Document:

Exhibit 4.2 

 

WARRANT AGREEMENT

 

This Warrant Agreement (“Warrant Agreement”)
is made as of October 18, 2021, by and between Blockchain Moon Acquisition Corp., a Delaware corporation (the “Company”),
and Continental Stock Transfer & Trust Company (the “Warrant Agent”).

 

WHEREAS, the Company is engaged in a public offering
(the “Public Offering”) of 10,000,000 units (the “Public Units”) of the Company (and up to 1,500,000
additional Public Units if the underwriters’ over-allotment option is exercised in full), each Public Unit consisting of one share
of common stock, par value $0.0001 per share of the Company (the “Common Stock”), one warrant (the “Public
Warrants”), each Public Warrant entitling its holder to purchase one-half (1/2) of one share of Common Stock (the “Public
Warrant Shares”) and one right (the “Public Right”), each
Public Right entitling its holder to receive one-tenth (1/10) of one share of our Common Stock upon the consummation of an initial
business combination;

 

WHEREAS, the Company has received a binding commitment
from Jupiter Sponsor LLC to purchase up to 400,000 private units (the “”Private Units”) (up to 30,000 additional
Private Units if the underwriter’s over-allotment option is exercised in full), each Private Unit consisting of one share of Common
Stock, one redeemable warrant (each, a “Private Warrant”) and one right (the “Private Right”), each
Private Right entitling its holder to receive one-tenth (1/10) of one share of our Common Stock upon the consummation of an
initial business combination, pursuant to the Private Unit Subscription Agreement, dated as of the date hereof (the “Subscription
Agreement”), and in connection therewith, will issue and deliver up to 400,000 Private Warrants, each Private Warrant entitling
its holder to purchase one-half (1/2) of one share of Common Stock (the “Private Warrant Shares”) (and up to 30,000
additional Private Warrant Shares if the underwriter’s over-allotment is exercised in full);

 

WHEREAS, in connection with the Public Offering,
the Company has agreed to issue and deliver a unit purchase option to Chardan Capital Markets, LLC (“Chardan”) and/or
its designees, to purchase up to 550,000 Units (the “Representative Units”), which Representative Units include 550,000
warrants (the “Representative Warrants”), each Warrant entitling its holder to purchase one-half (1/2) of one share
of Common Stock, and one right (the “Representative Right”), each Right entitling
its holder to receive one-tenth (1/10) of one share of our Common Stock upon the consummation of an initial business combination,
each Representative Warrant entitling its holder to purchase one share of Common Stock (the “Representative Warrant Shares”,
and together with the Public Warrant Shares and the Private Warrant Shares, the “Warrant Shares”);

 

WHEREAS, the Company may issue such additional
warrants to purchase shares of Common Stock hereunder from time to time (together with the Public Warrants, the Private Warrants and the
Representative Warrants, the “Warrants”);

 

WHEREAS, the Company has filed with the Securities
and Exchange Commission (the “SEC”) a Registration Statement on Form S-1, No. 333-259770 (“Registration Statement”),
for the registration, under the Securities Act of 1933, as amended (the “Act”) of, among other securities, the Public
Warrants and the Representative Warrants;

 

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

 

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

 

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

 

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

 

     

     

    

 

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

 

2. Warrants.

 

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

 

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

 

2.3 Registration.

 

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

 

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

 

2.4 Detachability
of Warrants. Each of the securities comprising the Public Units will begin to trade separately on (i) the 90th day after the effectiveness
of the Registration Statement, or (ii) such earlier date as Chardan Capital Markets, LLC, as representative of the underwriters (the “Representative”),
shall determine is acceptable (such date, the “Detachment Date”). In no event will separate trading of the securities
comprising the Public Units commence until the Company (i) files a Current Report on Form 8-K with the SEC including audited balance sheet
reflecting the Company’s receipt of the gross proceeds of the Public Offering and (ii) issues a press release announcing when such
separate trading will begin.

 

2.5 Private Warrants.
The Private Warrants (i) will be exercisable either for cash or on a cashless basis at the holder’s option pursuant to Section
3.3 hereof and (ii) will not be redeemable by the Company, in either case as long as the Private Warrants are held by the initial
purchasers or any of their permitted transferees (as prescribed in the Subscription Agreement). The Private Warrants may not be sold,
transferred, assigned, pledged or hypothecated, or be the subject of any hedging, short sale, derivative, put, or call transaction that
would result in the effective economic disposition of, the Private Warrants (or any securities underlying the Private Warrants) for a
period of three hundred sixty (360) days following the effective date of the Registration Statement to anyone other than any member participating
in the Public Offering and the officers or partners thereof, if all securities so transferred remain subject to the lock-up restriction
set forth above for the remainder of the time period.

 

2.6 Representative Warrants. The Representative
Warrants shall have the same terms, and be in the same form, as the Public Warrants, except as may be agreed by the Company.

 

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3. Terms and Exercise of Warrants.

 

3.1 Warrant Price.
Each Warrant shall, when countersigned by the Warrant Agent, entitle the Registered Holder thereof, subject to the provisions of such
Warrant and of this Warrant Agreement, to purchase from the Company the number of shares of Common Stock stated therein, at $11.50 per
full share, subject to the adjustments provided in Section 4 hereof. The term “Warrant Price” as used in this Warrant
Agreement refers to the price per whole share at which shares of Common Stock may be purchased at the time such Warrant is exercised.
The Public Warrants may only be exercised for a whole number of Warrant Shares by a Registered Holder.

 

3.2 Duration of Warrants.
A Warrant may be exercised only during the period (“Exercise Period”) commencing on the later to occur of (i) the completion
of the Company’s initial business combination and (ii) 12 months following the closing of the Public Offering, and terminating at
5:00 p.m., New York City time, on the earlier to occur of (x) five years following the completion of the Company’s initial business
combination, and (y) the date fixed for redemption of the Warrants as provided in Section 6 of this Warrant Agreement (except as provided
in Section 2.5) (“Expiration Date”). Except with respect to the right to receive the Redemption Price (as set forth
in Section 6 hereunder), each Warrant not exercised on or before the Expiration Date shall become void, and all rights thereunder and
all rights in respect thereof under this Warrant Agreement shall cease at the close of business on the Expiration Date. The Company may
extend the duration of the Warrants by delaying the Expiration Date; provided, however, that the Company will provide written notice of
not less than 10 days to Registered Holders of such extension and that such extension shall be identical in duration among all of the
then outstanding Warrants.

 

3.3 Exercise of Warrants.

 

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

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Compliance Department

 

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

 

3.3.2 Cashless Exercise.
Subject to Section 2.4, notwithstanding anything contained herein to the contrary, if there is no effective registration statement registering
the Warrant Shares on any day the Registered Holder desires to exercise the Warrants and more than 90 days have passed since the Company
complete its initial business combination, the Registered Holder may exercise the Warrants in whole or in part in lieu of making a cash
payment for whole numbers of Warrant Shares, by providing notice to the Chief Financial Officer of the Company in a subscription form
of its election to utilize cashless exercise, in which event the Company shall issue to the Holder the number of Warrant Shares determined
as follows:

 

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

where:

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

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

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

B = the Warrant Price.

 

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

 

(i) if the Company’s shares of
Common Stock are listed and traded on the New York Stock Exchange, the NYSE American, the NASDAQ Global Select Market, the NASDAQ Global
Market or the NASDAQ Capital Market (each, a “Trading Market”), the fair market value shall be deemed the average of
the closing price on such Trading Market for the 10 trading days ending on the third trading day immediately prior to the date the subscription
form is submitted to the Company in connection with the exercise of the Warrant; or

 

(ii) if the Company’s shares of
Common Stock are not listed on a Trading Market, but is traded in the over-the-counter market, the fair market value shall be deemed to
be the average of the bid price on such Trading Market for the 10 trading days ending on the third trading day immediately prior to the
date the subscription form is submitted in connection with the exercise of the Warrant; or

 

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

 

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

 

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

 

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

 

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

 

