Document:

EX-10.2

 Exhibit 10.2 

CONFROMED COPY 
 PAYCHECK
PROTECTION PROGRAM LIQUIDITY FACILITY 
 LETTER OF AGREEMENT 

(Non-Depository Institutions) 

(As Amended January 14, 2021) 
 Date:
January 29, 2021 
 Discount Window Officer 

Federal Reserve Bank of San Francisco 
 101 Market Street, MS 830

 San Francisco, CA 94105 
 Subject: Paycheck Protection
Program Liquidity Facility 
 Dear Discount Window Officer: 

In consideration of our being able to request Advances from a Federal Reserve Bank designated by the Board of Governors of the Federal Reserve System
(“Board”) (the “Reserve Bank”), as set forth in this letter as amended and supplemented from time to time by the Reserve Bank (“PPPLF Letter of Agreement”), and to incur Indebtedness to the Reserve Bank pursuant to the
Paycheck Protection Program Liquidity Facility (the “PPPLF” or the “Facility”) authorized by the Board on April 8, 2020, as such authorization may be amended from time to time, under section 13(3) of the Federal Reserve
Act, we (the “Borrower” or “us”) agree to the provisions of the Reserve Bank’s Operating Circular No. 10, effective July 16, 2013, as may be amended from time to time (the “Circular”), and to the terms
and conditions of this PPPLF Letter of Agreement which together apply to all Advances made under the PPPLF (the Circular and this PPPLF Letter of Agreement, together, the “PPPLF Agreement”). To the extent any provision of the Circular is
inconsistent with the terms of this PPPLF Letter of Agreement, the terms of this PPPLF Letter of Agreement shall govern with respect to all Advances made under the PPPLF. All capitalized terms used in this PPPLF Letter of Agreement but not defined
herein shall have the meaning specified in the Circular. This PPPLF Letter of Agreement must be executed and delivered by us in order to obtain any Advance extended to us hereunder after January 14, 2021. 

Security for Advances: Under the PPPLF, Advances must be secured by pledges of loans to small businesses under the U.S. Small Business
Administration’s (“SBA”) 7(a) loan program titled the Paycheck Protection Program (“PPP”), which was added to the SBA’s 7(a) loan program by section 1102 of the Coronavirus Aid, Relief, and Economic Security Act
(the “CARES Act”), as amended by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act and as may be amended from time to time (“PPP Loans”). To qualify for the PPPLF,
PPP Loans must (1) be fully guaranteed as to principal and interest by the SBA, and have been either (2) originated by us, or (3) purchased by us in accordance with the SBA’s requirements for the sale and purchase of whole PPP
Loans (in either case, such that we are the beneficiary of the SBA’s guarantee of such PPP Loans). As a condition to obtaining an Advance, we agree to provide any documentation 

 
that the Reserve Bank requires evidencing that we are the beneficiary of the SBA’s guarantee of PPP Loans pledged to the PPPLF. By pledging PPP Loans as collateral for Advances under
the Facility (collectively, “PPPLF Collateral,” or any PPP Loan individually, an “Item”) the Borrower warrants, represents and covenants that each such Item pledged as collateral for Advances under the Facility: 

 

	(a)	 Is a “covered loan” for purposes of 15 U.S.C. § 636(a)(36) or (37); 

 

	(b)	 Complies with all requirements of the PPP, including without limitation any rules or guidance issued by the SBA
implementing the PPP, and any requirements set forth in any agreement the Borrower is required to execute by the SBA in connection with the PPP; 

  

	(c)	 Has been duly approved under delegated authority for guaranty by the SBA; 

 

	(d)	 Satisfies applicable Collateral requirements in the Circular; and 

 

	(e)	 Was either (1) originated by us or (2) purchased by us in accordance with the SBA’s requirements
for the sale and purchase of whole PPP Loans (in either case, such that we are the beneficiary of the SBA’s guarantee of such PPP Loans). 

In addition, the Borrower understands and agrees that PPPLF Collateral and each Item is “Collateral” within the meaning of the Circular and that all
representations, warranties and other agreements with respect to the Collateral in the Circular apply to the PPPLF Collateral and to each Item. 

Structure of Advances: The Borrower shall comply with the directions of the Reserve Bank with respect to the manner and form of submission of requests
for Advances under the PPPLF and the pledge of PPPLF Collateral. The Reserve Bank may combine PPPLF Collateral into pools of PPP Loans having the same maturity date for purposes of making Advances on the pooled PPPLF Collateral, and shall have
the right (but not the obligation) to combine multiple Advances into one Advance, or to separate, divide, or process on a lag any Advance as the Reserve Bank may determine in its sole discretion to be advisable or convenient for administration. 

Collateral Valuation: PPPLF Collateral valuation for each Item shall equal the principal amount of the PPP Loan outstanding at the time the PPP Loan is
pledged as PPPLF Collateral. 
 Amount of Advance: Each Advance shall be in a principal amount equal to the aggregate principal amount of PPP Loans
pledged by the Borrower to secure that Advance. The amount of any Advance made pursuant to the PPPLF outstanding at any one time shall not exceed the outstanding amount of PPP Loans pledged by the Borrower to secure that Advance. 

Interest Rate: The interest rate applicable to any Advance made under the PPPLF shall be thirty-five (35) basis points. 

  
 Paycheck Protection
Program Liquidity Facility Letter of Agreement 
 (Non-Depository Institutions – As amended January 14, 2021) 

Page 2 of 10 

 Advance Maturity: The maturity date of an Advance under the PPPLF (the “Maturity Date”)
will be the maturity date of the PPPLF Collateral pledged to secure the Advance. The Maturity Date of an Advance will be accelerated on and to the extent of (i) the date of any 7(a) loan forgiveness reimbursement by the SBA for any PPPLF
Collateral; or (ii) the date of purchase by the SBA from the Borrower of any PPPLF Collateral to realize on the SBA’s guarantee of such PPPLF Collateral. 

The Maturity Date of all Advances made pursuant to the PPPLF to a Borrower shall be accelerated upon the occurrence of an Event of Default by the Borrower,
including but not limited to the failure to comply with a requirement of the PPPLF Agreement or any representation, warranty, or covenant of the Borrower under the PPPLF Agreement is inaccurate on or as of the date it is deemed to be made or on any
date on which an Advance remains outstanding. 
 Consent to Sharing Information with SBA and Other Entities: The Borrower agrees that the Reserve
Bank may provide any and all information relating to any Advance to the SBA and the Board and, if applicable, one or more entities determined by the Reserve Bank to have a current or potential legal or financial interest in such information, and
hereby consents to the providing of such information to such entities by the Reserve Bank. 
 Assignment to Reserve Bank of Amounts Payable to Borrower:

  

	(a)	 The Borrower agrees that any payments or other amounts received by the Borrower or any other person (including
without limitation prepayments by borrowers under PPP Loans) arising from or in connection with PPPLF Collateral are the property of the Reserve Bank, and that the Borrower shall immediately pay any such amounts to the Reserve Bank, in full and in
actually and finally collected funds, without any demand therefor or other action by the Reserve Bank. 

