Document:

Exhibit
10.2

 

PLEASE
NOTE: CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) WOULD BE
COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.

 

STRATEGIC
INNOVATION FUND

 

VBI
COVID-19 Project

 

This
Agreement made

 

Between:

HER
MAJESTY THE QUEEN IN RIGHT OF CANADA (“Her Majesty”)

 

as
represented by the Minister of Industry

 

(the
“Minister”)

 

		And:	

Variation
Biotechnologies Inc., a corporation duly incorporated under the laws of Canada, having its head office located at 310 Hunt
Club Road Suite 201, Ottawa, Ontario K1V 1C1

 

(the
“Recipient”)

 

		And:	

VBI
Vaccines Inc., a corporation duly incorporated under the laws of British Columbia having its head office located at 222 Third
Street, Suite 2241 Cambridge, Massachusetts 02142 and an office located at 310 Hunt Club Road Suite 201, Ottawa, Ontario K1V 1C1

 

(the
“Guarantor”)

 

    	 	1	 

    	 

    

 

RECITALS

 

WHEREAS

 

	 	I-	The
    Strategic Innovation Fund (“SIF”) is designed to encourage research and development, and accelerate the
    technology transfer and commercialization of innovative products, services, and processes; facilitate the growth and expansion
    of firms; secure economically significant mandates within or to Canada; and, advance industrial research and technology demonstration
    activities through collaboration;
	 	 	 
	 	II-	Neither
    the entering into this Agreement nor the provision by the Minister of the Contribution is contingent upon export performance
    on the part of the Recipient;

 

	 	III-	the
    Project involves:
	 	 	 
	 	 	●	activities
    related to the creation or deployment of medical countermeasures (MCMs), or any activity related to the response to COVID-19;
	 	 	●	activities
    related to Canada’s long-term emergency preparedness; and
	 	 	●	obtaining
    an R&D and/or production mandate which was previously held outside of Canada or is being established for the first time
    in relation to Canada’s emergency preparedness.
	 	 	 	 
	 	IV-	The
    Minister has agreed to make a non-repayable contribution to the Recipient in support of the Recipient’s Eligible Supported
    Costs (as defined herein) of the Project with total Project costs of seventy-four million, six hundred and thirty-six thousand
    dollars ($74,636,000);

 

    	 	2	 

    	 

    

 

NOW,
THEREFORE in accordance with the mutual covenants and agreements herein, Her Majesty and the Recipient agree as follows:

 

	1.	Purpose
    of the Agreement

 

The
purpose of this Agreement is to set out respective obligations and the terms and conditions under which the Minister will provide
funding in support of the Project (as defined herein).

 

	2.	Interpretation

 

2.1
 Definitions.

 

In
this Agreement, a capitalized term has the meaning given to it in this section, unless otherwise specified:

 

“Acquisition
or Divestiture” means an acquisition of a business, the sale of a business or a merger or amalgamation.

 

“Activity”
means a significant task that must take place in order to complete the Project. It has duration, during which time the work of
that task is performed, and may have resources and costs associated with that task as set out in Form C1- PROJECT COSTS BREAKDOWN
of Schedule 1 - Statement of Work.

 

“Agreement”
means this contribution agreement including all the schedules attached hereto, as such may be amended, restated or supplemented,
from time to time.

 

“Affiliated
Person” means an affiliated person as defined in the Income Tax Act, as amended.

 

“Background
Intellectual Property” means Intellectual Property that is not Project Intellectual Property and that is required for
the carrying out of the Project or the exploitation of the Project Intellectual Property.

 

“Background
Intellectual Property Rights” means the Intellectual Property Rights in Background Intellectual Property.

 

“Benefits
Commitments” means those activities described in Subsection 6.3 of this Agreement that will generate benefits to Canada.

 

“Benefits
Phase” means the period from the Project Completion Date to and including the last day of the Term.

 

    	 	3	 

    	 

    

 

“Change
in Control” of the Recipient means:

 

	(a)	if
    the Recipient is a public company, the acquisition by an individual or company (or two or more of them acting in concert)
    that results in its or their direct or indirect beneficial ownership of 20% or more of outstanding shares of voting stock
    of the Recipient; or
	 	 
	(b)	if
    the Recipient is a private company, the acquisition by an individual or company (or two or more of them acting in concert)
    that results in its or their direct or indirect beneficial ownership of 50% or more of the voting stock in the Recipient;
    or
	 	 
	(c)	if
    the Recipient enters into a binding obligation to sell, sells or otherwise disposes of all or substantially all of its assets.

 

“Claim
Period” means the following quarters of a calendar year: January 1 to March 31, April 1 to June 30, July 1 to September
30 and October 1 to December 31.

 

“Collaboration”
means the Recipient’s association with one or more Collaboration Partners for the purpose of research and development.

 

“Collaboration
Partner” means, other than the Recipient and sub-contractors, any small and medium-sized Canadian based enterprise,
any Canadian research institute, any licensed or accredited academic, post-secondary institution in Canada that is/are involved
in the Collaboration.

 

“Contribution”
means the funding, in Canadian dollars, made available by the Minister under this Agreement.

 

“CO-OP
Term” means a four (4) month full-time position.

 

“Dispose”
means, as regards a Project Asset, the transferring outside Canada, by the Recipient, selling, leasing or otherwise disposing
including, in the case of a prototype or pilot plant, the transfer to commercial production, but in any event, shall not include
abandoning the Project Asset for legitimate business reasons, such as the disposal of obsolete or disused equipment or materials.

 

“Eligibility
Date” means ***.

 

    	 	4	 

    	 

    

 

“Eligible
Costs” means the costs associated with work performed in Canada, or outside of Canada to the extent explicitly permitted
in this Agreement that are incurred and paid by the Recipient in respect of the Project, and in accordance with Schedule 3 - Cost
Principles, excluding any costs prohibited or deemed ineligible elsewhere in this Agreement.

 

“Eligible
Not-Supported Costs” any costs that are specifically identified in Schedule 1 - Statement of Work as not being
supported including those Eligible Costs that are in excess of limits imposed on indirect (overhead) costs under Schedule 3 –
Cost Principles of this Agreement.

 

“Eligible
Supported Costs” means any Eligible Costs, excluding Eligible Not-Supported Costs.

 

“Event
of Default” means the events of default listed in Subsection 14.1 of this Agreement.

 

“Execution
Date” means the date of the last signature to this Agreement such that the Agreement is signed and dated by all Parties.

 

“Fair
Market Value” means the price that would be agreed to in an open and unrestricted market between knowledgeable and willing
parties dealing at arm’s length, who are fully informed and not under any compulsion to transact.

 

“Force
Majeure” means any cause which is unavoidable or beyond the reasonable control of the Recipient, including war, riot,
insurrection, strikes, or any act of God or other similar circumstance and which could not have been reasonably circumvented by
the Recipient without incurring unreasonable cost.

 

“FTE”
or “Full Time Equivalent” means each employee or, where applicable, intern, who works for the Recipient
on a full-time basis (i.e. they are responsible to work at least 2,000 hours for the Recipient when calculated on an annual basis)
and, in the case of hourly paid employees or interns who are responsible to work for the Recipient less than on a full-time basis,
each equivalent to such a full-time worker, where the number of such equivalents is calculated by dividing (a) by (b) where (a)
= the aggregate of all hours worked by such individuals for the Recipient including hours taken by them as paid vacation, sick
leave, and for other similar reasons, calculated on an annual basis, and (b) = 2,000 hours.

 

“Government
Fiscal Year” means the period from April 1 of one year to March 31 of the following year.

 

    	 	5	 

    	 

    

 

“Highly
Skilled” means an employee that requires specialized training in order to operate, manage or participate in the Project.
This may include scientists, engineers, managers and specialized trades.

 

“Intellectual
Property” means all inventions, whether or not patented or patentable, all technical information, whether or not constituting
trade secrets, and all copyrightable works, industrial designs, integrated circuit topographies, and distinguishing marks or guises,
whether or not registered or registrable.

 

“Intellectual
Property Rights” means all rights recognized by law in or to Intellectual Property, including but not limited to Intellectual
Property rights protected through legislation. These shall include patents, copyrights, industrial design rights, integrated circuit
topography rights, rights in trademarks and trade names, all rights in applications and registrations for any of the foregoing,
and all rights in trade secrets and confidential information.

 

“Interest
Rate” means the Bank Rate, as defined in the Interest and Administrative Charges Regulations, in effect on the
due date, plus 300 basis points, compounded monthly. The Interest Rate for a given month can be found at:

http://www.tpsgc-pwgsc.gc.ca/recgen/txt/taux-rates-eng.html

 

“Master
Schedule” means a summary-level Project schedule that identifies the major Activities and work breakdown structure components
and Milestones as reflected in Form A – MASTER SCHEDULE (Gantt Chart) of Schedule 1 - Statement of Work.

 

“Material
Change” is a significant change in the scope, objectives, outcomes or benefits of the Project including without limitation,
the following:

 

	(a)	The
    Project is not completed or not expected to be completed by the Project Completion Date;
	 	 
	(b)	the
    estimated Total Eligible Costs set out in Form C2 – ESTIMATED COST BREAKDOWN BY FISCAL YEAR of Schedule 1 – Statement
    of Work are expected to be reduced or are expected to be exceeded by twenty percent (20%) or more;
	 	 
	(c)	a
    change in the locations where the Project is to be performed as identified in Form D – PROJECT LOCATION AND COSTS of
    Schedule 1 – Statement of Work.

 

    	 	6	 

    	 

    

 

“Milestone”
means a significant point or event in the Project as set forth in Form B - MILESTONES of Schedule 1 - Statement of Work.

 

“Party”
means the Minister, or the Recipient or any Guarantor, and “Parties” means all of them.

 

“Project”
means the project as described in Schedule 1 - Statement of Work.

 

“Project
Asset” means an asset which, in whole or in part, has been acquired, created, developed, advanced and/or contributed
to by the Contribution.

 

“Project
Completion Date” means March 31, 2022.

 

“Project
Intellectual Property” means all Intellectual Property conceived, produced, developed or reduced to practice in carrying
out the Project by the Recipient and/or any Affiliated Persons of the Recipient, or any of their employees, agents, contractors
(with respect to contractors only, to the extent such Intellectual Property relates specifically to the Project or Resulting Products)
or assigns.

 

“Project
Intellectual Property Rights” means the Intellectual Property Rights in the Project Intellectual Property.

 

“Public
Office Holder” means a public office holder as defined in the Lobbying Act, as amended.

 

“Resulting
Products” means all products, services or processes that:

 

	 	a.	are
    produced using the Project Intellectual Property;
	 	b.	incorporate
    any of the Project Intellectual Property; or
	 	c.	result
    from or are used to carry out the Project in response to COVID-19.

 

“Recipient
Fiscal Year” means the period for which the Recipient’s accounts in respect of its business or property are prepared
for purposes of assessment under the Income Tax Act, as amended.

 

“Schedule”
means a schedule to this Agreement, including any amendments or supplements.

 

    	 	7	 

    	 

    

 

“Similar
Goods” means goods or services that closely resemble the goods or services being transferred, in respect of their component
materials, form, function and characteristics, and are capable of performing an equivalent function as, and of being commercially
interchangeable with, the goods being transferred.

 

“Technology
Readiness Level” or “TRL” means technology readiness according to the Technology Readiness Level
scale described below.

 

	Technology
    Readiness Level	 	Description
	 	 	 
	TRL
    1—Basic principles observed and reported	 	Lowest
    level of technology readiness. Scientific research begins to be translated into applied research and development (R&D).
    Examples might include paper studies of a technology’s basic properties.
	 	 	 
	TRL
    2—Technology concept and/or application formulated	 	Invention
    begins. Once basic principles are observed, practical applications can be invented. Applications are speculative, and there
    may be no proof or detailed analysis to support the assumptions.
	 	 	 
	TRL
    3—Analytical and experimental critical function and/or characteristic proof of concept	 	Active
    R&D is initiated. This includes analytical studies and laboratory studies to physically validate the analytical predictions
    of separate elements of the technology.
	 	 	 
	TRL
    4—Product and/or process validation in laboratory environment	 	Basic
    technological products and/or processes are tested to establish that they will work.
	 	 	 
	TRL
    5—Product and/or process validation in relevant environment	 	Reliability
    of product and/or process innovation increases significantly. The basic products and/or processes are integrated so they can
    be tested in a simulated environment.

 

    	 	8	 

    	 

    

 

	Technology
    Readiness Level	 	Description
	 	 	 
	TRL
    6—Product and/or process prototype demonstration in a relevant environment	 	Prototypes
    are tested in a relevant environment. Represents a major step up in a technology’s demonstrated readiness. Examples
    include testing a prototype in a simulated operational environment.
	 	 	 
	TRL
    7—Product and/or process prototype demonstration in an operational environment	 	Prototype
    near or at planned operational system and requires demonstration of an actual prototype in an operational environment (e.g.
    in a vehicle).
	 	 	 
	TRL
    8—Actual product and/or process completed and qualified through test and demonstration	 	Innovation
    has been proven to work in its final form and under expected conditions. In almost all cases, this TRL represents the end
    of true system development.
	 	 	 
	TRL
    9—Actual product and/or process proven successful	 	Actual
    application of the product and/or process innovation in its final form or function.

 

“Term”
means the duration of this Agreement as set out in Subsection 3.2 of this Agreement.

 

“Work
Phase” means the period of time from the Eligibility Date to and including the Project Completion Date.

 

2.2
Singular/Plural. Wherever from the context it appears appropriate, each term stated in either the singular or plural shall
include the singular and the plural.

 

2.3
Entire Agreement. Unless amended in writing by the Parties, this Agreement comprises the entire agreement between the Parties
in relation to the Project. No prior document, negotiation, provision, undertaking or agreement in relation to the subject matter
of this Agreement has legal effect. No representation or warranty, whether express, implied or otherwise, has been made by the
Minister to the Recipient, except as expressly set out in this Agreement.

 

    	 	9	 

    	 

    

 

2.4
Inconsistency. In case of inconsistency or conflict between a provision contained in the part of the Agreement preceding
the signatures and a provision contained in any of the Schedules to this Agreement, the provision contained in the part of the
Agreement preceding the signatures will prevail unless expressly stated otherwise in the applicable Schedule.

 

2.5
Schedules. This Agreement contains the following Schedules as described below, which form an integral part of this Agreement:

 

	 	Schedule
    1 - Statement of Work
	 	Schedule
    2 - Communications Obligations
	 	Schedule
    3 - Cost Principles
	 	Schedule
    4 - Reporting Requirements
	 	Schedule
    5 - Resolution Process

 

	3.	Duration
    of Agreement

 

3.1
Execution. This Agreement must be signed by the Recipient and received by the Minister within thirty (30) days of its signature
by the Minister, failing which it will be null and void.

 

3.2
Duration of Agreement. This Agreement will commence on the Execution Date and will expire, subject to Subsection 3.3, no
earlier than *** years following the Project Completion Date unless terminated earlier in accordance with the terms of this Agreement.