        3.3.7 Maximum
Percentage. A holder of a Warrant may notify the Company in writing in the event it elects to be subject to the provisions contained
in this subsection 3.3.7; however, no holder of a Warrant shall be subject to this subsection 3.3.7 unless he, she or it makes such election.
If the election is made by a holder, the Warrant Agent shall not effect the exercise of the holder’s Warrant, and such holder shall
not have the right to exercise such Warrant, to the extent that after giving effect to such exercise, such person (together with such
person’s affiliates), to the Warrant Agent’s actual knowledge, would beneficially own in excess of 9.9% (the “Maximum
Percentage”) of the shares of Common Stock outstanding immediately after giving effect to such exercise. For purposes of the
foregoing sentence, the aggregate number of shares of Common Stock beneficially owned by such person and its affiliates shall include
the number of shares of Common Stock issuable upon exercise of the Warrant with respect to which the determination of such sentence is
being made, but shall exclude the shares of Common Stock that would be issuable upon (x) exercise of the remaining, unexercised portion
of the Warrant beneficially owned by such person and its affiliates and (y) exercise or conversion of the unexercised or unconverted portion
of any other securities of the Company beneficially owned by such person and its affiliates (including, without limitation, any convertible
notes or convertible preferred shares or warrants) subject to a limitation on conversion or exercise analogous to the limitation contained
herein. Except as set forth in the preceding sentence, for purposes of this paragraph, beneficial ownership shall be calculated in accordance
with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). For purposes of the Warrant,
in determining the number of outstanding shares of Common Stock, the holder may rely on the number of outstanding shares of Common Stock
as reflected in (1) the Company’s most recent annual report on Form 10-K, quarterly report on Form 10-Q, current report on Form
8-K or other public filing with the SEC as the case may be, (2) a more recent public announcement by the Company, or (3) any other notice
by the Company or the Warrant Agent setting forth the number of shares of Common Stock outstanding. For any reason at any time, upon the
written request of the holder of the Warrant, the Company shall, within two (2) business days, confirm orally and in writing to such holder
the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined
after giving effect to the conversion or exercise of equity securities of the Company by the holder and its affiliates since the date
as of which such number of outstanding shares of Common Stock was reported. By written notice to the Company, the holder of a Warrant
may from time to time increase or decrease the Maximum Percentage applicable to such holder to any other percentage specified in such
notice; provided, however, that any such increase shall not be effective until the sixty-first (61st) day after such notice is delivered
to the Company.

 

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4. Adjustments.

 

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

 

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

 

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

 

4.4 Adjustments in
Exercise Price.

 

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

 

4.4.2 If (x) the Company issues
additional shares of Common Stock 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 $9.50 per share of Common Stock (with such issue price or
effective issue price to be determined in good faith by the Board), (y) the aggregate gross proceeds from such issuances represent more
than 60% of the total equity proceeds, and interest thereon, available for funding the initial Business Combination (net of redemptions),
and (z) the volume weighted average trading price of the Common Stock during the 20 trading day period starting on the trading day
prior to the day on which the Company consummates the Business Combination (such price, the “Market Value”) is below $9.50
per share, the Warrant Price shall be adjusted (to the nearest cent) to be equal to 115% of the Market Value, and the last sales price
of the Common Stock that triggers the Company’s right to redeem the Warrants pursuant to Section 6.1 below shall be adjusted
(to the nearest cent) to be equal to 165% of the Market Value. For the avoidance of doubt, if the adjustment in the immediately preceding
sentence would otherwise result in an increase in the Warrant Price (as adjusted for stock
splits, stock dividends, stock combinations, recapitalizations, extraordinary dividends and similar events) hereunder, no
adjustment shall be made.

 

4.5 Replacement
of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding shares of
Common Stock (other than a change covered by Sections 4.1, 4.2 or 4.3 hereof or one that solely affects the par value of such shares
of Common Stock), or, in the case of any merger or consolidation of the Company with or into another corporation (other than a
consolidation or merger in which the Company is the continuing corporation and that does not result in any reclassification or
reorganization of the outstanding shares of Common Stock), or, in the case of any sale or conveyance to another corporation or
entity of the assets or other property of the Company as an entirety or substantially as an entirety, in connection with which the
Company is dissolved, the Registered Holders shall thereafter have the right to purchase and receive, upon the basis and upon the
terms and conditions specified in the Warrants and in lieu of the shares of Common Stock of the Company immediately theretofore
purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares of stock or other
securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a
dissolution following any such sale or transfer, that the Registered Holder would have received if such Registered Holder had
exercised his, her or its Warrant(s) immediately prior to such event; and if any reclassification also results in a change in shares
of Common Stock covered by Sections 4.1, 4.2 or 4.3, then such adjustment shall be made pursuant to Sections 4.1, 4.2, 4.3 and this
Section 4.5. The provisions of this Section 4.5 shall similarly apply to successive reclassifications, reorganizations, mergers or
consolidations, sales or other transfers. In no event will the Warrant Price be reduced to less than the par value per share
issuable upon exercise of the Warrants.

  

4.6 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 – 4.5 the Company shall give written notice to each Registered Holder, at the last address set forth for such Registered
Holder in the Warrant Register, of the record date or the effective date of the event. Failure to give such notice, or any defect therein,
shall not affect the legality or validity of such event.

 

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 Warrant
Agreement. However, the Company may, at any time, in its sole discretion, make any change in the form of Warrant that the Company may
deem appropriate and that does not affect the substance thereof, and any Warrant thereafter issued or countersigned, whether in exchange
or substitution for an outstanding Warrant or otherwise, may be in the form as so changed.

 

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

 

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5. Transfer and Exchange of Warrants.

 

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

 

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

  

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

 

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

 

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

 

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

 

6. Redemption.

 

6.1 Redemption.
Subject to the second sentence of this Section 6.1, all (and not less than all) of the outstanding Warrants may be redeemed, in whole
and not in part, at the option of the Company, at any time from and after the Warrants become exercisable, and prior to their expiration,
at the office of the Warrant Agent, upon the notice referred to in Section 6.2, at the price of $0.01 per Warrant (“Redemption
Price”); provided that the last sales price of the shares of Common Stock has been equal to or greater than $16.50 per share
(subject to adjustment for splits, dividends, recapitalizations and other similar events), for any twenty (20) trading days within a thirty
(30) trading day period ending on the third business day prior to the date on which notice of redemption is given and provided further
that there is a current registration statement in effect with respect to the shares of Common Stock underlying the Warrants for each day
in the aforementioned 30-day trading period and continuing each day thereafter until the Redemption Date (defined below). For avoidance
of doubt, if and when the warrants become redeemable by the Company under this Section, the Company may exercise its redemption right,
even if it is unable to register or qualify the Warrant Shares for sale under all applicable state securities laws.

 

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

 

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

 

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

  

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

 

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

 

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

 

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

 

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

 

    6

     

    

 

 

8. Concerning the Warrant Agent and Other
Matters.

 

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

 

8.2 Resignation, Consolidation,
or Merger of Warrant Agent.

 

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

 

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

 

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

 

8.3 Fees and Expenses
of Warrant Agent.

 

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

 

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

 

8.4 Liability of Warrant
Agent.

 

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

 

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

 

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

 

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

 

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

  

    7

     

    

 

 

9. Miscellaneous Provisions.

 

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

 

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

 

Blockchain Moon Acquisition Corp.

4651 Salisbury Road, Suite 400,

Jacksonville FL, 32256

Attn: Enzo A. Villani, Chief Executive Officer

Phone: (424) 262-6097

Email: evillani@bmac.group

 

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

 

Loeb & Loeb LLP

345 Park Avenue

New York, New York 10154

Attn: Mitchell T. Nussbaum, Esq.

Email: mnussbaurm@loeb.com

 

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

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

 

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

 

    8

     

    

 

 

9.3 Applicable Law.
The validity, interpretation, and performance of this Warrant Agreement and of the Warrants shall be governed in all respects by the laws
of the State of New York, without giving effect to conflict of laws. Subject to applicable law, the Company and the Warrant Agent hereby
agree that any action, proceeding or claim against either of them arising out of or relating in any way to this Warrant Agreement shall
be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York,
and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive forum for any such action, proceeding or claim. The
Company and the Warrant Agent hereby waive any objection to such exclusive jurisdiction and that such courts represent an inconvenient
forum. Notwithstanding the foregoing, the provisions of this paragraph will not apply to suits brought to enforce any liability or duty
created by the Exchange Act or any other claim for which the federal district courts of the United States of America are the sole and
exclusive forum.

 

Any person or entity
purchasing or otherwise acquiring any interest in the Warrants shall be deemed to have notice of and to have consented to the forum
provisions in this Section 9.3. If any action, the subject matter of which is within the scope the forum provisions
above, is filed in a court other than a court located within the State of New York or the United States District Court for the
Southern District of New York (a “foreign action”) in the name of any Warrant holder, such Warrant holder shall
be deemed to have consented to: (x) the personal jurisdiction of the state and federal courts located within the State of New York
or the United States District Court for the Southern District of New York in connection with any action brought in any such court to
enforce the forum provisions (an “enforcement action”), and (y) having service of process made upon such Warrant
holder in any such enforcement action by service upon such Warrant holder's counsel in the foreign action as agent for such Warrant
holder.

