Document:

Vertex Energy, Inc. 8-K

 

Exhibit 10.1

 

 

VERTEX
ENERGY, INC.

AMENDED
AND RESTATED 

2020
EQUITY INCENTIVE PLAN

 

TABLE
OF CONTENTS

 

	ARTICLE I. PREAMBLE	1
	 	 
	ARTICLE II. DEFINITIONS	1
	 	 
	ARTICLE III. ADMINISTRATION	7
	 	 
	ARTICLE IV. INCENTIVE STOCK OPTIONS	11
	 	 
	ARTICLE V. NONQUALIFIED STOCK OPTIONS	13
	 	 
	ARTICLE VI. INCIDENTS OF STOCK OPTIONS	14
	 	 
	ARTICLE VII. RESTRICTED STOCK	16
	 	 
	ARTICLE VIII. STOCK AWARDS	18
	 	 
	ARTICLE IX. PERFORMANCE SHARES	19
	 	 
	ARTICLE X. CHANGES OF CONTROL OR OTHER FUNDAMENTAL CHANGES	20
	 	 
	ARTICLE XI. AMENDMENT AND TERMINATION	21
	 	 
	ARTICLE XII. SECURITIES MATTERS AND REGULATIONS	22
	 	 
	ARTICLE XIII. SECTION 409A OF THE CODE	23
	 	 
	ARTICLE XIV. MISCELLANEOUS PROVISIONS	24

 

Amended and Restated 2020 Equity Incentive
Plan

Vertex Energy, Inc.

     

     

    

 

VERTEX
ENERGY, INC.

AMENDED
AND RESTATED

2020
EQUITY INCENTIVE PLAN

 

ARTICLE
I.

PREAMBLE

 

1.1.           
This Amended and Restated 2020 Equity Incentive Plan of Vertex Energy, Inc. (the “Company”) is intended
to secure for the Company and its Affiliates the benefits arising from ownership of the Company’s Common Stock by the Employees,
Officers, Directors and Consultants of the Company and its Affiliates, all of whom are and will be responsible for the Company’s
future growth. The Plan is designed to help attract and retain for the Company and its Affiliates personnel of superior ability
for positions of exceptional responsibility, to reward Employees, Officers, Directors and Consultants for their services and to
motivate such individuals through added incentives to further contribute to the success of the Company and its Affiliates. With
respect to persons subject to Section 16 of the Act, transactions under this Plan are intended to satisfy the requirements of
Rule 16b-3 of the Act.

 

1.2.           
Awards under the Plan may be made to an Eligible Person in the form of (i) Incentive Stock Options (to Eligible Employees only);
(ii) Nonqualified Stock Options; (iii) Restricted Stock; (iv) Stock Awards; (v) Performance Shares; or (vi) any combination of
the foregoing.

 

1.3.           
The Company’s Board of Directors adopted the Plan on April 27, 2020, subject to stockholder approval (the “Adoption
Date”). This Plan shall be subject to stockholder approval and shall not become effective until approved by stockholders.
The date of such stockholder approval shall be defined as the “Effective Date”. Stockholder approval
is to be obtained in accordance with the Company’s Articles of Incorporation and Bylaws, each as amended, and Applicable
Laws. Unless sooner terminated as provided elsewhere in this Plan, this Plan shall terminate upon the close of business on the
day next preceding the tenth (10th) anniversary of the Adoption Date. Award Agreements outstanding on such date shall continue
to have force and effect in accordance with the provisions thereof.

 

1.4.           
The Plan shall be governed by, and construed in accordance with, the laws of the State of Nevada (except its choice-of-law provisions).

 

1.5.           
Capitalized terms shall have the meaning provided in ARTICLE II unless otherwise provided in this Plan or any related Award
Agreement.

 

ARTICLE
II.

DEFINITIONS

 

DEFINITIONS.
Except where the context otherwise indicates, the following definitions apply:

 

2.1.           
“Act” means the Securities Exchange Act of 1934, as now in effect or as hereafter amended.

 

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2.2.          
“Adoption Date” has the meaning given to such term in Section 1.3.

 

2.3.          
“Administrator” means the Board or a Committee.

 

2.4.          
“Affiliate” means any parent corporation or subsidiary corporation of the Company, whether now or hereinafter
existing, as those terms are defined in Sections 424(e) and (f), respectively, of the Code.

 

2.5.          
“Applicable Laws” means all applicable laws, rules, regulations and requirements, including, but not
limited to, all applicable U.S. federal, state or local laws, any Stock Exchange rules or regulations and the applicable laws,
rules or regulations of any other country or jurisdiction where Awards are granted under the Plan or Participants reside or provide
services, as such laws, rules and regulations shall be in effect from time to time.

 

2.6.           
“Available Shares” means the sum of (i) one million five hundred thousand (1,500,000) shares of Common
Stock, and (ii) an annual increase on April 1st of each calendar year, beginning in 2021 and ending in 2030 (each
a “Date of Determination”), in each case subject to the approval and determination of the Administrator
on or prior to the applicable Date of Determination, equal to the lesser of (A) four percent (4%) of the total shares of Common
Stock of the Company outstanding on the last day of the immediately preceding fiscal year and (B) such smaller number of shares
as determined by the Administrator (the “Share Limit”). Notwithstanding the foregoing, shares added
to the Available Shares by the Share Limit are available for issuance as Incentive Stock Options only to the extent that making
such shares available for issuance as Incentive Stock Options would not cause any Incentive Stock Option to cease to qualify as
such. In the event that the Administrator shall not take action to affirmatively approve an increase in the Share Limit on or
prior to the applicable Date of Determination, the Share Limit and Available Shares, shall remain at such level as they were prior
to such applicable Date of Determination. For clarity, the Available Shares is a limitation on the number of shares of Common
Stock that may be issued pursuant to the Plan.

 

2.7.          
“Award” means an award granted to a Participant in accordance with the provisions of the Plan, including,
but not limited to, Stock Options, Restricted Stock, Stock Awards, Performance Shares, or any combination of the foregoing.

 

2.8.          
“Award Agreement” means the separate written agreement evidencing each Award granted to a Participant
under the Plan.

 

2.9.           
“Board of Directors” or “Board” means the Board of Directors of the Company,
as constituted from time to time.

 

2.10.        
“Bylaws” means the Company’s Bylaws as amended and restated from time to time.

 

2.11.        
“Change of Control” means (i) the adoption of a plan of merger or consolidation of the Company with
any other corporation or association as a result of which the holders of the voting capital stock of the Company as a group would
receive less than 50% of the voting capital stock of the surviving or resulting corporation; (ii) the approval by the Board of
Directors of an agreement providing for the sale or transfer (other than as security for obligations of the Company) of substantially
all the assets of the Company; or (iii) in the absence of a prior expression of approval by the Board of Directors, the acquisition
of more than 20% of the Company’s voting capital stock by any person within the meaning of Rule 13d-3 under the Act (other
than the Company or a person that directly or indirectly controls, is controlled by, or is under common control with, the Company).

 

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2.12.        
“Code” means the Internal Revenue Code of 1986, as amended, and the regulations and interpretations
promulgated thereunder.

 

2.13.        
“Committee” means a committee of two or more members of the Board appointed by the Board in accordance
with Section 3.2 of the Plan. In the event the Company has not designated a Committee pursuant to Section 3.2 of
the Plan, “Committee” shall refer to the Compensation Committee of the Company (in the event the Compensation
Committee has authority to administer the Plan), if any, or the Board of Directors of the Company.

 

2.14.        
“Common Stock” means the Company’s common stock.

 

2.15.        
“Company” means Vertex Energy, Inc., a Nevada corporation.

 

2.16.        
“Consultant” means any person, including an advisor engaged by the Company or an Affiliate to render
bona fide consulting or advisory services to the Company or an Affiliate, other than as an Employee, Director or Non-Employee
Director.

 

2.17.        
“Continuous Service Status” means the absence of any interruption or termination of service as an Employee
or Consultant (unless otherwise provided for in the applicable Award Agreement), as determined by the Administrator in good faith
and subject to Applicable Laws. Subject to Applicable Laws, the Administrator shall determine whether a leave of absence, or absence
in military or government service, shall constitute an interruption of Continuous Service Status; provided, however, that, (i)
if an Employee is holding an Incentive Stock Option and such leave exceeds 3 months, then, for purposes of Incentive Stock Option
status only, such Employee’s service as an Employee shall be deemed terminated on the 1st day following such 3-month period,
and the Incentive Stock Option shall thereafter automatically become a Nonqualified Stock Option in accordance with Applicable
Laws, unless reemployment upon the expiration of such leave is guaranteed by contract or statute, or unless provided otherwise
pursuant to a written Company policy, and (ii) the Administrator shall not have any such discretion to the extent that the grant
of such discretion would cause any tax to become due under Section 409A of the Code. Also, Continuous Service Status as an Employee
or Consultant shall not be considered interrupted or terminated in the case of a transfer between locations of the Company or
between the Company, its subsidiaries or Affiliates, or their respective successors.

 

2.18.        
“Director” means a member of the Board of Directors of the Company.

 

2.19.        
“Disability” means the permanent and total disability of a person within the meaning of Section 22(e)(3)
of the Code.

 

2.20.        
“Effective Date” shall be the date set forth in Section 1.3 of the Plan.

 

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2.21.        
“Eligible Employee” means an Eligible Person who is an Employee of the Company or any Affiliate.

 

2.22.        
“Eligible Person” means any Employee, Officer, Director, Non-Employee Director or Consultant of the
Company or any Affiliate, except for instances where services are in connection with the offer or sale of securities in a capital-raising
transaction, or they directly or indirectly promote or maintain a market for the Company’s securities, subject to any other
limitations as may be provided by the Code, the Act, or the Administrator. In making such determinations, the Administrator may
take into account the nature of the services rendered by such person, his or her present and potential contribution to the Company’s
success, and such other factors as the Administrator in its discretion shall deem relevant.

 

2.23.        
“Employee” means an individual who is a common-law employee of the Company or an Affiliate including
employment as an Officer. Mere service as a Director or payment of a director’s fee by the Company or an Affiliate shall
not be sufficient to constitute “employment” by the Company or an Affiliate.

 

2.24.        
“ERISA” means the Employee Retirement Income Security Act of 1974, as now in effect or as hereafter
amended.

 

2.25.        
“Fair Market Value” means, as of any date and unless the Administrator determines otherwise, the value
of Common Stock determined as follows:

 

2.25.1            If the Common Stock is listed on any established stock exchange or a national market system, including without limitation the
NYSE American, Nasdaq National Market or The Nasdaq Capital Market of The Nasdaq Stock Market, its Fair Market Value will be the
mean between the highest and lowest sales prices of such stock as quoted on such exchange or system on the trading day immediately
preceding the date of determination, as reported in The Wall Street Journal or such other source as the Administrator deems reliable;

 

2.25.2            If the Common Stock is regularly quoted by a recognized securities dealer but selling prices are not reported for the date in
question, or the Common Stock is quoted on an over-the-counter market, the Fair Market Value will be the mean between the high
bid and low asked prices for the Common Stock for the day of determination, as reported in The Wall Street Journal or such other
source as the Administrator deems reliable; or

 

2.25.3            In the absence of an established market for the Common Stock, the Fair Market Value will be determined in good faith by the Administrator.

 

2.25.4            The Administrator also may adopt a different methodology for determining Fair Market Value with respect to one or more Awards
if a different methodology is necessary or advisable to secure any intended favorable tax, legal or other treatment for the particular
Award(s) (for example, and without limitation, the Administrator may provide that Fair Market Value for purposes of one or more
Awards will be based on an average of closing prices (or the average of high and low daily trading prices) for a specified period
preceding the relevant date).

 

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2.26.        
“Grant Date” means, as to any Award, the latest of:

 

2.26.1            the date on which the Administrator authorizes the grant of the Award; or

 

2.26.2            the date the Participant receiving the Award becomes an Employee or a Director of the Company or its Affiliate, to the extent
employment status is a condition of the grant or a requirement of the Code or the Act; or

 

2.26.3            such other date (later than the dates described in 2.26.1 and 2.26.2 above) as the Administrator may designate and
as set forth in the Participant’s Award Agreement.

 

2.27.     
   “Immediate Family” means any child, stepchild, grandchild, parent, stepparent,
grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law and
shall include adoptive relationships.

 

2.28.        
“Incentive Stock Option” means a Stock Option intended to qualify as an incentive stock option within
the meaning of Section 422 of the Code and is granted under ARTICLE IV of the Plan and designated as an Incentive Stock
Option in a Participant’s Award Agreement.

 

2.29.        
“Non-Employee Director” shall have the meaning set forth in Rule 16b-3 under the Act.

 

2.30.        
“Nonqualified Stock Option” means a Stock Option not intended to qualify as an Incentive Stock Option
and is not so designated in the Participant’s Award Agreement.

 

2.31.        
“Officer” means a person who is an officer of the Company within the meaning of Section 16 of the Act.

 

2.32.        
“Option Period” means the period during which a Stock Option may be exercised from time to time, as
established by the Administrator and set forth in the Award Agreement for each Participant who is granted a Stock Option.

 

2.33.        
“Option Price” means the purchase price for a share of Common Stock subject to purchase pursuant to
a Stock Option, as established by the Administrator and set forth in the Award Agreement for each Participant who is granted a
Stock Option.

 

2.34.        
“Outside Director” means a Director who either (i) is not a current employee of the Company or an “affiliated
corporation” (within the meaning of Treasury Regulations promulgated under Section 162(m) of the Code), is not a
former employee of the Company or an “affiliated corporation” receiving compensation for prior services
(other than benefits under a tax qualified pension plan), was not an officer of the Company or an “affiliated corporation”
at any time and is not currently receiving direct or indirect remuneration from the Company or an “affiliated corporation”
for services in any capacity other than as a Director or (ii) is otherwise considered an “outside director”
for purposes of Section 162(m) of the Code.

 

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2.35.        
“Participant” means an Eligible Person to whom an Award has been granted and who has entered into an
Award Agreement evidencing the Award or, if applicable, such other person who holds an outstanding Award.

 

2.36.        
“Performance Objectives” shall have the meaning set forth in ARTICLE IX of the Plan.

 

2.37.        
“Performance Period” shall have the meaning set forth in ARTICLE IX of the Plan.

 

2.38.        
“Performance Share” means an Award under ARTICLE IX of the Plan of a unit valued by reference
to the Common Stock, the payout of which is subject to achievement of such Performance Objectives, measured during one or more
Performance Periods, as the Administrator, in its sole discretion, shall establish at the time of such Award and set forth in
a Participant’s Award Agreement.

 

2.39.        
“Plan” means this Vertex Energy, Inc. Amended and Restated 2020 Equity Incentive Plan, as it may be
amended from time to time.

 

2.40.        
“Reporting Person” means a person required to file reports under Section 16(a) of the Act.