  

	(b)	 The Borrower agrees that the Reserve Bank under this PPPLF Letter of Agreement is a pledgee of a first-priority
security interest in and to any PPP Loan pledged as PPPLF Collateral and that the Reserve Bank is not a registered holder, or acting as a registered holder, of any PPP Loan pledged as PPPLF Collateral. 

 

	(c)	 The Borrower agrees that any payment received by the Borrower or any other person from the SBA in connection
with any such loan forgiveness reimbursement or any such loan guarantee amounts arising from or in connection with PPPLF Collateral is the property of the Reserve Bank, and that the Borrower shall immediately pay any such amounts to the Reserve
Bank, in full and in actually and finally collected funds, without any demand therefor or other action by the Reserve Bank. 

  

	(d)	 The Borrower agrees that, at any time if so instructed by the Reserve Bank, the Borrower will irrevocably
assign to the Reserve Bank any and all amounts to which the Borrower is or may become entitled related to PPPLF Collateral, including but not limited to any and all amounts paid or payable to the Borrower from the SBA for (i) PPP Loan
forgiveness reimbursement on any PPP Loan pledged as PPPLF Collateral, or (ii) satisfaction by the SBA of the SBA’s guarantee of any PPP Loan pledged as PPPLF Collateral. 

  
 Paycheck Protection
Program Liquidity Facility Letter of Agreement 
 (Non-Depository Institutions – As amended January 14, 2021) 

Page 3 of 10 

	(e)	 The Borrower agrees that, upon receiving an instruction from the Reserve Bank under paragraph (d), it shall
provide to the SBA, in such form and manner as the SBA may require, wire transfer instructions sufficient to enable the SBA to make payment directly to the Reserve Bank of loan forgiveness reimbursement and loan guarantee amounts as described above,
and shall consult with the Reserve Bank regarding obtaining accurate wire transfer instructions to provide to the SBA as provided herein. 

Prepayment: Advances made under the PPPLF may be prepaid in full or in part, without penalty. The Borrower shall prepay an Advance made pursuant to the
PPPLF (i) on the date and to the extent of the payment by the SBA for the amount of covered 7(a) loan forgiveness for any PPP Loan (or, in the case of a pool of PPP Loans, a PPP Loan in such loan pool) that is pledged to secure
an Advance; (ii) on the date of purchase by the SBA from the Borrower of a PPP Loan (or, in the case of a pool of PPP Loans, a PPP Loan in such loan pool) that is pledged to secure such Advance to realize on the SBA’s guarantee of that PPP
Loan; or (iii) on the date and to the extent a borrower under a PPP Loan (or, in the case of a pool of PPP Loans, a PPP Loan in such pool) repays or prepays such PPP Loan, in each case, so that the amount of any Advance outstanding does not
exceed the outstanding amount of PPP Loans pledged to secure such Advance. Prepayments of any Advance shall be accompanied by accrued and unpaid interest thereon. Notwithstanding anything to the contrary elsewhere in this PPPLF Agreement, interest
on a prepayment of any Advance under this paragraph will accrue daily until the date that such prepayment is made to the Reserve Bank. 
 Waiver of Right
to Repayment on Demand: The Reserve Bank waives its right to require repayment on demand under Section 5.1(a) of the Circular with respect to any Advance made under the PPPLF, provided that the Reserve Bank shall retain all other rights and
remedies under the Circular, including but not limited to remedies upon the occurrence of an Event of Default except as provided elsewhere in this PPPLF Letter of Agreement. 

Repayment on Maturity Date: On the Maturity Date, with respect to each Advance, the Borrower shall repay such Advance in an aggregate amount equal to
the Advance plus accrued interest, which shall be debited from the Borrower’s Account as provided below. 

Non-Recourse Basis: In the event that the Borrower fails to pay an Advance on the Maturity Date thereof, the
Reserve Bank first shall seek repayment from realization upon the PPPLF Collateral, including any proceeds of payments by the SBA in connection with loan forgiveness or loan guarantees with respect to such PPPLF Collateral. Thereafter, the Reserve
Bank may pursue any remedies it may have to recover the remaining outstanding amount of an Advance. Notwithstanding any provisions of the PPPLF Agreement to the contrary, all Advances made to the Borrower pursuant to the PPPLF shall become a
recourse obligation if, in the sole discretion of the Reserve Bank, the Borrower (i) has breached any of the representations, warranties, or covenants made under the PPPLF Agreement or (ii) has engaged in any fraud or misrepresentation in
connection with any Advance or any request to obtain an Advance under the PPPLF. 

  
 Paycheck Protection
Program Liquidity Facility Letter of Agreement 
 (Non-Depository Institutions – As amended January 14, 2021) 

Page 4 of 10 

 Accrual of Interest, Debits by Reserve Bank: Interest on each Advance shall accrue daily against the
Borrower’s outstanding obligations and shall be debited from the account of the Borrower’s depository institution as identified in the section captioned “Borrower’s Depository Institution” below. 

PPPLF Termination: No Advance made pursuant to the PPPLF may be made after March 31, 2021, unless authorized by the Board. 

Additional Financial and Operational Information: Borrower hereby agrees that upon request, Borrower will furnish the Reserve Bank with such financial
and operating data and other information, and to promptly provide notice of any material change, with respect to Borrower’s organizational structure, overall financial position, creditworthiness, the PPPLF Collateral, or Borrower’s SBA
7(a) program lending practices, procedures, and compliance. 
 Terms and Conditions: Advances under the PPPLF shall be subject to such procedures,
requirements, and terms and conditions of the PPPLF as may be published and supplemented by the Board or by the Reserve Bank, in either case at its sole discretion, including conditions regarding safekeeping of PPPLF Collateral, provided that any
terms and conditions published or supplemented after the date of an outstanding Advance shall not apply to such Advance. Any update, amendment, restatement, supplement or other modification of the procedures and requirements and terms and conditions
of the PPPLF Agreement (including the terms and conditions of this PPPLF Letter of Agreement as amended and supplemented from time to time) published by the Reserve Bank (including on the Reserve Bank’s or the Board’s website) shall
constitute notification to the Borrower for purposes of Section 15.0 and Section 16.0 of the Circular. 
 Counterparts. Delivery of an
executed counterpart of a signature page of this PPPLF Letter of Agreement by telecopy, e-mailed .pdf, or any other electronic means that reproduces an image of the actual executed signature page shall be
effective as delivery of a manually executed counterpart of this the PPPLF Letter of Agreement. The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to any document
to be signed in connection with this PPPLF Letter of Agreement and the transactions contemplated hereby shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic form, in each case, in a form acceptable to
the Reserve Bank at its sole discretion, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to
the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, or any other similar state laws based on the Uniform Electronic Transactions Act. 