 

Any such process or summons
to be served upon the Company or the Warrant Agent may be served by transmitting a copy thereof by registered or certified mail, return
receipt requested, postage prepaid, addressed to it at the address set forth in Section 9.2 hereof. Such mailing shall
be deemed personal service and shall be legal and binding upon the party receiving such service in any action, proceeding or claim.

 

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

 

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

 

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

 

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

 

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

 

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

 

    9

     

    

 

 

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

 

	 	BLOCKCHAIN MOON ACQUISITION CORP.
	 	 
	 	By:	   /s/ Enzo A. Villani
	 	 	Name: 	Enzo A. Villani
	 	 	Title:	Chief Executive Officer
	 	 	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
	 	 
	 	By:	    /s/ Erika Young
	 	 	Name:	Erika Young 
	 	 	Title:	Vice President

 

[Signature Page to Warrant Agreement]

 

    10

     

    

 

 

Exhibit A

Form of Warrant

 

    11Exhibit 4.3

 

THE REGISTERED HOLDER OF THIS PURCHASE OPTION
BY ITS ACCEPTANCE HEREOF AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE OPTION EXCEPT AS HEREIN PROVIDED AND THE REGISTERED
HOLDER OF THIS PURCHASE OPTION AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS PURCHASE OPTION OR CAUSE IT
TO BE THE SUBJECT OF ANY HEDGING, SHORT SALE, DERIVATIVE, PUT, OR CALL TRANSACTION THAT WOULD RESULT IN THE EFFECTIVE ECONOMIC DISPOSITION
OF THE PURCHASE OPTION BY ANY PERSON FOR A PERIOD OF ONE HUNDRED EIGHTY DAYS FROM THE COMMENCEMENT OF SALES IN THE OFFERING TO ANYONE
OTHER THAN TO (I) CHARDAN CAPITAL MARKETS, LLC (“CHARDAN”) OR AN UNDERWRITER OR SELECTED DEALER PARTICIPATING
IN THE OFFERING OR (II) AN OFFICER OR PARTNER, REGISTERED PERSON OR AFFILIATE OF CHARDAN OR OF ANY SUCH UNDERWRITER OR SELECTED DEALER
AND IN ACCORDANCE WITH FINRA RULE 5110(E)(2).

 

THIS PURCHASE OPTION IS NOT EXERCISABLE PRIOR
TO THE CONSUMMATION BY BLOCKCHAIN MOON ACQUISITION CORP. (THE “COMPANY”) OF A MERGER, STOCK EXCHANGE, ASSET
ACQUISITION, STOCK PURCHASE, REORGANIZATION OR SIMILAR BUSINESS COMBINATION (THE “BUSINESS COMBINATION”) (AS
DESCRIBED MORE FULLY IN THE COMPANY’S REGISTRATION STATEMENT (AS DEFINED HEREIN), AND VOID AFTER 5:00 P.M. NEW YORK CITY LOCAL TIME,
ON THE EARLIER OF THE EXPIRATION DATE (AS DEFINED HEREIN) OR THE DAY IMMEDIATELY PRIOR TO THE DAY ON WHICH THE COMPANY AND ALL OF ITS
SUCCESSORS HAVE BEEN DISSOLVED.

 

UNIT PURCHASE OPTION

FOR THE PURCHASE OF

UP TO 550,000 UNITS

OF

BLOCKCHAIN MOON ACQUISITION CORP.

 

1. PURCHASE
OPTION.

 

THIS CERTIFIES THAT, in consideration of $100.00
duly paid by or on behalf of Chardan Capital Markets, LLC (the “Holder”), as registered owner of this Purchase
Option, to Blockchain Moon Acquisition Corp. (the “Company”), Holder is entitled, at any time or from time to
time upon the consummation by the Company of a Business Combination (the “Commencement Date”), until, at or
before 5:00 p.m., New York City local time, on the earlier of the five year anniversary of the effective date of the Registration Statement
and the day immediately prior to the day on which the Company and all of its successors have been dissolved, but not thereafter (the “Expiration
Date”), as described in the Company’s registration statement (the “Registration Statement”)
pursuant to which Units are offered for sale to the public in the Company’s initial public offering (the “Offering”),
to subscribe for, purchase and receive, in whole or in part, up to Five Hundred and Fifty Thousand (550,000) units (“Units”)
of the Company, each Unit consisting of one (1) share of common stock, par value $0.0001 per share, of the Company (“Share(s)”),
one (1) warrant (“Warrant(s)”), each Warrant entitling the holder thereof to purchase one-half (1/2)
of one Share and one (1) right to receive one-tenth (1/10) of a Share upon the consummation of a Business Combination (“Right(s)”).
Each Right has the same terms as the rights included in the units being registered for sale to the public by way of the Registration Statement
(“Public Rights”), except as set forth herein. Each Warrant has the same terms as the warrants included in the
Units being registered for sale to the public by way of the Registration Statement (the “Public Warrants”),
except as set forth herein. Notwithstanding anything to the contrary, the original Holder of this Purchase Option agrees that it will
not be permitted to exercise this Purchase Option or the Rights or the Warrants underlying the Units after the five year anniversary of
the commencement of sales of the Offering. During the period ending on the Expiration Date, the Company agrees not to take any action
that would terminate the Purchase Option. This Purchase Option is initially exercisable at $11.50 per Unit so purchased; provided, however,
that upon the occurrence of any of the events specified in Section 6 hereof, the rights granted by this Purchase Option,
including the exercise price per Unit and the number of Units (and Shares, Warrants and Rights) to be received upon such exercise, shall
be adjusted as therein specified. The term “Exercise Price” shall mean the initial exercise price or the adjusted
exercise price, depending on the context.

   

     

     

    

 

2. EXERCISE
OF PURCHASE OPTION

 

2.1 Exercise Form.
In order to exercise this Purchase Option, the exercise form attached hereto must be duly executed and completed and delivered to the
Company, together with this Purchase Option and payment of the Exercise Price for the Units being purchased payable in cash or by certified
check or official bank check or pursuant to Section 2.3 hereof. If the Purchase Option represented hereby shall not be exercised at or
before 5:00 p.m., New York City local time, on the Expiration Date, this Purchase Option shall become and be void without further force
or effect, and all rights represented hereby shall cease and expire. Upon and after a Business Combination the Public Rights contained
in this Purchase Option shall continue to represent a right to receive one-tenth (1/10) of a share of Common Stock upon the exercise of
this Purchase Option.

 

2.2 Legend. Each
certificate for the securities purchased under this Purchase Option shall bear a legend as follows, unless such securities have been registered
under the Securities Act of 1933, as amended (“Act”):

 

“The securities represented by this
certificate have not been registered under the Securities Act of 1933, as amended (“Act”) or the laws of applicable states
or other jurisdictions. The securities may not be offered for sale, sold or otherwise transferred except pursuant to an effective registration
statement under the Act, or pursuant to an exemption from registration under the Act and applicable laws of states or other jurisdictions.”

 

2.3 Cashless Exercise.

 

