Document:

Exhibit 10.1

 

THIRD AMENDMENT AND LIMITED WAIVER TO

SECOND AMENDED AND RESTATED CREDIT AGREEMENT

 

This THIRD AMENDMENT
AND LIMITED WAIVER TO THE SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this “Third Amendment”) is dated as
of September 11, 2018, by and among ACETO CORPORATION, a New York corporation (the “Borrower”), certain other
Loan Parties party hereto (the “Guarantors”), the Lenders party hereto (the “Consenting Lenders”)
and WELLS FARGO BANK, NATIONAL ASSOCIATION, as administrative agent for the Lenders party to the Credit Agreement (in such capacity,
the “Administrative Agent”).

 

Statement of Purpose

 

The Borrower, the Guarantors,
the lenders party thereto (the “Lenders”) and the Administrative Agent are parties to that certain Second Amended
and Restated Credit Agreement dated as of December 21, 2016 (as amended, restated, supplemented or otherwise modified from
time to time, the “Credit Agreement”), pursuant to which the Lenders have extended a term loan and a revolving
credit facility to the Borrower.

 

The Borrower has requested,
and subject to the terms and conditions set forth herein, the Administrative Agent and the Consenting Lenders have agreed, to certain
amendments and waivers to the Credit Agreement as specifically set forth herein.

 

NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as
follows:

 

1.                  
Capitalized Terms. All capitalized undefined terms used in this Third Amendment (including, without limitation, in
the introductory paragraph and the Statement of Purpose hereto) shall have the meanings assigned thereto in the Credit Agreement
(as amended by this Third Amendment).

 

2.                  
Limited Waiver. Pursuant to Section 9.02(b) of the Credit Agreement and on the effectiveness of this Third
Amendment, each Consenting Lender hereto hereby waives any Default or Event of Default arising under Article VII(b) of the
Credit Agreement as a result of the non-compliance by the Borrower with Sections 6.12(a) (Maximum Total Leverage Ratio),
6.12(b) (Maximum Senior Secured Net Leverage Ratio) and 6.12(c) (Minimum Debt Service Coverage Ratio) of the Credit
Agreement, in each case, solely for the fiscal quarters ending June 30, 2018, September 30, 2018, December 31, 2018, March 31,
2019 and June 30, 2019.

 

3.                  
Amendments to Credit Agreement. Subject to and in accordance with the terms and conditions set forth herein, the
parties hereto agree that the Credit Agreement is amended as follows:

 

(a)               
Section 1.01 (Defined Terms) of the Credit Agreement is hereby amended by adding the following new definitions in
the appropriate alphabetical order:

 

“Book
Cash” shall mean the amount on deposit in bank accounts maintained by the Borrower and its subsidiaries on any date of
determination less (i) all checks that have been written or otherwise distributed but not yet cashed as of such date of
determination and (ii) all automated clearing house transfers that have been initiated by the depository bank and not funded by
the Borrower and its subsidiaries, provided, that the amount of such cash shall have been reconciled to the books and records (including
bank statements) of the Borrower and its subsidiaries in a manner reasonably acceptable to the Administrative Agent.

 

     

     

    

 

“Covenant
Liquidity” means the sum of Liquidity and the undrawn portion of the Revolving Commitments.

 

“Covenant
Liquidity Amount” has the meaning given to such term in Section 6.12(d).

 

“Third
Amendment Effective Date” means September 11, 2018.

 

(b)               
Section 1.01 (Defined Terms) of the Credit Agreement is hereby further amended by deleting the terms “Domestic
Liquidity”, “Foreign Liquidity” and “Limitation Period” in their entirety and substituting the following
in lieu thereof:

 

“Domestic
Liquidity” means, as of any date of determination, the dollar amount of unrestricted and unencumbered (other than the
Liens of the Lenders and any customary liens of depositary banks) Book Cash and Eligible Investments maintained by the Borrower
and its subsidiaries in the U.S., as of such date (excluding the proceeds of any Indebtedness, including, without limitation, any
Incremental Facilities, incurred or made concurrently with the determination of the Senior Secured Net Leverage Ratio or the Total
Net Leverage Ratio, as applicable).

 

“Foreign
Liquidity” means, as of any date of determination, the dollar amount of unrestricted and unencumbered Book Cash and Eligible
Investments (other than customary liens of depositary banks) maintained by the Borrower and its subsidiaries outside of the U.S.
(excluding the proceeds of any Indebtedness, including, without limitation, Incremental Facilities, incurred or made concurrently
with the determination of the Senior Secured Net Leverage Ratio or the Total Net Leverage Ratio, as applicable) less the
applicable combined federal and state marginal income tax due or payable (taking into account the federal deduction for state income
taxes and any and all tax credits) that would be imposed on the Borrower or applicable subsidiary in the case of, and with respect
to, the actual repatriation of such cash and cash equivalents to the U.S., in each case as of such date taking into account any
previously taxed income and tax attributes of the Borrower and its subsidiaries.

 

“Limitation
Period” means the period commencing on the Second Amendment Effective Date and ending on the date the Borrower demonstrates
compliance with each financial covenant set forth in Section 6.12 for the fiscal quarter ending September 30, 2019; provided
that if the Borrower is not in compliance with any of the financial covenants set forth in Section 6.12 for the fiscal quarter
ending September 30, 2019, then the Limitation Period shall continue indefinitely.

 

(c)               
Section 1.01 (Defined Terms) of the Credit Agreement is hereby further amended by deleting the chart in the definition
of “Applicable Rate” in its entirety and substituting the following in lieu thereof:

 

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        Senior Secured 

        Net Leverage Ratio:

         
	Eurodollar Spread	
        ABR

        Spread
	Commitment Fee 

Rate
	
        Category 1:

         
	< 1.50 to 1.00	6.00%	5.00%	0.25%
	Category 2:	
        ≥ 1.50 to 1.00 but

        < 2.00 to 1.00
	6.25%	5.25%	0.30%
	Category 3:	
        ≥ 2.00 to 1.00 but

        < 2.50 to 1.00
	6.50%	5.50%	0.35%
	Category 4:	
        ≥ 2.50 to 1.00 but

        < 3.00 to 1.00
	6.75%	5.75%	0.375%
	
        Category 5:

         
	≥ 3.00 to 1.00	7.00%	6.00%	0.40%

 

(d)               
Section 2.12 (Fees) of the Credit Agreement is hereby amended by changing clause “(e)” to “(f)”
and adding the following clause “(e)” thereto immediately following clause “(d)” as follows:

 

“(e)
 The Borrower agrees to pay to the Administrative Agent, for the ratable benefit of the Lenders, (i) a waiver fee in an amount
equal to 2.00% of the Aggregate Credit Exposure on April 30, 2019, which shall be due and payable in cash on April 30, 2019 if
the Obligations have not been previously paid in full and (ii) a waiver fee in an amount equal to 2.00% of the Aggregate Credit
Exposure on June 30, 2019, which shall be due and payable in cash on June 30, 2019 if the Obligations have not been previously
paid in full.”

