Document:

Document

Exhibit 10.3

SECURITY AGREEMENT AND ASSIGNMENT

THIS SECURITY AGREEMENT AND ASSIGNMENT, dated effective as of April 8,
2021 ("Security Agreement"), made by Mile High LNG LLC, a Delaware limited liability company, Stabilis GDS, Inc. (formerly Prometheus Energy Group, Inc.), a Delaware corporation, Stabilis LNG Eagle Ford LLC, a Delaware limited liability company, and Stabilis Energy Services, LLC, a Texas limited liability company, (collectively, "Debtor") to and in favor of AmeriState Bank, an Oklahoma state banking corporation ("Secured Party"), with reference to the following:

A.    Stabilis Solutions, Inc., a Florida corporation (“Borrower”),  as Borrower, and the
Secured Party, as Lender, are parties to a certain Loan Agreement dated effective as of April 8,
2021, (such Loan Agreement, as the same may be hereafter amended, supplemented, modified or restated, is referred to herein as the "Loan Agreement"), whereby the Secured Party has agreed to the extension of a $10,000,000.00 advancing loan until April 8, 2031, evidenced by ten separate
$1,000,000.00 Advancing Notes dated as of April 8, 2021, as extended from time to time via amendment.

B.       The  Loan  Agreement  requires,  as  a  condition  precedent  to  Secured  Party's liabilities, indebtedness and obligations thereunder, that Debtor execute and deliver to Secured Party this Security Agreement. Each Debtor is a wholly owned subsidiary of Borrower.

C.        To  secure  the  Indebtedness  and  performance  of  Borrower  under  the  Loan Agreement, and the Loan Documents and the Note, all as more particularly described and defined therein, and to secure the Indebtedness, Debtor is executing and delivering this Security Agreement as well as certain other Loan Documents described and defined in the Loan Agreement.

NOW, THEREFORE, to induce Secured Party to enter into the Security Agreement, to consummate the transaction provided for therein, and for other valuable considerations, the receipt of which is hereby acknowledged, Debtor and Secured Party hereby agree as follows:

ARTICLE I
DEFINITIONS

1.1.     Terms Defined in Loan Agreement. All capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the Loan Agreement, except only as otherwise provided in Section 1.2 below.

1.2.      Terms Defined in the UCC.  Each term used herein which is defined in the UCC and not otherwise defined herein, shall have the respective meaning given such term in the UCC. Notwithstanding the different meanings that might be ascribed in different or various versions or enactments of the UCC from time to time in any of the applicable jurisdictions (Oklahoma or otherwise) to items or types of collateral described or referenced in this Security Agreement, it is the express intent of Debtor and Secured Party that in each case the more encompassing of such meanings or definitions thereof is intended to be applicable in all respects and for all purposes.

1.3.      Definitions of Certain Terms Used Herein.  As used in this Security Agreement, in addition to the terms defined in the Preamble and Recitals hereof, the following terms shall have the following meanings:

"Charter Documents" means the Articles of Incorporation of the Debtor, as applicable, as filed in the office of the Secretary of State of the jurisdiction in which Debtor has been organized, as amended or restated from time to time, and all other agreements and instruments regarding the formation and governance thereof.

"Collateral" shall have the meaning assigned to it on Schedule 1 attached hereto. "Default" means an event described in Section 5.1.
"Event of Default" means an event which but for the lapse of time or the giving of notice, or both, would constitute a Default.

"Lien" means any lien (statutory or other), security interest, mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance or preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including, without limitation, the interest of a vendor or lessor under any conditional sale, capitalized lease or other title retention agreement).

"Proceeds" shall have the broadest and most extensive meaning now or hereafter given or assigned to such term in Article 9 of the UCC and, in any event, shall include, but not be limited to, (i) any and all proceeds of any insurance, indemnity, warranty or guaranty payable to the Debtor from time to time with respect to the Collateral, (ii) any and all payments (in any form whatsoever) made or due and payable to Debtor from time to time in connection with any requisition, confiscation, condemnation, seizure or forfeiture of all or any part of the Collateral by any governmental authority, and (iii) all proceeds in the form of accounts, collections, contract rights, documents, instruments, chattel  paper,  supporting  obligations,  letter  of  credit  rights,  general  intangibles  or payment intangibles relating in whole or in part to the Collateral.

"Supporting Obligations" shall have the meaning given such term in Article 9 of the UCC.

"UCC" means the Uniform Commercial Code as in effect on the date hereof in the State of Oklahoma, except that the term "UCC" means the Uniform Commercial Code as in effect on the date hereof or hereinafter amended, modified or re-enacted from time to time in such other applicable state or states as may be required for the creation, perfection or  enforcement  of  the  security  interest  and  rights  created  herein  and  as  otherwise specified herein.

The foregoing definitions shall be equally applicable to both the singular and plural forms of the defined terms.
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ARTICLE II
GRANT OF SECURITY INTEREST

Debtor hereby pledges, transfers, assigns and grants to Secured Party, a first priority security interest in and to the Collateral to secure the prompt and complete payment and performance of the Indebtedness.

ARTICLE III
REPRESENTATIONS AND WARRANTIES

Debtor represents and warrants to Secured Party that:

3.1.      Title, Authorization, Validity and Enforceability.   Debtor has good and valid rights in or the power to transfer the Collateral and title to the Collateral with respect to which it has purported to grant a security interest hereunder, free and clear of all Liens except for Permitted Encumbrances and Liens expressly permitted under Section 4.1.6, and have full power and authority to grant to Secured Party the security interest in such Collateral pursuant hereto. The execution and delivery by the Debtor of this Security Agreement has been duly authorized by proper company proceedings (as applicable), and this Security Agreement constitutes a legal, valid and binding obligation of Debtor and creates a security interest which is enforceable against Debtor in all now owned and hereafter acquired Collateral.  When a financing statement has been filed against Debtor in the central filing office of Debtor's jurisdiction of organization, Secured Party will have a fully perfected, first priority security interest in that Collateral in which a security interest may be perfected by filing, subject only to Liens expressly permitted under Section 4.1.6.

