Document:

WARRANT AGREEMENT

 

AQUASITION CORP.

 

and

 

AMERICAN STOCK TRANSFER & TRUST COMPANY,
as Warrant Agent

 

WARRANT AGREEMENT

 

Dated as of [____________], 2012

 

THIS WARRANT AGREEMENT (this “ Agreement
”), dated as of [___________], 2012, is by and between Aquasition Corp., a Marshall Islands company (the “ Company
”), and American Stock Transfer & Trust Company, a New York corporation, as Warrant Agent (the “ Warrant
Agent ”).

 

WHEREAS, the Company is engaged in an initial
public offering (the “ Offering ”) of units of the Company’s equity securities, each such unit
comprised of one share of Common Stock (as defined below) and one Offering Warrant (as defined below) (the “ Units
”) and, in connection therewith, has determined to issue and deliver up to [_________] warrants to public investors in the
Offering (the “ Offering Warrants ”), each such Warrant evidencing the right of the holder thereof to
purchase one share of common stock of the Company, par value $0.0001 per share (the “ Common Stock ”),
for $11.50 per share, subject to adjustment as described herein; and

 

WHEREAS, the Company has entered into that
certain Placement Unit Purchase Agreement, dated as of [_________], 2012 (the “ Placement Unit Purchase Agreement
“), with [________] (the “ Founders ”) pursuant to which the Founders will purchase an
aggregate of [_______] units (the “ Placement Units ”), which are identical to the Units except that
the warrants included in the Placement Units (the “ Placement Warrants ”) may be exercised on a cashless
basis as set forth herein, and the Placement Units and underlying securities are subject to certain transfer restrictions, at a
purchase price of $[___] per Placement Unit, to be sold to the Founders simultaneously with the closing of the Offering; and

 

WHEREAS, the Company has agreed to sell
to the underwriters of the Offering, for $[___], as additional compensation, an option to purchase up to a total of [_____] units
(the “ Underwriter Units ”), which are identical to the Units except that the warrants included in the
Underwriter Units (the “ Underwriter Warrants ” and, together with the Placement Warrants and the Offering
Warrants, the “ Warrants ”) may be exercised on a cashless basis as set forth herein, expire before the
Offering Warrants as set forth herein and the Underwriter Units and underlying securities are subject to certain transfer restrictions,
at a purchase price of $[___] per Underwriter Unit, to be sold to the underwriters simultaneously with the closing of the Offering.

 

WHEREAS, the Company has filed with the
Securities and Exchange Commission (the “ Commission ”) a registration statement on Form F-1, No. 333-180571
(the “ Registration Statement “) and prospectus (the “ Prospectus ”), for the
registration, under the Securities Act of 1933, as amended (the “ Securities Act ” ), of the Units,
the Offering Warrants and the shares of Common Stock included in the Units; and

 

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

 

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

 

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

 

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

 

    	 

    	 	

    
 

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

 

		2.	Warrants .

 

		2.1	Form of Warrant . Each Offering Warrant shall
be issued in registered form only and shall be in substantially the form of Exhibit A hereto, the provisions of which are
incorporated herein, and each Placement Warrant and Underwriter Warrant shall be issued in registered form only and shall be in
substantially the form of Exhibit B hereto, the provisions of which are incorporated herein. Each Warrant shall be signed
by, or bear the facsimile signature of, the Chairman of the Board, President, Chief Executive Officer, Secretary or other principal
officer of the Company. In the event the person whose facsimile signature has been placed upon any Warrant shall have ceased to
serve in the capacity in which such person signed the Warrant before such Warrant is issued, it may be issued with the same effect
as if he or she had not ceased to be such at the date of issuance.

 

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

 

		2.3	Registration .

 

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

 

		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 the Warrant Certificate
(as defined below) 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 Offering Warrants comprising the Units shall begin separate trading on the earliest to occur of the ninetieth (90 th
) day following the date of the Prospectus or the announcement by Lazard Capital Markets LLC of its decision to allow earlier
trading. Notwithstanding the foregoing, in no event shall the Common Stock and the Offering Warrants comprising the Units be separately
traded until (A) the Company has filed a report of foreign private issuer on Form 6-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 Over-allotment Option, if the Over-allotment Option is exercised prior
to the filing of the Form 6-K and (y) the Company issues a press release and files with the Commission a report of foreign
private issuer on Form 6-K announcing when such separate trading shall begin. The shares of Common Stock and Placement Warrants
comprising the Placement Units may be separately traded at any time following the Offering, subject to the transfer restrictions
in this Agreement.

 

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		2.5	Warrant Attributes .