 

2.41.        
“Restricted Stock” means an Award under ARTICLE VII of the Plan of shares of Common Stock that
are at the time of the Award subject to restrictions or limitations as to the Participant’s ability to sell, transfer, pledge
or assign such shares, which restrictions or limitations may lapse separately or in combination at such time or times, in installments
or otherwise, as the Administrator, in its sole discretion, shall determine at the time of such Award and set forth in a Participant’s
Award Agreement.

 

2.42.        
“Restriction Period” means the period commencing on the Grant Date with respect to such shares of Restricted
Stock and ending on such date as the Administrator, in its sole discretion, shall establish and set forth in a Participant’s
Award Agreement.

 

2.43.        
“Retirement” means retirement as determined under procedures established by the Administrator or in
any Award, as set forth in a Participant’s Award Agreement.

 

2.44.        
“Rule 16b-3” means Rule 16b-3 promulgated under the Act or any successor to Rule 16b-3, as in effect
from time to time. Those provisions of the Plan which make express reference to Rule 16b-3, or which are required in order for
certain option transactions to qualify for exemption under Rule 16b-3, shall apply only to a Reporting Person.

 

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2.45.       
“Shares” means shares of Common Stock issued in connection with Awards granted under this Plan, including,
where applicable, upon exercise of Stock Options granted under this Plan.

 

2.46.       
“Share Limit” has the meaning given to such term under the definition of Available Shares, above.

 

2.47.       
“Stock Exchange” means any stock exchange or consolidated stock price reporting system on which prices
for the Common Stock are quoted at any given time, and shall initially mean the Nasdaq Capital Market.

 

2.48.       
“Stock Award” means an Award of shares of Common Stock under ARTICLE VIII of the Plan.

 

2.49.       
“Stock Option” means an Award under ARTICLE IV or ARTICLE V of the Plan of an option to
purchase Common Stock. A Stock Option may be either an Incentive Stock Option or a Nonqualified Stock Option.

 

2.50.       
“Ten Percent Stockholder” means an individual who owns (or is deemed to own pursuant to Section 424(d)
of the Code), at the time of grant, stock possessing more than ten percent (10%) of the total combined voting power of all classes
of stock of the Company or any of its Affiliates.

 

2.51.       
“Termination of Service” means (i) in the case of an Eligible Employee, the discontinuance of employment
of such Participant with the Company or its Subsidiaries for any reason other than a transfer to another member of the group consisting
of the Company and its Affiliates and (ii) in the case of a Director who is not an Employee of the Company or any Affiliate, the
date such Participant ceases to serve as a Director. The determination of whether a Participant has discontinued service shall
be made by the Administrator in its sole discretion. In determining whether a Termination of Service has occurred, the Administrator
may provide that service as a Consultant or service with a business enterprise in which the Company has a significant ownership
interest shall be treated as employment with the Company.

 

ARTICLE
III.

ADMINISTRATION

 

3.1.         
The Plan shall be administered by the Administrator and shall be administered, to the extent applicable, in accordance with Rule
16b-3. The Administrator shall have the exclusive right to interpret and construe the Plan, to select the Eligible Persons who
shall receive an Award, and to act in all matters pertaining to the grant of an Award and the determination and interpretation
of the provisions of the related Award Agreement, including, without limitation, the determination of the number of shares subject
to Stock Options and the Option Period(s) and Option Price(s) thereof, the number of shares of Restricted Stock or shares subject
to Stock Awards or Performance Shares subject to an Award, the vesting periods (if any) and the form, terms, conditions and duration
of each Award, and any amendment thereof consistent with the provisions of the Plan. The Administrator may adopt, establish, amend
and rescind such rules, regulations and procedures as it may deem appropriate for the proper administration of the Plan, make
all other determinations which are, in the Administrator’s judgment, necessary or desirable for the proper administration
of the Plan, amend the Plan or a Stock Award as provided in ARTICLE XI, and terminate or suspend the Plan as provided in
ARTICLE XI. All acts, determinations and decisions of the Administrator made or taken pursuant to the Plan or with respect
to any questions arising in connection with the administration and interpretation of the Plan or any Award Agreement, including
the severability of any and all of the provisions thereof, shall be conclusive, final and binding upon all persons. On or after
the date of grant of an Award under the Plan, the Administrator may (i) accelerate the date on which any such Award becomes vested,
exercisable or transferable, as the case may be, (ii) extend the term of any such Award, including, without limitation, extending
the period following a termination of a Participant’s employment during which any such Award may remain outstanding, or
(iii) waive any conditions to the vesting, exercisability or transferability, as the case may be, of any such Award; provided,
that the Administrator shall not have any such authority to the extent that the grant of such authority would cause any tax to
become due under Section 409A of the Code.

 

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3.2.           
The Administrator may, to the full extent permitted by and consistent with Applicable Law and the Company’s Bylaws, and
subject to Subparagraph 3.2.1 herein below, delegate any or all of its powers with respect to the administration of the
Plan to the Company’s Compensation Committee or another Committee of the Company consisting of not fewer than two members
of the Board each of whom shall qualify (at the time of appointment to the Committee and during all periods of service on the
Committee) in all respects as a Non-Employee Director and as an Outside Director.

 

3.2.1              If administration is delegated to a Committee, the Committee shall have, in connection with the administration of the Plan, the
powers theretofore possessed by the Administrator as set forth herein, including the power to delegate to a subcommittee any of
the administrative powers the Committee is authorized to exercise (and references in the Plan to the Administrator shall thereafter
be to the Committee or subcommittee), subject, however, to such resolutions, not consistent with the provisions of the Plan, as
may be adopted from time to time by the Board.

 

3.2.2              The Board may abolish the Committee at any time and reassume all powers and authority previously delegated to the Committee.

 

3.2.3              In addition to, and not in limitation of, the right of Administrator, the full Board of Directors and/or the Company’s Compensation
Committee may from time to time grant Awards to Eligible Persons pursuant to the terms and conditions of this Plan, subject to
the requirements of the Code, Rule 16b-3 under the Act or any other Applicable Law, rule or regulation. In connection with any
such grants, the Board of Directors and/or the Company’s Compensation Committee shall have all of the power and authority
of the Administrator to determine the Eligible Persons to whom such Awards shall be granted and the other terms and conditions
of such Awards.

 

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3.3.           
Without limiting the provisions of this ARTICLE III, and subject to the provisions of ARTICLE X, the Administrator
is authorized to take such action as it determines to be necessary or advisable, and fair and equitable to Participants and to
the Company, with respect to an outstanding Award in the event of a Change of Control as described in ARTICLE X or other
similar event. Such action may include, but shall not be limited to, establishing, amending or waiving the form, terms, conditions
and duration of an Award and the related Award Agreement, so as to provide for earlier, later, extended or additional times for
exercise or payments, differing methods for calculating payments, alternate forms and amounts of payment, an accelerated release
of restrictions or other modifications. The Administrator may take such actions pursuant to this Section 3.3 by adopting
rules and regulations of general applicability to all Participants or to certain categories of Participants, by including, amending
or waiving terms and conditions in an Award and the related Award Agreement, or by taking action with respect to individual Participants
from time to time. In the event any Award is not evidenced by a written Award Agreement, such Award shall be governed by the terms
of this Plan and the terms and conditions of the grant of the Award as evidenced by the minutes of the Board (or any authorized
Committee thereof). For the sake of clarity, the failure of the Company to document an Award by way of a written Award Agreement
shall not affect the validity of such Award.

 

3.4.           
Subject to the provisions of Section 3.9 and this Section 3.4, the maximum aggregate number of shares of Common
Stock which may be issued pursuant to Awards under the Plan shall be the Available Shares. Such shares of Common Stock shall be
made available from authorized and unissued shares of the Company.

 

3.4.1              For all purposes under the Plan, each Performance Share awarded shall be counted as one share of Common Stock subject to an Award.

 

3.4.2              If, for any reason, any shares of Common Stock (including shares of Common Stock subject to Performance Shares) that have been
awarded or are subject to issuance or purchase pursuant to Awards outstanding under the Plan are not delivered or purchased, or
are reacquired by the Company, for any reason, including but not limited to a forfeiture of Restricted Stock or failure to earn
Performance Shares or the termination, expiration or cancellation of a Stock Option, or any other termination of an Award without
payment being made in the form of shares of Common Stock (whether or not Restricted Stock), such shares of Common Stock shall
not be charged against the aggregate number of shares of Common Stock available for Award under the Plan and shall again be available
for Awards under the Plan. In no event, however, may Common Stock that is surrendered or withheld to pay the exercise price of
a Stock Option or to satisfy tax withholding requirements be available for future grants under the Plan.

 

3.4.3              For purposes of clarifying the preceding paragraph, shares of Common Stock covered by Awards shall only be counted as used to
the extent they are actually issued and delivered to a Participant (or such Participant’s permitted transferees as described
in the Plan) pursuant to the Plan. In addition, shares of Common Stock related to Awards that expire, are forfeited or cancelled
or terminate for any reason without the issuance of shares shall not be treated as issued pursuant to the Plan.

 

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3.4.4              The foregoing subsections 3.4.1 and 3.4.2 of this Section 3.4 shall be subject to any limitations provided
by the Code or by Rule 16b-3 under the Act or by any other Applicable Law, rule or regulation.

 

3.5.           
Each Award granted under the Plan shall be evidenced by a written Award Agreement, which shall be subject to and shall incorporate
(by reference or otherwise) the applicable terms and conditions of the Plan and shall include any other terms and conditions (not
inconsistent with the Plan) required by the Administrator. In the event any Award is not evidenced by a written Award Agreement,
such Award shall be governed by the terms of this Plan and the terms and conditions of the grant of the Award as evidenced by
the minutes of the Administrator (or any authorized Committee thereof). For the sake of clarity, the failure of the Company to
document an Award by way of a written Award Agreement shall not affect the validity of such Award.

 

3.6.           
In the event the Plan and/or the Common Stock issuable in connection with Awards hereunder are registered with the Securities
Exchange Commission (the “SEC”) under the Act, no free-trading shares of Common Stock shall be issuable
by the Company under the Plan and pursuant to such registration statement, (a) except to natural persons (as such term is interpreted
by the SEC); (b) in connection with services associated with the offer or sale of securities in a capital-raising transaction;
or (c) where the services directly or indirectly promote or maintain a market for the Company’s securities.

 

3.7.           
The Administrator may require any Participant acquiring shares of Common Stock pursuant to any Award under the Plan to represent
to and agree with the Company in writing that such person is acquiring the shares of Common Stock for investment purposes and
without a view to resale or distribution thereof. Shares of Common Stock issued and delivered under the Plan shall also be subject
to such stop-transfer orders and other restrictions as the Administrator may deem advisable under the rules, regulations and other
requirements of the Securities and Exchange Commission, any Stock Exchange upon which the Common Stock is then listed and any
applicable federal or state laws, and the Administrator may cause a legend or legends to be placed on the certificate or certificates
representing any such shares to make appropriate reference to any such restrictions. In making such determination, the Administrator
may rely upon an opinion of counsel for the Company.

 

3.8.           
Except as otherwise expressly provided in the Plan or in an Award Agreement with respect to an Award, no Participant shall have
any right as a stockholder of the Company with respect to any shares of Common Stock subject to such Participant’s Award
except to the extent that, and until, one or more certificates representing such shares of Common Stock shall have been delivered
to the Participant. No shares shall be required to be issued, and no certificates shall be required to be delivered, under the
Plan unless and until all of the terms and conditions applicable to such Award shall have, in the sole discretion of the Administrator,
been satisfied in full and any restrictions shall have lapsed in full, and unless and until all of the requirements of law and
of all regulatory bodies having jurisdiction over the offer and sale, or issuance and delivery, of the shares shall have been
fully complied with.

 

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3.9.           
The total amount of shares with respect to which Awards may be granted under the Plan, the Share Limit, the ISO Limit and rights
of outstanding Awards (both as to the number of shares subject to the outstanding Awards and the Option Price(s) or other purchase
price(s) of such shares, as applicable) shall be appropriately adjusted for any increase or decrease in the number of outstanding
shares of Common Stock of the Company resulting from payment of a stock dividend on the Common Stock, a stock split or subdivision
or combination of shares of the Common Stock, or a reorganization or reclassification of the Common Stock, or any other change
in the structure of shares of the Common Stock. The foregoing adjustments and the manner of application of the foregoing provisions
shall be determined by the Administrator in its sole discretion. Any such adjustment may provide for the elimination of any fractional
shares which might otherwise become subject to an Award. All adjustments made as a result of the foregoing in respect of each
Incentive Stock Option shall be made so that such Incentive Stock Option shall continue to be an Incentive Stock Option, as defined
in Section 422 of the Code.

 

3.10.       
No director or person acting pursuant to authority delegated by the Administrator shall be liable for any action or determination
under the Plan made in good faith. The members of the Administrator shall be entitled to indemnification by the Company in the
manner and to the extent set forth in the Company’s Articles of Incorporation, as amended, Bylaws or as otherwise provided
from time to time regarding indemnification of Directors.

 

3.11.       
The Administrator shall be authorized to make adjustments in any performance based criteria or in the other terms and conditions
of outstanding Awards in recognition of unusual or nonrecurring events affecting the Company (or any Affiliate, if applicable)
or its financial statements or changes in Applicable Laws, regulations or accounting principles. The Administrator may correct
any defect, supply any omission or reconcile any inconsistency in the Plan or any Award Agreement in the manner and to the extent
it shall deem necessary or desirable to reflect any such adjustment. In the event the Company (or any Affiliate, if applicable)
shall assume outstanding employee benefit awards or the right or obligation to make future such awards in connection with the
acquisition of another corporation or business entity, the Administrator may, in its sole discretion, make such adjustments in
the terms of outstanding Awards under the Plan as it shall deem appropriate.

 

3.12.       
Subject to the express provisions of the Plan, the Administrator shall have full power and authority to determine whether, to
what extent and under what circumstances any outstanding Award shall be terminated, canceled, forfeited or suspended. Notwithstanding
the foregoing or any other provision of the Plan or an Award Agreement, all Awards to any Participant that are subject to any
restriction or have not been earned or exercised in full by the Participant shall be terminated and canceled if the Participant
is terminated for cause, as determined by the Administrator in its sole discretion.

 

ARTICLE
IV.

INCENTIVE STOCK OPTIONS

 

4.1.         
The Administrator, in its sole discretion, may from time to time on or after the Effective Date grant Incentive Stock Options
to Eligible Employees, subject to the provisions of this ARTICLE IV and ARTICLE III and ARTICLE VI and subject
to the following conditions:

 

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4.1.1        Incentive Stock Options shall be granted only to Eligible Employees, each of whom may be granted one or more of such Incentive
Stock Options at such time or times determined by the Administrator.

