Document:

EX-10.1

 Exhibit 10.1 

Execution Version 
 EMPLOYEE
MATTERS AGREEMENT 
 This Employee Matters Agreement, dated as of December 13, 2021, is entered into by and among 3M Company, a
Delaware corporation (“Company”), Garden SpinCo Corporation, a Delaware corporation (“SpinCo”), and Neogen Corporation, a Michigan corporation (“Parent,” and, together with the
Company and SpinCo, the “Parties”). 
 WHEREAS, pursuant to the Separation and Distribution Agreement, dated
as of December 13, 2021, by and among the Company, SpinCo and Parent (such agreement, as it may be amended, restated or modified from time to time, the “Separation and Distribution Agreement”), the Company and SpinCo
have set out the terms on which, and the conditions subject to which, they will implement the Reorganization (as defined in the Separation and Distribution Agreement) and the Distribution (as defined in the Separation and Distribution Agreement).

 WHEREAS, pursuant to the Agreement and Plan of Merger, dated as of December 13, 2021, by and among the Company, SpinCo, Parent and
Merger Sub (such agreement, as it may be amended, restated or modified from time to time, the “Merger Agreement”), immediately following the Distribution, Nova RMT Sub, Inc., a wholly owned Subsidiary of Parent
(“Merger Sub”), will merge with and into SpinCo (the “Merger”) and all of the SpinCo Common Stock outstanding as of immediately prior to the Merger will be converted into Parent Common Stock on the
terms and subject to the conditions of the Merger Agreement. 
 WHEREAS, in connection with the foregoing, the Parties have agreed to
enter into this Agreement to allocate, among the Company, SpinCo and Parent, Assets, Liabilities and responsibilities with respect to certain employee compensation, pension and benefit plans, programs and arrangements and certain employment matters.

 NOW THEREFORE, in consideration of the mutual agreements, covenants and other provisions set forth in this Agreement, the Parties
hereby agree as follows: 
 ARTICLE I 

DEFINITIONS 
 Unless
otherwise defined in this Agreement, capitalized words and expressions and variations thereof used in this Agreement, including its Exhibits, have the meanings set forth below. 

1.1 “All Employee Company Benefit Plans” means each Benefit Plan that is or has been maintained, sponsored, contributed
to or entered into by the Company or any of its Affiliates for the benefit of any of their respective current or former employees or other individual service providers, and includes, for the avoidance of doubt, Company Benefit Plans and SpinCo
Benefit Plans. 
 1.2 “Affiliate” has the meaning given to it in the Separation and Distribution Agreement. 

1.3 “Agreement” means this Employee Matters Agreement, including all the Exhibits hereto. 

1.4 “Assets” has the meaning given to it in the Separation and Distribution Agreement. 

 

 1.5 “Asset Purchase Agreement” has the meaning set forth in the
Merger Agreement. 
 1.6 “Assumed Portion” means, with respect to a Company Option Award, Company SAR Award,
Company RSU Award, or Company LTI Cash Award, as applicable, the portion of such award (x) held by a Continuing SpinCo Employee, (y) that is outstanding and unvested as of immediately prior to the Distribution Time, and (z) that will
be forfeited in accordance with the terms and conditions of the applicable Company Stock Plan or Company Cash LTI Plan and the applicable form of award agreement thereunder (in each case as in effect on the date of this Agreement) as a result of the
holder’s cessation of service with the Company and its Subsidiaries in connection with the completion of the Transactions (after giving effect to any vesting that occurs, or that a holder may be eligible to receive, by reason of (i) his or
her eligibility for special “retirement” vesting continuation benefits in accordance with the applicable Company Stock Plan or Company Cash LTI Plan and the applicable form of award agreement thereunder (in each case as in effect on the
date of this Agreement), and (ii) for a Company RSU Award that is an annual equity award grant, the Special Vesting Benefits the holder would be offered or eligible to receive from the Company, whether or not the Company actually offers or
makes available such benefits to the holder or the holder elects to execute any release agreement(s) upon which such Special Vesting Benefits may be conditioned). For the avoidance of doubt, in no event will there be an Assumed Portion as it relates
to any annual grant of a Company Option Award, Company SAR Award, Company RSU Award, or Company LTI Cash Award, as applicable, that is held by a SpinCo Employee who is eligible for special “retirement” vesting continuation benefits in
accordance with the applicable Company Stock Plan or Company Cash LTI Plan, which shall not be subject to Section 4.1 and shall remain the sole obligation of the Company. 

1.7 “Belgian Closing” has the meaning ascribed to it in the Asset Purchase Agreement. 

1.8 “Binding Offer” means each of the French Offer, Belgian Offer and Dutch Offer (each such term having the
meaning ascribed to it in the Asset Purchase Agreement). 
 1.9 “Binding Offer Subsidiary” means each of the French
Seller, the Dutch Seller and the Belgian Seller (each as defined in the Asset Purchase Agreement). 
 1.10 “Blackout
Period” means the ten (10) consecutive Business Days through and including the Closing Date. 
 1.11 “Business
Day” has the meaning given to it in the Merger Agreement. 
 1.12 “Cause” means (i) a SpinCo
Employee’s willful failure to substantially perform the SpinCo Employee’s duties (other than a failure resulting from the SpinCo Employee’s Disability); (ii) the SpinCo Employee’s willful failure to carry out, or comply with any
lawful and reasonable directive of the Parent Board or the SpinCo Employee’s immediate supervisor; (iii) the occurrence of any act or omission by the SpinCo Employee that could reasonably be expected to result in (or has resulted in) the
SpinCo Employee’s conviction, plea of no contest, plea of nolo contendere, or imposition of unadjudicated probation for any felony or indictable offense or crime involving moral turpitude; (iv) the SpinCo Employee’s commission of an
act of fraud, embezzlement, misappropriation, misconduct, or breach of fiduciary duty against Parent or any of its Subsidiaries or affiliates or any of their officers, directors, employees, customers, suppliers, insurers or agents; (v) the
SpinCo Employee’s material breach of any material provision of any written agreement 

  
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with Parent or any Subsidiary; or (vi) any other intentional misconduct by the SpinCo Employee significantly affecting the business or affairs of Parent or any Subsidiary in an adverse
manner. The Compensation Committee of the Parent Board shall have the authority to determine conclusively whether a SpinCo Employee has engaged in an act or omission (or failure to act) constituting Cause pursuant to the above definition, the date
of the occurrence of such act or omission (or failure to act) and any incidental matters relating thereto; provided, however, that the Parent’s Chief Executive Officer may establish a committee of two or more officers of Parent
(at least one of whom shall be Parent’s Chief Executive Officer or Chief Human Resources Officer) to make any and all such determinations with respect to any SpinCo Employee who is not then, and was not previously, subject to Section 16 of
the Exchange Act with respect to Parent. The foregoing definition shall not in any way preclude or restrict the right of Parent or any Subsidiary to discharge or dismiss any SpinCo Employee or other person in the service of Parent or any Subsidiary
for any other acts or omissions, but such other acts or omissions shall not be deemed, for purposes of the Parent LTI Awards, to constitute Cause. 

1.13 “CARES Act Deferred Amount” means the unpaid aggregate amount, as of immediately prior to the Distribution Time,
of any payroll taxes that were deferred by the Company or its Subsidiaries under the Coronavirus Aid, Relief, and Economic Security Act. 

1.14 “Closing Date” has the meaning given to it in the Merger Agreement. 

1.15 “Code” means the Internal Revenue Code of 1986, as amended. 

1.16 “Collective Bargaining Agreement” means any collective bargaining, works council or similar agreement or
arrangement with any labor union, works council or other labor representative applicable to any SpinCo Employee. 
 1.17 “Co-located Manufacturing Employee” means each maintenance, warehouse or production employee working in a non-transferring facility of the Company or any of its
Subsidiaries who is paid on the basis of hours worked. 
 1.18 “Company Benefit Plan” has the meaning given to it in
the Merger Agreement. 
 1.19 “Company Cash LTI Plan” means the 3M Cash Long-Term Incentive Plan, pursuant to which
employees and other service providers receive cash-based long-term incentive awards in lieu of equity-based awards under a Company Stock Plan. 

1.20 “Company Common Stock” has the meaning given to it in the Merger Agreement. 

1.21 “Company Employee” means each employee of the Company or any of its Subsidiaries who is employed immediately prior
to the Distribution Date (including any such individual who is not actively working as of the Distribution Date as a result of an illness, injury, vacation, or leave of absence approved by the Company human resources department or otherwise taken in
accordance with applicable Law (including, for the avoidance of doubt, any such inactive individual on short- or long-term disability)), other than a SpinCo Employee. 

1.22 “Company Group” has the meaning given to it in the Separation and Distribution Agreement. 

  
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 1.23 “Company LTI Award” means a Company Option Award, Company SAR
Award, Company RSU Award, or Company LTI Cash Award. 
 1.24 “Company LTI Cash Award” means a cash-based long-term
incentive award issued pursuant to the Company Cash LTI Plan. 
 1.25 “Company Option Award” means an award of an
option to purchase shares of Company Common Stock issued pursuant to a Company Stock Plan. 
 1.26 “Company RSU
Award” means an award representing a contractual right to receive shares of Company Common Stock (or the cash value thereof) issued pursuant to a Company Stock Plan. 

1.27 “Company SAR Award” means an award issued pursuant to a Company Stock Plan that entitles the holder to receive a
payment equal to the excess of the value of a specified number of shares of Company Common Stock on the date the right is exercised over a specified exercise or base price. 

