Document:

Exhibit
10.8

 

 

 

 

Kimberly
Boler 

kdawnboler@gmail.com

 August 31st, 2021

 

Dear
Kimberly,

 

On
behalf of Leafly Holdings, Inc. (“Leafly” or the “Company”), my colleagues and I are pleased to offer you the
full-time, regular position of General Counsel on the following terms. Your start date for this position is September 27th, 2021. You
will work out of our Seattle based office, when Lealfy resumes in-person work. You will report to Yoko Miyashita, CEO. The Company may
change your position and duties from time-to-time at its discretion.

 

Base
Compensation: This position is salaried, exempt, and is not eligible for overtime. Your salary will be $15,625.00 USD per pay period,
which is equivalent to $375,000.00 USD on an annual basis, less payroll deductions and withholdings. You will be paid semi-monthly.

 

Incentive
Compensation: You will be eligible for an annual discretionary bonus of up to 40% of your base salary. that may be awarded at the
company’s discretion. Only employees hired on or before October 1, 2021 will be eligible for the 2021 bonus, prorated based on
your start date. Incentive compensation will be based on company and personal performance and is awarded solely at the discretion of
the Company.

 

Leafly
Holdings Equity Incentive Compensation: Subject to approval by the Company’s Board of Directors, following closing of the Combination,
you will be eligible for an additional grant of stock options to purchase 500,000 shares of the Company’s Common Stock at fair
market value as determined by the Board as of the date of grant (the “Option Grant”). The number of options to be granted
pursuant to the Option Grant will be converted into an equivalent number of options under the 2021 Plan, following confirmation of the
conversion ratio applied to be applied to equity plan holders under the Company’s current equity incentive plan in connection with
the Combination. The Option Grant will be subject to the following vesting schedule:

 

		●	350,000
                                            of the Option Grant (the “Time Based Options”) will be subject to a four-year
                                            vesting schedule, pursuant to which twenty-five percent (25%) of the Time Based Options will
                                            vest after the first twelve months, with the remaining Time Based Options to vest at a rate
                                            of 1/48 of 350,000 on a monthly basis thereafter until either the Time Based Options are
                                            fully vested or your employment ends, whichever occurs first. Vesting will commence as of
                                            September 27th, 2021.

 

Leafly Headquarters: 600 1st Ave., Ste.
LL20, Seattle, WA 98104

 

     

     

    

 

 

 

		●	150,000
                                            of the Option grant (the “Milestone Options”) will be subject to the following
                                            milestone vesting schedule; provided in each case that you remain in continuous employment
                                            with the Company through the date of the applicable vesting event:

 

		1.	First
Milestone Vesting Event: 50,000 options shall vest if Leafly’s gross revenue (on a consolidated group basis) for the year ending
December 31, 2022, as set forth in Leafly’s audited income statement included in Leafly’s annual report Form 10-K for the
year ending December 31, 2022, filed with the SEC, equals or exceeds $65,000,000 (the “2022 Revenue Threshold”).

 

		2.	Second
                                            Milestone Vesting Event: 50,000 options shall vest if Leafly’s gross revenue (on
                                            a consolidated group basis) for the year ending December 31, 2023, as set forth in Leafly’s
                                            audited income statement included in Leafly’s annual report Form 10-K for the year
                                            ending December 31, 2023, filed with the SEC, equals or exceeds $101,000,000 (the “2023
                                            Revenue Threshold”).

 

		3.	Pro
                                            Ration of First and Second Milestone Vesting Events: Upon achievement of 90% or greater
                                            of the 2022 or 2023 Revenue Threshold, as applicable, a corresponding percentage of options
                                            subject to the First and Second Milestone Vesting Events, as applicable, will vest.

 

		4.	Market
                                            Capitalization Vesting: 50,000 options shall vest upon Leafly’s reaching a $1 billion
                                            Market Capitalization (as defined below) for any 20 days during a 30-day period on or before
                                            the fourth anniversary of the closing of the Combination (the “Market Cap Milestone”).
                                            “Market Capitalization” shall mean, for each trading day, the product of (i)
                                            the total number of shares of capital stock, par value $0.0001 per share, of Leafly that
                                            is outstanding on such trading day multiplied by (ii) the daily volume weighted average price
                                            (based on such trading day) of the shares of Leafly Stock on Nasdaq or other securities exchange
                                            on which the shares of Leafly Stock are traded, as reported by Bloomberg Financial L.P. using
                                            the AQR function.