 

4.1.2        The Option Price per share of Common Stock for an Incentive Stock Option shall be set in the Award Agreement, but shall not be
less than (i) one hundred percent (100%) of the Fair Market Value of the Common Stock at the Grant Date, or (ii) in the case of
an Incentive Stock Option granted to a Ten Percent Stockholder, one hundred ten percent (110%) of the Fair Market Value of the
Common Stock at the Grant Date.

 

4.1.3        An Incentive Stock Option may be exercised in full or in part from time to time within ten (10) years from the Grant Date, or
such shorter period as may be specified by the Administrator as the Option Period and set forth in the Award Agreement; provided,
however, that, in the case of an Incentive Stock Option granted to a Ten Percent Stockholder, such period shall not exceed five
(5) years from the Grant Date; and further, provided that, in any event, the Incentive Stock Option shall lapse and cease to be
exercisable upon a Termination of Service or within such period following a Termination of Service as shall have been determined
by the Administrator and set forth in the related Award Agreement; and provided, further, that such period shall not exceed the
period of time ending on the date three (3) months following a Termination of Service (except as otherwise provided in any employment
agreement approved by the Administrator), unless employment shall have terminated:

 

(i)  as a result of Disability, in which event such period shall not exceed the period of time ending on the date twelve (12) months
following a Termination of Service; or

 

(ii) as a result of death, or if death shall have occurred following a Termination of Service (other than as a result of Disability)
and during the period that the Incentive Stock Option was still exercisable, in which event such period may not exceed the period
of time ending on the earlier of the date twelve (12) months after the date of death;

 

(iii)
and provided, further, that such period following a Termination of Service or death shall in no event extend beyond the original
Option Period of the Incentive Stock Option.

 

4.1.4        The aggregate Fair Market Value of the shares of Common Stock with respect to which any Incentive Stock Options (whether under
this Plan or any other plan established by the Company) are first exercisable during any calendar year by any Eligible Employee
shall not exceed one hundred thousand dollars ($100,000), determined based on the Fair Market Value(s) of such shares as of their
respective Grant Dates; provided, however, that to the extent permitted under Section 422 of the Code, if the aggregate Fair Market
Values of the shares of Common Stock with respect to which Stock Options intended to be Incentive Stock Options are first exercisable
by any Eligible Employee during any calendar year (whether such Stock Options are granted under this Plan or any other plan established
by the Company) exceed one hundred thousand dollars ($100,000), the Stock Options or portions thereof which exceed such limit
(according to the order in which they were granted) shall be treated as Nonqualified Stock Options.

 

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4.1.5        No Incentive Stock Options may be granted more than ten (10) years from the Adoption Date.

 

4.1.6        The Award Agreement for each Incentive Stock Option shall provide that the Participant shall notify the Company if such Participant
sells or otherwise transfers any shares of Common Stock acquired upon exercise of the Incentive Stock Option within two (2) years
of the Grant Date of such Incentive Stock Option or within one (1) year of the date such shares were acquired upon the exercise
of such Incentive Stock Option.

 

4.2.           
Subject to the limitations of Section 4.5, the maximum aggregate number of shares of Common Stock subject to Incentive
Stock Option Awards shall be the maximum aggregate number of shares available for Awards under the Plan.

 

4.3.           
The Administrator may provide for any other terms and conditions which it determines should be imposed for an Incentive Stock
Option to qualify under Section 422 of the Code, as well as any other terms and conditions not inconsistent with this ARTICLE
IV or ARTICLE III or ARTICLE VI, as determined in its sole discretion and set forth in the Award Agreement for
such Incentive Stock Option.

 

4.4.           
Each provision of this ARTICLE IV and of each Incentive Stock Option granted hereunder shall be construed in accordance
with the provisions of Section 422 of the Code, and any provision hereof that cannot be so construed shall be disregarded.

 

4.5.           
Subject to the limitations of Section 3.4, and notwithstanding the Share Limit, and subject to adjustment in accordance
with Section 3.9 hereof, the maximum number of Shares that may be issued pursuant to the exercise of Incentive Stock Options granted
under this Plan is 25,000,000 shares (the “ISO Limit”).

 

ARTICLE
V.

NONQUALIFIED STOCK OPTIONS

 

5.1.           
The Administrator, in its sole discretion, may from time to time on or after the Effective Date grant Nonqualified Stock Options
to Eligible Persons, subject to the provisions of this ARTICLE V and ARTICLE III or ARTICLE VI and subject
to the following conditions:

 

5.1.1        Nonqualified Stock Options may be granted to any Eligible Person, each of whom may be granted one or more of such Nonqualified
Stock Options, at such time or times determined by the Administrator.

 

5.1.2        The Option Price per share of Common Stock for a Nonqualified Stock Option shall be set in the Award Agreement and may be less
than one hundred percent (100%) of the Fair Market Value of the Common Stock at the Grant Date; provided, however, that the exercise
price of each Nonqualified Stock Option granted under the Plan shall in no event be less than the par value per share of the Company’s
Common Stock.

 

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5.1.3        A Nonqualified Stock Option may be exercised in full or in part from time to time within the Option Period specified by the Administrator
and set forth in the Award Agreement; provided, however, that, in any event, the Nonqualified Stock Option shall lapse and cease
to be exercisable upon a Termination of Service or within such period following a Termination of Service as shall have been determined
by the Administrator and set forth in the related Award Agreement.

 

5.2.           
The Administrator may provide for any other terms and conditions for a Nonqualified Stock Option not inconsistent with this ARTICLE
V or ARTICLE III or ARTICLE VI, as determined in its sole discretion and set forth in the Award Agreement for
such Nonqualified Stock Option.

 

ARTICLE
VI.

INCIDENTS OF STOCK OPTIONS

 

6.1.           
Each Stock Option shall be granted subject to such terms and conditions, if any, not inconsistent with this Plan, as shall be
determined by the Administrator and set forth in the related Award Agreement, including any provisions as to continued employment
as consideration for the grant or exercise of such Stock Option and any provisions which may be advisable to comply with Applicable
Laws, regulations or rulings of any governmental authority.

 

6.2.           
Except as hereinafter described, a Stock Option shall not be transferable by the Participant other than by will or by the laws
of descent and distribution, and shall be exercisable during the lifetime of the Participant only by the Participant or the Participant’s
guardian or legal representative. In the event of the death of a Participant, any unexercised Stock Options may be exercised to
the extent otherwise provided herein or in such Participant’s Award Agreement by the executor or personal representative
of such Participant’s estate or by any person who acquired the right to exercise such Stock Options by bequest under the
Participant’s will or by inheritance. The Administrator, in its sole discretion, may at any time permit a Participant to
transfer a Nonqualified Stock Option for no consideration to or for the benefit of one or more members of the Participant’s
Immediate Family (including, without limitation, to a trust for the benefit of the Participant and/or one or more members of such
Participant’s Immediate Family or a corporation, partnership or limited liability company established and controlled by
the Participant and/or one or more members of such Participant’s Immediate Family), subject to such limits as the Administrator
may establish. The transferee of such Nonqualified Stock Option shall remain subject to all terms and conditions applicable to
such Nonqualified Stock Option prior to such transfer. The foregoing right to transfer the Nonqualified Stock Option, if granted
by the Administrator shall apply to the right to consent to amendments to the Award Agreement.

 

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6.3.           
Shares of Common Stock purchased upon exercise of a Stock Option shall be paid for in such amounts, at such times and upon such
terms as shall be determined by the Administrator, subject to limitations set forth in the Stock Option Award Agreement. The Administrator
may, in its sole discretion, permit the exercise of a Stock Option by payment in cash or by tendering shares of Common Stock (either
by actual delivery of such shares or by attestation), or any combination thereof, as determined by the Administrator. In the sole
discretion of the Administrator, payment in shares of Common Stock also may be made with shares received upon the exercise or
partial exercise of the Stock Option, whether or not involving a series of exercises or partial exercises and whether or not share
certificates for such shares surrendered have been delivered to the Participant. The Administrator also may, in its sole discretion,
permit the payment of the exercise price of a Stock Option by the voluntary surrender of all or a portion of the Stock Option.
Shares of Common Stock previously held by the Participant and surrendered in payment of the Option Price of a Stock Option shall
be valued for such purpose at the Fair Market Value thereof on the date the Stock Option is exercised.

 

6.4.           
The holder of a Stock Option shall have no rights as a stockholder with respect to any shares covered by the Stock Option (including,
without limitation, any voting rights, the right to inspect or receive the Company’s balance sheets or financial statements
or any rights to receive dividends or non-cash distributions with respect to such shares) until such time as the holder has exercised
the Stock Option and then only with respect to the number of shares which are the subject of the exercise. No adjustment shall
be made for dividends or other rights for which the record date is prior to the date such stock certificate is issued.

 

6.5.           
The Administrator may permit the voluntary surrender of all or a portion of any Stock Option granted under the Plan to be conditioned
upon the granting to the Participant of a new Stock Option for the same or a different number of shares of Common Stock as the
Stock Option surrendered, or may require such voluntary surrender as a condition precedent to a grant of a new Stock Option to
such Participant. Subject to the provisions of the Plan, such new Stock Option shall be exercisable at such Option Price, during
such Option Period and on such other terms and conditions as are specified by the Administrator at the time the new Stock Option
is granted. Upon surrender, the Stock Options surrendered shall be canceled and the shares of Common Stock previously subject
to them shall be available for the grant of other Stock Options.

 

6.6.           
The Administrator may at any time offer to purchase a Participant’s outstanding Stock Option for a payment equal to the
value of such Stock Option payable in cash, shares of Common Stock or Restricted Stock or other property upon surrender of the
Participant’s Stock Option, based on such terms and conditions as the Administrator shall establish and communicate to the
Participant at the time that such offer is made.

 

6.7.           
The Administrator shall have the discretion, exercisable either at the time the Award is granted or at the time the Participant
discontinues employment, to establish as a provision applicable to the exercise of one or more Stock Options that, during a limited
period of exercisability following a Termination of Service, the Stock Option may be exercised not only with respect to the number
of shares of Common Stock for which it is exercisable at the time of the Termination of Service but also with respect to one or
more subsequent installments for which the Stock Option would have become exercisable had the Termination of Service not occurred.

 

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6.8.           
Notwithstanding anything to the contrary herein, the Company may reprice any Stock Option granted under the Plan without the approval
of the stockholders of the Company, or the holder of the option. For this purpose, “reprice” means (i)
any of the following or any other action that has the same effect: (A) lowering the exercise price of a Stock Option after it
is granted, (B) any other action that is treated as a repricing under U.S. generally accepted accounting principles (“GAAP”),
or (C) cancelling a Stock Option at a time when its exercise price exceeds the Fair Market Value of the underlying Common Stock,
in exchange for another Stock Option, restricted stock or other equity, unless the cancellation and exchange occurs in connection
with a merger, acquisition, spin-off or other similar corporate transaction; and (ii) any other action that is considered to be
a repricing under formal or informal guidance issued by exchange or market on which the Company’s Common Stock then trades
or is quoted, provided that no repricing may (1) increase the exercise price of any option granted under the Plan, or (2)
reduce the exercise price below the Fair Market Value of the Company’s Common Stock on the date the action is taken to reduce
such exercise price (without the approval of the holder thereof).

 

6.9.           
In addition to, and without limiting the above Section 6.8, the Administrator may permit the voluntary surrender of all
or a portion of any Stock Option granted under the Plan to be conditioned upon the granting to the Participant of a new Stock
Option for the same or a different number of shares of Common Stock as the Stock Option surrendered, or may require such voluntary
surrender as a condition precedent to a grant of a new Stock Option to such Participant. Subject to the provisions of the Plan,
such new Stock Option shall be exercisable at such Option Price, during such Option Period and on such other terms and conditions
as are specified by the Administrator at the time the new Stock Option is granted. Upon surrender, the Stock Options surrendered
shall be canceled and the shares of Common Stock previously subject to them shall be available for the grant of other Stock Options.

 

ARTICLE
VII.

RESTRICTED STOCK

 

7.1.           
The Administrator, in its sole discretion, may from time to time on or after the Effective Date award shares of Restricted Stock
to Eligible Persons as a reward for past service and an incentive for the performance of future services that will contribute
materially to the successful operation of the Company and its Affiliates, subject to the terms and conditions set forth in this
ARTICLE VII.

 

7.2.           
The Administrator shall determine the terms and conditions of any Award of Restricted Stock, which shall be set forth in the related
Award Agreement, including without limitation:

 

7.2.1            the purchase price, if any, to be paid for such Restricted Stock, which may be zero, subject to such minimum consideration as
may be required by Applicable Law;

 

7.2.2            the duration of the Restriction Period or Restriction Periods with respect to such Restricted Stock and whether any events may
accelerate or delay the end of such Restriction Period(s);

 

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7.2.3            the circumstances upon which the restrictions or limitations shall lapse, and whether such restrictions or limitations shall lapse
as to all shares of Restricted Stock at the end of the Restriction Period or as to a portion of the shares of Restricted Stock
in installments during the Restriction Period by means of one or more vesting schedules;

 

7.2.4            whether such Restricted Stock is subject to repurchase by the Company or to a right of first refusal at a predetermined price
or if the Restricted Stock may be forfeited entirely under certain conditions;

 

7.2.5            whether any performance goals may apply to a Restriction Period to shorten or lengthen such period; and

 

7.2.6            whether dividends and other distributions with respect to such Restricted Stock are to be paid currently to the Participant or
withheld by the Company for the account of the Participant.

 

7.3.           
Awards of Restricted Stock must be accepted within a period of thirty (30) days after the Grant Date (or such shorter or longer
period as the Administrator may specify at such time) by executing an Award Agreement with respect to such Restricted Stock and
tendering the purchase price, if any. A prospective recipient of an Award of Restricted Stock shall not have any rights with respect
to such Award, unless such recipient has executed an Award Agreement with respect to such Restricted Stock, has delivered a fully
executed copy thereof to the Administrator and has otherwise complied with the applicable terms and conditions of such Award.

 

7.4.           
In the sole discretion of the Administrator and as set forth in the Award Agreement for an Award of Restricted Stock, all shares
of Restricted Stock held by a Participant and still subject to restrictions shall be forfeited by the Participant upon the Participant’s
Termination of Service and shall be reacquired, canceled and retired by the Company. Notwithstanding the foregoing, unless otherwise
provided in an Award Agreement with respect to an Award of Restricted Stock, in the event of the death, Disability or Retirement
of a Participant during the Restriction Period, or in other cases of special circumstances (including hardship or other special
circumstances of a Participant whose employment is involuntarily terminated), the Administrator may elect to waive in whole or
in part any remaining restrictions with respect to all or any part of such Participant’s Restricted Stock, if it finds that
a waiver would be appropriate.

 

7.5.           
Except as otherwise provided in this ARTICLE VII, no shares of Restricted Stock received by a Participant shall be sold,
exchanged, transferred, pledged, hypothecated or otherwise disposed of during the Restriction Period.