 

		2.5.1	Placement Warrants . The Placement Warrants shall
be identical to the Offering Warrants, except that so long as they are held by a Founder or any of their Permitted Transferees
(as defined below) the Placement Warrants: (i) may be exercised for cash or on a cashless basis, pursuant to  subsection
3.3.1(b)   hereof, (ii) may not be transferred, assigned or sold until thirty (30) days after the completion by
the Company of an initial Acquisition Transaction (as defined below), and (iii) shall not be redeemable by the Company; provided, however,
that in the case of (ii), the Placement Warrants and any shares of Common Stock held by a Founder and issued upon exercise of
the Placement Warrants may be transferred by a Founder: (a) to the Company’s officers or directors, any affiliate or
family member of any of the Company’s officers or directors or any affiliate of a  Founder or to any limited partner(s)
of a Founder; (b)  by gift to a member of a Founder’s immediate family or to a trust, the beneficiary of which is a
member of a Founder’s immediate family, an affiliate of a Founder or to a charitable organization; (c)  by virtue of
the laws of descent and distribution upon death of a Founder; (d)  pursuant to a qualified domestic relations order; (e) with
respect to limited liability companies and partnerships to their respective members or partners; (f) by certain pledges to
secure obligations incurred in connection with purchases of the Company’s securities; (g) by private sales made at or prior
to the consummation of the Company’s initial Acquisition Transaction at prices no greater than the price at which the shares
were originally purchased; provided, however, that, in each case, these transferees (the “ Permitted Transferees
”) enter into a written agreement with the Company agreeing to be bound by the transfer restrictions in this Agreement.

 

		2.5.2.	Underwriter Warrants . The Underwriter Warrants
shall be identical to the Offering Warrants, except that so long as they are held by an underwriter or any of their Permitted
Transferees the Underwriter Warrants: (i) may be exercised for cash or on a cashless basis, pursuant to subsection 3.3.1(b) hereof,
(ii) will expire prior to the Offer Warrants as setforth herein, and (iii) shall not be redeemable by the Company.

 

		3.	Terms and Exercise of Warrants .

		 	 

		3.1	Warrant Price . Each Warrant shall, when countersigned
by the Warrant Agent, entitle the Registered Holder thereof, subject to the provisions of such Warrant and of this Warrant Agreement,
to purchase from the Company the number of Shares of Common Stock stated therein, at the price of $11.50 per share, subject to
the adjustments provided in  Section 4 hereof and in the last sentence of this  Section 3.1 . The
term “ Warrant Price ” as used in this Warrant Agreement shall mean the price per share at which Shares
of Common Stock may be purchased at the time a Warrant is exercised. The Company in its sole discretion may lower the Warrant
Price at any time prior to the Expiration Date (as defined below) for a period of not less than twenty (20) Business Days,
provided, that the Company shall provide at least twenty (20) days prior written notice of such reduction to Registered Holders
of the Warrants and, provided further that any such reduction shall be identical among all of the Warrants.

 

		3.2	Duration of Warrants . A Warrant may be exercised
only during the period (the “ Exercise Period ”) commencing on the later of: (i) the date on which
the Company completes a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar acquisition
transaction, involving the Company and one or more businesses (a “ Acquisition Transaction ”), or (ii) the
date that is twelve (12) months from the date of effectiveness, and terminating at 5:00 p.m., New York City time on the earlier
to occur of: (x) with respect to the Underwriter Warrants only, the date that is five (5) years after the date of effectiveness,
and, with respect to the Offering Warrants and Placement Warrants only, the date that is five (5) years after the Company completes
its initial Acquisition Transaction, (y) the liquidation of the Company, or (z) other than with respect to the Placement
Warrants and the Underwriter Warrants, the Redemption Date (as defined below) as provided in  Section 8  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 (other than with respect to a Placement Warrant or
Underwriter Warrant) in the event of a redemption (as set forth in Section 8 hereof), each Warrant (other than a Placement
Warrant or Underwriter Warrant in the event of a redemption) not exercised on or before the Expiration Date shall become void,
and all rights thereunder and all rights in respect thereof under this Agreement shall cease at 5:00 p.m. New York City time on
the Expiration Date. The Company in its sole discretion may extend the duration of the Warrants by delaying the Expiration Date;
provided, that the Company shall provide at least twenty (20) days prior written notice of any such extension to Registered
Holders of the Warrants and, provided further that any such extension shall be identical in duration among all the Warrants.

 

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		3.3	Exercise of Warrants .

 

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

 

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

 

(b)          
with respect to any Placement Warrant or Underwriter Warrant, so long as such Placement Warrant or Underwriter Warrant is held
by a Founder or an underwriter, as applicable, or its Permitted Transferees, by surrendering the Warrants for that number of Shares
of Common Stock equal to the quotient obtained by dividing (x) the product of the number of Shares of Common Stock underlying
the Warrants, multiplied by the difference between the Warrant Price and the “Fair Market Value”, as defined in this  subsection
3.3.1(b), by (y) the Fair Market Value. Solely for purposes of this  subsection 3.3.1(b) , the “Fair
Market Value” shall mean the average last sale price of the Shares of Common Stock for the ten (10) trading days ending
on the third trading day prior to the date on which notice of exercise of the Warrant is sent to the Warrant Agent; or

 

		3.3.2	Issuance 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 certificate or
certificates 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 countersigned Warrant for
the number of shares as to which such Warrant shall not have been exercised. Notwithstanding the foregoing, the Company shall
not be obligated to deliver any shares of Common Stock pursuant to the exercise of a Warrant and shall have no obligation to settle
such Warrant exercise unless a registration statement under the Securities Act with respect to the Common Stock underlying the
Offering Warrants is then effective and a prospectus relating thereto is current, subject to the Company’s satisfying its
obligations under  Section 6.4. 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 no event shall the Company be required to net cash settle any Warrant. In the event that a registration statement is not effective
for the exercised Offering Warrants, the purchaser of a Unit containing such Offering Warrant shall have paid the full purchase
price for the Unit solely for the shares of Common Stock underlying such Unit.