 

(e)               
Article III (Representations and Warranties) of the Credit Agreement is hereby amended by adding the following Section
3.23 thereto immediately following Section 3.22 with the heading “Foreign Subsidiaries” which states:

 

“Foreign
Subsidiaries. None of Aceto (Shanghai Ltd.), Aceto Ltd. or the Foreign Subsidiaries of Aceto Ltd. are liable for any material
Indebtedness other than (a) Indebtedness owing to Deutsche Bank (in an amount not to exceed 14,000,000 Euros), (b) intercompany
Indebtedness by and among one or more Foreign Subsidiaries, (c) intercompany Indebtedness owed by a Foreign Subsidiary to a Loan
Party (in an amount not to exceed $1,000,000 (or the foreign equivalent thereof) in excess of any amounts outstanding as of the
Third Amendment Effective Date) and (d) trade payables incurred in the ordinary course of business.”

 

(f)                
Article V (Affirmative Covenants) of the Credit Agreement is hereby amended so that, without modifying the provisions
of that certain Second Amendment and Waiver to the Second Amended and Restated Credit Agreement, dated May 3, 2018 (the “Second
Amendment”), Sections 5(a), 5(b), 5(c), and 5(d) of the Second Amendment shall be deemed
to amend the Credit Agreement by adding Section 5.11 thereto captioned “Second Amendment Agreements” and adding
the foregoing thereto as Sections 5.11(a), 5.11(b), 5.11(c) and 5.11(d), respectively.

 

(g)               
Article V (Affirmative Covenants) of the Credit Agreement is hereby further amended by adding the following Section
5.12 thereto with the heading “Third Amendment Agreements” and the following clauses:

 

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“(a)During
the Limitation Period, the Borrower shall at all times continue to retain PJT Partners to assist in development and execution with
respect to the strategic process.

 

(b)       During
the Limitation Period, the Borrower shall participate in periodic conference calls with the Borrower, PJT Partners, the Administrative
Agent, the Lenders and their advisors (subject to any applicable privilege requirements), as requested by the Administrative Agent,
not to exceed bi-weekly, to answer questions, provide updates and deliver copies of such materials as may be reasonably requested
by the Administrative Agent, including any “teaser” letters and confidential information memoranda delivered to potential
transaction parties, and such other material reports and written materials as may be provided to the Borrower’s Board of
Directors (subject to redaction to preserve any applicable privilege or, as customary is for transactions of this type, to protect
any sensitive information), relating to the strategic process.

 

(c)       The
Borrower shall execute and deliver to the Administrative Agent a perfection certificate with respect to the Borrower and its Subsidiaries,
in form and detail acceptable to the Administrative Agent, within 30 days of the Third Amendment Effective Date.

 

(d)       The
Borrower shall use commercially reasonable efforts to complete, within 30 days of the Third Amendment Effective Date, all actions
necessary to provide the Administrative Agent for the benefit of the Secured Parties, as the Administrative Agent may elect in
its sole discretion, a perfected mortgage in all domestic fee owned real property of the Borrower and its Subsidiaries with a fair
market value (in excess of any mortgage) of more than $10,000,000.

 

(e)       The
Borrower shall use commercially reasonable efforts to complete, within 60 days of the Third Amendment Effective Date, an amendment
to the Subordinated Debt (as defined in the Seller Subordination Agreement), on terms and conditions acceptable to the Administrative
Agent, deferring the payment of scheduled interest during the Limitation Period; provided that the failure to complete such
an amendment shall not result in an Event of Default.

 

(f)       During
the Limitation Period, the Borrower shall deliver to Administrative Agent monthly unaudited “flash” results of operations
not later than thirty (30) days after the end of each fiscal month, including the last fiscal month of each fiscal quarter; provided
that with respect to the last month of each fiscal quarter, such unaudited “flash” results shall be delivered no later
than forty-five (45) days after the end of such fiscal month.”

 

(h)               
Section 6.06 (Loans; Investments and Acquisitions) of the Credit Agreement is hereby amended be deleting clause (d)
in its entirety and substituting the following in lieu thereof:

 

“(d)investments,
loans or advances made on or after the Effective Date by the Loan Parties in Subsidiaries that are not Loan Parties in an aggregate
amount not to exceed $1,000,000 (or the foreign equivalent thereof) at any time outstanding in excess of any amounts outstanding
as of the Third Amendment Effective Date;”

 

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(i)                
Section 6.06 (Loans; Investments and Acquisitions) of the Credit Agreement is hereby further amended by adding the
following clause (l) thereto immediately following clause (k) as follows:

 

“(l)
 the purchases of assets during the fiscal year 2019 for aggregate consideration not in excess of $12,300,000 consisting of
(i) intangible assets relating to strategic product acquisitions relating to the Rising Pharmaceuticals business and data compensation
expenses relating to Environmental Protection Agency approval with respect to the Agricultural Protection Products business and
(ii) Capital Expenditures relating to information technology for development, serialization, warehouse automation, corporate equipment
and hardware.”

 

(j)                
Section 6.12 (Financial Covenants) of the Credit Agreement is hereby amended by adding the following clause (d) thereto
immediately following clause (c) as follows:

 

“(d)Covenant
Liquidity. During the Limitation Period, the Borrower shall not permit Covenant Liquidity to be less than $55,000,000 (the
 “Covenant Liquidity Amount”) as of the last Business Day of each week following the Third Amendment Effective
Date; provided that, notwithstanding the provisions of clause (b) of Article VII (Events of Default), an Event of
Default shall only occur under this Section 6.12(d) if Covenant Liquidity is less than the Covenant Liquidity Amount as
of the last Business Day of two consecutive weeks. On each Thursday, the Borrower shall furnish to the Administrative Agent for
distribution to the Lenders a report for the week ending the previous Friday, in form and substance reasonably satisfactory to
the Administrative Agent, setting forth the consolidating calculation of Covenant Liquidity and a Compliance Certificate with respect
thereto. For the avoidance of doubt, any Borrowing or issuance, amendment, renewal or extension of any Letter of Credit, on or
after the Third Amendment Effective Date, shall not be permitted without the prior written consent of the Required Lenders.”

