Document:

Exhibit 10.4

 

ELECTRICITY SALES
AGREEMENT  SMALL COMMERCIAL

 

This Electricity Sales Agreement, which is comprised of this document
and any attached riders or other addenda (collectively, this “Agreement”), is entered into on the Effective
Date (defined below) by and between ABC SUPPLIER 1 (“ABC SUPPLIER”) and you.

 

AGREEMENT: ABC SUPPLIER agrees to sell to you, and
you agree to buy all of your electricity supply requirements from ABC SUPPLIER, for the following location(s):

 

	ACCOUNT NUMBER	UTILITY 	START DATE 	FIXED RATE ($/kWh) 	FIXED RATE TERM 
	123456 Church St,Evanston,IL-60201 	ComEd 	8/4/2015 	0.07595 	33 Months 

RATE: The Fixed Rate of $0.07595/kWh includes
your electricity supply charges. This Fixed Rate does not include your Utility’s non-bypassable charges that you will incur.

 

TERM: ABC SUPPLIER will begin providing electricity
supply service to you on the first meter read on or after the Start Date (listed for each location). If for any reason the account
number at a location is not able to be enrolled by the Start Date, it shall be enrolled on the next possible meter read date. For
the first 33 months after the Start Date the Fixed Rate will be $0.07595/kWh. You may rescind this Agreement by contacting
ABC SUPPLIER before your enrollment request is submitted to the utility. You will receive written notice from the utility
confirming a switching of your electricity supply to ABC SUPPLIER. You may also rescind this Agreement and the pending enrollment
within ten calendar days after the electric utility processes the enrollment request by contacting ABC SUPPLIER at ____________________.

 

RENEWAL: Between 30 and 60 days
prior to the expiration date of this Agreement ABC SUPPLIER may provide a notice to you of this Agreement's renewal ("Renewal
Notice"). The Renewal Notice will set forth the proposed rate for the renewal term, the proposed length of the renewal term,
and any other proposed changes to the terms and conditions of this Agreement. If customer timely accepts, signs, and returns the
Renewal Notice, then the term of this Agreement shall be renewed on the terms in the Renewal Notice. If Customer does not timely
accept, sign, and return the Renewal Notice, then unless Customer notifies ABC SUPPLIER that customer is terminating this
Agreement, ABC SUPPLIER shall provide Customer service on a month-to-month variable price with no termination fee once that
month-to-month service begins.

 

	  CONTACT INFORMATION 	CUSTOMER CONTACT AND BILLING INFORMATION 
	
        ABC SUPPLIER

        1234 W MAIN St

        Chicago, IL 60607

        Attention: CFO

        Telephone: (800) 123-1234

        E-mail: info@ ABC SUPPLIER

        Fax: (123) 123-1234
	Customer: 	Abc Customer 
	Signature: 	_________________________________ 
	Date 	6/22/2015 
	Address Line 1: 	123456 Church St 
	Address Line 2: 
	City, State Zip: 	Evanston, IL- 60201 
	Contact Phone: 	847-123-3214 
	Contact Email: 
	 	 	 	 

 

1 Formal name: ABC SUPPLIER llc, an Illinois
limited liability company d/b/a “ABC SUPPLIER”

 

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METHOD OF CONTACT: By providing ABC SUPPLIER
with a valid email address you agree to accept all future communication, including Renewal Notices, electronically.

 

BILLING: You will continue to receive one bill from
your Utility for each billing cycle for the electricity supply service provided by ABC SUPPLIER and the transmission, distribution
and other services provided by your Utility, each with taxes thereon. You will make payment for all of these services directly
to your Utility in accordance with the payment terms stated in your Utility’s tariffs.

 

AUTHORIZATION TO CHANGE PROVIDERS: You certify that you have
the authority to change electricity supply providers for the account(s). By accepting this Agreement, you are authorizing ABC
SUPPLIER to become your new Retail Electric Supplier. You authorize ABC SUPPLIER to act as your agent and to work with
your Utility to make the switch effective.

 

CUSTOMER INFORMATION RELEASE AUTHORIZATION: By entering into
this Agreement, you agree that your Utility may release to us certain information that we need to provide service to you, including
your address, telephone number, account numbers, historical usage information and peak electricity demand. We will not give or
sell your personal information to any unaffiliated party without your consent unless we are required to do so by law.

 

EARLY TERMINATION FEE: You will not be assessed an early
termination fee for terminating this Agreement.

 

TITLE AND TAXES: Title to the electricity sold under
this Agreement will pass from ABC SUPPLIER to you when it is delivered to your Utility. You are responsible for the payment
of all transfer, sales or other taxes related to ABC SUPPLIER’S service under this Agreement.

 

LIMITATION OF LIABILITY: ABC SUPPLIER’S liability
in connection with this Agreement shall not exceed the amount of your largest monthly invoice for electricity supply service from
ABC SUPPLIER during the twelve (12) months immediately preceding termination of this Agreement. EXCEPT AS OTHERWISE PROVIDED
HEREIN, NEITHER PARTY SHALL BE LIABLE TO THE OTHER FOR ANY INDIRECT, SPECIAL, CONSEQUENTIAL (INCLUDING LOST PROFITS OR REVENUES),
INCIDENTAL OR PUNITIVE DAMAGES FOR CLAIMS ARISING HEREUNDER.

 

BINDING EFFECT, ASSIGNMENT: This Agreement constitutes a
valid and binding obligation of Customer, enforceable against it in accordance with its terms, except as may be limited by general
equitable principles and by bankruptcy, insolvency, or other similar laws affecting the enforcement of creditors’ rights
generally. This agreement is assignable by ABC SUPPLIER without your consent subject only to any required regulatory approvals.
ABC SUPPLIER will use commercially reasonable efforts to give you and your Utility thirty (30) days written notice prior
to any assignment.

 

DEFAULT: Customer is in default of this contract if one of
the these events is not cured within 5 days of notice (i) failure to make, when due, any payment; or (ii) Making false or misleading
statements; or (iii) failure to perform any covenant; or (iv) declaring Insolvency.