2.3.1 Determination
of Amount. In lieu of the payment of the Exercise Price multiplied by the number of Units for which this Purchase Option is
exercisable (and in lieu of being entitled to receive Shares, Rights (or the shares to be received for the Rights if after the
business combination) and Warrants) in the manner required by Section 2.1, and subject to Section
6.1 hereof, the Holder shall have the right (but not the obligation) to convert any exercisable but unexercised portion of
this Purchase Option into Units (“Cashless Exercise Right”) as follows: upon exercise of the Cashless
Exercise Right, the Company shall deliver to the Holder (without payment by the Holder of any of the Exercise Price in cash) that
number of Units (or that number of Shares, Warrants and Rights comprising that number of Units) equal to the number of Units to be
exercised multiplied by the quotient obtained by dividing (x) the “Value” (as defined below) of the portion of the
Purchase Option being converted by (y) the Current Market Value (as defined below). The “Value” of the
portion of the Purchase Option being converted shall equal the remainder derived from subtracting (a) (i) the Exercise Price
multiplied by (ii) the number of Units underlying the portion of this Purchase Option being converted from (b) the Current Market
Value of a Unit multiplied by the number of Units underlying the portion of the Purchase Option being converted. As used herein, the
term “Current Market Value” per Unit at any date means: (A) in the event that the Units, Shares, Public
Rights and Public Warrants are still trading, (i) if the Units are listed on a national securities exchange or quoted on the OTC
Bulletin Board or successor exchange, the average reported last sale price of the Units in the principal trading market for the
Units as reported by the exchange, Nasdaq or the Financial Industry Regulatory Authority (“FINRA”), as the
case may be, for the three trading days preceding the date in question; or (ii) if the Units are not listed on a national securities
exchange or quoted on the OTC Bulletin Board (or successor exchange), but are traded in the residual over-the-counter market, the
average reported last sale price for Units for the three trading days preceding the date in question for which such quotations are
reported by the Pink Sheets, LLC, or similar publisher of such quotations; or (B) in the event that the Units are not still trading
but the Shares, Public Rights and Public Warrants underlying the Units are still trading, the aggregate of (i) the product of (x)
the Current Market Price of the Shares and (y) the number of the Shares underlying one Unit (which shall include the portion of a
Share of the holder of Unit would automatically receive in connection with the Right included in each such Unit), plus (ii) the
product of (x) the Current Market Price of the Public Warrants and (y) the number of Warrants included in one Unit), plus (iii) the
product of (x) the Current Market Price of the Public Rights and (y) the number of Rights included in one Unit; (C) in the event
that that the Units and the Public Rights are not still trading, but the Shares and Public Warrants are still trading, the aggregate
of (i) the product of (x) the Current Market Price of the Shares and (y) the number of the Shares underlying one Unit (which shall
include the portion of a Share that the holder of Unit would automatically receive in connection with the Right included in each
such Unit), plus (ii) the product of (x) the Current Market Price of the Public Warrants and (y) the number of Warrants included in
one Unit); or (D) in the event that neither the Units nor the Public Warrants are still trading, the aggregate of (i) the product of
(x) the Current Market Price of the Shares and (y) the number of the Shares underlying one Unit (which shall include a portion of a
Share the holder of a Unit would automatically receive in connection with the Right included in each such Unit), plus (ii) the
remainder derived from subtracting (x) the exercise price of the Warrants multiplied by the number of Shares issuable upon exercise
of the Warrants underlying one Unit from (y) the product of (aa) the Current Market Price of the Shares multiplied by (bb) the
number of Shares underlying the Warrants included in each such Unit. The “Current Market Price” shall mean (i) if the
Shares (or Public Warrants, or Rights as the case may be) are listed on a national securities exchange or quoted on the OTC Bulletin
Board (or successor exchange), the average reported last sale price of the Shares (or Public Warrants or Rights) in the principal
trading market for the Shares (or Public Warrants or Rights) as reported by the exchange, Nasdaq or FINRA, as the case may be, for
the three trading days preceding the date in question; (ii) if the Shares (or Public Warrants or Rights) are not listed on a
national securities exchange or quoted on the OTC Bulletin Board (or successor exchange), but are traded in the residual
over-the-counter market, the average reported last sale price for the Shares (or Public Warrants or Rights) for the three (3)
trading days preceding the date in question for which such quotations are reported by the Pink Sheets, LLC or similar publisher of
such quotations; and (iii) if the fair market value of the Shares (or Public Warrants or Rights) cannot be determined pursuant to
clause (i) or (ii) above, such price as the Board of Directors of the Company shall determine, in good faith. In the event the
Public Warrants have expired and are no longer exercisable, no “Value” shall be attributed to the Warrants underlying
the Purchase Option.

 

     

     

    

 

2.3.2 Mechanics of Cashless
Exercise. The Cashless Exercise Right may be exercised by the Holder on any business day on or after the Commencement Date and not
later than the Expiration Date by delivering the Purchase Option with the duly executed exercise form attached hereto with the cashless
exercise section completed to the Company, exercising the Cashless Exercise Right and specifying the total number of Units the Holder
will purchase pursuant to such Cashless Exercise Right.

 

2.4 No Obligation
to Net Cash Settle. Notwithstanding anything to the contrary contained in this Purchase Option, in no event will the Company be required
to net cash settle the exercise of the Purchase Option or Warrants or Rights underlying the Purchase Option. The holder of the Purchase
Option and Warrants and Rights underlying the Purchase Option will not be entitled to exercise the Purchase Option or the Warrants or
Rights underlying such Purchase Option unless it exercises such Purchase Option pursuant to the Cashless Exercise Right or a registration
statement is effective, or an exemption from the registration requirements is available at such time and, if the holder is not able to
exercise the Purchase Option or underlying Warrants or underlying Rights, the Purchase Option and/or the underlying Warrants or Rights,
as applicable, will expire worthless.

 

3. TRANSFER
OF PURCHASE OPTION.

 

3.1 General Restrictions.
The registered Holder of this Purchase Option, by its acceptance hereof, agrees that it will not sell, transfer, assign, pledge or hypothecate
this Purchase Option (or the Shares, Warrants and Rights underlying this Purchase Option), or cause the Purchase Option (or the Shares,
Warrants and Rights underlying this Purchase Option) to be the subject of any hedging, short sale, derivative, put, or call transaction
that would result in the effective economic disposition of the Purchase Option by any person, for a period of 180 days following the commencement
of sales of the Offering to anyone other than (i) Chardan or an underwriter or selected dealer in connection with the Offering, or (ii)
an officer or partner, registered person or affiliate of Chardan or of any such underwriter or selected dealer in compliance with FINRA
Rule 5110(e). On and after the 181st day following the following the commencement of sales of the Offering, transfers to others may be
made subject to compliance with or exemptions from applicable securities laws. In order to make any permitted assignment, the Holder must
deliver to the Company the assignment form attached hereto duly executed and completed, together with the Purchase Option and payment
of all transfer taxes, if any, payable in connection therewith. The Company shall within 5 business days transfer this Purchase Option
on the books of the Company and shall execute and deliver a new Purchase Option of like tenor to the appropriate assignee(s) expressly
evidencing the right to purchase the aggregate number of Units purchasable hereunder or such portion of such number as shall be contemplated
by any such assignment.

 

3.2 Restrictions Imposed
by the Act. The securities evidenced by this Purchase Option shall not be transferred unless and until (i) the Company has received
the opinion of counsel for the Holder that the securities may be transferred pursuant to an exemption from registration under the Act
and applicable state securities laws, the availability of which is established to the reasonable satisfaction of the Company (the Company
hereby agreeing that the opinion of Loeb & Loeb LLP shall be deemed satisfactory evidence of the availability of an exemption), or
(ii) a registration statement or a post-effective amendment to the Registration Statement relating to such securities has been filed by
the Company and declared effective by the Securities and Exchange Commission (the “Commission”) and compliance
with applicable state securities law has been established.

 

     

     

    

 

4. NEW
PURCHASE OPTION TO BE ISSUED.

 

4.1 Partial Exercise
or Transfer. Subject to the restrictions in Section 3 hereof, this Purchase Option may be exercised or assigned in
whole or in part. In the event of the exercise or assignment hereof in part only, upon surrender of this Purchase Option for cancellation,
together with the duly executed exercise or assignment form and funds sufficient to pay any Exercise Price (except to the extent that
the Holder elects to exercise this Purchase Option by means of a cashless exercise as provided in Section 2.3 above)
and/or transfer tax, the Company shall cause to be delivered to the Holder without charge a new Purchase Option of like tenor to this
Purchase Option in the name of the Holder evidencing the right of the Holder to purchase the number of Units purchasable hereunder as
to which this Purchase Option has not been exercised or assigned

 

4.2 Lost Certificate.
Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of this Purchase Option and of
reasonably satisfactory indemnification or the posting of a bond, the Company shall execute and deliver a new Purchase Option of like
tenor and date. Any such new Purchase Option executed and delivered as a result of such loss, theft, mutilation or destruction shall constitute
a substitute contractual obligation on the part of the Company.