 

3.3
Survival Period. Notwithstanding the provisions of Subsection 3.2 above, the rights and obligations described in the following
Sections or Subsections will survive for a period of three (3) years beyond the Term or early termination of the Agreement:

 

	 	Section
    7 - Government Funding
	 	Subsection
    8.5 - Overpayment by Minister
	 	Section
    9 - Reporting, Monitoring, Audit and Evaluation
	 	Subsection
    10.2(d) - Disposal of Assets
	 	Subsection
    13.1 - Indemnification
	 	Subsection
    13.2 - Limitation of Liability

 

    	 	10	 

    	 

    

 

	 	Section
    14 - Default and Remedies
	 	Subsection
    17.2 - Interest
	 	Subsection
    17.3 - Set-off Rights of Minister
	 	Subsection
    17.8 - Applicable Law

 

	4.	The
    Contribution

 

4.1
Contribution. Subject to the terms and conditions of this Agreement, the Minister agrees to make a non-repayable Contribution
to the Recipient in respect of the Project in an amount not exceeding the lesser of (a) and (b) as follows:

 

	 	(a)	seventy-five
    percent (75%) of the Eligible Supported Costs; and	 
	 	(b)	fifty-five
    million, nine hundred and seventy-six thousand dollars	($55,976,000).

 

4.2
Funding Period. The Minister will not contribute to any Eligible Supported Costs incurred by the Recipient prior to the
Eligibility Date or after the Project Completion Date. In no event will Eligible Supported Costs incurred prior to the Execution
Date exceed *** percent (***%) of the “estimated Total Eligible Supported Costs” set out in Form C2 - ESTIMATED
COST BREAKDOWN BY FISCAL YEAR of Schedule 1 - Statement of Work.

 

4.3
Fiscal Year. The payment of the Contribution per Government Fiscal Year is estimated at amounts specified in Form C2 -
ESTIMATED COST BREAKDOWN BY FISCAL YEAR of Schedule 1 - Statement of Work. The Minister will have no obligation to
pay any amounts in any Government Fiscal Year other than those specified in Form C2 - ESTIMATED COST BREAKDOWN BY FISCAL
YEAR of Schedule 1 - Statement of Work. If, for a given Government Fiscal Year, the Recipient claims an amount less than
the estimated Contribution for that Government Fiscal Year specified in Form C2 - ESTIMATED COST BREAKDOWN BY FISCAL YEAR
of Schedule 1 - Statement of Work, the Minister may consider any request to reprofile the excess funds to future Government
Fiscal Years before the Project Completion Date.

 

4.4
Overruns. The Recipient shall be responsible for all costs of the Project, including cost overruns, if any.

 

    	 	11	 

    	 

    

 

4.5
Holdbacks. Notwithstanding any other provisions of this Agreement, the Minister may, at the Minister’s sole discretion,
withhold up to ten percent (10%) of the Contribution until:

 

	 	(a)	the
    Project is completed to the satisfaction of the Minister;
	 	 	 
	 	(b)	the
    final report described in Subsection 8.3(c) has been submitted to the satisfaction of the Minister;
	 	 	 
	 	(c)	the
    Minister has approved the final claim described in Subsection 8.3.

 

	5.	Recipient’s
    Obligations

 

5.1
Project Completion Date. The Recipient agrees to carry out the Project in a diligent and professional manner using qualified
personnel, and complete same on or before the Project Completion Date.

 

5.2
Project Location. Except as otherwise permitted in Subsection 6.4 below, the Recipient agrees to carry out the Project
exclusively in Canada located in Ottawa, Ontario and in other locations across Canada.

 

5.3
Benefits Commitments. The Recipient agrees to conduct Benefits Commitments exclusively in Canada, as per Subsection 6.3.

 

5.4
Compliance. The Recipient agrees to satisfy and comply with all other terms, conditions and obligations contained in this
Agreement.

 

	6.	Special
    Conditions

 

6.1
Pre-Disbursement

 

The
Recipient covenants and agrees to the following:

 

	6.1.1	First
    Claim. Upon submission of the first claim, the Recipient shall provide evidence to the Minister, to the Minister’s
    satisfaction, that it has available funds to carry out the Project and continue operating for the remainder of the Government
    Fiscal Year in which the claim is received by the Minister, or for a period of six months from the day the claim is received
    by the Minister, whichever is greater. No disbursement of the Contribution shall be made prior to the Recipient providing
    such satisfactory evidence. If the Recipient fails to satisfy such condition within one hundred and twenty (120) days of the
    receipt of the first claim, the Minister may, at his/her discretion, terminate the Agreement upon written notice.

 

    	 	12	 

    	 

    

 

	6.1.2	Annual
    Pre-Disbursement. As a condition precedent to the first disbursement of the Contribution in each Government Fiscal Year,
    the Recipient shall provide evidence to the Minister, to the Minister’s satisfaction, that it has available funds to
    carry out the Project and continue operating for that Government Fiscal Year. No disbursement of the Contribution shall be
    made prior to the Recipient providing such satisfactory evidence. If the Recipient fails to satisfy such condition within
    one hundred and twenty (120) days of the beginning of each Government Fiscal Year, the Minister may, at his discretion, terminate
    the Agreement upon written notice.
	 	 
	6.1.3	***
    and *** Strategy. Prior to the first disbursement of the Contribution, the Recipient shall submit, to the satisfaction
    of the Minister, a *** and *** plan that will outline all efforts undertaken by the Recipient to *** and *** related to the
    Project. This plan shall also include *** educational awareness training for employees. The Recipient agrees to report annually
    on any material changes to this plan during the Term.

 

6.2
Guarantor

 

	6.2.1	Guarantee.
    In consideration of the Minister providing the Contribution, the Guarantor guarantees the complete performance and fulfillment
    of every obligation of the Recipient under this Agreement, including without limitation, the completion of the Project in
    accordance with this Agreement. If the Recipient fails to perform or otherwise satisfy any of its obligations related to the
    Agreement, immediately after receiving a written demand from the Minister, the Guarantor must perform or satisfy, or arrange
    for the performance or satisfaction of, all outstanding obligations of the Recipient. The Guarantor’s obligations under
    this Guarantee are as a primary obligor and not only as a surety. The Minister is not required to resort to or exhaust any
    recourse that it may have against the Recipient or any other person before being entitled to make claim against the Guarantor.
    As a result of the forgoing, the Guarantor or the Recipient may be compelled separately to perform any obligation contained
    in this Agreement.
	 	 
	6.2.2	Taxes.
    Any payment to be made by the Guarantor in respect of this Agreement shall be made free and clear of and without deduction
    or withholding for or on account of any present and future taxes, levies, imposts, stamp taxes, duties, charges, fees deductions,
    withholdings, penalties or interest (collectively, “Taxes”) provided that if the Guarantor is required to withhold
    or deduct any taxes from such payments, the sum payable shall be increased as necessary so that after making all required
    withholdings or deductions, the Minister receives an amount equal to the sum he/she would have received had no such withholding
    or deduction been made.

 

    	 	13	 

    	 

    

 

	6.2.3	Costs.
    The Guarantor agrees to reimburse the costs and expenses incurred by the Minister in enforcing the guarantee under Paragraph
    6.2(a).
	 	 
	6.2.4	Representations.
    The Guarantor represents to the Minister that it has the power and authority, and has met all legal requirements to grant
    the guarantee under Paragraph 6.2(a) and that such guarantee is enforceable against it in accordance with its terms.

 

6.3
Benefits Commitments

 

The
Recipient covenants and agrees to the following:

 

	6.3.1	Strengthen
    Canada’s capability to respond to COVID-19 and future pandemics.

 

	 	(a)	to
    work with *** to ensure that any vaccine developed within the scope of this Project will be accessible and available for the
    Canadian population on a timely basis.
	 	(b)	to
    make *** to ensure that, once commercially available, the vaccines will be made available globally.
	 	 	 
	 	(c)	to
    work with the Government of Canada and other parties, in good faith and using ***, to increase domestic and global affordability
    and access to Resulting Products, in accordance with relevant guidance and policies published by the World Health Organization
    and the United Nations.

 

	6.3.2	Regulatory
    Approval for Clinical Trials

 

	(a)	to
    demonstrate that it is securing regulatory approval to undertake clinical trials, as outlined within Schedule 1 - Statement
    of Work, for its vaccine as the Project progresses by providing, to the Minister, to the Minister’s satisfaction,
    a copy of the following documents issued by Health Canada within thirty (30) days of receipt by the Recipient:

 

    	 	14	 

    	 

    

 

 

	 	i.	Clinical
    Trials Phase 1: No Objection Letter (NOL) from Health Canada: This NOL will be provided to the Minister no later than
    thirty (30) days following the Completion Date for Activity 1. For clarity, Phase I trials include the initial safety studies
    on a new drug, including first administration of the drugs into humans, usually conducted in healthy volunteers.
	 	 	 
	 	ii.	Clinical
    Trials Phase 2: No Objection Letter (NOL) from Health Canada: This NOL, or Clinical Trial Authorization, will be provided
    to the Minister no later than the Completion Date for Activity 2. For clarity, Phase II trials include clinical trials to
    evaluate the potency of the drug in at risk subjects with medical conditions to be prevented and to determine the side effects
    and risks associated with the drug.

 

	(b)	If
    at any time the Recipient receives a Not Satisfactory Notice (NSN) from Health Canada related to the Project, the Recipient
    will immediately inform the Minister and the Minister may, at his discretion, terminate the Agreement. Any Project Costs incurred
    by the Recipient after the date of the NSN will not be eligible for reimbursement by the Minister.

 

	6.3.3	Monitoring
    Progress of Clinical Trials

 

	(a)	to
    provide, upon request by the Minister, copies of the pre-clinical and clinical documents submitted to Health Canada within
    the:
	 	 
	 	i.	Clinical
    Trial Application (CTA) for Phase 1; and
	 	ii.	Clinical
    Trial Application (CTA) for Phase 2.
	 	 	 
	(b)	that
    the Minister may share, at his/her discretion, share any of the documentation listed above with governmental experts from
    the Public Health Agency of Canada, the National Research Council, Health Canada and the Canadian Institutes of Health Research
    for the purpose of validating progress related to the Project.

 

	6.3.4	Employment
    in Canada

 

	 	(a)	to
    maintain twenty-five (25) FTEs in Canada and create an additional five (5) FTEs in Canada by ***.
	 	(b)	to
    maintain thirty (30) FTEs in Canada until ***.
	 	(c)	to
    employ a minimum of *** total CO-OP Terms in Canada within ***.

 

    	 	15	 

    	 

    

 

	6.3.5	***
    and ***

 

	 	(a)	to
    implement and submit to the Minister a *** and *** plan within *** of the Execution Date, which will stipulate measurable
    goals and outcomes, including baseline data, relating to this *** initiative. The Recipient will report to the Minister annually
    on progress achieved for the Term.
	 	 	 
	 	(b)	to
    work to increase *** and training in Canada, and report annually to the Minister on progress achieved for the Term.
	 	 	 
	 	(c)	in
    addition to increasing annual spending on training and corporate initiatives, to additional skills training per employee,
    per year, for the Term.

 

	6.3.6	Facilities
    Closure Mandatory Repayment

 

In
the event of a closure of the Recipient’s Ottawa-based research facility during the Term, all remedies available to the
Minister as set out in the Agreement may be exercised.

 

6.4
Work Outside of Canada

 

In
consideration of the Minister providing the Contribution, subject to the costs to be incurred as specified below, the Recipient
may incur up to *** percent (***%) of Eligible Supported Costs outside of Canada to ***. Any costs above this threshold will be
considered ineligible and will not be subject to claim.

 

The
Recipient will make best efforts to conduct all clinical trials in Canada unless ***.

 

The
Parties acknowledge *** and the Recipient’s preferred solution to have the work conducted by Therapure Biopharma, a Canadian
manufacturer as outlined in Schedule 1 – Statement of Work. In the event that ***, the Recipient has developed ***.
All *** or *** taking place outside of Canada must be clearly identified within Schedule 1 - Statement of Work. Any change
to the Statement of Work is subject to Ministerial consent, as per Subsection 6.6, which will not be unreasonably withheld.

 

6.5
Annual Benefits Reporting

 

    	 	16	 

    	 

    

 

	 	(a)	In
    addition to Schedule 4 - Reporting Requirements, on an annual basis and for the Term, the Recipient shall provide information
    identifying the Project’s achievements relative to planned outcomes and benefits, including:
	 	 	 	 
	 	 	i.	Number
    of FTEs created and maintained with average and range of salary levels;
	 	 	ii.	Market
    share secured or captured;
	 	 	iii.	Composition
    of workforce, including diversity and gender representation;
	 	 	iv.	Dollars
    spent on gross Canadian R&D and gross global R&D;
	 	 	v.	Productivity
    improvement levels;
	 	 	vi.	Number
    and details of post-secondary institution collaborations;
	 	 	vii.	Number
    and activities of CO-OP positions; and
	 	 	viii.	Training
    activities of the workforce.
	 	 	 	 
	 	(b)	In
    addition to Schedule 4 - Reporting Requirements, on an annual basis and for the Term, the Recipient shall provide information
    on the Project derived benefits but not limited to information on:
	 	 	 	 
	 	 	i.	Impact
    to the growth of the Canadian supply chain;
	 	 	ii.	New
    intellectual property generated;
	 	 	iii.	Licenses
    granted under Subsection 11.4.2;
	 	 	iv.	R&D
    and product development levels as a function of revenue;
	 	 	v.	Details
    of increased collaborations, including associated costs and activities;
	 	 	vi.	Efforts
    to reduce environmental footprint;
	 	 	vii.	Efforts
    to create opportunities for *** to scale and enter the *** ecosystem;
	 	 	viii.	Details
    of internal Artificial Intelligence (AI) and Machine Learning (ML) applications and processes; and
	 	 	ix.	Productivity
    improvement levels.

 

    	 	17	 

    	 

    

 

	6.6	Amendment.
    The Recipient shall provide written notice to the Minister of any changes which may have an impact on Schedule 1 – Statement
    of Work or on the Benefits Commitments in accordance with 6.3 of this Agreement. The Recipient shall provide to the satisfaction
    of the Minister sufficient written reasons to justify modifications to the Agreement. At the Minister’s sole discretion,
    the Minister may request a formal amendment to be executed by the Parties. The Parties agree to negotiate in good faith such
    amendments. If, after following the process in Schedule 5 – Resolution Process, failure to agree will result
    in the Minister declaring an Event of Default in accordance with 14.1 of this Agreement.
	 	 
	6.7	***
    Termination. In the event the Recipient does not ***, the Parties agree to discuss alternatives or to discuss *** termination
    of the Agreement.

 

	7.	Government
    Funding

 

7.1
The Recipient represents that the list below states all funding from federal, provincial, territorial or municipal governments
in Canada (“Government Funding”), requested or received by the Recipient or that the Recipient currently expects to
request or receive to cover any of the Eligible Supported Costs as of the date of this Agreement. The list below excludes provincial
and federal investment tax credits.