 

		3.3.3	Valid Issuance . All issued or issuable upon the
proper exercise of a Warrant in conformity with this Agreement shall be validly issued, fully paid and nonassessable.

 

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

 

		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 Common Stock, or by a split-up 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 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 shares of Common Stock) multiplied by (ii) the quotient of (x) the price per share of Common
Stock paid in such rights offering divided by (y) the Fair Market Value. For purposes of this  subsection 4.1.1,
(i) if the rights offering is for securities convertible into or exercisable for Common Stock, in determining the price payable
for the 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 Common Stock trades on the applicable exchange or in the applicable market, regular way, without the right to receive
such rights.

 

		4.1.2	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 shares of Common Stock on account of such 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) to satisfy the
redemption rights of the holders of the shares of Common Stock in connection with a proposed initial Acquisition Transaction,
(c) as a result of the repurchase of Common Stock by the Company if a proposed initial Acquisition Transaction is presented
to the stockholders of the Company for approval or (d) in connection with the Company’s liquidation and the distribution
of its assets upon its failure to consummate an Acquisition Transaction (any such non- excluded event being referred to herein
as a “Dividend ”), then the Warrant Price shall be decreased, effective immediately after the effective
date of such 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 Dividend.

 

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

 

		4.4	Replacement of Securities upon Reorganization, etc
. In case of any reclassification or reorganization of the outstanding shares of Common Stock (other than a change under  subsections
4.1.1 or 4.1.2 or Section 4.2 hereof or that solely affects the par value of such shares of Common Stock), or in the case
of any merger or consolidation of the Company with or into another corporation (other than a consolidation or merger in which
the Company is the continuing corporation and that does not result in any reclassification or reorganization of the outstanding
shares of the 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 the 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 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 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 memorandum and articles
of association or as a result of the repurchase of Common Stock by the Company if a proposed initial Acquisition Transaction
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) of which such maker is a part, and together with any affiliate or associate of such maker (within the meaning of Rule 12b-2
under the Exchange Act) and any members of any such group of which any such affiliate or associate is a part, own beneficially
(within the meaning of Rule 13d-3 under the Exchange Act) more than 50% of the outstanding shares of Common Stock, the holder
of a Warrant shall be entitled to receive as the Alternative Issuance, the highest amount of cash, securities or other property
to which such holder would actually have been entitled as a 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, however , that if more than 30% of the consideration receivable by the holders of Common Stock in the applicable
event is payable in the form of capital stock in the successor entity that is not listed for trading on a national securities
exchange or on the OTC Bulletin Board, or is not to be so listed for trading immediately following such event, then the Warrant
Price shall be reduced by an amount (in dollars) equal to the quotient of (x) $17.50 (subject to adjustment in accordance with  Section 8.1  hereof)
minus the Per Share Consideration (as defined below) (but in no event, less than zero), and (y): if the applicable event is announced
on or prior to the third anniversary of the closing date of the initial Acquisition Transaction, 2; if the applicable event is
announced after the third anniversary of the closing date of the initial Acquisition Transaction and on or prior to the fourth
anniversary of the closing date of the initial Acquisition Transaction, 2.5; if the applicable event is announced after the fourth
anniversary of the closing date of the initial Acquisition Transaction and on or prior to the Expiration Date, 3. “ Per
Share Consideration ” means (i) if the consideration paid to holders 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 the 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.

 

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

 

		4.6	No Fractional Shares . Notwithstanding any provision
contained in this Warrant Agreement to the contrary, the Company shall not issue fractional shares upon 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 to
the nearest whole number, the number of the shares of Common Stock to be issued to such holder.

 

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

 

		4.8	Other Events . In case any event shall occur
affecting the Company as to which none of the provisions of preceding subsections of this Section 4 are strictly applicable,
but which would require an adjustment to the terms of the Warrants in order to (i) avoid an adverse impact on the Warrants
and (ii) effectuate the intent and purpose of this Section 4, then, in each such case, the Company shall appoint a firm
of independent public accountants, investment banking or other appraisal firm of recognized national standing, which shall give
its opinion as to whether or not any adjustment to the rights represented by the Warrants is necessary to effectuate the intent
and purpose of this  Section 4 and, if they determine that an adjustment is necessary, the terms of such adjustment.
The Company shall adjust the terms of the Warrants in a manner that is consistent with any adjustment recommended in such opinion.

 

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		5.	Transfer and Exchange of Warrants .

 

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

 

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

 

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

		 	 

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

 

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

 

		5.6	Transfer of Warrants . Prior to the Detachment
Date, the Offering 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.	Other Provisions Relating to Rights of Holders of Warrants
.