1.28 “Company Stock Plan” means each of the 3M Company 2016 Long-Term Incentive Plan and the 3M 2008 Long-Term
Incentive Plan pursuant to which employees and other service providers receive Company equity incentives, in each case, as may be amended from time to time. 

1.29 “Disability” means a permanent and total disability under Section 22(e)(3) of the Code. 

1.30 “Distribution Date” has the meaning set forth in the Separation and Distribution Agreement. 

1.31 “Distribution Time” has the meaning given to it in the Separation and Distribution Agreement. 

1.32 “Dutch Closing” has the meaning ascribed to it in the Asset Purchase Agreement. 

1.33 “Effective Time” has the meaning given to it in the Merger Agreement. 

1.34 “Equity Award Exchange Ratio” means the quotient, rounded to four decimal places, obtained by dividing
(a) the closing price of a share of Company Common Stock on the last full trading day that occurs immediately prior to the Distribution Date, by (b) the closing price of a share of Parent Common Stock on the last full trading day that
occurs immediately prior to the Distribution Date. 
 1.35 “ERISA” means the Employee Retirement Income Security Act
of 1974, as amended. 
 1.36 “Exchange Act” has the meaning given to it in the Merger Agreement. 

1.37 “Excluded Employee” has the meaning set forth on Schedule 1.37. 

  
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 1.38 “Former SpinCo Employee” means any individual whose employment
with the Company and its Subsidiaries terminated prior to the Distribution Time and who immediately prior to his or her termination date provided at least fifty percent (50%) of his or her services to the Company and its Subsidiaries in connection
with the operation of the SpinCo Business. 
 1.39 “French Closing” has the meaning ascribed to it in the Asset
Purchase Agreement. 
 1.40 “Law” has the meaning given to it in the Separation and Distribution Agreement. 

1.41 “Liabilities” has the meaning given to it in the Separation and Distribution Agreement. 

1.42 “Parent Benefit Plan” has the meaning given to it in the Merger Agreement. 

1.43 “Parent Board” has the meaning given to it in the Merger Agreement. 

1.44 “Parent Common Stock” has the meaning given to it in the Merger Agreement. 

1.45 “Parent LTI Award” means a Parent Option Award, Parent SAR Award, Parent RSU Award, or Parent LTI Cash Award. 

1.46 “PEO” means a third-party professional employer organization. 

1.47 “Person” has the meaning given to it in the Separation and Distribution Agreement. 

1.48 “Special Vesting Benefits” means the accelerated or continued vesting with respect to a number of shares of
Company Common Stock (rounded up to the nearest whole share) equal the product obtained by multiplying (i) the total number of shares of Company Common Stock covered by the applicable award as of immediately prior to the Distribution
Time, by (ii) a fraction, (a) the numerator of which equals the number of grant date anniversaries that have occurred with respect to such award and (b) the denominator of which is the number of full years during the applicable
vesting period. 
 1.49 “SpinCo Benefit Plan” has the meaning given to it in the Merger Agreement. 

1.50 “SpinCo Business” has the meaning given to it in the Separation and Distribution Agreement. 

1.51 “SpinCo Common Stock” has the meaning given to it in the Merger Agreement. 

1.52 “SpinCo Employee” means (i) each individual who, immediately prior to the Distribution Date, is classified by
the Company as an employee that the Company determines in good faith is expected to provide at least fifty percent (50%) of his or her services to the Company Group and the SpinCo Group in connection with the operation of the SpinCo Business (in
each case, including any such individual who is not actively working as of the Distribution Date as a result of an illness, injury, short-term or long-term disability, vacation, or leave of absence approved by the Company human resources department
or otherwise taken in accordance with applicable Law); provided, however, that, notwithstanding the foregoing, the term “SpinCo Employee” will, for all purposes exclude the Excluded Employees and the Co-located 

  
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Manufacturing Employees; and provided, further that, each individual who is classified by the Company as an employee of a Binding Offer Subsidiary and who would be a “SpinCo
Employee” in the absence of this proviso will be deemed to not be a “SpinCo Employee” for any purposes unless the Belgian Closing, Dutch Closing or French Closing occurs (as applicable), in which case, upon such occurrence, such
individual will be deemed to have been a “SpinCo Employee” for all purposes, (ii) each individual who immediately prior to the Distribution Date provides fifty percent (50%) or less of his or her services to the Company Group and the
SpinCo Group in connection with the operation of the SpinCo Business but who is identified by Parent to the Company as an individual who Parent would like to designate as a “SpinCo Employee” (based upon such individual’s role or
importance to the operation of the SpinCo Business) and who Parent and the Company agree in writing shall be designated as a “SpinCo Employee” (provided that the Company shall consider in good faith and discuss with Parent (but
shall not be obligated to agree to) any such proposed designation), and (iii) each other individual who does not fall within clause (i) or (ii) above but is required by operation of Law to transfer to a SpinCo Entity, Parent or one of its
Subsidiaries. 
 1.53 “SpinCo Entities” has the meaning given to it in the Merger Agreement. 

1.54 “SpinCo Group” has the meaning given to it in the Separation and Distribution Agreement; provided,
however, that for purposes of this Agreement, for the period from and after the Effective Time, SpinCo Group shall mean Parent and its Subsidiaries 

1.55 “SpinCo Leave Employee” means each SpinCo Employee who immediately prior to the Distribution Date (i) is on
long-term disability, (ii) (A) is on short-term disability, and (B) with respect to whom Parent has reasonably determined after due inquiry that it could not obtain long-term disability coverage relating to events occurring prior to the
Distribution Date after using commercially reasonable efforts to obtain such coverage or (iii) is on a continuous leave of absence that commenced at least six (6) months prior to the Distribution Date and, in the case of each of clauses
(i), (ii) and (iii), is not an Automatic Transfer Employee (as defined below).. 
 1.1 “Subsidiary” has the meaning
given to it in the Merger Agreement. 
 1.2 “Substantially Comparable” means (i) with regard to SpinCo Employees
whose principal place of work is in a country in which Parent or a Parent Subsidiary has similarly situated employees immediately prior to the Distribution Time, substantially comparable, in the aggregate, to those employee benefits provided to
similarly situated employees of Parent and its Subsidiaries employed in the same country immediately prior to the Distribution Time or, if greater, such employee benefits required by applicable Law, and (ii) with regard to SpinCo Employees
whose principal place of work is in a country in which Parent or a Parent Subsidiary does not employ any similarly situated employees immediately prior to the Distribution Time, substantially comparable, in the aggregate, to the employee benefits
made available to such SpinCo Employees immediately prior to the Distribution Time, or, if greater, such employee benefits required by applicable Law. 

1.3 “Transactions” shall have the meaning given to it in the Merger Agreement. 

  
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 ARTICLE II 

EMPLOYMENT OF CURRENT SPINCO EMPLOYEES; 

ASSUMPTION AND RETENTION OF LIABILITIES GENERALLY; 

SPINCO PARTICIPATION IN COMPANY BENEFIT PLANS 

2.1 Employment of SpinCo Employees. 

(a) Employee Transfer. Except as otherwise provided in clause (i) or (ii) in the proviso of this Section 2.1(a), effective as
of no later than immediately prior to the Distribution Time, the Company shall cause each SpinCo Employee (other than any SpinCo Leave Employee) to be employed by a member of SpinCo Group (each such employee, a “SpinCo Transfer
Employee”) and each Company Employee to be employed by a member of the Company Group; provided that (i) for each SpinCo Employee employed in a jurisdiction where there is no SpinCo Entity authorized to provide employment in
such jurisdiction as of immediately prior to the Distribution Time, Parent shall, or shall cause one of its Subsidiaries to, (A) if such employment automatically transfers by operation of Law, accept the automatic transfer of employment of such
SpinCo Employee by operation of Law (each such employee, an “Automatic Transfer Employee”) or (B) if such employment does not automatically transfer by operation of Law, provide to such SpinCo Employee a written offer of
employment with Parent or any of its then existing Subsidiaries (each such employee, an “Offer Employee”) and (ii) for any jurisdiction in which there is a SpinCo Employee but there will not be a member of the SpinCo
Group (including Parent and any of its Subsidiaries) to employ such SpinCo Employee immediately following the Closing, Parent shall, or shall cause one of its Subsidiaries to, enter into a contract with a PEO prior to the Closing and shall cause
such PEO to make a written offer of employment to such SpinCo Employee (each such employee, a “PEO Employee” and such process, a “PEO Transfer”), provided that, for any jurisdiction in which a
PEO Transfer could result in, or could be reasonably expected to result in, any Liability to the Company Group in accordance with applicable Law, (x) Parent shall establish an entity in such jurisdiction, (y) Parent shall provide to each
applicable SpinCo Employee a written offer of employment in accordance with Section 2.1(a)(i)(B), and (z) such SpinCo Employee shall be deemed an Offer Employee for purposes of this Agreement. 