 

		5.	Catch-up
                                            Vesting: In the event the 2023 Revenue Threshold is achieved, any unvested portion of
                                            the stock option subject to the First Milestone Vesting Event shall fully vest. In the event
                                            the Market Cap Milestone is achieved, any unvested portion of the stock options subject to
                                            the First Milestone Vesting Event and the Second Milestone Vesting Event shall fully vest.

 

		6.	The
                                            date of vesting for the First Milestone Vesting Event and the Second Milestone Vesting Event
                                            shall be the later of: (i) the date following the end of the fiscal year and

 

Leafly Headquarters: 600 1st Ave., Ste.
LL20, Seattle, WA 98104

 

    2

     

    

 

 

 

Leafly’s
filing with the SEC of its Form 10-K for such year in which the 2022 or 2023 Revenue Threshold, as applicable, was attained on which
the board of directors of Leafly, or the compensation committee of the board of directors of Leafly, determines that Leafly has attained
the applicable Revenue Threshold or in which the milestone was attained that the board of directors of Leafly, or the compensation committee
of the board of directors of Leafly, certifies that Leafly has attained the applicable milestone. All options subject to the First and
Second Milestone Vesting Events shall vest immediately upon a Change in Control (as defined under the 2021 Plan) provided that you remain
in continuous employment with the Company until such time.

 

Benefits:
Provided you satisfy standard eligibility criteria, you will be eligible to participate in the Company benefit programs that are
made available to all of the Company’s full-time employees. Your benefits eligibility will begin on October 1st, 2021. In addition,
you will be entitled to paid time off according to Company policy. Company benefit policies may be amended from time to time at the discretion
of the Company. It is also important to note that the Company reserves the right to change their benefit plans at any time, with or without
notice.

 

Relocation
Lump Sum Allowance: To assist you in your move to Seattle, WA, the Company will provide you a Lump Sum Allowance in the amount of
$40,000.00 USD. This allowance is to assist with relocation expenses associated with your move. The following is a list of typical expenses
that would be included:

 

		●	Temporary
                                            housing
	 	 	 

		●	Lease
                                            cancellation charges
	 	 	 

		●	Household
                                            goods move
	 	 	 

		●	Travel
                                            to the new location

 

The
Company has selected this option to provide you with greater flexibility in the planning of your move. Although you are not required
to submit expense reports for these expenses it is recommended that you keep all receipts and maintain adequate record keeping for tax
reporting and your own financial management. The Lump Sum Allowance will be distributed upon the first payroll after your effective date
of hire. This allowance will be reported as additional compensation, subject to payroll deductions, including federal, state, and local
income taxes and FICA. This payment is not grossed-up.

 

In
addition to the relocation lump sum payment, the Company will agree to pay the following additional expenses, that will require submitting
an expense report for reimbursement :

 

		●	House
                                            Hunting Trips ( Hotel stay, Airfare, Meals and Local travel)
	 	 	 

		●	Miscellaneous
                                            expenses associated with relocation

 

Leafly Headquarters: 600 1st Ave., Ste.
LL20, Seattle, WA 98104

 

    3

     

    

 

 

 

All
expenses must be submitted within 12 months of the start date, and are subject to the Company’s expense reimbursement and travel
policies.

 

If
you leave the Company within 24 months of your date of hire, you will be responsible for reimbursing the Company for the entire relocation
lump sum allowance payment. You will not be responsible for reimbursement of the Lump Sum Allowance as a result of an involuntary separation
without cause, such as a Company or departmental reorganization. By your signature on this offer letter, you authorize the Company to
withhold this amount $40,000.00 USD from any severance and other final pay you receive upon termination of employment within 24 months
of date of hire.