		 	 

	 	6.1	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.

 

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

 

    	8

    	 

    
		 	 

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

 

		6.4	Registration 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 Acquisition
Transaction, it shall use its best efforts to file with the Commission a post-effective amendment to the Registration Statement,
or a new registration statement, for the registration, under the Securities Act, of the shares of Common Stock issuable upon exercise
of the Warrants, and it shall use its best efforts to take such action as is necessary to qualify for sale, in those states in
which the Warrants were initially offered by the Company, 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.  In addition, the Company agrees to use its best efforts to register such securities under the blue
sky laws of the states of residence of the exercising warrant holders to the extent an exemption is not available, subject to
the proviso above.

 

		7.	Concerning the Warrant Agent and Other Matters
..

 

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

 

		7.2	Resignation, Consolidation, or Merger of Warrant
Agent .

 

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

 

    	9

    	 

    
 

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

 

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

 

		7.3	Fees and Expenses of Warrant Agent .

 

		7.3.1	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.

 

		7.3.2	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.

 

		7.4	Liability of Warrant Agent .

 

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

 

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

 

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

 

    	10

    	 

    
 

		7.5	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.

 

		7.6	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.

 

		8.	Redemption .

 

		8.1	Redemption . Subject to Section 8.4 hereof, not
less than all of the outstanding Offering Warrants (excluding the insider warrants) may be redeemed, at the option of the Company,
at any time upon a minimum of 30 days prior written notice, after they become exercisable and prior to their expiration, at the
office of the Warrant Agent, upon the notice referred to in  Section 8.2, at the price of $0.01 per Warrant (the “
Redemption Price “);  provided, however, that the last sales price of the Common Stock on the Nasdaq Capital Market,
or other national securities exchange on which the Common Stock may be traded, has been equal to or greater than $17.50 per share
(the “Floor Price”) for any 20 trading days on which trading occurs within a 30 trading day period ending three Business
Days prior to the date on which notice of redemption is given (the “ 30-day redemption period “); and  provided,
  further  that with respect to the Offering Warrants, a registration statement under the Securities Act
relating to the shares of Common Stock issuable upon the exercise of the Warrants is effective and available and current throughout
the 30-day redemption period.  If the foregoing conditions are satisfied, and such Warrants are called for redemption,
each Registered Holder will be entitled to exercise their Warrants prior to the date scheduled for redemption.

 

		8.2	Date Fixed for, and Notice of, Redemption .  In
the event the Company shall elect to redeem all of the outstanding Offering Warrants (excluding the insider warrants) pursuant
to  Section 8.1  (the “ Redeemable Warrants “), the Company shall fix a date for the redemption.  Notice
of redemption shall be mailed by first class mail, postage prepaid, by the Company not less than 30 days prior to the date fixed
for redemption to the Registered Holders of the Redeemable Warrants at their last addresses as they shall appear in the Warrant
Register.  Any notice mailed in the manner herein provided shall be conclusively presumed to have been duly given on
the date sent whether or not the Registered Holder received such notice.

 

		8.3	Exercise After Notice of Redemption .  The
Redeemable Warrants may be exercised at any time after notice of redemption shall have been given by the Company pursuant to  Section
8.2  hereof and prior to the time and date fixed for redemption.  On and after the redemption date, the Registered
Holder of the Redeemable Warrants shall have no further rights except to receive the Redemption Price upon surrender of the Redeemable
Warrants.

 

		8.4	Outstanding Warrants Only .  The Company
understands that the redemption rights provided for by this Article 8 apply only to outstanding Redeemable Warrants.  To
the extent a person holds rights to purchase Redeemable Warrants, such purchase rights shall not be extinguished by redemption.  However,
once such purchase rights are exercised, the Company may redeem the Redeemable Warrants issued upon such exercise,  provided
  that the criteria for redemption are met, including the opportunity of the Redeemable Warrant holders to exercise
prior to the time and date fixed for redemption pursuant to Section 8.3 .

 

    	11

    	 

    
 

		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 Warrant 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:

 

Aquasition Corp.

c/o Seacrest Shipping Co. Ltd.

8 – 10 Paul Street

London EC2A 4JH, England

 

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:

 

American Stock Transfer & Trust Company

6201 15 th Avenue

Brooklyn, NY 11219

New York, New York 10038

 

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

 

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

 

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

 

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

 

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

 

    	12

    	 

    
 

		9.8	Amendments . This Agreement may be amended by
the parties hereto without the consent of any Registered Holder for the purpose of curing any ambiguity, or curing, correcting
or supplementing any defective provision contained herein or adding or changing any other provisions with respect to matters or
questions arising under this Agreement as the parties may deem necessary or desirable and that the parties deem shall not adversely
affect the interest of the Registered Holders. All other modifications or amendments, including any amendment to increase the
Warrant Price or shorten the Exercise Period and any amendment to the terms of only the Placement Warrants, shall require the
written consent of the Registered Holders of 65% of the then outstanding Offering Warrants. Further, a  Founder shall
not vote any Warrants owned or controlled by it in favor of such amendment unless the Registered Holders of 65% of the Offering
Warrants vote in favor of such amendment. Notwithstanding the foregoing, the Company may lower the Warrant Price or extend the
duration of the Exercise Period pursuant to  Sections 3.1   and  3.2 , respectively, without
the consent of the Registered Holders.