 

5. REGISTRATION RIGHTS.

 

5.1 Demand Registration.

 

5.1.1 Grant of Right.
The Company, upon written demand (“Initial Demand Notice”) of the Holder(s) of at least 51% of the Purchase
Option and/or the underlying Units and/or the underlying securities (“Majority Holders”), agrees to use its
best efforts to register (the “Demand Registration”) under the Act on one (1) occasion, all or any portion of
the (i) Purchase Option requested by the Majority Holders in the Initial Demand Notice or all or any portion of the securities underlying
such Purchase Option, including the Units, Shares and Warrants (collectively, the “Registrable Securities”).
On such occasion, the Company will use its best efforts to file a registration statement or a post-effective amendment to the Registration
Statement covering the Registrable Securities as expeditiously as possible, and in any event within forty-five (45) days, after receipt
of the Initial Demand Notice and use its best efforts to have such registration statement or post-effective amendment declared effective
as soon as possible thereafter. The demand for registration may be made at any time during a period of five years from the commencement
of sales in the Offering. The Initial Demand Notice shall specify the number of shares of Registrable Securities proposed to be sold and
the intended method(s) of distribution thereof. The Company will notify all holders of the Purchase Option and/or Registrable Securities
of the demand within ten days from the date of the receipt of any such Initial Demand Notice. Each holder of Registrable Securities who
wishes to include all or a portion of such holder’s Registrable Securities in the Demand Registration (each such holder including
shares of Registrable Securities in such registration, a “Demanding Holder”) shall so notify the Company within
fifteen (15) days after the receipt by the holder of the notice from the Company. Upon any such request, the Demanding Holders shall be
entitled to have their Registrable Securities included in the Demand Registration, subject to Section 5.1.4.

 

5.1.2 Effective Registration.
Notwithstanding Section 5.1.5, a registration will not count as a Demand Registration until the registration statement filed
with the Commission, with respect to such Demand Registration, has been declared effective and the Company has complied with all of its
obligations under this Purchase Option with respect thereto.

 

5.1.3 Underwritten Offering.
If the Majority Holders so elect and such holders so advise the Company as part of the Initial Demand Notice, the offering of such Registrable
Securities pursuant to such Demand Registration shall be in the form of an underwritten offering. In such event, the right of any holder
to include its Registrable Securities in such registration shall be conditioned upon such holder’s participation in such underwriting
and the inclusion of such holder’s Registrable Securities in the underwriting to the extent provided herein. All Demanding Holders
proposing to distribute their securities through such underwriting shall enter into an underwriting agreement in customary form with the
underwriter or underwriters selected for such underwriting by the Majority Holders.

 

5.1.4 Reduction of
Offering. If the managing underwriter or underwriters for a Demand Registration that is to be an underwritten offering advises
the Company and the Demanding Holders in writing that the dollar amount or number of shares of Registrable Securities which the
Demanding Holders desire to sell, taken together with all other Shares or other securities which the Company desires to sell and the
Shares, if any, as to which registration has been requested pursuant to written contractual piggy-back registration rights held by
other stockholders of the Company who desire to sell, exceeds the maximum dollar amount or maximum number of shares that can be sold
in such offering without adversely affecting the proposed offering price, the timing, the distribution method, or the probability of
success of such offering (such maximum dollar amount or maximum number of shares, as applicable, the “Maximum Number of
Shares”), then the Company shall include in such registration: (i) first, the Registrable Securities as to which
Demand Registration has been requested by the Demanding Holders (pro rata in accordance with the number of shares that each such
person has requested be included in such registration, regardless of the number of shares held by each such person (such proportion
is referred to herein as “Pro Rata”)) that can be sold without exceeding the Maximum Number of Shares;
(ii) second, to the extent that the Maximum Number of Shares has not been reached under the foregoing clause (i), the Shares or
other securities that the Company desires to sell that can be sold without exceeding the Maximum Number of Shares; (iii) third, to
the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (i) and (ii), the Shares or other
securities registrable pursuant to the terms of the Registration Rights Agreement between the Company and the initial investors in
the Company, dated as of October 18, 2021 (the “Registration Rights Agreement” and such registrable
securities, the “Investor Securities”) as to which “piggy-back” registration has been
requested by the holders thereof, Pro Rata, that can be sold without exceeding the Maximum Number of Shares; and (iv) fourth, to the
extent that the Maximum Number of Shares has not been reached under the foregoing clauses (i), (ii), and (iii), the Shares or other
securities for the account of other persons that the Company is obligated to register pursuant to written contractual arrangements
with such persons and that can be sold without exceeding the Maximum Number of Shares.

 

     

     

    

 

5.1.5 Withdrawal.
If a majority-in-interest of the Demanding Holders disapprove of the terms of any underwriting or are not entitled to include all of their
Registrable Securities in any offering, such majority-in-interest of the Demanding Holders may elect to withdraw from such offering by
giving written notice to the Company and the underwriter or underwriters of their request to withdraw prior to the effectiveness of the
registration statement filed with the Commission with respect to such Demand Registration. If the majority-in-interest of the Demanding
Holders withdraws from a proposed offering relating to a Demand Registration, then the Company does not have to continue its obligations
under Section 5.1, provided that, any such withdrawal will not count as the Demand Registration if the Demanding
Holders pay all of the Company’s out-of-pocket expenses, with respect to such withdrawn registration.

 

5.1.6 Terms. The
Company shall bear all fees and expenses attendant to registering the Registrable Securities, including the expenses of one legal counsel
selected by the Holders to represent them in connection with the sale of the Registrable Securities, but the Holders shall pay any and
all underwriting commissions. The Company agrees to use its reasonable best efforts to qualify or register the Registrable Securities
in such states as are reasonably requested by the Majority Holder(s); provided, however, that in no event shall
the Company be required to register the Registrable Securities in a state in which such registration would cause (i) the Company to be
obligated to qualify to do business in such state, or would subject the Company to taxation as a foreign corporation doing business in
such jurisdiction or (ii) the principal stockholders of the Company to be obligated to escrow their shares of capital stock of the Company.
The Company shall use its best efforts to cause any registration statement or post-effective amendment filed pursuant to the demand rights
granted under Section 5.1.1 to remain effective for a period of nine consecutive months from the effective date of such
registration statement or post-effective amendment.

 

5.2 Piggy-Back Registration.

 

5.2.1 Piggy-Back
Rights. If at any time during the seven year period commencing on the date of commencement of sales in the Offering, the Company
proposes to file a registration statement under the Act with respect to an offering of equity securities, or securities or other
obligations exercisable or exchangeable for, or convertible into, equity securities, by the Company for its own account or for
stockholders of the Company for their account (or by the Company and by stockholders of the Company including, without limitation,
pursuant to Section 5.1), other than a registration statement (i) filed in connection with any employee stock option or
other benefit plan, (ii) for an exchange offer or offering of securities solely to the Company’s existing stockholders, (iii)
for an offering of debt that is convertible into equity securities of the Company or (iv) for a dividend reinvestment plan, then the
Company shall (x) give written notice of such proposed filing to the holders of Registrable Securities as soon as practicable but in
no event less than ten (10) days before the anticipated filing date, which notice shall describe the amount and type of securities
to be included in such offering, the intended method(s) of distribution, and the name of the proposed managing underwriter or
underwriters, if any, of the offering, and (y) offer to the holders of Registrable Securities in such notice the opportunity to
register the sale of such number of shares of Registrable Securities as such holders may request in writing within five (5) days
following receipt of such notice (a “Piggy-Back Registration”). The Company shall cause such Registrable
Securities to be included in such registration and shall use its best efforts to cause the managing underwriter or underwriters of a
proposed underwritten offering to permit the Registrable Securities requested to be included in a Piggy-Back Registration on the
same terms and conditions as any similar securities of the Company and to permit the sale or other disposition of such Registrable
Securities in accordance with the intended method(s) of distribution thereof. All holders of Registrable Securities proposing to
distribute their securities through a Piggy-Back Registration that involves an underwriter or underwriters shall enter into an
underwriting agreement in customary form with the underwriter or underwriters selected for such Piggy-Back Registration.