(b) Offer of Employment. No later than forty-five (45) days prior to the Closing Date (unless otherwise provided in
Section 2.1(c)), or such earlier date as may be required by any applicable Law (the “Employee Offer Delivery Date”), Parent will, or will cause one of its Subsidiaries (or a PEO, if applicable) to, provide to each Offer
Employee or PEO Employee a written offer of employment with Parent or any of its Subsidiaries (or a PEO, if applicable), with employment effective as of the Closing Date. All such offers shall (i) comply with the requirements set forth in, and
provide for compensation and benefits on terms that are consistent with, Section 3.1 of this Agreement (assuming for purposes of this covenant that the SpinCo Employee is a Continuing SpinCo Employee) and (ii) set forth other terms that
satisfy all requirements of applicable Law and are sufficient to avoid triggering redundancy, severance, termination or similar entitlements in connection with the transfer of employment from a member of the Company Group to a member of the SpinCo
Group, Parent, Parent’s Subsidiaries or a PEO (as applicable); provided that any offer of employment to a SpinCo Leave Employee will be made in accordance with Section 2.1(c) below. Upon request, Parent will, or will cause one of
its Subsidiaries (or a PEO, if applicable) to, provide to the Company copies of any such offer of employment provided pursuant to this Section 2.1. No later than fifteen (15) Business Days after the Closing Date, Parent will deliver to the
Company a correct and complete list of (i) all SpinCo Transfer Employees 

  
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employed by a member of the SpinCo Group on the Closing Date, (ii) all Offer Employees and PEO Employees who accepted Parent’s (or the PEO’s, if applicable) offer no later than
fifteen (15) Business Days after the Closing Date, and (iii) all Automatic Transfer Employees whose employment transferred automatically to Parent or one of its Subsidiaries by operation of Law (the “SpinCo Employee
List”). 
 (c) SpinCo Leave Employees. If any SpinCo Leave Employee is able to return to work within one (1) year
following the Closing Date, Parent will, or will cause one of its Subsidiaries (or a PEO, if applicable) to provide a written offer of employment to such employee in compliance with Section 2.1(b) as of the date that such SpinCo Leave Employee
is released to return to work (or such earlier date as may be required by applicable Law or Collective Bargaining Agreement); provided that with respect to each such SpinCo Leave Employee who is subject to a Collective Bargaining Agreement,
Parent (or a PEO, if applicable) shall comply with the return-to-work provisions set forth in the applicable Collective Bargaining Agreement. Unless otherwise specified
in this Agreement, for any SpinCo Leave Employee, references in this Agreement to the “Closing,” “Closing Date,” “Distribution Date,” and “Distribution Time” shall be treated as references to the first day and
time at which the applicable SpinCo Leave Employee is released to return to work. 
 (d) Employees with Work Visas or Permits. If any
SpinCo Employee requires a visa, work permit or other approval for his or her employment to commence with, transfer to or continue with a member of the SpinCo Group (or a PEO, if applicable) on or after the Closing Date, Parent will, or will cause a
Parent Subsidiary (or a PEO, if applicable) to, promptly file any necessary applications or documents and will take all actions needed to secure the necessary visa, permit or other approval as of the Closing Date, and the Company will provide such
assistance as reasonably requested by Parent in connection therewith. 
 (e) At-Will Status.
Nothing in this Agreement shall change the employment status of any SpinCo Employee from “at-will,” to the extent that such SpinCo Employee is an
“at-will” employee under applicable Law. 
 (f) Severance. The Parties intend that
the Separation, the Distribution and the assignment, transfer or continuation of the employment of SpinCo Employees as contemplated by this Article II shall not be deemed an involuntary termination of employment or a termination of services for
purposes of entitling any SpinCo Employee to redundancy, termination, severance or similar payments or benefits (other than any benefits or payments offered by the Company and its Subsidiaries (other than SpinCo and its Subsidiaries) in their sole
discretion and at their sole expense). 
 (g) WARN Act. The Parties further intend that the Separation, the Distribution and the
assignment, transfer or continuation of the employment of SpinCo Employees as contemplated by this Article II shall not constitute an “employment loss” under WARN (as defined in the Merger Agreement) or any similar state or local plant
closures or mass layoff Laws. 
 (h) Census Information. Not more than five (5) Business Days following the later of (i) the
execution date of the Merger Agreement or (ii) the date the Parties and their relevant Subsidiaries enter into the Integration Data Disclosure Agreement (as defined in the Separation and Distribution), the Company shall provide to Parent (to
the extent reasonably practicable and 

  
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permissible under applicable Law) a written list of the names (or, where prohibited by applicable Law, unique identifier) of all SpinCo Employees (determined assuming the Distribution Date
occurred as of a date not more than fifteen (15) days prior to the date of delivery) (the “Census Information”). At Parent’s request prior to the Distribution Date, the Company shall provide updated Census
Information, but in no event more frequently than once per month. The Company shall also provide updated and final Census Information to Parent no earlier than ten (10) Business Days and no later than five (5) Business Days prior to the
Closing Date. 
 2.2 Assumption and Retention of Liabilities Generally. 

(a) From and after the Distribution Time, except as otherwise expressly provided in this Agreement, SpinCo shall accept, assume or retain, as
applicable, and SpinCo on behalf of the SpinCo Group hereby agrees to, or to cause the applicable member of the SpinCo Group to, pay, perform, fulfill and discharge in due course in full, and to indemnify and hold harmless the Company Group for
(i) all Liabilities to the extent relating to, arising out of or resulting from the employment or termination of employment of SpinCo Employees at or after the Distribution Time (or, with respect to any employee of a Binding Offer Subsidiary,
at or after the Belgian Closing, the Dutch Closing or the French Closing, as applicable), (ii) all Liabilities that automatically transfer to Parent, any of its Subsidiaries or any member of the SpinCo Group pursuant to applicable Law, and
(iii) all other Liabilities to the extent expressly assumed or retained by, or assigned or allocated to, Parent, any Subsidiary of Parent or any member of the SpinCo Group under this Agreement. 

(b) From and after the Distribution Time, except as otherwise expressly provided in this Agreement, the Company shall, or shall cause one or
more members of the Company Group to, accept, assume or retain, as applicable, and pay, perform, fulfill and discharge in due course in full, and to indemnify and hold harmless Parent or any member of the SpinCo Group for (i) all Liabilities to
the extent relating to, arising out of or resulting from the employment, service, termination of employment or termination of service of current and former employees or other individual service providers of the Company and its Subsidiaries (other
than SpinCo Employees) and their respective dependents and beneficiaries, whenever incurred, (ii) all Liabilities to the extent relating to, arising out of or resulting from the employment or service or termination of employment or service of
SpinCo Employees to the extent arising before the Distribution Time (or, with respect to any employee of a Binding Offer Subsidiary, before the Belgian Closing, the Dutch Closing or the French Closing, as applicable), (iii) all Liabilities to the
extent relating to, arising out of, resulting from or under All Employee Company Benefit Plans, whenever incurred, other than Liabilities that automatically transfer to Parent, any of its Subsidiaries or any member of the SpinCo Group pursuant to
applicable Law, (iv) the CARES Act Deferred Amount and (v) all other Liabilities expressly assumed or retained by, or assigned or allocated to, a member of the Company Group under this Agreement. 

(c) From and after the Closing, each of the Company, on the one hand, and SpinCo, on the other hand, shall be responsible for 50% of all
Liabilities in relation to SpinCo Employees arising in connection with any actual or threatened claim by any such SpinCo Employee that his or her employment in connection with the SpinCo Business or otherwise with the Company or any of its
Subsidiaries has been actually or constructively terminated as a direct or indirect result of or otherwise in connection with the consummation of the transactions contemplated hereby;
provided, however, that (i) no member of the Company Group will be 

  
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responsible for, or retain, any Liabilities to the extent arising in connection with any of the above-described claims of actual or constructive termination unless Parent has complied with its
obligations under Section 2.1 of this Agreement in respect of the applicable SpinCo Employee(s) and SpinCo will be solely responsible for all Liabilities for any such actual or threatened claims of actual or constructive termination and shall
indemnify the Company to the extent that any member of the Company Group incurs such Liabilities, including the cost of any severance and benefits than any member of the Company Group pays to a SpinCo Employee in connection with such a claim; and
(ii) no member of the Company Group will be responsible for, or retain, any Liabilities to the extent relating to the employment or termination of employment of any SpinCo Employee by any member of the SpinCo Group following the Distribution
Time, including any Liabilities for any termination payments or obligations resulting from the failure of any member of the SpinCo Group to comply with its covenants in respect of SpinCo Employees set forth in this Agreement. 

(d) From and after the Effective Time, SpinCo shall promptly, and in any event within thirty (30) days following receipt of written
request therefor, accompanied by reasonable supporting documentation, reimburse the Company Group for (i) fifty percent (50%) of the first $2.5 million of Excess Excluded Employee Severance Liabilities and (ii) one hundred percent (100%) of all Excess Excluded Employee Severance Liabilities in excess of $2.5 million. For purposes of this Agreement, “Excess Excluded Employee Severance Liabilities” means an amount
equal to (x) the aggregate Liabilities actually incurred by the Company Group for severance pay, separation benefits or similar obligations arising under applicable Law or any Company Benefit Plan as a result of the actual termination of
employment of any individual who is an Excluded Employee on or within thirty (30) days following the Closing Date. 
 2.3
SpinCo Participation in Company Benefit Plans. Effective as of the Distribution Time, (a) SpinCo and each SpinCo Entity shall cease to be a participating employer in any Company Benefit Plan and SpinCo Benefit Plan (other than any such
plan that is required to be transferred to SpinCo Group by operation of Law), (b) the SpinCo Employees shall cease to accrue further benefits and shall cease to be active participants in the Company Benefit Plans and SpinCo Benefit Plans (other
than any such plan that is required to be transferred to SpinCo Group by operation of Law)) and (c) the Parties shall take all necessary action to effectuate the foregoing. 