 

7.6.           
Upon an Award of Restricted Stock to a Participant, a certificate or certificates representing the shares of such Restricted Stock
will be issued to and registered in the name of the Participant. Unless otherwise determined by the Administrator, such certificate
or certificates will be held in custody by the Company until (i) the Restriction Period expires and the restrictions or limitations
lapse, in which case one or more certificates representing such shares of Restricted Stock that do not bear a restrictive legend
(other than any legend as required under applicable federal or state securities laws) shall be delivered to the Participant, or
(ii) a prior forfeiture by the Participant of the shares of Restricted Stock subject to such Restriction Period, in which case
the Company shall cause such certificate or certificates to be canceled and the shares represented thereby to be retired, all
as set forth in the Participant’s Award Agreement. It shall be a condition of an Award of Restricted Stock that the Participant
deliver to the Company a stock power endorsed in blank relating to the shares of Restricted Stock to be held in custody by the
Company.

 

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7.7.           
Except as provided in this ARTICLE VII or in the related Award Agreement, a Participant receiving an Award of shares of
Restricted Stock Award shall have, with respect to such shares, all rights of a stockholder of the Company, including the right
to vote the shares and the right to receive any distributions, unless and until such shares are otherwise forfeited by such Participant;
provided, however, the Administrator may require that any cash dividends with respect to such shares of Restricted Stock be automatically
reinvested in additional shares of Restricted Stock subject to the same restrictions as the underlying Award, or may require that
cash dividends and other distributions on Restricted Stock be withheld by the Company or its Affiliates for the account of the
Participant. The Administrator shall determine whether interest shall be paid on amounts withheld, the rate of any such interest,
and the other terms applicable to such withheld amounts.

 

ARTICLE
VIII.

STOCK AWARDS

 

8.1.           
The Administrator, in its sole discretion, may from time to time on or after the Effective Date grant Stock Awards to Eligible
Persons in payment of compensation that has been earned or as compensation to be earned, including without limitation compensation
awarded or earned concurrently with or prior to the grant of the Stock Award, subject to the terms and conditions set forth in
this ARTICLE VIII.

 

8.2.           
For the purposes of this Plan, in determining the value of a Stock Award, all shares of Common Stock subject to such Stock Award
shall be set in the Award Agreement and may be less than one hundred percent (100%) of the Fair Market Value of the Common Stock
at the Grant Date.

 

8.3.           
Unless otherwise determined by the Administrator and set forth in the related Award Agreement, shares of Common Stock subject
to a Stock Award will be issued, and one or more certificates representing such shares will be delivered, to the Participant as
soon as practicable following the Grant Date of such Stock Award. Upon the issuance of such shares and the delivery of one or
more certificates representing such shares to the Participant, such Participant shall be and become a stockholder of the Company
fully entitled to receive dividends, to vote and to exercise all other rights of a stockholder of the Company. Notwithstanding
any other provision of this Plan, unless the Administrator expressly provides otherwise with respect to a Stock Award, as set
forth in the related Award Agreement, no Stock Award shall be deemed to be an outstanding Award for purposes of the Plan.

 

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ARTICLE
IX.

PERFORMANCE SHARES

 

9.1.           
The Administrator, in its sole discretion, may from time to time on or after the Effective Date award Performance Shares to Eligible
Persons as an incentive for the performance of future services that will contribute materially to the successful operation of
the Company and its Affiliates, subject to the terms and conditions set forth in this ARTICLE IX.

 

9.2.           
The Administrator shall determine the terms and conditions of any Award of Performance Shares, which shall be set forth in the
related Award Agreement, including without limitation:

 

9.2.1            the purchase price, if any, to be paid for such Performance Shares, which may be zero, subject to such minimum consideration as
may be required by Applicable Law;

 

9.2.2            the performance period (the “Performance Period”) and/or performance objectives (the “Performance
Objectives”) applicable to such Awards;

 

9.2.3            the number of Performance Shares that shall be paid to the Participant if the applicable Performance Objectives are exceeded or
met in whole or in part; and

 

9.2.4            the form of settlement of a Performance Share.

 

9.3.           
At any date, each Performance Share shall have a value equal to the Fair Market Value of a share of Common Stock.

 

9.4.           
Performance Periods may overlap, and Participants may participate simultaneously with respect to Performance Shares for which
different Performance Periods are prescribed.

 

9.5.           
Performance Objectives may vary from Participant to Participant and between Awards and shall be based upon such performance criteria
or combination of factors as the Administrator may deem appropriate, including, but not limited to, minimum earnings per share
or return on equity. If during the course of a Performance Period there shall occur significant events which the Administrator
expects to have a substantial effect on the applicable Performance Objectives during such period, the Administrator may revise
such Performance Objectives.

 

9.6.           
In the sole discretion of the Administrator and as set forth in the Award Agreement for an Award of Performance Shares, all Performance
Shares held by a Participant and not earned shall be forfeited by the Participant upon the Participant’s Termination of
Service. Notwithstanding the foregoing, unless otherwise provided in an Award Agreement with respect to an Award of Performance
Shares, in the event of the death, Disability or Retirement of a Participant during the applicable Performance Period, or in other
cases of special circumstances (including hardship or other special circumstances of a Participant whose employment is involuntarily
terminated), the Administrator may determine to make a payment in settlement of such Performance Shares at the end of the Performance
Period, based upon the extent to which the Performance Objectives were satisfied at the end of such period and pro-rated for the
portion of the Performance Period during which the Participant was employed by the Company or an Affiliate; provided, however,
that the Administrator may provide for an earlier payment in settlement of such Performance Shares in such amount and under such
terms and conditions as the Administrator deems appropriate or desirable.

 

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9.7.           
The settlement of a Performance Share shall be made in cash, whole shares of Common Stock or a combination thereof and shall be
made as soon as practicable after the end of the applicable Performance Period. Notwithstanding the foregoing, the Administrator
in its sole discretion may allow a Participant to defer payment in settlement of Performance Shares on terms and conditions approved
by the Administrator and set forth in the related Award Agreement entered into in advance of the time of receipt or constructive
receipt of payment by the Participant.

 

9.8.           
Performance Shares shall not be transferable by the Participant. The Administrator shall have the authority to place additional
restrictions on the Performance Shares including, but not limited to, restrictions on transfer of any shares of Common Stock that
are delivered to a Participant in settlement of any Performance Shares.

 

ARTICLE
X.

CHANGES OF CONTROL OR OTHER FUNDAMENTAL CHANGES

 

10.1.        
Upon the occurrence of a Change of Control and unless otherwise provided in the Award Agreement with respect to a particular Award:

 

10.1.1           all outstanding Stock Options shall become immediately exercisable in full, subject to any appropriate adjustments in the number
of shares subject to the Stock Option and the Option Price, and shall remain exercisable for the remaining Option Period, regardless
of any provision in the related Award Agreement limiting the exercisability of such Stock Option or any portion thereof for any
length of time;

 

10.1.2           all outstanding Performance Shares with respect to which the applicable Performance Period has not been completed shall be paid
out as soon as practicable as follows:

 

(i) all Performance Objectives applicable to the Award of Performance Shares shall be deemed to have been satisfied to the extent
necessary to earn one hundred percent (100%) of the Performance Shares covered by the Award;

 

(ii)
the applicable Performance Period shall be deemed to have been completed upon occurrence of the Change of Control;

 

(iii) the payment to the Participant in settlement of the Performance Shares shall be the amount determined by the Administrator,
in its sole discretion, or in the manner stated in the Award Agreement, as multiplied by a fraction, the numerator of which is
the number of full calendar months of the applicable Performance Period that have elapsed prior to occurrence of the Change of
Control, and the denominator of which is the total number of months in the original Performance Period; and

 

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(iv)
upon the making of any such payment, the Award Agreement as to which it relates shall be deemed terminated and of no further force
and effect; and

 

10.1.3            
all outstanding shares of Restricted Stock with respect to which the restrictions have not lapsed shall be deemed vested, and
all such restrictions shall be deemed lapsed and the Restriction Period ended.

 

10.2.       
Anything contained herein to the contrary notwithstanding, upon the dissolution or liquidation of the Company, each Award granted
under the Plan and then outstanding shall terminate; provided, however, that following the adoption of a plan of dissolution or
liquidation, and in any event prior to the effective date of such dissolution or liquidation, each such outstanding Award granted
hereunder shall be exercisable in full and all restrictions shall lapse, to the extent set forth in Section 10.1.1, 10.1.2
and 10.1.3 above.

 

10.3.       
After the merger of one or more corporations into the Company or any Affiliate, any merger of the Company into another corporation,
any consolidation of the Company or any Affiliate of the Company and one or more corporations, or any other corporate reorganization
of any form involving the Company as a party thereto and involving any exchange, conversion, adjustment or other modification
of the outstanding shares of the Common Stock, each Participant shall, at no additional cost, be entitled, upon any exercise of
such Participant’s Stock Option, to receive, in lieu of the number of shares as to which such Stock Option shall then be
so exercised, the number and class of shares of stock or other securities or such other property to which such Participant would
have been entitled to pursuant to the terms of the agreement of merger or consolidation or reorganization, if at the time of such
merger or consolidation or reorganization, such Participant had been a holder of record of a number of shares of Common Stock
equal to the number of shares as to which such Stock Option shall then be so exercised. Comparable rights shall accrue to each
Participant in the event of successive mergers, consolidations or reorganizations of the character described above. The Administrator
may, in its sole discretion, provide for similar adjustments upon the occurrence of such events with regard to other outstanding
Awards under this Plan. The foregoing adjustments and the manner of application of the foregoing provisions shall be determined
by the Administrator in its sole discretion. Any such adjustment may provide for the elimination of any fractional shares which
might otherwise become subject to an Award. All adjustments made as the result of the foregoing in respect of each Incentive Stock
Option shall be made so that such Incentive Stock Option shall continue to be an Incentive Stock Option, as defined in Section
422 of the Code.

 

ARTICLE
XI.

AMENDMENT AND TERMINATION

 

11.1.       
Subject to the provisions of Section 11.2, the Board of Directors at any time and from time to time may amend or terminate
the Plan as may be necessary or desirable to implement or discontinue the Plan or any provision hereof, to the extent required
by the Act or the Code, or rules and regulations of the Stock Exchange and/or such other securities exchanges, if any, which the
Company’s Common Stock is then subject to, however, no amendment, without approval by the Company’s stockholders,
shall:

 

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11.1.1           materially alter the group of persons eligible to participate in the Plan;

 

11.1.2           except as provided in Section 3.4, change the maximum aggregate number of shares of Common Stock that are available for
Awards under the Plan; or

 

11.1.3           alter the class of individuals eligible to receive an Incentive Stock Option or increase the limit on Incentive Stock Options
set forth in Section 4.1.4 or the value of shares of Common Stock for which an Eligible Employee may be granted an Incentive
Stock Option.

 

11.2.       
No amendment to or discontinuance of the Plan or any provision hereof by the Board of Directors or the stockholders of the Company
shall, without the written consent of the Participant, adversely affect (in the sole discretion of the Administrator) any Award
theretofore granted to such Participant under this Plan; provided, however, that the Administrator retains the right and power
to:

 

11.2.1           annul any Award if the Participant is terminated for cause as determined by the Administrator; and

 

11.2.2           convert any outstanding Incentive Stock Option to a Nonqualified Stock Option.

 

11.3.       
If a Change of Control has occurred, no amendment or termination shall impair the rights of any person with respect to an outstanding
Award as provided in ARTICLE X.

 

ARTICLE
XII.

SECURITIES MATTERS AND REGULATIONS

 

12.1.        
Notwithstanding anything herein to the contrary, the obligation of the Company to sell or deliver Shares with respect to any Award
granted under the Plan shall be subject to all Applicable Laws, rules and regulations, including all applicable federal and state
securities laws, and the obtaining of all such approvals by governmental agencies as may be deemed necessary or appropriate by
the Administrator. The Administrator may require, as a condition of the issuance and delivery of certificates evidencing shares
of Common Stock pursuant to the terms hereof, that the recipient of such shares make such agreements and representations, and
that such certificates bear such legends, as the Administrator, in its sole discretion, deems necessary or advisable.

 

12.2.       
Each Award is subject to the requirement that, if at any time the Administrator determines that the listing, registration or qualification
of Shares is required by any securities exchange or under any state or federal law, or the consent or approval of any governmental
regulatory body is necessary or desirable as a condition of, or in connection with, the grant of an Award or the issuance of Shares,
no such Award shall be granted or payment made or Shares issued, in whole or in part, unless listing, registration, qualification,
consent or approval has been effected or obtained free of any conditions not acceptable to the Administrator.

 

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12.3.       
In the event that the disposition of Shares acquired pursuant to the Plan is not covered by a then current registration statement
under the Securities Act and is not otherwise exempt from such registration, such Shares shall be restricted against transfer
to the extent required by the Securities Act or regulations thereunder, and the Administrator may require a Participant receiving
Common Stock pursuant to the Plan, as a condition precedent to receipt of such Common Stock, to represent to the Company in writing
that the Common Stock acquired by such Participant is acquired for investment only and not with a view to distribution.

 

ARTICLE
XIII.

SECTION 409A OF THE CODE

 

13.1.       
Unless otherwise expressly provided for in an Award Agreement, the Plan and each Award Agreement will be interpreted to the greatest
extent possible in a manner that makes the Plan and the Awards granted hereunder exempt from Section 409A of the Code, and, to
the extent not so exempt, in compliance with Section 409A of the Code. If the Administrator determines that any Award granted
hereunder is not exempt from and is therefore subject to Section 409A of the Code, the Award Agreement evidencing such Award will
incorporate the terms and conditions necessary to avoid the consequences specified in Section 409A(a)(1) of the Code, and to the
extent an Award Agreement is silent on terms necessary for compliance, such terms are hereby incorporated by reference into the
Award Agreement. Notwithstanding anything to the contrary in this Plan (and unless the Award Agreement specifically provides otherwise),
if the Shares are publicly traded, and if a Participant holding an Award that constitutes “deferred compensation”
under Section 409A of the Code is a “specified employee” for purposes of Section 409A of the Code, no
distribution or payment of any amount that is due because of a “separation from service” (as defined
in Section 409A of the Code without regard to alternative definitions thereunder) will be issued or paid before the date that
is six months following the date of such Participant’s “separation from service” (as defined in
Section 409A of the Code without regard to alternative definitions thereunder) or, if earlier, the date of the Participant’s
death, unless such distribution or payment can be made in a manner that complies with Section 409A of the Code, and any amounts
so deferred will be paid in a lump sum on the day after such six month period elapses, with the balance paid thereafter on the
original schedule.