3.2.      Conflicting Laws and Contracts.  Neither the execution and delivery by Debtor of this Security Agreement, the creation and perfection of the security interest in the Collateral granted hereunder, nor compliance with the terms and provisions hereof will violate any law, rule, regulation, order, writ, judgment, injunction, decree or award binding on Debtor or the Debtor’s articles or certificate of incorporation or by-laws, the provisions of any indenture, instrument or agreement to which Debtor is a party or is subject, or by which it or its property, is bound, or conflict with or constitute a default thereunder, or result in the creation or imposition of any Lien pursuant to the terms of any such indenture, instrument or agreement (other than any Lien of Secured Party).

3.3.      Principal  Location.    Debtor's  mailing  address,  and  the  location  of  its  chief executive offices (if it has more than one place of business) is: 11750 Katy Freeway, Suite 900, Houston, Texas 77079.

3.4.      No Other Names.  Except as specifically provided in the first paragraph of this Security Agreement, Debtor has not conducted business under names except the names in which it has executed this Security Agreement. Debtor's name set forth on the signature page hereof is accurate and correct in all respects and, as to Debtor, is the exact same name of Debtor as shown on the organizational documents, as amended, of Debtor filed with the applicable governmental office of the jurisdiction in which Debtor has been formed as a registered organization.

3.5.    No Default. No Default or Event of Default exists.
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3.6.    Intentionally Left Blank.

3.7.      Filing Requirements.   None of the Collateral is of a type for which security interests or liens may be perfected by filing under any federal statute.

3.8.      No Financing Statements. No financing statement describing all or any portion of the Collateral which has not lapsed or been terminated naming Debtor, as debtor, has been filed in any jurisdiction except (i) financing statements naming Secured Party as secured party, or (ii) as permitted by Section 4.1.6.

3.9.      Organization.  Debtor is organized as the type of entity set forth on the signature page hereof. Debtor is in good standing in the jurisdiction of its organization or formation and in each state in which Debtor operates its business.

3.10.   Collateral Use/Purposes.   Debtor stipulates, acknowledges and agrees that the transactions secured by the Collateral described in this Security Agreement and the underlying Loan Documents described and defined in the Loan Agreement do not constitute consumer or consumer related transactions in any manner or respect and that the loan proceeds evidencing the Indebtedness are not for personal, family, household or agricultural purposes but are solely for business and commercial uses and purposes.

3.11.    No  Assumption  of  Obligations  by  Secured  Party.     Neither  this  Security Agreement nor any action by Secured Party shall constitute an assumption by Secured Party of any obligations of Debtor under the contracts or any Debtor's ownership in any of the Collateral, and Debtor shall continue to be liable for all obligations of Debtor under the contracts and in the Collateral.  Debtor hereby agrees to punctually perform and observe all of the terms, conditions, and requirements of the contracts and the ownership interests in the Collateral to be performed or observed by Debtor.

ARTICLE IV
COVENANTS

From the date of this Security Agreement, and thereafter until this Security Agreement is terminated:

4.1.    General.

4.1.1.   Inspection.  Debtor will permit Secured Party, by its representatives and agents (i) to inspect the Collateral, (ii) to examine and make copies of the records of Debtor relating to the Collateral and (iii) to discuss the Collateral and the related records of Debtor with, and to be advised as to the same by, Debtor's officers and employees, all at such reasonable times and intervals as Secured Party may determine, and all at Borrower's expense (provided that Borrower shall not be obligated to pay for the cost of more than one inspection in any twelve (12) month period).

4.1.2.   Payment of Taxes.  Debtor will pay and discharge promptly when due all taxes, capital contributions, assessments,  forced contributions, governmental charges, fines and penalties, of every description, payable by it with respect to or which, if not
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paid, could result in a Lien upon any of the Collateral (other than any Permitted Encumbrance).  In the event Debtor should for any reason fail to pay and discharge promptly any such taxes, assessments, forced contributions, governmental charges, fines, or penalties when due, then Secured Party shall be authorized, but shall not be obligated, to pay the same, with full subrogation to all rights of any Person by reason of such payment, and the amounts so paid, together with interest thereon at the rate specified in the Term Note, shall be secured by the Collateral.

4.1.3. Records and Reports; Notification of Default.   Debtor will maintain complete and accurate books and records with respect to the Collateral, and furnish to Secured Party such reports relating to the Collateral as Secured Party shall from time to time  request.    Debtor  will  give  prompt  notice  in  writing  to  Secured  Party  of  the occurrence of any Default or Event of Default and of any other development, financial or otherwise, which might materially and adversely affect the Collateral.

4.1.4.   Financing Statements and Other Actions; Defense of Title.  Debtor hereby authorizes Secured Party to file any financing statements (including amendments), continuation statements, inventory lists, lien entry forms or other similar documents which Secured Party deems necessary in order to protect, preserve, continue, perfect, extend or maintain a valid security interest in the Collateral to secure payment of the Indebtedness.  Debtor will take any and all actions necessary to defend title to the Collateral against all persons and to defend the security interest of Secured Party in the Collateral and the priority thereof against any Lien not expressly permitted hereunder.

4.1.5.   Disposition of Collateral.   Debtor may make dispositions not otherwise prohibited by the Loan Agreement.

4.1.6.   Liens.  Debtor will not create, incur, permit or suffer to exist any Lien on the Collateral except the security interest created by this Security Agreement and any Permitted Encumbrances.

4.2.      Intentionally Left Blank.

4.3.    Equipment.

4.3.1.   Maintenance of Goods.  Debtor will do all things necessary to maintain, preserve, protect and keep the Collateral in good repair and working and saleable or operating condition.

4.3.2.   Insurance.  Debtor will (i) maintain fire and extended coverage insurance on its Equipment containing a lender's loss payable clause in favor of Secured Party and providing that said insurance will not be terminated except after at least 30 days' written notice from the insurance company to Secured Party, (ii) maintain such other insurance on the Collateral for the benefit of Secured Party as Secured Party shall from time to time request, (iii) furnish to Secured Party upon the request of Secured Party from time to time the originals of all policies of insurance on the Collateral and certificates with respect to such insurance and (iv) maintain general liability insurance naming Secured Party as an
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additional insured concerning all of the Collateral and  each Debtor's business operations and activities in connection therewith.