 

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

 

Exhibit A - Form of Public Warrant Certificate

 

Exhibit B – Form of Placement Warrant and Underwriter
Warrant Certificate

 

    	13

    	 

    
 

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

 

	AQUASITION CORP.
	 
	By:	 
	 
	AMERICAN STOCK TRANSFER & TRUST

COMPANY, as Warrant Agent
	 
	By:	 
	Name:	 
	Title:	 

 

    	14

    	 

    
 

EXHIBIT A

 

[FORM OF PUBLIC WARRANT CERTIFICATE]

 

    	15

    	 

    
 

 EXHIBIT B

 

[FORM OF PLACEMENT WARRANT AND UNDERWRITER
WARRANT CERTIFICATE]

 

    	16________ __, 2012

 

Aquasition Corp.

c/o Seacrest Shipping Co. Ltd.

8-10 Paul Street

London EC2A 4JH, England

 

		Re:	Initial Public Offering

  

Gentlemen:

 

This letter (“ Letter Agreement
”) is being delivered to you in accordance with the Underwriting Agreement (the “ Underwriting Agreement”
) to be entered into by and between Aquasition Corp., a Marshall Islands company (the “ Company” ), and
Lazard Capital Markets LLC, as representative of the several underwriters (the “ Underwriters ”), relating
to an underwritten initial public offering (the “ Offering” ) of [__________] of the Company’s
units (the “ Units ”), each comprised of one share of the Company’s common stock, par value $0.0001
per share (the “ Common Stock” ), and one warrant exercisable for one share of Common Stock (each, a
“ Warrant ”). The Units sold in the Offering shall be quoted and traded on the Nasdaq Capital Market
pursuant to a registration statement on Form F-1 and prospectus (the “ Prospectus ”) filed by the Company
with the Securities and Exchange Commission (the “ Commission” ). Certain capitalized terms used herein
are defined in paragraph 11 hereof.

 

In order to induce the Company and the Underwriters
to enter into the Underwriting Agreement and to proceed with the Offering and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the undersigned (the “ Undersigned ”) hereby agrees
with the Company as follows:

 

1.          
The Undersigned agrees that if the Company seeks stockholder approval of a proposed Acquisition Transaction, then in connection
with such proposed Acquisition Transaction, it (i) shall vote all of the Undersigned’s Founder Shares and Common Stock
underlying the Placement Units in accordance with the majority of the votes cast by the Public Stockholders and (ii) shall
vote any shares acquired by it in the Offering or the secondary public market in favor of such proposed Acquisition Transaction.

 

2.          
The Undersigned hereby agrees that in the event that the Company fails to consummate an Acquisition Transaction within 18 months
(or 24 months, pursuant to the automatic period extension) from the closing of the Offering, the Undersigned shall take all
reasonable steps to cause the Company to (i) cease all operations except for the purpose of winding up, (ii) as promptly
as reasonably possible, redeem 100% of the Public Shares, at a per-share price, payable in cash, equal to a pro rata share
of the aggregate amount then in the Trust Account as described in the Prospectus, and (iii) as promptly as reasonably possible
following such redemption, dissolve and liquidate, and shall use their best efforts to cause the Company to complete the liquidation
within 10 business days, subject in each case to the Company’s obligations under the laws of the Marshall Islands to provide
for claims of creditors and other requirements of applicable law.

 

3.          
The Undersigned acknowledges that they have no right, title, interest or claim of any kind in or to any monies held in the Trust
Account or any other asset of the Company as a result of any liquidation of the Company with respect to the Undersigned’s
Founder Shares and the Common Stock underlying the Placement Units. The Undersigned hereby further waives, with respect to any
Common Stock, any redemption rights it may have in connection with the consummation of an Acquisition Transaction, including, without
limitation, any such rights available in the context of a stockholder vote to approve such Acquisition Transaction or in the context
of a tender offer made by the Company to purchase Common Stock (although the Undersigned shall be entitled to liquidation rights
with respect to any Common Stock (other than the Founder Shares and Common Stock underlying the Placement Units) it holds if the
Company fails to consummate an Acquisition Transaction within 18 months (or 24 months, pursuant to the automatic period extension)
from the date of the closing of the Offering).