 

	Federal	 	$
    55,976,000 (SIF)	 
	 	 	$	1,000,000
                                         (Industrial Research Assistance Program)	 
	Provincial	 	$	0	 
	Territorial	 	$	0	 
	Municipal	 	$	0	 
	 	 	 	 	 
	Total	 	$	56,976,000	 

 

7.2
The Recipient shall inform the Minister of any change to the amount of Government Funding identified in Subsection 7.1. The Recipient
shall also inform the Minister of any provincial and federal investment tax credits, received or expected to be received by the
Recipient for the Eligible Supported Costs. Such notice must be made promptly in writing, and in any case not later than thirty
(30) days following any change. In the event of additional Government Funding, which results in a total amount of Government Funding
in excess of the Total Eligible Supported Costs, the Minister will have the right to either reduce the Contribution to the extent
that the Government Funding received by the Recipient exceeds the Total Eligible Supported Costs or require the Recipient to repay
the Contribution hereunder equal to the amount that the Government Funding received by the Recipient exceeds the Total Eligible
Supported Costs in accordance with Subsection 8.5.

 

    	 	18	 

    	 

    

 

7.3
In no instance will the total Government Funding (including SIF funding, provincial and federal investment tax credits) towards
Eligible Supported Costs of the Project be allowed to exceed *** percent (***%) of total Eligible Supported Costs.

 

	8.	Claims
    and Payments

 

8.1
Separate Records. The Recipient shall maintain accounting records that account for the Contribution paid to the Recipient
and the related Project costs, separate and distinct from any other sources of funding.

 

8.2
Claims Procedures. The Minister will reimburse claims for Eligible Supported Costs submitted for a Claim Period, provided
there is no Event of Default and the claims are:

 

	 	(a)	submitted
    for each Claim Period, except for the first claim which will start on the Eligibility Date;
	 	 	 
	 	(b)	submitted
    within forty-five (45) days of the end of each Claim Period;
	 	 	 
	 	(c)	accompanied
    with details of all costs being claimed according to Schedule 3 – Cost Principles, which have been incurred by
    the Recipient and which will be substantiated by such documents as may be required by the Minister and presented in accordance
    with the Activities and the Milestones contained in Schedule 1 - Statement of Work;
	 	 	 
	 	(d)	certified,
    in a form satisfactory to the Minister, by the chief financial officer of the Recipient or such other person considered satisfactory
    to the Minister;
	 	 	 
	 	(e)	adjusted,
    if necessary, by including a deduction for expenses included in a previous claim which were not eligible expenses according
    to the Eligible Supported Costs definition in this Agreement or which were not paid by the Recipient;
	 	 	 
	 	(f)	accompanied
    by a report containing:
	 	 	 
	 	 	(i)	the
    Recipient’s revised projections of the Project cash flows for the current Government Fiscal Year;

 

    	 	19	 

    	 

    

 

	 	 	(ii)	an
    identification of any planned or completed transfer to commercial production, transfer outside of Canada, sale, lease or other
    disposal of equipment funded in whole or in part by the Contribution;
	 	 	 	 
	 	 	(iii)	an
    itemized list of foreign sub-contracting costs, if any;
	 	 	 	 
	 	 	(iv)	the
    foreign exchange rates used in the claim;
	 	 	 	 
	 	 	(v)	progress
    report as specified in Subsection 1.2 of Schedule 4 - Reporting Requirements; and
	 	 	 	 
	 	 	(vi)	such
    other information as the Minister may request from time to time.
	 	 	 	 
	 	(g)	accompanied
    by a statement from the Recipient repeating and confirming the representations set out in Section 10 of this Agreement as
    required by Subsection 10.3, and a certification that there are no Events of Defaults (and no state of facts exist which,
    with the giving of notice or the passing of time, or both, would constitute an Event of Default);
	 	 	 
	 	(h)	substantially
    (± 20 percent (20%)) consistent with the cost estimates of Schedule 1 - Statement of Work; and
	 	 	 
	 	(i)	accompanied
    by the Recipient’s travel policy (first claim only).

 

8.3
Final Claim Procedures. The Recipient shall submit, within forty-five (45) days after the Project Completion Date, the
final claim along with:

 

	 	(a)	an
    itemized statement certified by the Recipient’s Senior Vice President of Finance, or such other person considered satisfactory
    to the Minister, attesting to the total Eligible Supported Costs for the Project incurred and paid;
	 	 	 
	 	(b)	a
    statement of the total Government Funding (federal, provincial and municipal funding as well as tax credits) received or requested
    to cover the Eligible Supported Costs of the Project; and
	 	 	 
	 	(c)	a
    final progress report on the Project, as more fully described in Subsection 1.3 of Schedule 4 - Reporting Requirements.

 

    	 	20	 

    	 

    

 

	8.4	Payment
    Procedures.

 

	 	(a)	The
    Minister shall review and approve the documentation submitted by the Recipient following the receipt of the Recipient’s
    claim and in the event of any deficiency in the documentation, the Minister will notify the Recipient and the Recipient shall
    immediately take action to address and rectify the deficiency.
	 	 	 
	 	(b)	Subject
    to the maximum Contribution amounts set forth in Subsection 4.1 and all other conditions contained in this Agreement, the
    Minister shall pay to the Recipient a percentage of the Eligible Supported Costs set forth in the Recipient’s claim
    based on the sharing ratio identified in Paragraph 4.1 (a), in accordance with the Minister’s customary practices.
	 	 	 
	 	(c)	The
    Minister may request at any time that the Recipient provide satisfactory evidence to demonstrate that all Eligible Costs claimed
    have been paid.
	 	 	 
	 	(d)	The
    Minister may provide an advance payment to the Recipient, which will only be provided if the need for the advance payment
    has been properly justified by the Recipient, to the Minister’s satisfaction, and once the Pre-Disbursement Conditions
    are met, as per Subsection 6.1.

 

	 	(i)	The
    Minister shall review and approve the documentation submitted by the Recipient with the request for advance payment. In the
    event of any deficiency in the documentation, the Minister shall notify the Recipient and the Recipient shall immediately
    take action to address and rectify the deficiency.
	 	 	 
	 	(ii)	Advance
    payments will need to be reconciled, and adjustments to subsequent disbursements may be made as necessary. Under no circumstance,
    will three consecutive advance payments be made to the Recipient without the submission of an advance reconciliation to demonstrate
    the expenditures paid for using funds received through the advance payment. For greater clarity, a third consecutive payment
    will not be made until a reconciliation has been approved for the first advance payment.

 

8.5
Overpayment by Minister. Where the Minister determines that the amount of the Contribution disbursed exceeds the amount
to which the Recipient is entitled, the Recipient shall repay to the Minister, promptly and no later than thirty (30) days from
notice from the Minister, the amount of the overpayment together with interest at the Interest Rate from the date of the notice
to the day of payment to the Minister in full. Any such amount is a debt due to Her Majesty and is recoverable as such.

 

    	 	21	 

    	 

    

 

	9.	Reporting,
    Monitoring, Audit and Evaluation

 

9.1 Reports.
The Recipient agrees to provide the Minister with the reports as described in Schedule 4 - Reporting Requirements, to
the Minister’s satisfaction.

 

9.2
Additional Information. Upon request of the Minister and at no cost to the Minister, the Recipient shall promptly elaborate
upon any report submitted or provide such additional information as may be requested.

 

9.3
Minister’s Right to Audit Accounts and Records. The Recipient shall, at its own expense, and until the end of the
Recipient Fiscal Year that ends seven (7) years after the fiscal year of the date on which they were created, maintain and preserve
in Canada and make available for audit and examination by the Minister or the Minister’s representatives all books, accounts
and records, *** and all other documentation relating to this Agreement or the Project held by the Recipient and ***, and of the
information necessary to ensure compliance with the terms and conditions of this Agreement, including repayment to the Minister.
The Minister will have the right to conduct such audits at the Minister’s expense as may be considered necessary.

 

9.4
Auditor General Rights. The Recipient recognizes, acknowledges and accepts that the Auditor General of Canada may, at the
Auditor General’s cost, after consultation with the Recipient, conduct an inquiry under the authority of subsection 7.1
(1) of the Auditor General Act in relation to any funding agreement (as defined in subsection 42 (4) of the Financial
Administration Act) with respect to the use of the Contribution received.

 

For
the purposes of any such inquiry undertaken by the Auditor General, the Recipient shall provide, upon request and in a timely
manner, to the Auditor General or anyone acting on behalf of the Auditor General,

 

	 	(a)	all
    records held by the Recipient, its Affiliated Persons, agents or contractors relating to this Agreement and the use of the
    Contribution provided under this Agreement; and
	 	 	 
	 	(b)	such
    further information and explanations as the Auditor General, or anyone acting on behalf of the Auditor General, may request
    relating to this Agreement or the use of the Contribution.

 

    	 	22	 

    	 

    

 

9.5
Access to Records. The Recipient shall ensure that its agents, employees, assigns, contractors, and Affiliated Persons
provide to the Minister or the Auditor General or their authorized representatives records and other information that are in possession
of those agents, employees, assigns, contractors, and Affiliated Persons and that relate to this Agreement or to the use of the
Contribution, ***. Upon request of the Minister, the Recipient shall provide the Minister with copies of documentation received
from agents and contractors relating to this Agreement or to the use of the Contribution.

 

9.6
Access to Premises. The Recipient and its Affiliated Persons shall, upon reasonable notice, provide the representatives
of the Minister reasonable access to premises to inspect and assess the progress of the Project or any element thereof and supply
promptly on request such data relating to the Project as the Minister may reasonably require for statistical or Project evaluation
purposes.

 

9.7
Evaluation. The Recipient shall, at its own expense, participate in the preparation of case studies reporting on the
outcomes of the Project, to be completed by the Minister or the Minister’s agents, in order to assist in the Minister’s
preparation of an overall evaluation of the value and effectiveness of SIF.

 

	10.	Representations,
    Warranties and Covenants

 

	10.1	Representations.
    The Recipient represents and warrants that:

 

	 	(a)
    	it
    is duly incorporated under Canadian law and validly existing and in good standing and has the power and authority to carry
    on its business, to hold property and to enter into this Agreement and undertakes to take all necessary action to maintain
    itself in good standing, to preserve its legal capacity and to remain incorporated in a Canadian jurisdiction;
	 	 	 
	 	(b)	signatories
    to the Agreement have been duly authorized to execute and deliver this Agreement;
	 	 	 
	 	(c)	the
    execution, delivery and performance of this Agreement have been duly and validly authorized and that when executed and delivered,
    the Agreement will constitute a legal, valid and binding obligation enforceable in accordance with its terms;
	 	 	 
	 	(d)
    	it
    is under no obligation or prohibition, nor is it subject to or threatened by any actions, suits or proceedings that could
    or would prevent compliance with the Agreement. The Recipient shall inform the Minister forthwith of any such occurrence;

 

    	 	23	 

    	 

    

 

	 	(e)	the
    execution and delivery of this Agreement and the performance by the Recipient of its obligations hereunder will not, with
    or without the giving of notice or the passage of time or both:

 

	 	(i)	violate
    the provisions of the Recipient’s by-laws, any other corporate governance document subscribed to by the Recipient or
    any resolution of the Recipient;
	 	 	 
	 	(ii)	violate
    any judgment, decree, order or award of any court, government agency, regulatory authority or arbitrator; or
	 	 	 
	 	(iii)	conflict
    with or result in the breach or termination of any material term or provision of, or constitute a default under, or cause
    any acceleration under, any license, permit, concession, franchise, indenture, mortgage, lease, equipment lease, contract,
    deed of trust or any other instrument or agreement by which it is bound;

 

	 	(f)	it
    has obtained or will obtain all necessary licences and permits in relation to the Project,  which satisfy the requirements
    of all regulating bodies of appropriate jurisdiction;
	 	 	 
	 	(g)
    	it
    owns or holds sufficient rights in any Intellectual Property required to carry out the Project; and,
	 	 	 
	 	(h)	the
    description of the Project in Schedule 1 - Statement of Work is complete and accurate.

 

	10.2	Covenants.
    The Recipient covenants and agrees that:

 

	 	(a)	it
    is solely responsible for providing or obtaining the funding, in addition to the Contribution, required to carry out the Project
    and the fulfilment of the Recipient’s other obligations under this Agreement;
	 	 	 
	 	(b)	no
    Material Change within the control of the Recipient will be made without the prior written consent of the Minister. In the
    event that the Minister does not consent to such a Material Change, the Minister may exercise the remedies set out in Subsection
    14.3;
	 	 	 
	 	(c)
    	no
    Change in Control will be made without the prior written consent of the Minister.

 

    	 	24	 

    	 

    

 

	 	 	(i)
    In the case where the Recipient is a private company, the Recipient shall notify the Minister, in writing, no later than thirty
    (30) days prior to the date from which the Recipient expects to have a Change in Control, and the Minister will confirm no
    later than thirty (30) days after receiving notification from the Recipient if it consents to the Change in Control. Subject
    to subsection 17.13, consent will not be unreasonably withheld.
	 	 	 
	 	 	(ii)
    In the case where the Recipient is a public company, the Recipient shall notify the Minister, in writing, of any Change in
    Control no later than thirty (30) days following any Change in Control.
	 	 	 
	 	 	(iii)
    Prior to providing consent, the Minister may, as a result of notification of the Change in Control, require additional due
    diligence to determine the impacts of the Change in Control, such as the following, but not be limited to: the legal status
    of the Recipient pursuant to the Strategic Innovation Fund’s program terms and conditions; the impact on the recipient’s
    finances and the Project to ensure that the Recipient is able to complete the Project; and, any other considerations that
    may emerge. The purpose of the due diligence is to ensure that the Minister can fully evaluate any additional considerations
    that were not identified at the time of authorizing the funding. In the event that the Minister does not consent to such a
    Change in Control, the Minister may exercise the remedies set out in Subsection 14.3;
	 	 	 
	 	(d)
    	it
    shall retain possession and control of all Project Assets the cost of which has been contributed to by the Minister under
    the Agreement, and the Recipient shall not, except to the extent permitted in Section 11, Dispose of the same without the
    prior written consent of the Minister, other than in the ordinary course of business where the aggregate book value of such
    Project Assets for each occurrence is no greater than *** dollars ($***);
	 	 	 
	 	(e)	it
    shall, in advance and in writing, and subject to Paragraphs 10.2 (c) and (d) of this Agreement, notify the Minister in the
    event of any Acquisition or Divestiture. In the case where the Recipient is a public company, the Recipient shall notify the
    Minister in writing of any Acquisition or Divestiture contemporaneously with any press release, or filing of a public regulatory
    notice in respect of such Acquisition or Divestiture;
	 	 	 
	 	(f)
    	that
    it shall not make any dividend payments or other shareholder distributions that would prevent it from implementing the Project
    or satisfying any other of the Recipient’s obligations under this Agreement, including, without limitation, the making
    of repayments to the Minister hereunder;
	 	 	 
	 	(g)
    	it
    shall comply with the federal visibility requirements set out in Schedule 2 - Communications Obligations; and
	 	 	 
	 	(h)	it
    shall comply with all laws and regulations applicable to it.