 

(k)               
Section 6.14 (Restricted Payments) of the Credit Agreement is hereby amended and by deleting clause (a)(i) in its
entirety and substituting the following in lieu thereof:

 

“(a)(i)
at any time prior to the termination of the Limitation Period, if no Default or Event of Default has occurred and is continuing
or would arise after giving effect (including giving effect on a pro forma basis) thereto, the Borrower may, solely for the fiscal
quarters ending on or about June 30, 2018, September 30, 2018, December 31, 2018, March 31 2019 and June 30, 2019, make dividends
and distributions to its shareholders which have been approved by the Board of Directors of the Borrower, consistent with past
practices of the Borrower prior to the Third Amendment Effective Date, of up to $0.01 per share (but not to exceed $325,000 in
the aggregate for any single fiscal quarter) and (ii) at any time after the termination of the Limitation Period, if (A) no Default
or Event of Default has occurred and is continuing or would arise after giving effect (including giving effect on a pro forma basis)
thereto, and (B) at the time of and immediately after giving effect (including giving effect on a pro forma basis) thereto the
Borrower is in compliance with the financial covenants set forth in Section 6.12, the Borrower may make quarterly dividends
and distributions to its shareholders which have been approved by the Board of Directors of the Borrower, consistent with past
practices of the Borrower prior to the Effective Date;”

 

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(l)                
Section 9.01 (Notices) of the Credit Agreement is hereby amended by deleting clause (a) in its entirety and substituting
in lieu thereof the following:

 

“(a)
Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided in
paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand
or overnight courier service, mailed by certified or registered mail or sent by facsimile or email as follows:

 

(i)                
if to the Borrower, to it at 4 Tri Harbor Court, Port Washington, New York 11050, Attention of Steven S. Rogers, Chief Legal
Officer (Telecopy No. (201) 961-1234; Telephone No. (201) 961-1606; Email srogers@aceto.com);

 

(ii)              
if to the Administrative Agent or to Wells Fargo Bank, National Association, in its capacity as an Issuing Bank or Swingline
Lender, to Wells Fargo Bank, National Association, MAC D1109-019, 1525 West W.T. Harris Blvd., Charlotte, North Carolina 28262,
Attention: Syndication Agency Services; and

 

(iii)            
if to any other Lender or Issuing Bank, to it at its address (or telecopy number) set forth in its Administrative Questionnaire.

 

Notices sent by hand or overnight
courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by facsimile
shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be
deemed to have been given at the opening of business on the next business day for the recipient).

 

Unless the Administrative Agent
otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s
receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available,
return e-mail or other written acknowledgement), and (ii) notices or communications posted to an Internet or intranet website shall
be deemed received upon the deemed receipt by the intended recipient, at its e-mail address as described in the foregoing clause
(i), of notification that such notice or communication is available and identifying the website address therefor; provided
that, for both clauses (i) and (ii) above, if such notice, email or other communication is not sent during the normal business
hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next business
day for the recipient.”

 

4.                  
Advisors and Other Professionals. By their execution hereof, the Borrower and each Guarantor hereby expressly (a)
consents to the Administrative Agent’s hiring of any advisors and other professionals in connection with this Third Amendment
and/or the Loan Documents, including without limitation FTI Consulting, Inc. and (b) agrees that the reasonable fees and out-of-pocket
expenses of any such advisors and other professionals hired by the Administrative Agent shall be paid by the Borrower pursuant
to Section 9.03 of the Credit Agreement.

 

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5.                  
Conditions to Effectiveness. The effectiveness of this Third Amendment shall be subject to the satisfaction of each
of the following conditions precedent:

 

(a)               
the Administrative Agent’s receipt of this Third Amendment duly executed by each Loan Party, the Administrative Agent
and the Consenting Lenders constituting Required Lenders;

 

(b)               
no Default or Event of Default shall have occurred and be continuing immediately prior to or after giving effect to this
Third Amendment other than as expressly waived hereunder;

 

(c)               
the Administrative Agent’s receipt of an updated secretary’s certificate with authorizing resolutions and incumbency
certificate for each Loan Party;

 

(d)               
the Borrower shall have paid to the Administrative Agent, for the ratable benefit of each Consenting Lender that provides
its duly executed signature page to this Third Amendment to the Administrative Agent on or before September 10, 2018 at Noon (Eastern
Time), or such later date or time as the Administrative Agent may (prior to the announced occurrence of the effectiveness of this
Third Amendment) determine in its sole discretion (which shall, for the avoidance of doubt, be no later than 10:00 p.m. (Eastern
Time) on September 10, 2018), a consent fee equal to 0.25% of the Aggregate Credit Exposure of such Consenting Lenders; and

 

(e)               
the Borrower shall have paid all expenses in connection with this Third Amendment, including without limitation, the reasonable
fees and expenses of FTI Consulting Inc., as financial advisor to the Administrative Agent, and McGuireWoods LLP, as legal counsel
for the Administrative Agent, for which summary invoices have been delivered to the Borrower (without waiver of any privilege or
confidentiality).

 

For purposes of determining
compliance with the conditions specified in this Section, each Consenting Lender shall be deemed to have consented to, approved
or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable
or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Consenting Lender prior to the
effectiveness of this Third Amendment specifying its objection thereto.

 

6.                  
Further Assurances. Each Loan Party agrees to, to the extent required by the Loan Documents, make, execute and deliver
all such additional and further acts, things, deeds, instruments and documents as the Administrative Agent may reasonably require
for the purposes of implementing or effectuating the provisions of this Third Amendment and the other Loan Documents.

 

7.                  
Limited Effect. Except as expressly provided herein, the Credit Agreement and the other Loan Documents shall remain
unmodified and in full force and effect. This Third Amendment shall not be deemed (a) to be a waiver of, or consent to, or a modification
or amendment of, any other term or condition of the Credit Agreement or any other Loan Document other than as expressly set forth
herein, (b) to prejudice any right or rights which the Administrative Agent or the Lenders may now have or may have in the future
under or in connection with the Credit Agreement or the other Loan Documents or any of the instruments or agreements referred to
therein, as the same may be amended, restated, supplemented or modified from time to time, or (c) to be a commitment or any other
undertaking or expression of any willingness to engage in any further discussion with the Borrower, any of its Subsidiaries or
any other Person with respect to any other waiver, amendment, modification or any other change to the Credit Agreement or the Loan
Documents or any rights or remedies arising in favor of the Lenders or the Administrative Agent, or any of them, under or with
respect to any such documents. References in the Credit Agreement to “this Agreement” (and indirect references such
as “hereunder”, “hereby”, “herein”, “hereof” or other words of like import) and
in any Loan Document to the “Credit Agreement” shall be deemed to be references to the Credit Agreement as modified
hereby.