 

    	 

    	 	

    
 

4.          
In the event of the liquidation of the Trust Account, the Undersigned agrees, jointly and severally, to indemnify and hold harmless,
jointly and severally, the Company against any and all loss, liability, claim, damage and expense whatsoever (including, but not
limited to, any and all legal or other expenses reasonably incurred in investigating, preparing or defending against any litigation,
whether pending or threatened, or any claim whatsoever) to which the Company may become subject as a result of any claim by (i) any
third party for services rendered or products sold to the Company or (ii) a prospective target business with which the Company
has entered into an acquisition agreement with (a “ Target “); provided, however, that such indemnification
of the Company shall apply only to the extent necessary to ensure that such claims by a third party for services rendered (other
than the Company’s independent public accountants) or products sold to the Company or a Target do not reduce the amount of
funds in the Trust Account to below $10.30 per share of Common Stock sold in the Offering (the “ Offering Shares
”), and provided, further, that only if such third party or Target has not executed an agreement waiving claims against and
all rights to seek access to the Trust Account and such agreement is valid and enforceable. Notwithstanding any of the foregoing,
such indemnification of the Company by the Undersigned shall not apply as to any claims under the Company’s obligation to
indemnify the Underwriters against certain liabilities, including liabilities under the Securities Act of 1933, as amended. The
Undersigned shall have the right to defend against any such claim with counsel of its choice reasonably satisfactory to the Company
if, within 15 days following written receipt of notice of the claim to the Undersigned, the Undersigned notifies the Company
in writing that the Undersigned shall undertake such defense.

 

[For Initial Shareholders Only]

 

5.          
In the event the over-allotment option is not exercised in full, the Undersigned acknowledges and agrees that he, she or it shall
forfeit any and all rights of the Undersigned’s rights to such number of Founder Shares (up to an aggregate of [ Insert
number of Founder Shares subject to forfeiture by applicable signatory ] Founder Shares and pro rata based upon the percentage
of the over-allotment option not exercised) such that immediately following such forfeiture, the Undersigned and all other founders will own an aggregate number of shares of Common Stock (not including (i) shares of Common Stock underlying the Placement
Units, (ii) shares of Common Stock issuable upon exercise of any Warrants or (iii) any shares of Common Stock purchased by the
Undersigned in the Company’s Offering or in the aftermarket) equal to 20% of the issued and outstanding shares of Common
Stock immediately following the Offering. If any Founder Shares are forfeited in accordance with this Section 5, then after such
time the Undersigned (or successor in interest), shall no longer have any rights as a holder of such Founder Shares, and the Company
shall take such action as is appropriate to cancel such Founder Shares. In addition, the Undersigned hereby irrevocably grants
the Company a limited power of attorney for the purpose of effectuating the foregoing and agrees to take any and all action reasonably
requested by the Company necessary to effect any adjustment in this Section 5.

 

6.          
(a)          In order to minimize potential conflicts of interest that may arise
from multiple corporate affiliations, the Undersigned agrees that until the earliest of the Company’s initial Acquisition
Transaction, liquidation or such time as the Undersigned ceases to be an officer or director of the Company, he, she or it shall
present to the Company for its consideration, prior to presentation to any other entity, any suitable business opportunity which
may reasonably be required to be presented to the Company, subject to any pre-existing fiduciary or contractual obligations the
Undersigned might have.

 

(b)          
The Undersigned understands that the Company may effect an Acquisition Transaction with a single target business or multiple
target businesses simultaneously and agrees that he shall not participate in the formation of, or become an officer or director
of, any blank check company until the Company has entered into a definitive agreement regarding its initial Acquisition Transaction
or the Company has failed to complete an initial Acquisition Transaction within 18 months (or 24 months, pursuant to the
automatic period extension) from the closing of the Offering; provided , however, that nothing contained herein shall override
the Undersigned’s fiduciary obligations to any entity with which he is currently directly or indirectly associated or affiliated
or by whom he is currently employed.

 

    	2

    	 

    
 

(c)          
The Undersigned hereby agrees and acknowledges that (i) each of the Underwriters and the Company would be irreparably injured
in the event of a breach by the Undersigned of his obligations under paragraphs 6(a) and/or 6(b) herein, (ii) monetary damages
may not be an adequate remedy for such breach and (iii) the non-breaching party shall be entitled to injunctive relief, in
addition to any other remedy that such party may have in law or in equity, in the event of such breach.

 

[For the Initial Shareholders Only]

 

7.          
(a)          Until one year after the completion of the Company’s initial
Acquisition Transaction (such applicable period being the “ Share Lock-Up Period “), the Undersigned
shall not, except as described in the Prospectus, (i) sell, offer to sell, contract or agree to sell, hypothecate, pledge,
grant any option to purchase or otherwise dispose of or agree to dispose of, directly or indirectly, or establish or increase a
put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Securities
Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder, with respect to the Undersigned’s
Shares, (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic
consequences of ownership of any of the Undersigned’s Shares, whether any such transaction is to be settled by delivery of
the Common Stock or such other securities, in cash or otherwise, or (iii) publicly announce any intention to effect any transaction
specified in clause (i) or (ii).