 

DISPUTE RESOLUTION: For questions regarding your electricity
supply charges please contact ABC SUPPLIER at 855-243-7270. For all other questions you should contact your electric utility
at 800-334-7661 (ComEd) or 800-755-5000 (Ameren). If your questions, concerns or complaints are not resolved you may also contact
the ICC at 1-800-524-0795.

 

FORCE MAJEURE: ABC SUPPLIER will use commercially reasonable
efforts to provide the service under this Agreement, but we do not guarantee a continuous supply of electricity. Certain Force
Majeure events outside of our control may cause interruptions in service. If a Force Majeure event prevents us from performing
our obligations in whole or in part, our performance shall be excused for the duration of such event, and we will not be liable
for damages associated with any delay or failure to perform as a result thereof. “Force Majeure” shall include,
without limitation, sabotage, riots or civil disturbances, acts of God, acts of the public enemy, acts of vandalism, terrorist
acts, natural disasters, explosions, fires, or similarly cataclysmic occurrence, shortage or unavailability of transmission facilities,
nonperformance by your Utility, or any change in law or any other action by a governmental authority that materially impairs our
ability to perform our obligations under this Agreement. We will give you reasonably prompt notice of any Force Majeure occurrence.

 

CANCELLATION OF EXISTING SERVICE: You are responsible for
cancelling any agreements with other electric suppliers from whom you are purchasing electricity supply service as of the date
of this Agreement.

 

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OTHER PROVISIONS: This Agreement is the entire agreement
between the parties with regard to the subject matter of the Agreement and supersedes all prior agreements, either written or oral.
Nothing in this agreement shall create or be construed as creating any express or implied rights in any person or entity other
than you and ABC SUPPLIER. This Agreement is subject to all valid and applicable legislation and to all present and future
orders, rules and regulations of authorities having jurisdiction over the subject matter hereof. This Agreement shall be governed
by Illinois law.

 

ELECTRICITY SALES AGREEMENT (GENERAL TERMS AND CONDITIONS)

 

1.
Sales, Term. ABC SUPPLIER will sell to Customer, and
Customer will buy from ABC SUPPLIER, electricity to satisfy
its Energy Requirements subject to this Agreement. Customer will provide Customer Information to ABC SUPPLIER
and will assist ABC SUPPLIER in implementing this Agreement.
Customer will notify ABC SUPPLIER of any circumstance likely
to cause a change to the Energy Requirements at any Location. 

 

In all events, (i) this Agreement will continue in effect until
final invoices are paid, and (ii) all obligations of confidentiality, indemnity, and payment of Taxes will survive termination,
but as to confidentiality, for 1 year.

 

2. Billing,
Payment, Credit, Taxes. Customer will be billed and will pay pursuant to the Cover Page. All electricity delivered to a Location
is measured pursuant to the EDC’s tariff by the EDC at each Location. Customer agrees that timely and accurate invoicing
is dependent on the EDC and RTO furnishing ABC SUPPLIER
information, in the absence of which ABC SUPPLIER may invoice
Customer on estimated data, subject to later adjustment. If Customer disputes an invoice, Customer will pay ABC SUPPLIER
the undisputed amount. Upon resolution, Customer will pay the amount owed with interest at the Interest Rate from the date the
amount was originally due to, but excluding, the date the amount is paid. ABC SUPPLIER’S
obligation to sell electricity to Customer is conditioned upon ABC SUPPLIER’S
ongoing review and approval of Customer’s creditworthiness. Customer will, on ABC SUPPLIER’S
request from time to time, (i) provide financial information and (ii) if Customer’s creditworthiness declines, provide performance
assurance, all reasonably satisfactory to ABC SUPPLIER.
Customer is responsible for and indemnifies ABC SUPPLIER
for all Taxes arising from or measured by electricity sold or services provided or ABC SUPPLIER
receipts from the electricity sold or services provided, whether the Law imposes the Taxes on ABC SUPPLIER
or Customer. ABC SUPPLIER may collect Taxes from Customer
by including them on the ABC SUPPLIER invoice. ABC
SUPPLIER will recognize a lawful sales tax exemption on a prospective
basis only after Customer provides proper documentation to ABC SUPPLIER.
If Customer is due a Tax refund because of ABC SUPPLIER
failure to timely recognize valid exemption documentation, ABC SUPPLIER
may credit the overpaid Tax to Customer’s account. Customer is responsible for petitioning the taxing authority for all other
Tax refunds. 

 

3.
Consumption Change. Customer will promptly notify ABC SUPPLIER
in writing (a “Notice”) of any event or circumstance that is likely to cause a significant change to the load at any
Location(s) (“Load Change”), including Customer’s plans for new construction, facility replacement or equipment
modification, planned closures, applications for new construction permits, or new environmental limits. Upon receipt of a Notice
or upon the occurrence of a Load Change, ABC SUPPLIER may
notify Customer (an “Adjustment Notice”) of adjusted Benchmark Quantities and Contract Price reflecting the incremental
effect of the change (the “Adjustment”). Customer may accept the Adjustment by executing the Adjustment Notice and
returning it to ABC SUPPLIER within 5 business days of
its date, in which case the Benchmark Quantities and Contract Price will be adjusted accordingly effective as of the next succeeding
meter read date after ABC SUPPLIER receipt of the executed
Adjustment Notice. If Customer does not timely execute and return the Adjustment Notice, the Benchmark Quantities and Contract
Price will not be adjusted, and ABC SUPPLIER will have
the right to cancel this Agreement upon 30 days prior notice to Customer. If ABC SUPPLIER
cancels this Agreement, then Customer will pay ABC SUPPLIER
Termination Damages and remain liable to pay ABC SUPPLIER
timely for all charges for electricity sold until each Location is Switched. Any election by ABC SUPPLIER
not to exercise its rights under this Section 3 will not preclude ABC SUPPLIER
exercise of those rights at a later date. 

 

4. Default. “Non-Defaulting Party” may
establish a date (the “Early Termination Date”) on which this Agreement will be terminated upon the occurrence
of any of the following defaults by “Defaulting Party,” if the default is not cured within 5 business days after
notice (except for an Insolvency Event or the failure to provide performance assurance which are immediate defaults):

 

(i) Failure to make, when due, any payment; or

(ii) Any representation or warranty proves
to have been false or misleading in any material respect; or

(iii) Failure to perform any covenant; or

(iv) An Insolvency Event occurs.