4.4.    Intentionally Left Blank.

4.5.    Intentionally Left Blank.

4.6.    Intentionally Left Blank.

4.7.      Organization Status.   Debtor will preserve and maintain its existence and good standing in the state of its organization and in such other jurisdictions in which any Debtor is required by applicable law to qualify as a foreign organization.

4.8.      Amendments of Charter Documents.  Debtor will not, without the prior written consent of Secured Party (which may be withheld by Secured Party in the exercise of its discretion),  cause,  permit  or  consent  to  any  amendment  or  modification  of  any  Charter Document which  might  adversely affect  Secured Party  or  otherwise reorganize, change or relocate the state or jurisdiction in which any Debtor has been created, formed and organized as a "registered    organization"    as    that    term    is    described    and    defined    in    the    UCC.

ARTICLE V
DEFAULT

5.1.      Definition of Default.  The term "Default" shall mean the Occurrence of an Event of Default under the Loan Agreement.

5.2.      Acceleration and Remedies.  Upon the acceleration of the Indebtedness under the Loan Agreement, the Indebtedness shall immediately become due and payable without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived, and Secured Party may exercise any or all of the following rights and remedies:

5.2.1.   Those rights and remedies provided in this Security Agreement, the Loan Agreement, or any other Loan Document, provided that this Section 5.2.1 shall not be understood to limit any rights or remedies available to Secured Party prior to a Default.

5.2.2.  Those rights and remedies available to a secured party under the UCC (whether or not the UCC applies to the affected Collateral) or under any other applicable law (including, without limitation, any law governing the exercise of a bank's right of setoff or bankers' lien) when a debtor is in default under a security agreement.

5.2.3.   Without notice except as specifically provided in Section 8.1 or elsewhere herein, sell, lease, assign, grant an option or options to purchase or otherwise dispose of the Collateral or any part thereof in one or more parcels at public or private sale, for cash, on credit or for future delivery, and upon such other terms as Secured Party may deem commercially reasonable or that any obligation to clean-up or otherwise prepare the Collateral for sale.  Secured Party may comply with any applicable state or federal law requirements in connection with a disposition of the Collateral and compliance will not
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be considered adversely to affect the commercial reasonableness of  any sale of  the
Collateral.

5.3.      Debtor’s  Obligations Upon Default.  Upon the request of Secured Party after the occurrence of an Event of Default, Debtor will:

5.3.1.   Assembly of Collateral.  Assemble and make available to Secured Party the Collateral and all records relating thereto at any place or places reasonably specified by Secured Party.

5.3.2. Secured Party Access.   Permit Secured Party, by Secured Party's representatives and agents, to enter any premises where all or any part of the Collateral, or the books and records relating thereto, or both, are located, to take possession of all or any part of the Collateral and to remove all or any part of the Collateral.

5.4.      License.  Secured Party is hereby granted a license or other right to use, following the occurrence and during the continuance of an Event of Default, without charge, all licenses and permits of Debtor, or any property of a similar nature, as they pertain to the Collateral, in completing production of, advertising for sale, and selling any Collateral, and, following the occurrence and during the continuance of an Event of Default, Debtor's rights under all such Collateral shall inure to Secured Party's benefit. In addition, Debtor hereby irrevocably agrees that Secured Party may, following the occurrence and during the continuance of an Event of Default, sell any of Debtor's Inventory directly to any person, including without limitation persons who have previously purchased Debtor's Inventory from such Debtor and in connection with any such sale or other enforcement of Secured Party's rights under this Agreement, may sell Inventory which bears any trademark owned by or licensed to Debtor and any Inventory that is covered by any copyright owned by or licensed to Debtor and Secured Party may finish any work in process and affix any trademark owned by or licensed to Debtor and sell such Inventory as provided herein.

ARTICLE VI
WAIVER, AMENDMENTS AND REMEDIES

No delay or omission of Secured Party to exercise any right or remedy granted under this Security Agreement shall impair such right or remedy or be construed to be a waiver of any Default or an acquiescence therein, and any single or partial exercise of any such right or remedy shall not preclude any other or further exercise thereof or the exercise of any other right or remedy.  Each Debtor waives any right they may have to require Secured Party to pursue any third person for any of the obligation.  No waiver, amendment or other variation of the terms, conditions or provisions of this Security Agreement whatsoever shall be valid unless in writing signed by Secured Party and then only to the extent in such writing specifically set forth. All rights and remedies contained in this Security Agreement or by law afforded shall be cumulative and all shall be available to Secured Party until the Indebtedness have been paid in full.
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ARTICLE VII
PROCEEDS

7.1.      Application of Proceeds.   The proceeds of the Collateral shall be applied by Secured Party to payment of the Indebtedness in accordance with any applicable provisions of the Loan Agreement.

7.2.      Sales on Credit. If Secured Party sells any of the Collateral upon credit, Borrower will be credited only with payments actually made by the purchaser, received by Secured Party and applied to the indebtedness of the Purchaser.  In the event the purchaser fails to pay for the Collateral, Secured Party may resell the Collateral and Borrower shall be credited with the proceeds of the sale.

ARTICLE VIII
GENERAL PROVISIONS

8.1.      Notice of Disposition of Collateral.  Notice of the time and place of any public sale or the time after which any private sale or other disposition of all or any part of the Collateral shall be deemed reasonable if sent to Debtor, addressed as set forth in Article IX, at least ten (10) days prior to (i) the date of any such public sale or (ii) the time after which any such private sale or other disposition may be made.  Secured Party shall have no obligation to clean up or otherwise prepare the Collateral for sale.

8.2.    Intentionally Left Blank.

8.3.      Secured  Party  Performance  of  Debtor’s  Obligations.     Without  having  any obligation to do so, Secured Party may perform or pay any obligation which Debtor has agreed to perform or pay in this Security Agreement and Debtors shall reimburse Secured Party for any amounts paid by Secured Party pursuant to this Section 8.3.  Debtor's obligation to reimburse Secured Party pursuant to the preceding sentence shall be a joint and several Obligation payable on demand.