 

[For Placement Unit Holders Only]

 

(b)          
Until 30 days following the completion of the Company’s initial Acquisition Transaction (“ Placement Unit Lock-Up
Period “ and together with the Share Lock-up Period, the “Lock-up Period” ), the Undersigned
shall not, except as described in the Prospectus, (i) sell, offer to sell, contract or agree to sell, hypothecate, pledge,
grant any option to purchase or otherwise dispose of or agree to dispose of, directly or indirectly, or establish or increase a
put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Securities
Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder, with respect to the Undersigned’s
Placement Units and the respective securities underlying the Undersigned’s Placement Units, (ii) enter into any swap
or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any of the
Undersigned’s Placement Units and the respective securities underlying the Undersigned’s Placement Units, whether any
such transaction is to be settled by delivery of the Placement Units or such other securities, in cash or otherwise, or (iii) publicly
announce any intention to effect any transaction specified in clause (i) or (ii).

 

[For all officers, directors and initial
shareholders]

 

(c)          
During the period commencing on the date of the Underwriting Agreement and ending 180 days after the consummation of the Offering,
the Undersigned shall not (i) sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase
or otherwise dispose of or agree to dispose of, directly or indirectly, or establish or increase a put equivalent position or liquidate
or decrease a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended,
and the rules and regulations promulgated thereunder, with respect to, any Units, Common Stock, Warrants or any securities convertible
into, or exercisable, or exchangeable for, Common Stock, (ii) enter into any swap or other arrangement that transfers to another,
in whole or in part, any of the economic consequences of ownership of any Units, Common Stock, Warrants or any securities convertible
into, or exercisable, or exchangeable for, Common Stock, whether any such transaction is to be settled by delivery of such securities,
in cash or otherwise, or (iii) publicly announce any intention to effect any transaction specified in clause (i) or (ii).

 

[For all officers and directors]

 

(d)          
The Undersigned agrees not to propose any amendment to the Company’s memorandum and articles of association relating
to an Acquisition Transaction or the Company’s automatic dissolution, nor to conduct a solicitation of shareholders for
such purpose.

 

    	3

    	 

    
 

(e)          
Notwithstanding the provisions of paragraphs [7(a), 7(b) and 7(c)] herein, the Undersigned may transfer the Undersigned’s
Shares and/or Undersigned’s Placement Units and the respective securities underlying the Undersigned’s Placement Units
(i) to the Company’s officers or directors, any affiliate or family member of any of the Company’s officers or
directors or any affiliate of the Undersigned or to any limited partner(s) of the Undersigned; (ii) by gift to a member of
the Undersigned’s immediate family or to a trust, the beneficiary of which is a member of the Undersigned’s immediate
family, an affiliate of the Undersigned or to a charitable organization; (iii) by virtue of the laws of descent and distribution
upon death of the Undersigned; (iv) pursuant to a qualified domestic relations order; (v) with respect to limited liability
companies and partnerships to their respective members or partners, (vi) by certain pledges to secure obligations incurred
in connection with purchases of our securities, or (vii) by private sales made at or prior to the consummation of our initial
Acquisition Transaction at prices no greater than the price at which the shares were originally purchased; provided, however, that,
in each case these permitted transferees enter into a written agreement with the Company agreeing to be bound by the transfer restrictions
in paragraphs [7(a) and 7(b)] herein, as the case may be.

 

(f)          
Further, the Undersigned agrees that after the Lock-Up Period, as applicable, has elapsed, the Undersigned’s Shares and the
Undersigned’s Placement Units and the respective securities underlying such Placement Units, shall only be transferable or
saleable pursuant to a sale registered under the Securities Act or pursuant to an available exemption from registration under the
Securities Act. The Company, the Undersigned acknowledges that pursuant to that certain registration rights agreement to be entered
into between the Company, the Undersigned’s and the Undersigned, the Undersigned may request that a registration statement
relating to the Founder Shares, and the Placement Units and/or the securities underlying the Undersigned’s Placement Units
be filed with the Commission prior to the end of the Lock-Up Period, as the case may be; provided, however, that such registration
statement does not become effective prior to the end of the Lock-Up Period, as applicable.

 

8.          
The Undersigned’s biographical information furnished to the Company is true and accurate in all respects and does not omit
any material information with respect to the Undersigned’s background. The Undersigned’s questionnaires furnished to
the Company is true and accurate in all respects. The Undersigned represents and warrants that:

 

(a)          
the Undersigned is not subject to or a respondent in any legal action for, any injunction, cease-and-desist order or order or stipulation
to desist or refrain from any act or practice relating to the offering of securities in any jurisdiction;

 

(b)          
the Undersigned has never been convicted of, or pleaded guilty to, any crime (i) involving fraud, (ii) relating to any
financial transaction or handling of funds of another person, or (iii) pertaining to any dealings in any securities and the
Undersigned is not currently a defendant in any such criminal proceeding; and

 

(c)          
the Undersigned has never been suspended or expelled from membership in any securities or commodities exchange or association or
had a securities or commodities license or registration denied, suspended or revoked.