 

    	 	25	 

    	 

    

 

10.3
Renewal of Representations. It is a condition precedent to any disbursement under this Agreement that the representations,
warranties and covenants contained in this Agreement are true at the time of payment and that the Recipient is not in default
of compliance with any terms of this Agreement.

 

	11.	Intellectual
    Property

 

11.1
Background Intellectual Property. The Recipient must own the Background Intellectual Property or hold sufficient Background
Intellectual Property Rights to permit the Project to be carried out.

 

11.2
Project Intellectual Property and Improvements. For the Term, the Recipient must exclusively own, and retain ownership
thereof in Canada, the Project Intellectual Property, the Project Intellectual Property Rights and its improvements to products,
processes and equipment as a result of the Project, unless otherwise agreed to by the Minister.

 

11.3
Exploitation of Project Intellectual Property. Unless otherwise agreed to by the Minister, the Recipient must own or have
sufficient Intellectual Property Rights to use the Project Intellectual Property and to make, construct, cause the construction,
sell and cause the sale of the Resulting Products.

 

11.4
License of Project Intellectual Property and Background Intellectual Property.

 

11.4.1
Restriction on Licenses. Except as provided in Subsection 11.4.2 and Subsection 11.4.4, the Recipient agrees not to grant
any right or license to any of the Project Intellectual Property or Background Intellectual Property without the prior written
consent of the Minister, which will not be unreasonably withheld.

 

    	 	26	 

    	 

    

 

 

11.4.2
Permitted Licenses Without Consent. If all the requirements in Subsection 11.4.3 are satisfied, the Recipient may grant
a right or license to any of the Project Intellectual Property or Background Intellectual Property provided that one or more of
the following conditions is met:

 

	 	(a)	the
    right or license is non-exclusive and for the purpose of ***;
	 	(b)	the
    right or license is non-exclusive to a licensee that is an entity that ***;
	 	(c)	the
    right or license is a non-exclusive or end-user license in conjunction with ***; and
	 	(d)	the
    right or license is non-exclusive and results in the manufacturing of Resulting Products in a jurisdiction ***

 

11.4.3
Requirements For Licenses Without Consent. The requirements (for the purposes of Subsection 11.4.2) are:

 

	 	(a)	the
    right or license cannot prevent the Recipient from fulfilling its obligations in this Agreement; and
	 	(b)	the
    right or license cannot restrict access, in any way, to vaccines in response to COVID-19 or Resulting Products in Canada or
    by Canadians.

 

11.4.4
Clarification Regarding Background Intellectual Property. Notwithstanding Subsections 11.4.1, 11.4.2 and 11.4.3, the parties
acknowledge that the Background Intellectual Property includes Intellectual Property which is used by Recipient in programs other
than the Project and nothing herein shall limit the Recipient’s ability to use, commercialize and/or exploit the Background
Intellectual Property, including licensing it to third parties, outside of and separate from the Project in a manner that would
not restrict the development, commercialization or exploitation of the Project Intellectual Property or making, constructing or
selling Resulting Products by the Recipient.

 

11.5
Protection of Project Intellectual Property. The Recipient shall take appropriate steps to protect and enforce the Project
Intellectual Property. The Recipient shall provide information to the Minister in that regard, upon request.

 

11.6
Crown Ownership of Intellectual Property. The Crown will not have an ownership interest in the Project Intellectual Property
nor will the Crown acquire new rights in Background Intellectual Property by virtue solely of having provided the Contribution.
Rights attributed to the Crown in any other way including under the Public Servants Inventions Act are not in any way affected
by this Agreement.

 

11.7
Intellectual Property Strategy. The Recipient will develop an Intellectual Property (IP) strategy that will be shared with
the Minister within six (6) months of the execution date of the Agreement. This strategy will support the creation and retention
of Intellectual Property ownership in Canada; include training for employees that increases Intellectual Property educational
awareness and identify any planned Intellectual Property training activities; include a plan to commercialize vaccines domestically,
including Intellectual Property commercialization activities, such as licensing, and anticipated collaboration activities, if
any; and include a current list of Background Intellectual Property. The Recipient agrees to report annually on any changes to
this strategy during ***and for a period of *** years thereafter.

 

    	 	27	 

    	 

    

 

11.8
Project Intellectual Property Use in Response to COVID-19. The Minister may require the Recipient to grant a license on
commercially reasonable terms to use the (i) Project Intellectual Property and Project Intellectual Property Rights; and (ii)
Background Intellectual Property and Background Intellectual Property Rights owned by the Recipient or, licensed by the Recipient
with the *** upon written request from the Minister, but only to the extent necessary to ensure a sufficient domestically-sourced
supply of vaccines in response to COVID-19 should the Recipient be unable to ensure such a supply.

 

	12.	Environmental
    and Other Requirements

 

12.1
The Recipient represents that the Project is not a “designated project” or is not a “project” under the
applicable federal environmental and impact legislation.

 

12.2
The Recipient shall, in respect of the Project, comply with all federal, provincial, territorial, municipal and other applicable
laws, including but not limited to, statutes, regulations, by-laws, rules, orders, ordinances and decrees governing the Recipient
or the Project, or both, relating to environmental protection and the successful implementation of and adherence to any mitigation
measures, monitoring or follow-up program that may be prescribed by the Minister or other federal, provincial, territorial, municipal
tribunals or bodies, and certifies to the Minister that it has done so to date.

 

12.3
The Recipient will provide the Minister with reasonable access to any Project site for the purpose of ensuring that the terms
and conditions of any environmental approval are met, and that any mitigation, monitoring or follow-up measure required has been
carried out.

 

12.4
If as a result of changes to the Project or otherwise, an environmental or impact assessment or a subsequent determination is
required for the Project, the Minister and the Recipient agree that the Minister’s obligations under this Agreement will
be suspended from the moment that the Minister informs the Recipient, until (i) a decision statement has been issued to the Recipient
or, if applicable, the Minister has decided that the Project is not likely to cause significant adverse environmental effects
or the Governor in Council has decided that the significant adverse environmental effects are justified in the circumstances,
and (ii) if required, an amendment to this Agreement has been signed, setting out any conditions included in the decision statement.

 

    	 	28	 

    	 

    

 

12.5
Aboriginal consultation. The Recipient acknowledges that the Minister’s obligation to pay the Contribution is conditional
upon Her Majesty satisfying any obligation that Her Majesty may have to consult with or to accommodate any Aboriginal groups,
which may be affected by the terms of this Agreement.

 

12.6
Official Languages. The Recipient agrees that any public acknowledgement of the Minister’s public support for the
Project will be expressed in both official languages.

 

	13.	Indemnification
    and Limitation of Liability

 

13.1
Indemnification. Except for any claims arising from the gross negligence of, or willful misconduct by, the Minister’s
employees, officers, agents or servants, the Recipient agrees, at all times, to indemnify and save harmless, the Minister and
any of his officers, servants, employees or agents from all and against all claims and demands, actions, suits or other proceedings
(and all losses, costs and damages relating thereto) by whomsoever made, brought or prosecuted (all of the foregoing collectively,
the “Claims”), where such Claims are asserted or arise from the Minister being a Party to this Agreement and exercising
his rights and performing his obligations under this Agreement, to the extent such Claims result from:

 

	 	(a)	the
    Project, its operation, conduct or any other aspect thereof;
	 	 	 
	 	(b)	the
    performance or non-performance of this Agreement, or the breach or failure to comply with any term, condition, representation
    or warranty of this Agreement by the Recipient, its Affiliated Persons, its officers, employees and agents, or by a third
    party retained by the Recipient for the purpose of carrying out the Project ***;
	 	 	 
	 	(c)	the
    design, construction, operation, maintenance and repair of any part of the Project; or,
	 	 	 
	 	(d)	any
    omission or other wilful or negligent act or delay of the Recipient, its Affiliated Person or a third party retained by the
    Recipient for the purpose of carrying out the Project ***.

 

13.2
Limitation of Liability. Notwithstanding anything to the contrary contained herein, the Minister shall not be liable for
any direct, indirect, special or consequential damages of the Recipient nor for the loss of revenues or profits arising from,
based upon, occasioned by or attributable to the execution of this Agreement, regardless of whether such a liability arises in
tort (including negligence), contract, fundamental breach or breach of a fundamental term, misrepresentation, breach of warranty,
breach of fiduciary duty, indemnification or otherwise.

 

    	 	29	 

    	 

    

 

13.3
Her Majesty, her agents, employees and servants will not be held liable in the event the Recipient enters into a loan, a capital
or operating lease or other long-term obligation in relation to the Project for which the Contribution is provided.

 

	14.	Default
    and Remedies

 

	14.1	Event
    of Default. The Minister may declare that an Event of Default has occurred if:

 

	 	(a)	the
    Recipient has failed or neglected to pay Her Majesty any amount due in accordance with this Agreement;
	 	 	 
	 	(b)	the
    Project is not completed in accordance with Schedule 1 – Statement of Work to the Minister’s satisfaction
    by the Project Completion Date or the Project is abandoned in whole or in part;
	 	 	 
	 	(c)	the
    Recipient has not, in the opinion of the Minister, met or satisfied a term, covenant or condition of this Agreement;
	 	 	 
	 	(d)	the
    Recipient becomes bankrupt or insolvent, goes into receivership, or takes the benefit of any statute, from time to time in
    force, relating to bankrupt or insolvent debtors;
	 	 	 
	 	(e)	an
    order is made or the Recipient has passed a resolution for the winding up or dissolution of the Recipient, or the Recipient
    is dissolved or wound up;
	 	 	 
	 	(f)	the
    Recipient has, in the opinion of the Minister, ceased to carry on business or has sold all or substantially all of its assets
    or enters into a letter of intent or binding obligation to sell all or substantially all of its assets;
	 	 	 
	 	(g)	the
    Recipient has not met or satisfied a term or condition under any other contribution agreement or agreement of any kind with
    Her Majesty;
	 	 	 
	 	(h)	the
    Recipient fails to fulfill any of the contractual obligations set out in this Agreement;

 

    	 	30	 

    	 

    

 

	 	(i)	a
    representation, covenant, warranty or statement contained herein or in any document, report or certificate delivered to the
    Minister hereunder or in connection therewith is false or misleading at the time it was made; and
	 	 	 
	 	(j)	the
    Recipient fails to comply with the obligations regarding audit and evaluation, as set out in Section 9.

 

14.2
Notice and Rectification Period. Except in the case of an Event of Default under paragraphs (d), (e) and (f) of Subsection
14.1 above, the Minister will not declare that an Event of Default has occurred unless the Parties have attempted to resolve the
issue in accordance with Schedule 5 – Resolution Process. If the Parties are unable to resolve this issue, the Minister
may give written notice to the Recipient of the occurrence which, in the Minister’s opinion, constitutes an Event of Default
and the Recipient fails, within thirty (30) days of receipt of the notice, either to correct the condition or event or demonstrate,
to the satisfaction of the Minister that it has taken such steps as are necessary to correct the condition, failing which the
Minister may declare that an Event of Default has occurred.

 

14.3
Remedies on Default. If, after following the process in Schedule 5 – Resolution Process, the Minister declares
that an Event of Default has occurred, the Minister may immediately exercise one or more of the following remedies, in addition
to any remedy available at law:

 

	 	(a)	suspend
    or terminate any obligation by the Minister to contribute or continue to contribute to the Eligible Supported Costs including
    any obligation to pay any amount owing prior to the date of such suspension;
	 	 	 
	 	(b)	require
    the Recipient to repay to the Minister all or part of the Contribution paid by the Minister, together with interest from the
    day of demand at the Interest Rate;
	 	 	 
	 	(c)	require
    the Recipient to pay the Minister the total of all amounts required to be repaid pursuant to this Agreement less any amount
    already repaid to the Minister together with interest from the day of demand at the Interest Rate;
	 	 	 
	 	(d)	terminate
    the Agreement; and
	 	 	 
	 	(e)	post
                                                                              a notice on a Government of Canada website disclosing that the Recipient has committed an Event of Default under the
                                                                              provisions of this Agreement and describing generally the remedies, if any, that the Minister has accordingly
                                                                              exercised.

 

    	 	31	 

    	 

    

 

14.4
The Recipient acknowledges the policy objectives served by the Minister’s agreement to make the Contribution, that the Contribution
comes from the public monies, and that the amount of damages sustained by Her Majesty in an Event of Default is difficult to ascertain
and therefore, that it is fair and reasonable that the Minister be entitled to exercise any or all of the remedies provided for
in this Agreement and to do so in the manner provided for in this Agreement, if an Event of Default occurs.

 

	15.	Miscellaneous

 

	15.1	Compliance
    with Lobbying Act. The Recipient warrants and represents:

 

	 	(a)	that
    it has filed all Lobbying Act returns required to be filed in respect of persons employed by the Recipient who communicate
    and/or arrange meetings with Public Office Holders as part of their employment duties, and that it will continue to do so;
	 	 	 
	 	(b)	that
    it has not contracted with any person to communicate and/or arrange meetings with Public Office Holders for remuneration that
    is or would be contingent in any way upon the success of such person arranging meetings with Public Office Holders, or upon
    the approval of the Recipient’s application for SIF funding, or upon the amount of SIF funding paid or payable to the
    Recipient under this Agreement;
	 	 	 
	 	(c)	that
                                                                              it will not contract with any person to communicate and/or arrange meetings with Public Office Holders for remuneration that
                                                                              is or would be contingent upon the success of such person arranging meetings with Public Office Holders, or upon the
                                                                              amount of SIF funding paid or payable to the Recipient under this Agreement;

	 	 	 
	 	(d)	all persons who are or have been contracted by the Recipient to communicate  and/or arrange meetings with Public Office Holders in respect of this Agreement are in full compliance with the registration and other requirements of the Lobbying Act; and
	 	 	 
	 	(e)	it shall at all times ensure that any persons contracted to communicate and/or  arrange meetings with Public Office Holders in respect of the Agreement are in full compliance with the requirements of the Lobbying Act.

 

    	 	32	 

    	 

    

 

15.2
Members of Parliament. The Recipient represents and warrants that no member of the House of Commons will be admitted
to any share or part of this Agreement or to any benefit to arise therefrom. No person who is a member of the Senate will, directly
or indirectly, be a party to or be concerned in this Agreement.

 

15.3
Compliance with Post-Employment Provisions. The Recipient confirms that no current or former public servant or public office
holder to whom the Values and Ethics Code for the Public Service, the Values and Ethics Code for the Public Sector,
the Policy on Conflict of Interest and Post-Employment or the Conflict of Interest Act apply, will derive a direct
benefit from this Agreement unless the provision or receipt of such benefits is in compliance with such legislation and codes.

 

15.4
The Recipient acknowledges that the representations and warranties in this section are fundamental terms of this Agreement. In
the event of breach of these, the Minister may exercise the remedies set out in Subsection 14.3.