 

Policies:
As an employee, you will be expected to abide by Company rules, policies and procedures. As a condition of employment, you will need
to sign and comply with a Proprietary Information and Inventions Agreement and an Arbitration Agreement, among other obligations. In
addition, Leafly utilizes the services of an investigative consumer reporting agency to conduct criminal and civil background checks
after the initial job offer has been made and to verify employment history.

 

Termination:
Your employment is at-will. You may terminate your employment with the Company at any time and for any reason whatsoever simply by
notifying the Company. Likewise, the Company may terminate your employment at any time, with or without cause or advance notice. Your
employment at-will status can only be modified in a written agreement signed by you and by an officer of the Company.

 

Agreement:
This letter, together with your Proprietary Information and Inventions Agreement and Arbitration Agreement forms the complete and
exclusive statement of your employment terms with the Company. It supersedes any other agreements or promises made to you by anyone,
whether oral or written. Changes in your employment terms, other than those changes expressly reserved to the Company’s discretion
in this letter, require a written modification signed by an officer of the Company.

 

Identification
Documents: This offer of employment is contingent upon you presenting, in accordance with applicable law, verification of your identity
and your legal right to work in the United States. You will be required to provide to the Company documentary evidence of your identity
and eligibility for employment in the United States. Such documentation must be provided to us within three (3) business days of your
date of hire, or our employment relationship with you may be terminated.

 

Leafly Headquarters: 600 1st Ave., Ste.
LL20, Seattle, WA 98104

 

    4

     

    

 

 

 

Acceptance:
If you wish to accept employment at the Company under the terms described above, please sign and date this letter, and return to
me by September 10, 2021

 

We
are very enthusiastic about your joining the Leafly team. If you have any questions, please do not hesitate to call me at (269) 788-2777.

 

	Sincerely,	 	 
	 	 	 
	/s/ Dar Levy	 	

	Dar Levy	 	 
	Senior Director, Human Resources	 	Accepted:
	 	 	 
	 	 	Kimberly D. Boler
	 	 	NAME
	 	 	 
	 	 	/s/
    Kimberly D. Boler
	 	 	SIGNATURE
	 	 	 
	 	 	Oct 22, 2021
	 	 	DATE

 

Leafly Headquarters: 600 1st Ave., Ste.
LL20, Seattle, WA 98104

 

 

5Exhibit
4.4

 

WARRANT
AGREEMENT

 

between

 

LIV
CAPITAL ACQUISITION CORP. II

 

and

 

CONTINENTAL
STOCK TRANSFER & TRUST COMPANY

 

THIS
WARRANT AGREEMENT (this “Agreement”), dated as of February 7, 2022, is by and between LIV Capital Acquisition
Corp. II, a Cayman Islands exempted company (the “Company”), and Continental Stock Transfer & Trust
Company, a New York corporation, as warrant agent (the “Warrant Agent”).

 

WHEREAS,
on February 7, 2022 the Company entered into that certain Sponsor Warrants Purchase Agreement with LIV Capital Acquisition Sponsor
II, L.P., a Cayman Islands exempted limited partnership (the “Sponsor”), pursuant to which the Sponsor
agreed to purchase an aggregate of 5,000,000 warrants simultaneously with the closing of the Offering bearing the legend set forth
in Exhibit B hereto (the “Private Placement Warrants”) at a purchase price of $1.00 per Private
Placement Warrant. Each Private Placement Warrant entitles the holder thereof to purchase one Class A ordinary share (as defined
below) at a price of $11.50 per share, subject to adjustment, terms and limitations as described herein;

 

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

 

WHEREAS,
the Company is engaged in an initial public offering (the “Offering”) of units of the Company’s
equity securities (the “Units”), each such Unit comprised of one Class A ordinary share of the Company,
par value $0.0001 per share (“Class A ordinary shares”), and three-quarters of one warrant (the “Public
Warrants” and, together with the Private Placement Warrants, the “Warrants”), and, in
connection therewith, has determined to issue and deliver up to 7,500,000 Public Warrants (including up to 1,125,000 Public Warrants
subject to the Over-allotment Option) to public investors in the Offering. Each whole Public Warrant entitles the holder thereof
to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment, terms and limitations as described
herein;