 

9.          
Except as disclosed in the Prospectus, neither the Undersigned, any affiliate of the Undersigned, nor any director or officer of
the Company, shall receive any finder’s fee, reimbursement, consulting fee, monies in respect of any repayment of a loan
or other compensation prior to, or in connection with any services rendered in order to effectuate the consummation of the Company’s
initial Acquisition Transaction (regardless of the type of transaction that it is), other than the following:

 

(a)          
repayment of a $[__________] loan made to the Company by [__________], pursuant to a Promissory Note dated [_________];

 

(b)          
payment of an aggregate of $[_________] per month to [_________], an affiliate of [__________], for office space, secretarial and
administrative services, pursuant to an Administrative Support Agreement, dated [_________], 2012;

 

(c)          
reimbursement for any reasonable out-of-pocket expenses related to identifying, investigating and consummating an initial Acquisition
Transaction, so long as no proceeds of the Offering held in the Trust Account may be applied to the payment of such expenses prior
to the consummation of an Acquisition Transaction, except that the Company may, for purposes of funding its working capital requirements
(including paying such expenses), receive from the Trust Account interest income (net of franchise and income taxes payable); and

 

    	4

    	 

    
 

(d)          
repayment of loans, if any, and on such terms as to be determined by the Company from time to time, made by the Undersigned or
an affiliate of the Undersigned or certain of the Company’s officers and directors to finance transaction costs in connection
with an intended initial Acquisition Transaction, provided, that, if the Company does not consummate an initial Acquisition Transaction,
a portion of the working capital held outside the Trust Account may be used by the Company to repay such loaned amounts so long
as no proceeds from the Trust Account are used for such repayment; provided, however, that the Company may, for purposes of funding
its working capital requirements (including repaying such loans), receive from the Trust Account interest income (net of taxes
payable on such interest).

 

10.         
The Undersigned has full right and power, without violating any agreement to which he or it is bound (including, without limitation,
any non-competition or non-solicitation agreement with any employer or former employer), to enter into this Letter Agreement [and,
in the case of the Undersigned, to serve as chairman of the board of directors of the Company][, and hereby consents to being named
in the Prospectus as an officer and director of the Company].

 

11.         
As used herein, (i) “ Acquisition Transaction ” shall mean the acquisition by the Company through
a merger, capital stock exchange, asset acquisition, stock purchase, or similar acquisition transaction, of one or more operating
businesses or assets; (ii) “ Founder Shares” shall mean the [_________] shares of Common Stock acquired
by the founders of the Company for an aggregate purchase price of $25,000 prior to the consummation of the Offering; (iii) “
Placement Units” shall mean the [_________] units, which are identical to the Units except that the warrants
included in the Placement Units may be exercised on a cashless basis under certain circumstances and are subject to certain transfer
restrictions, acquired by the founders of the Company for an aggregate purchase price of $[__________], or $[____] per Unit in
a private placement that shall occur simultaneously with the consummation of the Offering; (iv) “ Public Stockholders”
shall mean the holders of securities issued in the Offering; (v) “ Trust Account” shall mean the
trust fund into which a portion of the net proceeds of the Offering shall be deposited; and (vi) “ Public Shares”
shall mean the shares of Common Stock which are being sold as part of the units in Offering.

 

12.         
This Letter Agreement, and the exhibits thereto, constitute the entire agreement and understanding of the parties hereto in respect
of the subject matter hereof and supersede all prior understandings, agreements, or representations by or among the parties hereto,
written or oral, to the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby. This
Letter Agreement may not be changed, amended, modified or waived (other than to correct a typographical error) as to any particular
provision, except by a written instrument executed by all parties hereto.

 

13.         
No party hereto may assign either this Letter Agreement or any of its rights, interests, or obligations hereunder without the prior
written consent of the other party. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall
not operate to transfer or assign any interest or title to the purported assignee. This Letter Agreement shall be binding on the
Undersigned and each of its respective successors, heirs, personal representatives and assigns.

 

14.         
This Letter Agreement shall be governed by and construed and enforced in accordance with 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 parties hereto (i) all agree that any action, proceeding, claim or dispute arising out of, or relating in any way to,
this Letter Agreement shall be brought and enforced in the courts of New York County, in the State of New York, and irrevocably
submits to such jurisdiction and venue, which jurisdiction and venue shall be exclusive and (ii) waives any objection to such
exclusive jurisdiction and venue or that such courts represent an inconvenient forum.

 

15.         
Any notice, consent or request to be given in connection with any of the terms or provisions of this Letter Agreement shall
be in writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested),
by hand delivery or facsimile transmission.

 

    	5

    	 

    
 

16.         
This Letter Agreement shall terminate on the earlier of (i) the expiration of the Lock-up Period, or (ii) the liquidation
of the Company; provided, however, that this Letter Agreement shall earlier terminate in the event that the Offering is not consummated
and closed by December 31, 2012, provided further that paragraph 4 of this Letter Agreement shall survive such liquidation.

 

[Signature page follows]

 

    	6

    	 

    
 

	 	 	 
	Sincerely,	 	 
	Name:	 	 
	Title:	 	 

 

Acknowledged and Agreed:

 

	AQUASITION CORP.	 	 
	 	 	 
	By:	 	 	 
	Name:	 	 	 
	Title:	 	 	 

 

 

 

	LAZARD CAPITAL MARKETS LLC	 	 
	 	 	 
	By:	 	 	 
	Name:	 	 	 
	Title:

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