of its initial Business Combination,
it shall use its best efforts to file with the Securities and Exchange Commission a registration statement for the registration,
under the Act, of the shares of Common Stock issuable upon exercise of the Warrants, and it shall use its best efforts to take
such action as is necessary to register or qualify for sale, in those states in which the Warrants were initially offered by the
Company and in those states where holders of Warrants then reside, the shares of Common Stock issuable upon exercise of the Warrants,
to the extent an exemption is not available. The Company will use its best efforts to cause the same to become effective and to
maintain the effectiveness of such registration statement until the expiration of the Warrants in accordance with the provisions
of this Agreement. If any such registration statement has not been declared effective by the 90th day following the closing of
the Business Combination, holders of the Warrants shall have the right, during the period beginning on the 91st day after the closing
of the Business Combination and ending upon such registration statement being declared effective by the Securities and Exchange
Commission, and during any other period when the Company shall fail to have maintained an effective registration statement covering
the shares of Common Stock issuable upon exercise of the Warrants, to exercise such Warrants on a “cashless basis”
as determined in accordance with Section 3.3.1(d). The Company shall provide the Warrant Agent with an opinion of counsel
for the Company (which shall be an outside law firm with securities law experience) stating that (i) the exercise of the Warrants
on a cashless basis in accordance with this Section 7.4 is not required to be registered under the Act and (ii) the shares
of Common Stock issued upon such exercise will be freely tradable under U.S. federal securities laws by anyone who is not an affiliate
(as such term is defined in Rule 144 under the Act) of the Company and, accordingly, will not be required to bear a restrictive
legend. For the avoidance of any doubt, unless and until all of the Warrants have been exercised on a cashless basis, the Company
shall continue to be obligated to comply with its registration obligations under the first three sentences of this Section 7.4.
The provisions of this Section 7.4 may not be modified, amended, or deleted without the prior written consent of EarlyBirdCapital.

 

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

 

    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 Agreement without any further act.

 

8.3. Fees
and Expenses of Warrant Agent.

 

8.3.1. Remuneration.
The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent hereunder and 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 Agreement.

 

8.4. Liability
of Warrant Agent.

 

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

 

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

 

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

 

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

 

9. Miscellaneous Provisions.

 

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

 

    10

     

    

 

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

 

Property Solutions
Acquisition Corp.

654 Madison Avenue,
Suite 1009

New York, New York
10065

Attn: Jordan
Vogel

 

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

 

Continental Stock Transfer &
Trust Company

1 State Street

New York, New York 10004

Attn: Compliance Department

 

with a copy in each case to:

 

Graubard Miller

The Chrysler Building

405 Lexington Avenue

New York, New York 10174

Attn: David Alan Miller,
Esq.

 

and

 

Ellenoff Grossman &
Schole, LLP

1345 Avenue of the Americas

New York, NY 10105

Attn: Douglas S. Ellenoff,
Esq.

 

and

EarlyBirdCapital, Inc.

366 Madison Avenue, 8th
Floor

New York, NY 10017

Attn: Steven Levine

 

9.3. Applicable
Law. The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed in all respects
by the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application
of the substantive laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim against it arising
out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United
States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall
be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient
forum. Any such process or summons to be served upon the Company may be served by transmitting a copy thereof by registered or
certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 9.2 hereof.
Such mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim.

 

9.4. Persons
Having Rights under this Agreement. Nothing in this Agreement expressed and nothing that may be implied from any of the provisions
hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto
and the registered holders of the Warrants and, for the purposes of Sections 7.4, 9.4 and 9.8 hereof, EarlyBirdCapital, any right,
remedy, or claim under or by reason of this Warrant Agreement or of any covenant, condition, stipulation, promise, or agreement
hereof. EarlyBirdCapital shall be deemed to be a third-party beneficiary of this Agreement with respect to Sections 7.4, 9.4 and
9.8 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 EarlyBirdCapital with respect to the Sections 7.4, 9.4 and 9.8 hereof)
and their successors and assigns and of the registered holders of the Warrants.

 

    11

     

    

 

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

 

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

 

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

 

9.8 Amendments.
This Agreement may be amended by the parties hereto without the consent of any registered holder for the purpose of curing
any ambiguity, or of curing, correcting or supplementing any defective provision contained herein or adding or changing any other
provisions with respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable and
that the parties deem shall not adversely affect the interest of the registered holders. All other modifications or amendments,
including any amendment to increase the Warrant Price or shorten the Exercise Period, shall require the written consent or vote
of the registered holders of (i) a majority of the then outstanding Public Warrants if such modification or amendment is being
undertaken prior to, or in connection with, the consummation of a Business Combination or (ii) a majority of the then outstanding
Warrants if such modification or amendment is being undertaken after the consummation of a Business Combination. Notwithstanding
the foregoing, the Company may lower the Warrant Price or extend the duration of the Exercise Period pursuant to Sections 3.1 and
3.2, respectively, without the consent of the registered holders. The provisions of this Section 9.8 may not be modified, amended
or deleted without the prior written consent of EarlyBirdCapital.

 

9.9 Trust
Account Waiver. The Warrant Agent acknowledges and agrees that it shall not make any claims or proceed against the trust account
established by the Company in connection with the Public Offering (as more fully described in the Registration Statement) (“Trust
Account”), including by way of set-off, and shall not be entitled to any funds in the Trust Account under any
circumstance. In the event that the Warrant Agent has a claim against the Company under this Agreement, the Warrant Agent will
pursue such claim solely against the Company and not against the property held in the Trust Account.

 

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

 

[signature page
follows]

 

    12

     

    

 

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

 

	 	PROPERTY SOLUTIONS ACQUISITION CORP.
	 	 
	 	By:	/s/ Jordan Vogel
	 	 	Name: Jordan Vogel
	 	 	Title: Co-Chief Executive Officer
	 	 
	 	CONTINENTAL STOCK TRANSFER

& TRUST COMPANY
	 	 
	 	By:	/s/ James F. Kiszka
	 	 	Name: James F. Kiszka
	 	 	Title: Vice President

 

[Signature Page to Warrant
Agreement]

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