 

	16.	Confidentiality

 

16.1
Consent Required. Subject to Schedule 2 - Communications Obligations, the Access to Information Act, the
Privacy Act and the Library and Archives Act of Canada, each Party shall keep confidential and shall not without
the consent of the other Party disclose the contents of the Agreement and the documents pertaining thereto, whether provided before
or after the Agreement was entered into, or of the transactions contemplated herein.

 

16.2
International Dispute. Notwithstanding Subsection 16.1 of this Agreement, the Recipient waives any confidentiality rights
to the extent such rights would impede Her Majesty from fulfilling her notification obligations to a world trade panel for the
purposes of the conduct of a dispute, in which Her Majesty is a party or a third party intervener. The Minister is authorized
to disclose the contents of this Agreement and any documents pertaining thereto, whether predating or subsequent to this Agreement,
or of the transactions contemplated herein, where in the opinion of the Minister, such disclosure is necessary to the defence
of Her Majesty’s interests in the course of a trade remedy investigation conducted by a foreign investigative authority,
and is protected from public dissemination by the foreign investigative authority. The Minister shall notify the Recipient of
such disclosure.

 

    	 	33	 

    	 

    

 

16.3
Financing, Licensing and Subcontracting. Notwithstanding Subsection 16.1 of this Agreement, the Minister hereby consents
to the Recipient disclosing this Agreement, and any portion or summary thereof, for any of the following purposes:

 

	 	(a)	securing
    additional financing or complying with laws or regulations governing the Recipient or the Guarantor or the requirements of
    any stock exchange on which the shares of the Guarantor are traded;
	 	 	 
	 	(b)	licensing
    for commercial exploitation; or
	 	 	 
	 	(c)	confirming
    to agents, contractors and subcontractors of the Recipient that all agents, contractors and subcontractors must agree to provide
    the Minister and the Auditor-General with access to their records and premises, provided that any person to whom this Agreement
    or any portion or summary thereof is disclosed shall execute a non-disclosure agreement prior to such disclosure.

 

16.4 Repayments.
Notwithstanding Subsection 16.1 of this Agreement, the Minister may disclose any information relating to the amount of each
repayment made by the Recipient whether due or paid.

 

	17.	General

 

17.1
Debt due to Canada. Any amount owed to Her Majesty under this Agreement shall constitute a debt due to Her Majesty and
shall be recoverable as such. Unless otherwise specified herein, the Recipient agrees to make payment of any such debt forthwith
on demand.

 

17.2
Interest. Debts due to Her Majesty will accrue interest in accordance with the Interest and Administrative Charges Regulations,
in effect on the due date, compounded monthly on overdue balances payable, from the date on which the payment is due, until payment
in full is received by Her Majesty. Any such amount is a debt due to Her Majesty and is recoverable as such.

 

17.3
Set-off Rights of Minister. Without limiting the scope of the set-off rights provided for under the Financial Administration
Act, it is understood that the Minister may set off against the Contribution any amounts owed by the Recipient to the Minister
under legislation or contribution agreements and the Recipient shall declare to the Minister all amounts outstanding in that regard
when making a claim under this Agreement.

 

17.4
No Assignment of Agreement. No Party shall assign the Agreement or any part thereof without the prior written consent of
the Minister. Any attempt by a Party to assign this Agreement or any part thereof, without the express written consent of the
Minister, is void.

 

    	 	34	 

    	 

    

 

17.5
Annual Appropriation. Any payment by the Minister under this Agreement is subject to there being an appropriation for the
Government Fiscal Year in which the payment is to be made; and to cancellation or reduction in the event that departmental
funding levels are changed by Parliament. If the Minister is prevented from disbursing the full amount of the Contribution due
to a lack or reduction of appropriation or departmental funding levels, the Minister and the Recipient agree to review the effects
of such a shortfall in the Contribution on the implementation of this Agreement.

 

17.6
Successors and Assigns. This Agreement is binding upon the Recipient, its successors and permitted assigns.

 

17.7
Event of Force Majeure. The Recipient will not be in default by reason only of any failure in the performance of the Project
in accordance with Schedule 1 – Statement of Work if such failure arises without the fault or negligence of the Recipient
and is caused by any event of Force Majeure.

 

17.8
Applicable Law. This Agreement will be interpreted in accordance with the laws of the province of Ontario and federal laws
of Canada applicable therein. The word “law” used herein has the same meaning as in the Interpretation Act,
as amended.

 

17.9
Dispute Resolution. If a dispute arises concerning the application or interpretation of this Agreement, the Parties will
attempt to resolve the matter through good faith negotiation, and may, if necessary and the Parties consent in writing, resolve
the matter through mediation or arbitration by a mutually acceptable mediator or by arbitration in accordance with the Commercial
Arbitration Code set out in the schedule to the Commercial Arbitration Act (Canada), as amended, and all regulations made
pursuant to that Act.

 

17.10
No Amendment. No amendment to this Agreement shall be effective unless it is made in writing and signed by the Parties
hereto.

 

17.11
Contribution Agreement Only. This Agreement is a contribution agreement only, not a contract for services or a contract
of service or employment, and nothing in this Agreement, the Parties relationship or actions is intended to create, or be construed
as creating, a partnership, employment or agency relationship between them. The Recipient is not in any way authorized to make
a promise, agreement or contract and to incur any liability on behalf of Her Majesty or to represent itself as an agent, employee
or partner of Her Majesty, including in any agreement with a third party, nor shall the Recipient make a promise, agreement or
contract and incur any liability on behalf of Her Majesty, and the Recipient shall be solely responsible for all deductions and
remittances required by law in relation to its employees.

 

    	 	35	 

    	 

    

 

17.12
No Waiver. The rights and remedies of the Minister under this Agreement shall be cumulative and not exclusive of any right
or remedy that he or she would otherwise have. The fact that the Minister refrains from exercising a remedy he or she is entitled
to exercise under this Agreement will not constitute a waiver of such right and any partial exercise of a right will not prevent
the Minister in any way from later exercising any other right or remedy under this Agreement or other applicable law.

 

17.13
Consent of the Minister. Whenever this Agreement provides for the Minister to render a decision or for the Recipient to
obtain the consent or agreement of the Minister, such decision shall be reasonable on the facts and circumstance and such consent
or agreement will not be unreasonably withheld but the Minister may make the issuance of such consent or agreement subject to
reasonable conditions.

 

17.14 No
conflict of interest. The Recipient and its Affiliated Persons, consultants and any of their respective advisors,
partners, directors, officers, shareholders, employees, agents and volunteers shall not engage in any activity where such
activity creates a real, apparent or potential conflict of interest in the sole opinion of the Minister, with the carrying
out of the Project. For greater certainty, and without limiting the generality of the foregoing, a conflict of interest
includes a situation where anyone associated with the Recipient owns or has an interest in an organization that is carrying
out work related to the Project.

 

17.15
Disclose potential conflict of interest. The Recipient shall disclose to the Minister without delay any actual or potential
situation that may be reasonably interpreted as either a conflict of interest or a potential conflict of interest.

 

17.16
Severability. Any provision of this Agreement which is prohibited by law or otherwise deemed ineffective will be ineffective
only to the extent of such prohibition or ineffectiveness and will be severable without invalidating or otherwise affecting the
remaining provisions of the Agreement.

 

17.17
Signature in Counterparts. This Agreement may be signed in counterparts and such counterparts may be delivered by acceptable
electronic transmission, including portable document format (PDF), each of which when executed and delivered is deemed to be an
original, and when taken together, will constitute one and the same Agreement.

 

17.18
Currency. Unless otherwise indicated, all dollar amounts referred to in this Agreement are to the currency of Canada.

 

17.19
Tax. The Recipient acknowledges that financial funding from government programs may have tax implications for its organization
and that advice should be obtained from a qualified tax professional.

 

    	 	36	 

    	 

    

 

	18.	Contact
    Information & Notices

 

18.1
Form and Timing of Notice. Any notice or other communication under this Agreement shall be made in writing. The Minister
or the Recipient may send any written notice by any pre-paid method, including regular or registered mail, courier or email. Notice
will be considered as received upon delivery by the courier, upon the Party confirming receipt of the email or one (1) day after
the email is sent, whichever the sooner or five (5) calendar days after being mailed.

 

18.2
Any notices to the Minister in fulfillment of obligations such as claims, reporting, and any other documents stipulated under
this Agreement, will be addressed to:

 

Strategic
Innovation Fund

Attn:
Senior Director

8th
Floor

235
Queen Street

Ottawa,
Ontario K1A 0H5

Fax
No: (613) 954-5649

Email
address: to be provided by SIF upon request from the Recipient.

 

Notwithstanding
the foregoing, claims forms will not be sent by email unless otherwise agreed to in writing by the Minister.

 

	18.3	Any
    notices to the Recipient will be addressed to:

 

Variation
Biotechnologies Inc.

Attn:
Senior Vice President, Business Development

Address:
310 Hunt Club Road #201

Ottawa,
Ontario

K1V
1C1

Email
address: to be provided by the Recipient to SIF.

 

Any
notices to the Guarantor will be addressed to:

VBI
Vaccines Inc.

Attn:
Chief Executive Office

Address:
222 Third Street, Suite 2241

Cambridge,
Massachusetts

02142

Email
address: to be provided by the Recipient to SIF.

 

18.4
Change of Contact Information. Each of the Parties may change the address, which they have stipulated in this Agreement
by notifying in writing the other Party of the new address, and such change shall be deemed to take effect fifteen (15) calendar
days after receipt of such notice.

 

[REMAINDER
OF THIS PAGE INTENTIONALLY LEFT BLANK]

 

    	 	37	 

    	 

    

 

IN
WITNESS WHEREOF the Parties hereto have executed this Agreement through duly authorized representatives.

 

HER
MAJESTY THE QUEEN IN RIGHT OF CANADA

as
represented by the Minister of Industry

 

	Per:	/s/
                                         Colette Kaminsky
	 	 September
    15, 2020	 
	 	 	 	Date	 
	 	Strategic
    Innovation Fund	 	 	 
	 	Colette
    Kaminsky, Director General	 	 	 

 

Variation
Biotechnologies Inc.

 

	Per:	  /s/
    Adam Buckley	 	 September
    16, 2020	 
	 	 	 	Date	 
	 	Adam Buckley, Senior Vice President, Business Development	 
	 	I
    have the authority to bind the Corporation.	 	 	 

 

VBI
Vaccines Inc.

 

	Per:	 /s/
    Jeff Baxter 	 	 September
    16, 2020	 
	 	 	 	Date	 
	 	Jeff
    Baxter, Chief Executive Officer	 	 	 
	 	I
    have the authority to bind the Corporation.	 	 	 

 

    	 	38	 

    	 

    

 

SCHEDULE
1 - STATEMENT OF WORK (SOW)

 

[Omitted]

 

    	 	39	 

    	 

    

 

SIF AGREEMENT NO. 812-815774

 

SCHEDULE
2 - COMMUNICATIONS OBLIGATIONS

 

[Omitted]

 

    	 	40	 

    	 

    

 

SIF AGREEMENT NO. 812-815774

 

SCHEDULE
3 - COST PRINCIPLES

 

[Omitted]

 

    	 	41	 

    	 

    

 

SIF AGREEMENT NO. 812-815774

 

SCHEDULE
4 - REPORTING REQUIREMENTS

 

[Omitted]

 

    	 	42	 

    	 

    

 

SIF AGREEMENT NO. 812-815774

 

SCHEDULE
5 – RESOLUTION PROCESS

 

[Omitted]

 

    	 	43Exhibit 4.1

 

WARRANT AGREEMENT

 

between

 

DUDDELL STREET
ACQUISITION CORP.

 

and

 

CONTINENTAL
STOCK TRANSFER & TRUST COMPANY

 

THIS WARRANT
AGREEMENT (this “Agreement”), dated as of October 28, 2020, is by and between Duddell Street Acquisition
Corp., a Cayman Islands exempted company (the “Company”), and Continental Stock Transfer & Trust
Company, a New York corporation, as warrant agent (the “Warrant Agent”).

 

WHEREAS,
on October 28, 2020 the Company entered into that certain Sponsor Warrants Purchase Agreement with Duddell Street Holdings Limited,
a Cayman Islands limited liability company (the “Sponsor”), pursuant to which the Sponsor agreed to
purchase an aggregate of 5,500,000 warrants (or up to 6,025,000 warrants if the Over-allotment Option (as defined below) in connection
with the Company’s Offering (as defined below) is exercised in full) simultaneously with the closing of the Offering (and
any closing of the Over-allotment Option, if applicable) bearing the legend set forth in Exhibit B hereto (the “Private
Placement Warrants”) at a purchase price of $1.00 per Private Placement Warrant. Each Private Placement Warrant
entitles the holder thereof to purchase one Class A ordinary share (as defined below) at a price of $11.50 per share, subject
to adjustment, terms and limitations as described herein; and

 

WHEREAS,
in order to finance the Company’s transaction costs in connection with an intended initial Business Combination (as defined
below), the Sponsor or an affiliate of the Sponsor or certain of the Company’s officers and directors may, but are not obligated
to, loan the Company funds as the Company may require, of which up to $1,500,000 of such loans may be convertible into up to an
additional 1,500,000 Private Placement Warrants at a price of $1.00 per Private Placement Warrant; and

 

WHEREAS,
the Company is engaged in an initial public offering (the “Offering”) of units of the Company’s
equity securities (the “Units”), each such Unit comprised of one Class A ordinary share of the Company,
par value $0.0001 per share (“Class A ordinary shares”), and one-half of one redeemable warrant (the
“Public Warrants” and, together with the Private Placement Warrants, the “Warrants”),
and, in connection therewith, has determined to issue and deliver up to 10,062,500 Public Warrants (including up to 1,312,500
Public Warrants subject to the Over-allotment Option) to public investors in the Offering. Each whole Public Warrant entitles
the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment, terms and limitations
as described herein; and

 

WHEREAS,
the Company has filed with the Securities and Exchange Commission (the “Commission”) a registration
statement on Form S-1, File No. 333-249207 and prospectus (the

 

    

    

    

“Prospectus”),
for the registration, under the Securities Act of 1933, as amended (the “Securities Act”), of the Units,
the Public Warrants and the Class A ordinary shares included in the Units; and

 

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

 

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

 

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

 

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

 

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

 

2.             Warrants.

 

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

 

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

 

2.3.           
Registration.

 

2.3.1.     
Warrant Register. The Warrant Agent shall maintain books (the “Warrant Register”), for
the registration of original issuance and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants,
the Warrant Agent shall issue and register the Warrants in the names of the respective holders thereof in such denominations and
otherwise in accordance with instructions delivered to the Warrant Agent by the Company. Ownership of beneficial interests in
the Public Warrants shall be shown on, and the transfer of such ownership shall be effected through, records maintained by institutions
that have accounts with The Depository Trust Company (the “Depositary”) (such institution, with respect
to a Warrant in its account, a “Participant”).