8.4.     Authorization for Secured Party to Take Certain Action.   Debtor irrevocably authorizes Secured Party at any time and from time to time in the sole discretion of Secured Party and appoint Secured Party as their attorney in fact (i) to file financing statements necessary or desirable in Secured Party's sole discretion to perfect and to maintain the perfection and priority of Secured Party's security interest in the Collateral, (ii) following an Event of Default, to indorse and collect any cash proceeds of the Collateral, (iii) to file a carbon, photographic or other reproduction of this Security Agreement or any financing statement with respect to the Collateral as a financing statement and to file any other financing statement or amendment of a financing statement (which does not add new collateral or add a debtor) in such offices as Secured Party in its sole discretion deems necessary or desirable to perfect and to maintain the perfection and priority of Secured Party's security interest in the Collateral, (iv) [Intentionally Deleted], (v) to apply the proceeds of any Collateral received by Secured Party to the Indebtedness as  provided in Article VII  and (vi) to discharge past due taxes, assessments, charges, fees or Liens on the Collateral (except for such Liens as are specifically permitted hereunder), and Debtor agrees to reimburse Secured Party on demand for any payment made or
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any expense incurred by Secured Party in connection therewith, provided that this authorization shall not relieve Debtor of any of its obligations under this Security Agreement or under the Loan Agreement.

8.5.      Specific Performance of Certain Covenants.   Debtor acknowledges and agrees that a breach of any of the covenants contained in Sections 4.1.5, 4.1.6, 5.3, or 8.7 or in Article VII will cause irreparable injury to Secured Party, that Secured Party has no adequate remedy at law in respect of such breaches and therefore agrees, without limiting the right of Secured Party to seek and obtain specific performance of other obligations of Debtor contained in this Security Agreement, that the covenants of Debtor contained in the Sections referred to in this Section 8.5 shall be specifically enforceable against Debtor.

8.6.      Use and Possession of Certain Premises.   Upon the occurrence of an Event of Default, Secured Party shall be entitled to occupy and use any premises owned or, subject to any applicable landlord approval, leased by any Debtor where any of the Collateral or any records relating to the Collateral are located until the Indebtedness are paid or the Collateral is removed therefrom, whichever first occurs, without any obligation to pay Debtor for such use and occupancy.

8.7.      Dispositions Not  Authorized.    Debtor  is  not  authorized to  sell  or  otherwise dispose of the Collateral except as set forth in Section 4.1.5 or as otherwise set forth in the Loan Agreement and notwithstanding any course of dealing between and among Debtor and Secured Party or other conduct of Secured Party, no authorization to sell or otherwise dispose of the Collateral (except as set forth in Section 4.1.5) shall be binding upon Secured Party unless such authorization is in writing signed by Secured Party.

8.8.      Benefit of Agreement. The terms and provisions of this Security Agreement shall be binding upon and inure to the benefit of Debtor, Secured Party and their respective successors and assigns (including all persons who become bound as a debtor to this Security Agreement), except that Debtor shall not have any right to assign its rights or delegate its obligations under this Security Agreement or any interest herein, without the prior written consent of Secured Party.

8.9.      Survival  of  Representations.    All  representations  and  warranties  of  Debtor contained in this Security Agreement shall survive the execution and delivery of this Security Agreement.

8.10.    Taxes  and  Expenses.    Any  taxes  (including income  taxes)  payable  or  ruled payable by Federal or State authority in respect of this Security Agreement shall be paid by Debtor, together with interest and penalties, if any. Debtor shall reimburse Secured Party for any and all out-of-pocket reasonable costs and expenses (including reasonable attorneys', auditors' and accountants' fees) paid or incurred by Secured Party in connection with the preparation, execution, delivery, administration, collection and enforcement of this Security Agreement and in the audit, analysis, administration, collection, preservation or sale of the Collateral (including the expenses and charges associated with any periodic or special audit of the Collateral).  Any and all costs and expenses incurred by Debtor in the performance of actions required pursuant to the terms hereof shall be borne solely by Debtor.
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8.11.    Headings.  The title of and Section headings in this Security Agreement are for convenience of reference only, and shall not govern the interpretation of any of the terms and provisions of this Security Agreement.

8.12.    Termination.  This Security Agreement shall continue in effect (notwithstanding the fact that from time to time there may be no Indebtedness outstanding) until (i) the Loan Agreement has terminated pursuant to its express terms and (ii) all of the Indebtedness has been indefeasibly paid and performed in full and no Commitments of Secured Party which would give rise to any Indebtedness are outstanding or otherwise remain in effect.

8.13.    Entire Agreement.  This Security Agreement embodies the entire agreement and understanding between and among Debtors and Secured Party relating to the Collateral and the respective rights of the parties hereto in connection with such Collateral.

8.14.    CHOICE OF LAW.   THIS SECURITY AGREEMENT AND ASSIGNMENT AND THE OTHER LOAN DOCUMENTS AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER AND THEREUNDER SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF OKLAHOMA AND THE LAW OF THE UNITED STATES APPLICABLE TO TRANSACTIONS IN SUCH STATE; PROVIDED, HOWEVER, THE LAWS OF THE STATE OF TEXAS SHALL GOVERN THE CREATION, PERFECTION AND ENFORCEMENT OF THE LIENS AND SECURITY INTERESTS GRANTED IN THIS SECURITY AGREEMENT AND ASSIGNMENT.   DEBTOR HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY STATE OR FEDERAL COURT SITTING IN OR FOR ATOKA, OKLAHOMA (OR ANY COURT OF COMPETENT JURISDICTION WHERE ANY PORTION OF THE COLLATERAL IS LOCATED) OVER ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY OF THE LOAN DOCUMENTS, AND SECURED PARTY HEREBY AGREES AND CONSENTS THAT, IN ADDITION TO ANY METHODS OF SERVICE OF PROCESS PROVIDED FOR UNDER APPLICABLE LAW, ALL SERVICE OF PROCESS IN ANY SUCH SUIT, ACTION OR PROCEEDING IN ANY STATE OR FEDERAL COURT SITTING IN OR FOR ATOKA, OKLAHOMA (OR ANY COURT OF COMPETENT JURISDICTION WHERE ANY PORTION OF THE MORTGAGED PROPERTY IS LOCATED) MAY BE MADE BY CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED, DIRECTED TO DEBTOR AT THE ADDRESS OF DEBTOR FOR THE GIVING OF NOTICES PURSUANT TO ARTICLE IX HEREOF, AND SERVICE SO MADE SHALL BE COMPLETE FIVE (5) DAYS AFTER THE SAME SHALL HAVE BEEN SO MAILED.