Failure of Borrower to Meet PPP Requirements or PPPLF Requirements: Failure by the Borrower to meet any of the requirements of the PPPLF Agreement
(including if any PPPLF Collateral fails to satisfy the requirements of the PPP including but not limited to any requirements of the SBA for the sale and purchase of whole PPP Loans, if applicable) may, at the sole discretion of the Reserve Bank,
void the non-recourse provisions and any related provisions, i.e., the Reserve Bank’s rights shall be full recourse with respect to that portion of any Advance equal to the amount 

  
 Paycheck Protection
Program Liquidity Facility Letter of Agreement 
 (Non-Depository Institutions – As amended January 14, 2021) 

Page 5 of 10 

 of the PPPLF Collateral Valuation (on the date of the Advance) of any
non-conforming PPPLF Collateral, and may, at the sole discretion of the Reserve Bank, result in the Borrower’s disqualification from participating in the PPPLF. For the avoidance of doubt, the Reserve
Bank’s exercise of any of the foregoing rights and discretion will not be deemed exclusive of any other rights or remedies to which the Reserve Bank may be entitled under the PPPLF Agreement or any other Lending Agreement or applicable
law. The Reserve Bank’s determination that any PPPLF Collateral fails to conform to the requirements of this PPPLF Letter of Agreement or the Circular shall be conclusive absent manifest error. 

Borrower’s Depository Institution: The Borrower hereby agrees to the provisions of the Correspondent Credit and Payment Agreement (Exhibit 1 to
the Circular’s Appendix 5, pages 46-51 of the Circular) (“Correspondent Agreement”). For purposes of the PPPLF Agreement, references to the following terms in the Correspondent Agreement shall
have the following meanings: references to the “Borrower” shall mean the Borrower hereunder, references to the “Bank” shall mean the Reserve Bank, and references to the “Correspondent” shall refer to the depository
institution having an Account at the Reserve Bank and that is designated by the Borrower hereunder (“Borrower’s Depository Institution”). In the event of any conflict between the terms of the Correspondent Agreement and the PPPLF
Agreement, the PPPLF Agreement shall control to the extent of any conflict. The Borrower designates the following as the Borrower’s Depository Institution under this PPPLF Letter of Agreement: 

                    U.S. Bank National
Association                     

(Name of Depository Institution) 
 Authorized
Individuals: The following individuals are permitted to provide instructions, pledge PPPLF Collateral to and request Advances from the Reserve Bank under the PPPLF on behalf of the Borrower. 

 

			
	 Name
	    	 Title, Telephone and Email

	Ben Gray	    	Sole Manager
		
	Allison Rossi	    	Treasury Manager
		
	Timothy Murphy	    	Treasurer
		
	Jessica Jiang	    	Capital Financing Lead

 A Borrower must enclose with this PPPLF Letter of Agreement a certified copy of the Authorizing Resolutions for Non-Bank Borrowers containing the titles of those persons authorized to request Advances from and to pledge PPPLF Collateral under the PPPLF. 

  
 Paycheck Protection
Program Liquidity Facility Letter of Agreement 
 (Non-Depository Institutions – As amended January 14, 2021) 

Page 6 of 10 

 Notices: Any notices required under the PPPLF Agreement shall be directed as follows: 

 

					
	If to the Borrower:	 		  	If to the Reserve Bank:
	List department(s) and address(es)	 		  	List department(s) and address(es)
			
	Square Capital, LLC	 		  	Federal Reserve Bank of San Francisco
			
	1455 Market Street, Suite 600	 		  	101 Market Street, MA 830
			
	San Francisco, CA 94103	 		  	San Francisco, CA 94105
			
	 	 		  	ppplfcredit@sf.frb.org
			
	 	 		  	 
			
	 	 		  	 

  
 Paycheck Protection
Program Liquidity Facility Letter of Agreement 
 (Non-Depository Institutions – As amended January 14, 2021) 

Page 7 of 10 

 Executed this     29th     day of
    January        , 2021. 
  

			
	
	 Square Capital, LLC

	 Full Legal Name of Borrower

		
	By:	 	/s/ Ben Gray
		 	Signature(s) of individual(s) authorized to sign documents on behalf of the Borrower as provided in the Authorizing Resolution1
	
	    Ben Gray
	Name(s)
	
	Sole Manager
	Title(s)
	
	1455 Market Street, Suite 600 San Francisco, CA 94103
	Address, City, State, County of Borrower
	
	 
	Telephone
	
	 
	E-mail
	
	 
	Routing Transit Number (RTN) of Borrower’s Depository Institution
	
	U.S. Bank National Association
	Name of Borrower’s Depository Institution

			
	
	US Bancorp Center, 800 Nicollet Mall, Minneapolis, MN 55402

			
	Address, City, State of Borrower’s Depository Institution
	
	 
	Telephone of Borrower’s Depository Institution

  

	1	 The signatory or signatories should be authorized to sign documents on behalf of the Borrower as provided in
the Authorizing Resolutions for Borrowers required by the Circular. 

  
 Paycheck Protection
Program Liquidity Facility Letter of Agreement 
 (Non-Depository Institutions – As amended January 14, 2021) 

Page 8 of 10 

 For Borrower’s Depository Institution: 

For the purposes of the PPPLF, we agree to act as the Borrower’s Depository Institution for the Borrower named above and, as such, to be bound by the
provisions relating to a Correspondent in the Correspondent Credit and Payment Agreement (the “Correspondent Agreement”), currently an ancillary agreement attached to your Circular, as may be amended, and we agree that all references
to “Correspondent” in the Correspondent Agreement shall refer to us. Pursuant to paragraph 3.1 of the Correspondent Agreement, we are furnishing below a list of individuals to whom you may provide an advice of credit or debit entries made
under the Correspondent Agreement for the PPPLF. These individuals are also authorized to instruct you not to debit our account or to reverse a debit in accordance with Paragraph 5 of the Correspondent Agreement. We may amend this list from time to
time. 
  

			
	U.S. Bank National Association	  	Date January 15, 2021
	Name(s) of Borrower’s Depository Institution	  	
		
	By: /s/ Shelia Pajerski	  	
	Authorized signature(s) of Borrower’s Depository Institution2	  	
		
	 Sheila Pajerski
	  	
	Name(s)	  	
		
	 Vice President
	  	
	Title(s)	  	
		
	 	  	
	Telephone	  	
		
	 	  	
	E-mail	  	

 Individuals permitted to receive notification of credit or debit entries described in the Correspondent Agreement and
authorized to instruct us not to debit the Correspondent Account or to reverse a debit: [list between 3 and 5 employees] 
  

			
	 Name
	    	 Title, Telephone and Email

	Lynn Flagstad	    	SVP
		
	Sheila Pajerski	    	VP
		
	Bob Mensch	    	AVP

  

	2 	 The signatory or signatories should be authorized to sign documents on behalf of the Borrower’s Depository
Institution as provided in the Borrower’s Depository Institution’s Official Authorization List. 