 

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No waiver
by a Party of a default will be construed as a waiver of any other default. If Non-Defaulting Party terminates this Agreement,
(i) Customer, or if allowed by Law, ABC SUPPLIER, as Non-
Defaulting Party, may Switch Customer’s service to a BESP , and (ii) Defaulting Party will pay the Termination Damages to
Non-Defaulting Party. The Parties agree that if Customer causes a default switching away one or more Locations to another BESP
prior to the expiration of the Initial Term, the Early Termination Date will be the earliest date a Location is Switched. Regardless
of which Party is Defaulting Party, if this Agreement is terminated, Customer will remain liable to pay ABC SUPPLIER
timely for all charges for electricity sold until each Location is Switched. Defaulting Party will pay the Termination Damages
within 15 business days of receipt of notice and it will accrue interest at the Interest Rate from the Early Termination Date to,
but excluding, the date paid. On the date due, each Party will pay to the other Party all additional amounts payable by it after
all amounts have been netted and aggregated with the Termination Damages. In case of dispute, the prevailing party shall be entitled
to attorney’s fees and collection costs incurred in connection with enforcement efforts. 

 

5. Limitation
of Liabilities. Liabilities not excused by reason of Force Majeure or otherwise will be limited to direct actual damages. ABC
SUPPLIER will not be liable to Customer or any third party for consequential,
incidental, punitive, exemplary or indirect damages. ABC SUPPLIER
is not liable for interruptions to, or shortages of, electricity supply, nor is it liable for any resulting associated loss or
damage. These limitations apply without regard to the cause of any liability or damage. 

 

6.
Representations. Customer represents that (i) it is a commercial user of electricity and has entered into this Agreement solely
for related non-speculative purposes, (ii) it will not resell any of the electricity it buys from ABC SUPPLIER,
(iii) it has experience in business matters that enable it to enter into and perform this Agreement, (iv) no Location will have
generation that is synchronously connected to the EDC (the Parties acknowledge that synchronously connected generation does not
include emergency back-up power generation), and (v) this Agreement constitutes a valid and binding obligation of Customer, enforceable
against it in accordance with its terms, except as may be limited by general equitable principles and by bankruptcy, insolvency,
or other similar laws affecting the enforcement of creditors’ rights generally. The Parties make no representations or
warranties except those expressly stated in these terms, and disclaim all other warranties, express or implied, including merchantability,
conformity to models or samples, and fitness for a particular purpose.

 

2 02.03.14

 

7. Force
Majeure. If a Party is unable because of Force Majeure to perform its obligations and it notifies the other Party as soon as
practicable, then its obligations (other than payment for energy received, and performance of obligations incurred, before the
Force Majeure event) will be suspended for the duration of the Force Majeure event. Customer agrees that under no circumstances
will ABC SUPPLIER be required, because of a Force Majeure
event, to supply electricity except to the Locations. 

 

8. Law,
Waivers, Confidentiality, Documentation. This Agreement will be governed by Illinois law, without regard to its conflict of
law principles. The Uniform Commercial Code of Illinois applies to this Agreement and electricity is deemed a "good".
If either Party or its activities related to this Agreement are affected by any Law enacted after the Effective Date (“Change
in Law”) that makes performance of this Agreement unenforceable or illegal, then either Party may terminate this Agreement
on notice to the other Party, without any obligation or other liability (other than payment for energy received, and performance
of obligations incurred, before the Change in Law). If a Change in Law occurs relating to the wholesale or retail electricity market
in the RTO resulting in new or modified fees, costs of performance, or other charges being incurred by ABC SUPPLIER
and/or other RTO market participants, then to the extent incurred by ABC SUPPLIER,
all of the incremental amounts may be reasonably allocated and billed to Customer as an authorized charge or adjustment to the
Contract Price. Neither Party will disclose these terms to a third party (other than a Party’s and its affiliates’
employees, lenders, counsel, permitted assignees, consultants, accountants, or prospective purchasers who have agreed to confidentiality),
except in order to comply with Law. If a provision becomes unlawful or unenforceable, the other provisions will remain in effect.
Except as provided in the Cover Page, only a written amendment signed by the Parties is enforceable. 

 

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9. Assignment.
Neither Party may assign this Agreement without the other Party’s prior written consent, which consent may not be unreasonably
withheld, except that ABC SUPPLIER may, without Customer’s
consent, (i) as part of any financing or other financial arrangements, assign, sell or pledge this Agreement or its accounts, revenues,
or proceeds, or (ii) assign this Agreement to an affiliate of ABC SUPPLIER,
to any person or entity succeeding to all or a substantial portion of the assets of ABC SUPPLIER,
or to a certified RES, in which case ABC SUPPLIER will have
no further obligations for future performance other than payment of amounts owing. There are no third-party beneficiaries to this
Agreement. 

 

10. Customer Acknowledgement. Customer acknowledges that
Electricity prices may be subject to substantial volatility based on economic conditions fuel prices and other factors, and that
past results regarding electricity products are not necessarily an indication of future results.

 

11.
Agency. Customer hereby grants ABC SUPPLIER the authority
to contract and deal with third parties (e.g., BESPs and RTOs) to accomplish the terms and provisions in this Agreement. Such grant
is limited to the scope of the immediately preceding sentence. 

 

12. Notices. All notices, requests, and invoices must be
furnished in writing and delivered by regular mail (including registered or certified mail, return receipt requested), electronic
mail (confirmed receipt), overnight carrier, facsimile, or hand delivery.

 

13. Definitions. The term “including”
means including, without limitation. All internal references are to this Agreement unless stated otherwise.

 

“Actual
Consumption” means the electricity measured or reported by the EDC or estimated by ABC SUPPLIER
for each Location. 

 

“Adjusted Consumption” means the product of Actual
Consumption multiplied by the Loss Factor multiplied by (1 minus the Marginal Loss De-ration Factor).

 

“Ancillary Services Cost” means, for each Location,
all charges assessed by an RTO for services necessary to maintain reliable operation of the transmission system to support transmission
of electricity from the source of generation to the points of demand.

 

“Basic Electric Service Provider” or “BESP”
means a RES or EDC that provides electric service to Customers within a EDC’s service territory.