2.4 Employee Notification and Collective Bargaining. 

(a) Effective as of the Closing Date, SpinCo or Parent, as applicable, will, or will cause one of its Subsidiaries to, to the extent required
by applicable Law or Collective Bargaining Agreement (i) recognize each collective bargaining or other labor representative then representing any SpinCo Employee and (ii) assume and agree to be bound by each collective bargaining or other
collective labor agreement covering any of the SpinCo Employees or the terms and condition of employment of any of the SpinCo Employees for the remainder of the term thereof. 

(b) The Parties will cooperate and take all actions reasonably necessary or appropriate actions with respect to any requirement under
applicable Law or any applicable Contract to notify the collective bargaining or other labor representatives of the SpinCo Employees of this Agreement and the transactions contemplated hereby and to provide such information and engage in such
notifications, negotiations, or consultations with such representatives as may be required by applicable Law or any applicable Contract. 

  
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 (c) Notwithstanding any other provision of this Agreement, (i) the Company shall
indemnify and hold harmless Parent, SpinCo, Merger Sub and any of their respective Affiliates from and against 100% of Liabilities arising out of or relating to any failure by the Company or any of its Affiliates to comply with any of their
obligations pursuant to any applicable Laws concerning the automatic transfer of SpinCo Employees in connection with the Transactions (other than to the extent that any such failure results from Parent’s or any of its Affiliates’
(excluding SpinCo or any of its Affiliates’) failure to timely provide information or materials reasonably requested by the Company or any of its Affiliates), including, without limitation, any obligation to inform and/or consult any SpinCo
Employees or their representatives or any a trade union, works council, employee representative body or other labor organization and (ii) Parent shall indemnify and hold harmless the Company and any of its Affiliates from and against 100% of
Liabilities arising out of or relating to any failure by Parent or any of its Affiliates (excluding SpinCo or any of its Affiliates) to comply with any of their obligations pursuant to any applicable Laws concerning the automatic transfer of SpinCo
Employees in connection with the Transactions (other than to the extent that any such failure results, from the Company’s or any of its Affiliates’ failure to timely provide information or materials reasonably requested by Parent or any of
its Affiliates), including, without limitation, any obligation to inform and/or consult any SpinCo Employees or their representatives or any a trade union, works council, employee representative body or other labor organization. 

ARTICLE III 
 TERMS OF
EMPLOYMENT FOR SPINCO EMPLOYEES 
 3.1 Levels of Compensation and Benefits for SpinCo Employees. For a period of one year
following the Effective Time, Parent or SpinCo, as applicable, shall provide, or shall cause to be provided by the applicable member of the SpinCo Group, to each SpinCo Employee who remains employed by a member of the SpinCo Group following the
Effective Time or provides services to any member of the SpinCo Group as an employee of a PEO (each, a “Continuing SpinCo Employee”), (i) an annual salary or hourly wage rate (as applicable) at least equal to the greater of
(A) the annual salary or hourly wage rate (as applicable) in effect for such Continuing SpinCo Employee immediately prior to the Closing or (B) any annual salary or hourly wage rate (as applicable) approved by the Company or any of its
Subsidiaries in accordance with the restrictions set forth in Section 7.2(j) of the Merger Agreement that has been communicated to such Continuing SpinCo Employee and is scheduled to become effective no later than three (3) months
following the Closing Date, (ii) a Target Annual Cash Compensation Opportunity at least equal to the greater of (A) the Target Annual Cash Compensation Opportunity in effect for such Continuing SpinCo Employee immediately prior to the
Closing or (B) any Target Annual Cash Compensation Opportunity approved by the Company or any of its Subsidiaries in accordance with the restrictions set forth in Section 7.2(j) of the Merger Agreement that has been communicated to such
Continuing SpinCo Employee and is scheduled to become effective no later than three (3) months following the Closing Date, (iii) target annual equity incentive compensation opportunities that are not less, in the aggregate, than the
aggregate amount of the target annual equity incentive compensation opportunities made available to such Continuing SpinCo Employee immediately prior to the Closing (determined on the basis of target grant date value), provided that Parent
may substitute cash-based compensation (beyond that required by clauses (i) and (ii)) 

  
 11 

 
having equivalent grant date value, (iv) (A) employee benefits (excluding any transaction, retention or change in control bonuses) that are, taken together as a whole, Substantially
Comparable, or (B) a combination of employee benefits and cash compensation (beyond that required by clauses (i), (ii) and (iii)) that is, taken together as a whole, Substantially Comparable; provided, however, that if applicable
Law requires a greater level of employee benefits, then Parent or SpinCo shall provide or cause to be provide such higher level, and (v) advancement or reimbursement of all reasonable relocation expenses incurred in connection with the
relocation of his or her primary work location by more than fifty (50) miles from his or her primary work location immediately prior to the Closing; provided, that in the case of any Continuing SpinCo Employee whose terms and conditions
of employment are subject to a Collective Bargaining Agreement, Parent shall comply with the terms of each applicable Collective Bargaining Agreement. For purposes of this Section 3.1, the term “Target Annual Cash Compensation
Opportunity” means the sum of the employee’s annual salary or annualized hourly wages or fee (as applicable) plus the employee’s annualized target cash incentive compensation opportunities (excluding, for the avoidance of doubt,
any transaction, retention or change in control bonuses). For the avoidance of doubt, any severance benefits provided to a Continuing SpinCo Employee pursuant to this Section 3.1 shall not be contingent upon the continuous employment of the
applicable Continuing SpinCo Employee with the SpinCo Group (or a PEO, if applicable) as of such termination. 
 3.2 Service Credit and
Welfare Plans. From and after the Closing Date, Parent and SpinCo will, and will cause the applicable member of the SpinCo Group to, recognize the service of the Continuing SpinCo Employees prior to the Closing Date with the Company, any of its
Affiliates and any of their respective predecessors as service with SpinCo (or the applicable member of the SpinCo Group) for all purposes under the Parent Benefit Plans, including eligibility to participate and vesting to the extent that the
Continuing SpinCo Employee’s service was taken into account under an analogous Company Benefit Plan or SpinCo Benefit Plan, as in effect immediately prior to the Closing; provided, that the foregoing will not apply solely (i) for
purposes of (A) benefit accruals under defined-benefit pension plans, (B) retiree medical benefits, or (C) retiree life insurance benefits, or (ii) to the extent that such recognition would result in a duplication of benefits. In
addition, without limiting the generality of Section 3.1 and the foregoing, from and after the Closing Date, Parent and SpinCo will, and will cause the applicable member of the SpinCo Group to, provide that each Continuing SpinCo Employee will
be immediately eligible to participate, without any waiting time, in any corresponding Parent Benefit Plans in which such SpinCo Employee is eligible to participate as of immediately prior to the Closing. With respect to any Parent Benefit Plan that
is a medical, dental, other health, life insurance or disability plan, Parent or SpinCo, as applicable, will use commercially reasonable efforts, and will use commercially reasonable efforts to cause the applicable member of the SpinCo Group, to
(i) waive or cause to be waived any preexisting condition exclusions and requirements that would result in a lack of coverage of any pre-existing condition of a Continuing SpinCo Employee (or any
dependent thereof) that would have been covered under the Company Benefit Plan or SpinCo Benefit Plan in which such Continuing SpinCo Employee (or dependent thereof) was a participant immediately prior to the Closing Date, (ii) take into
account any medical, dental or other health expenses incurred by a Continuing SpinCo Employee (or dependent thereof) in the calendar year that includes the Closing Date for purposes of calculating any deductible, copayment, benefit limitations or
similar provisions for such calendar year under the Parent Benefit Plans to the same extent taken into account under the analogous Company Benefit Plan or SpinCo Benefit Plan and (iii) waive any health eligibility or medical examination
requirements under the Parent Benefit 

  
 12 

 
Plans to the same extent waived or satisfied under the analogous Company Benefit Plan or SpinCo Benefit Plan. As soon as practicable after the Effective Time, Parent will permit a rollover of the
Continuing SpinCo Employees’ accounts (including any outstanding plan loans) from the Company’s 401(k) plan to Parent’s 401(k) plan, in each case, subject to any actions reasonably required to be taken by the applicable Continuing
SpinCo Employee in order to permit, authorize, cause or give effect to any of the foregoing. 
 3.3 Employee Notices. 

(a) The Company shall, or shall cause a member of the Company Group to, provide any required notice under any applicable Law and otherwise
comply with any Law with respect to any “plant closing” or “mass layoff” or group termination or similar event affecting SpinCo Employees (including as a result of the consummation of the transactions contemplated hereby) and
occurring prior to the Distribution Time. 
 (b) Parent shall, or shall cause one of its Subsidiaries, to provide any required notice under
any applicable Law and otherwise comply with any Law with respect to any “plant closing” or “mass layoff” or group termination or similar event affecting SpinCo Employees (including as a result of the consummation of the
transactions contemplated hereby) and occurring from and after the Distribution Time. 
 3.4 U.S. Wage Reporting. The Company, SpinCo
and Parent agree that the “Standard Procedure” (as described in Section 4 of Revenue Procedure 2004-53) will apply with respect to the U.S. wage reporting for each SpinCo Employee. 

ARTICLE IV 
 COMPANY
LTI AWARDS AND PARENT LTI AWARDS 
 4.1 Unvested Company LTI Awards Held by SpinCo Employees. 