 

    7

     

    

 

8.                  
Representations and Warranties. The Borrower and each Guarantor represents and warrants that (a) it has the corporate
or other equivalent power and authority to make, deliver and perform this Third Amendment, (b) it has taken all necessary corporate
or other equivalent action to authorize the execution, delivery and performance of this Third Amendment, (c) this Third Amendment
has been duly executed and delivered on behalf of such Person, (d) this Third Amendment constitutes a legal, valid and binding
obligation of such Person, enforceable against it in accordance with its terms, except as enforceability may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally
and by general equitable principles (whether enforcement is sought by proceedings in equity or at law), (e) each of the representations
and warranties made by such Loan Party in or pursuant to the Loan Documents is true and correct in all material respects (except
to the extent that such representation and warranty is subject to a materiality or Material Adverse Effect qualifier, in which
case it shall be true and correct in all respects), in each case on and as of the date hereof as if made on and as of the date
hereof, except to the extent that such representations and warranties relate to an earlier date, in which case such representations
and warranties are true and correct in all material respects as of such earlier date, and (f) no Default or Event of Default has
occurred and is continuing as of the date hereof or would result after giving effect to this Third Amendment and the transactions
contemplated hereby.

 

9.                  
Acknowledgement and Reaffirmation. By their execution hereof, the Borrower and each Guarantor hereby expressly (a)
consents to this Third Amendment, (b) acknowledges that the covenants, representations, warranties and other obligations set forth
in the Credit Agreement and the other Loan Documents to which the Borrower or such Guarantor is a party remain in full force and
effect (it being understood and agreed that to the extent any such covenants, representations, warranties or other obligations
are expressly modified herein, such covenants, representations, warranties or obligations shall continue in full force and effect
as expressly modified herein), (c) ratifies and reaffirms any guarantee and grant of security interests and Liens on any of their
respective Collateral pursuant to any Loan Document as security for or otherwise guaranteeing the Obligations under or with respect
to the Loan Documents and confirm and agree that such security interests and Liens are in all respects continuing and in full force
and effect and shall continue to secure all of the Obligations under the Loan Documents (after giving effect to this Third Amendment),
and (d) ratifies and reaffirms the First Amendment to Second Amended and Restated Credit Agreement, dated December 13, 2017, and
the Second Amendment and Waiver to Second Amended and Restated Credit Agreement, dated May 3, 2018.

 

10.              
Costs and Expenses. The Borrower agrees to pay all reasonable out-of-pocket costs and expenses of the Administrative
Agent in connection with the preparation, execution, delivery and administration of this Third Amendment and the other instruments
and documents to be delivered hereunder, including, without limitation, the reasonable fees and out-of-pocket expenses of counsel
for the Administrative Agent.

 

11.              
Execution in Counterparts. This Third Amendment may be executed by one or more of the parties hereto in any number
of separate counterparts and all of said counterparts taken together shall be deemed to constitute one and the same instrument.
Delivery of an executed signature page of this Third Amendment by facsimile, telecopy, pdf or other electronic transmission shall
be effective as delivery of a manually executed counterpart hereof.

 

    8

     

    

 

12.              
Governing Law. This Third Amendment and the rights and obligations of the parties under this Third Amendment shall
be governed by, and construed in accordance with, the law of the State of New York, without reference to the conflicts or choice
of law principles thereof.

 

13.              
Entire Agreement. This Third Amendment is the entire agreement, and supersedes any prior agreements and contemporaneous
oral agreements, of the parties concerning its subject matter. This Third Amendment is a Loan Document and is subject to the terms
and conditions of the Credit Agreement.

 

14.              
Successors and Assigns. This Third Amendment shall be binding on and inure to the benefit of the parties and their
heirs, beneficiaries, successors and permitted assigns.

 

15.              
Release.  The Borrower, on behalf of itself and its Subsidiaries, successors, assigns and other legal representatives,
hereby releases, waives, and forever relinquishes all claims, demands, obligations, liabilities and causes of action of whatever
kind or nature (collectively, the “Claims”), whether known or unknown, which any of them have, may have, or might assert
at the time of the execution of this Third Amendment or in the future against the Administrative Agent, the Lenders and/or their
respective present and former parents, affiliates, participants, officers, directors, employees, agents, attorneys, accountants,
consultants, successors and assigns (each a “Releasee”), directly or indirectly, which occurred, existed, were taken,
permitted or begun from the beginning of time through the date hereof, arising out of, based upon, or in any manner connected with
(a) the Loan Documents and/or the administration thereof or the Obligations created thereby, (b) any discussions, commitments,
negotiations, conversations or communications with respect to the refinancing, restructuring or collection of any of the Obligations,
or (c) any matter related to the foregoing; provided that (i) the foregoing shall not release Claims arising following the date
hereof, and (ii) such release shall not be available to any Releasee to the extent that such Claims are determined by a court of
competent jurisdiction by final and non-appealable judgment to have resulted from the gross negligence or willful misconduct of
such Releasee.

 

[Remainder of page intentionally left blank;
signature pages follow]

 

    9

     

    

 

IN WITNESS WHEREOF, the parties hereto
have caused this Third Amendment to be executed under seal by their duly authorized officers, all as of the day and year first
written above.

  

 

	 	LOAN PARTIES:
	 	 
	 	ACETO CORPORATION, as Borrower
	 	 	 
	 	By:	/s/ Rebecca A. Roof
	 	Name: 	Rebecca A. Roof
	 	Title:	Chief Financial Officer

 

 

	 	ACETO AGRICULTURAL CHEMICALS CORPORATION,
as Guarantor
	 	 	 
	 	By:	/s/ Rebecca A. Roof
	 	Name: 	Rebecca A. Roof
	 	Title:	Chief Financial Officer

  

 

	 	PACK PHARMACEUTICALS, LLC, as Guarantor

	 	 	 
	 	By:	/s/ Rebecca A. Roof
	 	Name: 	Rebecca A. Roof
	 	Title:	Chief Financial Officer

 

 

	 	RISING PHARMACEUTICALS, INC., as
Guarantor
	 	 	 
	 	By:	/s/ Rebecca A. Roof
	 	Name: 	Rebecca A. Roof
	 	Title:	Chief Financial Officer