 

WHEREAS,
the Company has filed with the Securities and Exchange Commission (the “Commission”) a registration
statement on Form S-1, File No. 333-261950 (the “Registration Statement”) and prospectus (the “Prospectus”),
for the registration, under the Securities Act of 1933, as amended (the “Securities Act”), of the Units,
the Public Warrants and the Class A ordinary shares included in the Units;

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

2. Warrants.

 

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

 

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

 

2.3. Registration.

 

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

 

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

 

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

 

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

 

    2

     

    

 

2.4. Detachability
of Warrants. The Class A ordinary shares and Public Warrants comprising the Units shall begin separate trading on the 90th
day following the date of the Prospectus or, if such 90th 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 EarlyBirdCapital, Inc., but in no event shall the Class A ordinary shares 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 then
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 (B) the Company issues a press release announcing when such separate trading shall begin.

 

2.5. No
Fractional Warrants. The Company shall not issue fractional Warrants, other than as part of the Units, each of which consists
of one Class A ordinary share and three-quarters of a whole Public Warrant. If for any other reason 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: (i) the
Private Placement Warrants may be exercised for cash or on a “cashless basis,” pursuant to subsection ‎3.3.1(c)
hereof, (ii) the Private Placement Warrants may not be transferred, assigned or sold, and (iii) the Private Placement
Warrants shall not be redeemable by the Company; provided, however, that in the case of clause (ii), the
Private Placement Warrants:

 

(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 the Cayman Islands or the Sponsor’s exempted limited partnership agreement, as amended from time to
time, upon termination, winding-up and liquidation of the Sponsor; and

 

(h) in
the event of the Company’s completion of a liquidation, merger, amalgamation, share exchange, reorganization or other similar
transaction which results in all of the Company’s shareholders having the right to exchange their Class A ordinary shares
for cash, securities or other property subsequent to the completion of the Company’s initial Business Combination; provided,
however, that, in the case of clauses (a) through (e) and (g), 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. In addition, any Class A ordinary shares held by the Sponsor or any of its Permitted Transferees and issued
upon exercise of the Private Placement Warrants may not be transferred, assigned or sold until thirty (30) days after the completion
of an initial Business Combination, except to Permitted Transferees who, in the case of clauses (a) through (e) and (g), enter
into a written agreement with the Company agreeing to be bound by the transfer restrictions in this Agreement. For the avoidance
of doubt, in no event will the terms of the Private Placement Warrants change in connection with a transfer of the Private Placement
Warrants to a Permitted Transferee or otherwise based upon the characteristics of the holder of such Private Placement Warrants.

 

    3

     

    

 

3. Terms
and Exercise of Warrants.

 

3.1. Warrant
Price. Each whole Warrant (if in certificated form, when countersigned by the Warrant Agent), 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 Class A ordinary shares stated therein, at the price of $11.50 per share, subject to the adjustments provided in Section ‎4
hereof and in the last sentence of this Section ‎3.1. The term “Warrant Price” as used in
this Agreement shall mean the price per share (including in cash or by payment of Warrants pursuant to a “cashless
exercise,” to the extent permitted hereunder) at which Class A ordinary shares 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 date that is thirty (30) days after the first date on which the Company completes a
merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination,
involving the Company and one or more businesses (a “Business Combination”), and terminating at
5:00 p.m., New York City time, on the earliest to occur of: (x) the date that is five (5) years after the date on which the
Company completes its initial Business Combination, (y) the liquidation of the Company in accordance with the Company’s
amended and restated memorandum and articles of association, as amended from time to time, if the Company fails to complete a
Business Combination, or (z) other than with respect to the Private Placement Warrants, the Redemption Date (as defined
below) as provided in Section ‎6.2 hereof (the “Expiration Date”); provided, however,
that the exercise of any Warrant shall be subject to the satisfaction of any applicable conditions, as set forth in subsection ‎3.3.2
below with respect to an effective registration statement. Except with respect to the right to receive the Redemption
Price (as defined below) (other than with respect to a Private Placement Warrant) in the event of a redemption (as set forth
in Section ‎6 hereof), each outstanding Warrant (other than a Private Placement Warrant in the event
of a redemption) not exercised on or before the Expiration Date shall become void, and all rights thereunder and all rights
in respect thereof under this Agreement shall cease at 5:00 p.m., New York City time, on the Expiration Date. The term
“outstanding” as used in this Agreement with respect to any securities shall mean securities that are issued and
outstanding. 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, (if in certificated form, 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 (or, in the case of Warrants held through the Depositary in uncertificated or book-entry only
form, through the applicable procedures of the Depositary), and by paying in full the Warrant Price for each Class A ordinary
share 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 Class A ordinary shares and the issuance of such Class A ordinary shares, as follows:

 

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

 

    4

     

    

 

(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 Class A ordinary shares equal to the quotient obtained by dividing
(x) the product of the number of Class A ordinary shares underlying the Warrants, multiplied by the excess of the “Fair
Market Value” (as defined in this subsection ‎3.3.1(b)) over the exercise price of the Warrants
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 reported sale price of the Class A ordinary shares for the five (5) trading days
ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of the Warrants, pursuant
to Section ‎6 hereof;

 

(c) with
respect to any Private Placement Warrant, by surrendering the Warrants for that number of Class A ordinary shares equal to the
quotient obtained by dividing (x) the product of the number of Class A ordinary shares underlying the Warrants, multiplied by
the excess of the “Fair Market Value” (as defined in this subsection ‎3.3.1(c)) over the
exercise price of the Warrants 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 Class A ordinary shares for the five
(5) trading days ending on the third trading day prior to the date on which notice of exercise of the Private Placement Warrant
is sent to the Warrant Agent; or

 

(d) as
provided in Section 7.4 hereof.

 

3.3.2. Issuance
of Class A Ordinary Shares 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 Class A ordinary
shares to which he, she or it is entitled, registered in such name or names as may be directed by him, her or it on the register
of members of the Company, and if such Warrant shall not have been exercised in full, a new book-entry position or countersigned
Warrant, as applicable, for the number of shares as to which such Warrant shall not have been exercised. Notwithstanding the foregoing,
the Company shall not be obligated to deliver any Class A ordinary shares 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 covering the issuance of
the Class A ordinary shares underlying the Public Warrants is then effective and a prospectus relating thereto is current, subject
to the Company’s satisfying its obligations under Section ‎7.4. No Warrant shall be exercisable and the
Company shall not be obligated to issue Class A ordinary shares upon exercise of a Warrant unless the Class A ordinary shares
issuable upon such Warrant exercise have been registered, qualified or deemed to be exempt from registration or qualification
under the securities laws of the state of residence of the Registered Holder of the Warrants. 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 Class A ordinary shares underlying
such Unit. In no event will the Company be required to net cash settle any Warrant. The Company may require holders of Public
Warrants to settle the Warrant on a “cashless basis” pursuant to Section ‎7.4. If, by reason
of any exercise of Warrants on a “cashless basis”, the holder of any Warrant would be entitled, upon the exercise
of such Warrant, to receive a fractional interest in a Class A ordinary shares, the Company shall round down to the nearest whole
number, the number of Class A ordinary shares to be issued to such holder.

 

3.3.3. Valid
Issuance. All Class A ordinary shares issued upon the proper exercise of a Warrant in conformity with this Agreement and the
Amended and Restated Memorandum and Articles of Association of the Company, following the necessary updates to the Register of
Members of the Company, shall be validly issued as fully paid and non-assessable.

 

    5

     

    

 

3.3.4. Date
of Issuance. Each person in whose name any book-entry position or certificate, as applicable, for Class A ordinary shares
is issued and who is registered in the register of members of the Company shall for all purposes be deemed to have become the
holder of record of such Class A ordinary shares 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 register of members 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 Class
A ordinary shares at the close of business on the next succeeding date on which the share transfer books or book-entry system
are open.