 

13.2.       
With respect to any Award that constitutes nonqualified deferred compensation within the meaning of Section 409A of the Code,
termination of a Participant’s Continuous Service Status shall mean a separation from service within the meaning of Section
409A of the Code, unless the Participant was an Employee immediately prior to such termination and is then contemporaneously retained
as a Consultant pursuant to a written agreement and such agreement provides otherwise. The Continuous Service Status of a Participant
shall be deemed to have terminated for all purposes of the Plan if such person is employed by or provides services to Subsidiary
and such Subsidiary ceases to be a Subsidiary, unless the Administrator determines otherwise. To the extent permitted by Section
409A of the Code, a Participant who ceases to be an Employee of the Company but continues, or simultaneously commences, services
as a Director of the Company shall be deemed to have had a termination of Continuous Service Status for purposes of the Plan.

 

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ARTICLE
XIV.

MISCELLANEOUS PROVISIONS

 

14.1.       
Nothing in the Plan or any Award granted hereunder shall confer upon any Participant any right to continue in the employ of the
Company or its Affiliates or to serve as a Director or shall interfere in any way with the right of the Company or its Affiliates
or the stockholders of the Company, as applicable, to terminate the employment of a Participant or to release or remove a Director
at any time. Unless specifically provided otherwise, no Award granted under the Plan shall be deemed salary or compensation for
the purpose of computing benefits under any employee benefit plan or other arrangement of the Company or its Affiliates for the
benefit of their respective employees unless the Company shall determine otherwise. No Participant shall have any claim to an
Award until it is actually granted under the Plan and an Award Agreement has been executed and delivered to the Company. To the
extent that any person acquires a right to receive payments from the Company under the Plan, such right shall, except as otherwise
provided by the Administrator, be no greater than the right of an unsecured general creditor of the Company. All payments to be
made hereunder shall be paid from the general funds of the Company, and no special or separate fund shall be established and no
segregation of assets shall be made to assure payment of such amounts, except as provided in ARTICLE VII with respect to
Restricted Stock and except as otherwise provided by the Administrator.

 

14.2.       
The Plan and the grant of Awards shall be subject to all applicable federal and state laws, rules, and regulations and to such
approvals by any government or regulatory agency as may be required. Any provision herein relating to compliance with Rule 16b-3
under the Act shall not be applicable with respect to participation in the Plan by Participants who are not subject to Section
16 of the Act.

 

14.3.       
The terms of the Plan shall be binding upon the Company, its successors and assigns.

 

14.4.       
Neither a Stock Option nor any other type of equity-based compensation provided for hereunder shall be transferable except as
provided for in Section 6.2. In addition to the transfer restrictions otherwise contained herein, additional transfer restrictions
shall apply to the extent required by federal or state securities laws. If any Participant makes such a transfer in violation
hereof, any obligation hereunder of the Company to such Participant shall terminate immediately.

 

14.5.       
This Plan and all actions taken hereunder shall be governed by the laws of the State of Nevada.

 

14.6.       
Each Participant exercising an Award hereunder agrees to give the Administrator prompt written notice of any election made by
such Participant under Section 83(b) of the Code, or any similar provision thereof, as applicable.

 

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14.7.        
If any provision of this Plan or an Award Agreement is or becomes or is deemed invalid, illegal or unenforceable in any jurisdiction,
or would disqualify the Plan or any Award Agreement under any law deemed applicable by the Administrator, such provision shall
be construed or deemed amended to conform to Applicable Laws, or if it cannot be construed or deemed amended without, in the determination
of the Administrator, materially altering the intent of the Plan or the Award Agreement, it shall be stricken, and the remainder
of the Plan or the Award Agreement shall remain in full force and effect.

 

14.8.        
The grant of an Award pursuant to this Plan shall not affect in any way the right or power of the Company or any of its Affiliates
to make adjustments, reclassification, reorganizations, or changes of its capital or business structure, or to merge or consolidate,
or to dissolve, liquidate or sell, or to transfer all or part of its business or assets.

 

14.9.        
The Plan is not subject to the provisions of ERISA or qualified under Section 401(a) of the Code.

 

14.10.   
If a Participant is required to pay to the Company an amount with respect to income and employment tax withholding obligations
in connection with (i) the exercise of a Nonqualified Stock Option, (ii) certain dispositions of Common Stock acquired upon the
exercise of an Incentive Stock Option, or (iii) the receipt of Common Stock pursuant to any other Award, then the issuance of
Common Stock to such Participant shall not be made (or the transfer of shares by such Participant shall not be required to be
effected, as applicable) unless such withholding tax or other withholding liabilities shall have been satisfied in a manner acceptable
to the Company. To the extent provided by the terms of an Award Agreement, the Participant may satisfy any federal, state or local
tax withholding obligation relating to the exercise or acquisition of Common Stock under an Award by any of the following means
(in addition to the Company’s right to withhold from any compensation paid to the Participant by the Company) or by a combination
of such means: (i) tendering a cash payment; (ii) authorizing the Company to withhold shares of Common Stock from the shares of
Common Stock otherwise issuable to the Participant as a result of the exercise or acquisition of Common Stock under the Award,
provided, however, that no shares of Common Stock are withheld with a value exceeding the minimum amount of tax required to be
withheld by law; or (iii) delivering to the Company owned and unencumbered shares of Common Stock.

 

14.11.       
Compliance with other laws.

 

14.11.1            
For Reporting Persons:

 

(i)    
the Plan is intended to satisfy the provisions of Rule 16b-3;

 

(ii)  
all transactions involving Participants who are subject to Section 16(b) of the Act are subject to the provisions of Rule 16b-3
regardless of whether they are set forth in the Plan; and

 

(iii)
any provision of the Plan that conflicts with Rule 16b-3 does not apply to the extent of the conflict.

 

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Vertex Energy, Inc.
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14.11.2           
If any provision of the Plan, any Award, or Award Agreement conflicts with the requirements of Code Section 162(m) or 422 for
Awards subject to these requirements, then that provision does not apply to the extent of the conflict.

 

14.11.3           
Notwithstanding any other provision of the Plan, if, for an Employee of a parent company, the conversion of an Incentive Stock
Option to a Nonqualified Stock Option or the treatment of an Incentive Stock Option as a Nonqualified Stock Option would not satisfy
the requirements of Code Section 409A or an exemption thereto, as determined by the Administrator in its exclusive discretion,
then the Incentive Stock Option shall terminate on the date that it would no longer qualify as an Incentive Stock Option as determined
by the Administrator in its exclusive discretion.

 

14.12.   
In addition to the remedies of the Company elsewhere provided for herein, failure by a Participant to comply with any of the terms
and conditions of the Plan or any Award Agreement, unless such failure is remedied by such Participant within ten days after having
been notified of such failure by the Administrator, shall be grounds for the cancellation and forfeiture of such Award, in whole
or in part, as the Administrator, in its sole discretion, may determine.

 

14.13.   
Any reference in the Plan to a written document includes any document delivered electronically or posted on the Company’s
intranet.

 

14.14.   
The headings and captions in the Plan are inserted as a matter of convenience for organizational purposes, and do not construe,
define, extend, interpret, or limit any provision of the Plan.

 

14.15.   
Whenever the context may require, any pronoun includes the corresponding masculine, feminine, or neuter form, and the singular
includes the plural and vice versa.

 

14.16.   
Any reference in the Plan to a statutory or regulatory provision includes corresponding successor provisions.

 

14.17.   
The proceeds from the sale of shares pursuant to Awards granted under the Plan shall constitute general funds of the Company.

 

14.18.   
A Participant’s electronic signature of an Award Agreement shall have the same validity and effect as a signature affixed
by hand.

 

14.19.   
Notwithstanding anything in the Plan or in any Award Agreement to the contrary, the Company will be entitled to the extent permitted
or required by Applicable Law, Company policy and/or the requirements of a Stock Exchange on which the Shares are listed for trading,
in each case, as in effect from time to time, to recoup compensation of whatever kind paid by the Company at any time to a Participant
under this Plan. No such recoupment of compensation will be an event giving rise to a right to resign for “good reason”
or “constructive termination” (or similar term) under any agreement between any Participant and the
Company.

 

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14.20.   
Corporate action constituting a grant by the Company of an Award to any Participant shall be deemed completed as of the date of
such corporate action, unless otherwise determined by the Administrator, regardless of when the instrument, certificate, or letter
evidencing the Award is communicated to, or actually received or accepted by, the Participant. In the event that the corporate
records (e.g., Board consents, resolutions or minutes) documenting the corporate action constituting the grant contain terms (e.g.,
exercise price, vesting schedule or number of Shares) that are inconsistent with those in the Award Agreement or related grant
documents as a result of a clerical error in the preparation of the Award Agreement or related grant documentation, the corporate
records will control, and the Participant will have no legally binding right to the incorrect term in the Award Agreement or related
grant documentation.

 

14.21.   
Nothing contained in the Plan or in any Award agreement executed pursuant hereto shall be deemed to confer upon any individual
or entity to whom an Award is or may be granted hereunder any right to remain in the employ or service of the Company or a parent
or subsidiary of the Company or any entitlement to any remuneration or other benefit pursuant to any consulting or advisory arrangement.

 

*
* * * *

 

Approved
by the Board of Directors on April 27, 2020, and approved and ratified by the Stockholders of the Company on June 17, 2020.

 

Amended and restated by the stockholders on May 26, 2021.

 

    Amended and Restated 2020 Equity Incentive Plan
Vertex Energy, Inc.
27 of 27Exhibit 4.1

 

WARRANT
AGREEMENT

 

by and among

 

RICE ACQUISITION CORP. II,

 

RICE ACQUISITION HOLDINGS II LLC

 

and

 

CONTINENTAL STOCK TRANSFER & TRUST COMPANY

 

Dated as of June 15, 2021

 

THIS WARRANT AGREEMENT (this
“Agreement”), dated as of June 15, 2021, is by and among Rice Acquisition Corp. II, a Cayman Islands exempted
company (the “Company”), Rice Acquisition Holdings II LLC, a Cayman Islands limited liability company (“Opco”
and, together with the Company, the “SPAC Parties”) and Continental Stock Transfer & Trust Company, a New
York limited purpose trust company, as warrant agent (the “Warrant Agent”, also referred to herein as the “Transfer
Agent”).

 

WHEREAS, it is proposed that
the Company enter into that certain Private Placement Warrants Purchase Agreements with Rice Acquisition Sponsor II LLC, a Delaware limited
liability company (the “Sponsor”), pursuant to which the Sponsor will purchase an aggregate of 10,000,000 warrants
of the Company (or 10,900,000 warrants of the Company if the Over-allotment Option (as defined below) in connection with the Offering
(as defined below) is exercised in full) , simultaneously with the closing of the Offering (and the closing of the Over-allotment Option,
if applicable), bearing the legend set forth in Exhibit B hereto (the “Private Placement Warrants”) and,
in each case, a non-exclusive right to exercise a corresponding number of Opco warrants initially issued to Company (such warrants, the
“Opco Warrants”), for an aggregate purchase price of $1.00 per Private Placement Warrant and such rights in
the Opco Warrants; and

 

WHEREAS, in order to finance
the SPAC Parties’ 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 and rights in a corresponding number of Opco warrants at a price of $1.00 per warrant; and

 

WHEREAS, the Company is
engaged in an initial public offering (the “Offering”) of units of the Company’s equity securities,
each such unit comprised of one Class A Ordinary Share (as defined below) and one-fourth of one whole Public Warrant (as defined
below) (the “Units”) and, in connection therewith, has determined to issue and deliver up to 8,625,000
warrants of the Company (including up to 1,125,000 warrants subject to the Over-allotment Option) to public investors in the
Offering (the “Public Warrants” and, together with the Private Placement Warrants, the
“Company Warrants,” and together with the Opco Warrants, the “Warrants”). Each
whole Public Warrant entitles the holder thereof to purchase one whole Class A Ordinary Share of the Company, par value $0.0001 per
share (“Class A Ordinary Shares”), for $11.50 per share, subject to adjustment as described herein. Each
whole Private Placement Warrant entitles the holder thereof to purchase, subject to the limitations described herein, one whole
Class A Ordinary Share for $11.50, subject to adjustment as described herein; and

 

     

     

    

 

WHEREAS, the Company shall use
the proceeds of the Offering to acquire from Opco a number of additional Class A Unit of Opco (“Class A Units”)
and Opco Warrants equal to the number of Class A Ordinary Shares and Company Warrants, respectively, comprising the Units issued in the
Offering;

 

WHEREAS, pursuant to the Amended
and Restated Limited Liability Company Agreement of Opco, dated June 15, 2021 (the “Opco LLC Agreement”), upon
the exercise of any Company Warrant, the Company is obligated to exercise a corresponding Opco Warrant; and

 

WHEREAS, each whole Opco Warrant
entitles the holder thereof to purchase, subject to the limitations described herein, one whole Class A Unit and, in the case of a holder
other than the Company (or its subsidiaries), one whole Class B Ordinary Share of the Company, par value $0.0001 per share (“Class
B Ordinary Shares”), for $11.50 per unit, subject to adjustment as described herein; and

 

WHEREAS, the Company has filed
with the Securities and Exchange Commission (the “Commission”) a registration statement on Form S-1 (File No.
333-254080) (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; and

 

WHEREAS, the SPAC Parties desire
the Warrant Agent to act on its behalf, 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 SPAC Parties desire
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, Opco, 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 Company Warrants, when executed on behalf of the Company, and the Opco Warrants,
when executed on behalf of Opco, and in each case, countersigned by or on behalf of the Warrant Agent (if a physical certificate is issued),
as provided herein, the valid, binding and legal obligations of the Company or the Opco, as applicable, 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 SPAC Parties hereby appoint the Warrant Agent to act as agent for the SPAC Parties 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

     

    

 

2. 
Warrants.

 

2.1 
Form of Warrant. Each Warrant shall be initially 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 certificated 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 in book-entry form, the
Warrant Agent shall issue and register the Warrants in the names of the respective holders thereof in such denominations and otherwise
in accordance with instructions delivered to the Warrant Agent by the SPAC Parties. 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 (“Definitive Warrant Certificates”) 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
Accounting 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 SPAC Parties and the Warrant
Agent may deem and treat the person in whose name such Warrant is registered in the Warrant Register (the “Registered Holder”)
as the absolute owner of such Warrant and of each Warrant represented thereby, for the purpose of any exercise thereof, and for all other
purposes, and neither the SPAC Parties nor the Warrant Agent shall be affected by any notice to the contrary.

 

    3

     

    

 

2.4 
 Detachability of Warrants. The Class A Ordinary Shares and Public Warrants comprising the Units shall begin separate trading
on the 52nd day following the date of the Prospectus or, if such 52nd day is not on a day, other than a Saturday, Sunday or federal holiday,
on which banks in New York City are generally open for normal business (a “Business Day”), then on the immediately
succeeding Business Day following such date, or earlier (the “Detachment Date”) with the consent of Citigroup
Global Markets Inc. and Barclays Capital Inc., representatives of the several underwriters, 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 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 Current
Report on Form 8-K, and (B) the Company issues a press release announcing when such separate trading shall begin.