 

“Benchmark Quantity” means Customer’s expected
monthly kWh electricity consumption for the Term based on Customer Information and the 12 months of electricity consumption by
Customer before the Effective Date, or for new facilities, Customer Information and electricity consumption of comparable facilities,
each as may be adjusted pursuant to this Agreement. The Parties agree that the Benchmark Quantity is a reasonable estimate of electricity
consumption.

 

“Capacity
Auction Price” or “CAP” means, in any calendar month, the capacity price in effect for the then-current
Planning Year, established by the RTO as a result of its periodic capacity auctions. Price changes may become effective as of the
first meter read date after the start of each Planning Year. The CAP for each Location is the CAP for the Locational Deliverability
Area (as defined in the RTO tariff) in which the Location is situated. If the CAP becomes unavailable or is not in effect during
a calendar month in which it is required, ABC SUPPLIER and
Customer agree to promptly negotiate a mutual satisfactory alternate capacity price (“Alternate Capacity Price”).
During any period in which an Alternative Capacity Price is necessary, until the Alternative Capacity Price is established, the
last valid and effective CAP shall continue to be the CAP. 

 

“Customer Information” means information that
accurately substantiates Customer’s Energy Requirements forming a basis for the Contract Price and Benchmark Quantity.

 

“Daily
DA Op Reserve Rate” means the rate established by the RTO for the Day Ahead Op Reserve Charge in $/kWh, published each
Operating Day. If the calculation of Daily DA Op Reserve Rate is discontinued or is re-constituted by the RTO in such a manner
as to render it unusable for the purposes intended by the Parties, Customer and ABC SUPPLIER
agree to substitute an alternative mechanism that most closely reflects the Daily DA Op Reserve Rate as it was constituted at the
time of execution of this Agreement. 

 

“EDC” (Electric Delivery Company) means the entities
that have custody of the electricity sold and purchased and own or control electric transmission or distribution equipment for
transmitting or distributing electricity to a Location.

 

“EDC Zone” means an area within the RTO Control
Area, as set forth in the RTO Open Access Transmission Tariff and the Reliability Assurance Agreement, as may be amended hereafter.

 

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“Energy Cost” is the charge for costs included
in the Zonal Day Ahead Locational Marginal Price.

 

“Energy Requirements” means electricity equal
to 100% of the actual electricity requirements of Location(s) for the Delivery Term, not to exceed the EDC’s facilities’
capabilities or contravene Law.

 

“FERC
Order 745 Cost” means any charges imposed by the RTO on load served by ABC SUPPLIER
in accordance with complying with the provisions of the Federal Energy Regulatory Commission ("FERC") in Order No. 745
(18 CFR Part 35 (March 15, 2011). Any modifications or conditions to the treatment of FERC Order 745 Costs under the RTO tariff
or otherwise shall be deemed a Change in Law pursuant to the Laws, Waivers, Confidentiality, Documentation paragraph of the General
Terms and Conditions of this Electricity Sales Agreement. 

 

“Force Majeure” means an event not within the
reasonable control of the Party claiming suspension, not caused by the negligence of that Party, and which, by the exercise of
due diligence, that Party is unable to overcome or obtain a commercially reasonable substitute therefore. Force Majeure includes
a Force Majeure occurring with respect to the EDC, a suspension, curtailment, or service interruption by the EDC, or acts of terrorism,
civil insurrection, war, or acts of God.

 

“Insolvency Event” means making an assignment
or arrangement for the benefit of creditors, filing a petition, or authorizing or acquiescing in the commencement of a proceeding
under Law for protection of creditors, or having a similar petition filed against it, or otherwise becoming insolvent or unable
to pay debts as due.

 

“Interest Rate” means a rate of 1.5% per month,
but the Interest Rate charged and collected will never exceed in the aggregate, taking into account all payments constituting interest
under applicable Law, the maximum rate permitted by applicable Law.

 

“Law” means any law, statute, regulation, rule,
protocol, exchange rule, decision, writ, order, decree or judgment, or any interpretation of any of them by any court, agency,
or instrumentality having jurisdiction, including the RTO.

 

“Location(s)” means Customer’s facilities
described in the Cover Page.

 

“Loss
Factor Cost” is the charge for adjusting the Actual Consumption at each Location to account for the loss factors established
by EDC and published in the EDC tariff, as adjusted from time to time by EDC. If the Loss Factor is no longer published in the
EDC tariff, Customer and ABC SUPPLIER agree to substitute
an alternative mechanism to determine the Loss Factor. 

 

“MISO” means Midwest Independent Transmission
Operator, Inc.

 

“Marginal
Loss De-ration Factor” means the value by which Actual Consumption at each Location will be adjusted to account for system
marginal losses in conjunction with the Loss Factor. The Marginal Loss De-ration Factor is computed hourly by the RTO for each
zone. If the calculation of the Marginal Loss De-ration Factor is discontinued or is re-constituted by the RTO in such a manner
as to render it unusable for the purposes intended by the Parties, Customer and ABC SUPPLIER
agree to substitute an alternative mechanism that most closely reflects the Marginal Loss De-ration Factor as it was constituted
at the time of execution of this Agreement. 

 

“Network
Integration Transmission Obligation” means for each Location, the demand obligation (kilowatt, “kW”)
used by the RTO to determine ABC SUPPLIER’s daily
transmission requirement. Any change made by the RTO to the demand obligation may become effective the first meter read following
the change. If calculation of Network Integration Transmission Obligation is discontinued or re-constituted by the RTO in a manner
as to render it unusable for the purposes intended by the Parties, Customer and ABC SUPPLIER
agree to substitute an alternative demand obligation mechanism that most closely reflects the Network Integration Transmission
Obligation as it was constituted at the time of execution of this Agreement.

 

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“Network Integration Transmission Service (NITS) Rate”
means for each Location, the rate set by the RTO to compensate the applicable EDC for services to allow an entity using transmission
service to integrate, economically dispatch, and regulate its network resources to serve its network load in a manner comparable
to that in which that EDC utilizes its transmission system to serve its native load customers, expressed in ($/kW-day). Any change
made by the RTO to the NITS rate may become effective the first meter read following the change.