 

3.3.5. Maximum
Percentage. A holder of a Warrant may notify the Company in writing in the event it elects to be subject to the
provisions contained in this subsection ‎3.3.5; however, no holder of a Warrant shall be
subject to this subsection ‎3.3.5 unless he, she or it makes such election. If the election is made by
a holder, the Warrant Agent shall not effect the exercise of the holder’s Warrant, and such holder shall not have the
right to exercise such Warrant, to the extent that after giving effect to such exercise, such person (together with such
person’s affiliates), to the Warrant Agent’s actual knowledge, would beneficially own in excess of 9.8% (or such
other amount as a holder may specify) (the “Maximum Percentage”) of the Class A ordinary shares
outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of
Class A ordinary shares beneficially owned by such person and its affiliates shall include the number of Class A ordinary
shares issuable upon exercise of the Warrant with respect to which the determination of such sentence is being made, but
shall exclude Class A ordinary shares 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 shares 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 Class A ordinary shares, the holder may rely on the number of issued and outstanding Class A ordinary shares
as reflected in (1) the Company’s most recent annual report on Form 10-K, quarterly report on Form 10-Q, current report
on Form 8-K or other public filing with the Commission as the case may be, (2) a more recent public announcement by the
Company or (3) any other notice by the Company or Continental Stock Transfer & Trust Company, as transfer agent (the
“Transfer Agent”), setting forth the number of Class A ordinary shares 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 Class A ordinary shares then outstanding. In any case, the number of
issued and outstanding Class A ordinary shares 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 issued and
outstanding Class A ordinary shares was reported. By written notice to the Company, the holder of a Warrant may from time to
time increase or decrease the Maximum Percentage applicable to such holder to any other percentage specified in such notice; provided, however,
that any such increase shall not be effective until the sixty-first (61st) day after such notice is delivered to the
Company.

 

4. Adjustments.

 

4.1. Share
Capitalizations.

 

4.1.1. Sub-Divisions.
If after the date hereof, and subject to the provisions of Section ‎4.6 below, the number of issued and
outstanding Class A ordinary shares is increased by a capitalization payable in Class A ordinary shares, or by a sub-division
of Class A ordinary shares or other similar event, then, on the effective date of such share capitalization, sub-division or similar
event, the number of Class A ordinary shares issuable on exercise of each Warrant shall be increased in proportion to such increase
in the issued and outstanding Class A ordinary shares. A rights offering to holders of Class A ordinary shares entitling holders
to purchase Class A ordinary shares at a price less than the “Fair Market Value” (as defined below) shall be deemed
a share capitalization of a number of Class A ordinary shares equal to the product of (i) the number of Class A ordinary shares
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 Class A ordinary shares) multiplied by (ii) one (1) minus the quotient of (x) the price per Class A ordinary
shares 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 Class A ordinary shares, in determining the price
payable for Class A ordinary shares, 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 Class A ordinary shares as reported during the ten (10) trading day period ending on the trading day prior to the first
date on which the Class A ordinary shares trade on the applicable exchange or in the applicable market, regular way, without the
right to receive such rights.

 

    6

     

    

 

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 Class A ordinary shares on account of such Class A ordinary shares (or other
securities 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 Class A ordinary shares
in connection with a proposed initial Business Combination, (d) to satisfy the redemption rights of the holders of Class A ordinary
shares in connection with a shareholder vote to amend the Company’s amended and restated memorandum and articles of association
(i) to modify the substance or timing of the Company’s obligation to redeem 100% of its public shares if the Company does
not complete its initial Business Combination within the required time period or (ii) with respect to any other provision relating
to shareholders’ rights or pre-initial Business Combination activity 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 Class A ordinary shares 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 Class A ordinary shares
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 Class A ordinary shares issuable on exercise
of each Warrant) does not exceed $0.50 (being 5% of the offering price of the Units in the Offering).