 

     

     

    

 

5.2.2 Reduction of Offering.
If the managing underwriter or underwriters for a Piggy-Back Registration that is to be an underwritten offering advises the Company and
the holders of Registrable Securities in writing that the dollar amount or number of Registrable Securities which the Company desires
to sell, taken together with securities, if any, as to which registration has been demanded pursuant to written contractual arrangements
with persons other than the holders of Registrable Securities hereunder, the Registrable Securities as to which registration has been
requested under this Section 5.2, and the securities, if any, as to which registration has been requested pursuant to the
written contractual piggy-back registration rights of other stockholders of the Company, exceeds the Maximum Number of Shares, then the
Company shall include in any such registration:

 

(a) If the registration is
undertaken for the Company’s account: (A) first, Shares or other securities that the Company desires to sell that can be sold without
exceeding the Maximum Number of Shares; (B) second, to the extent that the Maximum Number of Shares has not been reached under the foregoing
clause (A), the Shares or other securities, if any, comprised of Registrable Securities and Investor Securities, as to which registration
has been requested pursuant to the applicable written contractual piggy-back registration rights of such security holders, Pro Rata, that
can be sold without exceeding the Maximum Number of Shares; and (C) third, to the extent that the Maximum Number of shares has not been
reached under the foregoing clauses (A) and (B), the Shares or other securities for the account of other persons that the Company is obligated
to register pursuant to written contractual piggy-back registration rights with such persons and that can be sold without exceeding the
Maximum Number of Shares;

 

(b) If the registration is
a “demand” registration undertaken at the demand of holders of Investor Securities, (A) first, the Shares or other securities
for the account of the demanding persons, Pro Rata, that can be sold without exceeding the Maximum Number of Shares; (B) second, to the
extent that the Maximum Number of Shares has not been reached under the foregoing clause (A), the Shares or other securities that the
Company desires to sell that can be sold without exceeding the Maximum Number of Shares; (C) third, to the extent that the Maximum Number
of Shares has not been reached under the foregoing clauses (A) and (B), the shares of Registrable Securities, Pro Rata, as to which registration
has been requested pursuant to the terms hereof, that can be sold without exceeding the Maximum Number of Shares; and (D) fourth, to the
extent that the Maximum Number of Shares has not been reached under the foregoing clauses (A), (B) and (C), the Shares or other securities
for the account of other persons that the Company is obligated to register pursuant to written contractual arrangements with such persons,
that can be sold without exceeding the Maximum Number of Shares; and

 

(c) If the registration is
a “demand” registration undertaken at the demand of persons other than either the holders of Registrable Securities or of
Investor Securities, (A) first, the Shares or other securities for the account of the demanding persons that can be sold without exceeding
the Maximum Number of Shares; (B) second, to the extent that the Maximum Number of Shares has not been reached under the foregoing clause
(A), the Shares or other securities that the Company desires to sell that can be sold without exceeding the Maximum Number of Shares;
(C) third, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (A) and (B), collectively
the Shares or other securities comprised of Registrable Securities and Investor Securities, Pro Rata, as to which registration has been
requested pursuant to the terms hereof and of the Registration Rights Agreement, as applicable, that can be sold without exceeding the
Maximum Number of Shares; and (D) fourth, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses
(A), (B) and (C), the Shares or other securities for the account of other persons that the Company is obligated to register pursuant to
written contractual arrangements with such persons, that can be sold without exceeding the Maximum Number of Shares.

 

     

     

    

 

5.2.3 Withdrawal.
Any holder of Registrable Securities may elect to withdraw such holder’s request for inclusion of Registrable Securities in any
Piggy-Back Registration by giving written notice to the Company of such request to withdraw prior to the effectiveness of the registration
statement. The Company (whether on its own determination or as the result of a withdrawal by persons making a demand pursuant to written
contractual obligations) may withdraw a registration statement at any time prior to the effectiveness of the registration statement. Notwithstanding
any such withdrawal, the Company shall pay all expenses incurred by the holders of Registrable Securities in connection with such Piggy-Back
Registration as provided in Section 5.2.4.

 

5.2.4 Terms. The
Company shall bear all fees and expenses attendant to registering the Registrable Securities, including the expenses of one legal counsel
selected by the Holders to represent them in connection with the sale of the Registrable Securities but the Holders shall pay any and
all underwriting commissions related to the Registrable Securities. In the event of such a proposed registration, the Company shall furnish
the then Holders of outstanding Registrable Securities with not less than fifteen days written notice prior to the proposed date of filing
of such registration statement. Such notice to the Holders shall continue to be given for each applicable registration statement filed
(during the period in which the Purchase Option is exercisable) by the Company until such time as all of the Registrable Securities have
been registered and sold. The Holders of the Registrable Securities shall exercise the “piggy-back” rights provided for herein
by giving written notice within ten days of the receipt of the Company’s notice of its intention to file a registration statement.
The Company shall use its best efforts to cause any registration statement filed pursuant to the above “piggyback” rights
to remain effective for at least nine months from the date that the Holders of the Registrable Securities are first given the opportunity
to sell all of such securities.

 

5.3 General Terms.

 

5.3.1 Indemnification.
The Company shall, to the fullest extent permitted by applicable law, indemnify the Holder(s) of the Registrable Securities to be sold
pursuant to any registration statement hereunder and each person, if any, who controls such Holders within the meaning of Section 15 of
the Act or Section 20(a) of the Securities Exchange Act of 1934, as amended (“Exchange Act”), against all loss,
claim, damage, expense or liability (including all reasonable attorneys’ fees and other expenses reasonably incurred in investigating,
preparing or defending against litigation, commenced or threatened, or any claim whatsoever whether arising out of any action between
the underwriter and the Company or between the underwriter and any third party or otherwise) to which any of them may become subject under
the Act, the Exchange Act or otherwise, arising from such registration statement but only to the same extent and with the same effect
as the provisions pursuant to which the Company has agreed to indemnify the underwriters contained in Section 5 of the Underwriting Agreement
between the Company, Chardan and the other underwriters named therein dated October 18, 2021 (“Underwriting Agreement”).
The Holder(s) of the Registrable Securities to be sold pursuant to such registration statement, and their successors and assigns, shall
severally, and not jointly, indemnify the Company, its officers and directors and each person, if any, who controls the Company within
the meaning of Section 15 of the Act or Section 20(a) of the Exchange Act, against all loss, claim, damage, expense or liability (including
all reasonable attorneys’ fees and other expenses reasonably incurred in investigating, preparing or defending against any claim
whatsoever) to which they may become subject under the Act, the Exchange Act or otherwise, arising from information furnished by or on
behalf of such Holders, or their successors or assigns, in writing, for specific inclusion in such registration statement or arising from
any omission or the alleged omission to state a material fact required to be stated therein or necessary to make the statement contained
therein not misleading in connection with the registration of the Registrable Securities, to the same extent and with the same effect
as the provisions contained in Section 5 of the Underwriting Agreement pursuant to which the underwriters have agreed to indemnify the
Company.

 

5.3.2 Exercise of Purchase
Option. Nothing contained in this Purchase Option shall be construed as requiring the Holder(s) to exercise their Purchase Option
or Rights or Warrants underlying such Purchase Option prior to or after the initial filing of any registration statement or the effectiveness
thereof.

 

5.3.3 Documents
Delivered to Holders. The Company shall furnish Chardan, as representative of the Holders participating in any of the foregoing
offerings, a signed counterpart, addressed to the participating Holders, of (i) an opinion of counsel to the Company, dated the
effective date of such registration statement (and, if such registration includes an underwritten public offering, an opinion dated
the date of the closing under any underwriting agreement related thereto), and (ii) a “cold comfort” letter dated the
effective date of such registration statement (and, if such registration includes an underwritten public offering, a letter dated
the date of the closing under the underwriting agreement) signed by the independent public accountants who have issued a report on
the Company’s financial statements included in such registration statement, in each case covering substantially the same
matters with respect to such registration statement (and the prospectus included therein) and, in the case of such
accountants’ letter, with respect to events subsequent to the date of such financial statements, as are customarily covered in
opinions of issuer’s counsel and in accountants’ letters delivered to underwriters in underwritten public offerings of
securities. The Company shall also deliver promptly to Chardan, as representative of the Holders participating in the offering, the
correspondence and memoranda described below and copies of all correspondence between the Commission and the Company, its counsel or
auditors and all memoranda relating to discussions with the Commission or its staff with respect to the registration statement and
permit Chardan, as representative of the Holders, to do such investigation, upon reasonable advance notice, with respect to
information contained in or omitted from the registration statement as it deems reasonably necessary to comply with applicable
securities laws or rules of FINRA. Such investigation shall include access to books, records and properties and opportunities to
discuss the business of the Company with its officers and independent auditors, all to such reasonable extent and at such reasonable
times and as often as Chardan, as representative of the Holders, shall reasonably request. The Company shall not be required to
disclose any confidential information or other records to Chardan, as representative of the Holders, or to any other person, until
and unless such persons shall have entered into reasonable confidentiality agreements (in form and substance reasonably satisfactory
to the Company), with the Company with respect thereto.