 

“NITS Cost” means for each Location an amount
equal to the product of the Network Integration Transmission Service Rate and the Network Integration Transmission Obligation for
each day of Actual Consumption.

 

“Op Reserve Charge” means, for each billing period,
the daily sum of the hourly Adjusted Consumption multiplied by the Daily DA Op Reserve Rate. For purposes of calculating the Op
Reserve Charge, all consumption is subject to any applicable adjustments for losses and taxes.

 

“Operating Day” means the 24-hour period of any
day from hour ending 1 (one) to hour ending 0 (zero) as defined by the RTO.

 

“Party”
and collectively, “Parties”, means ABC SUPPLIER
and Customer.

 

“PJM” means PJM Interconnection, L.L.C

 

“Planning Year” is defined by PJM and MISO as
June 1 through the following May 31.

 

“Public Utilities Tax” means Taxes imposed with
respect to gross receipts from sale or use of Energy and utility service that vendors of Energy or utility service are required
to pay under applicable state law.

 

"Renewable
Compliance Cost" is the amount determined by calculating the product of Customer's kWh usage and the amount that ABC
SUPPLIER incurs (calculated in cents per kWh) in connection with the
obligations of the Customer and/or ABC SUPPLIER to comply
with all renewable energy requirements imposed by any governmental body. 

 

“RES” means Retail Electric Supplier.

 

“RTO” means Regional Transmission Organization,
either PJM or MISO as applicable to the Locations.

 

“Switch” means an authorized change in Customer’s
electricity supplier.

 

“Switch
Date” means for each Location the date that all actions have been taken by the EDC and RTO (i) for ABC SUPPLIER
to sell electricity to Customer and for Customer to receive same, or (ii) for another BESP to sell electricity to Customer and
for Customer to receive same, as the context requires. 

 

“Taxes”
means all federal, state, and local taxes, fees, governmental charges, and assessments, presently or hereafter imposed on Customer
as purchaser of Energy, on ABC SUPPLIER as seller of Energy,
or on the Energy Transactions, including but not limited to state Public Utilities Taxes, state Electricity Taxes, state Distribution
Taxes, Municipality taxes, State taxes, franchise taxes, municipal administrative fees on RESs; and generation, utility, regulatory,
Btu, or electricity taxes and assessments, but excluding taxes imposed on net income. 

 

“Termination
Damages” means (i) where Customer is Non- Defaulting Party, the positive difference, if any, obtained by subtracting
(a) the present value of this Agreement had it not been terminated, using the Benchmark Quantity applicable to the Locations for
the remaining period of the Term (“Terminated Contract”) from (b) the present value of a replacement contract,
using the Benchmark Quantity applicable to the Locations and market prices that are reasonably expected to be available in the
market for the remaining period of the Term (“Replacement Contract”);
and (ii) where ABC SUPPLIER is Non-Defaulting Party, the
positive difference, if any, obtained by subtracting (a) the present value of a Replacement Contract from (b) the present value
of the Terminated Agreement, in each case plus Non-Defaulting Party’s reasonable costs associated with the valuation of the
replacement contract. 

 

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“Unforced Capacity Cost” is the amount determined
by calculating the product of the Capacity Auction Price multiplied by the Unforced Capacity Obligation (kW) for each day of Actual
Consumption.

 

“Unforced
Capacity Obligation” means, for each Location, the demand obligation (kW) used by the RTO to determine ABC
SUPPLIER’s daily capacity requirement. Any change made by the
RTO to the demand obligation may become effective the first meter read following the change. If calculation of Unforced Capacity
Obligation is discontinued or re-constituted by the RTO in a manner as to render it unusable for the purposes intended by the Parties,
Customer and ABC SUPPLIER agree to substitute an alternative
demand obligation mechanism that most closely reflects the Unforced Capacity Obligation, respectively, as it was constituted at
the time of execution of this Agreement. 

 

“Zonal
Locational Marginal Price” or “Zonal LMP” means the hourly integrated market clearing marginal price for
energy for the Location’s EDC Zone, expressed in $/kWh as defined and published by the RTO for the real time market in PJM
and MISO. If the calculation and publication of Zonal LMPs is discontinued or is re-constituted by RTO in such a manner as to render
it unusable for the purposes intended by the Parties, Customer and ABC SUPPLIER
agree to substitute an alternative mechanism that most closely reflects the Zonal LMP as it was constituted at the time of execution
of this Agreement. 

 

“Zonal Day Ahead Locational Marginal Price”
or “Zonal DA LMP” means the hourly integrated market clearing marginal price for energy for the Location’s
EDC Zone in $/kWh as defined and published by the RTO for the day ahead market in PJM and MISO. It is the Parties’ intent
to use Zonal DA LMP to track the actual hourly market prices for Energy available to serve Locations located within a EDC Zone.
If the calculation and publication of Zonal DA LMP is discontinued or is re-constituted by the RTO in such a manner as to render
it unusable for the purposes intended by the parties, Customer and ABC SUPPLIER agree to substitute an alternative mechanism that
most closely reflects the Zonal DA LMP as it was constituted at the time of execution of this Agreement.

 

 

 

 

 

 

    	8Exhibit 4.4

 

 

WARRANT AGREEMENT

 

Dated as of [·],
2015

 

 

THIS WARRANT AGREEMENT (this “Agreement”),
dated as of [·], 2015, is by and between Easterly Acquisition Corp., a Delaware
corporation (the “Company”), and Continental Stock Transfer & Trust Company, a New York corporation,
as warrant agent (the “Warrant Agent”, also referred to herein as the “Transfer Agent”).