 

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

 

4.3. Adjustments
in Exercise Price. Whenever the number of Class A ordinary shares purchasable upon the exercise of the Warrants is adjusted,
as provided in subsection ‎4.1.1 or Section ‎4.2 above, the Warrant Price shall
be adjusted (to the nearest cent) by multiplying such Warrant Price immediately prior to such adjustment by a fraction (x) the
numerator of which shall be the number of Class A ordinary shares purchasable upon the exercise of the Warrants immediately prior
to such adjustment, and (y) the denominator of which shall be the number of Class A ordinary shares so purchasable immediately
thereafter. In addition, if (x) the Company issues additional Class A ordinary shares or equity-linked securities for capital
raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price
of less than $9.20 per Class A ordinary share (with such issue price or effective issue price to be determined in good faith by
the Board, and in the case of any such issuance to the Sponsor, the initial shareholders (as defined in the Prospectus) or their
respective affiliates, without taking into account any founder shares (as defined in the Prospectus) held by the Sponsor, the
initial shareholders or their respective affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”),
(y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon,
available for the funding of the initial Business Combination on the date of the completion of a the initial Business Combination
(net of redemptions), and (z) the volume weighted average trading price of the Company’s Class A ordinary shares during
the 20 trading day period starting on the trading day prior to the day on which the Company consummates the initial Business Combination
(such price, the “Market Value”) is below $9.20 per share, the Warrant Price will be adjusted (to the
nearest cent) to be equal to 115% of the greater of: (i) the Market Value and (ii) the Newly Issued Price, and the $18.00 per
share Redemption Trigger Price (as defined in Section 6.1) will be adjusted (to the nearest cent) to be equal to 180% of
the greater of: (i) the Market Value and (ii) the Newly Issued Price.

 

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4.4. Replacement
of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the issued and outstanding
Class A ordinary shares (other than a change under Section ‎4.1 or Section ‎4.2
hereof or that solely affects the par value of such Class A ordinary shares), or in the case of any merger or consolidation
of the Company with or into another entity or conversion of the Company as another entity (other than a consolidation or
merger in which the Company is the continuing corporation and that does not result in any reclassification or reorganization
of the issued and outstanding Class A ordinary shares), 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 Class A ordinary shares of the Company
immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount
of shares or 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. If any
reclassification or reorganization also results in a change in Class A ordinary shares covered by subsection ‎4.1.1,
then such adjustment shall be made pursuant to subsection ‎4.1.1 or Sections ‎4.2, ‎4.3
and this Section ‎4.4. The provisions of this Section ‎4.4 shall similarly
apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers. In no event will
the Warrant Price be reduced to less than the par value per share issuable upon exercise of the Warrant.

 

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

 

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

 

    8

     

    

 

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

 

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.

 

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.

 

    9

     

    

 

6. Redemption.

 

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

 

6.2. Date
Fixed for, and Notice of, Redemption. In the event that the Company elects to redeem all of the Warrants pursuant to Section
‎6.1, the Company shall fix a date for the redemption (the “Redemption Date”). Notice
of redemption shall be mailed by first class mail, postage prepaid, by the Company not less than thirty (30) days prior to the
Redemption Date (the “30-day Redemption Period”) to the Registered Holders of the Public 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 Class A ordinary shares to be received upon exercise of the Warrants, including the “Fair
Market Value” (as such term is defined in subsection ‎3.3.1(b) hereof) in such case. On and
after the Redemption Date, the record holder of the Warrants shall have no further rights except to receive, upon surrender
of the Warrants, the Redemption Price.

 

6.4. Exclusion
of Private Placement Warrants. The Company agrees that the redemption rights provided in this Section 6 shall not apply to
the Private Placement Warrants.

 

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

 

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

 

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

 

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

 

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7.4. Registration
of Class A Ordinary Shares; Cashless Exercise at Company’s Option.