 

2.5 
No Fractional Warrants Other Than as Part of Units. The SPAC Parties shall not issue fractional Warrants other than as part
of the Units, each of which is comprised of one Class A Ordinary Share and one-fourth of one whole Public Warrant. If, upon the detachment
of Public Warrants from the Units or otherwise, a holder of Warrants would be entitled to receive a fractional Warrant, the Company shall
round down to the nearest whole number the number of Warrants to be issued to such holder.

 

2.6 
Private Placement Warrants; Opco Warrants and Warrant Rights.

 

2.6.1 
Private Placement Warrants. The Private Placement Warrants shall be identical to the Public Warrants, except that so long
as they are held by the Sponsor or any of its respective Permitted Transferees (as defined below), the Private Placement Warrants: (i)
may be exercised for cash or on a cashless basis, pursuant to subsection 3.3.1(c) hereof, (ii) will terminate as of the close of
the first transaction or series of transactions (whether through a merger, equity exchange or purchase, asset acquisition, reorganization
or similar transaction) resulting in a business combination involving the SPAC Parties and one or more operating businesses (the “Initial
Business Combination”) if any holder, other than the Company (or any of its subsidiaries), of the Class A Units of Opco
associated with such Opco Warrant Rights continues to hold any Class A Units of Opco (or of any successor to Opco) immediately after the
close of the Initial Business Combination, in which case the associated Opco Warrant Rights will not terminate, (iii) may not be transferred,
assigned or sold until thirty (30) days after the completion by the Company of an Initial Business Combination, and (iv) shall not be
redeemable by the Company for cash pursuant to Section 6.1 hereof; provided, however, that in the case of (iii),
the Private Placement Warrants and any Class A Ordinary Shares held by the Sponsor or any of its respective Permitted Transferees and
issued upon exercise of the Private Placement Warrants or upon exchange of any Class A Units of Opco issued upon exercise of any warrants
of Opco may be transferred by the holders thereof:

 

(a) 
to the Company’s officers or directors, any affiliates or family members of any of the Company’s officers or directors,
any member(s) or partners of the Sponsor or their affiliates, any affiliates of the Sponsor, or any employees of such affiliates;

 

    4

     

    

 

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

 

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

 

(e) 
by virtue of the Sponsor’s organizational documents upon liquidation of the Sponsor;

 

(f) 
by private sales or transfers made in connection with any forward purchase agreement or similar agreement or in connection with
the consummation of the Company’s Initial Business Combination at prices no greater than the price at which the Private Placement
Warrants or Class A Ordinary Shares, as applicable, were originally purchased;

 

(g) 
to the Company for no value for cancellation in connection with the consummation of the Initial Business Combination;

 

(h) 
in the event of the Company’s liquidation prior to the completion of the Company’s Initial Business Combination; or

 

(i) 
in the event of the Company’s completion of a liquidation, merger, share exchange or other similar transaction which results
in all of the Company’s shareholders having the right to exchange their 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 (f), these permitted transferees (the “Permitted Transferees”) must enter into a
written agreement with the SPAC Parties agreeing to be bound by the transfer restrictions in this Agreement and the other restrictions
contained in the letter agreement, dated as of the date hereof, by and among the SPAC Parties, the Sponsor, and the Company’s officers
and directors.

 

2.6.2 
Opco Warrants and Warrant Rights.

 

(a) 
Prior to the consummation of the Initial Business Combination, the Company may transfer to the Sponsor or any of its respective
Permitted Transferees a non-exclusive right to exercise an Opco Warrant (“Opco Warrant Rights”). The holders
of such Opco Warrant Rights shall be designated on Exhibit C, as amended from time to time. The Opco Warrant Rights shall entitle
the holder thereof to exercise the underlying Opco Warrant subject to the terms hereof, and upon such exercise, the Company (or its transferees
of the underlying Opco Warrant) shall no longer have the right to exercise such Opco Warrant.

 

    5

     

    

 

(b)  The
Opco Warrant Rights in respect of any Opco Warrant (i) will become exclusive to the holder thereof, and
the rights of the Company (or any of its subsidiaries) to the underlying Opco Warrant will terminate, as of the close of the Initial
Business Combination, if any holder, other than the Company (or any of its subsidiaries), of the Units of Opco associated with such
Opco Warrant Rights continues to hold any such Units of Opco (or of any successor to Opco) immediately after the close of the
Initial Business Combination, (ii) will terminate with respect to the holder of such Opco Warrant Rights, and the rights of the
Company to the underlying Opco Warrant will become exclusive to the Company, as of the close of the Initial Business Combination if Section
2.6.2(b)(i) hereof does not apply to such Opco Warrant Rights, in which case the associated Private Placement Warrants will not
terminate, and (iii) may not be transferred, assigned or sold; provided, however, that in the case of (iii), the Opco
Warrant Rights, any underlying Opco Warrants, and any Class A Units and Class B Ordinary Shares held by the holder of such Opco
Warrant Rights immediately after the Offering or any of its Permitted Transferees and issued upon exercise of the Opco Warrant
Rights may be transferred by the holders thereof to (x) any person listed in Section 2.6.1(a)-(h) or (y) to the Company or
any of its subsidiaries; provided, however, any Permitted Transferees must enter into a written agreement with the
SPAC Parties agreeing to be bound by the transfer restrictions in this Agreement.

 

(z) 
For the avoidance of doubt, given that a holder of both a Private Placement Warrant and an associated Opco Warrant Right may not
exercise such rights until after the Initial Business Combination pursuant to Section 3.2, and one of either the Private Placement
Warrant or the associated Opco Warrant Right will terminate upon the Initial Business Combination pursuant to Section 2.6.1 or
this Section 2.6.2, respectively, such holder shall only be able to exercise either the Private Placement Warrant or the Opco Warrant
Right, but not both. All provisions of this Agreement shall be interpreted consistent with this Section 2.6.2(z).

 

(aa) 
To the extent appropriate as determined in the good faith of the Company and Opco, where the provisions after Section 2
of this Agreement refer to Warrants, Company Warrants, Private Placement Warrants, Class A Ordinary Shares, or the Company or associated
terms, such provisions shall apply in a similar manner to the Opco Warrants, Class A Units of Opco (and associated Class B Ordinary Shares)
and Opco or associated terms.

 

2.6.3 
Certain Actions by the Company. Upon the exercise of any Company Warrant, the Company shall, in accordance with the provisions
of the Opco LLC Agreement, exercise a corresponding Opco Warrant on the same terms on which such Opco Warrant was exercised. Upon the
exercise of any Opco Warrants (other than by the Company or any of its subsidiaries), the Company shall issue to Opco, for delivery to
the person exercising such Opco Warrants, a number of Class B Ordinary Shares, equal to the number of Class A Units issued upon the exercise
of such Opco Warrants.

 

    6

     

    

 

3. 
Terms and Exercise of Warrants.

 

3.1  Warrant
Price. Each whole Warrant shall entitle the Registered Holder thereof, subject to the provisions of such Warrant and of this
Agreement, (a) in the case of a Company Warrant, to purchase from the Company the number of Class A Ordinary Shares stated therein,
at the price of $11.50 per share, and (b) in the case of an Opco Warrant, to purchase from Opco the number of Class A Units (and in
the case of a holder other than the Company or its subsidiaries, a corresponding number of Class B Ordinary Shares) stated therein,
at the price of $11.50 per unit (and corresponding share, as applicable), in each case, subject to the adjustments provided in Section
4 hereof and in the last sentence of this Section 3.1. For the avoidance of doubt, if the Company (or any wholly owned
subsidiary) assigns a non-exclusive Opco Warrant Right in respect of an Opco Warrant to any other person pursuant to this Agreement,
Opco shall only be required to issue one (1) Class A Units in respect of such Opco Warrant and associated Opco Warrant Right, either
to the Company (or its wholly owned subsidiary) or to the holder of the Opco Warrant Right, respectively. 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) described in the prior sentence 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 fifteen (15) Business Days
(unless otherwise required by the Commission, any national securities exchange on which the Warrants are listed or applicable law),
provided, that the Company shall provide at least five (5) 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”)
(i) commencing on the date that is thirty (30) days after the first date on which the SPAC Parties complete an Initial Business Combination
and (ii) terminating at the earliest to occur of (x) 5:00 p.m., New York City time on the date that is five (5) years after the date on
which the SPAC Parties complete an 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 the Initial
Business Combination, and (z) other than with respect to the Private Placement Warrants or the Opco Warrants then held by the Sponsor
or its Permitted Transferees with respect to a redemption pursuant to Section 6.1 hereof or, if the Reference Value equals or exceeds
$18.00 per share (subject to adjustment in compliance with Section 4 hereof), Section 6.2 hereof, 5:00 p.m., New York City
time on the Redemption Date (as defined below) as provided in Section 6.3 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 or a valid exemption therefrom being available.
Except with respect to the right to receive the Redemption Price (as defined below) (other than with respect to a Private Placement Warrant
then held by the Sponsor or its Permitted Transferees in connection with a redemption pursuant to Section 6.1 hereof or, if the
Reference Value equals or exceeds $18.00 per share (subject to adjustment in compliance with Section 4 hereof), Section 6.2
hereof) in the event of a redemption (as set forth in Section 6 hereof), each Warrant (other than a Private Placement Warrant then
held by the Sponsor or its Permitted Transferees in the event of a redemption pursuant to Section 6.1 hereof or, if the Reference
Value equals or exceeds $18.00 per share (subject to adjustment in compliance with Section 4 hereof), Section 6.2 hereof)
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.

 

    7

     

    

 

3.3 
Exercise of Warrants.

 

3.3.1 
 Payment. Subject to the provisions of the Warrant and this Agreement, a Warrant may be exercised by the Registered Holder
thereof by delivering to the Warrant Agent at its corporate trust department (i) the Definitive Warrant Certificate evidencing the Warrants
to be exercised, or, in the case of a Warrant represented by a book-entry, the Warrants to be exercised (the “Book-Entry Warrants”)
on the records of the Depositary to an account of the Warrant Agent at the Depositary designated for such purposes in writing by the Warrant
Agent to the Depositary from time to time, (ii) an election to purchase (“Election to Purchase”) any Class A
Ordinary Shares pursuant to the exercise of a Warrant, properly completed and executed by the Registered Holder on the reverse of the
Definitive Warrant Certificate or, in the case of a Book-Entry Warrant, properly delivered by the Participant in accordance with the Depositary’s
procedures, and (iii) the payment in full the Warrant Price for each full Class A Ordinary Share or Class A Unit (and corresponding Class
B Ordinary Shares), as applicable, 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 or Class A Unit (and corresponding Class B Ordinary Shares),
as applicable, and the issuance of such Class A Ordinary Shares or Class A Unit (and corresponding Class B Ordinary Share), as applicable,
as follows:

 

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

 

(b) 
[Reserved];

 

(c) 
with respect to any Private Placement Warrant, so long as such Private Placement Warrant is held by the Sponsor, or a Permitted
Transferee, by surrendering the Warrants for that number of Class A Ordinary Shares equal to (i) if in connection with a redemption of
Private Placement Warrants pursuant to Section 6.2 hereof, as provided in Section 6.2 hereof with respect to a Make-Whole
Exercise (as defined below) and (ii) in all other scenarios 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)) less the Warrant Price by (y) the Fair Market Value. Solely for purposes of this subsection 3.3.1(c), the “Fair
Market Value” shall mean the average last reported sale price of the Class A Ordinary Shares for the ten (10) trading days ending
on the third (3rd) trading day prior to the date on which notice of exercise of the Private Placement Warrant is sent to the Warrant Agent;

 

(d) 
as provided in Section 6.2 hereof with respect to a Make-Whole Exercise; or

 

(e) 
as provided in Section 7.4 hereof.

 

    8

     

    

 

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 Class A Ordinary 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 with respect to the
Class A Ordinary Shares underlying the Warrants is then effective and a prospectus relating thereto is current, subject to the
Company’s satisfying its obligations under Section 7.4 or a valid exemption from registration is available. 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. Subject to Section
4.6 of this Agreement, a Registered Holder of Warrants may exercise its Warrants only for a whole number of Class A Ordinary
Shares. The Company may require holders of Public Warrants to settle the Public 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 Share, 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
shall be validly issued and, solely with respect to the Class A Ordinary Shares, fully paid and non-assessable.

 

3.3.4 
Date of Issuance. Each person in whose name any book-entry position or certificate, as applicable, for 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 resister 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.

 

    9

     

    

 

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% (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 outstanding Class A Ordinary Shares, the holder may rely on the number of 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 (in such
capacity, 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 or share dividend of 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 made to all or substantially all holders of Class A Ordinary
Shares entitling holders to purchase Class A Ordinary Shares at a price less than the “Historical Fair Market Value” (as
defined below) shall be deemed a 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 the Class A Ordinary Shares) multiplied by (ii) one (1) minus the quotient of
(x) the price per Class A Ordinary Share paid in such rights offering divided by (y) the Historical 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) “Historical Fair Market
Value” means the volume weighted average price of the Class A Ordinary Shares 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. No Class A Ordinary Shares shall be issued at less than
their par value.

 

    10

     

    

 

4.1.2 
Extraordinary Dividends. If the Company, at any time while the Warrants are outstanding and unexpired, pays to all or substantially
all of the holders of the Class A Ordinary Shares a dividend or make a distribution in cash, securities or other assets on account of
such Class A Ordinary Shares (or other shares into which the Warrants are convertible), other than (a) as described in subsection 4.1.1
above, (b) Ordinary Cash Dividends (as defined below), (c) to satisfy the redemption rights of the holders of the Class A Ordinary Shares
in connection with a proposed Initial Business Combination, (d) to satisfy the redemption rights of the holders of the Class A Ordinary
Shares in connection with a shareholder vote to amend the Company’s Amended and Restated Memorandum
and Articles of Association, to modify the substance or timing of the Company’s obligation to provide holders of Class A
Ordinary Shares the right to have their shares redeemed in connection with the Initial Business Combination or to redeem 100% of the Company’s
public shares if it does not complete its Initial Business Combination within the time period required by the Company’s
Amended and Restated Memorandum and Articles of Association, as amended from time to time, (e) as a result of the repurchase of
Class A Ordinary Shares by the Company if a proposed Initial Business Combination is presented to the shareholders of the Company for
approval or (f) 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 Company’s board of directors (the “Board”),
in good faith) of any securities or other assets paid on each Class A Ordinary Share 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 to the extent it does not
exceed $0.50 (which amount shall be 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).