8.15.    Waivers by Debtors.   In case of any Event of Default, neither Debtor nor any Person claiming by, through or under Debtor, to the extent Debtors may lawfully so agree, shall claim or seek to take advantage of any appraisement, valuation, stay, extension or redemption law now or hereafter in force in any locality where any of the Collateral is situated for purposes of applicable law, in order to prevent or hinder the enforcement of this Agreement, or the absolute sale of the Collateral, or the final and absolute putting into possession thereof, immediately after such sale, of the purchaser thereto; and Debtor in its own right and for all who may claim under them, hereby waive, to the full extent that it may lawfully do so, the benefit of all such laws and any and all right to have the Collateral marshaled upon any enforcement of the
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security interest herein granted, and agree that Secured Party or any court having jurisdiction to enforce the security interest may sell the Collateral in parts or as an entirety.

ARTICLE IX
NOTICES

All notices, requests and other communications to Debtor or to Secured Party hereunder shall be in writing and shall be sufficiently given (a) to Secured Party, if addressed or delivered to Secured Party in accordance with the notice provisions of the Loan Agreement and (b) to Debtor, if addressed or delivered to Debtor in accordance with the notice provisions of the Loan Agreement.
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IN  WITNESS  WHEREOF,  Debtor  and  Secured  Party  have  executed  this  Security
Agreement, effective as of the date first above written.

Debtor:    Mile High LNG LLC, a Delaware limited liability company

By:

__________________________________
Andrew L. Puhala, Authorized Person
Sr. Vice President & CFO, Stabilis Solutions, Inc.
Stabilis GDS, Inc. (formerly Prometheus Energy Group, Inc.), a Delaware corporation

By:

__________________________________
Andrew L. Puhala, Authorized Person
Sr. Vice President & CFO, Stabilis Solutions, Inc.
Stabilis LNG Eagle Ford LLC, a Delaware limited liability company

By:

__________________________________
Andrew L. Puhala, Authorized Person
Sr. Vice President & CFO, Stabilis Solutions, Inc.
Stabilis  Energy  Services,  LLC,  a  Texas  limited liability company

By:

___________________________________
Andrew L. Puhala, Authorized Person
Sr. Vice President & CFO, Stabilis Solutions, Inc.

IN  WITNESS  WHEREOF,  Debtor  and  Secured  Party  have  executed  this  Security
Agreement effective as of the date first above written.

															
	Secured Party:
			AmeriState Bank

					
				By	
					Joe Geisler, Vice President

- 12 -Exhibit 4.1

 

WARRANT AGREEMENT

 

This Warrant Agreement (“Warrant Agreement”)
is made as of April 7, 2021, by and between Model Performance Acquisition Corp., a British Virgin Islands business company (the “Company”),
and Continental Stock Transfer & Trust Company (the “Warrant Agent”).

 

WHEREAS, the Company is engaged in a public offering
(the “Public Offering”) of 5,000,000 units (the “Public Units”) of the Company (and up to 750,000
additional Units if the underwriters’ over-allotment option is exercised in full), each Unit consisting of one Class A ordinary
share, no par value (the “Ordinary Shares”), one right to receive one-tenth (1/10) of an Ordinary Share, and one-half
of one warrant (the “Public Warrant” or “Public Warrants”), each whole Warrant entitling its holder
to purchase one Ordinary Share (the “Warrant Shares”);

 

WHEREAS, the Company has received a binding commitment
from First Euro Investments Limited, which is owned and controlled by Yuet Bun Wu, to purchase up to an aggregate of 270,000 Units (or
292,500 if the overallotment is exercised in full) (collectively, the “Private Units” together with the Public Units,
the “Units”), each Private Unit consisting of one Ordinary Share, one-half of one redeemable warrant and one right
to receive one-tenth (1/10) of an Ordinary Share pursuant to a Subscription Agreement dated April 7, 2021 (the “Subscription
Agreement”), and, in connection therewith, will issue and deliver up to an aggregate of 146,250 warrants underlying such units
(the “Private Warrants”); and

 

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

 

WHEREAS, the Company has filed with the Securities
and Exchange Commission (the “SEC”) a Registration Statement on Form S-1, No. 333-253877 (“Registration
Statement”), for the registration, under the Securities Act of 1933, as amended (the “Act”) of, among other
securities, the Public Warrants; and

 

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

 

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

 

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

 

    

     

    

 

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

 

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

 

2.            Warrants.

 

2.1            Form of
Warrant. Each Warrant shall be issued in registered or book-entry form, as requested by the Company or the holder of the Warrant.
If the Warrant is issued in registered form, such Warrant shall be (a) in substantially the form of Exhibit A hereto,
the provisions of which are incorporated herein and (b) signed by, or bear the facsimile signature of, the Chairman of the Board,
the Chief Executive Officer or the Chief Financial Officer of the Company. In the event the person whose facsimile signature has been
placed upon any Warrant shall have ceased to serve in the capacity in which such person signed the Warrant before such Warrant is issued,
it may be issued with the same effect as if he or she had not ceased to be such at the date of issuance.