  
 Paycheck Protection
Program Liquidity Facility Letter of Agreement 
 (Non-Depository Institutions – As amended January 14, 2021) 

Page 9 of 10 

 Instructions to Email this Letter of Agreement to Your Processing Reserve Bank 

Please select your Reserve Bank according to the following contact list 

PPPLF Contact Table for Non-Depository Institutions 

 

					
	 Borrower Entity Type
	  	 Processing Reserve Bank
	  	 Email, Telephone & Mailing Address

	 •  Non-bank Community Development
Financial Institution (CDFI)—certified by the U.S. Department of the Treasury
	  	Federal Reserve Bank of Cleveland	  	 Email: CLEV.ppplfcredit@clev.frb.org
  

Telephone: (888) 719-4636
  

Credit Risk Management 
Federal Reserve Bank of Cleveland 
P.O. Box 6387 
Cleveland, OH 44101-1387

			
	 •  Small Business Lending Company (SBLC)—licensed and regulated by the Small
Business Administration
  

•  Agricultural Credit Association (ACA) -member of the Farm Credit System
	  	Federal Reserve Bank of Minneapolis	  	 Email: mpls.credit@mpls.frb.org
  

Telephone: (877) 837-8815
  

Credit/PSR Section 
Federal Reserve Bank of Minneapolis 
P.O. Box 291 
Minneapolis, MN 55480-0291

			
	 •  All other Non-Depository SBA PPP
Lenders
	  	Federal Reserve Bank of San Francisco	  	 Email: ppplfcredit@sf.frb.org
  

Telephone: (866) 974-7475
  

Credit Risk Management 
Federal Reserve Bank of San Francisco 
101 Market Street, MS 830 
San Francisco, CA 94105

  
 Paycheck Protection
Program Liquidity Facility Letter of Agreement 
 (Non-Depository Institutions – As amended January 14, 2021) 

Page 10 of 10Exhibit
4.1

 

WARRANT AGREEMENT

 

THIS WARRANT AGREEMENT
(this “Agreement”), dated as of January 28, 2021, is by and between EQ Health Acquisition Corp., a Delaware
corporation (the “Company”), and Continental Stock Transfer & Trust Company, a New York limited
purpose trust company, as warrant agent (the “Warrant Agent”, also referred to herein as the “Transfer
Agent”).

 

WHEREAS, the Company
is engaged in an initial public offering (the “Offering”) of units of the Company’s equity securities,
each such unit comprised of one share of Class A common stock of the Company, par value $0.0001 per share (“Common
Stock”), and one-half of one redeemable Public Warrant (as defined below) (the “Units”)
and, in connection therewith, has determined to issue and deliver up to 9,565,200 warrants (or up to 10,999,980 warrants if the
Over-allotment Option (as defined below) is exercised in full) to public investors in the Offering (the “Public Warrants”),
each whole Public Warrant entitling the holder to purchase one share of Common Stock at an exercise price of $11.50 per share,
subject to adjustment as described herein;

 

WHEREAS, on January
28, 2021, the Company entered into that certain Warrant Purchase Agreement with EQ Health Sponsor Group, LLC, a Delaware limited
liability company (the “Sponsor”), pursuant to which the Sponsor agreed to purchase an aggregate of 5,826,080
warrants (or up to 6,399,992 warrants if the Over-allotment Option is exercised in full) simultaneously with the closing of the
Offering (and the closing of the Over-allotment Option, if applicable), bearing the legend set forth in Exhibit B hereto
(the “Private Placement Warrants”), at a purchase price of $1.00 per Private Placement Warrant;

 

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

 

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

 

WHEREAS, the Company
has filed with the Securities and Exchange Commission (the “Commission”) a registration statement on
Form S-1, File No. 333-252080, and a prospectus (the “Prospectus”), for the registration under
the Securities Act of 1933, as amended (the “Securities Act”), of the Units, the Public Warrants and
the Common Stock included in the Units;

 

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 and provisions of the Warrants, the terms upon which they shall be issued and exercised, and the
respective rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; and

 

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

 

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

 

     

     

    

 

1.             Appointment
of Warrant Agent.

 

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

 

2.             Warrants.

 

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

 

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

 

2.3          Registration.

 

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

 

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

 

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

 

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

 

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

 

     

     

    

 

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

 

2.6          Private
Placement Warrants and Working Capital Warrants.  The Private Placement Warrants and the Working Capital Warrants shall
be identical to the Public Warrants, except that so long as they are held by the original purchasers thereof or any Permitted Transferees
(as defined below) they:  (i) may be exercised for cash or on a cashless basis, pursuant to subsection 3.3.1(c) hereof,
(ii) subject to certain exceptions, may not be transferred, assigned or sold until thirty (30) days after the completion by
the Company of an initial Business Combination (as defined below), and (iii) shall not be redeemable by the Company; provided,
however, that in the case of (ii), the Private Placement Warrants and the Working Capital Warrants and any shares of Common Stock
held by the original purchasers thereof or any Permitted Transferees and issued upon exercise of the Private Placement Warrants
or the Working Capital Warrants may be transferred by the holders thereof:

 

(a)          
to the Company’s officers or directors, any affiliates or family members of any of the Company’s officers or directors,
any affiliate of the Sponsor or to any member(s) of the Sponsor, any affiliates of such members and funds and accounts advised
by such members;

 

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

 

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

 

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

 

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

 

(f)           
in the event of the Company’s liquidation prior to consummation of the Company’s initial Business Combination;

 

(g)          
by virtue of the laws of the State of Delaware or the Sponsor’s limited liability company agreement upon dissolution of the
Sponsor; or

 

(h)          
in the event of the Company’s liquidation, merger, capital stock exchange, reorganization or other similar transaction which
results in all of the Company’s stockholders having the right to exchange their shares of Common Stock for cash, securities
or other property subsequent to the Company’s completion of its initial Business Combination;

 

provided, however,
that, in the case of clauses (a) through (e) or (g), any such transferees (the “Permitted Transferees”)
enter into a written agreement with the Company agreeing to be bound by the transfer restrictions in this Agreement.

 

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

 

     

     

    

 

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 Agreement, to purchase from the Company the number of shares of Common Stock stated
therein, at the price of $11.50 per share, subject to the adjustments provided in Section 4 hereof and in
the last sentence of this Section 3.1.  The term “Warrant Price” as used in this Agreement shall
mean the price per share (including in cash or by payment of Warrants pursuant to a “cashless exercise,” to the extent
permitted hereunder) at which shares of Common Stock may be purchased at the time a Warrant is exercised.  The Company in
its sole discretion may lower the Warrant Price at any time prior to the Expiration Date (as defined below) for a period of not
less than twenty (20) Business Days, provided, that the Company shall provide at least three (3) days prior written notice
of such reduction to Registered Holders of the Warrants and, provided further that any such reduction shall be identical among
all of the Warrants.