 

If the Depositary
subsequently ceases to make its book-entry settlement system available for the Public Warrants, the Company may instruct the Warrant
Agent regarding making other

 

    

    

    

arrangements
for book-entry settlement. In the event that the Public Warrants are not eligible for, or it is no longer necessary to have the
Public Warrants available in, book-entry form, the Warrant Agent shall provide written instructions to the Depositary to deliver
to the Warrant Agent for cancellation each book-entry Public Warrant, and the Company shall instruct the Warrant Agent to deliver
to the Depositary definitive certificates in physical form evidencing such Warrants which shall be in the form annexed hereto
as Exhibit A.

 

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

 

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

 

2.4.           
Detachability of Warrants. The Class A ordinary shares and Public Warrants comprising the Units shall begin separate
trading on the 52nd day following the date of the Prospectus or, if such 52nd day is not on a day, other than a Saturday, Sunday
or federal holiday, on which banks in New York City are generally open for normal business (a “Business Day”),
then on the immediately succeeding Business Day following such date, or earlier (the “Detachment Date”)
with the consent of BofA Securities, Inc., but in no event shall the Class A ordinary shares and the Public Warrants comprising
the Units be separately traded until (A) the Company has filed a current report on Form 8-K with the Commission containing an
audited balance sheet reflecting the receipt by the Company of the gross proceeds of the Offering, including the proceeds then
received by the Company from the exercise by the underwriters of their right to purchase additional Units in the Offering (the
“Over-allotment Option”), if the Over-allotment Option is exercised prior to the filing of the Form
8-K, and (B) the Company issues a press release announcing when such separate trading shall begin.

 

2.5.           
No Fractional Warrants Other Than as Part of Units. The Company shall not issue fractional Warrants other than as
part of the Units, each of which is comprised of one Class A ordinary share and one-half of one whole Public Warrant. If, upon
the detachment of Public Warrants from the Units or otherwise, a holder of Warrants would be entitled to receive a fractional
Warrant, the Company shall round down to the nearest whole number the number of Warrants to be issued to such holder.

 

2.6.           
Private Placement Warrants. The Private Placement Warrants shall be identical to the Public Warrants, except that
so long as they are held by the Sponsor or any of its Permitted Transferees (as defined below): (i) the Private Placement Warrants
may be exercised for cash or on a “cashless basis,” pursuant to subsection ‎3.3.1(c) hereof, (ii)
the Private

 

    

    

    

Placement
Warrants (including the Class A ordinary shares issuable upon exercise of the Private Placement Warrants) may not be transferred,
assigned or sold until thirty (30) days after the completion by the Company of an initial Business Combination, (iii) the Private
Placement Warrants shall not be redeemable by the Company and (iv) the Private Placement Warrants will be entitled to registration
rights; provided, however, that in the case of (ii), the Private Placement Warrants and any Class A ordinary shares
held by the Sponsor or any of its Permitted Transferees and issued upon exercise of the Private Placement Warrants may be transferred
by the holders thereof:

 

(a)              
to the Company’s officers or directors, any affiliates or family members of any of the Company’s officers or
directors, any members of the Sponsor or any affiliates of the Sponsor;

 

(b)              
in the case of an individual, by gift to a member of the individual’s immediate family, or to a trust, the beneficiary
of which is a member of the individual’s immediate family or an affiliate of such person, or to a charitable organization;

 

(c)              
in the case of an individual, by virtue of laws of descent and distribution upon death of the individual;

 

(d)              
in the case of an individual, pursuant to a qualified domestic relations order;

 

(e)              
by private sales or transfers made in connection with the consummation of the Company’s Business Combination at prices
no greater than the price at which the securities were originally purchased;

 

(f)               
by virtue of the laws of the Cayman Islands or the Sponsor’s limited liability company agreement, as amended from
time to time, upon dissolution of the Sponsor; and

 

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

 

(h)              
in the event of the Company’s completion of a liquidation, merger, amalgamation, share exchange, reorganization or
other similar transaction which results in all of the Company’s shareholders having the right to exchange their Class A
ordinary shares for cash, securities or other property subsequent to the completion of the Company’s initial Business Combination;
provided, however, that, in the case of clauses (a) through (f), these permitted transferees (the “Permitted
Transferees”) must enter into a written agreement with the Company agreeing to be bound by the transfer restrictions
in this Agreement.

 

3.             Terms
and Exercise of Warrants.

 

3.1.           
Warrant Price. Each whole Warrant (if in certificated form, when countersigned by the Warrant Agent), shall entitle
the Registered Holder thereof, subject to the provisions of such Warrant and of this Agreement, to purchase from the Company the
number of Class A ordinary shares stated therein, at the price of $11.50 per share, subject to the adjustments provided in Section ‎4
hereof and in the last sentence of this Section ‎3.1. The term “Warrant

 

    

    

    

Price”
as used in this Agreement shall mean the price per share (including in cash or by payment of Warrants pursuant to a “cashless
exercise,” to the extent permitted hereunder) at which Class A ordinary shares may be purchased at the time a Warrant is
exercised. The Company in its sole discretion may lower the Warrant Price at any time prior to the Expiration Date (as defined
below) for a period of not less than twenty (20) Business Days, provided that the Company shall provide at least twenty (20) days
prior written notice of such reduction to Registered Holders of the Warrants and, provided further that any such reduction shall
be identical among all of the Warrants.

 

3.2.           
Duration of Warrants. A Warrant may be exercised only during the period (the “Exercise Period”)
commencing on the later of: (i) the date that is thirty (30) days after the first date on which the Company completes a merger,
amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination, involving the
Company and one or more businesses (a “Business Combination”), and (ii) the date that is twelve (12)
months from the date of the closing of the Offering, and terminating on the earliest to occur of: (x) 5:00 P.M., New York City
time, on the date that is five (5) years after the date on which the Company completes its initial Business Combination, (y) the
liquidation of the Company in accordance with the Company’s amended and restated memorandum and articles of association,
as amended from time to time, if the Company fails to complete a Business Combination, and (z) other than with respect to the
Private Placement Warrants then held by the Sponsor or any of its Permitted Transferees, 5:00 P.M., New York City time, on the
Redemption Date (as defined below) as provided in Section 6.3 hereof (the “Expiration Date”);
provided, however, that the exercise of any Warrant shall be subject to the satisfaction of any applicable conditions,
as set forth in subsection ‎3.3.2 below with respect to an effective registration statement. Except with
respect to the right to receive the Redemption Price (as defined below) (other than with respect to a Private Placement Warrant
then held by the Sponsor or any of its Permitted Transferees in the event of a redemption pursuant to Section 6.1 hereof
or, if the Reference Value equals or exceeds $18.00 per share (subject to adjustment in compliance with Section 6.1 hereof),
Section 6.2 hereof) in the event of a redemption (as set forth in Section ‎6 hereof), each outstanding
Warrant (other than a Private Placement Warrant held by the Sponsor or any of its Permitted Transferees in the event of a redemption
pursuant to Section 6.1 hereof or, if the Reference Value equals or exceeds $18.00 per share (subject to adjustment in
compliance with Section 6.1 hereof), Section 6.2 hereof) not exercised on or before the Expiration Date shall become
void, and all rights thereunder and all rights in respect thereof under this Agreement shall cease at 5:00 p.m., New York City
time, on the Expiration Date. The term “outstanding” as used in this Agreement with respect to any securities shall
mean securities that are issued and outstanding. The Company in its sole discretion may extend the duration of the Warrants by
delaying the Expiration Date; provided, that the Company shall provide at least twenty (20) days prior written notice of
any such extension to Registered Holders of the Warrants and, provided further that any such extension shall be identical in duration
among all the Warrants.

 

3.3.           
Exercise of Warrants.

 

3.3.1.     
Payment. Subject to the provisions of the Warrant and this Agreement, a Warrant (if in certificated form, when countersigned
by the Warrant Agent) may be exercised by the Registered Holder thereof by surrendering it, at the office of the Warrant Agent,
or at the office of its successor as Warrant Agent, in the Borough of Manhattan, City and

 

    

    

    

State
of New York, with the subscription form, as set forth in the Warrant, duly executed (or, in the case of Warrants held through
the Depositary in uncertificated or book-entry only form, through the applicable procedures of the Depositary), and by paying
in full the Warrant Price for each Class A ordinary share as to which the Warrant is exercised and any and all applicable taxes
due in connection with the exercise of the Warrant, the exchange of the Warrant for the Class A ordinary shares and the issuance
of such Class A ordinary shares, as follows:

 

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

 

(b)              
[Reserved];

 

(c)              
with respect to any Private Placement Warrant, so long as such Private Placement Warrant is held by the Sponsor or any
of its Permitted Transferees, by surrendering the Warrants for that number of Class A ordinary shares equal to (i) in connection
with a redemption of Private Placement Warrants pursuant to Section 6.2 hereof, as provided in Section 6.2 hereof
with respect to a Make-Whole Exercise and (ii) in all other scenarios the quotient obtained by dividing (x) the product of the
number of Class A ordinary shares underlying the Warrants, multiplied by the excess of the “Fair Market Value” (as
defined in this subsection ‎3.3.1(c)) over the exercise price of the Warrants by (y) the Fair Market
Value. Solely for purposes of this subsection ‎3.3.1(c), the “Fair Market Value” shall mean
the average last reported sale price of the Class A ordinary shares for the ten (10) trading days ending on the third trading
day prior to the date on which notice of exercise of the Private Placement Warrant is sent to the Warrant Agent;

 

(d)              
on a cashless basis, as provided in Section 6.2 hereof with respect to a Make-Whole Exercise; or

 

(e)              
on a cashless basis, as provided in Section 7.4 hereof.

 

3.3.2.     
Issuance of Class A Ordinary Shares on Exercise. As soon as practicable after the exercise of any Warrant and the
clearance of the funds in payment of the Warrant Price (if payment is pursuant to subsection ‎3.3.1(a)), the
Company shall issue to the Registered Holder of such Warrant a book-entry position or certificate, as applicable, for the number
of full Class A ordinary shares to which he, she or it is entitled, registered in such name or names as may be directed by him,
her or it on the register of members of the Company, and if such Warrant shall not have been exercised in full, a new book-entry
position or countersigned Warrant, as applicable, for the number of shares as to which such Warrant shall not have been exercised.
Notwithstanding the foregoing, the Company shall not be obligated to deliver any Class A ordinary shares pursuant to the exercise
of a Warrant and shall have no obligation to settle such Warrant exercise unless a registration statement under the Securities
Act covering the issuance of the Class A ordinary shares underlying the Public Warrants is then effective and a prospectus relating
thereto is current, subject to the Company’s satisfying its obligations under Section ‎7.4. No Warrant
shall be exercisable and the Company shall not be obligated to issue Class A ordinary shares upon exercise of a Warrant unless
the Class A ordinary shares issuable upon such Warrant exercise have been registered, qualified or deemed to be exempt from registration
or qualification under the securities laws of the state of residence of the Registered Holder of the Warrants. In the event that
the conditions in the two immediately preceding

 

    

    

    

sentences
are not satisfied with respect to a Warrant, the holder of such Warrant shall not be entitled to exercise such Warrant and such
Warrant may have no value and expire worthless, in which case the purchaser of a Unit containing such Public Warrants shall have
paid the full purchase price for the Unit solely for the Class A ordinary shares underlying such Unit. In no event will the Company
be required to net cash settle any Warrant. The Company may require holders of Public Warrants to settle the Warrant on a “cashless
basis” pursuant to Section ‎7.4. If, by reason of any exercise of Warrants on a “cashless basis”,
the holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a Class A
ordinary shares, the Company shall round down to the nearest whole number, the number of Class A ordinary shares to be issued
to such holder.

 

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

 

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

 

3.3.5.     
Maximum Percentage. A holder of a Warrant may notify the Company in writing in the event it elects to be subject
to the provisions contained in this subsection ‎3.3.5; however, no holder of a Warrant shall be
subject to this subsection ‎3.3.5 unless he, she or it makes such election. If the election is made by
a holder, the Warrant Agent shall not effect the exercise of the holder’s Warrant, and such holder shall not have the right
to exercise such Warrant, to the extent that after giving effect to such exercise, such person (together with such person’s
affiliates), to the Warrant Agent’s actual knowledge, would beneficially own in excess of 4.9% or 9.8% (as specified by
the holder) (the “Maximum Percentage”) of the Class A ordinary shares outstanding immediately after
giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of Class A ordinary shares beneficially
owned by such person and its affiliates shall include the number of Class A ordinary shares issuable upon exercise of the Warrant
with respect to which the determination of such sentence is being made, but shall exclude Class A 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

 

    

    

    

Class
A ordinary shares, the holder may rely on the number of outstanding Class A ordinary shares as reflected in (1) the Company’s
most recent annual report on Form 10-K, quarterly report on Form 10-Q, current report on Form 8-K or other public filing with
the Commission as the case may be, (2) a more recent public announcement by the Company or (3) any other notice by the Company
or Continental Stock Transfer & Trust Company, as transfer agent (the “Transfer Agent”), setting
forth the number of Class A 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 Class
A ordinary shares then outstanding. In any case, the number of outstanding Class A 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 Class A ordinary shares was reported. By written notice to the Company, the holder of a Warrant
may from time to time increase or decrease the Maximum Percentage applicable to such holder to any other percentage specified
in such notice; provided, however, that any such increase shall not be effective until the sixty-first (61st) day
after such notice is delivered to the Company.

 

4.             Adjustments.

 

4.1.           
Stock Dividends.

 

4.1.1.     
Split-Ups. If after the date hereof, and subject to the provisions of Section ‎4.7 below,
the number of outstanding Class A ordinary shares is increased by a capitalization or share dividend payable in Class A ordinary
shares, or by a split-up of Class A ordinary shares or other similar event, then, on the effective date of such share dividend,
split-up or similar event, the number of Class A ordinary shares issuable on exercise of each Warrant shall be increased in proportion
to such increase in the outstanding Class A ordinary shares. A rights offering to holders of Class A ordinary shares entitling
holders to purchase Class A ordinary shares at a price less than the “Fair Market Value” (as defined below) shall
be deemed a share dividend of a number of Class A ordinary shares equal to the product of (i) the number of Class A 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 Class A ordinary shares) and (ii) one (1) minus the quotient of (x) the price per Class A ordinary shares
paid in such rights offering divided by (y) the Fair Market Value. For purposes of this subsection ‎4.1.1,
(i) if the rights offering is for securities convertible into or exercisable for Class A ordinary shares, in determining the price
payable for Class A ordinary shares, there shall be taken into account any consideration received for such rights, as well as
any additional amount payable upon exercise or conversion and (ii) “Fair Market Value” means the volume weighted average
price of Class A ordinary shares as reported during the ten (10) trading day period ending on the trading day prior to the first
date on which the Class A ordinary shares trade on the applicable exchange or in the applicable market, regular way, without the
right to receive such rights.