 

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

 

2.3            Registration.

 

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

 

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

 

2.4            Detachability
of Public Warrants. Each of the securities comprising the Public Units will begin to trade separately on (i) the fifty-second
(52nd) day after the effectiveness of the Registration Statement, or (ii) such earlier date as Maxim Group LLC, as representative
of the underwriters (the “Representative”), shall determine is acceptable (such date, the “Detachment Date”).
In no event will separate trading of the securities comprising the Public Units commence until the Company (i) files a Current Report
on Form 8-K with the SEC including audited balance sheet reflecting the Company’s receipt of the gross proceeds of this Public
Offering and (ii) issues a press release announcing when such separate trading will begin.

 

    2

     

    

 

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

 

3.            Terms
and Exercise of Warrants.

 

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

 

3.2            Duration
of Warrants. A Warrant may be exercised only during the period (“Exercise Period”) commencing on the later to occur
of (i) 30 days after the completion of the Company’s initial merger, share exchange, asset acquisition, share purchase, recapitalization,
reorganization or other similar business combination with one or more businesses or entities (a “Business Combination”)
and (ii) 12 months following the effective date of the Registration Statement, and terminating at 5:00 p.m., New York City time,
on the earlier to occur of (i) five years from the date of the completion of an initial Business Combination, and (ii) the date
fixed for redemption of the Warrants as provided in Section 6 of this Warrant Agreement (“Expiration Date”). Except
with respect to the right to receive the Redemption Price (as set forth in Section 6 hereunder), each Warrant not exercised on or
before the Expiration Date shall become void, and all rights thereunder and all rights in respect thereof under this Warrant Agreement
shall cease at the close of business on the Expiration Date. The Company may extend the duration of the Warrants by delaying the Expiration
Date; provided, however, that the Company will provide written notice of not less than 10 days to Registered Holders and the Warrant Agent
of such extension and that such extension shall be identical in duration among all of the then outstanding Warrants.

 

3.3            Exercise
of Warrants.

 

3.3.1            Cash
Exercise. Subject to the provisions of the Warrant and this Warrant Agreement, a Warrant, when countersigned by the Company, may be
exercised by the Registered Holder thereof by surrendering it at the office of the Warrant Agent, or at the office of its successor as
Warrant Agent, currently being:

 

Continental Stock Transfer &
Trust Company

1 State Street, 30th Floor

New York, NY 10004

 

    3

     

    

 

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

 

3.3.2            Cashless
Exercise. Notwithstanding anything contained herein to the contrary, if there is no effective registration statement registering the
Warrant Shares on any day the Registered Holder desires to exercise the Warrants and more than 60 days have passed since the Company completed
its initial Business Combination, the Registered Holder may exercise the Warrants in whole or in part in lieu of making a cash payment,
by providing notice to the Chief Executive Officer or the Chief Financial Officer of the Company in a subscription form of its election
to utilize cashless exercise, in which event the Company shall issue to the Holder the number of Warrant Shares determined as follows:

 

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

 

where:

 

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

 

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

 

A = the fair market value of one Ordinary
Share.

 

B = the Warrant Price.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    5

     

    

 

3.3.7            Maximum
Percentage. A holder of a Warrant may notify the Company in writing in the event it elects to be subject to the provisions contained
in this subsection 3.3.7; however, no holder of a Warrant shall be subject to this subsection 3.3.7 unless he, she or it makes such election.
If the election is made by a holder, the Warrant Agent shall not effect the exercise of the holder’s Warrant, and such holder shall
not have the right to exercise such Warrant, to the extent that after giving effect to such exercise, such person (together with such
person’s affiliates), to the Warrant Agent’s actual knowledge, would beneficially own in excess of 9.99% (the “Maximum
Percentage”) of the Ordinary Shares outstanding immediately after giving effect to such exercise. For purposes of the foregoing
sentence, the aggregate number of Ordinary Shares beneficially owned by such person and its affiliates shall include the number of Ordinary
Shares issuable upon exercise of the Warrant with respect to which the determination of such sentence is being made, but shall exclude
Ordinary Shares that would be issuable upon (x) exercise of the remaining, unexercised portion of the Warrant beneficially owned
by such person and its affiliates and (y) exercise or conversion of the unexercised or unconverted portion of any other securities
of the Company beneficially owned by such person and its affiliates (including, without limitation, any convertible notes or convertible
preferred shares or warrants) subject to a limitation on conversion or exercise analogous to the limitation contained herein. Except as
set forth in the preceding sentence, for purposes of this paragraph, beneficial ownership shall be calculated in accordance with Section 13(d) of
the Securities Exchange Act of 1934, as amended (the “Exchange Act”). For purposes of the Warrant, in determining the
number of outstanding Ordinary Shares, the holder may rely on the number of outstanding Ordinary Shares as reflected in (1) the Company’s
most recent annual report on Form 10-K, quarterly report on Form 10-Q, current report on Form 8-K or other public filing
with the SEC as the case may be, (2) a more recent public announcement by the Company, or (3) any other notice by the Company
or the Transfer Agent setting forth the number of Ordinary Shares outstanding. For any reason at any time, upon the written request of
the holder of the Warrant, the Company shall, within two (2) business days, confirm orally and in writing to such holder the number
of Ordinary Shares then outstanding. In any case, the number of outstanding Ordinary Shares shall be determined after giving effect to
the conversion or exercise of equity securities of the Company by the holder and its affiliates since the date as of which such number
of outstanding Ordinary Shares was reported.

 

4.            Adjustments.

 

4.1            Stock
Dividends, Splits. If, after the date hereof, and subject to the provisions of Section 4.5 below, the number of outstanding Ordinary
Shares is increased by a stock dividend payable in Ordinary Shares, or by a forward or reverse split of Ordinary Shares, or other similar
event, then, on the effective date of such stock dividend, split or similar event, the number of Ordinary Shares issuable on exercise
of each Warrant shall be increased or decreased in proportion to such increase or decrease in outstanding Ordinary Shares. A rights offering
to all holders of the Ordinary Shares entitling holders to purchase Ordinary Shares at a price less than the Fair Market Value shall be
deemed a stock dividend of a number of Ordinary Shares equal to the product of (i) the number of Ordinary Shares actually sold in
such rights offering (or issuable under any other equity securities sold in such rights offering that are convertible into or exercisable
for the Ordinary Shares) multiplied by (ii) one (1) minus the quotient of (x) the price per Ordinary Share paid in such
rights offering divided by (y) the Fair Market Value. For purposes of this subsection 4.1, if the rights offering is for securities
convertible into or exercisable for Ordinary Shares, in determining the price payable for the Ordinary Shares, there shall be taken into
account any consideration received for such rights, as well as any additional amount payable upon exercise or conversion.