 

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

 

3.3          Exercise
of Warrants.

 

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

 

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

 

(b)          
in the event of a redemption pursuant to Section 6 hereof in which the Company’s board of directors
(the “Board”) has elected to require all holders of the Warrants to exercise such Warrants on a “cashless
basis,” by surrendering the Warrants for that number of shares of Common Stock equal to the quotient obtained by dividing
(x) the product of the number of shares of Common Stock underlying the Warrants, multiplied by the excess of the “Fair
Market Value”, as defined in this subsection 3.3.1(b), over the Warrant Price by (y) the Fair Market Value. 
Solely for purposes of this subsection 3.3.1(b) and Section 6.3, the “Fair Market Value”
shall mean the average reported last sale price of the Common Stock for the ten (10) trading days ending on the third trading
day prior to the date on which the notice of redemption is sent to the holders of the Warrants, pursuant to Section 6 hereof;

 

     

     

    

 

(c)          
with respect to any Private Placement Warrant or Working Capital Warrant, so long as such Private Placement Warrant or Working
Capital Warrant is held by the Sponsor or a Permitted Transferee, by surrendering the Warrants for that number of shares of Common
Stock equal to the quotient obtained by dividing (x) the product of the number of shares of Common Stock underlying the Warrants,
multiplied by the excess of the “Fair Market Value”, as defined in this subsection 3.3.1(c), over the Warrant
Price by (y) the Fair Market Value.  Solely for purposes of this subsection 3.3.1(c), the “Fair Market
Value” shall mean the average reported last sale price of the Common Stock for the ten (10) trading days ending on the
third trading day prior to the date on which notice of exercise of the Warrant is sent to the Warrant Agent; or

 

(d)          
as provided in Section 7.4 hereof.

 

3.3.2       Issuance
of Shares of Common Stock upon Exercise.  As soon as practicable after the exercise of any Warrant and the clearance of
the funds in payment of the Warrant Price (if payment is pursuant to subsection 3.3.1(a)), the Company shall issue
to the Registered Holder of such Warrant a book-entry position or certificate, as applicable, for the number of full shares of
Common Stock to which he, she or it is entitled, registered in such name or names as may be directed by him, her or it, and if
such Warrant shall not have been exercised in full, a new book-entry position or countersigned Warrant, as applicable, for the
number of shares of Common Stock as to which such Warrant shall not have been exercised.  Notwithstanding the foregoing, the
Company shall not be obligated to deliver any shares of Common Stock pursuant to the exercise of a Warrant and shall have no obligation
to settle such Warrant exercise unless a registration statement under the Securities Act with respect to the shares of Common Stock
underlying the Public Warrants is then effective and a prospectus relating thereto is current, subject to the Company’s satisfying
its obligations under Section 7.4.  No Warrant shall be exercisable and the Company shall not be obligated
to issue shares of Common Stock upon exercise of a Warrant unless the Common Stock issuable upon such Warrant exercise has been
registered, qualified or deemed to be exempt from registration or qualification under the securities laws of the state of residence
of the Registered Holder of the Warrants, except pursuant to Section 7.4.  In the event that the conditions
in the two immediately preceding sentences are not satisfied with respect to a Warrant, the holder of such Warrant shall not be
entitled to exercise such Warrant and such Warrant may have no value and expire worthless, in which case the purchaser of a Unit
containing such Public Warrants shall have paid the full purchase price for the Unit solely for the shares of Common Stock underlying
such Unit.  In no event will the Company be required to net cash settle the exercise of a Warrant.  The Company may require
holders of Public Warrants to settle the Warrant on a “cashless basis” pursuant to subsection 3.3.1(b) and Section 7.4. 
If, by reason of any exercise of Warrants on a “cashless basis”, the holder of any Warrant would be entitled, upon
the exercise of such Warrant, to receive a fractional interest in a share of Common Stock, the Company shall round down to the
nearest whole number, the number of shares of Common Stock to be issued to such holder.

 

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

 

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

 

     

     

    

 

3.3.5       Maximum
Percentage.  A holder of a Warrant may notify the Company in writing in the event he, she or it elects to be subject to
the provisions contained in this subsection 3.3.5; however, no holder of a Warrant shall be subject to
this subsection 3.3.5 unless he, she or it makes such election.  If the election is made by a holder, the
Warrant Agent shall not effect the exercise of the holder’s Warrant, and such holder shall not have the right to exercise
such Warrant, to the extent that after giving effect to such exercise, such person (together with such person’s affiliates
or any other person subject to aggregation with such person for purposes of the “beneficial ownership” test under Section 13
of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or any “group” (within
the meaning of Section 13 of the Exchange Act) of which such person is or may be deemed to be a part), to the Warrant Agent’s
actual knowledge, would beneficially own (within the meaning of Section 13 of the Exchange Act) (or to the extent that for
any reason the equivalent calculation under Section 16 of the Exchange Act and the rules and regulations thereunder would
result in a higher ownership percentage, such higher percentage would be) in excess of 4.9% or 9.8% (or such other amount as a
holder may specify) (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 his, her or its affiliates or any such other person or group shall include the number of
shares of Common Stock issuable upon exercise of the Warrant with respect to which the determination of such sentence is being
made, but shall exclude shares of Common Stock that would be issuable upon (x) exercise of the remaining, unexercised portion
of the Warrant beneficially owned by such person and his, her or 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 his, her or its affiliates
(including, without limitation, any convertible notes or convertible preferred stock or warrants) subject to a limitation on conversion
or exercise analogous to the limitation contained herein.  Except as set forth in the preceding sentence, for purposes of
this paragraph, beneficial ownership shall be calculated in accordance with Section 13(d) of the 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 Commission as the case may
be, (2) a more recent public announcement by the Company or (3) any other notice by the Company or the Transfer Agent
setting forth the number of shares of Common Stock outstanding.  For any reason at any time, upon the written request of the
holder of the Warrant, the Company shall, within two (2) Business Days, confirm orally and in writing to such holder the number
of shares of Common Stock then outstanding.  In any case, the number of outstanding shares of Common Stock shall be determined
after giving effect to the conversion or exercise of equity securities of the Company by the holder and his, her or its affiliates
since the date as of which such number of outstanding shares of Common Stock was reported.  By written notice to the Company,
the holder of a Warrant may from time to time increase or decrease the Maximum Percentage applicable to such holder to any other
percentage specified in such notice; provided, however, that any such increase shall not be effective until
the sixty-first (61st) day after such notice is delivered to the Company.