(a) Unvested Company Option Awards and Unvested Company SAR Awards. The Assumed Portion of each Company Option Award and each Company
SAR Award, if any (each such Company Option Award and Company SAR Award as set forth on Schedule 4.1(a), as such schedule may be updated by the Company to reflect any new grants, vestings or forfeitures between the date of this Agreement and
the Closing Date to the extent permitted under Section 7.2(j) of the Merger Agreement) shall be assumed by Parent and converted into an option (“Parent Option Award”) or stock appreciation right (“Parent SAR
Award”), as applicable, in accordance with Section 409A of the Code, (i) covering a number of shares of Parent Common Stock (rounded down to the nearest whole share) equal to the product determined by multiplying
(A) the total number of shares of Company Common Stock covered by the Assumed Portion of the award by (B) the Equity Award Exchange Ratio, (ii) having a per share exercise or base price (rounded up to the nearest whole cent) equal to
the quotient obtained by dividing (A) the per share exercise or base price, as applicable, of such award, by (B) the Equity Award Exchange Ratio, and (iii) otherwise having the same vesting schedule, exercise periods, treatment
on termination of employment provisions (including continued or accelerated vesting provisions and forfeiture provisions) and amendment provisions as the corresponding Assumed Portion of such Company Option Award or Company SAR Award, as applicable.
Schedule 4.1(a) shall set forth the name (or unique identifier) of the Continuing SpinCo Employee, the grant date of the Company Option 

  
 13 

 
Award or Company SAR Award, as applicable, the number of shares of Company Common Stock covered by the award at the time of grant, the exercise price or base price, as applicable, of the award,
the standard service-based vesting schedule of the award and whether the Continuing SpinCo Employee is “retirement eligible” and, if so, the date of such retirement eligibility. 

(b) Unvested Company RSU Awards. The Assumed Portion of each Company RSU Award (each such Company RSU Award as set forth on Schedule
4.1(b), as such schedule may be updated by the Company to reflect any new grants, vestings or forfeitures between the date of this Agreement and the Closing Date to the extent permitted under Section 7.2(j) of the Merger Agreement) shall be
assumed by Parent and converted into a restricted stock unit award (“Parent RSU Award”) (i) covering a number of shares of Parent Common Stock (rounded down to the nearest whole share) equal to the product determined by
multiplying (A) the total number of shares of Company Common Stock covered by the Assumed Portion of such award as of immediately prior to the Distribution Time by (B) the Equity Award Exchange Ratio, and (ii) otherwise having
the same vesting schedule, treatment on termination of employment provisions (including continued or accelerated vesting provisions and forfeiture provisions), distribution provisions, and amendment provisions as the corresponding Company RSU Award.
Schedule 4.1(b) shall set forth the name (or unique identifier) of the Continuing SpinCo Employee, the grant date of the Company RSU Award, the number of shares of Company Common Stock covered by the award at the time of grant, the standard
service-based vesting schedule of the award and whether the Continuing SpinCo Employee is “retirement eligible” and, if so, the date of such retirement eligibility. 

(c) Unvested Company LTI Cash Awards. The Assumed Portion of each Company LTI Cash Award (each such Company LTI Cash Award as set forth
on Schedule 4.1(c), as such schedule may be updated by the Company to reflect any new grants, vestings or forfeitures between the date of this Agreement and the Closing Date) shall be assumed by Parent and converted into a cash award
(“Parent LTI Cash Award”) (i) covering a cash amount equal to the total cash amount covered by the Assumed Portion of such award as of immediately prior to the Distribution Time, and (ii) otherwise having the same
vesting schedule, treatment on termination of employment provisions (including continued or accelerated vesting provisions and forfeiture provisions), payment provisions, and amendment provisions as the corresponding Company LTI Cash Award. Schedule
4.1(c) shall set forth the name (or unique identifier) of the Continuing SpinCo Employee, the grant date of the Company LTI Cash Award, the dollar value covered by the award at the time of grant, the standard service-based vesting schedule of the
award and, to the extent applicable, whether the Continuing SpinCo Employee is “retirement eligible” and, if so, the date of such retirement eligibility. 

(d) Section 409A. Notwithstanding anything to the contrary in this Section 4.1, with respect to any Company LTI Award or Parent LTI
Award held by a Continuing SpinCo Employee that constitutes nonqualified deferred compensation subject to Section 409A of the Code and that is not permitted to be paid or settled at the applicable timing as set forth in this Section 4.1
without triggering a tax or penalty under Section 409A of the Code, such payment or settlement shall be made at the earliest time permitted under the applicable Company Stock Plan and award agreement that will not trigger a tax or penalty under
Section 409A of the Code. 
 (e) Termination of Employment. In the event of a Continuing SpinCo Employee’s termination of
employment by Parent or any of its Subsidiaries without Cause (other than due to death or Disability) during the twenty-four (24) month period immediately following the Distribution Date, any outstanding and unvested Parent LTI Award granted to
such Continuing SpinCo Employee pursuant to this Section 4.1 shall fully vest as of the date of such termination of employment. 

  
 14 

 (f) Documentation. As soon as reasonably practicable following the Effective Time,
Parent will use reasonable best efforts to issue to each Continuing SpinCo Employee who holds a Parent Option Award, Parent SAR Award, Parent Cash LTI Award, or Parent RSU Award a document evidencing the assumption and conversion of the Assumed
Portion of such award by Parent. 
 4.2 Necessary Actions. As soon as reasonably practicable, but in any event no more than five
(5) Business Days, after the Effective Time, unless Parent may rely on an existing registration statement on Form S-8, Parent shall file a registration statement on Form
S-8 (or any successor or other appropriate form) registering a number of shares of Parent Common Stock necessary to fulfill Parent’s obligations under Section 4.1 of this Agreement. Parent shall take
all corporate action necessary to reserve for issuance a sufficient number of shares of Parent Common Stock upon the exercise of the Parent Option Awards and Parent SAR Awards covered by Section 4.1 of this Agreement and the settlement of
Parent RSU Awards covered by Section 4.1 of this Agreement. 
 4.3 Blackout Period for Parent LTI Awards. Parent shall take all
necessary actions to suspend the right of any holder of a Parent Option Award or Parent SAR Award to exercise such Parent Option Award or Parent SAR Award during the Blackout Period. For the avoidance of doubt, this Section 4.3 shall apply to
all outstanding options and stock appreciation rights covering shares of Parent Common Stock that are outstanding during the Blackout Period. 

ARTICLE V 
 GENERAL
AND ADMINISTRATIVE 
 5.1 Reasonable Efforts/Cooperation. Each of the Parties hereto will use its commercially reasonable
efforts to promptly take, or cause to be taken, all actions and to do, or cause to be done, all things necessary, proper or advisable under applicable Laws to consummate the transactions contemplated by this Agreement. Each of the Parties hereto
shall cooperate fully on any issue relating to the transactions contemplated by this Agreement for which the other Party seeks a determination letter or private letter ruling from the Internal Revenue Service, an advisory opinion from the Department
of Labor or any other filing (including, but not limited to, securities filings (remedial or otherwise)), consent or approval with respect to or by a governmental agency or authority in any jurisdiction in the United States or abroad. 

5.2 No Third-Party Beneficiaries. 

(a) This Agreement is solely for the benefit of the Parties and is not intended to confer upon any other Persons any rights or remedies
hereunder. Except as expressly provided in this Agreement, nothing in this Agreement shall preclude the Company or its Subsidiaries, at any time, from amending, merging, modifying, terminating, eliminating, reducing, or otherwise altering in any
respect any All Employee Company Benefit Plan, any benefit under any Company Benefit Plan or any trust, insurance policy or funding vehicle related to any All Employee Company Benefit Plan. Except as expressly provided in this Agreement, nothing in
this Agreement 

  
 15 

 
shall preclude SpinCo or any other SpinCo Entity at any time from amending, merging, modifying, terminating, eliminating, reducing, or otherwise altering in any respect any SpinCo Benefit Plan,
any benefit under any SpinCo Benefit Plan or any trust, insurance policy or funding vehicle related to any SpinCo Benefit Plan. Except as provided in this Agreement, nothing in this Agreement shall preclude Parent or any of its Subsidiaries at any
time, from amending, merging, modifying, terminating, eliminating, reducing, or otherwise altering in any respect any Parent Benefit Plan, any benefit under any Parent Benefit Plan or any trust, insurance policy or funding vehicle related to any
Parent Benefit Plan. 
 (b) Nothing in this Agreement will create any right or obligation which is enforceable by any SpinCo Employee, any
employee or former employee of Parent or any Person with respect to any terms or conditions of employment, including the benefits and compensation described in this Agreement. For the avoidance of doubt, any amendments to the SpinCo Benefit Plans,
All Employee Company Benefit Plans, or benefit plans or arrangements of Parent will occur only in accordance with their respective terms and will be pursuant to action taken by SpinCo, Parent or the Company, as applicable, which are independent of
the consummation of this Agreement or any continuing obligations hereunder. 
 ARTICLE VI 

MISCELLANEOUS 
 6.1
Effect If Distribution Time or Effective Time Does Not Occur. If the Separation and Distribution Agreement is terminated prior to the Distribution Time or the Merger Agreement is terminated prior to the Effective Time, then this Agreement
shall terminate and be void and of no further force or effect, without any Liability on the part of any Party. 
 6.2 Relationship of
Parties. Nothing in this Agreement shall be deemed or construed by the Parties or any third party as creating the relationship of principal and agent, partnership or joint venture between the Parties, it being understood and agreed that no
provision contained herein, and no act of the Parties, shall be deemed to create any relationship between the Parties other than the relationship set forth herein. This Agreement is binding upon and is for the benefit of the Parties hereto and their
respective successors and permitted assigns. As of the Effective Time, Parent shall be subject to the obligations and restrictions imposed on, and shall be the beneficiary of the rights of, SpinCo under this Agreement. 