 

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

 

4.3            Extraordinary
Dividends. If the Company, at any time while the Warrants (or rights to purchase the Warrants) are outstanding and unexpired, shall
pay a dividend or make a distribution in cash, securities or other assets to the holders of the Ordinary Shares on account of such Ordinary
Shares (or other shares of the Company’s capital stock into which the Warrants are convertible), other than (a) as described
in subsection 4.1 above, (b) Ordinary Cash Dividends (as defined below), (c) to satisfy the conversion rights of the holders
of the Ordinary Shares in connection with a proposed initial Business Combination, (d) as a result of the repurchase of Ordinary
Shares by the Company in connection with an initial Business Combination or as otherwise permitted by the Investment Management Trust
Agreement between the Company and the Warrant Agent dated of even date herewith (e) or as a result of the issuance of Ordinary Shares
as a result of conversion of the Rights issued in the Public Offering, or (f) in connection with the Company’s liquidation
and the distribution of its assets upon its failure to consummate a Business Combination (any such non-excluded event being referred to
herein as an “Extraordinary Dividend”), then the Warrant Price shall be decreased, effective immediately after the effective
date of such Extraordinary Dividend, by the amount of cash and the fair market value (as determined by the Company’s board of directors,
in good faith) of any securities or other assets paid on each Ordinary Share in respect of such Extraordinary Dividend. For purposes of
this subsection 4.3, “Ordinary Cash Dividends” means any cash dividend or cash distribution which, when combined on
a per share basis with the per share amounts of all other cash dividends and cash distributions paid on the Ordinary Shares during the
365-day period ending on the date of declaration of such dividend or distribution (as adjusted to appropriately reflect any of the events
referred to in other subsections of this Section 4 and excluding cash dividends or cash distributions that resulted in an adjustment
to the Warrant Price or to the number of Ordinary Shares issuable on exercise of each Warrant) does not exceed $0.50 (being 5% of the
offering price of the Units in the Offering).

 

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

 

    7

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

5.            Transfer
and Exchange of Warrants.

 

5.1            Transfer
of Public Warrants. Prior to the Detachment Date, the Public Warrants may be transferred or exchanged only together with the Unit
in which such Public Warrant is included, and only for the purpose of effecting, or in conjunction with, a transfer or exchange of such
Unit. Furthermore, each transfer of a Unit on the register relating to such Units shall operate also to transfer the Public Warrants included
in such Unit. From and after the Detachment Date, this Section 5.1 will have no further force and effect.

 

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

 

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5.3            Procedure
for Surrender of Warrants. Warrants may be surrendered to the Warrant Agent, together with a written request for exchange or transfer,
and, thereupon, the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by the Registered Holder of the
Warrants so surrendered, representing an equal aggregate number of Warrants; provided, however, that, in the event a Warrant surrendered
for transfer bears a restrictive legend, the Warrant Agent shall not cancel such Warrant and shall not 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.

 

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

 

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

 

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

 

5.7            Private
Warrants. The Warrant Agent shall not register any transfer of Private Warrants until 30 days after the consummation by the Company
of a Business Combination, except for transfers made in accordance with Section 2.5 hereof, 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 terms of the Subscription Agreement.

 

6.            Redemption.

 

6.1            Redemption.
Subject to Section 6.5, all (and not less than all) of the outstanding Warrants may be redeemed, in whole and not in part, at the
option of the Company, at any time from and after the Warrants become exercisable, and prior to their expiration, at the office of the
Warrant Agent, upon the notice referred to in Section 6.2, at the price of $.01 per Warrant (“Redemption Price”);
provided that the last sales price of the Ordinary Shares has been equal to or greater than $18.00 per share (subject to adjustment for
splits, dividends, recapitalizations and other similar events) (the “Redemption Trigger Price”), for any twenty (20) trading
days within a thirty (30) trading day period ending on the third business day prior to the date on which notice of redemption is
given and provided further that (i) there is a current registration statement in effect with respect to the Ordinary Shares underlying
the Warrants for each day in the 30-Day Trading Period and continuing each day thereafter until the Redemption Date (defined below) or
(ii) the cashless exercise of the Warrants pursuant to Section 3.3.2 is exempt from the registration requirements under
the Act. For avoidance of doubt, if and when the warrants become redeemable by the Company under this Section, the Company may exercise
its redemption right, even if it is unable to register or qualify the Warrant Shares for sale under all applicable state securities laws.

 

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

 

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

 

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

 

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

 

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

 

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

 

    11

     

    

 

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

 

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

 

7.4            Registration
of Ordinary Shares. The Company agrees that as soon as practicable, but in no event later than thirty (30) business days after the
closing of a Business Combination, it shall use its best efforts to file with the SEC a registration statement for the registration under
the Act of the Ordinary Shares issuable upon exercise of the Warrants, and to cause the same to become effective and to maintain the effectiveness
of such registration statement, and a current prospectus relating thereto, until the expiration of the Warrants in accordance with the
provisions of this Agreement. In addition, the Company agrees to use its best efforts to register the Ordinary Shares issuable upon exercise
of the Warrants under state blue sky laws, to the extent an exemption is not available.