 

4.             Adjustments.

 

4.1          Stock
Dividends.

 

4.1.1       Split-Ups. 
If after the date hereof, and subject to the provisions of Section 4.6 below, the number of outstanding shares
of Common Stock is increased by a stock dividend payable in shares of Common Stock, or by a split-up of shares of Common Stock
or other similar event, then, on the effective date of such stock dividend, split-up or similar event, the number of shares of
Common Stock issuable on exercise of each Warrant shall be increased in proportion to such increase in the outstanding shares of
Common Stock.  A rights offering to holders of the Common Stock entitling holders to purchase shares of Common Stock at a
price less than the “Fair Market Value” (as defined below) 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 Common Stock) and
(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 4.1.1, (i) if the rights offering is
for securities convertible into or exercisable for Common Stock, in determining the price payable for 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
and (ii) “Fair Market Value” means the volume weighted average price of the Common Stock as reported during the
ten (10) trading day period ending on the trading day prior to the first date on which the shares of Common Stock trade on
the applicable exchange or in the applicable market, regular way, without the right to receive such rights.

 

     

     

    

 

4.1.2       Extraordinary
Dividends.  If the Company, at any time while the Warrants are outstanding and unexpired, shall pay a dividend or make
a distribution in cash, securities or other assets to all or substantially all of the holders of the 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 4.1.1 above, (b) Ordinary Cash Dividends (as defined below), (c) to
satisfy the redemption rights of the holders of the Common Stock in connection with a proposed initial Business Combination, (d) to
satisfy the redemption rights of the holders of Common Stock in connection with a stockholder vote to amend the Company’s
amended and restated certificate of incorporation to (i) modify the substance or timing of the Company’s obligation
to redeem 100% of the shares of Common Stock included in the Units sold in the Offering if the Company does not complete the Business
Combination within the time period set forth in the Company’s amended and restated certificate of incorporation or (ii) with
respect to any other provision relating to stockholders’ rights or pre-initial Business Combination activity or (e) in
connection with the redemption of the shares of Common Stock included in the Units sold in the Offering upon the failure of the
Company to complete its initial Business Combination and any subsequent distribution of its assets upon its liquidation (any such
non-excluded event being referred to herein as an “Extraordinary Dividend”), then the Warrant Price shall
be decreased, effective immediately after the effective date of such Extraordinary Dividend, by the amount of cash and/or the fair
market value (as determined by the Board, in good faith) of any securities or other assets paid on each share of Common Stock in
respect of such Extraordinary Dividend.  For purposes of this subsection 4.1.2, “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 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). 
Solely for purposes of illustration, if the Company, at a time while the Warrants are outstanding and unexpired, pays a cash dividend
of $0.35 per share and previously paid an aggregate of $0.40 of cash dividends and cash distributions on the shares of Common Stock
during the 365-day period ending on the date of declaration of such $0.35 per share dividend, then the Warrant Price will be decreased,
effectively immediately after the effective date of such $0.35 per share dividend, by $0.25 (the absolute value of the difference
between $0.75 per share (the aggregate amount of all cash dividends and cash distributions paid or made in such 365- day period,
including such $0.35 dividend) and $0.50 per share (the greater of (x) $0.50 per share and (y) the aggregate amount of
all cash dividends and cash distributions paid or made in such 365-day period prior to such $0.35 dividend)).

 

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

 

4.3          Adjustments
in Exercise Price.

 

4.3.1      
Whenever the number of shares of Common Stock purchasable upon the exercise of the Warrants is adjusted, as provided in subsection
4.1.1 or Section 4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying
such Warrant Price immediately prior to such adjustment by a fraction (x) the numerator of which shall be the number of shares
of Common Stock purchasable upon the exercise of the Warrants immediately prior to such adjustment, and (y) the denominator
of which shall be the number of shares of Common Stock so purchasable immediately thereafter.

 

4.3.2      
If (x) the Company issues additional shares of Common Stock or securities convertible into or exercisable or exchangeable
for shares of Common Stock for capital raising purposes in connection with the closing of its initial Business Combination at an
issue price or effective issue price of less than $9.20 per share of Common Stock, with such issue price or effective issue price
to be determined in good faith by the Board (and in the case of any such issuance to the Sponsor or its affiliates, without taking
into account any shares of Common Stock issued prior to the Offering and held by the Sponsor or such affiliates, as applicable,
prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances
represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of an initial Business Combination
on the date of the consummation of such 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 an initial Business Combination (such price, the “Market Value”) is below $9.20 per share,
the Warrant Price will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued
Price, and the $18.00 per share redemption trigger price (as described in Section 6) will be adjusted (to the
nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price the Warrant Price.

 

     

     

    

 

4.4          Replacement
of Securities upon Reorganization, etc.  In case of any reclassification or reorganization of the outstanding shares
of Common Stock (other than a change under subsections 4.1.1 or 4.1.2 or Section 4.2 hereof
or 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 entity or conversion of the Company as another entity (other than a consolidation or merger in which the Company
is the continuing corporation and that does not result in any reclassification or reorganization of the outstanding 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 holders of the Warrants shall
thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants and
in lieu of the 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 holder of the Warrants would have received if such holder had exercised his, her or its Warrant(s) immediately prior
to such event (the “Alternative Issuance” ); provided, however, that (i) if
the holders of the Common Stock were entitled to exercise a right of election as to the kind or amount of securities, cash or other
assets receivable upon such consolidation or merger, then the kind and amount of securities, cash or other assets constituting
the Alternative Issuance for which each Warrant shall become exercisable shall be deemed to be the weighted average of the kind
and amount received per share by the holders of the Common Stock in such consolidation or merger that affirmatively make such election,
and (ii) if a tender, exchange or redemption offer shall have been made to and accepted by the holders of the Common Stock
(other than a tender, exchange or redemption offer made by the Company in connection with redemption rights held by stockholders
of the Company as provided for in the Company’s amended and restated certificate of incorporation or as a result of the repurchase
of shares of Common Stock by the Company if a proposed initial Business Combination is presented to the stockholders of the Company
for approval) under circumstances in which, upon completion of such tender or exchange offer, the maker thereof, together with
members of any group (within the meaning of Rule 13d-5(b)(1) under the Exchange Act (or any successor rule)) of which
such maker is a part, and together with any affiliate or associate of such maker (within the meaning of Rule 12b-2 under the
Exchange Act (or any successor rule)) and any members of any such group of which any such affiliate or associate is a part, own
beneficially (within the meaning of Rule 13d-3 under the Exchange Act (or any successor rule)) more than 50% of the outstanding
shares of Common Stock, the holder of a Warrant shall be entitled to receive as the Alternative Issuance, the highest amount of
cash, securities or other property to which such holder would actually have been entitled as a stockholder if such Warrant holder
had exercised the Warrant prior to the expiration of such tender or exchange offer, accepted such offer and all of the Common Stock
held by such holder had been purchased pursuant to such tender or exchange offer, subject to adjustments (from and after the consummation
of such tender or exchange offer) as nearly equivalent as possible to the adjustments provided for in this Section 4; provided, further,
that if less than 70% of the consideration receivable by the holders of the Common Stock in the applicable event is payable in
the form of common stock in the successor entity that is listed for trading on a national securities exchange or is quoted in an
established over-the-counter market, or is to be so listed for trading or quoted immediately following such event, and if the Registered
Holder properly exercises the Warrant within thirty (30) days following the public disclosure of the consummation of such applicable
event by the Company pursuant to a current report on Form 8-K filed with the Commission, the Warrant Price shall be reduced
by an amount (in dollars) (but in no event less than zero) equal to the difference of (i) the Warrant Price in effect prior
to such reduction minus (ii) (A) the Per Share Consideration (as defined below) minus (B) the Black-Scholes Warrant
Value (as defined below).  The “Black-Scholes Warrant Value” means the value of a Warrant immediately
prior to the consummation of the applicable event based on the Black-Scholes Warrant Model for a Capped American Call on Bloomberg
Financial Markets (“Bloomberg”).  For purposes of calculating such amount, (1) Section 6 of
this Agreement shall be taken into account, (2) the price of each share of Common Stock shall be the volume weighted average
price of the Common Stock as reported during the ten (10) trading day period ending on the trading day prior to the effective
date of the applicable event, (3) the assumed volatility shall be the 90 day volatility obtained from the HVT function on
Bloomberg determined as of the trading day immediately prior to the day of the announcement of the applicable event, and (4) the
assumed risk-free interest rate shall correspond to the U.S. Treasury rate for a period equal to the remaining term of the Warrant. 
 “Per Share Consideration” means (i) if the consideration paid to holders of the Common Stock consists
exclusively of cash, the amount of such cash per share of Common Stock, and (ii) in all other cases, the amount of cash per
share of Common Stock, if any, plus the volume weighted average price of the Common Stock as reported during the ten (10) trading
day period ending on the trading day prior to the effective date of the applicable event.  If any reclassification or reorganization
also results in a change in shares of Common Stock covered by subsection 4.1.1, then such adjustment shall be made
pursuant to subsection 4.1.1 or Sections 4.2, 4.3 and this Section 4.4. 
The provisions of this Section 4.4 shall similarly apply to successive reclassifications, reorganizations,
mergers or consolidations, sales or other transfers.  In no event will the Warrant Price be reduced to less than the par value
per share issuable upon exercise of the Warrant.