 

WHEREAS, it is proposed that the Company
enter into that certain Sponsor Warrants Purchase Agreement (the “Private Placement Warrants Purchase Agreement”),
with Easterly Acquisition Sponsor, LLC, a Delaware limited liability company (the “Sponsor”), pursuant
to which the Sponsor will purchase an aggregate of up to 6,062,500 warrants (including up to 562,500 warrants subject to the Over-allotment
Option (as defined below) is exercised) simultaneously with the closing of the Offering (as defined below), bearing the legend
set forth in Exhibit B hereto (the “Private Placement Warrants”) at a purchase price of $1.00
per Private Placement Warrant; and

 

WHEREAS, the Company is engaged in an initial
public offering (the “Offering”) of units of the Company’s equity securities, each such unit comprised
of one share of Common Stock (as defined below) and one-half of one Public Warrant (as defined below) (the “Units”)
and, in connection therewith, has determined to issue and deliver up to 8,625,000 warrants (including up to 1,125,000 warrants
subject to the Over-allotment Option) to public investors in the Offering (the “Public Warrants” and,
together with the Private Placement Warrants, the “Warrants”). Each Warrant entitles the holder thereof
to purchase one share of common stock of the Company, par value $0.0001 per share (“Common Stock”), for
$11.50 per share, subject to adjustment as described herein. Only whole warrants are exercisable. A holder of the Public Warrants
will not be able to exercise any one-half of one Warrant unless it is combined with another one-half of one Warrant; and

 

WHEREAS, the Company has filed with the Securities
and Exchange Commission (the “Commission”) a registration statement, No. 333-203975, on Form S-1 (the
“Registration Statement”) and prospectus (the “Prospectus”), for the registration,
under the Securities Act of 1933, as amended (the “Securities Act”), of the Units, the Public Warrants
and the shares of Common Stock included in the Units; and

 

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

 

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

 

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

 

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

 

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

 

2. Warrants.

 

2.1 Form of Warrant. Each Warrant
shall be issued in registered form only and shall be in substantially the form of Exhibit A hereto, the provisions of which
are incorporated herein and shall be signed by, or bear the facsimile signature of, the Chairman of the Board, President, 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.

 

    	 

    	 

    

 

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

 

2.3 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
(such institution, with respect to a Warrant in its account, a “Participant”).

 

If the Depository 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 Depository
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 Depository definitive certificates in physical form evidencing such Warrants which shall be in the form annexed
hereto as Exhibit A with appropriate insertions, modifications and omissions, as provided above.

 

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, 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
shares of 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 Citigroup Global
Markets Inc. as representative of the several underwriters, but in no event shall the shares of 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 shares of Common Stock in the Offering
(the “Over-allotment Option”), if the Over-allotment Option is exercised prior to the filing of the Form
8-K, and (B) the Company issues a press release and files with the Commission a current report on Form 8-K announcing when such
separate trading shall begin.

 

2.5 Private Placement Warrants.
The Private Placement Warrants shall be identical to the Public Warrants, except that so long as they are held by the Sponsor or
any of their Permitted Transferees (as defined below) the Private Placement Warrants: (i) may be exercised for cash or on a “cashless
basis”, pursuant to subsection 3.3.1(c) hereof, (ii) 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 any shares of Common
Stock held by the members of the Sponsor and issued upon exercise of the Private Placement Warrants may be transferred by the holders
thereof:

 

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

 

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

 

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

 

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

 

    	 

    	 

    

 

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

 

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

 

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

 

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

 

3. Terms and Exercise of Warrants.

 

3.1 Warrant Price. Each whole Warrant
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 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 twenty (20) days prior written notice of such reduction to Registered Holders of the Warrants and, provided further
that any such reduction shall be identical among all of the Warrants.

 

3.2 Duration of Warrants. A Warrant
may be exercised only during the period (the “Exercise Period”) commencing on the later of: (i) the date
that is thirty (30) days after the first date on which the Company completes a merger, 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, or if the Company fails to consummate a Business
Combination twenty-four (24) months from the closing of the Offering, or (z) other than with respect to the Private Placement Warrants,
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) in the event
of a redemption (as set forth in Section 6 hereof), each Warrant (other than a Private Placement Warrant 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, at the office of the Warrant Agent, or at the office of its successor as Warrant Agent, (i) an election
to purchase form electing to exercise such Warrants, and (ii) a payment in full of 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 good bank draft payable to the order of 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 difference between the Warrant Price and the “Fair Market Value”,
as defined in this subsection 3.3.1(b) 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 last sale price of the shares of 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, so long as such Private Placement 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 difference between the Warrant Price and the “Fair Market Value”,
as defined in this subsection 3.3.1(c), by (y) the Fair Market Value. Solely for purposes of this subsection 3.3.1(c),
the “Fair Market Value” shall mean the average last sale price of 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
on Exercise. As soon as practicable after the exercise of any Warrant and the clearance of the funds in payment of the Warrant
Price (if payment is pursuant to subsection 3.3.1(a)), the Company shall issue to the Registered Holder of such Warrant
a book-entry position or certificate, as applicable, for the number of full 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 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 shares
of Common Stock issuable upon such Warrant exercise have been registered, qualified or deemed to be exempt under the securities
laws of the state of residence of the Registered Holder of the Warrants. In the event that the 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. Subject to Section
4.6 of this Agreement, a Registered Holder of Warrants may exercise its Warrants only for a whole number of shares of Common
Stock (i.e., only an even number of half Warrants may be exercised at any given time by a Registered Holder). The Company may require
holders of Public Warrants to settle the Warrant on a “cashless basis” pursuant to Section 7.4. If, by reason
of any exercise of warrants on a “cashless basis””, the holder of any Warrant would be entitled, upon the exercise
of such Warrant, to receive a fractional interest in a 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 nonassessable.

 

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 at the close of business on the next succeeding date on which the share transfer books or book-entry
system are open.

 