 

 

	 	RISING HEALTH, LLC, as Guarantor
	 	 	 
	 	By:	/s/ Rebecca A. Roof
	 	Name: 	Rebecca A. Roof
	 	Title:	Chief Financial Officer

 

    
Aceto Corporation
Third Amendment and Limited Waiver to Second Amended and Restated Credit Agreement
Signature Page

     

    

 

	 	Administrative Agent and Lenders:
	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
individually as a Lender, and as Administrative Agent, Swingline Lender and an Issuing Bank
	 	 	 
	 	By:	/s/ Reginald T. Dawson
	 	Name: 	Reginald T. Dawson
	 	Title:	Senior Vice President

   

    
Aceto Corporation
Third Amendment and Limited Waiver to Second Amended and Restated Credit Agreement
Signature Page

     

    

 

	 	JPMORGAN CHASE BANK, N.A., as a
Lender
	 	 	 
	 	By:	/s/ Nicholas J. Watts
	 	Name: 	Nicholas J. Watts
	 	Title:	Authorized Officer

  

    
Aceto Corporation
Third Amendment and Limited Waiver to Second Amended and Restated Credit Agreement
Signature Page

     

    

 

	 	CITIBANK, N.A., as a Lender
	 	 	 
	 	By:	/s/ Stuart N. Berman
	 	Name: 	Stuart N. Berman
	 	Title:	Authorized Signatory

 

    
Aceto Corporation
Third Amendment and Limited Waiver to Second Amended and Restated Credit Agreement
Signature Page

     

    

 

	 	TD BANK, N.A., as a Lender
	 	 	 
	 	By:	/s/ Katherine Brunelle
	 	Name: 	Katherine Brunelle
	 	Title:	Vice President

 

    
Aceto Corporation
Third Amendment and Limited Waiver to Second Amended and Restated Credit Agreement
Signature Page

     

    

 

	 	CITIZENS BANK, NATIONAL ASSOCIATION,

as a Lender

	 	 	 
	 	By:	/s/ Michael Flynn
	 	Name: 	Michael Flynn
	 	Title:	Senior Vice President

 

 

    
Aceto Corporation
Third Amendment and Limited Waiver to Second Amended and Restated Credit Agreement
Signature Page

     

    

 

	 	SANTANDER BANK, N.A., as a Lender
	 	 	 
	 	By:	/s/ Kristen Burke
	 	Name: 	Kristen Burke
	 	Title:	Senior Vice President

 

    
Aceto Corporation
Third Amendment and Limited Waiver to Second Amended and Restated Credit Agreement
Signature Page

     

    

  

	 	BANK LEUMI USA, as a Lender
	 	 	 
	 	By:	/s/ Douglas J. Meyer
	 	Name: 	Douglas J. Meyer
	 	Title:	Senior Vice President

 

	 	By:	/s/ Michael Zelazny
	 	Name: 	Michael Zelazny
	 	Title:	Assistant Treasurer

 

    
Aceto Corporation
Third Amendment and Limited Waiver to Second Amended and Restated Credit Agreement
Signature Page

     

    

 

	 	BMO HARRIS BANK, N.A., as a Lender
	 	 	 
	 	By:	/s/ Sue R. Blazis
	 	Name: 	Sue R. Blazis
	 	Title:	Managing Director

  

    
Aceto Corporation
Third Amendment and Limited Waiver to Second Amended and Restated Credit Agreement
Signature Page

     

    

 

	 	BANKUNITED, N.A., as a Lender
	 	 	 
	 	By:	/s/ Monica Antongeorgi
	 	Name: 	Monica Antongeorgi
	 	Title:	SVP

 

    
Aceto Corporation
Third Amendment and Limited Waiver to Second Amended and Restated Credit Agreement
Signature Page

     

    

 

	 	HSBC BANK USA, NATIONAL ASSOCIATION,as a Lender
	 	 	 
	 	By:	/s/ Temesgen Haile
	 	Name: 	Temesgen Haile
	 	Title:	Vice President

 

    
Aceto Corporation
Third Amendment and Limited Waiver to Second Amended and Restated Credit Agreement
Signature PageExhibit 4.4

 

EXECUTION VERSION

 

CHURCHILL CAPITAL CORP

 

and

 

CONTINENTAL STOCK TRANSFER & TRUST COMPANY

 

WARRANT AGREEMENT

 

Dated as of September 6, 2018

 

THIS WARRANT AGREEMENT (this “Agreement”),
dated as of September 6, 2018, is by and between Churchill Corp, a Delaware corporation (the “Company”), and
Continental Stock Transfer & Trust Company, a New York corporation, as warrant agent (the “Warrant Agent”).

 

WHEREAS, on September
6, 2018 the Company entered into that certain Private Placement Warrants Purchase Agreement, with Churchill Sponsor LLC, a Delaware
limited liability company (“Sponsor”), pursuant to which Sponsor will purchase an aggregate of up to 18,300,000
warrants (including up to 1,800,000 warrants subject to the Over-allotment Option (as defined below)) simultaneously with the closing
of the Offering (and the closing of the Over-allotment Option) (as defined below), if applicable), bearing the legend set forth
in Exhibit B hereto (the “Private Placement Warrants”) at a purchase price of $1.00 per Private Placement Warrant;
and

 

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

 

WHEREAS, the Company is engaged in an initial
public offering (the “Offering”) of units of the Company’s equity securities, each such unit comprised
of one share of Common Stock (as defined below) and one half of one redeemable Public Warrant (as defined below) (the “Units”)
and, in connection therewith, has determined to issue and deliver up to 34,500,000 warrants (including up to 4,500,000 warrants
subject to the Over-allotment Option (as defined below)) to public investors in the Offering (the “Public Warrants”
and, together with the Private Placement Warrants, the “Warrants”). Each whole Warrant entitles the holder thereof
to purchase one share of Class A common stock of the Company, par value $0.0001 per share (“Common Stock”),
for $11.50 per whole share, subject to adjustment as described herein. Only whole warrants are exercisable. A holder of the Public
Warrants will not be able to exercise any fraction of a Warrant;

 

WHEREAS, the Company has filed with the
U.S. Securities and Exchange Commission (the “Commission”) a registration statement on Form S-1, File No. 333-226928
and prospectus (the “Prospectus”), for the registration, under the Securities Act of 1933, as amended (the “Securities
Act”), of the Units, the Public Warrants and the shares of Common Stock included in the Units;

 

     

     

    

 

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

 

WHEREAS, the Company desires to provide
for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised, and the respective rights,
limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; and WHEREAS, all acts
and things have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company and countersigned
by or on behalf of the Warrant Agent, as provided herein, the valid, binding and legal obligations of the Company, and to authorize
the execution and delivery of this Agreement.