 

     

     

    

 

5.3.4 Underwriting Agreement.
The Company shall enter into an underwriting agreement with the managing underwriter(s), if any, selected by any Holders whose Registrable
Securities are being registered pursuant to this Section 5, which managing underwriter shall be reasonably acceptable to the Company.
Such agreement shall be reasonably satisfactory in form and substance to the Company, each Holder and such managing underwriters, and
shall contain such representations, warranties and covenants by the Company and such other terms as are customarily contained in agreements
of that type used by the managing underwriter. The Holders shall be parties to any underwriting agreement relating to an underwritten
sale of their Registrable Securities and may, at their option, require that any or all the representations, warranties and covenants of
the Company to or for the benefit of such underwriters shall also be made to and for the benefit of such Holders. Such Holders shall not
be required to make any representations or warranties to or agreements with the Company or the underwriters except as they may relate
to such Holders and their intended methods of distribution. Such Holders, however, shall agree to such covenants and indemnification and
contribution obligations for selling stockholders as are customarily contained in agreements of that type used by the managing underwriter.
Further, such Holders shall execute appropriate custody agreements and otherwise cooperate fully in the preparation of the registration
statement and other documents relating to any offering in which they include securities pursuant to this Section 5. Each Holder shall
also furnish to the Company such information regarding itself, the Registrable Securities held by it, and the intended method of disposition
of such securities as shall be reasonably required to effect the registration of the Registrable Securities.

 

5.3.5 Rule 144 Sale.
Notwithstanding anything contained in this Section 5 to the contrary, the Company shall have no obligation pursuant to Sections
5.1 or 5.2 to use its best efforts to obtain the registration of Registrable Securities held by any Holder (i)
where such Holder would then be entitled to sell under Rule 144 within any three-month period (or such other period prescribed under Rule
144 as may be provided by amendment thereof) all of the Registrable Securities then held by such Holder, or (ii) where the number of Registrable
Securities held by such Holder is within the volume limitations under paragraph (e) of Rule 144 (calculated as if such Holder were an
affiliate within the meaning of Rule 144).

 

5.3.6 Supplemental Prospectus.
Each Holder agrees, that upon receipt of any notice from the Company of the happening of any event as a result of which the prospectus
included in the registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a material
fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing,
such Holder will immediately discontinue disposition of Registrable Securities pursuant to the registration statement covering such Registrable
Securities until such Holder’s receipt of the copies of a supplemental or amended prospectus, and, if so desired by the Company,
such Holder shall deliver to the Company (at the expense of the Company) or destroy (and deliver to the Company a certificate of such
destruction) all copies, other than permanent file copies then in such Holder’s possession, of the prospectus covering such Registrable
Securities current at the time of receipt of such notice.

 

     

     

    

 

6. ADJUSTMENTS.

 

6.1 Adjustments to
Exercise Price and Number of Securities. The Exercise Price and the number of Units underlying the Purchase Option shall be subject
to adjustment from time to time as hereinafter set forth:

 

6.1.1 Stock Dividends
- Split-Ups. If after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding
shares of common stock of the Company is increased by a stock dividend payable in shares or by a split-up of shares or other similar event,
then, on the effective date thereof, the number of Shares underlying each of the Units including the Rights purchasable hereunder shall
be increased in proportion to such increase in outstanding shares. In such case, the number of Shares, and the exercise price applicable
thereto, underlying the Warrants underlying each of the Units purchasable hereunder shall be adjusted in accordance with the terms of
the Public Warrants.

 

6.1.2 Aggregation of
Shares. If after the date hereof, and subject to the provisions of Section 6.3, the number of outstanding shares of common
stock of the Company is decreased by a consolidation, combination or reclassification of Shares or other similar event, then, on the effective
date thereof, the number of Shares underlying each of the Units, including the Rights purchasable hereunder shall be decreased in proportion
to such decrease in outstanding shares and the Exercise Price shall be proportionately increased. In such case, the number of Shares,
and the exercise price applicable thereto underlying the Warrants underlying each of the Units purchasable hereunder shall be adjusted
in accordance with the terms of the Public Warrants.

 

6.1.3 Replacement of
Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding shares of common stock of
the Company other than a change covered by Section 6.1.1 or 6.1.2 hereof or that solely affects the
par value of such shares, or in the case of any merger or consolidation of the Company with or into another company (other than a consolidation
or merger in which the Company is the continuing entity and that does not result in any reclassification or reorganization of the outstanding
Shares), or in the case of any sale or conveyance to another company or entity of the property of the Company as an entirety or substantially
as an entirety in connection with which the Company is dissolved, the Holder of this Purchase Option shall have the right thereafter (until
the expiration of the right of exercise of this Purchase Option) to receive upon the exercise hereof, for the same aggregate Exercise
Price payable hereunder immediately prior to such event, the kind and amount of shares 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,
by a Holder of the number of Shares of the Company obtainable upon exercise of this Purchase Option, Rights and the underlying Warrants
immediately prior to such event; and if any reclassification also results in a change in Shares covered by Section 6.1.1 or 6.1.2,
then such adjustment shall be made pursuant to Sections 6.1.1, 6.1.2 and this Section 6.1.3.
The provisions of this Section 6.1.3 shall similarly apply to successive reclassifications, reorganizations, mergers
or consolidations, sales or other transfers.

 

6.1.4 Changes in Form
of Purchase Option. This form of Purchase Option need not be changed because of any change pursuant to this Section, and a Purchase
Option issued after such change may state the same Exercise Price and the same number of Units as are stated in the Purchase Option as
initially issued. The acceptance by any Holder of the issuance of a new Purchase Option reflecting a required or permissive change shall
not be deemed to waive any rights to an adjustment occurring after the Commencement Date or the computation thereof.

 

6.2 Substitute Purchase
Option. In case of any consolidation of the Company with, or merger of the Company with, or merger of the Company into, another entity
(other than a consolidation or merger which does not result in any reclassification or change of the outstanding shares of common stock
of the Company), the entity formed by such consolidation or merger shall execute and deliver to the Holder a supplemental Purchase Option
providing that the holder of each Purchase Option then outstanding or to be outstanding shall have the right thereafter (until the stated
expiration of such Purchase Option) to receive, upon exercise of such Purchase Option, the kind and amount of shares and other securities
and property receivable upon such consolidation or merger, by a holder of the number of Shares of the Company for which such Purchase
Option might have been exercised immediately prior to such consolidation, merger, sale or transfer. Such supplemental Purchase Option
shall provide for adjustments which shall be identical to the adjustments provided in Section 6. The above provision of this
Section shall similarly apply to successive consolidations or mergers.

 

     

     

    

 

6.3 Elimination of
Fractional Interests. The Company shall not be required to issue certificates representing fractions of Shares, Rights or Warrants
upon the exercise of the Purchase Option, nor shall it be required to issue scrip or pay cash in lieu of any fractional interests, it
being the intent of the parties that all fractional interests shall be eliminated by rounding any fraction up to the nearest whole number
of Warrants, Rights, Shares or other securities, properties or rights (or as otherwise provided pursuant to the Warrant Agreement or Rights
Agreement, as the case may be).

 

7. RESERVATION
AND LISTING. The Company shall at all times reserve and keep available out of its authorized but unissued Shares, solely
for the purpose of issuance upon exercise of the Purchase Option or the Warrants or Rights underlying the Purchase Option, such number
of Shares or other securities, properties or rights as shall be issuable upon the exercise thereof. The Company covenants and agrees that,
upon exercise of the Purchase Option and payment of the Exercise Price therefor, all Shares and other securities issuable upon such exercise
shall be duly and validly issued, fully paid and non-assessable and not subject to preemptive rights of any stockholder. The Company further
covenants and agrees that upon conversion of the Rights or exercise of the Warrants underlying the Purchase Option and payment of the
respective Warrant exercise price therefor, all Shares and other securities issuable upon such exercise shall be duly and validly issued,
fully paid and non-assessable and not subject to preemptive rights of any stockholders. As long as the Purchase Option shall be outstanding,
the Company shall use its best efforts to cause all (i) Units and Shares issuable upon exercise of the Purchase Option, (ii) Warrants
issuable upon exercise of the Purchase Option, (iii) Shares issuable upon exercise of the Warrants included in the Units issuable upon
exercise of the Purchase Option, (iv) Rights issuable upon exercise of the Purchase Option and (v) Shares underlying the Rights included
in the Units issuable upon exercise of the Purchase Option to be listed and/or quoted (subject to official notice of issuance) on all
securities exchanges (or, if applicable, on the OTC Bulletin Board or OTC Markets Group, Inc. or any successor trading market) on which
the Units, Shares, Rights or Warrants may then be listed and/or quoted.