3.3.5 Maximum Percentage. A holder
of a Warrant may notify the Company in writing in the event it elects to be subject to the provisions contained in this subsection
3.3.5; however, no holder of a Warrant shall be subject to this subsection 3.3.5 unless he, she or it makes such
election. If the election is made by a holder, the Warrant Agent shall not effect the exercise of the holder’s Warrant, and
such holder shall not have the right to exercise such Warrant, to the extent that after giving effect to such exercise, such person
(together with such person’s affiliates), to the Warrant Agent’s actual knowledge, would beneficially own in excess
of 4.9% or 9.8% (as specified by the holder) (the “Maximum Percentage”) of the shares of Common Stock
outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of shares
of Common Stock beneficially owned by such person and its affiliates shall include the number of shares of Common Stock issuable
upon exercise of the Warrant with respect to which the determination of such sentence is being made, but shall exclude shares of
Common Stock that would be issuable upon (x) exercise of the remaining, unexercised portion of the Warrant beneficially owned by
such person and its affiliates and (y) exercise or conversion of the unexercised or unconverted portion of any other securities
of the Company beneficially owned by such person and its affiliates (including, without limitation, any convertible notes or convertible
preferred stock or warrants) subject to a limitation on conversion or exercise analogous to the limitation contained herein. Except
as set forth in the preceding sentence, for purposes of this paragraph, beneficial ownership shall be calculated in accordance
with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). For purposes
of the Warrant, in determining the number of outstanding shares of Common Stock, the holder may rely on the number of outstanding
shares of Common Stock as reflected in (1) the Company’s most recent annual report on Form 10-K, quarterly report on Form
10-Q, current report on Form 8-K or other public filing with the Commission as the case may be, (2) a more recent public announcement
by the Company or (3) any other notice by the Company or Continental Stock Transfer & Trust Company (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 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 Share 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 share dividend or capitalization 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 share 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 shares of 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 share dividend of a number of shares of Common Stock equal to the product
of (i) the number of shares of Common Stock actually sold in such rights offering (or issuable under any other equity securities
sold in such rights offering that are convertible into or exercisable for the shares of Common Stock) multiplied by (ii) one (1)
minus the quotient of (x) the price per share of Common Stock paid in such rights offering divided by (y) the Fair Market Value.
For purposes of this subsection 4.1.1, (i) if the rights offering is for securities convertible into or exercisable for
shares of Common Stock, in determining the price payable for shares of Common Stock, there shall be taken into account any consideration
received for such rights, as well as any additional amount payable upon exercise or conversion 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 the holders of the shares of Common Stock on account of such shares of Common Stock (or other shares
of the Company’s capital stock into which the Warrants are convertible), other than (a) as described in subsection 4.1.1
above, (b) Common Cash Dividends (as defined below), (c) to satisfy the redemption rights of the holders of the shares of Common
Stock in connection with a proposed initial Business Combination, (d) 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 or (e) in connection
with the redemption of public shares upon the failure of the Company to complete its initial business combination (any such non-excluded
event being referred to herein as an “Extraordinary Dividend”), then the Warrant Price shall be decreased,
effective immediately after the effective date of such Extraordinary Dividend, by the amount of cash and/or the fair market value
(as determined by the Board, in good faith) of any securities or other assets paid on each share of Common Stock in respect of
such Extraordinary Dividend. For purposes of this subsection 4.1.2, “Common Cash Dividends” means
any cash dividend or cash distribution which, when combined on a per share basis, with the per share amounts of all other cash
dividends and cash distributions paid on the shares of Common Stock during the 365-day period ending on the date of declaration
of such dividend or distribution (as adjusted to appropriately reflect any of the events referred to in other subsections of this
Section 4 and excluding cash dividends or cash distributions that resulted in an adjustment to the Warrant Price or to the
number of shares of Common Stock issuable on exercise of each Warrant) does not exceed $0.50 (being 5% of the offering price of
the Units in the Offering).

  

    	 

    	 

    

 

4.2 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 share split or reclassification of shares of Common Stock or other similar event,
then, on the effective date of such consolidation, combination, reverse share 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.
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 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.

 

4.4 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 corporation (other than a consolidation
or merger in which the Company is the continuing corporation and that does not result in any reclassification or reorganization
of the outstanding shares of Common Stock), or in the case of any sale or conveyance to another corporation or entity of the assets
or other property of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved,
the 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 shares of 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 shares of 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 shares
of Common Stock (other than a tender, exchange or redemption offer made by the Company in connection with redemption rights held
by shareholders of the Company as provided for in the Company’s amended and restated 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
shareholders of the Company for approval) under circumstances in which, upon completion of such tender or exchange offer, the maker
thereof, together with members of any group (within the meaning of Rule 13d-5(b)(1) under the Exchange Act) 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)
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) 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 shareholder if such Warrant holder had exercised the Warrant prior to the expiration of such tender or
exchange offer, accepted such offer and all of the shares of 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 shares of 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 SEC, the Warrant Price shall be reduced by an amount (in dollars) equal
to the difference of (i) the Warrant Price in effect prior to such reduction minus (ii) (A) the Per Share Consideration (as defined
below) (but in no event less than zero) minus (B) the Black-Scholes Warrant Value (as defined below). The “Black-Scholes
Warrant Value” means the value of a Warrant immediately prior to the consummation of the applicable event based on the Black-Scholes
Warrant Model for a Capped American Call on Bloomberg Financial Markets (“Bloomberg”). For purposes of calculating
such amount, (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 shares of Common
Stock consists exclusively of cash, the amount of such cash per share of Common Stock, and (ii) in all other cases, 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 such Warrant.

  

    	 

    	 

    

 

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

 

4.6 No Fractional Shares. Notwithstanding
any provision contained in this Agreement to the contrary, the Company shall not issue fractional shares upon the exercise of Warrants.
If, by reason of any adjustment made pursuant to this Section 4, the holder of any Warrant would be entitled, upon the exercise
of such Warrant, to receive a fractional interest in a share, the Company shall, upon such exercise, round down to the nearest
whole number the number of 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 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 preceding subsections of this Section 4 are strictly
applicable, but which would require an adjustment to the terms of the Warrants in order to (i) avoid an adverse impact on the Warrants
and (ii) effectuate the intent and purpose of this Section 4, then, in each such case, the Company shall appoint a firm
of independent public accountants, investment banking or other appraisal firm of recognized national standing, which shall give
its opinion as to whether or not any adjustment to the rights represented by the Warrants is necessary to effectuate the intent
and purpose of this Section 4 and, if they determine that an adjustment is necessary, the terms of such adjustment. The
Company shall adjust the terms of the Warrants in a manner that is consistent with any adjustment recommended in such opinion.

 

5. Transfer and Exchange of Warrants .

 

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

 

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

 

    	 

    	 

    

 

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.

 

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 Business 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.