 

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

 

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

 

2.          Warrants.

 

2.1           Form
of Warrant. Each Warrant shall initially be issued in registered form only. All of the Public Warrants shall initially be represented
by one or more book-entry certificates.

 

2.2           Effect
of Countersignature. If a physical certificate is issued, unless and until countersigned by the Warrant Agent, either by manual
or facsimile signature, 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 in book-entry form, 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 deposited with the Depository and registered in the name of a nominee of the Depositary
(as defined below). 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 certificate or (ii) institutions
that have accounts with The Depository Trust Company (the “Depositary”) (such institution, with respect to a
Warrant in its account, a “Participant”).

 

    	 	2	 

     

    

 

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

 

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

 

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

 

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

 

    	 	3	 

     

    

 

2.5           Fractional
Warrants. The Company shall not issue fractional Warrants other than as part of the Units, each of which is comprised of one
share of Common Stock and one half of one Public Warrant. If, upon the detachment of Public Warrants from the Units or otherwise,
a holder of Warrants would be entitled to receive a fractional Warrant, the Company shall round down to the nearest whole number
the number of Warrants to be issued to such holder.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	4	 

     

    

 

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 whole share, subject
to the adjustments provided in Section 4 hereof and in the last sentence of this Section 3.1. The term “Warrant
Price” as used in this Agreement shall mean the price per share described in the prior sentence at which shares of Common
Stock may be purchased at the time a Warrant is exercised. The Company in its sole discretion may lower the Warrant Price at any
time prior to the Expiration Date (as defined below) for a period of not less than twenty (20) Business Days, provided, that the
Company shall provide at least twenty (20) days prior written notice of such reduction to Registered Holders of the Warrants and,
provided further that any such reduction shall be identical among all of the Warrants.

 

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

 

3.3           Exercise
of Warrants.

 

3.3.1           Payment.
Subject to the provisions of the Warrant and this Agreement, a Warrant may be exercised by the Registered Holder thereof by surrendering
it, at the office of the Warrant Agent, or at the office of its successor as Warrant Agent, together with (i) an election to purchase
form, duly executed, electing to exercise such Warrant; and (ii) payment in full of the Warrant Price for each full share of Common
Stock as to which the Warrant is exercised and any and all applicable taxes due in connection with the exercise of the Warrant,
the exchange of the Warrant for the shares of Common Stock and the issuance of such shares of Common Stock, as follows:

 

    	 	5	 

     

    

 

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

 

(b)          in
the event of a redemption pursuant to Section 6 hereof in which the Company’s board of directors (the “Board”)
has elected to require all holders of the Warrants to exercise such Warrants on a “cashless basis,” by surrendering
the Warrants for that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product of the number
of shares of Common Stock underlying the Warrants, multiplied by the excess of the “Fair Market Value” (as defined
in this subsection 3.3.1(b)) over the Warrant Price by (y) the Fair Market Value. Solely for purposes of this subsection
3.3.1(b) and Section 6.3, the “Fair Market Value” shall mean the average last reported 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 Sponsor Warrant, so long as such Sponsor Warrant is held by the Sponsor or a Permitted Transferee, by surrendering
the Warrants for that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product of the number
of shares of Common Stock underlying the Warrants, multiplied by the excess of the “Fair Market Value”, as defined
in this subsection 3.3.1(c), over the Warrant Price by (y) the Fair Market Value. Solely for purposes of this subsection
3.3.1(c), the “Fair Market Value” shall mean the average last reported 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.

 

The Warrant Agent shall forward funds received for warrant exercises
in a given month by the 5th business day of the following month by wire transfer to an account designated by the Company.

 

    	 	6	 

     

    

 

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
are exercised, a notation shall be made to the records maintained by the Depositary, its nominee to each book-entry Warrant, 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 (a) registration statement under the Securities Act covering the issuance of
the Common Stock underlying the Public Warrants is then effective and (b) a prospectus relating thereto is current, subject to
the Company’s satisfying its obligations under Section 7.4. No Warrant shall be exercisable and the Company shall
not be obligated to issue shares of Common Stock upon exercise of a Warrant unless the shares of Common Stock issuable upon such
Warrant exercise have been registered, qualified or deemed to be exempt under the securities laws of the state of residence of
the Registered Holder of the Warrants. In the event that the conditions in the two immediately preceding sentences are not satisfied
with respect to a Warrant, the holder of such Warrant shall not be entitled to exercise such Warrant and such Warrant may have
no value and expire worthless, in which case the purchaser of a Unit containing such Public Warrants shall have paid the full purchase
price for the Unit solely for the shares of Common Stock underlying such Unit. Subject to Section 4.6 of this Agreement,
a Registered Holder of Public Warrants may exercise its Public Warrants only for a whole number of shares of Common Stock. 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 at the close of business on the next succeeding date on which the share
transfer books or book entry system are open.

 

    	 	7	 

     

    

 

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

 

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4.          Adjustments.

 

4.1           Stock
Dividends.

 

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

 

4.1.2           Extraordinary
Dividends. If the Company, at any time while the Warrants are outstanding and unexpired, shall pay a dividend or make a distribution
in cash, securities or other assets to the holders of the shares of Common Stock on account of such shares of Common Stock (or
other shares of the Company’s capital stock into which the Warrants are convertible), other than (a) as described in subsection
4.1.1 above, (b) Ordinary Cash Dividends (as defined below), (c) to satisfy the redemption rights of the holders of the shares
of Common Stock in connection with a proposed initial Business Combination, (d) to satisfy the redemption rights of the holders
of the shares 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 (e) in connection with the redemption of public shares 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 shares of Common Stock during the 365-day period ending on the date of declaration of such dividend or distribution
(as adjusted to appropriately reflect any of the events referred to in other subsections of this Section 4 and excluding
cash dividends or cash distributions that resulted in an adjustment to the Warrant Price or to the number of shares of Common Stock
issuable on exercise of each Warrant) does not exceed $0.50 (being 5% of the offering price of the Units in the Offering).

 

    	 	9	 

     

    

 

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. Whenever the number of shares of Common Stock purchasable upon the exercise of the Warrants is adjusted,
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.