 

8. CERTAIN NOTICE REQUIREMENTS.

 

8.1 Holder’s
Right to Receive Notice. Nothing herein shall be construed as conferring upon the Holders the right to vote or consent as a stockholders
for the election of directors or any other matter, or as having any rights whatsoever as a stockholders of the Company. If, however, at
any time prior to the expiration of the Purchase Option and its exercise, any of the events described in Section 8.2 shall
occur, then, in each such event, the Company shall give written notice of such event at least fifteen days prior to the date fixed as
a record date or the date of closing the transfer books for the determination of the stockholders entitled to such dividend, distribution,
conversion or exchange of securities or subscription rights, or entitled to vote on such proposed dissolution, liquidation, winding up
or sale. Such notice shall specify such record date or the date of the closing of the transfer books, as the case may be. Notwithstanding
the foregoing, the Company shall deliver to each Holder a copy of each notice given to the other stockholders of the Company at the same
time and in the same manner that such notice is given to the stockholders.

 

8.2 Events Requiring
Notice. The Company shall be required to give the notice described in this Section 8 upon one or more of the following events: (i)
if the Company shall take a record of the holders of its Shares for the purpose of entitling them to receive a dividend or distribution
payable otherwise than in cash, or a cash dividend or distribution payable otherwise than out of retained earnings, as indicated by the
accounting treatment of such dividend or distribution on the books of the Company, or (ii) the Company shall offer to all the holders
of its Shares any additional shares of capital stock of the Company or securities convertible into or exchangeable for shares of capital
stock of the Company, or any option, right or warrant to subscribe therefor, or (iii) a dissolution, liquidation or winding up of the
Company (other than in connection with a consolidation or merger) or a sale of all or substantially all of its property, assets and business
shall be proposed.

 

8.3 Notice of Change
in Exercise Price. The Company shall, promptly after an event requiring a change in the Exercise Price pursuant to Section 6 hereof,
send notice to the Holders of such event and change (“Price Notice”). The Price Notice shall describe the event
causing the change and the method of calculating same and shall be certified as being true and accurate by the Company’s Chief Executive
Officer.

 

8.4 Transmittal
of Notices. All notices, requests, consents and other communications under this Purchase Option shall be in writing and shall be
deemed to have been duly made when hand delivered, or mailed by express mail or private courier service: (i) if to the registered
Holder of the Purchase Option, to the address of such Holder as shown on the books of the Company, or (ii) if to the Company, to the
following address or to such other address as the Company may designate by notice to the Holders:

 

Blockchain Moon Acquisition
Corp.

4651 Salisbury Road,
Suite 400,

Jacksonville FL,
32256

Attn: Enzo A. Villani,
Chief Executive Officer

Telephone: (424)
262-6097

 

     

     

    

 

9. MISCELLANEOUS.

 

9.1 Amendment The
Company and Chardan may from time to time supplement or amend this Purchase Option without the approval of any of the Holders in order
to cure any ambiguity, to correct or supplement any provision contained herein that may be defective or inconsistent with any other provisions
herein, or to make any other provisions in regard to matters or questions arising hereunder that the Company and Chardan may deem necessary
or desirable and that the Company and Chardan deem shall not adversely affect the interest of the Holders. All other modifications or
amendments shall require the written consent of and be signed by the party against whom enforcement of the modification or amendment is
sought.

 

9.2 Headings.
The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the meaning
or interpretation of any of the terms or provisions of this Purchase Option.

 

9.3 Entire Agreement.
This Purchase Option (together with the other agreements and documents being delivered pursuant to or in connection with this Purchase
Option) constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, and supersedes all prior agreements
and understandings of the parties, oral and written, with respect to the subject matter hereof.

 

9.4 Binding Effect.
This Purchase Option shall inure solely to the benefit of and shall be binding upon the Holder and the Company and their permitted assignees,
respective successors, legal representative and assigns, and no other person shall have or be construed to have any legal or equitable
right, remedy or claim under or in respect of or by virtue of this Purchase Option or any provisions herein contained.

 

9.5 Governing Law;
Submission to Jurisdiction. This Purchase Option shall be governed by and construed and enforced in accordance with the laws of the
State of New York, without giving effect to conflict of laws principles thereof. Each of the Holder and the Company hereby agrees that
any action, proceeding or claim against it arising out of, or relating in any way to this Purchase Option shall be brought and enforced
in the New York Supreme Court, County of New York, or in the United States District Court for the Southern District of New York, and irrevocably
submits to such jurisdiction, which jurisdiction shall be exclusive. Each of the Holder and the Company hereby waives any objection to
such exclusive jurisdiction and that such courts represent an inconvenient forum. Any process or summons to be served upon the Company
may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to
it at the address set forth in Section 8.4 hereof. Such mailing shall be deemed personal service and shall be legal and binding
upon the Company in any action, proceeding or claim. The Company and the Holder agree that the prevailing party(ies) in any such action
shall be entitled to recover from the other party(ies) all of its reasonable attorneys’ fees and expenses relating to such action
or proceeding and/or incurred in connection with the preparation therefore.

 

9.6 Waiver, Etc.
The failure of the Company or the Holder to at any time enforce any of the provisions of this Purchase Option shall not be deemed or construed
to be a waiver of any such provision, nor to in any way affect the validity of this Purchase Option or any provision hereof or the right
of the Company or any Holder to thereafter enforce each and every provision of this Purchase Option. No waiver of any breach, non-compliance
or non-fulfillment of any of the provisions of this Purchase Option shall be effective unless set forth in a written instrument executed
by the party or parties against whom or which enforcement of such waiver is sought; and no waiver of any such breach, non-compliance or
non- fulfillment shall be construed or deemed to be a waiver of any other or subsequent breach or non-compliance.

 

     

     

    

 

9.7 Execution in Counterparts.
This Purchase Option may be executed in one or more counterparts, and by the different parties hereto in separate counterparts, each of
which shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement, and shall become
effective when one or more counterparts has been signed by each of the parties hereto and delivered to each of the other parties hereto.

 

9.8 Exchange Agreement.
As a condition of the Holder’s receipt and acceptance of this Purchase Option, Holder agrees that, at any time prior to the complete
exercise of this Purchase Option by Holder, if the Company and Chardan enter into an agreement (“Exchange Agreement”)
pursuant to which they agree that all outstanding Purchase Options will be exchanged for securities or cash or a combination of both,
then Holder shall agree to such exchange and become a party to the Exchange Agreement.

 

[Signature Page Follows]

 

     

     

    

 

IN WITNESS WHEREOF, the Company
has caused this Purchase Option to be signed by its duly authorized officer as of the 18th day of October, 2021.

 

	 	BLOCKCHAIN MOON ACQUISITION CORP.
	 	 
	 	By:	/s/
Enzo A. Villani
	 	 	Name:	Enzo A. Villani
	 	 	Title:	Chief Executive Officer

 

[Signature Page to Purchase Option]

 

     

     

    

 

Form to be used to exercise Purchase Option

 

Blockchain Moon Acquisition Corp.

4651 Salisbury Road, Suite 400,

Jacksonville FL, 32256 

Date:_________________, 20___

 

The undersigned hereby elects irrevocably to exercise
all or a portion of the within Purchase Option and to purchase ____ Units of Blockchain Moon Acquisition Corp. and hereby makes payment
of $____________ (at the rate of $_________ per Unit) in payment of the Exercise Price pursuant thereto. Please issue the securities as
to which this Purchase Option is exercised in accordance with the instructions given below.

 

Or

 

The undersigned hereby elects irrevocably to convert
its right to purchase _________ Units purchasable under the within Purchase Option by surrender of the unexercised portion of the attached
Purchase Option (with a “Value” based of $_______ based on a “Market Price” of $_______). Please issue the securities
comprising the Units as to which this Purchase Option is exercised in accordance with the instructions given below.

 

NOTICE: The signature to this assignment must
correspond with the name as written upon the face of the purchase option in every particular, without alteration or enlargement or any
change whatever

Signature(s) Guaranteed:

 

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

 

     

     

    

 

INSTRUCTIONS FOR REGISTRATION OF SECURITIES

Name

	 
	(Print in Block Letters)
	Address

 

Form to be used to assign Purchase Option:

 

     

     

    

 

ASSIGNMENT

 

(To be executed by the registered Holder to effect
a transfer of the within Purchase Option):

 

FOR VALUE RECEIVED,____________________________________________ does hereby sell, assign and transfer unto___________________________________________
the right to purchase __________ Units of Blockchain Moon Acquisition Corp. (“Company”) evidenced by the within
Purchase Option and does hereby authorize the Company to transfer such right on the books of the Company.

 

Dated:___________________, 20___

 

	 	 
	 	Signature

 

	 	 
	 	NOTICE: The signature to this assignment must correspond with the name as written upon the face of the purchase option in every particular, without alteration or enlargement or any change whatever.

 

Signature(s) Guaranteed:

	 

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

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