 

4.1.2.     
Extraordinary Dividends. If the Company, at any time while the Warrants are outstanding and unexpired, shall pay
a dividend or make a distribution in cash, securities or other assets to the holders of Class A ordinary shares on account of
such Class A ordinary shares (or other securities into which the Warrants are convertible), other than (a) as described in subsection ‎4.1.1
above, (b) Ordinary Cash Dividends (as defined below), (c) to satisfy the redemption rights of the holders of Class A ordinary
shares in connection with a

 

    

    

    

proposed
initial Business Combination, (d) to satisfy the redemption rights of the holders of Class A ordinary shares in connection with
a shareholder vote to amend the Company’s amended and restated memorandum and articles of association (i) to modify the
substance or timing of the Company’s obligation to allow redemption in connection with the Company’s initial Business
Combination or to redeem 100% of its public shares if the Company does not complete its initial Business Combination within the
required time period or (ii) with respect to any other material provision relating to shareholders’ rights or pre-initial
Business Combination activity or (e) in connection with the redemption of public shares upon the failure of the Company to complete
its initial 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/or the fair market value (as determined by the Board, in good faith) of any securities or other assets paid
on each Class A ordinary shares in respect of such Extraordinary Dividend. For purposes of this subsection ‎4.1.2,
“Ordinary Cash Dividends” means any cash dividends or cash distributions which, when combined on a per
share basis with the per share amounts of all other cash dividends and cash distributions paid on the Class A ordinary shares
during the 365-day period ending on the date of declaration of such dividend or distribution does not exceed $0.50 (as adjusted
to appropriately reflect any other adjustments and excluding cash dividends or cash distributions that resulted in an adjustment
to the Warrant Price or to the number of Class A ordinary shares issuable on exercise of each warrant) but only with respect to
the amount of the aggregate cash dividends or cash distributions equal to or less than $0.50 per share.

 

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

 

4.3.           
Adjustments in Exercise Price. Whenever the number of Class A ordinary shares purchasable upon the exercise of the
Warrants is adjusted, as provided in subsection ‎4.1.1 or Section ‎4.2 above, the
Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price immediately prior to such adjustment by
a fraction (x) the numerator of which shall be the number of Class A ordinary shares purchasable upon the exercise of the Warrants
immediately prior to such adjustment, and (y) the denominator of which shall be the number of Class A ordinary shares so purchasable
immediately thereafter. In addition, if (x) the Company issues additional Class A ordinary shares or equity-linked securities
for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective
issue price of less than $9.20 per Class A ordinary share (with such issue price or effective issue price to be determined in
good faith by the Board, and in the case of any such issuance to the Sponsor or its affiliates, without taking into account any
founder shares (as defined in the Prospectus) held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the
“Newly Issued Price”) and (y) the volume weighted average trading price of the Company’s ordinary
shares during the 20 trading day period starting on the trading day prior to the day on which the Company consummates the initial
Business Combination (such price, the “Market Value”) is below $9.20 per share, the Warrant Price will
be adjusted (to the nearest

 

    

    

    

cent)
to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $10.00 and 18.00 per share redemption
trigger prices described in Section 6.2 and Section 6.1 will be adjusted (to the nearest cent) to be equal to 100%
and 180%, respectively, of the higher of the Market Value and the Newly Issued Price.

 

4.4.           
Replacement of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding
Class A ordinary shares (other than a change under Section ‎4.1 or Section ‎4.2
hereof or that solely affects the par value of such Class A ordinary shares), or in the case of any merger or consolidation of
the Company with or into another entity or conversion of the Company as another entity (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
Class A ordinary shares), or in the case of any sale or conveyance to another corporation or entity of the assets or other property
of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the holders of
the Warrants shall thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified
in the Warrants and in lieu of the Class A ordinary shares of the Company immediately theretofore purchasable and receivable upon
the exercise of the rights represented thereby, the kind and amount of shares or stock or other securities or property (including
cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such
sale or transfer, that the holder of the Warrants would have received if such holder had exercised his, her or its Warrant(s)
immediately prior to such event (the “Alternative Issuance”); provided, however, that (i) if
the holders of the Class A ordinary shares were entitled to exercise a right of election as to the kind or amount of securities,
cash or other assets receivable upon such consolidation or merger, then the kind and amount of securities, cash or other assets
constituting the Alternative Issuance for which each Warrant shall become exercisable shall be deemed to be the weighted average
of the kind and amount received per share by the holders of the Class A ordinary shares in such consolidation or merger that affirmatively
make such election, and (ii) if a tender, exchange or redemption offer shall have been made to and accepted by the holders of
the Class A ordinary shares (other than a tender, exchange or redemption offer made by the Company in connection with redemption
rights held by shareholders of the Company as provided for in the Company’s amended and restated memorandum and articles
of association or as a result of the repurchase of Class A ordinary shares by the Company if a proposed initial Business Combination
is presented to the shareholders of the Company for approval) under circumstances in which, upon completion of such tender or
exchange offer, the maker thereof, together with members of any group (within the meaning of Rule 13d-5(b)(1) under the Exchange
Act (or any successor rule)) of which such maker is a part, and together with any affiliate or associate of such maker (within
the meaning of Rule 12b-2 under the Exchange Act (or any successor rule)) and any members of any such group of which any such
affiliate or associate is a part, own beneficially (within the meaning of Rule 13d-3 under the Exchange Act (or any successor
rule)) more than 50% of the outstanding Class A ordinary shares, the holder of a Warrant shall be entitled to receive as the Alternative
Issuance, the highest amount of cash, securities or other property to which such holder would actually have been entitled as a
shareholder if such Warrant holder had exercised the Warrant prior to the expiration of such tender or exchange offer, accepted
such offer and all of the Class A ordinary shares held by such holder had been purchased pursuant to such tender or exchange offer,
subject to adjustments (from and after the consummation of such tender or exchange offer) as nearly equivalent as

 

    

    

    

possible
to the adjustments provided for in this Section ‎4; provided further that if less than
70% of the consideration receivable by the holders of the Class A ordinary shares in the applicable event is payable in the form
of shares in the successor entity that is listed for trading on a national securities exchange or is quoted in an established
over-the-counter market, or is to be so listed for trading or quoted immediately following such event, and if the Registered Holder
properly exercises the Warrant within thirty (30) days following the public disclosure of the consummation of such applicable
event by the Company pursuant to a Current Report on Form 8-K filed with the Commission, the Warrant Price shall be reduced by
an amount (in dollars) equal to the difference of (i) the Warrant Price in effect prior to such reduction minus (ii) (A)
the Per Share Consideration (as defined below) (but in no event less than zero) minus (B) the Black-Scholes Warrant Value (as
defined below). The “Black-Scholes Warrant Value” means the value of a Warrant immediately prior to the consummation
of the applicable event based on the Black-Scholes Warrant Model for a Capped American Call on Bloomberg Financial Markets (“Bloomberg”).
For purposes of calculating such amount, (i) Section ‎6 of this Agreement shall be taken into account,
(ii) the price of each Class A ordinary shares shall be the volume weighted average price of the Class A ordinary shares as reported
during the ten (10) trading day period ending on the trading day prior to the effective date of the applicable event, (iii) the
assumed volatility shall be the 90 day volatility obtained from the HVT function on Bloomberg determined as of the trading day
immediately prior to the day of the announcement of the applicable event and (iv) the assumed risk-free interest rate shall correspond
to the U.S. Treasury rate for a period equal to the remaining term of the Warrant. “Per Share Consideration” means
(i) if the consideration paid to holders of the Class A ordinary shares consists exclusively of cash, the amount of such cash
per Class A ordinary shares, and (ii) in all other cases, the volume weighted average price of the Class A ordinary shares as
reported during the ten (10) trading day period ending on the trading day prior to the effective date of the applicable event.
If any reclassification or reorganization also results in a change in Class A ordinary shares covered by subsection ‎4.1.1,
then such adjustment shall be made pursuant to subsection ‎4.1.1 or Sections ‎4.2,
‎4.3 and this Section ‎4.4. The provisions of this Section ‎4.4
shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers. In
no event will the Warrant Price be reduced to less than the par value per share issuable upon exercise of the Warrant.

 

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

 

4.6.           
No Fractional Shares. Notwithstanding any provision contained in this Agreement to the contrary, the Company shall
not issue fractional shares upon the exercise of Warrants. If, by reason of any adjustment made pursuant to this Section ‎4,
the holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a

 

    

    

    

share,
the Company shall, upon such exercise, round down to the nearest whole number the number of Class A ordinary shares to be issued
to such holder.

 

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

 

4.8.           
Other Events. In case any event shall occur affecting the Company as to which none of the provisions of the preceding
subsections of this Section ‎4 are strictly applicable, but which would require an adjustment to the terms of
the Warrants in order to (i) avoid an adverse impact on the Warrants and (ii) effectuate the intent and purpose of this
Section ‎4, then, in each such case, the Company shall appoint a firm of independent public accountants,
investment banking or other appraisal firm of recognized national standing, which shall give its opinion as to whether or not
any adjustment to the rights represented by the Warrants is necessary to effectuate the intent and purpose of this Section ‎4
and, if they determine that an adjustment is necessary, the terms of such adjustment; provided, however, that
under no circumstances shall the Warrants be adjusted pursuant to this Section ‎4.8 as a result of any issuance
of securities in connection with a Business Combination. The Company shall adjust the terms of the Warrants in a manner that is
consistent with any adjustment recommended in such opinion.

 

5.             Transfer
and Exchange of Warrants.

 

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

 

5.2.           
Procedure for Surrender of Warrants. Warrants may be surrendered to the Warrant Agent, together with a written request
for exchange or transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested
by the Registered Holder of the Warrants so surrendered, representing an equal aggregate number of Warrants; provided,
however, that in the event that a Warrant surrendered for transfer bears a restrictive legend (as in the case of the Private
Placement Warrants), the Warrant Agent shall not cancel such Warrant and issue new Warrants in exchange thereof until the Warrant
Agent has received an opinion of counsel for the Company stating that such transfer may be made and indicating whether the new
Warrants must also bear a restrictive legend.

 

    

    

    

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

 

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

 

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

 

5.6.           
Transfer of Warrants. Prior to the Detachment Date, the Public Warrants may be transferred or exchanged only together
with the Unit in which such Warrant is included, and only for the purpose of effecting, or in conjunction with, a transfer or
exchange of such Unit. Furthermore, each transfer of a Unit on the register relating to such Units shall operate also to transfer
the Warrants included in such Unit. Notwithstanding the foregoing, the provisions of this Section ‎5.6
shall have no effect on any transfer of Warrants on and after the Detachment Date.

 

6.             Redemption.

 

6.1.           
Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $18.00. Subject to Section ‎6.5
hereof, not less than all of the outstanding Warrants may be redeemed, at the option of the Company, at any time while they
are exercisable and prior to their expiration, at the office of the Warrant Agent, upon notice to the Registered Holders of the
Warrants, as described in Section 6.3 below, at the price of $0.01 per Warrant (the “Redemption Price”),
provided that the last sales price of the Class A ordinary shares reported has been at least $18.00 per share (subject to adjustment
in compliance with Section ‎4 hereof), on each of twenty (20) trading days within the thirty (30) trading-day
period ending on the third trading day prior to the date on which notice of the redemption is given (“Reference Price”)
and provided that there is an effective registration statement covering the Class A ordinary shares issuable upon exercise of
the Warrants, and a current prospectus relating thereto, available throughout the 30-day Redemption Period (as defined in Section ‎6.2
below).

 

6.2.           
Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $10.00. Subject to Section
6.5 hereof, not less than all of the outstanding Warrants may be redeemed, at the option of the Company, at any time during
the Exercise Period, at the office of the Warrant Agent, upon notice to the Registered Holders of the Warrants, as described in
Section 6.3 below, at a Redemption Price of $0.10 per Warrant, provided that (i) the Reference Value equals or exceeds
$10.00 per share (subject to adjustment in compliance with Section 4 hereof) and (ii) if the Reference Value is less than
$18.00 per share (subject to adjustment in compliance with Section 4 hereof), the Private Placement Warrants are also concurrently
called for redemption on the same terms as the outstanding Public Warrants. During the 30-day Redemption Period in connection
with a redemption pursuant to this Section 6.2, Registered Holders of the Warrants may elect to exercise their Warrants
on a “cashless basis” pursuant to subsection 3.3.1 and receive a number of Class A ordinary shares determined
by reference to the table below, based on the Redemption Date (calculated for purposes of the

 

    

    

    

table
as the period to expiration of the Warrants) and the “Redemption Fair Market Value” (as such term is defined in this
Section 6.2) (a “Make-Whole Exercise”). Solely for purposes of this Section 6.2, the “Redemption
Fair Market Value” shall mean the volume weighted average price of the Class A ordinary shares for the ten (10) trading
days immediately following the date on which notice of redemption pursuant to this Section 6.2 is sent to the Registered
Holders. In connection with any redemption pursuant to this Section 6.2, the Company shall provide the Registered Holders
with the Redemption Fair Market Value no later than one (1) Business Day after the ten (10) trading day period described above
ends.

 

	Redemption Date

    (period to expiration of warrants)	≤$10.00 
	$11.00 
	$12.00 
	$13.00 
	$14.00 
	$15.00 
	$16.00 
	$17.00 
	≥$18.00 

	60 months	0.261	0.281	0.297	0.311	0.324	0.337	0.348	0.358	0.361 
	57 months	0.257	0.277	0.294	0.310	0.324	0.337	0.348	0.358	0.361 
	54 months	0.252	0.272	0.291	0.307	0.322	0.335	0.347	0.357	0.361 
	51 months	0.246	0.268	0.287	0.304	0.320	0.333	0.346	0.357	0.361 
	48 months	0.241	0.263	0.283	0.301	0.317	0.332	0.344	0.356	0.361 
	45 months	0.235	0.258	0.279	0.298	0.315	0.330	0.343	0.356	0.361 
	42 months	0.228	0.252	0.274	0.294	0.312	0.328	0.342	0.355	0.361 
	39 months	0.221	0.246	0.269	0.290	0.309	0.325	0.340	0.354	0.361 
	36 months	0.213	0.239	0.263	0.285	0.305	0.323	0.339	0.353	0.361 
	33 months	0.205	0.232	0.257	0.280	0.301	0.320	0.337	0.352	0.361 
	30 months	0.196	0.224	0.250	0.274	0.297	0.316	0.335	0.351	0.361 
	27 months	0.185	0.214	0.242	0.268	0.291	0.313	0.332	0.350	0.361 
	24 months	0.173	0.204	0.233	0.260	0.285	0.308	0.329	0.348	0.361 
	21 months	0.161	0.193	0.223	0.252	0.279	0.304	0.326	0.347	0.361 
	18 months	0.146	0.179	0.211	0.242	0.271	0.298	0.322	0.345	0.361 
	15 months	0.130	0.164	0.197	0.230	0.262	0.291	0.317	0.342	0.361 
	12 months	0.111	0.146	0.181	0.216	0.250	0.282	0.312	0.339	0.361 
	9 months	0.090	0.125	0.162	0.199	0.237	0.272	0.305	0.336	0.361 
	6 months	0.065	0.099	0.137	0.178	0.219	0.259	0.296	0.331	0.361 
	3 months	0.034	0.065	0.104	0.150	0.197	0.243	0.286	0.326	0.361 
	0 months	—	—	0.042	0.115	0.179	0.233	0.281	0.323	0.361

 

The exact
Redemption Fair Market Value and Redemption Date may not be set forth in the table above, in which case, if the Redemption Fair
Market Value is between two values in the table or the Redemption Date is between two redemption dates in the table, the number
of Class A ordinary shares to be issued for each Warrant exercised in a Make-Whole Exercise will be determined by a straight-line
interpolation between the number of shares set forth for the higher and lower Redemption Fair Market Values and the earlier and
later redemption dates, as applicable, based on a 365- or 366-day year, as applicable.