 

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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 Section 4.1 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 into another type of entity (other than a consolidation or merger in which the Company is the continuing corporation and
that does not result in any reclassification or reorganization of the outstanding shares of Common Stock), or in the case of any
sale or conveyance to another corporation or entity of the assets or other property of the Company as an entirety or substantially
as an entirety in connection with which the Company is dissolved, the holders of the Warrants shall thereafter have the right to
purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants and in lieu of the shares of Common
Stock of the Company immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the
kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization,
merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the Warrants would have
received if such holder had exercised his, her or its Warrant(s) immediately prior to such event (the “Alternative Issuance”
); provided, however, that (i) if the holders of the shares of Common Stock were entitled to exercise a right of
election as to the kind or amount of securities, cash or other assets receivable upon such consolidation or merger, then the kind
and amount of securities, cash or other assets constituting the Alternative Issuance for which each Warrant shall become exercisable
shall be deemed to be the weighted average of the kind and amount received per share by the holders of the shares of Common Stock
in such consolidation or merger that affirmatively make such election, and (ii) if a tender, exchange or redemption offer shall
have been made to and accepted by the holders of the shares of Common Stock (other than a tender, exchange or redemption offer
made by the Company in connection with redemption rights held by 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 shares of Common Stock held by such holder had been purchased
pursuant to such tender or exchange offer, subject to adjustments (from and after the consummation of such tender or exchange offer)
as nearly equivalent as possible to the adjustments provided for in this Section 4; provided, further, that
if less than 70% of the consideration receivable by the holders of the shares of Common Stock in the applicable event is payable
in the form of common stock in the successor entity that is listed for trading on a national securities exchange or is quoted in
an established over-the-counter market, or is to be so listed for trading or quoted immediately following such event, and if the
Registered Holder properly exercises the Warrant within thirty (30) days following the public disclosure of the consummation of
such applicable event by the Company pursuant to a Current Report on Form 8-K filed with the Commission, the Warrant Price shall
be reduced by an amount (in dollars) equal to the difference, if positive, 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) (which
amount determined under this clause (ii) shall not be less than zero). The “Black-Scholes Warrant Value” means
the value of a Warrant immediately prior to the consummation of the applicable event based on the Black-Scholes Warrant Model for
a Capped American Call on Bloomberg Financial Markets (“Bloomberg”). For purposes of calculating such amount,
(1) Section 6 of this Agreement shall be taken into account, (2) the price of each share of Common Stock shall be the volume
weighted average price of the Common Stock as reported during the ten (10) trading day period ending on the trading day prior to
the effective date of the applicable event, (3) the assumed volatility shall be the 90 day volatility obtained from the HVT function
on Bloomberg determined as of the trading day immediately prior to the day of the announcement of the applicable event, and (4)
the assumed risk-free interest rate shall correspond to the U.S. Treasury rate for a period equal to the remaining term of the
Warrant. “Per Share Consideration” means (i) if the consideration paid to holders of the shares of Common Stock
consists exclusively of cash, the amount of such cash per share of Common Stock, and (ii) in all other cases, the volume weighted
average price of the Common Stock as reported during the ten (10) trading day period ending on the trading day prior to the effective
date of the applicable event. If any reclassification or reorganization also results in a change in shares of Common Stock covered
by subsection 4.1.1, then such adjustment shall be made pursuant to subsection 4.1.1 or Sections 4.2, 4.3
and this Section 4.4. The provisions of this Section 4.4 shall similarly apply to successive reclassifications, reorganizations,
mergers or consolidations, sales or other transfers. In no event will the Warrant Price be reduced to less than the par value per
share issuable upon exercise of the Warrant.

 

    	 	11	 

     

    

 

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; provided, however, that no adjustment to the number of shares of Common Stock issuable upon exercise of
a Warrant shall be required until cumulative adjustments amount to 1% or more of the number of shares of Common Stock issuable
upon exercise of a Warrant as last adjusted; provided, further, that any such adjustments that are not made are carried
forward and taken into account in any subsequent adjustment. Notwithstanding the foregoing, all such carried forward adjustments
shall be made (i) in connection with any subsequent adjustment that (taken together with such carried forward adjustments) would
result in a change of at least 1% in the number of shares of Common Stock issuable upon exercise of a Warrant and (ii) on the exercise
date of any Warrant. Upon the occurrence of any event specified in Sections 4.1, 4.2, 4.3 or 4.4 in
connection with which an adjustment is made to the Warrant Price or the number of shares of Common Stock issuable upon exercise
of a Warrant, 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.

 

    	 	12	 

     

    

 

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

 

4.8           Other
Events. In case any event shall occur affecting the Company as to which none of the provisions of the preceding subsections
of this Section 4 are strictly applicable, but which would require an adjustment to the terms of the Warrants in order to
(i) avoid an adverse impact on the Warrants and (ii) effectuate the intent and purpose of this Section 4, then, in each
such case, the Company shall appoint a firm of independent public accountants, investment banking or other appraisal firm of recognized
national standing, which shall give its opinion as to whether or not any adjustment to the rights represented by the Warrants is
necessary to effectuate the intent and purpose of this Section 4 and, if they determine that an adjustment is necessary,
the terms of such adjustment; provided, however, that under no circumstances shall the Warrants be adjusted pursuant
to this Section 4.8(i) as a result of any issuance of securities in connection with a Business Combination or (ii) solely as a
result of an adjustment to the conversion ratio of the Company’s Class B common stock, $0.0001 par value per share, into
Common Stock. The Company shall adjust the terms of the Warrants in a manner that is consistent with any adjustment recommended
in such opinion.

 

5.          Transfer
and Exchange of Warrants.

 

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

 

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

 

    	 	13	 

     

    

 

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

 

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

 

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

 

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

 

6.          Redemption.

 

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

 

    	 	14	 

     

    

 

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

 

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

 

6.4           Exclusion
of Private Placement Warrants. The Company agrees that the redemption rights provided in Section 6.1 shall not apply
to the Private Placement Warrants if at the time of the redemption such Private Placement Warrants continue to be held by the Sponsor
or its Permitted Transferees. However, once such Private Placement Warrants are transferred (other than to Permitted Transferees
under subsection 2.6), the Company may redeem the Private Placement Warrants, provided that the criteria for redemption
are met, including the opportunity of the holder of such Private Placement Warrants to exercise the Private Placement Warrants
prior to redemption pursuant to Section 6.1. Private Placement Warrants that are transferred to persons other than Permitted
Transferees shall upon such transfer cease to be Private Placement Warrants and shall become Public Warrants under this Agreement.

 

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

 

7.1           No
Rights as 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, and countersigned by the Warrant Agent. 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. Warrant Agent may, at its option, countersign replacement Warrants for mutilated certificates upon presentation thereof
without such indemnity.