 

8.            Concerning
the Warrant Agent and Other Matters.

 

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

 

8.2            Resignation,
Consolidation, or Merger of Warrant Agent.

 

8.2.1            Appointment
of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged
from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If the office
of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint, in writing, a successor
Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period of 30 days after it has
been notified in writing of such resignation or incapacity by the Warrant Agent or by the Registered Holder of the Warrant (who shall,
with such notice, submit his, her or its Warrant for inspection by the Company), then the Registered Holder of any Warrant may apply to
the Supreme Court of the State of New York for the County of New York for the appointment of a successor Warrant Agent. Any successor
Warrant Agent, whether appointed by the Company or by such court, shall be a corporation organized and existing under the laws of the
State of New York, in good standing and having its principal office in the Borough of Manhattan, City and State of New York, and be authorized
under such laws to exercise corporate trust powers and subject to supervision or examination by federal or state authorities. After appointment,
any successor Warrant Agent shall be vested with all the authority, powers, rights, immunities, duties and obligations of its predecessor
Warrant Agent with like effect as if originally named as Warrant Agent hereunder, without any further act or deed; but, if for any reason
it becomes necessary or appropriate, the predecessor Warrant Agent shall execute and deliver, at the expense of the Company, an instrument
transferring to such successor Warrant Agent all the authority, powers, and rights of such predecessor Warrant Agent hereunder; and, upon
request of any successor Warrant Agent, the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for
more fully and effectually vesting in and confirming to such successor Warrant Agent all such authority, powers, rights, immunities, duties
and obligations.

 

    12

     

    

 

8.2.2            Notice
of Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof to the
predecessor Warrant Agent and the transfer agent for the Ordinary Shares not later than the effective date of any such appointment.

 

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

 

8.3            Fees
and Expenses of Warrant Agent.

 

8.3.1            Remuneration.
The Company agrees to pay the Warrant Agent reasonable remuneration for its services as Warrant Agent hereunder and will reimburse the
Warrant Agent upon demand for all expenditures that the Warrant Agent may reasonably incur in the execution of its duties hereunder.

 

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

 

8.4            Liability
of Warrant Agent.

 

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

 

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

 

    13

     

    

 

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

 

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

 

8.6            Waiver.
The Warrant Agent hereby waives any right of set-off or any other right, title, interest or claim of any kind (“Claim”)
in or to any distribution of the Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of the date
hereof, by and between the Company and the Warrant Agent as trustee thereunder) and hereby agrees not to seek recourse, reimbursement,
payment or satisfaction for any Claim against the Trust Account for any reason whatsoever.

 

9.            Miscellaneous
Provisions.

 

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

 

9.2            Notices.
Any notice, statement or demand authorized by this Warrant Agreement to be given or made by the Warrant Agent or by the Registered Holder
of any Warrant to or on the Company shall be delivered by hand or sent by registered or certified mail or overnight courier service, addressed
(until another address is filed in writing by the Company with the Warrant Agent) as follows:

 

Model Performance Acquisition Corp.

Cheung Kong Center,

58 Floor, Unit 5801

2 Queens Road Central

Central

Hong Kong

Attn: Serena Shie

 

    14

     

    

 

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

 

Loeb &
Loeb LLP

345 Park Avenue

New York, New York 10154

Attn: Giovanni Caruso

 

Any notice, statement or demand authorized by
this Warrant Agreement to be given or made by the Registered Holder of any Warrant or by the Company to or on the Warrant Agent shall
be delivered by hand or sent by registered or certified mail or overnight courier service, addressed (until another address is filed in
writing by the Warrant Agent with the Company), as follows:

 

Continental Stock Transfer &
Trust Company

1 State Street, 30th Floor

New York, NY 10004

 

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

 

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

 

9.4            Persons
Having Rights under this Warrant Agreement. Nothing in this Warrant Agreement expressed and nothing that may be implied from any of
the provisions hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties
hereto and the Registered Holders of the Warrants and, for the purposes of Sections 2.5 and 6.5 hereof, the Representative and the underwriters,
any right, remedy, or claim under or by reason of this Warrant Agreement or of any covenant, condition, stipulation, promise, or agreement
hereof. All covenants, conditions, stipulations, promises, and agreements contained in this Warrant Agreement shall be for the sole and
exclusive benefit of the parties hereto and their successors and assigns and of the Registered Holders of the Warrants.

 

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

 

    15

     

    

 

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

 

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

 

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

 

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

 

[SIGNATURE PAGE FOLLOWS]

 

    16

     

    

 

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

 

	 	MODEL PERFORMANCE ACQUISITION CORP.
	 	 	 
	 	By:	/s/ Serena Shie
	 	 	Name:	Serena Shie
	 	 	Title:	Chief Financial Officer
	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
	 	 	 
	 	By:	/s/ Henry Farrell
	 	 	Name: 	Henry Farell
	 	 	Title:	Vice President 

 

[Signature Page to Warrant Agreement]

 

    

     

    

 

EXHIBIT A

 

[Form of Warrant Certificate]

 

[Reverse]

 

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

 

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

 

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

 

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

 

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

 

    

     

    

 

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

 

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

 

    2

     

    

 

Election to Purchase

 

(To Be Executed Upon Exercise of Warrant)

 

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

 

In the event that the Warrant
has been called for redemption by the Company pursuant to Section 6 of the Warrant Agreement and the Company has
required cashless exercise pursuant to Section 6.3 of the Warrant Agreement, the number of Ordinary Shares that
this Warrant is exercisable for shall be determined in accordance with subsection 3.3.1(b) and Section 6.3 of
the Warrant Agreement.

 

In the event that the Warrant
is a Private Placement Warrant or Working Capital Warrant that is to be exercised on a “cashless” basis pursuant to subsection
3.3.2 of the Warrant Agreement, the number of Ordinary Shares that this Warrant is exercisable for shall be determined in accordance
with subsection 3.3.2 of the Warrant Agreement.

 

In the event that the Warrant
is to be exercised on a “cashless” basis pursuant to Section 3.3.2 of the Warrant Agreement, the number
of Ordinary Shares that this Warrant is exercisable for shall be determined in accordance with Section 3.3.2 of
the Warrant Agreement.

 

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

 

[Signature Page Follows]

 

    3

     

    

 

	Date:                           , 21	 	 
	 	 	(Tax Identification Number)
	Signature Guaranteed:	 	 
	 	 	 
	 	 	 

 

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

 

    4

     

    

 

EXHIBIT B

 

LEGEND

 

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

 

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

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