 

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. If (x) the Company issues additional
Class A Ordinary Shares or equity-linked securities for capital raising purposes 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 or its affiliates, without taking into account any Class A Ordinary Share of
the Company issued prior to the Offering and held by the Sponsor or such 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 Company’s Initial Business Combination on the date of the
completion of the Company’s Initial Business Combination (net of redemptions), and (z) the volume-weighted average trading
price of Class A Ordinary Shares during the twenty (20) trading day period starting on the trading day prior to the day on which the
Company consummates its Initial Business Combination (such price, the “Market Value”) is below $9.20 per share, the
Warrant Price shall be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued
Price, the $18.00 per share redemption trigger price described in Section 6.1 and Section 6.2 shall be adjusted (to
the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price and the $10.00 per share
redemption trigger price described in Section 6.2 shall be adjusted (to the nearest cent) to be equal to the higher of the
Market Value and 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 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 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 (the “Alternative
Issuance” ); provided, however, that (i) if the holders of the Class A Ordinary Shares were entitled to exercise a
right of election as to the kind or amount of securities, cash or other assets receivable upon such consolidation or merger, then
the kind and amount of securities, cash or other assets constituting the Alternative Issuance for which each Warrant shall become
exercisable shall be deemed to be the weighted average of the kind and amount received per share by the holders of the Class A
Ordinary Shares in such consolidation or merger that affirmatively make such election, and (ii) if a tender, exchange or redemption
offer shall have been made to and accepted by the holders of the Class A Ordinary Shares (other than a tender, exchange or
redemption offer made by the Company in connection with redemption rights held by shareholders of the Company as provided for in the
Company’s Amended and Restated Memorandum and Articles of Association, as amended from time to time, or as a result of the
redemption of Class A Ordinary Shares by the Company if a proposed Initial Business Combination is presented to the shareholders of
the Company for approval) under circumstances in which, upon completion of such tender or exchange offer, the maker thereof,
together with members of any group (within the meaning of Rule 13d-5(b)(1) under the Exchange Act) of which such maker is a part,
and together with any affiliate or associate of such maker (within the meaning of Rule 12b-2 under the Exchange Act) and any members
of any such group of which any such affiliate or associate is a part, own beneficially (within the meaning of Rule 13d-3 under the
Exchange Act) more than 50% of the issued and outstanding Class A Ordinary Shares, the holder of a Warrant shall be entitled to
receive as the Alternative Issuance, the highest amount of cash, securities or other property to which such holder would actually
have been entitled as a shareholder if such Warrant holder had exercised the Warrant prior to the expiration of such tender or
exchange offer, accepted such offer and all of the Class A Ordinary Shares held by such holder had been purchased pursuant to such
tender or exchange offer, subject to adjustments (from and after the consummation of such tender or exchange offer) as nearly
equivalent as possible to the adjustments provided for in this Section 4; provided further that if less than 70% of
the consideration receivable by the holders of the Class A Ordinary Shares in the applicable event is payable in the form of shares
in the successor entity that is listed for trading on a national securities exchange or is quoted in an established over-the-counter
market, or is to be so listed for trading or quoted immediately following such event, and if the Registered Holder properly
exercises the Warrant within thirty (30) days following the public disclosure of the consummation of such applicable event by the
Company pursuant to a Current Report on Form 8-K filed with the Commission, the Warrant Price shall be reduced by an amount (in
dollars) equal to the difference of (i) the Warrant Price in effect prior to such reduction minus (ii) (A) the Per Share
Consideration (as defined below) (but in no event less than zero) minus (B) the Black-Scholes Warrant Value (as defined below). The
“Black-Scholes Warrant Value” means the value of a Warrant immediately prior to the consummation of the
applicable event based on the Black-Scholes Warrant Model for a Capped American Call on Bloomberg Financial Markets (assuming zero
dividends) (“Bloomberg”). For purposes of calculating such amount, (i) Section 6 of this Agreement
shall be taken into account, (ii) the price of each Class A Ordinary Share shall be the volume weighted average price of the Class A
Ordinary Shares during the ten (10) trading day period ending on the trading day prior to the effective date of the applicable
event, (iii) the assumed volatility shall be the 90 day volatility obtained from the HVT function on Bloomberg determined as of the
trading day immediately prior to the day of the announcement of the applicable event and (iv) the assumed risk-free interest rate
shall correspond to the U.S. Treasury rate for a period equal to the remaining term of the Warrant. “Per Share
Consideration” means (i) if the consideration paid to holders of the Class A Ordinary Shares consists exclusively of
cash, the amount of such cash per Class A Ordinary Share, and (ii) in all other cases, the volume weighted average price of the
Class A Ordinary Shares 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 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 shall the Warrant Price be reduced to less than the par value per share
issuable upon exercise of such Warrant.

 

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4.5 
Notices of Changes in Warrant. Upon every adjustment of the Warrant Price or the number of Class A Ordinary 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 Class A Ordinary 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 Class A Ordinary 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 Class A Ordinary 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.

 

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. In the case of certificated Warrants, the Warrants so cancelled
shall be delivered by the Warrant Agent to the Company from time to time upon request.

 

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

 

    13

     

    

 

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

 

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

 

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

 

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

 

6. 
Redemption.

 

6.1 
Redemption of Warrants for Cash. Subject to Section 6.5 hereof, not less than all of the outstanding Warrants may
be redeemed, at the option of the Company, at any time during the Exercise Period, at the office of the Warrant Agent, upon notice to
the Registered Holders of the Warrants, as described in Section 6.3 below, at a Redemption Price of $0.01 per Warrant, provided
that (a) the Reference Value equals or exceeds $18.00 per share (subject to adjustment in compliance with Section 4 hereof) and
(b) there is an effective registration statement covering the issuance of 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 6.3 below).

 

    14

     

    

 

6.2  Redemption
of Warrants for Class A Ordinary Shares. Subject to Section 6.5 hereof, not less than all of the outstanding Warrants may
be redeemed, at the option of the Company, at any time during the Exercise Period, at the office of the Warrant Agent, upon notice
to the Registered Holders of the Warrants, as described in Section 6.3 below, at a Redemption Price of $0.10 per Warrant,
provided that (i) the Reference Value equals or exceeds $10.00 per share (subject to adjustment in compliance with Section 4
hereof) and (ii) if the Reference Value is less than $18.00 per share (subject to adjustment in compliance with Section 4
hereof), the Private Placement Warrants are also concurrently called for redemption on the same terms as the outstanding Public
Warrants. During the 30-day Redemption Period in connection with a redemption pursuant to this Section 6.2, Registered
Holders of the Warrants may elect to exercise their Warrants on a “cashless basis” pursuant to subsection 3.3.1
and receive a number of Class A Ordinary Shares determined by reference to the table below, based on the Redemption Date (calculated
for purposes of the table as the period to expiration of the Warrants) and the “Redemption Fair Market Value” (as such
term is defined in this Section 6.2) (a “Make-Whole Exercise”). Solely for purposes of this Section
6.2, the “Redemption Fair Market Value” shall mean the volume weighted average price of the Class A
Ordinary Shares for the ten (10) trading days immediately following the date on which notice of redemption pursuant to this Section
6.2 is sent to the Registered Holders. In connection with any redemption pursuant to this Section 6.2, the Company shall
provide the Registered Holders with the Redemption Fair Market Value no later than one (1) Business Day after the ten (10) trading
day period described above ends.

 

	 	 	Redemption Fair Market Value of Class A Ordinary Shares 
 (period to expiration of warrants)	 
	Redemption Date	 	≤ 10.00	 	 	11.00	 	 	12.00	 	 	13.00	 	 	14.00	 	 	15.00	 	 	16.00	 	 	17.00	 	 	≥ 18.00	 
	60 months	 	 	0.261	 	 	 	0.281	 	 	 	0.297	 	 	 	0.311	 	 	 	0.324	 	 	 	0.337	 	 	 	0.348	 	 	 	0.358	 	 	 	0.361	 
	57 months	 	 	0.257	 	 	 	0.277	 	 	 	0.294	 	 	 	0.310	 	 	 	0.324	 	 	 	0.337	 	 	 	0.348	 	 	 	0.358	 	 	 	0.361	 
	54 months	 	 	0.252	 	 	 	0.272	 	 	 	0.291	 	 	 	0.307	 	 	 	0.322	 	 	 	0.335	 	 	 	0.347	 	 	 	0.357	 	 	 	0.361	 
	51 months	 	 	0.246	 	 	 	0.268	 	 	 	0.287	 	 	 	0.304	 	 	 	0.320	 	 	 	0.333	 	 	 	0.346	 	 	 	0.357	 	 	 	0.361	 
	48 months	 	 	0.241	 	 	 	0.263	 	 	 	0.283	 	 	 	0.301	 	 	 	0.317	 	 	 	0.332	 	 	 	0.344	 	 	 	0.356	 	 	 	0.361	 
	45 months	 	 	0.235	 	 	 	0.258	 	 	 	0.279	 	 	 	0.298	 	 	 	0.315	 	 	 	0.330	 	 	 	0.343	 	 	 	0.356	 	 	 	0.361	 
	42 months	 	 	0.228	 	 	 	0.252	 	 	 	0.274	 	 	 	0.294	 	 	 	0.312	 	 	 	0.328	 	 	 	0.342	 	 	 	0.355	 	 	 	0.361	 
	39 months	 	 	0.221	 	 	 	0.246	 	 	 	0.269	 	 	 	0.290	 	 	 	0.309	 	 	 	0.325	 	 	 	0.340	 	 	 	0.354	 	 	 	0.361	 
	36 months	 	 	0.213	 	 	 	0.239	 	 	 	0.263	 	 	 	0.285	 	 	 	0.305	 	 	 	0.323	 	 	 	0.339	 	 	 	0.353	 	 	 	0.361	 
	33 months	 	 	0.205	 	 	 	0.232	 	 	 	0.257	 	 	 	0.280	 	 	 	0.301	 	 	 	0.320	 	 	 	0.337	 	 	 	0.352	 	 	 	0.361	 
	30 months	 	 	0.196	 	 	 	0.224	 	 	 	0.250	 	 	 	0.274	 	 	 	0.297	 	 	 	0.316	 	 	 	0.335	 	 	 	0.351	 	 	 	0.361	 
	27 months	 	 	0.185	 	 	 	0.214	 	 	 	0.242	 	 	 	0.268	 	 	 	0.291	 	 	 	0.313	 	 	 	0.332	 	 	 	0.350	 	 	 	0.361	 
	24 months	 	 	0.173	 	 	 	0.204	 	 	 	0.233	 	 	 	0.260	 	 	 	0.285	 	 	 	0.308	 	 	 	0.329	 	 	 	0.348	 	 	 	0.361	 
	21 months	 	 	0.161	 	 	 	0.193	 	 	 	0.223	 	 	 	0.252	 	 	 	0.279	 	 	 	0.304	 	 	 	0.326	 	 	 	0.347	 	 	 	0.361	 
	18 months	 	 	0.146	 	 	 	0.179	 	 	 	0.211	 	 	 	0.242	 	 	 	0.271	 	 	 	0.298	 	 	 	0.322	 	 	 	0.345	 	 	 	0.361	 
	15 months	 	 	0.130	 	 	 	0.164	 	 	 	0.197	 	 	 	0.230	 	 	 	0.262	 	 	 	0.291	 	 	 	0.317	 	 	 	0.342	 	 	 	0.361	 
	12 months	 	 	0.111	 	 	 	0.146	 	 	 	0.181	 	 	 	0.216	 	 	 	0.250	 	 	 	0.282	 	 	 	0.312	 	 	 	0.339	 	 	 	0.361	 
	9 months	 	 	0.090	 	 	 	0.125	 	 	 	0.162	 	 	 	0.199	 	 	 	0.237	 	 	 	0.272	 	 	 	0.305	 	 	 	0.336	 	 	 	0.361	 
	6 months	 	 	0.065	 	 	 	0.099	 	 	 	0.137	 	 	 	0.178	 	 	 	0.219	 	 	 	0.259	 	 	 	0.296	 	 	 	0.331	 	 	 	0.361	 
	3 months	 	 	0.034	 	 	 	0.065	 	 	 	0.104	 	 	 	0.150	 	 	 	0.197	 	 	 	0.243	 	 	 	0.286	 	 	 	0.326	 	 	 	0.361	 
	0 months	 	 	—	 	 	 	—	 	 	 	0.042	 	 	 	0.115	 	 	 	0.179	 	 	 	0.233	 	 	 	0.281	 	 	 	0.323	 	 	 	0.361	 

 

The exact Redemption Fair Market
Value and Redemption Date may not be set forth in the table above, in which case, if the Redemption Fair Market Value is between two
values in the table or the Redemption Date is between two redemption dates in the table, the number of Class A Ordinary Shares to be
issued for each Warrant exercised in a Make-Whole Exercise shall be determined by a straight-line interpolation between the number of
shares set forth for the higher and lower Redemption Fair Market Values and the earlier and later redemption dates, as applicable, based
on a 365- or 366-day year, as applicable.

 

    15

     

    

 

The share prices set forth in the
column headings of the table above shall be adjusted as of any date on which the number of shares issuable upon exercise of a Warrant
or the Exercise Price is adjusted pursuant to Section 4 hereof. If the number of shares issuable upon exercise of a Warrant is
adjusted pursuant to Section 4 hereof, the adjusted share prices in the column headings shall equal the share prices immediately
prior to such adjustment, multiplied by a fraction, the numerator of which is the number of shares deliverable upon exercise of a Warrant
immediately prior to such adjustment and the denominator of which is the number of shares deliverable upon exercise of a Warrant as so
adjusted. The number of shares in the table above shall be adjusted in the same manner and at the same time as the number of shares issuable
upon exercise of a Warrant. If the Exercise Price of a warrant is adjusted, (a) in the case of an adjustment pursuant to Section 4.4
hereof, the adjusted share prices in the column headings shall equal the share prices immediately prior to such adjustment multiplied
by a fraction, the numerator of which is the higher of the Market Value and the Newly Issued Price and the denominator of which is $10.00
and (b) in the case of an adjustment pursuant to Section 4.1.2 hereof, the adjusted share prices in the column headings shall equal
the share prices immediately prior to such adjustment less the decrease in the Exercise Price pursuant to such Exercise Price adjustment.
In no event shall the number of shares issued in connection with a Make-Whole Exercise exceed 0.361 Class A Ordinary Shares per Warrant
(subject to adjustment).

 

6.3 
Date Fixed for, and Notice of, Redemption, Redemption Rice; Reference Value. In the event that the Company elects to redeem
the Public Warrants pursuant to Section 6.1 or 6.2, the Company shall fix a date for the redemption (the “Redemption
Date”). Notice of redemption shall be mailed by first class mail, postage prepaid, by the Company not less than thirty (30)
days prior to the Redemption Date (the “30-day Redemption Period”) to the Registered Holders of the Warrants
to be redeemed at their last addresses as they shall appear on the registration books. Any notice mailed in the manner herein provided
shall be conclusively presumed to have been duly given whether or not the Registered Holder received such notice. As used in this Agreement,
(a) “Redemption Price” shall mean the price per Warrant at which any Warrants are redeemed pursuant to Sections
6.1 or 6.2 and (b) “Reference Value” shall mean the last reported sales price of the Class A Ordinary
Shares for any twenty (20) trading days within the thirty (30) trading-day period ending on the third trading day prior to the date on
which notice of the redemption is given.