6.3 Notices. All notices, requests, permissions, waivers and other communications under this Agreement will be in writing and will be
deemed to have been duly given (a) five (5) Business Days following sending by registered or certified mail, postage prepaid, (b) when sent if by facsimile, provided that the facsimile transmission is promptly confirmed by
telephone, (c) when delivered, if delivered personally to the intended recipient, and (d) one (1) Business Day following sending by overnight delivery via a national courier service and, in each case, addressed to a Party at the
following address for such Party: 

  
 16 

 If to the Company or, prior to the Effective Time, SpinCo: 

3M Company 
 3M Health Care
Business Group 
 3M Center, Building 220-14E-13 

St. Paul, MN 55144-1000 

Attention: Mojdeh Poul, Group President 

Email: mpoul@mmm.com 
 with a copy to: 

3M Company 
 3M Office of
General Counsel 
 3M Center, Building 220-9E-02 

St. Paul, MN 55144-1000 

Attention: Michael Dai, Assistant Secretary 

Email: dealnotices@mmm.com 
 with a copy (which
shall not constitute notice) to: 
 Wachtell, Lipton, Rosen & Katz 

51 West 52nd Street 

New York, New York 10019 

Attention: Steven A. Rosenblum 

                Jenna E. Levine 

Email: SARosenblum@wlrk.com 

            JELevine@wlrk.com 

If to Parent or, following the Effective Time, SpinCo: 

Neogen Corporation 
 620 Lesher
Place 
 Lansing, MI 48912 

Attention: Amy Rocklin, Vice President and General Counsel 

Email: ARocklin@neogen.com 
 with a copy (which
shall not constitute notice) to: 
 Weil, Gotshal & Manges LLP 

767 Fifth Avenue 
 New York, NY
10153 
 Telephone: (212) 310-8000 

Attention: Michael J. Aiello; Eoghan P. Keenan 

E-mail: michael.aiello@weil.com; eoghan.keenan@weil.com 

or to such other address(es) as will be furnished in writing by any such party to the other party in accordance with the provisions of this Section 6.3.

 6.4 Amendments and Waivers. 

(a) This Agreement may be amended and any provision of this Agreement may be waived; provided that any such amendment or waiver will be
binding upon a Party only if such amendment or waiver is set forth in a writing and executed by each Party. No course of dealing between or among any Persons having any interest in this Agreement will be deemed effective to modify, amend or
discharge any part of this Agreement or any rights or obligations of any Party hereto under or by reason of this Agreement. 

  
 17 

 (b) No delay or failure in exercising any right, power or remedy hereunder will affect or
operate as a waiver thereof; nor will any single or partial exercise thereof or any abandonment or discontinuance of steps to enforce such a right, power or remedy preclude any further exercise thereof or of any other right, power or remedy. Any
waiver, permit, consent or approval of any kind or character of any breach or default under this Agreement or any such waiver of any provision of this Agreement must satisfy the conditions set forth in Section 6.4(a) and will be effective only
to the extent in such writing specifically set forth. 
 6.5 Counterparts. This Agreement may be executed in multiple counterparts
(any one of which need not contain the signatures of more than one Party), each of which will be deemed to be an original but all of which taken together will constitute one and the same agreement. This Agreement, and any amendments hereto, to the
extent signed and delivered by means of a facsimile machine or other electronic transmission, will be treated in all manner and respects as an original agreement and will be considered to have the same binding legal effects as if it were the
original signed version thereof delivered in person. At the request of a Party, the other Party will re-execute original forms thereof and deliver them to the requesting Party. No Party will raise the use of a
facsimile machine or other electronic means to deliver a signature or the fact that any signature was transmitted or communicated through the use of facsimile machine or other electronic means as a defense to the formation of a contract and each
such Party forever waives any such defense. 
 6.6 Incorporation of Separation and Distribution Agreement Provisions. The following
provisions of the Separation and Distribution Agreement are hereby incorporated herein by reference, and unless otherwise expressly specified herein, such provisions shall apply as if fully set forth herein mutatis mutandis (references in
this Section 6.6 to an “Article” or “Section” shall mean Articles or Sections of the Separation and Distribution Agreement, and references in the material incorporated herein by reference shall be references to the
Separation and Distribution Agreement): Article VI (Indemnification, Guarantees and Litigation); Section 7.1 (Further Assurances); Article VIII (Dispute Resolution Procedures); Article IX (Miscellaneous), but excluding Section 9.15
(Termination) and Section 9.16 (Public Announcements). 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.] 

  
 18 

 IN WITNESS WHEREOF, the Parties have caused this Employee Matters Agreement to be
duly executed as of the day and year first above written. 
  

			
	GARDEN SPINCO CORPORATION
		
	By:	 	 /s/ Jerry Will

	Name:	 	Jerry Will
	Title:	 	Vice President
	
	3M COMPANY
		
	By:	 	 /s/ Mojdeh Poul

	Name:	 	Mojdeh Poul
	Title:	 	Group President, 3M Health Care
	
	NEOGEN CORPORATION
		
	By:	 	 /s/ John Adent

	Name:	 	John Adent
	Title:	 	President and CEOExhibit 4.1

 

WARRANT AGREEMENT

 

THIS WARRANT AGREEMENT (this
 “Agreement”), dated as of December 9, 2021, is by and between Financial Strategies 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, the Company is engaged
in an initial public offering (the “Offering”) of units of the Company’s equity securities (the “Units”),
each such Unit comprised of one share of Class A common stock of the Company, par value $0.0001 per share (“Common Stock”),
one redeemable Public Warrant (as defined below) and one right to receive one-tenth (1/10) of one share of Common Stock (the “Rights”),
and, in connection therewith, has determined to issue and deliver up to 8,700,000 warrants (or up to 10,005,000 warrants if the Over-allotment
Option is exercised in full) to public investors in the Offering (the “Public Warrants”); and

 

WHEREAS,
on December 9, 2021, the Company entered into that certain Private Placement Unit Purchase Agreement with FSC Sponsor LLC, a Delaware
limited liability company, Celtic Sponsor VII LLC, a Delaware limited liability company, I-Bankers Securities, Inc.,
a Texas corporation (the “Representative”), Sixth Borough Capital Fund LP, a Delaware limited partnership (and
certain members of its general partner), Eagle Point Credit Management LLC, a Delaware limited liability company, Greentree Financial
Group Inc., a Florida corporation and Sea Otter Securities Group LLC, a Delaware limited liability company (collectively, the “Private
Investors”), pursuant to which the Private Investors agreed to purchase an aggregate of 459,275 units, or 504,950 units
if the over-allotment option is exercised in full (the “Private Placement Units”), which Private Placement
Units include 459,275 underlying warrants, or 504,950 warrants if the over-allotment option is exercised in full (the “Private
Placement Warrants”), simultaneously with the closing of the Offering at a purchase price of $10.00 per Private Placement
Unit, and in connection therewith, will issue and deliver up to an aggregate of 459,275 Private Placement Warrants (or 504,950 Private
Placement Warrants if the over-allotment option is exercised in full) underlying the Private Placement Units bearing the legend set
forth in Exhibit B hereto; and

 

WHEREAS,
in connection with the Offering, the Company has agreed to issue and deliver to the Representative 696,000 warrants, or 800,400 warrants
if the Representative’s over-allotment option is exercised in full (the “Representative Warrants”),
bearing the legend set forth in Exhibit C hereto; and

 

WHEREAS, in order to finance
the Company’s transaction costs in connection with an intended initial Business Combination (as defined below), the Private Investors
or affiliates of the Private Investors or certain of the Company’s executive officers and directors may, but are not obligated to,
loan to the Company funds as the Company may require, of which up to $1,500,000 of such loans may be convertible into up to an additional
150,000 units (the “Working Capital Units”) at a price of $10.00 per unit, which Working Capital Units would
each include one underlying warrant, for an aggregate of up to an additional 150,000 warrants (the “Working Capital Warrants”);
and

 

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

 

WHEREAS, the Company has filed
with the Securities and Exchange Commission (the “Commission”) registration statement on Form S-1, File
No. 333-260434 (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, the Rights, the Common Stock included in the Units, the Representative Warrants and the Common Stock to be issued to
the Representative; 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, if a physical certificate is issued, 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.
If a physical certificate is issued, unless and until countersigned by the Warrant Agent pursuant to this Agreement, a Warrant certificate
shall be invalid and of no effect and may not be exercised by the holder thereof.

 

2.3 Registration.

 

2.3.1 Warrant Register. The
Warrant Agent shall maintain books (the “Warrant Register”) for the registration of original issuance and the
registration of transfer of the Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall issue and register the Warrants
in the names of the respective holders thereof in such denominations and otherwise in accordance with instructions delivered to the Warrant
Agent by the Company. All of the Public Warrants shall initially be represented by one or more book-entry certificates (each, a “Book-Entry
Warrant Certificate”) deposited with The Depository Trust Company (the “Depositary”) and registered
in the name of Cede & Co., a nominee of the Depositary. 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 (i) the Depositary or its nominee for each
Book-Entry Warrant Certificate, or (ii) institutions that have accounts with the Depositary (each such institution, with respect
to a Warrant in its account, a “Participant”).