 

     

     

    

 

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

 

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

 

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

 

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

 

4.9          No
Adjustment.  For the avoidance of doubt, no adjustment shall be made to the terms of the Warrants solely as a result of
an adjustment to the conversion ratio of the Company’s Class B common stock, par value $0.0001 per share (the “Class B
Common Stock”), into shares of Common Stock or the conversion of the shares of Class B Common Stock into shares
of Common Stock, in each case, pursuant to the Company’s amended and restated certificate of incorporation, as further amended
from time to time.

 

     

     

    

 

5.             Transfer
and Exchange of Warrants.

 

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

 

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

 

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

 

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

 

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

 

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

 

6.             Redemption.

 

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

 

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

 

     

     

    

 

6.3          Exercise
After Notice of Redemption.  The Warrants may be exercised, for cash (or on a “cashless basis” in accordance
with subsection 3.3.1(b) of this Agreement) at any time after notice of redemption shall have been given by the
Company pursuant to Section 6.2 hereof and prior to the Redemption Date.  In the event that the Company
determines to require all holders of Warrants to exercise their Warrants on a “cashless basis” pursuant to subsection
3.3.1, the notice of redemption shall contain the information necessary to calculate the number of shares of Common Stock to
be received upon exercise of the Warrants, including the “Fair Market Value” (as such term is defined in subsection
3.3.1(b) hereof) in such case.  On and after the Redemption Date, the record holder of the Warrants shall have no
further rights except to receive, upon surrender of the Warrants, the Redemption Price.

 

6.4          Exclusion
of Private Placement Warrants and Working Capital Warrants.  The Company agrees that the redemption rights provided in
this Section 6 shall not apply to the Private Placement Warrants or the Working Capital Warrants if at the
time of the redemption such Private Placement Warrants or the Working Capital Warrants continue to be held by the original purchasers
thereof or their Permitted Transferees.  However, once such Private Placement Warrants or Working Capital Warrants are transferred
(other than to a Permitted Transferee), the Company may redeem the Private Placement Warrants and the Working Capital Warrants,
provided that the criteria for redemption are met, including the opportunity of the holder of such Private Placement Warrants or
the Working Capital Warrants to exercise such Private Placement Warrants or Working Capital Warrants prior to redemption pursuant
to Section 6.3.  Private Placement Warrants and Working Capital Warrants that are transferred to persons
other than Permitted Transferees shall upon such transfer cease to be Private Placement Warrants or Working Capital Warrants and
shall become Public Warrants under this Agreement.

 

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

 

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

 

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

 

7.3          Reservation
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 shall be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Agreement.

 

     

     

    

 

7.4          Registration
of Common Stock; Cashless Exercise at Company’s Option.

 

7.4.1       Registration
of the Common Stock.  The Company agrees that as soon as practicable, but in no event later than fifteen (15) Business
Days after the closing of its initial Business Combination, it shall use its best efforts to file with the Commission a registration
statement for the registration, under the Securities Act, of the shares of Common Stock issuable upon exercise of the Warrants. 
The Company shall use its best efforts to cause the same to become effective and to maintain the effectiveness of such registration
statement, and a current prospectus relating thereto, until the expiration of the Warrants in accordance with the provisions of
this Agreement.  If any such registration statement has not been declared effective by the 60th Business Day following the
closing of the Business Combination, holders of the applicable Warrants shall have the right, during the period beginning on the
61st Business Day after the closing of the Business Combination and ending upon such registration statement being declared effective
by the Commission, and during any other period when the Company shall fail to have maintained an effective registration statement
covering the shares of Common Stock issuable upon exercise of the applicable Warrants, to exercise such Warrants on a “cashless
basis,” by exchanging the Warrants (in accordance with Section 3(a)(9) of the Securities Act (or any successor
rule) or another exemption) for that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product
of the number of shares of Common Stock underlying the Warrants, multiplied by the excess of the “Fair Market Value”
(as defined below) over the Warrant Price by (y) the Fair Market Value.  Solely for purposes of this subsection
7.4.1, “Fair Market Value” shall mean the average reported last sale price of the Common Stock as reported during
the ten (10) trading day period ending on the trading day prior to the date that notice of exercise is received by the Warrant
Agent from the holder of such Warrants or his, her or its securities broker or intermediary.  The date that notice of cashless
exercise is received by the Warrant Agent shall be conclusively determined by the Warrant Agent.  In connection with the “cashless
exercise” of a Public Warrant, the Company shall, upon request, provide the Warrant Agent with an opinion of counsel for
the Company (which shall be an outside law firm with securities law experience) stating that (i) the exercise of the Warrants
on a cashless basis in accordance with this subsection 7.4.1 is not required to be registered under the Securities
Act and (ii) the shares of Common Stock issued upon such exercise shall be freely tradable under United States federal securities
laws by anyone who is not an affiliate (as such term is defined in Rule 144 under the Securities Act (or any successor statute))
of the Company and, accordingly, shall not be required to bear a restrictive legend.  Except as provided in subsection
7.4.2, for the avoidance of any doubt, unless and until all of the Warrants have been exercised or have expired, the Company
shall continue to be obligated to comply with its registration obligations under the first three sentences of this subsection
7.4.1.