 

6.4 
Exercise After Notice of Redemption. The Warrants may be exercised, for cash (or on a “cashless basis” in accordance
with Section 6.2 of this Agreement) at any time after notice of redemption shall have been given by the Company pursuant to Section
6.3 hereof and prior to the Redemption Date. 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.

 

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6.5 
Exclusion of Private Placement Warrants.

 

6.5.1 The Company agrees that
(a) the redemption rights provided in Section 6.1 hereof shall not apply to the Private Placement Warrants if at the time of
the redemption such Private Placement Warrants continue to be held by the Sponsor or its Permitted Transferees and (b) if the
Reference Value equals or exceeds $18.00 per share (subject to adjustment in compliance with Section 4 hereof), the
redemption rights provided in Section 6.2 hereof shall not apply to the Private Placement Warrants if at the time of the
redemption such Private Placement Warrants continue to be held by the Sponsor or its Permitted Transferees. However, once such
Private Placement Warrants are transferred (other than to Permitted Transferees in accordance with Section 2.6 hereof), the
Company may redeem the Private Placement Warrants, provided that the criteria for redemption are met, including the
opportunity of the holder of such Private Placement Warrants to exercise the Private Placement Warrants prior to redemption pursuant
to Section 6.4 hereof. Private Placement Warrants that are transferred to persons other than Permitted Transferees shall upon
such transfer cease to be Private Placement Warrants and shall become Public Warrants under this Agreement, including for purposes
of Section 9.8 hereof.

 

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

 

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

 

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

 

7.3 
Reservation of 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 twenty (20) Business
Days after the closing of its Initial Business Combination, it shall use its commercially reasonable efforts to file with the
Commission a post-effective amendment to the registration statement for the Public Offering or a new registration statement for the
registration, under the Securities Act, of the Class A Ordinary Shares issuable upon exercise of the Warrants. The Company shall use
its commercially reasonable efforts to cause the same to become effective within sixty (60) Business Days following the closing of
its Initial Business Combination and to maintain the effectiveness of such registration statement, and a current prospectus relating
thereto, until the expiration or redemption of the Warrants in accordance with the provisions of this Agreement. If any such
registration statement has not been declared effective by the sixtieth (60th) Business Day following the closing of the Initial
Business Combination, holders of the Warrants shall have the right, during the period beginning on the sixty-first (61st) Business
Day after the closing of the Initial 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 Warrants, to exercise such Warrants on a “cashless
basis,” by exchanging the Warrants (in accordance with Section 3(a)(9) of the Securities Act or another exemption) for that
number of Class A Ordinary Shares equal to the lesser of (A) the quotient obtained by dividing (x) the product of the number of
Class A Ordinary Shares underlying the Warrants, multiplied by the difference between the Warrant Price and the “Fair Market
Value” (as defined below) by (y) the Fair Market Value and (B) 0.361. 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
ten (10) trading day period ending on the trading day prior to the date that notice of exercise is received by the Warrant Agent
from the holder of such Warrants or its securities broker or intermediary. The date that notice of cashless exercise is received by
the Warrant Agent shall be conclusively determined by the Warrant Agent. In connection with the “cashless exercise” of a
Public Warrant, the Company shall, upon request, provide the Warrant Agent with an opinion of counsel for the Company (which shall
be an outside law firm with securities law experience) stating that (i) the exercise of the Warrants on a “cashless
basis” in accordance with this subsection 7.4.1 is not required to be registered under the Securities Act and (ii) the
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) of the Company and, accordingly, shall not be
required to bear a restrictive legend. Except as provided in subsection 7.4.2, for the avoidance of doubt, unless and until
all of the Warrants have been exercised or have expired, the Company shall continue to be obligated to comply with its registration
obligations under the first three sentences of this subsection 7.4.1.

 

7.4.2 
Cashless Exercise at Company’s Option. If the Class A Ordinary Shares are at the time of any exercise of a Public
Warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section
18(b)(1) of the Securities Act, the Company may, at its option, (i) require holders of Public Warrants who exercise Public Warrants to
exercise such Public Warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act as described
in subsection 7.4.1 and (ii) in the event the Company so elects, the Company shall (x) not be required to file or maintain in effect
a registration statement for the registration, under the Securities Act, of the Class A Ordinary Shares issuable upon exercise of the
Warrants, notwithstanding anything in this Agreement to the contrary and (y) use its commercially reasonable efforts to register or qualify
for sale the Class A Ordinary Shares issuable upon exercise of the Public Warrant under the applicable blue sky laws to the extent an
exemption is not available.

 

8. 
Concerning the Warrant Agent and Other Matters.

 

8.1 
Payment of Taxes. The Company shall from time to time promptly pay all taxes and charges that may be imposed upon the Company
or the Warrant Agent in respect of the issuance or delivery of 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 Class A Ordinary Shares.

 

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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 or other entity organized
and existing under the laws of the State of New York, in good standing and having its principal office in the United States of America,
and authorized under such laws to exercise corporate trust powers and subject to supervision or examination by federal or state authority.
After appointment, any successor Warrant Agent shall be vested with all the authority, powers, rights, immunities, duties, and obligations
of its predecessor Warrant Agent with like effect as if originally named as Warrant Agent hereunder, without any further act or deed;
but if for any reason it becomes necessary or appropriate, the predecessor Warrant Agent shall execute and deliver, at the expense of
the Company, an instrument transferring to such successor Warrant Agent all the authority, powers, and rights of such predecessor Warrant
Agent hereunder; and upon request of any successor Warrant Agent the Company shall make, execute, acknowledge, and deliver any and all
instruments in writing for more fully and effectually vesting in and confirming to such successor Warrant Agent all such authority, powers,
rights, immunities, duties, and obligations.

 

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

 

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

 

8.3 
Fees and Expenses of Warrant Agent.

 

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

 

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

 

    19

     

    

 

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 Accounting 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, fraud 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 outside 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, fraud 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, solely with respect to
the Class A Ordinary Shares, fully paid and non-assessable.

 

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

 

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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:

 

Rice Acquisition Corp. II 

102 East Main Street, Second Story 

Carnegie, Pennsylvania 15106 

Attention: Secretary

 

With a copy to:

 

Kirkland & Ellis LLP 

609 Main Street 

Houston, Texas 77007 

		Attention:	Matthew Pacey
	 	 	Lanchi Huynh

 

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

 

9.3 
Applicable Law and Exclusive Forum. 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. Subject to applicable law, 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 submit to such jurisdiction,
which jurisdiction shall be the exclusive forum for any such action, proceeding or claim. The Company hereby waives any objection to such
exclusive jurisdiction and that such courts represent an inconvenient forum.

 

    21

     

    

 

Notwithstanding the foregoing, the provisions of this paragraph will not apply to suits brought to enforce any liability or duty created
by the Exchange Act or any other claim for which the federal district courts of the United States of America are the sole and exclusive
forum. Any person or entity purchasing or otherwise acquiring any interest in the Warrants shall be deemed to have notice of and to have
consented to the forum provisions in this Section 9.3. If any action, the subject matter of which is within the scope the forum
provisions above, is filed in a court other than a court located within the State of New York or the United States District Court for
the Southern District of New York (a “foreign action”) in the name of any warrant holder, such warrant holder
shall be deemed to have consented to: (x) the personal jurisdiction of the state and federal courts located within the State of New York
or the United States District Court for the Southern District of New York in connection with any action brought in any such court to enforce
the forum provisions (an “enforcement action”), and (y) having service of process made upon such warrant holder
in any such enforcement action by service upon such warrant holder’s counsel in the foreign action as agent for such warrant holder.

 

9.4 
Persons Having Rights under this Agreement. Nothing in this Agreement shall be construed to confer upon, or give to, any
person, corporation or other entity 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 United States of America 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.
Signatures to this Agreement transmitted via facsimile or e-mail shall be valid and effective to bind the party so signing (including
any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures
and Records Act or other applicable law, e.g., www.docusign.com).

 

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.

 

    22

     

    

 

9.8  Amendments.
This Agreement may be amended by the parties hereto without the consent of any Registered Holder for the purpose of (i) curing any
ambiguity or to correct any mistake, including to conform the provisions hereof to the description of the terms of the Warrants and
this Agreement set forth in the Prospectus, or defective provision contained herein, (ii) amending the definition of “Ordinary
Cash Dividend” as contemplated by and in accordance with the second sentence of subsection 4.1.2, (iii) adding or
changing any 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 rights of the Registered Holders hereunder in any material
respect or (iv) to make any amendments that are necessary in the good faith determination of the Company’s board of directors
(taking into account then existing market precedents) to allow for the Warrants to be classified as equity in the Company’s
financial statements. All other modifications or amendments, including any modification or 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 and, solely with respect to any amendment
to the terms of the Private Placement Warrants or any provision of this Agreement with respect to the Private Placement Warrants,
50% of the then-outstanding Private Placement 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,
or make any amendment necessary in the good faith determination of the Company’s board of directors (taking into account then
existing market precedents) to allow for the Warrants to be classified as equity in the Company’s financial statements, in
each case, 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 — Private Placement Warrants 

Exhibit C — Opco Warrant Right Holders

 

    23

     

    

 

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

 

	 	RICE ACQUISITION CORP. II
	 	 	 	 
	 	By:	/s/ Daniel Joseph Rice, IV
	 	 	Name: 	Daniel Joseph Rice, IV
	 	 	Title:	Chief Executive Officer
	 	 	 	 
	 	 	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY,
	 	as Warrant Agent
	 	 	 	 
	 	By:	/s/ Erika Young
	 	 	Name:	Erika Young
	 	 	Title:	Vice President

 

[Signature Page to Warrant Agreement]

 

     

     

    

 

Exhibit A

 

[FACE]

 

Number

 

Warrants

 

THIS WARRANT SHALL BE VOID IF NOT EXERCISED
PRIOR TO

THE EXPIRATION OF THE EXERCISE PERIOD PROVIDED FOR

IN THE WARRANT AGREEMENT DESCRIBED BELOW

 

Rice Acquisition Corp. II

 

Incorporated Under the Laws of the Cayman
Islands

 

CUSIP G75529 126

 

Warrant Certificate

 

This Warrant Certificate
certifies that [], or registered assigns, is the registered holder of [] warrant(s) (the “Warrants”
and each, a “Warrant”) to purchase Class A ordinary shares, $0.0001 par value (“Ordinary Shares”),
of Rice Acquisition Corp. II, a Cayman Islands exempted company (the “Company”). Each Warrant entitles the holder,
upon exercise during the period set forth in the Warrant Agreement referred to below, to receive from the Company that number of fully
paid and nonassessable Ordinary Shares as set forth below, at the exercise price (the “Exercise Price”) as determined
pursuant to the Warrant Agreement, payable in lawful money (or through “cashless exercise” as provided for in
the Warrant Agreement) of the United States of America upon surrender of this Warrant Certificate and payment of the Exercise Price at
the office or agency of the Warrant Agent referred to below, subject to the conditions set forth herein and in the Warrant Agreement.
Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement.

 

Each whole Warrant is initially
exercisable for one fully paid and non-assessable Ordinary Share. Fractional shares shall not be issued upon exercise of any Warrant.
If, upon the exercise of Warrants, a holder would be entitled to receive a fractional interest in an Ordinary Share, the Company shall,
upon exercise, round down to the nearest whole number the number of Ordinary Shares to be issued to the Warrant holder. The number of
Ordinary Shares issuable upon exercise of the Warrants is subject to adjustment upon the occurrence of certain events as set forth in
the Warrant Agreement.

 

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

 

    A-1

     

    

 

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

 

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

 

This Warrant Certificate shall
not be valid unless countersigned by the Warrant Agent, as such term is used in the Warrant Agreement. This Warrant Certificate shall
be governed by and construed in accordance with the internal laws of the State of New York.

 

	 	RICE ACQUISITION CORP. II
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY as Warrant Agent
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    A-2

     

    

 

[Form of Warrant Certificate]

 

[Reverse]

 

The Warrants evidenced by
this Warrant Certificate are part of a duly authorized issue of Warrants entitling the holder on exercise to receive [ ]
Ordinary Shares and are issued or to be issued pursuant to a Warrant Agreement dated as of June 15, 2021 (the “Warrant Agreement”),
duly executed and delivered by the Company to Continental Stock Transfer & Trust Company, a New York limited purpose trust company,
as warrant agent (the “Warrant Agent”), which Warrant Agreement is hereby incorporated by reference in and made
a part of this instrument and is hereby referred to for a description of the rights, limitation of rights, obligations, duties and immunities
thereunder of the Warrant Agent, the Company and the holders (the words “holders” or “holder”
meaning the Registered Holders or Registered Holder, respectively) of the Warrants. A copy of the Warrant Agreement may be obtained by
the holder hereof upon written request to the Company. Defined terms used in this Warrant Certificate but not defined herein shall have
the meanings given to them in the Warrant Agreement.

 

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

 

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

 

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

 

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

 

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

 

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

 

    A-3

     

    

 

Election to Purchase

 

(To Be Executed
Upon Exercise of Warrant)

 

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

 

In the event that the Warrant
has been called for redemption by the Company pursuant to Section 6.2 of the Warrant Agreement and a holder thereof elects
to exercise its Warrant pursuant to a Make-Whole Exercise, the number of Ordinary Shares that this Warrant is exercisable for shall be
determined in accordance with subsection 3.3.1(c) or Section 6.2 of the Warrant Agreement, as applicable.

 

In the event that the Warrant
is a Private Placement Warrant that is to be exercised on a “cashless” basis pursuant to subsection 3.3.1(c)
of the Warrant Agreement, the number of Ordinary Shares that this Warrant is exercisable for shall be determined in accordance with subsection 3.3.1(c)
of the Warrant Agreement.

 

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

 

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

 

[Signature Page Follows]

 

    A-4

     

    

 

Date: [ ],
20

 

	 	(Signature)
	 	 
	 	(Address)
	 	 
	 	 
	 	(Tax Identification Number)

 

	Signature Guaranteed:

	 
	 	 
	 	 

 

 

THE SIGNATURE(S) SHOULD BE
GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP
IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15 UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED).

 

    A-5

     

    

 

Exhibit B

 

LEGEND

 

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

 

SECURITIES EVIDENCED BY THIS CERTIFICATE AND CLASS
A ORDINARY SHARES OF THE COMPANY ISSUED UPON EXERCISE OF SUCH SECURITIES SHALL BE ENTITLED TO REGISTRATION RIGHTS UNDER A REGISTRATION
AND SHAREHOLDER RIGHTS AGREEMENT TO BE EXECUTED BY THE COMPANY.”

 

    B-1

     

    

 

Exhibit C

 

Holders

 

Rice Acquisition Sponsor II LLC

 

 

C-1

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