 

If the Depositary subsequently
ceases to make its book-entry settlement system available for the Public Warrants, the Company may instruct the Warrant Agent regarding
making other arrangements for book-entry settlement. In the event that the Public Warrants are not eligible for, or it is no longer necessary
to have the Public Warrants available in, book-entry form, the Warrant Agent shall provide written instructions to the Depositary to deliver
to the Warrant Agent for cancellation each Book-Entry Warrant Certificate, and the Company shall instruct the Warrant Agent to deliver
to the Depositary definitive certificates in physical form evidencing such Warrants (“Definitive Warrant Certificate”).
Such Definitive Warrant Certificate shall be in substantially 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 (notwithstanding any notation of ownership or other writing on a Definitive Warrant
Certificate made by anyone other than the Company or the Warrant Agent), for the purpose of any exercise thereof, and for all other purposes,
and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.

 

     

     

    

 

2.4 Detachability
of Warrants. The Common Stock, Rights and Public Warrants comprising the Units shall begin separate trading on the 52nd day following
the date of the Prospectus or, if such 52nd day is not on a day, other than a Saturday, Sunday or federal holiday, on which banks in New
York City are generally open for normal business (a “Business Day”), then on the immediately succeeding Business
Day following such date, or earlier (the “Detachment Date”) with the consent of the Representative, as representative
of the several underwriters, but in no event shall the Common Stock, the Public Warrants and the Rights comprising the Units be separately
traded until 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 and the Company issues a press release announcing when such separate
trading shall begin.

 

2.5 No Fractional
Warrants Other Than as Part of Units. The Company shall not issue fractional Warrants. If, upon the detachment of Public Warrants
from Units, upon the detachment of Private Placement Warrants from Private Placement Units or otherwise, a holder of Warrants would be
entitled to receive a fractional Warrant, the Company shall round down to the nearest whole number the number of Warrants to be issued
to such holder.

 

2.6 Private Placement
Warrants and Working Capital Warrants. The Private Placement Warrants and the Working Capital Warrants shall be identical to the Public
Warrants, except that so long as they are held by one of the Private Investors or its Permitted Transferees (as defined below), as applicable,
the Private Placement Warrants and the Working Capital 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 the Working Capital Warrants and any shares of Common Stock held by one
of the Private Investors or its Permitted Transferees, as applicable, and issued upon exercise of the Private Placement Warrants and the
Working Capital Warrants may be transferred by the holders thereof:

 

(a) to the Company’s
officers or directors, any affiliate or family member of any of the Company’s officers or directors, any affiliate of a Private
Investor or to any member(s) of a Private Investor;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     

     

    

 

2.8 Working Capital
Warrants. The Working Capital Warrants shall be identical to the Private Placement Warrants.

 

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

 

3. Terms and Exercise
of Warrants.

 

3.1 Warrant Price.
Each Warrant shall 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; provided, however,
that the Representative Warrants shall entitle the Registered Holder thereof to purchase the number of shares of Common Stock stated therein
at the price of $12.00 per share, subject to the adjustments provided in Section 4 hereof. 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 of all Warrants other than the Representative Warrants at any time prior
to the Expiration Date (as defined below) for a period of not less than twenty (20) Business Days; provided, however, 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 (z) other than with respect to the
Private Placement Warrants and the Working Capital Warrants to the extent then held by the original purchasers thereof or their Permitted
Transferees or with respect to the Representative 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. Notwithstanding the foregoing, the Representative Warrants may not be exercised following the fifth anniversary
of the commencement date of sales in the Offering. Except with respect to the right to receive the Redemption Price (as defined below)
(other than with respect to a Representative Warrant or a Private Placement Warrant or a Working Capital Warrant) to the extent then held
by the original purchasers thereof or their Permitted Transferees in the event of a redemption (as set forth in Section 6 hereof),
each outstanding Warrant (other than a Representative Warrant or a Private Placement Warrant or a Working Capital Warrant to the extent
then held by the original purchasers thereof or their Permitted Transferees in the event of a redemption) not exercised on or before the
Expiration Date shall become void, and all rights thereunder and all rights in respect thereof under this Agreement shall cease at 5:00
p.m. New York City time on the Expiration Date. The Company in its sole discretion may extend the duration of the Warrants by delaying
the Expiration Date; provided, however, 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 may be exercised by the Registered Holder thereof by delivering to the
Warrant Agent at its corporate trust department (i) the Definitive Warrant Certificate evidencing the Warrants to be exercised, or,
in the case of a Book-Entry Warrant Certificate, the Warrants to be exercised (the “Book-Entry Warrants”) on
the records of the Depositary to an account of the Warrant Agent at the Depositary designated for such purposes in writing by the Warrant
Agent to the Depositary from time to time, (ii) an election to purchase (“Election to Purchase”) shares
of Common Stock pursuant to the exercise of a Warrant, properly completed and executed by the Registered Holder on the reverse of the
Definitive Warrant Certificate or, in the case of a Book-Entry Warrant Certificate, properly delivered by the Participant in accordance
with the Depositary’s procedures, and (iii) payment in full of the Warrant Price with lawful money of the United States 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) by certified check
payable to the order of the Warrant Agent or by wire transfer;

 

     

     

    

 

(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 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
Representative Warrant or Private Placement Warrant or Working Capital Warrant, so long as such Representative Warrant or Private Placement
Warrant or Working Capital Warrant is held by, with respect to the Private Placement Warrant or Working Capital Warrant, one of the Private
Investors or its Permitted Transferees, as applicable, or with respect to the Representative Warrant, the Representative (or its designees),
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 reported last sale price of the Common Stock for the ten (10) trading
days ending on the third trading day prior to the date on which notice of exercise of the Warrant is sent to the Warrant Agent; or

 

(d) as provided in Section 7.4 hereof.

 

3.3.2 Issuance of Shares
of Common Stock 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 of Common Stock as to which such Warrant shall not
have been exercised. If fewer than all the Warrants evidenced by a Book-Entry Warrant Certificate are exercised, a notation shall be made
to the records maintained by the Depositary, its nominee for each Book-Entry Warrant Certificate, or a Participant, as appropriate, evidencing
the balance of the Warrants remaining after such exercise. Notwithstanding the foregoing, the Company shall not be obligated to deliver
any shares of Common Stock pursuant to the exercise of a Warrant and shall have no obligation to settle such Warrant exercise unless a
registration statement under the Securities Act with respect to the shares of Common Stock underlying the Public Warrants is then effective
and a prospectus relating thereto is current, subject to the Company’s satisfying its obligations under Section 7.4.
No Warrant shall be exercisable and the Company shall not be obligated to issue shares of Common Stock upon exercise of a Warrant unless
the Common Stock issuable upon such Warrant exercise has been registered, qualified or deemed to be exempt from registration or qualification
under the securities laws of the state of residence of the Registered Holder of the Warrants, except pursuant to Section 7.4.
In the event that the conditions in the two immediately preceding sentences are not satisfied with respect to a Warrant, the holder of
such Warrant shall not be entitled to exercise such Warrant and such Warrant may have no value and expire worthless, in which case the
purchaser of a Unit containing such Public Warrants shall have paid the full purchase price for the Unit solely for the shares of Common
Stock underlying such Unit. In no event will the Company be required to net cash settle the Warrant exercise. The Company may require
holders of Public Warrants to settle the Warrant on a “cashless basis” pursuant to subsection 3.3.1(b) and Section 7.4.
If, by reason of any exercise of Warrants on a “cashless basis”, the holder of any Warrant would be entitled, upon the exercise
of such Warrant, to receive a fractional interest in a share of Common Stock, the Company shall round down to the nearest whole number,
the number of shares of Common Stock to be issued to such holder.

 

     

     

    

 

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

 

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

 

3.3.5 Maximum Percentage.
A holder of a Warrant may notify the Company in writing in the event 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% (or such other amount as a holder may specify) (the “Maximum Percentage”) of the shares of Common Stock
outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of shares of
Common Stock beneficially owned by such person and 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 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 Stock Dividends.

 

4.1.1 Split-Ups.
If after the date hereof, and subject to the provisions of Section 4.6 below, the number of outstanding shares of
Common Stock is increased by a stock dividend payable in shares of Common Stock, or by a split-up of shares of Common Stock or other similar
event, then, on the effective date of such stock dividend, split-up or similar event, the number of shares of Common Stock issuable on
exercise of each Warrant shall be increased in proportion to such increase in the outstanding shares of Common Stock. A rights offering
to holders of the Common Stock entitling holders to purchase shares of Common Stock at a price less than the “Fair Market Value”
(as defined below) shall be deemed a stock dividend of a number of shares of Common Stock equal to the product of (i) the number
of shares of Common Stock actually sold in such rights offering (or issuable under any other equity securities sold in such rights offering
that are convertible into or exercisable for the Common Stock) and (ii) one (1) minus the quotient of (x) the price per
share of Common Stock paid in such rights offering divided by (y) the Fair Market Value. For purposes of this subsection
4.1.1, (i) if the rights offering is for securities convertible into or exercisable for Common Stock, in determining the price
payable for Common Stock, there shall be taken into account any consideration received for such rights, as well as any additional amount
payable upon exercise or conversion and (ii) “Fair Market Value” means the volume weighted average price of the Common
Stock as reported during the ten (10) trading day period ending on the trading day prior to the first date on which the shares of
Common Stock trade on the applicable exchange or in the applicable market, regular way, without the right to receive such rights.