 

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

 

8.             Concerning
the Warrant Agent and Other Matters.

 

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

 

8.2          Resignation,
Consolidation, or Merger of Warrant Agent.

 

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

 

     

     

    

 

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

 

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

 

8.3          Fees
and Expenses of Warrant Agent.

 

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

 

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

 

8.4          Liability
of Warrant Agent.

 

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

 

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

 

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

 

     

     

    

 

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

 

8.6          Waiver. 
The Warrant Agent has no right of set-off or any other right, title, interest or claim of any kind (“Claim”)
in, or to any distribution of, the Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of
the date hereof, by and between the Company and 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.  The Warrant Agent
hereby waives any and all Claims against the Trust Account and any and all rights to seek access to the Trust Account.

 

9.             Miscellaneous
Provisions.

 

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

 

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

 

EQ Health Acquisition Corp.

4611 Bee Cave Road, Ste. 213

Austin, TX 78746

		Attn:	Scott Ellyson

Email:            

 

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

		 	 

Continental Stock Transfer &
Trust Company

1 State Street, 30th Floor

New York, NY 10004

		Attn:	Compliance Department

 

With a copy in each case to:

 

DLA Piper LLP (US)

555 Mission Street, Suite 2400

San Francisco, CA 94105

		Attn:	Jeffrey C. Selman, Esq.

		Email:	jeffrey.selman@us.dlapiper.com

 

and

 

BTIG, LLC

65 E 55th Street

New York, NY 10022

		Email:	equitycapitalmarkets@btig.com

 

     

     

    

 

and

 

Jefferies LLC

520 Madison Avenue, New York

New York 10022

 Attention: General Counsel

		Email:

 

and

 

Kirkland & Ellis
LLP

601 Lexington Avenue

New York, NY 10022

		Attn:	Christian O. Nagler, Esq.

		Email:	cnagler@kirkland.com

 

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

 

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

 

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

 

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

 

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

 

9.8          Amendments. 
This Agreement may be amended by the parties hereto without the consent of any Registered Holder (i) for the purpose of curing
any ambiguity or to correct any mistake, including to conform the provisions hereof to the description of the terms of the Warrants
and this Agreement set forth in the Prospectus, or curing, correcting or supplementing any defective provision contained herein
or adding or changing any other provisions with respect to matters or questions arising under this Agreement as the parties may
deem necessary or desirable and that the parties deem shall not adversely affect the interest of the Registered Holders, and (ii) to
provide for the delivery of Alternative Issuance pursuant to Section 4.4.  All other modifications or amendments,
including any amendment to increase the Warrant Price or shorten the Exercise Period, shall require the vote or written consent
of the Registered Holders of 50% of the then outstanding Public Warrants and, solely with respect to any amendment to the terms
of the Private Placement Warrants or Working Capital Warrants or any provision of this Agreement with respect to the Private Placement
Warrants or Working Capital Warrants, 50% of the number of then outstanding Private Placement Warrants and Working Capital Warrants. 
Notwithstanding the foregoing, the Company may lower the Warrant Price or extend the duration of the Exercise Period pursuant to Sections
3.1 and 3.2, respectively, without the consent of the Registered Holders.

 

     

     

    

 

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

 

Exhibit A — Form of
Warrant Certificate

 

Exhibit B — Legend

 

[Signature Page Follows]

 

     

     

    

 

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

 

	 	EQ HEALTH ACQUISITION CORP.
	 	 	 
	 	By:	/s/ Scott Ellyson
	 	Name:	Scott Ellyson
	 	Title:	President and Chief Executive Officer 
	 	
         

         

         

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

 

[Signature Page to Warrant Agreement]

 

     

     

    

 

EXHIBIT A

 

[Form of Warrant
Certificate]

 

[FACE]

 

Number

 

WARRANTS

 

THIS WARRANT
SHALL BE VOID IF NOT EXERCISED PRIOR TO

THE EXPIRATION OF THE EXERCISE PERIOD PROVIDED FOR

IN THE WARRANT AGREEMENT DESCRIBED BELOW

EQ HEALTH ACQUISITION CORP.

 

Incorporated
Under the Laws of the State of Delaware

 

CUSIP

 

Warrant Certificate

 

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

 

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

 

The initial Exercise
Price per share of Common Stock for any Warrant is equal to $11.50 per share.  The Exercise Price is subject to adjustment
upon the occurrence of certain events set forth in the Warrant Agreement.

 

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

 

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

 

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

 

This Warrant Certificate
shall be governed by and construed in accordance with the internal laws of the State of New York, without regard to conflicts of
laws principles thereof.

 

     

     

    

 

	 	EQ HEALTH ACQUISITION CORP.
	 	 	 
	 	By:	               
	 	Name:
	 	Title:
	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Warrant Agent
	 	 	 
	 	By:	 
	 	Name:
	 	Title:

 

     

     

    

 

[Form of Warrant
Certificate]

 

[Reverse]

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     

     

    

 

Election to Purchase

 

(To Be Executed
Upon Exercise of Warrant)

 

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

 

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

 

In the event that
the Warrant is a Private Placement Warrant or a Working Capital Warrant that is to be exercised on a “cashless” basis
pursuant to subsection 3.3.1(c) of the Warrant Agreement, the number of shares of Common Stock that this Warrant
is exercisable for shall be determined in accordance with subsection 3.3.1(c) of the Warrant Agreement.

 

In the event that
the Warrant is to be exercised on a “cashless” basis pursuant to Section 7.4 of the Warrant Agreement,
the number of shares of Common Stock that this Warrant is exercisable for shall be determined in accordance with Section 7.4 of
the Warrant Agreement.

 

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

 

[Signature Page Follows]

 

     

     

    

 

	Date:           , 20__	 
	 	(Signature)
	 	 
	 	 
	 	(Address)
	 	 
	 	 
	 	(Tax Identification Number)
	 	 
	Signature Guaranteed:	 
	 	 
	 	 	 

 

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

 

     

     

    

 

EXHIBIT B

 

LEGEND

 

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

 

SECURITIES EVIDENCED
HEREBY AND SHARES OF CLASS A COMMON STOCK OF THE COMPANY ISSUED UPON EXERCISE OF SUCH SECURITIES SHALL BE ENTITLED TO REGISTRATION
RIGHTS UNDER A REGISTRATION AND STOCKHOLDER RIGHTS AGREEMENT TO BE EXECUTED BY THE COMPANY.”

 

    B-1

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