 

6.2 Date Fixed for, and Notice of, Redemption.
In the event that the Company elects to redeem all of the Warrants, the Company shall fix a date for the redemption (the “Redemption
Date”). Notice of redemption shall be mailed by first class mail, postage prepaid, by the Company not less than thirty
(30) days prior to the Redemption Date (such 30-day period, the “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.
The Company agrees that the redemption rights provided in this Section 6 shall not apply to the Private Placement Warrants
if at the time of the redemption such Private Placement Warrants continue to be held by the Sponsor or its Permitted Transferees.
However, once such Private Placement Warrants are transferred (other than to Permitted Transferees under subsection 2.5),
the Company may redeem the Private Placement Warrants, provided that the criteria for redemption are met, including the opportunity
of the holder of such Private Placement Warrants to exercise the Private Placement Warrants prior to redemption pursuant to Section
6.3. Private Placement Warrants that are transferred to persons other than Permitted Transferees shall upon such transfer cease
to be Private Placement Warrants and shall become Public Warrants under this Agreement.

 

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

 

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

 

    	 

    	 

    

 

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

 

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

 

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

 

7.4.1 Registration of the shares of 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 1933, as amended (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 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 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 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 difference between the Warrant Price and the “Fair Market Value” (as defined
below) by (y) the Fair Market Value. Solely for purposes of this subsection 7.4.1, “Fair Market Value” shall
mean the volume weighted average price of the 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 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) 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,
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 shares of Common Stock are 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, 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 as
described in subsection 7.4.1 and (ii) in the event the Company so elects, the Company shall (x) not be required to
file or maintain in effect a registration statement for the registration, under the Securities Act, of the shares of Common
Stock issuable upon exercise of the Warrants, notwithstanding anything in this Agreement to the contrary, and (y) use its best efforts to register or qualify for sale the shares of 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 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.

 

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 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 shares of Common Stock not later than the effective date of any such appointment.

 

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

 

8.3 Fees and Expenses of Warrant Agent.

 

8.3.1 Remuneration. The Company agrees
to pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent hereunder and 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 President, Chief Executive Officer or Chairman of the Board of the Company and delivered to the Warrant
Agent. The Warrant Agent may rely upon such statement for any action taken or suffered in good faith by it pursuant to the provisions
of this 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 nonassessable.

 

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

 

Easterly Acquisition Corp.

138 Conant Street

Beverly, MA 01915

Attention: Avshalom Kalichstein

 

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

17 Battery Place

New York, NY 10004

Attention: Compliance Department

 

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

 

    	 

    	 

    

 

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

 

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

 

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

 

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

 

9.8 Amendments. This Agreement
may be amended by the parties hereto without the consent of any Registered Holder for the purpose of curing any ambiguity, or
curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions with respect
to matters or questions arising under this Agreement as the parties may deem necessary or desirable and that the parties deem
shall not adversely affect the interest of the Registered Holders. All other modifications or amendments, including any amendment
to increase the Warrant Price or shorten the Exercise Period and any amendment to the terms of only the Private Placement Warrants,
shall require the vote or written consent of the Registered Holders of 50% of the then outstanding Public Warrants. Notwithstanding
the foregoing, the Company may lower the Warrant Price or extend the duration of the Exercise Period pursuant to Sections 3.1
and 3.2, respectively, without the consent of the Registered Holders. 

 

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

 

Exhibit A Legend — Warrant Certificate

 

Exhibit B Legend — Sponsor’s Warrants

 

 

[Signature page follows]

    	 

    	 

    

 

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

 

	 	EASTERLY ACQUISITION CORP.
	 	 	 
	 	By	 
	 	 	Name: 
	 	 	Title:
	 	 
	 	CONTINENTAL STOCK TRANSFER &

TRUST COMPANY, as Warrant Agent
	 	 	 
	 	By	 
	 	 	Name: 
	 	 	Title: 

 

 

 

 

 

[Signature page to Warrant Agreement]

 

    	 

    	 

    

EXHIBIT A

 

[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

 

EASTERLY ACQUISITION CORP.

Incorporated Under the Laws of the State
of Delaware

 

CUSIP [·]

Warrant Certificate

 

This Warrant Certificate certifies
that             , or registered assigns, is the registered
holder of               warrant(s) (the “Warrants”
and each, a “Warrant”) to purchase shares of common stock, $.0001 par value (“Common Stock”),
of Easterly 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 nonassessable 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. The number of the 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. Only whole Warrants are exercisable, so only an even number of half Warrants
may be exercised at a given time. 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.

 

	 	EASTERLY 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 [·]
(the “Warrant Agreement”), duly executed and delivered by the Company to Continental Stock Transfer &
Trust Company, a New York corporation, as warrant agent (the “Warrant Agent”), which Warrant Agreement
is hereby incorporated by reference in and made a part of this instrument and is hereby referred to for a description of the rights,
limitation of rights, obligations, duties and immunities thereunder of the Warrant Agent, the Company and the holders (the words
“holders” or “holder” meaning the Registered Holders or Registered Holder)
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 to the order of Easterly Acquisition Corp. (the “Company”)
in the amount of $              in accordance with the terms hereof.
The undersigned requests that a certificate for such shares be registered in the name of              ,
whose address is               and that such shares be delivered
to               whose address is              .
If said number of shares 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 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 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 that is to be exercised on a “cashless basis” pursuant to subsection 3.3.1(c) of the Warrant
Agreement, the number of shares 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 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 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 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 be registered in the name of              ,
whose address is              , and that such Warrant Certificate
be delivered to              , whose address is              . 

 

	 	 	 
	Date:              , 2015	 	(Signature)
	 	 	 
	 	 	 
	 	 	 
	 	 	(Address)
	 	 	 
	 	 	 
	 	 	 
	 	 	(Tax Identification Number)

 

 

 

	Signature Guaranteed:	 
	 	 
	 	 

 

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

 

    	 

    	 

    

 

EXHIBIT B

 

LEGEND

 

THE SECURITIES 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 AGREEMENTS BY AND AMONG EASTERLY
ACQUISITION CORP. (THE “COMPANY”), EASTERLY ACQUISITION SPONSOR, LLC AND THE OTHER PARTIES THERETO, THE SECURITIES
REPRESENTED 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 AND SHARES OF COMMON STOCK OF THE COMPANY ISSUED
UPON EXERCISE OF SUCH SECURITIES SHALL BE ENTITLED TO REGISTRATION RIGHTS UNDER A REGISTRATION RIGHTS AGREEMENT TO BE EXECUTED
BY THE COMPANY.

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