 

     

     

    

 

4.1.2 Extraordinary
Dividends. If the Company, at any time while the Warrants are outstanding and unexpired, shall pay a dividend or make a distribution
in cash, securities or other assets to the holders of the Common Stock on account of such shares of Common Stock (or other shares of the
Company’s capital stock into which the Warrants are convertible), other than (a) as described in subsection 4.1.1 above,
(b) Ordinary Cash Dividends (as defined below), (c) to satisfy the redemption rights of the holders of the Common Stock in connection
with a proposed initial Business Combination, (d) as a result of the repurchase of shares of Common Stock by the Company if a proposed
Business Combination is presented to the stockholders of the Company for approval, (e) to satisfy the redemption rights of the holders
of Common Stock in connection with a stockholder vote to amend the Company’s amended and restated certificate of incorporation to
modify the substance or timing of the Company’s obligation to redeem 100% of the public shares of Common Stock if the Company does
not complete the Business Combination within the period set forth in the Company’s amended and restated certificate of incorporation
or (f) in connection with the redemption of public shares of Common Stock upon the failure of the Company to complete its initial
Business Combination and any subsequent distribution of its assets upon its liquidation (any such non-excluded event being referred to
herein as an “Extraordinary Dividend”), then the Warrant Price shall be decreased, effective immediately after
the effective date of such Extraordinary Dividend, by the amount of cash and/or the fair market value (as determined by the Board, in
good faith) of any securities or other assets paid on each share of Common Stock in respect of such Extraordinary Dividend. For purposes
of this subsection 4.1.2, “Ordinary Cash Dividends” means any cash dividend or cash distribution
which, when combined on a per share basis, with the per share amounts of all other cash dividends and cash distributions paid on the Common
Stock during the 365-day period ending on the date of declaration of such dividend or distribution (as adjusted to appropriately reflect
any of the events referred to in other subsections of this Section 4 and excluding cash dividends or cash distributions
that resulted in an adjustment to the Warrant Price or to the number of shares of Common Stock issuable on exercise of each Warrant) does
not exceed $0.50 (being 5% of the offering price of the Units in the Offering).

 

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

 

4.3 Adjustments in
Exercise Price.

 

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

 

4.3.2 If (i) the Company
issues additional shares of Common Stock or securities convertible into or exercisable or exchangeable for shares of Common Stock for
capital raising purposes in connection with the closing of its initial Business Combination at an issue price or effective issue price
of less than $9.20 per share of Common Stock, with such issue price or effective issue price to be determined in good faith by the Board
(and in the case of any such issuance to a Private Investor or its affiliates, without taking into account any founder shares held by
such holder or affiliates, as applicable, prior to such issuance) (the “New Issuance Price”), (ii) the
aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for
the funding of the initial Business Combination on the date of the consummation thereof (net of redemptions) and (iii) the volume
weighted average trading price of the Common Stock during the 20 trading day period starting on the trading day prior to the day on which
the Company consummates the initial Business Combination (such price, the “Market Value”) is below $9.20 per share, the Warrant
Price shall be adjusted (to the nearest cent) to be equal to 115% of the greater of the Market Value and the New Issuance Price and the
Redemption Trigger Price (as defined below) shall be adjusted to equal to 180% of the greater of the Market Value and the Newly Issued
Price; provided, however, that no adjustments shall be made pursuant to this Section 4.3.2 with respect to any
Representative Warrants.

 

     

     

    

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

5. Transfer and Exchange
of Warrants.

 

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

 

     

     

    

 

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

 

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

 

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.

 

5.7 Transfer of Representative
Warrants. Pursuant to FINRA Rule 5110(e)(1), the Representative Warrants may not be sold, transferred, assigned, pledged, or
hypothecated, or be the subject of any hedging, short sale, derivative, put, or call transaction that would result in the effective economic
disposition of the Representative Warrants (or the Common Stock underlying the Representative Warrants) for a period of 180 days beginning
on the date of the commencement of sales in the Offering, subject to certain exceptions pursuant to FINRA Rule 5110(e)(2).

 

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 reported sales price of the Common Stock has been at least $18.00 per share (subject
to adjustment in compliance with Section 4 hereof) (the “Redemption Trigger Price”),
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; provided, however, that if and when the Public Warrants become redeemable
by the Company, the Company may not exercise such redemption right if the issuance of shares of Common Stock upon exercise of the Public
Warrants is not exempt from registration or qualification under applicable state blue sky laws or the Company is unable to effect such
registration or qualification.

 

     

     

    

 

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

 

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

 

6.4 Exclusion of
Representative Warrants and Private Placement Warrants and Working Capital Warrants. The Company agrees that the redemption rights
provided in this Section 6 shall not apply to the Representative Warrants or the Private Placement Warrants or the
Working Capital Warrants if, with respect to the Private Placement Warrants or the Working Capital Warrants, at the time of the redemption
such Private Placement Warrants or the Working Capital Warrants continue to be held by one of the Private Investors or its Permitted Transferees,
as applicable. However, with respect to the Private Placement Warrants or the Working Capital Warrants, once such Private Placement Warrants
or Working Capital Warrants are transferred (other than to Permitted Transferees under Section 2.6), the Company may
redeem the Private Placement Warrants and the Working Capital Warrants, provided, that the criteria for redemption are met, including
the opportunity of the holder of such Private Placement Warrants or the Working Capital Warrants to exercise the Private Placement Warrants
and the Working Capital Warrants prior to redemption pursuant to Section 6.3. Private Placement Warrants and Working
Capital Warrants that are transferred to persons other than Permitted Transferees shall upon such transfer cease to be Private Placement
Warrants or Working Capital Warrants and shall become Public Warrants under this Agreement. The provisions of this Section 6.4 may
not be modified, amended or deleted without the prior written consent of the Representative.

 

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

 

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

 

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

 

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

 

     

     

    

 

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

 

7.4.1 Registration of
the Common Stock. The Company agrees that as soon as practicable, but in no event later than fifteen (15) Business Days after the
closing of its initial Business Combination, it shall use its best efforts to file with the Commission a registration statement for the
registration, under the Securities Act, of the shares of Common Stock issuable upon exercise of the Warrants. The Company shall use its
best efforts to cause the same to become effective and to maintain the effectiveness of such registration statement, and a current prospectus
relating thereto, until the expiration of the Warrants in accordance with the provisions of this Agreement. If any such registration statement
has not been declared effective by the 60th day following the closing of the Business Combination, holders of the Warrants shall have
the right, during the period beginning on the 61st 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 any successor rule) or
another exemption) for that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product of the number
of shares of Common Stock underlying the Warrants, multiplied by the 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
third 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 (or any successor statute)) of the Company and, accordingly, shall not be required to bear a restrictive legend. Except as provided
in subsection 7.4.2, for the avoidance of any doubt, unless and until all of the Warrants have been exercised or have expired,
the Company shall continue to be obligated to comply with its registration obligations under the first three sentences of this subsection
7.4.1.

 

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

 

8. Concerning the
Warrant Agent and Other Matters.

 

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

 

8.2 Resignation,
Consolidation, or Merger of Warrant Agent.

 

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

 

     

     

    

 

 

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

 

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

 

8.3 Fees and Expenses
of Warrant Agent.

 

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

 

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

 

8.4 Liability of
Warrant Agent.

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

9. Miscellaneous Provisions.

 

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

 

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

 

Financial Strategies Acquisition Corp.

2626 Cole Avenue, Suite 300

Dallas, Texas 75204

Attention:
Jamie Khurshid

 

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

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, NY 10004

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. The Company hereby waives any objection to such 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 and, for purposes of Sections 7.4, 9.4 and 9.8,
the Representative, 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, for purposes of Sections 7.4, 9.4 and 9.8, the Representative, and
its successors and assigns and of the Registered Holders of the Warrants.

 

     

     

    

 

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

 

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

 

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

 

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

 

[Signature Page Follows]

 

     

     

    

 

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

 

	 	FINANCIAL STRATEGIES ACQUISITION CORP.
	 	 
	 	By:	/s/ Jamie Khurshid 
	 	Name:	Jamie Khurshid
	 	Title:	Chief Executive Officer
	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Warrant Agent
	 	 
	 	By:	/s/ Douglas Reed 
	 	Name:	Douglas Reed 
	 	Title:	Vice President

 

[Signature Page to Warrant Agreement]

 

     

     

    

 

EXHIBIT A

 

[Form of Warrant Certificate]

 

[FACE]

 

Number

 

Warrants

 

THIS WARRANT SHALL BE VOID IF NOT EXERCISED
PRIOR TO

THE EXPIRATION OF THE EXERCISE PERIOD PROVIDED
FOR

IN THE WARRANT AGREEMENT DESCRIBED BELOW

 

FINANCIAL STRATEGIES ACQUISITION CORP.

Incorporated Under the
Laws of the State of Delaware

 

CUSIP 31772T 115

 

Warrant Certificate

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     

     

    

 

	 	FINANCIAL STRATEGIES ACQUISITION CORP.
	 	 	 
	 	By:	                     
	 	Name:	 
	 	Title:	 
	 	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST

COMPANY, as Warrant Agent
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

     

     

    

 

[Form of Warrant Certificate]

 

[Reverse]

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     

     

    

 

Election to Purchase

 

(To Be Executed Upon Exercise of Warrant)

 

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

 

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

 

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

 

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

 

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

 

[Signature Page Follows]

 

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

 

THE SIGNATURE(S) 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 (OR ANY SUCCESSOR RULE)).

 

     

     

    

 

EXHIBIT B

 

LEGEND

 

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

 

SECURITIES EVIDENCED BY THIS CERTIFICATE AND SHARES
OF CLASS A 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.”

 

     

     

    

 

EXHIBIT C

 

REPRESENTATIVE WARRANTS LEGEND

 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE
ARE SUBJECT TO LIMITATIONS ON TRANSFER PURSUANT TO FINRA RULE 5110(E)(1).

 

SECURITIES EVIDENCED BY THIS CERTIFICATE AND CLASS A
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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