 

The share
prices set forth in the column headings of the table above shall be adjusted as of any date on which the number of shares issuable
upon exercise of a Warrant or the Warrant Price is adjusted pursuant to Section 4 hereof. In the event of a Warrant Price

 

    

    

    

adjustment
pursuant to Section 4.3, the adjusted share prices in the column headings shall equal the share prices immediately prior
to such adjustment, multiplied by a fraction, the numerator of which is the Warrant Price after such adjustment and the denominator
of which is the Warrant Price immediately after such adjustment. In such an event, the number of shares in the table above shall
be adjusted by multiplying such share amounts by a fraction, the numerator of which is the number of shares deliverable upon exercise
of a Warrant immediately prior to such adjustment and the denominator of which is the number of shares deliverable upon exercise
of a Warrant as so adjusted. If the Warrant Price is adjusted pursuant to Section 4.4, the adjusted share prices set forth
in the column headings of the table above shall be multiplied by a fraction, the numerator of which is the higher of the Market
Value and the Newly Issued Price and the denominator of which is $10.00. In no event will the number of shares issued in connection
with a Make-Whole Exercise exceed 0.361 Class A ordinary shares per Warrant (subject to adjustment).

 

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

 

6.4.           
Exercise After Notice of Redemption. The Warrants may be exercised, for cash (or on a “cashless basis”
in accordance with Section 6.2 of this Agreement) at any time after notice of redemption shall have been given by the Company
pursuant to Section 6.3 hereof and prior to the Redemption Date. On and after the Redemption Date, the record holder
of the Warrants shall have no further rights except to receive, upon surrender of the Warrants, the Redemption Price.

 

6.5.           
Exclusion of Private Placement Warrants. The Company agrees that (a) the redemption rights provided in Section
6.1 shall not apply to the Private Placement Warrants if at the time of the redemption such Private Placement Warrants continue
to be held by the Sponsor or any of its Permitted Transferees and (b) if the Reference Value equals or exceeds $18.00 per share
(subject to adjustment in compliance with Section 4 hereof), the redemption rights provided in Section 6.2 shall
not apply to the Private Placement Warrants if at the time of redemption such Private Placement Warrants continue to be held by
the Sponsor or any of its Permitted Transferees. However, once such Private Placement Warrants are transferred (other than to
Permitted Transferees under Section ‎2.6), the Company may redeem the Private Placement Warrants pursuant
to Section ‎6.1 or Section 6.2 hereof, provided that the criteria for redemption are met, including
the opportunity of the holder of such Private Placement Warrants to exercise the Private Placement Warrants prior to redemption
pursuant to Section 6.4. Private

 

    

    

    

Placement
Warrants that are transferred to persons other than Permitted Transferees shall upon such transfer cease to be Private Placement
Warrants and shall become Public Warrants under this Agreement, including for purposes of Section 9.8.

 

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

 

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

 

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

 

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

 

7.4.           
Registration of Class A Ordinary Shares; Cashless Exercise at Company’s Option.

 

7.4.1.     
Registration of the Class A Ordinary Shares. The Company agrees that as soon as practicable, but in no event later
than fifteen (15) Business Days after the closing of its initial Business Combination, it shall use its commercially reasonable
best efforts to file with the Commission a registration statement covering the issuance, under the Securities Act, of the Class
A ordinary shares issuable upon exercise of the Warrants. The Company shall use its reasonable best efforts to cause the same
to become effective within sixty (60) Business Days after the closing of its initial Business Combination and to maintain the
effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration or redemption of
the Warrants in accordance with the provisions of this Agreement. If any such registration statement has not been declared effective
by the 60th Business Day following the closing of the Business Combination, holders of the applicable Warrants shall have the
right, during the period beginning on the 61st Business Day after the closing of the Business Combination and ending upon such
registration statement being declared effective by the Commission, and during any other period when the Company shall fail to
have maintained an effective registration statement covering the Class A ordinary shares issuable upon exercise of the applicable
Warrants, to exercise such Warrants on a “cashless basis,” by exchanging the Warrants (in accordance with Section
3(a)(9) of the Securities Act (or any successor rule) or another exemption) for that number of Class A ordinary shares equal to
the quotient obtained by dividing (x) the product of the number of Class A ordinary shares underlying the Warrants, multiplied
by the excess of the “Fair Market Value” (as defined below) over the exercise price of

 

    

    

    

the
Warrants by (y) the Fair Market Value. Solely for purposes of this subsection ‎7.4.1, “Fair
Market Value” shall mean the volume weighted average price of the Class A ordinary shares as reported during the
ten (10) trading day period ending on the trading day prior to the date that notice of exercise is received by the Warrant Agent
from the holder of such Warrants or its securities broker or intermediary. The date that notice of “cashless exercise”
is received by the Warrant Agent shall be conclusively determined by the Warrant Agent. In connection with the “cashless
exercise” of a Public Warrant, the Company shall, upon request, provide the Warrant Agent with an opinion of counsel for
the Company (which shall be an outside law firm with securities law experience) stating that (i) the exercise of the Warrants
on a “cashless basis” in accordance with this subsection ‎7.4.1 is not required to be registered
under the Securities Act and (ii) the Class A ordinary shares issued upon such exercise shall be freely tradable under United
States federal securities laws by anyone who is not an affiliate (as such term is defined in Rule 144 under the Securities Act
(or any successor rule)) of the Company and, accordingly, shall not be required to bear a restrictive legend. Except as provided
in subsection ‎7.4.2, for the avoidance of any doubt, unless and until all of the Warrants have been exercised
or have expired, the Company shall continue to be obligated to comply with its registration obligations under the first three
sentences of this subsection ‎7.4.1.

 

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

 

8.             Concerning
the Warrant Agent and Other Matters.

 

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

 

8.2.           
Resignation, Consolidation, or Merger of Warrant Agent.

 

8.2.1.     
Appointment of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign
its duties and be discharged from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing
to the Company. If

 

    

    

    

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

 

8.2.2.     
Notice of Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall
give notice thereof to the predecessor Warrant Agent and the Transfer Agent for the Class A 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 Agreement without any further act.

 

8.3.          Fees
and Expenses of Warrant Agent.

 

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

 

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

 

8.4.          Liability of Warrant Agent.

 

    

    

    

8.4.1.     
Reliance on Company Statement. Whenever in the performance of its duties under this Agreement, the Warrant Agent
shall deem it necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering
any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be
deemed to be conclusively proved and established by a statement signed by the Chief Executive Officer, Chief Financial Officer,
Chief Operating Officer, Secretary 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 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 save it harmless against any and all liabilities, including judgments,
out-of-pocket costs and reasonable counsel fees, for anything done or omitted by the Warrant Agent in the execution of this Agreement,
except as a result of the Warrant Agent’s gross negligence, willful misconduct or bad faith.

 

8.4.3.     
Exclusions. The Warrant Agent shall have no responsibility with respect to the validity of this Agreement or with
respect to the validity or execution of any Warrant (except its countersignature thereof). The Warrant Agent shall not be responsible
for any breach by the Company of any covenant or condition contained in this Agreement or in any Warrant. The Warrant Agent shall
not be responsible to make any adjustments required under the provisions of Section ‎4 hereof or responsible
for the manner, method, or amount of any such adjustment or the ascertaining of the existence of facts that would require any
such adjustment; nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or
reservation of any Class A ordinary shares to be issued pursuant to this Agreement or any Warrant or as to whether any Class A
ordinary shares shall, when issued, be valid and fully paid and non-assessable.

 

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

 

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

 

9.             Miscellaneous Provisions.

 

    

    

    

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

 

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

 

Duddell Street Acquisition
Corp.

8/F Printing House, 6 Duddell Street, Hong Kong

Attention: Manoj Jain, Chief
Executive Officer

 

With a copy to:

 

Davis Polk & Wardwell LLP

450 Lexington Avenue

New York, NY 10017

Attention: Derek Dostal

 

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

 

Continental Stock Transfer & Trust Company

One State Street, 30th Floor

New York, New York 10004

Attention: Compliance Department

 

9.3.           
Applicable Law. The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed
in all respects by the laws of the State of New York, without giving effect to conflicts of law principles that would result in
the application of the substantive laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim
against it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of
New York or the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction,
which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts
represent an inconvenient forum.

 

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

 

    

    

    

be
for the sole and exclusive benefit of the parties hereto and their successors and assigns and of the Registered Holders of the
Warrants.

 

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

 

9.6.           
Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original
and all of which together shall constitute one instrument. Delivery of this Agreement by one party to the other may be made by
facsimile, electronic mail (including any electronic signature complying with the New York Electronic Signatures and Records Act
(N.Y. State Tech. §§ 301-309), as amended from time to time, or other applicable law) or other transmission method,
and the parties hereto agree that any counterpart so delivered shall be deemed to have been duly and validly delivered and be
valid and effective for all purposes.

 

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

 

9.8.           
Amendments. This Agreement may be amended by the parties hereto without the consent of any Registered Holder for
the purpose of curing any ambiguity, or curing, correcting or supplementing any defective provision contained herein or adding
or changing any other provisions with respect to matters or questions arising under this Agreement as the parties may deem necessary
or desirable and that the parties deem shall not adversely affect the interest of the Registered Holders. All other modifications
or amendments, including any amendment to increase the Warrant Price or shorten the Exercise Period and any amendment to the terms
of only the Private Placement Warrants, shall require the vote or written consent of the Registered Holders of 65% of the then
outstanding Public Warrants. Notwithstanding the foregoing, the Company may lower the Warrant Price or extend the duration of
the Exercise Period pursuant to Sections ‎3.1 and ‎3.2, respectively, without
the consent of the Registered Holders.

 

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

 

Exhibit A Form of Warrant Certificate

Exhibit B Legend

 

[Signature
Page Follows]

 

    

    

    

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

 

	DUDDELL STREET ACQUISITION CORP.	 
	 	 
	 	 
	By:	/s/ Manoj Jain	 
	 	Name:Manoj Jain	 
	 	Title:Chief Executive Officer	 

 

	 

 

	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Warrant Agent	 
	 	 
	 	 
	By:	/s/ Henry Ferrell	 
	 	Name:Henry Ferrell	 
	 	Title:Vice President 
	 

	 

 

[Signature Page - Warrant Agreement]

 

    

    

    

EXHIBIT
A

 

[Form
of Warrant Certificate]

 

[FACE]

 

Number

 

WARRANTS

THIS WARRANT SHALL BE VOID IF NOT EXERCISED PRIOR TO

THE EXPIRATION OF THE EXERCISE PERIOD PROVIDED FOR

IN THE WARRANT AGREEMENT DESCRIBED BELOW

DUDDELL STREET ACQUISITION CORP.

Incorporated Under the Laws of the Cayman Islands

 

CUSIP [·]

 

Warrant
Certificate

 

This Warrant Certificate
certifies that          , or registered assigns, is the registered holder
of warrant(s) evidenced hereby (the “Warrants” and each, a “Warrant”) to purchase
Class A ordinary shares, $0.0001 par value (“Class A ordinary shares”), of Duddell Street Acquisition
Corp., a Cayman Islands exempted company (the “Company”). Each Warrant entitles the holder, upon exercise
during the period set forth in the Warrant Agreement referred to below, to receive from the Company that number of fully paid
and non-assessable Class A ordinary shares as set forth below, at the exercise price (the “Exercise Price”)
as determined pursuant to the Warrant Agreement, payable in lawful money (or through “cashless exercise”
as provided for in the Warrant Agreement) of the United States of America upon surrender of this Warrant Certificate and payment
of the Exercise Price at the office or agency of the Warrant Agent referred to below, subject to the conditions set forth herein
and in the Warrant Agreement. Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given
to them in the Warrant Agreement.

 

Each whole Warrant is initially
exercisable for one fully paid and non-assessable Class A ordinary share. No fractional shares will be issued upon exercise of
any Warrant. If, upon the exercise of Warrants, a holder would be entitled to receive a fractional interest in a Class A ordinary
share, the Company will, upon exercise, round down to the nearest whole number the number of Class A ordinary shares to be issued
to the Warrant holder. The number of Class A ordinary shares issuable upon exercise of the Warrants is subject to adjustment upon
the occurrence of certain events as set forth in the Warrant Agreement.

 

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

 

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

 

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

 

    

    

    

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

 

This Warrant Certificate shall
be governed by and construed in accordance with the internal laws of the State of New York.

 

	DUDDELL STREET ACQUISITION CORP.
	 
	 
	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	 	 
	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, AS WARRANT AGENT
	 
	 
	By:	 
	 	Name:	 
	 	Title:	 

	 

 

 

    

    

    

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

 

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

 

Notwithstanding anything else
in this Warrant Certificate or the Warrant Agreement, no Warrant may be exercised unless at the time of exercise (i) a registration
statement covering the issuance of the Class A ordinary shares to be issued upon exercise is effective under the Securities Act
and (ii) a prospectus thereunder relating to the Class A 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 Class A 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 a Class A ordinary share, the Company shall, upon exercise, round down to the nearest
whole number of Class A 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.

 

    

    

    

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 Class A ordinary shares and herewith tenders
payment for such Class A ordinary shares to the order of Primavera Capital Acquisition Corporation (the “Company”)
in the amount of $[·] in accordance with the terms hereof. The undersigned requests
that a certificate for such Class A ordinary shares be registered in the name of [·],
whose address is [·] and that such Class A ordinary shares be delivered to [·]
whose address is [·]. If said number of Class A ordinary shares is less than all
of the Class A ordinary shares purchasable hereunder, the undersigned requests that a new Warrant Certificate representing the
remaining balance of such Class A 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
is a Private Placement Warrant that is to be exercised on a “cashless” basis pursuant to the Warrant Agreement, the
number of Class A ordinary shares that this Warrant is exercisable for shall be determined in accordance with 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 Class A 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 Class A ordinary shares. If said number of shares is less than all of the Class A 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 Class A 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]

 

    

    

    

Date:            , 20

 

	 
	 
	 
	(Signature)
	 
	 
	 
	 
	(Address)

                                              

	
	(Tax Identification Number)

	 

	 
	Signature Guaranteed:
	 
	 
	 

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

 

    

    

    

EXHIBIT
B

 

LEGEND

 

“THE
SECURITIES REPRESENTED HEREBY 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 DUDDELL STREET ACQUISITION CORP. (THE “COMPANY”),
DUDDELL STREET HOLDINGS LIMITED AND THE OTHER PARTIES THERETO, THE SECURITIES REPRESENTED HEREBY 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 HEREBY AND CLASS A 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.”

 

NO.                     WARRANT

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