 

7.4.1. Registration
of the Class A Ordinary Shares. 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 reasonable best efforts to file with
the Commission a registration statement covering the issuance, under the Securities Act, of the Class A ordinary shares
issuable upon exercise of the Warrants. The Company shall use its reasonable best efforts to cause the same to become
effective and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until
the expiration of the Warrants in accordance with the provisions of this Agreement. If any such registration statement has
not been declared effective by the 60th Business Day following the closing of the Business Combination, holders of the
applicable Warrants shall have the right, during the period beginning on the 61st Business Day after the closing of the
Business Combination and ending upon such registration statement being declared effective by the Commission, and during any
other period when the Company shall fail to have maintained an effective registration statement covering the Class A ordinary
shares issuable upon exercise of the applicable Warrants, to exercise such Warrants on a “cashless basis,” by
exchanging the Warrants (in accordance with Section 3(a)(9) of the Securities Act (or any successor rule) or another
exemption) for that number of Class A ordinary shares equal to the quotient obtained by dividing (x) the product of the
number of Class A ordinary shares underlying the Warrants, multiplied by the excess of the “Fair Market Value”
(as defined below) over the exercise price of the Warrants by (y) the Fair Market Value. Solely for purposes of this subsection ‎7.4.1,
“Fair Market Value” shall mean the volume weighted average price of the Class A ordinary shares as reported
during the five (5) trading day period ending on the third trading day prior to the date that notice of exercise is received
by the Warrant Agent from the holder of such Warrants or its securities broker or intermediary. The date that notice of
“cashless exercise” is received by the Warrant Agent shall be conclusively determined by the Warrant Agent. In
connection with the “cashless exercise” of a Public Warrant, the Company shall, upon request, provide the Warrant
Agent with an opinion of counsel for the Company (which shall be an outside law firm with securities law experience) stating
that (i) the exercise of the Warrants on a “cashless basis” in accordance with this subsection ‎7.4.1
is not required to be registered under the Securities Act and (ii) the Class A ordinary shares issued upon such exercise
shall be freely tradable under United States federal securities laws by anyone who is not an affiliate (as such term is
defined in Rule 144 under the Securities Act (or any successor rule)) of the Company and, accordingly, shall not be required
to bear a restrictive legend. For the avoidance of any doubt, unless and until all of the Warrants have been exercised or
have expired, the Company shall continue to be obligated to comply with its registration obligations under the first three
sentences of this subsection ‎7.4.1.

 

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 Class A ordinary shares upon the exercise of the Warrants, but the Company
shall not be obligated to pay any transfer taxes in respect of the Warrants or such shares.

 

8.2. Resignation,
Consolidation, or Merger of Warrant Agent.

 

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

 

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

 

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

 

8.3. Fees
and Expenses of Warrant Agent.

 

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

 

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

 

8.4. Liability
of Warrant Agent.

 

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

 

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

 

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

 

    12

     

    

 

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 Class A ordinary
shares 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 Continental Stock Transfer & Trust Company as trustee thereunder) and hereby
agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the Trust Account for any reason whatsoever.
The Warrant Agent hereby waives any and all Claims against the Trust Account and any and all rights to seek access to the Trust
Account.

 

9. Miscellaneous
Provisions.

 

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

 

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

 

LIV
Capital Acquisition Corp. II

Torre
Virreyes, Pedregal No. 24, Piso 6-601

Col. Molino del Rey

México, CDMX, C.P. 11040

Attention:
Chief Financial Officer

 

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

One State Street, 30th Floor

New York, New York 10004

Attention: Compliance Department

 

In
each case, with copies to:

 

EarlyBirdCapital,
Inc.

366
Madison Avenue, 8th Floor

New York, NY 10017

	 	Attn.:	Steven Levine and Mauro Conijeski
		Email:	slevine@ebcap.com
	 	 	mconijeski@ebcap.com

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Exhibit
A Form of Warrant Certificate

Exhibit B Legend

 

 

[Signature
Page Follows]

 

    14

     

    

 

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

 

	 	LIV
CAPITAL ACQUISITION CORP. II
	 	 
	 	By:	/s/
Alexander Roger Rossi
	 	 	Name:  	Alexander
Roger Rossi
	 	 	Title: 	Chief
Executive Officer and Chairman

 

 

	 	CONTINENTAL
STOCK TRANSFER & TRUST COMPANY, as Warrant Agent

	 	 
	 	By:	/s/
Douglas Reed
	 	 	Name:  	Douglas Reed
	 	 	Title: 	Vice
President

 

 

[Signature
Page - Warrant Agreement]

 

    15

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