 

    	 	15	 

     

    

 

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

 

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

 

7.4.1           Registration
of Shares of Common Stock. The Company agrees that as soon as practicable, but in no event later than fifteen (15) Business
Days after the closing of its initial Business Combination, it shall use its best efforts to file with the Commission a registration
statement for the registration, under the Securities Act of the shares of Common Stock issuable upon exercise of the Warrants.
The Company shall use its best efforts to cause the same to become effective and to maintain the effectiveness of such registration
statement, and a current prospectus relating thereto, until the expiration of the Warrants in accordance with the provisions of
this Agreement. If any such registration statement has not been declared effective by the 60th Business Day following the closing
of the Business Combination, holders of the Warrants shall have the right, during the period beginning on the 61st Business Day
after the closing of the Business Combination and ending upon such registration statement being declared effective by the Commission,
and during any other period when the Company shall fail to have maintained an effective registration statement covering the shares
of Common Stock issuable upon exercise of the Warrants, to exercise such Warrants on a “cashless basis,” by exchanging
the Warrants (in accordance with Section 3(a)(9) of the Securities Act (or any successor statute) or another exemption) for that
number of shares of Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares of Common Stock
underlying the Warrants, multiplied by the excess of the “Fair Market Value” (as defined below) over the Warrant Price
by (y) the Fair Market Value. Solely for purposes of this subsection 7.4.1, “Fair Market Value” shall
mean the average last reported sale price of the Common Stock for the ten (10) trading days ending on the third trading day prior
to the date that notice of exercise is sent to 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 (and has not been during the preceding three months)
an affiliate (as such term is defined in Rule 144 under the Securities Act (or any successor rule)) of the Company and, accordingly,
shall not be required to bear a restrictive legend. Except as provided in subsection 7.4.2, for the avoidance of 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.

 

    	 	16	 

     

    

 

7.4.2           Cashless
Exercise at Company’s Option. If the shares of Common Stock are at the time of any exercise of a Warrant not listed on
a national securities exchange such that it satisfies the definition of a “covered security” under Section 18(b)(1)
of the Securities Act (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 (x) not be required to file or maintain in effect a registration statement for the registration, under the Securities Act,
of the shares of Common Stock issuable upon exercise of the Warrants, notwithstanding anything in this Agreement to the contrary,
and (y) use its best efforts to register or qualify for sale the shares of Common Stock issuable upon exercise of the Public Warrant
under the blue sky laws of the state of residence 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
and the Warrant Agent 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 ninety (90)
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 authorized under applicable laws
to exercise the powers of a transfer agent 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.

 

    	 	17	 

     

    

 

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 Company’s transfer agent for the shares of Common Stock not later than the effective
date of any such appointment.

 

8.2.3           Merger
or Consolidation of Warrant Agent. Any entity into which the Warrant Agent may be merged or with which it may be consolidated
or any entity 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.

 

    	 	18	 

     

    

 

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 Chairman of the Board, Chief Executive Officer, Chief Financial Officer, the
President or the Secretary or other principal officer 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, or its representatives’, gross negligence, willful misconduct,
bad faith or material breach of this Agreement. 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, or its representatives’, gross negligence,
willful misconduct, bad faith or material breach of this Agreement.

 

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.

 

    	 	19	 

     

    

 

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:

 

Churchill Capital Corp

640 Fifth Avenue, 12th Floor

New York, New York 10019

Attention: Peter M. Phelan

 

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

 

Paul, Weiss, Rifkind, Wharton & Garrison LLP

 1285 Avenue of the Americas

 New York, NY 10019

 Attention: Raphael M. Russo

 

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 City of New York, County of
New York, State of New York or the United States District Court for the Southern District of New York, and irrevocably submits
to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction
and that such courts represent an inconvenient forum.

 

    	 	20	 

     

    

 

9.4           Compliance
and Confidentiality. The Warrant Agent shall perform its duties under this Agreement in compliance with all applicable laws
and keep confidential all information relating to this Agreement and, except as required by applicable law, shall not use such
information for any purpose other than the performance of the Warrant Agent’s obligations under this Agreement.

 

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

 

9.6           Examination
of the Warrant Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the Warrant
Agent 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.

 

9.7           Counterparts;
Electronic Signatures. 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. A signature to this Agreement transmitted electronically shall have the same authority, effect, and enforceability
as an original signature.

 

9.8           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.

 

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

 

    	 	21	 

     

    

 

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

 

Exhibit A       Form of Warrant Certificate

 

Exhibit B Legend — Private Placement Warrants

 

    	 	22	 

     

    

 

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

 

	 	CHURCHILL CAPITAL CORP

 

	 	By:	/s/ Peter M. Phelan
	 	 	Name: Peter M. Phelan
	 	 	Title: Chief Financial Officer

 

	 	CONTINENTAL STOCK TRANSFER &

TRUST COMPANY

 

	 	By:	Isaac J. Kagan
	 	 	Name: Isaac J. Kagan
	 	 	Title: Vice President

 

     

     

    

 

EXHIBIT A

 

Form of Warrant Certificate

 

[FACE]

 

Number

 

Warrants

 

THIS WARRANT SHALL BE NULL AND VOID IF
NOT EXERCISED PRIOR TO THE EXPIRATION OF THE EXERCISE PERIOD PROVIDED FOR IN THE WARRANT AGREEMENT DESCRIBED BELOW

 

Churchill Capital Corp

Incorporated Under the Laws of the State of Delaware

 

CUSIP 17142R 111

 

Warrant Certificate

 

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

 

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

 

[Signature Page to Warrant Agreement]

 

     

     

    

 

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

 

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

 

	 	CHURCHILL CAPITAL CORP

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	CONTINENTAL STOCK TRANSFER &

TRUST COMPANY

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to Warrant Agreement]

 

     

     

    

 

[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 [•], 2018 (the “Warrant Agreement”), duly executed
and delivered by the Company to Continental Stock Transfer & Trust Company, a New York corporation, as warrant agent (or successor
warrant agent) (collectively, 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 designated 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 designated 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 third-party charges 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 Churchill Capital 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 6.1 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 Sponsor 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 .

 

	Date: ,	(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 SEC RULE 17Ad-15 (OR ANY SUCCESSOR RULE) UNDER THE SECURITIES EXCHANGE ACT, OF 1934, AS AMENDED).

 

     

     

    

 

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 AGREEMENTS BY AND AMONG CHURCHILL CAPITAL CORP (THE “COMPANY”), CHURCHILL 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 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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